Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | BANK OF AMERICA CORP /DE/ | ||
Entity Central Index Key | 70,858 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 10,325,631,017 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 178,230,659,544 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | |||
Loans and leases | $ 32,070 | $ 34,307 | $ 36,470 |
Debt securities | 9,319 | 8,021 | 9,749 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 988 | 1,039 | 1,229 |
Trading account assets | 4,397 | 4,561 | 4,706 |
Other interest income | 3,026 | 2,958 | 2,866 |
Total interest income | 49,800 | 50,886 | 55,020 |
Interest expense | |||
Deposits | 861 | 1,080 | 1,396 |
Short-term borrowings | 2,387 | 2,578 | 2,923 |
Trading account liabilities | 1,343 | 1,576 | 1,638 |
Long-term debt | 5,958 | 5,700 | 6,798 |
Total interest expense | 10,549 | 10,934 | 12,755 |
Net interest income | 39,251 | 39,952 | 42,265 |
Noninterest income | |||
Card income | 5,959 | 5,944 | 5,826 |
Service charges | 7,381 | 7,443 | 7,390 |
Investment and brokerage services | 13,337 | 13,284 | 12,282 |
Investment banking income | 5,572 | 6,065 | 6,126 |
Equity investment income | 261 | 1,130 | 2,901 |
Trading account profits | 6,473 | 6,309 | 7,056 |
Mortgage banking income | 2,364 | 1,563 | 3,874 |
Gains on sales of debt securities | 1,091 | 1,354 | 1,271 |
Other income (loss) | 818 | 1,203 | (49) |
Total noninterest income | 43,256 | 44,295 | 46,677 |
Total revenue, net of interest expense | 82,507 | 84,247 | 88,942 |
Provision for credit losses | 3,161 | 2,275 | 3,556 |
Noninterest expense | |||
Personnel | 32,868 | 33,787 | 34,719 |
Occupancy | 4,093 | 4,260 | 4,475 |
Equipment | 2,039 | 2,125 | 2,146 |
Marketing | 1,811 | 1,829 | 1,834 |
Professional fees | 2,264 | 2,472 | 2,884 |
Amortization of intangibles | 834 | 936 | 1,086 |
Data processing | 3,115 | 3,144 | 3,170 |
Telecommunications | 823 | 1,259 | 1,593 |
Other general operating | 9,345 | 25,305 | 17,307 |
Total noninterest expense | 57,192 | 75,117 | 69,214 |
Income before income taxes | 22,154 | 6,855 | 16,172 |
Income tax expense | 6,266 | 2,022 | 4,741 |
Net income | 15,888 | 4,833 | 11,431 |
Preferred stock dividends | 1,483 | 1,044 | 1,349 |
Net income applicable to common shareholders | $ 14,405 | $ 3,789 | $ 10,082 |
Per common share information | |||
Earnings (in dollars per share) | $ 1.38 | $ 0.36 | $ 0.94 |
Diluted earnings (in dollars per share) | 1.31 | 0.36 | 0.90 |
Dividends paid (in dollars per share) | $ 0.20 | $ 0.12 | $ 0.04 |
Average common shares issued and outstanding (in thousands) (in shares) | 10,462,282 | 10,527,818 | 10,731,165 |
Average diluted common shares issued and outstanding (in thousands) (in shares) | 11,213,992 | 10,584,535 | 11,491,418 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 15,888 | $ 4,833 | $ 11,431 |
Other comprehensive income (loss), net-of-tax: | |||
Net change in available-for-sale debt and marketable equity securities | (1,598) | 4,621 | (8,166) |
Net change in debit valuation adjustments | 615 | 0 | 0 |
Net change in derivatives | 584 | 616 | 592 |
Employee benefit plan adjustments | 394 | (943) | 2,049 |
Net change in foreign currency translation adjustments | (123) | (157) | (135) |
Other comprehensive income (loss) | (128) | 4,137 | (5,660) |
Comprehensive income | $ 15,760 | $ 8,970 | $ 5,771 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 31,265 | $ 33,118 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 128,088 | 105,471 |
Cash and cash equivalents | 159,353 | 138,589 |
Time deposits placed and other short-term investments | 7,744 | 7,510 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $55,143 and $62,182 measured at fair value) | 192,482 | 191,823 |
Trading account assets (includes $105,135 and $110,620 pledged as collateral) | 176,527 | 191,785 |
Derivative assets | 49,990 | 52,682 |
Debt securities: | ||
Carried at fair value (includes $29,810 and $32,741 pledged as collateral) | 322,380 | 320,695 |
Held-to-maturity, at cost (fair value – $84,046 and $59,641; $9,074 and $15,432 pledged as collateral) | 84,625 | 59,766 |
Total debt securities | 407,005 | 380,461 |
Loans and leases | 903,001 | 881,391 |
Allowance for loan and lease losses | (12,234) | (14,419) |
Loans and leases, net of allowance | 890,767 | 866,972 |
Premises and equipment, net | 9,485 | 10,049 |
Mortgage servicing rights (includes $3,087 and $3,530 measured at fair value) | 3,087 | 3,530 |
Goodwill | 69,761 | 69,777 |
Intangible assets | 3,768 | 4,612 |
Loans held-for-sale (includes $4,818 and $6,801 measured at fair value) | 7,453 | 12,836 |
Customer and other receivables | 58,312 | 61,845 |
Other assets (includes $14,320 and $13,873 measured at fair value) | 108,582 | 112,063 |
Total assets | 2,144,316 | 2,104,534 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 422,237 | 393,102 |
Interest-bearing (includes $1,116 and $1,469 measured at fair value) | 703,761 | 660,161 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 9,916 | 7,230 |
Interest-bearing | 61,345 | 58,443 |
Total deposits | 1,197,259 | 1,118,936 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $24,574 and $35,357 measured at fair value) | 174,291 | 201,277 |
Trading account liabilities | 66,963 | 74,192 |
Derivative liabilities | 38,450 | 46,909 |
Short-term borrowings (includes $1,325 and $2,697 measured at fair value) | 28,098 | 31,172 |
Accrued expenses and other liabilities (includes $13,899 and $12,055 measured at fair value and $646 and $528 of reserve for unfunded lending commitments) | 146,286 | 145,438 |
Long-term debt (includes $30,097 and $36,404 measured at fair value) | 236,764 | 243,139 |
Total liabilities | $ 1,888,111 | $ 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 – 10,380,265,063 and 10,516,542,476 shares | 151,042 | 153,458 |
Retained earnings | 88,564 | 75,024 |
Accumulated other comprehensive income (loss) | (5,674) | (4,320) |
Total shareholders’ equity | 256,205 | 243,471 |
Total liabilities and shareholders’ equity | 2,144,316 | 2,104,534 |
Consolidated VIEs | ||
Assets | ||
Trading account assets (includes $105,135 and $110,620 pledged as collateral) | 6,344 | 6,890 |
Debt securities: | ||
Loans and leases | 72,946 | 95,187 |
Allowance for loan and lease losses | (1,320) | (1,968) |
Loans and leases, net of allowance | 71,626 | 93,219 |
Loans held-for-sale (includes $4,818 and $6,801 measured at fair value) | 284 | 1,822 |
Other assets (includes $14,320 and $13,873 measured at fair value) | 1,530 | 2,769 |
Total assets | 79,784 | 104,700 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $1,325 and $2,697 measured at fair value) | 681 | 1,032 |
Long-term debt (includes $30,097 and $36,404 measured at fair value) | 14,073 | 13,307 |
All other liabilities (includes $20 and $84 of non-recourse liabilities) | 21 | 138 |
Total liabilities | $ 14,775 | $ 14,477 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 55,143 | $ 62,182 |
Trading account assets, pledged as collateral | 105,135 | 110,620 |
Debt securities: | ||
Carried at fair value, pledged as collateral | 29,810 | 32,741 |
Held-to-maturity, fair value | 84,046 | 59,641 |
Held-to-maturity, pledged as collateral | 9,074 | 15,432 |
Loans and leases, measured at fair value | 6,938 | 8,681 |
Loans and leases, pledged as collateral | 37,767 | 52,959 |
Mortgage servicing rights, measured at fair value | 3,087 | 3,530 |
Loans held-for-sale, measured at fair value | 4,818 | 6,801 |
Other assets, measured at fair value | 14,320 | 13,873 |
Deposits in U.S. offices: | ||
Interest-bearing, measured at fair value | 1,116 | 1,469 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 24,574 | 35,357 |
Short-term borrowings, measured at fair value | 1,325 | 2,697 |
Accrued expenses and other liabilities, measured at fair value | 13,899 | 12,055 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 646 | 528 |
Long-term debt, measured at fair value | $ 30,097 | $ 36,404 |
Shareholders’ equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock issued (in shares) | 3,767,790 | 3,647,790 |
Preferred stock outstanding (in shares) | 3,767,790 | 3,647,790 |
Common stock par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 12,800,000,000 | 12,800,000,000 |
Common stock issued (in shares) | 10,380,265,063 | 10,516,542,476 |
Common stock outstanding (in shares) | 10,380,265,063 | 10,516,542,476 |
Consolidated VIEs | Long-term debt | ||
Shareholders’ equity | ||
Non-recourse debt | $ 11,304 | $ 11,943 |
Consolidated VIEs | Other liabilities | ||
Shareholders’ equity | ||
Non-recourse debt | $ 20 | $ 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, 2012 | $ 236,956 | $ 18,768 | $ 158,142 | $ 62,843 | $ (2,797) |
Beginning Balance (in shares) at Dec. 31, 2012 | 10,778,264 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 11,431 | 11,431 | |||
Net change in available-for-sale debt and marketable equity securities | (8,166) | (8,166) | |||
Net change in debit valuation adjustments | 0 | ||||
Net change in derivatives | 592 | 592 | |||
Employee benefit plan adjustments | 2,049 | 2,049 | |||
Net change in foreign currency translation adjustments | (135) | (135) | |||
Dividends paid: | |||||
Common | (428) | (428) | |||
Preferred | (1,249) | (1,249) | |||
Issuance of preferred stock | 1,008 | 1,008 | |||
Redemption of preferred stock | (6,561) | (6,461) | (100) | ||
Common stock issued under employee plans and related tax effects (in shares) | 45,288 | ||||
Common stock issued under employee plans and related tax effects | $ 371 | $ 371 | |||
Common stock repurchased (in shares) | (231,700) | (231,744) | |||
Common stock repurchased | $ (3,220) | $ (3,220) | |||
Other | 37 | 37 | |||
Ending Balance at Dec. 31, 2013 | 232,685 | 13,352 | $ 155,293 | 72,497 | (8,457) |
Ending Balance (in shares) at Dec. 31, 2013 | 10,591,808 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 4,833 | 4,833 | |||
Net change in available-for-sale debt and marketable equity securities | 4,621 | 4,621 | |||
Net change in debit valuation adjustments | 0 | ||||
Net change in derivatives | 616 | 616 | |||
Employee benefit plan adjustments | (943) | (943) | |||
Net change in foreign currency translation adjustments | (157) | (157) | |||
Dividends paid: | |||||
Common | (1,262) | (1,262) | |||
Preferred | (1,044) | (1,044) | |||
Issuance of preferred stock | 5,957 | 5,957 | |||
Common stock issued under employee plans and related tax effects (in shares) | 25,866 | ||||
Common stock issued under employee plans and related tax effects | $ (160) | $ (160) | |||
Common stock repurchased (in shares) | (101,100) | (101,132) | |||
Common stock repurchased | $ (1,675) | $ (1,675) | |||
Ending Balance at Dec. 31, 2014 | 243,471 | 19,309 | $ 153,458 | 75,024 | (4,320) |
Ending Balance (in shares) at Dec. 31, 2014 | 10,516,542 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative adjustment for accounting change related to debit valuation adjustments | 0 | 1,226 | (1,226) | ||
Net income | 15,888 | 15,888 | |||
Net change in available-for-sale debt and marketable equity securities | (1,598) | (1,598) | |||
Net change in debit valuation adjustments | 615 | 615 | |||
Net change in derivatives | 584 | 584 | |||
Employee benefit plan adjustments | 394 | 394 | |||
Net change in foreign currency translation adjustments | (123) | (123) | |||
Dividends paid: | |||||
Common | (2,091) | (2,091) | |||
Preferred | (1,483) | (1,483) | |||
Issuance of preferred stock | 2,964 | 2,964 | |||
Common stock issued under employee plans and related tax effects (in shares) | 4,054 | ||||
Common stock issued under employee plans and related tax effects | (42) | $ (42) | |||
Common stock repurchased (in shares) | (140,331) | ||||
Common stock repurchased | (2,374) | $ (2,374) | |||
Ending Balance at Dec. 31, 2015 | $ 256,205 | $ 22,273 | $ 151,042 | $ 88,564 | $ (5,674) |
Ending Balance (in shares) at Dec. 31, 2015 | 10,380,265 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 15,888 | $ 4,833 | $ 11,431 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 3,161 | 2,275 | 3,556 |
Gains on sales of debt securities | (1,091) | (1,354) | (1,271) |
Fair value adjustments on structured liabilities | 633 | (407) | 649 |
Depreciation and premises improvements amortization | 1,555 | 1,586 | 1,597 |
Amortization of intangibles | 834 | 936 | 1,086 |
Net amortization of premium/discount on debt securities | 2,472 | 2,688 | 1,577 |
Deferred income taxes | 3,108 | 726 | 3,262 |
Loans held-for-sale: | |||
Originations and purchases | (38,675) | (40,113) | (65,688) |
Proceeds from sales and paydowns of loans originally classified as held-for-sale | 36,204 | 38,528 | 77,707 |
Net change in: | |||
Trading and derivative instruments | 3,292 | 6,621 | 33,870 |
Other assets | 2,458 | 5,828 | 35,154 |
Accrued expenses and other liabilities | 730 | 9,702 | (12,919) |
Other operating activities, net | (2,839) | (1,714) | 2,806 |
Net cash provided by operating activities | 27,730 | 30,135 | 92,817 |
Net change in: | |||
Time deposits placed and other short-term investments | 50 | 4,030 | 7,154 |
Federal funds sold and securities borrowed or purchased under agreements to resell | (659) | (1,495) | 29,596 |
Debt securities carried at fair value: | |||
Proceeds from sales | 145,079 | 126,399 | 103,743 |
Proceeds from paydowns and maturities | 84,988 | 79,704 | 85,554 |
Purchases | (219,412) | (247,902) | (160,744) |
Held-to-maturity debt securities: | |||
Proceeds from paydowns and maturities | 12,872 | 7,889 | 8,472 |
Purchases | (36,575) | (13,274) | (14,388) |
Loans and leases: | |||
Proceeds from sales | 22,316 | 28,765 | 12,331 |
Purchases | (12,629) | (10,609) | (16,734) |
Other changes in loans and leases, net | (52,626) | 19,239 | (34,256) |
Proceeds from sales of equity investments | 333 | 1,577 | 4,818 |
Other investing activities, net | 1,309 | (1,923) | (488) |
Net cash provided by (used in) investing activities | (54,954) | (7,600) | 25,058 |
Net change in: | |||
Deposits | 78,347 | (335) | 14,010 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | (26,986) | 3,171 | (95,153) |
Short-term borrowings | (3,074) | (14,827) | 16,009 |
Long-term debt: | |||
Proceeds from issuance | 43,670 | 51,573 | 45,658 |
Retirement of long-term debt | (40,365) | (53,749) | (65,602) |
Preferred stock: | |||
Proceeds from issuance | 2,964 | 5,957 | 1,008 |
Redemption | 0 | 0 | (6,461) |
Common stock repurchased | (2,374) | (1,675) | (3,220) |
Cash dividends paid | (3,574) | (2,306) | (1,677) |
Excess tax benefits on share-based payments | 16 | 34 | 12 |
Other financing activities, net | (39) | (44) | (26) |
Net cash provided by (used in) financing activities | 48,585 | (12,201) | (95,442) |
Effect of exchange rate changes on cash and cash equivalents | (597) | (3,067) | (1,863) |
Net increase in cash and cash equivalents | 20,764 | 7,267 | 20,570 |
Cash and cash equivalents at January 1 | 138,589 | 131,322 | 110,752 |
Cash and cash equivalents at December 31 | 159,353 | 138,589 | 131,322 |
Supplemental cash flow disclosures | |||
Interest paid | 10,623 | 11,082 | 12,912 |
Income taxes paid | 2,326 | 2,558 | 1,559 |
Income taxes refunded | $ (151) | $ (144) | $ (244) |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | Summary of Significant Accounting Principles Bank of America Corporation (together with its consolidated subsidiaries, the Corporation), a bank holding company (BHC) 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 (GAAP) requires management to make estimates and assumptions that affect reported amounts and disclosures. Realized results could differ from those estimates and assumptions. New Accounting Pronouncements In January 2016, the FASB issued new accounting guidance on recognition and measurement of financial instruments. The new guidance makes targeted changes to existing GAAP including, among other provisions, requiring certain equity investments to be measured at fair value with changes in fair value reported in earnings and requiring changes in instrument-specific credit risk (i.e., debit valuation adjustments (DVA)) for financial liabilities recorded at fair value under the fair value option to be reported in other comprehensive income (OCI). The accounting for DVA related to other financial liabilities, for example, derivatives, does not change. The new guidance is effective on January 1, 2018, with early adoption permitted for the provisions related to DVA. The Corporation early adopted, retrospective to January 1, 2015, the provisions of this new accounting guidance related to DVA on financial liabilities accounted for under the fair value option. The impact of the adoption was to reclassify, as of January 1, 2015, unrealized DVA losses of $1.2 billion after tax ( $2.0 billion pretax) from January 1, 2015 retained earnings to accumulated OCI. Further, pretax unrealized DVA gains of $301 million , $301 million and $420 million were reclassified from other income to accumulated OCI for the three months ended September 30, 2015, June 30, 2015 and March 31, 2015, respectively. This had the effect of reducing net income as previously reported for the aforementioned quarters by $187 million , $186 million and $260 million , or approximately $0.02 per share in each quarter. This change is reflected in the Consolidated Statement of Income and the Global Markets segment results. Financial statements for 2014 and 2013 were not subject to restatement under the provisions of this new accounting guidance. For additional information, see Note 14 – Accumulated Other Comprehensive Income (Loss) and Note 21 – Fair Value Option . The Corporation does not expect the provisions of this new accounting guidance other than those related to DVA, as described above, to have a material impact on its consolidated financial position or results of operations. In February 2015, the 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 on January 1, 2016. The Corporation does not expect the new guidance to have a material impact on its consolidated financial position or results of operations. 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 January 1, 2018. The Corporation does not expect the new guidance to have a material impact on its consolidated financial position or results of operations. In December 2012, the FASB issued a proposed standard on accounting for credit losses. It would replace multiple existing impairment models, including an “incurred loss” model for loans, with an “expected loss” model. The FASB has indicated a tentative effective date of January 1, 2019, and final guidance is expected to be issued in the second quarter of 2016. The final standard may materially reduce retained earnings in the period of adoption. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in the process of collection, cash segregated under federal and other brokerage regulations, and amounts due from correspondent banks, the Federal Reserve Bank and certain non-U.S. central banks. Consolidated Statement of Cash Flows In the Consolidated Statement of Cash Flows for the year ended December 31, 2014 as included herein, the Corporation made certain corrections related to non-cash activity which are not material to the Consolidated Financial Statements taken as a whole, do not impact the Consolidated Statement of Income or Consolidated Balance Sheet, and have no impact on the Corporation’s cash and cash equivalents balance. Certain non-cash transactions involving the sale of loans and receipt of debt securities as proceeds were incorrectly classified between operating activities and investing activities. The corrections resulted in a $3.4 billion increase in net cash provided by operating activities, offset by a $3.4 billion increase in net cash used in investing activities when compared to the Consolidated Statement of Cash Flows in the Form 10-K for the year ended December 31, 2014. The Consolidated Statement of Cash Flows included in the previously-filed Form 10-Qs for the quarterly periods ended March 31, 2015 and June 30, 2015 also incorrectly reported this type of non-cash activity by $4.8 billion and $9.3 billion , where an increase in net cash provided by operating activities was offset by an increase in net cash used in investing activities. The incorrectly reported amounts in these 2015 quarterly periods also were not material to the Consolidated Financial Statements taken as a whole, did not impact the Consolidated Statements of Income or Consolidated Balance Sheets and had no impact on cash and cash equivalents for those periods. For information on certain non-cash transactions, which are not reflected in the Consolidated Statement of Cash Flows, see Note 4 – Outstanding Loans and Leases and Note 6 – Securitizations and Other Variable Interest Entities . Securities Financing Agreements The Corporation enters into securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase (securities financing agreements) to accommodate customers (also referred to as “matched-book transactions”), obtain securities to cover short positions, and to finance inventory positions. Securities financing agreements are treated as collateralized financing transactions except in instances where the transaction is required to be accounted for as individual sale and purchase transactions. Generally, these agreements are recorded at the amounts at which the securities were acquired or sold plus accrued interest, except for certain securities financing agreements that the Corporation accounts for under the fair value option. Changes in the fair value of securities financing agreements that are accounted for under the fair value option are recorded in trading account profits in the Consolidated Statement of Income. The Corporation’s policy is to obtain possession of collateral with a market value equal to or in excess of the principal amount loaned under resale agreements. To ensure that the market value of the underlying collateral remains sufficient, collateral is generally valued daily and the Corporation may require counterparties to deposit additional collateral or may return collateral pledged when appropriate. Securities financing agreements give rise to negligible credit risk as a result of these collateral provisions and, accordingly, no allowance for loan losses is considered necessary. In transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral, it recognizes an asset on the Consolidated Balance Sheet at fair value, representing the securities received, and a liability, representing the obligation to return those securities. Collateral The Corporation accepts securities as collateral that it is permitted by contract or custom to sell or repledge. At December 31, 2015 and 2014 , the fair value of this collateral was $458.9 billion and $508.7 billion , of which $383.5 billion and $419.3 billion was sold or repledged. The primary source of this collateral is securities borrowed or purchased under agreements to resell. The Corporation also pledges company-owned securities and loans as collateral in transactions that include repurchase agreements, securities loaned, public and trust deposits, U.S. Treasury tax and loan notes, and short-term borrowings. This collateral, which in some cases can be sold or repledged by the counterparties to the transactions, is parenthetically disclosed on the Consolidated Balance Sheet. In certain cases, the Corporation has transferred assets to consolidated VIEs where those restricted assets serve as collateral for the interests issued by the VIEs. These assets are included on the Consolidated Balance Sheet in Assets of Consolidated VIEs. In addition, the Corporation obtains collateral in connection with its derivative contracts. Required collateral levels vary depending on the credit risk rating and the type of counterparty. Generally, the Corporation accepts collateral in the form of cash, U.S. Treasury securities and other marketable securities. Based on provisions contained in master netting agreements, the Corporation nets cash collateral received against derivative assets. The Corporation also pledges collateral on its own derivative positions which can be applied against derivative liabilities. Trading Instruments Financial instruments utilized in trading activities are carried at fair value. Fair value is generally based on quoted market prices or quoted market prices for similar assets and liabilities. If these market prices are not available, fair values are estimated based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques where the determination of fair value may require significant management judgment or estimation. Realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in trading account profits. Derivatives and Hedging Activities 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 are both designated in qualifying accounting hedge relationships and derivatives used to hedge market risks in relationships that are not designated in qualifying accounting hedge relationships (referred to as other risk management activities). Derivatives utilized by the Corporation include swaps, financial futures and forward settlement contracts, and option contracts. All derivatives are recorded on the Consolidated Balance Sheet at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow the Corporation to settle positive and negative positions and offset cash collateral held with the same counterparty on a net basis. For exchange-traded contracts, fair value is based on quoted market prices in active or inactive markets or is derived from observable market- based pricing parameters, similar to those applied to over-the-counter (OTC) derivatives. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies or similar techniques for which the determination of fair value may require significant management judgment or estimation. Valuations of derivative assets and liabilities reflect the value of the instrument including counterparty credit risk. These values also take into account the Corporation’s own credit standing. Trading Derivatives and Other Risk Management Activities Derivatives held for trading purposes are included in derivative assets or derivative liabilities on the Consolidated Balance Sheet with changes in fair value included in trading account profits. Derivatives used for other risk management activities are included in derivative assets or derivative liabilities. Derivatives used in other risk management activities have not been designated in a qualifying accounting hedge relationship because they did not qualify or the risk that is being mitigated pertains to an item that is reported at fair value through earnings so that the effect of measuring the derivative instrument and the asset or liability to which the risk exposure pertains will offset in the Consolidated Statement of Income to the extent effective. The changes in the fair value of derivatives that serve to mitigate certain risks associated with mortgage servicing rights (MSRs), interest rate lock commitments (IRLCs) and first mortgage loans held-for-sale (LHFS) that are originated by the Corporation are recorded in mortgage banking income. Changes in the fair value of derivatives that serve to mitigate interest rate risk and foreign currency risk are included in other income (loss). Credit derivatives are also used by the Corporation to mitigate the risk associated with various credit exposures. The changes in the fair value of these derivatives are included in other income (loss). Derivatives Used For Hedge Accounting Purposes (Accounting Hedges) For accounting hedges, the Corporation formally documents at inception all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategies for undertaking various accounting hedges. Additionally, the Corporation primarily uses regression analysis at the inception of a hedge and for each reporting period thereafter to assess whether the derivative used in an accounting hedge transaction is expected to be and has been highly effective in offsetting changes in the fair value or cash flows of a hedged item or forecasted transaction. The Corporation discontinues hedge accounting when it is determined that a derivative is not expected to be or has ceased to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship. The Corporation uses its accounting hedges as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The Corporation manages interest rate and foreign currency exchange rate sensitivity predominantly through the use of derivatives. Fair value hedges are used to protect against changes in the fair value of the Corporation’s assets and liabilities that are attributable to interest rate or foreign exchange volatility. Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings, together and in the same income statement line item with changes in the fair value of the related hedged item. If a derivative instrument in a fair value hedge is terminated or the hedge designation removed, the previous adjustments to the carrying value of the hedged asset or liability are subsequently accounted for in the same manner as other components of the carrying value of that asset or liability. For interest-earning assets and interest-bearing liabilities, such adjustments are amortized to earnings over the remaining life of the respective asset or liability. Cash flow hedges are used primarily to minimize the variability in cash flows of assets or liabilities, or forecasted transactions caused by interest rate or foreign exchange fluctuations. Changes in the fair value of derivatives designated as cash flow hedges are recorded in accumulated OCI and are reclassified into the line item in the income statement in which the hedged item is recorded in the same period the hedged item affects earnings. Hedge ineffectiveness and gains and losses on the component of a derivative excluded in assessing hedge effectiveness are recorded in the same income statement line item. The Corporation records changes in the fair value of derivatives used as hedges of the net investment in foreign operations, to the extent effective, as a component of accumulated OCI. If a derivative instrument in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated OCI are reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. If it becomes probable that a forecasted transaction will not occur, any related amounts in accumulated OCI are reclassified into earnings in that period. Interest Rate Lock Commitments The Corporation enters into IRLCs in connection with its mortgage banking activities to fund residential mortgage loans at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value recorded in mortgage banking income, typically resulting in recognition of a gain when the Corporation enters into IRLCs. In estimating the fair value of an IRLC, the Corporation assigns a probability that the loan commitment will be exercised and the loan will be funded. The fair value of the commitments is derived from the fair value of related mortgage loans which is based on observable market data and includes the expected net future cash flows related to servicing of the loans. Changes in the fair value of IRLCs are recognized based on interest rate changes, changes in the probability that the commitment will be exercised and the passage of time. Changes from the expected future cash flows related to the customer relationship are excluded from the valuation of IRLCs. Outstanding IRLCs expose the Corporation to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Corporation utilizes forward loan sales commitments and other derivative instruments, including interest rate swaps and options, to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. The changes in the fair value of these derivatives are recorded in mortgage banking income. Securities Debt securities are recorded on the Consolidated Balance Sheet as of their trade date. Debt securities bought principally with the intent to buy and sell in the short term as part of the Corporation’s trading activities are reported at fair value in trading account assets with unrealized gains and losses included in trading account profits. Debt securities purchased for longer term investment purposes, as part of asset and liability management (ALM) and other strategic activities are generally reported at fair value as available-for-sale (AFS) securities with net unrealized gains and losses net-of-tax included in accumulated OCI. Certain other debt securities purchased for ALM and other strategic purposes are reported at fair value with unrealized gains and losses reported in other income (loss). These are referred to as other debt securities carried at fair value. AFS securities and other debt securities carried at fair value are reported in debt securities on the Consolidated Balance Sheet. The Corporation may hedge these other debt securities with risk management derivatives with the unrealized gains and losses also reported in other income (loss). The debt securities are carried at fair value with unrealized gains and losses reported in other income (loss) to mitigate accounting asymmetry with the risk management derivatives and to achieve operational simplifications. Debt securities which management has the intent and ability to hold to maturity are reported at amortized cost. Certain debt securities purchased for use in other risk management activities, such as hedging certain market risks related to MSRs, are reported in other assets at fair value with unrealized gains and losses reported in the same line item as the item being hedged. The Corporation regularly evaluates each AFS and held-to-maturity (HTM) debt security where the value has declined below amortized cost to assess whether the decline in fair value is other than temporary. In determining whether an impairment is other than temporary, the Corporation considers the severity and duration of the decline in fair value, the length of time expected for recovery, the financial condition of the issuer, and other qualitative factors, as well as whether the Corporation either plans to sell the security or it is more-likely-than-not that it will be required to sell the security before recovery of the amortized cost. If the impairment of the AFS or HTM debt security is credit-related, an other-than-temporary impairment (OTTI) loss is recorded in earnings. For AFS debt securities, the non-credit related impairment loss is recognized in accumulated OCI. If the Corporation intends to sell an AFS debt security or believes it will more-likely-than-not be required to sell a security, the Corporation records the full amount of the impairment loss as an OTTI loss. Interest on debt securities, including amortization of premiums and accretion of discounts, is included in interest income. Premiums and discounts are amortized to interest income over the estimated lives of the securities. Prepayment experience, which is primarily driven by interest rates, is continually evaluated to determine the estimated lives of the securities. When a change is made to the estimated lives of the securities, the related premium or discount is adjusted, with a corresponding charge or credit to interest income, to the appropriate amount had the current estimated lives been applied since the acquisition of the securities. Realized gains and losses from the sales of debt securities are determined using the specific identification method. Marketable equity securities are classified based on management’s intention on the date of purchase and recorded on the Consolidated Balance Sheet as of the trade date. Marketable equity securities that are bought and held principally for the purpose of resale in the near term are classified as trading and are carried at fair value with unrealized gains and losses included in trading account profits. Other marketable equity securities are accounted for as AFS and classified in other assets. All AFS marketable equity securities are carried at fair value with net unrealized gains and losses included in accumulated OCI, net-of-tax. If there is an other-than-temporary decline in the fair value of any individual AFS marketable equity security, the cost basis is reduced and the Corporation reclassifies the associated net unrealized loss out of accumulated OCI with a corresponding charge to equity investment income. Dividend income on AFS marketable equity securities is included in equity investment income. Realized gains and losses on the sale of all AFS marketable equity securities, which are recorded in equity investment income, are determined using the specific identification method. Certain equity investments held by Global Principal Investments, the Corporation’s diversified equity investor in private equity, real estate and other alternative investments, are subject to investment company accounting under applicable accounting guidance and, accordingly, are carried at fair value with changes in fair value reported in equity investment income. These investments are included in other assets. Initially, the transaction price of the investment is generally considered to be the best indicator of fair value. Thereafter, valuation of direct investments is based on an assessment of each individual investment using methodologies that include publicly-traded comparables derived by multiplying a key performance metric of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparables, entry level multiples and discounted cash flow analyses, and are subject to appropriate discounts for lack of liquidity or marketability. For fund investments, the Corporation generally records the fair value of its proportionate interest in the fund’s capital as reported by the respective fund managers. Loans and Leases Loans, with the exception of loans accounted for under the fair value option, are measured at historical cost and reported at their outstanding principal balances net of any unearned income, charge-offs, unamortized deferred fees and costs on originated loans, and for purchased loans, net of any unamortized premiums or discounts. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to interest income over the lives of the related loans. Unearned income, discounts and premiums are amortized to interest income using a level yield methodology. The Corporation elects to account for certain consumer and commercial loans under the fair value option with changes in fair value reported in other income (loss). Under applicable accounting guidance, for reporting purposes, the loan and lease portfolio is categorized by portfolio segment and, within each portfolio segment, by class of financing receivables. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the allowance for credit losses, and a class of financing receivables is defined as the level of disaggregation of portfolio segments based on the initial measurement attribute, risk characteristics and methods for assessing risk. The Corporation’s three portfolio segments are Consumer Real Estate, Credit Card and Other Consumer, and Commercial. The classes within the Consumer Real Estate portfolio segment are core portfolio residential mortgage, Legacy Assets & Servicing residential mortgage, core portfolio home equity and Legacy Assets & Servicing home equity . The classes within the Credit Card and Other Consumer portfolio segment are U.S. credit card, non-U.S. credit card, direct/indirect consumer and other consumer. The classes within the Commercial portfolio segment are U.S. commercial, commercial real estate, commercial lease financing, non-U.S. commercial and U.S. small business commercial. Purchased Credit-impaired Loans Purchased loans with evidence of credit quality deterioration as of the purchase date for which it is probable that the Corporation will not receive all contractually required payments receivable are accounted for as purchased credit-impaired (PCI) loans. Evidence of credit quality deterioration since origination may include past due status, refreshed credit scores and refreshed loan-to-value (LTV) ratios. At acquisition, PCI loans are recorded at fair value with no allowance for credit losses, and accounted for individually or aggregated in pools based on similar risk characteristics such as credit risk, collateral type and interest rate risk. The Corporation estimates the amount and timing of expected cash flows for each loan or pool of loans. The expected cash flows in excess of the amount paid for the loans is referred to as the accretable yield and is recorded as interest income over the remaining estimated life of the loan or pool of loans. The excess of the PCI loans’ contractual principal and interest over the expected cash flows is referred to as the nonaccretable difference. Over the life of the PCI loans, the expected cash flows continue to be estimated using models that incorporate management’s estimate of current assumptions such as default rates, loss severity and prepayment speeds. If, upon subsequent valuation, the Corporation determines it is probable that the present value of the expected cash flows has decreased, a charge to the provision for credit losses is recorded with a corresponding increase in the allowance for credit losses. If it is probable that there is a significant increase in the present value of expected cash flows, the allowance for credit losses is reduced or, if there is no remaining allowance for credit losses related to these PCI loans, the accretable yield is increased through a reclassification from nonaccretable difference, resulting in a prospective increase in interest income. Reclassifications to or from nonaccretable difference can also occur for changes in the PCI loans’ estimated lives. If a loan within a PCI pool is sold, foreclosed, forgiven or the expectation of any future proceeds is remote, the loan is removed from the pool at its proportional carrying value. If the loan’s recovery value is less than the loan’s carrying value, the difference is first applied against the PCI pool’s nonaccretable difference and then against the allowance for credit losses. Leases The Corporation provides equipment financing to its customers through a variety of lease arrangements. Direct financing leases are carried at the aggregate of lease payments receivable plus estimated residual value of the leased property less unearned income. Leveraged leases, which are a form of financing leases, are reported net of non-recourse debt. Unearned income on leveraged and direct financing leases is accreted to interest income over the lease terms using methods that approximate the interest method. Allowance for Credit Losses The allowance for credit losses, which includes the allowance for loan and lease losses and the reserve for unfunded lending commitments, represents management’s estimate of probable losses inherent in the Corporation’s lending activities. The allowance for loan and lease losses and the reserve for unfunded lending commitments exclude amounts for loans and unfunded lending commitments accounted for under the fair value option as the fair values of these instruments reflect a credit component. The allowance for loan and lease losses does not include amounts related to accrued interest receivable, other than billed interest and fees on credit card receivables, as accrued interest receivable is reversed when a loan is placed on nonaccrual status. The allowance for loan and lease losses represents the estimated probable credit losses on funded consumer and commercial loans and leases while the reserve for unfunded lending commitments, including standby letters of credit (SBLCs) and binding unfunded loan commitments, represents estimated probable credit losses on these unfunded credit instruments based on utilization assumptions. Lending-related credit exposures deemed to be uncollectible, excluding loans carried at fair value, are charged off against these accounts. Write-offs on PCI loans on which there is a valuation allowance are recorded against the valuation allowance. For additional information, see Purchased Credit-impaired Loans in this Note. Cash recovered on previously charged-off amounts is recorded as a recovery to these accounts. Management evaluates the adequacy of the allowance for credit losses based on the combined total of the allowance for loan |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 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 . The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at December 31, 2015 and 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. December 31, 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 $ 21,706.8 $ 439.6 $ 7.4 $ 447.0 $ 440.7 $ 1.2 $ 441.9 Futures and forwards 7,259.7 1.1 — 1.1 1.3 — 1.3 Written options 1,322.4 — — — 57.7 — 57.7 Purchased options 1,403.3 58.9 — 58.9 — — — Foreign exchange contracts Swaps 2,149.9 49.2 0.9 50.1 52.2 2.8 55.0 Spot, futures and forwards 4,104.4 46.0 1.2 47.2 45.8 0.3 46.1 Written options 467.2 — — — 10.6 — 10.6 Purchased options 439.9 10.2 — 10.2 — — — Equity contracts Swaps 201.2 3.3 — 3.3 3.8 — 3.8 Futures and forwards 74.0 2.1 — 2.1 1.2 — 1.2 Written options 352.8 — — — 21.1 — 21.1 Purchased options 325.4 23.8 — 23.8 — — — Commodity contracts Swaps 47.0 4.7 — 4.7 7.1 — 7.1 Futures and forwards 268.7 3.8 — 3.8 0.7 — 0.7 Written options 58.7 — — — 5.5 — 5.5 Purchased options 65.7 5.3 — 5.3 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 928.3 14.4 — 14.4 14.8 — 14.8 Total return swaps/other 26.4 0.2 — 0.2 1.9 — 1.9 Written credit derivatives: Credit default swaps 924.1 15.3 — 15.3 13.1 — 13.1 Total return swaps/other 39.7 2.3 — 2.3 0.4 — 0.4 Gross derivative assets/liabilities $ 680.2 $ 9.5 $ 689.7 $ 677.9 $ 4.3 $ 682.2 Less: Legally enforceable master netting agreements (597.8 ) (597.8 ) Less: Cash collateral received/paid (41.9 ) (45.9 ) Total derivative assets/liabilities $ 50.0 $ 38.5 (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 December 31, 2015 and 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. 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 10 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings . Offsetting of Derivatives December 31, 2015 December 31, 2014 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 309.3 $ 297.2 $ 386.6 $ 373.2 Exchange-traded — — 0.1 0.1 Over-the-counter cleared 197.0 201.7 365.7 368.7 Foreign exchange contracts Over-the-counter 103.2 107.5 133.0 139.9 Over-the-counter cleared 0.1 0.1 — — Equity contracts Over-the-counter 16.6 14.0 19.5 16.7 Exchange-traded 10.0 9.2 8.6 7.8 Commodity contracts Over-the-counter 7.3 8.9 10.2 11.9 Exchange-traded 2.9 2.9 7.4 7.7 Over-the-counter cleared 0.1 0.1 0.1 0.6 Credit derivatives Over-the-counter 24.6 22.9 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 461.0 450.5 580.1 571.9 Exchange-traded 12.9 12.1 16.1 15.6 Over-the-counter cleared 203.7 208.3 372.8 376.1 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (426.6 ) (425.7 ) (545.7 ) (545.5 ) Exchange-traded (9.8 ) (9.8 ) (13.9 ) (13.9 ) Over-the-counter cleared (203.3 ) (208.2 ) (372.5 ) (375.5 ) Derivative assets/liabilities, after netting 37.9 27.2 36.9 28.7 Other gross derivative assets/liabilities 12.1 11.3 15.8 18.2 Total derivative assets/liabilities 50.0 38.5 52.7 46.9 Less: Financial instruments collateral (1) (13.9 ) (6.5 ) (13.3 ) (8.9 ) Total net derivative assets/liabilities $ 36.1 $ 32.0 $ 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 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 MSRs. For more information on MSRs, see Note 23 – 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 2015 , 2014 and 2013 , 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) 2015 (Dollars in millions) Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (718 ) $ (77 ) $ (795 ) Interest rate and foreign currency risk on long-term debt (1) (1,898 ) 1,812 (86 ) Interest rate risk on available-for-sale securities (2) 105 (127 ) (22 ) Price risk on commodity inventory (3) 15 (11 ) 4 Total $ (2,496 ) $ 1,597 $ (899 ) 2014 Interest rate risk on long-term debt (1) $ 2,144 $ (2,935 ) $ (791 ) Interest rate and foreign currency risk on long-term debt (1) (2,212 ) 2,120 (92 ) Interest rate risk on available-for-sale securities (2) (35 ) 3 (32 ) Price risk on commodity inventory (3) 21 (15 ) 6 Total $ (82 ) $ (827 ) $ (909 ) 2013 Interest rate risk on long-term debt (1) $ (4,704 ) $ 3,925 $ (779 ) Interest rate and foreign currency risk on long-term debt (1) (1,291 ) 1,085 (206 ) Interest rate risk on available-for-sale securities (2) 839 (840 ) (1 ) Price risk on commodity inventory (3) (13 ) 11 (2 ) Total $ (5,169 ) $ 4,181 $ (988 ) (1) Amounts are recorded in interest expense on long-term debt and in other income (loss). (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 2015 , 2014 and 2013 . Of the $1.1 billion net loss (after-tax) on derivatives in accumulated OCI for 2015 , $563 million ( $352 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. For terminated cash flow hedges, the time period over which substantially all of the forecasted transactions are hedged is approximately seven years , with a maximum length of time for certain forecasted transactions of 20 years . Derivatives Designated as Cash Flow and Net Investment Hedges 2015 (Dollars in millions, amounts pretax) Gains (Losses) on Derivatives Gains (Losses) Accumulated OCI Hedge Testing (1) Cash flow hedges Interest rate risk on variable-rate portfolios $ 95 $ (974 ) $ (2 ) Price risk on restricted stock awards (2) (40 ) 91 — Total $ 55 $ (883 ) $ (2 ) Net investment hedges Foreign exchange risk $ 3,010 $ 153 $ (298 ) 2014 Cash flow hedges Interest rate risk on variable-rate portfolios $ 68 $ (1,119 ) $ (4 ) Price risk on restricted stock awards (2) 127 359 — Total $ 195 $ (760 ) $ (4 ) Net investment hedges Foreign exchange risk $ 3,021 $ 21 $ (503 ) 2013 Cash flow hedges Interest rate risk on variable-rate portfolios $ (321 ) $ (1,102 ) $ — Price risk on restricted stock awards (2) 477 329 — Total $ 156 $ (773 ) $ — Net investment hedges Foreign exchange risk $ 1,024 $ (355 ) $ (134 ) (1) Amounts related to 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 2015 , 2014 and 2013 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Other Risk Management Derivatives Gains (Losses) (Dollars in millions) 2015 2014 2013 Interest rate risk on mortgage banking income (1) $ 254 $ 1,017 $ (619 ) Credit risk on loans (2) (22 ) 16 (47 ) Interest rate and foreign currency risk on ALM activities (3) (222 ) (3,683 ) 2,501 Price risk on restricted stock awards (4) (267 ) 600 865 Other 11 (9 ) (19 ) (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, IRLCs 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 IRLCs 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 $714 million , $776 million and $927 million for 2015 , 2014 and 2013 , respectively. (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 December 31, 2015 , the Corporation transferred $7.9 billion of primarily non-U.S. government-guaranteed mortgage-backed securities (MBS) to a third-party trust. The Corporation received gross cash proceeds of $7.9 billion at the transfer dates. At December 31, 2015 , the fair value of these securities was $7.2 billion . 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). A derivative asset of $24 million and a liability of $29 million were recorded at December 31, 2015 and are included in credit derivatives in the derivative instruments table on page 149 . The economic exposure retained by the Corporation is typically hedged with interest rate swaps and interest rate swaptions. 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 2015 , 2014 and 2013 . 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 DVA and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 24 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis. The results for 2015 were impacted by the early adoption of new accounting guidance on recognition and measurement of financial instruments. As such, amounts in the "Other" column for 2015 exclude unrealized DVA resulting from changes in the Corporation’s own credit spreads on liabilities accounted for under the fair value option. Amounts for 2014 and 2013 include such amounts. For more information on the new accounting guidance, see Note 1 – Summary of Significant Accounting Principles . Sales and Trading Revenue 2015 (Dollars in millions) Trading Account Profits Net Interest Income Other (1) Total Interest rate risk $ 1,251 $ 1,457 $ (319 ) $ 2,389 Foreign exchange risk 1,322 (10 ) (117 ) 1,195 Equity risk 2,115 56 2,146 4,317 Credit risk 901 2,360 452 3,713 Other risk 481 (80 ) 61 462 Total sales and trading revenue $ 6,070 $ 3,783 $ 2,223 $ 12,076 2014 Interest rate risk $ 962 $ 1,097 $ 401 $ 2,460 Foreign exchange risk 1,177 7 (128 ) 1,056 Equity risk 1,954 (79 ) 2,307 4,182 Credit risk 1,396 2,563 617 4,576 Other risk 508 (123 ) 106 491 Total sales and trading revenue $ 5,997 $ 3,465 $ 3,303 $ 12,765 2013 Interest rate risk $ 1,217 $ 1,158 $ (290 ) $ 2,085 Foreign exchange risk 1,169 6 (100 ) 1,075 Equity risk 1,994 112 2,066 4,172 Credit risk 1,966 2,647 77 4,690 Other risk 388 (217 ) 69 240 Total sales and trading revenue $ 6,734 $ 3,706 $ 1,822 $ 12,262 (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 $2.2 billion , $2.2 billion and $2.1 billion for 2015 , 2014 and 2013 , respectively. 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 at December 31, 2015 and 2014 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 December 31, 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 $ 84 $ 481 $ 2,203 $ 680 $ 3,448 Non-investment grade 672 3,035 2,386 3,583 9,676 Total 756 3,516 4,589 4,263 13,124 Total return swaps/other: Investment grade 5 — — — 5 Non-investment grade 171 236 8 2 417 Total 176 236 8 2 422 Total credit derivatives $ 932 $ 3,752 $ 4,597 $ 4,265 $ 13,546 Credit-related notes: Investment grade $ 267 $ 57 $ 444 $ 2,203 $ 2,971 Non-investment grade 61 118 117 1,264 1,560 Total credit-related notes $ 328 $ 175 $ 561 $ 3,467 $ 4,531 Maximum Payout/Notional Credit default swaps: Investment grade $ 149,177 $ 280,658 $ 178,990 $ 26,352 $ 635,177 Non-investment grade 81,596 135,850 53,299 18,221 288,966 Total 230,773 416,508 232,289 44,573 924,143 Total return swaps/other: Investment grade 9,758 — — — 9,758 Non-investment grade 20,917 6,989 1,371 623 29,900 Total 30,675 6,989 1,371 623 39,658 Total credit derivatives $ 261,448 $ 423,497 $ 233,660 $ 45,196 $ 963,801 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 $8.2 billion and $706.0 billion at December 31, 2015 and $5.7 billion and $880.6 billion at December 31, 2014 . Credit-related notes in the table on page 156 include investments in securities issued by 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. A significant majority 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 149 , 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 December 31, 2015 and 2014 , the Corporation held cash and securities collateral of $78.9 billion and $82.0 billion , and posted cash and securities collateral of $62.7 billion and $67.9 billion in the normal course of business under derivative agreements. This excludes cross-product margining agreements where clients are permitted to margin on a net basis for both derivative and secured financing arrangements. 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 December 31, 2015 , the amount of collateral, calculated based on the terms of the contracts, that the Corporation and certain subsidiaries could be required to post to counterparties but had not yet posted to counterparties was approximately $2.9 billion , including $1.6 billion for Bank of America, N.A. (BANA). Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or cer |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value, HTM debt securities and AFS marketable equity securities at December 31, 2015 and 2014 . Debt Securities and Available-for-Sale Marketable Equity Securities December 31, 2015 (Dollars in millions) Amortized Cost Gross Gains Gross Losses Fair Value Available-for-sale debt securities Mortgage-backed securities: Agency $ 229,847 $ 788 $ (1,688 ) $ 228,947 Agency-collateralized mortgage obligations 10,930 126 (71 ) 10,985 Commercial 7,176 50 (61 ) 7,165 Non-agency residential (1) 3,031 218 (70 ) 3,179 Total mortgage-backed securities 250,984 1,182 (1,890 ) 250,276 U.S. Treasury and agency securities 25,075 211 (9 ) 25,277 Non-U.S. securities 5,743 27 (3 ) 5,767 Corporate/Agency bonds 243 3 (3 ) 243 Other taxable securities, substantially all asset-backed securities 10,238 50 (86 ) 10,202 Total taxable securities 292,283 1,473 (1,991 ) 291,765 Tax-exempt securities 13,978 63 (33 ) 14,008 Total available-for-sale debt securities 306,261 1,536 (2,024 ) 305,773 Other debt securities carried at fair value 16,678 103 (174 ) 16,607 Total debt securities carried at fair value (2) 322,939 1,639 (2,198 ) 322,380 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 84,625 271 (850 ) 84,046 Total debt securities $ 407,564 $ 1,910 $ (3,048 ) $ 406,426 Available-for-sale marketable equity securities (3) $ 326 $ 99 $ — $ 425 December 31, 2014 Available-for-sale debt securities Mortgage-backed securities: Agency $ 163,592 $ 2,040 $ (593 ) $ 165,039 Agency-collateralized mortgage obligations 14,175 152 (79 ) 14,248 Commercial 3,931 69 — 4,000 Non-agency residential (1) 4,244 287 (77 ) 4,454 Total mortgage-backed securities 185,942 2,548 (749 ) 187,741 U.S. Treasury and agency securities 69,267 360 (32 ) 69,595 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 (2) 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 (3) $ 336 $ 27 $ — $ 363 (1) At December 31, 2015 and 2014 , the underlying collateral type included approximately 71 percent and 76 percent prime, 15 percent and 14 percent Alt-A, and 14 percent and 10 percent subprime. (2) The Corporation had debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $146.2 billion and $53.4 billion , and a fair value of $145.5 billion and $53.2 billion at December 31, 2015 . Debt securities from FNMA and FHLMC that exceeded 10 percent of shareholders’ equity had an amortized cost of $130.7 billion and $28.3 billion , and a fair value of $131.4 billion and $28.6 billion at December 31, 2014 . (3) Classified in other assets on the Consolidated Balance Sheet. At December 31, 2015 , the accumulated net unrealized loss on AFS debt securities included in accumulated OCI was $300 million , net of the related income tax benefit of $188 million . At December 31, 2015 and 2014 , the Corporation had nonperforming AFS debt securities of $188 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 2015 , the Corporation recorded unrealized mark-to-market net gains of $43 million and realized net losses of $313 million , compared to unrealized mark-to-market net gains of $1.2 billion and realized net gains of $275 million in 2014 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value December 31 (Dollars in millions) 2015 2014 Mortgage-backed securities: Agency $ — $ 15,704 Agency-collateralized mortgage obligations 7 — Non-agency residential 3,490 3,745 Total mortgage-backed securities 3,497 19,449 U.S. Treasury and agency securities — 1,541 Non-U.S. securities (1) 12,843 15,132 Other taxable securities, substantially all asset-backed securities 267 299 Total $ 16,607 $ 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 2015 , 2014 and 2013 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities (Dollars in millions) 2015 2014 2013 Gross gains $ 1,118 $ 1,366 $ 1,302 Gross losses (27 ) (12 ) (31 ) Net gains on sales of AFS debt securities $ 1,091 $ 1,354 $ 1,271 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 415 $ 515 $ 470 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 at December 31, 2015 and 2014 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities December 31, 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 Mortgage-backed securities: Agency $ 131,511 $ (1,245 ) $ 14,895 $ (443 ) $ 146,406 $ (1,688 ) Agency-collateralized mortgage obligations 1,271 (9 ) 1,637 (62 ) 2,908 (71 ) Commercial 4,066 (61 ) — — 4,066 (61 ) Non-agency residential 553 (5 ) 723 (32 ) 1,276 (37 ) Total mortgage-backed securities 137,401 (1,320 ) 17,255 (537 ) 154,656 (1,857 ) U.S. Treasury and agency securities 1,172 (5 ) 190 (4 ) 1,362 (9 ) Non-U.S. securities — — 134 (3 ) 134 (3 ) Corporate/Agency bonds 107 (3 ) — — 107 (3 ) Other taxable securities, substantially all asset-backed securities 5,071 (69 ) 792 (17 ) 5,863 (86 ) Total taxable securities 143,751 (1,397 ) 18,371 (561 ) 162,122 (1,958 ) Tax-exempt securities 4,400 (12 ) 1,877 (21 ) 6,277 (33 ) Total temporarily impaired AFS debt securities 148,151 (1,409 ) 20,248 (582 ) 168,399 (1,991 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 481 (19 ) 98 (14 ) 579 (33 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 148,632 $ (1,428 ) $ 20,346 $ (596 ) $ 168,978 $ (2,024 ) December 31, 2014 Temporarily impaired AFS debt securities 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 ) Total mortgage-backed securities 3,915 (30 ) 47,002 (686 ) 50,917 (716 ) U.S. Treasury and agency securities 10,121 (22 ) 667 (10 ) 10,788 (32 ) 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 OTTI losses on AFS debt securities in 2015 , 2014 and 2013 as presented in the Net Credit-related Impairment Losses Recognized in Earnings table. Substantially all OTTI losses in 2015 , 2014 and 2013 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 in 2015 were driven by decreases in the estimated RMBS cash flows primarily due to a model change resulting in the refinement of 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 (Dollars in millions) 2015 2014 2013 Total OTTI losses $ (111 ) $ (30 ) $ (21 ) Less: non-credit portion of total OTTI losses recognized in OCI 30 14 1 Net credit-related impairment losses recognized in earnings $ (81 ) $ (16 ) $ (20 ) The table below presents a rollforward of the credit losses recognized in earnings in 2015 , 2014 and 2013 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 (Dollars in millions) 2015 2014 2013 Balance, January 1 $ 200 $ 184 $ 243 Additions for credit losses recognized on AFS debt securities that had no previous impairment losses 52 14 6 Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses 29 2 14 Reductions for AFS debt securities matured, sold or intended to be sold (15 ) — (79 ) Balance, December 31 $ 266 $ 200 $ 184 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 December 31, 2015 . Significant Assumptions Range (1) Weighted- 10th Percentile (2) 90th Percentile (2) Prepayment speed 12.6 % 3.8 % 25.5 % Loss severity 32.6 12.9 34.8 Life default rate 26.0 0.8 86.1 (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. Constant prepayment speed and loss severity rates are projected considering collateral characteristics such as LTV, creditworthiness of borrowers as measured using FICO scores, and geographic concentrations. The weighted-average severity by collateral type was 29.2 percent for prime, 31.4 percent for Alt-A and 42.9 percent for subprime at December 31, 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 16.1 percent for prime, 28.0 percent for Alt-A and 27.2 percent for subprime at December 31, 2015 . The expected maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 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 December 31, 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 Mortgage-backed securities: Agency $ 57 4.40 % $ 28,943 2.40 % $ 197,797 2.80 % $ 3,050 2.90 % $ 229,847 2.75 % Agency-collateralized mortgage obligations 157 1.10 3,077 2.20 7,702 2.80 — — 10,936 2.61 Commercial 205 2.16 615 2.10 6,356 2.70 — — 7,176 2.63 Non-agency residential 320 5.00 1,123 4.99 1,165 4.18 3,989 7.90 6,597 6.60 Total mortgage-backed securities 739 3.31 33,758 2.46 213,020 2.80 7,039 5.73 254,556 3.03 U.S. Treasury and agency securities 516 0.19 23,103 1.70 1,454 3.14 2 4.57 25,075 1.75 Non-U.S. securities 16,707 0.82 1,864 3.08 6 2.79 — — 18,577 1.04 Corporate/Agency bonds 40 3.97 69 4.20 131 3.41 3 3.67 243 3.93 Other taxable securities, substantially all asset-backed securities 2,918 1.11 4,596 1.28 2,268 2.38 728 3.96 10,510 1.67 Total taxable securities 20,920 0.94 63,390 2.13 216,879 2.81 7,772 5.57 308,961 2.61 Tax-exempt securities 836 1.27 5,127 1.31 5,879 1.35 2,136 1.55 13,978 1.36 Total amortized cost of debt securities carried at fair value $ 21,756 0.95 $ 68,517 2.06 $ 222,758 2.77 $ 9,908 4.70 $ 322,939 2.56 Amortized cost of HTM debt securities (2) $ 568 0.01 $ 18,325 2.30 $ 62,978 2.50 $ 2,754 2.82 $ 84,625 2.45 Debt securities carried at fair value Mortgage-backed securities: Agency $ 59 $ 29,150 $ 196,720 $ 3,018 $ 228,947 Agency-collateralized mortgage obligations 157 3,056 7,779 — 10,992 Commercial 223 618 6,324 — 7,165 Non-agency residential 354 1,102 1,263 3,950 6,669 Total mortgage-backed securities 793 33,926 212,086 6,968 253,773 U.S. Treasury and agency securities 516 23,266 1,493 2 25,277 Non-U.S. securities 16,720 1,884 6 — 18,610 Corporate/Agency bonds 41 70 128 4 243 Other taxable securities, substantially all asset-backed securities 3,102 4,349 2,296 722 10,469 Total taxable securities 21,172 63,495 216,009 7,696 308,372 Tax-exempt securities 836 5,161 5,882 2,129 14,008 Total debt securities carried at fair value $ 22,008 $ 68,656 $ 221,891 $ 9,825 $ 322,380 Fair value of HTM debt securities (2) $ 569 $ 18,356 $ 62,360 $ 2,761 $ 84,046 (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 $3.0 billion and $3.1 billion at December 31, 2015 and 2014 . For additional information, see Note 12 – Commitments and Contingencies . In 2013, the Corporation sold its remaining investment in China Construction Bank Corporation (CCB) and realized a pretax gain of $753 million in All Other reported in equity investment income in the Consolidated Statement of Income. The strategic assistance agreement between the Corporation and CCB, which includes cooperation in specific business areas, extends through 2016. The Corporation holds investments in partnerships that construct, own and operate real estate projects that qualify for low income housing tax credits. The Corporation earns a return primarily through the receipt of tax credits allocated to the real estate projects. Total low income housing tax credit investments were $7.1 billion and $6.6 billion at December 31, 2015 and 2014 . These investments are reported in other assets on the Consolidated Balance Sheet. The Corporation had unfunded commitments to provide capital contributions of $2.4 billion and $2.2 billion to these partnerships at December 31, 2015 and 2014 , which are expected to be paid over the next five years . These commitments are reported in accrued expenses and other liabilities on the Consolidated Balance Sheet. During 2015 and 2014, the Corporation recognized tax credits and other tax benefits from investments in affordable housing partnerships of $928 million and $920 million , partially offset by pretax losses recognized in other income of $629 million and $601 million . |
Outstanding Loans and Leases
Outstanding Loans and Leases | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Outstanding Loans and Leases | 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 December 31, 2015 and 2014 . December 31, 2015 (Dollars in millions) 30-59 Days Past Due (1) 60-89 Days Past Due (1) 90 Days or Past Due (2) Total Past or More Total Current or Less Than 30 Days Past Due (3) Purchased (4) Loans Accounted for Under the Fair Value Option Total Outstandings Consumer real estate Core portfolio Residential mortgage $ 1,603 $ 645 $ 3,834 $ 6,082 $ 139,763 $ 145,845 Home equity 225 104 719 1,048 47,216 48,264 Legacy Assets & Servicing portfolio Residential mortgage (5) 1,656 890 6,019 8,565 21,435 $ 12,066 42,066 Home equity 310 163 1,030 1,503 21,562 4,619 27,684 Credit card and other consumer U.S. credit card 454 332 789 1,575 88,027 89,602 Non-U.S. credit card 39 31 76 146 9,829 9,975 Direct/Indirect consumer (6) 227 62 42 331 88,464 88,795 Other consumer (7) 18 3 4 25 2,042 2,067 Total consumer 4,532 2,230 12,513 19,275 418,338 16,685 454,298 Consumer loans accounted for under the fair value option (8) $ 1,871 1,871 Total consumer loans and leases 4,532 2,230 12,513 19,275 418,338 16,685 1,871 456,169 Commercial U.S. commercial 444 148 332 924 251,847 252,771 Commercial real estate (9) 36 11 82 129 57,070 57,199 Commercial lease financing 169 32 22 223 27,147 27,370 Non-U.S. commercial 6 1 1 8 91,541 91,549 U.S. small business commercial 83 41 72 196 12,680 12,876 Total commercial 738 233 509 1,480 440,285 441,765 Commercial loans accounted for under the fair value option (8) 5,067 5,067 Total commercial loans and leases 738 233 509 1,480 440,285 5,067 446,832 Total loans and leases $ 5,270 $ 2,463 $ 13,022 $ 20,755 $ 858,623 $ 16,685 $ 6,938 $ 903,001 Percentage of outstandings 0.59 % 0.27 % 1.44 % 2.30 % 95.08 % 1.85 % 0.77 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $1.7 billion and nonperforming loans of $379 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $1.0 billion and nonperforming loans of $297 million . (2) Consumer real estate includes fully-insured loans of $7.2 billion . (3) Consumer real estate includes $3.0 billion and direct/indirect consumer includes $21 million of nonperforming loans. (4) PCI loan amounts are shown gross of the valuation allowance. (5) Total outstandings includes pay option loans of $2.3 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans of $42.6 billion , unsecured consumer lending loans of $886 million , U.S. securities-based lending loans of $39.8 billion , non-U.S. consumer loans of $3.9 billion , student loans of $564 million and other consumer loans of $1.0 billion . (7) Total outstandings includes consumer finance loans of $564 million , consumer leases of $1.4 billion and consumer overdrafts of $146 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $1.6 billion and home equity loans of $250 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 $2.8 billion . For additional information, see Note 20 – Fair Value Measurements and Note 21 – Fair Value Option . (9) Total outstandings includes U.S. commercial real estate loans of $53.6 billion and non-U.S. commercial real estate loans of $3.5 billion . December 31, 2014 (Dollars in millions) 30-59 Days (1) 60-89 Days Past Due (1) 90 Days or (2) Total Past Total Current or Less Than 30 Days Past Due (3) Purchased (4) Loans Accounted for Under the Fair Value Option Total Outstandings 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 20 – Fair Value Measurements and Note 21 – 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 $3.7 billion and $17.2 billion at December 31, 2015 and 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 December 31, 2015 and 2014 , $484 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 TDRs, 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 December 31, 2015 , nonperforming loans discharged in Chapter 7 bankruptcy with no change in repayment terms were $785 million of which $457 million were current on their contractual payments, while $285 million were 90 days or more past due. Of the contractually current nonperforming loans, more than 80 percent were discharged in Chapter 7 bankruptcy more than 12 months ago, and more than 60 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 2015 , the Corporation sold nonperforming and other delinquent consumer real estate loans with a carrying value of $3.2 billion , including $1.4 billion of PCI loans, compared to $6.7 billion , including $1.9 billion of PCI loans, in 2014 . The Corporation recorded recoveries related to these sales of $133 million and $407 million during 2015 and 2014 . Gains related to these sales of $173 million and $247 million were recorded in other income in the Consolidated Statement of Income during 2015 and 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 December 31, 2015 and 2014 . Nonperforming 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 . Credit Quality December 31 Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) 2015 2014 2015 2014 Consumer real estate Core portfolio Residential mortgage (1) $ 1,845 $ 2,398 $ 2,645 $ 3,942 Home equity 1,354 1,496 — — Legacy Assets & Servicing portfolio Residential mortgage (1) 2,958 4,491 4,505 7,465 Home equity 1,983 2,405 — — Credit card and other consumer U.S. credit card n/a n/a 789 866 Non-U.S. credit card n/a n/a 76 95 Direct/Indirect consumer 24 28 39 64 Other consumer 1 1 3 1 Total consumer 8,165 10,819 8,057 12,433 Commercial U.S. commercial 867 701 113 110 Commercial real estate 93 321 3 3 Commercial lease financing 12 3 17 41 Non-U.S. commercial 158 1 1 — U.S. small business commercial 82 87 61 67 Total commercial 1,212 1,113 195 221 Total loans and leases $ 9,377 $ 11,932 $ 8,252 $ 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 December 31, 2015 and 2014 , residential mortgage includes $4.3 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 $2.9 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 . 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 Corporation’s loan and available line of credit combined with any outstanding senior liens against the property 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 December 31, 2015 and 2014 . Consumer Real Estate – Credit Quality Indicators (1) December 31, 2015 (Dollars in millions) Core Portfolio Residential Mortgage (2) Legacy Assets & Servicing Residential (2) Residential Mortgage PCI (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 $ 109,869 $ 16,646 $ 8,655 $ 44,006 $ 15,666 $ 2,003 Greater than 90 percent but less than or equal to 100 percent 4,251 2,007 1,403 1,652 2,382 852 Greater than 100 percent 2,783 3,212 2,008 2,606 5,017 1,764 Fully-insured loans (5) 28,942 8,135 — — — — Total consumer real estate $ 145,845 $ 30,000 $ 12,066 $ 48,264 $ 23,065 $ 4,619 Refreshed FICO score Less than 620 $ 3,465 $ 4,408 $ 3,798 $ 1,898 $ 2,785 $ 729 Greater than or equal to 620 and less than 680 5,792 3,438 2,586 3,242 3,817 825 Greater than or equal to 680 and less than 740 22,017 5,605 3,187 9,203 6,527 1,356 Greater than or equal to 740 85,629 8,414 2,495 33,921 9,936 1,709 Fully-insured loans (5) 28,942 8,135 — — — — Total consumer real estate $ 145,845 $ 30,000 $ 12,066 $ 48,264 $ 23,065 $ 4,619 (1) Excludes $1.9 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $2.0 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, 2015 (Dollars in millions) U.S. Credit Card Non-U.S. Credit Card Direct/Indirect Consumer Other Consumer (1) Refreshed FICO score Less than 620 $ 4,196 $ — $ 1,244 $ 217 Greater than or equal to 620 and less than 680 11,857 — 1,698 214 Greater than or equal to 680 and less than 740 34,270 — 10,955 337 Greater than or equal to 740 39,279 — 29,581 1,149 Other internal credit metrics (2, 3, 4) — 9,975 45,317 150 Total credit card and other consumer $ 89,602 $ 9,975 $ 88,795 $ 2,067 (1) Twenty-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 $43.7 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $567 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, 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) December 31, 2015 (Dollars in millions) U.S. Commercial Commercial Real Estate Commercial Financing Non-U.S. Commercial U.S. Small Commercial (2) Risk ratings Pass rated $ 243,922 $ 56,688 $ 26,050 $ 87,905 $ 571 Reservable criticized 8,849 511 1,320 3,644 96 Refreshed FICO score (3) Less than 620 184 Greater than or equal to 620 and less than 680 543 Greater than or equal to 680 and less than 740 1,627 Greater than or equal to 740 3,027 Other internal credit metrics (3, 4) 6,828 Total commercial $ 252,771 $ 57,199 $ 27,370 $ 91,549 $ 12,876 (1) Excludes $5.1 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $670 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, 2015 , 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. Consumer Real Estate – Credit Quality Indicators (1) December 31, 2014 (Dollars in millions) Core Portfolio Residential Mortgage (2) Legacy Assets & Servicing Residential (2) Residential Mortgage PCI (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 $ 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 Card Non-U.S. Credit Card Direct/Indirect Consumer Other Consumer (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 Commercial Real Estate Commercial Financing Non-U.S. Commercial U.S. Small Commercial (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 178 . For additional information, see Note 1 – Summary of Significant Accounting Principles . 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 $1.8 billion were included in TDRs at December 31, 2015 , of which $785 million were classified as nonperforming and $765 million were loans fully-insured by the 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 December 31, 2015 and 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 $444 million and $630 million at December 31, 2015 and 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 December 31, 2015 was $5.8 billion . During 2015 and 2014 , the Corporation reclassified $2.1 billion and $1.9 billion of consumer real estate loans to foreclosed properties or, for properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans), to other assets. The reclassifications represent non-cash investing activities and, accordingly, are not reflected on the Consolidated Statement of Cash Flows. The table below provides the unpaid principal balance, carrying value and related allowance at December 31, 2015 and 2014 , and the average carrying value and interest income recognized for 2015 , 2014 and 2013 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 December 31, 2015 December 31, 2014 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance Residential mortgage $ 14,888 $ 11,901 $ — $ 19,710 $ 15,605 $ — Home equity 3,545 1,775 — 3,540 1,630 — With an allowance recorded Residential mortgage $ 6,624 $ 6,471 $ 399 $ 7,861 $ 7,665 $ 531 Home equity 1,047 911 235 852 728 196 Total Residential mortgage $ 21,512 $ 18,372 $ 399 $ 27,571 $ 23,270 $ 531 Home equity 4,592 2,686 235 4,392 2,358 196 2015 2014 2013 Average Interest (1) Average Interest (1) Average Interest (1) With no recorded allowance Residential mortgage $ 13,867 $ 403 $ 15,065 $ 490 $ 16,625 $ 621 Home equity 1,777 89 1,486 87 1,245 76 With an allowance recorded Residential mortgage $ 7,290 $ 236 $ 10,826 $ 411 $ 13,926 $ 616 Home equity 785 24 743 25 912 41 Total Residential mortgage $ 21,157 $ 639 $ 25,891 $ 901 $ 30,551 $ 1,237 Home equity 2,562 113 2,229 112 2,157 117 (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 December 31, 2015, 2014 and 2013 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during 2015 , 2014 and 2013 , 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 2015, 2014 and 2013 (1) December 31, 2015 2015 (Dollars in millions) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) Net Charge-offs (3) Residential mortgage $ 2,986 $ 2,655 4.98 % 4.43 % $ 97 Home equity 1,019 775 3.54 3.17 84 Total $ 4,005 $ 3,430 4.61 4.11 $ 181 December 31, 2014 2014 Residential mortgage $ 5,940 $ 5,120 5.28 % 4.93 % $ 72 Home equity 863 592 4.00 3.33 99 Total $ 6,803 $ 5,712 5.12 4.73 $ 171 December 31, 2013 2013 Residential mortgage $ 11,233 $ 10,016 5.30 % 4.27 % $ 235 Home equity 878 521 5.29 3.92 192 Total $ 12,111 $ 10,537 5.30 4.24 $ 427 (1) During 2015 , 2014 and 2013 , the Corporation forgave principal of $396 million , $53 million and $467 million , respectively, related to residential mortgage loans in connection with TDRs. (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 December 31, 2015, 2014 and 2013 due to sales and other dispositions. The table below presents the December 31, 2015, 2014 and 2013 carrying value for consumer real estate loans that were modified in a TDR during 2015 , 2014 and 2013 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During 2015 (Dollars in millions) Residential Mortgage Home Equity Total Carrying Value Modifications under government programs Contractual interest rate reduction $ 408 $ 23 $ 431 Principal and/or interest forbearance 4 7 11 Other modifications (1) 46 — 46 Total modifications under government programs 458 30 488 Modifications under proprietary programs Contractual interest rate reduction 191 28 219 Capitalization of past due amounts 69 10 79 Principal and/or interest forbearance 124 4 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The table below summarizes the changes in the allowance for credit losses by portfolio segment for 2015 , 2014 and 2013 . 2015 (Dollars in millions) Consumer Real Estate Credit Card and Other Consumer Commercial Total Allowance Allowance for loan and lease losses, January 1 $ 5,935 $ 4,047 $ 4,437 $ 14,419 Loans and leases charged off (1,841 ) (3,620 ) (644 ) (6,105 ) Recoveries of loans and leases previously charged off 732 813 222 1,767 Net charge-offs (1,109 ) (2,807 ) (422 ) (4,338 ) Write-offs of PCI loans (808 ) — — (808 ) Provision for loan and lease losses (70 ) 2,278 835 3,043 Other (1) (34 ) (47 ) (1 ) (82 ) Allowance for loan and lease losses, December 31 3,914 3,471 4,849 12,234 Reserve for unfunded lending commitments, January 1 — — 528 528 Provision for unfunded lending commitments — — 118 118 Reserve for unfunded lending commitments, December 31 — — 646 646 Allowance for credit losses, December 31 $ 3,914 $ 3,471 $ 5,495 $ 12,880 2014 Allowance for loan and lease losses, January 1 $ 8,518 $ 4,905 $ 4,005 $ 17,428 Loans and leases charged off (2,219 ) (4,149 ) (658 ) (7,026 ) Recoveries of loans and leases previously charged off 1,426 871 346 2,643 Net charge-offs (793 ) (3,278 ) (312 ) (4,383 ) Write-offs of PCI loans (810 ) — — (810 ) Provision for loan and lease losses (976 ) 2,458 749 2,231 Other (1) (4 ) (38 ) (5 ) (47 ) Allowance for loan and lease losses, December 31 5,935 4,047 4,437 14,419 Reserve for unfunded lending commitments, January 1 — — 484 484 Provision for unfunded lending commitments — — 44 44 Reserve for unfunded lending commitments, December 31 — — 528 528 Allowance for credit losses, December 31 $ 5,935 $ 4,047 $ 4,965 $ 14,947 2013 Allowance for loan and lease losses, January 1 $ 14,933 $ 6,140 $ 3,106 $ 24,179 Loans and leases charged off (3,766 ) (5,495 ) (1,108 ) (10,369 ) Recoveries of loans and leases previously charged off 879 1,141 452 2,472 Net charge-offs (2,887 ) (4,354 ) (656 ) (7,897 ) Write-offs of PCI loans (2,336 ) — — (2,336 ) Provision for loan and lease losses (1,124 ) 3,139 1,559 3,574 Other (1) (68 ) (20 ) (4 ) (92 ) Allowance for loan and lease losses, December 31 8,518 4,905 4,005 17,428 Reserve for unfunded lending commitments, January 1 — — 513 513 Provision for unfunded lending commitments — — (18 ) (18 ) Other — — (11 ) (11 ) Reserve for unfunded lending commitments, December 31 — — 484 484 Allowance for credit losses, December 31 $ 8,518 $ 4,905 $ 4,489 $ 17,912 (1) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, and foreign currency translation adjustments. In 2015 , 2014 and 2013 , for the PCI loan portfolio, the Corporation recorded a provision benefit of $40 million , $31 million and $707 million , respectively. Write-offs in the PCI loan portfolio totaled $808 million , $810 million and $2.3 billion during 2015 , 2014 and 2013 , respectively. Write-offs included $234 million , $317 million and $414 million associated with the sale of PCI loans during 2015 , 2014 and 2013 , respectively. Write-offs in 2013 also included certain PCI loans that were ineligible for the National Mortgage Settlement, but had characteristics similar to the eligible loans, and the expectation of future cash proceeds was considered remote. The valuation allowance associated with the PCI loan portfolio was $804 million , $1.7 billion and $2.5 billion at December 31, 2015 , 2014 and 2013 , respectively. The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at December 31, 2015 and 2014 . Allowance and Carrying Value by Portfolio Segment December 31, 2015 (Dollars in millions) Consumer Real Estate Credit Card Consumer Commercial Total Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses (2) $ 634 $ 250 $ 217 $ 1,101 Carrying value (3) 21,058 779 2,368 24,205 Allowance as a percentage of carrying value 3.01 % 32.09 % 9.16 % 4.55 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 2,476 $ 3,221 $ 4,632 $ 10,329 Carrying value (3, 4) 226,116 189,660 439,397 855,173 Allowance as a percentage of carrying value (4) 1.10 % 1.70 % 1.05 % 1.21 % Purchased credit-impaired loans Valuation allowance $ 804 n/a n/a $ 804 Carrying value gross of valuation allowance 16,685 n/a n/a 16,685 Valuation allowance as a percentage of carrying value 4.82 % n/a n/a 4.82 % Total Allowance for loan and lease losses $ 3,914 $ 3,471 $ 4,849 $ 12,234 Carrying value (3, 4) 263,859 190,439 441,765 896,063 Allowance as a percentage of carrying value (4) 1.48 % 1.82 % 1.10 % 1.37 % 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 $35 million related to impaired U.S. small business commercial at both December 31, 2015 and 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 $6.9 billion and $8.7 billion at December 31, 2015 and 2014 . n/a = not applicable |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Securitizations and Other Variable Interest Entities | 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 . The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at December 31, 2015 and 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 December 31, 2015 and 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 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 . 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, the Corporation did not provide financial support to consolidated or unconsolidated VIEs during 2015 or 2014 that it was not previously contractually required to provide, nor does it intend to do so. First-lien Mortgage 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 Government National Mortgage Association (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 2015 and 2014 . First-lien Mortgage Securitizations Residential Mortgage Agency Non-agency - Subprime Commercial Mortgage (Dollars in millions) 2015 2014 2015 2014 2015 2014 Cash proceeds from new securitizations (1) $ 27,164 $ 36,905 $ — $ 809 $ 7,945 $ 5,710 Gain on securitizations (2) 894 371 — 49 49 68 (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 $750 million and $715 million , net of hedges, during 2015 and 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 $22.3 billion and $5.4 billion in connection with first-lien mortgage securitizations in 2015 and 2014 . The receipt of these securities represents non-cash operating and investing activities and, accordingly, is not reflected on the Consolidated Statement of Cash Flows. All of these securities were initially classified as Level 2 assets within the fair value hierarchy. During 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 $1.4 billion and $1.8 billion in 2015 and 2014 . Servicing advances on consumer mortgage loans, including securitizations where the Corporation has continuing involvement, were $7.8 billion and $10.4 billion at December 31, 2015 and 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 2015 and 2014 , $3.7 billion and $5.2 billion of loans were repurchased from first-lien securitization trusts primarily as a result of loan delinquencies or to perform modifications. The majority of these loans repurchased were FHA-insured mortgages collateralizing GNMA securities. For more information on MSRs, see Note 23 – Mortgage Servicing Rights . During 2015 , the Corporation deconsolidated agency residential mortgage securitization vehicles with total assets of $4.5 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 $287 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 December 31, 2015 and 2014 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage December 31 December 31 December 31 (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Unconsolidated VIEs Maximum loss exposure (1) $ 28,188 $ 14,918 $ 1,027 $ 1,288 $ 2,905 $ 3,167 $ 622 $ 710 $ 326 $ 352 On-balance sheet assets Senior securities held (2) : Trading account assets $ 1,297 $ 584 $ 42 $ 3 $ 94 $ 14 $ 99 $ 81 $ 59 $ 54 Debt securities carried at fair value 24,369 13,473 613 816 2,479 2,811 340 383 — 76 Held-to-maturity securities 2,507 837 — — — — — — 37 42 Subordinate securities held (2) : Trading account assets — — 1 — 37 — 2 1 22 58 Debt securities carried at fair value — — 12 12 3 5 28 — 54 58 Held-to-maturity securities — — — — — — — — 13 15 Residual interests held — — — 10 — — — — 48 22 All other assets (3) 15 24 40 56 — 1 153 245 — — Total retained positions $ 28,188 $ 14,918 $ 708 $ 897 $ 2,613 $ 2,831 $ 622 $ 710 $ 233 $ 325 Principal balance outstanding (4) $ 313,613 $ 397,055 $ 16,087 $ 20,167 $ 27,854 $ 32,592 $ 40,848 $ 50,054 $ 34,243 $ 20,593 Consolidated VIEs Maximum loss exposure (1) $ 26,878 $ 38,345 $ 65 $ 77 $ 232 $ 206 $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 1,101 $ 1,538 $ — $ — $ 188 $ 30 $ — $ — $ — $ — Loans and leases 25,328 36,187 111 130 675 768 — — — — Allowance for loan and lease losses — (2 ) — — — — — — — — All other assets 449 623 — 6 54 15 — — — — Total assets $ 26,878 $ 38,346 $ 111 $ 136 $ 917 $ 813 $ — $ — $ — $ — On-balance sheet liabilities Long-term debt $ — $ 1 $ 46 $ 56 $ 840 $ 770 $ — $ — $ — $ — All other liabilities 1 — — 3 — 13 — — — — Total liabilities $ 1 $ 1 $ 46 $ 59 $ 840 $ 783 $ — $ — $ — $ — (1) Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but 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 23 – Mortgage Servicing Rights . (2) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During 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 $222 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 $222 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 December 31, 2015 and 2014 . (4) Principal balance outstanding includes loans the Corporation transferred with which it has continuing involvement, which may include servicing the loans. Other Asset-backed Securitizations The table below summarizes select information related to home equity loan, credit card and other asset-backed VIEs in which the Corporation held a variable interest at December 31, 2015 and 2014 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity Loan (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts Automobile and Other Securitization Trusts December 31 (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Unconsolidated VIEs Maximum loss exposure $ 3,988 $ 4,801 $ — $ — $ 13,043 $ 8,569 $ 1,572 $ 2,100 $ 63 $ 77 On-balance sheet assets Senior securities held (4, 5) : Trading account assets $ — $ 12 $ — $ — $ 1,248 $ 767 $ 2 $ 25 $ — $ 6 Debt securities carried at fair value — — — — 4,341 6,945 — — 53 61 Held-to-maturity securities — — — — 7,367 740 — — — — Subordinate securities held (4, 5) : Trading account assets — 2 — — 17 44 — — — — Debt securities carried at fair value 57 39 — — 70 73 — — — — All other assets — — — — — — — — 10 10 Total retained positions $ 57 $ 53 $ — $ — $ 13,043 $ 8,569 $ 2 $ 25 $ 63 $ 77 Total assets of VIEs (6) $ 5,883 $ 6,362 $ — $ — $ 35,362 $ 28,065 $ 2,518 $ 3,314 $ 314 $ 1,276 Consolidated VIEs Maximum loss exposure $ 231 $ 991 $ 32,678 $ 43,139 $ 354 $ 654 $ 1,973 $ 2,440 $ — $ 92 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 771 $ 1,295 $ 1,984 $ 2,452 $ — $ — Loans and leases 321 1,014 43,194 53,068 — — — — — — Allowance for loan and lease losses (18 ) (56 ) (1,293 ) (1,904 ) — — — — — — Loans held-for-sale — — — — — — — — — 555 All other assets 20 33 342 392 — — 1 — — 54 Total assets $ 323 $ 991 $ 42,243 $ 51,556 $ 771 $ 1,295 $ 1,985 $ 2,452 $ — $ 609 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 681 $ 1,032 $ — $ — Long-term debt 183 1,076 9,550 8,401 417 641 12 12 — 516 All other liabilities — — 15 16 — — — — — 1 Total liabilities $ 183 $ 1,076 $ 9,565 $ 8,417 $ 417 $ 641 $ 693 $ 1,044 $ — $ 517 (1) For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the liability for representations and warranties obligations and corporate guarantees. For additional information, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees . (2) At December 31, 2015 and 2014 , loans and leases in the consolidated credit card trust included $24.7 billion and $36.9 billion of seller’s interest. (3) At December 31, 2015 and 2014 , all other assets in the consolidated credit card trust included restricted cash, certain short-term investments, and unbilled accrued interest and fees. (4) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During 2015 and 2014 , there were no OTTI losses recorded on those securities classified as AFS or HTM debt securities. (5) The retained senior and subordinate securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). (6) Total assets include loans the Corporation transferred with which it has continuing involvement, which may include servicing the loan. 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 2015 and 2014 , and all of the home equity trusts that hold revolving home equity lines of credit (HELOCs) have entered the rapid amortization phase. 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 phase. 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 December 31, 2015 and 2014 , home equity loan securitizations in rapid amortization for which the Corporation has a subordinate funding obligation, including both consolidated and unconsolidated trusts, had $4.0 billion and $5.8 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 $7 million and $39 million at December 31, 2015 and 2014 , as well as performance of the loans, the amount of subsequent draws and the timing of related cash flows. During 2015 , the Corporation deconsolidated several home equity line of credit trusts with total assets of $488 million and total liabilities of $611 million as its obligation to provide subordinated funding is no longer considered to be a potentially significant variable interest in the trusts following a decline in the amount of credit available to be drawn by borrowers. In connection with deconsolidation, the Corporation recorded a gain of $123 million in other income in the Consolidated Statement of Income. The derecognition of assets and liabilities represents non-cash investing and financing activities and, accordingly, is not reflected on the Consolidated Statement of 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. During 2015 , $2.3 billion of new senior debt securities were issued to third-party investors from the credit card securitization trust compared to $4.1 billion issued during 2014 . The Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $7.5 billion and $7.4 billion at December 31, 2015 and 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 $371 million of these subordinate securities issued during 2015 and $662 million issued during 2014 . 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 $30.7 billion and $14.4 billion of securities in 2015 and 2014 . Resecuritizations in 2014 included $1.5 billion of AFS debt securities, and gains on sale of $71 million were recorded. There were no resecuritizations of AFS debt securities during 2015 . Other securities transferred into resecuritization vehicles during 2015 and 2014 were measured at fair value with changes in fair value recorded in trading account profits or other income prior to the resecuritization and no gain or loss on sale was recorded. Resecuritization proceeds included securities with an initial fair value of $9.8 billion and $4.6 billion , including $6.9 billion and $747 million which were subsequently classified as HTM during 2015 and 2014 . All of these securities were classified as Level 2 within the fair value hierarchy. 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 $1.6 billion and $2.1 billion at December 31, 2015 and 2014 . The weighted-average remaining life of bonds held in the trusts at December 31, 2015 was 7.4 years. There were no material write-downs or downgrades of assets or issuers during 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 December 31, 2015 and 2014 , the Corporation serviced assets or otherwise had continuing involvement with automobile and other securitization trusts with outstanding balances of $314 million and $1.9 billion , including trusts collateralized by automobile loans of $125 million and $400 million , other loans of $189 million and $876 million , and student loans of $0 and $609 million . During 2015 , the Corporation deconsolidated a student loan trust with total assets of $515 million and total liabilities of $449 million following the transfer of servicing and sale of retained interests to third parties. No gain or loss was recorded as a result of the deconsolidation. The derecognition of assets and liabilities represents non-cash investing and financing activities and, accordingly, is not reflected on the Consolidated Statement of Cash Flows. Other Variable Interest Entities The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at December 31, 2015 and 2014 . Other VIEs December 31 2015 2014 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure $ 6,295 $ 12,916 $ 19,211 $ 7,981 $ 12,391 $ 20,372 On-balance sheet assets Trading account assets $ 2,300 $ 366 $ 2,666 $ 1,575 $ 355 $ 1,930 Debt securities carried at fair value — 126 126 — 483 483 Loans and leases 3,317 3,389 6,706 4,020 2,693 6,713 Allowance for loan and lease losses (9 ) (23 ) (32 ) (6 ) — (6 ) Loans held-for-sale 284 1,025 1,309 1,267 814 2,081 All other assets 664 6,925 7,589 1,646 6,658 8,304 Total $ 6,556 $ 11,808 $ 18,364 $ 8,502 $ 11,003 $ 19,505 On-balance sheet liabilities Long-term debt (1) $ 3,025 $ — $ 3,025 $ 1,834 $ — $ 1,834 All other liabilities 5 2,697 2,702 105 2,643 2,748 Total $ 3,030 $ 2,697 $ 5,727 $ 1,939 $ 2,643 $ 4,582 Total assets of VIEs $ 6,556 $ 40,894 $ 47,450 $ 8,502 $ 41,467 $ 49,969 (1) Includes $2.8 billion and $1.4 billion of long-term debt at December 31, 2015 and 2014 issued by other consolidated VIEs, which has recourse to the general credit of the Corporation. During 2015 , the Corporation consolidated certain customer vehicles after redeeming long-term debt owed to the vehicles and acquiring a controlling financial interest in the vehicles. The Corporation also deconsolidated certain investment vehicles following the sale or disposition of variable interests. These actions resulted in a net decrease in long-term debt of $1.2 billion which represents a non-cash financing activity and, accordingly, is not reflected on the Consolidated Statement of Cash Flows. No gain or loss was recorded as a result of the consolidation or deconsolidation of these VIEs. 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 $3.9 billion and $4.7 billion at December 31, 2015 and 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 $691 million and $658 million at December 31, 2015 and 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 the CDO vehicles 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 $543 million and $780 million at December 31, 2015 and 2014 . This exposure is calculated on a gross basis and does not reflect any benefit from insurance purchased from third parties. At December 31, 2015 , the Corporation had $922 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 12 – 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 December 31, 2015 and 2014 , the Corporation’s consolidated investment vehicles had total assets of $397 million and $1.1 billion . The Corporation also held investments in unconsolidated vehicles with total assets of $14.7 billion and $11.2 billion at December 31, 2015 and 2014 . The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment vehicles totaled $5.1 billion at both December 31, 2015 and 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 $150 million and $660 million , including a funded balance of $122 million and $431 million at December 31, 2015 and 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 $2.8 billion and $3.3 billion at December 31, 2015 and 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 $6.6 billion and $6.2 billion at December 31, 2015 and 2014 , which primarily consisted of investments in unconsolidated limited partnerships that construct, own and operate affordable rental housing and commercial real estate projects. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Representations and Warranties Obligations and Corporate Guarantees [Abstract] | |
Representations and Warranties Obligations and Corporate Guarantees | 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. 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. 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 liquidity 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 The Bank of New York Mellon (BNY Mellon); the conditions of the settlement have now been fully satisfied. Settlement with the Bank of New York Mellon, as Trustee On April 22, 2015, the New York County Supreme Court entered final judgment approving the BNY Mellon Settlement. In October 2015, BNY Mellon obtained certain state tax opinions and an IRS private letter ruling confirming that the settlement will not impact the real estate mortgage investment conduit tax status of the trusts. The final conditions of the settlement have been satisfied and, accordingly, the Corporation made the settlement payment to BNY Mellon of $8.5 billion in February 2016. Pursuant to the settlement agreement, allocation and distribution of the $8.5 billion settlement payment is the responsibility of the RMBS trustee, BNY Mellon. On February 5, 2016, BNY Mellon filed an Article 77 proceeding in the New York County Supreme Court asking the court for instruction with respect to certain issues concerning the distribution of each trust’s allocable share of the settlement payment and asking that the settlement payment be ordered to be held in escrow pending the outcome of this Article 77 proceeding. The Corporation is not a party to this proceeding. 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, 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 December 31, 2015 and 2014 . The unresolved repurchase claims include only claims where the Corporation believes that the counterparty has the contractual right to submit claims. The unresolved repurchase claims predominantly relate to subprime and pay option first-lien loans and home equity loans. For additional information, see Private-label Securitizations and Whole-loan Sales Experience in this Note and Note 12 – Commitments and Contingencies . Unresolved Repurchase Claims by Counterparty, net of duplicate claims December 31 (Dollars in millions) 2015 2014 (1) By counterparty Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (2, 3) $ 16,748 $ 21,276 Monolines (4) 1,599 1,511 GSEs 17 59 Total unresolved repurchase claims by counterparty, net of duplicate claims $ 18,364 $ 22,846 (1) The December 31, 2014 amounts have been updated to reflect additional claims submitted in the fourth quarter of 2014 from a single monoline, currently pursuing litigation, 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 . (2) Includes $11.9 billion and $13.8 billion of claims based on individual file reviews and $4.8 billion and $7.5 billion of claims submitted without individual file reviews at December 31, 2015 and 2014 . (3) The total notional amount of unresolved repurchase claims does not include repurchase claims related to the trusts covered by the BNY Mellon Settlement. (4) At December 31, 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. During 2015 , the Corporation received $3.7 billion in new repurchase claims including $2.9 billion of claims submitted without individual loan file reviews. During 2015 , $8.1 billion in claims were resolved, including $7.4 billion which are deemed resolved as a result of the New York Court of Appeals decision in Ace Securities Corp. v. DB Structure Products, Inc. (ACE). Of the remaining unresolved monoline claims, substantially all of the claims pertain to second-lien loans and are currently the subject of litigation with a single monoline insurer. There may be additional claims or file requests in the future. In addition to the unresolved repurchase claims in the Unresolved Repurchase Claims by Counterparty, net of duplicate claims 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 outstanding notifications totaled $1.4 billion and $2.0 billion at December 31, 2015 and 2014 . 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. As of December 31, 2015 , the notional amount of unresolved repurchase claims submitted by the GSEs was $14 million for loans originated prior to 2009. Private-label Securitizations and Whole-loan Sales Experience Prior to 2009, 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 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. On June 11, 2015, the New York Court of Appeals, New York’s highest appellate court, issued its opinion in the ACE case, 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 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 early stages, investors or trustees have sought to distinguish certain aspects of the ACE decision or to assert other claims against other RMBS counterparties seeking to avoid or circumvent the impact of the ACE decision. 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 potential impact on the Corporation, if any, of such alternative legal theories or assertions, judicial limitations on the ACE decision, or claims seeking to distinguish or avoid the ACE decision is unclear at this time. For more information on repurchase demands, see Unresolved Repurchase Claims in this Note. The private-label securitization agreements generally require that counterparties have the ability to both assert a representations and warranties claim and to actually prove that a loan has an actionable defect under the applicable contracts. While the Corporation believes the agreements for private-label securitizations generally contain less rigorous representations and warranties and place higher burdens on claimants seeking repurchases than the express provisions of comparable agreements with the GSEs, the agreements generally include a representation that underwriting practices were prudent and customary. 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. 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. For more information on repurchase demands, see Unresolved Repurchase Claims in this Note. At December 31, 2015 and 2014 , for loans originated between 2004 and 2008 , the notional amount of unresolved repurchase claims, net of duplicated claims, submitted by private-label securitization trustees, whole-loan investors, including third-party securitization sponsors, and others was $16.7 billion and $21.2 billion . These repurchase claims at December 31, 2015 exclude claims in the amount of $7.4 billion where the statute of limitations has expired without litigation being commenced. At December 31, 2014 , time-barred claims of $5.2 billion were included in unresolved repurchase claims. The notional amount of unresolved repurchase claims at both December 31, 2015 and 2014 includes $3.5 billion of claims related to loans in specific private-label securitization groups or tranches where the Corporation owns substantially all of the outstanding securities. The overall decrease in the notional amount of outstanding unresolved repurchase claims in 2015 is primarily due to the impact of time-barred claims under the ACE decision, partially offset by new claims from private-label securitization trustees. Outstanding repurchase claims remain unresolved primarily due to (1) the level of detail, support and analysis accompanying such claims, which impact overall claim quality and, therefore, claims resolution and (2) the lack of an established process to resolve disputes related to these claims. The Corporation reviews properly presented repurchase claims on a loan-by-loan basis. Claims that are time-barred 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. Monoline Insurers Experience During 2015 , the Corporation had limited loan-level representations and warranties repurchase claims experience with the monoline insurers due to settlements with several monoline insurers and ongoing litigation with a single monoline insurer. To the extent the Corporation received repurchase claims from the monolines that were properly presented, it generally reviewed them on a loan-by-loan basis. Where the Corporation agrees that there has been a breach of representations and warranties given by the Corporation or subsidiaries or legacy companies that meets contractual requirements for repurchase, settlement is generally reached as to that loan within 60 to 90 days. For more information related to the monolines, see Note 12 – Commitments and Contingencies . 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 representations and warranties liability and the corresponding estimated range of possible loss at December 31, 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. 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 representations and warranties liability and the corresponding estimated range of possible loss. The table below presents a rollforward of the liability for representations and warranties and corporate guarantees. Representations and Warranties and Corporate Guarantees (Dollars in millions) 2015 2014 Liability for representations and warranties and corporate guarantees, January 1 $ 12,081 $ 13,282 Additions for new sales 6 8 Net reductions (722 ) (1,892 ) Provision (benefit) (39 ) 683 Liability for representations and warranties and corporate guarantees, December 31 (1) $ 11,326 $ 12,081 (1) In February 2016, the Corporation made an $8.5 billion settlement payment to BNY Mellon as part of the BNY Mellon Settlement. The representations and warranties liability represents the Corporation’s estimate of probable incurred losses as of December 31, 2015 . However, it is reasonably possible that future representations and warranties losses may occur in excess of the amounts recorded for these exposures. 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 December 31, 2015 . The Corporation treats claims that are time-barred as resolved and does not consider such claims in the estimated range of possible loss. The estimated range of possible loss reflects principally exposures related to loans in private-label securitization trusts. 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 certain 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 liquidity 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, 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. Cash Payments During 2015 and 2014 , excluding amounts paid in bulk settlements, the Corporation made loan repurchases and indemnification payments totaling $229 million and $496 million , respectively for first-lien and home equity loan repurchases and indemnification payments to reimburse investors or securitization trusts. The payments resulted in realized losses of $128 million and $334 million in 2015 and 2014 on unpaid principal amounts of $587 million and $857 million , respectively. In February 2016, the Corporation made an $8.5 billion settlement payment to BNY Mellon as part of the BNY Mellon Settlement. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The table below presents goodwill balances by business segment at December 31, 2015 and 2014 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill (1) December 31 (Dollars in millions) 2015 2014 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 820 836 Total goodwill $ 69,761 $ 69,777 (1) There was no goodwill in LAS at December 31, 2015 and 2014 . For purposes of goodwill impairment testing, the Corporation utilizes allocated equity as a proxy for the carrying value of its reporting units. Allocated equity in the reporting units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. The goodwill impairment test involves comparing the fair value of each reporting unit to its carrying value, including goodwill, as measured by allocated equity. Annual Impairment Tests The Corporation completed its annual goodwill impairment tests as of June 30, 2015 and 2014 for all applicable reporting units. Based on the results of the annual goodwill impairment test, the Corporation determined there was no impairment. Effective January 1, 2015, the Corporation changed its basis of presentation related to its business segments. The realignment triggered a test for goodwill impairment, which was performed both immediately before and after the realignment. The fair value of the affected reporting units exceeded their carrying value and, accordingly, no goodwill impairment resulted from the realignment. Intangible Assets The table below presents the gross and net carrying values and accumulated amortization for intangible assets at December 31, 2015 and 2014 . Intangible Assets (1, 2) December 31 2015 2014 (Dollars in millions) Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Purchased credit card relationships $ 5,450 $ 4,755 $ 695 $ 5,504 $ 4,527 $ 977 Core deposit intangibles 1,779 1,505 274 1,779 1,382 397 Customer relationships 3,927 2,990 937 4,025 2,648 1,377 Affinity relationships 1,556 1,356 200 1,565 1,283 282 Other intangibles (3) 2,143 481 1,662 2,045 466 1,579 Total intangible assets $ 14,855 $ 11,087 $ 3,768 $ 14,918 $ 10,306 $ 4,612 (1) Excludes fully amortized intangible assets. (2) At December 31, 2015 and 2014 , none of the intangible assets were impaired. (3) Includes intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized. The tables below present intangible asset amortization expense for 2015 , 2014 and 2013 , and estimated future intangible asset amortization expense as of December 31, 2015 . Amortization Expense (Dollars in millions) 2015 2014 2013 Purchased credit card and affinity relationships $ 356 $ 415 $ 475 Core deposit intangibles 122 140 197 Customer relationships 340 355 371 Other intangibles 16 26 43 Total amortization expense $ 834 $ 936 $ 1,086 Estimated Future Amortization Expense (Dollars in millions) 2016 2017 2018 2019 2020 Purchased credit card and affinity relationships $ 298 $ 237 $ 179 $ 121 $ 60 Core deposit intangibles 104 90 80 — — Customer relationships 325 310 302 — — Other intangibles 10 6 4 2 — Total estimated future amortization expense $ 737 $ 643 $ 565 $ 123 $ 60 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Deposits The Corporation had U.S. certificates of deposit and other U.S. time deposits of $100 thousand or more totaling $28.3 billion and $32.4 billion at December 31, 2015 and 2014 . Non-U.S. certificates of deposit and other non-U.S. time deposits of $100 thousand or more totaled $14.1 billion and $14.0 billion at December 31, 2015 and 2014 . The Corporation also had aggregate time deposits of $14.2 billion in denominations that met or exceeded the Federal Deposit Insurance Corporation (FDIC) insurance limit at December 31, 2015 . The table below presents the contractual maturities for time deposits of $100 thousand or more at December 31, 2015 . Time Deposits of $100 Thousand or More (Dollars in millions) Three Months or Less Over Three Twelve Months Thereafter Total U.S. certificates of deposit and other time deposits $ 12,836 $ 12,834 $ 2,677 $ 28,347 Non-U.S. certificates of deposit and other time deposits 12,352 1,517 277 14,146 The scheduled contractual maturities for total time deposits at December 31, 2015 are presented in the table below. Contractual Maturities of Total Time Deposits (Dollars in millions) U.S. Non-U.S. Total Due in 2016 $ 51,319 $ 14,248 $ 65,567 Due in 2017 4,166 103 4,269 Due in 2018 937 1 938 Due in 2019 874 5 879 Due in 2020 1,380 258 1,638 Thereafter 683 — 683 Total time deposits $ 59,359 $ 14,615 $ 73,974 |
Federal Funds Sold or Purchased
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings | 12 Months Ended |
Dec. 31, 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 | 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. The Corporation elects to account for certain securities financing agreements and short-term borrowings under the fair value option. For more information on the election of the fair value option, see Note 21 – Fair Value Option . 2015 2014 (Dollars in millions) Amount Rate Amount Rate Federal funds sold and securities borrowed or purchased under agreements to resell At December 31 $ 192,482 0.44 % $ 191,823 0.47 % Average during year 211,471 0.47 222,483 0.47 Maximum month-end balance during year 226,502 n/a 240,122 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase At December 31 174,291 0.82 201,277 0.98 Average during year 213,497 0.89 215,792 0.99 Maximum month-end balance during year 235,232 n/a 240,154 n/a Short-term borrowings At December 31 28,098 1.61 31,172 1.47 Average during year 32,798 1.49 41,886 1.08 Maximum month-end balance during year 40,110 n/a 51,409 n/a n/a = not applicable Bank of America, N.A. maintains a global program to offer up to a maximum of $75 billion outstanding at any one time, of bank notes with fixed or floating rates and maturities of at least seven days from the date of issue. Short-term bank notes outstanding under this program totaled $16.8 billion and $14.6 billion at December 31, 2015 and 2014 . These short-term bank notes, along with Federal Home Loan Bank (FHLB) advances, U.S. Treasury tax and loan notes, and term federal funds purchased, are included in short-term borrowings on the Consolidated Balance Sheet. Offsetting of Securities Financing Agreements Substantially all of the Corporation’s securities financing activities are transacted under legally enforceable master repurchase agreements or 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 financing 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 December 31, 2015 and 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 as collateral or sold. 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 December 31, 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) $ 347,281 $ (154,799 ) $ 192,482 $ (144,332 ) $ 48,150 Securities loaned or sold under agreements to repurchase $ 329,078 $ (154,799 ) $ 174,279 $ (135,737 ) $ 38,542 Other 13,235 — 13,235 (13,235 ) — Total $ 342,313 $ (154,799 ) $ 187,514 $ (148,972 ) $ 38,542 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 $9.3 billion and $5.6 billion reported in loans and leases on the Consolidated Balance Sheet at December 31, 2015 and 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. Included in “Other” are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. 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 December 31, 2015 , the Corporation had no outstanding repurchase-to-maturity transactions. Remaining Contractual Maturity December 31, 2015 (Dollars in millions) Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater than 90 Days (1) Total Securities sold under agreements to repurchase $ 126,694 $ 86,879 $ 43,216 $ 27,514 $ 284,303 Securities loaned 39,772 363 2,352 2,288 44,775 Other 13,235 — — — 13,235 Total $ 179,701 $ 87,242 $ 45,568 $ 29,802 $ 342,313 (1) No agreements have maturities greater than three years . Class of Collateral Pledged December 31, 2015 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 142,572 $ — $ 27 $ 142,599 Corporate securities, trading loans and other 11,767 265 278 12,310 Equity securities 32,323 13,350 12,929 58,602 Non-U.S. sovereign debt 87,849 31,160 1 119,010 Mortgage trading loans and ABS 9,792 — — 9,792 Total $ 284,303 $ 44,775 $ 13,235 $ 342,313 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. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consists of borrowings having an original maturity of one year or more. The table below presents the balance of long-term debt at December 31, 2015 and 2014 , and the related contractual rates and maturity dates as of December 31, 2015 . December 31 (Dollars in millions) 2015 2014 Notes issued by Bank of America Corporation Senior notes: Fixed, with a weighted-average rate of 4.55%, ranging from 1.25% to 8.40%, due 2016 to 2045 $ 109,861 $ 113,037 Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 5.07%, due 2016 to 2044 13,900 14,590 Senior structured notes 17,548 22,168 Subordinated notes: Fixed, with a weighted-average rate of 5.19%, ranging from 2.40% to 8.57%, due 2016 to 2045 27,216 23,246 Floating, with a weighted-average rate of 0.94%, ranging from 0.43% to 2.68%, due 2016 to 2026 5,029 5,455 Junior subordinated notes (related to trust preferred securities): Fixed, with a weighted-average rate of 6.78%, ranging from 5.25% to 8.05%, due 2027 to 2067 5,295 6,722 Floating, with a weighted-average rate of 1.08%, ranging from 0.87% to 1.53%, due 2027 to 2056 553 553 Total notes issued by Bank of America Corporation 179,402 185,771 Notes issued by Bank of America, N.A. Senior notes: Fixed, with a weighted-average rate of 1.57%, ranging from 1.13% to 2.05%, due 2016 to 2018 7,483 2,740 Floating, with a weighted-average rate of 1.13%, ranging from 0.43% to 3.30%, due 2016 to 2041 4,942 3,028 Subordinated notes: Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036 4,815 4,921 Floating, with a weighted-average rate of 0.80%, ranging from 0.79% to 0.81%, due 2016 to 2019 1,401 1,401 Advances from Federal Home Loan Banks: Fixed, with a weighted-average rate of 5.34%, ranging from 0.01% to 7.72%, due 2016 to 2034 172 183 Floating, with a weighted-average rate of 0.41%, ranging from 0.35% to 0.63%, due 2016 6,000 10,500 Securitizations and other BANA VIEs 9,756 9,882 Other 2,985 2,811 Total notes issued by Bank of America, N.A. 37,554 35,466 Other debt Senior notes: Fixed, with a rate of 5.50%, due 2017 to 2021 30 1 Floating — 21 Structured liabilities 14,974 15,971 Junior subordinated notes (related to trust preferred securities): Fixed — 340 Floating — 66 Nonbank VIEs 4,317 3,425 Other 487 2,078 Total other debt 19,808 21,902 Total long-term debt $ 236,764 $ 243,139 Bank of America Corporation and Bank of America, N.A. maintain various U.S. and non-U.S. debt programs to offer both senior and subordinated notes. The notes may be denominated in U.S. Dollars or foreign currencies. At December 31, 2015 and 2014 , the amount of foreign currency-denominated debt translated into U.S. Dollars included in total long-term debt was $46.4 billion and $51.9 billion . Foreign currency contracts may be used to convert certain foreign currency-denominated debt into U.S. Dollars. At December 31, 2015 , long-term debt of consolidated VIEs in the table above included debt of credit card, home equity and all other VIEs of $9.6 billion , $183 million and $4.3 billion , respectively. Long-term debt of VIEs is collateralized by the assets of the VIEs. For additional information, see Note 6 – Securitizations and Other Variable Interest Entities . The weighted-average effective interest rates for total long-term debt (excluding senior structured notes), total fixed-rate debt and total floating-rate debt were 3.80 percent , 4.61 percent and 0.96 percent , respectively, at December 31, 2015 and 3.81 percent , 4.83 percent and 0.80 percent , respectively, at December 31, 2014 . The Corporation’s ALM activities maintain an overall interest rate risk management strategy that incorporates the use of interest rate contracts to manage fluctuations in earnings 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 weighted-average rates are the contractual interest rates on the debt and do not reflect the impacts of derivative transactions. Certain senior structured notes and structured liabilities are accounted for under the fair value option. For more information on these notes, see Note 21 – Fair Value Option . The table below shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2015 . Included in the table are certain structured notes issued by the Corporation that contain provisions whereby the borrowings are redeemable at the option of the holder (put options) at specified dates prior to maturity. Other structured notes have coupon or repayment terms linked to the performance of debt or equity securities, indices, currencies or commodities, and the maturity may be accelerated based on the value of a referenced index or security. In both cases, the Corporation or a subsidiary may be required to settle the obligation for cash or other securities prior to the contractual maturity date. These borrowings are reflected in the table as maturing at their contractual maturity date. During 2015 , the Corporation had total long-term debt maturities and redemptions in the aggregate of $40.4 billion consisting of $25.3 billion for Bank of America Corporation, $6.6 billion for Bank of America, N.A. and $8.5 billion of other debt. During 2014 , the Corporation had total long-term debt maturities and redemptions in the aggregate of $53.7 billion consisting of $33.9 billion for Bank of America Corporation, $8.9 billion for Bank of America, N.A. and $10.9 billion of other debt. Long-term Debt by Maturity (Dollars in millions) 2016 2017 2018 2019 2020 Thereafter Total Bank of America Corporation Senior notes $ 16,777 $ 18,303 $ 20,211 $ 16,820 $ 11,351 $ 40,299 $ 123,761 Senior structured notes 4,230 2,352 1,942 1,374 955 6,695 17,548 Subordinated notes 4,861 4,885 2,677 1,479 3 18,340 32,245 Junior subordinated notes — — — — — 5,848 5,848 Total Bank of America Corporation 25,868 25,540 24,830 19,673 12,309 71,182 179,402 Bank of America, N.A. Senior notes 3,048 3,648 5,709 — — 20 12,425 Subordinated notes 1,056 3,447 — 1 — 1,712 6,216 Advances from Federal Home Loan Banks 6,003 10 10 15 12 122 6,172 Securitizations and other Bank VIEs (1) 1,290 3,550 2,300 2,450 — 166 9,756 Other 53 2,713 76 85 30 28 2,985 Total Bank of America, N.A. 11,450 13,368 8,095 2,551 42 2,048 37,554 Other debt Senior notes — 1 — — — 29 30 Structured liabilities 3,110 2,029 1,175 882 1,034 6,744 14,974 Nonbank VIEs (1) 2,506 240 42 22 — 1,507 4,317 Other 400 57 — — — 30 487 Total other debt 6,016 2,327 1,217 904 1,034 8,310 19,808 Total long-term debt $ 43,334 $ 41,235 $ 34,142 $ 23,128 $ 13,385 $ 81,540 $ 236,764 (1) Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet. Trust Preferred and Hybrid Securities Trust preferred securities (Trust Securities) are primarily issued by trust companies (the Trusts) that are not consolidated. These Trust Securities are mandatorily redeemable preferred security obligations of the Trusts. The sole assets of the Trusts generally are junior subordinated deferrable interest notes of the Corporation or its subsidiaries (the Notes). The Trusts generally are 100 percent-owned finance subsidiaries of the Corporation. Obligations associated with the Notes are included in the long-term debt table on page 195 . Certain of the Trust Securities were issued at a discount and may be redeemed prior to maturity at the option of the Corporation. The Trusts generally have invested the proceeds of such Trust Securities in the Notes. Each issue of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate. The Corporation has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes. During any such extension period, distributions on the Trust Securities will also be deferred and the Corporation’s ability to pay dividends on its common and preferred stock will be restricted. The Trust Securities generally are subject to mandatory redemption upon repayment of the related Notes at their stated maturity dates or their earlier redemption at a redemption price equal to their liquidation amount plus accrued distributions to the date fixed for redemption and the premium, if any, paid by the Corporation upon concurrent repayment of the related Notes. Periodic cash payments and payments upon liquidation or redemption with respect to Trust Securities are guaranteed by the Corporation or its subsidiaries to the extent of funds held by the Trusts (the Preferred Securities Guarantee). The Preferred Securities Guarantee, when taken together with the Corporation’s other obligations including its obligations under the Notes, generally will constitute a full and unconditional guarantee, on a subordinated basis, by the Corporation of payments due on the Trust Securities. On December 29, 2015, the Corporation provided notice of the redemption, which settled on January 29, 2016, of all trust preferred securities of Merrill Lynch Preferred Capital Trust III, Merrill Lynch Preferred Capital Trust IV and Merrill Lynch Preferred Capital Trust V with a total carrying value in the aggregate of $ 2.0 billion . In connection with the Corporation’s acquisition of Merrill Lynch & Co., Inc. (Merrill Lynch) in 2009, the Corporation recorded a discount to par value as purchase accounting adjustments associated with these Trust Preferred Securities. The Corporation recorded a charge to net interest income of $612 million in 2015 related to the discount on the securities. The Trust Securities Summary table details the outstanding Trust Securities and the related Notes previously issued which remained outstanding at December 31, 2015 . Trust Securities Summary (Dollars in millions) December 31, 2015 Issuer Issuance Date Aggregate of Trust Securities Aggregate of the Notes Stated Maturity of the Trust Securities Per Annum Interest Rate of the Notes Interest Payment Dates Redemption Period Bank of America Capital Trust VI March 2005 $ 27 $ 27 March 2035 5.63 % Semi-Annual Any time Capital Trust VII (1) August 2005 6 7 August 2035 5.25 Semi-Annual Any time Capital Trust VIII August 2005 524 540 August 2035 6.00 Quarterly On or after 8/25/10 Capital Trust XI May 2006 658 678 May 2036 6.63 Semi-Annual Any time Capital Trust XV May 2007 1 1 June 2056 3-mo. LIBOR + 80 bps Quarterly On or after 6/01/37 NationsBank Capital Trust III February 1997 131 136 January 2027 3-mo. LIBOR + 55 bps Quarterly On or after 1/15/07 BankAmerica Capital III January 1997 103 106 January 2027 3-mo. LIBOR + 57 bps Quarterly On or after 1/15/02 Fleet Capital Trust V December 1998 79 82 December 2028 3-mo. LIBOR + 100 bps Quarterly On or after 12/18/03 BankBoston Capital Trust III June 1997 53 55 June 2027 3-mo. LIBOR + 75 bps Quarterly On or after 6/15/07 Capital Trust IV June 1998 102 106 June 2028 3-mo. LIBOR + 60 bps Quarterly On or after 6/08/03 MBNA Capital Trust B January 1997 70 73 February 2027 3-mo. LIBOR + 80 bps Quarterly On or after 2/01/07 Countrywide Capital III June 1997 200 206 June 2027 8.05 Semi-Annual Only under special event Capital IV April 2003 500 515 April 2033 6.75 Quarterly On or after 4/11/08 Capital V November 2006 1,495 1,496 November 2036 7.00 Quarterly On or after 11/01/11 Merrill Lynch (2) Capital Trust I December 2006 1,050 1,051 December 2066 6.45 Quarterly On or after 12/11 Capital Trust II May 2007 950 951 June 2067 6.45 Quarterly On or after 6/12 Capital Trust III August 2007 750 751 September 2067 7.375 Quarterly On or after 9/12 Total $ 6,699 $ 6,781 (1) Notes are denominated in British Pound. Presentation currency is U.S. Dollar. (2) Call notices for Merrill Lynch Preferred Capital Trust III, IV and V were sent on December 29, 2015 and settled on January 29, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. Credit Extension Commitments The Corporation enters into commitments to extend credit such as loan commitments, 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 $14.3 billion and $15.7 billion at December 31, 2015 and 2014 . At December 31, 2015 , the carrying value of these commitments, excluding commitments accounted for under the fair value option, was $664 million , including deferred revenue of $18 million and a reserve for unfunded lending commitments of $646 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 $10.9 billion and $9.9 billion at December 31, 2015 and 2014 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value of $658 million and $405 million on these commitments, which is 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 21 – Fair Value Option . Credit Extension Commitments December 31, 2015 (Dollars in millions) Expire in One Expire After One Expire After Three Expire After Five Total Notional amount of credit extension commitments Loan commitments $ 87,873 $ 119,272 $ 158,920 $ 37,112 $ 403,177 Home equity lines of credit 7,074 18,438 5,126 19,697 50,335 Standby letters of credit and financial guarantees (1) 19,584 9,903 3,385 1,218 34,090 Letters of credit 1,650 165 258 54 2,127 Legally binding commitments 116,181 147,778 167,689 58,081 489,729 Credit card lines (2) 370,127 — — — 370,127 Total credit extension commitments $ 486,308 $ 147,778 $ 167,689 $ 58,081 $ 859,856 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 $8.4 billion at December 31, 2015 , and $26.1 billion and $8.2 billion at December 31, 2014 . Amounts in the table include consumer SBLCs of $164 million and $396 million at December 31, 2015 and 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 December 31, 2015 and 2014 , the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $729 million and $1.8 billion , which upon settlement will be included in loans or LHFS. At December 31, 2015 and 2014 , the Corporation had commitments to purchase commodities, primarily liquefied natural gas of $1.9 billion and $241 million , which upon settlement will be included in trading account assets. At December 31, 2015 and 2014 , the Corporation had commitments to enter into forward-dated resale and securities borrowing agreements of $92.6 billion and $73.2 billion , and commitments to enter into forward-dated repurchase and securities lending agreements of $59.2 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 $2.5 billion , $2.1 billion , $1.7 billion , $1.5 billion and $1.3 billion for 2016 through 2020 , respectively, and $4.6 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 December 31, 2015 and 2014 , the notional amount of these guarantees totaled $13.8 billion and $13.6 billion . At both December 31, 2015 and 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 $12 million and $25 million at December 31, 2015 and 2014 , and reflects the probability of surrender as well as the multiple structural protection features in the contracts. Indemnifications In the ordinary course of business, the Corporation enters into various agreements that contain indemnifications, such as tax indemnifications, whereupon payment may become due if certain external events occur, such as a change in tax law. The indemnification clauses are often standard contractual terms and were entered into in the normal course of business based on an assessment that the risk of loss would be remote. These agreements typically contain an early termination clause that permits the Corporation to exit the agreement upon these events. The maximum potential future payment under indemnification agreements is difficult to assess for several reasons, including the occurrence of an external event, the inability to predict future changes in tax and other laws, the difficulty in determining how such laws would apply to parties in contracts, the absence of exposure limits contained in standard contract language and the timing of the early termination clause. Historically, any payments made under these guarantees have been de minimis. The Corporation has assessed the probability of making such payments in the future as remote. 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. In 2015 and 2014 , the sponsored entities processed and settled $669.0 billion and $647.1 billion of transactions and recorded losses of $22 million and $16 million . A significant portion of this activity was processed by a joint venture in which the Corporation holds a 49 percent ownership. At December 31, 2015 and 2014 , the sponsored merchant processing servicers held as collateral $181 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 December 31, 2015 and 2014 , the maximum potential exposure for sponsored transactions totaled $277.1 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. Exchange and Clearing House Member Guarantees The Corporation is a member of various securities and derivative exchanges and clearinghouses, both in the U.S. and other countries. As a member, the Corporation may be required to pay a pro-rata share of the losses incurred by some of these organizations as a result of another member default and under other loss scenarios. The Corporation’s potential obligations may be limited to its membership interests in such exchanges and clearinghouses, to the amount (or multiple) of the Corporation’s contribution to the guarantee fund or, in limited instances, to the full pro-rata share of the residual losses after applying the guarantee fund. The Corporation’s maximum potential exposure under these membership agreements is difficult to estimate; however, the potential for the Corporation to be required to make these payments is remote. Prime Brokerage and Securities Clearing Services In connection with its prime brokerage and clearing businesses, the Corporation performs securities clearance and settlement services with other brokerage firms and clearinghouses on behalf of its clients. Under these arrangements, the Corporation stands ready to meet the obligations of its clients with respect to securities transactions. The Corporation’s obligations in this respect are secured by the assets in the clients’ accounts and the accounts of their customers as well as by any proceeds received from the transactions cleared and settled by the firm on behalf of clients or their customers. The Corporation’s maximum potential exposure under these arrangements is difficult to estimate; however, the potential for the Corporation to incur material losses pursuant to these arrangements is remote. 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 $371 million and $527 million with commercial banks and $921 million and $1.2 billion with VIEs at December 31, 2015 and 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 $6.0 billion and $6.2 billion at December 31, 2015 and 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 Prudential Regulation Authority 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 November 2015, the FCA issued proposed guidance on the treatment of certain PPI claims. The reserve was $360 million and $378 million at December 31, 2015 and 2014 . The Corporation recorded expense of $319 million and $621 million in 2015 and 2014 . It is 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 In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, regulatory and governmental actions and proceedings. In view of the inherent difficulty of predicting the outcome of such 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 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 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. Once the loss contingency is deemed to be both probable and estimable, the Corporation will establish an accrued liability 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 $1.2 billion was recognized for 2015 compared to $16.4 billion for 2014 . For a limited number of the matters disclosed in this Note, 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 matters on an ongoing basis, in conjunction with any outside counsel handling the matter, in light of potentially relevant factual and legal developments. 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 $2.4 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. 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 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, 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 liquidity for any particular reporting period. Bond Insurance Litigation Ambac Countrywide Litigation The Corporation, Countrywide and other Countrywide entities are named as defendants in an action filed on September 29, 2010, and as amended on May 28, 2013, by Ambac Assurance Corporation and the Segregated Account of Ambac Assurance Corporation (together, Ambac), entitled Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. Countrywide Home Loans, Inc., et al . This action, currently pending in New York Supreme Court, relates to bond insurance policies provided by Ambac on certain securitized pools of second-lien (and in one pool, first-lien) HELOCs, first-lien subprime home equity loans and fixed-rate second-lien mortgage loans. Plaintiffs allege that they have paid claims as a result of defaults in the underlying loans and assert that the Countrywide defendants misrepresented the characteristics of the underlying loans and breached certain contractual representations and warranties regarding the underwriting and servicing of the loans. Plaintiffs also allege that the Corporation is liable based on successor liability theories. Damages claimed by Ambac are in excess of $2.2 billion and include the amount of payments for current and future claims it has paid or claims it will be obligated to pay under the policies, increasing over time as it pays claims under relevant policies, plus unspecified punitive damages. On October 22, 2015, the New York Supreme Court granted in part and denied in part Countrywide’s motion for summary judgment and Ambac’s motion for partial summary judgment. Among other things, the court granted summary judgment dismissing Ambac’s claim for rescissory damages and denied summary judgment regarding Ambac’s claims for fraud and breach of the insurance agreements. The court also denied the Corporation’s motion for summary judgment and granted in part Ambac’s motion for partial summary judgment on Ambac’s successor-liability claims with respect to a single element of its de facto merger claim. The court denied summary judgment on the other elements of Ambac’s de facto merger claim and the other successor-liability claims. Ambac filed its notice of appeal on October 27, 2015. The Corporation filed its notice of appeal on November 16, 2015. Countrywide filed its notice of cross-appeal on November 18, 2015. On December 30, 2014, Ambac filed a second complaint in the same New York Supreme Court against the same defendants, entitled Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. Countrywide Home Loans, Inc., et al. , claiming fraudulent inducement against Countrywide, and successor and vicarious liability against the Corporation relating to eight partially Ambac-insured RMBS transactions that closed between 2005 and 2007, all backed by negative amortization pay option adjustable-rate mortgage (ARM) loans that were originated in whole or in part by Countrywide. Seven of the eight securitizations were issued and underwritten by non-parties to the litigation. Ambac claims damages in excess of $600 million consisting of all alleged past and future claims against its policies, plus other unspecified compensatory and punitive damages. Also on December 30, 2014, Ambac filed a third action in Wisconsin Circuit Court, Dane County, against Countrywide Home Loans, Inc., entitled The Segregated Account of Ambac Assurance Corporation and Ambac Assurance Corporation v. Countrywide Home Loans, Inc., claiming that Ambac was fraudulently induced to insure portions of five securitizations issued and underwritten in 2005 by a non-party that included Countrywide-originated first-lien negative amortization pay option ARM loans. The complaint seeks damages in excess of $350 million for all alleged past and future Ambac insured claims payment obligations, plus other unspecified compensatory and punitive damages. Countrywide filed a motion to dismiss the complaint on February 20, 2015. On July 2, 2015, the court dismissed the complaint for lack of personal jurisdiction. Ambac appealed the dismissal to the Court of Appeals of Wisconsin, District IV, on July 21, 2015. The appeal remains under consideration. On July 21, 2015, Ambac filed a fourth action in New York Supreme Court against Countrywide Home Loans, Inc., entitled Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. Countrywide Home Loans, Inc . asserting the same claims for fraudulent inducement that were asserted in the Wisconsin complaint. Ambac simultaneously moved to stay the action pending resolution of its appeal in the Wisconsin action. Countrywide opposed the motion to stay and on August 10, 2015, moved to dismiss the complaint. The court heard argument on the motions on November 18, 2015. Both motions remain under consideration. Ambac First Franklin Litigation On April 16, 2012, Ambac sued First Franklin Financial Corporation (First Franklin), BANA, Merrill Lynch, Pierce, Fenner & Smith, Inc. (MLPF&S), Merrill Lynch Mortgage Lending, Inc. (MLML), and Merrill Lynch Mortgage Investors, Inc. (MLMI) in New York Supreme Court. Ambac’s claims relate to guaranty insurance Ambac provided on a First Franklin securitization (Franklin Mortgage Loan Trust, Series 2007-FFC). MLML sponsored and Ambac insured certain certificates in the securitization. The complaint alleges that defendants breached representations and warranties concerning, among other things, First Franklin’s lending practices, the characteristics of the underlying mortgage loans, the underwriting guidelines followed in originating those loans, and the due diligence conducted with respect to those loans. The complaint asserts claims for fraudulent inducement, breach of contract, indemnification and attorneys’ fees. Ambac also asserts breach of contract claims against BANA based upon its servicing of the loans in the securitization. The complaint alleges that Ambac has paid hundreds of millions of dollars in claims and has accrued and continues to accrue tens of millions of dollars in additional claims, and Ambac seeks as damages the total claims it has paid and its projected future claims payment obligations, as well as specific performance of defendants’ contractual repurchase obligations. On July 19, 2013, the court denied defendants’ motion to dismiss Ambac’s contract and fraud causes of action but dismissed Ambac’s indemnification cause of action. In addition, the court denied defendants’ motion to dismiss Ambac’s claims for attorneys’ fees and punitive damages. On September 17, 2015, the court denied Ambac’s motion to strike defendants’ affirmative defense of in pari delicto and granted Ambac’s motion to strike defendants’ affirmative defense of unclean hands. European Commission - Credit Default Swaps Antitrust Investigation On July 1, 2013, the European Commission (Commission) announced that it had addressed a Statement of Objections (SO) to the Corporation, BANA and Banc of America Securities LLC (together, the Bank of America Entities), a number of other financial institutions, Markit Group Limited, and the International Swaps and Derivatives Association (together, the Parties). The SO set forth the Commission’s preliminary conclusion that the Parties infringed European Union competition law by participating in alleged collusion to prevent exchange trading of CDS and futures. According to the SO, the conduct of the Bank of America Entities took place between August 2007 and April 2009. On December 4, 2015, the Commission announced that it was closing its investigation against the Bank of America Entities and the other financial institutions involved in the investigation. Interchange and Related Litigation In 2005, a group of merchants filed a series of putative class actions and individual actions directed at interchange fees associated with Visa and MasterCard payment card transactions. These actions, which were consolidated in the U.S. District Court for the Eastern District of New York under the caption In Re Payment Card Interchange Fee and Merchant Discount Anti-Trust Litigation (Interchange), named Visa, MasterCard and several banks and BHCs, including the Corporation, as defendants. Plaintiffs allege that defendants conspired to fix the level of default interchange rates and that certain rules of Visa and MasterCard related to merchant acceptance of payment cards at the point of sale were unreasonable restraints of trade. Plaintiffs sought unspecified damages and injunctive relief. On October 19, 2012, defendants settled the matter. The settlement provided for, among other things, (i) payments by defendants to the class and individual plaintiffs totaling approximately $6.6 billion , allocated proportionately to each defendant based upon various loss-sharing agreements; (ii) distribution to class merchants of an amount equal to 10 basis points (bps) of default interchange across all Visa and MasterCard credit card transactions for a period of eight consecutive months, which otherwise would have been paid to issuers and which effectively reduces credit interchange for that period of time; and (iii) modifications to certain Visa and MasterCard rules regarding merchant point of sale practices. The court granted final approval of the class settlement agreement on December 13, 2013. Several class members appealed to the U.S. Court of Appeals for the Second Circuit and the court held oral argument on September 28, 2015. On July 28, 2015, certain objectors to the class settlement filed motions asking the district court to vacate or set aside its final judgment approving the settlement, or in the alternative, to grant further discovery, in light of communications between one of MasterCard’s former lawyers and one of the lawyers for the class plaintiffs. The defendants and the class plaintiffs filed responses to the motions on August 18, 2015 and the objectors filed replies on September 2, 2015. The court has not set oral argument. Following approval of the class settlement agreement, a number of class members opted out of the settlement. As a result of various loss-sharing agreements from the main Interchange litigation, the Corporation remains liable for any settlement or judgment in opt-out suits where it is not named as a defendant. The Corporation has pending one opt-out suit, as well as an action brought by cardholders. All of the opt-out suits filed to date have been consolidated in the U.S. District Court for the Eastern District of New York. On July 18, 2014, the court denied defendants’ motion to dismiss opt-out complaints filed by merchants, and on November 26, 2014, the court granted defendants’ motion to dismiss the Sherman Act claim in the cardholder complaint. In the cardholder action, the parties have moved for reconsideration of the court’s November 26, 2014 decision dismissing the Sherman Act claim, and have also appealed the decision to the U.S. Court of Appeals for the Second Circuit. LIBOR, Other Reference Rate and Foreign Exchange (FX) Inquiries and Litigation Government authorities in the Americas, Europe and the Asia Pacific region continue to conduct investigations and make inquiries of a significant number of FX market participants, including the Corporation, regarding FX market participants’ conduct and systems and controls. Government authorities in these regions also continue to conduct investigations concerning submissions made by panel banks in connection with the setting of LIBOR and other reference rates. The Corporation is responding to and cooperating with these investigations. In addition, the Corporation, BANA and certain Merrill Lynch affiliates have been named as defendants along with most of the other LIBOR panel banks in a series of individual and putative class actions relating to defendants’ U.S. Dollar LIBOR contributions. All cases naming the Corporation and its affiliates relating to U.S. Dollar LIBOR have been or are in the process of being consolidated for pre-trial purposes in the U.S. District Court for the Southern District of New York by the Judicial Panel on Multidistrict Litigation. The Corporation expects that any future U.S. Dollar LIBOR cases naming it or its affiliates will similarly be consolidated for pre-trial purposes. Plaintiffs allege that they held or transacted in U.S. Dollar LIBOR-based financial instruments and sustained losses as a result of collusion or manipulation by defendants regarding the setting of U.S. Dollar LIBOR. Plaintiffs assert a variety of claims, including antitrust, Commodity Exchange Act (CEA), Racketeer Influenced and Corrupt Organizations (RICO), common law fraud, and breach of contract claims, and seek compensatory, treble and punitive damages, and injunctive relief. In a series of rulings, the court dismissed antitrust, RICO and certain state law claims, and substantially limited the scope of CEA and various other claims. As to the Corporation and BANA, the court also dismissed manipulation claims based on alleged trader conduct. Some claims against the Corporation, BANA and certain Merrill Lynch affiliates remain pending, however, and the court is continuing to consider motions regarding them. Certain plaintiffs are also pursuing an appeal in the Second Circuit of the dismissal of their antitrust claims. In addition, in a consolidated amended complaint filed on March 31, 2014, the Corporation and BANA were named as defendants along with other FX market participants in a putative class action filed in the U.S. District Court for the Southern District of New York on behalf of plaintiffs and a putative class who allegedly transacted in FX and are domiciled in the U.S. or transacted in FX in the U.S. The complaint alleges that class members sustained losses as a result of the defendants’ alleged conspiracy to manipulate the WM/Reuters Closing Spot Rates. Plaintiffs assert a single claim for violations of Sections 1 and 3 of the Sherman Act and seek compensatory and treble damages, as well as declaratory and injunctive relief. On January 28, 2015, the court denied defendants’ motion to dismiss. In April 2015, the Corporation and BANA agreed to settle the class action for $180 million . On September 21, 2015, plaintiffs filed a second consolidated amended complaint, in which they named additional defendants, including MLPF&S, added claims for violations of the CEA, and expanded the scope of the FX transactions purportedly affected by the alleged conspiracy to include additional over-the-counter FX transactions and FX transactions on an exchange. On October 1, 2015, the Corporation, BANA and MLPF&S executed a final settle |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share January 21, 2016 March 4, 2016 March 25, 2016 $ 0.05 October 22, 2015 December 4, 2015 December 24, 2015 0.05 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 (1) In 2015 and through February 24, 2016 . 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 was required to resubmit its CCAR capital plan by September 30, 2015 and address certain weaknesses the Federal Reserve identified in the Corporation’s capital planning process. The requested capital actions included a request to repurchase $4.0 billion of common stock over five quarters beginning in the second quarter of 2015, and to maintain the quarterly common stock dividend at the current rate of $0.05 per share. The Corporation resubmitted its CCAR capital plan on September 30, 2015 and on December 10, 2015, the Federal Reserve announced that it did not object to the resubmitted CCAR capital plan. In 2015 , the Corporation repurchased and retired 140.3 million shares of common stock in connection with the 2015 capital plan, which reduced shareholders’ equity by $2.4 billion . In 2014 and 2013 , the Corporation repurchased and retired 101.1 million and 231.7 million shares of common stock, which reduced shareholders’ equity by $1.7 billion and $3.2 billion . At December 31, 2015 , the Corporation had warrants outstanding and exercisable to purchase 121.8 million shares of its common stock at an exercise price of $30.79 per share expiring on October 28, 2018, and warrants outstanding and exercisable to purchase 150.4 million shares of common stock at an exercise price of $13.107 per share expiring on January 16, 2019. 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. The Corporation had cash dividends of $0.05 per share per quarter, or $0.20 per share for the year, in 2015 resulting in an adjustment to the exercise price of these warrants in each quarter. As a result of the Corporation’s 2015 dividends of $0.20 per common share, the exercise price of these warrants was adjusted to $13.107 . 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. In connection with the issuance of the Corporation’s 6% Cumulative Perpetual Preferred Stock, Series T (the Series T Preferred Stock), the Corporation issued a warrant to purchase 700 million shares of the Corporation’s common stock. The warrant is exercisable at the holder’s option at any time, in whole or in part, until September 1, 2021, at an exercise price of $7.142857 per share of common stock. The warrant may be settled in cash or by exchanging all or a portion of the Series T Preferred Stock. For more information on the Series T Preferred Stock, see Preferred Stock in this Note. In connection with employee stock plans, in 2015 , the Corporation issued approximately 7 million shares and repurchased approximately 3 million shares of its common stock to satisfy tax withholding obligations. At December 31, 2015 , the Corporation had reserved 1.6 billion unissued shares of common stock for future issuances under employee stock plans, common stock warrants, convertible notes and preferred stock. Preferred Stock The cash dividends declared on preferred stock were $1.5 billion , $1.0 billion and $1.2 billion for 2015 , 2014 and 2013 , respectively. On January 29, 2016, the Corporation issued 44,000 shares of its 6.200% Non-Cumulative Preferred Stock, Series CC for $1.1 billion . Dividends are paid quarterly commencing on April 29, 2016. Series CC preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event that the Corporation fails to declare and pay full dividends. On January 27, 2015, the Corporation issued 44,000 shares of its 6.500% Non-Cumulative Preferred Stock, Series Y for $1.1 billion . Dividends are paid quarterly commencing on April 27, 2015. On March 17, 2015, the corporation issued 76,000 shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series AA for $1.9 billion . Dividends are paid semi-annually commencing on September 17, 2015. Series Y and AA preferred stock have a liquidation preference of $25,000 per share and are subject to certain restrictions in the event that the Corporation fails to declare and pay full dividends. At the Corporation’s annual meeting of stockholders on May 7, 2014, the stockholders approved an amendment to the Series T Preferred Stock such that it qualifies as Tier 1 capital, and the amendment became effective in the three months ended June 30, 2014. The more significant changes to the terms of the Series T Preferred Stock in the amendment were: (1) dividends are no longer cumulative; (2) the dividend rate is fixed at 6% ; and (3) the Corporation may redeem the Series T Preferred Stock only after the fifth anniversary of the effective date of the amendment. In 2014 , the Corporation issued $6.0 billion of its Preferred Stock, Series V, X, W and Z. On June 17, 2014, the Corporation issued 60,000 shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series V for $1.5 billion . Dividends are paid semi-annually commencing on December 17, 2014. On September 5, 2014, the Corporation issued 80,000 shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X for $2.0 billion . Dividends are paid semi-annually commencing on March 5, 2015. On September 9, 2014, the Corporation issued 44,000 shares of its 6.625% Non-Cumulative Preferred Stock, Series W for $1.1 billion . Dividends are paid quarterly commencing on December 9, 2014. On October 23, 2014, the Corporation issued 56,000 shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z for $1.4 billion . Dividends are paid semi-annually commencing on April 23, 2015. Series V, X, W and Z preferred stock have a liquidation preference of $25,000 per share and are subject to certain restrictions in the event that the Corporation fails to declare and pay full dividends. In 2013 , the Corporation redeemed for $6.6 billion its Non-Cumulative Preferred Stock, Series H, J, 6, 7 and 8. The $100 million difference between the carrying value of $6.5 billion and the redemption price of the preferred stock was recorded as a preferred stock dividend. In addition, the Corporation issued $1.0 billion of its Fixed-to-Floating Rate Semi-annual Non-Cumulative Preferred Stock, Series U. The table below presents a summary of perpetual preferred stock outstanding at December 31, 2015 . Preferred Stock Summary (Dollars in millions, except as noted) Series Description Initial Total Liquidation Carrying (1) Per Annum Redemption Period (2) Series B 7% Cumulative Redeemable June 7,571 $ 100 $ 1 7.00 % n/a Series D (3) 6.204% Non-Cumulative September 26,174 25,000 654 6.204 % On or after Series E (3) Floating Rate Non-Cumulative November 12,691 25,000 317 3-mo. LIBOR + 35 bps (4) On or after Series F Floating Rate Non-Cumulative March 1,409 100,000 141 3-mo. LIBOR + 40 bps (4) On or after Series G Adjustable Rate Non-Cumulative March 4,926 100,000 493 3-mo. LIBOR + 40 bps (4) On or after Series I (3) 6.625% Non-Cumulative September 14,584 25,000 365 6.625 % On or after Series K (5) Fixed-to-Floating Rate Non-Cumulative January 61,773 25,000 1,544 8.00% to, but excluding, 1/30/18; On or after Series L 7.25% Non-Cumulative Perpetual Convertible January 3,080,182 1,000 3,080 7.25 % n/a Series M (5) Fixed-to-Floating Rate Non-Cumulative April 52,399 25,000 1,310 8.125% to, but excluding, 5/15/18; On or after Series T 6% Non-Cumulative September 50,000 100,000 2,918 6.00 % See description in Series U (5) Fixed-to-Floating Rate Non-Cumulative May 40,000 25,000 1,000 5.2% to, but excluding, 6/1/23; On or after Series V (5) Fixed-to-Floating Rate Non-Cumulative June 60,000 25,000 1,500 5.125% to, but excluding, 6/17/19; On or after Series W (3) 6.625% Non-Cumulative September 2014 44,000 25,000 1,100 6.625 % On or after Series X (5) Fixed-to-Floating Rate Non-Cumulative September 2014 80,000 25,000 2,000 6.250% to, but excluding, 9/5/24; On or after Series Y (3) 6.500% Non-Cumulative January 2015 44,000 25,000 1,100 6.500 % On or after Series Z (5) Fixed-to-Floating Rate Non-Cumulative October 2014 56,000 25,000 1,400 6.500% to, but excluding, 10/23/24; On or after Series AA (5) Fixed-to-Floating Rate Non-Cumulative March 2015 76,000 25,000 1,900 6.100% to, but excluding, 3/17/25; On or after Series 1 (6) Floating Rate Non-Cumulative November 3,275 30,000 98 3-mo. LIBOR + 75 bps (7) On or after Series 2 (6) Floating Rate Non-Cumulative March 9,967 30,000 299 3-mo. LIBOR + 65 bps (7) On or after Series 3 (6) 6.375% Non-Cumulative November 21,773 30,000 653 6.375 % On or after Series 4 (6) Floating Rate Non-Cumulative November 7,010 30,000 210 3-mo. LIBOR + 75 bps (4) On or after Series 5 (6) Floating Rate Non-Cumulative March 14,056 30,000 422 3-mo. LIBOR + 50 bps (4) On or after Total 3,767,790 $ 22,505 (1) Amounts shown are before third-party issuance costs and certain book value adjustments of $232 million . (2) The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends. Series B and Series L Preferred Stock do not have early redemption/call rights. (3) Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. (4) Subject to 4.00% minimum rate per annum. (5) Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the first redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter. (6) Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. (7) Subject to 3.00% minimum rate per annum. n/a = not applicable The 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (Series L Preferred Stock) listed in the Preferred Stock Summary table does not have early redemption/call rights. Each share of the Series L Preferred Stock may be converted at any time, at the option of the holder, into 20 shares of the Corporation’s common stock plus cash in lieu of fractional shares. The Corporation may cause some or all of the Series L Preferred Stock, at its option, at any time or from time to time, to be converted into shares of common stock at the then-applicable conversion rate if, for 20 trading days during any period of 30 consecutive trading days, the closing price of common stock exceeds 130 percent of the then-applicable conversion price of the Series L Preferred Stock. If a conversion of Series L Preferred Stock occurs at the option of the holder, subsequent to a dividend record date but prior to the dividend payment date, the Corporation will still pay any accrued dividends payable. All series of preferred stock in the Preferred Stock Summary table have a par value of $0.01 per share, are not subject to the operation of a sinking fund, have no participation rights, and with the exception of the Series L Preferred Stock, are not convertible. The holders of the Series B Preferred Stock and Series 1 through 5 Preferred Stock have general voting rights, and the holders of the other series included in the table have no general voting rights. All outstanding series of preferred stock of the Corporation have preference over the Corporation’s common stock with respect to the payment of dividends and distribution of the Corporation’s assets in the event of a liquidation or dissolution. With the exception of the Series B, F, G and T Preferred Stock, if any dividend payable on these series is in arrears for three or more semi-annual or six or more quarterly dividend periods, as applicable (whether consecutive or not), the holders of these series and any other class or series of preferred stock ranking equally as to payment of dividends and upon which equivalent voting rights have been conferred and are exercisable (voting as a single class) will be entitled to vote for the election of two additional directors. These voting rights terminate when the Corporation has paid in full dividends on these series for at least two semi-annual or four quarterly dividend periods, as applicable, following the dividend arrearage. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated OCI after-tax for 2013 , 2014 and 2015 . (Dollars in millions) Available-for- Securities Available-for- Equity Securities Debit Valuation Adjustments (1) Derivatives Employee Benefit Plans Foreign Currency (2) Total Balance, December 31, 2012 $ 4,443 $ 462 n/a $ (2,869 ) $ (4,456 ) $ (377 ) $ (2,797 ) Net change (7,700 ) (466 ) n/a 592 2,049 (135 ) (5,660 ) Balance, December 31, 2013 $ (3,257 ) $ (4 ) n/a $ (2,277 ) $ (2,407 ) $ (512 ) $ (8,457 ) Net change 4,600 21 n/a 616 (943 ) (157 ) 4,137 Balance, December 31, 2014 $ 1,343 $ 17 n/a $ (1,661 ) $ (3,350 ) $ (669 ) $ (4,320 ) Cumulative adjustment for accounting change — — $ (1,226 ) — — — (1,226 ) Net change (1,643 ) 45 615 584 394 (123 ) (128 ) Balance, December 31, 2015 $ (300 ) $ 62 $ (611 ) $ (1,077 ) $ (2,956 ) $ (792 ) $ (5,674 ) (1) For information on the impact of early adoption of new accounting guidance on recognition and measurement of financial instruments, see Note 1 – Summary of Significant Accounting Principles . (2) 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. n/a = not applicable 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 2015 , 2014 and 2013 . Changes in OCI Components Before- and After-tax 2015 2014 2013 (Dollars in millions) Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax Available-for-sale debt securities: Net increase (decrease) in fair value $ (1,644 ) $ 627 $ (1,017 ) $ 8,698 $ (3,268 ) $ 5,430 $ (10,989 ) $ 4,077 $ (6,912 ) Net realized gains reclassified into earnings (1,010 ) 384 (626 ) (1,338 ) 508 (830 ) (1,251 ) 463 (788 ) Net change (2,654 ) 1,011 (1,643 ) 7,360 (2,760 ) 4,600 (12,240 ) 4,540 (7,700 ) Available-for-sale marketable equity securities: Net increase in fair value 72 (27 ) 45 34 (13 ) 21 32 (12 ) 20 Net realized gains reclassified into earnings — — — — — — (771 ) 285 (486 ) Net change 72 (27 ) 45 34 (13 ) 21 (739 ) 273 (466 ) Debit valuation adjustments: Net increase in fair value 436 (166 ) 270 n/a n/a n/a n/a n/a n/a Net realized losses reclassified into earnings 556 (211 ) 345 n/a n/a n/a n/a n/a n/a Net change 992 (377 ) 615 n/a n/a n/a n/a n/a n/a Derivatives: Net increase in fair value 55 (22 ) 33 195 (54 ) 141 156 (51 ) 105 Net realized losses reclassified into earnings 883 (332 ) 551 760 (285 ) 475 773 (286 ) 487 Net change 938 (354 ) 584 955 (339 ) 616 929 (337 ) 592 Employee benefit plans: Net increase (decrease) in fair value 408 (121 ) 287 (1,629 ) 614 (1,015 ) 2,985 (1,128 ) 1,857 Net realized losses reclassified into earnings 169 (62 ) 107 55 (23 ) 32 237 (79 ) 158 Settlements, curtailments and other 1 (1 ) — (1 ) 41 40 46 (12 ) 34 Net change 578 (184 ) 394 (1,575 ) 632 (943 ) 3,268 (1,219 ) 2,049 Foreign currency: Net decrease in fair value 600 (723 ) (123 ) 714 (879 ) (165 ) 244 (384 ) (140 ) Net realized losses reclassified into earnings (38 ) 38 — 20 (12 ) 8 138 (133 ) 5 Net change 562 (685 ) (123 ) 734 (891 ) (157 ) 382 (517 ) (135 ) Total other comprehensive income (loss) $ 488 $ (616 ) $ (128 ) $ 7,508 $ (3,371 ) $ 4,137 $ (8,400 ) $ 2,740 $ (5,660 ) n/a = not applicable The table below presents impacts on net income of significant amounts reclassified out of each component of accumulated OCI before- and after-tax for 2015 , 2014 and 2013 . Reclassifications Out of Accumulated OCI (Dollars in millions) Accumulated OCI Components Income Statement Line Item Impacted 2015 2014 2013 Available-for-sale debt securities: Gains on sales of debt securities $ 1,091 $ 1,354 $ 1,271 Other loss (81 ) (16 ) (20 ) Income before income taxes 1,010 1,338 1,251 Income tax expense 384 508 463 Reclassification to net income 626 830 788 Available-for-sale marketable equity securities: Equity investment income — — 771 Income before income taxes — — 771 Income tax expense — — 285 Reclassification to net income — — 486 Debit valuation adjustments: Other loss (556 ) n/a n/a Loss before income taxes (556 ) n/a n/a Income tax benefit (211 ) n/a n/a Reclassification to net income (345 ) n/a n/a Derivatives: Interest rate contracts Net interest income (974 ) (1,119 ) (1,119 ) Commodity contracts Trading account losses — — (1 ) Interest rate contracts Other income — — 18 Equity compensation contracts Personnel 91 359 329 Loss before income taxes (883 ) (760 ) (773 ) Income tax benefit (332 ) (285 ) (286 ) Reclassification to net income (551 ) (475 ) (487 ) Employee benefit plans: Prior service cost Personnel (5 ) (5 ) (4 ) Net actuarial losses Personnel (164 ) (50 ) (225 ) Settlements and curtailments Personnel — — (8 ) Loss before income taxes (169 ) (55 ) (237 ) Income tax benefit (62 ) (23 ) (79 ) Reclassification to net income (107 ) (32 ) (158 ) Foreign currency: Other income (loss) 38 (20 ) (138 ) Income (loss) before income taxes 38 (20 ) (138 ) Income tax expense (benefit) 38 (12 ) (133 ) Reclassification to net income — (8 ) (5 ) Total reclassification adjustments $ (377 ) $ 315 $ 624 n/a = not applicable |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculation of earnings per common share (EPS) and diluted EPS for 2015 , 2014 and 2013 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles . (Dollars in millions, except per share information; shares in thousands) 2015 2014 2013 Earnings per common share Net income $ 15,888 $ 4,833 $ 11,431 Preferred stock dividends (1,483 ) (1,044 ) (1,349 ) Net income applicable to common shareholders 14,405 3,789 10,082 Dividends and undistributed earnings allocated to participating securities — — (2 ) Net income allocated to common shareholders $ 14,405 $ 3,789 $ 10,080 Average common shares issued and outstanding 10,462,282 10,527,818 10,731,165 Earnings per common share $ 1.38 $ 0.36 $ 0.94 Diluted earnings per common share Net income applicable to common shareholders $ 14,405 $ 3,789 $ 10,082 Add preferred stock dividends due to assumed conversions 300 — 300 Dividends and undistributed earnings allocated to participating securities — — (2 ) Net income allocated to common shareholders $ 14,705 $ 3,789 $ 10,380 Average common shares issued and outstanding 10,462,282 10,527,818 10,731,165 Dilutive potential common shares (1) 751,710 56,717 760,253 Total diluted average common shares issued and outstanding 11,213,992 10,584,535 11,491,418 Diluted earnings per common share $ 1.31 $ 0.36 $ 0.90 (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 2015 and 2013 , the 700 million average dilutive potential common shares were included in the diluted share count under the “if-converted” method. For 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 additional information, see Note 13 – Shareholders’ Equity . For 2015 , 2014 and 2013 , 62 million average dilutive potential common shares associated with the Series L Preferred Stock were not included in the diluted share count because the result would have been antidilutive under the “if-converted” method. For 2015 , 2014 and 2013 , average options to purchase 66 million , 91 million and 126 million shares of common stock, respectively, were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method. For 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 compared to 272 million shares for 2013 . For 2015 and 2014 , average warrants to purchase 150 million shares of common stock were included in the diluted EPS calculation under the treasury stock method. In connection with the preferred stock actions described in Note 13 – Shareholders’ Equity , the Corporation recorded a $100 million non-cash preferred stock dividend in 2013 , which is included in the calculation of net income allocated to common shareholders. |
Regulatory Requirements and Res
Regulatory Requirements and Restrictions | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Requirements and Restrictions | Regulatory Requirements and Restrictions The Federal Reserve, Office of the Comptroller of the Currency (OCC) and FDIC (collectively, U.S. banking regulators) jointly establish regulatory capital adequacy guidelines for U.S. banking organizations. As a financial holding company, the Corporation is subject to capital adequacy rules issued by the Federal Reserve, and its banking entity affiliates, including BANA and Bank of America California, N.A., are subject to capital adequacy rules issued by their respective primary regulators. On January 1, 2014, the Corporation and its affiliates became subject to Basel 3, which includes certain transition provisions through January 1, 2019. The Corporation and its primary banking entity affiliate, BANA, are Advanced approaches institutions under Basel 3. Basel 3 updated the composition of capital and established a Common equity tier 1 capital ratio. Common equity tier 1 capital primarily includes common stock, retained earnings and accumulated OCI. Basel 3 revised minimum capital ratios and buffer requirements, added a supplementary leverage ratio, and addressed the adequately capitalized minimum requirements under the PCA framework. Finally, Basel 3 established two methods of calculating risk-weighted assets, the Standardized approach and the Advanced approaches. As an Advanced approaches institution, under Basel 3, the Corporation was required to complete a qualification period (parallel run) to demonstrate compliance with the Basel 3 Advanced approaches to the satisfaction of U.S. banking regulators. The Corporation received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements in the fourth quarter of 2015. Having exited parallel run on October 1, 2015, the Corporation is required to report regulatory risk-based capital ratios and risk-weighted assets under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy including under the PCA framework, and was the Advanced approaches in the fourth quarter of 2015. Prior to the fourth quarter of 2015, the Corporation was required to report its capital adequacy under the Standardized approach only. The table below presents capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches – Transition as measured at December 31, 2015 and 2014 for the Corporation and BANA. Regulatory Capital under Basel 3 – Transition (1) December 31, 2015 Bank of America Corporation Bank of America, N.A. (Dollars in millions) Standardized Approach Advanced Approaches Regulatory Minimum Well-capitalized (2) Standardized Approach Advanced Approaches Regulatory Minimum Well-capitalized (2) Risk-based capital metrics: Common equity tier 1 capital $ 163,026 $ 163,026 $ 144,869 $ 144,869 Tier 1 capital 180,778 180,778 144,869 144,869 Total capital (3) 220,676 210,912 159,871 150,624 Risk-weighted assets (in billions) 1,403 1,602 1,183 1,104 Common equity tier 1 capital ratio 11.6 % 10.2 % 4.5 % n/a 12.2 % 13.1 % 4.5 % 6.5 % Tier 1 capital ratio 12.9 11.3 6.0 6.0 % 12.2 13.1 6.0 8.0 Total capital ratio 15.7 13.2 8.0 10.0 13.5 13.6 8.0 10.0 Leverage-based metrics: Adjusted quarterly average assets (in billions) (4) $ 2,103 $ 2,103 $ 1,575 $ 1,575 Tier 1 leverage ratio 8.6 % 8.6 % 4.0 n/a 9.2 % 9.2 % 4.0 5.0 December 31, 2014 Risk-based capital metrics: Common equity tier 1 capital $ 155,361 n/a $ 145,150 n/a Tier 1 capital 168,973 n/a 145,150 n/a Total capital (3) 208,670 n/a 161,623 n/a Risk-weighted assets (in billions) 1,262 n/a 1,105 n/a Common equity tier 1 capital ratio 12.3 % n/a 4.0 % n/a 13.1 % n/a 4.0 % n/a Tier 1 capital ratio 13.4 n/a 5.5 6.0 % 13.1 n/a 5.5 6.0 % Total capital ratio 16.5 n/a 8.0 10.0 14.6 n/a 8.0 10.0 Leverage-based metrics: Adjusted quarterly average assets (in billions) (4) $ 2,060 $ 2,060 $ 1,509 $ 1,509 Tier 1 leverage ratio 8.2 % 8.2 % 4.0 n/a 9.6 % 9.6 % 4.0 5.0 (1) The Corporation received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements in the fourth quarter of 2015. With the approval to exit parallel run, the Corporation is required to report regulatory capital risk-weighted assets and ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is to be used to assess capital adequacy and was the Advanced approaches at December 31, 2015 . Prior to exiting parallel run, the Corporation was required to report regulatory capital risk-weighted assets and ratios under the Standardized approach only. As previously disclosed, with the approval to exit parallel run, U.S. banking regulators requested modifications to certain internal analytical models including the wholesale (e.g., commercial) credit models which increased the Corporation’s risk-weighted assets in the fourth quarter of 2015. (2) To be “well capitalized” under the current U.S. banking regulatory agency definitions, a bank holding company or national bank must maintain these or higher ratios and not be subject to a Federal Reserve order or directive to maintain higher capital levels. (3) Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses. (4) Reflects adjusted average assets for the three months ended December 31, 2015 and 2014 . n/a = not applicable The capital adequacy rules issued by the U.S. banking regulators require institutions to meet the established minimums outlined in the Regulatory Capital under Basel 3 – Transition table. Failure to meet the minimum requirements can lead to certain mandatory and discretionary actions by regulators that could have a material adverse impact on the Corporation’s financial position. At December 31, 2015 and 2014 , the Corporation and its banking entity affiliates were "well capitalized." Other Regulatory Matters On February 18, 2014, the Federal Reserve approved a final rule implementing certain enhanced supervisory and prudential requirements established under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rule formalizes risk management requirements primarily related to governance and liquidity risk management and reiterates the provisions of previously issued final rules related to risk-based and leverage capital and stress test requirements. Also, a debt-to-equity limit may be enacted for an individual BHC if it is determined to pose a grave threat to the financial stability of the U.S. Such limit is at the discretion of the Financial Stability Oversight Council (FSOC) or the Federal Reserve on behalf of the FSOC. The Federal Reserve requires the Corporation’s banking subsidiaries to maintain reserve requirements based on a percentage of certain deposits. The average daily reserve balance requirements, in excess of vault cash, maintained by the Corporation with the Federal Reserve were $9.8 billion and $9.1 billion for 2015 and 2014 . At December 31, 2015 and 2014 , the Corporation had cash in the amount of $12.1 billion and $7.7 billion , and securities with a fair value of $17.5 billion and $19.2 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. The primary sources of funds for cash distributions by the Corporation to its shareholders are capital distributions received from its banking subsidiaries, BANA and Bank of America California, N.A. In 2015 , the Corporation received dividends of $18.8 billion from BANA and none from Bank of America California, N.A. The amount of dividends that a subsidiary bank may declare in a calendar year is the subsidiary bank’s net profits for that year combined with its retained net profits for the preceding two years. Retained net profits, as defined by the OCC, consist of net income less dividends declared during the period. In 2016 , BANA can declare and pay dividends of approximately $5.0 billion to the Corporation plus an additional amount equal to its retained net profits for 2016 up to the date of any such dividend declaration. Bank of America California, N.A. can pay dividends of $895 million in 2016 plus an additional amount equal to its retained net profits for 2016 up to the date of any such dividend declaration. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension and Postretirement Plans The Corporation sponsors a qualified noncontributory trusteed pension plan, a number of noncontributory nonqualified pension plans, and postretirement health and life plans that cover eligible employees. Non-U.S. pension plans sponsored by the Corporation vary based on the country and local practices. In 2013, the Corporation merged a defined benefit pension plan, which covered eligible employees of certain legacy companies, into the legacy Bank of America Pension Plan (the Pension Plan). This merged plan is referred to as the Qualified Pension Plan. The merger resulted in a remeasurement of the qualified pension obligations and plan assets at fair value as of the merger date which increased accumulated OCI by $2.0 billion , net-of-tax. The benefit structures under the merged legacy plans have not changed and remain intact in the Qualified Pension Plan. Benefits earned under the Qualified Pension Plan have been frozen. Thereafter, the cash balance accounts continue to earn investment credits or interest credits in accordance with the terms of the plan document. It is the policy of the Corporation to fund no less than the minimum funding amount required by the Employee Retirement Income Security Act of 1974 (ERISA). The Pension Plan has a balance guarantee feature for account balances with participant-selected earnings, applied at the time a benefit payment is made from the plan that effectively provides principal protection for participant balances transferred and certain compensation credits. The Corporation is responsible for funding any shortfall on the guarantee feature. The Corporation has an annuity contract that guarantees the payment of benefits vested under a terminated U.S. pension plan (the Other Pension Plan). The Corporation, under a supplemental agreement, may be responsible for, or benefit from actual experience and investment performance of the annuity assets. The Corporation made no contribution under this agreement in 2015 or 2014 . Contributions may be required in the future under this agreement. The Corporation’s noncontributory, nonqualified pension plans are unfunded and provide supplemental defined pension benefits to certain eligible employees. In addition to retirement pension benefits, certain benefits eligible to employees may become eligible to continue participation as retirees in health care and/or life insurance plans sponsored by the Corporation. Based on the other provisions of the individual plans, certain retirees may also have the cost of these benefits partially paid by the Corporation. These plans are referred to as the Postretirement Health and Life Plans. The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2015 and 2014 . Amounts recognized at December 31, 2015 and 2014 are reflected in other assets, and in accrued expenses and other liabilities on the Consolidated Balance Sheet. The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. As of December 31, 2014, the Corporation adopted mortality assumptions published by the Society of Actuaries in October 2014, adjusted to reflect observed and anticipated future mortality experience of the participants in the Corporation’s U.S. plans. The adoption of the new mortality assumptions resulted in an increase of the PBO of approximately $580 million at December 31, 2014 . The discount rate assumptions are derived from a cash flow matching technique that utilizes rates that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans. The increase in the weighted-average discount rates in 2015 resulted in a decrease to the PBO of approximately $930 million at December 31, 2015 . The decrease in the weighted-average discount rates in 2014 resulted in an increase to the PBO of approximately $1.9 billion at December 31, 2014 . The Corporation’s best estimate of its contributions to be made to the Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans in 2016 is $50 million , $103 million and $108 million , respectively. The Corporation does not expect to make a contribution to the Qualified Pension Plan in 2016 . Pension and Postretirement Plans Qualified Pension Plan (1) Non-U.S. Pension Plans (1) Nonqualified and Other Pension Plans (1) Postretirement Health and Life Plans (1) (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Change in fair value of plan assets Fair value, January 1 $ 18,614 $ 18,276 $ 2,564 $ 2,457 $ 2,927 $ 2,720 $ 28 $ 72 Actual return on plan assets 199 1,261 342 256 14 336 — 6 Company contributions — — 58 84 97 97 79 53 Plan participant contributions — — 1 1 — — 127 129 Settlements and curtailments — — (7 ) (5 ) — — — — Benefits paid (851 ) (923 ) (78 ) (68 ) (233 ) (226 ) (247 ) (248 ) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a 13 16 Foreign currency exchange rate changes n/a n/a (142 ) (161 ) n/a n/a n/a n/a Fair value, December 31 $ 17,962 $ 18,614 $ 2,738 $ 2,564 $ 2,805 $ 2,927 $ — $ 28 Change in projected benefit obligation Projected benefit obligation, January 1 $ 15,508 $ 14,145 $ 2,688 $ 2,580 $ 3,329 $ 3,070 $ 1,346 $ 1,356 Service cost — — 27 29 — 1 8 8 Interest cost 621 665 93 109 122 133 48 58 Plan participant contributions — — 1 1 — — 127 129 Plan amendments — — (1 ) 1 — — — — Settlements and curtailments — — (7 ) (6 ) — — — — Actuarial loss (gain) (817 ) 1,621 (2 ) 208 (165 ) 351 (141 ) 29 Benefits paid (851 ) (923 ) (78 ) (68 ) (233 ) (226 ) (247 ) (248 ) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a 13 16 Foreign currency exchange rate changes n/a n/a (141 ) (166 ) n/a n/a (2 ) (2 ) Projected benefit obligation, December 31 $ 14,461 $ 15,508 $ 2,580 $ 2,688 $ 3,053 $ 3,329 $ 1,152 $ 1,346 Amount recognized, December 31 $ 3,501 $ 3,106 $ 158 $ (124 ) $ (248 ) $ (402 ) $ (1,152 ) $ (1,318 ) Funded status, December 31 Accumulated benefit obligation $ 14,461 $ 15,508 $ 2,479 $ 2,582 $ 3,052 $ 3,329 n/a n/a Overfunded (unfunded) status of ABO 3,501 3,106 259 (18 ) (247 ) (402 ) n/a n/a Provision for future salaries — — 101 106 1 — n/a n/a Projected benefit obligation 14,461 15,508 2,580 2,688 3,053 3,329 $ 1,152 $ 1,346 Weighted-average assumptions, December 31 Discount rate 4.51 % 4.12 % 3.59 % 3.56 % 4.34 % 3.80 % 4.32 % 3.75 % Rate of compensation increase n/a n/a 4.64 4.70 4.00 4.00 n/a n/a (1) The measurement date for the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans was December 31 of each year reported. n/a = not applicable Amounts recognized on the Consolidated Balance Sheet at December 31, 2015 and 2014 are presented in the table below. Amounts Recognized on Consolidated Balance Sheet Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Postretirement Health and Life Plans (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Other assets $ 3,501 $ 3,106 $ 548 $ 252 $ 825 $ 786 $ — $ — Accrued expenses and other liabilities — — (390 ) (376 ) (1,073 ) (1,188 ) (1,152 ) (1,318 ) Net amount recognized at December 31 $ 3,501 $ 3,106 $ 158 $ (124 ) $ (248 ) $ (402 ) $ (1,152 ) $ (1,318 ) Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2015 and 2014 are presented in the table below. For the non-qualified plans not subject to ERISA or non-U.S. pension plans, funding strategies vary due to legal requirements and local practices. Plans with PBO and ABO in Excess of Plan Assets Non-U.S. Pension Plans Nonqualified and Other Pension Plans (Dollars in millions) 2015 2014 2015 2014 PBO $ 574 $ 583 $ 1,075 $ 1,190 ABO 551 563 1,074 1,190 Fair value of plan assets 183 206 1 2 Net periodic benefit cost of the Corporation’s plans for 2015 , 2014 and 2013 included the following components. Components of Net Periodic Benefit Cost Qualified Pension Plan Non-U.S. Pension Plans (Dollars in millions) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost (income) Service cost $ — $ — $ — $ 27 $ 29 $ 32 Interest cost 621 665 623 93 109 98 Expected return on plan assets (1,045 ) (1,018 ) (1,024 ) (133 ) (137 ) (121 ) Amortization of prior service cost — — — 1 1 — Amortization of net actuarial loss 170 111 242 6 3 2 Recognized loss (gain) due to settlements and curtailments — — 17 — 2 (7 ) Net periodic benefit cost (income) $ (254 ) $ (242 ) $ (142 ) $ (6 ) $ 7 $ 4 Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 4.12 % 4.85 % 4.00 % 3.56 % 4.30 % 4.23 % Expected return on plan assets 6.00 6.00 6.50 5.27 5.52 5.50 Rate of compensation increase n/a n/a n/a 4.70 4.91 4.37 Nonqualified and Postretirement Health (Dollars in millions) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost (income) Service cost $ — $ 1 $ 1 $ 8 $ 8 $ 9 Interest cost 122 133 120 48 58 54 Expected return on plan assets (92 ) (124 ) (109 ) (1 ) (4 ) (5 ) Amortization of prior service cost — — — 4 4 4 Amortization of net actuarial loss (gain) 34 25 25 (46 ) (89 ) (42 ) Recognized loss due to settlements and curtailments — — 2 — — 6 Net periodic benefit cost (income) $ 64 $ 35 $ 39 $ 13 $ (23 ) $ 26 Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 3.80 % 4.55 % 3.65 % 3.75 % 4.50 % 3.65 % Expected return on plan assets 3.26 4.60 3.75 6.00 6.00 6.50 Rate of compensation increase 4.00 4.00 4.00 n/a n/a n/a n/a = not applicable The asset valuation method used to calculate the expected return on plan assets component of net period benefit cost for the Qualified Pension Plan recognizes 60 percent of the prior year’s market gains or losses at the next measurement date with the remaining 40 percent spread equally over the subsequent four years. Net periodic postretirement health and life expense was determined using the “projected unit credit” actuarial method. Gains and losses for all benefit plans except postretirement health care are recognized in accordance with the standard amortization provisions of the applicable accounting guidance. For the Postretirement Health Care Plans, 50 percent of the unrecognized gain or loss at the beginning of the fiscal year (or at subsequent remeasurement) is recognized on a level basis during the year. Assumed health care cost trend rates affect the postretirement benefit obligation and benefit cost reported for the Postretirement Health and Life Plans. The assumed health care cost trend rate used to measure the expected cost of benefits covered by the Postretirement Health and Life Plans is 7.00 percent for 2016 , reducing in steps to 5.00 percent in 2021 and later years. A one-percentage-point increase in assumed health care cost trend rates would have increased the service and interest costs, and the benefit obligation by $2 million and $34 million in 2015 . A one-percentage-point decrease in assumed health care cost trend rates would have lowered the service and interest costs, and the benefit obligation by $2 million and $29 million in 2015 . The Corporation’s net periodic benefit cost (income) recognized for the plans is sensitive to the discount rate and expected return on plan assets. With all other assumptions held constant, a 25 basis point (bp) decline in the discount rate and expected return on plan asset assumptions would have resulted in an increase in the net periodic benefit cost for the Qualified Pension Plan recognized in 2015 of approximately $9 million and $44 million , and to be recognized in 2016 of approximately $9 million and $43 million . For the Postretirement Health and Life Plans, a 25 bp decline in the discount rate would have resulted in an increase in the net periodic benefit cost recognized in 2015 of approximately $9 million , and to be recognized in 2016 of approximately $8 million . For the Non-U.S. Pension Plans and the Nonqualified and Other Pension Plans, a 25 bp decline in discount rates would not have a significant impact on the net periodic benefit cost for 2015 and 2016 . Pretax amounts included in accumulated OCI for employee benefit plans at December 31, 2015 and 2014 are presented in the table below. Pretax Amounts Included in Accumulated OCI Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Postretirement Health and Life Plans Total (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Net actuarial loss (gain) $ 3,920 $ 4,061 $ 137 $ 355 $ 848 $ 968 $ (150 ) $ (56 ) $ 4,755 $ 5,328 Prior service cost (credits) — — (10 ) (9 ) — — 16 20 6 11 Amounts recognized in accumulated OCI $ 3,920 $ 4,061 $ 127 $ 346 $ 848 $ 968 $ (134 ) $ (36 ) $ 4,761 $ 5,339 Pretax amounts recognized in OCI for employee benefit plans in 2015 included the following components. Pretax Amounts Recognized in OCI Qualified Pension Plan Non-U.S. Pension Plans Nonqualified Pension Plans Postretirement Life Plans Total (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Current year actuarial loss (gain) $ 29 $ 1,378 $ (211 ) $ 87 $ (86 ) $ 138 $ (140 ) $ 26 $ (408 ) $ 1,629 Amortization of actuarial gain (loss) (170 ) (111 ) (6 ) (3 ) (34 ) (25 ) 46 89 (164 ) (50 ) Current year prior service cost (credit) — — (1 ) 1 — — — — (1 ) 1 Amortization of prior service cost — — (1 ) (1 ) — — (4 ) (4 ) (5 ) (5 ) Amounts recognized in OCI $ (141 ) $ 1,267 $ (219 ) $ 84 $ (120 ) $ 113 $ (98 ) $ 111 $ (578 ) $ 1,575 The estimated pretax amounts that will be amortized from accumulated OCI into expense in 2016 are presented in the table below. Estimated Pretax Amounts Amortized from Accumulated OCI into Period Cost in 2016 (Dollars in millions) Qualified Pension Plan Non-U.S. Pension Plans Nonqualified Pension Plans Postretirement Life Plans Total Net actuarial loss (gain) $ 136 $ 6 $ 25 $ (67 ) $ 100 Prior service cost — 1 — 4 5 Total amounts amortized from accumulated OCI $ 136 $ 7 $ 25 $ (63 ) $ 105 Plan Assets The Qualified Pension Plan has been established as a retirement vehicle for participants, and trusts have been established to secure benefits promised under the Qualified Pension Plan. The Corporation’s policy is to invest the trust assets in a prudent manner for the exclusive purpose of providing benefits to participants and defraying reasonable expenses of administration. The Corporation’s investment strategy is designed to provide a total return that, over the long term, increases the ratio of assets to liabilities. The strategy attempts to maximize the investment return on assets at a level of risk deemed appropriate by the Corporation while complying with ERISA and any applicable regulations and laws. The investment strategy utilizes asset allocation as a principal determinant for establishing the risk/return profile of the assets. Asset allocation ranges are established, periodically reviewed and adjusted as funding levels and liability characteristics change. Active and passive investment managers are employed to help enhance the risk/return profile of the assets. An additional aspect of the investment strategy used to minimize risk (part of the asset allocation plan) includes matching the equity exposure of participant-selected investment measures. For example, the common stock of the Corporation held in the trust is maintained as an offset to the exposure related to participants who elected to receive an investment measure based on the return performance of common stock of the Corporation. No plan assets are expected to be returned to the Corporation during 2016 . The assets of the Non-U.S. Pension Plans are primarily attributable to a U.K. pension plan. This U.K. pension plan’s assets are invested prudently so that the benefits promised to members are provided with consideration given the nature and the duration of the plan’s liabilities. The current investment strategy was set following an asset-liability study and advice from the trustee’s investment advisors. The selected asset allocation strategy is designed to achieve a higher return than the lowest risk strategy while maintaining a prudent approach to meeting the plan’s liabilities. The expected return on plan assets assumption was developed through analysis of historical market returns, historical asset class volatility and correlations, current market conditions, anticipated future asset allocations, the funds’ past experience, and expectations on potential future market returns. The expected return on plan assets assumption is determined using the calculated market-related value for the Qualified Pension Plan and the Other Pension Plan and the fair value for the Non-U.S. Pension Plans and Postretirement Health and Life Plans. The expected return on plan assets assumption represents a long-term average view of the performance of the assets in the Qualified Pension Plan, the Non-U.S. Pension Plans, the Other Pension Plan, and Postretirement Health and Life Plans, a return that may or may not be achieved during any one calendar year. The terminated Other U.S. Pension Plan is invested solely in an annuity contract which is primarily invested in fixed-income securities structured such that asset maturities match the duration of the plan’s obligations. The target allocations for 2016 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below. 2016 Target Allocation Percentage Asset Category Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Equity securities 20 - 60 10 - 35 0 - 5 Debt securities 40 - 80 40 - 80 95 - 100 Real estate 0 - 10 0 - 15 0 - 5 Other 0 - 5 0 - 15 0 - 5 Equity securities for the Qualified Pension Plan include common stock of the Corporation in the amounts of $189 million ( 1.05 percent of total plan assets) and $215 million ( 1.15 percent of total plan assets) at December 31, 2015 and 2014 . Fair Value Measurements For information on fair value measurements, including descriptions of Level 1, 2 and 3 of the fair value hierarchy and the valuation methods employed by the Corporation, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements . Combined plan investment assets measured at fair value by level and in total at December 31, 2015 and 2014 are summarized in the Fair Value Measurements table. Fair Value Measurements December 31, 2015 (Dollars in millions) Level 1 Level 2 Level 3 Total Cash and short-term investments Money market and interest-bearing cash $ 3,061 $ — $ — $ 3,061 Cash and cash equivalent commingled/mutual funds — 4 — 4 Fixed income U.S. government and agency securities 2,723 881 11 3,615 Corporate debt securities — 1,795 — 1,795 Asset-backed securities — 1,939 — 1,939 Non-U.S. debt securities 632 662 — 1,294 Fixed income commingled/mutual funds 551 1,421 — 1,972 Equity Common and preferred equity securities 6,735 — — 6,735 Equity commingled/mutual funds 3 1,503 — 1,506 Public real estate investment trusts 138 — — 138 Real estate Private real estate — — 144 144 Real estate commingled/mutual funds — 12 731 743 Limited partnerships — 121 49 170 Other investments (1) — 287 102 389 Total plan investment assets, at fair value $ 13,843 $ 8,625 $ 1,037 $ 23,505 December 31, 2014 Cash and short-term investments Money market and interest-bearing cash $ 3,814 $ — $ — $ 3,814 Cash and cash equivalent commingled/mutual funds — 4 — 4 Fixed income U.S. government and agency securities 2,004 2,151 11 4,166 Corporate debt securities — 1,454 — 1,454 Asset-backed securities — 1,930 — 1,930 Non-U.S. debt securities 627 487 — 1,114 Fixed income commingled/mutual funds 101 1,397 — 1,498 Equity Common and preferred equity securities 6,628 — — 6,628 Equity commingled/mutual funds 16 1,817 — 1,833 Public real estate investment trusts 124 — — 124 Real estate Private real estate — — 127 127 Real estate commingled/mutual funds — 4 632 636 Limited partnerships — 122 65 187 Other investments (1) 1 490 127 618 Total plan investment assets, at fair value $ 13,315 $ 9,856 $ 962 $ 24,133 (1) Other investments include interest rate swaps of $114 million and $297 million , participant loans of $58 million and $78 million , commodity and balanced funds of $165 million and $178 million and other various investments of $52 million and $65 million at December 31, 2015 and 2014 . The Level 3 Fair Value Measurements table presents a reconciliation of all plan investment assets measured at fair value using significant unobservable inputs (Level 3) during 2015 , 2014 and 2013 . Level 3 Fair Value Measurements 2015 (Dollars in millions) Balance January 1 Actual Return on Reporting Date Purchases, Sales and Settlements Transfers out of Level 3 Balance December 31 Fixed income U.S. government and agency securities $ 11 $ — $ — $ — $ 11 Real estate Private real estate 127 14 3 — 144 Real estate commingled/mutual funds 632 37 62 — 731 Limited partnerships 65 (1 ) (15 ) — 49 Other investments 127 (5 ) (20 ) — 102 Total $ 962 $ 45 $ 30 $ — $ 1,037 2014 Fixed income U.S. government and agency securities $ 12 $ — $ (1 ) $ — $ 11 Non-U.S. debt securities 6 — (2 ) (4 ) — Real estate Private real estate 119 5 3 — 127 Real estate commingled/mutual funds 462 20 150 — 632 Limited partnerships 145 5 (85 ) — 65 Other investments 135 1 (9 ) — 127 Total $ 879 $ 31 $ 56 $ (4 ) $ 962 2013 Fixed income U.S. government and agency securities $ 13 $ — $ (1 ) $ — $ 12 Non-U.S. debt securities 10 (2 ) (2 ) — 6 Real estate Private real estate 110 4 5 — 119 Real estate commingled/mutual funds 324 15 123 — 462 Limited partnerships 231 8 (66 ) (28 ) 145 Other investments 129 (6 ) 12 — 135 Total $ 817 $ 19 $ 71 $ (28 ) $ 879 Projected Benefit Payments Benefit payments projected to be made from the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below. Projected Benefit Payments Postretirement Health and Life Plans (Dollars in millions) Qualified Pension Plan (1) Non-U.S. Pension Plans (2) Nonqualified and Other Pension Plans (2) Net Payments (3) Medicare Subsidy 2016 $ 915 $ 56 $ 246 $ 121 $ 13 2017 900 59 238 115 13 2018 902 62 240 111 13 2019 894 68 237 105 12 2020 903 71 236 101 12 2021 - 2025 4,409 463 1,110 450 52 (1) Benefit payments expected to be made from the plan’s assets. (2) Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets. (3) Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets. Defined Contribution Plans The Corporation maintains qualified defined contribution retirement plans and nonqualified defined contribution retirement plans. The Corporation recorded expense of $1.0 billion , $1.0 billion and $1.1 billion in 2015 , 2014 and 2013 , respectively, related to the qualified defined contribution plans. At December 31, 2015 and 2014 , 236 million and 238 million shares of the Corporation’s common stock were held by these plans. Payments to the plans for dividends on common stock were $48 million , $29 million and $10 million in 2015 , 2014 and 2013 , respectively. Certain non-U.S. employees are covered under defined contribution pension plans that are separately administered in accordance with local laws. |
Stock-based Compensation Plans
Stock-based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation Plans | Stock-based Compensation Plans The Corporation administers a number of equity compensation plans, with awards being granted predominantly from the Bank of America Corporation 2003 Key Associate Stock Plan (KASP). Grants in 2015 from the KASP included restricted stock units (RSUs) which generally vest in three equal annual installments beginning one year from the grant date, and awards which will vest subject to the attainment of specified performance criteria. During 2015 , the Corporation issued 131 million RSUs to certain employees under the KASP. RSUs may be settled in cash or in shares of common stock depending on the terms of the applicable award. In 2015 , two million of these RSUs were authorized to be settled in shares of common stock with the remainder in cash. Certain awards contain cancellation and clawback provisions which permit the Corporation to cancel or recoup all or a portion of the award under specified circumstances. The compensation cost for these awards is accrued over the vesting period and adjusted to fair value based upon changes in the share price of the Corporation’s common stock. For most awards, expense is generally recognized ratably over the vesting period net of estimated forfeitures, unless the employee meets certain retirement eligibility criteria. For awards to employees that meet retirement eligibility criteria, the Corporation records the expense upon grant. For employees that become retirement eligible during the vesting period, the Corporation recognizes expense from the grant date to the date on which the employee becomes retirement eligible, net of estimated forfeitures. The compensation cost for the stock-based plans was $2.17 billion , $2.30 billion and $2.28 billion in 2015 , 2014 and 2013 , respectively. The related income tax benefit was $824 million , $854 million and $842 million for 2015 , 2014 and 2013 , respectively. From time to time, the Corporation enters into equity total return swaps to hedge a portion of RSUs granted to certain employees as part of their compensation in prior periods in order to minimize the change in the expense to the Corporation driven by fluctuations in the fair value of the RSUs. Certain of these derivatives are designated as cash flow hedges of unrecognized unvested awards with the changes in fair value of the hedge recorded in accumulated OCI and reclassified into earnings in the same period as the RSUs affect earnings. The remaining derivatives are used to hedge the price risk of cash-settled awards with changes in fair value recorded in personnel expense. For information on amounts recognized on equity total return swaps used to hedge the Corporation’s outstanding RSUs, see Note 2 – Derivatives . On May 6, 2015, Bank of America shareholders approved the amendment and restatement of the KASP, and renamed it the Bank of America Corporation Key Employee Equity Plan (KEEP). Under the amendment and restatement of the KEEP, 450 million shares of the Corporation’s common stock and any shares that were subject to an award as of December 31, 2014 under the KASP, if such award is canceled, terminates, expires, lapses or is settled in cash for any reason from and after January 1, 2015, are authorized to be used for grants of awards. Restricted Stock/Units The table below presents the status at December 31, 2015 of the share-settled restricted stock/units and changes during 2015 . Stock-settled Restricted Stock/Units Shares/Units Weighted- average Grant Date Fair Value Outstanding at January 1, 2015 29,882,769 $ 9.30 Granted 2,079,667 16.60 Vested (8,750,921 ) 11.43 Canceled (655,497 ) 9.52 Outstanding at December 31, 2015 22,556,018 $ 9.14 The table below presents the status at December 31, 2015 of the cash-settled RSUs granted under the KASP and changes during 2015 . Cash-settled Restricted Units Units Outstanding at January 1, 2015 316,956,435 Granted 128,748,571 Vested (176,407,854 ) Canceled (13,942,138 ) Outstanding at December 31, 2015 255,355,014 At December 31, 2015 , there was an estimated $1.2 billion of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to four years, with a weighted-average period of 1.7 years . The total fair value of restricted stock vested in 2015 , 2014 and 2013 was $145 million , $704 million and $906 million , respectively. In 2015 , 2014 and 2013 , the amount of cash paid to settle equity-based awards for all equity compensation plans was $3.0 billion , $2.7 billion and $1.7 billion , respectively. Stock Options The table below presents the status of all option plans at December 31, 2015 and changes during 2015 . Stock Options Options Weighted- average Exercise Price Outstanding at January 1, 2015 88,087,054 $ 48.96 Forfeited (24,211,579 ) 48.38 Outstanding at December 31, 2015 63,875,475 49.18 All options outstanding as of December 31, 2015 were vested and exercisable with a weighted-average remaining contractual term of 1.1 years and have no aggregate intrinsic value. No options have been granted since 2008. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense for 2015 , 2014 and 2013 are presented in the table below. Income Tax Expense (Dollars in millions) 2015 2014 2013 Current income tax expense U.S. federal $ 2,387 $ 443 $ 180 U.S. state and local 210 340 786 Non-U.S. 561 513 513 Total current expense 3,158 1,296 1,479 Deferred income tax expense (benefit) U.S. federal 1,992 583 2,056 U.S. state and local 519 85 (94 ) Non-U.S. 597 58 1,300 Total deferred expense 3,108 726 3,262 Total income tax expense $ 6,266 $ 2,022 $ 4,741 Total income tax expense does not reflect the tax effects of items that are included in accumulated OCI. For additional information, see Note 14 – Accumulated Other Comprehensive Income (Loss) . These tax effects resulted in an expense of $616 million in 2015 and $3.4 billion in 2014 , and a benefit of $2.7 billion in 2013 , recorded in accumulated OCI. In addition, total income tax expense does not reflect tax effects associated with the Corporation’s employee stock plans which decreased common stock and additional paid-in capital $44 million , $35 million and $128 million in 2015 , 2014 and 2013 , respectively. Income tax expense for 2015 , 2014 and 2013 varied from the amount computed by applying the statutory income tax rate to income before income taxes. A reconciliation of the expected U.S. federal income tax expense, calculated by applying the federal statutory tax rate of 35 percent , to the Corporation’s actual income tax expense, and the effective tax rates for 2015 , 2014 and 2013 are presented in the table below. Reconciliation of Income Tax Expense 2015 2014 2013 (Dollars in millions) Amount Percent Amount Percent Amount Percent Expected U.S. federal income tax expense $ 7,754 35.0 % $ 2,399 35.0 % $ 5,660 35.0 % Increase (decrease) in taxes resulting from: State tax expense, net of federal benefit 474 2.1 276 4.0 450 2.8 Affordable housing credits/other credits (1,087 ) (4.9 ) (950 ) (13.8 ) (863 ) (5.3 ) Non-U.S. tax rate differential (559 ) (2.5 ) (507 ) (7.4 ) (940 ) (5.8 ) Tax-exempt income, including dividends (539 ) (2.4 ) (533 ) (7.8 ) (524 ) (3.2 ) Changes in prior period UTBs, including interest (85 ) (0.4 ) (741 ) (10.8 ) (255 ) (1.6 ) Non-U.S. tax law changes 289 1.3 — — 1,133 7.0 Nondeductible expenses 40 0.2 1,982 28.9 104 0.6 Other (21 ) (0.1 ) 96 1.4 (24 ) (0.2 ) Total income tax expense $ 6,266 28.3 % $ 2,022 29.5 % $ 4,741 29.3 % The reconciliation of the beginning unrecognized tax benefits (UTB) balance to the ending balance is presented in the table below. Reconciliation of the Change in Unrecognized Tax Benefits (Dollars in millions) 2015 2014 2013 Balance, January 1 $ 1,068 $ 3,068 $ 3,677 Increases related to positions taken during the current year 36 75 98 Increases related to positions taken during prior years (1) 187 519 254 Decreases related to positions taken during prior years (1) (177 ) (973 ) (508 ) Settlements (1 ) (1,594 ) (448 ) Expiration of statute of limitations (18 ) (27 ) (5 ) Balance, December 31 $ 1,095 $ 1,068 $ 3,068 (1) The sum per year of positions taken during prior years differs from the $85 million , $741 million and $255 million in the Reconciliation of Income Tax Expense table due to temporary items, state items and jurisdictional offsets, as well as the inclusion of interest in the Reconciliation of Income Tax Expense table. At December 31, 2015, 2014 and 2013 , the balance of the Corporation’s UTBs which would, if recognized, affect the Corporation’s effective tax rate was $0.7 billion , $0.7 billion and $2.5 billion , respectively. Included in the UTB balance are some items the recognition of which would not affect the effective tax rate, such as the tax effect of certain temporary differences, the portion of gross state UTBs that would be offset by the tax benefit of the associated federal deduction and the portion of gross non-U.S. UTBs that would be offset by tax reductions in other jurisdictions. The Corporation files income tax returns in more than 100 state and non-U.S. jurisdictions each year. The IRS and other tax authorities in countries and states in which the Corporation has significant business operations examine tax returns periodically (continuously in some jurisdictions). The Tax Examination Status table summarizes the status of significant examinations (U.S. federal unless otherwise noted) for the Corporation and various subsidiaries as of December 31, 2015 . Tax Examination Status Years under Examination Status at December 31 2015 U.S. 2010 – 2011 IRS Appeals U.S. 2012 – 2013 Field examination New York 2008 – 2014 Field examination U.K. 2012 Field examination During 2015 , the Corporation and IRS Appeals arrived at final agreement on the audit of Bank of America Corporation for the 2010 through 2011 tax years. While subject to review by the Joint Committee on Taxation of the U.S. Congress, the Corporation expects this examination will be concluded early in 2016. It is reasonably possible that the UTB balance may decrease by as much as $0.1 billion during the next 12 months, since resolved items will be removed from the balance whether their resolution results in payment or recognition. The Corporation recognized benefits of $82 million during 2015 and $196 million in 2014 , and an expense of $127 million in 2013 for interest and penalties, net-of-tax, in income tax expense. At December 31, 2015 and 2014 , the Corporation’s accrual for interest and penalties that related to income taxes, net of taxes and remittances, was $288 million and $455 million . Significant components of the Corporation’s net deferred tax assets and liabilities at December 31, 2015 and 2014 are presented in the table below. Deferred Tax Assets and Liabilities December 31 (Dollars in millions) 2015 2014 Deferred tax assets Net operating loss carryforwards $ 9,494 $ 10,955 Accrued expenses 6,340 6,309 Allowance for credit losses 4,649 5,478 Security, loan and debt valuations 4,084 5,385 Employee compensation and retirement benefits 3,585 3,899 Tax credit carryforwards 2,707 5,614 Available-for-sale securities 152 — Other 2,333 1,800 Gross deferred tax assets 33,344 39,440 Valuation allowance (1,149 ) (1,111 ) Total deferred tax assets, net of valuation allowance 32,195 38,329 Deferred tax liabilities Equipment lease financing 3,016 3,105 Intangibles 1,306 1,513 Fee income 864 881 Mortgage servicing rights 466 1,094 Long-term borrowings 327 630 Available-for-sale securities — 828 Other 1,752 2,024 Gross deferred tax liabilities 7,731 10,075 Net deferred tax assets, net of valuation allowance $ 24,464 $ 28,254 The table below summarizes the deferred tax assets and related valuation allowances recognized for the net operating loss (NOL) and tax credit carryforwards at December 31, 2015 . Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets (Dollars in millions) Deferred Tax Asset Valuation Allowance Net Tax Asset First Year Expiring Net operating losses – U.S. $ 2,507 $ — $ 2,507 After 2027 Net operating losses – U.K. 5,657 — 5,657 None (1) Net operating losses – other non-U.S. 432 (323 ) 109 Various Net operating losses – U.S. states (2) 898 (405 ) 493 Various General business credits 2,635 — 2,635 After 2031 Foreign tax credits 72 (72 ) — n/a (1) The U.K. net operating losses may be carried forward indefinitely. (2) The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.4 billion and $623 million . n/a = not applicable Management concluded that no valuation allowance was necessary to reduce the U.K. NOL carryforwards and U.S. NOL and general business credit carryforwards since estimated future taxable income will be sufficient to utilize these assets prior to their expiration. The majority of the Corporation’s U.K. net deferred tax assets, which consist primarily of NOLs, are expected to be realized by certain subsidiaries over an extended number of years. Management’s conclusion is supported by financial results and forecasts, the reorganization of certain business activities and the indefinite period to carry forward NOLs. However, significant changes to those estimates, such as changes that would be caused by a substantial and prolonged worsening of the condition of Europe’s capital markets, or a change in applicable laws, could lead management to reassess its U.K. valuation allowance conclusions. At December 31, 2015 , U.S. federal income taxes had not been provided on $18.0 billion of undistributed earnings of non-U.S. subsidiaries that management has determined have been reinvested for an indefinite period of time. If the Corporation were to record a deferred tax liability associated with these undistributed earnings, the amount would be approximately $5.0 billion at December 31, 2015 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 . The Corporation accounts for certain financial instruments under the fair value option. For additional information, see Note 21 – 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 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. Trading Account Assets and Liabilities and Debt Securities The fair values of trading account assets and liabilities are primarily based on actively traded markets where prices are based on either direct market quotes or observed transactions. The fair values of debt securities are generally based on quoted market prices or market prices for similar assets. Liquidity is a significant factor in the determination of the fair values of trading account assets and liabilities and debt securities. Market price quotes may not be readily available for some positions, or positions within a market sector where trading activity has slowed significantly or ceased . Some of these instruments are valued using a discounted cash flow model, which estimates the fair value of the securities using internal credit risk, 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. Principal and interest cash flows are discounted using an observable discount rate for similar instruments with adjustments that management believes a market participant would consider in determining fair value for the specific security. Other instruments are valued using a net asset value approach which considers the value of the underlying securities. Underlying assets are valued using external pricing services, where available, or matrix pricing based on the vintages and ratings. Situations of illiquidity generally are triggered by the market’s perception of credit uncertainty regarding a single company or a specific market sector . In these instances, fair value is determined based on limited available market information and other factors, principally from reviewing the issuer’s financial statements and changes in credit ratings made by one or more rating agencies. Derivative Assets and Liabilities The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that utilize multiple market inputs including interest rates, prices and indices to generate continuous yield or pricing curves and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services . When third-party pricing services are used, the methods and assumptions are reviewed by the Corporation. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available, or are unobservable, in which case, quantitative-based extrapolations of rate, price or index scenarios are used in determining fair values. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality and other instrument-specific factors, where appropriate. In addition, the Corporation incorporates within its fair value measurements of OTC derivatives a valuation adjustment to reflect the credit risk associated with the net position. Positions are netted by counterparty, and fair value for net long exposures is adjusted for counterparty credit risk while the fair value for net short exposures is adjusted for the Corporation’s own credit risk. The Corporation also incorporates FVA within its fair value measurements to include funding costs on uncollateralized derivatives and derivatives where the Corporation is not permitted to use the collateral it receives. An estimate of severity of loss is also used in the determination of fair value, primarily based on market data. Loans and Loan Commitments The fair values of loans and loan commitments are based on market prices, where available, or discounted cash flow analyses using market-based credit spreads of comparable debt instruments or credit derivatives of the specific borrower or comparable borrowers. Results of discounted cash flow analyses may be adjusted, as appropriate, to reflect other market conditions or the perceived credit risk of the borrower. Mortgage Servicing Rights The fair values of MSRs are determined using models that rely on estimates of prepayment rates, the resultant weighted-average lives of the MSRs and the option-adjusted spread levels. For more information on MSRs, see Note 23 – Mortgage Servicing Rights . Loans Held-for-sale The fair values of LHFS are based on quoted market prices, where available, or are determined by discounting estimated cash flows using interest rates approximating the Corporation’s current origination rates for similar loans adjusted to reflect the inherent credit risk. The borrower-specific credit risk is embedded within the quoted market prices or is implied by considering loan performance when selecting comparables. Private Equity Investments Private equity investments consist of direct investments and fund investments which are initially valued at their transaction price. Thereafter, the fair value of direct investments is based on an assessment of each individual investment using methodologies that include publicly-traded comparables derived by multiplying a key performance metric (e.g., earnings before interest, taxes, depreciation and amortization) of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparables, entry level multiples and discounted cash flow analyses, and are subject to appropriate discounts for lack of liquidity or marketability. After initial recognition, the fair value of fund investments is based on the Corporation’s proportionate interest in the fund’s capital as reported by the respective fund managers. Short-term Borrowings and Long-term Debt The Corporation issues structured liabilities that have coupons or repayment terms linked to the performance of debt or equity securities, indices, currencies or commodities. The fair values of these structured liabilities are estimated using quantitative models for the combined derivative and debt portions of the notes. These models incorporate observable and, in some instances, unobservable inputs including security prices, interest rate yield curves, option volatility, currency, commodity or equity rates and correlations among these inputs. The Corporation also considers the impact of its own credit spreads in determining the discount rate used to value these liabilities. The credit spread is determined by reference to observable spreads in the secondary bond market. Securities Financing Agreements The fair values of certain reverse repurchase agreements, repurchase agreements and securities borrowed transactions are determined using quantitative models, including discounted cash flow models that require the use of multiple market inputs including interest rates and spreads to generate continuous yield or pricing curves, and volatility factors. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Deposits The fair values of deposits are determined using quantitative models, including discounted cash flow models that require the use of multiple market inputs including interest rates and spreads to generate continuous yield or pricing curves, and volatility factors. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. The Corporation considers the impact of its own credit spreads in the valuation of these liabilities. The credit risk is determined by reference to observable credit spreads in the secondary cash market. Asset-backed Secured Financings The fair values of asset-backed secured financings are based on external broker bids, where available, or are determined by discounting estimated cash flows using interest rates approximating the Corporation’s current origination rates for similar loans adjusted to reflect the inherent credit risk. Recurring Fair Value Assets and liabilities carried at fair value on a recurring basis at December 31, 2015 and 2014 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. December 31, 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 $ — $ 55,143 $ — $ — $ 55,143 Trading account assets: U.S. government and agency securities (2) 33,034 15,501 — — 48,535 Corporate securities, trading loans and other 325 22,738 2,838 — 25,901 Equity securities 41,735 20,887 407 — 63,029 Non-U.S. sovereign debt 15,651 12,915 521 — 29,087 Mortgage trading loans and ABS — 8,107 1,868 — 9,975 Total trading account assets 90,745 80,148 5,634 — 176,527 Derivative assets (3) 5,149 679,458 5,134 (639,751 ) 49,990 AFS debt securities: U.S. Treasury and agency securities 23,374 1,903 — — 25,277 Mortgage-backed securities: Agency — 228,947 — — 228,947 Agency-collateralized mortgage obligations — 10,985 — — 10,985 Non-agency residential — 3,073 106 — 3,179 Commercial — 7,165 — — 7,165 Non-U.S. securities 2,768 2,999 — — 5,767 Corporate/Agency bonds — 243 — — 243 Other taxable securities — 9,445 757 — 10,202 Tax-exempt securities — 13,439 569 — 14,008 Total AFS debt securities 26,142 278,199 1,432 — 305,773 Other debt securities carried at fair value: Mortgage-backed securities: Agency-collateralized mortgage obligations — 7 — — 7 Non-agency residential — 3,460 30 — 3,490 Non-U.S. securities 11,691 1,152 — — 12,843 Other taxable securities — 267 — — 267 Total other debt securities carried at fair value 11,691 4,886 30 — 16,607 Loans and leases — 5,318 1,620 — 6,938 Mortgage servicing rights — — 3,087 — 3,087 Loans held-for-sale — 4,031 787 — 4,818 Other assets (4) 11,923 2,023 374 — 14,320 Total assets $ 145,650 $ 1,109,206 $ 18,098 $ (639,751 ) $ 633,203 Liabilities Interest-bearing deposits in U.S. offices $ — $ 1,116 $ — $ — $ 1,116 Federal funds purchased and securities loaned or sold under agreements to repurchase — 24,239 335 — 24,574 Trading account liabilities: U.S. government and agency securities 14,803 169 — — 14,972 Equity securities 27,898 2,392 — — 30,290 Non-U.S. sovereign debt 13,589 1,951 — — 15,540 Corporate securities and other 193 5,947 21 — 6,161 Total trading account liabilities 56,483 10,459 21 — 66,963 Derivative liabilities (3) 4,941 671,613 5,575 (643,679 ) 38,450 Short-term borrowings — 1,295 30 — 1,325 Accrued expenses and other liabilities 11,656 2,234 9 — 13,899 Long-term debt — 28,584 1,513 — 30,097 Total liabilities $ 73,080 $ 739,540 $ 7,483 $ (643,679 ) $ 176,424 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $14.8 billion of government-sponsored enterprise obligations. (3) During 2015 , $6.6 billion of derivative assets and $6.7 billion of derivative liabilities were transferred from Level 1 to Level 2 based on inputs used to measure fair value. Additionally, $6.4 billion of derivative assets and $6.2 billion of derivative liabilities were transferred from Level 2 to Level 1 due to additional information related to certain options. For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives . (4) During 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 (4) 11,581 1,381 911 — 13,873 Total assets $ 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 $ 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 2015 , 2014 and 2013 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) 2015 Gross (Dollars in millions) Balance January 1 2015 Gains Gains (2) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance Trading account assets: Corporate securities, trading loans and other $ 3,270 $ (31 ) $ (11 ) $ 1,540 $ (1,616 ) $ — $ (1,122 ) $ 1,570 $ (762 ) $ 2,838 Equity securities 352 9 — 49 (11 ) — (11 ) 41 (22 ) 407 Non-U.S. sovereign debt 574 114 (179 ) 185 (1 ) — (145 ) — (27 ) 521 Mortgage trading loans and ABS 2,063 154 1 1,250 (1,117 ) — (493 ) 50 (40 ) 1,868 Total trading account assets 6,259 246 (189 ) 3,024 (2,745 ) — (1,771 ) 1,661 (851 ) 5,634 Net derivative assets (3) (920 ) 1,335 (7 ) 273 (863 ) — (261 ) (40 ) 42 (441 ) AFS debt securities: Non-agency residential MBS 279 (12 ) — 134 — — (425 ) 167 (37 ) 106 Non-U.S. securities 10 — — — — — (10 ) — — — Other taxable securities 1,667 — — 189 — — (160 ) — (939 ) 757 Tax-exempt securities 599 — — — — — (30 ) — — 569 Total AFS debt securities 2,555 (12 ) — 323 — — (625 ) 167 (976 ) 1,432 Other debt securities carried at fair value – Non-agency residential MBS — (3 ) — 33 — — — — — 30 Loans and leases (4, 5) 1,983 (23 ) — — (4 ) 57 (237 ) 144 (300 ) 1,620 Mortgage servicing rights (5) 3,530 187 — — (393 ) 637 (874 ) — — 3,087 Loans held-for-sale (4) 173 (51 ) (8 ) 771 (203 ) 61 (61 ) 203 (98 ) 787 Other assets (6) 911 (55 ) — 11 (130 ) — (51 ) 10 (322 ) 374 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (11 ) — — — (131 ) 217 (411 ) 1 (335 ) Trading account liabilities – Corporate securities and other (36 ) 19 — 30 (34 ) — — — — (21 ) Short-term borrowings (4) — 17 — — — (52 ) 10 (24 ) 19 (30 ) Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,362 ) 287 19 616 — (188 ) 273 (1,592 ) 1,434 (1,513 ) (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, foreign currency translation adjustments and the impact on structured liabilities of changes in the Corporation’s credit spreads. For more information, see Note 1 – Summary of Significant Accounting Principles . (3) Net derivatives include derivative assets of $5.1 billion and derivative liabilities of $5.6 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain private equity investments. Significant transfers into Level 3, primarily due to decreased price observability, during 2015 included: $1.7 billion of trading account assets $167 million of AFS debt securities $144 million of loans and leases $203 million of LHFS $411 million of federal funds purchased and securities loaned or sold under agreements to repurchase $1.6 billion of long-term debt. 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. Significant transfers out of Level 3, primarily due to increased price observability unless otherwise noted, during 2015 included: $851 million of trading account assets, primarily the result of increased market liquidity $976 million of AFS debt securities $300 million of loans and leases $322 million of other assets $1.4 billion of long-term debt Level 3 – Fair Value Measurements (1) 2014 Gross (Dollars in millions) Balance 2014 Gains Gains Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2014 Trading account assets: U.S. government and agency securities $ — $ — $ — $ 87 $ (87 ) $ — $ — $ — $ — $ — Corporate securities, trading loans and other 3,559 180 — 1,675 (857 ) — (938 ) 1,275 (1,624 ) 3,270 Equity securities 386 — — 104 (86 ) — (16 ) 146 (182 ) 352 Non-U.S. sovereign debt 468 30 — 120 (34 ) — (19 ) 11 (2 ) 574 Mortgage trading loans and ABS 4,631 199 — 1,643 (1,259 ) — (585 ) 39 (2,605 ) 2,063 Total trading account assets 9,044 409 — 3,629 (2,323 ) — (1,558 ) 1,471 (4,413 ) 6,259 Net derivative assets (2) (224 ) 463 — 823 (1,738 ) — (432 ) 28 160 (920 ) AFS debt securities: Non-agency residential MBS — (2 ) — 11 — — — 270 — 279 Non-U.S. securities 107 (7 ) (11 ) 241 — — (147 ) — (173 ) 10 Corporate/Agency bonds — — — — — — — 93 (93 ) — Other taxable securities 3,847 9 (8 ) 154 — — (1,381 ) — (954 ) 1,667 Tax-exempt securities 806 8 — — (16 ) — (235 ) 36 — 599 Total AFS debt securities 4,760 8 (19 ) 406 (16 ) — (1,763 ) 399 (1,220 ) 2,555 Loans and leases (3, 4) 3,057 69 — — (3 ) 699 (1,591 ) 25 (273 ) 1,983 Mortgage servicing rights (4) 5,042 (1,231 ) — — (61 ) 707 (927 ) — — 3,530 Loans held-for-sale (4) 929 45 — 59 (725 ) 23 (216 ) 83 (25 ) 173 Other assets (5) 1,669 (98 ) — — (430 ) — (245 ) 39 (24 ) 911 Trading account liabilities – Corporate securities and other (35 ) 1 — 10 (13 ) — — (9 ) 10 (36 ) Accrued expenses and other liabilities (10 ) 2 — — — (3 ) — — 1 (10 ) Long-term debt (3) (1,990 ) 49 — 169 — (615 ) 540 (1,581 ) 1,066 (2,362 ) (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 $6.9 billion and derivative liabilities of $7.8 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans that are accounted for under the fair value option and certain private equity investments. Significant transfers into Level 3, primarily due to decreased price observability, during 2014 included: $1.5 billion of trading account assets $399 million of AFS debt securities $1.6 billion of long-term debt. 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. Significant transfers out of Level 3, primarily due to increased price observability unless otherwise noted, during 2014 included: $4.4 billion of trading account assets, primarily the result of increased market liquidity $160 million of net derivative assets $1.2 billion of AFS debt securities $273 million of loans and leases $1.1 billion of long-term debt Level 3 – Fair Value Measurements (1) 2013 Gross (Dollars in millions) Balance 2013 Gains in Earnings Gains in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers Level 3 Balance 2013 Trading account assets: Corporate securities, trading loans and other $ 3,726 $ 242 $ — $ 3,848 $ (3,110 ) $ 59 $ (651 ) $ 890 $ (1,445 ) $ 3,559 Equity securities 545 74 — 96 (175 ) — (100 ) 70 (124 ) 386 Non-U.S. sovereign debt 353 50 — 122 (18 ) — (36 ) 2 (5 ) 468 Mortgage trading loans and ABS 4,935 53 — 2,514 (1,993 ) — (868 ) 20 (30 ) 4,631 Total trading account assets 9,559 419 — 6,580 (5,296 ) 59 (1,655 ) 982 (1,604 ) 9,044 Net derivative assets (2) 1,468 (304 ) — 824 (1,467 ) — (1,362 ) (10 ) 627 (224 ) AFS debt securities: Commercial MBS 10 — — — — — (10 ) — — — Non-U.S. securities — 5 2 1 (1 ) — — 100 — 107 Corporate/Agency bonds 92 — 4 — — — — — (96 ) — Other taxable securities 3,928 9 15 1,055 — — (1,155 ) — (5 ) 3,847 Tax-exempt securities 1,061 3 19 — — — (109 ) — (168 ) 806 Total AFS debt securities 5,091 17 40 1,056 (1 ) — (1,274 ) 100 (269 ) 4,760 Loans and leases (3, 4) 2,287 98 — 310 (128 ) 1,252 (757 ) 19 (24 ) 3,057 Mortgage servicing rights (4) 5,716 1,941 — — (2,044 ) 472 (1,043 ) — — 5,042 Loans held-for-sale (3) 2,733 62 — 8 (402 ) 4 (1,507 ) 34 (3 ) 929 Other assets (5) 3,129 (288 ) — 46 (383 ) — (1,019 ) 239 (55 ) 1,669 Trading account liabilities – Corporate securities and other (64 ) 10 — 43 (54 ) (5 ) — (9 ) 44 (35 ) Accrued expenses and other liabilities (3) (15 ) 30 — — — (751 ) 724 (1 ) 3 (10 ) Long-term debt (3) (2,301 ) 13 — 358 (4 ) (172 ) 258 (1,331 ) 1,189 (1,990 ) (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 $7.3 billion and derivative liabilities of $7.5 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans that are accounted for under the fair value option and certain private equity investments. Significant transfers into Level 3, primarily due to decreased price observability, during 2013 included: $982 million of trading account assets $100 million of AFS debt securities $239 million of other assets $1.3 billion of long-term debt. 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. Significant transfers out of Level 3, primarily due to increased price observability unless otherwise noted, during 2013 included: $1.6 billion of trading account assets $627 million of net derivative assets $269 million of AFS debt securities, primarily due to increased market liquidity $1.2 billion of long-term debt 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 2015 , 2014 and 2013 . 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 2015 (Dollars in millions) Trading (Losses) Mortgage (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ (31 ) $ — $ — $ (31 ) Equity securities 9 — — 9 Non-U.S. sovereign debt 114 — — 114 Mortgage trading loans and ABS 154 — — 154 Total trading account assets 246 — — 246 Net derivative assets 508 765 62 1,335 AFS debt securities – Non-agency residential MBS — — (12 ) (12 ) Other debt securities carried at fair value – Non-agency residential MBS — — (3 ) (3 ) Loans and leases (2) (8 ) — (15 ) (23 ) Mortgage servicing rights 73 114 — 187 Loans held-for-sale (2) (58 ) — 7 (51 ) Other assets — (66 ) 11 (55 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (11 ) — — (11 ) Trading account liabilities – Corporate securities and other 19 — — 19 Short-term borrowings (2) 17 — — 17 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) 339 — (52 ) 287 Total $ 1,125 $ 813 $ (1 ) $ 1,937 2014 Trading account assets: Corporate securities, trading loans and other $ 180 $ — $ — $ 180 Non-U.S. sovereign debt 30 — — 30 Mortgage trading loans and ABS 199 — — 199 Total trading account assets 409 — — 409 Net derivative assets (475 ) 834 104 463 AFS debt securities: Non-agency residential MBS — — (2 ) (2 ) Non-U.S. securities — — (7 ) (7 ) Other taxable securities — — 9 9 Tax-exempt securities — — 8 8 Total AFS debt securities — — 8 8 Loans and leases (2) — — 69 69 Mortgage servicing rights (6 ) (1,225 ) — (1,231 ) Loans held-for-sale (2) (14 ) — 59 45 Other assets — (79 ) (19 ) (98 ) Trading account liabilities – Corporate securities and other 1 — — 1 Accrued expenses and other liabilities — — 2 2 Long-term debt (2) 78 — (29 ) 49 Total $ (7 ) $ (470 ) $ 194 $ (283 ) (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 (continued) 2013 (Dollars in millions) Trading (Losses) Mortgage (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ 242 $ — $ — $ 242 Equity securities 74 — — 74 Non-U.S. sovereign debt 50 — — 50 Mortgage trading loans and ABS 53 — — 53 Total trading account assets 419 — — 419 Net derivative assets (1,224 ) 927 (7 ) (304 ) AFS debt securities: Non-U.S. securities — — 5 5 Other taxable securities — — 9 9 Tax-exempt securities — — 3 3 Total AFS debt securities — — 17 17 Loans and leases (2) — (38 ) 136 98 Mortgage servicing rights — 1,941 — 1,941 Loans held-for-sale (2) — 2 60 62 Other assets — 122 (410 ) (288 ) Trading account liabilities – Corporate securities and other 10 — — 10 Accrued expenses and other liabilities — 30 — 30 Long-term debt (2) 45 — (32 ) 13 Total $ (750 ) $ 2,984 $ (236 ) $ 1,998 (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 table below summarizes changes in unrealized gains (losses) recorded in earnings during 2015 , 2014 and 2013 for Level 3 assets and liabilities that were still held at December 31, 2015 , 2014 and 2013 . These amounts include changes in fair value on loans, LHFS, loan commitments and structured liabilities that ar |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Option [Abstract] | |
Fair Value Option | Fair Value Option Loans and Loan Commitments The Corporation elects to account for certain commercial loans and loan commitments that exceed the Corporation’s single name credit risk concentration guidelines under the fair value option. Lending commitments, both funded and unfunded, are actively managed and monitored and, as appropriate, credit risk for these lending relationships may be mitigated through the use of credit derivatives, with the Corporation’s public side credit view and market perspectives determining the size and timing of the hedging activity. These credit derivatives do not meet the requirements for designation as accounting hedges and therefore are carried at fair value with changes in fair value recorded in other income (loss). Electing the fair value option allows the Corporation to carry these loans and loan commitments at fair value, which is more consistent with management’s view of the underlying economics and the manner in which they are managed. In addition, election of the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at historical cost and the credit derivatives at fair value. The Corporation also elected the fair value option for certain loans held in consolidated VIEs. Loans Held-for-sale The Corporation elects to account for residential mortgage LHFS, commercial mortgage LHFS and certain other LHFS under the fair value option with interest income on these LHFS recorded in other interest income. These loans are actively managed and monitored and, as appropriate, certain market risks of the loans may be mitigated through the use of derivatives. The Corporation has elected not to designate the derivatives as qualifying accounting hedges and therefore they are carried at fair value with changes in fair value recorded in other income (loss). The changes in fair value of the loans are largely offset by changes in the fair value of the derivatives. Election of the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. The Corporation has not elected to account for certain other LHFS under the fair value option primarily because these loans are floating-rate loans that are not hedged using derivative instruments. Loans Reported as Trading Account Assets The Corporation elects to account for certain loans that are held for the purpose of trading and are risk-managed on a fair value basis under the fair value option. Other Assets The Corporation elects to account for certain private equity investments that are not in an investment company under the fair value option as this measurement basis is consistent with applicable accounting guidance for similar investments that are in an investment company. The Corporation also elects to account for certain long-term fixed-rate margin loans that are hedged with derivatives under the fair value option. Election of the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at historical cost and the derivatives at fair value. Securities Financing Agreements The Corporation elects to account for certain securities financing agreements, including resale and repurchase agreements, under the fair value option based on the tenor of the agreements, which reflects the magnitude of the interest rate risk. The majority of securities financing agreements collateralized by U.S. government securities are not accounted for under the fair value option as these contracts are generally short-dated and therefore the interest rate risk is not significant. Long-term Deposits The Corporation elects to account for certain long-term fixed-rate and rate-linked deposits that are hedged with derivatives that do not qualify for hedge accounting under the fair value option. Election of the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at historical cost and the derivatives at fair value. The Corporation has not elected to carry other long-term deposits at fair value because they were not hedged using derivatives. Short-term Borrowings The Corporation elects to account for certain short-term borrowings, primarily short-term structured liabilities, under the fair value option because this debt is risk-managed on a fair value basis. The Corporation elects to account for certain asset-backed secured financings, which are also classified in short-term borrowings, under the fair value option. Election of the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the asset-backed secured financings at historical cost and the corresponding mortgage LHFS securing these financings at fair value. Long-term Debt The Corporation elects to account for certain long-term debt, primarily structured liabilities, under the fair value option. This long-term debt is either risk-managed on a fair value basis or the related hedges do not qualify for hedge accounting. 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 December 31, 2015 and 2014 . Fair Value Option Elections December 31 2015 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 $ 55,143 $ 54,999 $ 144 $ 62,182 $ 61,902 $ 280 Loans reported as trading account assets (1) 4,995 9,214 (4,219 ) 4,607 8,487 (3,880 ) Trading inventory – other 8,149 n/a n/a 6,865 n/a n/a Consumer and commercial loans 6,938 7,293 (355 ) 8,681 8,925 (244 ) Loans held-for-sale 4,818 6,157 (1,339 ) 6,801 8,072 (1,271 ) Other assets 275 270 5 253 270 (17 ) Long-term deposits 1,116 1,021 95 1,469 1,361 108 Federal funds purchased and securities loaned or sold under agreements to repurchase 24,574 24,718 (144 ) 35,357 35,332 25 Short-term borrowings 1,325 1,325 — 2,697 2,697 — Unfunded loan commitments 658 n/a n/a 405 n/a n/a Long-term debt (2) 30,097 30,593 (496 ) 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 $29.0 billion and $35.3 billion , and contractual principal outstanding of $29.4 billion and $34.6 billion at December 31, 2015 and 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 2015 , 2014 and 2013 . Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option 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 $ (195 ) $ — $ — $ (195 ) Loans reported as trading account assets (199 ) — — (199 ) Trading inventory – other (1) 1,284 — — 1,284 Consumer and commercial loans 52 — (295 ) (243 ) Loans held-for-sale (2) (36 ) 673 63 700 Other assets — — 10 10 Long-term deposits 1 — 13 14 Federal funds purchased and securities loaned or sold under agreements to repurchase 33 — — 33 Short-term borrowings 3 — — 3 Unfunded loan commitments — — (210 ) (210 ) Long-term debt (3, 4) 2,107 — (633 ) 1,474 Total $ 3,050 $ 673 $ (1,052 ) $ 2,671 2014 Federal funds sold and securities borrowed or purchased under agreements to resell $ (114 ) $ — $ — $ (114 ) Loans reported as trading account assets (87 ) — — (87 ) Trading inventory – other (1) 1,091 — — 1,091 Consumer and commercial loans (24 ) — 69 45 Loans held-for-sale (2) (56 ) 798 83 825 Long-term deposits 23 — (26 ) (3 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 4 — — 4 Short-term borrowings 52 — — 52 Unfunded loan commitments — — (64 ) (64 ) Long-term debt (3) 239 — 407 646 Total $ 1,128 $ 798 $ 469 $ 2,395 2013 Federal funds sold and securities borrowed or purchased under agreements to resell $ (44 ) $ — $ — $ (44 ) Loans reported as trading account assets 83 — — 83 Trading inventory – other (1) 1,355 — — 1,355 Consumer and commercial loans (28 ) (38 ) 240 174 Loans held-for-sale (2) 7 966 75 1,048 Other assets — — (77 ) (77 ) Long-term deposits 30 — 84 114 Federal funds purchased and securities loaned or sold under agreements to repurchase (36 ) — — (36 ) Asset-backed secured financings — (91 ) — (91 ) Short-term borrowings (70 ) — — (70 ) Unfunded loan commitments — — 180 180 Long-term debt (3) (602 ) — (649 ) (1,251 ) Total $ 695 $ 837 $ (147 ) $ 1,385 (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 IRLCs on funded loans, including those sold during the period. (3) The majority of the net gains (losses) in trading account profits relate to the embedded derivative in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities. In connection with the implementation of new accounting guidance relating to DVA on structured liabilities accounted for at fair value under the fair value option, unrealized DVA gains (losses) in 2015 are recorded in accumulated OCI while realized gains (losses) are recorded in other income (loss); for years prior to 2015, the realized and unrealized gains (losses) are reflected in other income (loss). For more information on the implementation of new accounting guidance, see Note 1 – Summary of Significant Accounting Principles . (4) For the cumulative impact of changes in the Corporation’s credit spreads and the amount recognized in OCI, see Note 14 – Accumulated Other Comprehensive Income (Loss) . For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements . Gains (Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option December 31 (Dollars in millions) 2015 2014 2013 Loans reported as trading account assets $ 37 $ 28 $ 56 Consumer and commercial loans (200 ) 32 148 Loans held-for-sale 37 84 225 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 20 – Fair Value Measurements . The following disclosures include financial instruments where only a portion of the ending balance at December 31, 2015 and 2014 was carried at fair value on the Consolidated Balance Sheet. Short-term Financial Instruments The carrying value of short-term financial instruments, including cash and cash equivalents, time deposits placed and other short-term investments, federal funds sold and purchased, certain resale and repurchase agreements, customer and other receivables, customer payables (within accrued expenses and other liabilities on the Consolidated Balance Sheet), and short-term borrowings approximates the fair value of these instruments. These financial instruments generally expose the Corporation to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The Corporation elected to account for certain resale and repurchase agreements under the fair value option. Under the fair value hierarchy, cash and cash equivalents are classified as Level 1. Time deposits placed and other short-term investments, such as U.S. government securities and short-term commercial paper, are classified as Level 1 and Level 2. Federal funds sold and purchased are classified as Level 2. Resale and repurchase agreements are classified as Level 2 because they are generally short-dated and/or variable-rate instruments collateralized by U.S. government or agency securities. Customer and other receivables primarily consist of margin loans, servicing advances and other accounts receivable and are classified as Level 2 and Level 3. Customer payables and short-term borrowings are classified as Level 2. Held-to-maturity Debt Securities HTM debt securities, which consist primarily of U.S. agency debt securities, are classified as Level 2 using the same methodologies as AFS U.S. agency debt securities. For more information on HTM debt securities, see Note 3 – Securities . Loans The fair values for commercial and consumer loans are generally determined by discounting both principal and interest cash flows expected to be collected using a discount rate for similar instruments with adjustments that the Corporation believes a market participant would consider in determining fair value. The Corporation estimates the cash flows expected to be collected using internal credit risk, interest rate and prepayment risk models that incorporate the Corporation’s best estimate of current key assumptions, such as default rates, loss severity and prepayment speeds for the life of the loan. The carrying value of loans is presented net of the applicable allowance for loan losses and excludes leases. The Corporation accounts for certain commercial loans and residential mortgage loans under the fair value option. Deposits The fair value for certain deposits with stated maturities was determined by discounting contractual cash flows using current market rates for instruments with similar maturities. The carrying value of non-U.S. time deposits approximates fair value. For deposits with no stated maturities, the carrying value was considered to approximate fair value and does not take into account the significant value of the cost advantage and stability of the Corporation’s long-term relationships with depositors. The Corporation accounts for certain long-term fixed-rate deposits under the fair value option. Long-term Debt The Corporation uses quoted market prices, when available, to estimate fair value for its long-term debt. When quoted market prices are not available, fair value is estimated based on current market interest rates and credit spreads for debt with similar terms and maturities. The Corporation accounts for certain structured liabilities under the fair value option. 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 December 31, 2015 and 2014 are presented in the table below. Fair Value of Financial Instruments December 31, 2015 Fair Value (Dollars in millions) Carrying Value Level 2 Level 3 Total Financial assets Loans $ 863,561 $ 70,223 $ 805,371 $ 875,594 Loans held-for-sale 7,453 5,347 2,106 7,453 Financial liabilities Deposits 1,197,259 1,197,577 — 1,197,577 Long-term debt 236,764 239,596 1,513 241,109 December 31, 2014 Financial assets Loans $ 842,259 $ 87,174 $ 776,370 $ 863,544 Loans held-for-sale 12,836 12,236 618 12,854 Financial liabilities Deposits 1,118,936 1,119,427 — 1,119,427 Long-term debt 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 $1.3 billion and $6.3 billion at December 31, 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 12 – Commitments and Contingencies . |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights The Corporation accounts for consumer MSRs at fair value with changes in fair value primarily 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 2015 and 2014 . Rollforward of Mortgage Servicing Rights (Dollars in millions) 2015 2014 Balance, January 1 $ 3,530 $ 5,042 Additions 637 707 Sales (393 ) (61 ) Amortization of expected cash flows (1) (874 ) (927 ) Impact of changes in interest rates and other market factors (2) 41 (1,191 ) Model and other cash flow assumption changes: (3) Projected cash flows, including changes in costs to service loans 100 (163 ) Impact of changes in the Home Price Index (13 ) (25 ) Impact of changes to the prepayment model (10 ) 243 Other model changes (4) 69 (95 ) Balance, December 31 (5) $ 3,087 $ 3,530 Mortgage loans serviced for investors (in billions) $ 394 $ 490 (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 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. Also included is a decrease of $127 million for 2014 due to changes in option-adjusted spread rate assumptions. (5) At December 31, 2015 , includes $2.7 billion of U.S. and $407 million of non-U.S. consumer MSR balances compared to $3.3 billion and $259 million at December 31, 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 December 31, 2015 and 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 December 31 2015 2014 Fixed Adjustable Fixed Adjustable Weighted-average OAS 4.62 % 7.61 % 4.52 % 7.61 % Weighted-average life, in years 4.46 3.43 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 December 31, 2015 Change in Weighted-average Lives (Dollars in millions) Fixed Adjustable Change in Fair Value Prepayment rates Impact of 10% decrease 0.30 years 0.26 years $ 183 Impact of 20% decrease 0.64 0.55 389 Impact of 10% increase (0.26 ) (0.23 ) (163 ) Impact of 20% increase (0.50 ) (0.43 ) (310 ) OAS level Impact of 100 bps decrease $ 124 Impact of 200 bps decrease 259 Impact of 100 bps increase (115 ) Impact of 200 bps increase (221 ) |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Corporation 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 . 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 4,700 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 , including tailored solutions to meet clients’ needs through a full set of investment management, 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 certain residential mortgages, debt securities, 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 . The results of certain ALM activities are allocated to the business segments. Additionally, certain residential mortgage loans that are managed by LAS are held in All Other . 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 adjustments to net interest income to reflect 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 impacts 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 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 table below presents net income (loss) and the components thereto (with net interest income on an FTE basis) for 2015 , 2014 and 2013 , and total assets at December 31, 2015 and 2014 for each business segment, as well as All Other . Results for Business Segments and All Other At and for the Year Ended December 31 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Net interest income (FTE basis) $ 40,160 $ 40,821 $ 43,124 $ 19,844 $ 20,177 $ 20,619 $ 5,499 $ 5,836 $ 6,064 Noninterest income 43,256 44,295 46,677 10,774 10,632 11,313 12,502 12,568 11,726 Total revenue, net of interest expense (FTE basis) 83,416 85,116 89,801 30,618 30,809 31,932 18,001 18,404 17,790 Provision for credit losses 3,161 2,275 3,556 2,524 2,680 3,166 51 14 56 Noninterest expense 57,192 75,117 69,214 17,485 17,865 18,865 13,843 13,654 13,039 Income before income taxes (FTE basis) 23,063 7,724 17,031 10,609 10,264 9,901 4,107 4,736 4,695 Income tax expense (FTE basis) 7,175 2,891 5,600 3,870 3,828 3,630 1,498 1,767 1,722 Net income $ 15,888 $ 4,833 $ 11,431 $ 6,739 $ 6,436 $ 6,271 $ 2,609 $ 2,969 $ 2,973 Year-end total assets $ 2,144,316 $ 2,104,534 $ 636,464 $ 588,878 $ 296,139 $ 274,887 Global Banking Global Markets 2015 2014 2013 2015 2014 2013 Net interest income (FTE basis) $ 9,254 $ 9,810 $ 9,692 $ 4,338 $ 4,004 $ 4,237 Noninterest income 7,665 7,797 7,744 10,729 12,184 11,221 Total revenue, net of interest expense (FTE basis) 16,919 17,607 17,436 15,067 16,188 15,458 Provision for credit losses 685 322 1,142 99 110 140 Noninterest expense 7,888 8,170 8,051 11,310 11,862 12,094 Income before income taxes (FTE basis) 8,346 9,115 8,243 3,658 4,216 3,224 Income tax expense (FTE basis) 3,073 3,346 3,024 1,162 1,511 2,090 Net income $ 5,273 $ 5,769 $ 5,219 $ 2,496 $ 2,705 $ 1,134 Year-end total assets $ 382,043 $ 353,637 $ 551,587 $ 579,594 Legacy Assets & Servicing All Other 2015 2014 2013 2015 2014 2013 Net interest income (FTE basis) $ 1,573 $ 1,520 $ 1,552 $ (348 ) $ (526 ) $ 960 Noninterest income 1,857 1,156 2,872 (271 ) (42 ) 1,801 Total revenue, net of interest expense (FTE basis) 3,430 2,676 4,424 (619 ) (568 ) 2,761 Provision for credit losses 144 127 (283 ) (342 ) (978 ) (665 ) Noninterest expense 4,451 20,633 12,416 2,215 2,933 4,749 Loss before income taxes (FTE basis) (1,165 ) (18,084 ) (7,709 ) (2,492 ) (2,523 ) (1,323 ) Income tax benefit (FTE basis) (425 ) (4,974 ) (2,826 ) (2,003 ) (2,587 ) (2,040 ) Net income (loss) $ (740 ) $ (13,110 ) $ (4,883 ) $ (489 ) $ 64 $ 717 Year-end total assets $ 47,292 $ 45,957 $ 230,791 $ 261,581 (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 (Dollars in millions) 2015 2014 2013 Segments’ total revenue, net of interest expense (FTE basis) $ 84,035 $ 85,684 $ 87,040 Adjustments: ALM activities 237 (804 ) (545 ) Equity investment income — 727 2,737 Liquidating businesses and other (856 ) (491 ) 569 FTE basis adjustment (909 ) (869 ) (859 ) Consolidated revenue, net of interest expense $ 82,507 $ 84,247 $ 88,942 Segments’ total net income $ 16,377 $ 4,769 $ 10,714 Adjustments, net-of-taxes: ALM activities (305 ) (343 ) (929 ) Equity investment income — 454 1,724 Liquidating businesses and other (184 ) (47 ) (78 ) Consolidated net income $ 15,888 $ 4,833 $ 11,431 December 31 2015 2014 Segments’ total assets $ 1,913,525 $ 1,842,953 Adjustments: ALM activities, including securities portfolio 681,876 658,319 Equity investments 4,297 4,871 Liquidating businesses and other 63,465 73,008 Elimination of segment asset allocations to match liabilities (518,847 ) (474,617 ) Consolidated total assets $ 2,144,316 $ 2,104,534 |
Parent Company Information
Parent Company Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Information | Parent Company Information The following tables present the Parent Company-only financial information. This financial information is presented in accordance with bank regulatory reporting requirements. Condensed Statement of Income (Dollars in millions) 2015 2014 2013 Income Dividends from subsidiaries: Bank holding companies and related subsidiaries $ 18,970 $ 12,400 $ 8,532 Nonbank companies and related subsidiaries 53 149 357 Interest from subsidiaries 2,004 1,836 2,087 Other income (loss) (623 ) 72 233 Total income 20,404 14,457 11,209 Expense Interest on borrowed funds from related subsidiaries 1,169 1,661 1,730 Other interest expense 5,098 5,552 6,379 Noninterest expense 4,747 4,471 10,938 Total expense 11,014 11,684 19,047 Income (loss) before income taxes and equity in undistributed earnings of subsidiaries 9,390 2,773 (7,838 ) Income tax benefit (3,574 ) (4,079 ) (7,227 ) Income (loss) before equity in undistributed earnings of subsidiaries 12,964 6,852 (611 ) Equity in undistributed earnings (losses) of subsidiaries: Bank holding companies and related subsidiaries 3,120 3,613 14,150 Nonbank companies and related subsidiaries (196 ) (5,632 ) (2,108 ) Total equity in undistributed earnings (losses) of subsidiaries 2,924 (2,019 ) 12,042 Net income $ 15,888 $ 4,833 $ 11,431 Condensed Balance Sheet December 31 (Dollars in millions) 2015 2014 Assets Cash held at bank subsidiaries (1) $ 98,024 $ 100,304 Securities 937 932 Receivables from subsidiaries: Bank holding companies and related subsidiaries 23,594 23,356 Banks and related subsidiaries 569 2,395 Nonbank companies and related subsidiaries 56,426 52,251 Investments in subsidiaries: Bank holding companies and related subsidiaries 272,596 270,441 Nonbank companies and related subsidiaries 2,402 2,139 Other assets 9,360 14,599 Total assets $ 463,908 $ 466,417 Liabilities and shareholders’ equity Short-term borrowings $ 15 $ 46 Accrued expenses and other liabilities 13,900 16,872 Payables to subsidiaries: Banks and related subsidiaries 465 2,559 Nonbank companies and related subsidiaries 13,921 17,698 Long-term debt 179,402 185,771 Total liabilities 207,703 222,946 Shareholders’ equity 256,205 243,471 Total liabilities and shareholders’ equity $ 463,908 $ 466,417 (1) Balance includes third-party cash held of $ 28 million and $ 29 million at December 31, 2015 and 2014 . Condensed Statement of Cash Flows (Dollars in millions) 2015 2014 2013 Operating activities Net income $ 15,888 $ 4,833 $ 11,431 Reconciliation of net income to net cash provided by (used in) operating activities: Equity in undistributed (earnings) losses of subsidiaries (2,924 ) 2,019 (12,042 ) Other operating activities, net (2,509 ) 2,143 (10,422 ) Net cash provided by (used in) operating activities 10,455 8,995 (11,033 ) Investing activities Net sales (purchases) of securities 15 (142 ) 459 Net payments from (to) subsidiaries (7,944 ) (5,902 ) 39,336 Other investing activities, net 70 19 3 Net cash provided by (used in) investing activities (7,859 ) (6,025 ) 39,798 Financing activities Net increase (decrease) in short-term borrowings (221 ) (55 ) 178 Net increase (decrease) in other advances (770 ) 1,264 (14,378 ) Proceeds from issuance of long-term debt 26,492 29,324 30,966 Retirement of long-term debt (27,393 ) (33,854 ) (39,320 ) Proceeds from issuance of preferred stock 2,964 5,957 1,008 Redemption of preferred stock — — (6,461 ) Common stock repurchased (2,374 ) (1,675 ) (3,220 ) Cash dividends paid (3,574 ) (2,306 ) (1,677 ) Net cash used in financing activities (4,876 ) (1,345 ) (32,904 ) Net increase (decrease) in cash held at bank subsidiaries (2,280 ) 1,625 (4,139 ) Cash held at bank subsidiaries at January 1 100,304 98,679 102,818 Cash held at bank subsidiaries at December 31 $ 98,024 $ 100,304 $ 98,679 |
Performance by Geographic Area
Performance by Geographic Area | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Performance by Geographic Area | Performance by Geographical Area Since the Corporation’s operations are highly integrated, certain asset, liability, income and expense amounts must be allocated to arrive at total assets, total revenue, net of interest expense, income before income taxes and net income (loss) by geographic area. The Corporation identifies its geographic performance based on the business unit structure used to manage the capital or expense deployed in the region as applicable. This requires certain judgments related to the allocation of revenue so that revenue can be appropriately matched with the related capital or expense deployed in the region. December 31 Year Ended December 31 (Dollars in millions) Year Total Assets (1) Total Revenue, Net of Interest Expense (2) Income Before Income Taxes Net Income (Loss) U.S. (3) 2015 $ 1,849,128 $ 71,659 $ 20,148 $ 14,689 2014 1,792,719 72,960 4,643 3,305 2013 76,612 13,221 10,588 Asia (4) 2015 86,994 3,524 726 457 2014 92,005 3,605 759 473 2013 4,442 1,382 887 Europe, Middle East and Africa 2015 178,899 6,081 938 516 2014 190,365 6,409 1,098 813 2013 6,353 1,003 (403 ) Latin America and the Caribbean 2015 29,295 1,243 342 226 2014 29,445 1,273 355 242 2013 1,535 566 359 Total Non-U.S. 2015 295,188 10,848 2,006 1,199 2014 311,815 11,287 2,212 1,528 2013 12,330 2,951 843 Total Consolidated 2015 $ 2,144,316 $ 82,507 $ 22,154 $ 15,888 2014 2,104,534 84,247 6,855 4,833 2013 88,942 16,172 11,431 (1) Total assets include long-lived assets, which are primarily located in the U.S. (2) There were no material intercompany revenues between geographic regions for any of the periods presented. (3) Substantially reflects the U.S. (4) Amounts include pretax gains of $753 million ( $474 million net-of-tax) on the sale of common shares of CCB during 2013. |
Summary of Significant Accoun34
Summary of Significant Accounting Principles (Policies) | 12 Months Ended |
Dec. 31, 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 (GAAP) requires management to make estimates and assumptions that affect reported amounts and disclosures. Realized results could differ from those estimates and assumptions. |
New Accounting Pronouncements | In January 2016, the FASB issued new accounting guidance on recognition and measurement of financial instruments. The new guidance makes targeted changes to existing GAAP including, among other provisions, requiring certain equity investments to be measured at fair value with changes in fair value reported in earnings and requiring changes in instrument-specific credit risk (i.e., debit valuation adjustments (DVA)) for financial liabilities recorded at fair value under the fair value option to be reported in other comprehensive income (OCI). The accounting for DVA related to other financial liabilities, for example, derivatives, does not change. The new guidance is effective on January 1, 2018, with early adoption permitted for the provisions related to DVA. The Corporation early adopted, retrospective to January 1, 2015, the provisions of this new accounting guidance related to DVA on financial liabilities accounted for under the fair value option. The impact of the adoption was to reclassify, as of January 1, 2015, unrealized DVA losses of $1.2 billion after tax ( $2.0 billion pretax) from January 1, 2015 retained earnings to accumulated OCI. Further, pretax unrealized DVA gains of $301 million , $301 million and $420 million were reclassified from other income to accumulated OCI for the three months ended September 30, 2015, June 30, 2015 and March 31, 2015, respectively. This had the effect of reducing net income as previously reported for the aforementioned quarters by $187 million , $186 million and $260 million , or approximately $0.02 per share in each quarter. This change is reflected in the Consolidated Statement of Income and the Global Markets segment results. Financial statements for 2014 and 2013 were not subject to restatement under the provisions of this new accounting guidance. For additional information, see Note 14 – Accumulated Other Comprehensive Income (Loss) and Note 21 – Fair Value Option . The Corporation does not expect the provisions of this new accounting guidance other than those related to DVA, as described above, to have a material impact on its consolidated financial position or results of operations. In February 2015, the 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 on January 1, 2016. The Corporation does not expect the new guidance to have a material impact on its consolidated financial position or results of operations. 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 January 1, 2018. The Corporation does not expect the new guidance to have a material impact on its consolidated financial position or results of operations. In December 2012, the FASB issued a proposed standard on accounting for credit losses. It would replace multiple existing impairment models, including an “incurred loss” model for loans, with an “expected loss” model. The FASB has indicated a tentative effective date of January 1, 2019, and final guidance is expected to be issued in the second quarter of 2016. The final standard may materially reduce retained earnings in the period of adoption. |
Cash and Cash Equivalents | Cash and cash equivalents include cash on hand, cash items in the process of collection, cash segregated under federal and other brokerage regulations, and amounts due from correspondent banks, the Federal Reserve Bank and certain non-U.S. central banks. |
Securities Financing Agreements | The Corporation enters into securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase (securities financing agreements) to accommodate customers (also referred to as “matched-book transactions”), obtain securities to cover short positions, and to finance inventory positions. Securities financing agreements are treated as collateralized financing transactions except in instances where the transaction is required to be accounted for as individual sale and purchase transactions. Generally, these agreements are recorded at the amounts at which the securities were acquired or sold plus accrued interest, except for certain securities financing agreements that the Corporation accounts for under the fair value option. Changes in the fair value of securities financing agreements that are accounted for under the fair value option are recorded in trading account profits in the Consolidated Statement of Income. The Corporation’s policy is to obtain possession of collateral with a market value equal to or in excess of the principal amount loaned under resale agreements. To ensure that the market value of the underlying collateral remains sufficient, collateral is generally valued daily and the Corporation may require counterparties to deposit additional collateral or may return collateral pledged when appropriate. Securities financing agreements give rise to negligible credit risk as a result of these collateral provisions and, accordingly, no allowance for loan losses is considered necessary. In transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral, it recognizes an asset on the Consolidated Balance Sheet at fair value, representing the securities received, and a liability, representing the obligation to return those securities. |
Collateral | The Corporation accepts securities as collateral that it is permitted by contract or custom to sell or repledge. At December 31, 2015 and 2014 , the fair value of this collateral was $458.9 billion and $508.7 billion , of which $383.5 billion and $419.3 billion was sold or repledged. The primary source of this collateral is securities borrowed or purchased under agreements to resell. The Corporation also pledges company-owned securities and loans as collateral in transactions that include repurchase agreements, securities loaned, public and trust deposits, U.S. Treasury tax and loan notes, and short-term borrowings. This collateral, which in some cases can be sold or repledged by the counterparties to the transactions, is parenthetically disclosed on the Consolidated Balance Sheet. In certain cases, the Corporation has transferred assets to consolidated VIEs where those restricted assets serve as collateral for the interests issued by the VIEs. These assets are included on the Consolidated Balance Sheet in Assets of Consolidated VIEs. In addition, the Corporation obtains collateral in connection with its derivative contracts. Required collateral levels vary depending on the credit risk rating and the type of counterparty. Generally, the Corporation accepts collateral in the form of cash, U.S. Treasury securities and other marketable securities. Based on provisions contained in master netting agreements, the Corporation nets cash collateral received against derivative assets. The Corporation also pledges collateral on its own derivative positions which can be applied against derivative liabilities. |
Trading Instruments | Financial instruments utilized in trading activities are carried at fair value. Fair value is generally based on quoted market prices or quoted market prices for similar assets and liabilities. If these market prices are not available, fair values are estimated based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques where the determination of fair value may require significant management judgment or estimation. Realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in trading account profits. |
Derivatives and Hedging Activities | 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 are both designated in qualifying accounting hedge relationships and derivatives used to hedge market risks in relationships that are not designated in qualifying accounting hedge relationships (referred to as other risk management activities). Derivatives utilized by the Corporation include swaps, financial futures and forward settlement contracts, and option contracts. All derivatives are recorded on the Consolidated Balance Sheet at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow the Corporation to settle positive and negative positions and offset cash collateral held with the same counterparty on a net basis. For exchange-traded contracts, fair value is based on quoted market prices in active or inactive markets or is derived from observable market- based pricing parameters, similar to those applied to over-the-counter (OTC) derivatives. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies or similar techniques for which the determination of fair value may require significant management judgment or estimation. Valuations of derivative assets and liabilities reflect the value of the instrument including counterparty credit risk. These values also take into account the Corporation’s own credit standing. Trading Derivatives and Other Risk Management Activities Derivatives held for trading purposes are included in derivative assets or derivative liabilities on the Consolidated Balance Sheet with changes in fair value included in trading account profits. Derivatives used for other risk management activities are included in derivative assets or derivative liabilities. Derivatives used in other risk management activities have not been designated in a qualifying accounting hedge relationship because they did not qualify or the risk that is being mitigated pertains to an item that is reported at fair value through earnings so that the effect of measuring the derivative instrument and the asset or liability to which the risk exposure pertains will offset in the Consolidated Statement of Income to the extent effective. The changes in the fair value of derivatives that serve to mitigate certain risks associated with mortgage servicing rights (MSRs), interest rate lock commitments (IRLCs) and first mortgage loans held-for-sale (LHFS) that are originated by the Corporation are recorded in mortgage banking income. Changes in the fair value of derivatives that serve to mitigate interest rate risk and foreign currency risk are included in other income (loss). Credit derivatives are also used by the Corporation to mitigate the risk associated with various credit exposures. The changes in the fair value of these derivatives are included in other income (loss). Derivatives Used For Hedge Accounting Purposes (Accounting Hedges) For accounting hedges, the Corporation formally documents at inception all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategies for undertaking various accounting hedges. Additionally, the Corporation primarily uses regression analysis at the inception of a hedge and for each reporting period thereafter to assess whether the derivative used in an accounting hedge transaction is expected to be and has been highly effective in offsetting changes in the fair value or cash flows of a hedged item or forecasted transaction. The Corporation discontinues hedge accounting when it is determined that a derivative is not expected to be or has ceased to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship. The Corporation uses its accounting hedges as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The Corporation manages interest rate and foreign currency exchange rate sensitivity predominantly through the use of derivatives. Fair value hedges are used to protect against changes in the fair value of the Corporation’s assets and liabilities that are attributable to interest rate or foreign exchange volatility. Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings, together and in the same income statement line item with changes in the fair value of the related hedged item. If a derivative instrument in a fair value hedge is terminated or the hedge designation removed, the previous adjustments to the carrying value of the hedged asset or liability are subsequently accounted for in the same manner as other components of the carrying value of that asset or liability. For interest-earning assets and interest-bearing liabilities, such adjustments are amortized to earnings over the remaining life of the respective asset or liability. Cash flow hedges are used primarily to minimize the variability in cash flows of assets or liabilities, or forecasted transactions caused by interest rate or foreign exchange fluctuations. Changes in the fair value of derivatives designated as cash flow hedges are recorded in accumulated OCI and are reclassified into the line item in the income statement in which the hedged item is recorded in the same period the hedged item affects earnings. Hedge ineffectiveness and gains and losses on the component of a derivative excluded in assessing hedge effectiveness are recorded in the same income statement line item. The Corporation records changes in the fair value of derivatives used as hedges of the net investment in foreign operations, to the extent effective, as a component of accumulated OCI. If a derivative instrument in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated OCI are reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. If it becomes probable that a forecasted transaction will not occur, any related amounts in accumulated OCI are reclassified into earnings in that period. |
Interest Rate Lock Commitments | The Corporation enters into IRLCs in connection with its mortgage banking activities to fund residential mortgage loans at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value recorded in mortgage banking income, typically resulting in recognition of a gain when the Corporation enters into IRLCs. In estimating the fair value of an IRLC, the Corporation assigns a probability that the loan commitment will be exercised and the loan will be funded. The fair value of the commitments is derived from the fair value of related mortgage loans which is based on observable market data and includes the expected net future cash flows related to servicing of the loans. Changes in the fair value of IRLCs are recognized based on interest rate changes, changes in the probability that the commitment will be exercised and the passage of time. Changes from the expected future cash flows related to the customer relationship are excluded from the valuation of IRLCs. Outstanding IRLCs expose the Corporation to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Corporation utilizes forward loan sales commitments and other derivative instruments, including interest rate swaps and options, to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. The changes in the fair value of these derivatives are recorded in mortgage banking income. |
Securities | Debt securities are recorded on the Consolidated Balance Sheet as of their trade date. Debt securities bought principally with the intent to buy and sell in the short term as part of the Corporation’s trading activities are reported at fair value in trading account assets with unrealized gains and losses included in trading account profits. Debt securities purchased for longer term investment purposes, as part of asset and liability management (ALM) and other strategic activities are generally reported at fair value as available-for-sale (AFS) securities with net unrealized gains and losses net-of-tax included in accumulated OCI. Certain other debt securities purchased for ALM and other strategic purposes are reported at fair value with unrealized gains and losses reported in other income (loss). These are referred to as other debt securities carried at fair value. AFS securities and other debt securities carried at fair value are reported in debt securities on the Consolidated Balance Sheet. The Corporation may hedge these other debt securities with risk management derivatives with the unrealized gains and losses also reported in other income (loss). The debt securities are carried at fair value with unrealized gains and losses reported in other income (loss) to mitigate accounting asymmetry with the risk management derivatives and to achieve operational simplifications. Debt securities which management has the intent and ability to hold to maturity are reported at amortized cost. Certain debt securities purchased for use in other risk management activities, such as hedging certain market risks related to MSRs, are reported in other assets at fair value with unrealized gains and losses reported in the same line item as the item being hedged. The Corporation regularly evaluates each AFS and held-to-maturity (HTM) debt security where the value has declined below amortized cost to assess whether the decline in fair value is other than temporary. In determining whether an impairment is other than temporary, the Corporation considers the severity and duration of the decline in fair value, the length of time expected for recovery, the financial condition of the issuer, and other qualitative factors, as well as whether the Corporation either plans to sell the security or it is more-likely-than-not that it will be required to sell the security before recovery of the amortized cost. If the impairment of the AFS or HTM debt security is credit-related, an other-than-temporary impairment (OTTI) loss is recorded in earnings. For AFS debt securities, the non-credit related impairment loss is recognized in accumulated OCI. If the Corporation intends to sell an AFS debt security or believes it will more-likely-than-not be required to sell a security, the Corporation records the full amount of the impairment loss as an OTTI loss. Interest on debt securities, including amortization of premiums and accretion of discounts, is included in interest income. Premiums and discounts are amortized to interest income over the estimated lives of the securities. Prepayment experience, which is primarily driven by interest rates, is continually evaluated to determine the estimated lives of the securities. When a change is made to the estimated lives of the securities, the related premium or discount is adjusted, with a corresponding charge or credit to interest income, to the appropriate amount had the current estimated lives been applied since the acquisition of the securities. Realized gains and losses from the sales of debt securities are determined using the specific identification method. Marketable equity securities are classified based on management’s intention on the date of purchase and recorded on the Consolidated Balance Sheet as of the trade date. Marketable equity securities that are bought and held principally for the purpose of resale in the near term are classified as trading and are carried at fair value with unrealized gains and losses included in trading account profits. Other marketable equity securities are accounted for as AFS and classified in other assets. All AFS marketable equity securities are carried at fair value with net unrealized gains and losses included in accumulated OCI, net-of-tax. If there is an other-than-temporary decline in the fair value of any individual AFS marketable equity security, the cost basis is reduced and the Corporation reclassifies the associated net unrealized loss out of accumulated OCI with a corresponding charge to equity investment income. Dividend income on AFS marketable equity securities is included in equity investment income. Realized gains and losses on the sale of all AFS marketable equity securities, which are recorded in equity investment income, are determined using the specific identification method. Certain equity investments held by Global Principal Investments, the Corporation’s diversified equity investor in private equity, real estate and other alternative investments, are subject to investment company accounting under applicable accounting guidance and, accordingly, are carried at fair value with changes in fair value reported in equity investment income. These investments are included in other assets. Initially, the transaction price of the investment is generally considered to be the best indicator of fair value. Thereafter, valuation of direct investments is based on an assessment of each individual investment using methodologies that include publicly-traded comparables derived by multiplying a key performance metric of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparables, entry level multiples and discounted cash flow analyses, and are subject to appropriate discounts for lack of liquidity or marketability. For fund investments, the Corporation generally records the fair value of its proportionate interest in the fund’s capital as reported by the respective fund managers. |
Loans and Leases | Loans, with the exception of loans accounted for under the fair value option, are measured at historical cost and reported at their outstanding principal balances net of any unearned income, charge-offs, unamortized deferred fees and costs on originated loans, and for purchased loans, net of any unamortized premiums or discounts. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to interest income over the lives of the related loans. Unearned income, discounts and premiums are amortized to interest income using a level yield methodology. The Corporation elects to account for certain consumer and commercial loans under the fair value option with changes in fair value reported in other income (loss). Under applicable accounting guidance, for reporting purposes, the loan and lease portfolio is categorized by portfolio segment and, within each portfolio segment, by class of financing receivables. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the allowance for credit losses, and a class of financing receivables is defined as the level of disaggregation of portfolio segments based on the initial measurement attribute, risk characteristics and methods for assessing risk. The Corporation’s three portfolio segments are Consumer Real Estate, Credit Card and Other Consumer, and Commercial. The classes within the Consumer Real Estate portfolio segment are core portfolio residential mortgage, Legacy Assets & Servicing residential mortgage, core portfolio home equity and Legacy Assets & Servicing home equity . The classes within the Credit Card and Other Consumer portfolio segment are U.S. credit card, non-U.S. credit card, direct/indirect consumer and other consumer. The classes within the Commercial portfolio segment are U.S. commercial, commercial real estate, commercial lease financing, non-U.S. commercial and U.S. small business commercial. Purchased Credit-impaired Loans Purchased loans with evidence of credit quality deterioration as of the purchase date for which it is probable that the Corporation will not receive all contractually required payments receivable are accounted for as purchased credit-impaired (PCI) loans. Evidence of credit quality deterioration since origination may include past due status, refreshed credit scores and refreshed loan-to-value (LTV) ratios. At acquisition, PCI loans are recorded at fair value with no allowance for credit losses, and accounted for individually or aggregated in pools based on similar risk characteristics such as credit risk, collateral type and interest rate risk. The Corporation estimates the amount and timing of expected cash flows for each loan or pool of loans. The expected cash flows in excess of the amount paid for the loans is referred to as the accretable yield and is recorded as interest income over the remaining estimated life of the loan or pool of loans. The excess of the PCI loans’ contractual principal and interest over the expected cash flows is referred to as the nonaccretable difference. Over the life of the PCI loans, the expected cash flows continue to be estimated using models that incorporate management’s estimate of current assumptions such as default rates, loss severity and prepayment speeds. If, upon subsequent valuation, the Corporation determines it is probable that the present value of the expected cash flows has decreased, a charge to the provision for credit losses is recorded with a corresponding increase in the allowance for credit losses. If it is probable that there is a significant increase in the present value of expected cash flows, the allowance for credit losses is reduced or, if there is no remaining allowance for credit losses related to these PCI loans, the accretable yield is increased through a reclassification from nonaccretable difference, resulting in a prospective increase in interest income. Reclassifications to or from nonaccretable difference can also occur for changes in the PCI loans’ estimated lives. If a loan within a PCI pool is sold, foreclosed, forgiven or the expectation of any future proceeds is remote, the loan is removed from the pool at its proportional carrying value. If the loan’s recovery value is less than the loan’s carrying value, the difference is first applied against the PCI pool’s nonaccretable difference and then against the allowance for credit losses. Leases The Corporation provides equipment financing to its customers through a variety of lease arrangements. Direct financing leases are carried at the aggregate of lease payments receivable plus estimated residual value of the leased property less unearned income. Leveraged leases, which are a form of financing leases, are reported net of non-recourse debt. Unearned income on leveraged and direct financing leases is accreted to interest income over the lease terms using methods that approximate the interest method. |
Allowance for Credit Losses | The allowance for credit losses, which includes the allowance for loan and lease losses and the reserve for unfunded lending commitments, represents management’s estimate of probable losses inherent in the Corporation’s lending activities. The allowance for loan and lease losses and the reserve for unfunded lending commitments exclude amounts for loans and unfunded lending commitments accounted for under the fair value option as the fair values of these instruments reflect a credit component. The allowance for loan and lease losses does not include amounts related to accrued interest receivable, other than billed interest and fees on credit card receivables, as accrued interest receivable is reversed when a loan is placed on nonaccrual status. The allowance for loan and lease losses represents the estimated probable credit losses on funded consumer and commercial loans and leases while the reserve for unfunded lending commitments, including standby letters of credit (SBLCs) and binding unfunded loan commitments, represents estimated probable credit losses on these unfunded credit instruments based on utilization assumptions. Lending-related credit exposures deemed to be uncollectible, excluding loans carried at fair value, are charged off against these accounts. Write-offs on PCI loans on which there is a valuation allowance are recorded against the valuation allowance. For additional information, see Purchased Credit-impaired Loans in this Note. Cash recovered on previously charged-off amounts is recorded as a recovery to these accounts. Management evaluates the adequacy of the allowance for credit losses based on the combined total of the allowance for loan and lease losses and the reserve for unfunded lending commitments. The Corporation performs periodic and systematic detailed reviews of its lending portfolios to identify credit risks and to assess the overall collectability of those portfolios. The allowance on certain homogeneous consumer loan portfolios, which generally consist of consumer real estate within the Consumer Real Estate portfolio segment and credit card loans within the Credit Card and Other Consumer portfolio segment, is based on aggregated portfolio segment evaluations generally by product type. Loss forecast models are utilized for these portfolios which consider a variety of factors including, but not limited to, historical loss experience, estimated defaults or foreclosures based on portfolio trends, delinquencies, bankruptcies, economic conditions and credit scores. The Corporation’s Consumer Real Estate portfolio segment is comprised primarily of large groups of homogeneous consumer loans secured by residential real estate. The amount of losses incurred in the homogeneous loan pools is estimated based on the number of loans that will default and the loss in the event of default. Using modeling methodologies, the Corporation estimates the number of homogeneous loans that will default based on the individual loan attributes aggregated into pools of homogeneous loans with similar attributes. The attributes that are most significant to the probability of default and are used to estimate defaults include refreshed LTV or, in the case of a subordinated lien, refreshed combined LTV, borrower credit score, months since origination (referred to as vintage) and geography, all of which are further broken down by present collection status (whether the loan is current, delinquent, in default or in bankruptcy). This estimate is based on the Corporation’s historical experience with the loan portfolio. The estimate is adjusted to reflect an assessment of environmental factors not yet reflected in the historical data underlying the loss estimates, such as changes in real estate values, local and national economies, underwriting standards and the regulatory environment. The probability of default on a loan is based on an analysis of the movement of loans with the measured attributes from either current or any of the delinquency categories to default over a 12 -month period. On home equity loans where the Corporation holds only a second-lien position and foreclosure is not the best alternative, the loss severity is estimated at 100 percent . The allowance on certain commercial loans (except business card and certain small business loans) is calculated using loss rates delineated by risk rating and product type. Factors considered when assessing loss rates include the value of the underlying collateral, if applicable, the industry of the obligor, and the obligor’s liquidity and other financial indicators along with certain qualitative factors. These statistical models are updated regularly for changes in economic and business conditions. Included in the analysis of consumer and commercial loan portfolios are reserves which are maintained to cover uncertainties that affect the Corporation’s estimate of probable losses including domestic and global economic uncertainty and large single-name defaults. The remaining portfolios, including nonperforming commercial loans, as well as consumer and commercial loans modified in a troubled debt restructuring (TDR), are reviewed in accordance with applicable accounting guidance on impaired loans and TDRs. If necessary, a specific allowance is established for these loans if they are deemed to be impaired. A loan is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due, including principal and/or interest, in accordance with the contractual terms of the agreement, or the loan has been modified in a TDR. Once a loan has been identified as impaired, management measures impairment pr imarily b ased on the present value of payments expected to be received, discounted at the loans’ original effective contractual interest rates, or discounted at the portfolio average contractual annual percentage rate, excluding promotionally priced loans, in effect prior to restructuring. Impaired loans and TDRs may also be measured based on observable market prices, or for loans that are solely dependent on the collateral for repayment, the estimated fair value of the collateral less costs to sell. If the recorded investment in impaired loans exceeds this amount, a specific allowance is established as a component of the allowance for loan and lease losses unless these are secured consumer loans that are solely dependent on the collateral for repayment, in which case the amount that exceeds the fair value of the collateral is charged off. Generally, when determining the fair value of the collateral securing consumer real estate-secured loans that are solely dependent on the collateral for repayment, prior to performing a detailed property valuation including a walk-through of a property, the Corporation initially estimates the fair value of the collateral securing these consumer loans using an automated valuation model (AVM). An AVM is a tool that estimates the value of a property by reference to market data including sales of comparable properties and price trends specific to the Metropolitan Statistical Area in which the property being valued is located. In the event that an AVM value is not available, the Corporation utilizes publicized indices or if these methods provide less reliable valuations, the Corporation uses appraisals or broker price opinions to estimate the fair value of the collateral. While there is inherent imprecision in these valuations, the Corporation believes that they are representative of the portfolio in the aggregate. In addition to the allowance for loan and lease losses, the Corporation also estimates probable losses related to unfunded lending commitments, such as letters of credit and financial guarantees, and binding unfunded loan commitments. The reserve for unfunded lending commitments excludes commitments accounted for under the fair value option. Unfunded lending commitments are subject to individual reviews and are analyzed and segregated by risk according to the Corporation’s internal risk rating scale. These risk classifications, in conjunction with an analysis of historical loss experience, utilization assumptions, current economic conditions, performance trends within the portfolio and any other pertinent information, result in the estimation of the reserve for unfunded lending commitments. The allowance for credit losses related to the loan and lease portfolio is reported separately on the Consolidated Balance Sheet whereas the reserve for unfunded lending commitments is reported on the Consolidated Balance Sheet in accrued expenses and other liabilities. The provision for credit losses related to the loan and lease portfolio and unfunded lending commitments is reported in the Consolidated Statement of Income. |
Nonperforming Loan and Lease, Charge-offs and Delinquencies | Nonperforming loans and leases generally include loans and leases that have been placed on nonaccrual status, including nonaccruing loans whose contractual terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. Loans accounted for under the fair value option, PCI loans and LHFS are not reported as nonperforming. In accordance with the Corporation’s policies, consumer real estate-secured loans, including residential mortgages and home equity loans, are generally placed on nonaccrual status and classified as nonperforming at 90 days past due unless repayment of the loan is insured by the Federal Housing Administration (FHA) or through individually insured long-term standby agreements with Fannie Mae (FNMA) or Freddie Mac (FHLMC) (the fully-insured portfolio). Residential mortgage loans in the fully-insured portfolio are not placed on nonaccrual status and, therefore, are not reported as nonperforming. Junior-lien home equity loans are placed on nonaccrual status and classified as nonperforming when the underlying first-lien mortgage loan becomes 90 days past due even if the junior-lien loan is current. Accrued interest receivable is reversed when a consumer loan is placed on nonaccrual status. Interest collections on nonaccruing consumer loans for which the ultimate collectability of principal is uncertain are generally applied as principal reductions; otherwise, such collections are credited to interest income when received. These loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. The outstanding balance of real estate-secured loans that is in excess of the estimated property value less costs to sell is charged off no later than the end of the month in which the loan becomes 180 days past due unless the loan is fully insured. The estimated property value less costs to sell is determined using the same process as described for impaired loans in Allowance for Credit Losses in this Note. Consumer loans secured by personal property, credit card loans and other unsecured consumer loans are not placed on nonaccrual status prior to charge-off and, therefore, are not reported as nonperforming loans, except for certain secured consumer loans, including those that have been modified in a TDR. Personal property-secured loans are charged off to collateral value no later than the end of the month in which the account becomes 120 days past due or, for loans in bankruptcy, 60 days past due. Credit card and other unsecured consumer loans are charged off no later than the end of the month in which the account becomes 180 days past due or within 60 days after receipt of notification of death or bankruptcy. Commercial loans and leases, excluding business card loans, that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status and classified as nonperforming unless well-secured and in the process of collection. Accrued interest receivable is reversed when commercial loans and leases are placed on nonaccrual status. Interest collections on nonaccruing commercial loans and leases for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Commercial loans and leases may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Business card loans are charged off no later than the end of the month in which the account becomes 180 days past due or 60 days after receipt of notification of death or bankruptcy. These loans are not placed on nonaccrual status prior to charge-off and, therefore, are not reported as nonperforming loans. Other commercial loans and leases are generally charged off when all or a portion of the principal amount is determined to be uncollectible. The entire balance of a consumer loan or commercial loan or lease is contractually delinquent if the minimum payment is not received by the specified due date on the customer’s billing statement. Interest and fees continue to accrue on past due loans and leases until the date the loan is placed on nonaccrual status, if applicable. PCI loans are recorded at fair value at the acquisition date. Although the PCI loans may be contractually delinquent, the Corporation does not classify these loans as nonperforming as the loans were written down to fair value at the acquisition date and the accretable yield is recognized in interest income over the remaining life of the loan. In addition, reported net charge-offs exclude write-offs on PCI loans as the fair value already considers the estimated credit losses. |
Troubled Debt Restructurings | Consumer and commercial loans and leases whose contractual terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties are classified as TDRs. Concessions could include a reduction in the interest rate to a rate that is below market on the loan, payment extensions, forgiveness of principal, forbearance or other actions designed to maximize collections. Loans classified as TDRs are considered impaired loans. Loans that are carried at fair value, LHFS and PCI loans are not classified as TDRs. Consumer and commercial loans and leases whose contractual terms have been modified in a TDR and are current at the time of restructuring may remain on accrual status if there is demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise, the loans are placed on nonaccrual status and reported as nonperforming, except for fully-insured consumer real estate loans, until there is sustained repayment performance for a reasonable period, generally six months. If accruing TDRs cease to perform in accordance with their modified contractual terms, they are placed on nonaccrual status and reported as nonperforming TDRs. Generally, TDRs are reported as performing or nonperforming TDRs, depending on nonaccrual status, throughout their remaining lives. Accruing TDRs that bear a market rate of interest are reported as performing TDRs through the end of the calendar year in which the loans are returned to accrual status. Secured consumer loans that have been discharged in Chapter 7 bankruptcy and have not been reaffirmed by the borrower are classified as TDRs at the time of discharge. Such loans are placed on nonaccrual status and written down to the estimated collateral value less costs to sell no later than at the time of discharge. If these loans are contractually current, interest collections are generally recorded in interest income on a cash basis. Consumer real estate-secured loans for which a binding offer to restructure has been extended are also classified as TDRs. Credit card and other unsecured consumer loans that have been renegotiated in a TDR are not placed on nonaccrual status. Credit card and other unsecured consumer loans that have been renegotiated and placed on a fixed payment plan after July 1, 2012 are generally charged off no later than the end of the month in which the account becomes 120 days past due. A loan that had previously been modified in a TDR and is subsequently refinanced under current underwriting standards at a market rate with no concessionary terms is accounted for as a new loan and is no longer reported as a TDR. |
Loan Held-for-sale | Loans that are intended to be sold in the foreseeable future, including residential mortgages, loan syndications, and to a lesser degree, commercial real estate, consumer finance and other loans, are reported as LHFS and are carried at the lower of aggregate cost or fair value. The Corporation accounts for certain LHFS, including residential mortgage LHFS, under the fair value option. Loan origination costs related to LHFS that the Corporation accounts for under the fair value option are recognized in noninterest expense when incurred. Loan origination costs for LHFS carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and recognized as a reduction of noninterest income upon the sale of such loans. LHFS that are on nonaccrual status and are reported as nonperforming, as defined in the policy herein, are reported separately from nonperforming loans and leases. |
Premises and Equipment | Premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method over the estimated useful lives of the assets. Estimated lives range up to 40 years for buildings, up to 12 years for furniture and equipment, and the shorter of lease term or estimated useful life for leasehold improvements. |
Internally-developed Software | The Corporation capitalizes the costs associated with certain internally-developed software, and amortizes the costs over the expected useful life. Direct project costs of internally-developed software are capitalized when it is probable that the project will be completed and the software will be used for its intended function. |
Mortgage Servicing Rights | The Corporation accounts for consumer MSRs, including residential mortgage and home equity MSRs, at fair value with changes in fair value recorded in mortgage banking income. To reduce the volatility of earnings related to interest rate and market value fluctuations, U.S. Treasury securities, mortgage-backed securities and derivatives such as options and interest rate swaps may be used to hedge certain market risks of the MSRs. Such derivatives are not designated as qualifying accounting hedges. These instruments are carried at fair value with changes in fair value recognized in mortgage banking income. The Corporation estimates the fair value of consumer MSRs using a valuation model that calculates the present value of estimated future net servicing income and, when available, quoted prices from independent parties. |
Goodwill and Intangible Assets | Goodwill is the purchase premium after adjusting for the fair value of net assets acquired. Goodwill is not amortized but is reviewed for potential impairment on an annual basis, or when events or circumstances indicate a potential impairment, at the reporting unit level. A reporting unit, as defined under applicable accounting guidance, is a business segment or one level below a business segment. The goodwill impairment analysis is a two-step test. The first step of the goodwill impairment test involves comparing the fair value of each reporting unit with its carrying value, including goodwill, as measured by allocated equity. In certain circumstances, the first step may be performed using a qualitative assessment. If the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not impaired; however, if the carrying value of the reporting unit exceeds its fair value, the second step must be performed to measure potential impairment. The second step involves calculating an implied fair value of goodwill for each reporting unit for which the first step indicated possible impairment. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination, which is the excess of the fair value of the reporting unit, as determined in the first step, over the aggregate fair values of the assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. Measurement of the fair values of the assets and liabilities of a reporting unit is consistent with the requirements of the fair value measurements accounting guidance, as described in Fair Value in this Note. The adjustments to measure the assets, liabilities and intangibles at fair value are for the purpose of measuring the implied fair value of goodwill and such adjustments are not reflected on the Consolidated Balance Sheet. If the implied fair value of goodwill exceeds the goodwill assigned to the reporting unit, there is no impairment. If the goodwill assigned to a reporting unit exceeds the implied fair value of goodwill, an impairment charge is recorded for the excess. An impairment loss recognized cannot exceed the amount of goodwill assigned to a reporting unit. An impairment loss establishes a new basis in the goodwill and subsequent reversals of goodwill impairment losses are not permitted under applicable accounting guidance. For intangible assets subject to amortization, an impairment loss is recognized if the carrying value of the intangible asset is not recoverable and exceeds fair value. The carrying value of the intangible asset is considered not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. Intangible assets deemed to have indefinite useful lives are not subject to amortization. An impairment loss is recognized if the carrying value of the intangible asset with an indefinite life exceeds its fair value. |
Variable Interest Entities | A VIE is an entity that lacks equity investors or whose equity investors do not have a controlling financial interest in the entity through their equity investments. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and consolidates the VIE. The Corporation is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. On a quarterly basis, the Corporation reassesses whether it has a controlling financial interest in and is the primary beneficiary of a VIE. The quarterly reassessment process considers whether the Corporation has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The reassessment also considers whether the Corporation has acquired or disposed of a financial interest that could be significant to the VIE, or whether an interest in the VIE has become significant or is no longer significant. The consolidation status of the VIEs with which the Corporation is involved may change as a result of such reassessments. Changes in consolidation status are applied prospectively, with assets and liabilities of a newly consolidated VIE initially recorded at fair value. A gain or loss may be recognized upon deconsolidation of a VIE depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of retained interests and ongoing contractual arrangements. The Corporation primarily uses VIEs for its securitization activities, in which the Corporation transfers whole loans or debt securities into a trust or other vehicle such that the assets are legally isolated from the creditors of the Corporation. Assets held in a trust can only be used to settle obligations of the trust. The creditors of these trusts typically have no recourse to the Corporation except in accordance with the Corporation’s obligations under standard representations and warranties. When the Corporation is the servicer of whole loans held in a securitization trust, including non-agency residential mortgages, home equity loans, credit cards, automobile loans and student loans, the Corporation has the power to direct the most significant activities of the trust. The Corporation generally does not have the power to direct the most significant activities of a residential mortgage agency trust except in certain circumstances in which the Corporation holds substantially all of the issued securities and has the unilateral right to liquidate the trust. The power to direct the most significant activities of a commercial mortgage securitization trust is typically held by the special servicer or by the party holding specific subordinate securities which embody certain controlling rights. The Corporation consolidates a whole-loan securitization trust if it has the power to direct the most significant activities and also holds securities issued by the trust or has other contractual arrangements, other than standard representations and warranties, that could potentially be significant to the trust. The Corporation may also transfer trading account securities and AFS securities into municipal bond or resecuritization trusts. The Corporation consolidates a municipal bond or resecuritization trust if it has control over the ongoing activities of the trust such as the remarketing of the trust’s liabilities or, if there are no ongoing activities, sole discretion over the design of the trust, including the identification of securities to be transferred in and the structure of securities to be issued, and also retains securities or has liquidity or other commitments that could potentially be significant to the trust. The Corporation does not consolidate a municipal bond or resecuritization trust if one or a limited number of third-party investors share responsibility for the design of the trust or have control over the significant activities of the trust through liquidation or other substantive rights. Other VIEs used by the Corporation include collateralized debt obligations (CDOs), investment vehicles created on behalf of customers and other investment vehicles. The Corporation does not routinely serve as collateral manager for CDOs and, therefore, does not typically have the power to direct the activities that most significantly impact the economic performance of a CDO. However, following an event of default, if the Corporation is a majority holder of senior securities issued by a CDO and acquires the power to manage the assets of the CDO, the Corporation consolidates the CDO. The Corporation consolidates a customer or other investment vehicle if it has control over the initial design of the vehicle or manages the assets in the vehicle and also absorbs potentially significant gains or losses through an investment in the vehicle, derivative contracts or other arrangements. The Corporation does not consolidate an investment vehicle if a single investor controlled the initial design of the vehicle or manages the assets in the vehicles or if the Corporation does not have a variable interest that could potentially be significant to the vehicle. Retained interests in securitized assets are initially recorded at fair value. In addition, the Corporation may invest in debt securities issued by unconsolidated VIEs. Fair values of these debt securities, which are classified as trading account assets, debt securities carried at fair value or held-to-maturity securities, are based primarily on quoted market prices in active or inactive markets. Generally, quoted market prices for retained residual interests are not available; therefore, the Corporation estimates fair values based on the present value of the associated expected future cash flows. This may require management to estimate credit losses, prepayment speeds, forward interest yield curves, discount rates and other factors that impact the value of retained interests. Retained residual interests in unconsolidated securitization trusts are classified in trading account assets or other assets with changes in fair value recorded in earnings. The Corporation may also enter into derivatives with unconsolidated VIEs, which are carried at fair value with changes in fair value recorded in earnings. |
Fair Value | The Corporation measures the fair values of its assets and liabilities, where applicable, in accordance with accounting guidance that requires an entity to base fair value on exit price. A three-level hierarchy, provided in the applicable accounting guidance, for inputs is utilized in measuring fair value which maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used to determine the exit price when available. Under applicable accounting guidance, the Corporation categorizes its financial instruments, based on the priority of inputs to the valuation technique, into this three-level hierarchy, as described below. Trading account assets and liabilities, derivative assets and liabilities, AFS debt and equity securities, other debt securities carried at fair value, consumer MSRs and certain other assets are carried at fair value in accordance with applicable accounting guidance. The Corporation has also elected to account for certain assets and liabilities under the fair value option, including certain commercial and consumer loans and loan commitments, LHFS, short-term borrowings, securities financing agreements, long-term deposits and long-term debt. The following describes the three-level hierarchy. Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in OTC markets. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts where fair value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes U.S. government and agency mortgage-backed and asset-backed securities (ABS), corporate debt securities, derivative contracts, certain loans and LHFS. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the overall fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments for which the determination of fair value requires significant management judgment or estimation. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. This category generally includes retained residual interests in securitizations, consumer MSRs, certain ABS, highly structured, complex or long-dated derivative contracts, certain loans and LHFS, IRLCs and certain CDOs where independent pricing information cannot be obtained for a significant portion of the underlying assets. |
Income Taxes | There are two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. These gross deferred tax assets and liabilities represent decreases or increases in taxes expected to be paid in the future because of future reversals of temporary differences in the bases of assets and liabilities as measured by tax laws and their bases as reported in the financial statements. Deferred tax assets are also recognized for tax attributes such as net operating loss carryforwards and tax credit carryforwards. Valuation allowances are recorded to reduce deferred tax assets to the amounts management concludes are more-likely-than-not to be realized. Income tax benefits are recognized and measured based upon a two-step model: first, a tax position must be more-likely-than-not to be sustained based solely on its technical merits in order to be recognized, and second, the benefit is measured as the largest dollar amount of that position that is more-likely-than-not to be sustained upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit. The Corporation records income tax-related interest and penalties, if applicable, within income tax expense. |
Accumulated Other Comprehensive Income | The Corporation records the following in accumulated OCI, net-of-tax: unrealized gains and losses on AFS debt and marketable equity securities, unrealized gains or losses on DVA on financial liabilities recorded at fair value under the fair value option, gains and losses on cash flow accounting hedges, certain employee benefit plan adjustments, and foreign currency translation adjustments and related hedges of net investments in foreign operations. Unrealized gains and losses on AFS debt and marketable equity securities are reclassified to earnings as the gains or losses are realized upon sale of the securities. Unrealized losses on AFS securities deemed to represent OTTI are reclassified to earnings at the time of the impairment charge. For AFS debt securities that the Corporation does not intend to sell or it is not more-likely-than-not that it will be required to sell, only the credit component of an unrealized loss is reclassified to earnings. Realized gains or losses on DVA are reclassified to earnings upon derecognition of the liability. Gains or losses on derivatives accounted for as cash flow hedges are reclassified to earnings when the hedged transaction affects earnings. Translation gains or losses on foreign currency translation adjustments are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations. |
Revenue Recognition | The following summarizes the Corporation’s revenue recognition policies as they relate to certain noninterest income line items in the Consolidated Statement of Income. Card income includes fees such as interchange, cash advance, annual, late, over-limit and other miscellaneous fees, which are recorded as revenue when earned. Uncollected fees are included in the customer card receivables balances with an amount recorded in the allowance for loan and lease losses for estimated uncollectible card receivables. Uncollected fees are written off when a card receivable reaches 180 days past due. Service charges include fees for insufficient funds, overdrafts and other banking services and are recorded as revenue when earned. Uncollected fees are included in outstanding loan balances with an amount recorded for estimated uncollectible service fees receivable. Uncollected fees are written off when a fee receivable reaches 60 days past due. Investment and brokerage services revenue consists primarily of asset management fees and brokerage income that are recognized over the period the services are provided or when commissions are earned. Asset management fees consist primarily of fees for investment management and trust services and are generally based on the dollar amount of the assets being managed. Brokerage income generally includes commissions and fees earned on the sale of various financial products. Investment banking income consists primarily of advisory and underwriting fees that are recognized in income as the services are provided and no contingencies exist. Revenues are generally recognized net of any direct expenses. Non-reimbursed expenses are recorded as noninterest expense. |
Earnings Per Common Share | Earnings per common share (EPS) is computed by dividing net income (loss) allocated to common shareholders by the weighted-average common shares outstanding, except that it does not include unvested common shares subject to repurchase or cancellation. Net income (loss) allocated to common shareholders represents net income (loss) applicable to common shareholders which is net income (loss) adjusted for preferred stock dividends including dividends declared, accretion of discounts on preferred stock including accelerated accretion when preferred stock is repaid early, and cumulative dividends related to the current dividend period that have not been declared as of period end, less income allocated to participating securities (see below for more information). Diluted EPS is computed by dividing income (loss) allocated to common shareholders plus dividends on dilutive convertible preferred stock and preferred stock that can be tendered to exercise warrants, by the weighted-average common shares outstanding plus amounts representing the dilutive effect of stock options outstanding, restricted stock, restricted stock units, outstanding warrants and the dilution resulting from the conversion of convertible preferred stock, if applicable. Unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities that are included in computing EPS using the two-class method. The two-class method is an earnings allocation formula under which EPS is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. In an exchange of non-convertible preferred stock, income allocated to common shareholders is adjusted for the difference between the carrying value of the preferred stock and the fair value of the consideration exchanged. In an induced conversion of convertible preferred stock, income allocated to common shareholders is reduced by the excess of the fair value of the consideration exchanged over the fair value of the common stock that would have been issued under the original conversion terms. |
Foreign Currency Translation | Assets, liabilities and operations of foreign branches and subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. Dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses, as well as gains and losses from certain hedges, are reported as a component of accumulated OCI, net-of-tax. When the foreign entity’s functional currency is determined to be the U.S. Dollar, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings. |
Credit Card and Deposit Arrangements | Endorsing Organization Agreements The Corporation contracts with other organizations to obtain their endorsement of the Corporation’s loan and deposit products. This endorsement may provide to the Corporation exclusive rights to market to the organization’s members or to customers on behalf of the Corporation. These organizations endorse the Corporation’s loan and deposit products and provide the Corporation with their mailing lists and marketing activities. These agreements generally have terms that range five or more years. The Corporation typically pays royalties in exchange for the endorsement. Compensation costs related to the credit card agreements are recorded as contra-revenue in card income. Cardholder Reward Agreements The Corporation offers reward programs that allow its cardholders to earn points that can be redeemed for a broad range of rewards including cash, travel and gift cards. The Corporation establishes a rewards liability based upon the points earned that are expected to be redeemed and the average cost per point redeemed. The points to be redeemed are estimated based on past redemption behavior, card product type, account transaction activity and other historical card performance. The liability is reduced as the points are redeemed. The estimated cost of the rewards programs is recorded as contra-revenue in card income. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 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. December 31, 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 $ 21,706.8 $ 439.6 $ 7.4 $ 447.0 $ 440.7 $ 1.2 $ 441.9 Futures and forwards 7,259.7 1.1 — 1.1 1.3 — 1.3 Written options 1,322.4 — — — 57.7 — 57.7 Purchased options 1,403.3 58.9 — 58.9 — — — Foreign exchange contracts Swaps 2,149.9 49.2 0.9 50.1 52.2 2.8 55.0 Spot, futures and forwards 4,104.4 46.0 1.2 47.2 45.8 0.3 46.1 Written options 467.2 — — — 10.6 — 10.6 Purchased options 439.9 10.2 — 10.2 — — — Equity contracts Swaps 201.2 3.3 — 3.3 3.8 — 3.8 Futures and forwards 74.0 2.1 — 2.1 1.2 — 1.2 Written options 352.8 — — — 21.1 — 21.1 Purchased options 325.4 23.8 — 23.8 — — — Commodity contracts Swaps 47.0 4.7 — 4.7 7.1 — 7.1 Futures and forwards 268.7 3.8 — 3.8 0.7 — 0.7 Written options 58.7 — — — 5.5 — 5.5 Purchased options 65.7 5.3 — 5.3 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 928.3 14.4 — 14.4 14.8 — 14.8 Total return swaps/other 26.4 0.2 — 0.2 1.9 — 1.9 Written credit derivatives: Credit default swaps 924.1 15.3 — 15.3 13.1 — 13.1 Total return swaps/other 39.7 2.3 — 2.3 0.4 — 0.4 Gross derivative assets/liabilities $ 680.2 $ 9.5 $ 689.7 $ 677.9 $ 4.3 $ 682.2 Less: Legally enforceable master netting agreements (597.8 ) (597.8 ) Less: Cash collateral received/paid (41.9 ) (45.9 ) Total derivative assets/liabilities $ 50.0 $ 38.5 (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 2015 , 2014 and 2013 , 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) 2015 (Dollars in millions) Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (718 ) $ (77 ) $ (795 ) Interest rate and foreign currency risk on long-term debt (1) (1,898 ) 1,812 (86 ) Interest rate risk on available-for-sale securities (2) 105 (127 ) (22 ) Price risk on commodity inventory (3) 15 (11 ) 4 Total $ (2,496 ) $ 1,597 $ (899 ) 2014 Interest rate risk on long-term debt (1) $ 2,144 $ (2,935 ) $ (791 ) Interest rate and foreign currency risk on long-term debt (1) (2,212 ) 2,120 (92 ) Interest rate risk on available-for-sale securities (2) (35 ) 3 (32 ) Price risk on commodity inventory (3) 21 (15 ) 6 Total $ (82 ) $ (827 ) $ (909 ) 2013 Interest rate risk on long-term debt (1) $ (4,704 ) $ 3,925 $ (779 ) Interest rate and foreign currency risk on long-term debt (1) (1,291 ) 1,085 (206 ) Interest rate risk on available-for-sale securities (2) 839 (840 ) (1 ) Price risk on commodity inventory (3) (13 ) 11 (2 ) Total $ (5,169 ) $ 4,181 $ (988 ) (1) Amounts are recorded in interest expense on long-term debt and in other income (loss). (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 2015 , 2014 and 2013 . Of the $1.1 billion net loss (after-tax) on derivatives in accumulated OCI for 2015 , $563 million ( $352 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. For terminated cash flow hedges, the time period over which substantially all of the forecasted transactions are hedged is approximately seven years , with a maximum length of time for certain forecasted transactions of 20 years . Derivatives Designated as Cash Flow and Net Investment Hedges 2015 (Dollars in millions, amounts pretax) Gains (Losses) on Derivatives Gains (Losses) Accumulated OCI Hedge Testing (1) Cash flow hedges Interest rate risk on variable-rate portfolios $ 95 $ (974 ) $ (2 ) Price risk on restricted stock awards (2) (40 ) 91 — Total $ 55 $ (883 ) $ (2 ) Net investment hedges Foreign exchange risk $ 3,010 $ 153 $ (298 ) 2014 Cash flow hedges Interest rate risk on variable-rate portfolios $ 68 $ (1,119 ) $ (4 ) Price risk on restricted stock awards (2) 127 359 — Total $ 195 $ (760 ) $ (4 ) Net investment hedges Foreign exchange risk $ 3,021 $ 21 $ (503 ) 2013 Cash flow hedges Interest rate risk on variable-rate portfolios $ (321 ) $ (1,102 ) $ — Price risk on restricted stock awards (2) 477 329 — Total $ 156 $ (773 ) $ — Net investment hedges Foreign exchange risk $ 1,024 $ (355 ) $ (134 ) (1) Amounts related to 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 2015 , 2014 and 2013 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Other Risk Management Derivatives Gains (Losses) (Dollars in millions) 2015 2014 2013 Interest rate risk on mortgage banking income (1) $ 254 $ 1,017 $ (619 ) Credit risk on loans (2) (22 ) 16 (47 ) Interest rate and foreign currency risk on ALM activities (3) (222 ) (3,683 ) 2,501 Price risk on restricted stock awards (4) (267 ) 600 865 Other 11 (9 ) (19 ) (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, IRLCs 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 IRLCs 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 $714 million , $776 million and $927 million for 2015 , 2014 and 2013 , respectively. (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 2015 , 2014 and 2013 . 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 DVA and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 24 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis. The results for 2015 were impacted by the early adoption of new accounting guidance on recognition and measurement of financial instruments. As such, amounts in the "Other" column for 2015 exclude unrealized DVA resulting from changes in the Corporation’s own credit spreads on liabilities accounted for under the fair value option. Amounts for 2014 and 2013 include such amounts. For more information on the new accounting guidance, see Note 1 – Summary of Significant Accounting Principles . Sales and Trading Revenue 2015 (Dollars in millions) Trading Account Profits Net Interest Income Other (1) Total Interest rate risk $ 1,251 $ 1,457 $ (319 ) $ 2,389 Foreign exchange risk 1,322 (10 ) (117 ) 1,195 Equity risk 2,115 56 2,146 4,317 Credit risk 901 2,360 452 3,713 Other risk 481 (80 ) 61 462 Total sales and trading revenue $ 6,070 $ 3,783 $ 2,223 $ 12,076 2014 Interest rate risk $ 962 $ 1,097 $ 401 $ 2,460 Foreign exchange risk 1,177 7 (128 ) 1,056 Equity risk 1,954 (79 ) 2,307 4,182 Credit risk 1,396 2,563 617 4,576 Other risk 508 (123 ) 106 491 Total sales and trading revenue $ 5,997 $ 3,465 $ 3,303 $ 12,765 2013 Interest rate risk $ 1,217 $ 1,158 $ (290 ) $ 2,085 Foreign exchange risk 1,169 6 (100 ) 1,075 Equity risk 1,994 112 2,066 4,172 Credit risk 1,966 2,647 77 4,690 Other risk 388 (217 ) 69 240 Total sales and trading revenue $ 6,734 $ 3,706 $ 1,822 $ 12,262 (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 $2.2 billion , $2.2 billion and $2.1 billion for 2015 , 2014 and 2013 , respectively. |
Disclosure of Credit Derivatives | Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at December 31, 2015 and 2014 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 December 31, 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 $ 84 $ 481 $ 2,203 $ 680 $ 3,448 Non-investment grade 672 3,035 2,386 3,583 9,676 Total 756 3,516 4,589 4,263 13,124 Total return swaps/other: Investment grade 5 — — — 5 Non-investment grade 171 236 8 2 417 Total 176 236 8 2 422 Total credit derivatives $ 932 $ 3,752 $ 4,597 $ 4,265 $ 13,546 Credit-related notes: Investment grade $ 267 $ 57 $ 444 $ 2,203 $ 2,971 Non-investment grade 61 118 117 1,264 1,560 Total credit-related notes $ 328 $ 175 $ 561 $ 3,467 $ 4,531 Maximum Payout/Notional Credit default swaps: Investment grade $ 149,177 $ 280,658 $ 178,990 $ 26,352 $ 635,177 Non-investment grade 81,596 135,850 53,299 18,221 288,966 Total 230,773 416,508 232,289 44,573 924,143 Total return swaps/other: Investment grade 9,758 — — — 9,758 Non-investment grade 20,917 6,989 1,371 623 29,900 Total 30,675 6,989 1,371 623 39,658 Total credit derivatives $ 261,448 $ 423,497 $ 233,660 $ 45,196 $ 963,801 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 December 31, 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 December 31, 2015 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 1,011 $ 1,948 Bank of America, N.A. and subsidiaries (1) 762 1,474 (1) Included in Bank of America Corporation collateral requirements in this table. |
Derivative Liability 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 December 31, 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 December 31, 2015 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 879 $ 2,792 Collateral posted 501 2,269 |
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 2015 , 2014 and 2013 . 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) 2015 2014 2013 (Dollars in millions) Gross Net Gross Net Gross Net Derivative assets (CVA) (1) $ 255 $ 227 $ (22 ) $ 191 $ 738 $ (96 ) Derivative assets (FVA) (2) (34 ) (34 ) (632 ) (632 ) n/a n/a Derivative liabilities (DVA) (3) (18 ) (153 ) (28 ) (150 ) (39 ) (75 ) Derivative liabilities (FVA) (2) 50 50 135 135 n/a n/a (1) At December 31, 2015, 2014 and 2013 , the cumulative CVA reduced the derivative assets balance by $1.4 billion , $1.6 billion and $1.6 billion , respectively. (2) FVA was adopted in 2014 and the cumulative FVA reduced the net derivatives balance by $481 million and $497 million at December 31, 2015 and 2014 . (3) At December 31, 2015, 2014 and 2013 , the cumulative DVA reduced the derivative liabilities balance by $750 million , $769 million and $803 million , respectively. n/a = not applicable |
Derivative | |
Derivative [Line Items] | |
Offsetting Liabilities | Offsetting of Derivatives December 31, 2015 December 31, 2014 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 309.3 $ 297.2 $ 386.6 $ 373.2 Exchange-traded — — 0.1 0.1 Over-the-counter cleared 197.0 201.7 365.7 368.7 Foreign exchange contracts Over-the-counter 103.2 107.5 133.0 139.9 Over-the-counter cleared 0.1 0.1 — — Equity contracts Over-the-counter 16.6 14.0 19.5 16.7 Exchange-traded 10.0 9.2 8.6 7.8 Commodity contracts Over-the-counter 7.3 8.9 10.2 11.9 Exchange-traded 2.9 2.9 7.4 7.7 Over-the-counter cleared 0.1 0.1 0.1 0.6 Credit derivatives Over-the-counter 24.6 22.9 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 461.0 450.5 580.1 571.9 Exchange-traded 12.9 12.1 16.1 15.6 Over-the-counter cleared 203.7 208.3 372.8 376.1 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (426.6 ) (425.7 ) (545.7 ) (545.5 ) Exchange-traded (9.8 ) (9.8 ) (13.9 ) (13.9 ) Over-the-counter cleared (203.3 ) (208.2 ) (372.5 ) (375.5 ) Derivative assets/liabilities, after netting 37.9 27.2 36.9 28.7 Other gross derivative assets/liabilities 12.1 11.3 15.8 18.2 Total derivative assets/liabilities 50.0 38.5 52.7 46.9 Less: Financial instruments collateral (1) (13.9 ) (6.5 ) (13.3 ) (8.9 ) Total net derivative assets/liabilities $ 36.1 $ 32.0 $ 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 December 31, 2015 December 31, 2014 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 309.3 $ 297.2 $ 386.6 $ 373.2 Exchange-traded — — 0.1 0.1 Over-the-counter cleared 197.0 201.7 365.7 368.7 Foreign exchange contracts Over-the-counter 103.2 107.5 133.0 139.9 Over-the-counter cleared 0.1 0.1 — — Equity contracts Over-the-counter 16.6 14.0 19.5 16.7 Exchange-traded 10.0 9.2 8.6 7.8 Commodity contracts Over-the-counter 7.3 8.9 10.2 11.9 Exchange-traded 2.9 2.9 7.4 7.7 Over-the-counter cleared 0.1 0.1 0.1 0.6 Credit derivatives Over-the-counter 24.6 22.9 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 461.0 450.5 580.1 571.9 Exchange-traded 12.9 12.1 16.1 15.6 Over-the-counter cleared 203.7 208.3 372.8 376.1 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (426.6 ) (425.7 ) (545.7 ) (545.5 ) Exchange-traded (9.8 ) (9.8 ) (13.9 ) (13.9 ) Over-the-counter cleared (203.3 ) (208.2 ) (372.5 ) (375.5 ) Derivative assets/liabilities, after netting 37.9 27.2 36.9 28.7 Other gross derivative assets/liabilities 12.1 11.3 15.8 18.2 Total derivative assets/liabilities 50.0 38.5 52.7 46.9 Less: Financial instruments collateral (1) (13.9 ) (6.5 ) (13.3 ) (8.9 ) Total net derivative assets/liabilities $ 36.1 $ 32.0 $ 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) | 12 Months Ended |
Dec. 31, 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 AFS debt securities, other debt securities carried at fair value, HTM debt securities and AFS marketable equity securities at December 31, 2015 and 2014 . Debt Securities and Available-for-Sale Marketable Equity Securities December 31, 2015 (Dollars in millions) Amortized Cost Gross Gains Gross Losses Fair Value Available-for-sale debt securities Mortgage-backed securities: Agency $ 229,847 $ 788 $ (1,688 ) $ 228,947 Agency-collateralized mortgage obligations 10,930 126 (71 ) 10,985 Commercial 7,176 50 (61 ) 7,165 Non-agency residential (1) 3,031 218 (70 ) 3,179 Total mortgage-backed securities 250,984 1,182 (1,890 ) 250,276 U.S. Treasury and agency securities 25,075 211 (9 ) 25,277 Non-U.S. securities 5,743 27 (3 ) 5,767 Corporate/Agency bonds 243 3 (3 ) 243 Other taxable securities, substantially all asset-backed securities 10,238 50 (86 ) 10,202 Total taxable securities 292,283 1,473 (1,991 ) 291,765 Tax-exempt securities 13,978 63 (33 ) 14,008 Total available-for-sale debt securities 306,261 1,536 (2,024 ) 305,773 Other debt securities carried at fair value 16,678 103 (174 ) 16,607 Total debt securities carried at fair value (2) 322,939 1,639 (2,198 ) 322,380 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 84,625 271 (850 ) 84,046 Total debt securities $ 407,564 $ 1,910 $ (3,048 ) $ 406,426 Available-for-sale marketable equity securities (3) $ 326 $ 99 $ — $ 425 December 31, 2014 Available-for-sale debt securities Mortgage-backed securities: Agency $ 163,592 $ 2,040 $ (593 ) $ 165,039 Agency-collateralized mortgage obligations 14,175 152 (79 ) 14,248 Commercial 3,931 69 — 4,000 Non-agency residential (1) 4,244 287 (77 ) 4,454 Total mortgage-backed securities 185,942 2,548 (749 ) 187,741 U.S. Treasury and agency securities 69,267 360 (32 ) 69,595 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 (2) 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 (3) $ 336 $ 27 $ — $ 363 (1) At December 31, 2015 and 2014 , the underlying collateral type included approximately 71 percent and 76 percent prime, 15 percent and 14 percent Alt-A, and 14 percent and 10 percent subprime. (2) The Corporation had debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $146.2 billion and $53.4 billion , and a fair value of $145.5 billion and $53.2 billion at December 31, 2015 . Debt securities from FNMA and FHLMC that exceeded 10 percent of shareholders’ equity had an amortized cost of $130.7 billion and $28.3 billion , and a fair value of $131.4 billion and $28.6 billion at December 31, 2014 . (3) 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 2015 , the Corporation recorded unrealized mark-to-market net gains of $43 million and realized net losses of $313 million , compared to unrealized mark-to-market net gains of $1.2 billion and realized net gains of $275 million in 2014 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value December 31 (Dollars in millions) 2015 2014 Mortgage-backed securities: Agency $ — $ 15,704 Agency-collateralized mortgage obligations 7 — Non-agency residential 3,490 3,745 Total mortgage-backed securities 3,497 19,449 U.S. Treasury and agency securities — 1,541 Non-U.S. securities (1) 12,843 15,132 Other taxable securities, substantially all asset-backed securities 267 299 Total $ 16,607 $ 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 2015 , 2014 and 2013 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities (Dollars in millions) 2015 2014 2013 Gross gains $ 1,118 $ 1,366 $ 1,302 Gross losses (27 ) (12 ) (31 ) Net gains on sales of AFS debt securities $ 1,091 $ 1,354 $ 1,271 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 415 $ 515 $ 470 |
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 at December 31, 2015 and 2014 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities December 31, 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 Mortgage-backed securities: Agency $ 131,511 $ (1,245 ) $ 14,895 $ (443 ) $ 146,406 $ (1,688 ) Agency-collateralized mortgage obligations 1,271 (9 ) 1,637 (62 ) 2,908 (71 ) Commercial 4,066 (61 ) — — 4,066 (61 ) Non-agency residential 553 (5 ) 723 (32 ) 1,276 (37 ) Total mortgage-backed securities 137,401 (1,320 ) 17,255 (537 ) 154,656 (1,857 ) U.S. Treasury and agency securities 1,172 (5 ) 190 (4 ) 1,362 (9 ) Non-U.S. securities — — 134 (3 ) 134 (3 ) Corporate/Agency bonds 107 (3 ) — — 107 (3 ) Other taxable securities, substantially all asset-backed securities 5,071 (69 ) 792 (17 ) 5,863 (86 ) Total taxable securities 143,751 (1,397 ) 18,371 (561 ) 162,122 (1,958 ) Tax-exempt securities 4,400 (12 ) 1,877 (21 ) 6,277 (33 ) Total temporarily impaired AFS debt securities 148,151 (1,409 ) 20,248 (582 ) 168,399 (1,991 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 481 (19 ) 98 (14 ) 579 (33 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 148,632 $ (1,428 ) $ 20,346 $ (596 ) $ 168,978 $ (2,024 ) December 31, 2014 Temporarily impaired AFS debt securities 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 ) Total mortgage-backed securities 3,915 (30 ) 47,002 (686 ) 50,917 (716 ) U.S. Treasury and agency securities 10,121 (22 ) 667 (10 ) 10,788 (32 ) 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 OTTI losses on AFS debt securities in 2015 , 2014 and 2013 as presented in the Net Credit-related Impairment Losses Recognized in Earnings table. Substantially all OTTI losses in 2015 , 2014 and 2013 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 in 2015 were driven by decreases in the estimated RMBS cash flows primarily due to a model change resulting in the refinement of 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 (Dollars in millions) 2015 2014 2013 Total OTTI losses $ (111 ) $ (30 ) $ (21 ) Less: non-credit portion of total OTTI losses recognized in OCI 30 14 1 Net credit-related impairment losses recognized in earnings $ (81 ) $ (16 ) $ (20 ) The table below presents a rollforward of the credit losses recognized in earnings in 2015 , 2014 and 2013 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 (Dollars in millions) 2015 2014 2013 Balance, January 1 $ 200 $ 184 $ 243 Additions for credit losses recognized on AFS debt securities that had no previous impairment losses 52 14 6 Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses 29 2 14 Reductions for AFS debt securities matured, sold or intended to be sold (15 ) — (79 ) Balance, December 31 $ 266 $ 200 $ 184 |
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 December 31, 2015 . Significant Assumptions Range (1) Weighted- 10th Percentile (2) 90th Percentile (2) Prepayment speed 12.6 % 3.8 % 25.5 % Loss severity 32.6 12.9 34.8 Life default rate 26.0 0.8 86.1 (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 and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 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 December 31, 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 Mortgage-backed securities: Agency $ 57 4.40 % $ 28,943 2.40 % $ 197,797 2.80 % $ 3,050 2.90 % $ 229,847 2.75 % Agency-collateralized mortgage obligations 157 1.10 3,077 2.20 7,702 2.80 — — 10,936 2.61 Commercial 205 2.16 615 2.10 6,356 2.70 — — 7,176 2.63 Non-agency residential 320 5.00 1,123 4.99 1,165 4.18 3,989 7.90 6,597 6.60 Total mortgage-backed securities 739 3.31 33,758 2.46 213,020 2.80 7,039 5.73 254,556 3.03 U.S. Treasury and agency securities 516 0.19 23,103 1.70 1,454 3.14 2 4.57 25,075 1.75 Non-U.S. securities 16,707 0.82 1,864 3.08 6 2.79 — — 18,577 1.04 Corporate/Agency bonds 40 3.97 69 4.20 131 3.41 3 3.67 243 3.93 Other taxable securities, substantially all asset-backed securities 2,918 1.11 4,596 1.28 2,268 2.38 728 3.96 10,510 1.67 Total taxable securities 20,920 0.94 63,390 2.13 216,879 2.81 7,772 5.57 308,961 2.61 Tax-exempt securities 836 1.27 5,127 1.31 5,879 1.35 2,136 1.55 13,978 1.36 Total amortized cost of debt securities carried at fair value $ 21,756 0.95 $ 68,517 2.06 $ 222,758 2.77 $ 9,908 4.70 $ 322,939 2.56 Amortized cost of HTM debt securities (2) $ 568 0.01 $ 18,325 2.30 $ 62,978 2.50 $ 2,754 2.82 $ 84,625 2.45 Debt securities carried at fair value Mortgage-backed securities: Agency $ 59 $ 29,150 $ 196,720 $ 3,018 $ 228,947 Agency-collateralized mortgage obligations 157 3,056 7,779 — 10,992 Commercial 223 618 6,324 — 7,165 Non-agency residential 354 1,102 1,263 3,950 6,669 Total mortgage-backed securities 793 33,926 212,086 6,968 253,773 U.S. Treasury and agency securities 516 23,266 1,493 2 25,277 Non-U.S. securities 16,720 1,884 6 — 18,610 Corporate/Agency bonds 41 70 128 4 243 Other taxable securities, substantially all asset-backed securities 3,102 4,349 2,296 722 10,469 Total taxable securities 21,172 63,495 216,009 7,696 308,372 Tax-exempt securities 836 5,161 5,882 2,129 14,008 Total debt securities carried at fair value $ 22,008 $ 68,656 $ 221,891 $ 9,825 $ 322,380 Fair value of HTM debt securities (2) $ 569 $ 18,356 $ 62,360 $ 2,761 $ 84,046 (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) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 . December 31, 2015 (Dollars in millions) 30-59 Days Past Due (1) 60-89 Days Past Due (1) 90 Days or Past Due (2) Total Past or More Total Current or Less Than 30 Days Past Due (3) Purchased (4) Loans Accounted for Under the Fair Value Option Total Outstandings Consumer real estate Core portfolio Residential mortgage $ 1,603 $ 645 $ 3,834 $ 6,082 $ 139,763 $ 145,845 Home equity 225 104 719 1,048 47,216 48,264 Legacy Assets & Servicing portfolio Residential mortgage (5) 1,656 890 6,019 8,565 21,435 $ 12,066 42,066 Home equity 310 163 1,030 1,503 21,562 4,619 27,684 Credit card and other consumer U.S. credit card 454 332 789 1,575 88,027 89,602 Non-U.S. credit card 39 31 76 146 9,829 9,975 Direct/Indirect consumer (6) 227 62 42 331 88,464 88,795 Other consumer (7) 18 3 4 25 2,042 2,067 Total consumer 4,532 2,230 12,513 19,275 418,338 16,685 454,298 Consumer loans accounted for under the fair value option (8) $ 1,871 1,871 Total consumer loans and leases 4,532 2,230 12,513 19,275 418,338 16,685 1,871 456,169 Commercial U.S. commercial 444 148 332 924 251,847 252,771 Commercial real estate (9) 36 11 82 129 57,070 57,199 Commercial lease financing 169 32 22 223 27,147 27,370 Non-U.S. commercial 6 1 1 8 91,541 91,549 U.S. small business commercial 83 41 72 196 12,680 12,876 Total commercial 738 233 509 1,480 440,285 441,765 Commercial loans accounted for under the fair value option (8) 5,067 5,067 Total commercial loans and leases 738 233 509 1,480 440,285 5,067 446,832 Total loans and leases $ 5,270 $ 2,463 $ 13,022 $ 20,755 $ 858,623 $ 16,685 $ 6,938 $ 903,001 Percentage of outstandings 0.59 % 0.27 % 1.44 % 2.30 % 95.08 % 1.85 % 0.77 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $1.7 billion and nonperforming loans of $379 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $1.0 billion and nonperforming loans of $297 million . (2) Consumer real estate includes fully-insured loans of $7.2 billion . (3) Consumer real estate includes $3.0 billion and direct/indirect consumer includes $21 million of nonperforming loans. (4) PCI loan amounts are shown gross of the valuation allowance. (5) Total outstandings includes pay option loans of $2.3 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans of $42.6 billion , unsecured consumer lending loans of $886 million , U.S. securities-based lending loans of $39.8 billion , non-U.S. consumer loans of $3.9 billion , student loans of $564 million and other consumer loans of $1.0 billion . (7) Total outstandings includes consumer finance loans of $564 million , consumer leases of $1.4 billion and consumer overdrafts of $146 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $1.6 billion and home equity loans of $250 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 $2.8 billion . For additional information, see Note 20 – Fair Value Measurements and Note 21 – Fair Value Option . (9) Total outstandings includes U.S. commercial real estate loans of $53.6 billion and non-U.S. commercial real estate loans of $3.5 billion . December 31, 2014 (Dollars in millions) 30-59 Days (1) 60-89 Days Past Due (1) 90 Days or (2) Total Past Total Current or Less Than 30 Days Past Due (3) Purchased (4) Loans Accounted for Under the Fair Value Option Total Outstandings 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 20 – Fair Value Measurements and Note 21 – 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 December 31, 2015 and 2014 . Nonperforming 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 . Credit Quality December 31 Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) 2015 2014 2015 2014 Consumer real estate Core portfolio Residential mortgage (1) $ 1,845 $ 2,398 $ 2,645 $ 3,942 Home equity 1,354 1,496 — — Legacy Assets & Servicing portfolio Residential mortgage (1) 2,958 4,491 4,505 7,465 Home equity 1,983 2,405 — — Credit card and other consumer U.S. credit card n/a n/a 789 866 Non-U.S. credit card n/a n/a 76 95 Direct/Indirect consumer 24 28 39 64 Other consumer 1 1 3 1 Total consumer 8,165 10,819 8,057 12,433 Commercial U.S. commercial 867 701 113 110 Commercial real estate 93 321 3 3 Commercial lease financing 12 3 17 41 Non-U.S. commercial 158 1 1 — U.S. small business commercial 82 87 61 67 Total commercial 1,212 1,113 195 221 Total loans and leases $ 9,377 $ 11,932 $ 8,252 $ 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 December 31, 2015 and 2014 , residential mortgage includes $4.3 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 $2.9 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 December 31, 2015 and 2014 . Consumer Real Estate – Credit Quality Indicators (1) December 31, 2015 (Dollars in millions) Core Portfolio Residential Mortgage (2) Legacy Assets & Servicing Residential (2) Residential Mortgage PCI (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 $ 109,869 $ 16,646 $ 8,655 $ 44,006 $ 15,666 $ 2,003 Greater than 90 percent but less than or equal to 100 percent 4,251 2,007 1,403 1,652 2,382 852 Greater than 100 percent 2,783 3,212 2,008 2,606 5,017 1,764 Fully-insured loans (5) 28,942 8,135 — — — — Total consumer real estate $ 145,845 $ 30,000 $ 12,066 $ 48,264 $ 23,065 $ 4,619 Refreshed FICO score Less than 620 $ 3,465 $ 4,408 $ 3,798 $ 1,898 $ 2,785 $ 729 Greater than or equal to 620 and less than 680 5,792 3,438 2,586 3,242 3,817 825 Greater than or equal to 680 and less than 740 22,017 5,605 3,187 9,203 6,527 1,356 Greater than or equal to 740 85,629 8,414 2,495 33,921 9,936 1,709 Fully-insured loans (5) 28,942 8,135 — — — — Total consumer real estate $ 145,845 $ 30,000 $ 12,066 $ 48,264 $ 23,065 $ 4,619 (1) Excludes $1.9 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $2.0 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, 2015 (Dollars in millions) U.S. Credit Card Non-U.S. Credit Card Direct/Indirect Consumer Other Consumer (1) Refreshed FICO score Less than 620 $ 4,196 $ — $ 1,244 $ 217 Greater than or equal to 620 and less than 680 11,857 — 1,698 214 Greater than or equal to 680 and less than 740 34,270 — 10,955 337 Greater than or equal to 740 39,279 — 29,581 1,149 Other internal credit metrics (2, 3, 4) — 9,975 45,317 150 Total credit card and other consumer $ 89,602 $ 9,975 $ 88,795 $ 2,067 (1) Twenty-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 $43.7 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $567 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, 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) December 31, 2015 (Dollars in millions) U.S. Commercial Commercial Real Estate Commercial Financing Non-U.S. Commercial U.S. Small Commercial (2) Risk ratings Pass rated $ 243,922 $ 56,688 $ 26,050 $ 87,905 $ 571 Reservable criticized 8,849 511 1,320 3,644 96 Refreshed FICO score (3) Less than 620 184 Greater than or equal to 620 and less than 680 543 Greater than or equal to 680 and less than 740 1,627 Greater than or equal to 740 3,027 Other internal credit metrics (3, 4) 6,828 Total commercial $ 252,771 $ 57,199 $ 27,370 $ 91,549 $ 12,876 (1) Excludes $5.1 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $670 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, 2015 , 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. Consumer Real Estate – Credit Quality Indicators (1) December 31, 2014 (Dollars in millions) Core Portfolio Residential Mortgage (2) Legacy Assets & Servicing Residential (2) Residential Mortgage PCI (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 $ 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 Card Non-U.S. Credit Card Direct/Indirect Consumer Other Consumer (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 Commercial Real Estate Commercial Financing Non-U.S. Commercial U.S. Small Commercial (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 following table shows activity for the accretable yield on PCI loans, which include the Countrywide Financial Corporation (Countrywide) portfolio and loans repurchased in connection with the 2013 settlement with FNMA. 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 during 2015 and 2014 were primarily due to lower expected loss rates and a decrease in the forecasted prepayment speeds. 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) Accretable yield, January 1, 2014 $ 6,694 Accretion (1,061 ) Disposals/transfers (506 ) Reclassifications from nonaccretable difference 481 Accretable yield, December 31, 2014 5,608 Accretion (861 ) Disposals/transfers (465 ) Reclassifications from nonaccretable difference 287 Accretable yield, December 31, 2015 $ 4,569 |
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 December 31, 2015 and 2014 , and the average carrying value and interest income recognized for 2015 , 2014 and 2013 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 December 31, 2015 December 31, 2014 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance Residential mortgage $ 14,888 $ 11,901 $ — $ 19,710 $ 15,605 $ — Home equity 3,545 1,775 — 3,540 1,630 — With an allowance recorded Residential mortgage $ 6,624 $ 6,471 $ 399 $ 7,861 $ 7,665 $ 531 Home equity 1,047 911 235 852 728 196 Total Residential mortgage $ 21,512 $ 18,372 $ 399 $ 27,571 $ 23,270 $ 531 Home equity 4,592 2,686 235 4,392 2,358 196 2015 2014 2013 Average Interest (1) Average Interest (1) Average Interest (1) With no recorded allowance Residential mortgage $ 13,867 $ 403 $ 15,065 $ 490 $ 16,625 $ 621 Home equity 1,777 89 1,486 87 1,245 76 With an allowance recorded Residential mortgage $ 7,290 $ 236 $ 10,826 $ 411 $ 13,926 $ 616 Home equity 785 24 743 25 912 41 Total Residential mortgage $ 21,157 $ 639 $ 25,891 $ 901 $ 30,551 $ 1,237 Home equity 2,562 113 2,229 112 2,157 117 (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 December 31, 2015, 2014 and 2013 carrying value for consumer real estate loans that were modified in a TDR during 2015 , 2014 and 2013 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During 2015 (Dollars in millions) Residential Mortgage Home Equity Total Carrying Value Modifications under government programs Contractual interest rate reduction $ 408 $ 23 $ 431 Principal and/or interest forbearance 4 7 11 Other modifications (1) 46 — 46 Total modifications under government programs 458 30 488 Modifications under proprietary programs Contractual interest rate reduction 191 28 219 Capitalization of past due amounts 69 10 79 Principal and/or interest forbearance 124 44 168 Other modifications (1) 34 95 129 Total modifications under proprietary programs 418 177 595 Trial modifications 1,516 452 1,968 Loans discharged in Chapter 7 bankruptcy (2) 263 116 379 Total modifications $ 2,655 $ 775 $ 3,430 TDRs Entered into During 2014 Modifications under government programs Contractual interest rate reduction $ 643 $ 56 $ 699 Principal and/or interest forbearance 16 18 34 Other modifications (1) 98 1 99 Total modifications under government programs 757 75 832 Modifications under proprietary programs Contractual interest rate reduction 244 22 266 Capitalization of past due amounts 71 2 73 Principal and/or interest forbearance 66 75 141 Other modifications (1) 40 47 87 Total modifications under proprietary programs 421 146 567 Trial modifications 3,421 182 3,603 Loans discharged in Chapter 7 bankruptcy (2) 521 189 710 Total modifications $ 5,120 $ 592 $ 5,712 TDRs Entered into During 2013 Modifications under government programs Contractual interest rate reduction $ 1,815 $ 48 $ 1,863 Principal and/or interest forbearance 35 24 59 Other modifications (1) 100 — 100 Total modifications under government programs 1,950 72 2,022 Modifications under proprietary programs Contractual interest rate reduction 2,799 40 2,839 Capitalization of past due amounts 132 2 134 Principal and/or interest forbearance 469 17 486 Other modifications (1) 105 25 130 Total modifications under proprietary programs 3,505 84 3,589 Trial modifications 3,410 87 3,497 Loans discharged in Chapter 7 bankruptcy (2) 1,151 278 1,429 Total modifications $ 10,016 $ 521 $ 10,537 (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. The table below presents the carrying value of consumer real estate loans that entered into payment default during 2015 , 2014 and 2013 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 2015 (Dollars in millions) Residential Mortgage Home Equity Total Carrying Value (1) Modifications under government programs $ 452 $ 5 $ 457 Modifications under proprietary programs 263 24 287 Loans discharged in Chapter 7 bankruptcy (2) 238 47 285 Trial modifications (3) 2,997 181 3,178 Total modifications $ 3,950 $ 257 $ 4,207 2014 Modifications under government programs $ 696 $ 4 $ 700 Modifications under proprietary programs 714 12 726 Loans discharged in Chapter 7 bankruptcy (2) 481 70 551 Trial modifications 2,231 56 2,287 Total modifications $ 4,122 $ 142 $ 4,264 2013 Modifications under government programs $ 454 $ 2 $ 456 Modifications under proprietary programs 1,117 4 1,121 Loans discharged in Chapter 7 bankruptcy (2) 964 30 994 Trial modifications 4,376 14 4,390 Total modifications $ 6,911 $ 50 $ 6,961 (1) Includes loans with a carrying value of $1.8 billion , $2.0 billion and $2.4 billion that entered into payment default during 2015 , 2014 and 2013 , respectively, but were no longer held by the Corporation as of December 31, 2015, 2014 and 2013 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 $1.7 billion of trial modification offers made in connection with the 2014 settlement with the U.S. Department of Justice to which the customer has not responded for 2015 . The table below presents the December 31, 2015, 2014 and 2013 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during 2015 , 2014 and 2013 , 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 2015, 2014 and 2013 (1) December 31, 2015 2015 (Dollars in millions) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) Net Charge-offs (3) Residential mortgage $ 2,986 $ 2,655 4.98 % 4.43 % $ 97 Home equity 1,019 775 3.54 3.17 84 Total $ 4,005 $ 3,430 4.61 4.11 $ 181 December 31, 2014 2014 Residential mortgage $ 5,940 $ 5,120 5.28 % 4.93 % $ 72 Home equity 863 592 4.00 3.33 99 Total $ 6,803 $ 5,712 5.12 4.73 $ 171 December 31, 2013 2013 Residential mortgage $ 11,233 $ 10,016 5.30 % 4.27 % $ 235 Home equity 878 521 5.29 3.92 192 Total $ 12,111 $ 10,537 5.30 4.24 $ 427 (1) During 2015 , 2014 and 2013 , the Corporation forgave principal of $396 million , $53 million and $467 million , respectively, related to residential mortgage loans in connection with TDRs. (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 December 31, 2015, 2014 and 2013 due to sales and other dispositions. |
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 December 31, 2015 and 2014 , and the average carrying value and interest income recognized for 2015 , 2014 and 2013 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 December 31, 2015 December 31, 2014 (Dollars in millions) Unpaid Balance Carrying Value (1) Related Allowance Unpaid Balance Carrying Value (1) Related Allowance With no recorded allowance Direct/Indirect consumer $ 50 $ 21 $ — $ 59 $ 25 $ — With an allowance recorded U.S. credit card $ 598 $ 611 $ 176 $ 804 $ 856 $ 207 Non-U.S. credit card 109 126 70 132 168 108 Direct/Indirect consumer 17 21 4 76 92 24 Total U.S. credit card $ 598 $ 611 $ 176 $ 804 $ 856 $ 207 Non-U.S. credit card 109 126 70 132 168 108 Direct/Indirect consumer 67 42 4 135 117 24 2015 2014 2013 Average Interest (2) Average Interest (2) Average Interest (2) With no recorded allowance Direct/Indirect consumer $ 22 $ — $ 27 $ — $ 42 $ — Other consumer — — 33 2 34 2 With an allowance recorded U.S. credit card $ 749 $ 43 $ 1,148 $ 71 $ 2,144 $ 134 Non-U.S. credit card 145 4 210 6 266 7 Direct/Indirect consumer 51 3 180 9 456 24 Other consumer — — 23 1 28 2 Total U.S. credit card $ 749 $ 43 $ 1,148 $ 71 $ 2,144 $ 134 Non-U.S. credit card 145 4 210 6 266 7 Direct/Indirect consumer 73 3 207 9 498 24 Other consumer — — 56 3 62 4 (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 renegotiated TDR portfolio including the December 31, 2015, 2014 and 2013 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during 2015 , 2014 and 2013 , and net charge-offs recorded during the period in which the modification occurred. Credit Card and Other Consumer – Renegotiated TDRs Entered into During 2015, 2014 and 2013 December 31, 2015 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 $ 205 $ 218 17.07 % 5.08 % $ 26 Non-U.S. credit card 74 86 24.05 0.53 63 Direct/Indirect consumer 19 12 5.95 5.19 9 Total $ 298 $ 316 18.58 3.84 $ 98 December 31, 2014 2014 U.S. credit card $ 276 $ 301 16.64 % 5.15 % $ 37 Non-U.S. credit card 91 106 24.90 0.68 91 Direct/Indirect consumer 27 19 8.66 4.90 14 Total $ 394 $ 426 18.32 4.03 $ 142 December 31, 2013 2013 U.S. credit card $ 299 $ 329 16.84 % 5.84 % $ 30 Non-U.S. credit card 134 147 25.90 0.95 138 Direct/Indirect consumer 47 38 11.53 4.74 15 Other consumer 8 8 9.28 5.25 — Total $ 488 $ 522 18.89 4.37 $ 183 (1) Includes accrued interest and fees. The table below provides information on the Corporation’s primary modification programs for the renegotiated TDR portfolio at December 31, 2015 and 2014 . Credit Card and Other Consumer – Renegotiated TDRs by Program Type December 31 Internal Programs External Programs Other (1) Total Percent of Balances Current or Less Than 30 Days Past Due (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 U.S. credit card $ 313 $ 450 $ 296 $ 397 $ 2 $ 9 $ 611 $ 856 88.74 % 84.99 % Non-U.S. credit card 21 41 10 16 95 111 126 168 44.25 47.56 Direct/Indirect consumer 11 50 7 34 24 33 42 117 89.12 85.21 Total renegotiated TDRs $ 345 $ 541 $ 313 $ 447 $ 121 $ 153 $ 779 $ 1,141 81.55 79.51 (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 primary modification programs for the renegotiated TDR portfolio for loans that were modified in TDRs during 2015 , 2014 and 2013 . Credit Card and Other Consumer – Renegotiated TDRs Entered into During the Period by Program Type 2015 (Dollars in millions) Internal Programs External Programs Other (1) Total U.S. credit card $ 134 $ 84 $ — $ 218 Non-U.S. credit card 3 4 79 86 Direct/Indirect consumer 1 — 11 12 Total renegotiated TDRs $ 138 $ 88 $ 90 $ 316 2014 U.S. credit card $ 196 $ 105 $ — $ 301 Non-U.S. credit card 6 6 94 106 Direct/Indirect consumer 4 2 13 19 Total renegotiated TDRs $ 206 $ 113 $ 107 $ 426 2013 U.S. credit card $ 192 $ 137 $ — $ 329 Non-U.S. credit card 16 9 122 147 Direct/Indirect consumer 15 8 15 38 Other consumer 8 — — 8 Total renegotiated TDRs $ 231 $ 154 $ 137 $ 522 (1) Other TDRs for non-U.S. credit card include modifications of accounts that are ineligible for a fixed payment plan. |
Commercial Portfolio Segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The table below provides the unpaid principal balance, carrying value and related allowance at December 31, 2015 and 2014 , and the average carrying value and interest income recognized for 2015 , 2014 and 2013 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 December 31, 2015 December 31, 2014 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance U.S. commercial $ 566 $ 541 $ — $ 668 $ 650 $ — Commercial real estate 82 77 — 60 48 — Non-U.S. commercial 4 4 — — — — With an allowance recorded U.S. commercial $ 1,350 $ 1,157 $ 115 $ 1,139 $ 839 $ 75 Commercial real estate 328 107 11 678 495 48 Non-U.S. commercial 531 381 56 47 44 1 U.S. small business commercial (1) 105 101 35 133 122 35 Total U.S. commercial $ 1,916 $ 1,698 $ 115 $ 1,807 $ 1,489 $ 75 Commercial real estate 410 184 11 738 543 48 Non-U.S. commercial 535 385 56 47 44 1 U.S. small business commercial (1) 105 101 35 133 122 35 2015 2014 2013 Average Interest (2) Average Interest (2) Average Interest (2) With no recorded allowance U.S. commercial $ 688 $ 14 $ 546 $ 12 $ 442 $ 6 Commercial real estate 75 1 166 3 269 3 Non-U.S. commercial 29 1 15 — 28 — With an allowance recorded U.S. commercial $ 953 $ 48 $ 1,198 $ 51 $ 1,553 $ 47 Commercial real estate 216 7 632 16 1,148 28 Non-U.S. commercial 125 7 52 3 109 5 U.S. small business commercial (1) 109 1 151 3 236 6 Total U.S. commercial $ 1,641 $ 62 $ 1,744 $ 63 $ 1,995 $ 53 Commercial real estate 291 8 798 19 1,417 31 Non-U.S. commercial 154 8 67 3 137 5 U.S. small business commercial (1) 109 1 151 3 236 6 (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 December 31, 2015, 2014 and 2013 unpaid principal balance and carrying value of commercial loans that were modified as TDRs during 2015 , 2014 and 2013 , 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 2015, 2014 and 2013 December 31, 2015 2015 (Dollars in millions) Unpaid Principal Balance Carrying Value Net Charge-offs U.S. commercial $ 853 $ 779 $ 28 Commercial real estate 42 42 — Non-U.S. commercial 329 326 — U.S. small business commercial (1) 14 11 3 Total $ 1,238 $ 1,158 $ 31 December 31, 2014 2014 U.S. commercial $ 818 $ 785 $ 49 Commercial real estate 346 346 8 Non-U.S. commercial 44 43 — U.S. small business commercial (1) 3 3 — Total $ 1,211 $ 1,177 $ 57 December 31, 2013 2013 U.S. commercial $ 926 $ 910 $ 33 Commercial real estate 483 425 3 Non-U.S. commercial 61 44 7 U.S. small business commercial (1) 8 9 1 Total $ 1,478 $ 1,388 $ 44 (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) | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Changes in the Allowance for Credit Losses | The table below summarizes the changes in the allowance for credit losses by portfolio segment for 2015 , 2014 and 2013 . 2015 (Dollars in millions) Consumer Real Estate Credit Card and Other Consumer Commercial Total Allowance Allowance for loan and lease losses, January 1 $ 5,935 $ 4,047 $ 4,437 $ 14,419 Loans and leases charged off (1,841 ) (3,620 ) (644 ) (6,105 ) Recoveries of loans and leases previously charged off 732 813 222 1,767 Net charge-offs (1,109 ) (2,807 ) (422 ) (4,338 ) Write-offs of PCI loans (808 ) — — (808 ) Provision for loan and lease losses (70 ) 2,278 835 3,043 Other (1) (34 ) (47 ) (1 ) (82 ) Allowance for loan and lease losses, December 31 3,914 3,471 4,849 12,234 Reserve for unfunded lending commitments, January 1 — — 528 528 Provision for unfunded lending commitments — — 118 118 Reserve for unfunded lending commitments, December 31 — — 646 646 Allowance for credit losses, December 31 $ 3,914 $ 3,471 $ 5,495 $ 12,880 2014 Allowance for loan and lease losses, January 1 $ 8,518 $ 4,905 $ 4,005 $ 17,428 Loans and leases charged off (2,219 ) (4,149 ) (658 ) (7,026 ) Recoveries of loans and leases previously charged off 1,426 871 346 2,643 Net charge-offs (793 ) (3,278 ) (312 ) (4,383 ) Write-offs of PCI loans (810 ) — — (810 ) Provision for loan and lease losses (976 ) 2,458 749 2,231 Other (1) (4 ) (38 ) (5 ) (47 ) Allowance for loan and lease losses, December 31 5,935 4,047 4,437 14,419 Reserve for unfunded lending commitments, January 1 — — 484 484 Provision for unfunded lending commitments — — 44 44 Reserve for unfunded lending commitments, December 31 — — 528 528 Allowance for credit losses, December 31 $ 5,935 $ 4,047 $ 4,965 $ 14,947 2013 Allowance for loan and lease losses, January 1 $ 14,933 $ 6,140 $ 3,106 $ 24,179 Loans and leases charged off (3,766 ) (5,495 ) (1,108 ) (10,369 ) Recoveries of loans and leases previously charged off 879 1,141 452 2,472 Net charge-offs (2,887 ) (4,354 ) (656 ) (7,897 ) Write-offs of PCI loans (2,336 ) — — (2,336 ) Provision for loan and lease losses (1,124 ) 3,139 1,559 3,574 Other (1) (68 ) (20 ) (4 ) (92 ) Allowance for loan and lease losses, December 31 8,518 4,905 4,005 17,428 Reserve for unfunded lending commitments, January 1 — — 513 513 Provision for unfunded lending commitments — — (18 ) (18 ) Other — — (11 ) (11 ) Reserve for unfunded lending commitments, December 31 — — 484 484 Allowance for credit losses, December 31 $ 8,518 $ 4,905 $ 4,489 $ 17,912 (1) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, and foreign currency translation adjustments. The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at December 31, 2015 and 2014 . Allowance and Carrying Value by Portfolio Segment December 31, 2015 (Dollars in millions) Consumer Real Estate Credit Card Consumer Commercial Total Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses (2) $ 634 $ 250 $ 217 $ 1,101 Carrying value (3) 21,058 779 2,368 24,205 Allowance as a percentage of carrying value 3.01 % 32.09 % 9.16 % 4.55 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 2,476 $ 3,221 $ 4,632 $ 10,329 Carrying value (3, 4) 226,116 189,660 439,397 855,173 Allowance as a percentage of carrying value (4) 1.10 % 1.70 % 1.05 % 1.21 % Purchased credit-impaired loans Valuation allowance $ 804 n/a n/a $ 804 Carrying value gross of valuation allowance 16,685 n/a n/a 16,685 Valuation allowance as a percentage of carrying value 4.82 % n/a n/a 4.82 % Total Allowance for loan and lease losses $ 3,914 $ 3,471 $ 4,849 $ 12,234 Carrying value (3, 4) 263,859 190,439 441,765 896,063 Allowance as a percentage of carrying value (4) 1.48 % 1.82 % 1.10 % 1.37 % 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 $35 million related to impaired U.S. small business commercial at both December 31, 2015 and 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 $6.9 billion and $8.7 billion at December 31, 2015 and 2014 . n/a = not applicable |
Securitizations and Other Var39
Securitizations and Other Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |
Mortgage Related Securitizations | The table below summarizes select information related to first-lien mortgage securitizations for 2015 and 2014 . First-lien Mortgage Securitizations Residential Mortgage Agency Non-agency - Subprime Commercial Mortgage (Dollars in millions) 2015 2014 2015 2014 2015 2014 Cash proceeds from new securitizations (1) $ 27,164 $ 36,905 $ — $ 809 $ 7,945 $ 5,710 Gain on securitizations (2) 894 371 — 49 49 68 (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 $750 million and $715 million , net of hedges, during 2015 and 2014 , are not included in the table above. |
Schedule of Variable Interest Entities | The table below summarizes select information related to home equity loan, credit card and other asset-backed VIEs in which the Corporation held a variable interest at December 31, 2015 and 2014 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity Loan (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts Automobile and Other Securitization Trusts December 31 (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Unconsolidated VIEs Maximum loss exposure $ 3,988 $ 4,801 $ — $ — $ 13,043 $ 8,569 $ 1,572 $ 2,100 $ 63 $ 77 On-balance sheet assets Senior securities held (4, 5) : Trading account assets $ — $ 12 $ — $ — $ 1,248 $ 767 $ 2 $ 25 $ — $ 6 Debt securities carried at fair value — — — — 4,341 6,945 — — 53 61 Held-to-maturity securities — — — — 7,367 740 — — — — Subordinate securities held (4, 5) : Trading account assets — 2 — — 17 44 — — — — Debt securities carried at fair value 57 39 — — 70 73 — — — — All other assets — — — — — — — — 10 10 Total retained positions $ 57 $ 53 $ — $ — $ 13,043 $ 8,569 $ 2 $ 25 $ 63 $ 77 Total assets of VIEs (6) $ 5,883 $ 6,362 $ — $ — $ 35,362 $ 28,065 $ 2,518 $ 3,314 $ 314 $ 1,276 Consolidated VIEs Maximum loss exposure $ 231 $ 991 $ 32,678 $ 43,139 $ 354 $ 654 $ 1,973 $ 2,440 $ — $ 92 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 771 $ 1,295 $ 1,984 $ 2,452 $ — $ — Loans and leases 321 1,014 43,194 53,068 — — — — — — Allowance for loan and lease losses (18 ) (56 ) (1,293 ) (1,904 ) — — — — — — Loans held-for-sale — — — — — — — — — 555 All other assets 20 33 342 392 — — 1 — — 54 Total assets $ 323 $ 991 $ 42,243 $ 51,556 $ 771 $ 1,295 $ 1,985 $ 2,452 $ — $ 609 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 681 $ 1,032 $ — $ — Long-term debt 183 1,076 9,550 8,401 417 641 12 12 — 516 All other liabilities — — 15 16 — — — — — 1 Total liabilities $ 183 $ 1,076 $ 9,565 $ 8,417 $ 417 $ 641 $ 693 $ 1,044 $ — $ 517 (1) For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the liability for representations and warranties obligations and corporate guarantees. For additional information, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees . (2) At December 31, 2015 and 2014 , loans and leases in the consolidated credit card trust included $24.7 billion and $36.9 billion of seller’s interest. (3) At December 31, 2015 and 2014 , all other assets in the consolidated credit card trust included restricted cash, certain short-term investments, and unbilled accrued interest and fees. (4) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During 2015 and 2014 , there were no OTTI losses recorded on those securities classified as AFS or HTM debt securities. (5) The retained senior and subordinate securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). (6) Total assets include loans the Corporation transferred with which it has continuing involvement, which may include servicing the loan. |
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 December 31, 2015 and 2014 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage December 31 December 31 December 31 (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Unconsolidated VIEs Maximum loss exposure (1) $ 28,188 $ 14,918 $ 1,027 $ 1,288 $ 2,905 $ 3,167 $ 622 $ 710 $ 326 $ 352 On-balance sheet assets Senior securities held (2) : Trading account assets $ 1,297 $ 584 $ 42 $ 3 $ 94 $ 14 $ 99 $ 81 $ 59 $ 54 Debt securities carried at fair value 24,369 13,473 613 816 2,479 2,811 340 383 — 76 Held-to-maturity securities 2,507 837 — — — — — — 37 42 Subordinate securities held (2) : Trading account assets — — 1 — 37 — 2 1 22 58 Debt securities carried at fair value — — 12 12 3 5 28 — 54 58 Held-to-maturity securities — — — — — — — — 13 15 Residual interests held — — — 10 — — — — 48 22 All other assets (3) 15 24 40 56 — 1 153 245 — — Total retained positions $ 28,188 $ 14,918 $ 708 $ 897 $ 2,613 $ 2,831 $ 622 $ 710 $ 233 $ 325 Principal balance outstanding (4) $ 313,613 $ 397,055 $ 16,087 $ 20,167 $ 27,854 $ 32,592 $ 40,848 $ 50,054 $ 34,243 $ 20,593 Consolidated VIEs Maximum loss exposure (1) $ 26,878 $ 38,345 $ 65 $ 77 $ 232 $ 206 $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 1,101 $ 1,538 $ — $ — $ 188 $ 30 $ — $ — $ — $ — Loans and leases 25,328 36,187 111 130 675 768 — — — — Allowance for loan and lease losses — (2 ) — — — — — — — — All other assets 449 623 — 6 54 15 — — — — Total assets $ 26,878 $ 38,346 $ 111 $ 136 $ 917 $ 813 $ — $ — $ — $ — On-balance sheet liabilities Long-term debt $ — $ 1 $ 46 $ 56 $ 840 $ 770 $ — $ — $ — $ — All other liabilities 1 — — 3 — 13 — — — — Total liabilities $ 1 $ 1 $ 46 $ 59 $ 840 $ 783 $ — $ — $ — $ — (1) Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but 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 23 – Mortgage Servicing Rights . (2) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During 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 $222 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 $222 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 December 31, 2015 and 2014 . (4) Principal balance outstanding includes loans the Corporation transferred with which it has continuing involvement, which may include servicing the loans. |
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 December 31, 2015 and 2014 . Other VIEs December 31 2015 2014 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure $ 6,295 $ 12,916 $ 19,211 $ 7,981 $ 12,391 $ 20,372 On-balance sheet assets Trading account assets $ 2,300 $ 366 $ 2,666 $ 1,575 $ 355 $ 1,930 Debt securities carried at fair value — 126 126 — 483 483 Loans and leases 3,317 3,389 6,706 4,020 2,693 6,713 Allowance for loan and lease losses (9 ) (23 ) (32 ) (6 ) — (6 ) Loans held-for-sale 284 1,025 1,309 1,267 814 2,081 All other assets 664 6,925 7,589 1,646 6,658 8,304 Total $ 6,556 $ 11,808 $ 18,364 $ 8,502 $ 11,003 $ 19,505 On-balance sheet liabilities Long-term debt (1) $ 3,025 $ — $ 3,025 $ 1,834 $ — $ 1,834 All other liabilities 5 2,697 2,702 105 2,643 2,748 Total $ 3,030 $ 2,697 $ 5,727 $ 1,939 $ 2,643 $ 4,582 Total assets of VIEs $ 6,556 $ 40,894 $ 47,450 $ 8,502 $ 41,467 $ 49,969 (1) Includes $2.8 billion and $1.4 billion of long-term debt at December 31, 2015 and 2014 issued by other consolidated VIEs, which has recourse to the general credit of the Corporation. |
Representations and Warrantie40
Representations and Warranties Obligations and Corporate Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Representations and Warranties Obligations and Corporate Guarantees [Abstract] | |
Outstanding Claims by Category and Product | The table below presents unresolved repurchase claims at December 31, 2015 and 2014 . The unresolved repurchase claims include only claims where the Corporation believes that the counterparty has the contractual right to submit claims. The unresolved repurchase claims predominantly relate to subprime and pay option first-lien loans and home equity loans. For additional information, see Private-label Securitizations and Whole-loan Sales Experience in this Note and Note 12 – Commitments and Contingencies . Unresolved Repurchase Claims by Counterparty, net of duplicate claims December 31 (Dollars in millions) 2015 2014 (1) By counterparty Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (2, 3) $ 16,748 $ 21,276 Monolines (4) 1,599 1,511 GSEs 17 59 Total unresolved repurchase claims by counterparty, net of duplicate claims $ 18,364 $ 22,846 (1) The December 31, 2014 amounts have been updated to reflect additional claims submitted in the fourth quarter of 2014 from a single monoline, currently pursuing litigation, 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 . (2) Includes $11.9 billion and $13.8 billion of claims based on individual file reviews and $4.8 billion and $7.5 billion of claims submitted without individual file reviews at December 31, 2015 and 2014 . (3) The total notional amount of unresolved repurchase claims does not include repurchase claims related to the trusts covered by the BNY Mellon Settlement. (4) At December 31, 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. |
Rollforward of Liability for Representation and Warranties | The table below presents a rollforward of the liability for representations and warranties and corporate guarantees. Representations and Warranties and Corporate Guarantees (Dollars in millions) 2015 2014 Liability for representations and warranties and corporate guarantees, January 1 $ 12,081 $ 13,282 Additions for new sales 6 8 Net reductions (722 ) (1,892 ) Provision (benefit) (39 ) 683 Liability for representations and warranties and corporate guarantees, December 31 (1) $ 11,326 $ 12,081 (1) In February 2016, the Corporation made an $8.5 billion settlement payment to BNY Mellon as part of the BNY Mellon Settlement. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The table below presents goodwill balances by business segment at December 31, 2015 and 2014 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill (1) December 31 (Dollars in millions) 2015 2014 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 820 836 Total goodwill $ 69,761 $ 69,777 (1) There was no goodwill in LAS at December 31, 2015 and 2014 . |
Intangible Assets | The table below presents the gross and net carrying values and accumulated amortization for intangible assets at December 31, 2015 and 2014 . Intangible Assets (1, 2) December 31 2015 2014 (Dollars in millions) Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Purchased credit card relationships $ 5,450 $ 4,755 $ 695 $ 5,504 $ 4,527 $ 977 Core deposit intangibles 1,779 1,505 274 1,779 1,382 397 Customer relationships 3,927 2,990 937 4,025 2,648 1,377 Affinity relationships 1,556 1,356 200 1,565 1,283 282 Other intangibles (3) 2,143 481 1,662 2,045 466 1,579 Total intangible assets $ 14,855 $ 11,087 $ 3,768 $ 14,918 $ 10,306 $ 4,612 (1) Excludes fully amortized intangible assets. (2) At December 31, 2015 and 2014 , none of the intangible assets were impaired. (3) Includes intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized. |
Schedule of Amortization Expense | The tables below present intangible asset amortization expense for 2015 , 2014 and 2013 , and estimated future intangible asset amortization expense as of December 31, 2015 . Amortization Expense (Dollars in millions) 2015 2014 2013 Purchased credit card and affinity relationships $ 356 $ 415 $ 475 Core deposit intangibles 122 140 197 Customer relationships 340 355 371 Other intangibles 16 26 43 Total amortization expense $ 834 $ 936 $ 1,086 |
Schedule of Future Intangible Asset Amortization Expense | Estimated Future Amortization Expense (Dollars in millions) 2016 2017 2018 2019 2020 Purchased credit card and affinity relationships $ 298 $ 237 $ 179 $ 121 $ 60 Core deposit intangibles 104 90 80 — — Customer relationships 325 310 302 — — Other intangibles 10 6 4 2 — Total estimated future amortization expense $ 737 $ 643 $ 565 $ 123 $ 60 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Details of Time Deposits | The table below presents the contractual maturities for time deposits of $100 thousand or more at December 31, 2015 . Time Deposits of $100 Thousand or More (Dollars in millions) Three Months or Less Over Three Twelve Months Thereafter Total U.S. certificates of deposit and other time deposits $ 12,836 $ 12,834 $ 2,677 $ 28,347 Non-U.S. certificates of deposit and other time deposits 12,352 1,517 277 14,146 |
Schedule of Maturities for Total Time Deposits | The scheduled contractual maturities for total time deposits at December 31, 2015 are presented in the table below. Contractual Maturities of Total Time Deposits (Dollars in millions) U.S. Non-U.S. Total Due in 2016 $ 51,319 $ 14,248 $ 65,567 Due in 2017 4,166 103 4,269 Due in 2018 937 1 938 Due in 2019 874 5 879 Due in 2020 1,380 258 1,638 Thereafter 683 — 683 Total time deposits $ 59,359 $ 14,615 $ 73,974 |
Federal Funds Sold or Purchas43
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 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. The Corporation elects to account for certain securities financing agreements and short-term borrowings under the fair value option. For more information on the election of the fair value option, see Note 21 – Fair Value Option . 2015 2014 (Dollars in millions) Amount Rate Amount Rate Federal funds sold and securities borrowed or purchased under agreements to resell At December 31 $ 192,482 0.44 % $ 191,823 0.47 % Average during year 211,471 0.47 222,483 0.47 Maximum month-end balance during year 226,502 n/a 240,122 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase At December 31 174,291 0.82 201,277 0.98 Average during year 213,497 0.89 215,792 0.99 Maximum month-end balance during year 235,232 n/a 240,154 n/a Short-term borrowings At December 31 28,098 1.61 31,172 1.47 Average during year 32,798 1.49 41,886 1.08 Maximum month-end balance during year 40,110 n/a 51,409 n/a n/a = not applicable |
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. Included in “Other” are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. 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 December 31, 2015 , the Corporation had no outstanding repurchase-to-maturity transactions. Remaining Contractual Maturity December 31, 2015 (Dollars in millions) Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater than 90 Days (1) Total Securities sold under agreements to repurchase $ 126,694 $ 86,879 $ 43,216 $ 27,514 $ 284,303 Securities loaned 39,772 363 2,352 2,288 44,775 Other 13,235 — — — 13,235 Total $ 179,701 $ 87,242 $ 45,568 $ 29,802 $ 342,313 (1) No agreements have maturities greater than three years . Class of Collateral Pledged December 31, 2015 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 142,572 $ — $ 27 $ 142,599 Corporate securities, trading loans and other 11,767 265 278 12,310 Equity securities 32,323 13,350 12,929 58,602 Non-U.S. sovereign debt 87,849 31,160 1 119,010 Mortgage trading loans and ABS 9,792 — — 9,792 Total $ 284,303 $ 44,775 $ 13,235 $ 342,313 |
Securities Loaned and Financial Assets Sold Under Agreements to Repurchase | |
Offsetting Liabilities [Line Items] | |
Offsetting Liabilities | Securities Financing Agreements December 31, 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) $ 347,281 $ (154,799 ) $ 192,482 $ (144,332 ) $ 48,150 Securities loaned or sold under agreements to repurchase $ 329,078 $ (154,799 ) $ 174,279 $ (135,737 ) $ 38,542 Other 13,235 — 13,235 (13,235 ) — Total $ 342,313 $ (154,799 ) $ 187,514 $ (148,972 ) $ 38,542 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 $9.3 billion and $5.6 billion reported in loans and leases on the Consolidated Balance Sheet at December 31, 2015 and 2014 . |
Securities Borrowed and Securities Purchased Under Agreements to Resell | |
Offsetting Assets [Line Items] | |
Offsetting Assets | Securities Financing Agreements December 31, 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) $ 347,281 $ (154,799 ) $ 192,482 $ (144,332 ) $ 48,150 Securities loaned or sold under agreements to repurchase $ 329,078 $ (154,799 ) $ 174,279 $ (135,737 ) $ 38,542 Other 13,235 — 13,235 (13,235 ) — Total $ 342,313 $ (154,799 ) $ 187,514 $ (148,972 ) $ 38,542 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 $9.3 billion and $5.6 billion reported in loans and leases on the Consolidated Balance Sheet at December 31, 2015 and 2014 . |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Balance of Long-term Debt | The table below presents the balance of long-term debt at December 31, 2015 and 2014 , and the related contractual rates and maturity dates as of December 31, 2015 . December 31 (Dollars in millions) 2015 2014 Notes issued by Bank of America Corporation Senior notes: Fixed, with a weighted-average rate of 4.55%, ranging from 1.25% to 8.40%, due 2016 to 2045 $ 109,861 $ 113,037 Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 5.07%, due 2016 to 2044 13,900 14,590 Senior structured notes 17,548 22,168 Subordinated notes: Fixed, with a weighted-average rate of 5.19%, ranging from 2.40% to 8.57%, due 2016 to 2045 27,216 23,246 Floating, with a weighted-average rate of 0.94%, ranging from 0.43% to 2.68%, due 2016 to 2026 5,029 5,455 Junior subordinated notes (related to trust preferred securities): Fixed, with a weighted-average rate of 6.78%, ranging from 5.25% to 8.05%, due 2027 to 2067 5,295 6,722 Floating, with a weighted-average rate of 1.08%, ranging from 0.87% to 1.53%, due 2027 to 2056 553 553 Total notes issued by Bank of America Corporation 179,402 185,771 Notes issued by Bank of America, N.A. Senior notes: Fixed, with a weighted-average rate of 1.57%, ranging from 1.13% to 2.05%, due 2016 to 2018 7,483 2,740 Floating, with a weighted-average rate of 1.13%, ranging from 0.43% to 3.30%, due 2016 to 2041 4,942 3,028 Subordinated notes: Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036 4,815 4,921 Floating, with a weighted-average rate of 0.80%, ranging from 0.79% to 0.81%, due 2016 to 2019 1,401 1,401 Advances from Federal Home Loan Banks: Fixed, with a weighted-average rate of 5.34%, ranging from 0.01% to 7.72%, due 2016 to 2034 172 183 Floating, with a weighted-average rate of 0.41%, ranging from 0.35% to 0.63%, due 2016 6,000 10,500 Securitizations and other BANA VIEs 9,756 9,882 Other 2,985 2,811 Total notes issued by Bank of America, N.A. 37,554 35,466 Other debt Senior notes: Fixed, with a rate of 5.50%, due 2017 to 2021 30 1 Floating — 21 Structured liabilities 14,974 15,971 Junior subordinated notes (related to trust preferred securities): Fixed — 340 Floating — 66 Nonbank VIEs 4,317 3,425 Other 487 2,078 Total other debt 19,808 21,902 Total long-term debt $ 236,764 $ 243,139 |
Schedule of Maturities of Long-term Debt | Long-term Debt by Maturity (Dollars in millions) 2016 2017 2018 2019 2020 Thereafter Total Bank of America Corporation Senior notes $ 16,777 $ 18,303 $ 20,211 $ 16,820 $ 11,351 $ 40,299 $ 123,761 Senior structured notes 4,230 2,352 1,942 1,374 955 6,695 17,548 Subordinated notes 4,861 4,885 2,677 1,479 3 18,340 32,245 Junior subordinated notes — — — — — 5,848 5,848 Total Bank of America Corporation 25,868 25,540 24,830 19,673 12,309 71,182 179,402 Bank of America, N.A. Senior notes 3,048 3,648 5,709 — — 20 12,425 Subordinated notes 1,056 3,447 — 1 — 1,712 6,216 Advances from Federal Home Loan Banks 6,003 10 10 15 12 122 6,172 Securitizations and other Bank VIEs (1) 1,290 3,550 2,300 2,450 — 166 9,756 Other 53 2,713 76 85 30 28 2,985 Total Bank of America, N.A. 11,450 13,368 8,095 2,551 42 2,048 37,554 Other debt Senior notes — 1 — — — 29 30 Structured liabilities 3,110 2,029 1,175 882 1,034 6,744 14,974 Nonbank VIEs (1) 2,506 240 42 22 — 1,507 4,317 Other 400 57 — — — 30 487 Total other debt 6,016 2,327 1,217 904 1,034 8,310 19,808 Total long-term debt $ 43,334 $ 41,235 $ 34,142 $ 23,128 $ 13,385 $ 81,540 $ 236,764 (1) Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet. |
Financial Instruments Subject to Mandatory Redemption Disclosure | The Trust Securities Summary table details the outstanding Trust Securities and the related Notes previously issued which remained outstanding at December 31, 2015 . Trust Securities Summary (Dollars in millions) December 31, 2015 Issuer Issuance Date Aggregate of Trust Securities Aggregate of the Notes Stated Maturity of the Trust Securities Per Annum Interest Rate of the Notes Interest Payment Dates Redemption Period Bank of America Capital Trust VI March 2005 $ 27 $ 27 March 2035 5.63 % Semi-Annual Any time Capital Trust VII (1) August 2005 6 7 August 2035 5.25 Semi-Annual Any time Capital Trust VIII August 2005 524 540 August 2035 6.00 Quarterly On or after 8/25/10 Capital Trust XI May 2006 658 678 May 2036 6.63 Semi-Annual Any time Capital Trust XV May 2007 1 1 June 2056 3-mo. LIBOR + 80 bps Quarterly On or after 6/01/37 NationsBank Capital Trust III February 1997 131 136 January 2027 3-mo. LIBOR + 55 bps Quarterly On or after 1/15/07 BankAmerica Capital III January 1997 103 106 January 2027 3-mo. LIBOR + 57 bps Quarterly On or after 1/15/02 Fleet Capital Trust V December 1998 79 82 December 2028 3-mo. LIBOR + 100 bps Quarterly On or after 12/18/03 BankBoston Capital Trust III June 1997 53 55 June 2027 3-mo. LIBOR + 75 bps Quarterly On or after 6/15/07 Capital Trust IV June 1998 102 106 June 2028 3-mo. LIBOR + 60 bps Quarterly On or after 6/08/03 MBNA Capital Trust B January 1997 70 73 February 2027 3-mo. LIBOR + 80 bps Quarterly On or after 2/01/07 Countrywide Capital III June 1997 200 206 June 2027 8.05 Semi-Annual Only under special event Capital IV April 2003 500 515 April 2033 6.75 Quarterly On or after 4/11/08 Capital V November 2006 1,495 1,496 November 2036 7.00 Quarterly On or after 11/01/11 Merrill Lynch (2) Capital Trust I December 2006 1,050 1,051 December 2066 6.45 Quarterly On or after 12/11 Capital Trust II May 2007 950 951 June 2067 6.45 Quarterly On or after 6/12 Capital Trust III August 2007 750 751 September 2067 7.375 Quarterly On or after 9/12 Total $ 6,699 $ 6,781 (1) Notes are denominated in British Pound. Presentation currency is U.S. Dollar. (2) Call notices for Merrill Lynch Preferred Capital Trust III, IV and V were sent on December 29, 2015 and settled on January 29, 2016. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The table below also includes the notional amount of commitments of $10.9 billion and $9.9 billion at December 31, 2015 and 2014 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value of $658 million and $405 million on these commitments, which is 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 21 – Fair Value Option . Credit Extension Commitments December 31, 2015 (Dollars in millions) Expire in One Expire After One Expire After Three Expire After Five Total Notional amount of credit extension commitments Loan commitments $ 87,873 $ 119,272 $ 158,920 $ 37,112 $ 403,177 Home equity lines of credit 7,074 18,438 5,126 19,697 50,335 Standby letters of credit and financial guarantees (1) 19,584 9,903 3,385 1,218 34,090 Letters of credit 1,650 165 258 54 2,127 Legally binding commitments 116,181 147,778 167,689 58,081 489,729 Credit card lines (2) 370,127 — — — 370,127 Total credit extension commitments $ 486,308 $ 147,778 $ 167,689 $ 58,081 $ 859,856 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 $8.4 billion at December 31, 2015 , and $26.1 billion and $8.2 billion at December 31, 2014 . Amounts in the table include consumer SBLCs of $164 million and $396 million at December 31, 2015 and 2014 . (2) Includes business card unused lines of credit. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Dividends | Common Stock Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share January 21, 2016 March 4, 2016 March 25, 2016 $ 0.05 October 22, 2015 December 4, 2015 December 24, 2015 0.05 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 (1) In 2015 and through February 24, 2016 . |
Schedule of Stock by Class | The table below presents a summary of perpetual preferred stock outstanding at December 31, 2015 . Preferred Stock Summary (Dollars in millions, except as noted) Series Description Initial Total Liquidation Carrying (1) Per Annum Redemption Period (2) Series B 7% Cumulative Redeemable June 7,571 $ 100 $ 1 7.00 % n/a Series D (3) 6.204% Non-Cumulative September 26,174 25,000 654 6.204 % On or after Series E (3) Floating Rate Non-Cumulative November 12,691 25,000 317 3-mo. LIBOR + 35 bps (4) On or after Series F Floating Rate Non-Cumulative March 1,409 100,000 141 3-mo. LIBOR + 40 bps (4) On or after Series G Adjustable Rate Non-Cumulative March 4,926 100,000 493 3-mo. LIBOR + 40 bps (4) On or after Series I (3) 6.625% Non-Cumulative September 14,584 25,000 365 6.625 % On or after Series K (5) Fixed-to-Floating Rate Non-Cumulative January 61,773 25,000 1,544 8.00% to, but excluding, 1/30/18; On or after Series L 7.25% Non-Cumulative Perpetual Convertible January 3,080,182 1,000 3,080 7.25 % n/a Series M (5) Fixed-to-Floating Rate Non-Cumulative April 52,399 25,000 1,310 8.125% to, but excluding, 5/15/18; On or after Series T 6% Non-Cumulative September 50,000 100,000 2,918 6.00 % See description in Series U (5) Fixed-to-Floating Rate Non-Cumulative May 40,000 25,000 1,000 5.2% to, but excluding, 6/1/23; On or after Series V (5) Fixed-to-Floating Rate Non-Cumulative June 60,000 25,000 1,500 5.125% to, but excluding, 6/17/19; On or after Series W (3) 6.625% Non-Cumulative September 2014 44,000 25,000 1,100 6.625 % On or after Series X (5) Fixed-to-Floating Rate Non-Cumulative September 2014 80,000 25,000 2,000 6.250% to, but excluding, 9/5/24; On or after Series Y (3) 6.500% Non-Cumulative January 2015 44,000 25,000 1,100 6.500 % On or after Series Z (5) Fixed-to-Floating Rate Non-Cumulative October 2014 56,000 25,000 1,400 6.500% to, but excluding, 10/23/24; On or after Series AA (5) Fixed-to-Floating Rate Non-Cumulative March 2015 76,000 25,000 1,900 6.100% to, but excluding, 3/17/25; On or after Series 1 (6) Floating Rate Non-Cumulative November 3,275 30,000 98 3-mo. LIBOR + 75 bps (7) On or after Series 2 (6) Floating Rate Non-Cumulative March 9,967 30,000 299 3-mo. LIBOR + 65 bps (7) On or after Series 3 (6) 6.375% Non-Cumulative November 21,773 30,000 653 6.375 % On or after Series 4 (6) Floating Rate Non-Cumulative November 7,010 30,000 210 3-mo. LIBOR + 75 bps (4) On or after Series 5 (6) Floating Rate Non-Cumulative March 14,056 30,000 422 3-mo. LIBOR + 50 bps (4) On or after Total 3,767,790 $ 22,505 (1) Amounts shown are before third-party issuance costs and certain book value adjustments of $232 million . (2) The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends. Series B and Series L Preferred Stock do not have early redemption/call rights. (3) Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. (4) Subject to 4.00% minimum rate per annum. (5) Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the first redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter. (6) Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. (7) Subject to 3.00% minimum rate per annum. n/a = not applicable |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for 2013 , 2014 and 2015 . (Dollars in millions) Available-for- Securities Available-for- Equity Securities Debit Valuation Adjustments (1) Derivatives Employee Benefit Plans Foreign Currency (2) Total Balance, December 31, 2012 $ 4,443 $ 462 n/a $ (2,869 ) $ (4,456 ) $ (377 ) $ (2,797 ) Net change (7,700 ) (466 ) n/a 592 2,049 (135 ) (5,660 ) Balance, December 31, 2013 $ (3,257 ) $ (4 ) n/a $ (2,277 ) $ (2,407 ) $ (512 ) $ (8,457 ) Net change 4,600 21 n/a 616 (943 ) (157 ) 4,137 Balance, December 31, 2014 $ 1,343 $ 17 n/a $ (1,661 ) $ (3,350 ) $ (669 ) $ (4,320 ) Cumulative adjustment for accounting change — — $ (1,226 ) — — — (1,226 ) Net change (1,643 ) 45 615 584 394 (123 ) (128 ) Balance, December 31, 2015 $ (300 ) $ 62 $ (611 ) $ (1,077 ) $ (2,956 ) $ (792 ) $ (5,674 ) (1) For information on the impact of early adoption of new accounting guidance on recognition and measurement of financial instruments, see Note 1 – Summary of Significant Accounting Principles . (2) 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. n/a = not applicable |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | 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 2015 , 2014 and 2013 . Changes in OCI Components Before- and After-tax 2015 2014 2013 (Dollars in millions) Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax Available-for-sale debt securities: Net increase (decrease) in fair value $ (1,644 ) $ 627 $ (1,017 ) $ 8,698 $ (3,268 ) $ 5,430 $ (10,989 ) $ 4,077 $ (6,912 ) Net realized gains reclassified into earnings (1,010 ) 384 (626 ) (1,338 ) 508 (830 ) (1,251 ) 463 (788 ) Net change (2,654 ) 1,011 (1,643 ) 7,360 (2,760 ) 4,600 (12,240 ) 4,540 (7,700 ) Available-for-sale marketable equity securities: Net increase in fair value 72 (27 ) 45 34 (13 ) 21 32 (12 ) 20 Net realized gains reclassified into earnings — — — — — — (771 ) 285 (486 ) Net change 72 (27 ) 45 34 (13 ) 21 (739 ) 273 (466 ) Debit valuation adjustments: Net increase in fair value 436 (166 ) 270 n/a n/a n/a n/a n/a n/a Net realized losses reclassified into earnings 556 (211 ) 345 n/a n/a n/a n/a n/a n/a Net change 992 (377 ) 615 n/a n/a n/a n/a n/a n/a Derivatives: Net increase in fair value 55 (22 ) 33 195 (54 ) 141 156 (51 ) 105 Net realized losses reclassified into earnings 883 (332 ) 551 760 (285 ) 475 773 (286 ) 487 Net change 938 (354 ) 584 955 (339 ) 616 929 (337 ) 592 Employee benefit plans: Net increase (decrease) in fair value 408 (121 ) 287 (1,629 ) 614 (1,015 ) 2,985 (1,128 ) 1,857 Net realized losses reclassified into earnings 169 (62 ) 107 55 (23 ) 32 237 (79 ) 158 Settlements, curtailments and other 1 (1 ) — (1 ) 41 40 46 (12 ) 34 Net change 578 (184 ) 394 (1,575 ) 632 (943 ) 3,268 (1,219 ) 2,049 Foreign currency: Net decrease in fair value 600 (723 ) (123 ) 714 (879 ) (165 ) 244 (384 ) (140 ) Net realized losses reclassified into earnings (38 ) 38 — 20 (12 ) 8 138 (133 ) 5 Net change 562 (685 ) (123 ) 734 (891 ) (157 ) 382 (517 ) (135 ) Total other comprehensive income (loss) $ 488 $ (616 ) $ (128 ) $ 7,508 $ (3,371 ) $ 4,137 $ (8,400 ) $ 2,740 $ (5,660 ) n/a = not applicable |
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 2015 , 2014 and 2013 . Reclassifications Out of Accumulated OCI (Dollars in millions) Accumulated OCI Components Income Statement Line Item Impacted 2015 2014 2013 Available-for-sale debt securities: Gains on sales of debt securities $ 1,091 $ 1,354 $ 1,271 Other loss (81 ) (16 ) (20 ) Income before income taxes 1,010 1,338 1,251 Income tax expense 384 508 463 Reclassification to net income 626 830 788 Available-for-sale marketable equity securities: Equity investment income — — 771 Income before income taxes — — 771 Income tax expense — — 285 Reclassification to net income — — 486 Debit valuation adjustments: Other loss (556 ) n/a n/a Loss before income taxes (556 ) n/a n/a Income tax benefit (211 ) n/a n/a Reclassification to net income (345 ) n/a n/a Derivatives: Interest rate contracts Net interest income (974 ) (1,119 ) (1,119 ) Commodity contracts Trading account losses — — (1 ) Interest rate contracts Other income — — 18 Equity compensation contracts Personnel 91 359 329 Loss before income taxes (883 ) (760 ) (773 ) Income tax benefit (332 ) (285 ) (286 ) Reclassification to net income (551 ) (475 ) (487 ) Employee benefit plans: Prior service cost Personnel (5 ) (5 ) (4 ) Net actuarial losses Personnel (164 ) (50 ) (225 ) Settlements and curtailments Personnel — — (8 ) Loss before income taxes (169 ) (55 ) (237 ) Income tax benefit (62 ) (23 ) (79 ) Reclassification to net income (107 ) (32 ) (158 ) Foreign currency: Other income (loss) 38 (20 ) (138 ) Income (loss) before income taxes 38 (20 ) (138 ) Income tax expense (benefit) 38 (12 ) (133 ) Reclassification to net income — (8 ) (5 ) Total reclassification adjustments $ (377 ) $ 315 $ 624 n/a = not applicable |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 2015 , 2014 and 2013 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles . (Dollars in millions, except per share information; shares in thousands) 2015 2014 2013 Earnings per common share Net income $ 15,888 $ 4,833 $ 11,431 Preferred stock dividends (1,483 ) (1,044 ) (1,349 ) Net income applicable to common shareholders 14,405 3,789 10,082 Dividends and undistributed earnings allocated to participating securities — — (2 ) Net income allocated to common shareholders $ 14,405 $ 3,789 $ 10,080 Average common shares issued and outstanding 10,462,282 10,527,818 10,731,165 Earnings per common share $ 1.38 $ 0.36 $ 0.94 Diluted earnings per common share Net income applicable to common shareholders $ 14,405 $ 3,789 $ 10,082 Add preferred stock dividends due to assumed conversions 300 — 300 Dividends and undistributed earnings allocated to participating securities — — (2 ) Net income allocated to common shareholders $ 14,705 $ 3,789 $ 10,380 Average common shares issued and outstanding 10,462,282 10,527,818 10,731,165 Dilutive potential common shares (1) 751,710 56,717 760,253 Total diluted average common shares issued and outstanding 11,213,992 10,584,535 11,491,418 Diluted earnings per common share $ 1.31 $ 0.36 $ 0.90 (1) Includes incremental dilutive shares from restricted stock units, restricted stock, stock options and warrants. |
Regulatory Requirements and R49
Regulatory Requirements and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The table below presents capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches – Transition as measured at December 31, 2015 and 2014 for the Corporation and BANA. Regulatory Capital under Basel 3 – Transition (1) December 31, 2015 Bank of America Corporation Bank of America, N.A. (Dollars in millions) Standardized Approach Advanced Approaches Regulatory Minimum Well-capitalized (2) Standardized Approach Advanced Approaches Regulatory Minimum Well-capitalized (2) Risk-based capital metrics: Common equity tier 1 capital $ 163,026 $ 163,026 $ 144,869 $ 144,869 Tier 1 capital 180,778 180,778 144,869 144,869 Total capital (3) 220,676 210,912 159,871 150,624 Risk-weighted assets (in billions) 1,403 1,602 1,183 1,104 Common equity tier 1 capital ratio 11.6 % 10.2 % 4.5 % n/a 12.2 % 13.1 % 4.5 % 6.5 % Tier 1 capital ratio 12.9 11.3 6.0 6.0 % 12.2 13.1 6.0 8.0 Total capital ratio 15.7 13.2 8.0 10.0 13.5 13.6 8.0 10.0 Leverage-based metrics: Adjusted quarterly average assets (in billions) (4) $ 2,103 $ 2,103 $ 1,575 $ 1,575 Tier 1 leverage ratio 8.6 % 8.6 % 4.0 n/a 9.2 % 9.2 % 4.0 5.0 December 31, 2014 Risk-based capital metrics: Common equity tier 1 capital $ 155,361 n/a $ 145,150 n/a Tier 1 capital 168,973 n/a 145,150 n/a Total capital (3) 208,670 n/a 161,623 n/a Risk-weighted assets (in billions) 1,262 n/a 1,105 n/a Common equity tier 1 capital ratio 12.3 % n/a 4.0 % n/a 13.1 % n/a 4.0 % n/a Tier 1 capital ratio 13.4 n/a 5.5 6.0 % 13.1 n/a 5.5 6.0 % Total capital ratio 16.5 n/a 8.0 10.0 14.6 n/a 8.0 10.0 Leverage-based metrics: Adjusted quarterly average assets (in billions) (4) $ 2,060 $ 2,060 $ 1,509 $ 1,509 Tier 1 leverage ratio 8.2 % 8.2 % 4.0 n/a 9.6 % 9.6 % 4.0 5.0 (1) The Corporation received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements in the fourth quarter of 2015. With the approval to exit parallel run, the Corporation is required to report regulatory capital risk-weighted assets and ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is to be used to assess capital adequacy and was the Advanced approaches at December 31, 2015 . Prior to exiting parallel run, the Corporation was required to report regulatory capital risk-weighted assets and ratios under the Standardized approach only. As previously disclosed, with the approval to exit parallel run, U.S. banking regulators requested modifications to certain internal analytical models including the wholesale (e.g., commercial) credit models which increased the Corporation’s risk-weighted assets in the fourth quarter of 2015. (2) To be “well capitalized” under the current U.S. banking regulatory agency definitions, a bank holding company or national bank must maintain these or higher ratios and not be subject to a Federal Reserve order or directive to maintain higher capital levels. (3) Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses. (4) Reflects adjusted average assets for the three months ended December 31, 2015 and 2014 . n/a = not applicable |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | Pension and Postretirement Plans Qualified Pension Plan (1) Non-U.S. Pension Plans (1) Nonqualified and Other Pension Plans (1) Postretirement Health and Life Plans (1) (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Change in fair value of plan assets Fair value, January 1 $ 18,614 $ 18,276 $ 2,564 $ 2,457 $ 2,927 $ 2,720 $ 28 $ 72 Actual return on plan assets 199 1,261 342 256 14 336 — 6 Company contributions — — 58 84 97 97 79 53 Plan participant contributions — — 1 1 — — 127 129 Settlements and curtailments — — (7 ) (5 ) — — — — Benefits paid (851 ) (923 ) (78 ) (68 ) (233 ) (226 ) (247 ) (248 ) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a 13 16 Foreign currency exchange rate changes n/a n/a (142 ) (161 ) n/a n/a n/a n/a Fair value, December 31 $ 17,962 $ 18,614 $ 2,738 $ 2,564 $ 2,805 $ 2,927 $ — $ 28 Change in projected benefit obligation Projected benefit obligation, January 1 $ 15,508 $ 14,145 $ 2,688 $ 2,580 $ 3,329 $ 3,070 $ 1,346 $ 1,356 Service cost — — 27 29 — 1 8 8 Interest cost 621 665 93 109 122 133 48 58 Plan participant contributions — — 1 1 — — 127 129 Plan amendments — — (1 ) 1 — — — — Settlements and curtailments — — (7 ) (6 ) — — — — Actuarial loss (gain) (817 ) 1,621 (2 ) 208 (165 ) 351 (141 ) 29 Benefits paid (851 ) (923 ) (78 ) (68 ) (233 ) (226 ) (247 ) (248 ) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a 13 16 Foreign currency exchange rate changes n/a n/a (141 ) (166 ) n/a n/a (2 ) (2 ) Projected benefit obligation, December 31 $ 14,461 $ 15,508 $ 2,580 $ 2,688 $ 3,053 $ 3,329 $ 1,152 $ 1,346 Amount recognized, December 31 $ 3,501 $ 3,106 $ 158 $ (124 ) $ (248 ) $ (402 ) $ (1,152 ) $ (1,318 ) Funded status, December 31 Accumulated benefit obligation $ 14,461 $ 15,508 $ 2,479 $ 2,582 $ 3,052 $ 3,329 n/a n/a Overfunded (unfunded) status of ABO 3,501 3,106 259 (18 ) (247 ) (402 ) n/a n/a Provision for future salaries — — 101 106 1 — n/a n/a Projected benefit obligation 14,461 15,508 2,580 2,688 3,053 3,329 $ 1,152 $ 1,346 Weighted-average assumptions, December 31 Discount rate 4.51 % 4.12 % 3.59 % 3.56 % 4.34 % 3.80 % 4.32 % 3.75 % Rate of compensation increase n/a n/a 4.64 4.70 4.00 4.00 n/a n/a (1) The measurement date for the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans was December 31 of each year reported. n/a = not applicable |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized on the Consolidated Balance Sheet at December 31, 2015 and 2014 are presented in the table below. Amounts Recognized on Consolidated Balance Sheet Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Postretirement Health and Life Plans (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 Other assets $ 3,501 $ 3,106 $ 548 $ 252 $ 825 $ 786 $ — $ — Accrued expenses and other liabilities — — (390 ) (376 ) (1,073 ) (1,188 ) (1,152 ) (1,318 ) Net amount recognized at December 31 $ 3,501 $ 3,106 $ 158 $ (124 ) $ (248 ) $ (402 ) $ (1,152 ) $ (1,318 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2015 and 2014 are presented in the table below. For the non-qualified plans not subject to ERISA or non-U.S. pension plans, funding strategies vary due to legal requirements and local practices. Plans with PBO and ABO in Excess of Plan Assets Non-U.S. Pension Plans Nonqualified and Other Pension Plans (Dollars in millions) 2015 2014 2015 2014 PBO $ 574 $ 583 $ 1,075 $ 1,190 ABO 551 563 1,074 1,190 Fair value of plan assets 183 206 1 2 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2015 and 2014 are presented in the table below. For the non-qualified plans not subject to ERISA or non-U.S. pension plans, funding strategies vary due to legal requirements and local practices. Plans with PBO and ABO in Excess of Plan Assets Non-U.S. Pension Plans Nonqualified and Other Pension Plans (Dollars in millions) 2015 2014 2015 2014 PBO $ 574 $ 583 $ 1,075 $ 1,190 ABO 551 563 1,074 1,190 Fair value of plan assets 183 206 1 2 |
Schedule of Net Benefit Costs | Net periodic benefit cost of the Corporation’s plans for 2015 , 2014 and 2013 included the following components. Components of Net Periodic Benefit Cost Qualified Pension Plan Non-U.S. Pension Plans (Dollars in millions) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost (income) Service cost $ — $ — $ — $ 27 $ 29 $ 32 Interest cost 621 665 623 93 109 98 Expected return on plan assets (1,045 ) (1,018 ) (1,024 ) (133 ) (137 ) (121 ) Amortization of prior service cost — — — 1 1 — Amortization of net actuarial loss 170 111 242 6 3 2 Recognized loss (gain) due to settlements and curtailments — — 17 — 2 (7 ) Net periodic benefit cost (income) $ (254 ) $ (242 ) $ (142 ) $ (6 ) $ 7 $ 4 Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 4.12 % 4.85 % 4.00 % 3.56 % 4.30 % 4.23 % Expected return on plan assets 6.00 6.00 6.50 5.27 5.52 5.50 Rate of compensation increase n/a n/a n/a 4.70 4.91 4.37 Nonqualified and Postretirement Health (Dollars in millions) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost (income) Service cost $ — $ 1 $ 1 $ 8 $ 8 $ 9 Interest cost 122 133 120 48 58 54 Expected return on plan assets (92 ) (124 ) (109 ) (1 ) (4 ) (5 ) Amortization of prior service cost — — — 4 4 4 Amortization of net actuarial loss (gain) 34 25 25 (46 ) (89 ) (42 ) Recognized loss due to settlements and curtailments — — 2 — — 6 Net periodic benefit cost (income) $ 64 $ 35 $ 39 $ 13 $ (23 ) $ 26 Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 3.80 % 4.55 % 3.65 % 3.75 % 4.50 % 3.65 % Expected return on plan assets 3.26 4.60 3.75 6.00 6.00 6.50 Rate of compensation increase 4.00 4.00 4.00 n/a n/a n/a n/a = not applicable |
Schedule of Pretax Amounts Included in Accumulated OCI | Pretax amounts included in accumulated OCI for employee benefit plans at December 31, 2015 and 2014 are presented in the table below. Pretax Amounts Included in Accumulated OCI Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Postretirement Health and Life Plans Total (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Net actuarial loss (gain) $ 3,920 $ 4,061 $ 137 $ 355 $ 848 $ 968 $ (150 ) $ (56 ) $ 4,755 $ 5,328 Prior service cost (credits) — — (10 ) (9 ) — — 16 20 6 11 Amounts recognized in accumulated OCI $ 3,920 $ 4,061 $ 127 $ 346 $ 848 $ 968 $ (134 ) $ (36 ) $ 4,761 $ 5,339 |
Schedule of Pretax Amounts Recognized in OCI | Pretax amounts recognized in OCI for employee benefit plans in 2015 included the following components. Pretax Amounts Recognized in OCI Qualified Pension Plan Non-U.S. Pension Plans Nonqualified Pension Plans Postretirement Life Plans Total (Dollars in millions) 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Current year actuarial loss (gain) $ 29 $ 1,378 $ (211 ) $ 87 $ (86 ) $ 138 $ (140 ) $ 26 $ (408 ) $ 1,629 Amortization of actuarial gain (loss) (170 ) (111 ) (6 ) (3 ) (34 ) (25 ) 46 89 (164 ) (50 ) Current year prior service cost (credit) — — (1 ) 1 — — — — (1 ) 1 Amortization of prior service cost — — (1 ) (1 ) — — (4 ) (4 ) (5 ) (5 ) Amounts recognized in OCI $ (141 ) $ 1,267 $ (219 ) $ 84 $ (120 ) $ 113 $ (98 ) $ 111 $ (578 ) $ 1,575 |
Schedule of Estimated Pretax Amounts Amortized from Accumulated OCI into Period Cost | The estimated pretax amounts that will be amortized from accumulated OCI into expense in 2016 are presented in the table below. Estimated Pretax Amounts Amortized from Accumulated OCI into Period Cost in 2016 (Dollars in millions) Qualified Pension Plan Non-U.S. Pension Plans Nonqualified Pension Plans Postretirement Life Plans Total Net actuarial loss (gain) $ 136 $ 6 $ 25 $ (67 ) $ 100 Prior service cost — 1 — 4 5 Total amounts amortized from accumulated OCI $ 136 $ 7 $ 25 $ (63 ) $ 105 |
Schedule of Allocation of Plan Assets | The target allocations for 2016 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below. 2016 Target Allocation Percentage Asset Category Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Equity securities 20 - 60 10 - 35 0 - 5 Debt securities 40 - 80 40 - 80 95 - 100 Real estate 0 - 10 0 - 15 0 - 5 Other 0 - 5 0 - 15 0 - 5 Combined plan investment assets measured at fair value by level and in total at December 31, 2015 and 2014 are summarized in the Fair Value Measurements table. Fair Value Measurements December 31, 2015 (Dollars in millions) Level 1 Level 2 Level 3 Total Cash and short-term investments Money market and interest-bearing cash $ 3,061 $ — $ — $ 3,061 Cash and cash equivalent commingled/mutual funds — 4 — 4 Fixed income U.S. government and agency securities 2,723 881 11 3,615 Corporate debt securities — 1,795 — 1,795 Asset-backed securities — 1,939 — 1,939 Non-U.S. debt securities 632 662 — 1,294 Fixed income commingled/mutual funds 551 1,421 — 1,972 Equity Common and preferred equity securities 6,735 — — 6,735 Equity commingled/mutual funds 3 1,503 — 1,506 Public real estate investment trusts 138 — — 138 Real estate Private real estate — — 144 144 Real estate commingled/mutual funds — 12 731 743 Limited partnerships — 121 49 170 Other investments (1) — 287 102 389 Total plan investment assets, at fair value $ 13,843 $ 8,625 $ 1,037 $ 23,505 December 31, 2014 Cash and short-term investments Money market and interest-bearing cash $ 3,814 $ — $ — $ 3,814 Cash and cash equivalent commingled/mutual funds — 4 — 4 Fixed income U.S. government and agency securities 2,004 2,151 11 4,166 Corporate debt securities — 1,454 — 1,454 Asset-backed securities — 1,930 — 1,930 Non-U.S. debt securities 627 487 — 1,114 Fixed income commingled/mutual funds 101 1,397 — 1,498 Equity Common and preferred equity securities 6,628 — — 6,628 Equity commingled/mutual funds 16 1,817 — 1,833 Public real estate investment trusts 124 — — 124 Real estate Private real estate — — 127 127 Real estate commingled/mutual funds — 4 632 636 Limited partnerships — 122 65 187 Other investments (1) 1 490 127 618 Total plan investment assets, at fair value $ 13,315 $ 9,856 $ 962 $ 24,133 (1) Other investments include interest rate swaps of $114 million and $297 million , participant loans of $58 million and $78 million , commodity and balanced funds of $165 million and $178 million and other various investments of $52 million and $65 million at December 31, 2015 and 2014 . |
Schedule of Changes in Fair Value of Plan Assets | The Level 3 Fair Value Measurements table presents a reconciliation of all plan investment assets measured at fair value using significant unobservable inputs (Level 3) during 2015 , 2014 and 2013 . Level 3 Fair Value Measurements 2015 (Dollars in millions) Balance January 1 Actual Return on Reporting Date Purchases, Sales and Settlements Transfers out of Level 3 Balance December 31 Fixed income U.S. government and agency securities $ 11 $ — $ — $ — $ 11 Real estate Private real estate 127 14 3 — 144 Real estate commingled/mutual funds 632 37 62 — 731 Limited partnerships 65 (1 ) (15 ) — 49 Other investments 127 (5 ) (20 ) — 102 Total $ 962 $ 45 $ 30 $ — $ 1,037 2014 Fixed income U.S. government and agency securities $ 12 $ — $ (1 ) $ — $ 11 Non-U.S. debt securities 6 — (2 ) (4 ) — Real estate Private real estate 119 5 3 — 127 Real estate commingled/mutual funds 462 20 150 — 632 Limited partnerships 145 5 (85 ) — 65 Other investments 135 1 (9 ) — 127 Total $ 879 $ 31 $ 56 $ (4 ) $ 962 2013 Fixed income U.S. government and agency securities $ 13 $ — $ (1 ) $ — $ 12 Non-U.S. debt securities 10 (2 ) (2 ) — 6 Real estate Private real estate 110 4 5 — 119 Real estate commingled/mutual funds 324 15 123 — 462 Limited partnerships 231 8 (66 ) (28 ) 145 Other investments 129 (6 ) 12 — 135 Total $ 817 $ 19 $ 71 $ (28 ) $ 879 |
Schedule of Expected Benefit Payments | Benefit payments projected to be made from the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below. Projected Benefit Payments Postretirement Health and Life Plans (Dollars in millions) Qualified Pension Plan (1) Non-U.S. Pension Plans (2) Nonqualified and Other Pension Plans (2) Net Payments (3) Medicare Subsidy 2016 $ 915 $ 56 $ 246 $ 121 $ 13 2017 900 59 238 115 13 2018 902 62 240 111 13 2019 894 68 237 105 12 2020 903 71 236 101 12 2021 - 2025 4,409 463 1,110 450 52 (1) Benefit payments expected to be made from the plan’s assets. (2) Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets. (3) Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets. |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The table below presents the status at December 31, 2015 of the share-settled restricted stock/units and changes during 2015 . Stock-settled Restricted Stock/Units Shares/Units Weighted- average Grant Date Fair Value Outstanding at January 1, 2015 29,882,769 $ 9.30 Granted 2,079,667 16.60 Vested (8,750,921 ) 11.43 Canceled (655,497 ) 9.52 Outstanding at December 31, 2015 22,556,018 $ 9.14 The table below presents the status at December 31, 2015 of the cash-settled RSUs granted under the KASP and changes during 2015 . Cash-settled Restricted Units Units Outstanding at January 1, 2015 316,956,435 Granted 128,748,571 Vested (176,407,854 ) Canceled (13,942,138 ) Outstanding at December 31, 2015 255,355,014 |
Schedule of Share-based Compensation, Stock Options, Activity | The table below presents the status of all option plans at December 31, 2015 and changes during 2015 . Stock Options Options Weighted- average Exercise Price Outstanding at January 1, 2015 88,087,054 $ 48.96 Forfeited (24,211,579 ) 48.38 Outstanding at December 31, 2015 63,875,475 49.18 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for 2015 , 2014 and 2013 are presented in the table below. Income Tax Expense (Dollars in millions) 2015 2014 2013 Current income tax expense U.S. federal $ 2,387 $ 443 $ 180 U.S. state and local 210 340 786 Non-U.S. 561 513 513 Total current expense 3,158 1,296 1,479 Deferred income tax expense (benefit) U.S. federal 1,992 583 2,056 U.S. state and local 519 85 (94 ) Non-U.S. 597 58 1,300 Total deferred expense 3,108 726 3,262 Total income tax expense $ 6,266 $ 2,022 $ 4,741 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the expected U.S. federal income tax expense, calculated by applying the federal statutory tax rate of 35 percent , to the Corporation’s actual income tax expense, and the effective tax rates for 2015 , 2014 and 2013 are presented in the table below. Reconciliation of Income Tax Expense 2015 2014 2013 (Dollars in millions) Amount Percent Amount Percent Amount Percent Expected U.S. federal income tax expense $ 7,754 35.0 % $ 2,399 35.0 % $ 5,660 35.0 % Increase (decrease) in taxes resulting from: State tax expense, net of federal benefit 474 2.1 276 4.0 450 2.8 Affordable housing credits/other credits (1,087 ) (4.9 ) (950 ) (13.8 ) (863 ) (5.3 ) Non-U.S. tax rate differential (559 ) (2.5 ) (507 ) (7.4 ) (940 ) (5.8 ) Tax-exempt income, including dividends (539 ) (2.4 ) (533 ) (7.8 ) (524 ) (3.2 ) Changes in prior period UTBs, including interest (85 ) (0.4 ) (741 ) (10.8 ) (255 ) (1.6 ) Non-U.S. tax law changes 289 1.3 — — 1,133 7.0 Nondeductible expenses 40 0.2 1,982 28.9 104 0.6 Other (21 ) (0.1 ) 96 1.4 (24 ) (0.2 ) Total income tax expense $ 6,266 28.3 % $ 2,022 29.5 % $ 4,741 29.3 % |
Reconciliation of Change in Unrecognized Tax Benefits | The reconciliation of the beginning unrecognized tax benefits (UTB) balance to the ending balance is presented in the table below. Reconciliation of the Change in Unrecognized Tax Benefits (Dollars in millions) 2015 2014 2013 Balance, January 1 $ 1,068 $ 3,068 $ 3,677 Increases related to positions taken during the current year 36 75 98 Increases related to positions taken during prior years (1) 187 519 254 Decreases related to positions taken during prior years (1) (177 ) (973 ) (508 ) Settlements (1 ) (1,594 ) (448 ) Expiration of statute of limitations (18 ) (27 ) (5 ) Balance, December 31 $ 1,095 $ 1,068 $ 3,068 (1) The sum per year of positions taken during prior years differs from the $85 million , $741 million and $255 million in the Reconciliation of Income Tax Expense table due to temporary items, state items and jurisdictional offsets, as well as the inclusion of interest in the Reconciliation of Income Tax Expense table. |
Summary of Income Tax Examinations | The Tax Examination Status table summarizes the status of significant examinations (U.S. federal unless otherwise noted) for the Corporation and various subsidiaries as of December 31, 2015 . Tax Examination Status Years under Examination Status at December 31 2015 U.S. 2010 – 2011 IRS Appeals U.S. 2012 – 2013 Field examination New York 2008 – 2014 Field examination U.K. 2012 Field examination |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Corporation’s net deferred tax assets and liabilities at December 31, 2015 and 2014 are presented in the table below. Deferred Tax Assets and Liabilities December 31 (Dollars in millions) 2015 2014 Deferred tax assets Net operating loss carryforwards $ 9,494 $ 10,955 Accrued expenses 6,340 6,309 Allowance for credit losses 4,649 5,478 Security, loan and debt valuations 4,084 5,385 Employee compensation and retirement benefits 3,585 3,899 Tax credit carryforwards 2,707 5,614 Available-for-sale securities 152 — Other 2,333 1,800 Gross deferred tax assets 33,344 39,440 Valuation allowance (1,149 ) (1,111 ) Total deferred tax assets, net of valuation allowance 32,195 38,329 Deferred tax liabilities Equipment lease financing 3,016 3,105 Intangibles 1,306 1,513 Fee income 864 881 Mortgage servicing rights 466 1,094 Long-term borrowings 327 630 Available-for-sale securities — 828 Other 1,752 2,024 Gross deferred tax liabilities 7,731 10,075 Net deferred tax assets, net of valuation allowance $ 24,464 $ 28,254 |
Deferred Tax Assets And Related Valuation Allowances Recognized For Net Operating And Other Loss Carryforwards And Tax Credit Carryforwards | The table below summarizes the deferred tax assets and related valuation allowances recognized for the net operating loss (NOL) and tax credit carryforwards at December 31, 2015 . Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets (Dollars in millions) Deferred Tax Asset Valuation Allowance Net Tax Asset First Year Expiring Net operating losses – U.S. $ 2,507 $ — $ 2,507 After 2027 Net operating losses – U.K. 5,657 — 5,657 None (1) Net operating losses – other non-U.S. 432 (323 ) 109 Various Net operating losses – U.S. states (2) 898 (405 ) 493 Various General business credits 2,635 — 2,635 After 2031 Foreign tax credits 72 (72 ) — n/a (1) The U.K. net operating losses may be carried forward indefinitely. (2) The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.4 billion and $623 million . n/a = not applicable |
Summary of Tax Credit Carryforwards | The table below summarizes the deferred tax assets and related valuation allowances recognized for the net operating loss (NOL) and tax credit carryforwards at December 31, 2015 . Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets (Dollars in millions) Deferred Tax Asset Valuation Allowance Net Tax Asset First Year Expiring Net operating losses – U.S. $ 2,507 $ — $ 2,507 After 2027 Net operating losses – U.K. 5,657 — 5,657 None (1) Net operating losses – other non-U.S. 432 (323 ) 109 Various Net operating losses – U.S. states (2) 898 (405 ) 493 Various General business credits 2,635 — 2,635 After 2031 Foreign tax credits 72 (72 ) — n/a (1) The U.K. net operating losses may be carried forward indefinitely. (2) The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.4 billion and $623 million . n/a = not applicable |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. December 31, 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 $ — $ 55,143 $ — $ — $ 55,143 Trading account assets: U.S. government and agency securities (2) 33,034 15,501 — — 48,535 Corporate securities, trading loans and other 325 22,738 2,838 — 25,901 Equity securities 41,735 20,887 407 — 63,029 Non-U.S. sovereign debt 15,651 12,915 521 — 29,087 Mortgage trading loans and ABS — 8,107 1,868 — 9,975 Total trading account assets 90,745 80,148 5,634 — 176,527 Derivative assets (3) 5,149 679,458 5,134 (639,751 ) 49,990 AFS debt securities: U.S. Treasury and agency securities 23,374 1,903 — — 25,277 Mortgage-backed securities: Agency — 228,947 — — 228,947 Agency-collateralized mortgage obligations — 10,985 — — 10,985 Non-agency residential — 3,073 106 — 3,179 Commercial — 7,165 — — 7,165 Non-U.S. securities 2,768 2,999 — — 5,767 Corporate/Agency bonds — 243 — — 243 Other taxable securities — 9,445 757 — 10,202 Tax-exempt securities — 13,439 569 — 14,008 Total AFS debt securities 26,142 278,199 1,432 — 305,773 Other debt securities carried at fair value: Mortgage-backed securities: Agency-collateralized mortgage obligations — 7 — — 7 Non-agency residential — 3,460 30 — 3,490 Non-U.S. securities 11,691 1,152 — — 12,843 Other taxable securities — 267 — — 267 Total other debt securities carried at fair value 11,691 4,886 30 — 16,607 Loans and leases — 5,318 1,620 — 6,938 Mortgage servicing rights — — 3,087 — 3,087 Loans held-for-sale — 4,031 787 — 4,818 Other assets (4) 11,923 2,023 374 — 14,320 Total assets $ 145,650 $ 1,109,206 $ 18,098 $ (639,751 ) $ 633,203 Liabilities Interest-bearing deposits in U.S. offices $ — $ 1,116 $ — $ — $ 1,116 Federal funds purchased and securities loaned or sold under agreements to repurchase — 24,239 335 — 24,574 Trading account liabilities: U.S. government and agency securities 14,803 169 — — 14,972 Equity securities 27,898 2,392 — — 30,290 Non-U.S. sovereign debt 13,589 1,951 — — 15,540 Corporate securities and other 193 5,947 21 — 6,161 Total trading account liabilities 56,483 10,459 21 — 66,963 Derivative liabilities (3) 4,941 671,613 5,575 (643,679 ) 38,450 Short-term borrowings — 1,295 30 — 1,325 Accrued expenses and other liabilities 11,656 2,234 9 — 13,899 Long-term debt — 28,584 1,513 — 30,097 Total liabilities $ 73,080 $ 739,540 $ 7,483 $ (643,679 ) $ 176,424 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $14.8 billion of government-sponsored enterprise obligations. (3) During 2015 , $6.6 billion of derivative assets and $6.7 billion of derivative liabilities were transferred from Level 1 to Level 2 based on inputs used to measure fair value. Additionally, $6.4 billion of derivative assets and $6.2 billion of derivative liabilities were transferred from Level 2 to Level 1 due to additional information related to certain options. For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives . (4) During 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 (4) 11,581 1,381 911 — 13,873 Total assets $ 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 $ 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) 2014 Gross (Dollars in millions) Balance 2014 Gains Gains Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2014 Trading account assets: U.S. government and agency securities $ — $ — $ — $ 87 $ (87 ) $ — $ — $ — $ — $ — Corporate securities, trading loans and other 3,559 180 — 1,675 (857 ) — (938 ) 1,275 (1,624 ) 3,270 Equity securities 386 — — 104 (86 ) — (16 ) 146 (182 ) 352 Non-U.S. sovereign debt 468 30 — 120 (34 ) — (19 ) 11 (2 ) 574 Mortgage trading loans and ABS 4,631 199 — 1,643 (1,259 ) — (585 ) 39 (2,605 ) 2,063 Total trading account assets 9,044 409 — 3,629 (2,323 ) — (1,558 ) 1,471 (4,413 ) 6,259 Net derivative assets (2) (224 ) 463 — 823 (1,738 ) — (432 ) 28 160 (920 ) AFS debt securities: Non-agency residential MBS — (2 ) — 11 — — — 270 — 279 Non-U.S. securities 107 (7 ) (11 ) 241 — — (147 ) — (173 ) 10 Corporate/Agency bonds — — — — — — — 93 (93 ) — Other taxable securities 3,847 9 (8 ) 154 — — (1,381 ) — (954 ) 1,667 Tax-exempt securities 806 8 — — (16 ) — (235 ) 36 — 599 Total AFS debt securities 4,760 8 (19 ) 406 (16 ) — (1,763 ) 399 (1,220 ) 2,555 Loans and leases (3, 4) 3,057 69 — — (3 ) 699 (1,591 ) 25 (273 ) 1,983 Mortgage servicing rights (4) 5,042 (1,231 ) — — (61 ) 707 (927 ) — — 3,530 Loans held-for-sale (4) 929 45 — 59 (725 ) 23 (216 ) 83 (25 ) 173 Other assets (5) 1,669 (98 ) — — (430 ) — (245 ) 39 (24 ) 911 Trading account liabilities – Corporate securities and other (35 ) 1 — 10 (13 ) — — (9 ) 10 (36 ) Accrued expenses and other liabilities (10 ) 2 — — — (3 ) — — 1 (10 ) Long-term debt (3) (1,990 ) 49 — 169 — (615 ) 540 (1,581 ) 1,066 (2,362 ) (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 $6.9 billion and derivative liabilities of $7.8 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans that are accounted for under the fair value option and certain private equity investments. Level 3 – Fair Value Measurements (1) 2013 Gross (Dollars in millions) Balance 2013 Gains in Earnings Gains in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers Level 3 Balance 2013 Trading account assets: Corporate securities, trading loans and other $ 3,726 $ 242 $ — $ 3,848 $ (3,110 ) $ 59 $ (651 ) $ 890 $ (1,445 ) $ 3,559 Equity securities 545 74 — 96 (175 ) — (100 ) 70 (124 ) 386 Non-U.S. sovereign debt 353 50 — 122 (18 ) — (36 ) 2 (5 ) 468 Mortgage trading loans and ABS 4,935 53 — 2,514 (1,993 ) — (868 ) 20 (30 ) 4,631 Total trading account assets 9,559 419 — 6,580 (5,296 ) 59 (1,655 ) 982 (1,604 ) 9,044 Net derivative assets (2) 1,468 (304 ) — 824 (1,467 ) — (1,362 ) (10 ) 627 (224 ) AFS debt securities: Commercial MBS 10 — — — — — (10 ) — — — Non-U.S. securities — 5 2 1 (1 ) — — 100 — 107 Corporate/Agency bonds 92 — 4 — — — — — (96 ) — Other taxable securities 3,928 9 15 1,055 — — (1,155 ) — (5 ) 3,847 Tax-exempt securities 1,061 3 19 — — — (109 ) — (168 ) 806 Total AFS debt securities 5,091 17 40 1,056 (1 ) — (1,274 ) 100 (269 ) 4,760 Loans and leases (3, 4) 2,287 98 — 310 (128 ) 1,252 (757 ) 19 (24 ) 3,057 Mortgage servicing rights (4) 5,716 1,941 — — (2,044 ) 472 (1,043 ) — — 5,042 Loans held-for-sale (3) 2,733 62 — 8 (402 ) 4 (1,507 ) 34 (3 ) 929 Other assets (5) 3,129 (288 ) — 46 (383 ) — (1,019 ) 239 (55 ) 1,669 Trading account liabilities – Corporate securities and other (64 ) 10 — 43 (54 ) (5 ) — (9 ) 44 (35 ) Accrued expenses and other liabilities (3) (15 ) 30 — — — (751 ) 724 (1 ) 3 (10 ) Long-term debt (3) (2,301 ) 13 — 358 (4 ) (172 ) 258 (1,331 ) 1,189 (1,990 ) (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 $7.3 billion and derivative liabilities of $7.5 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans that are accounted for under the fair value option and certain private equity investments. 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 2015 , 2014 and 2013 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) 2015 Gross (Dollars in millions) Balance January 1 2015 Gains Gains (2) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance Trading account assets: Corporate securities, trading loans and other $ 3,270 $ (31 ) $ (11 ) $ 1,540 $ (1,616 ) $ — $ (1,122 ) $ 1,570 $ (762 ) $ 2,838 Equity securities 352 9 — 49 (11 ) — (11 ) 41 (22 ) 407 Non-U.S. sovereign debt 574 114 (179 ) 185 (1 ) — (145 ) — (27 ) 521 Mortgage trading loans and ABS 2,063 154 1 1,250 (1,117 ) — (493 ) 50 (40 ) 1,868 Total trading account assets 6,259 246 (189 ) 3,024 (2,745 ) — (1,771 ) 1,661 (851 ) 5,634 Net derivative assets (3) (920 ) 1,335 (7 ) 273 (863 ) — (261 ) (40 ) 42 (441 ) AFS debt securities: Non-agency residential MBS 279 (12 ) — 134 — — (425 ) 167 (37 ) 106 Non-U.S. securities 10 — — — — — (10 ) — — — Other taxable securities 1,667 — — 189 — — (160 ) — (939 ) 757 Tax-exempt securities 599 — — — — — (30 ) — — 569 Total AFS debt securities 2,555 (12 ) — 323 — — (625 ) 167 (976 ) 1,432 Other debt securities carried at fair value – Non-agency residential MBS — (3 ) — 33 — — — — — 30 Loans and leases (4, 5) 1,983 (23 ) — — (4 ) 57 (237 ) 144 (300 ) 1,620 Mortgage servicing rights (5) 3,530 187 — — (393 ) 637 (874 ) — — 3,087 Loans held-for-sale (4) 173 (51 ) (8 ) 771 (203 ) 61 (61 ) 203 (98 ) 787 Other assets (6) 911 (55 ) — 11 (130 ) — (51 ) 10 (322 ) 374 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (11 ) — — — (131 ) 217 (411 ) 1 (335 ) Trading account liabilities – Corporate securities and other (36 ) 19 — 30 (34 ) — — — — (21 ) Short-term borrowings (4) — 17 — — — (52 ) 10 (24 ) 19 (30 ) Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,362 ) 287 19 616 — (188 ) 273 (1,592 ) 1,434 (1,513 ) (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, foreign currency translation adjustments and the impact on structured liabilities of changes in the Corporation’s credit spreads. For more information, see Note 1 – Summary of Significant Accounting Principles . (3) Net derivatives include derivative assets of $5.1 billion and derivative liabilities of $5.6 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain private equity investments |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Level 3 – Fair Value Measurements (1) 2014 Gross (Dollars in millions) Balance 2014 Gains Gains Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2014 Trading account assets: U.S. government and agency securities $ — $ — $ — $ 87 $ (87 ) $ — $ — $ — $ — $ — Corporate securities, trading loans and other 3,559 180 — 1,675 (857 ) — (938 ) 1,275 (1,624 ) 3,270 Equity securities 386 — — 104 (86 ) — (16 ) 146 (182 ) 352 Non-U.S. sovereign debt 468 30 — 120 (34 ) — (19 ) 11 (2 ) 574 Mortgage trading loans and ABS 4,631 199 — 1,643 (1,259 ) — (585 ) 39 (2,605 ) 2,063 Total trading account assets 9,044 409 — 3,629 (2,323 ) — (1,558 ) 1,471 (4,413 ) 6,259 Net derivative assets (2) (224 ) 463 — 823 (1,738 ) — (432 ) 28 160 (920 ) AFS debt securities: Non-agency residential MBS — (2 ) — 11 — — — 270 — 279 Non-U.S. securities 107 (7 ) (11 ) 241 — — (147 ) — (173 ) 10 Corporate/Agency bonds — — — — — — — 93 (93 ) — Other taxable securities 3,847 9 (8 ) 154 — — (1,381 ) — (954 ) 1,667 Tax-exempt securities 806 8 — — (16 ) — (235 ) 36 — 599 Total AFS debt securities 4,760 8 (19 ) 406 (16 ) — (1,763 ) 399 (1,220 ) 2,555 Loans and leases (3, 4) 3,057 69 — — (3 ) 699 (1,591 ) 25 (273 ) 1,983 Mortgage servicing rights (4) 5,042 (1,231 ) — — (61 ) 707 (927 ) — — 3,530 Loans held-for-sale (4) 929 45 — 59 (725 ) 23 (216 ) 83 (25 ) 173 Other assets (5) 1,669 (98 ) — — (430 ) — (245 ) 39 (24 ) 911 Trading account liabilities – Corporate securities and other (35 ) 1 — 10 (13 ) — — (9 ) 10 (36 ) Accrued expenses and other liabilities (10 ) 2 — — — (3 ) — — 1 (10 ) Long-term debt (3) (1,990 ) 49 — 169 — (615 ) 540 (1,581 ) 1,066 (2,362 ) (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 $6.9 billion and derivative liabilities of $7.8 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans that are accounted for under the fair value option and certain private equity investments. Level 3 – Fair Value Measurements (1) 2013 Gross (Dollars in millions) Balance 2013 Gains in Earnings Gains in OCI Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers Level 3 Balance 2013 Trading account assets: Corporate securities, trading loans and other $ 3,726 $ 242 $ — $ 3,848 $ (3,110 ) $ 59 $ (651 ) $ 890 $ (1,445 ) $ 3,559 Equity securities 545 74 — 96 (175 ) — (100 ) 70 (124 ) 386 Non-U.S. sovereign debt 353 50 — 122 (18 ) — (36 ) 2 (5 ) 468 Mortgage trading loans and ABS 4,935 53 — 2,514 (1,993 ) — (868 ) 20 (30 ) 4,631 Total trading account assets 9,559 419 — 6,580 (5,296 ) 59 (1,655 ) 982 (1,604 ) 9,044 Net derivative assets (2) 1,468 (304 ) — 824 (1,467 ) — (1,362 ) (10 ) 627 (224 ) AFS debt securities: Commercial MBS 10 — — — — — (10 ) — — — Non-U.S. securities — 5 2 1 (1 ) — — 100 — 107 Corporate/Agency bonds 92 — 4 — — — — — (96 ) — Other taxable securities 3,928 9 15 1,055 — — (1,155 ) — (5 ) 3,847 Tax-exempt securities 1,061 3 19 — — — (109 ) — (168 ) 806 Total AFS debt securities 5,091 17 40 1,056 (1 ) — (1,274 ) 100 (269 ) 4,760 Loans and leases (3, 4) 2,287 98 — 310 (128 ) 1,252 (757 ) 19 (24 ) 3,057 Mortgage servicing rights (4) 5,716 1,941 — — (2,044 ) 472 (1,043 ) — — 5,042 Loans held-for-sale (3) 2,733 62 — 8 (402 ) 4 (1,507 ) 34 (3 ) 929 Other assets (5) 3,129 (288 ) — 46 (383 ) — (1,019 ) 239 (55 ) 1,669 Trading account liabilities – Corporate securities and other (64 ) 10 — 43 (54 ) (5 ) — (9 ) 44 (35 ) Accrued expenses and other liabilities (3) (15 ) 30 — — — (751 ) 724 (1 ) 3 (10 ) Long-term debt (3) (2,301 ) 13 — 358 (4 ) (172 ) 258 (1,331 ) 1,189 (1,990 ) (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 $7.3 billion and derivative liabilities of $7.5 billion . (3) Amounts represent instruments that are accounted for under the fair value option. (4) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (5) Other assets is primarily comprised of certain long-term fixed-rate margin loans that are accounted for under the fair value option and certain private equity investments. 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 2015 , 2014 and 2013 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) 2015 Gross (Dollars in millions) Balance January 1 2015 Gains Gains (2) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance Trading account assets: Corporate securities, trading loans and other $ 3,270 $ (31 ) $ (11 ) $ 1,540 $ (1,616 ) $ — $ (1,122 ) $ 1,570 $ (762 ) $ 2,838 Equity securities 352 9 — 49 (11 ) — (11 ) 41 (22 ) 407 Non-U.S. sovereign debt 574 114 (179 ) 185 (1 ) — (145 ) — (27 ) 521 Mortgage trading loans and ABS 2,063 154 1 1,250 (1,117 ) — (493 ) 50 (40 ) 1,868 Total trading account assets 6,259 246 (189 ) 3,024 (2,745 ) — (1,771 ) 1,661 (851 ) 5,634 Net derivative assets (3) (920 ) 1,335 (7 ) 273 (863 ) — (261 ) (40 ) 42 (441 ) AFS debt securities: Non-agency residential MBS 279 (12 ) — 134 — — (425 ) 167 (37 ) 106 Non-U.S. securities 10 — — — — — (10 ) — — — Other taxable securities 1,667 — — 189 — — (160 ) — (939 ) 757 Tax-exempt securities 599 — — — — — (30 ) — — 569 Total AFS debt securities 2,555 (12 ) — 323 — — (625 ) 167 (976 ) 1,432 Other debt securities carried at fair value – Non-agency residential MBS — (3 ) — 33 — — — — — 30 Loans and leases (4, 5) 1,983 (23 ) — — (4 ) 57 (237 ) 144 (300 ) 1,620 Mortgage servicing rights (5) 3,530 187 — — (393 ) 637 (874 ) — — 3,087 Loans held-for-sale (4) 173 (51 ) (8 ) 771 (203 ) 61 (61 ) 203 (98 ) 787 Other assets (6) 911 (55 ) — 11 (130 ) — (51 ) 10 (322 ) 374 Federal funds purchased and securities loaned or sold under agreements to repurchase (4) — (11 ) — — — (131 ) 217 (411 ) 1 (335 ) Trading account liabilities – Corporate securities and other (36 ) 19 — 30 (34 ) — — — — (21 ) Short-term borrowings (4) — 17 — — — (52 ) 10 (24 ) 19 (30 ) Accrued expenses and other liabilities (10 ) 1 — — — — — — — (9 ) Long-term debt (4) (2,362 ) 287 19 616 — (188 ) 273 (1,592 ) 1,434 (1,513 ) (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, foreign currency translation adjustments and the impact on structured liabilities of changes in the Corporation’s credit spreads. For more information, see Note 1 – Summary of Significant Accounting Principles . (3) Net derivatives include derivative assets of $5.1 billion and derivative liabilities of $5.6 billion . (4) Amounts represent instruments that are accounted for under the fair value option. (5) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. (6) Other assets is primarily comprised of certain private equity investments |
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 2015 , 2014 and 2013 . 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 2015 (Dollars in millions) Trading (Losses) Mortgage (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ (31 ) $ — $ — $ (31 ) Equity securities 9 — — 9 Non-U.S. sovereign debt 114 — — 114 Mortgage trading loans and ABS 154 — — 154 Total trading account assets 246 — — 246 Net derivative assets 508 765 62 1,335 AFS debt securities – Non-agency residential MBS — — (12 ) (12 ) Other debt securities carried at fair value – Non-agency residential MBS — — (3 ) (3 ) Loans and leases (2) (8 ) — (15 ) (23 ) Mortgage servicing rights 73 114 — 187 Loans held-for-sale (2) (58 ) — 7 (51 ) Other assets — (66 ) 11 (55 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (2) (11 ) — — (11 ) Trading account liabilities – Corporate securities and other 19 — — 19 Short-term borrowings (2) 17 — — 17 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) 339 — (52 ) 287 Total $ 1,125 $ 813 $ (1 ) $ 1,937 2014 Trading account assets: Corporate securities, trading loans and other $ 180 $ — $ — $ 180 Non-U.S. sovereign debt 30 — — 30 Mortgage trading loans and ABS 199 — — 199 Total trading account assets 409 — — 409 Net derivative assets (475 ) 834 104 463 AFS debt securities: Non-agency residential MBS — — (2 ) (2 ) Non-U.S. securities — — (7 ) (7 ) Other taxable securities — — 9 9 Tax-exempt securities — — 8 8 Total AFS debt securities — — 8 8 Loans and leases (2) — — 69 69 Mortgage servicing rights (6 ) (1,225 ) — (1,231 ) Loans held-for-sale (2) (14 ) — 59 45 Other assets — (79 ) (19 ) (98 ) Trading account liabilities – Corporate securities and other 1 — — 1 Accrued expenses and other liabilities — — 2 2 Long-term debt (2) 78 — (29 ) 49 Total $ (7 ) $ (470 ) $ 194 $ (283 ) (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 (continued) 2013 (Dollars in millions) Trading (Losses) Mortgage (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ 242 $ — $ — $ 242 Equity securities 74 — — 74 Non-U.S. sovereign debt 50 — — 50 Mortgage trading loans and ABS 53 — — 53 Total trading account assets 419 — — 419 Net derivative assets (1,224 ) 927 (7 ) (304 ) AFS debt securities: Non-U.S. securities — — 5 5 Other taxable securities — — 9 9 Tax-exempt securities — — 3 3 Total AFS debt securities — — 17 17 Loans and leases (2) — (38 ) 136 98 Mortgage servicing rights — 1,941 — 1,941 Loans held-for-sale (2) — 2 60 62 Other assets — 122 (410 ) (288 ) Trading account liabilities – Corporate securities and other 10 — — 10 Accrued expenses and other liabilities — 30 — 30 Long-term debt (2) 45 — (32 ) 13 Total $ (750 ) $ 2,984 $ (236 ) $ 1,998 (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 table below summarizes changes in unrealized gains (losses) recorded in earnings during 2015 , 2014 and 2013 for Level 3 assets and liabilities that were still held at December 31, 2015 , 2014 and 2013 . 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 2015 (Dollars in millions) Trading (Losses) Mortgage (Loss) (1) Other Total Trading account assets: Corporate securities, trading loans and other $ (123 ) $ — $ — $ (123 ) Equity securities 3 — — 3 Non-U.S. sovereign debt 74 — — 74 Mortgage trading loans and ABS (93 ) — — (93 ) Total trading account assets (139 ) — — (139 ) Net derivative assets 507 36 62 605 Loans and leases (2) (3 ) — 16 13 Mortgage servicing rights 73 (158 ) — (85 ) Loans held-for-sale (2) (1 ) — (38 ) (39 ) Other assets — (41 ) (20 ) (61 ) Trading account liabilities – Corporate securities and other (3 ) — — (3 ) Short-term borrowings (2) 1 — — 1 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) 277 — (22 ) 255 Total $ 712 $ (163 ) $ (1 ) $ 548 2014 Trading account assets: Corporate securities, trading loans and other $ 69 $ — $ — $ 69 Equity securities (8 ) — — (8 ) Non-U.S. sovereign debt 31 — — 31 Mortgage trading loans and ABS 79 — — 79 Total trading account assets 171 — — 171 Net derivative assets (276 ) 85 104 (87 ) Loans and leases (2) — — 76 76 Mortgage servicing rights (6 ) (1,747 ) — (1,753 ) Loans held-for-sale (2) (14 ) — 10 (4 ) Other assets — (50 ) 102 52 Trading account liabilities – Corporate securities and other 1 — — 1 Accrued expenses and other liabilities — — 1 1 Long-term debt (2) 29 — (37 ) (8 ) Total $ (95 ) $ (1,712 ) $ 256 $ (1,551 ) 2013 Trading account assets: Corporate securities, trading loans and other $ (130 ) $ — $ — $ (130 ) Equity securities 40 — — 40 Non-U.S. sovereign debt 80 — — 80 Mortgage trading loans and ABS (174 ) — — (174 ) Total trading account assets (184 ) — — (184 ) Net derivative assets (1,375 ) 42 (7 ) (1,340 ) Loans and leases (2) — (34 ) 152 118 Mortgage servicing rights — 1,541 — 1,541 Loans held-for-sale (2) — 6 57 63 Other assets — 166 14 180 Long-term debt (2) (4 ) — (32 ) (36 ) Total $ (1,563 ) $ 1,721 $ 184 $ 342 (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 December 31, 2015 and 2014 . Quantitative Information about Level 3 Fair Value Measurements at December 31, 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 $ 2,017 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans and ABS 400 Prepayment speed 0% to 27% CPR 11 % Loans and leases 1,520 Default rate 0% to 10% CDR 4 % Loans held-for-sale 97 Loss severity 0% to 90% 40 % Instruments backed by commercial real estate assets $ 852 Discounted cash flow, Market comparables Yield 0% to 25% 8 % Trading account assets – Mortgage trading loans and ABS 162 Price $0 to $100 $73 Loans held-for-sale 690 Commercial loans, debt securities and other $ 4,558 Discounted cash flow, Market comparables Yield 0% to 37% 13 % Trading account assets – Corporate securities, trading loans and other 2,503 Prepayment speed 5% to 20% 16 % Trading account assets – Non-U.S. sovereign debt 521 Default rate 2% to 5% 4 % Trading account assets – Mortgage trading loans and ABS 1,306 Loss severity 25% to 50% 37 % AFS debt securities – Other taxable securities 128 Duration 0 to 5 years 3 years Loans and leases 100 Price $0 to $258 $64 Auction rate securities $ 1,533 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 335 AFS debt securities – Other taxable securities 629 AFS debt securities – Tax-exempt securities 569 Structured liabilities Long-term debt $ (1,513 ) Industry standard derivative pricing (2, 3) Equity correlation 25% to 100% 67 % Long-dated equity volatilities 4% to 101% 28 % Net derivative assets Credit derivatives $ (75 ) Discounted cash flow, Stochastic recovery correlation model Yield 6% to 25% 16 % Upfront points 0 to 100 points 60 points Credit spreads 0 bps to 447 bps 111 bps Credit correlation 31% to 99% 38 % Prepayment speed 10% to 20% CPR 19 % Default rate 1% to 4% CDR 3 % Loss severity 35% to 40% 35 % Equity derivatives $ (1,037 ) Industry standard derivative pricing (2) Equity correlation 25% to 100% 67 % Long-dated equity volatilities 4% to 101% 28 % Commodity derivatives $ 169 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $6/MMBtu $4/MMBtu Propane forward price $0/Gallon to $1/Gallon $1/Gallon Correlation 66% to 93% 84 % Volatilities 18% to 125% 39 % Interest rate derivatives $ 502 Industry standard derivative pricing (3) Correlation (IR/IR) 17% to 99% 48 % Correlation (FX/IR) -15% to 40% -9 % Long-dated inflation rates 0% to 7% 3 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (441 ) (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 230 : Trading account assets – Corporate securities, trading loans and other of $2.8 billion , Trading account assets – Non-U.S. sovereign debt of $521 million , Trading account assets – Mortgage trading loans and ABS of $1.9 billion , AFS debt securities – Other taxable securities of $757 million , AFS debt securities – Tax-exempt securities of $569 million , Loans and leases of $1.6 billion and LHFS of $787 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 Quantitative Information about Level 3 Fair Value Measurements at December 31, 2014 (Dollars in millions) Inputs Financial Instrument Fair Valuation Significant Unobservable Ranges of 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 231 : 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 December 31, 2015 and 2014 . Quantitative Information about Level 3 Fair Value Measurements at December 31, 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 $ 2,017 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans and ABS 400 Prepayment speed 0% to 27% CPR 11 % Loans and leases 1,520 Default rate 0% to 10% CDR 4 % Loans held-for-sale 97 Loss severity 0% to 90% 40 % Instruments backed by commercial real estate assets $ 852 Discounted cash flow, Market comparables Yield 0% to 25% 8 % Trading account assets – Mortgage trading loans and ABS 162 Price $0 to $100 $73 Loans held-for-sale 690 Commercial loans, debt securities and other $ 4,558 Discounted cash flow, Market comparables Yield 0% to 37% 13 % Trading account assets – Corporate securities, trading loans and other 2,503 Prepayment speed 5% to 20% 16 % Trading account assets – Non-U.S. sovereign debt 521 Default rate 2% to 5% 4 % Trading account assets – Mortgage trading loans and ABS 1,306 Loss severity 25% to 50% 37 % AFS debt securities – Other taxable securities 128 Duration 0 to 5 years 3 years Loans and leases 100 Price $0 to $258 $64 Auction rate securities $ 1,533 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 335 AFS debt securities – Other taxable securities 629 AFS debt securities – Tax-exempt securities 569 Structured liabilities Long-term debt $ (1,513 ) Industry standard derivative pricing (2, 3) Equity correlation 25% to 100% 67 % Long-dated equity volatilities 4% to 101% 28 % Net derivative assets Credit derivatives $ (75 ) Discounted cash flow, Stochastic recovery correlation model Yield 6% to 25% 16 % Upfront points 0 to 100 points 60 points Credit spreads 0 bps to 447 bps 111 bps Credit correlation 31% to 99% 38 % Prepayment speed 10% to 20% CPR 19 % Default rate 1% to 4% CDR 3 % Loss severity 35% to 40% 35 % Equity derivatives $ (1,037 ) Industry standard derivative pricing (2) Equity correlation 25% to 100% 67 % Long-dated equity volatilities 4% to 101% 28 % Commodity derivatives $ 169 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $6/MMBtu $4/MMBtu Propane forward price $0/Gallon to $1/Gallon $1/Gallon Correlation 66% to 93% 84 % Volatilities 18% to 125% 39 % Interest rate derivatives $ 502 Industry standard derivative pricing (3) Correlation (IR/IR) 17% to 99% 48 % Correlation (FX/IR) -15% to 40% -9 % Long-dated inflation rates 0% to 7% 3 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (441 ) (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 230 : Trading account assets – Corporate securities, trading loans and other of $2.8 billion , Trading account assets – Non-U.S. sovereign debt of $521 million , Trading account assets – Mortgage trading loans and ABS of $1.9 billion , AFS debt securities – Other taxable securities of $757 million , AFS debt securities – Tax-exempt securities of $569 million , Loans and leases of $1.6 billion and LHFS of $787 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 Quantitative Information about Level 3 Fair Value Measurements at December 31, 2014 (Dollars in millions) Inputs Financial Instrument Fair Valuation Significant Unobservable Ranges of 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 231 : 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 2015 , 2014 and 2013 . Assets Measured at Fair Value on a Nonrecurring Basis December 31 2015 2014 (Dollars in millions) Level 2 Level 3 Level 2 Level 3 Assets Loans held-for-sale $ 9 $ 33 $ 156 $ 30 Loans and leases (1) — 2,739 5 4,636 Foreclosed properties (2, 3) — 172 — 208 Other assets 54 — 13 — Gains (Losses) 2015 2014 2013 Assets Loans held-for-sale $ (8 ) $ (19 ) $ (71 ) Loans and leases (1) (980 ) (1,132 ) (1,104 ) Foreclosed properties (2, 3) (57 ) (66 ) (63 ) Other assets (15 ) (6 ) (20 ) (1) Includes $174 million of losses on loans that were written down to a collateral value of zero during 2015 compared to losses of $370 million and $365 million in 2014 and 2013 . (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 $1.4 billion and $1.1 billion of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) as of December 31, 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 December 31, 2015 and 2014 . Instruments backed by residential real estate assets represent residential mortgages where the loan has been written down to the fair value of the underlying collateral. Quantitative Information about Nonrecurring Level 3 Fair Value Measurements December 31, 2015 (Dollars in millions) Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average Loans and leases backed by residential real estate assets $ 2,739 Market comparables OREO discount 7% to 55% 20 % Cost to sell 8% to 45% 10 % December 31, 2014 Loans and leases backed by residential real estate assets $ 4,636 Market comparables OREO discount 0% to 28% 8 % Cost to sell 7% to 14% 8 % |
Fair Value Option (Tables)
Fair Value Option (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Option [Abstract] | |
Schedule of Fair Value Option Elections | 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 December 31, 2015 and 2014 . Fair Value Option Elections December 31 2015 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 $ 55,143 $ 54,999 $ 144 $ 62,182 $ 61,902 $ 280 Loans reported as trading account assets (1) 4,995 9,214 (4,219 ) 4,607 8,487 (3,880 ) Trading inventory – other 8,149 n/a n/a 6,865 n/a n/a Consumer and commercial loans 6,938 7,293 (355 ) 8,681 8,925 (244 ) Loans held-for-sale 4,818 6,157 (1,339 ) 6,801 8,072 (1,271 ) Other assets 275 270 5 253 270 (17 ) Long-term deposits 1,116 1,021 95 1,469 1,361 108 Federal funds purchased and securities loaned or sold under agreements to repurchase 24,574 24,718 (144 ) 35,357 35,332 25 Short-term borrowings 1,325 1,325 — 2,697 2,697 — Unfunded loan commitments 658 n/a n/a 405 n/a n/a Long-term debt (2) 30,097 30,593 (496 ) 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 $29.0 billion and $35.3 billion , and contractual principal outstanding of $29.4 billion and $34.6 billion at December 31, 2015 and 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 2015 , 2014 and 2013 . Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option 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 $ (195 ) $ — $ — $ (195 ) Loans reported as trading account assets (199 ) — — (199 ) Trading inventory – other (1) 1,284 — — 1,284 Consumer and commercial loans 52 — (295 ) (243 ) Loans held-for-sale (2) (36 ) 673 63 700 Other assets — — 10 10 Long-term deposits 1 — 13 14 Federal funds purchased and securities loaned or sold under agreements to repurchase 33 — — 33 Short-term borrowings 3 — — 3 Unfunded loan commitments — — (210 ) (210 ) Long-term debt (3, 4) 2,107 — (633 ) 1,474 Total $ 3,050 $ 673 $ (1,052 ) $ 2,671 2014 Federal funds sold and securities borrowed or purchased under agreements to resell $ (114 ) $ — $ — $ (114 ) Loans reported as trading account assets (87 ) — — (87 ) Trading inventory – other (1) 1,091 — — 1,091 Consumer and commercial loans (24 ) — 69 45 Loans held-for-sale (2) (56 ) 798 83 825 Long-term deposits 23 — (26 ) (3 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 4 — — 4 Short-term borrowings 52 — — 52 Unfunded loan commitments — — (64 ) (64 ) Long-term debt (3) 239 — 407 646 Total $ 1,128 $ 798 $ 469 $ 2,395 2013 Federal funds sold and securities borrowed or purchased under agreements to resell $ (44 ) $ — $ — $ (44 ) Loans reported as trading account assets 83 — — 83 Trading inventory – other (1) 1,355 — — 1,355 Consumer and commercial loans (28 ) (38 ) 240 174 Loans held-for-sale (2) 7 966 75 1,048 Other assets — — (77 ) (77 ) Long-term deposits 30 — 84 114 Federal funds purchased and securities loaned or sold under agreements to repurchase (36 ) — — (36 ) Asset-backed secured financings — (91 ) — (91 ) Short-term borrowings (70 ) — — (70 ) Unfunded loan commitments — — 180 180 Long-term debt (3) (602 ) — (649 ) (1,251 ) Total $ 695 $ 837 $ (147 ) $ 1,385 (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 IRLCs on funded loans, including those sold during the period. (3) The majority of the net gains (losses) in trading account profits relate to the embedded derivative in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities. In connection with the implementation of new accounting guidance relating to DVA on structured liabilities accounted for at fair value under the fair value option, unrealized DVA gains (losses) in 2015 are recorded in accumulated OCI while realized gains (losses) are recorded in other income (loss); for years prior to 2015, the realized and unrealized gains (losses) are reflected in other income (loss). For more information on the implementation of new accounting guidance, see Note 1 – Summary of Significant Accounting Principles . (4) For the cumulative impact of changes in the Corporation’s credit spreads and the amount recognized in OCI, see Note 14 – Accumulated Other Comprehensive Income (Loss) . For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements . Gains (Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option December 31 (Dollars in millions) 2015 2014 2013 Loans reported as trading account assets $ 37 $ 28 $ 56 Consumer and commercial loans (200 ) 32 148 Loans held-for-sale 37 84 225 |
Fair Value of Financial Instr55
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 are presented in the table below. Fair Value of Financial Instruments December 31, 2015 Fair Value (Dollars in millions) Carrying Value Level 2 Level 3 Total Financial assets Loans $ 863,561 $ 70,223 $ 805,371 $ 875,594 Loans held-for-sale 7,453 5,347 2,106 7,453 Financial liabilities Deposits 1,197,259 1,197,577 — 1,197,577 Long-term debt 236,764 239,596 1,513 241,109 December 31, 2014 Financial assets Loans $ 842,259 $ 87,174 $ 776,370 $ 863,544 Loans held-for-sale 12,836 12,236 618 12,854 Financial liabilities Deposits 1,118,936 1,119,427 — 1,119,427 Long-term debt 243,139 249,692 2,362 252,054 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Activity for Residential First Mortgage MSRs | The table below presents activity for residential mortgage and home equity MSRs for 2015 and 2014 . Rollforward of Mortgage Servicing Rights (Dollars in millions) 2015 2014 Balance, January 1 $ 3,530 $ 5,042 Additions 637 707 Sales (393 ) (61 ) Amortization of expected cash flows (1) (874 ) (927 ) Impact of changes in interest rates and other market factors (2) 41 (1,191 ) Model and other cash flow assumption changes: (3) Projected cash flows, including changes in costs to service loans 100 (163 ) Impact of changes in the Home Price Index (13 ) (25 ) Impact of changes to the prepayment model (10 ) 243 Other model changes (4) 69 (95 ) Balance, December 31 (5) $ 3,087 $ 3,530 Mortgage loans serviced for investors (in billions) $ 394 $ 490 (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 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. Also included is a decrease of $127 million for 2014 due to changes in option-adjusted spread rate assumptions. (5) At December 31, 2015 , includes $2.7 billion of U.S. and $407 million of non-U.S. consumer MSR balances compared to $3.3 billion and $259 million at December 31, 2014 . |
Assumption for Fair Value of MSRs | Significant economic assumptions in estimating the fair value of MSRs at December 31, 2015 and 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 December 31 2015 2014 Fixed Adjustable Fixed Adjustable Weighted-average OAS 4.62 % 7.61 % 4.52 % 7.61 % Weighted-average life, in years 4.46 3.43 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 December 31, 2015 Change in Weighted-average Lives (Dollars in millions) Fixed Adjustable Change in Fair Value Prepayment rates Impact of 10% decrease 0.30 years 0.26 years $ 183 Impact of 20% decrease 0.64 0.55 389 Impact of 10% increase (0.26 ) (0.23 ) (163 ) Impact of 20% increase (0.50 ) (0.43 ) (310 ) OAS level Impact of 100 bps decrease $ 124 Impact of 200 bps decrease 259 Impact of 100 bps increase (115 ) Impact of 200 bps increase (221 ) |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table below presents net income (loss) and the components thereto (with net interest income on an FTE basis) for 2015 , 2014 and 2013 , and total assets at December 31, 2015 and 2014 for each business segment, as well as All Other . Results for Business Segments and All Other At and for the Year Ended December 31 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Net interest income (FTE basis) $ 40,160 $ 40,821 $ 43,124 $ 19,844 $ 20,177 $ 20,619 $ 5,499 $ 5,836 $ 6,064 Noninterest income 43,256 44,295 46,677 10,774 10,632 11,313 12,502 12,568 11,726 Total revenue, net of interest expense (FTE basis) 83,416 85,116 89,801 30,618 30,809 31,932 18,001 18,404 17,790 Provision for credit losses 3,161 2,275 3,556 2,524 2,680 3,166 51 14 56 Noninterest expense 57,192 75,117 69,214 17,485 17,865 18,865 13,843 13,654 13,039 Income before income taxes (FTE basis) 23,063 7,724 17,031 10,609 10,264 9,901 4,107 4,736 4,695 Income tax expense (FTE basis) 7,175 2,891 5,600 3,870 3,828 3,630 1,498 1,767 1,722 Net income $ 15,888 $ 4,833 $ 11,431 $ 6,739 $ 6,436 $ 6,271 $ 2,609 $ 2,969 $ 2,973 Year-end total assets $ 2,144,316 $ 2,104,534 $ 636,464 $ 588,878 $ 296,139 $ 274,887 Global Banking Global Markets 2015 2014 2013 2015 2014 2013 Net interest income (FTE basis) $ 9,254 $ 9,810 $ 9,692 $ 4,338 $ 4,004 $ 4,237 Noninterest income 7,665 7,797 7,744 10,729 12,184 11,221 Total revenue, net of interest expense (FTE basis) 16,919 17,607 17,436 15,067 16,188 15,458 Provision for credit losses 685 322 1,142 99 110 140 Noninterest expense 7,888 8,170 8,051 11,310 11,862 12,094 Income before income taxes (FTE basis) 8,346 9,115 8,243 3,658 4,216 3,224 Income tax expense (FTE basis) 3,073 3,346 3,024 1,162 1,511 2,090 Net income $ 5,273 $ 5,769 $ 5,219 $ 2,496 $ 2,705 $ 1,134 Year-end total assets $ 382,043 $ 353,637 $ 551,587 $ 579,594 Legacy Assets & Servicing All Other 2015 2014 2013 2015 2014 2013 Net interest income (FTE basis) $ 1,573 $ 1,520 $ 1,552 $ (348 ) $ (526 ) $ 960 Noninterest income 1,857 1,156 2,872 (271 ) (42 ) 1,801 Total revenue, net of interest expense (FTE basis) 3,430 2,676 4,424 (619 ) (568 ) 2,761 Provision for credit losses 144 127 (283 ) (342 ) (978 ) (665 ) Noninterest expense 4,451 20,633 12,416 2,215 2,933 4,749 Loss before income taxes (FTE basis) (1,165 ) (18,084 ) (7,709 ) (2,492 ) (2,523 ) (1,323 ) Income tax benefit (FTE basis) (425 ) (4,974 ) (2,826 ) (2,003 ) (2,587 ) (2,040 ) Net income (loss) $ (740 ) $ (13,110 ) $ (4,883 ) $ (489 ) $ 64 $ 717 Year-end total assets $ 47,292 $ 45,957 $ 230,791 $ 261,581 (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 (Dollars in millions) 2015 2014 2013 Segments’ total revenue, net of interest expense (FTE basis) $ 84,035 $ 85,684 $ 87,040 Adjustments: ALM activities 237 (804 ) (545 ) Equity investment income — 727 2,737 Liquidating businesses and other (856 ) (491 ) 569 FTE basis adjustment (909 ) (869 ) (859 ) Consolidated revenue, net of interest expense $ 82,507 $ 84,247 $ 88,942 Segments’ total net income $ 16,377 $ 4,769 $ 10,714 Adjustments, net-of-taxes: ALM activities (305 ) (343 ) (929 ) Equity investment income — 454 1,724 Liquidating businesses and other (184 ) (47 ) (78 ) Consolidated net income $ 15,888 $ 4,833 $ 11,431 December 31 2015 2014 Segments’ total assets $ 1,913,525 $ 1,842,953 Adjustments: ALM activities, including securities portfolio 681,876 658,319 Equity investments 4,297 4,871 Liquidating businesses and other 63,465 73,008 Elimination of segment asset allocations to match liabilities (518,847 ) (474,617 ) Consolidated total assets $ 2,144,316 $ 2,104,534 |
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 (Dollars in millions) 2015 2014 2013 Segments’ total revenue, net of interest expense (FTE basis) $ 84,035 $ 85,684 $ 87,040 Adjustments: ALM activities 237 (804 ) (545 ) Equity investment income — 727 2,737 Liquidating businesses and other (856 ) (491 ) 569 FTE basis adjustment (909 ) (869 ) (859 ) Consolidated revenue, net of interest expense $ 82,507 $ 84,247 $ 88,942 Segments’ total net income $ 16,377 $ 4,769 $ 10,714 Adjustments, net-of-taxes: ALM activities (305 ) (343 ) (929 ) Equity investment income — 454 1,724 Liquidating businesses and other (184 ) (47 ) (78 ) Consolidated net income $ 15,888 $ 4,833 $ 11,431 December 31 2015 2014 Segments’ total assets $ 1,913,525 $ 1,842,953 Adjustments: ALM activities, including securities portfolio 681,876 658,319 Equity investments 4,297 4,871 Liquidating businesses and other 63,465 73,008 Elimination of segment asset allocations to match liabilities (518,847 ) (474,617 ) Consolidated total assets $ 2,144,316 $ 2,104,534 |
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 (Dollars in millions) 2015 2014 2013 Segments’ total revenue, net of interest expense (FTE basis) $ 84,035 $ 85,684 $ 87,040 Adjustments: ALM activities 237 (804 ) (545 ) Equity investment income — 727 2,737 Liquidating businesses and other (856 ) (491 ) 569 FTE basis adjustment (909 ) (869 ) (859 ) Consolidated revenue, net of interest expense $ 82,507 $ 84,247 $ 88,942 Segments’ total net income $ 16,377 $ 4,769 $ 10,714 Adjustments, net-of-taxes: ALM activities (305 ) (343 ) (929 ) Equity investment income — 454 1,724 Liquidating businesses and other (184 ) (47 ) (78 ) Consolidated net income $ 15,888 $ 4,833 $ 11,431 December 31 2015 2014 Segments’ total assets $ 1,913,525 $ 1,842,953 Adjustments: ALM activities, including securities portfolio 681,876 658,319 Equity investments 4,297 4,871 Liquidating businesses and other 63,465 73,008 Elimination of segment asset allocations to match liabilities (518,847 ) (474,617 ) Consolidated total assets $ 2,144,316 $ 2,104,534 |
Parent Company Information (Tab
Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Statement of Income | The following tables present the Parent Company-only financial information. This financial information is presented in accordance with bank regulatory reporting requirements. Condensed Statement of Income (Dollars in millions) 2015 2014 2013 Income Dividends from subsidiaries: Bank holding companies and related subsidiaries $ 18,970 $ 12,400 $ 8,532 Nonbank companies and related subsidiaries 53 149 357 Interest from subsidiaries 2,004 1,836 2,087 Other income (loss) (623 ) 72 233 Total income 20,404 14,457 11,209 Expense Interest on borrowed funds from related subsidiaries 1,169 1,661 1,730 Other interest expense 5,098 5,552 6,379 Noninterest expense 4,747 4,471 10,938 Total expense 11,014 11,684 19,047 Income (loss) before income taxes and equity in undistributed earnings of subsidiaries 9,390 2,773 (7,838 ) Income tax benefit (3,574 ) (4,079 ) (7,227 ) Income (loss) before equity in undistributed earnings of subsidiaries 12,964 6,852 (611 ) Equity in undistributed earnings (losses) of subsidiaries: Bank holding companies and related subsidiaries 3,120 3,613 14,150 Nonbank companies and related subsidiaries (196 ) (5,632 ) (2,108 ) Total equity in undistributed earnings (losses) of subsidiaries 2,924 (2,019 ) 12,042 Net income $ 15,888 $ 4,833 $ 11,431 |
Balance Sheet | Condensed Balance Sheet December 31 (Dollars in millions) 2015 2014 Assets Cash held at bank subsidiaries (1) $ 98,024 $ 100,304 Securities 937 932 Receivables from subsidiaries: Bank holding companies and related subsidiaries 23,594 23,356 Banks and related subsidiaries 569 2,395 Nonbank companies and related subsidiaries 56,426 52,251 Investments in subsidiaries: Bank holding companies and related subsidiaries 272,596 270,441 Nonbank companies and related subsidiaries 2,402 2,139 Other assets 9,360 14,599 Total assets $ 463,908 $ 466,417 Liabilities and shareholders’ equity Short-term borrowings $ 15 $ 46 Accrued expenses and other liabilities 13,900 16,872 Payables to subsidiaries: Banks and related subsidiaries 465 2,559 Nonbank companies and related subsidiaries 13,921 17,698 Long-term debt 179,402 185,771 Total liabilities 207,703 222,946 Shareholders’ equity 256,205 243,471 Total liabilities and shareholders’ equity $ 463,908 $ 466,417 (1) Balance includes third-party cash held of $ 28 million and $ 29 million at December 31, 2015 and 2014 . |
Statement of Cash Flows | Condensed Statement of Cash Flows (Dollars in millions) 2015 2014 2013 Operating activities Net income $ 15,888 $ 4,833 $ 11,431 Reconciliation of net income to net cash provided by (used in) operating activities: Equity in undistributed (earnings) losses of subsidiaries (2,924 ) 2,019 (12,042 ) Other operating activities, net (2,509 ) 2,143 (10,422 ) Net cash provided by (used in) operating activities 10,455 8,995 (11,033 ) Investing activities Net sales (purchases) of securities 15 (142 ) 459 Net payments from (to) subsidiaries (7,944 ) (5,902 ) 39,336 Other investing activities, net 70 19 3 Net cash provided by (used in) investing activities (7,859 ) (6,025 ) 39,798 Financing activities Net increase (decrease) in short-term borrowings (221 ) (55 ) 178 Net increase (decrease) in other advances (770 ) 1,264 (14,378 ) Proceeds from issuance of long-term debt 26,492 29,324 30,966 Retirement of long-term debt (27,393 ) (33,854 ) (39,320 ) Proceeds from issuance of preferred stock 2,964 5,957 1,008 Redemption of preferred stock — — (6,461 ) Common stock repurchased (2,374 ) (1,675 ) (3,220 ) Cash dividends paid (3,574 ) (2,306 ) (1,677 ) Net cash used in financing activities (4,876 ) (1,345 ) (32,904 ) Net increase (decrease) in cash held at bank subsidiaries (2,280 ) 1,625 (4,139 ) Cash held at bank subsidiaries at January 1 100,304 98,679 102,818 Cash held at bank subsidiaries at December 31 $ 98,024 $ 100,304 $ 98,679 |
Performance by Geographic Area
Performance by Geographic Area Performance by Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | December 31 Year Ended December 31 (Dollars in millions) Year Total Assets (1) Total Revenue, Net of Interest Expense (2) Income Before Income Taxes Net Income (Loss) U.S. (3) 2015 $ 1,849,128 $ 71,659 $ 20,148 $ 14,689 2014 1,792,719 72,960 4,643 3,305 2013 76,612 13,221 10,588 Asia (4) 2015 86,994 3,524 726 457 2014 92,005 3,605 759 473 2013 4,442 1,382 887 Europe, Middle East and Africa 2015 178,899 6,081 938 516 2014 190,365 6,409 1,098 813 2013 6,353 1,003 (403 ) Latin America and the Caribbean 2015 29,295 1,243 342 226 2014 29,445 1,273 355 242 2013 1,535 566 359 Total Non-U.S. 2015 295,188 10,848 2,006 1,199 2014 311,815 11,287 2,212 1,528 2013 12,330 2,951 843 Total Consolidated 2015 $ 2,144,316 $ 82,507 $ 22,154 $ 15,888 2014 2,104,534 84,247 6,855 4,833 2013 88,942 16,172 11,431 (1) Total assets include long-lived assets, which are primarily located in the U.S. (2) There were no material intercompany revenues between geographic regions for any of the periods presented. (3) Substantially reflects the U.S. (4) Amounts include pretax gains of $753 million ( $474 million net-of-tax) on the sale of common shares of CCB during 2013. |
Summary of Significant Accoun60
Summary of Significant Accounting Principles - New Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||
Valuation adjustments on derivative liabilities, net | $ 153 | $ 150 | $ 75 | ||||
Valuation adjustments on derivative liabilities, gross | 18 | 28 | 39 | ||||
Net income | $ 15,888 | $ 4,833 | $ 11,431 | ||||
New Accounting Pronouncement, Early Adoption, Effect | |||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||
Reduction of earnings per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.02 | ||||
New Accounting Pronouncement, Early Adoption, Effect | Other income | |||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||
Valuation adjustments on derivative liabilities, gross | $ 301 | $ 301 | $ 420 | ||||
Net income | (187) | (186) | (260) | ||||
New Accounting Pronouncement, Early Adoption, Effect | Retained Earnings | |||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||
Valuation adjustments on derivative liabilities, net | $ 1,200 | ||||||
Valuation adjustments on derivative liabilities, gross | 2,000 | ||||||
New Accounting Pronouncement, Early Adoption, Effect | Accumulated Other Comprehensive Income (Loss) | |||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||
Valuation adjustments on derivative liabilities, net | (1,200) | ||||||
Valuation adjustments on derivative liabilities, gross | $ (2,000) | $ (301) | $ (301) | $ (420) |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net cash provided by operating activities | $ 27,730 | $ 30,135 | $ 92,817 | ||
Net cash provided by (used in) investing activities | $ (54,954) | (7,600) | $ 25,058 | ||
Non-Cash Security Proceeds Reclassification | Restatement Adjustment | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Net cash provided by operating activities | $ 9,300 | $ 4,800 | 3,400 | ||
Net cash provided by (used in) investing activities | $ 9,300 | $ 4,800 | $ 3,400 |
Summary of Significant Accoun62
Summary of Significant Accounting Principles - Collateral (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Securities held as collateral, fair value | $ 458.9 | $ 508.7 |
Securities received as collateral, amount re-pledged and sold | $ 383.5 | $ 419.3 |
Summary of Significant Accoun63
Summary of Significant Accounting Principles - Loans and Leases (Details) - portfolio_segment | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of portfolio segments | 3 | |
Threshold period past due for nonperforming status of financing receivables | 90 days | 90 days |
Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Probability of default measurement period | 12 months | |
Home equity lines of credit | Second Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loss severity | 100.00% | |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Period for sustained repayment performance | 6 months | |
Consumer Portfolio Segment | Personal Property Secured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 120 days | |
Consumer Portfolio Segment | Personal Property Secured Loans | Chapter Seven Bankruptcy | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 60 days | |
Consumer Portfolio Segment | Credit Card and Other Unsecured Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 180 days | |
Consumer Portfolio Segment | Credit Card and Other Unsecured Consumer Loans | Death or Bankruptcy | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 60 days | |
Consumer real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 180 days | |
Consumer real estate | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 180 days | |
Consumer real estate | Residential Mortgage | ||
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, 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 | 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 | |
Credit card and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 180 days | |
Credit card and other consumer | Credit Card and Other Unsecured Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of renegotiated financing receivable placed on a fixed payment plan | 120 days | |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for nonperforming status of financing receivables | 90 days | |
Commercial Portfolio Segment | Business Card Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 180 days | |
Commercial Portfolio Segment | Business Card Loans | Death or Bankruptcy | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 60 days |
Summary of Significant Accoun64
Summary of Significant Accounting Principles - Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Building | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 40 years |
Furniture and Equipment | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 12 years |
Summary of Significant Accoun65
Summary of Significant Accounting Principles - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Period uncollected fees are written off for credit receivables | 180 days |
Period uncollected fees are written off | 60 days |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | $ 963,801 | $ 1,134,132 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 689,700 | 984,800 |
Less: Legally enforceable master netting agreements | (597,800) | (884,800) |
Less: Cash collateral received/paid | (41,900) | (47,300) |
Derivative assets | 49,990 | 52,682 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 682,200 | 981,800 |
Less: Legally enforceable master netting agreements | (597,800) | (884,800) |
Less: Cash collateral received/paid | (45,900) | (50,100) |
Derivative liabilities | 38,450 | 46,909 |
Interest Rate Swap | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 21,706,800 | 29,445,400 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 447,000 | 667,000 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 441,900 | 658,700 |
Interest Rate Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 7,259,700 | 10,159,400 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,100 | 1,700 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,300 | 2,000 |
Interest Rate Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,322,400 | 1,725,200 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 57,700 | 85,400 |
Interest Rate Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,403,300 | 1,739,800 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 58,900 | 85,600 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Foreign Exchange Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 2,149,900 | 2,159,100 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 50,100 | 52,300 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 55,000 | 56,500 |
Foreign Exchange Spot Future and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 4,104,400 | 4,226,400 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 47,200 | 70,400 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 46,100 | 72,600 |
Foreign Exchange Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 467,200 | 600,700 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 10,600 | 16,000 |
Foreign Exchange Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 439,900 | 584,600 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 10,200 | 15,100 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Equity Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 201,200 | 193,700 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,300 | 3,200 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 3,800 | 4,000 |
Equity Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 74,000 | 69,500 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 2,100 | 2,100 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,200 | 1,800 |
Equity Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 352,800 | 341,000 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 21,100 | 26,000 |
Equity Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 325,400 | 318,400 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 23,800 | 27,900 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Commodity Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 47,000 | 74,300 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 4,700 | 5,800 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 7,100 | 8,500 |
Commodity Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 268,700 | 376,500 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,800 | 4,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 700 | 1,800 |
Commodity Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 58,700 | 129,500 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 5,500 | 11,500 |
Commodity Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 65,700 | 141,300 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 5,300 | 10,700 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Credit Default Swap | Purchased credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 928,300 | 1,094,800 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 14,400 | 13,300 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 14,800 | 23,400 |
Credit Default Swap | Written credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 924,143 | 1,073,101 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 15,300 | 24,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 13,100 | 11,870 |
Total return swaps/other | Purchased credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 26,400 | 44,300 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 200 | 200 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,900 | 1,400 |
Total return swaps/other | Written credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 39,658 | 61,031 |
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 2,300 | 500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 400 | 337 |
Trading and Other Risk Management Derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 680,200 | 974,000 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 677,900 | 979,200 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 439,600 | 658,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 440,700 | 658,200 |
Trading and Other Risk Management Derivatives | Interest Rate Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,100 | 1,700 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,300 | 2,000 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 57,700 | 85,400 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 58,900 | 85,600 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Foreign Exchange Swaps | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 49,200 | 51,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 52,200 | 54,600 |
Trading and Other Risk Management Derivatives | Foreign Exchange Spot Future and Forwards | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 46,000 | 68,900 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 45,800 | 72,400 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 10,600 | 16,000 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 10,200 | 15,100 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Equity Swaps | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,300 | 3,200 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 3,800 | 4,000 |
Trading and Other Risk Management Derivatives | Equity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 2,100 | 2,100 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,200 | 1,800 |
Trading and Other Risk Management Derivatives | Equity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 21,100 | 26,000 |
Trading and Other Risk Management Derivatives | Equity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 23,800 | 27,900 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Commodity Swaps | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 4,700 | 5,800 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 7,100 | 8,500 |
Trading and Other Risk Management Derivatives | Commodity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 3,800 | 4,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 700 | 1,800 |
Trading and Other Risk Management Derivatives | Commodity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 5,500 | 11,500 |
Trading and Other Risk Management Derivatives | Commodity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 5,300 | 10,700 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 14,400 | 13,300 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 14,800 | 23,400 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 15,300 | 24,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 13,100 | 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 | 1,900 | 1,400 |
Trading and Other Risk Management Derivatives | Total return swaps/other | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 2,300 | 500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 400 | 300 |
Qualifying Accounting Hedges | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 9,500 | 10,800 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 4,300 | 2,600 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 7,400 | 8,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 1,200 | 500 |
Qualifying Accounting Hedges | Interest Rate Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Interest Rate Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Interest Rate Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Foreign Exchange Swaps | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 900 | 800 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 2,800 | 1,900 |
Qualifying Accounting Hedges | Foreign Exchange Spot Future and Forwards | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 1,200 | 1,500 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 300 | 200 |
Qualifying Accounting Hedges | Foreign Exchange Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Foreign Exchange Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Swaps | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Swaps | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit Default Swap | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit Default Swap | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/other | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/other | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross Derivative Liabilities | $ 0 | $ 0 |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Derivative assets, after netting | $ 37,900 | $ 36,900 |
Other gross derivative assets | 12,100 | 15,800 |
Derivative assets | 49,990 | 52,682 |
Less: Financial instruments collateral | (13,900) | (13,300) |
Total net derivative assets | 36,100 | 39,400 |
Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 461,000 | 580,100 |
Less: Legally enforceable master netting agreements and cash collateral received | (426,600) | (545,700) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 12,900 | 16,100 |
Less: Legally enforceable master netting agreements and cash collateral received | (9,800) | (13,900) |
Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 203,700 | 372,800 |
Less: Legally enforceable master netting agreements and cash collateral received | (203,300) | (372,500) |
Interest rate contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 309,300 | 386,600 |
Interest rate contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 0 | 100 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 197,000 | 365,700 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 103,200 | 133,000 |
Foreign exchange risk | 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 | 16,600 | 19,500 |
Equity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 10,000 | 8,600 |
Commodity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 7,300 | 10,200 |
Commodity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 2,900 | 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 | 24 | |
Credit derivatives | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 24,600 | 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, after netting | $ 27,200 | $ 28,700 |
Other gross derivative liabilities | 11,300 | 18,200 |
Derivative liabilities | 38,450 | 46,909 |
Less: Financial instruments collateral | (6,500) | (8,900) |
Total net derivative liabilities | 32,000 | 38,000 |
Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 450,500 | 571,900 |
Less: Legally enforceable master netting agreements and cash collateral paid | (425,700) | (545,500) |
Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 12,100 | 15,600 |
Less: Legally enforceable master netting agreements and cash collateral paid | (9,800) | (13,900) |
Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 208,300 | 376,100 |
Less: Legally enforceable master netting agreements and cash collateral paid | (208,200) | (375,500) |
Interest rate contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 297,200 | 373,200 |
Interest rate contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 0 | 100 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 201,700 | 368,700 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 107,500 | 139,900 |
Foreign exchange risk | 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 | 14,000 | 16,700 |
Equity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 9,200 | 7,800 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 8,900 | 11,900 |
Commodity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 2,900 | 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 | 29 | |
Credit derivatives | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 22,900 | 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | $ (2,496) | $ (82) | $ (5,169) |
Hedged Item | 1,597 | (827) | 4,181 |
Hedge Ineffectiveness | (899) | (909) | (988) |
Interest rate risk on long-term debt | Interest expense | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | (718) | 2,144 | (4,704) |
Hedged Item | (77) | (2,935) | 3,925 |
Hedge Ineffectiveness | (795) | (791) | (779) |
Interest rate and foreign currency risk on long-term debt | Interest expense | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | (1,898) | (2,212) | (1,291) |
Hedged Item | 1,812 | 2,120 | 1,085 |
Hedge Ineffectiveness | (86) | (92) | (206) |
Interest rate risk on AFS securities | Interest income | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | 105 | (35) | 839 |
Hedged Item | (127) | 3 | (840) |
Hedge Ineffectiveness | (22) | (32) | (1) |
Price risk on commodity inventory | Trading gain (loss) | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | 15 | 21 | (13) |
Hedged Item | (11) | (15) | 11 |
Hedge Ineffectiveness | $ 4 | $ 6 | $ (2) |
Derivatives - Derivatives Des70
Derivatives - Derivatives Designated as Accounting Hedges - Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ 55 | $ 195 | $ 156 |
Gains (Losses) in Income Reclassified from Accumulated OCI | (883) | (760) | (773) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | (2) | (4) | 0 |
Interest rate risk on variable-rate portfolios | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 95 | 68 | (321) |
Gains (Losses) in Income Reclassified from Accumulated OCI | (974) | (1,119) | (1,102) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | (2) | (4) | 0 |
Price risk on restricted stock awards | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (40) | 127 | 477 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 91 | 359 | 329 |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | 0 | 0 | 0 |
Foreign exchange risk | Net investment hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 3,010 | 3,021 | 1,024 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 153 | 21 | (355) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | $ (298) | $ (503) | $ (134) |
Derivatives - Economic Hedges (
Derivatives - Economic Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | $ 11 | $ (9) | $ (19) |
Interest rate lock commitments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | 714 | 776 | 927 |
Mortgage banking income | Interest rate risk on mortgage banking income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | 254 | 1,017 | (619) |
Other income | Credit risk on loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | (22) | 16 | (47) |
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 | (222) | (3,683) | 2,501 |
Personnel expense | Price risk on restricted stock awards | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | $ (267) | $ 600 | $ 865 |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | $ 6,473 | $ 6,309 | $ 7,056 |
Brokerage commissions and asset management fee revenue | Global Markets | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 2,200 | 2,200 | 2,100 |
Trading Securities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 12,076 | 12,765 | 12,262 |
Trading Securities | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 6,070 | 5,997 | 6,734 |
Trading Securities | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 3,783 | 3,465 | 3,706 |
Trading Securities | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 2,223 | 3,303 | 1,822 |
Trading Securities | Interest rate risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 2,389 | 2,460 | 2,085 |
Trading Securities | Interest rate risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 1,251 | 962 | 1,217 |
Trading Securities | Interest rate risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 1,457 | 1,097 | 1,158 |
Trading Securities | Interest rate risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | (319) | 401 | (290) |
Trading Securities | Foreign exchange risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 1,195 | 1,056 | 1,075 |
Trading Securities | Foreign exchange risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 1,322 | 1,177 | 1,169 |
Trading Securities | Foreign exchange risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | (10) | 7 | 6 |
Trading Securities | Foreign exchange risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | (117) | (128) | (100) |
Trading Securities | Equity risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 4,317 | 4,182 | 4,172 |
Trading Securities | Equity risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 2,115 | 1,954 | 1,994 |
Trading Securities | Equity risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 56 | (79) | 112 |
Trading Securities | Equity risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 2,146 | 2,307 | 2,066 |
Trading Securities | Credit risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 3,713 | 4,576 | 4,690 |
Trading Securities | Credit risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 901 | 1,396 | 1,966 |
Trading Securities | Credit risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 2,360 | 2,563 | 2,647 |
Trading Securities | Credit risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 452 | 617 | 77 |
Trading Securities | Other risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 462 | 491 | 240 |
Trading Securities | Other risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | 481 | 508 | 388 |
Trading Securities | Other risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | (80) | (123) | (217) |
Trading Securities | Other risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and Trading Revenue | $ 61 | $ 106 | $ 69 |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Value of Derivatives [Abstract] | ||
Total | $ 682,200 | $ 981,800 |
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 328 | 7 |
One to Three Years | 175 | 506 |
Three to Five Years | 561 | 653 |
Over Five Years | 3,467 | 4,077 |
Total | 4,531 | 5,243 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 261,448 | 233,784 |
One to Three Years | 423,497 | 524,286 |
Three to Five Years | 233,660 | 326,007 |
Over Five Years | 45,196 | 50,055 |
Total | 963,801 | 1,134,132 |
Credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 932 | 1,104 |
One to Three Years | 3,752 | 3,068 |
Three to Five Years | 4,597 | 2,795 |
Over Five Years | 4,265 | 5,240 |
Total | 13,546 | 12,207 |
Total return swaps/other | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Total | 400 | 337 |
Notional Amount of Derivatives, [Abstract] | ||
Total | 39,658 | 61,031 |
Swaps | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 756 | 1,016 |
One to Three Years | 3,516 | 2,821 |
Three to Five Years | 4,589 | 2,793 |
Over Five Years | 4,263 | 5,240 |
Total | 13,124 | 11,870 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 230,773 | 187,300 |
One to Three Years | 416,508 | 513,494 |
Three to Five Years | 232,289 | 322,739 |
Over Five Years | 44,573 | 49,568 |
Total | 924,143 | 1,073,101 |
Total return swaps/other | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 176 | 88 |
One to Three Years | 236 | 247 |
Three to Five Years | 8 | 2 |
Over Five Years | 2 | 0 |
Total | 422 | 337 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 30,675 | 46,484 |
One to Three Years | 6,989 | 10,792 |
Three to Five Years | 1,371 | 3,268 |
Over Five Years | 623 | 487 |
Total | 39,658 | 61,031 |
Investment grade | ||
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 267 | 2 |
One to Three Years | 57 | 365 |
Three to Five Years | 444 | 568 |
Over Five Years | 2,203 | 2,634 |
Total | 2,971 | 3,569 |
Investment grade | Swaps | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 84 | 100 |
One to Three Years | 481 | 714 |
Three to Five Years | 2,203 | 1,455 |
Over Five Years | 680 | 939 |
Total | 3,448 | 3,208 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 149,177 | 132,974 |
One to Three Years | 280,658 | 342,914 |
Three to Five Years | 178,990 | 242,728 |
Over Five Years | 26,352 | 28,982 |
Total | 635,177 | 747,598 |
Investment grade | Total return swaps/other | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 5 | 24 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 5 | 24 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 9,758 | 22,645 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 9,758 | 22,645 |
Non-investment grade | ||
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 61 | 5 |
One to Three Years | 118 | 141 |
Three to Five Years | 117 | 85 |
Over Five Years | 1,264 | 1,443 |
Total | 1,560 | 1,674 |
Non-investment grade | Swaps | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 672 | 916 |
One to Three Years | 3,035 | 2,107 |
Three to Five Years | 2,386 | 1,338 |
Over Five Years | 3,583 | 4,301 |
Total | 9,676 | 8,662 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 81,596 | 54,326 |
One to Three Years | 135,850 | 170,580 |
Three to Five Years | 53,299 | 80,011 |
Over Five Years | 18,221 | 20,586 |
Total | 288,966 | 325,503 |
Non-investment grade | Total return swaps/other | Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 171 | 64 |
One to Three Years | 236 | 247 |
Three to Five Years | 8 | 2 |
Over Five Years | 2 | 0 |
Total | 417 | 313 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 20,917 | 23,839 |
One to Three Years | 6,989 | 10,792 |
Three to Five Years | 1,371 | 3,268 |
Over Five Years | 623 | 487 |
Total | $ 29,900 | $ 38,386 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Dec. 31, 2015USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 1,011 |
Additional collateral required to be posted upon downgrade, second incremental notch | 1,948 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 879 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 2,792 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 501 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 2,269 |
Bank of America, N.A. | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 762 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 1,474 |
Derivatives - Derivative Valuat
Derivatives - Derivative Valuation Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gross | |||
Valuation adjustments on derivative assets, gross | $ 255 | $ (22) | $ 738 |
Funding valuation adjustment on derivative asset, gross | (34) | (632) | |
Valuation adjustments on derivative liabilities, gross | (18) | (28) | (39) |
Funding valuation adjustment on derivative liabilities, gross | 50 | 135 | |
Net | |||
Valuation adjustments on derivative assets, net | 227 | 191 | (96) |
Funding valuation adjustment on derivative asset, net | (34) | (632) | |
Valuation adjustments on derivative liabilities, net | (153) | (150) | (75) |
Funding valuation adjustment on derivative liabilities, net | 50 | 135 | |
Cumulative credit valuation adjustment | 1,400 | 1,600 | 1,600 |
Cumulative funding valuation adjustment | 481 | 497 | |
Cumulative debit valuation adjustment | $ 750 | $ 769 | $ 803 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ||||
Shareholders’ equity | $ 256,205 | $ 243,471 | $ 232,685 | $ 236,956 |
Net losses in AOCI expected to be reclassified | 563 | |||
Net losses in AOCI expected to be reclassified, after tax | $ 352 | |||
Terminated cash flow hedges, forecasted transaction hedging period | 7 years | |||
Terminated cash flow hedges, maximum forecasted transaction hedging period | 20 years | |||
Cumulative funding valuation adjustment | $ 481 | 497 | ||
Funding valuation adjustment on derivative asset, net | (34) | (632) | ||
Funding valuation adjustment on derivative liabilities, net | 50 | 135 | ||
Credit derivatives | ||||
Derivative [Line Items] | ||||
Derivative asset | 24 | |||
Derivative liability | 29 | |||
Cash and securities held as collateral | 78,900 | 82,000 | ||
Cash and securities collateral posted | 62,700 | 67,900 | ||
Collateral not yet posted | 2,900 | |||
Aggregate fair value of derivative liability | 69 | |||
Credit derivatives | Bank of America, N.A. | ||||
Derivative [Line Items] | ||||
Collateral not yet posted | 1,600 | |||
Credit derivatives | Purchased credit derivatives | ||||
Derivative [Line Items] | ||||
Carrying value of written credit derivatives | 8,200 | 5,700 | ||
Notional amount of written credit derivatives | 706,000 | 880,600 | ||
Foreign Mortgage-backed Securities and Foreign Securities | ||||
Derivative [Line Items] | ||||
Transfer of mortgage-backed securities to third-party trust | 7,900 | |||
Gross cash proceeds from transfer of securities | 7,900 | |||
Fair value of securities transferred | 7,200 | |||
Derivatives | ||||
Derivative [Line Items] | ||||
Shareholders’ equity | $ (1,077) | $ (1,661) | $ (2,277) | $ (2,869) |
Securities - Amortized Cost, Ga
Securities - Amortized Cost, Gains and Losses, and Fair Value Available-for-sale (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Available-for-sale Debt Securities: | ||||
Amortized Cost | $ 306,261 | $ 282,108 | ||
Gross Unrealized Gains | 1,536 | 3,001 | ||
Gross Unrealized Losses | (2,024) | (835) | ||
Debt securities carried at fair value | 305,773 | 284,274 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Amortized Cost | 16,678 | 36,524 | ||
Gross Unrealized Gains | 103 | 261 | ||
Gross Unrealized Losses | (174) | (364) | ||
Fair Value | 16,607 | 36,421 | ||
Debt securities carried at fair value: | ||||
Amortized Cost | 322,939 | 318,632 | ||
Gross Unrealized Gains | 1,639 | 3,262 | ||
Gross Unrealized Losses | (2,198) | (1,199) | ||
Debt securities carried at fair value | 322,380 | 320,695 | ||
Shareholders’ equity | 256,205 | 243,471 | $ 232,685 | $ 236,956 |
Held-to-maturity Securities: | ||||
Amortized Cost | 84,625 | 59,766 | ||
Gross Unrealized Gains | 271 | 486 | ||
Gross Unrealized Losses | (850) | (611) | ||
Held-to-maturity, fair value | 84,046 | 59,641 | ||
Debt securities: | ||||
Amortized Cost | 407,564 | 378,398 | ||
Gross Unrealized Gains | 1,910 | 3,748 | ||
Gross Unrealized Losses | (3,048) | (1,810) | ||
Fair Value | 406,426 | 380,336 | ||
Accumulated other comprehensive income (loss) | (5,674) | (4,320) | ||
Nonperforming Financing Receivable | ||||
Available-for-sale Debt Securities: | ||||
Debt securities carried at fair value | 188 | 161 | ||
FNMA | ||||
Debt securities carried at fair value: | ||||
Amortized Cost | 146,200 | 130,700 | ||
Debt securities carried at fair value | 145,500 | 131,400 | ||
FHLMC | ||||
Debt securities carried at fair value: | ||||
Amortized Cost | 53,400 | 28,300 | ||
Debt securities carried at fair value | 53,200 | 28,600 | ||
Other assets | ||||
Available-for-sale Equity Securities: | ||||
Amortized Cost | 326 | 336 | ||
Gross Unrealized Gains | 99 | 27 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair Value | 425 | 363 | ||
Agency-collateralized mortgage obligations | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 10,930 | 14,175 | ||
Gross Unrealized Gains | 126 | 152 | ||
Gross Unrealized Losses | (71) | (79) | ||
Debt securities carried at fair value | 10,985 | 14,248 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 7 | 0 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 10,992 | |||
Commercial | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 7,176 | 3,931 | ||
Gross Unrealized Gains | 50 | 69 | ||
Gross Unrealized Losses | (61) | 0 | ||
Debt securities carried at fair value | 7,165 | 4,000 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 7,165 | |||
Non-agency residential | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 3,031 | 4,244 | ||
Gross Unrealized Gains | 218 | 287 | ||
Gross Unrealized Losses | (70) | (77) | ||
Debt securities carried at fair value | 3,179 | 4,454 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 3,490 | $ 3,745 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | $ 6,669 | |||
Non-agency residential | Prime | ||||
Debt securities: | ||||
Available-for-sale securities, percent held by rating | 71.00% | 76.00% | ||
Non-agency residential | Alt-A | ||||
Debt securities: | ||||
Available-for-sale securities, percent held by rating | 15.00% | 14.00% | ||
Non-agency residential | Subprime | ||||
Debt securities: | ||||
Available-for-sale securities, percent held by rating | 14.00% | 10.00% | ||
Mortgage-backed securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | $ 250,984 | $ 185,942 | ||
Gross Unrealized Gains | 1,182 | 2,548 | ||
Gross Unrealized Losses | (1,890) | (749) | ||
Debt securities carried at fair value | 250,276 | 187,741 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 3,497 | 19,449 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 253,773 | |||
U.S. Treasury and agency securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 25,075 | 69,267 | ||
Gross Unrealized Gains | 211 | 360 | ||
Gross Unrealized Losses | (9) | (32) | ||
Debt securities carried at fair value | 25,277 | 69,595 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 0 | 1,541 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 25,277 | |||
Non-U.S. securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 5,743 | 6,208 | ||
Gross Unrealized Gains | 27 | 33 | ||
Gross Unrealized Losses | (3) | (11) | ||
Debt securities carried at fair value | 5,767 | 6,230 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 12,843 | 15,132 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 18,610 | |||
Corporate/Agency bonds | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 243 | 361 | ||
Gross Unrealized Gains | 3 | 9 | ||
Gross Unrealized Losses | (3) | (2) | ||
Debt securities carried at fair value | 243 | 368 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 243 | |||
Other taxable securities, substantially all asset-backed securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 10,238 | 10,774 | ||
Gross Unrealized Gains | 50 | 39 | ||
Gross Unrealized Losses | (86) | (22) | ||
Debt securities carried at fair value | 10,202 | 10,791 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 267 | 299 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 10,469 | |||
Total taxable securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 292,283 | 272,552 | ||
Gross Unrealized Gains | 1,473 | 2,989 | ||
Gross Unrealized Losses | (1,991) | (816) | ||
Debt securities carried at fair value | 291,765 | 274,725 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 308,372 | |||
Tax-exempt securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 13,978 | 9,556 | ||
Gross Unrealized Gains | 63 | 12 | ||
Gross Unrealized Losses | (33) | (19) | ||
Debt securities carried at fair value | 14,008 | 9,549 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 14,008 | |||
Agency | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 229,847 | 163,592 | ||
Gross Unrealized Gains | 788 | 2,040 | ||
Gross Unrealized Losses | (1,688) | (593) | ||
Debt securities carried at fair value | 228,947 | 165,039 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 0 | 15,704 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 228,947 | |||
Debt securities | ||||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 322,380 | |||
Debt securities: | ||||
Accumulated other comprehensive income tax benefit | (188) | |||
Debt securities | Available-for-sale debt securities | ||||
Debt securities carried at fair value: | ||||
Shareholders’ equity | $ (300) | $ 1,343 | $ (3,257) | $ 4,443 |
Securities - Other Debt Securit
Securities - Other Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | $ 16,607 | $ 36,421 |
Agency | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 0 | 15,704 |
Agency-collateralized mortgage obligations | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 7 | 0 |
Non-agency residential | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 3,490 | 3,745 |
Mortgage-backed securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 3,497 | 19,449 |
U.S. Treasury and agency securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 0 | 1,541 |
Non-U.S. securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 12,843 | 15,132 |
Other taxable securities, substantially all asset-backed securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 267 | 299 |
Other income | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Unrealized mark-to-market net gains (losses) | 43 | 1,200 |
Realized net gains (losses) | $ (313) | $ 275 |
Securities - Realized Gains and
Securities - Realized Gains and Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Net gains on sales of AFS debt securities | $ 1,091 | $ 1,354 | $ 1,271 |
Debt securities | |||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Gross gains | 1,118 | 1,366 | 1,302 |
Gross losses | (27) | (12) | (31) |
Net gains on sales of AFS debt securities | 1,091 | 1,354 | 1,271 |
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ 415 | $ 515 | $ 470 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | $ 148,632 | $ 16,346 |
Less than Twelve Months, Gross Unrealized Losses | (1,428) | (99) |
Twelve Months or Longer, Fair Value | 20,346 | 49,554 |
Twelve Months or Longer, Gross Unrealized Losses | (596) | (736) |
Total, Fair Value | 168,978 | 65,900 |
Total, Gross Unrealized Losses | (2,024) | (835) |
Temporarily impaired AFS debt securities | Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 148,151 | 15,791 |
Less than Twelve Months, Gross Unrealized Losses | (1,409) | (66) |
Twelve Months or Longer, Fair Value | 20,248 | 49,554 |
Twelve Months or Longer, Gross Unrealized Losses | (582) | (736) |
Total, Fair Value | 168,399 | 65,345 |
Total, Gross Unrealized Losses | (1,991) | (802) |
Temporarily impaired AFS debt securities | Agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 131,511 | 1,366 |
Less than Twelve Months, Gross Unrealized Losses | (1,245) | (8) |
Twelve Months or Longer, Fair Value | 14,895 | 43,118 |
Twelve Months or Longer, Gross Unrealized Losses | (443) | (585) |
Total, Fair Value | 146,406 | 44,484 |
Total, Gross Unrealized Losses | (1,688) | (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 | 1,271 | 2,242 |
Less than Twelve Months, Gross Unrealized Losses | (9) | (19) |
Twelve Months or Longer, Fair Value | 1,637 | 3,075 |
Twelve Months or Longer, Gross Unrealized Losses | (62) | (60) |
Total, Fair Value | 2,908 | 5,317 |
Total, Gross Unrealized Losses | (71) | (79) |
Temporarily impaired AFS debt securities | Commercial | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 4,066 | |
Less than Twelve Months, Gross Unrealized Losses | (61) | |
Twelve Months or Longer, Fair Value | 0 | |
Twelve Months or Longer, Gross Unrealized Losses | 0 | |
Total, Fair Value | 4,066 | |
Total, Gross Unrealized Losses | (61) | |
Temporarily impaired AFS debt securities | Non-agency residential | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 553 | 307 |
Less than Twelve Months, Gross Unrealized Losses | (5) | (3) |
Twelve Months or Longer, Fair Value | 723 | 809 |
Twelve Months or Longer, Gross Unrealized Losses | (32) | (41) |
Total, Fair Value | 1,276 | 1,116 |
Total, Gross Unrealized Losses | (37) | (44) |
Temporarily impaired AFS debt securities | Mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 137,401 | 3,915 |
Less than Twelve Months, Gross Unrealized Losses | (1,320) | (30) |
Twelve Months or Longer, Fair Value | 17,255 | 47,002 |
Twelve Months or Longer, Gross Unrealized Losses | (537) | (686) |
Total, Fair Value | 154,656 | 50,917 |
Total, Gross Unrealized Losses | (1,857) | (716) |
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 | 1,172 | 10,121 |
Less than Twelve Months, Gross Unrealized Losses | (5) | (22) |
Twelve Months or Longer, Fair Value | 190 | 667 |
Twelve Months or Longer, Gross Unrealized Losses | (4) | (10) |
Total, Fair Value | 1,362 | 10,788 |
Total, Gross Unrealized Losses | (9) | (32) |
Temporarily impaired AFS debt securities | Non-U.S. securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 0 | 157 |
Less than Twelve Months, Gross Unrealized Losses | 0 | (9) |
Twelve Months or Longer, Fair Value | 134 | 32 |
Twelve Months or Longer, Gross Unrealized Losses | (3) | (2) |
Total, Fair Value | 134 | 189 |
Total, Gross Unrealized Losses | (3) | (11) |
Temporarily impaired AFS debt securities | Corporate/Agency bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 107 | 43 |
Less than Twelve Months, Gross Unrealized Losses | (3) | (1) |
Twelve Months or Longer, Fair Value | 0 | 93 |
Twelve Months or Longer, Gross Unrealized Losses | 0 | (1) |
Total, Fair Value | 107 | 136 |
Total, Gross Unrealized Losses | (3) | (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 | 5,071 | 575 |
Less than Twelve Months, Gross Unrealized Losses | (69) | (3) |
Twelve Months or Longer, Fair Value | 792 | 1,080 |
Twelve Months or Longer, Gross Unrealized Losses | (17) | (19) |
Total, Fair Value | 5,863 | 1,655 |
Total, Gross Unrealized Losses | (86) | (22) |
Temporarily impaired AFS debt securities | Total taxable securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 143,751 | 14,811 |
Less than Twelve Months, Gross Unrealized Losses | (1,397) | (65) |
Twelve Months or Longer, Fair Value | 18,371 | 48,874 |
Twelve Months or Longer, Gross Unrealized Losses | (561) | (718) |
Total, Fair Value | 162,122 | 63,685 |
Total, Gross Unrealized Losses | (1,958) | (783) |
Temporarily impaired AFS debt securities | Tax-exempt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 4,400 | 980 |
Less than Twelve Months, Gross Unrealized Losses | (12) | (1) |
Twelve Months or Longer, Fair Value | 1,877 | 680 |
Twelve Months or Longer, Gross Unrealized Losses | (21) | (18) |
Total, Fair Value | 6,277 | 1,660 |
Total, Gross Unrealized Losses | (33) | (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 | 481 | 555 |
Less than Twelve Months, Gross Unrealized Losses | (19) | (33) |
Twelve Months or Longer, Fair Value | 98 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | (14) | 0 |
Total, Fair Value | 579 | 555 |
Total, Gross Unrealized Losses | $ (33) | $ (33) |
Securities - Asset Impairment L
Securities - Asset Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities [Abstract] | |||
Total OTTI losses | $ (111) | $ (30) | $ (21) |
Less: non-credit portion of total OTTI losses recognized in OCI | 30 | 14 | 1 |
Net credit-related impairment losses recognized in earnings | $ (81) | $ (16) | $ (20) |
Securities - Rollforward of Cre
Securities - Rollforward of Credit Losses Recognized (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rollforward of OTTI Credit Losses Recognized | |||
Balance, January 1 | $ 200 | $ 184 | $ 243 |
Additions for credit losses recognized on AFS debt securities that had no previous impairment losses | 52 | 14 | 6 |
Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses | 29 | 2 | 14 |
Reductions for AFS debt securities matured, sold or intended to be sold | (15) | 0 | (79) |
Balance, December 31 | $ 266 | $ 200 | $ 184 |
Securities - OTTI Significant A
Securities - OTTI Significant Assumptions (Details) - Non-agency residential | Dec. 31, 2015 |
Weighted Average | |
Significant Assumptions: | |
Prepayment speed | 12.60% |
Loss severity | 32.60% |
Life default rate | 26.00% |
Weighted Average | Prime | |
Significant Assumptions: | |
Loss severity | 29.20% |
Life default rate | 16.10% |
Weighted Average | Alt-A | |
Significant Assumptions: | |
Loss severity | 31.40% |
Life default rate | 28.00% |
Weighted Average | Subprime | |
Significant Assumptions: | |
Loss severity | 42.90% |
Life default rate | 27.20% |
10th Percentile | |
Significant Assumptions: | |
Prepayment speed | 3.80% |
Loss severity | 12.90% |
Life default rate | 0.80% |
90th Percentile | |
Significant Assumptions: | |
Prepayment speed | 25.50% |
Loss severity | 34.80% |
Life default rate | 86.10% |
Securities - Expected Maturity
Securities - Expected Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Due in One Year or Less, Amount | $ 568 | |
Due in One Year or Less, Yield | 0.01% | |
Due after One Year through Five Years, Amount | $ 18,325 | |
Due after One Year through Five Years, Yield | 2.30% | |
Due after Five Years through Ten Years, Amount | $ 62,978 | |
Due after Five Years though Ten Years, Yield | 2.50% | |
Due after Ten Years, Amount | $ 2,754 | |
Due after Ten Years, Yield | 2.82% | |
Amortized Cost | $ 84,625 | $ 59,766 |
Total, Yield | 2.45% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities Carried at Fair Value | $ 322,380 | 320,695 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in One Year or Less, Amount | 569 | |
Due after One Year through Five Years, Amount | 18,356 | |
Due after Five Years though Ten Years, Amount | 62,360 | |
Due after Ten Years, Amount | 2,761 | |
Held-to-maturity Securities, Fair Value | 84,046 | $ 59,641 |
Agency | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 57 | |
Due in One Year or Less, Yield | 4.40% | |
Due after One Year through Five Years, Amount | $ 28,943 | |
Due after One Year through Five Years, Yield | 2.40% | |
Due after Five Years though Ten Years, Amount | $ 197,797 | |
Due after Five Years though Ten Years, Yield | 2.80% | |
Due after Ten Years, Amount | $ 3,050 | |
Due after Ten Years, Yield | 2.90% | |
Total, Amount | $ 229,847 | |
Total, Yield | 2.75% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 59 | |
Due after One Year through Five Years, Amount | 29,150 | |
Due after Five Years though Ten Years, Amount | 196,720 | |
Due after Ten Years, Amount | 3,018 | |
Debt Securities Carried at Fair Value | 228,947 | |
Agency-collateralized mortgage obligations | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 157 | |
Due in One Year or Less, Yield | 1.10% | |
Due after One Year through Five Years, Amount | $ 3,077 | |
Due after One Year through Five Years, Yield | 2.20% | |
Due after Five Years though Ten Years, Amount | $ 7,702 | |
Due after Five Years though Ten Years, Yield | 2.80% | |
Due after Ten Years, Amount | $ 0 | |
Due after Ten Years, Yield | 0.00% | |
Total, Amount | $ 10,936 | |
Total, Yield | 2.61% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 157 | |
Due after One Year through Five Years, Amount | 3,056 | |
Due after Five Years though Ten Years, Amount | 7,779 | |
Due after Ten Years, Amount | 0 | |
Debt Securities Carried at Fair Value | 10,992 | |
Commercial | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 205 | |
Due in One Year or Less, Yield | 2.16% | |
Due after One Year through Five Years, Amount | $ 615 | |
Due after One Year through Five Years, Yield | 2.10% | |
Due after Five Years though Ten Years, Amount | $ 6,356 | |
Due after Five Years though Ten Years, Yield | 2.70% | |
Due after Ten Years, Amount | $ 0 | |
Due after Ten Years, Yield | 0.00% | |
Total, Amount | $ 7,176 | |
Total, Yield | 2.63% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 223 | |
Due after One Year through Five Years, Amount | 618 | |
Due after Five Years though Ten Years, Amount | 6,324 | |
Due after Ten Years, Amount | 0 | |
Debt Securities Carried at Fair Value | 7,165 | |
Non-agency residential | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 320 | |
Due in One Year or Less, Yield | 5.00% | |
Due after One Year through Five Years, Amount | $ 1,123 | |
Due after One Year through Five Years, Yield | 4.99% | |
Due after Five Years though Ten Years, Amount | $ 1,165 | |
Due after Five Years though Ten Years, Yield | 4.18% | |
Due after Ten Years, Amount | $ 3,989 | |
Due after Ten Years, Yield | 7.90% | |
Total, Amount | $ 6,597 | |
Total, Yield | 6.60% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 354 | |
Due after One Year through Five Years, Amount | 1,102 | |
Due after Five Years though Ten Years, Amount | 1,263 | |
Due after Ten Years, Amount | 3,950 | |
Debt Securities Carried at Fair Value | 6,669 | |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 739 | |
Due in One Year or Less, Yield | 3.31% | |
Due after One Year through Five Years, Amount | $ 33,758 | |
Due after One Year through Five Years, Yield | 2.46% | |
Due after Five Years though Ten Years, Amount | $ 213,020 | |
Due after Five Years though Ten Years, Yield | 2.80% | |
Due after Ten Years, Amount | $ 7,039 | |
Due after Ten Years, Yield | 5.73% | |
Total, Amount | $ 254,556 | |
Total, Yield | 3.03% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 793 | |
Due after One Year through Five Years, Amount | 33,926 | |
Due after Five Years though Ten Years, Amount | 212,086 | |
Due after Ten Years, Amount | 6,968 | |
Debt Securities Carried at Fair Value | 253,773 | |
U.S. Treasury and agency securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 516 | |
Due in One Year or Less, Yield | 0.19% | |
Due after One Year through Five Years, Amount | $ 23,103 | |
Due after One Year through Five Years, Yield | 1.70% | |
Due after Five Years though Ten Years, Amount | $ 1,454 | |
Due after Five Years though Ten Years, Yield | 3.14% | |
Due after Ten Years, Amount | $ 2 | |
Due after Ten Years, Yield | 4.57% | |
Total, Amount | $ 25,075 | |
Total, Yield | 1.75% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 516 | |
Due after One Year through Five Years, Amount | 23,266 | |
Due after Five Years though Ten Years, Amount | 1,493 | |
Due after Ten Years, Amount | 2 | |
Debt Securities Carried at Fair Value | 25,277 | |
Non-U.S. securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 16,707 | |
Due in One Year or Less, Yield | 0.82% | |
Due after One Year through Five Years, Amount | $ 1,864 | |
Due after One Year through Five Years, Yield | 3.08% | |
Due after Five Years though Ten Years, Amount | $ 6 | |
Due after Five Years though Ten Years, Yield | 2.79% | |
Total, Amount | $ 18,577 | |
Total, Yield | 1.04% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 16,720 | |
Due after One Year through Five Years, Amount | 1,884 | |
Due after Five Years though Ten Years, Amount | 6 | |
Debt Securities Carried at Fair Value | 18,610 | |
Corporate/Agency bonds | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 40 | |
Due in One Year or Less, Yield | 3.97% | |
Due after One Year through Five Years, Amount | $ 69 | |
Due after One Year through Five Years, Yield | 4.20% | |
Due after Five Years though Ten Years, Amount | $ 131 | |
Due after Five Years though Ten Years, Yield | 3.41% | |
Due after Ten Years, Amount | $ 3 | |
Due after Ten Years, Yield | 3.67% | |
Total, Amount | $ 243 | |
Total, Yield | 3.93% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 41 | |
Due after One Year through Five Years, Amount | 70 | |
Due after Five Years though Ten Years, Amount | 128 | |
Due after Ten Years, Amount | 4 | |
Debt Securities Carried at Fair Value | 243 | |
Other taxable securities, substantially all asset-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 2,918 | |
Due in One Year or Less, Yield | 1.11% | |
Due after One Year through Five Years, Amount | $ 4,596 | |
Due after One Year through Five Years, Yield | 1.28% | |
Due after Five Years though Ten Years, Amount | $ 2,268 | |
Due after Five Years though Ten Years, Yield | 2.38% | |
Due after Ten Years, Amount | $ 728 | |
Due after Ten Years, Yield | 3.96% | |
Total, Amount | $ 10,510 | |
Total, Yield | 1.67% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 3,102 | |
Due after One Year through Five Years, Amount | 4,349 | |
Due after Five Years though Ten Years, Amount | 2,296 | |
Due after Ten Years, Amount | 722 | |
Debt Securities Carried at Fair Value | 10,469 | |
Total taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 20,920 | |
Due in One Year or Less, Yield | 0.94% | |
Due after One Year through Five Years, Amount | $ 63,390 | |
Due after One Year through Five Years, Yield | 2.13% | |
Due after Five Years though Ten Years, Amount | $ 216,879 | |
Due after Five Years though Ten Years, Yield | 2.81% | |
Due after Ten Years, Amount | $ 7,772 | |
Due after Ten Years, Yield | 5.57% | |
Total, Amount | $ 308,961 | |
Total, Yield | 2.61% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 21,172 | |
Due after One Year through Five Years, Amount | 63,495 | |
Due after Five Years though Ten Years, Amount | 216,009 | |
Due after Ten Years, Amount | 7,696 | |
Debt Securities Carried at Fair Value | 308,372 | |
Tax-exempt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 836 | |
Due in One Year or Less, Yield | 1.27% | |
Due after One Year through Five Years, Amount | $ 5,127 | |
Due after One Year through Five Years, Yield | 1.31% | |
Due after Five Years though Ten Years, Amount | $ 5,879 | |
Due after Five Years though Ten Years, Yield | 1.35% | |
Due after Ten Years, Amount | $ 2,136 | |
Due after Ten Years, Yield | 1.55% | |
Total, Amount | $ 13,978 | |
Total, Yield | 1.36% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 836 | |
Due after One Year through Five Years, Amount | 5,161 | |
Due after Five Years though Ten Years, Amount | 5,882 | |
Due after Ten Years, Amount | 2,129 | |
Debt Securities Carried at Fair Value | 14,008 | |
Debt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 21,756 | |
Due in One Year or Less, Yield | 0.95% | |
Due after One Year through Five Years, Amount | $ 68,517 | |
Due after One Year through Five Years, Yield | 2.06% | |
Due after Five Years though Ten Years, Amount | $ 222,758 | |
Due after Five Years though Ten Years, Yield | 2.77% | |
Due after Ten Years, Amount | $ 9,908 | |
Due after Ten Years, Yield | 4.70% | |
Total, Amount | $ 322,939 | |
Total, Yield | 2.56% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 22,008 | |
Due after One Year through Five Years, Amount | 68,656 | |
Due after Five Years though Ten Years, Amount | 221,891 | |
Due after Ten Years, Amount | 9,825 | |
Debt Securities Carried at Fair Value | $ 322,380 |
Securities - Certain Corporate
Securities - Certain Corporate and Strategic Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Expected period to pay unfunded commitments | 5 years | ||
Affordable housing partnerships tax credits and other tax benefits | $ 928 | $ 920 | |
Merchant Servicing Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 49.00% | ||
Other assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Low income housing tax credit investments | $ 7,100 | 6,600 | |
Other assets | Merchant Servicing Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 3,000 | 3,100 | |
Accrued expenses and other liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Unfunded capital commitments | 2,400 | 2,200 | |
Equity Investment Income | China Construction Bank Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Realized gain (loss) on sale of equity method investment | $ 753 | ||
Other Income [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Pretax losses from affordable housing partnerships | $ (629) | $ (601) |
Outstanding Loans and Leases -
Outstanding Loans and Leases - Past Due (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | $ 6,938 | $ 8,681 |
Total Outstandings | $ 903,001 | $ 881,391 |
Percentage of outstandings, purchase credit-impaired | 1.85% | 2.36% |
Percentage of outstandings, loans accounted for under the fair value option | 0.77% | 0.98% |
Percentage of outstandings, 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] | ||
Loans covered by protection agreements | $ 3,700 | $ 17,200 |
Nonperforming Financing Receivable | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans | 21 | 27 |
Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Net | 16,685 | 20,769 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 1,871 | 2,077 |
Total Outstandings | 456,169 | 488,570 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 1,600 | 1,900 |
Consumer Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 250 | 196 |
Consumer Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 454,298 | 486,493 |
Consumer Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 1,871 | 2,077 |
Consumer Portfolio Segment | Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Net | 16,685 | 20,769 |
Consumer real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 1,900 | 2,077 |
Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 145,845 | 162,220 |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 48,264 | 51,887 |
Consumer real estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 30,000 | 38,825 |
Consumer real estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 23,065 | 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 | 2,300 | 3,200 |
Consumer real estate | Fully Insured Loans | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 28,942 | 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 | 8,135 | 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 | 3,000 | 3,600 |
Consumer real estate | Carrying Value | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 145,845 | 162,220 |
Consumer real estate | Carrying Value | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 48,264 | 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 | 42,066 | 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 | 27,684 | 33,838 |
Consumer real estate | Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Net | 16,685 | 20,769 |
Consumer real estate | Purchased Credit-impaired | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Net | 12,066 | 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] | ||
Financing Receivable, Net | 4,619 | 5,617 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 89,602 | 91,879 |
Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 9,975 | 10,465 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 88,795 | 80,381 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 2,067 | 1,846 |
Credit card and other consumer | Dealer Financial Services Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 42,600 | 37,700 |
Credit card and other consumer | Unsecured Consumed Lending Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 886 | 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 | 39,800 | 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 | 3,900 | 4,000 |
Credit card and other consumer | Student Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 564 | 632 |
Credit card and other consumer | Other Loans | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 1,000 | 761 |
Credit card and other consumer | Consumer Finance Loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 564 | 676 |
Credit card and other consumer | Consumer Leases | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 1,400 | 1,000 |
Credit card and other consumer | Consumer Overdrafts | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 146 | 162 |
Credit card and other consumer | Carrying Value | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 89,602 | 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 | 9,975 | 10,465 |
Credit card and other consumer | Carrying Value | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 88,795 | 80,381 |
Credit card and other consumer | Carrying Value | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 2,067 | 1,846 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 5,067 | 6,604 |
Total Outstandings | 446,832 | 392,821 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 2,300 | 1,900 |
Total Outstandings | 252,771 | 220,293 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 2,800 | 4,700 |
Total Outstandings | 91,549 | 80,083 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 57,199 | 47,682 |
Commercial Portfolio Segment | Commercial Real Estate | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 53,600 | 45,200 |
Commercial Portfolio Segment | Commercial Real Estate | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 3,500 | 2,500 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 27,370 | 24,866 |
Commercial Portfolio Segment | Small Business Commercial | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 12,876 | 13,293 |
Commercial Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 441,765 | 386,217 |
Commercial Portfolio Segment | Carrying Value | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 252,771 | 220,293 |
Commercial Portfolio Segment | Carrying Value | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 91,549 | 80,083 |
Commercial Portfolio Segment | Carrying Value | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 57,199 | 47,682 |
Commercial Portfolio Segment | Carrying Value | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 27,370 | 24,866 |
Commercial Portfolio Segment | Carrying Value | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 12,876 | 13,293 |
Commercial Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Outstandings | 5,067 | 6,604 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 5,270 | $ 5,918 |
Percentage of outstandings | 0.59% | 0.67% |
30 to 59 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 4,532 | $ 5,246 |
30 to 59 Days Past Due | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,603 | 1,847 |
30 to 59 Days Past Due | Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 225 | 218 |
30 to 59 Days Past Due | Consumer real estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,656 | 2,008 |
30 to 59 Days Past Due | Consumer real estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 310 | 374 |
30 to 59 Days Past Due | Consumer real estate | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,700 | 2,100 |
30 to 59 Days Past Due | Consumer real estate | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 379 | 392 |
30 to 59 Days Past Due | Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 454 | 494 |
30 to 59 Days Past Due | Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 39 | 49 |
30 to 59 Days Past Due | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 227 | 245 |
30 to 59 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 18 | 11 |
30 to 59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 738 | 672 |
30 to 59 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 444 | 320 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 6 | 5 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 36 | 138 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 169 | 121 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 83 | 88 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 2,463 | $ 2,749 |
Percentage of outstandings | 0.27% | 0.31% |
60 to 89 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 2,230 | $ 2,492 |
60 to 89 Days Past Due | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 645 | 700 |
60 to 89 Days Past Due | Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 104 | 105 |
60 to 89 Days Past Due | Consumer real estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 890 | 1,060 |
60 to 89 Days Past Due | Consumer real estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 163 | 174 |
60 to 89 Days Past Due | Consumer real estate | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,000 | 1,100 |
60 to 89 Days Past Due | Consumer real estate | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 297 | 332 |
60 to 89 Days Past Due | Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 332 | 341 |
60 to 89 Days Past Due | Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 31 | 39 |
60 to 89 Days Past Due | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 62 | 71 |
60 to 89 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 3 | 2 |
60 to 89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 233 | 257 |
60 to 89 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 148 | 151 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1 | 4 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11 | 16 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 32 | 41 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 41 | 45 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 13,022 | $ 19,754 |
Percentage of outstandings | 1.44% | 2.24% |
90 Days or More Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 12,513 | $ 19,012 |
90 Days or More Past Due | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 3,834 | 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] | ||
Total loans and leases | 719 | 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] | ||
Total loans and leases | 6,019 | 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] | ||
Total loans and leases | 1,030 | 1,166 |
90 Days or More Past Due | Consumer real estate | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 7,200 | 11,400 |
90 Days or More Past Due | Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 789 | 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] | ||
Total loans and leases | 76 | 95 |
90 Days or More Past Due | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 42 | 65 |
90 Days or More Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4 | 2 |
90 Days or More Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 509 | 742 |
90 Days or More Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 332 | 318 |
90 Days or More Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1 | 0 |
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 82 | 288 |
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22 | 42 |
90 Days or More Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 72 | 94 |
Total Past Due 30 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 20,755 | $ 28,421 |
Percentage of outstandings | 2.30% | 3.22% |
Total Past Due 30 Days or More | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 19,275 | $ 26,750 |
Total Past Due 30 Days or More | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 6,082 | 8,108 |
Total Past Due 30 Days or More | Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,048 | 1,067 |
Total Past Due 30 Days or More | Consumer real estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 8,565 | 13,581 |
Total Past Due 30 Days or More | Consumer real estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,503 | 1,714 |
Total Past Due 30 Days or More | Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,575 | 1,701 |
Total Past Due 30 Days or More | Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 146 | 183 |
Total Past Due 30 Days or More | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 331 | 381 |
Total Past Due 30 Days or More | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 25 | 15 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,480 | 1,671 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 924 | 789 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 8 | 9 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 129 | 442 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 223 | 204 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 196 | 227 |
Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 858,623 | $ 823,520 |
Percentage of outstandings | 95.08% | 93.44% |
Total Current or Less Than 30 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 418,338 | $ 438,974 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 139,763 | 154,112 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 47,216 | 50,820 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 21,435 | 25,244 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 21,562 | 26,507 |
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 88,027 | 90,178 |
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,829 | 10,282 |
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 88,464 | 80,000 |
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,042 | 1,831 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 440,285 | 384,546 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 251,847 | 219,504 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 91,541 | 80,074 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 57,070 | 47,240 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 27,147 | 24,662 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 12,680 | $ 13,066 |
Outstanding Loans and Leases 87
Outstanding Loans and Leases - Nonperforming (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Threshold period past due for nonperforming status of financing receivables | 90 days | 90 days | |
Loans and leases | $ 903,001 | $ 881,391 | |
Proceeds from sales | 22,316 | 28,765 | $ 12,331 |
Purchased credit impaired loans sold | 1,400 | 1,900 | |
Nonperforming loans and leases | 9,377 | 11,932 | |
Accruing past due 90 days or more | 8,252 | 12,654 | |
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 | 13,022 | 19,754 | |
Residential Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Accruing past due 90 days or more | 2,900 | 4,100 | |
Nonperforming Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recoveries related to loans sold | 133 | 407 | |
Nonperforming Financing Receivable | Junior Lien Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 484 | 800 | |
Chapter Seven Bankruptcy | Nonperforming Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Threshold period past due for nonperforming status of financing receivables | 90 days | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, current with contractual payments | $ 457 | ||
Nonperforming loans discharged more than twelve months prior (greater than) | 80.00% | ||
Nonperforming loans discharged more than twenty four months prior (greater than) | 60.00% | ||
Chapter Seven Bankruptcy | Nonperforming Financing Receivable | 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 | $ 285 | ||
Federal Housing Administration | Residential Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonperforming loans and leases | 4,300 | 7,300 | |
Consumer Portfolio Segment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 456,169 | 488,570 | |
Nonperforming loans and leases | 8,165 | 10,819 | |
Accruing past due 90 days or more | 8,057 | 12,433 | |
Consumer Portfolio Segment | 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 | 12,513 | 19,012 | |
Consumer Portfolio Segment | Nonperforming Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Proceeds from sales | 3,200 | 6,700 | |
Gain (loss) on the sale of loans and leases receivable | $ 173 | 247 | |
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 | $ 145,845 | 162,220 | |
Nonperforming loans and leases | 1,845 | 2,398 | |
Accruing past due 90 days or more | 2,645 | 3,942 | |
Consumer real estate | Core Portfolio, Residential Financing Receivable | 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 | $ 3,834 | 5,561 | |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Threshold period past due for nonperforming status of financing receivables | 90 days | ||
Loans and leases | $ 48,264 | 51,887 | |
Nonperforming loans and leases | 1,354 | 1,496 | |
Accruing past due 90 days or more | 0 | 0 | |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | 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 | 719 | 744 | |
Consumer real estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 30,000 | 38,825 | |
Nonperforming loans and leases | 2,958 | 4,491 | |
Accruing past due 90 days or more | 4,505 | 7,465 | |
Consumer real estate | Legacy Assets and Servicing Portfolio, Residential Financing Receivable | 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 | 6,019 | 10,513 | |
Consumer real estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 23,065 | 28,221 | |
Nonperforming loans and leases | 1,983 | 2,405 | |
Accruing past due 90 days or more | 0 | 0 | |
Consumer real estate | Legacy Assets and Servicing Portfolio, Home Equity Financing Receivable | 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 | $ 1,030 | 1,166 | |
Consumer real estate | Residential Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Threshold period past due for nonperforming status of financing receivables | 90 days | ||
Consumer real estate | Chapter Seven Bankruptcy | Nonperforming Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 785 | ||
Credit card and other consumer | Credit Card Receivable | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 89,602 | 91,879 | |
Accruing past due 90 days or more | 789 | 866 | |
Credit card and other consumer | Credit Card Receivable | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 9,975 | 10,465 | |
Accruing past due 90 days or more | 76 | 95 | |
Credit card and other consumer | Credit Card Receivable | 90 Days or More Past Due | 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 | 789 | 866 | |
Credit card and other consumer | Credit Card Receivable | 90 Days or More Past Due | 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 | 76 | 95 | |
Credit card and other consumer | Direct/Indirect Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 88,795 | 80,381 | |
Nonperforming loans and leases | 24 | 28 | |
Accruing past due 90 days or more | 39 | 64 | |
Credit card and other consumer | Direct/Indirect Consumer | 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 | 42 | 65 | |
Credit card and other consumer | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 2,067 | 1,846 | |
Nonperforming loans and leases | 1 | 1 | |
Accruing past due 90 days or more | 3 | 1 | |
Credit card and other consumer | Other consumer | 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 | $ 4 | 2 | |
Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Threshold period past due for nonperforming status of financing receivables | 90 days | ||
Loans and leases | $ 446,832 | 392,821 | |
Nonperforming loans and leases | 1,212 | 1,113 | |
Accruing past due 90 days or more | 195 | 221 | |
Commercial Portfolio Segment | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 252,771 | 220,293 | |
Nonperforming loans and leases | 867 | 701 | |
Accruing past due 90 days or more | 113 | 110 | |
Commercial Portfolio Segment | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 91,549 | 80,083 | |
Nonperforming loans and leases | 158 | 1 | |
Accruing past due 90 days or more | 1 | ||
Commercial Portfolio Segment | 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 | 509 | 742 | |
Commercial Portfolio Segment | 90 Days or More Past Due | 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 | 332 | 318 | |
Commercial Portfolio Segment | 90 Days or More Past Due | 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 | 1 | 0 | |
Commercial Portfolio Segment | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 57,199 | 47,682 | |
Nonperforming loans and leases | 93 | 321 | |
Accruing past due 90 days or more | 3 | 3 | |
Commercial Portfolio Segment | Commercial Real Estate | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 53,600 | 45,200 | |
Commercial Portfolio Segment | Commercial Real Estate | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 3,500 | 2,500 | |
Commercial Portfolio Segment | Commercial Real Estate | 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 | 82 | 288 | |
Commercial Portfolio Segment | Commercial Lease Financing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 27,370 | 24,866 | |
Nonperforming loans and leases | 12 | 3 | |
Accruing past due 90 days or more | 17 | 41 | |
Commercial Portfolio Segment | Commercial Lease Financing | 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 | 22 | 42 | |
Commercial Portfolio Segment | Small Business Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonperforming loans and leases | 82 | 87 | |
Accruing past due 90 days or more | 61 | 67 | |
Commercial Portfolio Segment | Small Business Commercial | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 12,876 | 13,293 | |
Commercial Portfolio Segment | Small Business Commercial | 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 | $ 72 | $ 94 |
Outstanding Loans and Leases 88
Outstanding Loans and Leases - Consumer Real Estate - Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 903,001 | $ 881,391 |
Loans and leases, measured at fair value | 6,938 | 8,681 |
Consumer real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, measured at fair value | 1,900 | 2,077 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 145,845 | 162,220 |
Consumer real estate | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 30,000 | 38,825 |
Consumer real estate | Legacy Assets & Servicing Residential Mortgage | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,300 | 3,200 |
Consumer real estate | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 12,066 | 15,152 |
Consumer real estate | Residential Mortgage PCI | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,000 | 2,800 |
Consumer real estate | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 48,264 | 51,887 |
Consumer real estate | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 23,065 | 28,221 |
Consumer real estate | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,619 | 5,617 |
Consumer real estate | Less than 620 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,465 | 4,184 |
Consumer real estate | Less than 620 | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,408 | 6,313 |
Consumer real estate | Less than 620 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,798 | 6,109 |
Consumer real estate | Less than 620 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,898 | 2,169 |
Consumer real estate | Less than 620 | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,785 | 3,470 |
Consumer real estate | Less than 620 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 729 | 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 | 5,792 | 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 | 3,438 | 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 | 2,586 | 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 | 3,242 | 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 | 3,817 | 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 | 825 | 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 | 22,017 | 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 | 5,605 | 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 | 3,187 | 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 | 9,203 | 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 | 6,527 | 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 | 1,356 | 1,651 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 85,629 | 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 | 8,414 | 10,037 |
Consumer real estate | Greater than or equal to 740 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,495 | 2,719 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 33,921 | 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 | 9,936 | 12,317 |
Consumer real estate | Greater than or equal to 740 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,709 | 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 | 109,869 | 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 | 16,646 | 18,499 |
Consumer real estate | Less than or equal to 90 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,655 | 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 | 44,006 | 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 | 15,666 | 17,453 |
Consumer real estate | Less than or equal to 90 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,003 | 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 | 4,251 | 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 | 2,007 | 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 | 1,403 | 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 | 1,652 | 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 | 2,382 | 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 | 852 | 1,048 |
Consumer real estate | Greater than 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,783 | 4,017 |
Consumer real estate | Greater than 100 percent | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,212 | 5,265 |
Consumer real estate | Greater than 100 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,008 | 3,175 |
Consumer real estate | Greater than 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,606 | 4,031 |
Consumer real estate | Greater than 100 percent | Legacy Assets & Servicing Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,017 | 7,496 |
Consumer real estate | Greater than 100 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,764 | 2,523 |
Consumer real estate | Fully Insured Loans | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 28,942 | 52,990 |
Consumer real estate | Fully Insured Loans | Legacy Assets & Servicing Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,135 | 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 89
Outstanding Loans and Leases - Credit Card and Other Consumer - Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 903,001 | $ 881,391 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 89,602 | 91,879 |
Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 9,975 | $ 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 | Credit Card Receivable | Less than 620 | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 4,196 | $ 4,467 |
Credit card and other consumer | Credit Card Receivable | Less than 620 | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Credit Card Receivable | Greater than or equal to 620 and less than 680 | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 11,857 | 12,177 |
Credit card and other consumer | Credit Card Receivable | Greater than or equal to 620 and less than 680 | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Credit Card Receivable | Greater than or equal to 680 and less than 740 | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 34,270 | 34,986 |
Credit card and other consumer | Credit Card Receivable | Greater than or equal to 680 and less than 740 | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Credit Card Receivable | Greater than or equal to 740 | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 39,279 | 40,249 |
Credit card and other consumer | Credit Card Receivable | Greater than or equal to 740 | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Credit Card Receivable | Other internal credit metrics | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Credit Card Receivable | Other internal credit metrics | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,975 | 10,465 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 88,795 | 80,381 |
Securities based lending overcollateralized | 43,700 | 39,700 |
Loans no longer originated by corporation | 567 | 632 |
Credit card and other consumer | Direct/Indirect Consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,244 | 1,296 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,698 | 1,892 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 10,955 | 10,749 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 29,581 | 25,279 |
Credit card and other consumer | Direct/Indirect Consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 45,317 | 41,165 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 2,067 | $ 1,846 |
Percentage from exited businesses | 27.00% | 37.00% |
Credit card and other consumer | Other consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 217 | $ 266 |
Credit card and other consumer | Other consumer | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 214 | 227 |
Credit card and other consumer | Other consumer | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 337 | 307 |
Credit card and other consumer | Other consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,149 | 881 |
Credit card and other consumer | Other consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 150 | $ 165 |
Outstanding Loans and Leases 90
Outstanding Loans and Leases - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 903,001 | $ 881,391 |
Loans and leases, measured at fair value | 6,938 | 8,681 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 446,832 | 392,821 |
Loans and leases, measured at fair value | 5,067 | 6,604 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 57,199 | 47,682 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 27,370 | 24,866 |
Commercial Portfolio Segment | Pass rated | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 56,688 | 46,632 |
Commercial Portfolio Segment | Pass rated | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 26,050 | 23,832 |
Commercial Portfolio Segment | Reservable criticized | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 511 | 1,050 |
Commercial Portfolio Segment | Reservable criticized | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,320 | 1,034 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 252,771 | 220,293 |
Loans and leases, measured at fair value | 2,300 | 1,900 |
Commercial Portfolio Segment | United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 53,600 | 45,200 |
Commercial Portfolio Segment | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 12,876 | 13,293 |
Commercial Portfolio Segment | United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 243,922 | 213,839 |
Commercial Portfolio Segment | United States | Pass rated | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 571 | 751 |
Commercial Portfolio Segment | United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,849 | 6,454 |
Commercial Portfolio Segment | United States | Reservable criticized | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 96 | $ 182 |
Commercial Portfolio Segment | United States | Internal Credit Metrics | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage outstanding, current or less than 30 days past due | 98.00% | 98.00% |
Commercial Portfolio Segment | 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 | $ 670 | $ 762 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 91,549 | 80,083 |
Loans and leases, measured at fair value | 2,800 | 4,700 |
Commercial Portfolio Segment | Non United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,500 | 2,500 |
Commercial Portfolio Segment | Non United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 87,905 | 79,367 |
Commercial Portfolio Segment | Non United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,644 | 716 |
Commercial Portfolio Segment | Less than 620 | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 184 | 184 |
Commercial Portfolio Segment | Greater than or equal to 620 and less than 680 | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 543 | 529 |
Commercial Portfolio Segment | Greater than or equal to 680 and less than 740 | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,627 | 1,591 |
Commercial Portfolio Segment | Greater than or equal to 740 | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,027 | 2,910 |
Commercial Portfolio Segment | Refreshed FICO score other internal credit metrics [Member] | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 6,828 | $ 7,146 |
Outstanding Loans and Leases 91
Outstanding Loans and Leases - Consumer Real Estate - Impaired Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Loans and leases | $ 903,001 | $ 881,391 | |
Consumer real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Threshold period past due for write-off of financing receivable | 180 days | ||
Real estate acquired through foreclosure | $ 444 | 630 | |
Loans with formal foreclosure proceeding in process | 5,800 | ||
Reclassified consumer real estate loans | 2,100 | 1,900 | |
Consumer real estate | Residential Mortgage | |||
Unpaid Principal Balance | |||
With no recorded allowance | 14,888 | 19,710 | |
With an allowance recorded | 6,624 | 7,861 | |
Total | 21,512 | 27,571 | |
Carrying Value | |||
With no recorded allowance | 11,901 | 15,605 | |
With an allowance recorded | 6,471 | 7,665 | |
Total | 18,372 | 23,270 | |
Related Allowance | 399 | 531 | |
Average Carrying Value | |||
With no recorded allowance | 13,867 | 15,065 | $ 16,625 |
With an allowance recorded | 7,290 | 10,826 | 13,926 |
Total | 21,157 | 25,891 | 30,551 |
Interest Income Recognized | |||
With no recorded allowance | 403 | 490 | 621 |
With an allowance recorded | 236 | 411 | 616 |
Total | $ 639 | 901 | 1,237 |
Consumer real estate | Home equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Threshold period past due for write-off of financing receivable | 180 days | ||
Unpaid Principal Balance | |||
With no recorded allowance | $ 3,545 | 3,540 | |
With an allowance recorded | 1,047 | 852 | |
Total | 4,592 | 4,392 | |
Carrying Value | |||
With no recorded allowance | 1,775 | 1,630 | |
With an allowance recorded | 911 | 728 | |
Total | 2,686 | 2,358 | |
Related Allowance | 235 | 196 | |
Average Carrying Value | |||
With no recorded allowance | 1,777 | 1,486 | 1,245 |
With an allowance recorded | 785 | 743 | 912 |
Total | 2,562 | 2,229 | 2,157 |
Interest Income Recognized | |||
With no recorded allowance | 89 | 87 | 76 |
With an allowance recorded | 24 | 25 | 41 |
Total | 113 | $ 112 | $ 117 |
Consumer real estate | Chapter Seven Bankruptcy | Home equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases | 1,800 | ||
Consumer real estate | Nonperforming Financing Receivable | Chapter Seven Bankruptcy | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases | 785 | ||
Consumer real estate | Federal Housing Administration | Fully Insured Loans | Chapter Seven Bankruptcy | Home equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases | $ 765 |
Outstanding Loans and Leases 92
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entered into During the Period (Details) - Consumer real estate - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | $ 4,005 | $ 6,803 | $ 12,111 |
Carrying Value | $ 3,430 | $ 5,712 | $ 10,537 |
Pre-Modification Interest Rate | 4.61% | 5.12% | 5.30% |
Post-Modification Interest Rate | 4.11% | 4.73% | 4.24% |
Net Charge-offs | $ 181 | $ 171 | $ 427 |
Residential Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 2,986 | 5,940 | 11,233 |
Carrying Value | $ 2,655 | $ 5,120 | $ 10,016 |
Pre-Modification Interest Rate | 4.98% | 5.28% | 5.30% |
Post-Modification Interest Rate | 4.43% | 4.93% | 4.27% |
Net Charge-offs | $ 97 | $ 72 | $ 235 |
Principal forgiveness | 396 | 53 | 467 |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 1,019 | 863 | 878 |
Carrying Value | $ 775 | $ 592 | $ 521 |
Pre-Modification Interest Rate | 3.54% | 4.00% | 5.29% |
Post-Modification Interest Rate | 3.17% | 3.33% | 3.92% |
Net Charge-offs | $ 84 | $ 99 | $ 192 |
Outstanding Loans and Leases 93
Outstanding Loans and Leases - Consumer Real Estate - Modification Programs (Details) - Consumer real estate - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 3,430 | $ 5,712 | $ 10,537 |
Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 488 | 832 | 2,022 |
Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 595 | 567 | 3,589 |
Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 1,968 | 3,603 | 3,497 |
Loans discharged in Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 379 | 710 | 1,429 |
Contractual interest rate reduction | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 431 | 699 | 1,863 |
Contractual interest rate reduction | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 219 | 266 | 2,839 |
Capitalization of past due amounts | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 79 | 73 | 134 |
Principal and/or interest forbearance | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 11 | 34 | 59 |
Principal and/or interest forbearance | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 168 | 141 | 486 |
Other modifications | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 46 | 99 | 100 |
Other modifications | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 129 | 87 | 130 |
Residential Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 2,655 | 5,120 | 10,016 |
Residential Mortgage | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 458 | 757 | 1,950 |
Residential Mortgage | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 418 | 421 | 3,505 |
Residential Mortgage | Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 1,516 | 3,421 | 3,410 |
Residential Mortgage | Loans discharged in Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 263 | 521 | 1,151 |
Residential Mortgage | Contractual interest rate reduction | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 408 | 643 | 1,815 |
Residential Mortgage | Contractual interest rate reduction | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 191 | 244 | 2,799 |
Residential Mortgage | Capitalization of past due amounts | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 69 | 71 | 132 |
Residential Mortgage | Principal and/or interest forbearance | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 4 | 16 | 35 |
Residential Mortgage | Principal and/or interest forbearance | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 124 | 66 | 469 |
Residential Mortgage | Other modifications | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 46 | 98 | 100 |
Residential Mortgage | Other modifications | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 34 | 40 | 105 |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 775 | 592 | 521 |
Home equity lines of credit | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 30 | 75 | 72 |
Home equity lines of credit | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 177 | 146 | 84 |
Home equity lines of credit | Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 452 | 182 | 87 |
Home equity lines of credit | Loans discharged in Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 116 | 189 | 278 |
Home equity lines of credit | Contractual interest rate reduction | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 23 | 56 | 48 |
Home equity lines of credit | Contractual interest rate reduction | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 28 | 22 | 40 |
Home equity lines of credit | Capitalization of past due amounts | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 10 | 2 | 2 |
Home equity lines of credit | Principal and/or interest forbearance | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 7 | 18 | 24 |
Home equity lines of credit | Principal and/or interest forbearance | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 44 | 75 | 17 |
Home equity lines of credit | Other modifications | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 0 | 1 | 0 |
Home equity lines of credit | Other modifications | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 95 | $ 47 | $ 25 |
Outstanding Loans and Leases 94
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entering Payment Default That Were Modified During the Preceding 12 Months (Details) - Consumer real estate $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)payment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 4,207 | $ 4,264 | $ 6,961 |
Loans in default sold or disposed of by the company | 1,800 | 2,000 | 2,400 |
Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 457 | 700 | 456 |
Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 287 | 726 | 1,121 |
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 | 285 | 551 | 994 |
Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 3,178 | 2,287 | 4,390 |
Trial modification offers with no customer response | $ 1,700 | ||
Residential Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of missing payments causing default | payment | 3 | ||
Threshold period considered past due after modification | 90 days | ||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 3,950 | 4,122 | 6,911 |
Residential Mortgage | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 452 | 696 | 454 |
Residential Mortgage | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 263 | 714 | 1,117 |
Residential Mortgage | 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 | 238 | 481 | 964 |
Residential Mortgage | Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 2,997 | 2,231 | 4,376 |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 257 | 142 | 50 |
Home equity lines of credit | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 5 | 4 | 2 |
Home equity lines of credit | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 24 | 12 | 4 |
Home equity lines of credit | 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 | 47 | 70 | 30 |
Home equity lines of credit | Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 181 | $ 56 | $ 14 |
Outstanding Loans and Leases 95
Outstanding Loans and Leases - Credit Card and Other Consumer - Renogiated TDRs (Details) - Credit card and other consumer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | |||
Unpaid Principal Balance | |||
With no recorded allowance | $ 50 | $ 59 | |
With an allowance recorded | 17 | 76 | |
Total | 67 | 135 | |
Carrying Value | |||
With no recorded allowance | 21 | 25 | |
With an allowance recorded | 21 | 92 | |
Total | 42 | 117 | |
Related Allowance | 4 | 24 | |
Average Carrying Value | |||
With no recorded allowance | 22 | 27 | $ 42 |
With an allowance recorded | 51 | 180 | 456 |
Total | 73 | 207 | 498 |
Interest Income Recognized | |||
With no recorded allowance | 0 | 0 | 0 |
With an allowance recorded | 3 | 9 | 24 |
Total | 3 | 9 | 24 |
Other consumer | |||
Average Carrying Value | |||
With no recorded allowance | 0 | 33 | 34 |
With an allowance recorded | 0 | 23 | 28 |
Total | 0 | 56 | 62 |
Interest Income Recognized | |||
With no recorded allowance | 0 | 2 | 2 |
With an allowance recorded | 0 | 1 | 2 |
Total | 0 | 3 | 4 |
Non United States | Credit Card Receivable | |||
Unpaid Principal Balance | |||
With an allowance recorded | 109 | 132 | |
Total | 109 | 132 | |
Carrying Value | |||
With an allowance recorded | 126 | 168 | |
Total | 126 | 168 | |
Related Allowance | 70 | 108 | |
Average Carrying Value | |||
With an allowance recorded | 145 | 210 | 266 |
Total | 145 | 210 | 266 |
Interest Income Recognized | |||
With an allowance recorded | 4 | 6 | 7 |
Total | 4 | 6 | 7 |
United States | Credit Card Receivable | |||
Unpaid Principal Balance | |||
With an allowance recorded | 598 | 804 | |
Total | 598 | 804 | |
Carrying Value | |||
With an allowance recorded | 611 | 856 | |
Total | 611 | 856 | |
Related Allowance | 176 | 207 | |
Average Carrying Value | |||
With an allowance recorded | 749 | 1,148 | 2,144 |
Total | 749 | 1,148 | 2,144 |
Interest Income Recognized | |||
With an allowance recorded | 43 | 71 | 134 |
Total | $ 43 | $ 71 | $ 134 |
Outstanding Loans and Leases 96
Outstanding Loans and Leases - Credit Card and Other Consumer - Renegotiated TDRs by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 779 | $ 1,141 |
Percent of balances current or less than 30 days past due | 81.55% | 79.51% |
Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 345 | $ 541 |
External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 313 | 447 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 121 | 153 |
Credit Card Receivable | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 611 | $ 856 |
Percent of balances current or less than 30 days past due | 88.74% | 84.99% |
Credit Card Receivable | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 126 | $ 168 |
Percent of balances current or less than 30 days past due | 44.25% | 47.56% |
Credit Card Receivable | Internal Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 313 | $ 450 |
Credit Card Receivable | Internal Programs | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 21 | 41 |
Credit Card Receivable | External Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 296 | 397 |
Credit Card Receivable | External Programs | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 10 | 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 | 95 | 111 |
Direct/Indirect Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 42 | $ 117 |
Percent of balances current or less than 30 days past due | 89.12% | 85.21% |
Direct/Indirect Consumer | Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 11 | $ 50 |
Direct/Indirect Consumer | External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 7 | 34 |
Direct/Indirect Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 24 | $ 33 |
Outstanding Loans and Leases 97
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | $ 298 | $ 394 | $ 488 |
Carrying Value | $ 316 | $ 426 | $ 522 |
Pre-Modification Interest Rate | 18.58% | 18.32% | 18.89% |
Post-Modification Interest Rate | 3.84% | 4.03% | 4.37% |
Net Charge-offs | $ 98 | $ 142 | $ 183 |
Direct/Indirect Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 19 | 27 | 47 |
Carrying Value | $ 12 | $ 19 | $ 38 |
Pre-Modification Interest Rate | 5.95% | 8.66% | 11.53% |
Post-Modification Interest Rate | 5.19% | 4.90% | 4.74% |
Net Charge-offs | $ 9 | $ 14 | $ 15 |
Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 8 | ||
Carrying Value | $ 8 | ||
Pre-Modification Interest Rate | 9.28% | ||
Post-Modification Interest Rate | 5.25% | ||
Net Charge-offs | $ 0 | ||
United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 205 | 276 | 299 |
Carrying Value | $ 218 | $ 301 | $ 329 |
Pre-Modification Interest Rate | 17.07% | 16.64% | 16.84% |
Post-Modification Interest Rate | 5.08% | 5.15% | 5.84% |
Net Charge-offs | $ 26 | $ 37 | $ 30 |
Non United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 74 | 91 | 134 |
Carrying Value | $ 86 | $ 106 | $ 147 |
Pre-Modification Interest Rate | 24.05% | 24.90% | 25.90% |
Post-Modification Interest Rate | 0.53% | 0.68% | 0.95% |
Net Charge-offs | $ 63 | $ 91 | $ 138 |
Outstanding Loans and Leases 98
Outstanding Loans and Leases - Credit Card and Other Consumer - Renegotiated TDRs Entered into During the Period by Program Type (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)payment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Number of consecutive missed payments | payment | 2 | ||
Credit card and other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 316 | $ 426 | $ 522 |
Period for payment default after modification | 12 months | ||
Credit card and other consumer | Direct/Indirect Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 12 | 19 | 38 |
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 | $ 3 | 5 | 12 |
Credit card and other consumer | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 8 | ||
Credit card and other consumer | United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 218 | 301 | 329 |
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 | $ 43 | 56 | 61 |
Credit card and other consumer | Non United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 86 | 106 | 147 |
Percent expected to be in payment default within 12 months after modification | 88.00% | ||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 152 | 200 | 236 |
Internal Programs | Credit card and other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 138 | 206 | 231 |
Internal Programs | Credit card and other consumer | Direct/Indirect Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 1 | 4 | 15 |
Internal Programs | Credit card and other consumer | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 8 | ||
Internal Programs | Credit card and other consumer | United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 134 | 196 | 192 |
Internal Programs | Credit card and other consumer | Non United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 3 | 6 | 16 |
External Programs | Credit card and other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 88 | 113 | 154 |
External Programs | Credit card and other consumer | Direct/Indirect Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 0 | 2 | 8 |
External Programs | Credit card and other consumer | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 0 | ||
External Programs | Credit card and other consumer | United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 84 | 105 | 137 |
External Programs | Credit card and other consumer | Non United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 4 | 6 | 9 |
Other | Credit card and other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 90 | 107 | 137 |
Other | Credit card and other consumer | Direct/Indirect Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 11 | 13 | 15 |
Other | Credit card and other consumer | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 0 | ||
Other | Credit card and other consumer | United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 0 | 0 | 0 |
Other | Credit card and other consumer | Non United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 79 | $ 94 | $ 122 |
Outstanding Loans and Leases 99
Outstanding Loans and Leases - Commercial Loans - Impaired Loans (Details) - Commercial Portfolio Segment - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Real estate acquired through foreclosure | $ 15 | $ 67 | |
U.S. Commercial | |||
Unpaid Principal Balance | |||
With no recorded allowance | 566 | 668 | |
With an allowance recorded | 1,350 | 1,139 | |
Total | 1,916 | 1,807 | |
Carrying Value | |||
With no recorded allowance | 541 | 650 | |
With an allowance recorded | 1,157 | 839 | |
Total | 1,698 | 1,489 | |
Related Allowance | 115 | 75 | |
Average Carrying Value | |||
With no recorded allowance | 688 | 546 | $ 442 |
With an allowance recorded | 953 | 1,198 | 1,553 |
Total | 1,641 | 1,744 | 1,995 |
Interest Income Recognized | |||
With no recorded allowance | 14 | 12 | 6 |
With an allowance recorded | 48 | 51 | 47 |
Total | 62 | 63 | 53 |
Non United States | |||
Unpaid Principal Balance | |||
With no recorded allowance | 4 | 0 | |
With an allowance recorded | 531 | 47 | |
Total | 535 | 47 | |
Carrying Value | |||
With no recorded allowance | 4 | 0 | |
With an allowance recorded | 381 | 44 | |
Total | 385 | 44 | |
Related Allowance | 56 | 1 | |
Average Carrying Value | |||
With no recorded allowance | 29 | 15 | 28 |
With an allowance recorded | 125 | 52 | 109 |
Total | 154 | 67 | 137 |
Interest Income Recognized | |||
With no recorded allowance | 1 | 0 | 0 |
With an allowance recorded | 7 | 3 | 5 |
Total | 8 | 3 | 5 |
Commercial Real Estate | |||
Unpaid Principal Balance | |||
With no recorded allowance | 82 | 60 | |
With an allowance recorded | 328 | 678 | |
Total | 410 | 738 | |
Carrying Value | |||
With no recorded allowance | 77 | 48 | |
With an allowance recorded | 107 | 495 | |
Total | 184 | 543 | |
Related Allowance | 11 | 48 | |
Average Carrying Value | |||
With no recorded allowance | 75 | 166 | 269 |
With an allowance recorded | 216 | 632 | 1,148 |
Total | 291 | 798 | 1,417 |
Interest Income Recognized | |||
With no recorded allowance | 1 | 3 | 3 |
With an allowance recorded | 7 | 16 | 28 |
Total | 8 | 19 | 31 |
Small Business Commercial | |||
Unpaid Principal Balance | |||
With an allowance recorded | 105 | 133 | |
Total | 105 | 133 | |
Carrying Value | |||
With an allowance recorded | 101 | 122 | |
Total | 101 | 122 | |
Related Allowance | 35 | 35 | |
Average Carrying Value | |||
With an allowance recorded | 109 | 151 | 236 |
Total | 109 | 151 | 236 |
Interest Income Recognized | |||
With an allowance recorded | 1 | 3 | 6 |
Total | $ 1 | $ 3 | $ 6 |
Outstanding Loans and Leases100
Outstanding Loans and Leases - Commercial Loans TDRs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | |||
Threshold period past due for nonperforming status of financing receivables | 90 days | 90 days | |
Commercial Portfolio Segment | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | $ 1,238 | $ 1,211 | $ 1,478 |
Carrying Value | 1,158 | 1,177 | 1,388 |
Net Charge-offs | $ 31 | 57 | 44 |
Threshold period past due for nonperforming status of financing receivables | 90 days | ||
Commercial Portfolio Segment | Commercial Real Estate | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | $ 42 | 346 | 483 |
Carrying Value | 42 | 346 | 425 |
Net Charge-offs | 0 | 8 | 3 |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 25 | 211 | 128 |
Commercial Portfolio Segment | Small Business Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 14 | 3 | 8 |
Carrying Value | 11 | 3 | 9 |
Net Charge-offs | 3 | 0 | 1 |
Commercial Portfolio Segment | U.S. Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 853 | 818 | 926 |
Carrying Value | 779 | 785 | 910 |
Net Charge-offs | 28 | 49 | 33 |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 105 | 103 | 55 |
Commercial Portfolio Segment | Non United States | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 329 | 44 | 61 |
Carrying Value | 326 | 43 | 44 |
Net Charge-offs | $ 0 | $ 0 | $ 7 |
Outstanding Loans and Leases101
Outstanding Loans and Leases - Rollforward of Accretable Yield (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rollforward of Accretable Yield | |||
Accretable yield, beginning of period | $ 5,608 | $ 6,694 | |
Accretion | (861) | (1,061) | |
Disposals/transfers | (465) | (506) | |
Reclassifications from nonaccretable difference | 287 | 481 | |
Accretable yield, ending of period | 4,569 | 5,608 | $ 6,694 |
Purchased credit impaired loans sold | 1,400 | 1,900 | |
Purchased Credit-impaired | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing receivable allowance sold | $ 234 | $ 317 | $ 414 |
Outstanding Loans and Leases102
Outstanding Loans and Leases - Loans Held-for-Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Loans held-for-sale | $ 7,453 | $ 12,836 | |
Proceeds including cash and securities from sales securitizations and paydowns of loans held for sale | 41,200 | 40,100 | $ 81,000 |
Originations and purchases | $ (38,675) | $ (40,113) | $ (65,688) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, January 1 | $ 14,419 | $ 17,428 | $ 24,179 |
Loans and leases charged off | (6,105) | (7,026) | (10,369) |
Recoveries of loans and leases previously charged off | 1,767 | 2,643 | 2,472 |
Net charge-offs | (4,338) | (4,383) | (7,897) |
Provision for loan and lease losses | 3,043 | 2,231 | 3,574 |
Other | (82) | (47) | (92) |
Allowance for loan and lease losses, December 31 | 12,234 | 14,419 | 17,428 |
Reserve for unfunded lending commitments, January 1 | 14,947 | 17,912 | |
Provision for unfunded lending commitments | 3,161 | 2,275 | 3,556 |
Reserve for unfunded lending commitments, December 31 | 12,880 | 14,947 | 17,912 |
Allowance for credit losses | 14,947 | 17,912 | 17,912 |
Unfunded loan commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Other | (11) | ||
Reserve for unfunded lending commitments, January 1 | 528 | 484 | 513 |
Provision for unfunded lending commitments | 118 | 44 | (18) |
Reserve for unfunded lending commitments, December 31 | 646 | 528 | 484 |
Allowance for credit losses | 528 | 484 | 513 |
Purchased Credit-impaired | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans and leases charged off | (808) | (810) | (2,336) |
Provision for loan and lease losses | (40) | (31) | (707) |
Reserve for unfunded lending commitments, January 1 | 1,652 | 2,500 | |
Reserve for unfunded lending commitments, December 31 | 804 | 1,652 | 2,500 |
Allowance for credit losses | 1,652 | 2,500 | 2,500 |
Consumer Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, January 1 | 5,935 | 8,518 | 14,933 |
Loans and leases charged off | (1,841) | (2,219) | (3,766) |
Recoveries of loans and leases previously charged off | 732 | 1,426 | 879 |
Net charge-offs | (1,109) | (793) | (2,887) |
Provision for loan and lease losses | (70) | (976) | (1,124) |
Other | (34) | (4) | (68) |
Allowance for loan and lease losses, December 31 | 3,914 | 5,935 | 8,518 |
Reserve for unfunded lending commitments, January 1 | 5,935 | 8,518 | |
Reserve for unfunded lending commitments, December 31 | 3,914 | 5,935 | 8,518 |
Allowance for credit losses | 5,935 | 8,518 | 8,518 |
Consumer Real Estate | Unfunded loan commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Other | 0 | ||
Reserve for unfunded lending commitments, January 1 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 |
Reserve for unfunded lending commitments, December 31 | 0 | 0 | 0 |
Allowance for credit losses | 0 | 0 | 0 |
Consumer Real Estate | Purchased Credit-impaired | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans and leases charged off | (808) | (810) | (2,336) |
Reserve for unfunded lending commitments, January 1 | 1,652 | ||
Reserve for unfunded lending commitments, December 31 | 804 | 1,652 | |
Allowance for credit losses | 1,652 | 1,652 | |
Credit card and other consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, January 1 | 4,047 | 4,905 | 6,140 |
Loans and leases charged off | (3,620) | (4,149) | (5,495) |
Recoveries of loans and leases previously charged off | 813 | 871 | 1,141 |
Net charge-offs | (2,807) | (3,278) | (4,354) |
Provision for loan and lease losses | 2,278 | 2,458 | 3,139 |
Other | (47) | (38) | (20) |
Allowance for loan and lease losses, December 31 | 3,471 | 4,047 | 4,905 |
Reserve for unfunded lending commitments, January 1 | 4,047 | 4,905 | |
Reserve for unfunded lending commitments, December 31 | 3,471 | 4,047 | 4,905 |
Allowance for credit losses | 4,047 | 4,905 | 4,905 |
Credit card and other consumer | Unfunded loan commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Other | 0 | ||
Reserve for unfunded lending commitments, January 1 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 |
Reserve for unfunded lending commitments, December 31 | 0 | 0 | 0 |
Allowance for credit losses | 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 |
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, January 1 | 4,437 | 4,005 | 3,106 |
Loans and leases charged off | (644) | (658) | (1,108) |
Recoveries of loans and leases previously charged off | 222 | 346 | 452 |
Net charge-offs | (422) | (312) | (656) |
Provision for loan and lease losses | 835 | 749 | 1,559 |
Other | (1) | (5) | (4) |
Allowance for loan and lease losses, December 31 | 4,849 | 4,437 | 4,005 |
Reserve for unfunded lending commitments, January 1 | 4,965 | 4,489 | |
Reserve for unfunded lending commitments, December 31 | 5,495 | 4,965 | 4,489 |
Allowance for credit losses | 4,965 | 4,489 | 4,489 |
Commercial | Unfunded loan commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Other | (11) | ||
Reserve for unfunded lending commitments, January 1 | 528 | 484 | 513 |
Provision for unfunded lending commitments | 118 | 44 | (18) |
Reserve for unfunded lending commitments, December 31 | 646 | 528 | 484 |
Allowance for credit losses | 528 | 484 | 513 |
Commercial | Purchased Credit-impaired | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans and leases charged off | $ 0 | $ 0 | $ 0 |
Allowance for Credit Losses 104
Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision (benefit) for loan and lease losses | $ 3,043 | $ 2,231 | $ 3,574 |
Loans and leases charged off | 6,105 | 7,026 | 10,369 |
Allowance for credit losses | 12,880 | 14,947 | 17,912 |
Purchased Credit-impaired | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision (benefit) for loan and lease losses | (40) | (31) | (707) |
Loans and leases charged off | 808 | 810 | 2,336 |
Financing receivable allowance sold | 234 | 317 | 414 |
Allowance for credit losses | $ 804 | $ 1,652 | $ 2,500 |
Allowance for Credit Losses 105
Allowance for Credit Losses - Allowance and Carrying Value by Portfolio Segment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired loans and troubled debt restructurings | ||||
Allowance for loan and lease losses | $ 1,101 | $ 1,225 | ||
Carrying value | $ 24,205 | $ 28,967 | ||
Allowance as a percentage of carrying value | 4.55% | 4.23% | ||
Loans collectively evaluated for impairment | ||||
Allowance for loan and lease losses | $ 10,329 | $ 11,542 | ||
Carrying value | $ 855,173 | $ 822,974 | ||
Allowance as a percentage of carrying value | 1.21% | 1.40% | ||
Purchased credit-impaired loans | ||||
Valuation allowance | $ 12,880 | $ 14,947 | $ 17,912 | |
Valuation allowance as a percentage of carrying value | 4.82% | 7.95% | ||
Total | ||||
Allowance for loan and lease losses | $ 12,234 | $ 14,419 | 17,428 | $ 24,179 |
Carrying value | $ 896,063 | $ 872,710 | ||
Allowance as a percentage of carrying value | 1.37% | 1.65% | ||
Loans and leases, measured at fair value | $ 6,938 | $ 8,681 | ||
Small Business Commercial Loan | United States | ||||
Total | ||||
Allowance for loan and lease losses | 35 | 35 | ||
Purchased Credit-impaired | ||||
Purchased credit-impaired loans | ||||
Valuation allowance | 804 | 1,652 | 2,500 | |
Carrying value gross of valuation allowance | 16,685 | 20,769 | ||
Consumer real estate | ||||
Impaired loans and troubled debt restructurings | ||||
Allowance for loan and lease losses | 634 | 727 | ||
Carrying value | $ 21,058 | $ 25,628 | ||
Allowance as a percentage of carrying value | 3.01% | 2.84% | ||
Loans collectively evaluated for impairment | ||||
Allowance for loan and lease losses | $ 2,476 | $ 3,556 | ||
Carrying value | $ 226,116 | $ 255,525 | ||
Allowance as a percentage of carrying value | 1.10% | 1.39% | ||
Purchased credit-impaired loans | ||||
Valuation allowance | $ 3,914 | $ 5,935 | 8,518 | |
Valuation allowance as a percentage of carrying value | 4.82% | 7.95% | ||
Total | ||||
Allowance for loan and lease losses | $ 3,914 | $ 5,935 | 8,518 | 14,933 |
Carrying value | $ 263,859 | $ 301,922 | ||
Allowance as a percentage of carrying value | 1.48% | 1.97% | ||
Loans and leases, measured at fair value | $ 1,900 | $ 2,077 | ||
Consumer real estate | Purchased Credit-impaired | ||||
Purchased credit-impaired loans | ||||
Valuation allowance | 804 | 1,652 | ||
Carrying value gross of valuation allowance | 16,685 | 20,769 | ||
Credit card and other consumer | ||||
Impaired loans and troubled debt restructurings | ||||
Allowance for loan and lease losses | 250 | 339 | ||
Carrying value | $ 779 | $ 1,141 | ||
Allowance as a percentage of carrying value | 32.09% | 29.71% | ||
Loans collectively evaluated for impairment | ||||
Allowance for loan and lease losses | $ 3,221 | $ 3,708 | ||
Carrying value | $ 189,660 | $ 183,430 | ||
Allowance as a percentage of carrying value | 1.70% | 2.02% | ||
Purchased credit-impaired loans | ||||
Valuation allowance | $ 3,471 | $ 4,047 | 4,905 | |
Total | ||||
Allowance for loan and lease losses | 3,471 | 4,047 | 4,905 | 6,140 |
Carrying value | $ 190,439 | $ 184,571 | ||
Allowance as a percentage of carrying value | 1.82% | 2.19% | ||
Commercial | ||||
Impaired loans and troubled debt restructurings | ||||
Allowance for loan and lease losses | $ 217 | $ 159 | ||
Carrying value | $ 2,368 | $ 2,198 | ||
Allowance as a percentage of carrying value | 9.16% | 7.23% | ||
Loans collectively evaluated for impairment | ||||
Allowance for loan and lease losses | $ 4,632 | $ 4,278 | ||
Carrying value | $ 439,397 | $ 384,019 | ||
Allowance as a percentage of carrying value | 1.05% | 1.11% | ||
Purchased credit-impaired loans | ||||
Valuation allowance | $ 5,495 | $ 4,965 | 4,489 | |
Total | ||||
Allowance for loan and lease losses | 4,849 | 4,437 | $ 4,005 | $ 3,106 |
Carrying value | $ 441,765 | $ 386,217 | ||
Allowance as a percentage of carrying value | 1.10% | 1.15% | ||
Loans and leases, measured at fair value | $ 5,067 | $ 6,604 | ||
Commercial | United States | ||||
Total | ||||
Loans and leases, measured at fair value | $ 2,300 | $ 1,900 |
Securitizations and Other Va106
Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 750 | $ 715 |
Servicing fees | 1,400 | 1,800 |
Servicing advance | 7,800 | 10,400 |
Loans repurchased from investors and securitization trusts | 3,700 | 5,200 |
Agency | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
Cash proceeds from new securitizations | 27,164 | 36,905 |
Gain (loss) on securitizations | 894 | 371 |
Assets of deconsolidated securitization vehicles | 4,500 | |
Gain (loss) on deconsolidation | 287 | |
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 |
Gain (loss) on securitizations | 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 | 7,945 | 5,710 |
Gain (loss) on securitizations | 49 | 68 |
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 | $ 22,300 | $ 5,400 |
Securitizations and Other Va107
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
On-balance sheet assets | ||||
Trading account assets | $ 176,527,000,000 | $ 191,785,000,000 | ||
Debt securities carried at fair value | 322,380,000,000 | 320,695,000,000 | ||
Held-to-maturity securities | 84,625,000,000 | 59,766,000,000 | ||
Loans and leases | 903,001,000,000 | 881,391,000,000 | ||
Allowance for loan and lease losses | (12,234,000,000) | (14,419,000,000) | $ (17,428,000,000) | $ (24,179,000,000) |
All other assets | 108,582,000,000 | 112,063,000,000 | ||
Total assets | 2,144,316,000,000 | 2,104,534,000,000 | ||
On-balance sheet liabilities | ||||
Long-term debt | 236,764,000,000 | 243,139,000,000 | ||
Total liabilities | 1,888,111,000,000 | 1,861,063,000,000 | ||
Other than temporary impairment losses recorded on debt securities | 81,000,000 | 16,000,000 | $ 20,000,000 | |
Unpaid principal balance of mortgage loans eligible for repurchase | 222,000,000 | 635,000,000 | ||
Principal amount that would be payable to the securitization vehicles | 222,000,000 | 635,000,000 | ||
Unconsolidated VIEs | ||||
On-balance sheet liabilities | ||||
Other than temporary impairment losses recorded on debt securities | 0 | 0 | ||
Unconsolidated VIEs | Agency | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 28,188,000,000 | 14,918,000,000 | ||
On-balance sheet assets | ||||
Residual interests held | 0 | 0 | ||
All other assets | 15,000,000 | 24,000,000 | ||
Total assets | 28,188,000,000 | 14,918,000,000 | ||
Principal balance outstanding | 313,613,000,000 | 397,055,000,000 | ||
Unconsolidated VIEs | Agency | Senior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 1,297,000,000 | 584,000,000 | ||
Debt securities carried at fair value | 24,369,000,000 | 13,473,000,000 | ||
Held-to-maturity securities | 2,507,000,000 | 837,000,000 | ||
Unconsolidated VIEs | Agency | Junior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Unconsolidated VIEs | Non-agency | Prime | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 1,027,000,000 | 1,288,000,000 | ||
On-balance sheet assets | ||||
Residual interests held | 0 | 10,000,000 | ||
All other assets | 40,000,000 | 56,000,000 | ||
Total assets | 708,000,000 | 897,000,000 | ||
Principal balance outstanding | 16,087,000,000 | 20,167,000,000 | ||
Unconsolidated VIEs | Non-agency | Prime | Senior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 42,000,000 | 3,000,000 | ||
Debt securities carried at fair value | 613,000,000 | 816,000,000 | ||
Held-to-maturity securities | 0 | 0 | ||
Unconsolidated VIEs | Non-agency | Prime | Junior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 1,000,000 | 0 | ||
Debt securities carried at fair value | 12,000,000 | 12,000,000 | ||
Held-to-maturity securities | 0 | 0 | ||
Unconsolidated VIEs | Non-agency | Subprime | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 2,905,000,000 | 3,167,000,000 | ||
On-balance sheet assets | ||||
Residual interests held | 0 | 0 | ||
All other assets | 0 | 1,000,000 | ||
Total assets | 2,613,000,000 | 2,831,000,000 | ||
Principal balance outstanding | 27,854,000,000 | 32,592,000,000 | ||
Unconsolidated VIEs | Non-agency | Subprime | Senior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 94,000,000 | 14,000,000 | ||
Debt securities carried at fair value | 2,479,000,000 | 2,811,000,000 | ||
Held-to-maturity securities | 0 | 0 | ||
Unconsolidated VIEs | Non-agency | Subprime | Junior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 37,000,000 | 0 | ||
Debt securities carried at fair value | 3,000,000 | 5,000,000 | ||
Held-to-maturity securities | 0 | 0 | ||
Unconsolidated VIEs | Non-agency | Alt-A | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 622,000,000 | 710,000,000 | ||
On-balance sheet assets | ||||
Residual interests held | 0 | 0 | ||
All other assets | 153,000,000 | 245,000,000 | ||
Total assets | 622,000,000 | 710,000,000 | ||
Principal balance outstanding | 40,848,000,000 | 50,054,000,000 | ||
Unconsolidated VIEs | Non-agency | Alt-A | Senior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 99,000,000 | 81,000,000 | ||
Debt securities carried at fair value | 340,000,000 | 383,000,000 | ||
Held-to-maturity securities | 0 | 0 | ||
Unconsolidated VIEs | Non-agency | Alt-A | Junior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 2,000,000 | 1,000,000 | ||
Debt securities carried at fair value | 28,000,000 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Unconsolidated VIEs | Commercial Mortgage | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 326,000,000 | 352,000,000 | ||
On-balance sheet assets | ||||
Residual interests held | 48,000,000 | 22,000,000 | ||
All other assets | 0 | 0 | ||
Total assets | 233,000,000 | 325,000,000 | ||
Principal balance outstanding | 34,243,000,000 | 20,593,000,000 | ||
Unconsolidated VIEs | Commercial Mortgage | Senior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 59,000,000 | 54,000,000 | ||
Debt securities carried at fair value | 0 | 76,000,000 | ||
Held-to-maturity securities | 37,000,000 | 42,000,000 | ||
Unconsolidated VIEs | Commercial Mortgage | Junior Lien | ||||
On-balance sheet assets | ||||
Trading account assets | 22,000,000 | 58,000,000 | ||
Debt securities carried at fair value | 54,000,000 | 58,000,000 | ||
Held-to-maturity securities | 13,000,000 | 15,000,000 | ||
Consolidated VIEs | Agency | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 26,878,000,000 | 38,345,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 1,101,000,000 | 1,538,000,000 | ||
Loans and leases | 25,328,000,000 | 36,187,000,000 | ||
Allowance for loan and lease losses | 0 | (2,000,000) | ||
All other assets | 449,000,000 | 623,000,000 | ||
Total assets | 26,878,000,000 | 38,346,000,000 | ||
On-balance sheet liabilities | ||||
Long-term debt | 0 | 1,000,000 | ||
All other liabilities | 1,000,000 | 0 | ||
Total liabilities | 1,000,000 | 1,000,000 | ||
Consolidated VIEs | Non-agency | Prime | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 65,000,000 | 77,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 111,000,000 | 130,000,000 | ||
Allowance for loan and lease losses | 0 | 0 | ||
All other assets | 0 | 6,000,000 | ||
Total assets | 111,000,000 | 136,000,000 | ||
On-balance sheet liabilities | ||||
Long-term debt | 46,000,000 | 56,000,000 | ||
All other liabilities | 0 | 3,000,000 | ||
Total liabilities | 46,000,000 | 59,000,000 | ||
Consolidated VIEs | Non-agency | Subprime | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 232,000,000 | 206,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 188,000,000 | 30,000,000 | ||
Loans and leases | 675,000,000 | 768,000,000 | ||
Allowance for loan and lease losses | 0 | 0 | ||
All other assets | 54,000,000 | 15,000,000 | ||
Total assets | 917,000,000 | 813,000,000 | ||
On-balance sheet liabilities | ||||
Long-term debt | 840,000,000 | 770,000,000 | ||
All other liabilities | 0 | 13,000,000 | ||
Total liabilities | 840,000,000 | 783,000,000 | ||
Consolidated VIEs | Non-agency | Alt-A | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 0 | 0 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
All other assets | 0 | 0 | ||
Total assets | 0 | 0 | ||
On-balance sheet liabilities | ||||
Long-term debt | 0 | 0 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Consolidated VIEs | Commercial Mortgage | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 0 | 0 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
All other assets | 0 | 0 | ||
Total assets | 0 | 0 | ||
On-balance sheet liabilities | ||||
Long-term debt | 0 | 0 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | $ 0 | $ 0 |
Securitizations and Other Va108
Securitizations and Other Variable Interest Entities - Home Equity Loan, Credit Card and Other Asset-backed VIEs (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
On-balance sheet assets | ||||
Trading account assets | $ 176,527,000,000 | $ 191,785,000,000 | ||
Debt securities carried at fair value | 322,380,000,000 | 320,695,000,000 | ||
Held-to-maturity securities | 84,625,000,000 | 59,766,000,000 | ||
Loans and leases | 903,001,000,000 | 881,391,000,000 | ||
Allowance for loan and lease losses | (12,234,000,000) | (14,419,000,000) | $ (17,428,000,000) | $ (24,179,000,000) |
Loans held-for-sale | 7,453,000,000 | 12,836,000,000 | ||
All other assets | 108,582,000,000 | 112,063,000,000 | ||
Total assets | 2,144,316,000,000 | 2,104,534,000,000 | ||
On-balance sheet liabilities | ||||
Long-term debt | 236,764,000,000 | 243,139,000,000 | ||
Total liabilities | 1,888,111,000,000 | 1,861,063,000,000 | ||
Other than temporary impairment losses recorded on debt securities | 81,000,000 | 16,000,000 | $ 20,000,000 | |
Unconsolidated VIEs | ||||
On-balance sheet liabilities | ||||
Other than temporary impairment losses recorded on debt securities | 0 | 0 | ||
Home equity lines of credit | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 3,988,000,000 | 4,801,000,000 | ||
On-balance sheet assets | ||||
All other assets | 0 | 0 | ||
Total assets | 57,000,000 | 53,000,000 | ||
Home equity lines of credit | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 231,000,000 | 991,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 321,000,000 | 1,014,000,000 | ||
Allowance for loan and lease losses | (18,000,000) | (56,000,000) | ||
Loans held-for-sale | 0 | 0 | ||
All other assets | 20,000,000 | 33,000,000 | ||
Total assets | 323,000,000 | 991,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 183,000,000 | 1,076,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 183,000,000 | 1,076,000,000 | ||
Home equity lines of credit | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 12,000,000 | ||
Debt securities carried at fair value | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Home equity lines of credit | Junior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 2,000,000 | ||
Debt securities carried at fair value | 57,000,000 | 39,000,000 | ||
Credit Card Receivable | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 0 | 0 | ||
On-balance sheet assets | ||||
All other assets | 0 | 0 | ||
Total assets | 0 | 0 | ||
Credit Card Receivable | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 32,678,000,000 | 43,139,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 43,194,000,000 | 53,068,000,000 | ||
Allowance for loan and lease losses | (1,293,000,000) | (1,904,000,000) | ||
Loans held-for-sale | 0 | 0 | ||
All other assets | 342,000,000 | 392,000,000 | ||
Total assets | 42,243,000,000 | 51,556,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 9,550,000,000 | 8,401,000,000 | ||
All other liabilities | 15,000,000 | 16,000,000 | ||
Total liabilities | 9,565,000,000 | 8,417,000,000 | ||
Residual interests held | 24,700,000,000 | 36,900,000,000 | ||
Credit Card Receivable | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Credit Card Receivable | Junior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 0 | 0 | ||
Resecuritization Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 13,043,000,000 | 8,569,000,000 | ||
On-balance sheet assets | ||||
All other assets | 0 | 0 | ||
Total assets | 13,043,000,000 | 8,569,000,000 | ||
Resecuritization Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 354,000,000 | 654,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 771,000,000 | 1,295,000,000 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
Loans held-for-sale | 0 | 0 | ||
All other assets | 0 | 0 | ||
Total assets | 771,000,000 | 1,295,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 417,000,000 | 641,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 417,000,000 | 641,000,000 | ||
Resecuritization Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 1,248,000,000 | 767,000,000 | ||
Debt securities carried at fair value | 4,341,000,000 | 6,945,000,000 | ||
Held-to-maturity securities | 7,367,000,000 | 740,000,000 | ||
Resecuritization Trusts | Junior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 17,000,000 | 44,000,000 | ||
Debt securities carried at fair value | 70,000,000 | 73,000,000 | ||
Municipal Bond Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 1,572,000,000 | 2,100,000,000 | ||
On-balance sheet assets | ||||
All other assets | 0 | 0 | ||
Total assets | 2,000,000 | 25,000,000 | ||
Municipal Bond Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 1,973,000,000 | 2,440,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 1,984,000,000 | 2,452,000,000 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
Loans held-for-sale | 0 | 0 | ||
All other assets | 1,000,000 | 0 | ||
Total assets | 1,985,000,000 | 2,452,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 681,000,000 | 1,032,000,000 | ||
Long-term debt | 12,000,000 | 12,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 693,000,000 | 1,044,000,000 | ||
Municipal Bond Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 2,000,000 | 25,000,000 | ||
Debt securities carried at fair value | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Municipal Bond Trusts | Junior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 0 | 0 | ||
Automobile and Other Securitization Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 63,000,000 | 77,000,000 | ||
On-balance sheet assets | ||||
All other assets | 10,000,000 | 10,000,000 | ||
Total assets | 63,000,000 | 77,000,000 | ||
Automobile and Other Securitization Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 0 | 92,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
Loans held-for-sale | 0 | 555,000,000 | ||
All other assets | 0 | 54,000,000 | ||
Total assets | 0 | 609,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 0 | 516,000,000 | ||
All other liabilities | 0 | 1,000,000 | ||
Total liabilities | 0 | 517,000,000 | ||
Automobile and Other Securitization Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 6,000,000 | ||
Debt securities carried at fair value | 53,000,000 | 61,000,000 | ||
Held-to-maturity securities | 0 | 0 | ||
Automobile and Other Securitization Trusts | Junior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 0 | 0 | ||
Unconsolidated VIEs | Home equity lines of credit | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 5,883,000,000 | 6,362,000,000 | ||
Unconsolidated VIEs | Credit Card Receivable | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 0 | 0 | ||
Unconsolidated VIEs | Resecuritization Trusts | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 35,362,000,000 | 28,065,000,000 | ||
Unconsolidated VIEs | Municipal Bond Trusts | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 2,518,000,000 | 3,314,000,000 | ||
Unconsolidated VIEs | Automobile and Other Securitization Trusts | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | $ 314,000,000 | $ 1,276,000,000 |
Securitizations and Other Va109
Securitizations and Other Variable Interest Entities - Other Asset-backed Securitizations Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Home equity lines of credit | ||
Variable Interest Entity [Line Items] | ||
Trust certificates outstanding | $ 4,000,000,000 | $ 5,800,000,000 |
Remaining borrowing capacity on home equity line | 7,000,000 | 39,000,000 |
Assets of deconsolidated securitization vehicles | 488,000,000 | |
Liabilities of deconsolidated securitization vehicles | 611,000,000 | |
Gain (loss) on deconsolidation | 123,000,000 | |
Credit Card Receivable | ||
Variable Interest Entity [Line Items] | ||
Principal balance outstanding | $ 7,500,000,000 | 7,400,000,000 |
Transferred financial assets, stated interest rate | 0.00% | |
Credit Card Receivable | Senior Lien | ||
Variable Interest Entity [Line Items] | ||
Transferred financial assets, amount issued | $ 2,300,000,000 | 4,100,000,000 |
Credit Card Receivable | Junior Lien | ||
Variable Interest Entity [Line Items] | ||
Transferred financial assets, amount issued | 371,000,000 | 662,000,000 |
Resecuritization Trusts | ||
Variable Interest Entity [Line Items] | ||
Cash proceeds from new securitizations | 30,700,000,000 | 14,400,000,000 |
Resecuritization Trusts | Available-for-sale Securities | ||
Variable Interest Entity [Line Items] | ||
Cash proceeds from new securitizations | 0 | 1,500,000,000 |
Gain on sale of investments | 71,000,000 | |
Resecuritization Trusts | Debt securities | ||
Variable Interest Entity [Line Items] | ||
Cash proceeds from new securitizations | 9,800,000,000 | 4,600,000,000 |
Resecuritization Trusts | Held-to-maturity Securities | ||
Variable Interest Entity [Line Items] | ||
Cash proceeds from new securitizations | 6,900,000,000 | 747,000,000 |
Municipal Bond Trusts | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Liquidity commitments to unconsolidated securitization trusts | $ 1,600,000,000 | 2,100,000,000 |
Weighted average remaining life of bonds held in the trusts in years | 7 years 4 months 24 days | |
Automobile and Other Securitization Trusts | ||
Variable Interest Entity [Line Items] | ||
Principal balance outstanding | $ 314,000,000 | 1,900,000,000 |
Automobile Loan | ||
Variable Interest Entity [Line Items] | ||
Principal balance outstanding | 125,000,000 | 400,000,000 |
Other Loan and Receivable | ||
Variable Interest Entity [Line Items] | ||
Principal balance outstanding | 189,000,000 | 876,000,000 |
Student Loan | ||
Variable Interest Entity [Line Items] | ||
Assets of deconsolidated securitization vehicles | 515,000,000 | |
Liabilities of deconsolidated securitization vehicles | 449,000,000 | |
Gain (loss) on deconsolidation | 0 | |
Principal balance outstanding | $ 0 | $ 609,000,000 |
Securitizations and Other Va110
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
On-balance sheet assets | ||||
Trading account assets | $ 176,527 | $ 191,785 | ||
Debt securities carried at fair value | 322,380 | 320,695 | ||
Loans and leases | 903,001 | 881,391 | ||
Allowance for loan and lease losses | (12,234) | (14,419) | $ (17,428) | $ (24,179) |
Loans held-for-sale | 7,453 | 12,836 | ||
All other assets | 108,582 | 112,063 | ||
Total assets | 2,144,316 | 2,104,534 | ||
On-balance sheet liabilities | ||||
Long-term debt | 236,764 | 243,139 | ||
Total liabilities | 1,888,111 | 1,861,063 | ||
Other Variable Interest Entities | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 19,211 | 20,372 | ||
On-balance sheet assets | ||||
Trading account assets | 2,666 | 1,930 | ||
Debt securities carried at fair value | 126 | 483 | ||
Loans and leases | 6,706 | 6,713 | ||
Allowance for loan and lease losses | (32) | (6) | ||
Loans held-for-sale | 1,309 | 2,081 | ||
All other assets | 7,589 | 8,304 | ||
Total assets | 18,364 | 19,505 | ||
On-balance sheet liabilities | ||||
Long-term debt | 3,025 | 1,834 | ||
All other liabilities | 2,702 | 2,748 | ||
Total liabilities | 5,727 | 4,582 | ||
Other Variable Interest Entities | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 6,295 | 7,981 | ||
On-balance sheet assets | ||||
Trading account assets | 2,300 | 1,575 | ||
Debt securities carried at fair value | 0 | 0 | ||
Loans and leases | 3,317 | 4,020 | ||
Allowance for loan and lease losses | (9) | (6) | ||
Loans held-for-sale | 284 | 1,267 | ||
All other assets | 664 | 1,646 | ||
Total assets | 6,556 | 8,502 | ||
On-balance sheet liabilities | ||||
Long-term debt | 3,025 | 1,834 | ||
All other liabilities | 5 | 105 | ||
Total liabilities | 3,030 | 1,939 | ||
Long-term debt with recourse to general corporation credit | 2,800 | 1,400 | ||
Other Variable Interest Entities | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 12,916 | 12,391 | ||
On-balance sheet assets | ||||
Trading account assets | 366 | 355 | ||
Debt securities carried at fair value | 126 | 483 | ||
Loans and leases | 3,389 | 2,693 | ||
Allowance for loan and lease losses | (23) | 0 | ||
Loans held-for-sale | 1,025 | 814 | ||
All other assets | 6,925 | 6,658 | ||
Total assets | 11,808 | 11,003 | ||
On-balance sheet liabilities | ||||
Long-term debt | 0 | 0 | ||
All other liabilities | 2,697 | 2,643 | ||
Total liabilities | 2,697 | 2,643 | ||
Other Variable Interest Entities | Unconsolidated VIEs | ||||
On-balance sheet liabilities | ||||
Consolidated total assets of VIEs | 6,556 | 8,502 | ||
Unconsolidated total assets of VIEs | 40,894 | 41,467 | ||
Total assets of VIEs | $ 47,450 | $ 49,969 |
Securitizations and Other Va111
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities, Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | ||
Total assets | $ 2,144,316 | $ 2,104,534 |
Customer Vehicles | ||
Variable Interest Entity [Line Items] | ||
Net decrease in long-term debt | 1,200 | |
Maximum loss exposure | 3,900 | 4,700 |
Liquidity commitments to unconsolidated securitization trusts | 691 | 658 |
Collateralized Debt Obligations | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 543 | 780 |
Notional amount of liquidity exposure | 922 | |
Investment Vehicles | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 5,100 | 5,100 |
Investment Vehicles | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets | 397 | 1,100 |
Investment Vehicles | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 150 | 660 |
Total assets | 14,700 | 11,200 |
Consolidated total assets of VIEs | 122 | 431 |
Leveraged Lease Trusts | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets | 2,800 | 3,300 |
Real Estate Vehicles | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets | 6,600 | 6,200 |
Other Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 19,211 | 20,372 |
Total assets | 18,364 | 19,505 |
Other Variable Interest Entities | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 6,295 | 7,981 |
Total assets | 6,556 | 8,502 |
Other Variable Interest Entities | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 12,916 | 12,391 |
Total assets | $ 11,808 | $ 11,003 |
Representations and Warranti112
Representations and Warranties Obligations and Corporate Guarantees - Unresolved Repurchase Claims by Counterparty, net of duplicate claims (Details) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | $ 18,364 | $ 22,846 |
Outstanding claims with review | 11,900 | 13,800 |
Outstanding claims without review | 4,800 | 7,500 |
Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other | ||
Loss Contingencies [Line Items] | ||
Notional amount of unresolved repurchase claims | 16,748 | 21,276 |
Monolines | ||
Loss Contingencies [Line Items] | ||
Notional amount of unresolved repurchase claims | 1,599 | 1,511 |
GSEs | ||
Loss Contingencies [Line Items] | ||
Notional amount of unresolved repurchase claims | $ 17 | $ 59 |
Representations and Warranti113
Representations and Warranties Obligations and Corporate Guarantees - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 24, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
New purchase claims | $ 3,700,000,000 | ||
Individual loan file reviews on repurchase claims | 2,900,000,000 | ||
Claims resolved | 8,100,000,000 | ||
Claims deemed resolved | 7,400,000,000 | ||
Maximum estimated range of possible loss | 2,400,000,000 | ||
Loan repurchases and indemnification payments | 229,000,000 | $ 496,000,000 | |
Loss in period | 128,000,000 | 334,000,000 | |
Unpaid principal balance | 587,000,000 | 857,000,000 | |
Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 16,748,000,000 | 21,276,000,000 | |
Monolines | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | $ 1,599,000,000 | 1,511,000,000 | |
Monolines | Minimum | |||
Loss Contingencies [Line Items] | |||
Timetable to reach a settlement once a breach of representations and warranties is confirmed | 60 days | ||
Monolines | Maximum | |||
Loss Contingencies [Line Items] | |||
Timetable to reach a settlement once a breach of representations and warranties is confirmed | 90 days | ||
GSEs | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | $ 17,000,000 | 59,000,000 | |
Sponsors of Third-Party Securitizations | |||
Loss Contingencies [Line Items] | |||
Notional amount of unresolved repurchase claims | 1,400,000,000 | 2,000,000,000 | |
Mortgage Loans Originated 2009 and Prior | GSEs | |||
Loss Contingencies [Line Items] | |||
Unresolved repurchase claims notional amount | 14,000,000 | ||
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 | 16,700,000,000 | 21,200,000,000 | |
Unresolved repurchase claims, net of duplicate claims, in which statute of limitations has expired | 7,400,000,000 | 5,200,000,000 | |
Mortgage Loans Originated between 2004 and 2008 | Private-Label Securitization Trustees | |||
Loss Contingencies [Line Items] | |||
Claims related to loans in specific private-label securitization groups | 3,500,000,000 | $ 3,500,000,000 | |
Representations and Warranties Exposure | |||
Loss Contingencies [Line Items] | |||
Maximum estimated range of possible loss | $ 2,000,000,000 | ||
Subsequent Event | Bank of New York Mellon, As Trustee Settlement | |||
Loss Contingencies [Line Items] | |||
Settlement payment | $ 8,500,000,000 |
Representations and Warranti114
Representations and Warranties Obligations and Corporate Guarantees - Liabilities (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 24, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingency Accrual [Roll Forward] | |||
Net reductions | $ (229) | $ (496) | |
Representations and Warranties Obligations and Corporate Guarantees | |||
Loss Contingency Accrual [Roll Forward] | |||
Additions for new sales | 6 | 8 | |
Net reductions | (722) | (1,892) | |
Representations and Warranties Obligations and Corporate Guarantees | Mortgage Banking Income (Loss) | |||
Loss Contingency Accrual [Roll Forward] | |||
Provision (benefit) | (39) | 683 | |
Representations and Warranties Obligations and Corporate Guarantees | Accrued Liabilities And Other Liabilities | |||
Loss Contingency Accrual [Roll Forward] | |||
Liability for representations and warranties and corporate guarantees, January 1 | 12,081 | 13,282 | |
Liability for representations and warranties and corporate guarantees, December 31 | $ 11,326 | $ 12,081 | |
Subsequent Event | Bank of New York Mellon, As Trustee Settlement | |||
Loss Contingency Accrual [Roll Forward] | |||
Settlement payment | $ 8,500 |
Goodwill and Intangible Asse115
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Total Goodwill | $ 69,761,000,000 | $ 69,777,000,000 |
Impairment loss on goodwill | 0 | 0 |
Legacy Assets and Servicing Segment [Member] | ||
Goodwill [Line Items] | ||
Total Goodwill | 0 | 0 |
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 |
All Other | ||
Goodwill [Line Items] | ||
Total Goodwill | $ 820,000,000 | $ 836,000,000 |
Goodwill and Intangible Asse116
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Intangible Assets [Abstract] | ||
Gross Carrying Value | $ 14,855 | $ 14,918 |
Accumulated Amortization | 11,087 | 10,306 |
Net Carrying Value | 3,768 | 4,612 |
Purchased credit card relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 5,450 | 5,504 |
Accumulated Amortization | 4,755 | 4,527 |
Net Carrying Value | 695 | 977 |
Core deposit intangibles | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 1,779 | 1,779 |
Accumulated Amortization | 1,505 | 1,382 |
Net Carrying Value | 274 | 397 |
Customer relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,927 | 4,025 |
Accumulated Amortization | 2,990 | 2,648 |
Net Carrying Value | 937 | 1,377 |
Affinity relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 1,556 | 1,565 |
Accumulated Amortization | 1,356 | 1,283 |
Net Carrying Value | 200 | 282 |
Other intangibles | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 2,143 | 2,045 |
Accumulated Amortization | 481 | 466 |
Net Carrying Value | $ 1,662 | $ 1,579 |
Goodwill and Intangible Asse117
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 834 | $ 936 | $ 1,086 |
Purchased credit card and affinity relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 356 | 415 | 475 |
Core deposit intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 122 | 140 | 197 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 340 | 355 | 371 |
Other intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 16 | $ 26 | $ 43 |
Goodwill and Intangible Asse118
Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) $ in Millions | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 737 |
2,017 | 643 |
2,018 | 565 |
2,019 | 123 |
2,020 | 60 |
Purchased credit card and affinity relationships | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | 298 |
2,017 | 237 |
2,018 | 179 |
2,019 | 121 |
2,020 | 60 |
Core deposit intangibles | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
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] | |
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] | |
2,016 | 10 |
2,017 | 6 |
2,018 | 4 |
2,019 | 2 |
2,020 | $ 0 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Time deposits that met or exceeded the FDIC insurance limit | $ 14,200 | |
U.S. certificates of deposit and other time deposits | ||
Three Months or Less | 12,836 | |
Over Three Months to Twelve Months | 12,834 | |
Thereafter | 2,677 | |
Total | 28,347 | $ 32,400 |
Non-U.S. certificates of deposit and other time deposits | ||
Three Months or Less | 12,352 | |
Over Three Months to Twelve Months | 1,517 | |
Thereafter | 277 | |
Total | $ 14,146 | $ 14,000 |
Deposits - Contractual Maturiti
Deposits - Contractual Maturities (Details) $ in Millions | Dec. 31, 2015USD ($) |
Contractual Maturities of Total Time Deposits | |
Due in 2016 | $ 65,567 |
Due in 2017 | 4,269 |
Due in 2018 | 938 |
Due in 2019 | 879 |
Due in 2020 | 1,638 |
Thereafter | 683 |
Total time deposits | 73,974 |
United States | |
Contractual Maturities of Total Time Deposits | |
Due in 2016 | 51,319 |
Due in 2017 | 4,166 |
Due in 2018 | 937 |
Due in 2019 | 874 |
Due in 2020 | 1,380 |
Thereafter | 683 |
Total time deposits | 59,359 |
Non United States | |
Contractual Maturities of Total Time Deposits | |
Due in 2016 | 14,248 |
Due in 2017 | 103 |
Due in 2018 | 1 |
Due in 2019 | 5 |
Due in 2020 | 258 |
Thereafter | 0 |
Total time deposits | $ 14,615 |
Federal Funds Sold or Purcha121
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Amount | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 192,482 | $ 191,823 |
Amount | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 174,291 | 201,277 |
Short-term borrowings | 28,098 | 31,172 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Amount | ||
Average during year | 213,497 | 215,792 |
Maximum month-end balance during year | $ 235,232 | $ 240,154 |
Rate | ||
Weighted average interest rate | 0.82% | 0.98% |
Average during year (percent) | 0.89% | 0.99% |
Short-term borrowings | ||
Amount | ||
Average during year | $ 32,798 | $ 41,886 |
Maximum month-end balance during year | $ 40,110 | $ 51,409 |
Rate | ||
Weighted average interest rate | 1.61% | 1.47% |
Average during year (percent) | 1.49% | 1.08% |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Amount | ||
Average during year | $ 211,471 | $ 222,483 |
Maximum month-end asset outstanding amount | $ 226,502 | $ 240,122 |
Rate | ||
Weighted average interest rate | 0.44% | 0.47% |
Average asset outstanding rate (percent) | 0.47% | 0.47% |
Federal Funds Sold or Purcha122
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-Term Borrowings [Line Items] | ||
Maturity period (greater than) | 7 days | |
Bank of America, N.A. | ||
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-Term Borrowings [Line Items] | ||
Short-term bank notes outstanding | $ 16,800,000,000 | $ 14,600,000,000 |
Bank Notes | Bank of America, N.A. | ||
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-Term Borrowings [Line Items] | ||
Debt authorized | $ 75,000,000,000 |
Federal Funds Sold or Purcha123
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities borrowed or purchased under agreements to resell: | ||
Gross Assets | $ 347,281 | $ 316,567 |
Amounts Offset | (154,799) | (124,744) |
Net Balance Sheet Amount | 192,482 | 191,823 |
Financial Instruments | (144,332) | (145,573) |
Net Assets | 48,150 | 46,250 |
Securities loaned or sold under agreements to repurchase: | ||
Gross Liabilities | 329,078 | 326,007 |
Amounts Offset | (154,799) | (124,744) |
Net Balance Sheet Amount | 174,279 | 201,263 |
Financial Instruments | (135,737) | (164,306) |
Net Liabilities | 38,542 | 36,957 |
Other: | ||
Gross Liabilities | 13,235 | 11,641 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 13,235 | 11,641 |
Financial Instruments | (13,235) | (11,641) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability: | ||
Gross Liabilities | 342,313 | 337,648 |
Amounts Offset | (154,799) | (124,744) |
Net Balance Sheet Amount | 187,514 | 212,904 |
Financial Instruments | (148,972) | (175,947) |
Net Liabilities | 38,542 | 36,957 |
Loans and leases repurchase activity | $ 9,300 | $ 5,600 |
Federal Funds Sold or Purcha124
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Remaining Contractual Maturity | |
Securities sold under agreements to repurchase | $ 284,303 |
Securities loaned | 44,775 |
Other | 13,235 |
Total | $ 342,313 |
Maximum agreement maturity period (less than) | 3 years |
Overnight and Continuous | |
Remaining Contractual Maturity | |
Securities sold under agreements to repurchase | $ 126,694 |
Securities loaned | 39,772 |
Other | 13,235 |
Total | 179,701 |
30 Days or Less | |
Remaining Contractual Maturity | |
Securities sold under agreements to repurchase | 86,879 |
Securities loaned | 363 |
Other | 0 |
Total | 87,242 |
After 30 Days Through 90 Days | |
Remaining Contractual Maturity | |
Securities sold under agreements to repurchase | 43,216 |
Securities loaned | 2,352 |
Other | 0 |
Total | 45,568 |
Greater than 90 Days | |
Remaining Contractual Maturity | |
Securities sold under agreements to repurchase | 27,514 |
Securities loaned | 2,288 |
Other | 0 |
Total | $ 29,802 |
Federal Funds Sold or Purcha125
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Class of Collateral Pledged (Details) $ in Millions | Dec. 31, 2015USD ($) |
Class of Collateral Pledged | |
Securities sold under agreements to repurchase | $ 284,303 |
Securities loaned | 44,775 |
Other | 13,235 |
Total | 342,313 |
U.S. government and agency securities | |
Class of Collateral Pledged | |
Securities sold under agreements to repurchase | 142,572 |
Securities loaned | 0 |
Other | 27 |
Total | 142,599 |
Corporate securities, trading loans and other | |
Class of Collateral Pledged | |
Securities sold under agreements to repurchase | 11,767 |
Securities loaned | 265 |
Other | 278 |
Total | 12,310 |
Equity securities | |
Class of Collateral Pledged | |
Securities sold under agreements to repurchase | 32,323 |
Securities loaned | 13,350 |
Other | 12,929 |
Total | 58,602 |
Non-U.S. sovereign debt | |
Class of Collateral Pledged | |
Securities sold under agreements to repurchase | 87,849 |
Securities loaned | 31,160 |
Other | 1 |
Total | 119,010 |
Mortgage trading loans and ABS | |
Class of Collateral Pledged | |
Securities sold under agreements to repurchase | 9,792 |
Securities loaned | 0 |
Other | 0 |
Total | $ 9,792 |
Long-term Debt - Balances (Deta
Long-term Debt - Balances (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 236,764 | $ 243,139 |
Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 179,402 | 185,771 |
Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 37,554 | 35,466 |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 19,808 | 21,902 |
Senior notes | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 123,761 | |
Senior notes | Bank of America Corporation | Fixed, with a weighted-average rate of 4.55%, ranging from 1.25% to 8.40%, due 2016 to 2045 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 109,861 | 113,037 |
Senior notes | Bank of America Corporation | Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 5.07%, due 2016 to 2044 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 13,900 | 14,590 |
Senior notes | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 12,425 | |
Senior notes | Bank of America, N.A. | Fixed, with a weighted-average rate of 1.57%, ranging from 1.13% to 2.05%, due 2016 to 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,483 | 2,740 |
Senior notes | Bank of America, N.A. | Floating, with a weighted-average rate of 1.13%, ranging from 0.43% to 3.30%, due 2016 to 2041 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,942 | 3,028 |
Senior notes | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 30 | |
Senior notes | Subsidiaries | Fixed, with a rate of 5.50%, due 2017 to 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 30 | 1 |
Senior notes | Subsidiaries | Floating | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 21 |
Senior structured notes | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 17,548 | 22,168 |
Subordinated notes | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 32,245 | |
Subordinated notes | Bank of America Corporation | Fixed, with a weighted-average rate of 5.19%, ranging from 2.40% to 8.57%, due 2016 to 2045 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 27,216 | 23,246 |
Subordinated notes | Bank of America Corporation | Floating, with a weighted-average rate of 0.94%, ranging from 0.43% to 2.68%, due 2016 to 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,029 | 5,455 |
Subordinated notes | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,216 | |
Subordinated notes | Bank of America, N.A. | Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,815 | 4,921 |
Subordinated notes | Bank of America, N.A. | Floating, with a weighted-average rate of 0.80%, ranging from 0.79% to 0.81%, due 2016 to 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,401 | 1,401 |
Advances from Federal Home Loan Banks | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,172 | |
Advances from Federal Home Loan Banks | Bank of America, N.A. | Fixed, with a weighted-average rate of 5.34%, ranging from 0.01% to 7.72%, due 2016 to 2034 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 172 | 183 |
Advances from Federal Home Loan Banks | Bank of America, N.A. | Floating, with a weighted-average rate of 0.41%, ranging from 0.35% to 0.63%, due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,000 | 10,500 |
Securitizations and other BANA VIEs | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,756 | 9,882 |
Structured liabilities | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 14,974 | 15,971 |
Junior subordinated notes (related to trust preferred securities) | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,848 | |
Junior subordinated notes (related to trust preferred securities) | Bank of America Corporation | Fixed, with a weighted-average rate of 6.78%, ranging from 5.25% to 8.05%, due 2027 to 2067 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,295 | 6,722 |
Junior subordinated notes (related to trust preferred securities) | Bank of America Corporation | Floating, with a weighted-average rate of 1.08%, ranging from 0.87% to 1.53%, due 2027 to 2056 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 553 | 553 |
Junior subordinated notes (related to trust preferred securities) | Subsidiaries | Fixed | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 340 |
Junior subordinated notes (related to trust preferred securities) | Subsidiaries | Floating | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 66 |
Nonbank VIEs | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,317 | 3,425 |
Other | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,985 | 2,811 |
Other | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 487 | $ 2,078 |
Long-term Debt - Interest Rates
Long-term Debt - Interest Rates (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Bank of America Corporation | Fixed, with a weighted-average rate of 4.55%, ranging from 1.25% to 8.40%, due 2016 to 2045 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 4.55% |
Weighted average rate of debt minimum | 1.25% |
Weighted average rate of debt maximum | 8.40% |
Bank of America Corporation | Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 5.07%, due 2016 to 2044 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.38% |
Bank of America Corporation | Fixed, with a weighted-average rate of 5.19%, ranging from 2.40% to 8.57%, due 2016 to 2045 | Subordinated notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 5.19% |
Weighted average rate of debt minimum | 2.40% |
Weighted average rate of debt maximum | 8.57% |
Bank of America Corporation | Floating, with a weighted-average rate of 0.94%, ranging from 0.43% to 2.68%, due 2016 to 2026 | Subordinated notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 0.94% |
Bank of America Corporation | Fixed, with a weighted-average rate of 6.78%, ranging from 5.25% to 8.05%, due 2027 to 2067 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 6.78% |
Weighted average rate of debt minimum | 5.25% |
Weighted average rate of debt maximum | 8.05% |
Bank of America Corporation | Floating, with a weighted-average rate of 1.08%, ranging from 0.87% to 1.53%, due 2027 to 2056 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.08% |
Bank of America, N.A. | Fixed, with a weighted-average rate of 1.57%, ranging from 1.13% to 2.05%, due 2016 to 2018 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.57% |
Weighted average rate of debt minimum | 1.13% |
Weighted average rate of debt maximum | 2.05% |
Bank of America, N.A. | Floating, with a weighted-average rate of 1.13%, ranging from 0.43% to 3.30%, due 2016 to 2041 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.13% |
Bank of America, N.A. | Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036 | Subordinated notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 5.68% |
Weighted average rate of debt minimum | 5.30% |
Weighted average rate of debt maximum | 6.10% |
Bank of America, N.A. | Floating, with a weighted-average rate of 0.80%, ranging from 0.79% to 0.81%, due 2016 to 2019 | Subordinated notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 0.80% |
Bank of America, N.A. | Fixed, with a weighted-average rate of 5.34%, ranging from 0.01% to 7.72%, due 2016 to 2034 | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 5.34% |
Weighted average rate of debt minimum | 0.01% |
Weighted average rate of debt maximum | 7.72% |
Bank of America, N.A. | Floating, with a weighted-average rate of 0.41%, ranging from 0.35% to 0.63%, due 2016 | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 0.41% |
Subsidiaries | Fixed, with a rate of 5.50%, due 2017 to 2021 | Senior notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 5.50% |
Minimum | Bank of America Corporation | Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 5.07%, due 2016 to 2044 | Senior notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.11% |
Minimum | Bank of America Corporation | Floating, with a weighted-average rate of 0.94%, ranging from 0.43% to 2.68%, due 2016 to 2026 | Subordinated notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.43% |
Minimum | Bank of America Corporation | Floating, with a weighted-average rate of 1.08%, ranging from 0.87% to 1.53%, due 2027 to 2056 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.87% |
Minimum | Bank of America, N.A. | Floating, with a weighted-average rate of 1.13%, ranging from 0.43% to 3.30%, due 2016 to 2041 | Senior notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.43% |
Minimum | Bank of America, N.A. | Floating, with a weighted-average rate of 0.80%, ranging from 0.79% to 0.81%, due 2016 to 2019 | Subordinated notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.79% |
Minimum | Bank of America, N.A. | Floating, with a weighted-average rate of 0.41%, ranging from 0.35% to 0.63%, due 2016 | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.35% |
Maximum | Bank of America Corporation | Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 5.07%, due 2016 to 2044 | Senior notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 5.07% |
Maximum | Bank of America Corporation | Floating, with a weighted-average rate of 0.94%, ranging from 0.43% to 2.68%, due 2016 to 2026 | Subordinated notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 2.68% |
Maximum | Bank of America Corporation | Floating, with a weighted-average rate of 1.08%, ranging from 0.87% to 1.53%, due 2027 to 2056 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 1.53% |
Maximum | Bank of America, N.A. | Floating, with a weighted-average rate of 1.13%, ranging from 0.43% to 3.30%, due 2016 to 2041 | Senior notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 3.30% |
Maximum | Bank of America, N.A. | Floating, with a weighted-average rate of 0.80%, ranging from 0.79% to 0.81%, due 2016 to 2019 | Subordinated notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.81% |
Maximum | Bank of America, N.A. | Floating, with a weighted-average rate of 0.41%, ranging from 0.35% to 0.63%, due 2016 | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.63% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 236,764 | $ 243,139 | |
Repayments of long-term debt | 40,365 | 53,749 | $ 65,602 |
Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Long-term debt | 14,073 | 13,307 | |
Bank of America Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | 179,402 | 185,771 | |
Repayments of long-term debt | 27,393 | 33,854 | $ 39,320 |
Repayments of Long-term Debt, Net of Adjustments | 25,270 | ||
Bank of America, N.A. | |||
Debt Instrument [Line Items] | |||
Long-term debt | 37,554 | 35,466 | |
Repayments of long-term debt | 6,600 | 8,900 | |
Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | 19,808 | 21,902 | |
Repayments of long-term debt | 8,500 | 10,900 | |
Credit Card Receivable | Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Long-term debt | 9,600 | ||
Home equity lines of credit | Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Long-term debt | 183 | ||
Other Asset-backed Securitizations | |||
Debt Instrument [Line Items] | |||
Long-term debt | 3,025 | 1,834 | |
Other Asset-backed Securitizations | Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Long-term debt | 4,300 | ||
Foreign Currency - Dominated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 46,400 | $ 51,900 | |
Long Term Debt, Excluding Senior Structured Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 3.80% | 3.81% | |
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 4.61% | 4.83% | |
Floating Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 0.96% | 0.80% |
Long-Term Debt - Aggregate Annu
Long-Term Debt - Aggregate Annual Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total | $ 236,764 | $ 243,139 |
Bank of America Corporation | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 25,868 | |
2,017 | 25,540 | |
2,018 | 24,830 | |
2,019 | 19,673 | |
2,020 | 12,309 | |
Thereafter | 71,182 | |
Total | 179,402 | 185,771 |
Bank of America Corporation | Senior notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 16,777 | |
2,017 | 18,303 | |
2,018 | 20,211 | |
2,019 | 16,820 | |
2,020 | 11,351 | |
Thereafter | 40,299 | |
Total | 123,761 | |
Bank of America Corporation | Senior structured notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 4,230 | |
2,017 | 2,352 | |
2,018 | 1,942 | |
2,019 | 1,374 | |
2,020 | 955 | |
Thereafter | 6,695 | |
Total | 17,548 | 22,168 |
Bank of America Corporation | Subordinated notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 4,861 | |
2,017 | 4,885 | |
2,018 | 2,677 | |
2,019 | 1,479 | |
2,020 | 3 | |
Thereafter | 18,340 | |
Total | 32,245 | |
Bank of America Corporation | Junior subordinated notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 5,848 | |
Total | 5,848 | |
Bank of America, N.A. | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 11,450 | |
2,017 | 13,368 | |
2,018 | 8,095 | |
2,019 | 2,551 | |
2,020 | 42 | |
Thereafter | 2,048 | |
Total | 37,554 | 35,466 |
Bank of America, N.A. | Senior notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 3,048 | |
2,017 | 3,648 | |
2,018 | 5,709 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 20 | |
Total | 12,425 | |
Bank of America, N.A. | Subordinated notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 1,056 | |
2,017 | 3,447 | |
2,018 | 0 | |
2,019 | 1 | |
2,020 | 0 | |
Thereafter | 1,712 | |
Total | 6,216 | |
Bank of America, N.A. | Advances from Federal Home Loan Banks | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 6,003 | |
2,017 | 10 | |
2,018 | 10 | |
2,019 | 15 | |
2,020 | 12 | |
Thereafter | 122 | |
Total | 6,172 | |
Bank of America, N.A. | Securitizations and other BANA VIEs | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 1,290 | |
2,017 | 3,550 | |
2,018 | 2,300 | |
2,019 | 2,450 | |
2,020 | 0 | |
Thereafter | 166 | |
Total | 9,756 | 9,882 |
Bank of America, N.A. | Other | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 53 | |
2,017 | 2,713 | |
2,018 | 76 | |
2,019 | 85 | |
2,020 | 30 | |
Thereafter | 28 | |
Total | 2,985 | 2,811 |
Subsidiaries | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 6,016 | |
2,017 | 2,327 | |
2,018 | 1,217 | |
2,019 | 904 | |
2,020 | 1,034 | |
Thereafter | 8,310 | |
Total | 19,808 | 21,902 |
Subsidiaries | Senior notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 0 | |
2,017 | 1 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 29 | |
Total | 30 | |
Subsidiaries | Structured liabilities | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 3,110 | |
2,017 | 2,029 | |
2,018 | 1,175 | |
2,019 | 882 | |
2,020 | 1,034 | |
Thereafter | 6,744 | |
Total | 14,974 | 15,971 |
Subsidiaries | Non-core/non-bank VIEs | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 2,506 | |
2,017 | 240 | |
2,018 | 42 | |
2,019 | 22 | |
2,020 | 0 | |
Thereafter | 1,507 | |
Total | 4,317 | |
Subsidiaries | Other | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 400 | |
2,017 | 57 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 30 | |
Total | 487 | $ 2,078 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | 43,334 | |
2,017 | 41,235 | |
2,018 | 34,142 | |
2,019 | 23,128 | |
2,020 | 13,385 | |
Thereafter | 81,540 | |
Total | $ 236,764 |
Long-term Debt - Trust and Hybr
Long-term Debt - Trust and Hybrid Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 29, 2015 | |
Debt Instrument [Line Items] | ||||
Net interest income | $ (39,251) | $ (39,952) | $ (42,265) | |
Junior subordinated notes (related to trust preferred securities) | ||||
Debt Instrument [Line Items] | ||||
Carrying value | 6,781 | |||
Junior subordinated notes (related to trust preferred securities) | Capital Trust III, Capital Trust IV and Capital Trust V | ||||
Debt Instrument [Line Items] | ||||
Carrying value | $ 2,000 | |||
Net interest income | $ 612 |
Long-term Debt Long-term Debt -
Long-term Debt Long-term Debt - Trust and Hybrid Securities Outstanding (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Junior subordinated notes | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 6,781 |
Junior subordinated notes | Capital Trust VI | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 27 |
Per Annum Interest Rate of the Notes | 5.63% |
Junior subordinated notes | Capital Trust VII | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 7 |
Per Annum Interest Rate of the Notes | 5.25% |
Junior subordinated notes | Capital Trust VIII | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 540 |
Per Annum Interest Rate of the Notes | 6.00% |
Junior subordinated notes | Capital Trust XI | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 678 |
Per Annum Interest Rate of the Notes | 6.63% |
Junior subordinated notes | Capital Trust XV | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 1 |
Junior subordinated notes | Capital Trust III | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | 136 |
Junior subordinated notes | Capital III | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | 106 |
Junior subordinated notes | Capital Trust V | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | 82 |
Junior subordinated notes | Capital Trust III | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | 55 |
Junior subordinated notes | Capital Trust IV | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | 106 |
Junior subordinated notes | Capital Trust B | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | 73 |
Junior subordinated notes | Capital III | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 206 |
Per Annum Interest Rate of the Notes | 8.05% |
Junior subordinated notes | Capital IV | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 515 |
Per Annum Interest Rate of the Notes | 6.75% |
Junior subordinated notes | Capital V | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 1,496 |
Per Annum Interest Rate of the Notes | 7.00% |
Junior subordinated notes | Capital Trust I | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 1,051 |
Per Annum Interest Rate of the Notes | 6.45% |
Junior subordinated notes | Capital Trust II | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 951 |
Per Annum Interest Rate of the Notes | 6.45% |
Junior subordinated notes | Capital Trust III | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 751 |
Per Annum Interest Rate of the Notes | 7.375% |
Junior subordinated notes | 3-Month London Interbank Offered Rate (LIBOR) | Capital Trust XV | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Basis spread on variable rate | 0.80% |
Junior subordinated notes | 3-Month London Interbank Offered Rate (LIBOR) | Capital Trust III | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Basis spread on variable rate | 0.55% |
Junior subordinated notes | 3-Month London Interbank Offered Rate (LIBOR) | Capital III | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Basis spread on variable rate | 0.57% |
Junior subordinated notes | 3-Month London Interbank Offered Rate (LIBOR) | Capital Trust V | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Basis spread on variable rate | 1.00% |
Junior subordinated notes | 3-Month London Interbank Offered Rate (LIBOR) | Capital Trust III | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Basis spread on variable rate | 0.75% |
Junior subordinated notes | 3-Month London Interbank Offered Rate (LIBOR) | Capital Trust IV | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Basis spread on variable rate | 0.60% |
Junior subordinated notes | 3-Month London Interbank Offered Rate (LIBOR) | Capital Trust B | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Basis spread on variable rate | 0.80% |
Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | $ 6,699 |
Capital Trust VI | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 27 |
Capital Trust VII | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 6 |
Capital Trust VIII | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 524 |
Capital Trust XI | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 658 |
Capital Trust XV | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 1 |
Capital Trust III | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 131 |
Capital III | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 103 |
Capital Trust V | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 79 |
Capital Trust III | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 53 |
Capital Trust IV | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 102 |
Capital Trust B | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 70 |
Capital III | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 200 |
Capital IV | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 500 |
Capital V | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 1,495 |
Capital Trust I | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 1,050 |
Capital Trust II | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | 950 |
Capital Trust III | Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of Trust Securities | $ 750 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Commitments [Line Items] | ||
Legally binding unfunded commitments syndicated | $ 14,300 | $ 15,700 |
Carrying amount credit extension commitments syndicated | 664 | 546 |
Deferred revenue | 18 | 18 |
Other liabilities reserve for unfunded lending commitments | 646 | 528 |
Notional amount of credit extension commitments under fair value option | 10,900 | 9,900 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair value carrying amount liabilities | $ 658 | $ 405 |
Commitments and Contingencie133
Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 486,308 | $ 471,320 |
Expire After One Year Through Three Years | 147,778 | 126,525 |
Expire After Three Years Through Five Years | 167,689 | 163,616 |
Expire After Five Years | 58,081 | 36,254 |
Notional Amount of Credit Extension Commitments | 859,856 | 797,715 |
Loan commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 87,873 | 79,897 |
Expire After One Year Through Three Years | 119,272 | 97,583 |
Expire After Three Years Through Five Years | 158,920 | 146,743 |
Expire After Five Years | 37,112 | 18,942 |
Notional Amount of Credit Extension Commitments | 403,177 | 343,165 |
Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 7,074 | 6,292 |
Expire After One Year Through Three Years | 18,438 | 19,679 |
Expire After Three Years Through Five Years | 5,126 | 12,319 |
Expire After Five Years | 19,697 | 15,417 |
Notional Amount of Credit Extension Commitments | 50,335 | 53,707 |
Standby letters of credit and financial guarantees | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 19,584 | 19,259 |
Expire After One Year Through Three Years | 9,903 | 9,106 |
Expire After Three Years Through Five Years | 3,385 | 4,519 |
Expire After Five Years | 1,218 | 1,807 |
Notional Amount of Credit Extension Commitments | 34,090 | 34,691 |
Standby letters of credit and financial guarantees | Credit Card and Other Consumer | ||
Other Commitments [Line Items] | ||
Notional Amount of Credit Extension Commitments | 164 | 396 |
Standby letters of credit and financial guarantees | Investment grade | ||
Other Commitments [Line Items] | ||
Notional Amount of Credit Extension Commitments | 25,500 | 26,100 |
Standby letters of credit and financial guarantees | Non-investment grade | ||
Other Commitments [Line Items] | ||
Notional Amount of Credit Extension Commitments | 8,400 | 8,200 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,650 | 1,883 |
Expire After One Year Through Three Years | 165 | 157 |
Expire After Three Years Through Five Years | 258 | 35 |
Expire After Five Years | 54 | 88 |
Notional Amount of Credit Extension Commitments | 2,127 | 2,163 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 116,181 | 107,331 |
Expire After One Year Through Three Years | 147,778 | 126,525 |
Expire After Three Years Through Five Years | 167,689 | 163,616 |
Expire After Five Years | 58,081 | 36,254 |
Notional Amount of Credit Extension Commitments | 489,729 | 433,726 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 370,127 | 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 |
Notional Amount of Credit Extension Commitments | $ 370,127 | $ 363,989 |
Commitments and Contingencie134
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
2,016 | $ 2,500 | |
2,017 | 2,100 | |
2,018 | 1,700 | |
2,019 | 1,500 | |
2,020 | 1,300 | |
Thereafter | 4,600 | |
Loan commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | 729 | $ 1,800 |
Liquefied Natural Gas Commodities | ||
Loss Contingencies [Line Items] | ||
Other commitments | 1,900 | 241 |
Forward-Dated Resale and Securities Borrowing Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 92,600 | 73,200 |
Forward-Dated Repurchase and Securities Lending Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 59,200 | $ 55,800 |
Commitments and Contingencie135
Commitments and Contingencies - Other Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Notional amount of derivatives | $ 963,801 | $ 1,134,132 |
Commercial Banks | ||
Loss Contingencies [Line Items] | ||
Notional amount of derivatives | 371 | 527 |
Unconsolidated VIEs | ||
Loss Contingencies [Line Items] | ||
Notional amount of derivatives | 921 | 1,200 |
Life Insurance Book Value Protection | ||
Loss Contingencies [Line Items] | ||
Notional amount of derivatives | 13,800 | 13,600 |
Maximum potential exposure | 3,100 | 3,100 |
Net fair value of bank-owned life insurance book value protection | 12 | 25 |
Other Guarantee | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure | 6,000 | 6,200 |
Payment Protection Insurance | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | 360 | 378 |
Provision (benefit) | $ 319 | 621 |
Merchant Servicing Joint Venture | ||
Loss Contingencies [Line Items] | ||
Equity method investment ownership percentage | 49.00% | |
Merchant Processing Servicers, Sponsored Entities | ||
Loss Contingencies [Line Items] | ||
Transactions processed and settled by sponsored entities | $ 669,000 | 647,100 |
Losses as result of cardholder disputed transactions | 22 | 16 |
Merchant escrow deposits held as collateral | 181 | 130 |
Merchant Processing Servicers, Sponsored Entities | Merchant Services | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure | $ 277,100 | $ 269,300 |
Commitments and Contingencie136
Commitments and Contingencies - Litigation and Regulatory Matters (Details) ¥ in Billions | Oct. 01, 2015USD ($) | Aug. 12, 2015USD ($) | Jan. 28, 2015USD ($) | Dec. 30, 2014USD ($)residential_mortgage_backed_securities_transaction | Sep. 02, 2014trustsummon | Aug. 27, 2014USD ($) | Aug. 27, 2014JPY (¥) | Dec. 06, 2013USD ($)offering | May. 28, 2013USD ($) | Oct. 19, 2012USD ($) | Dec. 23, 2009complaintmortgage_backed_securities_offering | Apr. 30, 2010USD ($) | Apr. 30, 2010JPY (¥) | Dec. 31, 2015USD ($)trust | Dec. 31, 2014USD ($) | Jul. 30, 2014USD ($) | Aug. 29, 2011USD ($) | Jan. 14, 2011USD ($)offering |
Loss Contingencies [Line Items] | ||||||||||||||||||
Litigation settlement expense | $ 1,200,000,000 | $ 16,400,000,000 | ||||||||||||||||
Minimum estimated range of possible loss | 0 | |||||||||||||||||
Maximum estimated range of possible loss | 2,400,000,000 | |||||||||||||||||
Debt securities carried at fair value | 305,773,000,000 | 284,274,000,000 | ||||||||||||||||
Mortgage Backed Securities | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Debt securities carried at fair value | $ 250,276,000,000 | $ 187,741,000,000 | ||||||||||||||||
Ambac Countrywide Litigation, Claim One | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Damages sought (more than) | $ 2,200,000,000 | |||||||||||||||||
Ambac Countrywide Litigation, Claim Two | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Damages sought (more than) | $ 600,000,000 | |||||||||||||||||
Number of partially insured residential mortgage backed securities backed by negative amortization pay option adjustable-rate mortgage loans | residential_mortgage_backed_securities_transaction | 8 | |||||||||||||||||
Number of partially insured residential mortgage backed securities backed by negative amortization pay option adjustable-rate mortgage loans issued and underwritten by non-parties | residential_mortgage_backed_securities_transaction | 7 | |||||||||||||||||
Ambac Countrywide Litigation, Claim Three | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Damages sought (more than) | $ 350,000,000 | |||||||||||||||||
Number of partially insured residential mortgage backed securities backed by negative amortization pay option adjustable-rate mortgage loans issued and underwritten by non-parties | residential_mortgage_backed_securities_transaction | 5 | |||||||||||||||||
In Re Payment Card Interchange Fee and Merchant Discount Anti-Trust Litigation (Interchange) | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Total litigation settlement for group of defendants | $ 6,600,000,000 | |||||||||||||||||
Distribution to class merchants, as a percentage of default | 0.10% | |||||||||||||||||
Period of default | 8 months | |||||||||||||||||
U.S. Dollar LIBOR Contributions Litigation | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Total litigation settlement for group of defendants | $ 180,000,000 | |||||||||||||||||
Additional total litigation settlement for group of defendants | $ 7,500,000 | |||||||||||||||||
Montgomery Litigation | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Number of offerings at issue | offering | 3 | |||||||||||||||||
Alleged proceeds from issuance of preferred stock | $ 15,800,000,000 | |||||||||||||||||
FHLB Seattle Litigation | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Number of separate complaints against different defendants | complaint | 4 | |||||||||||||||||
Number of MBS offerings | mortgage_backed_securities_offering | 12 | |||||||||||||||||
Luther Class Action Settlement | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Number of MBS offerings | offering | 429 | |||||||||||||||||
Settlement payment | $ 500,000,000 | |||||||||||||||||
Luther Class Action Settlement | Mortgage Backed Securities | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Debt securities carried at fair value | $ 350,000,000,000 | |||||||||||||||||
U.S. Bank Litigation | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loans and leases original balance | $ 1,750,000,000 | |||||||||||||||||
Subset of loans and leases original balance (more than) | $ 100,000,000 | |||||||||||||||||
U.S. Bank Summonses with Notice Litigation | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Number of trusts involved in settlement agreement | trust | 7 | |||||||||||||||||
Number of claims filed | summon | 7 | |||||||||||||||||
Number of complaints served on trusts involved in settlement agreement | trust | 4 | |||||||||||||||||
O'Donnell Litigation | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Estimated litigation liability | $ 1,300,000,000 | |||||||||||||||||
Pennsylvania Public School Employees' Retirement System [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Settlement payment | $ 335,000,000 | |||||||||||||||||
Takefuji Settlement | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Settlement payment | $ 135,000,000 | ¥ 14.5 | ||||||||||||||||
Loss incurred by plaintiff | $ 270,000,000 | ¥ 29 | ||||||||||||||||
Interest rate | 5.00% | 5.00% |
Shareholders' Equity - Declared
Shareholders' Equity - Declared Quarterly Cash Dividends on Common Stock (Details) - $ / shares | Jan. 21, 2016 | Oct. 22, 2015 | Jul. 23, 2015 | Apr. 16, 2015 | Feb. 10, 2015 |
Class of Stock [Line Items] | |||||
Common dividends (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | |
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Common dividends (in dollars per share) | $ 0.05 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | Mar. 11, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||||||||
Redemption of stock (in shares) | 101.1 | 231.7 | ||||||
Redemption of stock | $ 2,374,000,000 | $ 1,675,000,000 | $ 3,220,000,000 | |||||
Cash paid per common share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.20 | $ 0.12 | $ 0.04 | |
Share-based compensation, number of shares authorized (in shares) | 1,600 | 1,600 | ||||||
Series T Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants outstanding (in shares) | 700 | 700 | ||||||
Exercise price per warrant (in dollars per share) | $ 7.142857 | $ 7.142857 | ||||||
Per annum dividend rate | 6.00% | |||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Stock issued (in shares) | 7 | |||||||
Shares paid for tax withholding for share based compensation (in shares) | 3 | |||||||
Warrants Expiring January 16, 2019 | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants outstanding (in shares) | 150.4 | 150.4 | ||||||
Exercise price per warrant (in dollars per share) | $ 13.107 | $ 13.107 | ||||||
Minimum required dividend rate (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Warrants Expiring October 18, 2018 | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants outstanding (in shares) | 121.8 | 121.8 | ||||||
Exercise price per warrant (in dollars per share) | $ 30.79 | $ 30.79 | ||||||
Minimum required dividend rate (in dollars per share) | $ 0.32 | $ 0.32 | ||||||
2015 Capital Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Shares authorized to be repurchased | $ 4,000,000,000 | |||||||
Period of stock repurchase program | 15 months | |||||||
Quarterly dividend rate (in dollars per share) | $ 0.05 | |||||||
Redemption of stock (in shares) | 140.3 | |||||||
Redemption of stock | $ 2,400,000,000 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Narrative (Details) | Jan. 29, 2016USD ($)$ / sharesshares | Mar. 17, 2015USD ($)$ / sharesshares | Jan. 27, 2015USD ($)$ / sharesshares | Oct. 23, 2014USD ($)shares | Sep. 09, 2014USD ($)shares | Sep. 05, 2014USD ($)shares | Jun. 17, 2014USD ($)shares | Dec. 31, 2015USD ($)dsemi_annual_periodquarterly_perioddirector$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) |
Class of Stock [Line Items] | ||||||||||
Preferred stock dividends | $ 1,483,000,000 | $ 1,044,000,000 | $ 1,249,000,000 | |||||||
Issuance of preferred stock | $ 2,964,000,000 | $ 5,957,000,000 | 1,008,000,000 | |||||||
Redemption of preferred stock | 6,561,000,000 | |||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Series Y Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued during the period (in shares) | shares | 44,000 | |||||||||
Per annum dividend rate | 6.50% | 6.50% | ||||||||
Issuance of preferred stock | $ 1,100,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | ||||||||
Series AA Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued during the period (in shares) | shares | 76,000 | |||||||||
Per annum dividend rate | 6.10% | |||||||||
Issuance of preferred stock | $ 1,900,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | ||||||||
Series T Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Per annum dividend rate | 6.00% | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 100,000 | |||||||||
Series V, X, W, and Z Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Issuance of preferred stock | $ 6,000,000,000 | |||||||||
Series V Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued during the period (in shares) | shares | 60,000 | |||||||||
Per annum dividend rate | 5.125% | |||||||||
Issuance of preferred stock | $ 1,500,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Series X Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued during the period (in shares) | shares | 80,000 | |||||||||
Per annum dividend rate | 6.25% | |||||||||
Issuance of preferred stock | $ 2,000,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Series W Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued during the period (in shares) | shares | 44,000 | |||||||||
Per annum dividend rate | 6.625% | 6.625% | ||||||||
Issuance of preferred stock | $ 1,100,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Series Z Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued during the period (in shares) | shares | 56,000 | |||||||||
Per annum dividend rate | 6.50% | |||||||||
Issuance of preferred stock | $ 1,400,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Series V, X, W, Z Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Preferred Stock Series H, J, 6, 7, and 8 | ||||||||||
Class of Stock [Line Items] | ||||||||||
Redemption of preferred stock | 6,600,000,000 | |||||||||
Series U Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Per annum dividend rate | 5.20% | |||||||||
Issuance of preferred stock | 1,000,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Series L Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Per annum dividend rate | 7.25% | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | |||||||||
Preferred stock to be convertible into common shares (in shares) | shares | 20 | |||||||||
Number of trading days | d | 20 | |||||||||
Period of consecutive trading days | 30 days | |||||||||
Threshold percentage of common stock closing price | 130.00% | |||||||||
Preferred Stock, Excluding Series T Preferred | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of semi annual periods in arrears (or more) | semi_annual_period | 3 | |||||||||
Number of quarterly periods in arrears (or more) | quarterly_period | 6 | |||||||||
Number of additional directors to be elected | director | 2 | |||||||||
Number of semi annual periods for termination (or more) | semi_annual_period | 2 | |||||||||
Number of quarterly periods for termination (or more) | quarterly_period | 4 | |||||||||
Retained Earnings | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock dividends | $ 1,483,000,000 | 1,044,000,000 | 1,249,000,000 | |||||||
Redemption of preferred stock | 100,000,000 | |||||||||
Retained Earnings | Preferred Stock Series H, J, 6, 7, and 8 | ||||||||||
Class of Stock [Line Items] | ||||||||||
Redemption of preferred stock | 100,000,000 | |||||||||
Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Issuance of preferred stock | $ 2,964,000,000 | $ 5,957,000,000 | 1,008,000,000 | |||||||
Redemption of preferred stock | 6,461,000,000 | |||||||||
Preferred Stock | Preferred Stock Series H, J, 6, 7, and 8 | ||||||||||
Class of Stock [Line Items] | ||||||||||
Redemption of preferred stock | $ 6,500,000,000 | |||||||||
Subsequent Event | Series CC Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued during the period (in shares) | shares | 44,000 | |||||||||
Per annum dividend rate | 6.20% | |||||||||
Issuance of preferred stock | $ 1,100,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 |
Shareholders' Equity - Prefe140
Shareholders' Equity - Preferred Stock Summary (Details) $ / shares in Units, $ in Millions | Mar. 17, 2025 | Oct. 23, 2024 | Sep. 05, 2024 | Jun. 01, 2023 | Jun. 17, 2019 | May. 15, 2018 | Jan. 30, 2018 | Jan. 27, 2015$ / shares | Sep. 09, 2014 | Dec. 31, 2015USD ($)$ / sharesshares | Mar. 17, 2015$ / shares | Dec. 31, 2014shares |
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 3,767,790 | 3,647,790 | ||||||||||
Carrying Value | $ 22,505 | |||||||||||
Preferred stock adjustments | $ 232 | |||||||||||
Series B Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 7,571 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 100 | |||||||||||
Carrying Value | $ 1 | |||||||||||
Per Annum Dividend Rate | 7.00% | |||||||||||
Series D Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 26,174 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 654 | |||||||||||
Per Annum Dividend Rate | 6.204% | |||||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||||
Series E Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 12,691 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 317 | |||||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||||
Minimum interest rate per annum | 4.00% | |||||||||||
Series F Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 1,409 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 100,000 | |||||||||||
Carrying Value | $ 141 | |||||||||||
Minimum interest rate per annum | 4.00% | |||||||||||
Series G Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 4,926 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 100,000 | |||||||||||
Carrying Value | $ 493 | |||||||||||
Minimum interest rate per annum | 4.00% | |||||||||||
Series I Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 14,584 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 365 | |||||||||||
Per Annum Dividend Rate | 6.625% | |||||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||||
Series K Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 61,773 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 1,544 | |||||||||||
Per Annum Dividend Rate | 8.00% | |||||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||||
Series L Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 3,080,182 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 1,000 | |||||||||||
Carrying Value | $ 3,080 | |||||||||||
Per Annum Dividend Rate | 7.25% | |||||||||||
Series M Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 52,399 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 1,310 | |||||||||||
Per Annum Dividend Rate | 8.125% | |||||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||||
Series T Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 50,000 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 100,000 | |||||||||||
Carrying Value | $ 2,918 | |||||||||||
Per Annum Dividend Rate | 6.00% | |||||||||||
Series U Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 40,000 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 1,000 | |||||||||||
Per Annum Dividend Rate | 5.20% | |||||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||||
Series V Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 60,000 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 1,500 | |||||||||||
Per Annum Dividend Rate | 5.125% | |||||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||||
Series W Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 44,000 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 1,100 | |||||||||||
Per Annum Dividend Rate | 6.625% | 6.625% | ||||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||||
Series X Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 80,000 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 2,000 | |||||||||||
Per Annum Dividend Rate | 6.25% | |||||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||||
Series Y Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 44,000 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | $ 25,000 | ||||||||||
Carrying Value | $ 1,100 | |||||||||||
Per Annum Dividend Rate | 6.50% | 6.50% | ||||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||||
Series Z Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 56,000 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | |||||||||||
Carrying Value | $ 1,400 | |||||||||||
Per Annum Dividend Rate | 6.50% | |||||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||||
Series AA Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 76,000 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 25,000 | $ 25,000 | ||||||||||
Carrying Value | $ 1,900 | |||||||||||
Per Annum Dividend Rate | 6.10% | |||||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||||
Series 1 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 3,275 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 30,000 | |||||||||||
Carrying Value | $ 98 | |||||||||||
Ownership interest in a share of preferred stock | 0.08% | |||||||||||
Minimum interest rate per annum | 3.00% | |||||||||||
Series 2 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 9,967 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 30,000 | |||||||||||
Carrying Value | $ 299 | |||||||||||
Ownership interest in a share of preferred stock | 0.08% | |||||||||||
Minimum interest rate per annum | 3.00% | |||||||||||
Series 3 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 21,773 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 30,000 | |||||||||||
Carrying Value | $ 653 | |||||||||||
Per Annum Dividend Rate | 6.375% | |||||||||||
Ownership interest in a share of preferred stock | 0.08% | |||||||||||
Series 4 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 7,010 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 30,000 | |||||||||||
Carrying Value | $ 210 | |||||||||||
Ownership interest in a share of preferred stock | 0.08% | |||||||||||
Minimum interest rate per annum | 4.00% | |||||||||||
Series 5 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Total Shares Outstanding | shares | 14,056 | |||||||||||
Liquidation Preference per Share (in dollars) | $ / shares | $ 30,000 | |||||||||||
Carrying Value | $ 422 | |||||||||||
Ownership interest in a share of preferred stock | 0.08% | |||||||||||
Minimum interest rate per annum | 4.00% | |||||||||||
3-Month London Interbank Offered Rate (LIBOR) | Series E Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0035 | |||||||||||
3-Month London Interbank Offered Rate (LIBOR) | Series F Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0040 | |||||||||||
3-Month London Interbank Offered Rate (LIBOR) | Series G Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0040 | |||||||||||
3-Month London Interbank Offered Rate (LIBOR) | Series 1 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0075 | |||||||||||
3-Month London Interbank Offered Rate (LIBOR) | Series 2 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0065 | |||||||||||
3-Month London Interbank Offered Rate (LIBOR) | Series 4 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0075 | |||||||||||
3-Month London Interbank Offered Rate (LIBOR) | Series 5 Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0050 | |||||||||||
Scenario, Forecast | 3-Month London Interbank Offered Rate (LIBOR) | Series K Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0363 | |||||||||||
Scenario, Forecast | 3-Month London Interbank Offered Rate (LIBOR) | Series M Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.0364 | |||||||||||
Scenario, Forecast | 3-Month London Interbank Offered Rate (LIBOR) | Series U Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.03135 | |||||||||||
Scenario, Forecast | 3-Month London Interbank Offered Rate (LIBOR) | Series V Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.03387 | |||||||||||
Scenario, Forecast | 3-Month London Interbank Offered Rate (LIBOR) | Series X Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.03705 | |||||||||||
Scenario, Forecast | 3-Month London Interbank Offered Rate (LIBOR) | Series Z Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.04174 | |||||||||||
Scenario, Forecast | 3-Month London Interbank Offered Rate (LIBOR) | Series AA Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Basis spread on variable rate for dividend rate | 0.03898 |
Accumulated Other Comprehens141
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ 243,471 | $ 232,685 | $ 236,956 |
Cumulative adjustment for accounting change | 0 | ||
Net change | (128) | 4,137 | (5,660) |
Ending Balance | 256,205 | 243,471 | 232,685 |
Debit Valuation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Cumulative adjustment for accounting change | (1,226) | ||
Net change | 615 | ||
Ending Balance | (611) | ||
Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (1,661) | (2,277) | (2,869) |
Cumulative adjustment for accounting change | 0 | ||
Net change | 584 | 616 | 592 |
Ending Balance | (1,077) | (1,661) | (2,277) |
Employee Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (3,350) | (2,407) | (4,456) |
Cumulative adjustment for accounting change | 0 | ||
Net change | 394 | (943) | 2,049 |
Ending Balance | (2,956) | (3,350) | (2,407) |
Foreign currency | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (669) | (512) | (377) |
Cumulative adjustment for accounting change | 0 | ||
Net change | (123) | (157) | (135) |
Ending Balance | (792) | (669) | (512) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (4,320) | (8,457) | (2,797) |
Cumulative adjustment for accounting change | (1,226) | ||
Net change | (128) | 4,137 | (5,660) |
Ending Balance | (5,674) | (4,320) | (8,457) |
Debt securities | Available-for-sale debt securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 1,343 | (3,257) | 4,443 |
Cumulative adjustment for accounting change | 0 | ||
Net change | (1,643) | 4,600 | (7,700) |
Ending Balance | (300) | 1,343 | (3,257) |
Equity securities | Available-for-sale debt securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 17 | (4) | 462 |
Cumulative adjustment for accounting change | 0 | ||
Net change | 45 | 21 | (466) |
Ending Balance | $ 62 | $ 17 | $ (4) |
Accumulated Other Comprehens142
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Before- and After-tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities, after Tax | |||
Net changer, after Tax | $ (1,598) | $ 4,621 | $ (8,166) |
Debit Valuation Adjustments, Before Tax | |||
Net change in fair value, before Tax | 436 | ||
Net realized losses reclassified into earnings, before Tax | 556 | ||
Net change, before Tax | 992 | ||
Debit Valuation Adjustments, Tax | |||
Net change in fair value, Tax | (166) | ||
Net realized losses reclassified into earnings, Tax | (211) | ||
Net change, Tax | (377) | ||
Debit Valuation Adjustments, After Tax | |||
Net change in fair value, after Tax | 270 | ||
Net realized losses reclassified into earnings, after Tax | 345 | ||
Net change, after Tax | 615 | ||
Derivatives, before Tax | |||
Net change in fair value, before Tax | 55 | 195 | 156 |
Net realized losses reclassified into earnings, before Tax | 883 | 760 | 773 |
Net change, before Tax | 938 | 955 | 929 |
Derivatives, Tax | |||
Net change in fair value, Tax | (22) | (54) | (51) |
Net realized losses reclassified into earnings, Tax | (332) | (285) | (286) |
Net change, Tax | (354) | (339) | (337) |
Derivatives, after Tax | |||
Net change in fair value, after Tax | 33 | 141 | 105 |
Net realized losses reclassified into earnings, after Tax | 551 | 475 | 487 |
Net change, after Tax | 584 | 616 | 592 |
Employee benefit plans, before Tax | |||
Net increase in fair value, before tax | 408 | (1,629) | 2,985 |
Net realized losses reclassified into earnings, before Tax | 169 | 55 | 237 |
Settlements and curtailments, before Tax | 1 | (1) | 46 |
Net change, before Tax | 578 | (1,575) | 3,268 |
Employee benefit plans, Tax | |||
Net increase in fair value, tax | (121) | 614 | (1,128) |
Net realized losses reclassified into earnings, Tax | (62) | (23) | (79) |
Settlements and curtailments, Tax | (1) | 41 | (12) |
Net change, Tax | (184) | 632 | (1,219) |
Employee benefit plans, after Tax | |||
Net increase in fair value, after tax | 287 | (1,015) | 1,857 |
Net realized losses reclassified into earnings, after Tax | 107 | 32 | 158 |
Settlements and curtailments, after Tax | 0 | 40 | 34 |
Net change, after Tax | 394 | (943) | 2,049 |
Foreign currency, before Tax | |||
Net increase (decrease) in fair value, before Tax | 600 | 714 | 244 |
Net realized (gains) losses reclassified into earnings, before Tax | (38) | 20 | 138 |
Net change, before tax | 562 | 734 | 382 |
Foreign currency, Tax | |||
Net increase (decrease) in fair value, Tax | (723) | (879) | (384) |
Net realized losses reclassified into earnings, Tax | 38 | (12) | (133) |
Net change, Tax | (685) | (891) | (517) |
Foreign currency, after Tax | |||
Net increase (decrease) in fair value, after Tax | (123) | (165) | (140) |
Net realized losses reclassified into earnings, after Tax | 0 | 8 | 5 |
Net change, after tax | (123) | (157) | (135) |
Other comprehensive income (loss), net-of-tax: | |||
Other Comprehensive Income (Loss), before Tax | 488 | 7,508 | (8,400) |
Other comprehensive income (loss), tax | (616) | (3,371) | 2,740 |
Other comprehensive income (loss) | (128) | 4,137 | (5,660) |
Debt securities | |||
Available-for-sale Securities, before Tax | |||
Net change in fair value, before Tax | (1,644) | 8,698 | (10,989) |
Net realized gains reclassified into earnings, before Tax | (1,010) | (1,338) | (1,251) |
Net change, before Tax | (2,654) | 7,360 | (12,240) |
Available-for-sale Securities, Tax | |||
Net change in fair value, Tax | 627 | (3,268) | 4,077 |
Net realized gains reclassified into earnings, Tax | 384 | 508 | 463 |
Net change, Tax | 1,011 | (2,760) | 4,540 |
Available-for-sale Securities, after Tax | |||
Net change in fair value, after Tax | (1,017) | 5,430 | (6,912) |
Net realized gains reclassified into earnings, after Tax | (626) | (830) | (788) |
Net changer, after Tax | (1,643) | 4,600 | (7,700) |
Equity securities | |||
Available-for-sale Securities, before Tax | |||
Net change in fair value, before Tax | 72 | 34 | 32 |
Net realized gains reclassified into earnings, before Tax | 0 | 0 | (771) |
Net change, before Tax | 72 | 34 | (739) |
Available-for-sale Securities, Tax | |||
Net change in fair value, Tax | (27) | (13) | (12) |
Net realized gains reclassified into earnings, Tax | 0 | 0 | 285 |
Net change, Tax | (27) | (13) | 273 |
Available-for-sale Securities, after Tax | |||
Net change in fair value, after Tax | 45 | 21 | 20 |
Net realized gains reclassified into earnings, after Tax | 0 | 0 | (486) |
Net changer, after Tax | $ 45 | $ 21 | $ (466) |
Accumulated Other Comprehens143
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gains on sales of debt securities | $ 1,091 | $ 1,354 | $ 1,271 |
Other income (loss) | 818 | 1,203 | (49) |
Equity investment income | 261 | 1,130 | 2,901 |
Net interest income | 39,251 | 39,952 | 42,265 |
Trading account profits | 6,473 | 6,309 | 7,056 |
Personnel | (32,868) | (33,787) | (34,719) |
Income Before Income Taxes | 22,154 | 6,855 | 16,172 |
Income tax expense | 6,266 | 2,022 | 4,741 |
Net income | 15,888 | 4,833 | 11,431 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (377) | 315 | 624 |
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 | 1,091 | 1,354 | 1,271 |
Other income (loss) | (81) | (16) | (20) |
Income Before Income Taxes | 1,010 | 1,338 | 1,251 |
Income tax expense | 384 | 508 | 463 |
Net income | 626 | 830 | 788 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Unrealized Investment Gain (Loss) | Equity securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Equity investment income | 0 | 0 | 771 |
Income Before Income Taxes | 0 | 0 | 771 |
Income tax expense | 0 | 0 | 285 |
Net income | 0 | 0 | 486 |
Reclassification out of Accumulated Other Comprehensive Income | Debit Valuation Adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (loss) | (556) | ||
Income Before Income Taxes | (556) | ||
Income tax expense | (211) | ||
Net income | (345) | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income Before Income Taxes | (883) | (760) | (773) |
Income tax expense | (332) | (285) | (286) |
Net income | (551) | (475) | (487) |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives | Interest rate contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (loss) | 0 | 0 | 18 |
Net interest income | (974) | (1,119) | (1,119) |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives | Commodity contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Trading account profits | 0 | 0 | (1) |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives | Equity contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Personnel | 91 | 359 | 329 |
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Personnel | (5) | (5) | (4) |
Reclassification out of Accumulated Other Comprehensive Income | Net actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Personnel | (164) | (50) | (225) |
Reclassification out of Accumulated Other Comprehensive Income | Settlements and curtailments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Personnel | 0 | 0 | (8) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income Before Income Taxes | (169) | (55) | (237) |
Income tax expense | (62) | (23) | (79) |
Net income | (107) | (32) | (158) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (loss) | 38 | (20) | (138) |
Income Before Income Taxes | 38 | (20) | (138) |
Income tax expense | 38 | (12) | (133) |
Net income | $ 0 | $ (8) | $ (5) |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings (loss) per common share | |||
Net income | $ 15,888 | $ 4,833 | $ 11,431 |
Preferred stock dividends | (1,483) | (1,044) | (1,349) |
Net income applicable to common shareholders | 14,405 | 3,789 | 10,082 |
Dividends and undistributed earnings allocated to participating securities | 0 | 0 | (2) |
Net income allocated to common shareholders | $ 14,405 | $ 3,789 | $ 10,080 |
Average common shares issued and outstanding | 10,462,282 | 10,527,818 | 10,731,165 |
Earnings (loss) per common share (in dollars per share) | $ 1.38 | $ 0.36 | $ 0.94 |
Diluted earnings (loss) per common share | |||
Add preferred stock dividends due to assumed conversions | $ 300 | $ 0 | $ 300 |
Dividends and undistributed earnings allocated to participating securities | 0 | 0 | (2) |
Net income allocated to common shareholders | $ 14,705 | $ 3,789 | $ 10,380 |
Average common shares issued and outstanding (in thousands) (in shares) | 10,462,282 | 10,527,818 | 10,731,165 |
Dilutive potential common shares | 751,710 | 56,717 | 760,253 |
Total diluted average common shares issued and outstanding (in thousands) (in shares) | 11,213,992 | 10,584,535 | 11,491,418 |
Diluted earnings (loss) per common share (in dollars per share) | $ 1.31 | $ 0.36 | $ 0.90 |
Earnings Per Common Share - Ant
Earnings Per Common Share - Antidilutive Securities (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average options to purchase shares of common stock | 66 | 91 | 126 |
Series T Preferred Stock | Warrant | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average options to purchase shares of common stock | 700 | 700 | |
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 | 62 | 62 | 62 |
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Incremental common shares attributable to dilutive effect of call options and warrants | 150 | 150 | |
Common Stock | Warrant | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average options to purchase shares of common stock | 122 | 122 | 272 |
Earnings Per Common Share - Dil
Earnings Per Common Share - Dilutive Shares (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Noncash dividends | $ 100 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Incremental common shares attributable to dilutive effect of call options and warrants | 150 | 150 | |
Series T Preferred Stock | |||
Class of Stock [Line Items] | |||
Incremental common shares attributable to dilutive effect of conversion of preferred stock | 700 |
Regulatory Requirements and 147
Regulatory Requirements and Restrictions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Bank of America Corporation | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital ratio, regulatory minimum | 4.50% | 4.00% |
Tier 1 capital ratio, regulatory minimum | 6.00% | 5.50% |
Total capital ratio, regulatory minimum | 8.00% | 8.00% |
Tier 1 capital ratio, well-capitalized | 6.00% | 6.00% |
Total capital ratio, well-capitalized | 10.00% | 10.00% |
Leverage-based Capital Metrics [Abstract] | ||
Tier 1 leverage ratio, regulatory minimum | 4.00% | 4.00% |
Bank of America, N.A. | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital ratio, regulatory minimum | 4.50% | 4.00% |
Tier 1 capital ratio, regulatory minimum | 6.00% | 5.50% |
Total capital ratio, regulatory minimum | 8.00% | 8.00% |
Tier 1 capital ratio, well-capitalized | 6.50% | |
Tier 1 capital ratio, well-capitalized | 8.00% | 6.00% |
Total capital ratio, well-capitalized | 10.00% | 10.00% |
Leverage-based Capital Metrics [Abstract] | ||
Tier 1 leverage ratio, regulatory minimum | 4.00% | 4.00% |
Tier 1 leverage ratio, well-capitalized | 5.00% | 5.00% |
Standardized Approach | Bank of America Corporation | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 163,026 | $ 155,361 |
Tier 1 capital | 180,778 | 168,973 |
Total capital | 220,676 | 208,670 |
Risk-weighted assets (in billions) | $ 1,403,000 | $ 1,262,000 |
Common equity tier 1 capital ratio | 11.60% | 12.30% |
Tier 1 capital ratio | 12.90% | 13.40% |
Total capital ratio | 15.70% | 16.50% |
Leverage-based Capital Metrics [Abstract] | ||
Adjusted quarterly average assets (in billions) | $ 2,103,000 | $ 2,060,000 |
Tier 1 leverage ratio | 8.60% | 8.20% |
Standardized Approach | Bank of America, N.A. | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 144,869 | $ 145,150 |
Tier 1 capital | 144,869 | 145,150 |
Total capital | 159,871 | 161,623 |
Risk-weighted assets (in billions) | $ 1,183,000 | $ 1,105,000 |
Common equity tier 1 capital ratio | 12.20% | 13.10% |
Tier 1 capital ratio | 12.20% | 13.10% |
Total capital ratio | 13.50% | 14.60% |
Leverage-based Capital Metrics [Abstract] | ||
Adjusted quarterly average assets (in billions) | $ 1,575,000 | $ 1,509,000 |
Tier 1 leverage ratio | 9.20% | 9.60% |
Advanced Approaches | Bank of America Corporation | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 163,026 | |
Tier 1 capital | 180,778 | |
Total capital | 210,912 | |
Risk-weighted assets (in billions) | $ 1,602,000 | |
Common equity tier 1 capital ratio | 10.20% | |
Tier 1 capital ratio | 11.30% | |
Total capital ratio | 13.20% | |
Leverage-based Capital Metrics [Abstract] | ||
Adjusted quarterly average assets (in billions) | $ 2,103,000 | $ 2,060,000 |
Tier 1 leverage ratio | 8.60% | 8.20% |
Advanced Approaches | Bank of America, N.A. | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 144,869 | |
Tier 1 capital | 144,869 | |
Total capital | 150,624 | |
Risk-weighted assets (in billions) | $ 1,104,000 | |
Common equity tier 1 capital ratio | 13.10% | |
Tier 1 capital ratio | 13.10% | |
Total capital ratio | 13.60% | |
Leverage-based Capital Metrics [Abstract] | ||
Adjusted quarterly average assets (in billions) | $ 1,575,000 | $ 1,509,000 |
Tier 1 leverage ratio | 9.20% | 9.60% |
Regulatory Requirements and 148
Regulatory Requirements and Restrictions - Other Regulatory Matters (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Average daily reserve balance requirements, in excess of vault cash, maintained with the Federal Reserve | $ 9,800,000,000 | $ 9,100,000,000 |
Cash segregated under other regulations | 12,100,000,000 | 7,700,000,000 |
Securities segregated under other regulations | 17,500,000,000 | $ 19,200,000,000 |
Bank of America, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cash dividends paid to parent company by consolidated subsidiaries | $ 18,800,000,000 | |
Preceding period of net profits for dividends | 2 years | |
Cash dividends allowable to be declared and paid by parent company by consolidated subsidiaries | $ 5,000,000,000 | |
Subsidiaries, Bank of America California, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cash dividends paid to parent company by consolidated subsidiaries | 0 | |
Cash dividends allowable to be declared and paid by parent company by consolidated subsidiaries | $ 895,000,000 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Increase from change in mortality assumption | $ 580,000,000 | ||
Increase (decrease) from change in weighted average discount rates | $ (930,000,000) | 1,900,000,000 | |
Percentage of prior years market gains (losses) recognized at next measurement date | 60.00% | ||
Percentage of prior years market gains (losses) recognized equally over four year period | 40.00% | ||
Defined Contribution Plan: | |||
Cost recognized | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,100,000,000 |
Number of common stock shares held in plan | 236 | 238 | |
Dividend payments to the plan | $ 48,000,000 | $ 29,000,000 | 10,000,000 |
Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in AOCI, net of tax | $ 2,000,000,000 | ||
Company contributions | 0 | 0 | |
Effect of 25 basis point decline in discount rate on net periodic benefit cost | 9,000,000 | ||
Effect of 25 basis point decline in expected return on plan assets on net periodic benefit cost | 44,000,000 | ||
Plan assets recognized in the next fiscal year with respect to decline in discount rate | 9,000,000 | ||
Plan assets recognized in the next fiscal year with respect to decline in expected return | 43,000,000 | ||
Other Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 0 | 0 | |
Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 58,000,000 | 84,000,000 | |
Estimated future employer contributions in next fiscal year | 50,000,000 | ||
Nonqualified and Other Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 97,000,000 | 97,000,000 | |
Estimated future employer contributions in next fiscal year | 103,000,000 | ||
Postretirement Health and Life Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 79,000,000 | 53,000,000 | |
Estimated future employer contributions in next fiscal year | $ 108,000,000 | ||
Percentage of unrecognized gain (loss) recognized during the period | 50.00% | ||
Health care cost trend rate assumed for next fiscal year | 7.00% | ||
Ultimate health care cost trend rate | 5.00% | ||
Effect of 1% increase on service and interest cost components | $ 2,000,000 | ||
Effect of 1% increase on accumulated postretirement benefit obligation | 34,000,000 | ||
Effect of 1% decrease on service and interest cost components | 2,000,000 | ||
Effect of 1% decrease on accumulated postretirement benefit obligation | 29,000,000 | ||
Postretirement Health and Life Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Effect of 25 basis point decline in expected return on plan assets on net periodic benefit cost | 9,000,000 | ||
Plan assets recognized in the next fiscal year with respect to decline in expected return | 8,000,000 | ||
Equity securities | Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of employer and related party securities included in plan assets | $ 189,000,000 | $ 215,000,000 | |
Actual plan asset allocations | 1.05% | 1.15% |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension and Postretirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in fair value of plan assets | |||||
Fair value, January 1 | $ 24,133 | ||||
Fair value, December 31 | 23,505 | $ 24,133 | |||
Qualified Pension Plan | |||||
Change in fair value of plan assets | |||||
Fair value, January 1 | 18,614 | 18,276 | |||
Actual return on plan assets | 199 | 1,261 | |||
Company contributions | 0 | 0 | |||
Plan participant contributions | 0 | 0 | |||
Settlements and curtailments | 0 | 0 | |||
Benefits paid | (851) | (923) | |||
Fair value, December 31 | 17,962 | 18,614 | $ 18,276 | ||
Change in projected benefit obligation | |||||
Projected benefit obligation, January 1 | 15,508 | 14,145 | |||
Service cost | 0 | 0 | 0 | ||
Interest cost | 621 | 665 | 623 | ||
Plan participant contributions | 0 | 0 | |||
Plan amendments | 0 | 0 | |||
Settlements and curtailments | 0 | 0 | |||
Actuarial loss (gain) | (817) | 1,621 | |||
Benefits paid | (851) | (923) | |||
Projected benefit obligation, December 31 | 14,461 | 15,508 | 14,145 | ||
Amount recognized, December 31 | $ 3,501 | $ 3,106 | |||
Funded status, December 31 | |||||
Accumulated benefit obligation | 14,461 | 15,508 | |||
Overfunded (unfunded) status of ABO | 3,501 | 3,106 | |||
Provision for future salaries | 0 | 0 | |||
Projected benefit obligation | 15,508 | 14,145 | 14,145 | $ 14,461 | $ 15,508 |
Weighted-average assumptions, December 31 | |||||
Discount rate | 4.51% | 4.12% | |||
Non-U.S. Pension Plans | |||||
Change in fair value of plan assets | |||||
Fair value, January 1 | 2,564 | 2,457 | |||
Actual return on plan assets | 342 | 256 | |||
Company contributions | 58 | 84 | |||
Plan participant contributions | 1 | 1 | |||
Settlements and curtailments | (7) | (5) | |||
Benefits paid | (78) | (68) | |||
Foreign currency exchange rate changes | (142) | (161) | |||
Fair value, December 31 | 2,738 | 2,564 | 2,457 | ||
Change in projected benefit obligation | |||||
Projected benefit obligation, January 1 | 2,688 | 2,580 | |||
Service cost | 27 | 29 | 32 | ||
Interest cost | 93 | 109 | 98 | ||
Plan participant contributions | 1 | 1 | |||
Plan amendments | (1) | 1 | |||
Settlements and curtailments | (7) | (6) | |||
Actuarial loss (gain) | (2) | 208 | |||
Benefits paid | (78) | (68) | |||
Foreign currency exchange rate changes | (141) | (166) | |||
Projected benefit obligation, December 31 | 2,580 | 2,688 | 2,580 | ||
Amount recognized, December 31 | $ 158 | $ (124) | |||
Funded status, December 31 | |||||
Accumulated benefit obligation | 2,479 | 2,582 | |||
Overfunded (unfunded) status of ABO | 259 | (18) | |||
Provision for future salaries | 101 | 106 | |||
Projected benefit obligation | 2,688 | 2,580 | 2,580 | $ 2,580 | $ 2,688 |
Weighted-average assumptions, December 31 | |||||
Discount rate | 3.59% | 3.56% | |||
Rate of compensation increase | 4.64% | 4.70% | |||
Nonqualified and Other Pension Plans | |||||
Change in fair value of plan assets | |||||
Fair value, January 1 | 2,927 | 2,720 | |||
Actual return on plan assets | 14 | 336 | |||
Company contributions | 97 | 97 | |||
Plan participant contributions | 0 | 0 | |||
Settlements and curtailments | 0 | 0 | |||
Benefits paid | (233) | (226) | |||
Fair value, December 31 | 2,805 | 2,927 | 2,720 | ||
Change in projected benefit obligation | |||||
Projected benefit obligation, January 1 | 3,329 | 3,070 | |||
Service cost | 0 | 1 | 1 | ||
Interest cost | 122 | 133 | 120 | ||
Plan participant contributions | 0 | 0 | |||
Plan amendments | 0 | 0 | |||
Settlements and curtailments | 0 | 0 | |||
Actuarial loss (gain) | (165) | 351 | |||
Benefits paid | (233) | (226) | |||
Projected benefit obligation, December 31 | 3,053 | 3,329 | 3,070 | ||
Amount recognized, December 31 | $ (248) | $ (402) | |||
Funded status, December 31 | |||||
Accumulated benefit obligation | 3,052 | 3,329 | |||
Overfunded (unfunded) status of ABO | (247) | (402) | |||
Provision for future salaries | 1 | 0 | |||
Projected benefit obligation | 3,329 | 3,070 | 3,070 | $ 3,053 | $ 3,329 |
Weighted-average assumptions, December 31 | |||||
Discount rate | 4.34% | 3.80% | |||
Rate of compensation increase | 4.00% | 4.00% | |||
Postretirement Health and Life Plans | |||||
Change in fair value of plan assets | |||||
Fair value, January 1 | 28 | 72 | |||
Actual return on plan assets | 0 | 6 | |||
Company contributions | 79 | 53 | |||
Plan participant contributions | 127 | 129 | |||
Settlements and curtailments | 0 | 0 | |||
Benefits paid | (247) | (248) | |||
Federal subsidy on benefits paid | 13 | 16 | |||
Fair value, December 31 | 0 | 28 | 72 | ||
Change in projected benefit obligation | |||||
Projected benefit obligation, January 1 | 1,346 | 1,356 | |||
Service cost | 8 | 8 | 9 | ||
Interest cost | 48 | 58 | 54 | ||
Plan participant contributions | 127 | 129 | |||
Plan amendments | 0 | 0 | |||
Settlements and curtailments | 0 | 0 | |||
Actuarial loss (gain) | (141) | 29 | |||
Benefits paid | (247) | (248) | |||
Federal subsidy on benefits paid | 13 | 16 | |||
Foreign currency exchange rate changes | (2) | (2) | |||
Projected benefit obligation, December 31 | 1,152 | 1,346 | 1,356 | ||
Amount recognized, December 31 | $ (1,152) | $ (1,318) | |||
Funded status, December 31 | |||||
Projected benefit obligation | $ 1,346 | $ 1,356 | $ 1,356 | $ 1,152 | $ 1,346 |
Weighted-average assumptions, December 31 | |||||
Discount rate | 4.32% | 3.75% |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized on the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Qualified Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | $ 3,501 | $ 3,106 |
Accrued expenses and other liabilities | 0 | 0 |
Net amount recognized at December 31 | 3,501 | 3,106 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 548 | 252 |
Accrued expenses and other liabilities | (390) | (376) |
Net amount recognized at December 31 | 158 | (124) |
Nonqualified and Other Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 825 | 786 |
Accrued expenses and other liabilities | (1,073) | (1,188) |
Net amount recognized at December 31 | (248) | (402) |
Postretirement Health and Life Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 0 | 0 |
Accrued expenses and other liabilities | (1,152) | (1,318) |
Net amount recognized at December 31 | $ (1,152) | $ (1,318) |
Employee Benefit Plans - ABO an
Employee Benefit Plans - ABO and PBO in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Non-U.S. Pension Plans | ||
Plans with PBO and ABO in Excess of Plan Assets | ||
PBO | $ 574 | $ 583 |
ABO | 551 | 563 |
Fair value of plan assets | 183 | 206 |
Nonqualified and Other Pension Plans | ||
Plans with PBO and ABO in Excess of Plan Assets | ||
PBO | 1,075 | 1,190 |
ABO | 1,074 | 1,190 |
Fair value of plan assets | $ 1 | $ 2 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Qualified Pension Plan | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 621 | 665 | 623 |
Expected return on plan assets | (1,045) | (1,018) | (1,024) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | 170 | 111 | 242 |
Recognized loss due to settlements and curtailments | 0 | 0 | 17 |
Net periodic benefit cost (income) | $ (254) | $ (242) | $ (142) |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 4.12% | 4.85% | 4.00% |
Expected return on plan assets | 6.00% | 6.00% | 6.50% |
Non-U.S. Pension Plans | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 27 | $ 29 | $ 32 |
Interest cost | 93 | 109 | 98 |
Expected return on plan assets | (133) | (137) | (121) |
Amortization of prior service cost | 1 | 1 | 0 |
Amortization of net actuarial loss (gain) | 6 | 3 | 2 |
Recognized loss due to settlements and curtailments | 0 | 2 | (7) |
Net periodic benefit cost (income) | $ (6) | $ 7 | $ 4 |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 3.56% | 4.30% | 4.23% |
Expected return on plan assets | 5.27% | 5.52% | 5.50% |
Rate of compensation increase | 4.70% | 4.91% | 4.37% |
Nonqualified and Other Pension Plans | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 0 | $ 1 | $ 1 |
Interest cost | 122 | 133 | 120 |
Expected return on plan assets | (92) | (124) | (109) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | 34 | 25 | 25 |
Recognized loss due to settlements and curtailments | 0 | 0 | 2 |
Net periodic benefit cost (income) | $ 64 | $ 35 | $ 39 |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 3.80% | 4.55% | 3.65% |
Expected return on plan assets | 3.26% | 4.60% | 3.75% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Postretirement Health and Life Plans | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 8 | $ 8 | $ 9 |
Interest cost | 48 | 58 | 54 |
Expected return on plan assets | (1) | (4) | (5) |
Amortization of prior service cost | 4 | 4 | 4 |
Amortization of net actuarial loss (gain) | (46) | (89) | (42) |
Recognized loss due to settlements and curtailments | 0 | 0 | 6 |
Net periodic benefit cost (income) | $ 13 | $ (23) | $ 26 |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 3.75% | 4.50% | 3.65% |
Expected return on plan assets | 6.00% | 6.00% | 6.50% |
Employee Benefit Plans - Pretax
Employee Benefit Plans - Pretax Amounts Included in Accumulated OCI (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 4,755 | $ 5,328 |
Prior service cost (credits) | 6 | 11 |
Amounts recognized in accumulated OCI | 4,761 | 5,339 |
Qualified Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 3,920 | 4,061 |
Prior service cost (credits) | 0 | 0 |
Amounts recognized in accumulated OCI | 3,920 | 4,061 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 137 | 355 |
Prior service cost (credits) | (10) | (9) |
Amounts recognized in accumulated OCI | 127 | 346 |
Nonqualified and Other Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 848 | 968 |
Prior service cost (credits) | 0 | 0 |
Amounts recognized in accumulated OCI | 848 | 968 |
Postretirement Health and Life Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | (150) | (56) |
Prior service cost (credits) | 16 | 20 |
Amounts recognized in accumulated OCI | $ (134) | $ (36) |
Employee Benefit Plans - Pre155
Employee Benefit Plans - Pretax Amounts Recognized in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | ||
Current year actuarial loss (gain) | $ (408) | $ 1,629 |
Amortization of actuarial gain (loss) | (164) | (50) |
Current year prior service cost (credit) | (1) | 1 |
Amortization of prior service cost | (5) | (5) |
Amounts recognized in OCI | (578) | 1,575 |
Qualified Pension Plan | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | ||
Current year actuarial loss (gain) | 29 | 1,378 |
Amortization of actuarial gain (loss) | (170) | (111) |
Current year prior service cost (credit) | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amounts recognized in OCI | (141) | 1,267 |
Non-U.S. Pension Plans | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | ||
Current year actuarial loss (gain) | (211) | 87 |
Amortization of actuarial gain (loss) | (6) | (3) |
Current year prior service cost (credit) | (1) | 1 |
Amortization of prior service cost | (1) | (1) |
Amounts recognized in OCI | (219) | 84 |
Nonqualified and Other Pension Plans | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | ||
Current year actuarial loss (gain) | (86) | 138 |
Amortization of actuarial gain (loss) | (34) | (25) |
Current year prior service cost (credit) | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amounts recognized in OCI | (120) | 113 |
Postretirement Health and Life Plans | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | ||
Current year actuarial loss (gain) | (140) | 26 |
Amortization of actuarial gain (loss) | 46 | 89 |
Current year prior service cost (credit) | 0 | 0 |
Amortization of prior service cost | (4) | (4) |
Amounts recognized in OCI | $ (98) | $ 111 |
Employee Benefit Plans - Amo156
Employee Benefit Plans - Amount Amortized from Accumulated OCI (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Net actuarial loss (gain) | $ 100 |
Prior service cost | 5 |
Total amounts amortized from accumulated OCI | 105 |
Qualified Pension Plan | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Net actuarial loss (gain) | 136 |
Prior service cost | 0 |
Total amounts amortized from accumulated OCI | 136 |
Non-U.S. Pension Plans | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Net actuarial loss (gain) | 6 |
Prior service cost | 1 |
Total amounts amortized from accumulated OCI | 7 |
Nonqualified and Other Pension Plans | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Net actuarial loss (gain) | 25 |
Prior service cost | 0 |
Total amounts amortized from accumulated OCI | 25 |
Postretirement Health and Life Plans | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Net actuarial loss (gain) | (67) |
Prior service cost | 4 |
Total amounts amortized from accumulated OCI | $ (63) |
Employee Benefit Plans - Target
Employee Benefit Plans - Target Allocation (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Equity securities | Qualified Pension Plan | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 20.00% |
Equity Securities Maximum | 60.00% |
Equity securities | Non-U.S. Pension Plans | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 10.00% |
Equity Securities Maximum | 35.00% |
Equity securities | Nonqualified and Other Pension Plans | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 0.00% |
Equity Securities Maximum | 5.00% |
Debt securities | Qualified Pension Plan | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 40.00% |
Equity Securities Maximum | 80.00% |
Debt securities | Non-U.S. Pension Plans | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 40.00% |
Equity Securities Maximum | 80.00% |
Debt securities | Nonqualified and Other Pension Plans | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 95.00% |
Equity Securities Maximum | 100.00% |
Real Estate | Qualified Pension Plan | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 0.00% |
Equity Securities Maximum | 10.00% |
Real Estate | Non-U.S. Pension Plans | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 0.00% |
Equity Securities Maximum | 15.00% |
Real Estate | Nonqualified and Other Pension Plans | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 0.00% |
Equity Securities Maximum | 5.00% |
Other | Qualified Pension Plan | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 0.00% |
Equity Securities Maximum | 5.00% |
Other | Non-U.S. Pension Plans | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 0.00% |
Equity Securities Maximum | 15.00% |
Other | Nonqualified and Other Pension Plans | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity Securities Minimum | 0.00% |
Equity Securities Maximum | 5.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 23,505 | $ 24,133 | ||
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 13,843 | 13,315 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 8,625 | 9,856 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,037 | 962 | $ 879 | $ 817 |
Money market and interest-bearing cash | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,061 | 3,814 | ||
Money market and interest-bearing cash | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,061 | 3,814 | ||
Money market and interest-bearing cash | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Money market and interest-bearing cash | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalent commingled/mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4 | 4 | ||
Cash and cash equivalent commingled/mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalent commingled/mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4 | 4 | ||
Cash and cash equivalent commingled/mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. government and agency securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,615 | 4,166 | ||
U.S. government and agency securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,723 | 2,004 | ||
U.S. government and agency securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 881 | 2,151 | ||
U.S. government and agency securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11 | 11 | 12 | 13 |
Corporate debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,795 | 1,454 | ||
Corporate debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,795 | 1,454 | ||
Corporate debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,939 | 1,930 | ||
Asset-backed securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,939 | 1,930 | ||
Asset-backed securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Non-U.S. debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,294 | 1,114 | ||
Non-U.S. debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 632 | 627 | ||
Non-U.S. debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 662 | 487 | ||
Non-U.S. debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 6 | 10 |
Fixed income commingled/mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,972 | 1,498 | ||
Fixed income commingled/mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 551 | 101 | ||
Fixed income commingled/mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,421 | 1,397 | ||
Fixed income commingled/mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Common and preferred equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,735 | 6,628 | ||
Common and preferred equity securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,735 | 6,628 | ||
Common and preferred equity securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Common and preferred equity securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity commingled/mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,506 | 1,833 | ||
Equity commingled/mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3 | 16 | ||
Equity commingled/mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,503 | 1,817 | ||
Equity commingled/mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Public real estate investment trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 138 | 124 | ||
Public real estate investment trusts | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 138 | 124 | ||
Public real estate investment trusts | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Public real estate investment trusts | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Private real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 144 | 127 | ||
Private real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Private real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Private real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 144 | 127 | 119 | 110 |
Real estate commingled/mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 743 | 636 | ||
Real estate commingled/mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Real estate commingled/mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 12 | 4 | ||
Real estate commingled/mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 731 | 632 | 462 | 324 |
Limited partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 170 | 187 | ||
Limited partnerships | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Limited partnerships | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 121 | 122 | ||
Limited partnerships | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 49 | 65 | 145 | 231 |
Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 389 | 618 | ||
Other investments | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 1 | ||
Other investments | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 287 | 490 | ||
Other investments | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 102 | 127 | $ 135 | $ 129 |
Interest Rate Swap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 114 | 297 | ||
Participant Loans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 58 | 78 | ||
Commodity and Balanced Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 165 | 178 | ||
Other Various Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 52 | $ 65 |
Employee Benefit Plans - Fai159
Employee Benefit Plans - Fair Value Measurements Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in fair value of plan assets | |||
Fair value, January 1 | $ 24,133 | ||
Fair value, December 31 | 23,505 | $ 24,133 | |
U.S. government and agency securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 4,166 | ||
Fair value, December 31 | 3,615 | 4,166 | |
Non-U.S. debt securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 1,114 | ||
Fair value, December 31 | 1,294 | 1,114 | |
Private real estate | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 127 | ||
Fair value, December 31 | 144 | 127 | |
Real estate commingled/mutual funds | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 636 | ||
Fair value, December 31 | 743 | 636 | |
Limited partnerships | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 187 | ||
Fair value, December 31 | 170 | 187 | |
Other investments | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 618 | ||
Fair value, December 31 | 389 | 618 | |
Level 3 | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 962 | 879 | $ 817 |
Actual Return on Plan Assets Still Held at the Reporting Date | 45 | 31 | 19 |
Purchases, Sales and Settlements | 30 | 56 | 71 |
Transfers out of Level 3 | 0 | (4) | (28) |
Fair value, December 31 | 1,037 | 962 | 879 |
Level 3 | U.S. government and agency securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 11 | 12 | 13 |
Actual Return on Plan Assets Still Held at the Reporting Date | 0 | 0 | 0 |
Purchases, Sales and Settlements | 0 | (1) | (1) |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | 11 | 11 | 12 |
Level 3 | Non-U.S. debt securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 0 | 6 | 10 |
Actual Return on Plan Assets Still Held at the Reporting Date | 0 | (2) | |
Purchases, Sales and Settlements | (2) | (2) | |
Transfers out of Level 3 | (4) | 0 | |
Fair value, December 31 | 0 | 0 | 6 |
Level 3 | Private real estate | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 127 | 119 | 110 |
Actual Return on Plan Assets Still Held at the Reporting Date | 14 | 5 | 4 |
Purchases, Sales and Settlements | 3 | 3 | 5 |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | 144 | 127 | 119 |
Level 3 | Real estate commingled/mutual funds | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 632 | 462 | 324 |
Actual Return on Plan Assets Still Held at the Reporting Date | 37 | 20 | 15 |
Purchases, Sales and Settlements | 62 | 150 | 123 |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | 731 | 632 | 462 |
Level 3 | Limited partnerships | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 65 | 145 | 231 |
Actual Return on Plan Assets Still Held at the Reporting Date | (1) | 5 | 8 |
Purchases, Sales and Settlements | (15) | (85) | (66) |
Transfers out of Level 3 | 0 | 0 | (28) |
Fair value, December 31 | 49 | 65 | 145 |
Level 3 | Other investments | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 127 | 135 | 129 |
Actual Return on Plan Assets Still Held at the Reporting Date | (5) | 1 | (6) |
Purchases, Sales and Settlements | (20) | (9) | 12 |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | $ 102 | $ 127 | $ 135 |
Employee Benefit Plans - Projec
Employee Benefit Plans - Projected Benefit Payments (Details) $ in Millions | Dec. 31, 2015USD ($) |
Qualified Pension Plan | |
Projected Benefit Payments | |
2,016 | $ 915 |
2,017 | 900 |
2,018 | 902 |
2,019 | 894 |
2,020 | 903 |
2021 - 2025 | 4,409 |
Non-U.S. Pension Plans | |
Projected Benefit Payments | |
2,016 | 56 |
2,017 | 59 |
2,018 | 62 |
2,019 | 68 |
2,020 | 71 |
2021 - 2025 | 463 |
Nonqualified and Other Pension Plans | |
Projected Benefit Payments | |
2,016 | 246 |
2,017 | 238 |
2,018 | 240 |
2,019 | 237 |
2,020 | 236 |
2021 - 2025 | 1,110 |
Postretirement Health and Life Plans | |
Projected Benefit Payments | |
2,016 | 121 |
2,017 | 115 |
2,018 | 111 |
2,019 | 105 |
2,020 | 101 |
2021 - 2025 | 450 |
Medicare Subsidy | |
2,016 | 13 |
2,017 | 13 |
2,018 | 13 |
2,019 | 12 |
2,020 | 12 |
2021-2025 | $ 52 |
Stock-based Compensation Pla161
Stock-based Compensation Plans Stock-based Compensation Plans (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)installmentshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost | $ | $ 2,170 | $ 2,300 | $ 2,280 |
Tax benefit from compensation expense | $ | $ 824 | $ 854 | $ 842 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of vesting installments | installment | 3 | ||
Period vesting of restricted stock units begins | 1 year | ||
Stock-settled Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted in period (in shares) | 2,079,667 | ||
Key Associate Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 450,000,000 | ||
Key Associate Stock Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted in period (in shares) | 131,000,000 | ||
Key Associate Stock Plan | Stock-settled Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted in period (in shares) | 2,000,000 |
Stock-based Compensation Pla162
Stock-based Compensation Plans - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted- average Grant Date Fair Value | |||
Cash used to settle awards | $ 3,000 | $ 2,700 | $ 1,700 |
Stock-settled Restricted Stock and Restricted Stock Units | |||
Shares/Units | |||
Outstanding at beginning of period (in shares) | 29,882,769 | ||
Granted (in shares) | 2,079,667 | ||
Vested (in shares) | (8,750,921) | ||
Canceled (in shares) | (655,497) | ||
Outstanding at end of period (in shares) | 22,556,018 | 29,882,769 | |
Weighted- average Grant Date Fair Value | |||
Outstanding at beginning of period (in dollars per share) | $ 9.30 | ||
Granted (in dollars per share) | 16.60 | ||
Vested (in dollars per share) | 11.43 | ||
Canceled (in dollars per share) | 9.52 | ||
Outstanding at end of period (in dollars per share) | $ 9.14 | $ 9.30 | |
Restricted Stock and Restricted Stock Units | |||
Weighted- average Grant Date Fair Value | |||
Total unrecognized compensation cost | $ 1,200 | ||
Expected period of total unrecognized compensation cost | 4 years | ||
Total unrecognized compensation cost, period for recognition | 1 year 8 months | ||
Fair value of vested in period | $ 145 | $ 704 | $ 906 |
Key Associate Stock Plan | Stock-settled Restricted Stock and Restricted Stock Units | |||
Shares/Units | |||
Granted (in shares) | 2,000,000 | ||
Key Associate Stock Plan | Cash-settled Restricted Stock Units | |||
Shares/Units | |||
Outstanding at beginning of period (in shares) | 316,956,435 | ||
Granted (in shares) | 128,748,571 | ||
Vested (in shares) | (176,407,854) | ||
Canceled (in shares) | (13,942,138) | ||
Outstanding at end of period (in shares) | 255,355,014 | 316,956,435 |
Stock-based Compensation Pla163
Stock-based Compensation Plans - Stock Options (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Options | |
Outstanding at beginning of period (in shares) | shares | 88,087,054 |
Forfeited (in shares) | shares | (24,211,579) |
Outstanding at end of period (in shares) | shares | 63,875,475 |
Weighted- average Exercise Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 48.96 |
Forfeited (in dollars per share) | $ / shares | 48.38 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 49.18 |
Outstanding, weighted average remaining contractual term | 1 year 1 month |
Aggregate intrinsic value | $ | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current income tax expense | |||
U.S. federal | $ 2,387 | $ 443 | $ 180 |
U.S. state and local | 210 | 340 | 786 |
Non-U.S. | 561 | 513 | 513 |
Total current expense | 3,158 | 1,296 | 1,479 |
Deferred income tax expense (benefit) | |||
U.S. federal | 1,992 | 583 | 2,056 |
U.S. state and local | 519 | 85 | (94) |
Non-U.S. | 597 | 58 | 1,300 |
Deferred Income Tax Expense (Benefit) | 3,108 | 726 | 3,262 |
Total income tax expense | $ 6,266 | $ 2,022 | $ 4,741 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Expected U.S. federal income tax expense | $ 7,754 | $ 2,399 | $ 5,660 |
State tax expense, net of federal benefit | 474 | 276 | 450 |
Affordable housing credits/other credits | (1,087) | (950) | (863) |
Non-U.S. tax rate differential | (559) | (507) | (940) |
Tax-exempt income, including dividends | (539) | (533) | (524) |
Changes in prior period UTBs, including interest | (85) | (741) | (255) |
Non-U.S. tax law changes | 289 | 0 | 1,133 |
Nondeductible expenses | 40 | 1,982 | 104 |
Other | (21) | 96 | (24) |
Total income tax expense | $ 6,266 | $ 2,022 | $ 4,741 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Expected U.S. federal income tax expense | 35.00% | 35.00% | 35.00% |
State tax expense, net of federal benefit | 2.10% | 4.00% | 2.80% |
Affordable housing credits/other credits | (4.90%) | (13.80%) | (5.30%) |
Non-U.S. tax rate differential | (2.50%) | (7.40%) | (5.80%) |
Tax-exempt income, including dividends | (2.40%) | (7.80%) | (3.20%) |
Changes in prior period UTBs, including interest | (0.40%) | (10.80%) | (1.60%) |
Non-U.S. tax law changes | 1.30% | (0.00%) | 7.00% |
Nondeductible expenses | 0.20% | 28.90% | 0.60% |
Other | (0.10%) | 1.40% | (0.20%) |
Total income tax expense | 28.30% | 29.50% | 29.30% |
Income Taxes - Reconciliatio166
Income Taxes - Reconciliation of the Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, January 1 | $ 1,068 | $ 3,068 | $ 3,677 |
Increases related to positions taken during the current year | 36 | 75 | 98 |
Increases related to positions taken during prior years | 187 | 519 | 254 |
Decreases related to positions taken during prior years | (177) | (973) | (508) |
Settlements | (1) | (1,594) | (448) |
Expiration of statute of limitations | (18) | (27) | (5) |
Balance, December 31 | 1,095 | 1,068 | 3,068 |
Changes in prior period UTBs, including interest | $ (85) | $ (741) | $ (255) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 9,494 | $ 10,955 |
Accrued expenses | 6,340 | 6,309 |
Allowance for credit losses | 4,649 | 5,478 |
Security, loan and debt valuations | 4,084 | 5,385 |
Tax credit carryforwards | 3,585 | 3,899 |
Tax credit carryforwards | 2,707 | 5,614 |
Available-for-sale securities | 152 | 0 |
Other | 2,333 | 1,800 |
Gross deferred tax assets | 33,344 | 39,440 |
Valuation allowance | (1,149) | (1,111) |
Total deferred tax assets, net of valuation allowance | 32,195 | 38,329 |
Deferred tax liabilities | ||
Equipment lease financing | 3,016 | 3,105 |
Intangibles | 1,306 | 1,513 |
Fee income | 864 | 881 |
Mortgage servicing rights | 466 | 1,094 |
Long-term borrowings | 327 | 630 |
Available-for-sale securities | 0 | 828 |
Other | 1,752 | 2,024 |
Gross deferred tax liabilities | 7,731 | 10,075 |
Net deferred tax assets, net of valuation allowance | $ 24,464 | $ 28,254 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | $ 2,707 | $ 5,614 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 9,494 | $ 10,955 |
Net operating losses before benefit of federal deductions | 1,400 | |
Valuation allowance before considering benefit of federal deductions | 623 | |
Net operating losses – U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 2,507 | |
Valuation Allowance | 0 | |
Net Deferred Tax Asset | 2,507 | |
Net operating losses – U.K. and other | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 432 | |
Valuation Allowance | (323) | |
Net Deferred Tax Asset | 109 | |
Net operating losses – U.S. states | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 898 | |
Valuation Allowance | (405) | |
Net Deferred Tax Asset | 493 | |
General business credits | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | 2,635 | |
Valuation Allowance | 0 | |
Net Deferred Tax Asset | 2,635 | |
Foreign tax credits | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | 72 | |
Valuation Allowance | (72) | |
Net Deferred Tax Asset | 0 | |
UNITED KINGDOM | Net operating losses – U.K. and other | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 5,657 | |
Valuation Allowance | 0 | |
Net Deferred Tax Asset | $ 5,657 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Jurisdiction | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Income Tax Disclosure [Abstract] | |||
Other comprehensive income (loss), tax | $ (616) | $ (3,371) | $ 2,740 |
Tax effect on common stock and additional paid in capital from employee stock purchase plan activity | (44) | (35) | (128) |
Unrecognized tax benefits that would impact effective rate | $ 700 | 700 | 2,500 |
Number of jurisdictions for filing income tax returns (more than) | Jurisdiction | 100 | ||
Unrecognized tax benefits is reasonable possible, amount of unrecorded benefit | $ 100 | ||
Penalties and interest expense | (82) | (196) | $ 127 |
Penalties and interest accrued | 288 | $ 455 | |
Undistributed earnings of foreign subsidiaries | 18,000 | ||
Deferred tax liabilities, undistributed foreign earnings | $ 5,000 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 55,143 | $ 62,182 | |
Trading account assets | 176,527 | 191,785 | |
Gross Derivative Assets | 689,700 | 984,800 | |
Derivative assets | 49,990 | 52,682 | |
Total available-for-sale debt securities | 305,773 | 284,274 | |
Other debt securities carried at fair value | 16,607 | 36,421 | |
Loans and leases | 6,938 | 8,681 | |
Mortgage servicing rights | 3,087 | 3,530 | $ 5,042 |
Loans held-for-sale | 4,818 | 6,801 | |
Other assets | 14,320 | 13,873 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 1,116 | 1,469 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 24,574 | 35,357 | |
Gross Derivative Liabilities | 682,200 | 981,800 | |
Derivative Liability | 38,450 | 46,909 | |
Short-term borrowings | 1,325 | 2,697 | |
Long-term debt | 30,097 | 36,404 | |
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 1 to Level 2 | 4,100 | ||
Liabilities transferred from Level 1 to Level 2 | 570 | ||
Derivative liabilities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Liabilities transferred from Level 1 to Level 2 | 6,700 | ||
Liabilities transferred from Level 2 to Level 1 | 6,200 | ||
Derivative assets | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 1 to Level 2 | 6,600 | ||
Assets transferred from Level 2 to Level 1 | 6,400 | ||
Other assets | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 2 to Level 1 | 327 | ||
U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 25,277 | 69,595 | |
Other debt securities carried at fair value | 0 | 1,541 | |
Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 228,947 | 165,039 | |
Other debt securities carried at fair value | 0 | 15,704 | |
Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 10,985 | 14,248 | |
Other debt securities carried at fair value | 7 | 0 | |
Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 3,179 | 4,454 | |
Other debt securities carried at fair value | 3,490 | 3,745 | |
Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 7,165 | 4,000 | |
Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 10,202 | 10,791 | |
Other debt securities carried at fair value | 267 | 299 | |
Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 14,008 | 9,549 | |
US Government-sponsored Enterprises Debt Securities | |||
Financial assets | |||
Trading account assets | 14,800 | 17,200 | |
Recurring | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 55,143 | 62,182 | |
Trading account assets | 176,527 | 191,785 | |
Netting adjustments | (639,751) | (932,103) | |
Derivative assets | 49,990 | 52,682 | |
Total available-for-sale debt securities | 305,773 | 284,274 | |
Other debt securities carried at fair value | 16,607 | 36,421 | |
Loans and leases | 6,938 | 8,681 | |
Mortgage servicing rights | 3,087 | 3,530 | |
Loans held-for-sale | 4,818 | 6,801 | |
Other assets | 14,320 | 13,873 | |
Total assets | 633,203 | 660,229 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 1,116 | 1,469 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 24,574 | 35,357 | |
Total trading account liabilities | 66,963 | 74,192 | |
Netting adjustment | (643,679) | (934,857) | |
Derivative Liability | 38,450 | 46,909 | |
Short-term borrowings | 1,325 | 2,697 | |
Accrued expenses and other liabilities | 13,899 | 12,055 | |
Long-term debt | 30,097 | 36,404 | |
Total liabilities | 176,424 | 209,083 | |
Recurring | U.S. government and agency securities | |||
Financial assets | |||
Trading account assets | 48,535 | 51,019 | |
Liabilities | |||
Total trading account liabilities | 14,972 | 18,960 | |
Recurring | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 25,901 | 35,212 | |
Liabilities | |||
Total trading account liabilities | 6,161 | 7,169 | |
Recurring | Equity securities | |||
Financial assets | |||
Trading account assets | 63,029 | 56,358 | |
Liabilities | |||
Total trading account liabilities | 30,290 | 28,349 | |
Recurring | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 29,087 | 36,254 | |
Liabilities | |||
Total trading account liabilities | 15,540 | 19,714 | |
Recurring | Mortgage trading loans and ABS | |||
Financial assets | |||
Trading account assets | 9,975 | 12,942 | |
Recurring | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 25,277 | 69,595 | |
Other debt securities carried at fair value | 1,541 | ||
Recurring | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 228,947 | 165,039 | |
Other debt securities carried at fair value | 15,704 | ||
Recurring | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 10,985 | 14,248 | |
Other debt securities carried at fair value | 7 | ||
Recurring | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 3,179 | 4,454 | |
Other debt securities carried at fair value | 3,490 | 3,745 | |
Recurring | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 7,165 | 4,000 | |
Recurring | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 5,767 | 6,230 | |
Other debt securities carried at fair value | 12,843 | 15,132 | |
Recurring | Corporate/Agency bonds | |||
Financial assets | |||
Total available-for-sale debt securities | 243 | 368 | |
Recurring | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 10,202 | 10,791 | |
Other debt securities carried at fair value | 267 | 299 | |
Recurring | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 14,008 | 9,549 | |
Recurring | Level 1 | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 90,745 | 87,579 | |
Gross Derivative Assets | 5,149 | 4,957 | |
Total available-for-sale debt securities | 26,142 | 70,624 | |
Other debt securities carried at fair value | 11,691 | 14,811 | |
Loans and leases | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Other assets | 11,923 | 11,581 | |
Total assets | 145,650 | 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 | 56,483 | 59,471 | |
Gross Derivative Liabilities | 4,941 | 4,493 | |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 11,656 | 10,795 | |
Long-term debt | 0 | 0 | |
Total liabilities | 73,080 | 74,759 | |
Recurring | Level 1 | U.S. government and agency securities | |||
Financial assets | |||
Trading account assets | 33,034 | 33,470 | |
Liabilities | |||
Total trading account liabilities | 14,803 | 18,514 | |
Recurring | Level 1 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 325 | 243 | |
Liabilities | |||
Total trading account liabilities | 193 | 189 | |
Recurring | Level 1 | Equity securities | |||
Financial assets | |||
Trading account assets | 41,735 | 33,518 | |
Liabilities | |||
Total trading account liabilities | 27,898 | 24,679 | |
Recurring | Level 1 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 15,651 | 20,348 | |
Liabilities | |||
Total trading account liabilities | 13,589 | 16,089 | |
Recurring | Level 1 | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 23,374 | 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 | ||
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 | 2,768 | 3,191 | |
Other debt securities carried at fair value | 11,691 | 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 | 0 | 20 | |
Other debt securities carried at fair value | 0 | 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 | 55,143 | 62,182 | |
Trading account assets | 80,148 | 97,947 | |
Gross Derivative Assets | 679,458 | 972,977 | |
Total available-for-sale debt securities | 278,199 | 211,095 | |
Other debt securities carried at fair value | 4,886 | 21,610 | |
Loans and leases | 5,318 | 6,698 | |
Mortgage servicing rights | 0 | ||
Loans held-for-sale | 4,031 | 6,628 | |
Other assets | 2,023 | 1,381 | |
Total assets | 1,109,206 | 1,380,518 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 1,116 | 1,469 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 24,239 | 35,357 | |
Total trading account liabilities | 10,459 | 14,685 | |
Gross Derivative Liabilities | 671,613 | 969,502 | |
Short-term borrowings | 1,295 | 2,697 | |
Accrued expenses and other liabilities | 2,234 | 1,250 | |
Long-term debt | 28,584 | 34,042 | |
Total liabilities | 739,540 | 1,059,002 | |
Recurring | Level 2 | U.S. government and agency securities | |||
Financial assets | |||
Trading account assets | 15,501 | 17,549 | |
Liabilities | |||
Total trading account liabilities | 169 | 446 | |
Recurring | Level 2 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 22,738 | 31,699 | |
Liabilities | |||
Total trading account liabilities | 5,947 | 6,944 | |
Recurring | Level 2 | Equity securities | |||
Financial assets | |||
Trading account assets | 20,887 | 22,488 | |
Liabilities | |||
Total trading account liabilities | 2,392 | 3,670 | |
Recurring | Level 2 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 12,915 | 15,332 | |
Liabilities | |||
Total trading account liabilities | 1,951 | 3,625 | |
Recurring | Level 2 | Mortgage trading loans and ABS | |||
Financial assets | |||
Trading account assets | 8,107 | 10,879 | |
Recurring | Level 2 | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 1,903 | 2,182 | |
Recurring | Level 2 | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 228,947 | 165,039 | |
Other debt securities carried at fair value | 15,704 | ||
Recurring | Level 2 | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 10,985 | 14,248 | |
Other debt securities carried at fair value | 7 | ||
Recurring | Level 2 | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 3,073 | 4,175 | |
Other debt securities carried at fair value | 3,460 | 3,745 | |
Recurring | Level 2 | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 7,165 | 4,000 | |
Recurring | Level 2 | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 2,999 | 3,029 | |
Other debt securities carried at fair value | 1,152 | 1,862 | |
Recurring | Level 2 | Corporate/Agency bonds | |||
Financial assets | |||
Total available-for-sale debt securities | 243 | 368 | |
Recurring | Level 2 | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 9,445 | 9,104 | |
Other debt securities carried at fair value | 267 | 299 | |
Recurring | Level 2 | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 13,439 | 8,950 | |
Recurring | Level 3 | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 5,634 | 6,259 | |
Gross Derivative Assets | 5,134 | 6,851 | 7,300 |
Total available-for-sale debt securities | 1,432 | 2,555 | |
Other debt securities carried at fair value | 30 | 0 | |
Loans and leases | 1,620 | 1,983 | |
Mortgage servicing rights | 3,087 | 3,530 | |
Loans held-for-sale | 787 | 173 | |
Other assets | 374 | 911 | |
Total assets | 18,098 | 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 | 335 | 0 | |
Total trading account liabilities | 21 | 36 | |
Gross Derivative Liabilities | 5,575 | 7,771 | $ 7,500 |
Short-term borrowings | 30 | 0 | |
Accrued expenses and other liabilities | 9 | 10 | |
Long-term debt | 1,513 | 2,362 | |
Total liabilities | 7,483 | 10,179 | |
Recurring | Level 3 | U.S. government and agency securities | |||
Financial assets | |||
Trading account assets | 0 | 0 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 2,838 | 3,270 | |
Total assets | 2,800 | 3,300 | |
Liabilities | |||
Total trading account liabilities | 21 | 36 | |
Recurring | Level 3 | Equity securities | |||
Financial assets | |||
Trading account assets | 407 | 352 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 521 | 574 | |
Total assets | 521 | 574 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Mortgage trading loans and ABS | |||
Financial assets | |||
Trading account assets | 1,868 | 2,063 | |
Total assets | 1,900 | 2,100 | |
Recurring | Level 3 | U.S. government 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 | ||
Recurring | Level 3 | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 0 | ||
Recurring | Level 3 | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 106 | 279 | |
Other debt securities carried at fair value | 30 | 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 | 0 | 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 | 757 | 1,667 | |
Other debt securities carried at fair value | 0 | 0 | |
Total assets | 757 | 1,700 | |
Recurring | Level 3 | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 569 | 599 | |
Total assets | $ 569 | $ 599 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance, beginning | $ (920) | $ (224) | $ 1,468 |
Gains (Losses) in Earnings | 1,335 | 463 | (304) |
Gains (Losses) in OCI (2) | (7) | 0 | 0 |
Purchases | 273 | 823 | 824 |
Sales | (863) | (1,738) | (1,467) |
Issuances | 0 | 0 | 0 |
Settlements | (261) | (432) | (1,362) |
Gross Transfers into Level 3 | (40) | 28 | (10) |
Gross Transfers out of Level 3 | 42 | 160 | 627 |
Balance, ending | (441) | (920) | (224) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gross Derivative Assets | 689,700 | 984,800 | |
Gross Derivative Liabilities | 682,200 | 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 | ||
Gains (Losses) in Earnings | (11) | ||
Gains (Losses) in OCI (2) | 0 | ||
Purchases | 0 | ||
Sales | 0 | ||
Issuances | (131) | ||
Settlements | 217 | ||
Gross Transfers into Level 3 | (411) | ||
Gross Transfers out of Level 3 | 1 | ||
Balance, ending | (335) | 0 | |
Corporate securities, trading loans and other | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (36) | (35) | (64) |
Gains (Losses) in Earnings | 19 | 1 | 10 |
Gains (Losses) in OCI (2) | 0 | 0 | 0 |
Purchases | 30 | 10 | 43 |
Sales | (34) | (13) | (54) |
Issuances | 0 | 0 | (5) |
Settlements | 0 | 0 | 0 |
Gross Transfers into Level 3 | 0 | (9) | (9) |
Gross Transfers out of Level 3 | 0 | 10 | 44 |
Balance, ending | (21) | (36) | (35) |
Short-term borrowings | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 0 | ||
Gains (Losses) in Earnings | 17 | ||
Gains (Losses) in OCI (2) | 0 | ||
Purchases | 0 | ||
Sales | 0 | ||
Issuances | (52) | ||
Settlements | 10 | ||
Gross Transfers into Level 3 | (24) | ||
Gross Transfers out of Level 3 | 19 | ||
Balance, ending | (30) | 0 | |
Accrued expenses and other liabilities | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (10) | (10) | (15) |
Gains (Losses) in Earnings | 1 | 2 | 30 |
Gains (Losses) in OCI (2) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | (3) | (751) |
Settlements | 0 | 0 | 724 |
Gross Transfers into Level 3 | 0 | 0 | (1) |
Gross Transfers out of Level 3 | 0 | 1 | 3 |
Balance, ending | (9) | (10) | (10) |
Long-term debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (2,362) | (1,990) | (2,301) |
Gains (Losses) in Earnings | 287 | 49 | 13 |
Gains (Losses) in OCI (2) | 19 | 0 | 0 |
Purchases | 616 | 169 | 358 |
Sales | 0 | 0 | (4) |
Issuances | (188) | (615) | (172) |
Settlements | 273 | 540 | 258 |
Gross Transfers into Level 3 | (1,592) | (1,581) | (1,331) |
Gross Transfers out of Level 3 | 1,434 | 1,066 | 1,189 |
Balance, ending | (1,513) | (2,362) | (1,990) |
Level 3 | Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance, beginning | (920) | ||
Balance, ending | (441) | (920) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gross Derivative Assets | 5,134 | 6,851 | 7,300 |
Gross Derivative Liabilities | 5,575 | 7,771 | 7,500 |
U.S. government and agency securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 0 | 0 | |
Gains (Losses) in Earnings | 0 | ||
Gains (Losses) in OCI | 0 | ||
Purchases | 87 | ||
Sales | (87) | ||
Settlements | 0 | ||
Gross Transfers into Level 3 | 0 | ||
Gross Transfers out of Level 3 | 0 | ||
Balance, ending | 0 | 0 | |
Corporate securities, trading loans and other | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 3,270 | 3,559 | 3,726 |
Gains (Losses) in Earnings | (31) | 180 | 242 |
Gains (Losses) in OCI | (11) | 0 | 0 |
Purchases | 1,540 | 1,675 | 3,848 |
Sales | (1,616) | (857) | (3,110) |
Issuances | 0 | 59 | |
Settlements | (1,122) | (938) | (651) |
Gross Transfers into Level 3 | 1,570 | 1,275 | 890 |
Gross Transfers out of Level 3 | (762) | (1,624) | (1,445) |
Balance, ending | 2,838 | 3,270 | 3,559 |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 352 | 386 | 545 |
Gains (Losses) in Earnings | 9 | 0 | 74 |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 49 | 104 | 96 |
Sales | (11) | (86) | (175) |
Issuances | 0 | 0 | 0 |
Settlements | (11) | (16) | (100) |
Gross Transfers into Level 3 | 41 | 146 | 70 |
Gross Transfers out of Level 3 | (22) | (182) | (124) |
Balance, ending | 407 | 352 | 386 |
Non-U.S. sovereign debt | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 574 | 468 | 353 |
Gains (Losses) in Earnings | 114 | 30 | 50 |
Gains (Losses) in OCI | (179) | 0 | 0 |
Purchases | 185 | 120 | 122 |
Sales | (1) | (34) | (18) |
Issuances | 0 | 0 | 0 |
Settlements | (145) | (19) | (36) |
Gross Transfers into Level 3 | 0 | 11 | 2 |
Gross Transfers out of Level 3 | (27) | (2) | (5) |
Balance, ending | 521 | 574 | 468 |
Mortgage trading loans and ABS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 2,063 | 4,631 | 4,935 |
Gains (Losses) in Earnings | 154 | 199 | 53 |
Gains (Losses) in OCI | 1 | 0 | 0 |
Purchases | 1,250 | 1,643 | 2,514 |
Sales | (1,117) | (1,259) | (1,993) |
Issuances | 0 | 0 | 0 |
Settlements | (493) | (585) | (868) |
Gross Transfers into Level 3 | 50 | 39 | 20 |
Gross Transfers out of Level 3 | (40) | (2,605) | (30) |
Balance, ending | 1,868 | 2,063 | 4,631 |
Trading Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 6,259 | 9,044 | 9,559 |
Gains (Losses) in Earnings | 246 | 409 | 419 |
Gains (Losses) in OCI | (189) | 0 | 0 |
Purchases | 3,024 | 3,629 | 6,580 |
Sales | (2,745) | (2,323) | (5,296) |
Issuances | 0 | 59 | |
Settlements | (1,771) | (1,558) | (1,655) |
Gross Transfers into Level 3 | 1,661 | 1,471 | 982 |
Gross Transfers out of Level 3 | (851) | (4,413) | (1,604) |
Balance, ending | 5,634 | 6,259 | 9,044 |
Non-agency residential MBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 279 | 0 | |
Gains (Losses) in Earnings | (12) | (2) | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 134 | 11 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (425) | 0 | |
Gross Transfers into Level 3 | 167 | 270 | |
Gross Transfers out of Level 3 | (37) | 0 | |
Balance, ending | 106 | 279 | 0 |
Commercial Mortgage | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 0 | 10 | |
Gains (Losses) in Earnings | 0 | ||
Gains (Losses) in OCI | 0 | ||
Purchases | 0 | ||
Sales | 0 | ||
Issuances | 0 | ||
Settlements | (10) | ||
Gross Transfers into Level 3 | 0 | ||
Gross Transfers out of Level 3 | 0 | ||
Balance, ending | 0 | ||
Non-U.S. securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 10 | 107 | 0 |
Gains (Losses) in Earnings | 0 | (7) | 5 |
Gains (Losses) in OCI | 0 | (11) | 2 |
Purchases | 241 | 1 | |
Sales | 0 | 0 | (1) |
Issuances | 0 | 0 | 0 |
Settlements | (10) | (147) | 0 |
Gross Transfers into Level 3 | 0 | 0 | 100 |
Gross Transfers out of Level 3 | 0 | (173) | 0 |
Balance, ending | 0 | 10 | 107 |
Corporate/Agency bonds | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 0 | 0 | 92 |
Gains (Losses) in Earnings | 0 | 0 | |
Gains (Losses) in OCI | 0 | 4 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Gross Transfers into Level 3 | 93 | 0 | |
Gross Transfers out of Level 3 | (93) | (96) | |
Balance, ending | 0 | 0 | |
Other taxable securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,667 | 3,847 | 3,928 |
Gains (Losses) in Earnings | 0 | 9 | 9 |
Gains (Losses) in OCI | 0 | (8) | 15 |
Purchases | 189 | 154 | 1,055 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (160) | (1,381) | (1,155) |
Gross Transfers into Level 3 | 0 | 0 | 0 |
Gross Transfers out of Level 3 | (939) | (954) | (5) |
Balance, ending | 757 | 1,667 | 3,847 |
Tax-exempt securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 599 | 806 | 1,061 |
Gains (Losses) in Earnings | 0 | 8 | 3 |
Gains (Losses) in OCI | 0 | 0 | 19 |
Purchases | 0 | 0 | 0 |
Sales | 0 | (16) | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (30) | (235) | (109) |
Gross Transfers into Level 3 | 0 | 36 | 0 |
Gross Transfers out of Level 3 | 0 | 0 | (168) |
Balance, ending | 569 | 599 | 806 |
Available-for-sale Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 2,555 | 4,760 | 5,091 |
Gains (Losses) in Earnings | (12) | 8 | 17 |
Gains (Losses) in OCI | 0 | (19) | 40 |
Purchases | 323 | 406 | 1,056 |
Sales | 0 | (16) | (1) |
Issuances | 0 | 0 | 0 |
Settlements | (625) | (1,763) | (1,274) |
Gross Transfers into Level 3 | 167 | 399 | 100 |
Gross Transfers out of Level 3 | (976) | (1,220) | (269) |
Balance, ending | 1,432 | 2,555 | 4,760 |
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 | ||
Gains (Losses) in Earnings | (3) | ||
Gains (Losses) in OCI | 0 | ||
Purchases | 33 | ||
Issuances | 0 | ||
Settlements | 0 | ||
Gross Transfers into Level 3 | 0 | ||
Gross Transfers out of Level 3 | 0 | ||
Balance, ending | 30 | 0 | |
Loans and leases | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,983 | 3,057 | 2,287 |
Gains (Losses) in Earnings | (23) | 69 | 98 |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 310 |
Sales | (4) | (3) | (128) |
Issuances | 57 | 699 | 1,252 |
Settlements | (237) | (1,591) | (757) |
Gross Transfers into Level 3 | 144 | 25 | 19 |
Gross Transfers out of Level 3 | (300) | (273) | (24) |
Balance, ending | 1,620 | 1,983 | 3,057 |
Mortgage servicing rights | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 3,530 | 5,042 | 5,716 |
Gains (Losses) in Earnings | 187 | (1,231) | 1,941 |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | (393) | (61) | (2,044) |
Issuances | 637 | 707 | 472 |
Settlements | (874) | (927) | (1,043) |
Gross Transfers into Level 3 | 0 | 0 | 0 |
Gross Transfers out of Level 3 | 0 | 0 | 0 |
Balance, ending | 3,087 | 3,530 | 5,042 |
Loans Held-for-Sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 173 | 929 | 2,733 |
Gains (Losses) in Earnings | (51) | 45 | 62 |
Gains (Losses) in OCI | (8) | 0 | 0 |
Purchases | 771 | 59 | 8 |
Sales | (203) | (725) | (402) |
Issuances | 61 | 23 | 4 |
Settlements | (61) | (216) | (1,507) |
Gross Transfers into Level 3 | 203 | 83 | 34 |
Gross Transfers out of Level 3 | (98) | (25) | (3) |
Balance, ending | 787 | 173 | 929 |
Other assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 911 | 1,669 | 3,129 |
Gains (Losses) in Earnings | (55) | (98) | (288) |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 11 | 0 | 46 |
Sales | (130) | (430) | (383) |
Issuances | 0 | 0 | 0 |
Settlements | (51) | (245) | (1,019) |
Gross Transfers into Level 3 | 10 | 39 | 239 |
Gross Transfers out of Level 3 | (322) | (24) | (55) |
Balance, ending | $ 374 | $ 911 | $ 1,669 |
Fair Value Measurements - Gains
Fair Value Measurements - Gains and Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total | $ 1,937 | $ (283) | $ 1,998 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | |||
Total | 548 | (1,551) | 342 |
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 | (11) | ||
Trading account liabilities – 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 | 19 | 1 | 10 |
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 | (3) | 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 | 17 | ||
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 | ||
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 | 2 | 30 |
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 | |
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 | 287 | 49 | 13 |
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 | 255 | (8) | (36) |
Corporate securities, trading loans 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, Assets | (31) | 180 | 242 |
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 | (123) | 69 | (130) |
Equity securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 9 | 0 | 74 |
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 | 3 | (8) | 40 |
Non-U.S. sovereign debt | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 114 | 30 | 50 |
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 | 74 | 31 | 80 |
Mortgage trading loans and ABS | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 154 | 199 | 53 |
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 | (93) | 79 | (174) |
Trading Securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 246 | 409 | 419 |
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 | (139) | 171 | (184) |
Derivative assets | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 1,335 | 463 | (304) |
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 | 605 | (87) | (1,340) |
Non-agency residential | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (12) | (2) | |
Other debt securities carried at fair value – Non-agency residential MBS | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (3) | ||
Non-U.S. securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | (7) | 5 |
Other taxable securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 9 | 9 |
Tax-exempt securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 8 | 3 |
Available-for-sale Securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (12) | 8 | 17 |
Loans and leases | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (23) | 69 | 98 |
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 | 13 | 76 | 118 |
Mortgage servicing rights | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 187 | (1,231) | 1,941 |
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 | (85) | (1,753) | 1,541 |
Loans Held-for-Sale | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (51) | 45 | 62 |
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 | (39) | (4) | 63 |
Other assets | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (55) | (98) | (288) |
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 | (61) | 52 | 180 |
Trading Account Profits (Losses) | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total | 1,125 | (7) | (750) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | |||
Total | 712 | (95) | (1,563) |
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 | (11) | ||
Trading Account Profits (Losses) | Trading account liabilities – 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 | 19 | 1 | 10 |
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 | (3) | 1 | |
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 | 17 | ||
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 | ||
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 | 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 | |
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 | 339 | 78 | 45 |
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 | 277 | 29 | (4) |
Trading Account Profits (Losses) | Corporate securities, trading loans 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, Assets | (31) | 180 | 242 |
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 | (123) | 69 | (130) |
Trading Account Profits (Losses) | Equity securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 9 | 74 | |
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 | 3 | (8) | 40 |
Trading Account Profits (Losses) | Non-U.S. sovereign debt | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 114 | 30 | 50 |
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 | 74 | 31 | 80 |
Trading Account Profits (Losses) | Mortgage trading loans and ABS | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 154 | 199 | 53 |
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 | (93) | 79 | (174) |
Trading Account Profits (Losses) | Trading Securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 246 | 409 | 419 |
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 | (139) | 171 | (184) |
Trading Account Profits (Losses) | Derivative assets | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 508 | (475) | (1,224) |
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 | 507 | (276) | (1,375) |
Trading Account Profits (Losses) | Non-agency residential | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Trading Account Profits (Losses) | Other debt securities carried at fair value – Non-agency residential MBS | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | ||
Trading Account Profits (Losses) | Non-U.S. securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Trading Account Profits (Losses) | Other taxable securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Trading Account Profits (Losses) | Tax-exempt securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Trading Account Profits (Losses) | Available-for-sale Securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Trading Account Profits (Losses) | Loans and leases | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (8) | 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 | (3) | 0 | 0 |
Trading Account Profits (Losses) | Mortgage servicing rights | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 73 | (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 | 73 | (6) | 0 |
Trading Account Profits (Losses) | Loans Held-for-Sale | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (58) | (14) | 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 | (1) | (14) | 0 |
Trading Account Profits (Losses) | Other assets | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Mortgage Banking Income (Loss) | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total | 813 | (470) | 2,984 |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | |||
Total | (163) | (1,712) | 1,721 |
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 | ||
Mortgage Banking Income (Loss) | Trading account liabilities – 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 | |
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 | ||
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 | ||
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 | 30 |
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) | 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 |
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) | Corporate securities, trading loans 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, Assets | 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 |
Mortgage Banking Income (Loss) | Equity securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Mortgage Banking Income (Loss) | Non-U.S. sovereign debt | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Mortgage Banking Income (Loss) | Mortgage trading loans and ABS | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Mortgage Banking Income (Loss) | Trading Securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Mortgage Banking Income (Loss) | Derivative assets | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 765 | 834 | 927 |
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 | 36 | 85 | 42 |
Mortgage Banking Income (Loss) | Non-agency residential | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Mortgage Banking Income (Loss) | Other debt securities carried at fair value – Non-agency residential MBS | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | ||
Mortgage Banking Income (Loss) | Non-U.S. securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Mortgage Banking Income (Loss) | Other taxable securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Mortgage Banking Income (Loss) | Tax-exempt securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Mortgage Banking Income (Loss) | Available-for-sale Securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | |
Mortgage Banking Income (Loss) | Loans and leases | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | (38) |
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 | (34) |
Mortgage Banking Income (Loss) | Mortgage servicing rights | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 114 | (1,225) | 1,941 |
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 | (158) | (1,747) | 1,541 |
Mortgage Banking Income (Loss) | Loans Held-for-Sale | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 0 | 0 | 2 |
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 | 6 |
Mortgage Banking Income (Loss) | Other assets | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (66) | (79) | 122 |
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 | (41) | (50) | 166 |
Other | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total | (1) | 194 | (236) |
Level 3 Changes in Unrealized Gains (Losses) Relating to Assets Still Held at Reporting Date | |||
Total | (1) | 256 | 184 |
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 | ||
Other | Trading account liabilities – 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 | |
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 | ||
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 | ||
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 | 2 | 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 | 1 | 1 | |
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 | (52) | (29) | (32) |
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 | (22) | (37) | (32) |
Other | Corporate securities, trading loans 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, Assets | 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 |
Other | Equity securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Other | Non-U.S. sovereign debt | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Other | Mortgage trading loans and ABS | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Other | Trading Securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Other | Derivative assets | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 62 | 104 | (7) |
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 | 62 | 104 | (7) |
Other | Non-agency residential | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (12) | (2) | |
Other | Other debt securities carried at fair value – Non-agency residential MBS | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (3) | ||
Other | Non-U.S. securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (7) | 5 | |
Other | Other taxable securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 9 | 9 | |
Other | Tax-exempt securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 8 | 3 | |
Other | Available-for-sale Securities | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 8 | 17 | |
Other | Loans and leases | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | (15) | 69 | 136 |
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 | 76 | 152 |
Other | Mortgage servicing rights | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 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 |
Other | Loans Held-for-Sale | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 7 | 59 | 60 |
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 | (38) | 10 | 57 |
Other | Other assets | |||
Level 3 Total Realized and Unrealized Gains (Losses) Related to Assets Included in Earnings | |||
Total Realized and Unrealized Gains (losses) included in Earnings, Assets | 11 | (19) | (410) |
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) | $ 102 | $ 14 |
Fair Value Measurements - Re173
Fair Value Measurements - Recurring Fair Value Inputs (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ (441,000,000) | $ (920,000,000) | $ (224,000,000) | $ 1,468,000,000 |
Fair Value Inputs [Abstract] | ||||
Loans held-for-sale, measured at fair value | 4,818,000,000 | 6,801,000,000 | ||
Other assets, measured at fair value | 14,320,000,000 | 13,873,000,000 | ||
Recurring | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 633,203,000,000 | 660,229,000,000 | ||
Long-term debt | (176,424,000,000) | (209,083,000,000) | ||
Fair Value Inputs [Abstract] | ||||
Loans held-for-sale, measured at fair value | 4,818,000,000 | 6,801,000,000 | ||
Other assets, measured at fair value | 14,320,000,000 | 13,873,000,000 | ||
Recurring | Level 3 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 18,098,000,000 | 22,262,000,000 | ||
Long-term debt | (7,483,000,000) | (10,179,000,000) | ||
Net derivative asset (liability) | $ (441,000,000) | (920,000,000) | ||
Fair Value Inputs [Abstract] | ||||
Default rate | 3.00% | |||
Loss severity | 35.00% | |||
Loans held-for-sale, measured at fair value | $ 787,000,000 | 173,000,000 | ||
Other assets, measured at fair value | 374,000,000 | 911,000,000 | ||
Recurring | Level 3 | Loans Held-for-Sale | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 787,000,000 | 173,000,000 | ||
Recurring | Level 3 | Loans and leases | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 1,600,000,000 | 2,000,000,000 | ||
Recurring | Level 3 | Credit derivatives | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ (75,000,000) | $ 22,000,000 | ||
Recurring | Level 3 | Credit derivatives | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Default rate | 4.00% | |||
Loss severity | 35.00% | 35.00% | ||
Recurring | Level 3 | Credit derivatives | Minimum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 6.00% | 0.00% | ||
Prepayment speed | 10.00% | 3.00% | ||
Default rate | 1.00% | |||
Upfront points | 0.00% | 0.00% | ||
Spread to index | 0.00% | 0.25% | ||
Credit correlation | 31.00% | 24.00% | ||
Recurring | Level 3 | Credit derivatives | Maximum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 25.00% | 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 | 4.47% | 4.50% | ||
Credit correlation | 99.00% | 99.00% | ||
Recurring | Level 3 | Credit derivatives | Weighted Average | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 16.00% | 14.00% | ||
Prepayment speed | 19.00% | 11.00% | ||
Upfront points | 0.60% | 0.65% | ||
Spread to index | 1.11% | 1.19% | ||
Credit correlation | 38.00% | 51.00% | ||
Recurring | Level 3 | Equity contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ (1,037,000,000) | $ (1,560,000,000) | ||
Recurring | Level 3 | Equity contracts | Minimum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 25.00% | 20.00% | ||
Long-dated equity volatilities | 4.00% | 6.00% | ||
Recurring | Level 3 | Equity contracts | Maximum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 100.00% | 98.00% | ||
Long-dated equity volatilities | 101.00% | 69.00% | ||
Recurring | Level 3 | Equity contracts | Weighted Average | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 67.00% | 65.00% | ||
Long-dated equity volatilities | 28.00% | 24.00% | ||
Recurring | Level 3 | Commodity contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ 169,000,000 | $ 141,000,000 | ||
Recurring | Level 3 | Commodity contracts | Minimum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 18.00% | 16.00% | ||
Natural gas forward price | $ 1 | $ 2 | ||
Propane forward price | $ 0 | |||
Correlation | 66.00% | 82.00% | ||
Recurring | Level 3 | Commodity contracts | Maximum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 125.00% | 98.00% | ||
Natural gas forward price | $ 6 | $ 7 | ||
Propane forward price | $ 1 | |||
Correlation | 93.00% | 93.00% | ||
Recurring | Level 3 | Commodity contracts | Weighted Average | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 39.00% | 35.00% | ||
Natural gas forward price | $ 4 | $ 5 | ||
Propane forward price | $ 1 | |||
Correlation | 84.00% | 90.00% | ||
Recurring | Level 3 | Interest rate contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ 502,000,000 | $ 477,000,000 | ||
Recurring | Level 3 | Interest rate contracts | Minimum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Correlation (IR/IR) | 17.00% | 11.00% | ||
Long-dated inflation volatilities | 0.00% | 0.00% | ||
Correlation (FX/IR) | (15.00%) | (48.00%) | ||
Long-dated inflation rates | 0.00% | 0.00% | ||
Recurring | Level 3 | Interest rate contracts | Maximum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Correlation (IR/IR) | 99.00% | 99.00% | ||
Long-dated inflation volatilities | 2.00% | 2.00% | ||
Correlation (FX/IR) | 40.00% | 40.00% | ||
Long-dated inflation rates | 7.00% | 3.00% | ||
Recurring | Level 3 | Interest rate contracts | Weighted Average | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Correlation (IR/IR) | 48.00% | 55.00% | ||
Long-dated inflation volatilities | 1.00% | 1.00% | ||
Correlation (FX/IR) | (9.00%) | (5.00%) | ||
Long-dated inflation rates | 3.00% | 1.00% | ||
Recurring | Level 3 | Mortgage trading loans and ABS | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 1,900,000,000 | $ 2,100,000,000 | ||
Recurring | Level 3 | Corporate securities, trading loans and other | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 2,800,000,000 | 3,300,000,000 | ||
Recurring | Level 3 | Non-U.S. sovereign debt | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 521,000,000 | 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 | 757,000,000 | 1,700,000,000 | ||
Recurring | Level 3 | Tax-exempt securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 569,000,000 | 599,000,000 | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 2,017,000,000 | $ 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 | 27.00% | 35.00% | ||
Default rate | 10.00% | 15.00% | ||
Loss severity | 90.00% | 100.00% | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | Weighted Average | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 6.00% | 6.00% | ||
Prepayment speed | 11.00% | 14.00% | ||
Default rate | 4.00% | 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 | $ 97,000,000 | $ 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 | 1,520,000,000 | 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 | 400,000,000 | 483,000,000 | ||
Recurring | Level 3 | Instruments backed by commercial real estate assets | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 852,000,000 | |||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 8.00% | |||
Price | $ 73 | |||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Minimum | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 0.00% | |||
Price | $ 0 | |||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Maximum | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 25.00% | |||
Price | $ 100 | |||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Loans Held-for-Sale | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 690,000,000 | |||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Mortgage trading loans and ABS | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 162,000,000 | |||
Recurring | Level 3 | Commercial loans, debt securities and other | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 4,558,000,000 | $ 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% | ||
Prepayment speed | 5.00% | 1.00% | ||
Default rate | 2.00% | 1.00% | ||
Loss severity | 25.00% | 25.00% | ||
Enterprise value/EBITDA multiple | 0 | |||
Duration | 0 years | 0 years | ||
Price | $ 0 | $ 0 | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Maximum | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 37.00% | 40.00% | ||
Prepayment speed | 20.00% | 30.00% | ||
Default rate | 5.00% | 5.00% | ||
Loss severity | 50.00% | 40.00% | ||
Enterprise value/EBITDA multiple | 30 | |||
Duration | 5 years | 5 years | ||
Price | $ 258 | $ 107 | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Weighted Average | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 13.00% | 9.00% | ||
Prepayment speed | 16.00% | 12.00% | ||
Default rate | 4.00% | 4.00% | ||
Loss severity | 37.00% | 38.00% | ||
Enterprise value/EBITDA multiple | 6 | |||
Duration | 3 years | 3 years | ||
Price | $ 64 | $ 76 | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Loans and leases | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 100,000,000 | $ 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 | 1,306,000,000 | 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 | 2,503,000,000 | 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 | 521,000,000 | 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 | 128,000,000 | 1,216,000,000 | ||
Recurring | Level 3 | Auction rate securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 1,533,000,000 | $ 1,096,000,000 | ||
Recurring | Level 3 | Auction rate securities | Minimum | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Price | $ 10 | $ 60 | ||
Recurring | Level 3 | Auction rate securities | Maximum | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Price | 100 | 100 | ||
Recurring | Level 3 | Auction rate securities | Weighted Average | Income and Market Approach Technique | ||||
Fair Value Inputs [Abstract] | ||||
Price | $ 94 | $ 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 | $ 335,000,000 | $ 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 | 629,000,000 | 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 | $ 569,000,000 | $ 599,000,000 | ||
Recurring | Level 3 | Structured liabilities | Minimum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 25.00% | 20.00% | ||
Long-dated equity volatilities | 4.00% | 6.00% | ||
Long-dated inflation volatilities | 0.00% | |||
Recurring | Level 3 | Structured liabilities | Maximum | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 100.00% | 98.00% | ||
Long-dated equity volatilities | 101.00% | 69.00% | ||
Long-dated inflation volatilities | 2.00% | |||
Recurring | Level 3 | Structured liabilities | Weighted Average | Income Approach Valuation Technique | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 67.00% | |||
Long-dated equity volatilities | 28.00% | |||
Recurring | Level 3 | Structured liabilities | Long-term debt | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Long-term debt | $ (1,513,000,000) | $ (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 inflation volatilities | 1.00% |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | $ 4,818 | $ 6,801 | |
Loans and leases, measured at fair value | 6,938 | 8,681 | |
Other assets, measured at fair value | 14,320 | 13,873 | |
Nonrecurring | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Gains (Losses) on loans held-for-sale | (8) | (19) | $ (71) |
Gains (Losses) on loans and leases | (980) | (1,132) | (1,104) |
Gains (Losses) on Foreclosed Properties | (57) | (66) | (63) |
Gains (Losses) on other assets | (15) | (6) | (20) |
Nonrecurring | Government Guaranteed Mortgage Loans upon Foreclosure Receivable | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Foreclosed properties, measured at fair value | 1,400 | 1,100 | |
Nonrecurring | Level 2 | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | 9 | 156 | |
Loans and leases, measured at fair value | 0 | 5 | |
Foreclosed properties, measured at fair value | 0 | 0 | |
Other assets, measured at fair value | 54 | 13 | |
Loss on loans and leases written down to zero | 174 | 370 | $ 365 |
Nonrecurring | Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | 33 | 30 | |
Loans and leases, measured at fair value | 2,739 | 4,636 | |
Foreclosed properties, measured at fair value | 172 | 208 | |
Other assets, measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - No175
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Market Comparables | Minimum | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 7.00% | 0.00% |
Cost to sell | 8.00% | 7.00% |
Market Comparables | Maximum | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 55.00% | 28.00% |
Cost to sell | 45.00% | 14.00% |
Instruments backed by residential real estate assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 2,739 | $ 4,636 |
Instruments backed by residential real estate assets | Market Comparables | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 20.00% | 8.00% |
Cost to sell | 10.00% | 8.00% |
Fair Value Option - Elections (
Fair Value Option - Elections (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | $ 55,143 | $ 62,182 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 54,999 | 61,902 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | 144 | 280 |
Loans reported as trading account assets | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 4,995 | 4,607 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 9,214 | 8,487 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (4,219) | (3,880) |
Trading inventory – other | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 8,149 | 6,865 |
Loans and leases | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 6,938 | 8,681 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 7,293 | 8,925 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (355) | (244) |
Loans Held-for-Sale | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 4,818 | 6,801 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 6,157 | 8,072 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (1,339) | (1,271) |
Other assets | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 275 | 253 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 270 | 270 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | 5 | (17) |
Long-term deposits | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 1,116 | 1,469 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 1,021 | 1,361 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 95 | 108 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 24,574 | 35,357 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 24,718 | 35,332 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | (144) | 25 |
Short-term borrowings | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 1,325 | 2,697 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 1,325 | 2,697 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 0 | 0 |
Unfunded loan commitments | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 658 | 405 |
Long-term debt | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 30,097 | 36,404 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 30,593 | 35,815 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | (496) | 589 |
Structured liabilities | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 29,000 | 35,300 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | $ 29,400 | $ 34,600 |
Fair Value Option - Changes in
Fair Value Option - Changes in FV of Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | $ 2,671 | $ 2,395 | $ 1,385 |
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 | (195) | (114) | (44) |
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 | (199) | (87) | 83 |
Trading inventory – other | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 1,284 | 1,091 | 1,355 |
Loans and leases | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | (243) | 45 | 174 |
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 | 700 | 825 | 1,048 |
Other assets | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 10 | (77) | |
Long-term deposits | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 14 | (3) | 114 |
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 | 33 | 4 | (36) |
Asset-backed securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | (91) | ||
Short-term borrowings | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 3 | 52 | (70) |
Unfunded loan commitments | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | (210) | (64) | 180 |
Long-term debt | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 1,474 | 646 | (1,251) |
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 | 3,050 | 1,128 | 695 |
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 | (195) | (114) | (44) |
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 | (199) | (87) | 83 |
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 | 1,284 | 1,091 | 1,355 |
Trading Account Profits (Losses) | Loans and leases | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 52 | (24) | (28) |
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 | (36) | (56) | 7 |
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 | 1 | 23 | 30 |
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 | 33 | 4 | (36) |
Trading Account Profits (Losses) | Asset-backed securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 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 | 3 | 52 | (70) |
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) | Long-term debt | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 2,107 | 239 | (602) |
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 | 673 | 798 | 837 |
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 |
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 |
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 |
Mortgage Banking Income (Loss) | Loans and leases | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 0 | 0 | (38) |
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 | 673 | 798 | 966 |
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 | |
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 |
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) | Asset-backed securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | (91) | ||
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) | 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 |
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 |
Other Income (Loss) | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | (1,052) | 469 | (147) |
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 |
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 |
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 |
Other Income (Loss) | Loans and leases | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | (295) | 69 | 240 |
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 | 63 | 83 | 75 |
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 | 10 | (77) | |
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 | 13 | (26) | 84 |
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) | Asset-backed securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | 0 | ||
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) | Unfunded loan commitments | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | (210) | (64) | 180 |
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 | $ (633) | $ 407 | $ (649) |
Fair Value Option Fair Value Op
Fair Value Option Fair Value Option - Gains (Losses) Related to Borrower-specific Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trading Securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, changes in borrower specific credit risk, gains (losses) on assets | $ 37 | $ 28 | $ 56 |
Loans and leases | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, changes in borrower specific credit risk, gains (losses) on assets | (200) | 32 | 148 |
Loans Held-for-Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, changes in borrower specific credit risk, gains (losses) on assets | $ 37 | $ 84 | $ 225 |
Fair Value of Financial Inst179
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets | ||
Loans held-for-sale, measured at fair value | $ 4,818 | $ 6,801 |
Financial liabilities | ||
Long-term debt | 30,097 | 36,404 |
Carrying Value | ||
Financial assets | ||
Loans | 863,561 | 842,259 |
Loans held-for-sale, measured at fair value | 7,453 | 12,836 |
Financial liabilities | ||
Deposits | 1,197,259 | 1,118,936 |
Long-term debt | 236,764 | 243,139 |
Commercial unfunded lending commitments | (1,300) | (932) |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 875,594 | 863,544 |
Loans held-for-sale, measured at fair value | 7,453 | 12,854 |
Financial liabilities | ||
Deposits | 1,197,577 | 1,119,427 |
Long-term debt | 241,109 | 252,054 |
Commercial unfunded lending commitments | (6,300) | (3,800) |
Estimate of Fair Value Measurement | Level 2 | ||
Financial assets | ||
Loans | 70,223 | 87,174 |
Loans held-for-sale, measured at fair value | 5,347 | 12,236 |
Financial liabilities | ||
Deposits | 1,197,577 | 1,119,427 |
Long-term debt | 239,596 | 249,692 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial assets | ||
Loans | 805,371 | 776,370 |
Loans held-for-sale, measured at fair value | 2,106 | 618 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | $ 1,513 | $ 2,362 |
Mortgage Servicing Rights - Rol
Mortgage Servicing Rights - Rollforward of Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Activity for residential first mortgage MSRs | ||
Balance, beginning of period | $ 3,530 | $ 5,042 |
Additions | 637 | 707 |
Sales | (393) | (61) |
Amortization of expected cash flows | (874) | (927) |
Impact of changes in interest rates and other market factors | 41 | (1,191) |
Model and other cash flow assumption changes: | ||
Projected cash flows, including changes in costs to service loans | 100 | (163) |
Impact of changes in the Home Price Index | (13) | (25) |
Impact of changes to the prepayment model | (10) | 243 |
Other model changes | 69 | (95) |
Balance, end of period | 3,087 | 3,530 |
Mortgage loans serviced for investors (in billions) | 394,000 | 490,000 |
Option adjusted spread due to MSR model recalibration | 127 | |
Consumer Portfolio Segment | United States | ||
Activity for residential first mortgage MSRs | ||
Balance, beginning of period | 3,300 | |
Model and other cash flow assumption changes: | ||
Balance, end of period | 2,700 | 3,300 |
Consumer Portfolio Segment | Non United States | ||
Activity for residential first mortgage MSRs | ||
Balance, beginning of period | 259 | |
Model and other cash flow assumption changes: | ||
Balance, end of period | $ 407 | $ 259 |
Mortgage Servicing Rights - Sig
Mortgage Servicing Rights - Significant Economic Assumptions (Details) | 12 Months Ended | |
Dec. 31, 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 | 4.62% | 4.52% |
Weighted-average life, in years | 4 years 5 months 15 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 | 7.61% | 7.61% |
Weighted-average life, in years | 3 years 5 months 4 days | 2 years 11 months 12 days |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity Impacts (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 | $ 183 |
Prepayment rates, impact of 20 percent decrease | 389 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Increase in Prepayment Speed | (163) |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Increase in Prepayment Speed | (310) |
OAS level, impact of 100 bps decrease | 124 |
OAS level, impact of 200 bps decrease | 259 |
OAS level, impact of 100 bps increase | (115) |
OAS level, impact of 200 bps increase | $ (221) |
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 | 3 months 18 days |
Impact of 20 percent decrease | 7 months 21 days |
Impact of 10 percent increase | 3 months 4 days |
Impact of 20 percent increase | 6 months |
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 | 3 months 4 days |
Impact of 20 percent decrease | 6 months 18 days |
Impact of 10 percent increase | 2 months 23 days |
Impact of 20 percent increase | 5 months 5 days |
Business Segment Information -
Business Segment Information - Narrative (Details) atm in Thousands | 12 Months Ended |
Dec. 31, 2015business_segmentatmstatebanking_center | |
Segment Reporting [Abstract] | |
Number of operating segments | business_segment | 5 |
Number of states in which entity operates | state | 33 |
Number of banking centers | banking_center | 4,700 |
Number of ATMs | atm | 16 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | $ 40,160 | $ 40,821 | $ 43,124 |
Noninterest income | 43,256 | 44,295 | 46,677 |
Total revenue, net of interest expense (FTE basis) | 83,416 | 85,116 | 89,801 |
Provision for credit losses | 3,161 | 2,275 | 3,556 |
Noninterest expense | 57,192 | 75,117 | 69,214 |
Income before income taxes (FTE basis) | 23,063 | 7,724 | 17,031 |
Income tax expense (FTE basis) | 7,175 | 2,891 | 5,600 |
Net income | 15,888 | 4,833 | 11,431 |
Year-end total assets | 2,144,316 | 2,104,534 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue, net of interest expense (FTE basis) | 84,035 | 85,684 | 87,040 |
Net income | 16,377 | 4,769 | 10,714 |
Year-end total assets | 1,913,525 | 1,842,953 | |
Operating Segments | Consumer Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 19,844 | 20,177 | 20,619 |
Noninterest income | 10,774 | 10,632 | 11,313 |
Total revenue, net of interest expense (FTE basis) | 30,618 | 30,809 | 31,932 |
Provision for credit losses | 2,524 | 2,680 | 3,166 |
Noninterest expense | 17,485 | 17,865 | 18,865 |
Income before income taxes (FTE basis) | 10,609 | 10,264 | 9,901 |
Income tax expense (FTE basis) | 3,870 | 3,828 | 3,630 |
Net income | 6,739 | 6,436 | 6,271 |
Year-end total assets | 636,464 | 588,878 | |
Operating Segments | Global Wealth & Investment Management | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 5,499 | 5,836 | 6,064 |
Noninterest income | 12,502 | 12,568 | 11,726 |
Total revenue, net of interest expense (FTE basis) | 18,001 | 18,404 | 17,790 |
Provision for credit losses | 51 | 14 | 56 |
Noninterest expense | 13,843 | 13,654 | 13,039 |
Income before income taxes (FTE basis) | 4,107 | 4,736 | 4,695 |
Income tax expense (FTE basis) | 1,498 | 1,767 | 1,722 |
Net income | 2,609 | 2,969 | 2,973 |
Year-end total assets | 296,139 | 274,887 | |
Operating Segments | Global Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 9,254 | 9,810 | 9,692 |
Noninterest income | 7,665 | 7,797 | 7,744 |
Total revenue, net of interest expense (FTE basis) | 16,919 | 17,607 | 17,436 |
Provision for credit losses | 685 | 322 | 1,142 |
Noninterest expense | 7,888 | 8,170 | 8,051 |
Income before income taxes (FTE basis) | 8,346 | 9,115 | 8,243 |
Income tax expense (FTE basis) | 3,073 | 3,346 | 3,024 |
Net income | 5,273 | 5,769 | 5,219 |
Year-end total assets | 382,043 | 353,637 | |
Operating Segments | Global Markets | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 4,338 | 4,004 | 4,237 |
Noninterest income | 10,729 | 12,184 | 11,221 |
Total revenue, net of interest expense (FTE basis) | 15,067 | 16,188 | 15,458 |
Provision for credit losses | 99 | 110 | 140 |
Noninterest expense | 11,310 | 11,862 | 12,094 |
Income before income taxes (FTE basis) | 3,658 | 4,216 | 3,224 |
Income tax expense (FTE basis) | 1,162 | 1,511 | 2,090 |
Net income | 2,496 | 2,705 | 1,134 |
Year-end total assets | 551,587 | 579,594 | |
Operating Segments | Legacy Assets & Servicing | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 1,573 | 1,520 | 1,552 |
Noninterest income | 1,857 | 1,156 | 2,872 |
Total revenue, net of interest expense (FTE basis) | 3,430 | 2,676 | 4,424 |
Provision for credit losses | 144 | 127 | (283) |
Noninterest expense | 4,451 | 20,633 | 12,416 |
Income before income taxes (FTE basis) | (1,165) | (18,084) | (7,709) |
Income tax expense (FTE basis) | (425) | (4,974) | (2,826) |
Net income | (740) | (13,110) | (4,883) |
Year-end total assets | 47,292 | 45,957 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | (348) | (526) | 960 |
Noninterest income | (271) | (42) | 1,801 |
Total revenue, net of interest expense (FTE basis) | (619) | (568) | 2,761 |
Provision for credit losses | (342) | (978) | (665) |
Noninterest expense | 2,215 | 2,933 | 4,749 |
Income before income taxes (FTE basis) | (2,492) | (2,523) | (1,323) |
Income tax expense (FTE basis) | (2,003) | (2,587) | (2,040) |
Net income | (489) | 64 | $ 717 |
Year-end total assets | $ 230,791 | $ 261,581 |
Business Segment Information185
Business Segment Information - Reconciliation of Revenue and Net Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Segments’ total revenue, net of interest expense (FTE basis) | $ 83,416 | $ 85,116 | $ 89,801 |
Revenues | 82,507 | 84,247 | 88,942 |
Reclassification to net income | 15,888 | 4,833 | 11,431 |
Year-end total assets | 2,144,316 | 2,104,534 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Segments’ total revenue, net of interest expense (FTE basis) | 84,035 | 85,684 | 87,040 |
Reclassification to net income | 16,377 | 4,769 | 10,714 |
Year-end total assets | 1,913,525 | 1,842,953 | |
ALM activities | |||
Segment Reporting Information [Line Items] | |||
Revenues | 237 | (804) | (545) |
Reclassification to net income | (305) | (343) | (929) |
Year-end total assets | 681,876 | 658,319 | |
Equity investment income | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 727 | 2,737 |
Reclassification to net income | 0 | 454 | 1,724 |
Year-end total assets | 4,297 | 4,871 | |
Liquidating businesses and other | |||
Segment Reporting Information [Line Items] | |||
Revenues | (856) | (491) | 569 |
Reclassification to net income | (184) | (47) | (78) |
Year-end total assets | 63,465 | 73,008 | |
FTE basis adjustment | |||
Segment Reporting Information [Line Items] | |||
Revenues | (909) | (869) | $ (859) |
Elimination of segment asset allocations to match liabilities | |||
Segment Reporting Information [Line Items] | |||
Year-end total assets | $ (518,847) | $ (474,617) |
Parent Company Information - In
Parent Company Information - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||
Other income (loss) | $ 818 | $ 1,203 | $ (49) |
Revenues | 82,507 | 84,247 | 88,942 |
Noninterest expense | 57,192 | 75,117 | 69,214 |
Income tax expense | 6,266 | 2,022 | 4,741 |
Net income | 15,888 | 4,833 | 11,431 |
Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Interest from subsidiaries | 2,004 | 1,836 | 2,087 |
Other income (loss) | (623) | 72 | 233 |
Revenues | 20,404 | 14,457 | 11,209 |
Interest on borrowed funds | 1,169 | 1,661 | 1,730 |
Other interest expense | 5,098 | 5,552 | 6,379 |
Noninterest expense | 4,747 | 4,471 | 10,938 |
Total Expense | 11,014 | 11,684 | 19,047 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | 9,390 | 2,773 | (7,838) |
Income tax expense | (3,574) | (4,079) | (7,227) |
Income (loss) before equity in undistributed earnings of subsidiaries | 12,964 | 6,852 | (611) |
Bank holding companies and related subsidiaries | 2,924 | (2,019) | 12,042 |
Net income | 15,888 | 4,833 | 11,431 |
Bank Holding Companies and Related Subsidiaries | Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 18,970 | 12,400 | 8,532 |
Bank holding companies and related subsidiaries | 3,120 | 3,613 | 14,150 |
Nonbank Companies and Related Subsidiaries | Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 53 | 149 | 357 |
Bank holding companies and related subsidiaries | $ (196) | $ (5,632) | $ (2,108) |
Parent Company Information - Ba
Parent Company Information - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash held at bank subsidiaries | $ 159,353 | $ 138,589 | $ 131,322 | $ 110,752 |
Securities | 407,005 | 380,461 | ||
All other assets | 108,582 | 112,063 | ||
Total assets | 2,144,316 | 2,104,534 | ||
Liabilities and Equity [Abstract] | ||||
Accrued expenses and other liabilities | 146,286 | 145,438 | ||
Long-term debt | 236,764 | 243,139 | ||
Total liabilities | 1,888,111 | 1,861,063 | ||
Shareholders’ equity | 256,205 | 243,471 | 232,685 | 236,956 |
Total liabilities and shareholders’ equity | 2,144,316 | 2,104,534 | ||
Bank of America Corporation | ||||
Assets | ||||
Cash held at bank subsidiaries | 98,024 | 100,304 | $ 98,679 | $ 102,818 |
Securities | 937 | 932 | ||
All other assets | 9,360 | 14,599 | ||
Total assets | 463,908 | 466,417 | ||
Liabilities and Equity [Abstract] | ||||
Short-term borrowings | 15 | 46 | ||
Accrued expenses and other liabilities | 13,900 | 16,872 | ||
Long-term debt | 179,402 | 185,771 | ||
Total liabilities | 207,703 | 222,946 | ||
Shareholders’ equity | 256,205 | 243,471 | ||
Total liabilities and shareholders’ equity | 463,908 | 466,417 | ||
Third party cash held | 28 | 29 | ||
Bank Holding Companies and Related Subsidiaries | Bank of America Corporation | ||||
Assets | ||||
Receivables from subsidiaries | 23,594 | 23,356 | ||
Investments in subsidiaries | 272,596 | 270,441 | ||
Banks and Related Subsidiaries | Bank of America Corporation | ||||
Assets | ||||
Receivables from subsidiaries | 569 | 2,395 | ||
Liabilities and Equity [Abstract] | ||||
Payables to subsidiaries | 465 | 2,559 | ||
Nonbank Companies and Related Subsidiaries | Bank of America Corporation | ||||
Assets | ||||
Receivables from subsidiaries | 56,426 | 52,251 | ||
Investments in subsidiaries | 2,402 | 2,139 | ||
Liabilities and Equity [Abstract] | ||||
Payables to subsidiaries | $ 13,921 | $ 17,698 |
Parent Company Information - St
Parent Company Information - Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net income | $ 15,888 | $ 4,833 | $ 11,431 |
Operating activities | |||
Other operating activities, net | (2,839) | (1,714) | 2,806 |
Investing activities | |||
Other investing activities, net | 1,309 | (1,923) | (488) |
Financing activities | |||
Short-term borrowings | (3,074) | (14,827) | 16,009 |
Proceeds from issuance | 43,670 | 51,573 | 45,658 |
Retirement of long-term debt | (40,365) | (53,749) | (65,602) |
Proceeds from issuance of preferred stock | 2,964 | 5,957 | 1,008 |
Redemption of preferred stock | 0 | 0 | (6,461) |
Common stock repurchased | (2,374) | (1,675) | (3,220) |
Cash dividends paid | (3,574) | (2,306) | (1,677) |
Net increase in cash and cash equivalents | 20,764 | 7,267 | 20,570 |
Cash and cash equivalents at January 1 | 138,589 | 131,322 | 110,752 |
Cash and cash equivalents at December 31 | 159,353 | 138,589 | 131,322 |
Bank of America Corporation | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net income | 15,888 | 4,833 | 11,431 |
Operating activities | |||
Equity in undistributed (earnings) losses of subsidiaries | (2,924) | 2,019 | (12,042) |
Other operating activities, net | (2,509) | 2,143 | (10,422) |
Net cash provided by (used in) operating activities | 10,455 | 8,995 | (11,033) |
Investing activities | |||
Net sales (purchases) of securities | 15 | (142) | 459 |
Net payments from (to) subsidiaries | (7,944) | (5,902) | 39,336 |
Other investing activities, net | 70 | 19 | 3 |
Net cash provided by (used in) investing activities | (7,859) | (6,025) | 39,798 |
Financing activities | |||
Short-term borrowings | (221) | (55) | 178 |
Net increase (decrease) in other advances | (770) | 1,264 | (14,378) |
Proceeds from issuance | 26,492 | 29,324 | 30,966 |
Retirement of long-term debt | (27,393) | (33,854) | (39,320) |
Proceeds from issuance of preferred stock | 2,964 | 5,957 | 1,008 |
Redemption of preferred stock | (6,461) | ||
Common stock repurchased | (2,374) | (1,675) | (3,220) |
Cash dividends paid | (3,574) | (2,306) | (1,677) |
Net cash provided by (used in) financing activities | (4,876) | (1,345) | (32,904) |
Net increase in cash and cash equivalents | (2,280) | 1,625 | (4,139) |
Cash and cash equivalents at January 1 | 100,304 | 98,679 | 102,818 |
Cash and cash equivalents at December 31 | $ 98,024 | $ 100,304 | $ 98,679 |
Performance by Geographic Ar189
Performance by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | $ 2,144,316 | $ 2,104,534 | |
Total revenue, net of interest expense | 82,507 | 84,247 | $ 88,942 |
Income Before Income Taxes | 22,154 | 6,855 | 16,172 |
Net income | 15,888 | 4,833 | 11,431 |
China Construction Bank | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Realized gain (loss) on sale of equity method investment | 753 | ||
Equity method investment, realized gain (loss) on disposal net of tax | 474 | ||
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 1,849,128 | 1,792,719 | |
Total revenue, net of interest expense | 71,659 | 72,960 | 76,612 |
Income Before Income Taxes | 20,148 | 4,643 | 13,221 |
Net income | 14,689 | 3,305 | 10,588 |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 86,994 | 92,005 | |
Total revenue, net of interest expense | 3,524 | 3,605 | 4,442 |
Income Before Income Taxes | 726 | 759 | 1,382 |
Net income | 457 | 473 | 887 |
Europe, Middle East and Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 178,899 | 190,365 | |
Total revenue, net of interest expense | 6,081 | 6,409 | 6,353 |
Income Before Income Taxes | 938 | 1,098 | 1,003 |
Net income | 516 | 813 | (403) |
Latin America and the Caribbean | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 29,295 | 29,445 | |
Total revenue, net of interest expense | 1,243 | 1,273 | 1,535 |
Income Before Income Taxes | 342 | 355 | 566 |
Net income | 226 | 242 | 359 |
Total Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 295,188 | 311,815 | |
Total revenue, net of interest expense | 10,848 | 11,287 | 12,330 |
Income Before Income Taxes | 2,006 | 2,212 | 2,951 |
Net income | $ 1,199 | $ 1,528 | $ 843 |