Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 10,025,121,972 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 135,576,678,761 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income | |||
Loans and leases | $ 33,228 | $ 31,918 | $ 34,145 |
Debt securities | 9,167 | 9,178 | 9,010 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,118 | 988 | 1,039 |
Trading account assets | 4,423 | 4,397 | 4,561 |
Other interest income | 3,121 | 3,026 | 2,959 |
Total interest income | 51,057 | 49,507 | 51,714 |
Interest expense | |||
Deposits | 1,015 | 861 | 1,080 |
Short-term borrowings | 2,350 | 2,387 | 2,579 |
Trading account liabilities | 1,018 | 1,343 | 1,576 |
Long-term debt | 5,578 | 5,958 | 5,700 |
Total interest expense | 9,961 | 10,549 | 10,935 |
Net interest income | 41,096 | 38,958 | 40,779 |
Noninterest income | |||
Card income | 5,851 | 5,959 | 5,944 |
Service charges | 7,638 | 7,381 | 7,443 |
Investment and brokerage services | 12,745 | 13,337 | 13,284 |
Investment banking income | 5,241 | 5,572 | 6,065 |
Trading account profits | 6,902 | 6,473 | 6,309 |
Mortgage banking income | 1,853 | 2,364 | 1,563 |
Gains on sales of debt securities | 490 | 1,138 | 1,481 |
Other income | 1,885 | 1,783 | 3,026 |
Total noninterest income | 42,605 | 44,007 | 45,115 |
Total revenue, net of interest expense | 83,701 | 82,965 | 85,894 |
Provision for credit losses | 3,597 | 3,161 | 2,275 |
Noninterest expense | |||
Personnel | 31,616 | 32,868 | 33,787 |
Occupancy | 4,038 | 4,093 | 4,260 |
Equipment | 1,804 | 2,039 | 2,125 |
Marketing | 1,703 | 1,811 | 1,829 |
Professional fees | 1,971 | 2,264 | 2,472 |
Amortization of intangibles | 730 | 834 | 936 |
Data processing | 3,007 | 3,115 | 3,144 |
Telecommunications | 746 | 823 | 1,259 |
Other general operating | 9,336 | 9,887 | 25,844 |
Total noninterest expense | 54,951 | 57,734 | 75,656 |
Income before income taxes | 25,153 | 22,070 | 7,963 |
Income tax expense | 7,247 | 6,234 | 2,443 |
Net income | 17,906 | 15,836 | 5,520 |
Preferred stock dividends | 1,682 | 1,483 | 1,044 |
Net income applicable to common shareholders | $ 16,224 | $ 14,353 | $ 4,476 |
Per common share information | |||
Earnings (in dollars per share) | $ 1.58 | $ 1.37 | $ 0.43 |
Diluted earnings (in dollars per share) | 1.50 | 1.31 | 0.42 |
Dividends paid (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.12 |
Average common shares issued and outstanding (in thousands) (in shares) | 10,284,147 | 10,462,282 | 10,527,818 |
Average diluted common shares issued and outstanding (in thousands) (in shares) | 11,035,657 | 11,213,992 | 10,584,535 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 17,906 | $ 15,836 | $ 5,520 |
Other comprehensive income (loss), net-of-tax: | |||
Net change in debt and marketable equity securities | (1,345) | (1,580) | 4,149 |
Net change in debit valuation adjustments | (156) | 615 | 0 |
Net change in derivatives | 182 | 584 | 616 |
Employee benefit plan adjustments | (524) | 394 | (943) |
Net change in foreign currency translation adjustments | (87) | (123) | (157) |
Other comprehensive income (loss) | (1,930) | (110) | 3,665 |
Comprehensive income | $ 15,976 | $ 15,726 | $ 9,185 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 30,719 | $ 31,265 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 117,019 | 128,088 |
Cash and cash equivalents | 147,738 | 159,353 |
Time deposits placed and other short-term investments | 9,861 | 7,744 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $49,750 and $55,143 measured at fair value) | 198,224 | 192,482 |
Trading account assets (includes $106,057 and $107,776 pledged as collateral) | 180,209 | 176,527 |
Derivative assets | 42,512 | 49,990 |
Debt securities: | ||
Carried at fair value (includes $29,804 and $29,810 pledged as collateral) | 313,660 | 322,380 |
Held-to-maturity, at cost (fair value – $115,285 and $84,046; $8,233 and $9,074 pledged as collateral) | 117,071 | 84,508 |
Total debt securities | 430,731 | 406,888 |
Loans and leases | 906,683 | 896,983 |
Allowance for loan and lease losses | (11,237) | (12,234) |
Loans and leases, net of allowance | 895,446 | 884,749 |
Premises and equipment, net | 9,139 | 9,485 |
Mortgage servicing rights | 2,747 | 3,087 |
Goodwill | 68,969 | 69,761 |
Intangible assets | 2,922 | 3,768 |
Loans held-for-sale (includes $4,026 and $4,818 measured at fair value) | 9,066 | 7,453 |
Customer and other receivables | 58,759 | 58,312 |
Assets of business held for sale | 10,670 | |
Other assets (includes $13,802 and $14,320 measured at fair value) | 120,709 | 114,688 |
Total assets | 2,187,702 | 2,144,287 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 438,125 | 422,237 |
Interest-bearing (includes $731 and $1,116 measured at fair value) | 750,891 | 703,761 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 12,039 | 9,916 |
Interest-bearing | 59,879 | 61,345 |
Total deposits | 1,260,934 | 1,197,259 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $35,766 and $24,574 measured at fair value) | 170,291 | 174,291 |
Trading account liabilities | 63,031 | 66,963 |
Derivative liabilities | 39,480 | 38,450 |
Short-term borrowings (includes $2,024 and $1,325 measured at fair value) | 23,944 | 28,098 |
Accrued expenses and other liabilities (includes $14,630 and $13,899 measured at fair value and $762 and $646 of reserve for unfunded lending commitments) | 146,359 | 146,286 |
Long-term debt (includes $30,037 and $30,097 measured at fair value) | 216,823 | 236,764 |
Total liabilities | 1,920,862 | 1,888,111 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,329 and 3,767,790 shares | 25,220 | 22,273 |
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 10,052,625,604 and 10,380,265,063 shares | 147,038 | 151,042 |
Retained earnings | 101,870 | 88,219 |
Accumulated other comprehensive income (loss) | (7,288) | (5,358) |
Total shareholders’ equity | 266,840 | 256,176 |
Total liabilities and shareholders’ equity | 2,187,702 | 2,144,287 |
Consolidated VIEs | ||
Assets | ||
Trading account assets (includes $106,057 and $107,776 pledged as collateral) | 5,773 | 6,344 |
Debt securities: | ||
Loans and leases | 56,001 | 72,946 |
Allowance for loan and lease losses | (1,032) | (1,320) |
Loans and leases, net of allowance | 54,969 | 71,626 |
Loans held-for-sale (includes $4,026 and $4,818 measured at fair value) | 188 | 284 |
Other assets (includes $13,802 and $14,320 measured at fair value) | 1,596 | 1,530 |
Total assets | 62,526 | 79,784 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $2,024 and $1,325 measured at fair value) | 348 | 681 |
Long-term debt (includes $30,037 and $30,097 measured at fair value) | 10,646 | 14,073 |
All other liabilities (includes $38 and $20 of non-recourse liabilities) | 41 | 21 |
Total liabilities | $ 11,035 | $ 14,775 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 49,750 | $ 55,143 |
Trading account assets, pledged as collateral | 106,057 | 107,776 |
Debt securities: | ||
Carried at fair value, pledged as collateral | 29,804 | 29,810 |
Held-to-maturity, fair value | 115,285 | 84,046 |
Held-to-maturity, pledged as collateral | 8,233 | 9,074 |
Loans and leases, measured at fair value | 7,085 | 6,938 |
Loans and leases, pledged as collateral | 31,805 | 37,767 |
Loans held-for-sale, measured at fair value | 4,026 | 4,818 |
Other assets, measured at fair value | 13,802 | 14,320 |
Deposits in U.S. offices: | ||
Interest-bearing, measured at fair value | 731 | 1,116 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 35,766 | 24,574 |
Short-term borrowings, measured at fair value | 2,024 | 1,325 |
Accrued expenses and other liabilities, measured at fair value | 14,630 | 13,899 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 762 | 646 |
Long-term debt, measured at fair value | $ 30,037 | $ 30,097 |
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) | 3,887,329 | 3,767,790 |
Preferred stock outstanding (in shares) | 3,887,329 | 3,767,790 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 12,800,000,000 | 12,800,000,000 |
Common stock issued (in shares) | 10,052,625,604 | 10,380,265,063 |
Common stock outstanding (in shares) | 10,052,625,604 | 10,380,265,063 |
Consolidated VIEs | Long-term debt | ||
Shareholders’ equity | ||
Non-recourse debt | $ 10,417 | $ 11,304 |
Consolidated VIEs | Other liabilities | ||
Shareholders’ equity | ||
Non-recourse debt | $ 38 | $ 20 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Preferred Stock | Common Stock and Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2013 | $ 232,475 | $ 13,352 | $ 155,293 | $ 71,517 | $ (7,687) |
Beginning Balance (in shares) at Dec. 31, 2013 | 10,591,808 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 5,520 | 5,520 | |||
Net change in debt and marketable equity securities | 4,149 | 4,149 | |||
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 declared: | |||||
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) | (101,132) | ||||
Common stock repurchased | (1,675) | $ (1,675) | |||
Ending Balance at Dec. 31, 2014 | 243,476 | 19,309 | $ 153,458 | 74,731 | (4,022) |
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 | 15,836 | 15,836 | |||
Net change in debt and marketable equity securities | (1,580) | (1,580) | |||
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 declared: | |||||
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 | 256,176 | 22,273 | $ 151,042 | 88,219 | (5,358) |
Ending Balance (in shares) at Dec. 31, 2015 | 10,380,265 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 17,906 | 17,906 | |||
Net change in debt and marketable equity securities | (1,345) | (1,345) | |||
Net change in debit valuation adjustments | (156) | (156) | |||
Net change in derivatives | 182 | 182 | |||
Employee benefit plan adjustments | (524) | (524) | |||
Net change in foreign currency translation adjustments | (87) | (87) | |||
Dividends declared: | |||||
Common | (2,573) | (2,573) | |||
Preferred | (1,682) | (1,682) | |||
Issuance of preferred stock | 2,947 | 2,947 | |||
Common stock issued under employee plans and related tax effects (in shares) | 5,111 | ||||
Common stock issued under employee plans and related tax effects | 1,108 | $ 1,108 | |||
Common stock repurchased (in shares) | (332,750) | ||||
Common stock repurchased | (5,112) | $ (5,112) | |||
Ending Balance at Dec. 31, 2016 | $ 266,840 | $ 25,220 | $ 147,038 | $ 101,870 | $ (7,288) |
Ending Balance (in shares) at Dec. 31, 2016 | 10,052,626 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net income | $ 17,906 | $ 15,836 | $ 5,520 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 3,597 | 3,161 | 2,275 |
Gains on sales of debt securities | (490) | (1,138) | (1,481) |
Realized debit valuation adjustments on structured liabilities | 17 | 556 | 0 |
Depreciation and premises improvements amortization | 1,511 | 1,555 | 1,586 |
Amortization of intangibles | 730 | 834 | 936 |
Net amortization of premium/discount on debt securities | 3,134 | 2,613 | 1,699 |
Deferred income taxes | 5,841 | 2,924 | 1,147 |
Stock-based compensation | 1,235 | 28 | 78 |
Loans held-for-sale: | |||
Originations and purchases | (33,107) | (37,933) | (39,358) |
Proceeds from sales and paydowns of loans originally classified as held-for-sale | 31,376 | 36,204 | 38,528 |
Net change in: | |||
Trading and derivative instruments | (866) | 2,550 | 5,866 |
Other assets | (13,802) | 2,645 | 5,894 |
Accrued expenses and other liabilities | (35) | 730 | 9,702 |
Other operating activities, net | 1,259 | (2,218) | (1,597) |
Net cash provided by operating activities | 18,306 | 28,347 | 30,795 |
Net change in: | |||
Time deposits placed and other short-term investments | (2,117) | 50 | 4,030 |
Federal funds sold and securities borrowed or purchased under agreements to resell | (5,742) | (659) | (1,495) |
Debt securities carried at fair value: | |||
Proceeds from sales | 79,371 | 145,079 | 126,399 |
Proceeds from paydowns and maturities | 100,768 | 84,988 | 79,704 |
Purchases | (189,061) | (219,412) | (247,902) |
Held-to-maturity debt securities: | |||
Proceeds from paydowns and maturities | 18,677 | 12,872 | 7,889 |
Purchases | (39,899) | (36,575) | (13,274) |
Loans and leases: | |||
Proceeds from sales | 18,230 | 22,316 | 28,765 |
Purchases | (12,283) | (12,629) | (10,609) |
Other changes in loans and leases, net | (31,194) | (51,895) | 19,160 |
Proceeds from sales of equity investments | 299 | 333 | 1,577 |
Other investing activities, net | (192) | (39) | (2,504) |
Net cash used in investing activities | (63,143) | (55,571) | (8,260) |
Net change in: | |||
Deposits | 63,675 | 78,347 | (335) |
Federal funds purchased and securities loaned or sold under agreements to repurchase | (4,000) | (26,986) | 3,171 |
Short-term borrowings | (4,014) | (3,074) | (14,827) |
Long-term debt: | |||
Proceeds from issuance | 35,537 | 43,670 | 51,573 |
Retirement of long-term debt | (51,849) | (40,365) | (53,749) |
Preferred stock: Proceeds from issuance | 2,947 | 2,964 | 5,957 |
Common stock repurchased | (5,112) | (2,374) | (1,675) |
Cash dividends paid | (4,194) | (3,574) | (2,306) |
Excess tax benefits on share-based payments | 14 | 16 | 34 |
Other financing activities, net | (22) | (39) | (44) |
Net cash provided by (used in) financing activities | 32,982 | 48,585 | (12,201) |
Effect of exchange rate changes on cash and cash equivalents | 240 | (597) | (3,067) |
Net increase (decrease) in cash and cash equivalents | (11,615) | 20,764 | 7,267 |
Cash and cash equivalents at January 1 | 159,353 | 138,589 | 131,322 |
Cash and cash equivalents at December 31 | 147,738 | 159,353 | 138,589 |
Supplemental cash flow disclosures | |||
Interest paid | 10,510 | 10,623 | 11,082 |
Income taxes paid | 1,633 | 2,326 | 2,558 |
Income taxes refunded | $ (590) | $ (151) | $ (144) |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 . 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, 2016 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 $ 16,977.7 $ 385.0 $ 5.9 $ 390.9 $ 386.9 $ 2.0 $ 388.9 Futures and forwards 5,609.5 2.2 — 2.2 2.1 — 2.1 Written options 1,146.2 — — — 52.2 — 52.2 Purchased options 1,178.7 53.3 — 53.3 — — — Foreign exchange contracts Swaps 1,828.6 54.6 4.2 58.8 58.8 6.2 65.0 Spot, futures and forwards 3,410.7 58.8 1.7 60.5 56.6 0.8 57.4 Written options 356.6 — — — 9.4 — 9.4 Purchased options 342.4 8.9 — 8.9 — — — Equity contracts Swaps 189.7 3.4 — 3.4 4.0 — 4.0 Futures and forwards 68.7 0.9 — 0.9 0.9 — 0.9 Written options 431.5 — — — 21.4 — 21.4 Purchased options 385.5 23.9 — 23.9 — — — Commodity contracts Swaps 48.2 2.5 — 2.5 5.1 — 5.1 Futures and forwards 49.1 3.6 — 3.6 0.5 — 0.5 Written options 29.3 — — — 1.9 — 1.9 Purchased options 28.9 2.0 — 2.0 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 604.0 8.1 — 8.1 10.3 — 10.3 Total return swaps/other 21.2 0.4 — 0.4 1.5 — 1.5 Written credit derivatives: Credit default swaps 614.4 10.7 — 10.7 7.5 — 7.5 Total return swaps/other 25.4 1.0 — 1.0 0.2 — 0.2 Gross derivative assets/liabilities $ 619.3 $ 11.8 $ 631.1 $ 619.3 $ 9.0 $ 628.3 Less: Legally enforceable master netting agreements (545.3 ) (545.3 ) Less: Cash collateral received/paid (43.3 ) (43.5 ) Total derivative assets/liabilities $ 42.5 $ 39.5 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. 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 $ 440.8 $ 1.2 $ 442.0 Futures and forwards 6,237.6 1.1 — 1.1 1.3 — 1.3 Written options 1,313.8 — — — 57.6 — 57.6 Purchased options 1,393.3 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 4,104.3 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 72.8 2.1 — 2.1 1.2 — 1.2 Written options 347.6 — — — 21.1 — 21.1 Purchased options 320.3 23.8 — 23.8 — — — Commodity contracts Swaps 47.0 4.7 — 4.7 7.1 — 7.1 Futures and forwards 45.6 3.8 — 3.8 0.7 — 0.7 Written options 36.6 — — — 4.4 — 4.4 Purchased options 37.4 4.2 — 4.2 — — — 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 $ 679.1 $ 9.5 $ 688.6 $ 676.8 $ 4.3 $ 681.1 Less: Legally enforceable master netting agreements (596.7 ) (596.7 ) 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. 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, 2016 and 2015 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 cash and securities collateral held and posted 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, 2016 December 31, 2015 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 267.3 $ 258.2 $ 309.3 $ 297.2 Over-the-counter cleared 177.2 182.8 197.0 201.7 Foreign exchange contracts Over-the-counter 124.3 126.7 103.2 107.5 Over-the-counter cleared 0.3 0.3 0.1 0.1 Equity contracts Over-the-counter 15.6 13.7 16.6 14.0 Exchange-traded 11.4 10.8 10.0 9.2 Commodity contracts Over-the-counter 3.7 4.9 7.3 8.9 Exchange-traded 1.1 1.0 1.8 1.8 Over-the-counter cleared — — 0.1 0.1 Credit derivatives Over-the-counter 15.3 14.7 24.6 22.9 Over-the-counter cleared 4.3 4.3 6.5 6.4 Total gross derivative assets/liabilities, before netting Over-the-counter 426.2 418.2 461.0 450.5 Exchange-traded 12.5 11.8 11.8 11.0 Over-the-counter cleared 181.8 187.4 203.7 208.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (398.2 ) (392.6 ) (426.6 ) (425.7 ) Exchange-traded (8.9 ) (8.9 ) (8.7 ) (8.7 ) Over-the-counter cleared (181.5 ) (187.3 ) (203.3 ) (208.2 ) Derivative assets/liabilities, after netting 31.9 28.6 37.9 27.2 Other gross derivative assets/liabilities (1) 10.6 10.9 12.1 11.3 Total derivative assets/liabilities 42.5 39.5 50.0 38.5 Less: Financial instruments collateral (2) (13.5 ) (10.5 ) (13.9 ) (6.5 ) Total net derivative assets/liabilities $ 29.0 $ 29.0 $ 36.1 $ 32.0 (1) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain. (2) 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 in the mortgage business 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 2016 , 2015 and 2014 , including hedges of interest rate risk on long-term debt that were acquired as part of a business combination and redesignated at that time. At redesignation, the fair value of the derivatives was positive. As the derivatives mature, the fair value will approach zero. As a result, ineffectiveness will occur and the fair value changes in the derivatives and the long-term debt being hedged may be directionally the same in certain scenarios. Based on a regression analysis, the derivatives continue to be highly effective at offsetting changes in the fair value of the long-term debt attributable to interest rate risk. Derivatives Designated as Fair Value Hedges Gains (Losses) 2016 (Dollars in millions) Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (1,488 ) $ 646 $ (842 ) Interest rate and foreign currency risk on long-term debt (1) (941 ) 944 3 Interest rate risk on available-for-sale securities (2) 227 (286 ) (59 ) Price risk on commodity inventory (3) (17 ) 17 — Total $ (2,219 ) $ 1,321 $ (898 ) 2015 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 ) (1) Amounts are recorded in interest expense on long-term debt and in other income. (2) Amounts are recorded in interest income on debt securities. (3) Amounts relating to commodity inventory are recorded in trading account profits. Cash Flow and Net Investment Hedges The table below summarizes certain information related to cash flow hedges and net investment hedges for 2016 , 2015 and 2014 . Of the $895 million after-tax net loss ( $1.4 billion on a pretax basis) on derivatives in accumulated OCI for 2016 , $128 million after-tax ( $206 million on a pretax basis) 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 2016 (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 $ (340 ) $ (553 ) $ 1 Price risk on restricted stock awards (2) 41 (32 ) — Total $ (299 ) $ (585 ) $ 1 Net investment hedges Foreign exchange risk $ 1,636 $ 3 $ (325 ) 2015 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 ) (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 2016 , 2015 and 2014 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Other Risk Management Derivatives Gains (Losses) (Dollars in millions) 2016 2015 2014 Interest rate risk on mortgage banking income (1) $ 461 $ 254 $ 1,017 Credit risk on loans (2) (107 ) (22 ) 16 Interest rate and foreign currency risk on ALM activities (3) (754 ) (222 ) (3,683 ) Price risk on restricted stock awards (4) 9 (267 ) 600 Other 5 11 (9 ) (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 $533 million , $714 million and $776 million for 2016 , 2015 and 2014 , 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 through derivatives (e.g., interest rate and/or credit), but the Corporation does not retain control over the assets transferred. Through December 31, 2016 and 2015 , the Corporation transferred $6.6 billion and $7.9 billion of primarily non-U.S. government-guaranteed MBS to a third-party trust and received gross cash proceeds of $6.6 billion and $7.9 billion at the transfer dates. At December 31, 2016 and 2015 , the fair value of these securities was $6.3 billion and $7.2 billion . Derivative assets of $43 million and $24 million and liabilities of $10 million and $29 million were recorded at December 31, 2016 and 2015 , and are included in credit derivatives in the derivative instruments table on page 131 . 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 following table, 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 2016 , 2015 and 2014 . The difference between total trading account profits in the following table and in the Consolidated Statement of Income represents trading activities in business segments other than Global Markets . This table includes debit valuation and funding valuation adjustment (DVA/FVA) gains (losses). Global Markets results in Note 24 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The following table is not presented on an FTE basis. The results for 2016 and 2015 were impacted by the adoption of new accounting guidance in 2015 on recognition and measurement of financial instruments. As such, amounts in the "Other" column for 2016 and 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 include such amounts. For more information on the implementation of new accounting guidance, see Note 1 – Summary of Significant Accounting Principles . Sales and Trading Revenue 2016 (Dollars in millions) Trading Account Profits Net Interest Income Other (1) Total Interest rate risk $ 1,608 $ 1,397 $ 304 $ 3,309 Foreign exchange risk 1,360 (10 ) (154 ) 1,196 Equity risk 1,915 15 2,072 4,002 Credit risk 1,258 2,587 425 4,270 Other risk 409 (20 ) 40 429 Total sales and trading revenue $ 6,550 $ 3,969 $ 2,687 $ 13,206 2015 Interest rate risk $ 1,300 $ 1,307 $ (263 ) $ 2,344 Foreign exchange risk 1,322 (10 ) (117 ) 1,195 Equity risk 2,115 56 2,146 4,317 Credit risk 910 2,361 452 3,723 Other risk 462 (81 ) 62 443 Total sales and trading revenue $ 6,109 $ 3,633 $ 2,280 $ 12,022 2014 Interest rate risk $ 983 $ 946 $ 466 $ 2,395 Foreign exchange risk 1,177 7 (128 ) 1,056 Equity risk 1,954 (79 ) 2,307 4,182 Credit risk 1,404 2,563 617 4,584 Other risk 508 (123 ) 108 493 Total sales and trading revenue $ 6,026 $ 3,314 $ 3,370 $ 12,710 (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 $2.1 billion , $2.2 billion and $2.2 billion for 2016 , 2015 and 2014 , 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, 2016 and 2015 are summarized in the following table. 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, 2016 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 $ 10 $ 64 $ 535 $ 783 $ 1,392 Non-investment grade 771 1,053 908 3,339 6,071 Total 781 1,117 1,443 4,122 7,463 Total return swaps/other: Investment grade 16 — — — 16 Non-investment grade 127 10 2 1 140 Total 143 10 2 1 156 Total credit derivatives $ 924 $ 1,127 $ 1,445 $ 4,123 $ 7,619 Credit-related notes: Investment grade $ — $ 12 $ 542 $ 1,423 $ 1,977 Non-investment grade 70 22 60 1,318 1,470 Total credit-related notes $ 70 $ 34 $ 602 $ 2,741 $ 3,447 Maximum Payout/Notional Credit default swaps: Investment grade $ 121,083 $ 143,200 $ 116,540 $ 21,905 $ 402,728 Non-investment grade 84,755 67,160 41,001 18,711 211,627 Total 205,838 210,360 157,541 40,616 614,355 Total return swaps/other: Investment grade 12,792 — — — 12,792 Non-investment grade 6,638 5,127 589 208 12,562 Total 19,430 5,127 589 208 25,354 Total credit derivatives $ 225,268 $ 215,487 $ 158,130 $ 40,824 $ 639,709 December 31, 2015 Carrying Value 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 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 $4.7 billion and $490.7 billion at December 31, 2016 , and $8.2 billion and $706.0 billion at December 31, 2015 . Credit-related notes in the table on page 138 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 131 , 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, 2016 and 2015 , the Corporation held cash and securities collateral of $85.5 billion and $78.9 billion , and posted cash and securities collateral of $71.1 billion and $62.7 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, 2016 , 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 $1.8 billion , including $1.0 billion for Bank of America, N.A. (BANA). Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At December 31, 2016 and 2015 , t |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | Summary of Significant Accounting Principles Bank of America 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 other 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. Certain prior-year amounts have been reclassified to conform to current-year presentation. On December 20, 2016, the Corporation entered into an agreement to sell its non-U.S. consumer credit card business to a third party. Subject to regulatory approval, this transaction is expected to close by mid-2017. After closing, the Corporation will retain substantially all payment protection insurance (PPI) exposure above existing reserves. The Corporation has considered this exposure in its estimate of a small after-tax gain on the sale. This transaction will reduce risk-weighted assets and goodwill upon closing, benefiting regulatory capital. At December 31, 2016, the assets of this business, which are presented in the assets of business held for sale line on the Consolidated Balance Sheet, included consumer credit card receivables of $9.2 billion , an allowance for loan losses of $ 243 million , goodwill of $775 million , available-for-sale (AFS) debt securities of $619 million and all other assets of $305 million . Liabilities are primarily comprised of intercompany borrowings. This business is included in All Other for reporting purposes. Change in Accounting Method Effective July 1, 2016, the Corporation changed its accounting method under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 310-20, Nonrefundable fees and other costs , from the prepayment method (also referred to as the retrospective method) to the contractual method. The Corporation believes that the contractual method is the preferable method of accounting because it is consistent with the accounting method used by peer institutions in terms of net interest income. Additionally, the contractual method better aligns with the Corporation's asset and liability management (ALM) strategy. The following is the impact of the change in accounting method on the annual periods presented in the consolidated financial statements herein. The impact is expressed as an increase/(decrease) as compared to amounts originally reported. For 2015 and 2014: net interest income — $(141) million and $989 million , gains on sales of debt securities — $47 million and $127 million , and net income — $(52) million , or $ 0.00 per diluted share and $687 million , or $ 0.06 per diluted share, respectively. The change in accounting method decreased retained earnings $980 million at January 1, 2014. Since the change in accounting method was effective July 1, 2016 and the financial results under the prepayment method as compared to the contractual method would not affect future management decisions, the Corporation did not undertake the operational effort and cost to maintain separate systems of record for the prepayment method to enable a calculation of the impact of the change subsequent to the effective date. As a result, the impact of the change in accounting method for 2016 is not disclosed. New Accounting Pronouncements In August 2016 and November 2016, the FASB issued new accounting guidance that addresses classification of certain cash receipts and cash payments, including changes in restricted cash, in the statement of cash flows. This new accounting guidance will result in some changes in classification in the Consolidated Statement of Cash Flows, which the Corporation does not expect will be significant, and will not have any impact on its consolidated financial position or results of operations. The new guidance is effective on January 1, 2018, on a retrospective basis, with early adoption permitted. In June 2016, the FASB issued new accounting guidance that will require the earlier recognition of credit losses on loans and other financial instruments based on an expected loss model, replacing the incurred loss model that is currently in use. Under the new guidance, an entity will measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The expected loss model will apply to loans and leases, unfunded lending commitments, held-to-maturity (HTM) debt securities and other debt instruments measured at amortized cost. The impairment model for AFS debt securities will require the recognition of credit losses through a valuation allowance when fair value is less than amortized cost, regardless of whether the impairment is considered to be other-than-temporary. The new guidance is effective on January 1, 2020, with early adoption permitted on January 1, 2019. The Corporation is in the process of identifying and implementing required changes to loan loss estimation models and processes and evaluating the impact of this new accounting guidance, which at the date of adoption is expected to increase the allowance for credit losses with a resulting negative adjustment to retained earnings. In March 2016, the FASB issued new accounting guidance that simplifies certain aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective on January 1, 2017. The Corporation does not expect the provisions of this new accounting guidance to have a material impact on its consolidated financial position or results of operations. In February 2016, the FASB issued new accounting guidance that requires substantially all leases to be recorded as assets and liabilities on the balance sheet. Upon adoption, for leases where the Corporation is lessee, the Corporation will record a right of use asset and a lease payment obligation associated with arrangements previously accounted for as operating leases. Lessor accounting is largely unchanged from existing GAAP. This new accounting guidance is effective on January 1, 2019, using a modified retrospective transition that will be applied to all prior periods presented. The Corporation is in the process of reviewing its existing lease portfolios, as well as other service contracts for embedded leases, to evaluate the impact of the new accounting guidance on the financial statements, as well as the impact to regulatory capital and risk-weighted assets. The effect of the adoption will depend on its lease portfolio at the time of transition; however, the Corporation does not expect the new accounting guidance to have a material impact on its consolidated results of operations. Upon completion of the inventory review and consideration of system requirements, the Corporation will evaluate the impacts of adopting the new accounting guidance on its disclosures. 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. In 2015, 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 Corporation does not expect the remaining provisions of this new accounting guidance to have a material impact on its consolidated financial position or results of operations. In May 2014, the FASB issued new accounting guidance for recognizing revenue from contracts with customers, which is effective on January 1, 2018. While the new guidance does not apply to revenue associated with loans or securities, the Corporation has been working to identify the customer contracts within the scope of the new guidance and assess the related revenues to determine if any accounting or internal control changes will be required for the new provisions. While the assessment is not complete, the timing of the Corporation’s revenue recognition is not expected to materially change. The classification of certain contract costs continues to be evaluated and the final interpretation may impact the presentation of certain contract costs. Overall, the Corporation does not expect the new guidance to have a material impact on its consolidated financial position or results of operations. The next phase of the Corporation’s implementation work will be to evaluate any changes that may be required to the Corporation’s applicable disclosures. Significant Accounting Principles 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 Securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase (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 acquisition or sale price 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 monitor the market value of the principal amount loaned under resale agreements and obtain collateral from or return collateral pledged to counterparties when appropriate. Securities financing agreements do not create material credit risk due to these collateral provisions; therefore, an allowance for loan losses is unnecessary. 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, 2016 and 2015 , the fair value of this collateral was $452.1 billion and $458.9 billion , of which $372.0 billion and $383.5 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, 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. 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 ALM and other strategic activities, are generally reported at fair value as 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 that 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 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. For AFS debt securities the Corporation intends to hold, an analysis is performed to determine how much of the decline in fair value is related to the issuer’s credit and how much is related to market factors (e.g., interest rates). If any of the decline in fair value is due to credit, an other-than-temporary impairment (OTTI) loss is recognized in the Consolidated Statement of Income for that amount. If any of the decline in fair value is related to market factors, that amount is recognized in accumulated OCI. In certain instances, the credit loss may exceed the total decline in fair value, in which case, the difference is due to market factors and is recognized as an unrealized gain in accumulated OCI. If the Corporation intends to sell or believes it is more-likely-than-not that it will be required to sell the debt security, it is written down to fair value 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 or accreted to interest income at a constant effective yield over the contractual lives 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 (GPI), 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. 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 residential mortgage and 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 excluding loans and unfunded lending commitments accounted for under the fair value option. 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. 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 loans 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 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 . Debt Securities and Available-for-Sale Marketable Equity Securities December 31, 2016 (Dollars in millions) Amortized Cost Gross Gains Gross Losses Fair Value Available-for-sale debt securities Mortgage-backed securities: Agency $ 190,809 $ 640 $ (1,963 ) $ 189,486 Agency-collateralized mortgage obligations 8,296 85 (51 ) 8,330 Commercial 12,594 21 (293 ) 12,322 Non-agency residential (1) 1,863 181 (31 ) 2,013 Total mortgage-backed securities 213,562 927 (2,338 ) 212,151 U.S. Treasury and agency securities 48,800 204 (752 ) 48,252 Non-U.S. securities 6,372 13 (3 ) 6,382 Other taxable securities, substantially all asset-backed securities 10,573 64 (23 ) 10,614 Total taxable securities 279,307 1,208 (3,116 ) 277,399 Tax-exempt securities 17,272 72 (184 ) 17,160 Total available-for-sale debt securities 296,579 1,280 (3,300 ) 294,559 Less: Available-for-sale securities of business held for sale (2) (619 ) — — (619 ) Other debt securities carried at fair value 19,748 121 (149 ) 19,720 Total debt securities carried at fair value 315,708 1,401 (3,449 ) 313,660 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 117,071 248 (2,034 ) 115,285 Total debt securities (3) $ 432,779 $ 1,649 $ (5,483 ) $ 428,945 Available-for-sale marketable equity securities (4) $ 325 $ 51 $ (1 ) $ 375 December 31, 2015 Available-for-sale debt securities Mortgage-backed securities: Agency $ 229,356 $ 1,061 $ (1,470 ) $ 228,947 Agency-collateralized mortgage obligations 10,892 148 (55 ) 10,985 Commercial 7,200 30 (65 ) 7,165 Non-agency residential (1) 3,031 219 (71 ) 3,179 Total mortgage-backed securities 250,479 1,458 (1,661 ) 250,276 U.S. Treasury and agency securities 25,075 211 (9 ) 25,277 Non-U.S. securities 5,743 27 (3 ) 5,767 Other taxable securities, substantially all asset-backed securities 10,475 54 (84 ) 10,445 Total taxable securities 291,772 1,750 (1,757 ) 291,765 Tax-exempt securities 13,978 63 (33 ) 14,008 Total available-for-sale debt securities 305,750 1,813 (1,790 ) 305,773 Other debt securities carried at fair value 16,678 103 (174 ) 16,607 Total debt securities carried at fair value 322,428 1,916 (1,964 ) 322,380 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 84,508 330 (792 ) 84,046 Total debt securities (3) $ 406,936 $ 2,246 $ (2,756 ) $ 406,426 Available-for-sale marketable equity securities (4) $ 326 $ 99 $ — $ 425 (1) At December 31, 2016 and 2015 , the underlying collateral type included approximately 60 percent and 71 percent prime, 19 percent and 15 percent Alt-A, and 21 percent and 14 percent subprime. (2) Represents AFS debt securities of business held for sale of which there were no unrealized gains or losses at December 31, 2016 . (3) The Corporation had debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $156.4 billion and $48.7 billion , and a fair value of $154.4 billion and $48.3 billion at December 31, 2016 . Debt securities from FNMA and FHLMC that exceeded 10 percent of shareholders’ equity had an amortized cost of $145.8 billion and $53.3 billion , and a fair value of $145.5 billion and $53.2 billion at December 31, 2015 . (4) Classified in other assets on the Consolidated Balance Sheet. At December 31, 2016 , the accumulated net unrealized loss on AFS debt securities included in accumulated OCI was $1.3 billion , net of the related income tax benefit of $721 million . At December 31, 2016 and 2015 , the Corporation had nonperforming AFS debt securities of $121 million and $188 million . The following table presents the components of other debt securities carried at fair value where the changes in fair value are reported in other income. In 2016 , the Corporation recorded unrealized mark-to-market net gains of $51 million and realized net losses of $128 million , compared to unrealized mark-to-market net gains of $62 million and realized net losses of $324 million in 2015 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value December 31 (Dollars in millions) 2016 2015 Mortgage-backed securities: Agency-collateralized mortgage obligations $ 5 $ 7 Non-agency residential 3,139 3,490 Total mortgage-backed securities 3,144 3,497 Non-U.S. securities (1) 16,336 12,843 Other taxable securities, substantially all asset-backed securities 240 267 Total $ 19,720 $ 16,607 (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 2016 , 2015 and 2014 are presented in the following table. Gains and Losses on Sales of AFS Debt Securities (Dollars in millions) 2016 2015 2014 Gross gains $ 520 $ 1,174 $ 1,504 Gross losses (30 ) (36 ) (23 ) Net gains on sales of AFS debt securities $ 490 $ 1,138 $ 1,481 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 186 $ 432 $ 563 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, 2016 and 2015 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities December 31, 2016 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 $ 135,210 $ (1,846 ) $ 3,770 $ (117 ) $ 138,980 $ (1,963 ) Agency-collateralized mortgage obligations 3,229 (25 ) 1,028 (26 ) 4,257 (51 ) Commercial 9,018 (293 ) — — 9,018 (293 ) Non-agency residential 212 (1 ) 204 (13 ) 416 (14 ) Total mortgage-backed securities 147,669 (2,165 ) 5,002 (156 ) 152,671 (2,321 ) U.S. Treasury and agency securities 28,462 (752 ) — — 28,462 (752 ) Non-U.S. securities 52 (1 ) 142 (2 ) 194 (3 ) Other taxable securities, substantially all asset-backed securities 762 (5 ) 1,438 (18 ) 2,200 (23 ) Total taxable securities 176,945 (2,923 ) 6,582 (176 ) 183,527 (3,099 ) Tax-exempt securities 4,782 (148 ) 1,873 (36 ) 6,655 (184 ) Total temporarily impaired AFS debt securities 181,727 (3,071 ) 8,455 (212 ) 190,182 (3,283 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 94 (1 ) 401 (16 ) 495 (17 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 181,821 $ (3,072 ) $ 8,856 $ (228 ) $ 190,677 $ (3,300 ) December 31, 2015 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 115,502 $ (1,082 ) $ 13,083 $ (388 ) $ 128,585 $ (1,470 ) Agency-collateralized mortgage obligations 2,536 (19 ) 1,212 (36 ) 3,748 (55 ) Commercial 4,587 (65 ) — — 4,587 (65 ) Non-agency residential 553 (5 ) 723 (33 ) 1,276 (38 ) Total mortgage-backed securities 123,178 (1,171 ) 15,018 (457 ) 138,196 (1,628 ) U.S. Treasury and agency securities 1,172 (5 ) 190 (4 ) 1,362 (9 ) Non-U.S. securities — — 134 (3 ) 134 (3 ) Other taxable securities, substantially all asset-backed securities 4,936 (67 ) 869 (17 ) 5,805 (84 ) Total taxable securities 129,286 (1,243 ) 16,211 (481 ) 145,497 (1,724 ) Tax-exempt securities 4,400 (12 ) 1,877 (21 ) 6,277 (33 ) Total temporarily impaired AFS debt securities 133,686 (1,255 ) 18,088 (502 ) 151,774 (1,757 ) 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 $ 134,167 $ (1,274 ) $ 18,186 $ (516 ) $ 152,353 $ (1,790 ) (1) Includes OTTI 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 2016 , 2015 and 2014 as presented in the following table. Substantially all OTTI losses in 2016 , 2015 and 2014 consisted of credit losses on non-agency residential mortgage-backed securities (RMBS) and were recorded in other income in the Consolidated Statement of Income. Net Credit-related Impairment Losses Recognized in Earnings (Dollars in millions) 2016 2015 2014 Total OTTI losses $ (31 ) $ (111 ) $ (30 ) Less: non-credit portion of total OTTI losses recognized in OCI 12 30 14 Net credit-related impairment losses recognized in earnings $ (19 ) $ (81 ) $ (16 ) The table below presents a rollforward of the credit losses recognized in earnings in 2016 , 2015 and 2014 on AFS debt securities that the Corporation does not have the intent to sell or will not more-likely-than-not be required to sell. Rollforward of OTTI Credit Losses Recognized (Dollars in millions) 2016 2015 2014 Balance, January 1 $ 266 $ 200 $ 184 Additions for credit losses recognized on AFS debt securities that had no previous impairment losses 2 52 14 Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses 17 29 2 Reductions for AFS debt securities matured, sold or intended to be sold (32 ) (15 ) — Balance, December 31 $ 253 $ 266 $ 200 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, 2016 . Significant Assumptions Range (1) Weighted- 10th Percentile (2) 90th Percentile (2) Prepayment speed 13.8 % 4.6 % 27.0 % Loss severity 20.1 8.8 36.5 Life default rate 20.4 0.7 77.4 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. Annual constant prepayment speed and loss severity rates are projected considering collateral characteristics such as loan-to-value (LTV), creditworthiness of borrowers as measured using Fair Isaac Corporation (FICO) scores, and geographic concentrations. The weighted-average severity by collateral type was 17.0 percent for prime, 18.8 percent for Alt-A and 30.4 percent for subprime at December 31, 2016 . Additionally, default rates are projected by considering collateral characteristics including, but not limited to, LTV, FICO score and geographic concentration. Weighted-average life default rates by collateral type were 13.9 percent for prime, 21.7 percent for Alt-A and 20.9 percent for subprime at December 31, 2016 . The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 2016 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgages or other ABS are passed through to the Corporation. Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities December 31, 2016 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 $ 2 4.50 % $ 47 4.45 % $ 381 2.56 % $ 190,379 3.23 % $ 190,809 3.23 % Agency-collateralized mortgage obligations — — — — — — 8,300 3.18 8,300 3.18 Commercial 48 8.60 558 1.96 11,632 2.47 356 2.58 12,594 2.47 Non-agency residential — — — — 12 0.01 5,016 8.50 5,028 8.48 Total mortgage-backed securities 50 8.32 605 2.15 12,025 2.46 204,051 3.36 216,731 3.31 U.S. Treasury and agency securities 517 0.47 34,898 1.57 13,234 1.58 151 5.42 48,800 1.57 Non-U.S. securities (2) 21,164 0.25 1,097 1.92 206 1.30 240 6.60 22,707 0.41 Other taxable securities, substantially all asset-backed securities 2,040 1.77 5,102 1.63 2,279 2.71 1,396 3.18 10,817 2.08 Total taxable securities 23,771 0.40 41,702 1.59 27,744 2.05 205,838 3.36 299,055 2.76 Tax-exempt securities 646 1.13 6,563 1.49 7,846 1.57 2,217 1.53 17,272 1.52 Total amortized cost of debt securities carried at fair value (2) $ 24,417 0.42 $ 48,265 1.58 $ 35,590 1.95 $ 208,055 3.34 $ 316,327 2.69 Amortized cost of HTM debt securities (3) $ — — $ 26 4.01 $ 971 2.32 $ 116,074 3.01 $ 117,071 3.01 Debt securities carried at fair value Mortgage-backed securities: Agency $ 2 $ 48 $ 382 $ 189,054 $ 189,486 Agency-collateralized mortgage obligations — — — 8,335 8,335 Commercial 48 559 11,378 337 12,322 Non-agency residential — — 19 5,133 5,152 Total mortgage-backed securities 50 607 11,779 202,859 215,295 U.S. Treasury and agency securities 517 34,784 12,788 163 48,252 Non-U.S. securities (2) 21,165 1,100 208 245 22,718 Other taxable securities, substantially all asset-backed securities 2,036 5,078 2,303 1,437 10,854 Total taxable securities 23,768 41,569 27,078 204,704 297,119 Tax-exempt securities 646 6,561 7,754 2,199 17,160 Total debt securities carried at fair value (2) $ 24,414 $ 48,130 $ 34,832 $ 206,903 $ 314,279 Fair value of HTM debt securities (3) $ — $ 26 $ 959 $ 114,300 $ 115,285 (1) The average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives. (2) Includes $ 619 million of amortized cost and fair value for AFS debt securities of business held for sale. These AFS debt securities mature in one year or less and have an average yield of 0.21 percent . (3) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases
Outstanding Loans and Leases | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [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, 2016 and 2015 . December 31, 2016 (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 $ 1,340 $ 425 $ 1,213 $ 2,978 $ 153,519 $ 156,497 Home equity 239 105 451 795 48,578 49,373 Non-core portfolio Residential mortgage (5) 1,338 674 5,343 7,355 17,818 $ 10,127 35,300 Home equity 260 136 832 1,228 12,231 3,611 17,070 Credit card and other consumer U.S. credit card 472 341 782 1,595 90,683 92,278 Non-U.S. credit card 37 27 66 130 9,084 9,214 Direct/Indirect consumer (6) 272 79 34 385 93,704 94,089 Other consumer (7) 26 8 6 40 2,459 2,499 Total consumer 3,984 1,795 8,727 14,506 428,076 13,738 456,320 Consumer loans accounted for under the fair value option (8) $ 1,051 1,051 Total consumer loans and leases 3,984 1,795 8,727 14,506 428,076 13,738 1,051 457,371 Commercial U.S. commercial 952 263 400 1,615 268,757 270,372 Commercial real estate (9) 20 10 56 86 57,269 57,355 Commercial lease financing 167 21 27 215 22,160 22,375 Non-U.S. commercial 348 4 5 357 89,040 89,397 U.S. small business commercial 96 49 84 229 12,764 12,993 Total commercial 1,583 347 572 2,502 449,990 452,492 Commercial loans accounted for under the fair value option (8) 6,034 6,034 Total commercial loans and leases 1,583 347 572 2,502 449,990 6,034 458,526 Total consumer and commercial loans and leases (10) $ 5,567 $ 2,142 $ 9,299 $ 17,008 $ 878,066 $ 13,738 $ 7,085 $ 915,897 Less: Loans of business held for sale (10) (9,214 ) Total loans and leases (11) $ 906,683 Percentage of outstandings (10) 0.61 % 0.23 % 1.02 % 1.86 % 95.87 % 1.50 % 0.77 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $1.1 billion and nonperforming loans of $266 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $547 million and nonperforming loans of $216 million . (2) Consumer real estate includes fully-insured loans of $4.8 billion . (3) Consumer real estate includes $2.5 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 $1.8 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans of $48.9 billion , unsecured consumer lending loans of $585 million , U.S. securities-based lending loans of $40.1 billion , non-U.S. consumer loans of $3.0 billion , student loans of $497 million and other consumer loans of $1.1 billion . (7) Total outstandings includes consumer finance loans of $465 million , consumer leases of $1.9 billion and consumer overdrafts of $157 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $710 million and home equity loans of $341 million . Commercial loans accounted for under the fair value option were U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $3.1 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 $54.3 billion and non-U.S. commercial real estate loans of $3.1 billion . (10) Includes non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet. (11) The Corporation pledged $143.1 billion of loans to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB). This amount is not included in the parenthetical disclosure of loans and leases pledged as collateral on the Consolidated Balance Sheet as there were no related outstanding borrowings. December 31, 2015 (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 $ 1,214 $ 368 $ 1,414 $ 2,996 $ 138,799 $ 141,795 Home equity 200 93 579 872 54,045 54,917 Non-core portfolio Residential mortgage (5) 2,045 1,167 8,439 11,651 22,399 $ 12,066 46,116 Home equity 335 174 1,170 1,679 14,733 4,619 21,031 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 150 29 20 199 21,153 21,352 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 719 230 507 1,456 434,291 435,747 Commercial loans accounted for under the fair value option (8) 5,067 5,067 Total commercial loans and leases 719 230 507 1,456 434,291 5,067 440,814 Total loans and leases (10) $ 5,251 $ 2,460 $ 13,020 $ 20,731 $ 852,629 $ 16,685 $ 6,938 $ 896,983 Percentage of outstandings 0.59 % 0.27 % 1.45 % 2.31 % 95.06 % 1.86 % 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 . (10) The Corporation pledged $149.4 billion of loans to secure potential borrowing capacity with the Federal Reserve Bank and FHLB. This amount is not included in the parenthetical disclosure of loans and leases pledged as collateral on the Consolidated Balance Sheet as there were no related outstanding borrowings. In connection with an agreement to sell the Corporation's non-U.S. consumer credit card business, this business, which includes $9.2 billion of non-U.S. credit card loans and related allowance for loan and lease losses of $243 million , was reclassified to assets of business held for sale on the Consolidated Balance Sheet as of December 31, 2016. In this Note, all applicable amounts include these balances, unless otherwise noted. For more information, see Note 1 – Summary of Significant Accounting Principles . The Corporation categorizes consumer real estate loans as core and non-core based on loan and customer characteristics such as origination date, product type, LTV, FICO score and delinquency status consistent with its current consumer and mortgage servicing strategy. Generally, loans that were originated after January 1, 2010, qualified under government-sponsored enterprise underwriting guidelines, or otherwise met the Corporation's underwriting guidelines in place in 2015 are characterized as core loans. Loans held in legacy private-label securitizations, government-insured loans originated prior to 2010, loan products no longer originated, and loans originated prior to 2010 and classified as nonperforming or modified in a TDR prior to 2016 are generally characterized as non-core loans, and are principally run-off portfolios. The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $6.4 billion and $3.7 billion at December 31, 2016 and 2015 , 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, 2016 and 2015 , $428 million and $484 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, 2016 , nonperforming loans discharged in Chapter 7 bankruptcy with no change in repayment terms were $543 million of which $332 million were current on their contractual payments, while $181 million were 90 days or more past due. Of the contractually current nonperforming loans, approximately 81 percent were discharged in Chapter 7 bankruptcy over 12 months ago, and approximately 70 percent were discharged 24 months or more ago. During 2016 , the Corporation sold nonperforming and other delinquent consumer real estate loans with a carrying value of $2.2 billion , including $549 million of PCI loans, compared to $3.2 billion , including $1.4 billion of PCI loans, in 2015 . The Corporation recorded net charge-offs related to these sales of $30 million during 2016 and net recoveries of $133 million during 2015 . Gains related to these sales of $75 million and $173 million were recorded in other income in the Consolidated Statement of Income during 2016 and 2015 . 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, 2016 and 2015 . 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) 2016 2015 2016 2015 Consumer real estate Core portfolio Residential mortgage (1) $ 1,274 $ 1,825 $ 486 $ 382 Home equity 969 974 — — Non-core portfolio Residential mortgage (1) 1,782 2,978 4,307 6,768 Home equity 1,949 2,363 — — Credit card and other consumer U.S. credit card n/a n/a 782 789 Non-U.S. credit card n/a n/a 66 76 Direct/Indirect consumer 28 24 34 39 Other consumer 2 1 4 3 Total consumer 6,004 8,165 5,679 8,057 Commercial U.S. commercial 1,256 867 106 113 Commercial real estate 72 93 7 3 Commercial lease financing 36 12 19 15 Non-U.S. commercial 279 158 5 1 U.S. small business commercial 60 82 71 61 Total commercial 1,703 1,212 208 193 Total loans and leases $ 7,707 $ 9,377 $ 5,887 $ 8,250 (1) Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At December 31, 2016 and 2015 , residential mortgage includes $3.0 billion and $4.3 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 $1.8 billion and $2.9 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 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. FICO scores are typically refreshed quarterly or more frequently. Certain borrowers (e.g., borrowers that have had debts discharged in a bankruptcy proceeding) may not have their FICO scores updated. 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, 2016 and 2015 . Consumer Real Estate – Credit Quality Indicators (1) December 31, 2016 (Dollars in millions) Core Portfolio Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI (3) Core Portfolio Home Equity (2) Non-core Home Equity (2) Home Equity PCI Refreshed LTV (4) Less than or equal to 90 percent $ 129,737 $ 14,280 $ 7,811 $ 47,171 $ 8,480 $ 1,942 Greater than 90 percent but less than or equal to 100 percent 3,634 1,446 1,021 1,006 1,668 630 Greater than 100 percent 1,872 1,972 1,295 1,196 3,311 1,039 Fully-insured loans (5) 21,254 7,475 — — — — Total consumer real estate $ 156,497 $ 25,173 $ 10,127 $ 49,373 $ 13,459 $ 3,611 Refreshed FICO score Less than 620 $ 2,479 $ 3,198 $ 2,741 $ 1,254 $ 2,692 $ 559 Greater than or equal to 620 and less than 680 5,094 2,807 2,241 2,853 3,094 636 Greater than or equal to 680 and less than 740 22,629 4,512 2,916 10,069 3,176 1,069 Greater than or equal to 740 105,041 7,181 2,229 35,197 4,497 1,347 Fully-insured loans (5) 21,254 7,475 — — — — Total consumer real estate $ 156,497 $ 25,173 $ 10,127 $ 49,373 $ 13,459 $ 3,611 (1) Excludes $1.1 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $1.6 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, 2016 (Dollars in millions) U.S. Credit Card Non-U.S. Credit Card Direct/Indirect Consumer Other Consumer (1) Refreshed FICO score Less than 620 $ 4,431 $ — $ 1,478 $ 187 Greater than or equal to 620 and less than 680 12,364 — 2,070 222 Greater than or equal to 680 and less than 740 34,828 — 12,491 404 Greater than or equal to 740 40,655 — 33,420 1,525 Other internal credit metrics (2, 3, 4) — 9,214 44,630 161 Total credit card and other consumer $ 92,278 $ 9,214 $ 94,089 $ 2,499 (1) At December 31, 2016, 19 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 $43.1 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $499 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, 2016 , 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, 2016 (Dollars in millions) U.S. Commercial Commercial Real Estate Commercial Financing Non-U.S. Commercial U.S. Small Commercial (2) Risk ratings Pass rated $ 261,214 $ 56,957 $ 21,565 $ 85,689 $ 453 Reservable criticized 9,158 398 810 3,708 71 Refreshed FICO score (3) Less than 620 200 Greater than or equal to 620 and less than 680 591 Greater than or equal to 680 and less than 740 1,741 Greater than or equal to 740 3,264 Other internal credit metrics (3, 4) 6,673 Total commercial $ 270,372 $ 57,355 $ 22,375 $ 89,397 $ 12,993 (1) Excludes $6.0 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $755 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, 2016 , 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, 2015 (Dollars in millions) Core Portfolio Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI (3) Core Portfolio Home Equity (2) Non-core Home Equity (2) Home Equity PCI Refreshed LTV (4) Less than or equal to 90 percent $ 110,023 $ 16,481 $ 8,655 $ 51,262 $ 8,347 $ 2,003 Greater than 90 percent but less than or equal to 100 percent 4,038 2,224 1,403 1,858 2,190 852 Greater than 100 percent 2,638 3,364 2,008 1,797 5,875 1,764 Fully-insured loans (5) 25,096 11,981 — — — — Total consumer real estate $ 141,795 $ 34,050 $ 12,066 $ 54,917 $ 16,412 $ 4,619 Refreshed FICO score Less than 620 $ 3,129 $ 4,749 $ 3,798 $ 1,322 $ 3,490 $ 729 Greater than or equal to 620 and less than 680 5,472 3,762 2,586 3,295 3,862 825 Greater than or equal to 680 and less than 740 22,486 5,138 3,187 12,180 3,451 1,356 Greater than or equal to 740 85,612 8,420 2,495 38,120 5,609 1,709 Fully-insured loans (5) 25,096 11,981 — — — — Total consumer real estate $ 141,795 $ 34,050 $ 12,066 $ 54,917 $ 16,412 $ 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) At December 31, 2015, 27 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 $ 20,644 $ 87,905 $ 571 Reservable criticized 8,849 511 708 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 $ 21,352 $ 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. 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 156 . 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 $1.4 billion were included in TDRs at December 31, 2016 , of which $543 million were classified as nonperforming and $555 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. 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. 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. At December 31, 2016 and 2015 , 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 $363 million and $444 million at December 31, 2016 and 2015 . 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, 2016 was $4.8 billion . During 2016 and 2015 , the Corporation reclassified $1.4 billion and $2.1 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, 2016 and 2015 , and the average carrying value and interest income recognized for 2016 , 2015 and 2014 for impaired loans in the Corporation’s Consumer Real Estate portfolio segment. 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, 2016 December 31, 2015 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance Residential mortgage $ 11,151 $ 8,695 $ — $ 14,888 $ 11,901 $ — Home equity 3,704 1,953 — 3,545 1,775 — With an allowance recorded Residential mortgage $ 4,041 $ 3,936 $ 219 $ 6,624 $ 6,471 $ 399 Home equity 910 824 137 1,047 911 235 Total Residential mortgage $ 15,192 $ 12,631 $ 219 $ 21,512 $ 18,372 $ 399 Home equity 4,614 2,777 137 4,592 2,686 235 2016 2015 2014 Average Interest (1) Average Interest (1) Average Interest (1) With no recorded allowance Residential mortgage $ 10,178 $ 360 $ 13,867 $ 403 $ 15,065 $ 490 Home equity 1,906 90 1,777 89 1,486 87 With an allowance recorded Residential mortgage $ 5,067 $ 167 $ 7,290 $ 236 $ 10,826 $ 411 Home equity 852 24 785 24 743 25 Total Residential mortgage $ 15,245 $ 527 $ 21,157 $ 639 $ 25,891 $ 901 Home equity 2,758 114 2,562 113 2,229 112 (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, 2016, 2015 and 2014 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during 2016 , 2015 and 2014 , and net charge-offs recorded during the period in which the modification occurred. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Consumer Real Estate – TDRs Entered into During 2016, 2015 and 2014 (1) December 31, 2016 2016 (Dollars in millions) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) Net Charge-offs (3) Residential mortgage $ 1,130 $ 1,017 4.73 % 4.16 % $ 11 Home equity 849 649 3.95 2.72 61 Total $ 1,979 $ 1,666 4.40 3.54 $ 72 December 31, 2015 2015 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 (1) During 2016 , 2015 and 2014 , the Corporation forgave principal of $13 million , $396 million and $53 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, 2016, 2015 and 2014 due to sales and other dispositions. The table below presents the December 31, 2016, 2015 and 2014 carrying value for consumer real estate loans that were modified in a TDR during 2016 , 2015 and 2014 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During 2016 TDRs Entered into During 2015 TDRs Entered into During 2014 (Dollars in millions) Residential Mortgage Home Equity Residential Mortgage Home Equity Residential Mortgage Home Equity Modifications under government programs Contractual interest rate reduction $ 116 $ 35 $ 408 $ 23 $ 643 $ 5 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [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 2016 , 2015 and 2014 . 2016 (Dollars in millions) Consumer Real Estate Credit Card and Other Consumer Commercial Total Allowance Allowance for loan and lease losses, January 1 $ 3,914 $ 3,471 $ 4,849 $ 12,234 Loans and leases charged off (1,155 ) (3,553 ) (740 ) (5,448 ) Recoveries of loans and leases previously charged off 619 770 238 1,627 Net charge-offs (536 ) (2,783 ) (502 ) (3,821 ) Write-offs of PCI loans (340 ) — — (340 ) Provision for loan and lease losses (258 ) 2,826 1,013 3,581 Other (1) (30 ) (42 ) (102 ) (174 ) Allowance for loan and lease losses, December 31 2,750 3,472 5,258 11,480 Less: Allowance included in assets of business held for sale (2) — (243 ) — (243 ) Total allowance for loan and lease losses, December 31 2,750 3,229 5,258 11,237 Reserve for unfunded lending commitments, January 1 — — 646 646 Provision for unfunded lending commitments — — 16 16 Other (1) — — 100 100 Reserve for unfunded lending commitments, December 31 — — 762 762 Allowance for credit losses, December 31 $ 2,750 $ 3,229 $ 6,020 $ 11,999 2015 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 (1) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments and certain other reclassifications. (2) Represents allowance for loan and lease losses related to the non-U.S. credit card loan portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016. In 2016 , 2015 and 2014 , for the PCI loan portfolio, the Corporation recorded a provision benefit of $45 million , $40 million and $31 million , respectively. Write-offs in the PCI loan portfolio totaled $340 million , $808 million and $810 million during 2016 , 2015 and 2014 , respectively. Write-offs included $60 million , $234 million and $317 million associated with the sale of PCI loans during 2016 , 2015 and 2014 , respectively. The valuation allowance associated with the PCI loan portfolio was $419 million , $804 million and $1.7 billion at December 31, 2016 , 2015 and 2014 , respectively. The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at December 31, 2016 and 2015 . Allowance and Carrying Value by Portfolio Segment December 31, 2016 (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) $ 356 $ 189 $ 273 $ 818 Carrying value (3) 15,408 610 3,202 19,220 Allowance as a percentage of carrying value 2.31 % 30.98 % 8.53 % 4.26 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 1,975 $ 3,283 $ 4,985 $ 10,243 Carrying value (3, 4) 229,094 197,470 449,290 875,854 Allowance as a percentage of carrying value (4) 0.86 % 1.66 % 1.11 % 1.17 % Purchased credit-impaired loans Valuation allowance $ 419 n/a n/a $ 419 Carrying value gross of valuation allowance 13,738 n/a n/a 13,738 Valuation allowance as a percentage of carrying value 3.05 % n/a n/a 3.05 % Less: Assets of business held for sale (5) Allowance for loan and lease losses (6) n/a $ (243 ) n/a $ (243 ) Carrying value (3) n/a (9,214 ) n/a (9,214 ) Total Total allowance for loan and lease losses $ 2,750 $ 3,229 $ 5,258 $ 11,237 Carrying value (3, 4) 258,240 188,866 452,492 899,598 Total allowance as a percentage of carrying value (4) 1.06 % 1.71 % 1.16 % 1.25 % December 31, 2015 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) 226,116 189,660 433,379 849,155 Allowance as a percentage of carrying value (4) 1.10 % 1.70 % 1.07 % 1.22 % 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) 263,859 190,439 435,747 890,045 Allowance as a percentage of carrying value (4) 1.48 % 1.82 % 1.11 % 1.37 % (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 $27 million and $35 million related to impaired U.S. small business commercial at December 31, 2016 and 2015 . (3) Amounts are presented gross of the allowance for loan and lease losses. (4) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $7.1 billion and $6.9 billion at December 31, 2016 and 2015 . (5) Represents allowance for loan and lease losses and loans related to the non-U.S. credit card portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016. (6) Includes $61 million of allowance for loan and lease losses related to impaired loans and TDRs and $ 182 million related to loans collectively evaluated for impairment. n/a = not applicable |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Securitizations and Other Variable Interest Entities | Securitizations and Other Variable Interest Entities The Corporation utilizes 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, 2016 and 2015 , 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, 2016 and 2015 , 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. As a result of new accounting guidance, which was effective on January 1, 2016, the Corporation identified certain limited partnerships and similar entities that are now considered to be VIEs and are included in the unconsolidated VIE tables in this Note at December 31, 2016 . The Corporation had a maximum loss exposure of $6.1 billion related to these VIEs, which had total assets of $16.7 billion . 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 common trust funds managed within Global Wealth & Investment Management ( GWIM) , to provide investment opportunities for clients. These VIEs, which are generally not consolidated by the Corporation, as applicable, 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 2016 or 2015 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 2016 , 2015 and 2014 . First-lien Mortgage Securitizations Residential Mortgage Agency Non-agency - Subprime Commercial Mortgage (Dollars in millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Cash proceeds from new securitizations (1) $ 24,201 $ 27,164 $ 36,905 $ — $ — $ 809 $ 3,887 $ 7,945 $ 5,710 Gain on securitizations (2) 370 894 371 — — 49 38 49 68 Repurchases from securitization trusts (3) 3,611 3,716 5,155 — — — — — — (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 $487 million , $750 million and $715 million net of hedges, during 2016 , 2015 and 2014 , respectively are not included in the table above. (3) 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. The Corporation may also repurchase loans from securitization trusts to perform modifications. The majority of repurchased loans are FHA-insured mortgages collateralizing GNMA securities. In addition to cash proceeds as reported in the table above, the Corporation received securities with an initial fair value of $4.2 billion , $22.3 billion and $5.4 billion in connection with first-lien mortgage securitizations in 2016 , 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 2016 , 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 $1.1 billion , $1.4 billion and $1.8 billion in 2016 , 2015 and 2014 . Servicing advances on consumer mortgage loans, including securitizations where the Corporation has continuing involvement, were $6.2 billion and $7.8 billion at December 31, 2016 and 2015 . For more information on MSRs, see Note 23 – Mortgage Servicing Rights . During 2016 and 2015 , the Corporation deconsolidated residential mortgage securitization vehicles with total assets of $3.8 billion and $4.5 billion , and total liabilities of $628 million and $0 following the sale of retained interests or MSRs to third parties, after which the Corporation no longer had a controlling financial interest through the unilateral ability to liquidate the vehicles or as a servicer of the loans. Of the balances deconsolidated in 2016 , $706 million of assets and $628 million of liabilities represent non-cash investing and financing activities and, accordingly, are not reflected on the Consolidated Statement of Cash Flows. Gains on sale of $125 million and $287 million related to the deconsolidations 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, 2016 and 2015 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage December 31 (Dollars in millions) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Unconsolidated VIEs Maximum loss exposure (1) $ 22,661 $ 28,192 $ 757 $ 1,027 $ 2,750 $ 2,905 $ 560 $ 622 $ 344 $ 326 On-balance sheet assets Senior securities held (2) : Trading account assets $ 1,399 $ 1,297 $ 20 $ 42 $ 112 $ 94 $ 118 $ 99 $ 51 $ 59 Debt securities carried at fair value 17,620 24,369 441 613 2,235 2,479 305 340 — — Held-to-maturity securities 3,630 2,511 — — — — — — 64 37 Subordinate securities held (2) : Trading account assets — — 1 1 23 37 1 2 14 22 Debt securities carried at fair value — — 8 12 2 3 23 28 54 54 Held-to-maturity securities — — — — — — — — 13 13 Residual interests held — — — — — — — — 25 48 All other assets (3) 12 15 28 40 — — 113 153 — — Total retained positions $ 22,661 $ 28,192 $ 498 $ 708 $ 2,372 $ 2,613 $ 560 $ 622 $ 221 $ 233 Principal balance outstanding (4) $ 265,332 $ 313,613 $ 16,280 $ 20,366 $ 19,373 $ 27,854 $ 35,788 $ 44,055 $ 23,826 $ 34,243 Consolidated VIEs Maximum loss exposure (1) $ 18,084 $ 26,878 $ — $ 65 $ — $ 232 $ 25 $ — $ — $ — On-balance sheet assets Trading account assets $ 434 $ 1,101 $ — $ — $ — $ 188 $ 99 $ — $ — $ — Loans and leases 17,223 25,328 — 111 — 675 — — — — All other assets 427 449 — — — 54 — — — — Total assets $ 18,084 $ 26,878 $ — $ 111 $ — $ 917 $ 99 $ — $ — $ — On-balance sheet liabilities Long-term debt $ — $ — $ — $ 46 $ — $ 840 $ 74 $ — $ — $ — All other liabilities 4 1 — — — — — — — — Total liabilities $ 4 $ 1 $ — $ 46 $ — $ 840 $ 74 $ — $ — $ — (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 2016 and 2015 , the Corporation recognized $7 million and $34 million of credit-related impairment losses in earnings on those securities classified as AFS debt securities and none on HTM securities. (3) Not included in the table above are all other assets of $189 million and $222 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 $189 million and $222 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, 2016 and 2015 . (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, 2016 and 2015 . 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) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Unconsolidated VIEs Maximum loss exposure $ 2,732 $ 3,988 $ — $ — $ 9,906 $ 13,046 $ 1,635 $ 1,572 $ 47 $ 63 On-balance sheet assets Senior securities held (4, 5) : Trading account assets $ — $ — $ — $ — $ 902 $ 1,248 $ — $ 2 $ — $ — Debt securities carried at fair value 46 57 — — 2,338 4,341 — — 47 53 Held-to-maturity securities — — — — 6,569 7,370 — — — — Subordinate securities held (4, 5) : Trading account assets — — — — 27 17 — — — — Debt securities carried at fair value — — — — 70 70 — — — — All other assets — — — — — — — — — 10 Total retained positions $ 46 $ 57 $ — $ — $ 9,906 $ 13,046 $ — $ 2 $ 47 $ 63 Total assets of VIEs (6) $ 4,274 $ 5,883 $ — $ — $ 22,155 $ 35,362 $ 2,406 $ 2,518 $ 174 $ 314 Consolidated VIEs Maximum loss exposure $ 149 $ 231 $ 25,859 $ 32,678 $ 420 $ 354 $ 1,442 $ 1,973 $ — $ — On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 1,428 $ 771 $ 1,454 $ 1,984 $ — $ — Loans and leases 244 321 35,135 43,194 — — — — — — Allowance for loan and lease losses (16 ) (18 ) (1,007 ) (1,293 ) — — — — — — All other assets 7 20 793 342 — — — 1 — — Total assets $ 235 $ 323 $ 34,921 $ 42,243 $ 1,428 $ 771 $ 1,454 $ 1,985 $ — $ — On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 348 $ 681 $ — $ — Long-term debt 108 183 9,049 9,550 1,008 417 12 12 — — All other liabilities — — 13 15 — — — — — — Total liabilities $ 108 $ 183 $ 9,062 $ 9,565 $ 1,008 $ 417 $ 360 $ 693 $ — $ — (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, 2016 and 2015 , loans and leases in the consolidated credit card trust included $17.6 billion and $24.7 billion of seller’s interest. (3) At December 31, 2016 and 2015 , 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 2016 and 2015 , the Corporation recognized $2 million and $5 million of credit-related impairment losses in earnings on those securities classified as AFS debt securities and none on HTM 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 the Corporation 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 2016 and 2015 , 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 the 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, 2016 and 2015 , home equity loan securitizations in rapid amortization for which the Corporation has a subordinate funding obligation, including both consolidated and unconsolidated trusts, had $2.7 billion and $4.0 billion of trust certificates outstanding that were held by third parties. 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, performance of the loans, the amount of subsequent draws and the timing of related cash flows. During 2016 and 2015 , amounts actually funded by the Corporation under this obligation totaled $1 million and $7 million . 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 2016 , $750 million of new senior debt securities were issued to third-party investors from the credit card securitization trust compared to $2.3 billion issued during 2015 . The Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $7.5 billion at both December 31, 2016 and 2015 . 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 $121 million of these subordinate securities issued during 2016 and $371 million issued during 2015 . Resecuritization Trusts The Corporation transfers trading securities, typically MBS, into resecuritization vehicles at the request of customers seeking securities with specific characteristics. The Corporation may also resecuritize debt securities carried at fair value, including AFS 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 $23.4 billion , $30.7 billion and $14.4 billion of securities in 2016 , 2015 and 2014 . Resecuritizations in 2014 included $1.5 billion of AFS debt securities, and gains on sale of $85 million were recorded. There were no resecuritizations of AFS debt securities during 2016 and 2015 . Other securities transferred into resecuritization vehicles during 2016 , 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. During 2016 , 2015 and 2014 , resecuritization proceeds included securities with an initial fair value of $3.3 billion , $9.8 billion and $4.6 billion , including $6.9 billion and $747 million which were classified as HTM during 2015 and 2014 . Substantially all of the other securities received as resecuritization proceeds were classified as trading securities and were categorized 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 at both December 31, 2016 and 2015 . The weighted-average remaining life of bonds held in the trusts at December 31, 2016 was 5.6 years. There were no material write-downs or downgrades of assets or issuers during 2016 and 2015 . 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, 2016 and 2015 , the Corporation serviced assets or otherwise had continuing involvement with automobile and other securitization trusts with outstanding balances of $174 million and $314 million , including trusts collateralized by other loans of $174 million and $189 million and automobile loans of $0 and $125 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, 2016 and 2015 . Other VIEs December 31 2016 2015 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure $ 6,114 $ 17,707 $ 23,821 $ 6,295 $ 12,916 $ 19,211 On-balance sheet assets Trading account assets $ 2,358 $ 233 $ 2,591 $ 2,300 $ 366 $ 2,666 Debt securities carried at fair value — 75 75 — 126 126 Loans and leases 3,399 3,249 6,648 3,317 3,389 6,706 Allowance for loan and lease losses (9 ) (24 ) (33 ) (9 ) (23 ) (32 ) Loans held-for-sale 188 464 652 284 1,025 1,309 All other assets 369 13,156 13,525 664 6,925 7,589 Total $ 6,305 $ 17,153 $ 23,458 $ 6,556 $ 11,808 $ 18,364 On-balance sheet liabilities Long-term debt (1) $ 395 $ — $ 395 $ 3,025 $ — $ 3,025 All other liabilities 24 2,959 2,983 5 2,697 2,702 Total $ 419 $ 2,959 $ 3,378 $ 3,030 $ 2,697 $ 5,727 Total assets of VIEs $ 6,305 $ 62,095 $ 68,400 $ 6,556 $ 49,190 $ 55,746 (1) Includes $229 million and $2.8 billion of long-term debt at December 31, 2016 and 2015 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 $2.9 billion and $3.9 billion at December 31, 2016 and 2015 , 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 $323 million and $691 million at December 31, 2016 and 2015 , 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 $430 million and $543 million at December 31, 2016 and 2015 . This exposure is calculated on a gross basis and does not reflect any benefit from insurance purchased from third parties. At December 31, 2016 , the Corporation had $127 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. 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, 2016 and 2015 , the Corporation’s consolidated investment vehicles had total assets of $846 million and $397 million . The Corporation also held investments in unconsolidated vehicles with total assets of $17.3 billion and $14.7 billion at December 31, 2016 and 2015 . The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment vehicles totaled $5.1 billion at both December 31, 2016 and 2015 comprised primarily of on-balance sheet assets less non-recourse liabilities. In prior periods, 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. At both December 31, 2016 and 2015 the Corporation retained senior interests in such receivables with a maximum loss exposure and funding obligation of $150 million , including a funded balance of $75 million and $122 million respectively, 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 $2.6 billion and $2.8 billion at December 31, 2016 and 2015 . 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. Tax Credit Vehicles The Corporation holds investments in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, wind and solar projects. An unrelated third party is typically the general partner or managing member and has control over the significant activities of the vehicle. The Corporation earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure included in the Other VIEs table was $12.6 billion at December 31, 2016 which includes the impact of the adoption of the new accounting guidance on determining whether limited partnerships and similar entities are VIEs. The maximum loss exposure included in this table was $6.5 billion at December 31, 2015 and primarily relates to affordable housing. The Corporation’s risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to making its investment. The Corporation's investments in affordable housing partnerships, which are reported in other assets on the Consolidated Balance Sheet, totaled $7.4 billion and $7.1 billion , including unfunded commitments to provide capital contributions of $2.7 billion and $2.4 billion at December 31, 2016 and December 31, 2015 . The unfunded commitments are expected to be paid over the next five years . During 2016 and 2015 , the Corporation recognized tax credits and other tax benefits from investments in affordable housing partnerships of $1.1 billion and $928 million , and reported pretax losses in other noninterest income of $789 million and $629 million . Tax credits are recognized as part of the Corporation's annual effective tax rate used to determine tax expense in a given quarter. Accordingly, the portion of a year's expected tax benefits recognized in any given quarter may differ from 25 percent . The Corporation may from time to time be asked to invest additional amounts to support a troubled affordable housing 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, 2016 | |
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 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. 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 investors, securitization trusts, guarantors, insurers or other parties (collectively, repurchases). 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, certain of which have been for significant amounts, in lieu of a loan-by-loan review process, including settlements with the GSEs, four monoline insurers and Bank of New York Mellon (BNY Mellon), as trustee for certain securitization trusts. 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, indemnification 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. 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, mortgage insurance (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. The Corporation does not include duplicate claims in the amounts disclosed. The table below presents unresolved repurchase claims at December 31, 2016 and 2015 . 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) 2016 2015 By counterparty Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (1) $ 16,685 $ 16,748 Monolines 1,583 1,599 GSEs 9 17 Total unresolved repurchase claims by counterparty, net of duplicate claims $ 18,277 $ 18,364 (1) Includes $11.9 billion of claims based on individual file reviews and $4.8 billion of claims submitted without individual file reviews at both December 31, 2016 and 2015 . During 2016 , the Corporation received $647 million in new repurchase claims, including $440 million of claims that are deemed time-barred. During 2016 , $734 million in claims were resolved, including $477 million that are deemed time-barred. 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 $1.3 billion and $1.4 billion at December 31, 2016 and 2015 . 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. 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. At December 31, 2016 and 2015 , for loans originated between 2004 and 2008 , the notional amount of unresolved repurchase claims submitted by private-label securitization trustees, whole-loan investors, including third-party securitization sponsors, and others was $16.6 billion and $16.7 billion . The notional amount of unresolved repurchase claims at December 31, 2016 and 2015 includes $5.6 billion and $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 or will otherwise realize the benefit of any repurchase claims paid. The notional amount of outstanding unresolved repurchase claims remained relatively unchanged in 2016 compared to 2015. Outstanding repurchase claims remained 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. For time-barred claims, the counterparty is informed that the claim is denied on the basis of the statute of limitations and the claim is treated as resolved. For timely claims, if the Corporation, after review, does not believe a claim is valid, it will deny the claim and generally indicate a reason for the denial. If the counterparty agrees with the Corporation's denial of the claim, the counterparty may rescind the claim. If there is a 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 is denied and the Corporation does not hear from the counterparty for six months, the Corporation views the claim as inactive; however, such claims remain in the outstanding claims balance until resolution. 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 outstanding 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. Liability for Representations and Warranties and Corporate Guarantees and Estimated Range of Possible Loss 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, 2016 considers, among other things, the repurchase experience implied in the settlements with BNY Mellon and other counterparties. Since the securitization trusts that were included in the settlement with BNY Mellon differ from other securitization trusts where the possibility of timely claims exists, 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) 2016 2015 Liability for representations and warranties and corporate guarantees, January 1 $ 11,326 $ 12,081 Additions for new sales 4 6 Payments (9,097 ) (722 ) Provision (benefit) 106 (39 ) Liability for representations and warranties and corporate guarantees, December 31 (1) $ 2,339 $ 11,326 (1) In February 2016, the Corporation made an $8.5 billion settlement payment to BNY Mellon as part of the settlement with BNY Mellon. The representations and warranties liability represents the Corporation’s best estimate of probable incurred losses as of December 31, 2016 . However, it is reasonably possible that future representations and warranties losses may occur in excess of the amounts recorded for these exposures. 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, 2016 . 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, 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 settlement with BNY Mellon 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, such as investors or trustees successfully challenging or avoiding the application of the relevant statute of limitations, could result in significant increases to future provisions and/or the estimated range of possible loss. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The table below presents goodwill balances by business segment and All Other at December 31, 2016 and 2015 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill December 31 (Dollars in millions) 2016 2015 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,681 9,698 Global Banking 23,923 23,923 Global Markets 5,197 5,197 All Other 820 820 Less: Goodwill of business held for sale (1) (775 ) — Total goodwill $ 68,969 $ 69,761 (1) Reflects the goodwill assigned to the non-U.S. consumer credit card business, which is included in assets of business held for sale on the Consolidated Balance Sheet. During 2016 , the Corporation completed its annual goodwill impairment test as of June 30, 2016 for all applicable reporting units. Based on the results of the annual goodwill impairment test, the Corporation determined there was no impairment. Intangible Assets The table below presents the gross and net carrying values and accumulated amortization for intangible assets at December 31, 2016 and 2015 . Intangible Assets (1, 2) December 31 2016 2015 (Dollars in millions) Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Purchased credit card and affinity relationships $ 6,830 $ 6,243 $ 587 $ 7,006 $ 6,111 $ 895 Core deposit and other intangibles (3) 3,836 2,046 1,790 3,922 1,986 1,936 Customer relationships 3,887 3,275 612 3,927 2,990 937 Total intangible assets (4) $ 14,553 $ 11,564 $ 2,989 $ 14,855 $ 11,087 $ 3,768 (1) Excludes fully amortized intangible assets. (2) At December 31, 2016 and 2015 , none of the intangible assets were impaired. (3) Includes $1.6 billion at both December 31, 2016 and 2015 of intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized. (4) Includes $67 million of intangible assets assigned to the non-U.S. consumer credit card business, which is included in assets of business held for sale on the Consolidated Balance Sheet. Amortization of intangibles expense was $730 million , $834 million and $936 million for 2016, 2015 and 2014. The Corporation estimates aggregate amortization expense will be $638 million , $559 million , $120 million , $60 million , and $3 million for the years ended 2017 , 2018 , 2019 , 2020 , and 2021 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Deposits The Corporation had U.S. certificates of deposit and other U.S. time deposits of $100 thousand or more totaling $32.9 billion and $28.3 billion at December 31, 2016 and 2015 . Non-U.S. certificates of deposit and other non-U.S. time deposits of $100 thousand or more totaled $14.7 billion and $14.1 billion at December 31, 2016 and 2015 . The Corporation also had aggregate time deposits of $18.3 billion in denominations that met or exceeded the Federal Deposit Insurance Corporation (FDIC) insurance limit at December 31, 2016 . The table below presents the contractual maturities for time deposits of $100 thousand or more at December 31, 2016 . 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 $ 16,112 $ 14,580 $ 2,206 $ 32,898 Non-U.S. certificates of deposit and other time deposits 8,688 2,746 3,243 14,677 The scheduled contractual maturities for total time deposits at December 31, 2016 are presented in the table below. Contractual Maturities of Total Time Deposits (Dollars in millions) U.S. Non-U.S. Total Due in 2017 $ 53,584 $ 11,528 $ 65,112 Due in 2018 3,081 1,702 4,783 Due in 2019 1,131 47 1,178 Due in 2020 1,475 250 1,725 Due in 2021 406 1,238 1,644 Thereafter 483 19 502 Total time deposits $ 60,160 $ 14,784 $ 74,944 |
Federal Funds Sold or Purchased
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
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 . 2016 2015 (Dollars in millions) Amount Rate Amount Rate Federal funds sold and securities borrowed or purchased under agreements to resell Average during year $ 216,161 0.52 % $ 211,471 0.47 % Maximum month-end balance during year 225,015 n/a 226,502 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during year $ 183,818 0.97 % $ 213,497 0.89 % Maximum month-end balance during year 196,631 n/a 235,232 n/a Short-term borrowings Average during year 29,440 1.95 32,798 1.49 Maximum month-end balance during year 33,051 n/a 40,110 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 $9.3 billion and $16.8 billion at December 31, 2016 and 2015 . These short-term bank notes, along with 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 The Corporation enters into securities financing agreements to accommodate customers (also referred to as "matched-book transactions"), obtain securities to cover short positions, and to finance inventory positions. 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, 2016 and 2015 . 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, 2016 (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) $ 326,970 $ (128,746 ) $ 198,224 $ (154,974 ) $ 43,250 Securities loaned or sold under agreements to repurchase $ 299,028 $ (128,746 ) $ 170,282 $ (140,774 ) $ 29,508 Other 14,448 — 14,448 (14,448 ) — Total $ 313,476 $ (128,746 ) $ 184,730 $ (155,222 ) $ 29,508 December 31, 2015 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 (1) Excludes repurchase activity of $10.1 billion and $9.3 billion reported in loans and leases on the Consolidated Balance Sheet at December 31, 2016 and 2015 . 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, 2016 and 2015 , the Corporation had no outstanding repurchase-to-maturity transactions. Remaining Contractual Maturity December 31, 2016 (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 $ 129,853 $ 77,780 $ 31,851 $ 40,752 $ 280,236 Securities loaned 8,564 6,602 1,473 2,153 18,792 Other 14,448 — — — 14,448 Total $ 152,865 $ 84,382 $ 33,324 $ 42,905 $ 313,476 December 31, 2015 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, 2016 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 153,184 $ — $ 70 $ 153,254 Corporate securities, trading loans and other 11,086 1,630 127 12,843 Equity securities 24,007 11,175 14,196 49,378 Non-U.S. sovereign debt 84,171 5,987 55 90,213 Mortgage trading loans and ABS 7,788 — — 7,788 Total $ 280,236 $ 18,792 $ 14,448 $ 313,476 December 31, 2015 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 help 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, 2016 | |
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, 2016 and 2015 , and the related contractual rates and maturity dates as of December 31, 2016 . December 31 (Dollars in millions) 2016 2015 Notes issued by Bank of America Corporation Senior notes: Fixed, with a weighted-average rate of 4.25%, ranging from 0.39% to 8.40%, due 2017 to 2046 $ 108,933 $ 109,861 Floating, with a weighted-average rate of 1.73%, ranging from 0.19% to 5.64%, due 2017 to 2044 13,164 13,900 Senior structured notes 17,049 17,548 Subordinated notes: Fixed, with a weighted-average rate of 4.87%, ranging from 2.40% to 8.57%, due 2017 to 2045 26,047 27,216 Floating, with a weighted-average rate of 0.83%, ranging from 0.23% to 2.52%, due 2017 to 2026 4,350 5,029 Junior subordinated notes (related to trust preferred securities): Fixed, with a weighted-average rate of 6.91%, ranging from 5.25% to 8.05%, due 2027 to 2067 3,280 5,295 Floating, with a weighted-average rate of 1.60%, ranging from 1.43% to 1.99%, due 2027 to 2056 552 553 Total notes issued by Bank of America Corporation 173,375 179,402 Notes issued by Bank of America, N.A. Senior notes: Fixed, with a weighted-average rate of 1.67%, ranging from 0.02% to 2.05%, due 2017 to 2018 5,936 7,483 Floating, with a weighted-average rate of 1.66%, ranging from 0.94% to 2.86%, due 2017 to 2041 3,383 4,942 Subordinated notes: Fixed, with a weighted-average rate of 5.66%, ranging from 5.30% to 6.10%, due 2017 to 2036 4,424 4,815 Floating, with a weighted-average rate of 1.26%, ranging from 0.85% to 1.26%, due 2017 to 2019 598 1,401 Advances from Federal Home Loan Banks: Fixed, with a weighted-average rate of 5.31%, ranging from 0.01% to 7.72%, due 2017 to 2034 162 172 Floating — 6,000 Securitizations and other BANA VIEs (1) 9,164 9,756 Other 3,084 2,985 Total notes issued by Bank of America, N.A. 26,751 37,554 Other debt Senior notes: Fixed, with a weighted-average rate of 5.50%, due 2017 to 2021 1 30 Structured liabilities 15,171 14,974 Nonbank VIEs (1) 1,482 4,317 Other 43 487 Total other debt 16,697 19,808 Total long-term debt $ 216,823 $ 236,764 (1) Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet. 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, 2016 and 2015 , the amount of foreign currency-denominated debt translated into U.S. Dollars included in total long-term debt was $44.7 billion and $46.4 billion . Foreign currency contracts may be used to convert certain foreign currency-denominated debt into U.S. Dollars. At December 31, 2016 , long-term debt of consolidated VIEs in the table above included debt of credit card, home equity and all other VIEs of $9.0 billion , $108 million and $1.5 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 , 4.36 percent and 1.52 percent , respectively, at December 31, 2016 , and 3.80 percent , 4.61 percent and 0.96 percent , respectively, at December 31, 2015 . 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 . Debt outstanding of $75 million at December 31, 2016 was issued by a 100 percent owned finance subsidiary of the parent company and is unconditionally guaranteed by the parent company. The following table shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2016 . 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 2016 , the Corporation had total long-term debt maturities and redemptions in the aggregate of $51.6 billion consisting of $30.6 billion for Bank of America Corporation, $11.6 billion for Bank of America, N.A. and $9.4 billion of other debt. 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. Long-term Debt by Maturity (Dollars in millions) 2017 2018 2019 2020 2021 Thereafter Total Bank of America Corporation Senior notes $ 17,913 $ 19,765 $ 17,858 $ 12,168 $ 10,382 $ 44,011 $ 122,097 Senior structured notes 3,931 3,137 1,341 969 409 7,262 17,049 Subordinated notes 4,760 2,603 1,431 — 349 21,254 30,397 Junior subordinated notes — — — — — 3,832 3,832 Total Bank of America Corporation 26,604 25,505 20,630 13,137 11,140 76,359 173,375 Bank of America, N.A. Senior notes 3,649 5,649 — — — 21 9,319 Subordinated notes 3,328 — 1 — — 1,693 5,022 Advances from Federal Home Loan Banks 9 9 14 12 2 116 162 Securitizations and other Bank VIEs (1) 3,549 2,300 3,200 — — 115 9,164 Other 2,718 102 105 10 — 149 3,084 Total Bank of America, N.A. 13,253 8,060 3,320 22 2 2,094 26,751 Other debt Senior notes 1 — — — — — 1 Structured liabilities 3,860 1,288 1,261 977 756 7,029 15,171 Nonbank VIEs (1) 246 27 15 — — 1,194 1,482 Other — — — — — 43 43 Total other debt 4,107 1,315 1,276 977 756 8,266 16,697 Total long-term debt $ 43,964 $ 34,880 $ 25,226 $ 14,136 $ 11,898 $ 86,719 $ 216,823 (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 171 . 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, 2016 . Trust Securities Summary (1) (Dollars in millions) December 31, 2016 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 (2) August 2005 5 5 August 2035 5.25 Semi-Annual Any time 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 V November 2006 1,495 1,496 November 2036 7.00 Quarterly On or after 11/01/11 Merrill Lynch Capital Trust I December 2006 1,050 1,051 December 2066 6.45 Quarterly On or after 12/11 Capital Trust III August 2007 750 751 September 2067 7.375 Quarterly On or after 9/12 Total $ 4,724 $ 4,773 (1) Bank of America Capital Trust VIII, Countrywide Capital IV and Merrill Lynch Capital Trust II were redeemed during 2016. (2) Notes are denominated in British Pound. Presentation currency is U.S. Dollar. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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 or participated) to other financial institutions. The distributed amounts were $12.1 billion and $14.3 billion at December 31, 2016 and 2015 . At December 31, 2016 , the carrying value of these commitments, excluding commitments accounted for under the fair value option, was $779 million , including deferred revenue of $17 million and a reserve for unfunded lending commitments of $762 million . At December 31, 2015 , the comparable amounts were $664 million , $18 million and $646 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 $7.0 billion and $10.9 billion at December 31, 2016 and 2015 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value of $173 million and $658 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, 2016 (Dollars in millions) Expire in One Expire After One Expire After Three Expire After Five Total Notional amount of credit extension commitments Loan commitments $ 82,609 $ 133,063 $ 152,854 $ 22,129 $ 390,655 Home equity lines of credit 8,806 10,701 2,644 25,050 47,201 Standby letters of credit and financial guarantees (1) 19,165 10,754 3,225 1,027 34,171 Letters of credit 1,285 103 114 53 1,555 Legally binding commitments 111,865 154,621 158,837 48,259 473,582 Credit card lines (2) 377,773 — — — 377,773 Total credit extension commitments $ 489,638 $ 154,621 $ 158,837 $ 48,259 $ 851,355 December 31, 2015 Notional amount of credit extension commitments Loan commitments $ 84,884 $ 119,272 $ 158,920 $ 37,112 $ 400,188 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 113,192 147,778 167,689 58,081 486,740 Credit card lines (2) 370,127 — — — 370,127 Total credit extension commitments $ 483,319 $ 147,778 $ 167,689 $ 58,081 $ 856,867 (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 $8.3 billion at December 31, 2016 , and $25.5 billion and $8.4 billion at December 31, 2015 . Amounts in the table include consumer SBLCs of $376 million and $164 million at December 31, 2016 and 2015 . (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, 2016 and 2015 , the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $767 million and $729 million , and commitments to purchase commercial loans of $636 million and $874 million , which upon settlement will be included in loans or LHFS. At both December 31, 2016 and 2015 , the Corporation had commitments to purchase commodities, primarily liquefied natural gas of $1.9 billion , which upon settlement will be included in trading account assets. At December 31, 2016 and 2015 , the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $48.9 billion and $88.6 billion , and commitments to enter into forward-dated repurchase and securities lending agreements of $24.4 billion and $53.7 billion . These commitments expire within the next 12 months. The Corporation has entered into agreements to purchase retail automotive loans from certain auto loan originators. These agreements provide for stated purchase amounts and contain cancellation provisions that allow the Corporation to terminate its commitment to purchase at any time, with a minimum notification period. At December 31, 2016 and 2015 , the Corporation’s maximum purchase commitment was $475 million and $1.2 billion . In addition, the Corporation has a commitment to originate or purchase auto loans and leases from a strategic partner up to $2.4 billion in 2017 , with this commitment expiring on December 31, 2017. The Corporation is a party to operating leases for certain of its premises and equipment. Commitments under these leases are approximately $2.3 billion , $2.1 billion , $1.8 billion , $1.6 billion and $1.3 billion for 2017 through 2021 , respectively, and $4.5 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, 2016 and 2015 , the notional amount of these guarantees totaled $13.9 billion and $13.8 billion . At December 31, 2016 and 2015 , the Corporation’s maximum exposure related to these guarantees totaled $3.2 billion and $3.1 billion , with estimated maturity dates between 2031 and 2039. The net fair value including the fee receivable associated with these guarantees was $4 million and $12 million at December 31, 2016 and 2015 , 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 2016 and 2015 , the sponsored entities processed and settled $731.4 billion and $669.0 billion of transactions and recorded losses of $33 million and $22 million . A significant portion of this activity was processed by a joint venture in which the Corporation holds a 49 percent ownership, and is recorded in other assets on the Consolidated Balance Sheet and in All Other . At December 31, 2016 and 2015 , the carrying value of the Corporation's investment in the merchant services joint venture was $2.9 billion and $3.0 billion . At December 31, 2016 and 2015 , the sponsored merchant processing servicers held as collateral $188 million and $181 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, 2016 and 2015 , the maximum potential exposure for sponsored transactions totaled $325.7 billion and $277.1 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 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 $6.7 billion and $6.0 billion at December 31, 2016 and 2015 . 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 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. On December 20, 2016, the Corporation entered into an agreement to sell its non-U.S. consumer credit card business to a third party. Subject to regulatory approval, this transaction is expected to close by mid-2017. After closing, the Corporation will retain substantially all PPI exposure above existing reserves. The Corporation has considered this exposure in its estimate of a small after-tax gain on the sale. In August 2016, the FCA issued a further consultation paper on the treatment of certain PPI claims and expects to finalize guidance by the first quarter of 2017 . The reserve for PPI claims was $252 million and $360 million at December 31, 2016 and 2015 . The Corporation recorded expense of $145 million and $319 million in 2016 and 2015 . FDIC In 2016, the FDIC implemented a surcharge of 4.5 cents per $100 of their assessment base, after making certain adjustments, on insured depository institutions with total assets of $10 billion or more. The FDIC expects the surcharge to be in effect for approximately two years. If the Deposit Insurance Fund (DIF) reserve ratio does not reach 1.35 percent by December 31, 2018, the FDIC will impose a shortfall assessment on any bank subject to the surcharge. The surcharge increased the Corporation’s deposit insurance assessment for 2016 by approximately $200 million , and the Corporation expects approximately $100 million of expense per quarter related to the surcharge in the future. The FDIC has also adopted regulations that establish a long-term target DIF ratio of greater than two percent , which would be expected to impose additional deposit insurance costs on the Corporation. Deposit insurance assessment rates are subject to change by the FDIC, and can be impacted by the overall economy, the stability of the banking industry as a whole, and regulations or regulatory interpretations. 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 both 2016 and 2015 . 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 $1.5 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. Ambac Bond Insurance Litigation Ambac Assurance Corporation and the Segregated Account of Ambac Assurance Corporation (together, Ambac) have filed five separate lawsuits against the Corporation and its subsidiaries relating to bond insurance policies Ambac provided on certain securitized pools of HELOCs, first-lien subprime home equity loans, fixed-rate second-lien mortgage loans and negative amortization pay option adjustable-rate mortgage loans. Ambac alleges that they have paid or will pay claims as a result of defaults in the underlying loans and assert that the defendants misrepresented the characteristics of the underlying loans and/or breached certain contractual representations and warranties regarding the underwriting and servicing of the loans. In those actions where the Corporation is named as a defendant, Ambac contends the Corporation is liable on various successor and vicarious liability theories. Ambac v. Countrywide I The Corporation, Countrywide and other Countrywide entities are named as defendants in an action filed on September 29, 2010 in New York Supreme Court. Ambac claims damages in excess of $2.2 billion , 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. The parties filed cross-appeals with the First Department, which are pending. Ambac v. Countrywide II On December 30, 2014, Ambac filed a complaint in New York Supreme Court against the same defendants, claiming fraudulent inducement against Countrywide, and successor and vicarious liability against the Corporation. Ambac claims damages in excess of $600 million plus punitive damages. On December 19, 2016, the court granted in part and denied in part Countrywide's motion to dismiss the complaint. Ambac v. Countrywide III On December 30, 2014, Ambac filed an action in Wisconsin state court against Countrywide. The complaint seeks damages in excess of $350 million plus punitive damages. Countrywide has challenged the Wisconsin courts' jurisdiction over it. Following a ruling by the lower court that jurisdiction did not exist, the Court of Appeals of Wisconsin reversed. Countrywide sought review by the Wisconsin Supreme Court, which has agreed to decide the issue. The appeal is pending. Ambac v. Countrywide IV On July 21, 2015, Ambac filed an action in New York Supreme Court against Countrywide asserting the same claims for fraudulent inducement that Ambac asserted in Ambac v. Countrywide III . Ambac simultaneously moved to stay the action pending resolution of its appeal in Ambac v. Countrywide III . Countrywide moved to dismiss the complaint. On September 20, 2016, the court granted Ambac's motion to stay the action pending resolution of the Wisconsin Supreme Court appeal in Ambac v. Countrywide III. Ambac v. First Franklin On April 16, 2012, Ambac filed an action against BANA, First Franklin and various Merrill Lynch entities, including Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), in New York Supreme Court relating to guaranty insurance Ambac provided on a First Franklin securitization sponsored by Merrill Lynch. The complaint alleges fraudulent inducement and breach of contract, including 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. 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 granted in part and denied in part defendants’ motion to dismiss the complaint. On September 17, 2015, the court granted Ambac’s motion to strike defendants’ affirmative defense of unclean hands. ATM Access Fee Litigation On January 10, 2012, a putative consumer class action was filed against Visa, Inc., MasterCard, Inc., and several financial institutions, including Bank of America Corporation and Bank of America, N.A. (collectively “Bank of America”), alleging that surcharges paid at bank ATMs are artificially inflated by Visa and MasterCard rules and regulations. The network rules are alleged to be the product of a conspiracy between Visa, MasterCard and banks in violation of Section 1 of the Sherman Act. Plaintiffs seek both injunctive relief, and monetary damages equal to treble the damages they claim to have sustained as a result of the alleged violations. Bank of America, along with all other co-defendants, moved to dismiss the complaint on January 30, 2012. On February 13, 2013, the District Court granted the motion and dismissed the case. The plaintiffs moved the District Court for leave to file amended complaints, and on December 19, 2013, the District Court denied the motions to amend. On January 14, 2014, plaintiffs filed a notice of appeal in the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit”). On August 4, 2015, the D.C. Circuit vacated the District Court’s decision and remanded the case to the District Court for further proceedings. On September 3, 2015, the networks and bank defendants filed petitions for re-hearing or re-hearing en banc before the D.C. Circuit. In a per curium order, the D.C. Circuit denied the petitions on September 28, 2015. On January 27, 2016, defendants filed a petition for certiorari with the United States Supreme Court. On June 28, 2016, the U.S. Supreme Court granted defendants’ petition for a writ of certiorari seeking review of the decision of the D.C. Circuit. On November 17, 2016, the U.S. Supreme Court ordered that the writ of certiorari be dismissed as improvidently granted. Deposit Insurance Assessment On January 9, 2017, the FDIC filed suit against BANA in federal district court in the District of Columbia alleging failure to pay a December 15, 2016 invoice for additional deposit insurance assessments and interest in the amount of $542 million for the quarters ending June 30, 2013 through December 31, 2014. The FDIC asserts this claim based on BANA’s alleged underreporting of counterparty exposures that resulted in underpayment of assessments for those quarters. The FDIC also has raised the prospect that it will seek to assert that BANA underpaid its assessments for the quarters ending June 30, 2012 through March 31, 2013. BANA disagrees with the FDIC’s interpretation of the regulations as they existed during the relevant time period, and intends to defend itself against the FDIC’s claims. 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 bank holding companies, 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. On June 30, 2016, the Second Circuit Court of Appeals vacated the judgment approving the settlement and remanded the case for further proceedings. On November 23, 2016, counsel for the class filed a certiorari petition with the United States Supreme Court seeking review of the Second Circuit decision. As a result of the Second Circuit’s decision, the Interchange class case was remanded to the district court, and the parties are in the process of coordinating the case with the already-pending actions brought by merchants who had opted out of the class settlement, as described below. Following district court approval of the class settlement agreement, a number of class members opted out of the settlement, and many filed individual actions against the defendants. The Corporation was named as a defendant in one such individual action, as well as one action brought by cardholders (the “Cardholder Action”). In addition, a number of these individual actions were filed that do not name the Corporation as a defendant. As a result of various loss-sharing agreements, however, the Corporation remains liable for any settlement or judgment in these individual suits where it is not named as a defendant. Now that Interchange has been remanded to the district court, these individual actions will be coordinated as individual merchant lawsuits alongside the Interchange class case. On November 26, 2014, the court granted defendants’ motion to dismiss the Sherman Act claim in the Cardholder Action. Plaintiffs appealed that dismissal to the Second Circuit Court of Appeals. On October 17, 2016, the Second Circuit issued a summary order affirming the dismissal and, on October 31, 2016, it denied plaintiffs' petition for rehearing en banc. LIBOR, Other Reference Rates, Foreign Exchange (FX) and Bond Trading Matters 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 also continue to conduct investigations concerning conduct and systems and controls of panel banks in connection with the setting of LIBOR and other reference rates as well as the trading of government, sovereign, supranational, and agency bonds. The Corporation is responding to and cooperating with these investigations. In addition, the Corporation, BANA and certain Merrill Lynch entities have been named as defendants along with most of the other LIBOR panel banks in a number 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. 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), Securities Exchange Act of 1934 (Exchange Act), common law fraud, and breach of contract claims, and seek compensatory, treble and punitive damages, and injunctive relief. Beginning in March 2013, in a series of rulings, the court dismissed antitrust, RICO, Exchange Act 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. On May 23, 2016, the U.S. Court of Appeals for the Second Circuit reversed the district court’s dismissal of the antitrust claims and remanded for further proceedings in the district court, and on December 20, 2016, the district court dismissed certain plaintiffs’ antitrust claims in their entirety and substantially limited the scope of the remaining antitrust claims. On October 20, 2016, defendants filed a petition for a writ of certiorari to t |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
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 26, 2017 March 3, 2017 March 31, 2017 $ 0.075 October 27, 2016 December 2, 2016 December 30, 2016 0.075 July 27, 2016 September 2, 2016 September 23, 2016 0.075 April 27, 2016 June 3, 2016 June 24, 2016 0.05 January 21, 2016 March 4, 2016 March 25, 2016 0.05 (1) In 2016 and through February 23, 2017 . The following table summarizes common stock repurchases during 2016, 2015 and 2014. Common Stock Repurchase Summary (in millions) 2016 2015 2014 Total number of shares repurchased and retired CCAR capital plan repurchases 278 140 101 Other authorized repurchases 55 — — Total purchase price of shares repurchased and retired (1) CCAR capital plan repurchases $ 4,312 $ 2,374 $ 1,675 Other authorized repurchases 800 — — (1) Represents reductions to shareholders’ equity due to common stock repurchases. On June 29, 2016, the Corporation announced that the Federal Reserve completed its review of the Corporation's 2016 Comprehensive Capital Analysis and Review (CCAR) capital plan to which the Federal Reserve did not object. The 2016 CCAR capital plan included requests to repurchase $5.0 billion of common stock over four quarters beginning in the third quarter of 2016, to repurchase common stock to offset the dilution resulting from certain equity-based compensation awards and to increase the quarterly common stock dividend from $0.05 per share to $0.075 . On January 13, 2017, the Corporation announced a plan to repurchase an additional $1.8 billion of common stock during the first half of 2017, to which the Federal Reserve did not object, in addition to the previously announced repurchases associated with the 2016 CCAR capital plan. In 2016 , the Corporation repurchased and retired 113 million shares of common stock in connection with the 2015 CCAR capital plan, which reduced shareholders' equity by $1.6 billion , completing the share repurchases under the 2015 CCAR capital plan. On March 18, 2016, the Corporation announced that the Board of Directors authorized additional repurchases of common stock up to $800 million outside of the scope of the 2015 CCAR capital plan to offset the share count dilution resulting from equity incentive compensation awarded to retirement-eligible employees, to which the Federal Reserve did not object. In 2016 , the Corporation repurchased and retired 55 million shares of common stock in connection with this additional authorization, which reduced shareholders' equity by $800 million , completing this additional authorization. At December 31, 2016 , the Corporation had warrants outstanding and exercisable to purchase 122 million shares of its common stock expiring on October 28, 2018, and warrants outstanding and exercisable to purchase 150 million shares of common stock 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 $0.075 per share for the third and fourth quarters of 2016, and cash dividends of $0.05 per share for the first and second quarters of 2016, or $0.25 per share for the year, resulting in an adjustment to the exercise price of these warrants in each quarter. As a result of the Corporation’s 2016 dividends of $0.25 per common share, the exercise price of the warrants expiring on January 16, 2019, was adjusted to $12.938 per share. The warrants expiring on October 28, 2018, which have an exercise price of $30.79 per share, 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 2016 , the Corporation issued approximately 9 million shares and repurchased approximately 4 million shares of its common stock to satisfy tax withholding obligations. At December 31, 2016 , 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 table below presents a summary of perpetual preferred stock outstanding at December 31, 2016 . 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 7,110 $ 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 below (6) 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 CC (3) 6.200% Non-Cumulative January 2016 44,000 25,000 1,100 6.200 % On or after Series DD (5) Fixed-to-Floating Rate Non-Cumulative March 2016 40,000 25,000 1,000 6.300% to, but excluding, 3/10/26; On or after Series EE (3) 6.000% Non-Cumulative April 2016 36,000 25,000 900 6.000 % On or after Series 1 (7) Floating Rate Non-Cumulative November 3,275 30,000 98 3-mo. LIBOR + 75 bps (8) On or after Series 2 (7) Floating Rate Non-Cumulative March 9,967 30,000 299 3-mo. LIBOR + 65 bps (8) On or after Series 3 (7) 6.375% Non-Cumulative November 21,773 30,000 653 6.375 % On or after Series 4 (7) Floating Rate Non-Cumulative November 7,010 30,000 210 3-mo. LIBOR + 75 bps (4) On or after Series 5 (7) Floating Rate Non-Cumulative March 14,056 30,000 422 3-mo. LIBOR + 50 bps (4) On or after Total 3,887,329 $ 25,505 (1) Amounts shown are before third-party issuance costs and certain book value adjustments of $285 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) The terms of the Series T preferred stock were amended in 2014, which included changes such that (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 amendment's effective date. (7) 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. (8) Subject to 3.00% minimum rate per annum. n/a = not applicable The cash dividends declared on preferred stock were $1.7 billion , $1.5 billion and $1.0 billion for 2016 , 2015 and 2014 , respectively. 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, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated OCI after-tax for 2014 , 2015 and 2016 . (Dollars in millions) Debt Securities Available-for- Equity Securities Debit Valuation Adjustments Derivatives Employee Benefit Plans Foreign Currency Total Balance, December 31, 2013 $ (2,487 ) $ (4 ) n/a $ (2,277 ) $ (2,407 ) $ (512 ) $ (7,687 ) Net change 4,128 21 n/a 616 (943 ) (157 ) 3,665 Balance, December 31, 2014 $ 1,641 $ 17 n/a $ (1,661 ) $ (3,350 ) $ (669 ) $ (4,022 ) Cumulative adjustment for accounting change — — $ (1,226 ) — — — (1,226 ) Net change (1,625 ) 45 615 584 394 (123 ) (110 ) Balance, December 31, 2015 $ 16 $ 62 $ (611 ) $ (1,077 ) $ (2,956 ) $ (792 ) $ (5,358 ) Net change (1,315 ) (30 ) (156 ) 182 (524 ) (87 ) (1,930 ) Balance, December 31, 2016 $ (1,299 ) $ 32 $ (767 ) $ (895 ) $ (3,480 ) $ (879 ) $ (7,288 ) 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 2016 , 2015 and 2014 . Changes in OCI Components Before- and After-tax 2016 2015 2014 (Dollars in millions) Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax Debt securities: Net increase (decrease) in fair value $ (1,645 ) $ 622 $ (1,023 ) $ (1,564 ) $ 595 $ (969 ) $ 8,064 $ (3,027 ) $ 5,037 Reclassifications into earnings: Gains on sales of debt securities (490 ) 186 (304 ) (1,138 ) 432 (706 ) (1,481 ) 563 (918 ) Other income 19 (7 ) 12 81 (31 ) 50 16 (7 ) 9 Net realized (gains) losses reclassified into earnings (471 ) 179 (292 ) (1,057 ) 401 (656 ) (1,465 ) 556 (909 ) Net change (2,116 ) 801 (1,315 ) (2,621 ) 996 (1,625 ) 6,599 (2,471 ) 4,128 Available-for-sale marketable equity securities: Net increase (decrease) in fair value (1) (49 ) 19 (30 ) 72 (27 ) 45 34 (13 ) 21 Net change (49 ) 19 (30 ) 72 (27 ) 45 34 (13 ) 21 Debit valuation adjustments: Net increase (decrease) in fair value (271 ) 104 (167 ) 436 (166 ) 270 n/a n/a n/a Net realized (gains) losses reclassified into earnings (2) 17 (6 ) 11 556 (211 ) 345 n/a n/a n/a Net change (254 ) 98 (156 ) 992 (377 ) 615 n/a n/a n/a Derivatives: Net increase (decrease) in fair value (299 ) 113 (186 ) 55 (22 ) 33 195 (54 ) 141 Reclassifications into earnings: Net interest income 553 (205 ) 348 974 (367 ) 607 1,119 (421 ) 698 Personnel 32 (12 ) 20 (91 ) 35 (56 ) (359 ) 136 (223 ) Net realized (gains) losses reclassified into earnings 585 (217 ) 368 883 (332 ) 551 760 (285 ) 475 Net change 286 (104 ) 182 938 (354 ) 584 955 (339 ) 616 Employee benefit plans: Net increase (decrease) in fair value (921 ) 329 (592 ) 408 (121 ) 287 (1,629 ) 614 (1,015 ) Reclassifications into earnings: Prior service cost 5 (2 ) 3 5 (2 ) 3 5 (2 ) 3 Net actuarial losses 92 (34 ) 58 164 (60 ) 104 50 (21 ) 29 Net realized (gains) losses reclassified into earnings (3) 97 (36 ) 61 169 (62 ) 107 55 (23 ) 32 Settlements, curtailments and other 15 (8 ) 7 1 (1 ) — (1 ) 41 40 Net change (809 ) 285 (524 ) 578 (184 ) 394 (1,575 ) 632 (943 ) Foreign currency: Net increase (decrease) in fair value 514 (601 ) (87 ) 600 (723 ) (123 ) 714 (879 ) (165 ) Net realized (gains) losses reclassified into earnings (2) — — — (38 ) 38 — 20 (12 ) 8 Net change 514 (601 ) (87 ) 562 (685 ) (123 ) 734 (891 ) (157 ) Total other comprehensive income (loss) $ (2,428 ) $ 498 $ (1,930 ) $ 521 $ (631 ) $ (110 ) $ 6,747 $ (3,082 ) $ 3,665 (1) There were no amounts reclassified out of AFS marketable equity securities for 2016 , 2015 and 2014 . (2) Reclassifications of pretax DVA and foreign currency transactions are recorded in other income in the Consolidated Statement of Income. (3) Reclassifications of pretax employee benefit plan costs are recorded in personnel expense in the Consolidated Statement of Income. n/a = not applicable |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculation of EPS and diluted EPS for 2016 , 2015 and 2014 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) 2016 2015 2014 Earnings per common share Net income $ 17,906 $ 15,836 $ 5,520 Preferred stock dividends (1,682 ) (1,483 ) (1,044 ) Net income applicable to common shareholders $ 16,224 $ 14,353 $ 4,476 Average common shares issued and outstanding 10,284,147 10,462,282 10,527,818 Earnings per common share $ 1.58 $ 1.37 $ 0.43 Diluted earnings per common share Net income applicable to common shareholders $ 16,224 $ 14,353 $ 4,476 Add preferred stock dividends due to assumed conversions 300 300 — Net income allocated to common shareholders $ 16,524 $ 14,653 $ 4,476 Average common shares issued and outstanding 10,284,147 10,462,282 10,527,818 Dilutive potential common shares (1) 751,510 751,710 56,717 Total diluted average common shares issued and outstanding 11,035,657 11,213,992 10,584,535 Diluted earnings per common share $ 1.50 $ 1.31 $ 0.42 (1) Includes incremental dilutive shares from RSUs, restricted stock 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 2016 and 2015 , 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 2016 , 2015 and 2014 , 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 2016 , 2015 and 2014 , average options to purchase 45 million , 66 million and 91 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 2016 , 2015 and 2014 , average warrants to purchase 122 million shares of common stock were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method, and average warrants to purchase 150 million shares of common stock were included in the diluted EPS calculation under the treasury stock method. |
Regulatory Requirements and Res
Regulatory Requirements and Restrictions | 12 Months Ended |
Dec. 31, 2016 | |
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. The Corporation’s banking entity affiliates are subject to capital adequacy rules issued by the OCC. 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 Prompt Corrective Action (PCA) framework. Finally, Basel 3 established two methods of calculating risk-weighted assets, the Standardized approach and the Advanced approaches. The Corporation and its primary banking entity affiliate, BANA, are Advanced approaches institutions under Basel 3. As Advanced approaches institutions, the Corporation and its banking entity affiliates are 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. The table below presents capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches – Transition as measured at December 31, 2016 and 2015 for the Corporation and BANA. Regulatory Capital under Basel 3 – Transition (1) December 31, 2016 Bank of America Corporation Bank of America, N.A. (Dollars in millions) Standardized Approach Advanced Approaches Regulatory Minimum (2, 3) Standardized Approach Advanced Approaches Regulatory Minimum (4) Risk-based capital metrics: Common equity tier 1 capital $ 168,866 $ 168,866 $ 149,755 $ 149,755 Tier 1 capital 190,315 190,315 149,755 149,755 Total capital (5) 228,187 218,981 163,471 154,697 Risk-weighted assets (in billions) 1,399 1,530 1,176 1,045 Common equity tier 1 capital ratio 12.1 % 11.0 % 5.875 % 12.7 % 14.3 % 6.5 % Tier 1 capital ratio 13.6 12.4 7.375 12.7 14.3 8.0 Total capital ratio 16.3 14.3 9.375 13.9 14.8 10.0 Leverage-based metrics: Adjusted quarterly average assets (in billions) (6) $ 2,131 $ 2,131 $ 1,611 $ 1,611 Tier 1 leverage ratio 8.9 % 8.9 % 4.0 9.3 % 9.3 % 5.0 December 31, 2015 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 (5) 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 % 12.2 % 13.1 % 6.5 % Tier 1 capital ratio 12.9 11.3 6.0 12.2 13.1 8.0 Total capital ratio 15.7 13.2 8.0 13.5 13.6 10.0 Leverage-based metrics: Adjusted quarterly average assets (in billions) (6) $ 2,103 $ 2,103 $ 1,575 $ 1,575 Tier 1 leverage ratio 8.6 % 8.6 % 4.0 9.2 % 9.2 % 5.0 (1) As Advanced approaches institutions, the Corporation and its banking entity affiliates are 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 method at December 31, 2016 and 2015 . (2) The December 31, 2016 amount includes a transition capital conservation buffer of 0.625 percent and a transition global systemically important bank (G-SIB) surcharge of 0.75 percent . The 2016 countercyclical capital buffer is zero . (3) To be “well capitalized” under the current U.S. banking regulatory agency definitions, a BHC must maintain a Total capital ratio of 10 percent or greater. (4) Percent required to meet guidelines to be considered "well capitalized" under the PCA framework. (5) 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. (6) Reflects adjusted average total assets for the three months ended December 31, 2016 and 2015 . 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, 2016 and 2015 , the Corporation and its banking entity affiliates were “well capitalized.” Other Regulatory Matters The Federal Reserve requires the Corporation’s banking subsidiaries to maintain reserve requirements based on a percentage of certain deposit liabilities. The average daily reserve balance requirements, in excess of vault cash, maintained by the Corporation with the Federal Reserve were $7.7 billion and $9.8 billion for 2016 and 2015 . At December 31, 2016 and 2015 , the Corporation had cash and cash equivalents in the amount of $4.8 billion and $5.1 billion , and securities with a fair value of $14.6 billion and $16.4 billion that were segregated in compliance with securities regulations. In addition, at December 31, 2016 and 2015 , the Corporation had cash deposited with clearing organizations of $10.2 billion and $9.7 billion primarily in other assets. 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 2016 , the Corporation received dividends of $13.4 billion from BANA and $150 million 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 2017 , BANA can declare and pay dividends of approximately $6.2 billion to the Corporation plus an additional amount equal to its retained net profits for 2017 up to the date of any such dividend declaration. Bank of America California, N.A. can pay dividends of $546 million in 2017 plus an additional amount equal to its retained net profits for 2017 up to the date of any such dividend declaration. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension and Postretirement Plans The Corporation sponsors a qualified noncontributory trusteed pension plan (Qualified 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. The Qualified Pension Plan has a balance guarantee feature for account balances with participant-selected investments, 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 (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 2016 or 2015 . 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 employees may become eligible to continue participation as retirees in health care and/or life insurance plans sponsored 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, 2016 and 2015 . The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. 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 decrease in the weighted-average discount rates in 2016 resulted in an increase to the PBO of approximately $1.3 billion at December 31, 2016 . 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 Corporation’s 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 2017 is $20 million , $96 million and $99 million , respectively. The Corporation does not expect to make a contribution to the Qualified Pension Plan in 2017 . 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). 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) 2016 2015 2016 2015 2016 2015 2016 2015 Change in fair value of plan assets Fair value, January 1 $ 17,962 $ 18,614 $ 2,738 $ 2,564 $ 2,805 $ 2,927 $ — $ 28 Actual return on plan assets 1,075 199 541 342 74 14 — — Company contributions — — 48 58 104 97 104 79 Plan participant contributions — — 1 1 — — 125 127 Settlements and curtailments — — (20 ) (7 ) (6 ) — — — Benefits paid (798 ) (851 ) (118 ) (78 ) (233 ) (233 ) (242 ) (247 ) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a 13 13 Foreign currency exchange rate changes n/a n/a (401 ) (142 ) n/a n/a n/a n/a Fair value, December 31 $ 18,239 $ 17,962 $ 2,789 $ 2,738 $ 2,744 $ 2,805 $ — $ — Change in projected benefit obligation Projected benefit obligation, January 1 $ 14,461 $ 15,508 $ 2,580 $ 2,688 $ 3,053 $ 3,329 $ 1,152 $ 1,346 Service cost — — 25 27 — — 7 8 Interest cost 634 621 86 93 127 122 47 48 Plan participant contributions — — 1 1 — — 125 127 Plan amendments — — — (1 ) — — — — Settlements and curtailments — — (31 ) (7 ) (6 ) — — — Actuarial loss (gain) 685 (817 ) 535 (2 ) 106 (165 ) 25 (141 ) Benefits paid (798 ) (851 ) (118 ) (78 ) (233 ) (233 ) (242 ) (247 ) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a 13 13 Foreign currency exchange rate changes n/a n/a (315 ) (141 ) n/a n/a (2 ) (2 ) Projected benefit obligation, December 31 $ 14,982 $ 14,461 $ 2,763 $ 2,580 $ 3,047 $ 3,053 $ 1,125 $ 1,152 Amount recognized, December 31 $ 3,257 $ 3,501 $ 26 $ 158 $ (303 ) $ (248 ) $ (1,125 ) $ (1,152 ) Funded status, December 31 Accumulated benefit obligation $ 14,982 $ 14,461 $ 2,645 $ 2,479 $ 3,046 $ 3,052 n/a n/a Overfunded (unfunded) status of ABO 3,257 3,501 144 259 (302 ) (247 ) n/a n/a Provision for future salaries — — 118 101 1 1 n/a n/a Projected benefit obligation 14,982 14,461 2,763 2,580 3,047 3,053 $ 1,125 $ 1,152 Weighted-average assumptions, December 31 Discount rate 4.16 % 4.51 % 2.56 % 3.59 % 4.01 % 4.34 % 3.99 % 4.32 % Rate of compensation increase n/a n/a 4.51 4.64 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 Consolidated Balance Sheet Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Postretirement Health and Life Plans (Dollars in millions) 2016 2015 2016 2015 2016 2015 2016 2015 Other assets $ 3,257 $ 3,501 $ 475 $ 548 $ 760 $ 825 $ — $ — Accrued expenses and other liabilities — — (449 ) (390 ) (1,063 ) (1,073 ) (1,125 ) (1,152 ) Net amount recognized at December 31 $ 3,257 $ 3,501 $ 26 $ 158 $ (303 ) $ (248 ) $ (1,125 ) $ (1,152 ) Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2016 and 2015 are presented in the table below. For these 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) 2016 2015 2016 2015 PBO $ 626 $ 574 $ 1,065 $ 1,075 ABO 594 551 1,064 1,074 Fair value of plan assets 179 183 1 1 Components of Net Periodic Benefit Cost Qualified Pension Plan Non-U.S. Pension Plans (Dollars in millions) 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost (income) Service cost $ — $ — $ — $ 25 $ 27 $ 29 Interest cost 634 621 665 86 93 109 Expected return on plan assets (1,038 ) (1,045 ) (1,018 ) (123 ) (133 ) (137 ) Amortization of prior service cost — — — 1 1 1 Amortization of net actuarial loss 139 170 111 6 6 3 Recognized loss due to settlements and curtailments — — — 1 — 2 Net periodic benefit cost (income) $ (265 ) $ (254 ) $ (242 ) $ (4 ) $ (6 ) $ 7 Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 4.51 % 4.12 % 4.85 % 3.59 % 3.56 % 4.30 % Expected return on plan assets 6.00 6.00 6.00 4.84 5.27 5.52 Rate of compensation increase n/a n/a n/a 4.67 4.70 4.91 Nonqualified and Postretirement Health (Dollars in millions) 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost (income) Service cost $ — $ — $ 1 $ 7 $ 8 $ 8 Interest cost 127 122 133 47 48 58 Expected return on plan assets (101 ) (92 ) (124 ) — (1 ) (4 ) Amortization of prior service cost — — — 4 4 4 Amortization of net actuarial loss (gain) 25 34 25 (81 ) (46 ) (89 ) Recognized loss due to settlements and curtailments 3 — — — — — Net periodic benefit cost (income) $ 54 $ 64 $ 35 $ (23 ) $ 13 $ (23 ) Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 4.34 % 3.80 % 4.55 % 4.32 % 3.75 % 4.50 % Expected return on plan assets 3.66 3.26 4.60 n/a 6.00 6.00 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 periodic 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 and Life 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 2017 , reducing in steps to 5.00 percent in 2023 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 $1 million and $29 million in 2016 . 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 $1 million and $25 million in 2016 . 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 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 2016 of approximately $9 million and $43 million , and to be recognized in 2017 of approximately $6 million and $45 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 2016 of approximately $8 million , and to be recognized in 2017 of approximately $7 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 2016 and 2017 . 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) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net actuarial loss (gain) $ 4,429 $ 3,920 $ 216 $ 137 $ 953 $ 848 $ (44 ) $ (150 ) $ 5,554 $ 4,755 Prior service cost (credits) — — 4 (10 ) — — 12 16 16 6 Amounts recognized in accumulated OCI $ 4,429 $ 3,920 $ 220 $ 127 $ 953 $ 848 $ (32 ) $ (134 ) $ 5,570 $ 4,761 Pretax Amounts Recognized in OCI Qualified Pension Plan Non-U.S. Pension Plans Nonqualified Pension Plans Postretirement Life Plans Total (Dollars in millions) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Current year actuarial loss (gain) $ 648 $ 29 $ 100 $ (211 ) $ 133 $ (86 ) $ 25 $ (140 ) $ 906 $ (408 ) Amortization of actuarial gain (loss) (139 ) (170 ) (6 ) (6 ) (28 ) (34 ) 81 46 (92 ) (164 ) Current year prior service cost (credit) — — — (1 ) — — — — — (1 ) Amortization of prior service cost — — (1 ) (1 ) — — (4 ) (4 ) (5 ) (5 ) Amounts recognized in OCI $ 509 $ (141 ) $ 93 $ (219 ) $ 105 $ (120 ) $ 102 $ (98 ) $ 809 $ (578 ) Estimated Pretax Amounts Amortized from Accumulated OCI into Period Cost in 2017 (Dollars in millions) Qualified Pension Plan Non-U.S. Pension Plans Nonqualified Pension Plans Postretirement Life Plans Total Net actuarial loss (gain) $ 152 $ 10 $ 34 $ (20 ) $ 176 Prior service cost — 1 — 4 5 Total amounts amortized from accumulated OCI $ 152 $ 11 $ 34 $ (16 ) $ 181 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 exposure of participant-selected investment measures. No plan assets are expected to be returned to the Corporation during 2017 . 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 selected asset allocation strategy is designed to achieve a higher return than the lowest risk strategy. The expected rate of 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 Other 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 2017 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, and Nonqualified and Other Pension Plans are presented in the table below. 2017 Target Allocation Percentage Asset Category Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Equity securities 30 - 60 10 - 35 0 - 5 Debt securities 40 - 70 40 - 80 95 - 100 Real estate 0 - 10 0 - 15 0 - 5 Other 0 - 5 0 - 25 0 - 5 Equity securities for the Qualified Pension Plan include common stock of the Corporation in the amounts of $203 million ( 1.11 percent of total plan assets) and $189 million ( 1.05 percent of total plan assets) at December 31, 2016 and 2015 . 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, 2016 and 2015 are summarized in the Fair Value Measurements table. Fair Value Measurements December 31, 2016 (Dollars in millions) Level 1 Level 2 Level 3 Total Cash and short-term investments Money market and interest-bearing cash $ 776 $ — $ — $ 776 Cash and cash equivalent commingled/mutual funds — 997 — 997 Fixed income U.S. government and agency securities 3,125 816 10 3,951 Corporate debt securities — 1,892 — 1,892 Asset-backed securities — 2,246 — 2,246 Non-U.S. debt securities 789 705 — 1,494 Fixed income commingled/mutual funds 778 1,503 — 2,281 Equity Common and preferred equity securities 6,120 — — 6,120 Equity commingled/mutual funds 735 1,225 — 1,960 Public real estate investment trusts 145 — — 145 Real estate Private real estate — — 150 150 Real estate commingled/mutual funds — 12 748 760 Limited partnerships — 132 38 170 Other investments (1) 15 732 83 830 Total plan investment assets, at fair value $ 12,483 $ 10,260 $ 1,029 $ 23,772 December 31, 2015 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 (1) Other investments include interest rate swaps of $257 million and $114 million , participant loans of $36 million and $58 million , commodity and balanced funds of $369 million and $165 million and other various investments of $168 million and $52 million at December 31, 2016 and 2015 . 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 2016 , 2015 and 2014 . Level 3 Fair Value Measurements 2016 (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 $ — $ (1 ) $ — $ 10 Real estate Private real estate 144 1 5 — 150 Real estate commingled/mutual funds 731 21 (4 ) — 748 Limited partnerships 49 (2 ) (9 ) — 38 Other investments 102 4 (23 ) — 83 Total $ 1,037 $ 24 $ (32 ) $ — $ 1,029 2015 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 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 2017 $ 906 $ 55 $ 240 $ 111 $ 13 2018 906 55 239 108 12 2019 898 58 241 102 12 2020 909 61 241 99 12 2021 905 66 236 96 11 2022 - 2026 4,446 427 1,091 425 49 (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 the Corporation’s assets. Defined Contribution Plans The Corporation maintains qualified and non-qualified defined contribution retirement plans. The Corporation recorded expense of $1.0 billion in each of 2016 , 2015 and 2014 , related to the qualified defined contribution plans. At December 31, 2016 and 2015 , 224 million and 236 million shares of the Corporation’s common stock were held by these plans. Payments to the plans for dividends on common stock were $60 million , $48 million and $29 million in 2016 , 2015 and 2014 , 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, 2016 | |
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 Key Employee Equity Plan (KEEP). Under this plan, 450 million shares of the Corporation’s common stock, and any shares that were subject to an award under this plan as of December 31, 2014 , 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 under the KEEP. During 2016 , the Corporation granted 163 million RSU awards to certain employees under the KEEP. Generally, one-third of the RSUs vest on each of the first three anniversaries of the grant date provided that the employee remains continuously employed with the Corporation during that time. The RSUs are authorized to settle predominantly in shares of common stock of the Corporation, and are expensed ratably over the vesting period, net of estimated forfeitures, for non-retirement eligible employees based on the grant-date fair value of the shares. Certain RSUs will be settled in cash or contain settlement provisions that subject these awards to variable accounting whereby compensation expense is adjusted to fair value based on changes in the share price of the Corporation's common stock up to the settlement date. Awards granted in prior years were predominantly cash settled. RSUs granted to employees who are retirement eligible or will become retirement eligible during the vesting period are expensed as of the grant date or ratably over the period from the grant date to the date the employee becomes retirement eligible, net of estimated forfeitures. The compensation cost for the stock-based plans was $2.08 billion , $2.17 billion and $2.30 billion in 2016 , 2015 and 2014 and the related income tax benefit was $792 million , $824 million and $854 million for 2016 , 2015 and 2014 , respectively. From time to time, the Corporation has entered into equity total return swaps to hedge a portion of cash-settled RSUs granted to certain employees as part of their compensation 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 . Restricted Stock/Units The table below presents the status at December 31, 2016 of the share-settled restricted stock/units and changes during 2016 . Stock-settled Restricted Stock/Units Shares/Units Weighted- average Grant Date Fair Value Outstanding at January 1, 2016 22,556,018 $ 9.14 Granted 157,125,817 11.95 Vested (18,729,422 ) 8.31 Canceled (4,459,467 ) 11.60 Outstanding at December 31, 2016 156,492,946 $ 11.99 The table below presents the status at December 31, 2016 of the cash-settled RSUs granted under the KEEP and changes during 2016 . Cash-settled Restricted Units Units Outstanding at January 1, 2016 255,355,014 Granted 5,787,494 Vested (132,833,423 ) Canceled (7,073,596 ) Outstanding at December 31, 2016 121,235,489 At December 31, 2016 , 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 1.6 years . The total fair value of restricted stock vested in 2016 , 2015 and 2014 was $358 million , $145 million and $704 million , respectively. In 2016 , 2015 and 2014 , the amount of cash paid to settle equity-based awards for all equity compensation plans was $1.7 billion , $3.0 billion and $2.7 billion , respectively. Stock Options The table below presents the status of all option plans at December 31, 2016 and changes during 2016 . Stock Options Options Weighted- average Exercise Price Outstanding at January 1, 2016 63,875,475 $ 49.18 Forfeited (21,518,193 ) 46.45 Outstanding at December 31, 2016 42,357,282 50.57 All options outstanding as of December 31, 2016 were vested and exercisable with a weighted-average remaining contractual term of less than one year and have no aggregate intrinsic value. No options have been granted since 2008. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense for 2016 , 2015 and 2014 are presented in the table below. Income Tax Expense (Dollars in millions) 2016 2015 2014 Current income tax expense U.S. federal $ 302 $ 2,539 $ 443 U.S. state and local 120 210 340 Non-U.S. 984 561 513 Total current expense 1,406 3,310 1,296 Deferred income tax expense U.S. federal 5,464 1,812 953 U.S. state and local (279 ) 515 136 Non-U.S. 656 597 58 Total deferred expense 5,841 2,924 1,147 Total income tax expense $ 7,247 $ 6,234 $ 2,443 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 a benefit of $498 million in 2016 and an expense of $631 million and $3.1 billion in 2015 and 2014 , respectively, 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 $41 million , $44 million and $35 million in 2016 , 2015 and 2014 , respectively. Income tax expense for 2016 , 2015 and 2014 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 2016 , 2015 and 2014 are presented in the table below. Reconciliation of Income Tax Expense 2016 2015 2014 (Dollars in millions) Amount Percent Amount Percent Amount Percent Expected U.S. federal income tax expense $ 8,804 35.0 % $ 7,725 35.0 % $ 2,787 35.0 % Increase (decrease) in taxes resulting from: State tax expense, net of federal benefit 420 1.7 438 1.9 322 4.0 Affordable housing/energy/other credits (1,203 ) (4.8 ) (1,087 ) (4.9 ) (950 ) (11.9 ) Tax-exempt income, including dividends (562 ) (2.3 ) (539 ) (2.4 ) (533 ) (6.6 ) Changes in prior-period UTBs, including interest (328 ) (1.3 ) (52 ) (0.2 ) (754 ) (9.5 ) Non-U.S. tax rate differential (307 ) (1.2 ) (559 ) (2.5 ) (507 ) (6.4 ) Non-U.S. tax law changes 348 1.4 289 1.3 — — Nondeductible expenses 180 0.7 40 0.1 1,982 24.9 Other (105 ) (0.4 ) (21 ) (0.1 ) 96 1.2 Total income tax expense $ 7,247 28.8 % $ 6,234 28.2 % $ 2,443 30.7 % 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) 2016 2015 2014 Balance, January 1 $ 1,095 $ 1,068 $ 3,068 Increases related to positions taken during the current year 104 36 75 Increases related to positions taken during prior years 1,318 187 519 Decreases related to positions taken during prior years (1,091 ) (177 ) (973 ) Settlements (503 ) (1 ) (1,594 ) Expiration of statute of limitations (48 ) (18 ) (27 ) Balance, December 31 $ 875 $ 1,095 $ 1,068 At December 31, 2016, 2015 and 2014 , the balance of the Corporation’s UTBs which would, if recognized, affect the Corporation’s effective tax rate was $0.6 billion , $0.7 billion and $0.7 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 examinations by major jurisdiction for the Corporation and various subsidiaries as of December 31, 2016 . Tax Examination Status Years under Examination (1) Status at December 31 2016 U.S. 2012 – 2013 Field examination New York 2015 To begin in 2017 U.K. 2012-2014 Field examination (1) All tax years subsequent to the years shown remain subject to examination. During 2016 , the Corporation settled federal examinations for the 2010 and 2011 tax years and settled various state and local examinations for multiple years, including New York through 2014. Also, field work for the federal 2012 through 2013 and for the U.K. 2012 through 2014 examinations were substantially completed during 2016. It is reasonably possible that the UTB balance may decrease by as much as $0.2 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 expense of $56 million during 2016 and benefits of $82 million and $196 million in 2015 and 2014 , respectively, for interest and penalties, net-of-tax, in income tax expense. At December 31, 2016 and 2015 , the Corporation’s accrual for interest and penalties that related to income taxes, net of taxes and remittances, was $167 million and $288 million . Significant components of the Corporation’s net deferred tax assets and liabilities at December 31, 2016 and 2015 are presented in the table below. Deferred Tax Assets and Liabilities December 31 (Dollars in millions) 2016 2015 Deferred tax assets Net operating loss carryforwards $ 9,199 $ 9,439 Security, loan and debt valuations 4,726 4,919 Allowance for credit losses 4,362 4,649 Tax credit carryforwards 3,125 2,266 Accrued expenses 3,016 6,340 Employee compensation and retirement benefits 2,677 3,593 Available-for-sale securities 784 152 Other 1,599 2,483 Gross deferred tax assets 29,488 33,841 Valuation allowance (1,117 ) (1,149 ) Total deferred tax assets, net of valuation allowance 28,371 32,692 Deferred tax liabilities Equipment lease financing 3,489 3,014 Intangibles 1,171 1,306 Fee income 847 864 Mortgage servicing rights 829 689 Long-term borrowings 355 327 Other 2,454 1,859 Gross deferred tax liabilities 9,145 8,059 Net deferred tax assets, net of valuation allowance $ 19,226 $ 24,633 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, 2016 . 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. $ 1,908 $ — $ 1,908 After 2027 Net operating losses – U.K. 5,410 — 5,410 None (1) Net operating losses – other non-U.S. 411 (311 ) 100 Various Net operating losses – U.S. states (2) 1,470 (398 ) 1,072 Various General business credits 3,053 — 3,053 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 $2.3 billion and $612 million . n/a = not applicable Management concluded that no valuation allowance was necessary to reduce the deferred tax assets related to the U.K. NOL carryforwards, 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, profit forecasts for the relevant entities and the indefinite period to carry forward NOLs. However, a material change in those estimates could lead management to reassess its U.K. valuation allowance conclusions. At December 31, 2016 , U.S. federal income taxes had not been provided on $17.8 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 $4.9 billion at December 31, 2016 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
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 under applicable accounting guidance which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The Corporation categorizes its financial instruments into three levels based on the established fair value hierarchy. 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 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 so 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 so 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 so 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 2016 , there were no changes to valuation approaches or techniques that had, or are expected to have, a material impact on the Corporation’s consolidated financial position or results of operations. For information regarding Level 1, 2 and 3 valuation techniques, see Note 1 – Summary of Significant Accounting Principles . 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 primarily determined using 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. 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, 2016 and 2015 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. December 31, 2016 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 $ — $ 49,750 $ — $ — $ 49,750 Trading account assets: U.S. Treasury and agency securities (2) 34,587 1,927 — — 36,514 Corporate securities, trading loans and other 171 22,861 2,777 — 25,809 Equity securities 50,169 21,601 281 — 72,051 Non-U.S. sovereign debt 9,578 9,940 510 — 20,028 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 15,799 — — 15,799 Mortgage trading loans, ABS and other MBS — 8,797 1,211 — 10,008 Total trading account assets (3) 94,505 80,925 4,779 — 180,209 Derivative assets (4) 7,337 619,848 3,931 (588,604 ) 42,512 AFS debt securities: U.S. Treasury and agency securities 46,787 1,465 — — 48,252 Mortgage-backed securities: Agency — 189,486 — — 189,486 Agency-collateralized mortgage obligations — 8,330 — — 8,330 Non-agency residential — 2,013 — — 2,013 Commercial — 12,322 — — 12,322 Non-U.S. securities 2,553 3,600 229 — 6,382 Other taxable securities — 10,020 594 — 10,614 Tax-exempt securities — 16,618 542 — 17,160 Total AFS debt securities 49,340 243,854 1,365 — 294,559 Other debt securities carried at fair value: Mortgage-backed securities: Agency-collateralized mortgage obligations — 5 — — 5 Non-agency residential — 3,114 25 — 3,139 Non-U.S. securities 15,109 1,227 — — 16,336 Other taxable securities — 240 — — 240 Total other debt securities carried at fair value 15,109 4,586 25 — 19,720 Loans and leases — 6,365 720 — 7,085 Mortgage servicing rights — — 2,747 — 2,747 Loans held-for-sale — 3,370 656 — 4,026 Other assets 11,824 1,739 239 — 13,802 Total assets $ 178,115 $ 1,010,437 $ 14,462 $ (588,604 ) $ 614,410 Liabilities Interest-bearing deposits in U.S. offices $ — $ 731 $ — $ — $ 731 Federal funds purchased and securities loaned or sold under agreements to repurchase — 35,407 359 — 35,766 Trading account liabilities: U.S. Treasury and agency securities 15,854 197 — — 16,051 Equity securities 25,884 3,014 — — 28,898 Non-U.S. sovereign debt 9,409 2,103 — — 11,512 Corporate securities and other 163 6,380 27 — 6,570 Total trading account liabilities 51,310 11,694 27 — 63,031 Derivative liabilities (4) 7,173 615,896 5,244 (588,833 ) 39,480 Short-term borrowings — 2,024 — — 2,024 Accrued expenses and other liabilities 12,978 1,643 9 — 14,630 Long-term debt — 28,523 1,514 — 30,037 Total liabilities $ 71,461 $ 695,918 $ 7,153 $ (588,833 ) $ 185,699 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $17.5 billion of GSE obligations. (3) Includes securities with a fair value of $14.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) During 2016 , $2.3 billion of derivative assets and $2.4 billion of derivative liabilities were transferred from Level 1 to Level 2 and $2.0 billion of derivative assets and $1.8 billion of derivative liabilities were transferred from Level 2 to Level 1 based on the inputs used to measure fair value. For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives . 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. Treasury and agency securities (2) 33,034 2,413 — — 35,447 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, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 13,088 — — 13,088 Mortgage trading loans, ABS and other MBS — 8,107 1,868 — 9,975 Total trading account assets (3) 90,745 80,148 5,634 — 176,527 Derivative assets (4) 5,149 678,355 5,134 (638,648 ) 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 Other taxable securities — 9,688 757 — 10,445 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 (5) 11,923 2,023 374 — 14,320 Total assets $ 145,650 $ 1,108,103 $ 18,098 $ (638,648 ) $ 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. Treasury 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 (4) 4,941 670,600 5,575 (642,666 ) 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 $ 738,527 $ 7,483 $ (642,666 ) $ 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 GSE obligations. (3) Includes securities with a fair value of $16.4 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) 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 . (5) 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. 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 2016 , 2015 and 2014 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) 2016 Gross (Dollars in millions) Balance January 1 2016 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 2,838 $ 78 $ 2 $ 1,508 $ (847 ) $ — $ (725 ) $ 728 $ (805 ) $ 2,777 $ (82 ) Equity securities 407 74 — 73 (169 ) — (82 ) 70 (92 ) 281 (59 ) Non-U.S. sovereign debt 521 122 91 12 (146 ) — (90 ) — — 510 120 Mortgage trading loans, ABS and other MBS 1,868 188 (2 ) 988 (1,491 ) — (344 ) 158 (154 ) 1,211 64 Total trading account assets 5,634 462 91 2,581 (2,653 ) — (1,241 ) 956 (1,051 ) 4,779 43 Net derivative assets (4) (441 ) 285 — 470 (1,155 ) — 76 (186 ) (362 ) (1,313 ) (376 ) AFS debt securities: Non-agency residential MBS 106 — — — (106 ) — — — — — Non-U.S. securities — — (6 ) 584 (92 ) — (263 ) 6 — 229 — Other taxable securities 757 4 (2 ) — — — (83 ) — (82 ) 594 — Tax-exempt securities 569 — (1 ) 1 — — (2 ) 10 (35 ) 542 — Total AFS debt securities 1,432 4 (9 ) 585 (198 ) — (348 ) 16 (117 ) 1,365 — Other debt securities carried at fair value – Non-agency residential MBS 30 (5 ) — — — — — — — 25 — Loans and leases (5, 6) 1,620 (44 ) — 69 (553 ) 50 (194 ) 6 (234 ) 720 17 Mortgage servicing rights (6) 3,087 149 — — (80 ) 411 (820 ) — — 2,747 (107 ) Loans held-for-sale (5) 787 79 50 22 (256 ) — (93 ) 173 (106 ) 656 70 Other assets 374 (13 ) — 38 (111 ) — (52 ) 3 — 239 (36 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (335 ) (11 ) — — — (22 ) 27 (19 ) 1 (359 ) 4 Trading account liabilities – Corporate securities and other (21 ) 5 — — (11 ) — — — — (27 ) 4 Short-term borrowings (5) (30 ) 1 — — — — 29 — — — — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,513 ) (74 ) (20 ) 140 — (521 ) 948 (939 ) 465 (1,514 ) (184 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - primarily trading account profits (losses) and mortgage banking income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. (4) Net derivatives include derivative assets of $3.9 billion and derivative liabilities of $5.2 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. Significant transfers into Level 3, primarily due to decreased price observability, during 2016 included $956 million of trading account assets, $186 million of net derivative assets, $173 million of LHFS and $939 million 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, during 2016 included $1.1 billion of trading account assets, $362 million of net derivative assets, $117 million of AFS debt securities, $234 million of loans and leases, $106 million of LHFS and $465 million of long-term debt. Level 3 – Fair Value Measurements (1) 2015 Gross (Dollars in millions) Balance 2015 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2015 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 3,270 $ (31 ) $ (11 ) $ 1,540 $ (1,616 ) $ — $ (1,122 ) $ 1,570 $ (762 ) $ 2,838 $ (123 ) Equity securities 352 9 — 49 (11 ) — (11 ) 41 (22 ) 407 3 Non-U.S. sovereign debt 574 114 (179 ) 185 (1 ) — (145 ) — (27 ) 521 74 Mortgage trading loans, ABS and other MBS 2,063 154 1 1,250 (1,117 ) — (493 ) 50 (40 ) 1,868 (93 ) Total trading account assets 6,259 246 (189 ) 3,024 (2,745 ) — (1,771 ) 1,661 (851 ) 5,634 (139 ) Net derivative assets (4) (920 ) 1,335 (7 ) 273 (863 ) — (261 ) (40 ) 42 (441 ) 605 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 (5, 6) 1,983 (23 ) — — (4 ) 57 (237 ) 144 (300 ) 1,620 13 Mortgage servicing rights (6) 3,530 187 — — (393 ) 637 (874 ) — — 3,087 (85 ) Loans held-for-sale (5) 173 (51 ) (8 ) 771 (203 ) 61 (61 ) 203 (98 ) 787 (39 ) Other assets 911 (55 ) — 11 (130 ) — (51 ) 10 (322 ) 374 (61 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) — (11 ) — — — (131 ) 217 (411 ) 1 (335 ) — Trading account liabilities – Corporate securities and other (36 ) 19 — 30 (34 ) — — — — (21 ) (3 ) Short-term borrowings (5) — 17 — — — (52 ) 10 (24 ) 19 (30 ) 1 Accrued expenses and other liabilities (5) (10 ) 1 — — — — — — — (9 ) 1 Long-term debt (5) (2,362 ) 287 19 616 — (188 ) 273 (1,592 ) 1,434 (1,513 ) 255 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - primarily trading account profits (losses) and mortgage banking income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. (4) Net derivatives include derivative assets of $5.1 billion and derivative liabilities of $5.6 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. 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 and $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, as a result of increased market liquidity, $976 million of AFS debt securities, $300 million of loans and leases, $322 million of other assets and $1.4 billion of long-term debt. Level 3 – Fair Value Measurements (1) 2014 Gross (Dollars in millions) Balance 2014 Total Realized/Unrealized Gains/(Losses) (2) Gains in OCI (3) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers Level 3 Balance 2014 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) 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 69 Equity securities 386 — — 104 (86 ) — (16 ) 146 (182 ) 352 (8 ) Non-U.S. sovereign debt 468 30 — 120 (34 ) — (19 ) 11 (2 ) 574 31 Mortgage trading loans, ABS and other MBS 4,631 199 — 1,643 (1,259 ) — (585 ) 39 (2,605 ) 2,063 79 Total trading account assets 9,044 409 — 3,629 (2,323 ) — (1,558 ) 1,471 (4,413 ) 6,259 171 Net derivative assets (4) (224 ) 463 — 823 (1,738 ) — (432 ) 28 160 (920 ) (87 ) AFS debt securities: Non-agency residential MBS — (2 ) — 11 — — — 270 — 279 — Non-U.S. securities 107 (7 ) (11 ) 241 — — (147 ) — (173 ) 10 — Other taxable securities 3,847 9 (8 ) 154 — — (1,381 ) 93 (1,047 ) 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 (5, 6) 3,057 69 — — (3 ) 699 (1,591 ) 25 (273 ) 1,983 76 Mortgage servicing rights (6) 5,042 (1,231 ) — — (61 ) 707 (927 ) — — 3,530 (1,753 ) Loans held-for-sale (5) 929 45 — 59 (725 ) 23 (216 ) 83 (25 ) 173 (4 ) Other assets 1,669 (98 ) — — (430 ) — (245 ) 39 (24 ) 911 52 Trading account liabilities – Corporate securities and other (35 ) 1 — 10 (13 ) — — (9 ) 10 (36 ) 1 Accrued expenses and other liabilities (5) (10 ) 2 — — — (3 ) — — 1 (10 ) 1 Long-term debt (5) (1,990 ) 49 — 169 — (615 ) 540 (1,581 ) 1,066 (2,362 ) (8 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - trading account profits (losses), mortgage banking income (loss) and other income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - trading account profits (losses) and other income (loss). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities. (4) Net derivatives include derivative assets of $6.9 billion and derivative liabilities of $7.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. 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 and $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, as a result of increased market liquidity, $160 million of net derivative assets, $1.2 billion of AFS debt securities, $273 million of loans and leases and $1.1 billion of long-term debt. 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, 2016 and 2015 . Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016 (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 $ 1,066 Discounted cash flow, Market comparables Yield 0% to 50% 7 % Trading account assets – Mortgage trading loans, ABS and other MBS 337 Prepayment speed 0% to 27% CPR 14 % Loans and leases 718 Default rate 0% to 3% CDR 2 % Loans held-for-sale 11 Loss severity 0% to 54% 18 % Instruments backed by commercial real estate assets $ 317 Discounted cash flow, Market comparables Yield 0% to 39% 11 % Trading account assets – Corporate securities, trading loans and other 178 Price $0 to $100 $65 Trading account assets – Mortgage trading loans, ABS and other MBS 53 Loans held-for-sale 86 Commercial loans, debt securities and other $ 4,486 Discounted cash flow, Market comparables Yield 1% to 37% 14 % Trading account assets – Corporate securities, trading loans and other 2,565 Prepayment speed 5% to 20% 19 % Trading account assets – Non-U.S. sovereign debt 510 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 821 Loss severity 0% to 50% 19 % AFS debt securities – Other taxable securities 29 Price $0 to $292 $68 Loans and leases 2 Duration 0 to 5 years 3 years Loans held-for-sale 559 Enterprise value/EBITDA multiple 34x n/a Auction rate securities $ 1,141 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 34 AFS debt securities – Other taxable securities 565 AFS debt securities – Tax-exempt securities 542 MSRs $ 2,747 Discounted cash flow, Market comparables Weighted-average life, fixed rate (4) 0 to 15 years 6 years Weighted-average life, variable rate (4) 0 to 14 years 4 years Option Adjusted Spread, fixed rate 9% to 14% 10 % Option Adjusted Spread, varia |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Option [Abstract] | |
Fair Value Option | Fair Value Option Loans and Loan Commitments The Corporation elects to account for certain consumer and 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 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 are 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, 2016 and 2015 . Fair Value Option Elections December 31 2016 2015 (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 $ 49,750 $ 49,615 $ 135 $ 55,143 $ 54,999 $ 144 Loans reported as trading account assets (1) 6,215 11,557 (5,342 ) 4,995 9,214 (4,219 ) Trading inventory – other 8,206 n/a n/a 8,149 n/a n/a Consumer and commercial loans 7,085 7,190 (105 ) 6,938 7,293 (355 ) Loans held-for-sale 4,026 5,595 (1,569 ) 4,818 6,157 (1,339 ) Other assets 253 250 3 275 270 5 Long-term deposits 731 672 59 1,116 1,021 95 Federal funds purchased and securities loaned or sold under agreements to repurchase 35,766 35,929 (163 ) 24,574 24,718 (144 ) Short-term borrowings 2,024 2,024 — 1,325 1,325 — Unfunded loan commitments 173 n/a n/a 658 n/a n/a Long-term debt (2) 30,037 29,862 175 30,097 30,593 (496 ) (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 $29.7 billion and $29.0 billion , and contractual principal outstanding of $29.5 billion and $29.4 billion at December 31, 2016 and 2015 . 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 2016 , 2015 and 2014 . Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option 2016 (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 $ (64 ) $ — $ 1 $ (63 ) Loans reported as trading account assets 301 — — 301 Trading inventory – other (1) 57 — — 57 Consumer and commercial loans 49 — (37 ) 12 Loans held-for-sale (2) 11 518 6 535 Other assets — — 20 20 Long-term deposits 1 — 32 33 Federal funds purchased and securities loaned or sold under agreements to repurchase (22 ) — — (22 ) Unfunded loan commitments — — 487 487 Long-term debt (3, 4) (489 ) — (97 ) (586 ) Total $ (156 ) $ 518 $ 412 $ 774 2015 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 (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 in 2015 relating to DVA on structured liabilities accounted for under the fair value option, unrealized DVA gains (losses) in 2016 and 2015 are recorded in accumulated OCI while realized gains (losses) are recorded in other income (loss); for 2014, 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 own 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) 2016 2015 2014 Loans reported as trading account assets $ 7 $ 37 $ 28 Consumer and commercial loans (53 ) (200 ) 32 Loans held-for-sale (34 ) 37 84 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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 that are not carried at fair value or only a portion of the ending balance is 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, 2016 and 2015 are presented in the table below. Fair Value of Financial Instruments December 31, 2016 Fair Value (Dollars in millions) Carrying Value Level 2 Level 3 Total Financial assets Loans $ 873,209 $ 71,793 $ 815,329 $ 887,122 Loans held-for-sale 9,066 8,082 984 9,066 Financial liabilities Deposits 1,260,934 1,261,086 — 1,261,086 Long-term debt 216,823 220,071 1,514 221,585 December 31, 2015 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 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 $937 million and $4.9 billion at December 31, 2016 , and $1.3 billion and $6.3 billion at December 31, 2015 . 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, 2016 | |
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 2016 and 2015 . Rollforward of Mortgage Servicing Rights (Dollars in millions) 2016 2015 Balance, January 1 $ 3,087 $ 3,530 Additions 411 637 Sales (80 ) (393 ) Amortization of expected cash flows (1) (820 ) (874 ) Changes in fair value due to changes in inputs and assumptions (2) 149 187 Balance, December 31 (3) $ 2,747 $ 3,087 Mortgage loans serviced for investors (in billions) $ 326 $ 394 (1) Represents the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (2) These amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads, and the shape of the forward swap curve; periodic adjustments to valuation based on third-party price discovery; and periodic adjustments to the valuation model and other cash flow assumptions. (3) At December 31, 2016 , includes the $2.1 billion core MSR portfolio held in Consumer Banking , the $212 million non-core MSR portfolio held in All Other and the $469 million non-U.S. MSR portfolio held in Global Markets compared to $2.3 billion , $355 million and $407 million at December 31, 2015 , respectively. The Corporation revised certain MSR valuation assumptions during 2016 , resulting in a net $306 million increase in fair value, which is included within “Changes in fair value due to changes in inputs and assumptions” in the table above. The increase was primarily driven by changes in prepayment assumptions based on recent observed differences between modeled and actual prepayment behavior, which had the impact of slowing the weighted-average rate of projected prepayments, thus increasing both the weighted-average life of the MSRs and the yield that a market participant would require to buy the MSR. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Corporation reports its results of operations through the following four business segments: Consumer Bank ing, GWIM , Global Banking and Global Markets , 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, 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. Consumer Banking includes the impact of servicing residential mortgages and home equity loans in the core portfolio. 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, and underwriting and advisory services through the Corporation’s network of offices and client relationship teams . Global Banking also provides investment banking products to clients. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement . Global Banking clients generally include middle-market companies, commercial real estate firms , 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 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. As a result of market-making activities, Global Markets may be required to manage risk in a broad range of financial products. In addition, the economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement . All Other All Other consists of ALM activities , equity investments, the non-U.S. consumer credit card business, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the MSR valuation model for both core and non-core MSRs, other liquidating businesses, residual expense allocations and other. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities, the impact of certain allocation methodologies and accounting hedge ineffectiveness . The results of certain ALM activities are allocated to the business segments. Equity investments include the merchant services joint venture as well as GPI. On December, 20, 2016, the Corporation entered into an agreement to sell its non-U.S. consumer credit card business to a third party. Subject to regulatory approval, this transaction is expected to close by mid-2017. 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. 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 costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization. The tables below present net income (loss) and the components thereto (with net interest income on an FTE basis) for 2016 , 2015 and 2014 , and total assets at December 31, 2016 and 2015 for each business segment, as well as All Other, including a reconciliation of the four 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. Results of Business Segments and All Other At and for the Year Ended December 31 Total Corporation (1) Consumer Banking (Dollars in millions) 2016 2015 2014 2016 2015 2014 Net interest income (FTE basis) $ 41,996 $ 39,847 $ 41,630 $ 21,290 $ 20,428 $ 20,790 Noninterest income 42,605 44,007 45,115 10,441 11,097 11,038 Total revenue, net of interest expense (FTE basis) 84,601 83,854 86,745 31,731 31,525 31,828 Provision for credit losses 3,597 3,161 2,275 2,715 2,346 2,470 Noninterest expense 54,951 57,734 75,656 17,653 18,716 19,390 Income before income taxes (FTE basis) 26,053 22,959 8,814 11,363 10,463 9,968 Income tax expense (FTE basis) 8,147 7,123 3,294 4,190 3,814 3,717 Net income $ 17,906 $ 15,836 $ 5,520 $ 7,173 $ 6,649 $ 6,251 Year-end total assets $ 2,187,702 $ 2,144,287 $ 702,339 $ 645,427 Global Wealth & Investment Management Global Banking 2016 2015 2014 2016 2015 2014 Net interest income (FTE basis) $ 5,759 $ 5,527 $ 5,830 $ 9,942 $ 9,244 $ 9,752 Noninterest income 11,891 12,507 12,573 8,488 8,377 8,514 Total revenue, net of interest expense (FTE basis) 17,650 18,034 18,403 18,430 17,621 18,266 Provision for credit losses 68 51 14 883 686 325 Noninterest expense 13,182 13,943 13,836 8,486 8,481 8,806 Income before income taxes (FTE basis) 4,400 4,040 4,553 9,061 8,454 9,135 Income tax expense (FTE basis) 1,629 1,473 1,698 3,341 3,114 3,353 Net income $ 2,771 $ 2,567 $ 2,855 $ 5,720 $ 5,340 $ 5,782 Year-end total assets $ 298,932 $ 296,271 $ 408,268 $ 386,132 Global Markets All Other 2016 2015 2014 2016 2015 2014 Net interest income (FTE basis) $ 4,558 $ 4,191 $ 3,851 $ 447 $ 457 $ 1,407 Noninterest income 11,532 10,822 12,279 253 1,204 711 Total revenue, net of interest expense (FTE basis) 16,090 15,013 16,130 700 1,661 2,118 Provision for credit losses 31 99 110 (100 ) (21 ) (644 ) Noninterest expense 10,170 11,374 11,989 5,460 5,220 21,635 Income (loss) before income taxes (FTE basis) 5,889 3,540 4,031 (4,660 ) (3,538 ) (18,873 ) Income tax expense (benefit) (FTE basis) 2,072 1,117 1,441 (3,085 ) (2,395 ) (6,915 ) Net income (loss) $ 3,817 $ 2,423 $ 2,590 $ (1,575 ) $ (1,143 ) $ (11,958 ) Year-end total assets $ 566,060 $ 548,790 $ 212,103 $ 267,667 Business Segment Reconciliations 2016 2015 2014 Segments’ total revenue, net of interest expense (FTE basis) $ 83,901 $ 82,193 $ 84,627 Adjustments (2) : ALM activities (286 ) (208 ) 13 Liquidating businesses and other 986 1,869 2,105 FTE basis adjustment (900 ) (889 ) (851 ) Consolidated revenue, net of interest expense $ 83,701 $ 82,965 $ 85,894 Segments’ total net income 19,481 16,979 17,478 Adjustments, net-of-taxes (2) : ALM activities (642 ) (694 ) (262 ) Liquidating businesses and other (933 ) (449 ) (11,696 ) Consolidated net income $ 17,906 $ 15,836 $ 5,520 December 31 2016 2015 Segments’ total assets $ 1,975,599 $ 1,876,620 Adjustments (2) : ALM activities, including securities portfolio 613,058 612,364 Liquidating businesses and other (3) 117,708 144,310 Elimination of segment asset allocations to match liabilities (518,663 ) (489,007 ) Consolidated total assets $ 2,187,702 $ 2,144,287 (1) There were no material intersegment revenues. (2) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. (3) Includes assets of the non-U.S. consumer credit card business which are included in assets of business held for sale on the Consolidated Balance Sheet. |
Parent Company Information
Parent Company Information | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Income Dividends from subsidiaries: Bank holding companies and related subsidiaries $ 4,127 $ 18,970 $ 12,400 Nonbank companies and related subsidiaries 77 53 149 Interest from subsidiaries 2,996 2,004 1,836 Other income (loss) 111 (623 ) 72 Total income 7,311 20,404 14,457 Expense Interest on borrowed funds from related subsidiaries 969 1,169 1,661 Other interest expense 5,096 5,098 5,552 Noninterest expense 2,572 4,747 4,471 Total expense 8,637 11,014 11,684 Income (loss) before income taxes and equity in undistributed earnings of subsidiaries (1,326 ) 9,390 2,773 Income tax benefit (2,263 ) (3,574 ) (4,079 ) Income before equity in undistributed earnings of subsidiaries 937 12,964 6,852 Equity in undistributed earnings (losses) of subsidiaries: Bank holding companies and related subsidiaries 16,817 3,068 4,300 Nonbank companies and related subsidiaries 152 (196 ) (5,632 ) Total equity in undistributed earnings (losses) of subsidiaries 16,969 2,872 (1,332 ) Net income $ 17,906 $ 15,836 $ 5,520 Condensed Balance Sheet December 31 (Dollars in millions) 2016 2015 Assets Cash held at bank subsidiaries (1) $ 20,248 $ 98,024 Securities 909 937 Receivables from subsidiaries: Bank holding companies and related subsidiaries 117,072 23,594 Banks and related subsidiaries 171 569 Nonbank companies and related subsidiaries 26,500 56,426 Investments in subsidiaries: Bank holding companies and related subsidiaries 287,416 272,567 Nonbank companies and related subsidiaries 6,875 2,402 Other assets 10,672 9,360 Total assets (2) $ 469,863 $ 463,879 Liabilities and shareholders’ equity Short-term borrowings $ — $ 15 Accrued expenses and other liabilities 13,273 13,900 Payables to subsidiaries: Banks and related subsidiaries 352 465 Bank holding companies and related subsidiaries 4,013 — Nonbank companies and related subsidiaries 12,010 13,921 Long-term debt 173,375 179,402 Total liabilities 203,023 207,703 Shareholders’ equity 266,840 256,176 Total liabilities and shareholders’ equity $ 469,863 $ 463,879 (1) Balance includes third-party cash held of $ 342 million and $ 28 million at December 31, 2016 and 2015 . (2) During 2016, the Corporation entered into intercompany arrangements with certain key subsidiaries under which the Corporation transferred certain parent company assets to NB Holdings, Inc. Condensed Statement of Cash Flows (Dollars in millions) 2016 2015 2014 Operating activities Net income $ 17,906 $ 15,836 $ 5,520 Reconciliation of net income to net cash provided by (used in) operating activities: Equity in undistributed (earnings) losses of subsidiaries (16,969 ) (2,872 ) 1,332 Other operating activities, net (2,944 ) (2,509 ) 2,143 Net cash provided by (used in) operating activities (2,007 ) 10,455 8,995 Investing activities Net sales (purchases) of securities — 15 (142 ) Net payments to subsidiaries (65,481 ) (7,944 ) (5,902 ) Other investing activities, net (308 ) 70 19 Net cash used in investing activities (65,789 ) (7,859 ) (6,025 ) Financing activities Net decrease in short-term borrowings (136 ) (221 ) (55 ) Net increase (decrease) in other advances (44 ) (770 ) 1,264 Proceeds from issuance of long-term debt 27,363 26,492 29,324 Retirement of long-term debt (30,804 ) (27,393 ) (33,854 ) Proceeds from issuance of preferred stock 2,947 2,964 5,957 Common stock repurchased (5,112 ) (2,374 ) (1,675 ) Cash dividends paid (4,194 ) (3,574 ) (2,306 ) Net cash used in financing activities (9,980 ) (4,876 ) (1,345 ) Net increase (decrease) in cash held at bank subsidiaries (77,776 ) (2,280 ) 1,625 Cash held at bank subsidiaries at January 1 98,024 100,304 98,679 Cash held at bank subsidiaries at December 31 $ 20,248 $ 98,024 $ 100,304 |
Performance by Geographical Are
Performance by Geographical Area | 12 Months Ended |
Dec. 31, 2016 | |
Segments, Geographical Areas [Abstract] | |
Performance by Geographical 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 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 U.S. (3) 2016 $ 1,900,678 $ 72,418 $ 22,414 $ 16,267 2015 1,849,099 72,117 20,064 14,637 2014 74,607 5,751 3,992 Asia 2016 85,410 3,365 674 488 2015 86,994 3,524 726 457 2014 3,605 759 473 Europe, Middle East and Africa 2016 174,934 6,608 1,705 925 2015 178,899 6,081 938 516 2014 6,409 1,098 813 Latin America and the Caribbean 2016 26,680 1,310 360 226 2015 29,295 1,243 342 226 2014 1,273 355 242 Total Non-U.S. 2016 287,024 11,283 2,739 1,639 2015 295,188 10,848 2,006 1,199 2014 11,287 2,212 1,528 Total Consolidated 2016 $ 2,187,702 $ 83,701 $ 25,153 $ 17,906 2015 2,144,287 82,965 22,070 15,836 2014 85,894 7,963 5,520 (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. |
Summary of Significant Accoun34
Summary of Significant Accounting Principles (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 other 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. Certain prior-year amounts have been reclassified to conform to current-year presentation. |
New Accounting Pronouncements | In August 2016 and November 2016, the FASB issued new accounting guidance that addresses classification of certain cash receipts and cash payments, including changes in restricted cash, in the statement of cash flows. This new accounting guidance will result in some changes in classification in the Consolidated Statement of Cash Flows, which the Corporation does not expect will be significant, and will not have any impact on its consolidated financial position or results of operations. The new guidance is effective on January 1, 2018, on a retrospective basis, with early adoption permitted. In June 2016, the FASB issued new accounting guidance that will require the earlier recognition of credit losses on loans and other financial instruments based on an expected loss model, replacing the incurred loss model that is currently in use. Under the new guidance, an entity will measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The expected loss model will apply to loans and leases, unfunded lending commitments, held-to-maturity (HTM) debt securities and other debt instruments measured at amortized cost. The impairment model for AFS debt securities will require the recognition of credit losses through a valuation allowance when fair value is less than amortized cost, regardless of whether the impairment is considered to be other-than-temporary. The new guidance is effective on January 1, 2020, with early adoption permitted on January 1, 2019. The Corporation is in the process of identifying and implementing required changes to loan loss estimation models and processes and evaluating the impact of this new accounting guidance, which at the date of adoption is expected to increase the allowance for credit losses with a resulting negative adjustment to retained earnings. In March 2016, the FASB issued new accounting guidance that simplifies certain aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective on January 1, 2017. The Corporation does not expect the provisions of this new accounting guidance to have a material impact on its consolidated financial position or results of operations. In February 2016, the FASB issued new accounting guidance that requires substantially all leases to be recorded as assets and liabilities on the balance sheet. Upon adoption, for leases where the Corporation is lessee, the Corporation will record a right of use asset and a lease payment obligation associated with arrangements previously accounted for as operating leases. Lessor accounting is largely unchanged from existing GAAP. This new accounting guidance is effective on January 1, 2019, using a modified retrospective transition that will be applied to all prior periods presented. The Corporation is in the process of reviewing its existing lease portfolios, as well as other service contracts for embedded leases, to evaluate the impact of the new accounting guidance on the financial statements, as well as the impact to regulatory capital and risk-weighted assets. The effect of the adoption will depend on its lease portfolio at the time of transition; however, the Corporation does not expect the new accounting guidance to have a material impact on its consolidated results of operations. Upon completion of the inventory review and consideration of system requirements, the Corporation will evaluate the impacts of adopting the new accounting guidance on its disclosures. 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. In 2015, 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 Corporation does not expect the remaining provisions of this new accounting guidance to have a material impact on its consolidated financial position or results of operations. In May 2014, the FASB issued new accounting guidance for recognizing revenue from contracts with customers, which is effective on January 1, 2018. While the new guidance does not apply to revenue associated with loans or securities, the Corporation has been working to identify the customer contracts within the scope of the new guidance and assess the related revenues to determine if any accounting or internal control changes will be required for the new provisions. While the assessment is not complete, the timing of the Corporation’s revenue recognition is not expected to materially change. The classification of certain contract costs continues to be evaluated and the final interpretation may impact the presentation of certain contract costs. Overall, the Corporation does not expect the new guidance to have a material impact on its consolidated financial position or results of operations. The next phase of the Corporation’s implementation work will be to evaluate any changes that may be required to the Corporation’s applicable disclosures. |
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 | ecurities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase (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 acquisition or sale price 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 monitor the market value of the principal amount loaned under resale agreements and obtain collateral from or return collateral pledged to counterparties when appropriate. Securities financing agreements do not create material credit risk due to these collateral provisions; therefore, an allowance for loan losses is unnecessary. 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, 2016 and 2015 , the fair value of this collateral was $452.1 billion and $458.9 billion , of which $372.0 billion and $383.5 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, 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. |
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 ALM and other strategic activities, are generally reported at fair value as 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 that 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 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. For AFS debt securities the Corporation intends to hold, an analysis is performed to determine how much of the decline in fair value is related to the issuer’s credit and how much is related to market factors (e.g., interest rates). If any of the decline in fair value is due to credit, an other-than-temporary impairment (OTTI) loss is recognized in the Consolidated Statement of Income for that amount. If any of the decline in fair value is related to market factors, that amount is recognized in accumulated OCI. In certain instances, the credit loss may exceed the total decline in fair value, in which case, the difference is due to market factors and is recognized as an unrealized gain in accumulated OCI. If the Corporation intends to sell or believes it is more-likely-than-not that it will be required to sell the debt security, it is written down to fair value 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 or accreted to interest income at a constant effective yield over the contractual lives 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 (GPI), 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. |
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 residential mortgage and 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 excluding loans and unfunded lending commitments accounted for under the fair value option. 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. 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 loans 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 and the amount of loss in the event of default. For consumer loans secured by residential real estate, using statistical modeling methodologies, the Corporation estimates the number of 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 (CLTV), 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). The severity or loss given default 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 with the loan portfolio, 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 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. 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. For impaired loans, which include nonperforming commercial loans as well as consumer and commercial loans and leases modified in a troubled debt restructuring (TDR), 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. Credit card loans are 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, the Corporation initially estimates the fair value of the collateral securing these consumer real estate-secured 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. 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 Loans and Leases, Charge-offs and Delinquencies | Nonperforming loans and leases generally include loans and leases that have been placed on nonaccrual status. 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. 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. 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. 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. Accrued interest receivable is reversed when loans and leases are placed on nonaccrual status. Interest collections on nonaccruing 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. 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. 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 that are carried at fair value, LHFS and PCI loans are not classified as TDRs. 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. 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 generally remain on accrual status until the loan is either paid in full or charged off, which occurs no later than the end of the month in which the loan becomes 180 days past due or, for loans that have been placed on a fixed payment plan, 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. |
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 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. 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. 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 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. 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 Corporation consolidates 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 its involvement with the VIE and evaluates the impact of changes in governing documents and its financial interests in the VIE. The consolidation status of the VIEs with which the Corporation is involved may change as a result of such reassessments. 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, and other 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 its assets, 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 HTM 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. |
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. Under this guidance, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. A hierarchy is established which categorizes fair value measurements into three levels based on the inputs to the valuation technique with the highest priority given to unadjusted quoted prices in active markets and the lowest priority given to unobservable inputs. The Corporation categorizes its fair value measurements of financial instruments based on this 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 (MBS) 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. |
Revenue Recognition | Revenue is recorded when earned, which is generally over the period services are provided and no contingencies exist. 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. Uncollected fees are included in 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. 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. 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 which 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, excluding unvested common shares subject to repurchase or cancellation. Net income (loss) allocated to common shareholders 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 (RSUs), outstanding warrants and the dilution resulting from the conversion of convertible preferred stock, if applicable. 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. When the functional currency of a foreign operation is the local currency, 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 and losses and related hedge gains and losses are reported as a component of accumulated OCI, net-of-tax. When the foreign entity’s functional currency is 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, 2016 | |
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, 2016 and 2015 . 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, 2016 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 $ 16,977.7 $ 385.0 $ 5.9 $ 390.9 $ 386.9 $ 2.0 $ 388.9 Futures and forwards 5,609.5 2.2 — 2.2 2.1 — 2.1 Written options 1,146.2 — — — 52.2 — 52.2 Purchased options 1,178.7 53.3 — 53.3 — — — Foreign exchange contracts Swaps 1,828.6 54.6 4.2 58.8 58.8 6.2 65.0 Spot, futures and forwards 3,410.7 58.8 1.7 60.5 56.6 0.8 57.4 Written options 356.6 — — — 9.4 — 9.4 Purchased options 342.4 8.9 — 8.9 — — — Equity contracts Swaps 189.7 3.4 — 3.4 4.0 — 4.0 Futures and forwards 68.7 0.9 — 0.9 0.9 — 0.9 Written options 431.5 — — — 21.4 — 21.4 Purchased options 385.5 23.9 — 23.9 — — — Commodity contracts Swaps 48.2 2.5 — 2.5 5.1 — 5.1 Futures and forwards 49.1 3.6 — 3.6 0.5 — 0.5 Written options 29.3 — — — 1.9 — 1.9 Purchased options 28.9 2.0 — 2.0 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 604.0 8.1 — 8.1 10.3 — 10.3 Total return swaps/other 21.2 0.4 — 0.4 1.5 — 1.5 Written credit derivatives: Credit default swaps 614.4 10.7 — 10.7 7.5 — 7.5 Total return swaps/other 25.4 1.0 — 1.0 0.2 — 0.2 Gross derivative assets/liabilities $ 619.3 $ 11.8 $ 631.1 $ 619.3 $ 9.0 $ 628.3 Less: Legally enforceable master netting agreements (545.3 ) (545.3 ) Less: Cash collateral received/paid (43.3 ) (43.5 ) Total derivative assets/liabilities $ 42.5 $ 39.5 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. 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 $ 440.8 $ 1.2 $ 442.0 Futures and forwards 6,237.6 1.1 — 1.1 1.3 — 1.3 Written options 1,313.8 — — — 57.6 — 57.6 Purchased options 1,393.3 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 4,104.3 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 72.8 2.1 — 2.1 1.2 — 1.2 Written options 347.6 — — — 21.1 — 21.1 Purchased options 320.3 23.8 — 23.8 — — — Commodity contracts Swaps 47.0 4.7 — 4.7 7.1 — 7.1 Futures and forwards 45.6 3.8 — 3.8 0.7 — 0.7 Written options 36.6 — — — 4.4 — 4.4 Purchased options 37.4 4.2 — 4.2 — — — 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 $ 679.1 $ 9.5 $ 688.6 $ 676.8 $ 4.3 $ 681.1 Less: Legally enforceable master netting agreements (596.7 ) (596.7 ) 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. |
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 2016 , 2015 and 2014 , including hedges of interest rate risk on long-term debt that were acquired as part of a business combination and redesignated at that time. At redesignation, the fair value of the derivatives was positive. As the derivatives mature, the fair value will approach zero. As a result, ineffectiveness will occur and the fair value changes in the derivatives and the long-term debt being hedged may be directionally the same in certain scenarios. Based on a regression analysis, the derivatives continue to be highly effective at offsetting changes in the fair value of the long-term debt attributable to interest rate risk. Derivatives Designated as Fair Value Hedges Gains (Losses) 2016 (Dollars in millions) Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (1,488 ) $ 646 $ (842 ) Interest rate and foreign currency risk on long-term debt (1) (941 ) 944 3 Interest rate risk on available-for-sale securities (2) 227 (286 ) (59 ) Price risk on commodity inventory (3) (17 ) 17 — Total $ (2,219 ) $ 1,321 $ (898 ) 2015 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 ) (1) Amounts are recorded in interest expense on long-term debt and in other income. (2) Amounts are recorded in interest income on debt securities. (3) Amounts relating to commodity inventory are recorded in trading account profits. |
Cash Flow and Net Investment Hedges | The table below summarizes certain information related to cash flow hedges and net investment hedges for 2016 , 2015 and 2014 . Of the $895 million after-tax net loss ( $1.4 billion on a pretax basis) on derivatives in accumulated OCI for 2016 , $128 million after-tax ( $206 million on a pretax basis) 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 2016 (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 $ (340 ) $ (553 ) $ 1 Price risk on restricted stock awards (2) 41 (32 ) — Total $ (299 ) $ (585 ) $ 1 Net investment hedges Foreign exchange risk $ 1,636 $ 3 $ (325 ) 2015 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 ) (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 2016 , 2015 and 2014 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Other Risk Management Derivatives Gains (Losses) (Dollars in millions) 2016 2015 2014 Interest rate risk on mortgage banking income (1) $ 461 $ 254 $ 1,017 Credit risk on loans (2) (107 ) (22 ) 16 Interest rate and foreign currency risk on ALM activities (3) (754 ) (222 ) (3,683 ) Price risk on restricted stock awards (4) 9 (267 ) 600 Other 5 11 (9 ) (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 $533 million , $714 million and $776 million for 2016 , 2015 and 2014 , 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 following table, 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 2016 , 2015 and 2014 . The difference between total trading account profits in the following table and in the Consolidated Statement of Income represents trading activities in business segments other than Global Markets . This table includes debit valuation and funding valuation adjustment (DVA/FVA) gains (losses). Global Markets results in Note 24 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The following table is not presented on an FTE basis. The results for 2016 and 2015 were impacted by the adoption of new accounting guidance in 2015 on recognition and measurement of financial instruments. As such, amounts in the "Other" column for 2016 and 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 include such amounts. For more information on the implementation of new accounting guidance, see Note 1 – Summary of Significant Accounting Principles . Sales and Trading Revenue 2016 (Dollars in millions) Trading Account Profits Net Interest Income Other (1) Total Interest rate risk $ 1,608 $ 1,397 $ 304 $ 3,309 Foreign exchange risk 1,360 (10 ) (154 ) 1,196 Equity risk 1,915 15 2,072 4,002 Credit risk 1,258 2,587 425 4,270 Other risk 409 (20 ) 40 429 Total sales and trading revenue $ 6,550 $ 3,969 $ 2,687 $ 13,206 2015 Interest rate risk $ 1,300 $ 1,307 $ (263 ) $ 2,344 Foreign exchange risk 1,322 (10 ) (117 ) 1,195 Equity risk 2,115 56 2,146 4,317 Credit risk 910 2,361 452 3,723 Other risk 462 (81 ) 62 443 Total sales and trading revenue $ 6,109 $ 3,633 $ 2,280 $ 12,022 2014 Interest rate risk $ 983 $ 946 $ 466 $ 2,395 Foreign exchange risk 1,177 7 (128 ) 1,056 Equity risk 1,954 (79 ) 2,307 4,182 Credit risk 1,404 2,563 617 4,584 Other risk 508 (123 ) 108 493 Total sales and trading revenue $ 6,026 $ 3,314 $ 3,370 $ 12,710 (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 $2.1 billion , $2.2 billion and $2.2 billion for 2016 , 2015 and 2014 , respectively. |
Disclosure of Credit Derivatives | Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at December 31, 2016 and 2015 are summarized in the following table. 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, 2016 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 $ 10 $ 64 $ 535 $ 783 $ 1,392 Non-investment grade 771 1,053 908 3,339 6,071 Total 781 1,117 1,443 4,122 7,463 Total return swaps/other: Investment grade 16 — — — 16 Non-investment grade 127 10 2 1 140 Total 143 10 2 1 156 Total credit derivatives $ 924 $ 1,127 $ 1,445 $ 4,123 $ 7,619 Credit-related notes: Investment grade $ — $ 12 $ 542 $ 1,423 $ 1,977 Non-investment grade 70 22 60 1,318 1,470 Total credit-related notes $ 70 $ 34 $ 602 $ 2,741 $ 3,447 Maximum Payout/Notional Credit default swaps: Investment grade $ 121,083 $ 143,200 $ 116,540 $ 21,905 $ 402,728 Non-investment grade 84,755 67,160 41,001 18,711 211,627 Total 205,838 210,360 157,541 40,616 614,355 Total return swaps/other: Investment grade 12,792 — — — 12,792 Non-investment grade 6,638 5,127 589 208 12,562 Total 19,430 5,127 589 208 25,354 Total credit derivatives $ 225,268 $ 215,487 $ 158,130 $ 40,824 $ 639,709 December 31, 2015 Carrying Value 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 |
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, 2016 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, 2016 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 498 $ 866 Bank of America, N.A. and subsidiaries (1) 310 492 (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, 2016 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, 2016 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 691 $ 1,324 Collateral posted 459 1,026 |
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 2016 , 2015 and 2014 . CVA gains reduce the cumulative CVA thereby increasing the derivative assets balance. DVA gains increase the cumulative DVA thereby decreasing the derivative liabilities balance. CVA and DVA losses have the opposite impact. FVA gains related to derivative assets reduce the cumulative FVA thereby increasing the derivative assets balance. FVA gains related to derivative liabilities increase the cumulative FVA thereby decreasing the derivative liabilities balance. Valuation Adjustments on Derivatives Gains (Losses) 2016 2015 2014 (Dollars in millions) Gross Net Gross Net Gross Net Derivative assets (CVA) (1) $ 374 $ 214 $ 255 $ 227 $ (22 ) $ 191 Derivative assets/liabilities (FVA) (1) 186 102 16 16 (497 ) (497 ) Derivative liabilities (DVA) (1) 24 (141 ) (18 ) (153 ) (28 ) (150 ) (1) At December 31, 2016, 2015 and 2014 , cumulative CVA reduced the derivative assets balance by $1.0 billion , $1.4 billion and $1.6 billion , cumulative FVA reduced the net derivatives balance by $296 million , $481 million and $497 million , and cumulative DVA reduced the derivative liabilities balance by $774 million , $750 million and $769 million , respectively. |
Derivative | |
Derivative [Line Items] | |
Offsetting Liabilities | The Offsetting of Derivatives table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at December 31, 2016 and 2015 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 cash and securities collateral held and posted 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, 2016 December 31, 2015 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 267.3 $ 258.2 $ 309.3 $ 297.2 Over-the-counter cleared 177.2 182.8 197.0 201.7 Foreign exchange contracts Over-the-counter 124.3 126.7 103.2 107.5 Over-the-counter cleared 0.3 0.3 0.1 0.1 Equity contracts Over-the-counter 15.6 13.7 16.6 14.0 Exchange-traded 11.4 10.8 10.0 9.2 Commodity contracts Over-the-counter 3.7 4.9 7.3 8.9 Exchange-traded 1.1 1.0 1.8 1.8 Over-the-counter cleared — — 0.1 0.1 Credit derivatives Over-the-counter 15.3 14.7 24.6 22.9 Over-the-counter cleared 4.3 4.3 6.5 6.4 Total gross derivative assets/liabilities, before netting Over-the-counter 426.2 418.2 461.0 450.5 Exchange-traded 12.5 11.8 11.8 11.0 Over-the-counter cleared 181.8 187.4 203.7 208.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (398.2 ) (392.6 ) (426.6 ) (425.7 ) Exchange-traded (8.9 ) (8.9 ) (8.7 ) (8.7 ) Over-the-counter cleared (181.5 ) (187.3 ) (203.3 ) (208.2 ) Derivative assets/liabilities, after netting 31.9 28.6 37.9 27.2 Other gross derivative assets/liabilities (1) 10.6 10.9 12.1 11.3 Total derivative assets/liabilities 42.5 39.5 50.0 38.5 Less: Financial instruments collateral (2) (13.5 ) (10.5 ) (13.9 ) (6.5 ) Total net derivative assets/liabilities $ 29.0 $ 29.0 $ 36.1 $ 32.0 (1) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain. (2) These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. |
Offsetting Assets | The Offsetting of Derivatives table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at December 31, 2016 and 2015 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 cash and securities collateral held and posted 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, 2016 December 31, 2015 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 267.3 $ 258.2 $ 309.3 $ 297.2 Over-the-counter cleared 177.2 182.8 197.0 201.7 Foreign exchange contracts Over-the-counter 124.3 126.7 103.2 107.5 Over-the-counter cleared 0.3 0.3 0.1 0.1 Equity contracts Over-the-counter 15.6 13.7 16.6 14.0 Exchange-traded 11.4 10.8 10.0 9.2 Commodity contracts Over-the-counter 3.7 4.9 7.3 8.9 Exchange-traded 1.1 1.0 1.8 1.8 Over-the-counter cleared — — 0.1 0.1 Credit derivatives Over-the-counter 15.3 14.7 24.6 22.9 Over-the-counter cleared 4.3 4.3 6.5 6.4 Total gross derivative assets/liabilities, before netting Over-the-counter 426.2 418.2 461.0 450.5 Exchange-traded 12.5 11.8 11.8 11.0 Over-the-counter cleared 181.8 187.4 203.7 208.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (398.2 ) (392.6 ) (426.6 ) (425.7 ) Exchange-traded (8.9 ) (8.9 ) (8.7 ) (8.7 ) Over-the-counter cleared (181.5 ) (187.3 ) (203.3 ) (208.2 ) Derivative assets/liabilities, after netting 31.9 28.6 37.9 27.2 Other gross derivative assets/liabilities (1) 10.6 10.9 12.1 11.3 Total derivative assets/liabilities 42.5 39.5 50.0 38.5 Less: Financial instruments collateral (2) (13.5 ) (10.5 ) (13.9 ) (6.5 ) Total net derivative assets/liabilities $ 29.0 $ 29.0 $ 36.1 $ 32.0 (1) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain. (2) 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, 2016 | |
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, 2016 and 2015 . Debt Securities and Available-for-Sale Marketable Equity Securities December 31, 2016 (Dollars in millions) Amortized Cost Gross Gains Gross Losses Fair Value Available-for-sale debt securities Mortgage-backed securities: Agency $ 190,809 $ 640 $ (1,963 ) $ 189,486 Agency-collateralized mortgage obligations 8,296 85 (51 ) 8,330 Commercial 12,594 21 (293 ) 12,322 Non-agency residential (1) 1,863 181 (31 ) 2,013 Total mortgage-backed securities 213,562 927 (2,338 ) 212,151 U.S. Treasury and agency securities 48,800 204 (752 ) 48,252 Non-U.S. securities 6,372 13 (3 ) 6,382 Other taxable securities, substantially all asset-backed securities 10,573 64 (23 ) 10,614 Total taxable securities 279,307 1,208 (3,116 ) 277,399 Tax-exempt securities 17,272 72 (184 ) 17,160 Total available-for-sale debt securities 296,579 1,280 (3,300 ) 294,559 Less: Available-for-sale securities of business held for sale (2) (619 ) — — (619 ) Other debt securities carried at fair value 19,748 121 (149 ) 19,720 Total debt securities carried at fair value 315,708 1,401 (3,449 ) 313,660 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 117,071 248 (2,034 ) 115,285 Total debt securities (3) $ 432,779 $ 1,649 $ (5,483 ) $ 428,945 Available-for-sale marketable equity securities (4) $ 325 $ 51 $ (1 ) $ 375 December 31, 2015 Available-for-sale debt securities Mortgage-backed securities: Agency $ 229,356 $ 1,061 $ (1,470 ) $ 228,947 Agency-collateralized mortgage obligations 10,892 148 (55 ) 10,985 Commercial 7,200 30 (65 ) 7,165 Non-agency residential (1) 3,031 219 (71 ) 3,179 Total mortgage-backed securities 250,479 1,458 (1,661 ) 250,276 U.S. Treasury and agency securities 25,075 211 (9 ) 25,277 Non-U.S. securities 5,743 27 (3 ) 5,767 Other taxable securities, substantially all asset-backed securities 10,475 54 (84 ) 10,445 Total taxable securities 291,772 1,750 (1,757 ) 291,765 Tax-exempt securities 13,978 63 (33 ) 14,008 Total available-for-sale debt securities 305,750 1,813 (1,790 ) 305,773 Other debt securities carried at fair value 16,678 103 (174 ) 16,607 Total debt securities carried at fair value 322,428 1,916 (1,964 ) 322,380 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 84,508 330 (792 ) 84,046 Total debt securities (3) $ 406,936 $ 2,246 $ (2,756 ) $ 406,426 Available-for-sale marketable equity securities (4) $ 326 $ 99 $ — $ 425 (1) At December 31, 2016 and 2015 , the underlying collateral type included approximately 60 percent and 71 percent prime, 19 percent and 15 percent Alt-A, and 21 percent and 14 percent subprime. (2) Represents AFS debt securities of business held for sale of which there were no unrealized gains or losses at December 31, 2016 . (3) The Corporation had debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $156.4 billion and $48.7 billion , and a fair value of $154.4 billion and $48.3 billion at December 31, 2016 . Debt securities from FNMA and FHLMC that exceeded 10 percent of shareholders’ equity had an amortized cost of $145.8 billion and $53.3 billion , and a fair value of $145.5 billion and $53.2 billion at December 31, 2015 . (4) Classified in other assets on the Consolidated Balance Sheet. |
Schedule of Other Debt Securities Carried at Fair Value | The following table presents the components of other debt securities carried at fair value where the changes in fair value are reported in other income. In 2016 , the Corporation recorded unrealized mark-to-market net gains of $51 million and realized net losses of $128 million , compared to unrealized mark-to-market net gains of $62 million and realized net losses of $324 million in 2015 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value December 31 (Dollars in millions) 2016 2015 Mortgage-backed securities: Agency-collateralized mortgage obligations $ 5 $ 7 Non-agency residential 3,139 3,490 Total mortgage-backed securities 3,144 3,497 Non-U.S. securities (1) 16,336 12,843 Other taxable securities, substantially all asset-backed securities 240 267 Total $ 19,720 $ 16,607 (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 2016 , 2015 and 2014 are presented in the following table. Gains and Losses on Sales of AFS Debt Securities (Dollars in millions) 2016 2015 2014 Gross gains $ 520 $ 1,174 $ 1,504 Gross losses (30 ) (36 ) (23 ) Net gains on sales of AFS debt securities $ 490 $ 1,138 $ 1,481 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 186 $ 432 $ 563 |
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, 2016 and 2015 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities December 31, 2016 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 $ 135,210 $ (1,846 ) $ 3,770 $ (117 ) $ 138,980 $ (1,963 ) Agency-collateralized mortgage obligations 3,229 (25 ) 1,028 (26 ) 4,257 (51 ) Commercial 9,018 (293 ) — — 9,018 (293 ) Non-agency residential 212 (1 ) 204 (13 ) 416 (14 ) Total mortgage-backed securities 147,669 (2,165 ) 5,002 (156 ) 152,671 (2,321 ) U.S. Treasury and agency securities 28,462 (752 ) — — 28,462 (752 ) Non-U.S. securities 52 (1 ) 142 (2 ) 194 (3 ) Other taxable securities, substantially all asset-backed securities 762 (5 ) 1,438 (18 ) 2,200 (23 ) Total taxable securities 176,945 (2,923 ) 6,582 (176 ) 183,527 (3,099 ) Tax-exempt securities 4,782 (148 ) 1,873 (36 ) 6,655 (184 ) Total temporarily impaired AFS debt securities 181,727 (3,071 ) 8,455 (212 ) 190,182 (3,283 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 94 (1 ) 401 (16 ) 495 (17 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 181,821 $ (3,072 ) $ 8,856 $ (228 ) $ 190,677 $ (3,300 ) December 31, 2015 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 115,502 $ (1,082 ) $ 13,083 $ (388 ) $ 128,585 $ (1,470 ) Agency-collateralized mortgage obligations 2,536 (19 ) 1,212 (36 ) 3,748 (55 ) Commercial 4,587 (65 ) — — 4,587 (65 ) Non-agency residential 553 (5 ) 723 (33 ) 1,276 (38 ) Total mortgage-backed securities 123,178 (1,171 ) 15,018 (457 ) 138,196 (1,628 ) U.S. Treasury and agency securities 1,172 (5 ) 190 (4 ) 1,362 (9 ) Non-U.S. securities — — 134 (3 ) 134 (3 ) Other taxable securities, substantially all asset-backed securities 4,936 (67 ) 869 (17 ) 5,805 (84 ) Total taxable securities 129,286 (1,243 ) 16,211 (481 ) 145,497 (1,724 ) Tax-exempt securities 4,400 (12 ) 1,877 (21 ) 6,277 (33 ) Total temporarily impaired AFS debt securities 133,686 (1,255 ) 18,088 (502 ) 151,774 (1,757 ) 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 $ 134,167 $ (1,274 ) $ 18,186 $ (516 ) $ 152,353 $ (1,790 ) (1) Includes OTTI 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 2016 , 2015 and 2014 as presented in the following table. Substantially all OTTI losses in 2016 , 2015 and 2014 consisted of credit losses on non-agency residential mortgage-backed securities (RMBS) and were recorded in other income in the Consolidated Statement of Income. Net Credit-related Impairment Losses Recognized in Earnings (Dollars in millions) 2016 2015 2014 Total OTTI losses $ (31 ) $ (111 ) $ (30 ) Less: non-credit portion of total OTTI losses recognized in OCI 12 30 14 Net credit-related impairment losses recognized in earnings $ (19 ) $ (81 ) $ (16 ) The table below presents a rollforward of the credit losses recognized in earnings in 2016 , 2015 and 2014 on AFS debt securities that the Corporation does not have the intent to sell or will not more-likely-than-not be required to sell. Rollforward of OTTI Credit Losses Recognized (Dollars in millions) 2016 2015 2014 Balance, January 1 $ 266 $ 200 $ 184 Additions for credit losses recognized on AFS debt securities that had no previous impairment losses 2 52 14 Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses 17 29 2 Reductions for AFS debt securities matured, sold or intended to be sold (32 ) (15 ) — Balance, December 31 $ 253 $ 266 $ 200 |
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, 2016 . Significant Assumptions Range (1) Weighted- 10th Percentile (2) 90th Percentile (2) Prepayment speed 13.8 % 4.6 % 27.0 % Loss severity 20.1 8.8 36.5 Life default rate 20.4 0.7 77.4 (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 remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 2016 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgages or other ABS are passed through to the Corporation. Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities December 31, 2016 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 $ 2 4.50 % $ 47 4.45 % $ 381 2.56 % $ 190,379 3.23 % $ 190,809 3.23 % Agency-collateralized mortgage obligations — — — — — — 8,300 3.18 8,300 3.18 Commercial 48 8.60 558 1.96 11,632 2.47 356 2.58 12,594 2.47 Non-agency residential — — — — 12 0.01 5,016 8.50 5,028 8.48 Total mortgage-backed securities 50 8.32 605 2.15 12,025 2.46 204,051 3.36 216,731 3.31 U.S. Treasury and agency securities 517 0.47 34,898 1.57 13,234 1.58 151 5.42 48,800 1.57 Non-U.S. securities (2) 21,164 0.25 1,097 1.92 206 1.30 240 6.60 22,707 0.41 Other taxable securities, substantially all asset-backed securities 2,040 1.77 5,102 1.63 2,279 2.71 1,396 3.18 10,817 2.08 Total taxable securities 23,771 0.40 41,702 1.59 27,744 2.05 205,838 3.36 299,055 2.76 Tax-exempt securities 646 1.13 6,563 1.49 7,846 1.57 2,217 1.53 17,272 1.52 Total amortized cost of debt securities carried at fair value (2) $ 24,417 0.42 $ 48,265 1.58 $ 35,590 1.95 $ 208,055 3.34 $ 316,327 2.69 Amortized cost of HTM debt securities (3) $ — — $ 26 4.01 $ 971 2.32 $ 116,074 3.01 $ 117,071 3.01 Debt securities carried at fair value Mortgage-backed securities: Agency $ 2 $ 48 $ 382 $ 189,054 $ 189,486 Agency-collateralized mortgage obligations — — — 8,335 8,335 Commercial 48 559 11,378 337 12,322 Non-agency residential — — 19 5,133 5,152 Total mortgage-backed securities 50 607 11,779 202,859 215,295 U.S. Treasury and agency securities 517 34,784 12,788 163 48,252 Non-U.S. securities (2) 21,165 1,100 208 245 22,718 Other taxable securities, substantially all asset-backed securities 2,036 5,078 2,303 1,437 10,854 Total taxable securities 23,768 41,569 27,078 204,704 297,119 Tax-exempt securities 646 6,561 7,754 2,199 17,160 Total debt securities carried at fair value (2) $ 24,414 $ 48,130 $ 34,832 $ 206,903 $ 314,279 Fair value of HTM debt securities (3) $ — $ 26 $ 959 $ 114,300 $ 115,285 (1) The average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives. (2) Includes $ 619 million of amortized cost and fair value for AFS debt securities of business held for sale. These AFS debt securities mature in one year or less and have an average yield of 0.21 percent . (3) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases (T
Outstanding Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [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, 2016 and 2015 . December 31, 2016 (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 $ 1,340 $ 425 $ 1,213 $ 2,978 $ 153,519 $ 156,497 Home equity 239 105 451 795 48,578 49,373 Non-core portfolio Residential mortgage (5) 1,338 674 5,343 7,355 17,818 $ 10,127 35,300 Home equity 260 136 832 1,228 12,231 3,611 17,070 Credit card and other consumer U.S. credit card 472 341 782 1,595 90,683 92,278 Non-U.S. credit card 37 27 66 130 9,084 9,214 Direct/Indirect consumer (6) 272 79 34 385 93,704 94,089 Other consumer (7) 26 8 6 40 2,459 2,499 Total consumer 3,984 1,795 8,727 14,506 428,076 13,738 456,320 Consumer loans accounted for under the fair value option (8) $ 1,051 1,051 Total consumer loans and leases 3,984 1,795 8,727 14,506 428,076 13,738 1,051 457,371 Commercial U.S. commercial 952 263 400 1,615 268,757 270,372 Commercial real estate (9) 20 10 56 86 57,269 57,355 Commercial lease financing 167 21 27 215 22,160 22,375 Non-U.S. commercial 348 4 5 357 89,040 89,397 U.S. small business commercial 96 49 84 229 12,764 12,993 Total commercial 1,583 347 572 2,502 449,990 452,492 Commercial loans accounted for under the fair value option (8) 6,034 6,034 Total commercial loans and leases 1,583 347 572 2,502 449,990 6,034 458,526 Total consumer and commercial loans and leases (10) $ 5,567 $ 2,142 $ 9,299 $ 17,008 $ 878,066 $ 13,738 $ 7,085 $ 915,897 Less: Loans of business held for sale (10) (9,214 ) Total loans and leases (11) $ 906,683 Percentage of outstandings (10) 0.61 % 0.23 % 1.02 % 1.86 % 95.87 % 1.50 % 0.77 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $1.1 billion and nonperforming loans of $266 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $547 million and nonperforming loans of $216 million . (2) Consumer real estate includes fully-insured loans of $4.8 billion . (3) Consumer real estate includes $2.5 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 $1.8 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans of $48.9 billion , unsecured consumer lending loans of $585 million , U.S. securities-based lending loans of $40.1 billion , non-U.S. consumer loans of $3.0 billion , student loans of $497 million and other consumer loans of $1.1 billion . (7) Total outstandings includes consumer finance loans of $465 million , consumer leases of $1.9 billion and consumer overdrafts of $157 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $710 million and home equity loans of $341 million . Commercial loans accounted for under the fair value option were U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $3.1 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 $54.3 billion and non-U.S. commercial real estate loans of $3.1 billion . (10) Includes non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet. (11) The Corporation pledged $143.1 billion of loans to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB). This amount is not included in the parenthetical disclosure of loans and leases pledged as collateral on the Consolidated Balance Sheet as there were no related outstanding borrowings. December 31, 2015 (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 $ 1,214 $ 368 $ 1,414 $ 2,996 $ 138,799 $ 141,795 Home equity 200 93 579 872 54,045 54,917 Non-core portfolio Residential mortgage (5) 2,045 1,167 8,439 11,651 22,399 $ 12,066 46,116 Home equity 335 174 1,170 1,679 14,733 4,619 21,031 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 150 29 20 199 21,153 21,352 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 719 230 507 1,456 434,291 435,747 Commercial loans accounted for under the fair value option (8) 5,067 5,067 Total commercial loans and leases 719 230 507 1,456 434,291 5,067 440,814 Total loans and leases (10) $ 5,251 $ 2,460 $ 13,020 $ 20,731 $ 852,629 $ 16,685 $ 6,938 $ 896,983 Percentage of outstandings 0.59 % 0.27 % 1.45 % 2.31 % 95.06 % 1.86 % 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 . (10) The Corporation pledged $149.4 billion of loans to secure potential borrowing capacity with the Federal Reserve Bank and FHLB. This amount is not included in the parenthetical disclosure of loans and leases pledged as collateral on the Consolidated Balance Sheet as there were no related outstanding borrowings. |
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, 2016 and 2015 . 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) 2016 2015 2016 2015 Consumer real estate Core portfolio Residential mortgage (1) $ 1,274 $ 1,825 $ 486 $ 382 Home equity 969 974 — — Non-core portfolio Residential mortgage (1) 1,782 2,978 4,307 6,768 Home equity 1,949 2,363 — — Credit card and other consumer U.S. credit card n/a n/a 782 789 Non-U.S. credit card n/a n/a 66 76 Direct/Indirect consumer 28 24 34 39 Other consumer 2 1 4 3 Total consumer 6,004 8,165 5,679 8,057 Commercial U.S. commercial 1,256 867 106 113 Commercial real estate 72 93 7 3 Commercial lease financing 36 12 19 15 Non-U.S. commercial 279 158 5 1 U.S. small business commercial 60 82 71 61 Total commercial 1,703 1,212 208 193 Total loans and leases $ 7,707 $ 9,377 $ 5,887 $ 8,250 (1) Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At December 31, 2016 and 2015 , residential mortgage includes $3.0 billion and $4.3 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 $1.8 billion and $2.9 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, 2016 and 2015 . Consumer Real Estate – Credit Quality Indicators (1) December 31, 2016 (Dollars in millions) Core Portfolio Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI (3) Core Portfolio Home Equity (2) Non-core Home Equity (2) Home Equity PCI Refreshed LTV (4) Less than or equal to 90 percent $ 129,737 $ 14,280 $ 7,811 $ 47,171 $ 8,480 $ 1,942 Greater than 90 percent but less than or equal to 100 percent 3,634 1,446 1,021 1,006 1,668 630 Greater than 100 percent 1,872 1,972 1,295 1,196 3,311 1,039 Fully-insured loans (5) 21,254 7,475 — — — — Total consumer real estate $ 156,497 $ 25,173 $ 10,127 $ 49,373 $ 13,459 $ 3,611 Refreshed FICO score Less than 620 $ 2,479 $ 3,198 $ 2,741 $ 1,254 $ 2,692 $ 559 Greater than or equal to 620 and less than 680 5,094 2,807 2,241 2,853 3,094 636 Greater than or equal to 680 and less than 740 22,629 4,512 2,916 10,069 3,176 1,069 Greater than or equal to 740 105,041 7,181 2,229 35,197 4,497 1,347 Fully-insured loans (5) 21,254 7,475 — — — — Total consumer real estate $ 156,497 $ 25,173 $ 10,127 $ 49,373 $ 13,459 $ 3,611 (1) Excludes $1.1 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $1.6 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, 2016 (Dollars in millions) U.S. Credit Card Non-U.S. Credit Card Direct/Indirect Consumer Other Consumer (1) Refreshed FICO score Less than 620 $ 4,431 $ — $ 1,478 $ 187 Greater than or equal to 620 and less than 680 12,364 — 2,070 222 Greater than or equal to 680 and less than 740 34,828 — 12,491 404 Greater than or equal to 740 40,655 — 33,420 1,525 Other internal credit metrics (2, 3, 4) — 9,214 44,630 161 Total credit card and other consumer $ 92,278 $ 9,214 $ 94,089 $ 2,499 (1) At December 31, 2016, 19 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 $43.1 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $499 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, 2016 , 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, 2016 (Dollars in millions) U.S. Commercial Commercial Real Estate Commercial Financing Non-U.S. Commercial U.S. Small Commercial (2) Risk ratings Pass rated $ 261,214 $ 56,957 $ 21,565 $ 85,689 $ 453 Reservable criticized 9,158 398 810 3,708 71 Refreshed FICO score (3) Less than 620 200 Greater than or equal to 620 and less than 680 591 Greater than or equal to 680 and less than 740 1,741 Greater than or equal to 740 3,264 Other internal credit metrics (3, 4) 6,673 Total commercial $ 270,372 $ 57,355 $ 22,375 $ 89,397 $ 12,993 (1) Excludes $6.0 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $755 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, 2016 , 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, 2015 (Dollars in millions) Core Portfolio Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI (3) Core Portfolio Home Equity (2) Non-core Home Equity (2) Home Equity PCI Refreshed LTV (4) Less than or equal to 90 percent $ 110,023 $ 16,481 $ 8,655 $ 51,262 $ 8,347 $ 2,003 Greater than 90 percent but less than or equal to 100 percent 4,038 2,224 1,403 1,858 2,190 852 Greater than 100 percent 2,638 3,364 2,008 1,797 5,875 1,764 Fully-insured loans (5) 25,096 11,981 — — — — Total consumer real estate $ 141,795 $ 34,050 $ 12,066 $ 54,917 $ 16,412 $ 4,619 Refreshed FICO score Less than 620 $ 3,129 $ 4,749 $ 3,798 $ 1,322 $ 3,490 $ 729 Greater than or equal to 620 and less than 680 5,472 3,762 2,586 3,295 3,862 825 Greater than or equal to 680 and less than 740 22,486 5,138 3,187 12,180 3,451 1,356 Greater than or equal to 740 85,612 8,420 2,495 38,120 5,609 1,709 Fully-insured loans (5) 25,096 11,981 — — — — Total consumer real estate $ 141,795 $ 34,050 $ 12,066 $ 54,917 $ 16,412 $ 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) At December 31, 2015, 27 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 $ 20,644 $ 87,905 $ 571 Reservable criticized 8,849 511 708 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 $ 21,352 $ 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. |
Financing Receivable, Modifications [Line Items] | |
Accretable Yield Activity | The table below 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 2016 and 2015 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, 2015 $ 5,608 Accretion (861 ) Disposals/transfers (465 ) Reclassifications from nonaccretable difference 287 Accretable yield, December 31, 2015 4,569 Accretion (722 ) Disposals/transfers (486 ) Reclassifications from nonaccretable difference 444 Accretable yield, December 31, 2016 $ 3,805 |
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, 2016 and 2015 , and the average carrying value and interest income recognized for 2016 , 2015 and 2014 for impaired loans in the Corporation’s Consumer Real Estate portfolio segment. 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, 2016 December 31, 2015 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance Residential mortgage $ 11,151 $ 8,695 $ — $ 14,888 $ 11,901 $ — Home equity 3,704 1,953 — 3,545 1,775 — With an allowance recorded Residential mortgage $ 4,041 $ 3,936 $ 219 $ 6,624 $ 6,471 $ 399 Home equity 910 824 137 1,047 911 235 Total Residential mortgage $ 15,192 $ 12,631 $ 219 $ 21,512 $ 18,372 $ 399 Home equity 4,614 2,777 137 4,592 2,686 235 2016 2015 2014 Average Interest (1) Average Interest (1) Average Interest (1) With no recorded allowance Residential mortgage $ 10,178 $ 360 $ 13,867 $ 403 $ 15,065 $ 490 Home equity 1,906 90 1,777 89 1,486 87 With an allowance recorded Residential mortgage $ 5,067 $ 167 $ 7,290 $ 236 $ 10,826 $ 411 Home equity 852 24 785 24 743 25 Total Residential mortgage $ 15,245 $ 527 $ 21,157 $ 639 $ 25,891 $ 901 Home equity 2,758 114 2,562 113 2,229 112 (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, 2016, 2015 and 2014 carrying value for consumer real estate loans that were modified in a TDR during 2016 , 2015 and 2014 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During 2016 TDRs Entered into During 2015 TDRs Entered into During 2014 (Dollars in millions) Residential Mortgage Home Equity Residential Mortgage Home Equity Residential Mortgage Home Equity Modifications under government programs Contractual interest rate reduction $ 116 $ 35 $ 408 $ 23 $ 643 $ 56 Principal and/or interest forbearance 2 11 4 7 16 18 Other modifications (1) 22 1 46 — 98 1 Total modifications under government programs 140 47 458 30 757 75 Modifications under proprietary programs Contractual interest rate reduction 84 151 191 28 244 22 Capitalization of past due amounts 24 16 69 10 71 2 Principal and/or interest forbearance 10 62 124 44 66 75 Other modifications (1) 4 71 34 95 40 47 Total modifications under proprietary programs 122 300 418 177 421 146 Trial modifications 597 234 1,516 452 3,421 182 Loans discharged in Chapter 7 bankruptcy (2) 158 68 263 116 521 189 Total modifications $ 1,017 $ 649 $ 2,655 $ 775 $ 5,120 $ 592 (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 December 31, 2016, 2015 and 2014 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during 2016 , 2015 and 2014 , and net charge-offs recorded during the period in which the modification occurred. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Consumer Real Estate – TDRs Entered into During 2016, 2015 and 2014 (1) December 31, 2016 2016 (Dollars in millions) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) Net Charge-offs (3) Residential mortgage $ 1,130 $ 1,017 4.73 % 4.16 % $ 11 Home equity 849 649 3.95 2.72 61 Total $ 1,979 $ 1,666 4.40 3.54 $ 72 December 31, 2015 2015 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 (1) During 2016 , 2015 and 2014 , the Corporation forgave principal of $13 million , $396 million and $53 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, 2016, 2015 and 2014 due to sales and other dispositions. The table below presents the carrying value of consumer real estate loans that entered into payment default during 2016 , 2015 and 2014 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Payment defaults on a trial modification where the borrower has not yet met the terms of the agreement are included in the table below if the borrower is 90 days or more past due three months after the offer to modify is made. Consumer Real Estate – TDRs Entering Payment Default That Were Modified During the Preceding 12 Months (1) 2016 2015 2014 (Dollars in millions) Residential Mortgage Home Equity Residential Mortgage Home Equity Residential Mortgage Home Modifications under government programs $ 259 $ 3 $ 452 $ 5 $ 696 $ 4 Modifications under proprietary programs 133 63 263 24 714 12 Loans discharged in Chapter 7 bankruptcy (2) 136 22 238 47 481 70 Trial modifications (3) 714 110 2,997 181 2,231 56 Total modifications $ 1,242 $ 198 $ 3,950 $ 257 $ 4,122 $ 142 (1) Includes loans with a carrying value of $ 613 million , $1.8 billion and $2.0 billion that entered into payment default during 2016 , 2015 and 2014 , respectively, but were no longer held by the Corporation as of December 31, 2016, 2015 and 2014 due to sales and other dispositions. (2) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. (3) Includes trial modification offers to which the customer did not respond. |
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, 2016 and 2015 , and the average carrying value and interest income recognized for 2016 , 2015 and 2014 on TDRs within the Credit Card and Other Consumer portfolio segment. Impaired Loans – Credit Card and Other Consumer December 31, 2016 December 31, 2015 (Dollars in millions) Unpaid Balance Carrying Value (1) Related Allowance Unpaid Balance Carrying Value (1) Related Allowance With no recorded allowance Direct/Indirect consumer $ 49 $ 22 $ — $ 50 $ 21 $ — With an allowance recorded U.S. credit card $ 479 $ 485 $ 128 $ 598 $ 611 $ 176 Non-U.S. credit card 88 100 61 109 126 70 Direct/Indirect consumer 3 3 — 17 21 4 Total U.S. credit card $ 479 $ 485 $ 128 $ 598 $ 611 $ 176 Non-U.S. credit card 88 100 61 109 126 70 Direct/Indirect consumer 52 25 — 67 42 4 2016 2015 2014 Average Interest (2) Average Interest (2) Average Interest (2) With no recorded allowance Direct/Indirect consumer $ 20 $ — $ 22 $ — $ 27 $ — Other consumer — — — — 33 2 With an allowance recorded U.S. credit card $ 556 $ 31 $ 749 $ 43 $ 1,148 $ 71 Non-U.S. credit card 111 3 145 4 210 6 Direct/Indirect consumer 10 1 51 3 180 9 Other consumer — — — — 23 1 Total U.S. credit card $ 556 $ 31 $ 749 $ 43 $ 1,148 $ 71 Non-U.S. credit card 111 3 145 4 210 6 Direct/Indirect consumer 30 1 73 3 207 9 Other consumer — — — — 56 3 (1) Includes accrued interest and fees. (2) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below provides information on the Corporation’s primary modification programs for the Credit Card and Other Consumer TDR portfolio at December 31, 2016 and 2015 . Credit Card and Other Consumer – 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) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 U.S. credit card $ 220 $ 313 $ 264 $ 296 $ 1 $ 2 $ 485 $ 611 88.99 % 88.74 % Non-U.S. credit card 11 21 7 10 82 95 100 126 38.47 44.25 Direct/Indirect consumer 2 11 1 7 22 24 25 42 90.49 89.12 Total TDRs by program type $ 233 $ 345 $ 272 $ 313 $ 105 $ 121 $ 610 $ 779 80.79 81.55 (1) Other TDRs for non-U.S. credit card include modifications of accounts that are ineligible for a fixed payment plan. (1 The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the December 31, 2016, 2015 and 2014 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during 2016 , 2015 and 2014 , and net charge-offs recorded during the period in which the modification occurred. Credit Card and Other Consumer – TDRs Entered into During 2016, 2015 and 2014 December 31, 2016 2016 (Dollars in millions) Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate Net Charge-offs U.S. credit card $ 163 $ 172 17.54 % 5.47 % $ 15 Non-U.S. credit card 66 75 23.99 0.52 50 Direct/Indirect consumer 21 13 3.44 3.29 9 Total $ 250 $ 260 18.73 3.93 $ 74 December 31, 2015 2015 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 (1) Includes accrued interest and fees. |
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, 2016 and 2015 , and the average carrying value and interest income recognized for 2016 , 2015 and 2014 for impaired loans in the Corporation’s Commercial loan portfolio segment. Certain impaired commercial loans do not have a related allowance as the valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Commercial December 31, 2016 December 31, 2015 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance U.S. commercial $ 860 $ 827 $ — $ 566 $ 541 $ — Commercial real estate 77 71 — 82 77 — Non-U.S. commercial 130 130 — 4 4 — With an allowance recorded U.S. commercial $ 2,018 $ 1,569 $ 132 $ 1,350 $ 1,157 $ 115 Commercial real estate 243 96 10 328 107 11 Commercial lease financing 6 4 — — — — Non-U.S. commercial 545 432 104 531 381 56 U.S. small business commercial (1) 85 73 27 105 101 35 Total U.S. commercial $ 2,878 $ 2,396 $ 132 $ 1,916 $ 1,698 $ 115 Commercial real estate 320 167 10 410 184 11 Commercial lease financing 6 4 — — — — Non-U.S. commercial 675 562 104 535 385 56 U.S. small business commercial (1) 85 73 27 105 101 35 2016 2015 2014 Average Interest (2) Average Interest (2) Average Interest (2) With no recorded allowance U.S. commercial $ 787 $ 14 $ 688 $ 14 $ 546 $ 12 Commercial real estate 67 — 75 1 166 3 Non-U.S. commercial 34 1 29 1 15 — With an allowance recorded U.S. commercial $ 1,569 $ 59 $ 953 $ 48 $ 1,198 $ 51 Commercial real estate 92 4 216 7 632 16 Commercial lease financing 2 — — — — — Non-U.S. commercial 409 14 125 7 52 3 U.S. small business commercial (1) 87 1 109 1 151 3 Total U.S. commercial $ 2,356 $ 73 $ 1,641 $ 62 $ 1,744 $ 63 Commercial real estate 159 4 291 8 798 19 Commercial lease financing 2 — — — — — Non-U.S. commercial 443 15 154 8 67 3 U.S. small business commercial (1) 87 1 109 1 151 3 (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, 2016, 2015 and 2014 unpaid principal balance and carrying value of commercial loans that were modified as TDRs during 2016 , 2015 and 2014 , and net charge-offs that were recorded during the period in which the modification occurred. The table below includes loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Commercial – TDRs Entered into During 2016, 2015 and 2014 December 31, 2016 2016 (Dollars in millions) Unpaid Principal Balance Carrying Value Net Charge-offs U.S. commercial $ 1,556 $ 1,482 $ 86 Commercial real estate 77 77 1 Commercial lease financing 6 4 2 Non-U.S. commercial 255 253 48 U.S. small business commercial (1) 1 1 — Total $ 1,895 $ 1,817 $ 137 December 31, 2015 2015 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 (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, 2016 | |
Receivables [Abstract] | |
Changes in the Allowance for Credit Losses | The table below summarizes the changes in the allowance for credit losses by portfolio segment for 2016 , 2015 and 2014 . 2016 (Dollars in millions) Consumer Real Estate Credit Card and Other Consumer Commercial Total Allowance Allowance for loan and lease losses, January 1 $ 3,914 $ 3,471 $ 4,849 $ 12,234 Loans and leases charged off (1,155 ) (3,553 ) (740 ) (5,448 ) Recoveries of loans and leases previously charged off 619 770 238 1,627 Net charge-offs (536 ) (2,783 ) (502 ) (3,821 ) Write-offs of PCI loans (340 ) — — (340 ) Provision for loan and lease losses (258 ) 2,826 1,013 3,581 Other (1) (30 ) (42 ) (102 ) (174 ) Allowance for loan and lease losses, December 31 2,750 3,472 5,258 11,480 Less: Allowance included in assets of business held for sale (2) — (243 ) — (243 ) Total allowance for loan and lease losses, December 31 2,750 3,229 5,258 11,237 Reserve for unfunded lending commitments, January 1 — — 646 646 Provision for unfunded lending commitments — — 16 16 Other (1) — — 100 100 Reserve for unfunded lending commitments, December 31 — — 762 762 Allowance for credit losses, December 31 $ 2,750 $ 3,229 $ 6,020 $ 11,999 2015 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 (1) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments and certain other reclassifications. (2) Represents allowance for loan and lease losses related to the non-U.S. credit card loan portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016. The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at December 31, 2016 and 2015 . Allowance and Carrying Value by Portfolio Segment December 31, 2016 (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) $ 356 $ 189 $ 273 $ 818 Carrying value (3) 15,408 610 3,202 19,220 Allowance as a percentage of carrying value 2.31 % 30.98 % 8.53 % 4.26 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 1,975 $ 3,283 $ 4,985 $ 10,243 Carrying value (3, 4) 229,094 197,470 449,290 875,854 Allowance as a percentage of carrying value (4) 0.86 % 1.66 % 1.11 % 1.17 % Purchased credit-impaired loans Valuation allowance $ 419 n/a n/a $ 419 Carrying value gross of valuation allowance 13,738 n/a n/a 13,738 Valuation allowance as a percentage of carrying value 3.05 % n/a n/a 3.05 % Less: Assets of business held for sale (5) Allowance for loan and lease losses (6) n/a $ (243 ) n/a $ (243 ) Carrying value (3) n/a (9,214 ) n/a (9,214 ) Total Total allowance for loan and lease losses $ 2,750 $ 3,229 $ 5,258 $ 11,237 Carrying value (3, 4) 258,240 188,866 452,492 899,598 Total allowance as a percentage of carrying value (4) 1.06 % 1.71 % 1.16 % 1.25 % December 31, 2015 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) 226,116 189,660 433,379 849,155 Allowance as a percentage of carrying value (4) 1.10 % 1.70 % 1.07 % 1.22 % 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) 263,859 190,439 435,747 890,045 Allowance as a percentage of carrying value (4) 1.48 % 1.82 % 1.11 % 1.37 % (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 $27 million and $35 million related to impaired U.S. small business commercial at December 31, 2016 and 2015 . (3) Amounts are presented gross of the allowance for loan and lease losses. (4) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $7.1 billion and $6.9 billion at December 31, 2016 and 2015 . (5) Represents allowance for loan and lease losses and loans related to the non-U.S. credit card portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016. (6) Includes $61 million of allowance for loan and lease losses related to impaired loans and TDRs and $ 182 million related to loans collectively evaluated for impairment. n/a = not applicable |
Securitizations and Other Var39
Securitizations and Other Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | |
Mortgage Related Securitizations | The table below summarizes select information related to first-lien mortgage securitizations for 2016 , 2015 and 2014 . First-lien Mortgage Securitizations Residential Mortgage Agency Non-agency - Subprime Commercial Mortgage (Dollars in millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Cash proceeds from new securitizations (1) $ 24,201 $ 27,164 $ 36,905 $ — $ — $ 809 $ 3,887 $ 7,945 $ 5,710 Gain on securitizations (2) 370 894 371 — — 49 38 49 68 Repurchases from securitization trusts (3) 3,611 3,716 5,155 — — — — — — (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 $487 million , $750 million and $715 million net of hedges, during 2016 , 2015 and 2014 , respectively are not included in the table above. (3) 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. The Corporation may also repurchase loans from securitization trusts to perform modifications. The majority of repurchased loans are FHA-insured mortgages collateralizing GNMA securities. |
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, 2016 and 2015 . 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) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Unconsolidated VIEs Maximum loss exposure $ 2,732 $ 3,988 $ — $ — $ 9,906 $ 13,046 $ 1,635 $ 1,572 $ 47 $ 63 On-balance sheet assets Senior securities held (4, 5) : Trading account assets $ — $ — $ — $ — $ 902 $ 1,248 $ — $ 2 $ — $ — Debt securities carried at fair value 46 57 — — 2,338 4,341 — — 47 53 Held-to-maturity securities — — — — 6,569 7,370 — — — — Subordinate securities held (4, 5) : Trading account assets — — — — 27 17 — — — — Debt securities carried at fair value — — — — 70 70 — — — — All other assets — — — — — — — — — 10 Total retained positions $ 46 $ 57 $ — $ — $ 9,906 $ 13,046 $ — $ 2 $ 47 $ 63 Total assets of VIEs (6) $ 4,274 $ 5,883 $ — $ — $ 22,155 $ 35,362 $ 2,406 $ 2,518 $ 174 $ 314 Consolidated VIEs Maximum loss exposure $ 149 $ 231 $ 25,859 $ 32,678 $ 420 $ 354 $ 1,442 $ 1,973 $ — $ — On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 1,428 $ 771 $ 1,454 $ 1,984 $ — $ — Loans and leases 244 321 35,135 43,194 — — — — — — Allowance for loan and lease losses (16 ) (18 ) (1,007 ) (1,293 ) — — — — — — All other assets 7 20 793 342 — — — 1 — — Total assets $ 235 $ 323 $ 34,921 $ 42,243 $ 1,428 $ 771 $ 1,454 $ 1,985 $ — $ — On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 348 $ 681 $ — $ — Long-term debt 108 183 9,049 9,550 1,008 417 12 12 — — All other liabilities — — 13 15 — — — — — — Total liabilities $ 108 $ 183 $ 9,062 $ 9,565 $ 1,008 $ 417 $ 360 $ 693 $ — $ — (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, 2016 and 2015 , loans and leases in the consolidated credit card trust included $17.6 billion and $24.7 billion of seller’s interest. (3) At December 31, 2016 and 2015 , 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 2016 and 2015 , the Corporation recognized $2 million and $5 million of credit-related impairment losses in earnings on those securities classified as AFS debt securities and none on HTM 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 the Corporation 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, 2016 and 2015 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage December 31 (Dollars in millions) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Unconsolidated VIEs Maximum loss exposure (1) $ 22,661 $ 28,192 $ 757 $ 1,027 $ 2,750 $ 2,905 $ 560 $ 622 $ 344 $ 326 On-balance sheet assets Senior securities held (2) : Trading account assets $ 1,399 $ 1,297 $ 20 $ 42 $ 112 $ 94 $ 118 $ 99 $ 51 $ 59 Debt securities carried at fair value 17,620 24,369 441 613 2,235 2,479 305 340 — — Held-to-maturity securities 3,630 2,511 — — — — — — 64 37 Subordinate securities held (2) : Trading account assets — — 1 1 23 37 1 2 14 22 Debt securities carried at fair value — — 8 12 2 3 23 28 54 54 Held-to-maturity securities — — — — — — — — 13 13 Residual interests held — — — — — — — — 25 48 All other assets (3) 12 15 28 40 — — 113 153 — — Total retained positions $ 22,661 $ 28,192 $ 498 $ 708 $ 2,372 $ 2,613 $ 560 $ 622 $ 221 $ 233 Principal balance outstanding (4) $ 265,332 $ 313,613 $ 16,280 $ 20,366 $ 19,373 $ 27,854 $ 35,788 $ 44,055 $ 23,826 $ 34,243 Consolidated VIEs Maximum loss exposure (1) $ 18,084 $ 26,878 $ — $ 65 $ — $ 232 $ 25 $ — $ — $ — On-balance sheet assets Trading account assets $ 434 $ 1,101 $ — $ — $ — $ 188 $ 99 $ — $ — $ — Loans and leases 17,223 25,328 — 111 — 675 — — — — All other assets 427 449 — — — 54 — — — — Total assets $ 18,084 $ 26,878 $ — $ 111 $ — $ 917 $ 99 $ — $ — $ — On-balance sheet liabilities Long-term debt $ — $ — $ — $ 46 $ — $ 840 $ 74 $ — $ — $ — All other liabilities 4 1 — — — — — — — — Total liabilities $ 4 $ 1 $ — $ 46 $ — $ 840 $ 74 $ — $ — $ — (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 2016 and 2015 , the Corporation recognized $7 million and $34 million of credit-related impairment losses in earnings on those securities classified as AFS debt securities and none on HTM securities. (3) Not included in the table above are all other assets of $189 million and $222 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 $189 million and $222 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, 2016 and 2015 . (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, 2016 and 2015 . Other VIEs December 31 2016 2015 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure $ 6,114 $ 17,707 $ 23,821 $ 6,295 $ 12,916 $ 19,211 On-balance sheet assets Trading account assets $ 2,358 $ 233 $ 2,591 $ 2,300 $ 366 $ 2,666 Debt securities carried at fair value — 75 75 — 126 126 Loans and leases 3,399 3,249 6,648 3,317 3,389 6,706 Allowance for loan and lease losses (9 ) (24 ) (33 ) (9 ) (23 ) (32 ) Loans held-for-sale 188 464 652 284 1,025 1,309 All other assets 369 13,156 13,525 664 6,925 7,589 Total $ 6,305 $ 17,153 $ 23,458 $ 6,556 $ 11,808 $ 18,364 On-balance sheet liabilities Long-term debt (1) $ 395 $ — $ 395 $ 3,025 $ — $ 3,025 All other liabilities 24 2,959 2,983 5 2,697 2,702 Total $ 419 $ 2,959 $ 3,378 $ 3,030 $ 2,697 $ 5,727 Total assets of VIEs $ 6,305 $ 62,095 $ 68,400 $ 6,556 $ 49,190 $ 55,746 (1) Includes $229 million and $2.8 billion of long-term debt at December 31, 2016 and 2015 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, 2016 | |
Representations and Warranties Obligations and Corporate Guarantees [Abstract] | |
Outstanding Claims by Category and Product | The table below presents unresolved repurchase claims at December 31, 2016 and 2015 . 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) 2016 2015 By counterparty Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (1) $ 16,685 $ 16,748 Monolines 1,583 1,599 GSEs 9 17 Total unresolved repurchase claims by counterparty, net of duplicate claims $ 18,277 $ 18,364 (1) Includes $11.9 billion of claims based on individual file reviews and $4.8 billion of claims submitted without individual file reviews at both December 31, 2016 and 2015 . |
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) 2016 2015 Liability for representations and warranties and corporate guarantees, January 1 $ 11,326 $ 12,081 Additions for new sales 4 6 Payments (9,097 ) (722 ) Provision (benefit) 106 (39 ) Liability for representations and warranties and corporate guarantees, December 31 (1) $ 2,339 $ 11,326 (1) In February 2016, the Corporation made an $8.5 billion settlement payment to BNY Mellon as part of the settlement with BNY Mellon. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The table below presents goodwill balances by business segment and All Other at December 31, 2016 and 2015 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill December 31 (Dollars in millions) 2016 2015 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,681 9,698 Global Banking 23,923 23,923 Global Markets 5,197 5,197 All Other 820 820 Less: Goodwill of business held for sale (1) (775 ) — Total goodwill $ 68,969 $ 69,761 (1) Reflects the goodwill assigned to the non-U.S. consumer credit card business, which is included in assets of business held for sale on the Consolidated Balance Sheet. |
Intangible Assets | The table below presents the gross and net carrying values and accumulated amortization for intangible assets at December 31, 2016 and 2015 . Intangible Assets (1, 2) December 31 2016 2015 (Dollars in millions) Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Purchased credit card and affinity relationships $ 6,830 $ 6,243 $ 587 $ 7,006 $ 6,111 $ 895 Core deposit and other intangibles (3) 3,836 2,046 1,790 3,922 1,986 1,936 Customer relationships 3,887 3,275 612 3,927 2,990 937 Total intangible assets (4) $ 14,553 $ 11,564 $ 2,989 $ 14,855 $ 11,087 $ 3,768 (1) Excludes fully amortized intangible assets. (2) At December 31, 2016 and 2015 , none of the intangible assets were impaired. (3) Includes $1.6 billion at both December 31, 2016 and 2015 of intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized. (4) Includes $67 million of intangible assets assigned to the non-U.S. consumer credit card business, which is included in assets of business held for sale on the Consolidated Balance Sheet. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Details of Time Deposits | The table below presents the contractual maturities for time deposits of $100 thousand or more at December 31, 2016 . 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 $ 16,112 $ 14,580 $ 2,206 $ 32,898 Non-U.S. certificates of deposit and other time deposits 8,688 2,746 3,243 14,677 |
Schedule of Maturities for Total Time Deposits | The scheduled contractual maturities for total time deposits at December 31, 2016 are presented in the table below. Contractual Maturities of Total Time Deposits (Dollars in millions) U.S. Non-U.S. Total Due in 2017 $ 53,584 $ 11,528 $ 65,112 Due in 2018 3,081 1,702 4,783 Due in 2019 1,131 47 1,178 Due in 2020 1,475 250 1,725 Due in 2021 406 1,238 1,644 Thereafter 483 19 502 Total time deposits $ 60,160 $ 14,784 $ 74,944 |
Federal Funds Sold or Purchas43
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 . 2016 2015 (Dollars in millions) Amount Rate Amount Rate Federal funds sold and securities borrowed or purchased under agreements to resell Average during year $ 216,161 0.52 % $ 211,471 0.47 % Maximum month-end balance during year 225,015 n/a 226,502 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during year $ 183,818 0.97 % $ 213,497 0.89 % Maximum month-end balance during year 196,631 n/a 235,232 n/a Short-term borrowings Average during year 29,440 1.95 32,798 1.49 Maximum month-end balance during year 33,051 n/a 40,110 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, 2016 and 2015 , the Corporation had no outstanding repurchase-to-maturity transactions. Remaining Contractual Maturity December 31, 2016 (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 $ 129,853 $ 77,780 $ 31,851 $ 40,752 $ 280,236 Securities loaned 8,564 6,602 1,473 2,153 18,792 Other 14,448 — — — 14,448 Total $ 152,865 $ 84,382 $ 33,324 $ 42,905 $ 313,476 December 31, 2015 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, 2016 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 153,184 $ — $ 70 $ 153,254 Corporate securities, trading loans and other 11,086 1,630 127 12,843 Equity securities 24,007 11,175 14,196 49,378 Non-U.S. sovereign debt 84,171 5,987 55 90,213 Mortgage trading loans and ABS 7,788 — — 7,788 Total $ 280,236 $ 18,792 $ 14,448 $ 313,476 December 31, 2015 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, 2016 (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) $ 326,970 $ (128,746 ) $ 198,224 $ (154,974 ) $ 43,250 Securities loaned or sold under agreements to repurchase $ 299,028 $ (128,746 ) $ 170,282 $ (140,774 ) $ 29,508 Other 14,448 — 14,448 (14,448 ) — Total $ 313,476 $ (128,746 ) $ 184,730 $ (155,222 ) $ 29,508 December 31, 2015 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 (1) Excludes repurchase activity of $10.1 billion and $9.3 billion reported in loans and leases on the Consolidated Balance Sheet at December 31, 2016 and 2015 . |
Securities Borrowed and Securities Purchased Under Agreements to Resell | |
Offsetting Assets [Line Items] | |
Offsetting Assets | Securities Financing Agreements December 31, 2016 (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) $ 326,970 $ (128,746 ) $ 198,224 $ (154,974 ) $ 43,250 Securities loaned or sold under agreements to repurchase $ 299,028 $ (128,746 ) $ 170,282 $ (140,774 ) $ 29,508 Other 14,448 — 14,448 (14,448 ) — Total $ 313,476 $ (128,746 ) $ 184,730 $ (155,222 ) $ 29,508 December 31, 2015 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 (1) Excludes repurchase activity of $10.1 billion and $9.3 billion reported in loans and leases on the Consolidated Balance Sheet at December 31, 2016 and 2015 . |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Balance of 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, 2016 and 2015 , and the related contractual rates and maturity dates as of December 31, 2016 . December 31 (Dollars in millions) 2016 2015 Notes issued by Bank of America Corporation Senior notes: Fixed, with a weighted-average rate of 4.25%, ranging from 0.39% to 8.40%, due 2017 to 2046 $ 108,933 $ 109,861 Floating, with a weighted-average rate of 1.73%, ranging from 0.19% to 5.64%, due 2017 to 2044 13,164 13,900 Senior structured notes 17,049 17,548 Subordinated notes: Fixed, with a weighted-average rate of 4.87%, ranging from 2.40% to 8.57%, due 2017 to 2045 26,047 27,216 Floating, with a weighted-average rate of 0.83%, ranging from 0.23% to 2.52%, due 2017 to 2026 4,350 5,029 Junior subordinated notes (related to trust preferred securities): Fixed, with a weighted-average rate of 6.91%, ranging from 5.25% to 8.05%, due 2027 to 2067 3,280 5,295 Floating, with a weighted-average rate of 1.60%, ranging from 1.43% to 1.99%, due 2027 to 2056 552 553 Total notes issued by Bank of America Corporation 173,375 179,402 Notes issued by Bank of America, N.A. Senior notes: Fixed, with a weighted-average rate of 1.67%, ranging from 0.02% to 2.05%, due 2017 to 2018 5,936 7,483 Floating, with a weighted-average rate of 1.66%, ranging from 0.94% to 2.86%, due 2017 to 2041 3,383 4,942 Subordinated notes: Fixed, with a weighted-average rate of 5.66%, ranging from 5.30% to 6.10%, due 2017 to 2036 4,424 4,815 Floating, with a weighted-average rate of 1.26%, ranging from 0.85% to 1.26%, due 2017 to 2019 598 1,401 Advances from Federal Home Loan Banks: Fixed, with a weighted-average rate of 5.31%, ranging from 0.01% to 7.72%, due 2017 to 2034 162 172 Floating — 6,000 Securitizations and other BANA VIEs (1) 9,164 9,756 Other 3,084 2,985 Total notes issued by Bank of America, N.A. 26,751 37,554 Other debt Senior notes: Fixed, with a weighted-average rate of 5.50%, due 2017 to 2021 1 30 Structured liabilities 15,171 14,974 Nonbank VIEs (1) 1,482 4,317 Other 43 487 Total other debt 16,697 19,808 Total long-term debt $ 216,823 $ 236,764 (1) Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet. |
Schedule of Maturities of Long-term Debt | The following table shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2016 . 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 2016 , the Corporation had total long-term debt maturities and redemptions in the aggregate of $51.6 billion consisting of $30.6 billion for Bank of America Corporation, $11.6 billion for Bank of America, N.A. and $9.4 billion of other debt. 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. Long-term Debt by Maturity (Dollars in millions) 2017 2018 2019 2020 2021 Thereafter Total Bank of America Corporation Senior notes $ 17,913 $ 19,765 $ 17,858 $ 12,168 $ 10,382 $ 44,011 $ 122,097 Senior structured notes 3,931 3,137 1,341 969 409 7,262 17,049 Subordinated notes 4,760 2,603 1,431 — 349 21,254 30,397 Junior subordinated notes — — — — — 3,832 3,832 Total Bank of America Corporation 26,604 25,505 20,630 13,137 11,140 76,359 173,375 Bank of America, N.A. Senior notes 3,649 5,649 — — — 21 9,319 Subordinated notes 3,328 — 1 — — 1,693 5,022 Advances from Federal Home Loan Banks 9 9 14 12 2 116 162 Securitizations and other Bank VIEs (1) 3,549 2,300 3,200 — — 115 9,164 Other 2,718 102 105 10 — 149 3,084 Total Bank of America, N.A. 13,253 8,060 3,320 22 2 2,094 26,751 Other debt Senior notes 1 — — — — — 1 Structured liabilities 3,860 1,288 1,261 977 756 7,029 15,171 Nonbank VIEs (1) 246 27 15 — — 1,194 1,482 Other — — — — — 43 43 Total other debt 4,107 1,315 1,276 977 756 8,266 16,697 Total long-term debt $ 43,964 $ 34,880 $ 25,226 $ 14,136 $ 11,898 $ 86,719 $ 216,823 (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, 2016 . Trust Securities Summary (1) (Dollars in millions) December 31, 2016 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 (2) August 2005 5 5 August 2035 5.25 Semi-Annual Any time 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 V November 2006 1,495 1,496 November 2036 7.00 Quarterly On or after 11/01/11 Merrill Lynch Capital Trust I December 2006 1,050 1,051 December 2066 6.45 Quarterly On or after 12/11 Capital Trust III August 2007 750 751 September 2067 7.375 Quarterly On or after 9/12 Total $ 4,724 $ 4,773 (1) Bank of America Capital Trust VIII, Countrywide Capital IV and Merrill Lynch Capital Trust II were redeemed during 2016. (2) Notes are denominated in British Pound. Presentation currency is U.S. Dollar. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The table below also includes the notional amount of commitments of $7.0 billion and $10.9 billion at December 31, 2016 and 2015 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value of $173 million and $658 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, 2016 (Dollars in millions) Expire in One Expire After One Expire After Three Expire After Five Total Notional amount of credit extension commitments Loan commitments $ 82,609 $ 133,063 $ 152,854 $ 22,129 $ 390,655 Home equity lines of credit 8,806 10,701 2,644 25,050 47,201 Standby letters of credit and financial guarantees (1) 19,165 10,754 3,225 1,027 34,171 Letters of credit 1,285 103 114 53 1,555 Legally binding commitments 111,865 154,621 158,837 48,259 473,582 Credit card lines (2) 377,773 — — — 377,773 Total credit extension commitments $ 489,638 $ 154,621 $ 158,837 $ 48,259 $ 851,355 December 31, 2015 Notional amount of credit extension commitments Loan commitments $ 84,884 $ 119,272 $ 158,920 $ 37,112 $ 400,188 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 113,192 147,778 167,689 58,081 486,740 Credit card lines (2) 370,127 — — — 370,127 Total credit extension commitments $ 483,319 $ 147,778 $ 167,689 $ 58,081 $ 856,867 (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 $8.3 billion at December 31, 2016 , and $25.5 billion and $8.4 billion at December 31, 2015 . Amounts in the table include consumer SBLCs of $376 million and $164 million at December 31, 2016 and 2015 . (2) Includes business card unused lines of credit. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Dividends | Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share January 26, 2017 March 3, 2017 March 31, 2017 $ 0.075 October 27, 2016 December 2, 2016 December 30, 2016 0.075 July 27, 2016 September 2, 2016 September 23, 2016 0.075 April 27, 2016 June 3, 2016 June 24, 2016 0.05 January 21, 2016 March 4, 2016 March 25, 2016 0.05 (1) In 2016 and through February 23, 2017 . |
Schedule of Stock by Class | The table below presents a summary of perpetual preferred stock outstanding at December 31, 2016 . 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 7,110 $ 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 below (6) 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 CC (3) 6.200% Non-Cumulative January 2016 44,000 25,000 1,100 6.200 % On or after Series DD (5) Fixed-to-Floating Rate Non-Cumulative March 2016 40,000 25,000 1,000 6.300% to, but excluding, 3/10/26; On or after Series EE (3) 6.000% Non-Cumulative April 2016 36,000 25,000 900 6.000 % On or after Series 1 (7) Floating Rate Non-Cumulative November 3,275 30,000 98 3-mo. LIBOR + 75 bps (8) On or after Series 2 (7) Floating Rate Non-Cumulative March 9,967 30,000 299 3-mo. LIBOR + 65 bps (8) On or after Series 3 (7) 6.375% Non-Cumulative November 21,773 30,000 653 6.375 % On or after Series 4 (7) Floating Rate Non-Cumulative November 7,010 30,000 210 3-mo. LIBOR + 75 bps (4) On or after Series 5 (7) Floating Rate Non-Cumulative March 14,056 30,000 422 3-mo. LIBOR + 50 bps (4) On or after Total 3,887,329 $ 25,505 (1) Amounts shown are before third-party issuance costs and certain book value adjustments of $285 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) The terms of the Series T preferred stock were amended in 2014, which included changes such that (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 amendment's effective date. (7) 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. (8) Subject to 3.00% minimum rate per annum. n/a = not applicable The following table summarizes common stock repurchases during 2016, 2015 and 2014. Common Stock Repurchase Summary (in millions) 2016 2015 2014 Total number of shares repurchased and retired CCAR capital plan repurchases 278 140 101 Other authorized repurchases 55 — — Total purchase price of shares repurchased and retired (1) CCAR capital plan repurchases $ 4,312 $ 2,374 $ 1,675 Other authorized repurchases 800 — — (1) Represents reductions to shareholders’ equity due to common stock repurchases. |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for 2014 , 2015 and 2016 . (Dollars in millions) Debt Securities Available-for- Equity Securities Debit Valuation Adjustments Derivatives Employee Benefit Plans Foreign Currency Total Balance, December 31, 2013 $ (2,487 ) $ (4 ) n/a $ (2,277 ) $ (2,407 ) $ (512 ) $ (7,687 ) Net change 4,128 21 n/a 616 (943 ) (157 ) 3,665 Balance, December 31, 2014 $ 1,641 $ 17 n/a $ (1,661 ) $ (3,350 ) $ (669 ) $ (4,022 ) Cumulative adjustment for accounting change — — $ (1,226 ) — — — (1,226 ) Net change (1,625 ) 45 615 584 394 (123 ) (110 ) Balance, December 31, 2015 $ 16 $ 62 $ (611 ) $ (1,077 ) $ (2,956 ) $ (792 ) $ (5,358 ) Net change (1,315 ) (30 ) (156 ) 182 (524 ) (87 ) (1,930 ) Balance, December 31, 2016 $ (1,299 ) $ 32 $ (767 ) $ (895 ) $ (3,480 ) $ (879 ) $ (7,288 ) n/a = not applicabl |
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 2016 , 2015 and 2014 . Changes in OCI Components Before- and After-tax 2016 2015 2014 (Dollars in millions) Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax Debt securities: Net increase (decrease) in fair value $ (1,645 ) $ 622 $ (1,023 ) $ (1,564 ) $ 595 $ (969 ) $ 8,064 $ (3,027 ) $ 5,037 Reclassifications into earnings: Gains on sales of debt securities (490 ) 186 (304 ) (1,138 ) 432 (706 ) (1,481 ) 563 (918 ) Other income 19 (7 ) 12 81 (31 ) 50 16 (7 ) 9 Net realized (gains) losses reclassified into earnings (471 ) 179 (292 ) (1,057 ) 401 (656 ) (1,465 ) 556 (909 ) Net change (2,116 ) 801 (1,315 ) (2,621 ) 996 (1,625 ) 6,599 (2,471 ) 4,128 Available-for-sale marketable equity securities: Net increase (decrease) in fair value (1) (49 ) 19 (30 ) 72 (27 ) 45 34 (13 ) 21 Net change (49 ) 19 (30 ) 72 (27 ) 45 34 (13 ) 21 Debit valuation adjustments: Net increase (decrease) in fair value (271 ) 104 (167 ) 436 (166 ) 270 n/a n/a n/a Net realized (gains) losses reclassified into earnings (2) 17 (6 ) 11 556 (211 ) 345 n/a n/a n/a Net change (254 ) 98 (156 ) 992 (377 ) 615 n/a n/a n/a Derivatives: Net increase (decrease) in fair value (299 ) 113 (186 ) 55 (22 ) 33 195 (54 ) 141 Reclassifications into earnings: Net interest income 553 (205 ) 348 974 (367 ) 607 1,119 (421 ) 698 Personnel 32 (12 ) 20 (91 ) 35 (56 ) (359 ) 136 (223 ) Net realized (gains) losses reclassified into earnings 585 (217 ) 368 883 (332 ) 551 760 (285 ) 475 Net change 286 (104 ) 182 938 (354 ) 584 955 (339 ) 616 Employee benefit plans: Net increase (decrease) in fair value (921 ) 329 (592 ) 408 (121 ) 287 (1,629 ) 614 (1,015 ) Reclassifications into earnings: Prior service cost 5 (2 ) 3 5 (2 ) 3 5 (2 ) 3 Net actuarial losses 92 (34 ) 58 164 (60 ) 104 50 (21 ) 29 Net realized (gains) losses reclassified into earnings (3) 97 (36 ) 61 169 (62 ) 107 55 (23 ) 32 Settlements, curtailments and other 15 (8 ) 7 1 (1 ) — (1 ) 41 40 Net change (809 ) 285 (524 ) 578 (184 ) 394 (1,575 ) 632 (943 ) Foreign currency: Net increase (decrease) in fair value 514 (601 ) (87 ) 600 (723 ) (123 ) 714 (879 ) (165 ) Net realized (gains) losses reclassified into earnings (2) — — — (38 ) 38 — 20 (12 ) 8 Net change 514 (601 ) (87 ) 562 (685 ) (123 ) 734 (891 ) (157 ) Total other comprehensive income (loss) $ (2,428 ) $ 498 $ (1,930 ) $ 521 $ (631 ) $ (110 ) $ 6,747 $ (3,082 ) $ 3,665 (1) There were no amounts reclassified out of AFS marketable equity securities for 2016 , 2015 and 2014 . (2) Reclassifications of pretax DVA and foreign currency transactions are recorded in other income in the Consolidated Statement of Income. (3) Reclassifications of pretax employee benefit plan costs are recorded in personnel expense in the Consolidated Statement of Income. n/a = not applicable |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per common share and diluted earnings per common share | The calculation of EPS and diluted EPS for 2016 , 2015 and 2014 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) 2016 2015 2014 Earnings per common share Net income $ 17,906 $ 15,836 $ 5,520 Preferred stock dividends (1,682 ) (1,483 ) (1,044 ) Net income applicable to common shareholders $ 16,224 $ 14,353 $ 4,476 Average common shares issued and outstanding 10,284,147 10,462,282 10,527,818 Earnings per common share $ 1.58 $ 1.37 $ 0.43 Diluted earnings per common share Net income applicable to common shareholders $ 16,224 $ 14,353 $ 4,476 Add preferred stock dividends due to assumed conversions 300 300 — Net income allocated to common shareholders $ 16,524 $ 14,653 $ 4,476 Average common shares issued and outstanding 10,284,147 10,462,282 10,527,818 Dilutive potential common shares (1) 751,510 751,710 56,717 Total diluted average common shares issued and outstanding 11,035,657 11,213,992 10,584,535 Diluted earnings per common share $ 1.50 $ 1.31 $ 0.42 (1) Includes incremental dilutive shares from RSUs, restricted stock and warrants. |
Regulatory Requirements and R49
Regulatory Requirements and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 for the Corporation and BANA. Regulatory Capital under Basel 3 – Transition (1) December 31, 2016 Bank of America Corporation Bank of America, N.A. (Dollars in millions) Standardized Approach Advanced Approaches Regulatory Minimum (2, 3) Standardized Approach Advanced Approaches Regulatory Minimum (4) Risk-based capital metrics: Common equity tier 1 capital $ 168,866 $ 168,866 $ 149,755 $ 149,755 Tier 1 capital 190,315 190,315 149,755 149,755 Total capital (5) 228,187 218,981 163,471 154,697 Risk-weighted assets (in billions) 1,399 1,530 1,176 1,045 Common equity tier 1 capital ratio 12.1 % 11.0 % 5.875 % 12.7 % 14.3 % 6.5 % Tier 1 capital ratio 13.6 12.4 7.375 12.7 14.3 8.0 Total capital ratio 16.3 14.3 9.375 13.9 14.8 10.0 Leverage-based metrics: Adjusted quarterly average assets (in billions) (6) $ 2,131 $ 2,131 $ 1,611 $ 1,611 Tier 1 leverage ratio 8.9 % 8.9 % 4.0 9.3 % 9.3 % 5.0 December 31, 2015 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 (5) 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 % 12.2 % 13.1 % 6.5 % Tier 1 capital ratio 12.9 11.3 6.0 12.2 13.1 8.0 Total capital ratio 15.7 13.2 8.0 13.5 13.6 10.0 Leverage-based metrics: Adjusted quarterly average assets (in billions) (6) $ 2,103 $ 2,103 $ 1,575 $ 1,575 Tier 1 leverage ratio 8.6 % 8.6 % 4.0 9.2 % 9.2 % 5.0 (1) As Advanced approaches institutions, the Corporation and its banking entity affiliates are 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 method at December 31, 2016 and 2015 . (2) The December 31, 2016 amount includes a transition capital conservation buffer of 0.625 percent and a transition global systemically important bank (G-SIB) surcharge of 0.75 percent . The 2016 countercyclical capital buffer is zero . (3) To be “well capitalized” under the current U.S. banking regulatory agency definitions, a BHC must maintain a Total capital ratio of 10 percent or greater. (4) Percent required to meet guidelines to be considered "well capitalized" under the PCA framework. (5) 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. (6) Reflects adjusted average total assets for the three months ended December 31, 2016 and 2015 . |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2016 2015 2016 2015 2016 2015 Change in fair value of plan assets Fair value, January 1 $ 17,962 $ 18,614 $ 2,738 $ 2,564 $ 2,805 $ 2,927 $ — $ 28 Actual return on plan assets 1,075 199 541 342 74 14 — — Company contributions — — 48 58 104 97 104 79 Plan participant contributions — — 1 1 — — 125 127 Settlements and curtailments — — (20 ) (7 ) (6 ) — — — Benefits paid (798 ) (851 ) (118 ) (78 ) (233 ) (233 ) (242 ) (247 ) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a 13 13 Foreign currency exchange rate changes n/a n/a (401 ) (142 ) n/a n/a n/a n/a Fair value, December 31 $ 18,239 $ 17,962 $ 2,789 $ 2,738 $ 2,744 $ 2,805 $ — $ — Change in projected benefit obligation Projected benefit obligation, January 1 $ 14,461 $ 15,508 $ 2,580 $ 2,688 $ 3,053 $ 3,329 $ 1,152 $ 1,346 Service cost — — 25 27 — — 7 8 Interest cost 634 621 86 93 127 122 47 48 Plan participant contributions — — 1 1 — — 125 127 Plan amendments — — — (1 ) — — — — Settlements and curtailments — — (31 ) (7 ) (6 ) — — — Actuarial loss (gain) 685 (817 ) 535 (2 ) 106 (165 ) 25 (141 ) Benefits paid (798 ) (851 ) (118 ) (78 ) (233 ) (233 ) (242 ) (247 ) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a 13 13 Foreign currency exchange rate changes n/a n/a (315 ) (141 ) n/a n/a (2 ) (2 ) Projected benefit obligation, December 31 $ 14,982 $ 14,461 $ 2,763 $ 2,580 $ 3,047 $ 3,053 $ 1,125 $ 1,152 Amount recognized, December 31 $ 3,257 $ 3,501 $ 26 $ 158 $ (303 ) $ (248 ) $ (1,125 ) $ (1,152 ) Funded status, December 31 Accumulated benefit obligation $ 14,982 $ 14,461 $ 2,645 $ 2,479 $ 3,046 $ 3,052 n/a n/a Overfunded (unfunded) status of ABO 3,257 3,501 144 259 (302 ) (247 ) n/a n/a Provision for future salaries — — 118 101 1 1 n/a n/a Projected benefit obligation 14,982 14,461 2,763 2,580 3,047 3,053 $ 1,125 $ 1,152 Weighted-average assumptions, December 31 Discount rate 4.16 % 4.51 % 2.56 % 3.59 % 4.01 % 4.34 % 3.99 % 4.32 % Rate of compensation increase n/a n/a 4.51 4.64 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 Consolidated Balance Sheet Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Postretirement Health and Life Plans (Dollars in millions) 2016 2015 2016 2015 2016 2015 2016 2015 Other assets $ 3,257 $ 3,501 $ 475 $ 548 $ 760 $ 825 $ — $ — Accrued expenses and other liabilities — — (449 ) (390 ) (1,063 ) (1,073 ) (1,125 ) (1,152 ) Net amount recognized at December 31 $ 3,257 $ 3,501 $ 26 $ 158 $ (303 ) $ (248 ) $ (1,125 ) $ (1,152 ) |
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, 2016 and 2015 are presented in the table below. For these 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) 2016 2015 2016 2015 PBO $ 626 $ 574 $ 1,065 $ 1,075 ABO 594 551 1,064 1,074 Fair value of plan assets 179 183 1 1 |
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, 2016 and 2015 are presented in the table below. For these 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) 2016 2015 2016 2015 PBO $ 626 $ 574 $ 1,065 $ 1,075 ABO 594 551 1,064 1,074 Fair value of plan assets 179 183 1 1 |
Schedule of Net Benefit Costs | Components of Net Periodic Benefit Cost Qualified Pension Plan Non-U.S. Pension Plans (Dollars in millions) 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost (income) Service cost $ — $ — $ — $ 25 $ 27 $ 29 Interest cost 634 621 665 86 93 109 Expected return on plan assets (1,038 ) (1,045 ) (1,018 ) (123 ) (133 ) (137 ) Amortization of prior service cost — — — 1 1 1 Amortization of net actuarial loss 139 170 111 6 6 3 Recognized loss due to settlements and curtailments — — — 1 — 2 Net periodic benefit cost (income) $ (265 ) $ (254 ) $ (242 ) $ (4 ) $ (6 ) $ 7 Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 4.51 % 4.12 % 4.85 % 3.59 % 3.56 % 4.30 % Expected return on plan assets 6.00 6.00 6.00 4.84 5.27 5.52 Rate of compensation increase n/a n/a n/a 4.67 4.70 4.91 Nonqualified and Postretirement Health (Dollars in millions) 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost (income) Service cost $ — $ — $ 1 $ 7 $ 8 $ 8 Interest cost 127 122 133 47 48 58 Expected return on plan assets (101 ) (92 ) (124 ) — (1 ) (4 ) Amortization of prior service cost — — — 4 4 4 Amortization of net actuarial loss (gain) 25 34 25 (81 ) (46 ) (89 ) Recognized loss due to settlements and curtailments 3 — — — — — Net periodic benefit cost (income) $ 54 $ 64 $ 35 $ (23 ) $ 13 $ (23 ) Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 4.34 % 3.80 % 4.55 % 4.32 % 3.75 % 4.50 % Expected return on plan assets 3.66 3.26 4.60 n/a 6.00 6.00 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 Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Postretirement Health and Life Plans Total (Dollars in millions) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Net actuarial loss (gain) $ 4,429 $ 3,920 $ 216 $ 137 $ 953 $ 848 $ (44 ) $ (150 ) $ 5,554 $ 4,755 Prior service cost (credits) — — 4 (10 ) — — 12 16 16 6 Amounts recognized in accumulated OCI $ 4,429 $ 3,920 $ 220 $ 127 $ 953 $ 848 $ (32 ) $ (134 ) $ 5,570 $ 4,761 |
Schedule of Pretax Amounts Recognized in OCI | Pretax Amounts Recognized in OCI Qualified Pension Plan Non-U.S. Pension Plans Nonqualified Pension Plans Postretirement Life Plans Total (Dollars in millions) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Current year actuarial loss (gain) $ 648 $ 29 $ 100 $ (211 ) $ 133 $ (86 ) $ 25 $ (140 ) $ 906 $ (408 ) Amortization of actuarial gain (loss) (139 ) (170 ) (6 ) (6 ) (28 ) (34 ) 81 46 (92 ) (164 ) Current year prior service cost (credit) — — — (1 ) — — — — — (1 ) Amortization of prior service cost — — (1 ) (1 ) — — (4 ) (4 ) (5 ) (5 ) Amounts recognized in OCI $ 509 $ (141 ) $ 93 $ (219 ) $ 105 $ (120 ) $ 102 $ (98 ) $ 809 $ (578 ) |
Schedule of Estimated Pretax Amounts Amortized from Accumulated OCI into Period Cost | Estimated Pretax Amounts Amortized from Accumulated OCI into Period Cost in 2017 (Dollars in millions) Qualified Pension Plan Non-U.S. Pension Plans Nonqualified Pension Plans Postretirement Life Plans Total Net actuarial loss (gain) $ 152 $ 10 $ 34 $ (20 ) $ 176 Prior service cost — 1 — 4 5 Total amounts amortized from accumulated OCI $ 152 $ 11 $ 34 $ (16 ) $ 181 |
Schedule of Allocation of Plan Assets | The target allocations for 2017 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, and Nonqualified and Other Pension Plans are presented in the table below. 2017 Target Allocation Percentage Asset Category Qualified Pension Plan Non-U.S. Pension Plans Nonqualified and Other Pension Plans Equity securities 30 - 60 10 - 35 0 - 5 Debt securities 40 - 70 40 - 80 95 - 100 Real estate 0 - 10 0 - 15 0 - 5 Other 0 - 5 0 - 25 0 - 5 Combined plan investment assets measured at fair value by level and in total at December 31, 2016 and 2015 are summarized in the Fair Value Measurements table. Fair Value Measurements December 31, 2016 (Dollars in millions) Level 1 Level 2 Level 3 Total Cash and short-term investments Money market and interest-bearing cash $ 776 $ — $ — $ 776 Cash and cash equivalent commingled/mutual funds — 997 — 997 Fixed income U.S. government and agency securities 3,125 816 10 3,951 Corporate debt securities — 1,892 — 1,892 Asset-backed securities — 2,246 — 2,246 Non-U.S. debt securities 789 705 — 1,494 Fixed income commingled/mutual funds 778 1,503 — 2,281 Equity Common and preferred equity securities 6,120 — — 6,120 Equity commingled/mutual funds 735 1,225 — 1,960 Public real estate investment trusts 145 — — 145 Real estate Private real estate — — 150 150 Real estate commingled/mutual funds — 12 748 760 Limited partnerships — 132 38 170 Other investments (1) 15 732 83 830 Total plan investment assets, at fair value $ 12,483 $ 10,260 $ 1,029 $ 23,772 December 31, 2015 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 (1) Other investments include interest rate swaps of $257 million and $114 million , participant loans of $36 million and $58 million , commodity and balanced funds of $369 million and $165 million and other various investments of $168 million and $52 million at December 31, 2016 and 2015 . |
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 2016 , 2015 and 2014 . Level 3 Fair Value Measurements 2016 (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 $ — $ (1 ) $ — $ 10 Real estate Private real estate 144 1 5 — 150 Real estate commingled/mutual funds 731 21 (4 ) — 748 Limited partnerships 49 (2 ) (9 ) — 38 Other investments 102 4 (23 ) — 83 Total $ 1,037 $ 24 $ (32 ) $ — $ 1,029 2015 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 |
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 2017 $ 906 $ 55 $ 240 $ 111 $ 13 2018 906 55 239 108 12 2019 898 58 241 102 12 2020 909 61 241 99 12 2021 905 66 236 96 11 2022 - 2026 4,446 427 1,091 425 49 (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 the Corporation’s assets. |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 of the share-settled restricted stock/units and changes during 2016 . Stock-settled Restricted Stock/Units Shares/Units Weighted- average Grant Date Fair Value Outstanding at January 1, 2016 22,556,018 $ 9.14 Granted 157,125,817 11.95 Vested (18,729,422 ) 8.31 Canceled (4,459,467 ) 11.60 Outstanding at December 31, 2016 156,492,946 $ 11.99 The table below presents the status at December 31, 2016 of the cash-settled RSUs granted under the KEEP and changes during 2016 . Cash-settled Restricted Units Units Outstanding at January 1, 2016 255,355,014 Granted 5,787,494 Vested (132,833,423 ) Canceled (7,073,596 ) Outstanding at December 31, 2016 121,235,489 |
Schedule of Share-based Compensation, Stock Options, Activity | The table below presents the status of all option plans at December 31, 2016 and changes during 2016 . Stock Options Options Weighted- average Exercise Price Outstanding at January 1, 2016 63,875,475 $ 49.18 Forfeited (21,518,193 ) 46.45 Outstanding at December 31, 2016 42,357,282 50.57 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for 2016 , 2015 and 2014 are presented in the table below. Income Tax Expense (Dollars in millions) 2016 2015 2014 Current income tax expense U.S. federal $ 302 $ 2,539 $ 443 U.S. state and local 120 210 340 Non-U.S. 984 561 513 Total current expense 1,406 3,310 1,296 Deferred income tax expense U.S. federal 5,464 1,812 953 U.S. state and local (279 ) 515 136 Non-U.S. 656 597 58 Total deferred expense 5,841 2,924 1,147 Total income tax expense $ 7,247 $ 6,234 $ 2,443 |
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 2016 , 2015 and 2014 are presented in the table below. Reconciliation of Income Tax Expense 2016 2015 2014 (Dollars in millions) Amount Percent Amount Percent Amount Percent Expected U.S. federal income tax expense $ 8,804 35.0 % $ 7,725 35.0 % $ 2,787 35.0 % Increase (decrease) in taxes resulting from: State tax expense, net of federal benefit 420 1.7 438 1.9 322 4.0 Affordable housing/energy/other credits (1,203 ) (4.8 ) (1,087 ) (4.9 ) (950 ) (11.9 ) Tax-exempt income, including dividends (562 ) (2.3 ) (539 ) (2.4 ) (533 ) (6.6 ) Changes in prior-period UTBs, including interest (328 ) (1.3 ) (52 ) (0.2 ) (754 ) (9.5 ) Non-U.S. tax rate differential (307 ) (1.2 ) (559 ) (2.5 ) (507 ) (6.4 ) Non-U.S. tax law changes 348 1.4 289 1.3 — — Nondeductible expenses 180 0.7 40 0.1 1,982 24.9 Other (105 ) (0.4 ) (21 ) (0.1 ) 96 1.2 Total income tax expense $ 7,247 28.8 % $ 6,234 28.2 % $ 2,443 30.7 % |
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) 2016 2015 2014 Balance, January 1 $ 1,095 $ 1,068 $ 3,068 Increases related to positions taken during the current year 104 36 75 Increases related to positions taken during prior years 1,318 187 519 Decreases related to positions taken during prior years (1,091 ) (177 ) (973 ) Settlements (503 ) (1 ) (1,594 ) Expiration of statute of limitations (48 ) (18 ) (27 ) Balance, December 31 $ 875 $ 1,095 $ 1,068 |
Summary of Income Tax Examinations | The Tax Examination Status table summarizes the status of examinations by major jurisdiction for the Corporation and various subsidiaries as of December 31, 2016 . Tax Examination Status Years under Examination (1) Status at December 31 2016 U.S. 2012 – 2013 Field examination New York 2015 To begin in 2017 U.K. 2012-2014 Field examination (1) All tax years subsequent to the years shown remain subject to examination. |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Corporation’s net deferred tax assets and liabilities at December 31, 2016 and 2015 are presented in the table below. Deferred Tax Assets and Liabilities December 31 (Dollars in millions) 2016 2015 Deferred tax assets Net operating loss carryforwards $ 9,199 $ 9,439 Security, loan and debt valuations 4,726 4,919 Allowance for credit losses 4,362 4,649 Tax credit carryforwards 3,125 2,266 Accrued expenses 3,016 6,340 Employee compensation and retirement benefits 2,677 3,593 Available-for-sale securities 784 152 Other 1,599 2,483 Gross deferred tax assets 29,488 33,841 Valuation allowance (1,117 ) (1,149 ) Total deferred tax assets, net of valuation allowance 28,371 32,692 Deferred tax liabilities Equipment lease financing 3,489 3,014 Intangibles 1,171 1,306 Fee income 847 864 Mortgage servicing rights 829 689 Long-term borrowings 355 327 Other 2,454 1,859 Gross deferred tax liabilities 9,145 8,059 Net deferred tax assets, net of valuation allowance $ 19,226 $ 24,633 |
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, 2016 . 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. $ 1,908 $ — $ 1,908 After 2027 Net operating losses – U.K. 5,410 — 5,410 None (1) Net operating losses – other non-U.S. 411 (311 ) 100 Various Net operating losses – U.S. states (2) 1,470 (398 ) 1,072 Various General business credits 3,053 — 3,053 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 $2.3 billion and $612 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, 2016 . 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. $ 1,908 $ — $ 1,908 After 2027 Net operating losses – U.K. 5,410 — 5,410 None (1) Net operating losses – other non-U.S. 411 (311 ) 100 Various Net operating losses – U.S. states (2) 1,470 (398 ) 1,072 Various General business credits 3,053 — 3,053 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 $2.3 billion and $612 million . n/a = not applicable |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. December 31, 2016 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 $ — $ 49,750 $ — $ — $ 49,750 Trading account assets: U.S. Treasury and agency securities (2) 34,587 1,927 — — 36,514 Corporate securities, trading loans and other 171 22,861 2,777 — 25,809 Equity securities 50,169 21,601 281 — 72,051 Non-U.S. sovereign debt 9,578 9,940 510 — 20,028 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 15,799 — — 15,799 Mortgage trading loans, ABS and other MBS — 8,797 1,211 — 10,008 Total trading account assets (3) 94,505 80,925 4,779 — 180,209 Derivative assets (4) 7,337 619,848 3,931 (588,604 ) 42,512 AFS debt securities: U.S. Treasury and agency securities 46,787 1,465 — — 48,252 Mortgage-backed securities: Agency — 189,486 — — 189,486 Agency-collateralized mortgage obligations — 8,330 — — 8,330 Non-agency residential — 2,013 — — 2,013 Commercial — 12,322 — — 12,322 Non-U.S. securities 2,553 3,600 229 — 6,382 Other taxable securities — 10,020 594 — 10,614 Tax-exempt securities — 16,618 542 — 17,160 Total AFS debt securities 49,340 243,854 1,365 — 294,559 Other debt securities carried at fair value: Mortgage-backed securities: Agency-collateralized mortgage obligations — 5 — — 5 Non-agency residential — 3,114 25 — 3,139 Non-U.S. securities 15,109 1,227 — — 16,336 Other taxable securities — 240 — — 240 Total other debt securities carried at fair value 15,109 4,586 25 — 19,720 Loans and leases — 6,365 720 — 7,085 Mortgage servicing rights — — 2,747 — 2,747 Loans held-for-sale — 3,370 656 — 4,026 Other assets 11,824 1,739 239 — 13,802 Total assets $ 178,115 $ 1,010,437 $ 14,462 $ (588,604 ) $ 614,410 Liabilities Interest-bearing deposits in U.S. offices $ — $ 731 $ — $ — $ 731 Federal funds purchased and securities loaned or sold under agreements to repurchase — 35,407 359 — 35,766 Trading account liabilities: U.S. Treasury and agency securities 15,854 197 — — 16,051 Equity securities 25,884 3,014 — — 28,898 Non-U.S. sovereign debt 9,409 2,103 — — 11,512 Corporate securities and other 163 6,380 27 — 6,570 Total trading account liabilities 51,310 11,694 27 — 63,031 Derivative liabilities (4) 7,173 615,896 5,244 (588,833 ) 39,480 Short-term borrowings — 2,024 — — 2,024 Accrued expenses and other liabilities 12,978 1,643 9 — 14,630 Long-term debt — 28,523 1,514 — 30,037 Total liabilities $ 71,461 $ 695,918 $ 7,153 $ (588,833 ) $ 185,699 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $17.5 billion of GSE obligations. (3) Includes securities with a fair value of $14.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) During 2016 , $2.3 billion of derivative assets and $2.4 billion of derivative liabilities were transferred from Level 1 to Level 2 and $2.0 billion of derivative assets and $1.8 billion of derivative liabilities were transferred from Level 2 to Level 1 based on the inputs used to measure fair value. For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives . 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. Treasury and agency securities (2) 33,034 2,413 — — 35,447 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, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 13,088 — — 13,088 Mortgage trading loans, ABS and other MBS — 8,107 1,868 — 9,975 Total trading account assets (3) 90,745 80,148 5,634 — 176,527 Derivative assets (4) 5,149 678,355 5,134 (638,648 ) 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 Other taxable securities — 9,688 757 — 10,445 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 (5) 11,923 2,023 374 — 14,320 Total assets $ 145,650 $ 1,108,103 $ 18,098 $ (638,648 ) $ 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. Treasury 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 (4) 4,941 670,600 5,575 (642,666 ) 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 $ 738,527 $ 7,483 $ (642,666 ) $ 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 GSE obligations. (3) Includes securities with a fair value of $16.4 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) 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 . (5) 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. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Level 3 – Fair Value Measurements (1) 2014 Gross (Dollars in millions) Balance 2014 Total Realized/Unrealized Gains/(Losses) (2) Gains in OCI (3) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers Level 3 Balance 2014 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) 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 69 Equity securities 386 — — 104 (86 ) — (16 ) 146 (182 ) 352 (8 ) Non-U.S. sovereign debt 468 30 — 120 (34 ) — (19 ) 11 (2 ) 574 31 Mortgage trading loans, ABS and other MBS 4,631 199 — 1,643 (1,259 ) — (585 ) 39 (2,605 ) 2,063 79 Total trading account assets 9,044 409 — 3,629 (2,323 ) — (1,558 ) 1,471 (4,413 ) 6,259 171 Net derivative assets (4) (224 ) 463 — 823 (1,738 ) — (432 ) 28 160 (920 ) (87 ) AFS debt securities: Non-agency residential MBS — (2 ) — 11 — — — 270 — 279 — Non-U.S. securities 107 (7 ) (11 ) 241 — — (147 ) — (173 ) 10 — Other taxable securities 3,847 9 (8 ) 154 — — (1,381 ) 93 (1,047 ) 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 (5, 6) 3,057 69 — — (3 ) 699 (1,591 ) 25 (273 ) 1,983 76 Mortgage servicing rights (6) 5,042 (1,231 ) — — (61 ) 707 (927 ) — — 3,530 (1,753 ) Loans held-for-sale (5) 929 45 — 59 (725 ) 23 (216 ) 83 (25 ) 173 (4 ) Other assets 1,669 (98 ) — — (430 ) — (245 ) 39 (24 ) 911 52 Trading account liabilities – Corporate securities and other (35 ) 1 — 10 (13 ) — — (9 ) 10 (36 ) 1 Accrued expenses and other liabilities (5) (10 ) 2 — — — (3 ) — — 1 (10 ) 1 Long-term debt (5) (1,990 ) 49 — 169 — (615 ) 540 (1,581 ) 1,066 (2,362 ) (8 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - trading account profits (losses), mortgage banking income (loss) and other income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - trading account profits (losses) and other income (loss). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities. (4) Net derivatives include derivative assets of $6.9 billion and derivative liabilities of $7.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. 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 2016 , 2015 and 2014 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) 2016 Gross (Dollars in millions) Balance January 1 2016 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 2,838 $ 78 $ 2 $ 1,508 $ (847 ) $ — $ (725 ) $ 728 $ (805 ) $ 2,777 $ (82 ) Equity securities 407 74 — 73 (169 ) — (82 ) 70 (92 ) 281 (59 ) Non-U.S. sovereign debt 521 122 91 12 (146 ) — (90 ) — — 510 120 Mortgage trading loans, ABS and other MBS 1,868 188 (2 ) 988 (1,491 ) — (344 ) 158 (154 ) 1,211 64 Total trading account assets 5,634 462 91 2,581 (2,653 ) — (1,241 ) 956 (1,051 ) 4,779 43 Net derivative assets (4) (441 ) 285 — 470 (1,155 ) — 76 (186 ) (362 ) (1,313 ) (376 ) AFS debt securities: Non-agency residential MBS 106 — — — (106 ) — — — — — Non-U.S. securities — — (6 ) 584 (92 ) — (263 ) 6 — 229 — Other taxable securities 757 4 (2 ) — — — (83 ) — (82 ) 594 — Tax-exempt securities 569 — (1 ) 1 — — (2 ) 10 (35 ) 542 — Total AFS debt securities 1,432 4 (9 ) 585 (198 ) — (348 ) 16 (117 ) 1,365 — Other debt securities carried at fair value – Non-agency residential MBS 30 (5 ) — — — — — — — 25 — Loans and leases (5, 6) 1,620 (44 ) — 69 (553 ) 50 (194 ) 6 (234 ) 720 17 Mortgage servicing rights (6) 3,087 149 — — (80 ) 411 (820 ) — — 2,747 (107 ) Loans held-for-sale (5) 787 79 50 22 (256 ) — (93 ) 173 (106 ) 656 70 Other assets 374 (13 ) — 38 (111 ) — (52 ) 3 — 239 (36 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (335 ) (11 ) — — — (22 ) 27 (19 ) 1 (359 ) 4 Trading account liabilities – Corporate securities and other (21 ) 5 — — (11 ) — — — — (27 ) 4 Short-term borrowings (5) (30 ) 1 — — — — 29 — — — — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,513 ) (74 ) (20 ) 140 — (521 ) 948 (939 ) 465 (1,514 ) (184 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - primarily trading account profits (losses) and mortgage banking income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. (4) Net derivatives include derivative assets of $3.9 billion and derivative liabilities of $5.2 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. Level 3 – Fair Value Measurements (1) 2015 Gross (Dollars in millions) Balance 2015 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2015 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 3,270 $ (31 ) $ (11 ) $ 1,540 $ (1,616 ) $ — $ (1,122 ) $ 1,570 $ (762 ) $ 2,838 $ (123 ) Equity securities 352 9 — 49 (11 ) — (11 ) 41 (22 ) 407 3 Non-U.S. sovereign debt 574 114 (179 ) 185 (1 ) — (145 ) — (27 ) 521 74 Mortgage trading loans, ABS and other MBS 2,063 154 1 1,250 (1,117 ) — (493 ) 50 (40 ) 1,868 (93 ) Total trading account assets 6,259 246 (189 ) 3,024 (2,745 ) — (1,771 ) 1,661 (851 ) 5,634 (139 ) Net derivative assets (4) (920 ) 1,335 (7 ) 273 (863 ) — (261 ) (40 ) 42 (441 ) 605 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 (5, 6) 1,983 (23 ) — — (4 ) 57 (237 ) 144 (300 ) 1,620 13 Mortgage servicing rights (6) 3,530 187 — — (393 ) 637 (874 ) — — 3,087 (85 ) Loans held-for-sale (5) 173 (51 ) (8 ) 771 (203 ) 61 (61 ) 203 (98 ) 787 (39 ) Other assets 911 (55 ) — 11 (130 ) — (51 ) 10 (322 ) 374 (61 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) — (11 ) — — — (131 ) 217 (411 ) 1 (335 ) — Trading account liabilities – Corporate securities and other (36 ) 19 — 30 (34 ) — — — — (21 ) (3 ) Short-term borrowings (5) — 17 — — — (52 ) 10 (24 ) 19 (30 ) 1 Accrued expenses and other liabilities (5) (10 ) 1 — — — — — — — (9 ) 1 Long-term debt (5) (2,362 ) 287 19 616 — (188 ) 273 (1,592 ) 1,434 (1,513 ) 255 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - primarily trading account profits (losses) and mortgage banking income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. (4) Net derivatives include derivative assets of $5.1 billion and derivative liabilities of $5.6 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2016 , 2015 and 2014 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) 2016 Gross (Dollars in millions) Balance January 1 2016 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 2,838 $ 78 $ 2 $ 1,508 $ (847 ) $ — $ (725 ) $ 728 $ (805 ) $ 2,777 $ (82 ) Equity securities 407 74 — 73 (169 ) — (82 ) 70 (92 ) 281 (59 ) Non-U.S. sovereign debt 521 122 91 12 (146 ) — (90 ) — — 510 120 Mortgage trading loans, ABS and other MBS 1,868 188 (2 ) 988 (1,491 ) — (344 ) 158 (154 ) 1,211 64 Total trading account assets 5,634 462 91 2,581 (2,653 ) — (1,241 ) 956 (1,051 ) 4,779 43 Net derivative assets (4) (441 ) 285 — 470 (1,155 ) — 76 (186 ) (362 ) (1,313 ) (376 ) AFS debt securities: Non-agency residential MBS 106 — — — (106 ) — — — — — Non-U.S. securities — — (6 ) 584 (92 ) — (263 ) 6 — 229 — Other taxable securities 757 4 (2 ) — — — (83 ) — (82 ) 594 — Tax-exempt securities 569 — (1 ) 1 — — (2 ) 10 (35 ) 542 — Total AFS debt securities 1,432 4 (9 ) 585 (198 ) — (348 ) 16 (117 ) 1,365 — Other debt securities carried at fair value – Non-agency residential MBS 30 (5 ) — — — — — — — 25 — Loans and leases (5, 6) 1,620 (44 ) — 69 (553 ) 50 (194 ) 6 (234 ) 720 17 Mortgage servicing rights (6) 3,087 149 — — (80 ) 411 (820 ) — — 2,747 (107 ) Loans held-for-sale (5) 787 79 50 22 (256 ) — (93 ) 173 (106 ) 656 70 Other assets 374 (13 ) — 38 (111 ) — (52 ) 3 — 239 (36 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (335 ) (11 ) — — — (22 ) 27 (19 ) 1 (359 ) 4 Trading account liabilities – Corporate securities and other (21 ) 5 — — (11 ) — — — — (27 ) 4 Short-term borrowings (5) (30 ) 1 — — — — 29 — — — — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,513 ) (74 ) (20 ) 140 — (521 ) 948 (939 ) 465 (1,514 ) (184 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - primarily trading account profits (losses) and mortgage banking income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. (4) Net derivatives include derivative assets of $3.9 billion and derivative liabilities of $5.2 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. Level 3 – Fair Value Measurements (1) 2015 Gross (Dollars in millions) Balance 2015 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2015 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 3,270 $ (31 ) $ (11 ) $ 1,540 $ (1,616 ) $ — $ (1,122 ) $ 1,570 $ (762 ) $ 2,838 $ (123 ) Equity securities 352 9 — 49 (11 ) — (11 ) 41 (22 ) 407 3 Non-U.S. sovereign debt 574 114 (179 ) 185 (1 ) — (145 ) — (27 ) 521 74 Mortgage trading loans, ABS and other MBS 2,063 154 1 1,250 (1,117 ) — (493 ) 50 (40 ) 1,868 (93 ) Total trading account assets 6,259 246 (189 ) 3,024 (2,745 ) — (1,771 ) 1,661 (851 ) 5,634 (139 ) Net derivative assets (4) (920 ) 1,335 (7 ) 273 (863 ) — (261 ) (40 ) 42 (441 ) 605 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 (5, 6) 1,983 (23 ) — — (4 ) 57 (237 ) 144 (300 ) 1,620 13 Mortgage servicing rights (6) 3,530 187 — — (393 ) 637 (874 ) — — 3,087 (85 ) Loans held-for-sale (5) 173 (51 ) (8 ) 771 (203 ) 61 (61 ) 203 (98 ) 787 (39 ) Other assets 911 (55 ) — 11 (130 ) — (51 ) 10 (322 ) 374 (61 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) — (11 ) — — — (131 ) 217 (411 ) 1 (335 ) — Trading account liabilities – Corporate securities and other (36 ) 19 — 30 (34 ) — — — — (21 ) (3 ) Short-term borrowings (5) — 17 — — — (52 ) 10 (24 ) 19 (30 ) 1 Accrued expenses and other liabilities (5) (10 ) 1 — — — — — — — (9 ) 1 Long-term debt (5) (2,362 ) 287 19 616 — (188 ) 273 (1,592 ) 1,434 (1,513 ) 255 (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - primarily trading account profits (losses) and mortgage banking income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. (4) Net derivatives include derivative assets of $5.1 billion and derivative liabilities of $5.6 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. Level 3 – Fair Value Measurements (1) 2014 Gross (Dollars in millions) Balance 2014 Total Realized/Unrealized Gains/(Losses) (2) Gains in OCI (3) Purchases Sales Issuances Settlements Gross Transfers into Level 3 Gross Transfers Level 3 Balance 2014 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) 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 69 Equity securities 386 — — 104 (86 ) — (16 ) 146 (182 ) 352 (8 ) Non-U.S. sovereign debt 468 30 — 120 (34 ) — (19 ) 11 (2 ) 574 31 Mortgage trading loans, ABS and other MBS 4,631 199 — 1,643 (1,259 ) — (585 ) 39 (2,605 ) 2,063 79 Total trading account assets 9,044 409 — 3,629 (2,323 ) — (1,558 ) 1,471 (4,413 ) 6,259 171 Net derivative assets (4) (224 ) 463 — 823 (1,738 ) — (432 ) 28 160 (920 ) (87 ) AFS debt securities: Non-agency residential MBS — (2 ) — 11 — — — 270 — 279 — Non-U.S. securities 107 (7 ) (11 ) 241 — — (147 ) — (173 ) 10 — Other taxable securities 3,847 9 (8 ) 154 — — (1,381 ) 93 (1,047 ) 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 (5, 6) 3,057 69 — — (3 ) 699 (1,591 ) 25 (273 ) 1,983 76 Mortgage servicing rights (6) 5,042 (1,231 ) — — (61 ) 707 (927 ) — — 3,530 (1,753 ) Loans held-for-sale (5) 929 45 — 59 (725 ) 23 (216 ) 83 (25 ) 173 (4 ) Other assets 1,669 (98 ) — — (430 ) — (245 ) 39 (24 ) 911 52 Trading account liabilities – Corporate securities and other (35 ) 1 — 10 (13 ) — — (9 ) 10 (36 ) 1 Accrued expenses and other liabilities (5) (10 ) 2 — — — (3 ) — — 1 (10 ) 1 Long-term debt (5) (1,990 ) 49 — 169 — (615 ) 540 (1,581 ) 1,066 (2,362 ) (8 ) (1) Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3. (2) Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - trading account profits (losses), mortgage banking income (loss) and other income (loss); Mortgage servicing rights - primarily mortgage banking income (loss); Long-term debt - trading account profits (losses) and other income (loss). (3) Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities. (4) Net derivatives include derivative assets of $6.9 billion and derivative liabilities of $7.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs retained following securitizations or whole-loan sales. |
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, 2016 and 2015 . Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016 (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 $ 1,066 Discounted cash flow, Market comparables Yield 0% to 50% 7 % Trading account assets – Mortgage trading loans, ABS and other MBS 337 Prepayment speed 0% to 27% CPR 14 % Loans and leases 718 Default rate 0% to 3% CDR 2 % Loans held-for-sale 11 Loss severity 0% to 54% 18 % Instruments backed by commercial real estate assets $ 317 Discounted cash flow, Market comparables Yield 0% to 39% 11 % Trading account assets – Corporate securities, trading loans and other 178 Price $0 to $100 $65 Trading account assets – Mortgage trading loans, ABS and other MBS 53 Loans held-for-sale 86 Commercial loans, debt securities and other $ 4,486 Discounted cash flow, Market comparables Yield 1% to 37% 14 % Trading account assets – Corporate securities, trading loans and other 2,565 Prepayment speed 5% to 20% 19 % Trading account assets – Non-U.S. sovereign debt 510 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 821 Loss severity 0% to 50% 19 % AFS debt securities – Other taxable securities 29 Price $0 to $292 $68 Loans and leases 2 Duration 0 to 5 years 3 years Loans held-for-sale 559 Enterprise value/EBITDA multiple 34x n/a Auction rate securities $ 1,141 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 34 AFS debt securities – Other taxable securities 565 AFS debt securities – Tax-exempt securities 542 MSRs $ 2,747 Discounted cash flow, Market comparables Weighted-average life, fixed rate (4) 0 to 15 years 6 years Weighted-average life, variable rate (4) 0 to 14 years 4 years Option Adjusted Spread, fixed rate 9% to 14% 10 % Option Adjusted Spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,514 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 13% to 100% 68 % Long-dated equity volatilities 4% to 76% 26 % Yield 6% to 37% 20 % Price $12 to $87 $73 Duration 0 to 5 years 3 years Net derivative assets Credit derivatives $ (129 ) Discounted cash flow, Stochastic recovery correlation model Yield 0% to 24% 13 % Upfront points 0 points to 100 points 72 points Credit spreads 17 bps to 814 bps 248 bps Credit correlation 21% to 80% 44 % Prepayment speed 10% to 20% CPR 18 % Default rate 1% to 4% CDR 3 % Loss severity 35 % n/a Equity derivatives $ (1,690 ) Industry standard derivative pricing (2) Equity correlation 13% to 100% 68 % Long-dated equity volatilities 4% to 76% 26 % Commodity derivatives $ 6 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $6/MMBtu $4/MMBtu Correlation 66% to 95% 85 % Volatilities 23% to 96% 36 % Interest rate derivatives $ 500 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 99% 56 % Correlation (FX/IR) 0% to 40% 2 % Illiquid IR and long-dated inflation rates -12% to 35% 5 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (1,313 ) (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 200 : Trading account assets – Corporate securities, trading loans and other of $2.8 billion , Trading account assets – Non-U.S. sovereign debt of $510 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.2 billion , AFS debt securities – Other taxable securities of $594 million , AFS debt securities – Tax-exempt securities of $542 million , Loans and leases of $720 million and LHFS of $656 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. (4) The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. 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 Quantitative Information about Level 3 Fair Value Measurements at December 31, 2015 (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 $ 2,017 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans, ABS and other MBS 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, ABS and other MBS 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, ABS and other MBS 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 MSRs $ 3,087 Discounted cash flow, Market comparables Weighted-average life, fixed rate (4) 0 to 15 years 4 years Weighted-average life, variable rate (4) 0 to 16 years 3 years Option Adjusted Spread, fixed rate 3% to 11% 5 % Option Adjusted Spread, variable rate 3% to 11% 8 % Structured liabilities Long-term debt $ (1,513 ) Industry standard derivative pricing (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 201 : 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, ABS and other MBS 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. (4) The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange |
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, 2016 and 2015 . Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016 (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 $ 1,066 Discounted cash flow, Market comparables Yield 0% to 50% 7 % Trading account assets – Mortgage trading loans, ABS and other MBS 337 Prepayment speed 0% to 27% CPR 14 % Loans and leases 718 Default rate 0% to 3% CDR 2 % Loans held-for-sale 11 Loss severity 0% to 54% 18 % Instruments backed by commercial real estate assets $ 317 Discounted cash flow, Market comparables Yield 0% to 39% 11 % Trading account assets – Corporate securities, trading loans and other 178 Price $0 to $100 $65 Trading account assets – Mortgage trading loans, ABS and other MBS 53 Loans held-for-sale 86 Commercial loans, debt securities and other $ 4,486 Discounted cash flow, Market comparables Yield 1% to 37% 14 % Trading account assets – Corporate securities, trading loans and other 2,565 Prepayment speed 5% to 20% 19 % Trading account assets – Non-U.S. sovereign debt 510 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 821 Loss severity 0% to 50% 19 % AFS debt securities – Other taxable securities 29 Price $0 to $292 $68 Loans and leases 2 Duration 0 to 5 years 3 years Loans held-for-sale 559 Enterprise value/EBITDA multiple 34x n/a Auction rate securities $ 1,141 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 34 AFS debt securities – Other taxable securities 565 AFS debt securities – Tax-exempt securities 542 MSRs $ 2,747 Discounted cash flow, Market comparables Weighted-average life, fixed rate (4) 0 to 15 years 6 years Weighted-average life, variable rate (4) 0 to 14 years 4 years Option Adjusted Spread, fixed rate 9% to 14% 10 % Option Adjusted Spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,514 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 13% to 100% 68 % Long-dated equity volatilities 4% to 76% 26 % Yield 6% to 37% 20 % Price $12 to $87 $73 Duration 0 to 5 years 3 years Net derivative assets Credit derivatives $ (129 ) Discounted cash flow, Stochastic recovery correlation model Yield 0% to 24% 13 % Upfront points 0 points to 100 points 72 points Credit spreads 17 bps to 814 bps 248 bps Credit correlation 21% to 80% 44 % Prepayment speed 10% to 20% CPR 18 % Default rate 1% to 4% CDR 3 % Loss severity 35 % n/a Equity derivatives $ (1,690 ) Industry standard derivative pricing (2) Equity correlation 13% to 100% 68 % Long-dated equity volatilities 4% to 76% 26 % Commodity derivatives $ 6 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $6/MMBtu $4/MMBtu Correlation 66% to 95% 85 % Volatilities 23% to 96% 36 % Interest rate derivatives $ 500 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 99% 56 % Correlation (FX/IR) 0% to 40% 2 % Illiquid IR and long-dated inflation rates -12% to 35% 5 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (1,313 ) (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 200 : Trading account assets – Corporate securities, trading loans and other of $2.8 billion , Trading account assets – Non-U.S. sovereign debt of $510 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.2 billion , AFS debt securities – Other taxable securities of $594 million , AFS debt securities – Tax-exempt securities of $542 million , Loans and leases of $720 million and LHFS of $656 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. (4) The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. 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 Quantitative Information about Level 3 Fair Value Measurements at December 31, 2015 (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 $ 2,017 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans, ABS and other MBS 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, ABS and other MBS 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, ABS and other MBS 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 MSRs $ 3,087 Discounted cash flow, Market comparables Weighted-average life, fixed rate (4) 0 to 15 years 4 years Weighted-average life, variable rate (4) 0 to 16 years 3 years Option Adjusted Spread, fixed rate 3% to 11% 5 % Option Adjusted Spread, variable rate 3% to 11% 8 % Structured liabilities Long-term debt $ (1,513 ) Industry standard derivative pricing (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 201 : 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, ABS and other MBS 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. (4) The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units IR = Interest Rate FX = Foreign Exchange |
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 2016 , 2015 and 2014 . Assets Measured at Fair Value on a Nonrecurring Basis December 31 2016 2015 (Dollars in millions) Level 2 Level 3 Level 2 Level 3 Assets Loans held-for-sale $ 193 $ 44 $ 9 $ 33 Loans and leases (1) — 1,416 34 2,739 Foreclosed properties (2, 3) — 77 — 172 Other assets 358 — 88 — Gains (Losses) 2016 2015 2014 Assets Loans held-for-sale $ (54 ) $ (8 ) $ (19 ) Loans and leases (1) (458 ) (993 ) (1,152 ) Foreclosed properties (41 ) (57 ) (66 ) Other assets (74 ) (28 ) (26 ) (1) Includes $150 million of losses on loans that were written down to a collateral value of zero during 2016 compared to losses of $174 million and $370 million in 2015 and 2014 . (2) Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses taken during the first 90 days after transfer of a loan to foreclosed properties. (3) Excludes $1.2 billion and $1.4 billion of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) as of December 31, 2016 and 2015 . |
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, 2016 and 2015 . 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, 2016 (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 $ 1,416 Market comparables OREO discount 8% to 56% 21 % Cost to sell 7% to 45% 9 % December 31, 2015 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 % |
Fair Value Option (Tables)
Fair Value Option (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 . Fair Value Option Elections December 31 2016 2015 (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 $ 49,750 $ 49,615 $ 135 $ 55,143 $ 54,999 $ 144 Loans reported as trading account assets (1) 6,215 11,557 (5,342 ) 4,995 9,214 (4,219 ) Trading inventory – other 8,206 n/a n/a 8,149 n/a n/a Consumer and commercial loans 7,085 7,190 (105 ) 6,938 7,293 (355 ) Loans held-for-sale 4,026 5,595 (1,569 ) 4,818 6,157 (1,339 ) Other assets 253 250 3 275 270 5 Long-term deposits 731 672 59 1,116 1,021 95 Federal funds purchased and securities loaned or sold under agreements to repurchase 35,766 35,929 (163 ) 24,574 24,718 (144 ) Short-term borrowings 2,024 2,024 — 1,325 1,325 — Unfunded loan commitments 173 n/a n/a 658 n/a n/a Long-term debt (2) 30,037 29,862 175 30,097 30,593 (496 ) (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 $29.7 billion and $29.0 billion , and contractual principal outstanding of $29.5 billion and $29.4 billion at December 31, 2016 and 2015 . 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 2016 , 2015 and 2014 . Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option 2016 (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 $ (64 ) $ — $ 1 $ (63 ) Loans reported as trading account assets 301 — — 301 Trading inventory – other (1) 57 — — 57 Consumer and commercial loans 49 — (37 ) 12 Loans held-for-sale (2) 11 518 6 535 Other assets — — 20 20 Long-term deposits 1 — 32 33 Federal funds purchased and securities loaned or sold under agreements to repurchase (22 ) — — (22 ) Unfunded loan commitments — — 487 487 Long-term debt (3, 4) (489 ) — (97 ) (586 ) Total $ (156 ) $ 518 $ 412 $ 774 2015 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 (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 in 2015 relating to DVA on structured liabilities accounted for under the fair value option, unrealized DVA gains (losses) in 2016 and 2015 are recorded in accumulated OCI while realized gains (losses) are recorded in other income (loss); for 2014, 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 own 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) 2016 2015 2014 Loans reported as trading account assets $ 7 $ 37 $ 28 Consumer and commercial loans (53 ) (200 ) 32 Loans held-for-sale (34 ) 37 84 |
Fair Value of Financial Instr55
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are presented in the table below. Fair Value of Financial Instruments December 31, 2016 Fair Value (Dollars in millions) Carrying Value Level 2 Level 3 Total Financial assets Loans $ 873,209 $ 71,793 $ 815,329 $ 887,122 Loans held-for-sale 9,066 8,082 984 9,066 Financial liabilities Deposits 1,260,934 1,261,086 — 1,261,086 Long-term debt 216,823 220,071 1,514 221,585 December 31, 2015 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 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Activity for Residential First Mortgage MSRs | The table below presents activity for residential mortgage and home equity MSRs for 2016 and 2015 . Rollforward of Mortgage Servicing Rights (Dollars in millions) 2016 2015 Balance, January 1 $ 3,087 $ 3,530 Additions 411 637 Sales (80 ) (393 ) Amortization of expected cash flows (1) (820 ) (874 ) Changes in fair value due to changes in inputs and assumptions (2) 149 187 Balance, December 31 (3) $ 2,747 $ 3,087 Mortgage loans serviced for investors (in billions) $ 326 $ 394 (1) Represents the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (2) These amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads, and the shape of the forward swap curve; periodic adjustments to valuation based on third-party price discovery; and periodic adjustments to the valuation model and other cash flow assumptions. (3) At December 31, 2016 , includes the $2.1 billion core MSR portfolio held in Consumer Banking , the $212 million non-core MSR portfolio held in All Other and the $469 million non-U.S. MSR portfolio held in Global Markets compared to $2.3 billion , $355 million and $407 million at December 31, 2015 , respectively. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The tables below present net income (loss) and the components thereto (with net interest income on an FTE basis) for 2016 , 2015 and 2014 , and total assets at December 31, 2016 and 2015 for each business segment, as well as All Other, including a reconciliation of the four 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. Results of Business Segments and All Other At and for the Year Ended December 31 Total Corporation (1) Consumer Banking (Dollars in millions) 2016 2015 2014 2016 2015 2014 Net interest income (FTE basis) $ 41,996 $ 39,847 $ 41,630 $ 21,290 $ 20,428 $ 20,790 Noninterest income 42,605 44,007 45,115 10,441 11,097 11,038 Total revenue, net of interest expense (FTE basis) 84,601 83,854 86,745 31,731 31,525 31,828 Provision for credit losses 3,597 3,161 2,275 2,715 2,346 2,470 Noninterest expense 54,951 57,734 75,656 17,653 18,716 19,390 Income before income taxes (FTE basis) 26,053 22,959 8,814 11,363 10,463 9,968 Income tax expense (FTE basis) 8,147 7,123 3,294 4,190 3,814 3,717 Net income $ 17,906 $ 15,836 $ 5,520 $ 7,173 $ 6,649 $ 6,251 Year-end total assets $ 2,187,702 $ 2,144,287 $ 702,339 $ 645,427 Global Wealth & Investment Management Global Banking 2016 2015 2014 2016 2015 2014 Net interest income (FTE basis) $ 5,759 $ 5,527 $ 5,830 $ 9,942 $ 9,244 $ 9,752 Noninterest income 11,891 12,507 12,573 8,488 8,377 8,514 Total revenue, net of interest expense (FTE basis) 17,650 18,034 18,403 18,430 17,621 18,266 Provision for credit losses 68 51 14 883 686 325 Noninterest expense 13,182 13,943 13,836 8,486 8,481 8,806 Income before income taxes (FTE basis) 4,400 4,040 4,553 9,061 8,454 9,135 Income tax expense (FTE basis) 1,629 1,473 1,698 3,341 3,114 3,353 Net income $ 2,771 $ 2,567 $ 2,855 $ 5,720 $ 5,340 $ 5,782 Year-end total assets $ 298,932 $ 296,271 $ 408,268 $ 386,132 Global Markets All Other 2016 2015 2014 2016 2015 2014 Net interest income (FTE basis) $ 4,558 $ 4,191 $ 3,851 $ 447 $ 457 $ 1,407 Noninterest income 11,532 10,822 12,279 253 1,204 711 Total revenue, net of interest expense (FTE basis) 16,090 15,013 16,130 700 1,661 2,118 Provision for credit losses 31 99 110 (100 ) (21 ) (644 ) Noninterest expense 10,170 11,374 11,989 5,460 5,220 21,635 Income (loss) before income taxes (FTE basis) 5,889 3,540 4,031 (4,660 ) (3,538 ) (18,873 ) Income tax expense (benefit) (FTE basis) 2,072 1,117 1,441 (3,085 ) (2,395 ) (6,915 ) Net income (loss) $ 3,817 $ 2,423 $ 2,590 $ (1,575 ) $ (1,143 ) $ (11,958 ) Year-end total assets $ 566,060 $ 548,790 $ 212,103 $ 267,667 Business Segment Reconciliations 2016 2015 2014 Segments’ total revenue, net of interest expense (FTE basis) $ 83,901 $ 82,193 $ 84,627 Adjustments (2) : ALM activities (286 ) (208 ) 13 Liquidating businesses and other 986 1,869 2,105 FTE basis adjustment (900 ) (889 ) (851 ) Consolidated revenue, net of interest expense $ 83,701 $ 82,965 $ 85,894 Segments’ total net income 19,481 16,979 17,478 Adjustments, net-of-taxes (2) : ALM activities (642 ) (694 ) (262 ) Liquidating businesses and other (933 ) (449 ) (11,696 ) Consolidated net income $ 17,906 $ 15,836 $ 5,520 December 31 2016 2015 Segments’ total assets $ 1,975,599 $ 1,876,620 Adjustments (2) : ALM activities, including securities portfolio 613,058 612,364 Liquidating businesses and other (3) 117,708 144,310 Elimination of segment asset allocations to match liabilities (518,663 ) (489,007 ) Consolidated total assets $ 2,187,702 $ 2,144,287 (1) There were no material intersegment revenues. (2) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. (3) Includes assets of the non-U.S. consumer credit card business which are included in assets of business held for sale on the Consolidated Balance Sheet. |
Parent Company Information (Tab
Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Income Dividends from subsidiaries: Bank holding companies and related subsidiaries $ 4,127 $ 18,970 $ 12,400 Nonbank companies and related subsidiaries 77 53 149 Interest from subsidiaries 2,996 2,004 1,836 Other income (loss) 111 (623 ) 72 Total income 7,311 20,404 14,457 Expense Interest on borrowed funds from related subsidiaries 969 1,169 1,661 Other interest expense 5,096 5,098 5,552 Noninterest expense 2,572 4,747 4,471 Total expense 8,637 11,014 11,684 Income (loss) before income taxes and equity in undistributed earnings of subsidiaries (1,326 ) 9,390 2,773 Income tax benefit (2,263 ) (3,574 ) (4,079 ) Income before equity in undistributed earnings of subsidiaries 937 12,964 6,852 Equity in undistributed earnings (losses) of subsidiaries: Bank holding companies and related subsidiaries 16,817 3,068 4,300 Nonbank companies and related subsidiaries 152 (196 ) (5,632 ) Total equity in undistributed earnings (losses) of subsidiaries 16,969 2,872 (1,332 ) Net income $ 17,906 $ 15,836 $ 5,520 |
Balance Sheet | Condensed Balance Sheet December 31 (Dollars in millions) 2016 2015 Assets Cash held at bank subsidiaries (1) $ 20,248 $ 98,024 Securities 909 937 Receivables from subsidiaries: Bank holding companies and related subsidiaries 117,072 23,594 Banks and related subsidiaries 171 569 Nonbank companies and related subsidiaries 26,500 56,426 Investments in subsidiaries: Bank holding companies and related subsidiaries 287,416 272,567 Nonbank companies and related subsidiaries 6,875 2,402 Other assets 10,672 9,360 Total assets (2) $ 469,863 $ 463,879 Liabilities and shareholders’ equity Short-term borrowings $ — $ 15 Accrued expenses and other liabilities 13,273 13,900 Payables to subsidiaries: Banks and related subsidiaries 352 465 Bank holding companies and related subsidiaries 4,013 — Nonbank companies and related subsidiaries 12,010 13,921 Long-term debt 173,375 179,402 Total liabilities 203,023 207,703 Shareholders’ equity 266,840 256,176 Total liabilities and shareholders’ equity $ 469,863 $ 463,879 (1) Balance includes third-party cash held of $ 342 million and $ 28 million at December 31, 2016 and 2015 . (2) During 2016, the Corporation entered into intercompany arrangements with certain key subsidiaries under which the Corporation transferred certain parent company assets to NB Holdings, Inc. |
Statement of Cash Flows | Condensed Statement of Cash Flows (Dollars in millions) 2016 2015 2014 Operating activities Net income $ 17,906 $ 15,836 $ 5,520 Reconciliation of net income to net cash provided by (used in) operating activities: Equity in undistributed (earnings) losses of subsidiaries (16,969 ) (2,872 ) 1,332 Other operating activities, net (2,944 ) (2,509 ) 2,143 Net cash provided by (used in) operating activities (2,007 ) 10,455 8,995 Investing activities Net sales (purchases) of securities — 15 (142 ) Net payments to subsidiaries (65,481 ) (7,944 ) (5,902 ) Other investing activities, net (308 ) 70 19 Net cash used in investing activities (65,789 ) (7,859 ) (6,025 ) Financing activities Net decrease in short-term borrowings (136 ) (221 ) (55 ) Net increase (decrease) in other advances (44 ) (770 ) 1,264 Proceeds from issuance of long-term debt 27,363 26,492 29,324 Retirement of long-term debt (30,804 ) (27,393 ) (33,854 ) Proceeds from issuance of preferred stock 2,947 2,964 5,957 Common stock repurchased (5,112 ) (2,374 ) (1,675 ) Cash dividends paid (4,194 ) (3,574 ) (2,306 ) Net cash used in financing activities (9,980 ) (4,876 ) (1,345 ) Net increase (decrease) in cash held at bank subsidiaries (77,776 ) (2,280 ) 1,625 Cash held at bank subsidiaries at January 1 98,024 100,304 98,679 Cash held at bank subsidiaries at December 31 $ 20,248 $ 98,024 $ 100,304 |
Performance by Geographical A59
Performance by Geographical Area Performance by Geographical Area (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 U.S. (3) 2016 $ 1,900,678 $ 72,418 $ 22,414 $ 16,267 2015 1,849,099 72,117 20,064 14,637 2014 74,607 5,751 3,992 Asia 2016 85,410 3,365 674 488 2015 86,994 3,524 726 457 2014 3,605 759 473 Europe, Middle East and Africa 2016 174,934 6,608 1,705 925 2015 178,899 6,081 938 516 2014 6,409 1,098 813 Latin America and the Caribbean 2016 26,680 1,310 360 226 2015 29,295 1,243 342 226 2014 1,273 355 242 Total Non-U.S. 2016 287,024 11,283 2,739 1,639 2015 295,188 10,848 2,006 1,199 2014 11,287 2,212 1,528 Total Consolidated 2016 $ 2,187,702 $ 83,701 $ 25,153 $ 17,906 2015 2,144,287 82,965 22,070 15,836 2014 85,894 7,963 5,520 (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. |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Assets [Abstract] | ||
Gross derivative assets | $ 631,100 | $ 688,600 |
Less: Legally enforceable master netting agreements | (545,300) | (596,700) |
Less: Cash collateral received/paid | (43,300) | (41,900) |
Derivative assets | 42,512 | 49,990 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 628,300 | 681,100 |
Less: Legally enforceable master netting agreements | (545,300) | (596,700) |
Less: Cash collateral received/paid | (43,500) | (45,900) |
Derivative liabilities | 39,480 | 38,450 |
Interest Rate Swap | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 16,977,700 | 21,706,800 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 390,900 | 447,000 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 388,900 | 442,000 |
Interest Rate Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 5,609,500 | 6,237,600 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,200 | 1,100 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 2,100 | 1,300 |
Interest Rate Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,146,200 | 1,313,800 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 52,200 | 57,600 |
Interest Rate Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,178,700 | 1,393,300 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 53,300 | 58,900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Foreign Exchange Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,828,600 | 2,149,900 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 58,800 | 50,100 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 65,000 | 55,000 |
Foreign Exchange Spot Future and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 3,410,700 | 4,104,300 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 60,500 | 47,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 57,400 | 46,100 |
Foreign Exchange Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 356,600 | 467,200 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 9,400 | 10,600 |
Foreign Exchange Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 342,400 | 439,900 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 8,900 | 10,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Equity Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 189,700 | 201,200 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 3,400 | 3,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 4,000 | 3,800 |
Equity Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 68,700 | 72,800 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 900 | 2,100 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 900 | 1,200 |
Equity Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 431,500 | 347,600 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 21,400 | 21,100 |
Equity Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 385,500 | 320,300 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 23,900 | 23,800 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Commodity Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 48,200 | 47,000 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,500 | 4,700 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 5,100 | 7,100 |
Commodity Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 49,100 | 45,600 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 3,600 | 3,800 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 500 | 700 |
Commodity Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 29,300 | 36,600 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,900 | 4,400 |
Commodity Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 28,900 | 37,400 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,000 | 4,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Credit Default Swap | Purchased credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 604,000 | 928,300 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 8,100 | 14,400 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 10,300 | 14,800 |
Credit Default Swap | Written credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 614,355 | 924,143 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 10,700 | 15,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 7,463 | 13,124 |
Total return swaps/other | Purchased credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 21,200 | 26,400 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 400 | 200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,500 | 1,900 |
Total return swaps/other | Written credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 25,354 | 39,658 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,000 | 2,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 156 | 422 |
Trading and Other Risk Management Derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 619,300 | 679,100 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 619,300 | 676,800 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 385,000 | 439,600 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 386,900 | 440,800 |
Trading and Other Risk Management Derivatives | Interest Rate Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,200 | 1,100 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 2,100 | 1,300 |
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 | 52,200 | 57,600 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 53,300 | 58,900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Foreign Exchange Swaps | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 54,600 | 49,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 58,800 | 52,200 |
Trading and Other Risk Management Derivatives | Foreign Exchange Spot Future and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 58,800 | 46,000 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 56,600 | 45,800 |
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 | 9,400 | 10,600 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 8,900 | 10,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Equity Swaps | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 3,400 | 3,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 4,000 | 3,800 |
Trading and Other Risk Management Derivatives | Equity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 900 | 2,100 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 900 | 1,200 |
Trading and Other Risk Management Derivatives | Equity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 21,400 | 21,100 |
Trading and Other Risk Management Derivatives | Equity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 23,900 | 23,800 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Commodity Swaps | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,500 | 4,700 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 5,100 | 7,100 |
Trading and Other Risk Management Derivatives | Commodity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 3,600 | 3,800 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 500 | 700 |
Trading and Other Risk Management Derivatives | Commodity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,900 | 4,400 |
Trading and Other Risk Management Derivatives | Commodity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,000 | 4,200 |
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 | 8,100 | 14,400 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 10,300 | 14,800 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 10,700 | 15,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 7,500 | 13,100 |
Trading and Other Risk Management Derivatives | Total return swaps/other | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 400 | 200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,500 | 1,900 |
Trading and Other Risk Management Derivatives | Total return swaps/other | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,000 | 2,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 200 | 400 |
Qualifying Accounting Hedges | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 11,800 | 9,500 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 9,000 | 4,300 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 5,900 | 7,400 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 2,000 | 1,200 |
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 | 4,200 | 900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 6,200 | 2,800 |
Qualifying Accounting Hedges | Foreign Exchange Spot Future and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,700 | 1,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 800 | 300 |
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 |
Summary of Significant Accoun61
Summary of Significant Accounting Principles - Principles of Consolidation and Basis of Presentation (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loans and leases | $ 9,214 | |
Goodwill | 775 | $ 0 |
Available-for-sale securities of business held for sale | 619 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | International Consumer Credit Card Business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loans and leases | 9,200 | |
Allowance for loan and lease losses | 243 | |
Goodwill | 775 | |
Available-for-sale securities of business held for sale | 619 | |
All other assets | $ 305 |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets [Line Items] | ||
Derivative assets, after netting | $ 31,900 | $ 37,900 |
Other gross derivative assets | 10,600 | 12,100 |
Derivative assets | 42,512 | 49,990 |
Less: Financial instruments collateral | (13,500) | (13,900) |
Total net derivative assets | 29,000 | 36,100 |
Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 426,200 | 461,000 |
Less: Legally enforceable master netting agreements and cash collateral received | (398,200) | (426,600) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 12,500 | 11,800 |
Less: Legally enforceable master netting agreements and cash collateral received | (8,900) | (8,700) |
Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 181,800 | 203,700 |
Less: Legally enforceable master netting agreements and cash collateral received | (181,500) | (203,300) |
Interest rate contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 267,300 | 309,300 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 177,200 | 197,000 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 124,300 | 103,200 |
Foreign exchange risk | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 300 | 100 |
Equity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 15,600 | 16,600 |
Equity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 11,400 | 10,000 |
Commodity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 3,700 | 7,300 |
Commodity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 1,100 | 1,800 |
Commodity contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 0 | 100 |
Credit derivatives | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 43 | 24 |
Credit derivatives | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 15,300 | 24,600 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | $ 4,300 | $ 6,500 |
Summary of Significant Accoun63
Summary of Significant Accounting Principles - Change in Accounting Estimate (Details) - Nonrefundable Fees and Other Costs, Prepayment Method - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Accounting Estimate [Line Items] | |||
Increase (decrease) in net interest income | $ (141) | $ 989 | |
Increase (decrease) in gains on sales of debt securities | 47 | 127 | |
Increase (decrease) in net income | $ (52) | $ 687 | |
Increase (decrease) in earnings per diluted share (in dollars per share) | $ 0 | $ 0.06 | |
Cumulative effect of change in retained earnings | $ (980) |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, after netting | $ 28,600 | $ 27,200 |
Other gross derivative liabilities | 10,900 | 11,300 |
Derivative liabilities | 39,480 | 38,450 |
Less: Financial instruments collateral | (10,500) | (6,500) |
Total net derivative liabilities | 29,000 | 32,000 |
Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 418,200 | 450,500 |
Less: Legally enforceable master netting agreements and cash collateral paid | (392,600) | (425,700) |
Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 11,800 | 11,000 |
Less: Legally enforceable master netting agreements and cash collateral paid | (8,900) | (8,700) |
Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 187,400 | 208,300 |
Less: Legally enforceable master netting agreements and cash collateral paid | (187,300) | (208,200) |
Interest rate contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 258,200 | 297,200 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 182,800 | 201,700 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 126,700 | 107,500 |
Foreign exchange risk | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 300 | 100 |
Equity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 13,700 | 14,000 |
Equity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 10,800 | 9,200 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 4,900 | 8,900 |
Commodity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1,000 | 1,800 |
Commodity contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 0 | 100 |
Credit derivatives | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 10 | 29 |
Credit derivatives | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 14,700 | 22,900 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | $ 4,300 | $ 6,400 |
Summary of Significant Accoun65
Summary of Significant Accounting Principles - Collateral (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Securities held as collateral, fair value | $ 452.1 | $ 458.9 |
Securities received as collateral, amount re-pledged and sold | $ 372 | $ 383.5 |
Derivatives - Derivatives Desig
Derivatives - Derivatives Designated as Accounting Hedges - Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | $ (2,219) | $ (2,496) | $ (82) |
Hedged Item | 1,321 | 1,597 | (827) |
Hedge Ineffectiveness | (898) | (899) | (909) |
Interest rate risk on long-term debt | Interest expense | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | (1,488) | (718) | 2,144 |
Hedged Item | 646 | (77) | (2,935) |
Hedge Ineffectiveness | (842) | (795) | (791) |
Interest rate and foreign currency risk on long-term debt | Interest expense | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | (941) | (1,898) | (2,212) |
Hedged Item | 944 | 1,812 | 2,120 |
Hedge Ineffectiveness | 3 | (86) | (92) |
Interest rate risk on AFS securities | Interest income | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | 227 | 105 | (35) |
Hedged Item | (286) | (127) | 3 |
Hedge Ineffectiveness | (59) | (22) | (32) |
Price risk on commodity inventory | Trading gain (loss) | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | (17) | 15 | 21 |
Hedged Item | 17 | (11) | (15) |
Hedge Ineffectiveness | $ 0 | $ 4 | $ 6 |
Summary of Significant Accoun67
Summary of Significant Accounting Principles - Loans and Leases (Details) - portfolio_segment | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 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 | 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 |
Derivatives - Derivatives Des68
Derivatives - Derivatives Designated as Accounting Hedges - Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ (299) | $ 55 | $ 195 |
Gains (Losses) in Income Reclassified from Accumulated OCI | (585) | (883) | (760) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | 1 | (2) | (4) |
Interest rate risk on variable-rate portfolios | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (340) | 95 | 68 |
Gains (Losses) in Income Reclassified from Accumulated OCI | (553) | (974) | (1,119) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | 1 | (2) | (4) |
Price risk on restricted stock awards | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 41 | (40) | 127 |
Gains (Losses) in Income Reclassified from Accumulated OCI | (32) | 91 | 359 |
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 | 1,636 | 3,010 | 3,021 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 3 | 153 | 21 |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | $ (325) | $ (298) | $ (503) |
Summary of Significant Accoun69
Summary of Significant Accounting Principles - Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 |
Derivatives - Economic Hedges (
Derivatives - Economic Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | $ 5 | $ 11 | $ (9) |
Interest rate lock commitments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | 533 | 714 | 776 |
Mortgage banking income | Interest rate risk on mortgage banking income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | 461 | 254 | 1,017 |
Other income | Credit risk on loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | (107) | (22) | 16 |
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 | (754) | (222) | (3,683) |
Personnel expense | Price risk on restricted stock awards | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | $ 9 | $ (267) | $ 600 |
Summary of Significant Accoun71
Summary of Significant Accounting Principles - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Period uncollected fees are written off for credit receivables | 180 days |
Period uncollected fees are written off | 60 days |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | $ 6,902 | $ 6,473 | $ 6,309 |
Brokerage commissions and asset management fee revenue | Global Markets | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 2,100 | 2,200 | 2,200 |
Trading Securities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 13,206 | 12,022 | 12,710 |
Trading Securities | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 6,550 | 6,109 | 6,026 |
Trading Securities | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 3,969 | 3,633 | 3,314 |
Trading Securities | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 2,687 | 2,280 | 3,370 |
Trading Securities | Interest rate risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 3,309 | 2,344 | 2,395 |
Trading Securities | Interest rate risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,608 | 1,300 | 983 |
Trading Securities | Interest rate risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,397 | 1,307 | 946 |
Trading Securities | Interest rate risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 304 | (263) | 466 |
Trading Securities | Foreign exchange risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,196 | 1,195 | 1,056 |
Trading Securities | Foreign exchange risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,360 | 1,322 | 1,177 |
Trading Securities | Foreign exchange risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | (10) | (10) | 7 |
Trading Securities | Foreign exchange risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | (154) | (117) | (128) |
Trading Securities | Equity risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 4,002 | 4,317 | 4,182 |
Trading Securities | Equity risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,915 | 2,115 | 1,954 |
Trading Securities | Equity risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 15 | 56 | (79) |
Trading Securities | Equity risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 2,072 | 2,146 | 2,307 |
Trading Securities | Credit risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 4,270 | 3,723 | 4,584 |
Trading Securities | Credit risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,258 | 910 | 1,404 |
Trading Securities | Credit risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 2,587 | 2,361 | 2,563 |
Trading Securities | Credit risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 425 | 452 | 617 |
Trading Securities | Other risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 429 | 443 | 493 |
Trading Securities | Other risk | Trading Account Profits | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 409 | 462 | 508 |
Trading Securities | Other risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | (20) | (81) | (123) |
Trading Securities | Other risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | $ 40 | $ 62 | $ 108 |
Summary of Significant Accoun73
Summary of Significant Accounting Principles - Credit Card and Deposit Arrangements (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Endorsing organization agreements, term (five years or more) | 5 years |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Value of Derivatives [Abstract] | ||
Total | $ 628,300 | $ 681,100 |
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 70 | 328 |
One to Three Years | 34 | 175 |
Three to Five Years | 602 | 561 |
Over Five Years | 2,741 | 3,467 |
Total | 3,447 | 4,531 |
Credit Default Swap | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 781 | 756 |
One to Three Years | 1,117 | 3,516 |
Three to Five Years | 1,443 | 4,589 |
Over Five Years | 4,122 | 4,263 |
Total | 7,463 | 13,124 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 205,838 | 230,773 |
One to Three Years | 210,360 | 416,508 |
Three to Five Years | 157,541 | 232,289 |
Over Five Years | 40,616 | 44,573 |
Total | 614,355 | 924,143 |
Total return swaps/other | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 143 | 176 |
One to Three Years | 10 | 236 |
Three to Five Years | 2 | 8 |
Over Five Years | 1 | 2 |
Total | 156 | 422 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 19,430 | 30,675 |
One to Three Years | 5,127 | 6,989 |
Three to Five Years | 589 | 1,371 |
Over Five Years | 208 | 623 |
Total | 25,354 | 39,658 |
Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 924 | 932 |
One to Three Years | 1,127 | 3,752 |
Three to Five Years | 1,445 | 4,597 |
Over Five Years | 4,123 | 4,265 |
Total | 7,619 | 13,546 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 225,268 | 261,448 |
One to Three Years | 215,487 | 423,497 |
Three to Five Years | 158,130 | 233,660 |
Over Five Years | 40,824 | 45,196 |
Total | 639,709 | 963,801 |
Investment grade | ||
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 0 | 267 |
One to Three Years | 12 | 57 |
Three to Five Years | 542 | 444 |
Over Five Years | 1,423 | 2,203 |
Total | 1,977 | 2,971 |
Investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 10 | 84 |
One to Three Years | 64 | 481 |
Three to Five Years | 535 | 2,203 |
Over Five Years | 783 | 680 |
Total | 1,392 | 3,448 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 121,083 | 149,177 |
One to Three Years | 143,200 | 280,658 |
Three to Five Years | 116,540 | 178,990 |
Over Five Years | 21,905 | 26,352 |
Total | 402,728 | 635,177 |
Investment grade | Total return swaps/other | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 16 | 5 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 16 | 5 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 12,792 | 9,758 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 12,792 | 9,758 |
Non-investment grade | ||
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 70 | 61 |
One to Three Years | 22 | 118 |
Three to Five Years | 60 | 117 |
Over Five Years | 1,318 | 1,264 |
Total | 1,470 | 1,560 |
Non-investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 771 | 672 |
One to Three Years | 1,053 | 3,035 |
Three to Five Years | 908 | 2,386 |
Over Five Years | 3,339 | 3,583 |
Total | 6,071 | 9,676 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 84,755 | 81,596 |
One to Three Years | 67,160 | 135,850 |
Three to Five Years | 41,001 | 53,299 |
Over Five Years | 18,711 | 18,221 |
Total | 211,627 | 288,966 |
Non-investment grade | Total return swaps/other | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 127 | 171 |
One to Three Years | 10 | 236 |
Three to Five Years | 2 | 8 |
Over Five Years | 1 | 2 |
Total | 140 | 417 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 6,638 | 20,917 |
One to Three Years | 5,127 | 6,989 |
Three to Five Years | 589 | 1,371 |
Over Five Years | 208 | 623 |
Total | $ 12,562 | $ 29,900 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Dec. 31, 2016USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 498 |
Additional collateral required to be posted upon downgrade, second incremental notch | 866 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 691 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 1,324 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 459 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 1,026 |
Bank of America, N.A. | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 310 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 492 |
Derivatives - Derivative Valuat
Derivatives - Derivative Valuation Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross | |||
Valuation adjustments on derivative assets, gross | $ 374 | $ 255 | $ (22) |
Funding valuation adjustment on derivative asset, gross | 186 | 16 | (497) |
Valuation adjustments on derivative liabilities, gross | 24 | (18) | (28) |
Net | |||
Valuation adjustments on derivative assets, net | 214 | 227 | 191 |
Funding valuation adjustment on derivative asset, net | 102 | 16 | (497) |
Valuation adjustments on derivative liabilities, net | (141) | (153) | (150) |
Cumulative credit valuation adjustment | 1,000 | 1,400 | 1,600 |
Cumulative funding valuation adjustment | 296 | 481 | 497 |
Cumulative debit valuation adjustment | $ 774 | $ 750 | $ 769 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||||
Shareholders’ equity | $ 266,840 | $ 256,176 | $ 243,476 | $ 232,475 |
Net losses in AOCI expected to be reclassified, after tax | 128 | |||
Net losses in AOCI expected to be reclassified | $ 206 | |||
Terminated cash flow hedges, forecasted transaction hedging period | 7 years | |||
Terminated cash flow hedges, maximum forecasted transaction hedging period | 20 years | |||
Credit derivatives | ||||
Derivative [Line Items] | ||||
Derivative asset | $ 43 | 24 | ||
Derivative liability | 10 | 29 | ||
Cash and securities held as collateral | 85,500 | 78,900 | ||
Cash and securities collateral posted | 71,100 | 62,700 | ||
Collateral not yet posted | 1,800 | |||
Aggregate fair value of derivative liability | 46 | 69 | ||
Credit derivatives | Bank of America, N.A. | ||||
Derivative [Line Items] | ||||
Collateral not yet posted | 1,000 | |||
Credit derivatives | Purchased credit derivatives | ||||
Derivative [Line Items] | ||||
Carrying value of written credit derivatives | 4,700 | 8,200 | ||
Notional amount of written credit derivatives | 490,700 | 706,000 | ||
Foreign Mortgage-backed Securities and Foreign Securities | ||||
Derivative [Line Items] | ||||
Transfer of mortgage-backed securities to third-party trust | 6,600 | 7,900 | ||
Gross cash proceeds from transfer of securities | 6,600 | 7,900 | ||
Fair value of securities transferred | 6,300 | 7,200 | ||
Derivatives | ||||
Derivative [Line Items] | ||||
Shareholders’ equity | (895) | $ (1,077) | $ (1,661) | $ (2,277) |
Accumulated Other Comprehensive Income (Loss) before tax | $ (1,400) |
Securities - Amortized Cost, Ga
Securities - Amortized Cost, Gains and Losses, and Fair Value Available-for-sale (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale Debt Securities: | ||||
Amortized Cost | $ 305,750 | |||
Amortized Cost | $ 296,579 | |||
Gross Unrealized Gains | 1,280 | 1,813 | ||
Gross Unrealized Losses | (3,300) | (1,790) | ||
Debt securities carried at fair value | 305,773 | |||
Fair Value | 294,559 | |||
Less: Available-for-sale securities of business held for sale | (619) | |||
Other Debt Securities, Carried at Fair Value: | ||||
Amortized Cost | 19,748 | 16,678 | ||
Gross Unrealized Gains | 121 | 103 | ||
Gross Unrealized Losses | (149) | (174) | ||
Fair Value | 19,720 | 16,607 | ||
Debt securities carried at fair value: | ||||
Amortized Cost | 315,708 | 322,428 | ||
Gross Unrealized Gains | 1,401 | 1,916 | ||
Gross Unrealized Losses | 3,449 | 1,964 | ||
Debt securities carried at fair value | 313,660 | 322,380 | ||
Held-to-maturity Securities: | ||||
Amortized Cost | 117,071 | 84,508 | ||
Gross Unrealized Gains | 248 | 330 | ||
Gross Unrealized Losses | (2,034) | (792) | ||
Held-to-maturity, fair value | 115,285 | 84,046 | ||
Debt securities: | ||||
Amortized Cost | 432,779 | 406,936 | ||
Gross Unrealized Gains | 1,649 | 2,246 | ||
Gross Unrealized Losses | 5,483 | 2,756 | ||
Fair Value | 428,945 | 406,426 | ||
Available-for-sale Equity Securities: | ||||
Shareholders’ equity | 266,840 | 256,176 | $ 243,476 | $ 232,475 |
Nonperforming Financing Receivable | ||||
Available-for-sale Debt Securities: | ||||
Debt securities carried at fair value | 121 | 188 | ||
FNMA | ||||
Debt securities carried at fair value: | ||||
Amortized Cost | 156,400 | 145,800 | ||
Debt securities carried at fair value | 154,400 | 145,500 | ||
FHLMC | ||||
Debt securities carried at fair value: | ||||
Amortized Cost | 48,700 | 53,300 | ||
Debt securities carried at fair value | 48,300 | 53,200 | ||
Other assets | ||||
Available-for-sale Equity Securities: | ||||
Amortized Cost | 325 | 326 | ||
Gross Unrealized Gains | 51 | 99 | ||
Gross Unrealized Losses | (1) | 0 | ||
Fair Value | 375 | 425 | ||
Agency | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 190,809 | 229,356 | ||
Gross Unrealized Gains | 640 | 1,061 | ||
Gross Unrealized Losses | (1,963) | (1,470) | ||
Debt securities carried at fair value | 189,486 | 228,947 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 189,486 | |||
Agency-collateralized mortgage obligations | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 8,296 | 10,892 | ||
Gross Unrealized Gains | 85 | 148 | ||
Gross Unrealized Losses | (51) | (55) | ||
Debt securities carried at fair value | 8,330 | 10,985 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 5 | 7 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 8,335 | |||
Commercial | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 12,594 | 7,200 | ||
Gross Unrealized Gains | 21 | 30 | ||
Gross Unrealized Losses | (293) | (65) | ||
Debt securities carried at fair value | 12,322 | 7,165 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 12,322 | |||
Non-agency residential | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 1,863 | 3,031 | ||
Gross Unrealized Gains | 181 | 219 | ||
Gross Unrealized Losses | (31) | (71) | ||
Debt securities carried at fair value | 2,013 | 3,179 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 3,139 | $ 3,490 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | $ 5,152 | |||
Non-agency residential | Prime | ||||
Available-for-sale Equity Securities: | ||||
Available-for-sale securities, percent held by rating | 60.00% | 71.00% | ||
Non-agency residential | Alt-A | ||||
Available-for-sale Equity Securities: | ||||
Available-for-sale securities, percent held by rating | 19.00% | 15.00% | ||
Non-agency residential | Subprime | ||||
Available-for-sale Equity Securities: | ||||
Available-for-sale securities, percent held by rating | 21.00% | 14.00% | ||
Mortgage-backed securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | $ 213,562 | $ 250,479 | ||
Gross Unrealized Gains | 927 | 1,458 | ||
Gross Unrealized Losses | (2,338) | (1,661) | ||
Debt securities carried at fair value | 212,151 | 250,276 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 3,144 | 3,497 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 215,295 | |||
U.S. Treasury and agency securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 48,800 | 25,075 | ||
Gross Unrealized Gains | 204 | 211 | ||
Gross Unrealized Losses | (752) | (9) | ||
Debt securities carried at fair value | 48,252 | 25,277 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 48,252 | |||
Non-U.S. securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 5,743 | |||
Amortized Cost | 6,372 | |||
Gross Unrealized Gains | 13 | 27 | ||
Gross Unrealized Losses | (3) | (3) | ||
Debt securities carried at fair value | 5,767 | |||
Fair Value | 6,382 | |||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 16,336 | 12,843 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 22,718 | |||
Other taxable securities, substantially all asset-backed securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 10,573 | 10,475 | ||
Gross Unrealized Gains | 64 | 54 | ||
Gross Unrealized Losses | (23) | (84) | ||
Debt securities carried at fair value | 10,614 | 10,445 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 240 | 267 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 10,854 | |||
Total taxable securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 291,772 | |||
Amortized Cost | 279,307 | |||
Gross Unrealized Gains | 1,208 | 1,750 | ||
Gross Unrealized Losses | (3,116) | (1,757) | ||
Debt securities carried at fair value | 291,765 | |||
Fair Value | 277,399 | |||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 297,119 | |||
Tax-exempt securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 17,272 | 13,978 | ||
Gross Unrealized Gains | 72 | 63 | ||
Gross Unrealized Losses | (184) | (33) | ||
Debt securities carried at fair value | 17,160 | 14,008 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 17,160 | |||
Debt securities | ||||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 314,279 | |||
Available-for-sale Equity Securities: | ||||
Accumulated other comprehensive income tax benefit | (721) | |||
Debt securities | Available-for-sale debt securities | ||||
Available-for-sale Equity Securities: | ||||
Shareholders’ equity | $ (1,299) | $ 16 | $ 1,641 | $ (2,487) |
Securities - Other Debt Securit
Securities - Other Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | $ 19,720 | $ 16,607 |
Agency-collateralized mortgage obligations | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 5 | 7 |
Non-agency residential | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 3,139 | 3,490 |
Mortgage-backed securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 3,144 | 3,497 |
Non-U.S. securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 16,336 | 12,843 |
Other taxable securities, substantially all asset-backed securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 240 | 267 |
Other income | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Unrealized mark-to-market net gains (losses) | 51 | 62 |
Realized net gains (losses) | $ (128) | $ (324) |
Securities - Gains and Losses o
Securities - Gains and Losses on Sales of AFS Debt Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Net gains on sales of AFS debt securities | $ 490 | $ 1,138 | $ 1,481 |
Debt securities | |||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Gross gains | 520 | 1,174 | 1,504 |
Gross losses | (30) | (36) | (23) |
Net gains on sales of AFS debt securities | 490 | 1,138 | 1,481 |
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ 186 | $ 432 | $ 563 |
Securities - Temporarily Impair
Securities - Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | $ 181,821 | $ 134,167 |
Less than Twelve Months, Gross Unrealized Losses | (3,072) | (1,274) |
Twelve Months or Longer, Fair Value | 8,856 | 18,186 |
Twelve Months or Longer, Gross Unrealized Losses | (228) | (516) |
Total, Fair Value | 190,677 | 152,353 |
Total, Gross Unrealized Losses | (3,300) | (1,790) |
Temporarily impaired AFS debt securities | Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 181,727 | 133,686 |
Less than Twelve Months, Gross Unrealized Losses | (3,071) | (1,255) |
Twelve Months or Longer, Fair Value | 8,455 | 18,088 |
Twelve Months or Longer, Gross Unrealized Losses | (212) | (502) |
Total, Fair Value | 190,182 | 151,774 |
Total, Gross Unrealized Losses | (3,283) | (1,757) |
Temporarily impaired AFS debt securities | Agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 135,210 | 115,502 |
Less than Twelve Months, Gross Unrealized Losses | (1,846) | (1,082) |
Twelve Months or Longer, Fair Value | 3,770 | 13,083 |
Twelve Months or Longer, Gross Unrealized Losses | (117) | (388) |
Total, Fair Value | 138,980 | 128,585 |
Total, Gross Unrealized Losses | (1,963) | (1,470) |
Temporarily impaired AFS debt securities | Agency-collateralized mortgage obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 3,229 | 2,536 |
Less than Twelve Months, Gross Unrealized Losses | (25) | (19) |
Twelve Months or Longer, Fair Value | 1,028 | 1,212 |
Twelve Months or Longer, Gross Unrealized Losses | (26) | (36) |
Total, Fair Value | 4,257 | 3,748 |
Total, Gross Unrealized Losses | (51) | (55) |
Temporarily impaired AFS debt securities | Commercial | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 9,018 | 4,587 |
Less than Twelve Months, Gross Unrealized Losses | (293) | (65) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 9,018 | 4,587 |
Total, Gross Unrealized Losses | (293) | (65) |
Temporarily impaired AFS debt securities | Non-agency residential | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 212 | 553 |
Less than Twelve Months, Gross Unrealized Losses | (1) | (5) |
Twelve Months or Longer, Fair Value | 204 | 723 |
Twelve Months or Longer, Gross Unrealized Losses | (13) | (33) |
Total, Fair Value | 416 | 1,276 |
Total, Gross Unrealized Losses | (14) | (38) |
Temporarily impaired AFS debt securities | Mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 147,669 | 123,178 |
Less than Twelve Months, Gross Unrealized Losses | (2,165) | (1,171) |
Twelve Months or Longer, Fair Value | 5,002 | 15,018 |
Twelve Months or Longer, Gross Unrealized Losses | (156) | (457) |
Total, Fair Value | 152,671 | 138,196 |
Total, Gross Unrealized Losses | (2,321) | (1,628) |
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 | 28,462 | 1,172 |
Less than Twelve Months, Gross Unrealized Losses | (752) | (5) |
Twelve Months or Longer, Fair Value | 0 | 190 |
Twelve Months or Longer, Gross Unrealized Losses | 0 | (4) |
Total, Fair Value | 28,462 | 1,362 |
Total, Gross Unrealized Losses | (752) | (9) |
Temporarily impaired AFS debt securities | Non-U.S. securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 52 | 0 |
Less than Twelve Months, Gross Unrealized Losses | (1) | 0 |
Twelve Months or Longer, Fair Value | 142 | 134 |
Twelve Months or Longer, Gross Unrealized Losses | (2) | (3) |
Total, Fair Value | 194 | 134 |
Total, Gross Unrealized Losses | (3) | (3) |
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 | 762 | 4,936 |
Less than Twelve Months, Gross Unrealized Losses | (5) | (67) |
Twelve Months or Longer, Fair Value | 1,438 | 869 |
Twelve Months or Longer, Gross Unrealized Losses | (18) | (17) |
Total, Fair Value | 2,200 | 5,805 |
Total, Gross Unrealized Losses | (23) | (84) |
Temporarily impaired AFS debt securities | Total taxable securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 176,945 | 129,286 |
Less than Twelve Months, Gross Unrealized Losses | (2,923) | (1,243) |
Twelve Months or Longer, Fair Value | 6,582 | 16,211 |
Twelve Months or Longer, Gross Unrealized Losses | (176) | (481) |
Total, Fair Value | 183,527 | 145,497 |
Total, Gross Unrealized Losses | (3,099) | (1,724) |
Temporarily impaired AFS debt securities | Tax-exempt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 4,782 | 4,400 |
Less than Twelve Months, Gross Unrealized Losses | (148) | (12) |
Twelve Months or Longer, Fair Value | 1,873 | 1,877 |
Twelve Months or Longer, Gross Unrealized Losses | (36) | (21) |
Total, Fair Value | 6,655 | 6,277 |
Total, Gross Unrealized Losses | (184) | (33) |
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 | 94 | 481 |
Less than Twelve Months, Gross Unrealized Losses | (1) | (19) |
Twelve Months or Longer, Fair Value | 401 | 98 |
Twelve Months or Longer, Gross Unrealized Losses | (16) | (14) |
Total, Fair Value | 495 | 579 |
Total, Gross Unrealized Losses | $ (17) | $ (33) |
Securities - Net Credit-related
Securities - Net Credit-related Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities [Abstract] | |||
Total OTTI losses | $ (31) | $ (111) | $ (30) |
Less: non-credit portion of total OTTI losses recognized in OCI | 12 | 30 | 14 |
Net credit-related impairment losses recognized in earnings | $ (19) | $ (81) | $ (16) |
Securities - Rollforward of Cre
Securities - Rollforward of Credit Losses Recognized (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rollforward of OTTI Credit Losses Recognized | |||
Balance, January 1 | $ 266 | $ 200 | $ 184 |
Additions for credit losses recognized on AFS debt securities that had no previous impairment losses | 2 | 52 | 14 |
Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses | 17 | 29 | 2 |
Reductions for AFS debt securities matured, sold or intended to be sold | (32) | (15) | 0 |
Balance, December 31 | $ 253 | $ 266 | $ 200 |
Securities - Significant Assump
Securities - Significant Assumptions (Details) - Non-agency residential | Dec. 31, 2016 |
Weighted Average | |
Significant Assumptions: | |
Prepayment speed | 13.80% |
Loss severity | 20.10% |
Life default rate | 20.40% |
Weighted Average | Prime | |
Significant Assumptions: | |
Loss severity | 17.00% |
Life default rate | 13.90% |
Weighted Average | Alt-A | |
Significant Assumptions: | |
Loss severity | 18.80% |
Life default rate | 21.70% |
Weighted Average | Subprime | |
Significant Assumptions: | |
Loss severity | 30.40% |
Life default rate | 20.90% |
10th Percentile | |
Significant Assumptions: | |
Prepayment speed | 4.60% |
Loss severity | 8.80% |
Life default rate | 0.70% |
90th Percentile | |
Significant Assumptions: | |
Prepayment speed | 27.00% |
Loss severity | 36.50% |
Life default rate | 77.40% |
Securities - Maturities of Debt
Securities - Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due in One Year or Less, Yield | 0.00% | |
Due after One Year through Five Years, Amount | $ 26 | |
Due after One Year through Five Years, Yield | 4.01% | |
Due after Five Years through Ten Years, Amount | $ 971 | |
Due after Five Years though Ten Years, Yield | 2.32% | |
Due after Ten Years, Amount | $ 116,074 | |
Due after Ten Years, Yield | 3.01% | |
Amortized Cost | $ 117,071 | $ 84,508 |
Total, Yield | 3.01% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt securities carried at fair value | $ 313,660 | 322,380 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in One Year or Less, Amount | 0 | |
Due after One Year through Five Years, Amount | 26 | |
Due after Five Years though Ten Years, Amount | 959 | |
Due after Ten Years, Amount | 114,300 | |
Held-to-maturity Securities, Fair Value | 115,285 | $ 84,046 |
Available-for-sale securities of business held for sale | $ 619 | |
Maturity period | 1 year | |
Available-for-sale debt securities of business held for sale, average yield | 0.21% | |
Agency | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 2 | |
Due in One Year or Less, Yield | 4.50% | |
Due after One Year through Five Years, Amount | $ 47 | |
Due after One Year through Five Years, Yield | 4.45% | |
Due after Five Years though Ten Years, Amount | $ 381 | |
Due after Five Years though Ten Years, Yield | 2.56% | |
Due after Ten Years, Amount | $ 190,379 | |
Due after Ten Years, Yield | 3.23% | |
Total, Amount | $ 190,809 | |
Total, Yield | 3.23% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 2 | |
Due after One Year through Five Years, Amount | 48 | |
Due after Five Years though Ten Years, Amount | 382 | |
Due after Ten Years, Amount | 189,054 | |
Debt securities carried at fair value | 189,486 | |
Agency-collateralized mortgage obligations | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due in One Year or Less, Yield | 0.00% | |
Due after One Year through Five Years, Amount | $ 0 | |
Due after One Year through Five Years, Yield | 0.00% | |
Due after Five Years though Ten Years, Amount | $ 0 | |
Due after Five Years though Ten Years, Yield | 0.00% | |
Due after Ten Years, Amount | $ 8,300 | |
Due after Ten Years, Yield | 3.18% | |
Total, Amount | $ 8,300 | |
Total, Yield | 3.18% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due after One Year through Five Years, Amount | 0 | |
Due after Five Years though Ten Years, Amount | 0 | |
Due after Ten Years, Amount | 8,335 | |
Debt securities carried at fair value | 8,335 | |
Commercial | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 48 | |
Due in One Year or Less, Yield | 8.60% | |
Due after One Year through Five Years, Amount | $ 558 | |
Due after One Year through Five Years, Yield | 1.96% | |
Due after Five Years though Ten Years, Amount | $ 11,632 | |
Due after Five Years though Ten Years, Yield | 2.47% | |
Due after Ten Years, Amount | $ 356 | |
Due after Ten Years, Yield | 2.58% | |
Total, Amount | $ 12,594 | |
Total, Yield | 2.47% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 48 | |
Due after One Year through Five Years, Amount | 559 | |
Due after Five Years though Ten Years, Amount | 11,378 | |
Due after Ten Years, Amount | 337 | |
Debt securities carried at fair value | 12,322 | |
Non-agency residential | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due in One Year or Less, Yield | 0.00% | |
Due after One Year through Five Years, Amount | $ 0 | |
Due after One Year through Five Years, Yield | 0.00% | |
Due after Five Years though Ten Years, Amount | $ 12 | |
Due after Five Years though Ten Years, Yield | 0.01% | |
Due after Ten Years, Amount | $ 5,016 | |
Due after Ten Years, Yield | 8.50% | |
Total, Amount | $ 5,028 | |
Total, Yield | 8.48% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 0 | |
Due after One Year through Five Years, Amount | 0 | |
Due after Five Years though Ten Years, Amount | 19 | |
Due after Ten Years, Amount | 5,133 | |
Debt securities carried at fair value | 5,152 | |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 50 | |
Due in One Year or Less, Yield | 8.32% | |
Due after One Year through Five Years, Amount | $ 605 | |
Due after One Year through Five Years, Yield | 2.15% | |
Due after Five Years though Ten Years, Amount | $ 12,025 | |
Due after Five Years though Ten Years, Yield | 2.46% | |
Due after Ten Years, Amount | $ 204,051 | |
Due after Ten Years, Yield | 3.36% | |
Total, Amount | $ 216,731 | |
Total, Yield | 3.31% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 50 | |
Due after One Year through Five Years, Amount | 607 | |
Due after Five Years though Ten Years, Amount | 11,779 | |
Due after Ten Years, Amount | 202,859 | |
Debt securities carried at fair value | 215,295 | |
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 | $ 517 | |
Due in One Year or Less, Yield | 0.47% | |
Due after One Year through Five Years, Amount | $ 34,898 | |
Due after One Year through Five Years, Yield | 1.57% | |
Due after Five Years though Ten Years, Amount | $ 13,234 | |
Due after Five Years though Ten Years, Yield | 1.58% | |
Due after Ten Years, Amount | $ 151 | |
Due after Ten Years, Yield | 5.42% | |
Total, Amount | $ 48,800 | |
Total, Yield | 1.57% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 517 | |
Due after One Year through Five Years, Amount | 34,784 | |
Due after Five Years though Ten Years, Amount | 12,788 | |
Due after Ten Years, Amount | 163 | |
Debt securities carried at fair value | 48,252 | |
Non-U.S. securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 21,164 | |
Due in One Year or Less, Yield | 0.25% | |
Due after One Year through Five Years, Amount | $ 1,097 | |
Due after One Year through Five Years, Yield | 1.92% | |
Due after Five Years though Ten Years, Amount | $ 206 | |
Due after Five Years though Ten Years, Yield | 1.30% | |
Due after Ten Years, Amount | $ 240 | |
Due after Ten Years, Yield | 6.60% | |
Total, Amount | $ 22,707 | |
Total, Yield | 0.41% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 21,165 | |
Due after One Year through Five Years, Amount | 1,100 | |
Due after Five Years though Ten Years, Amount | 208 | |
Due after Ten Years, Amount | 245 | |
Debt securities carried at fair value | 22,718 | |
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 | $ 2,040 | |
Due in One Year or Less, Yield | 1.77% | |
Due after One Year through Five Years, Amount | $ 5,102 | |
Due after One Year through Five Years, Yield | 1.63% | |
Due after Five Years though Ten Years, Amount | $ 2,279 | |
Due after Five Years though Ten Years, Yield | 2.71% | |
Due after Ten Years, Amount | $ 1,396 | |
Due after Ten Years, Yield | 3.18% | |
Total, Amount | $ 10,817 | |
Total, Yield | 2.08% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 2,036 | |
Due after One Year through Five Years, Amount | 5,078 | |
Due after Five Years though Ten Years, Amount | 2,303 | |
Due after Ten Years, Amount | 1,437 | |
Debt securities carried at fair value | 10,854 | |
Total taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 23,771 | |
Due in One Year or Less, Yield | 0.40% | |
Due after One Year through Five Years, Amount | $ 41,702 | |
Due after One Year through Five Years, Yield | 1.59% | |
Due after Five Years though Ten Years, Amount | $ 27,744 | |
Due after Five Years though Ten Years, Yield | 2.05% | |
Due after Ten Years, Amount | $ 205,838 | |
Due after Ten Years, Yield | 3.36% | |
Total, Amount | $ 299,055 | |
Total, Yield | 2.76% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 23,768 | |
Due after One Year through Five Years, Amount | 41,569 | |
Due after Five Years though Ten Years, Amount | 27,078 | |
Due after Ten Years, Amount | 204,704 | |
Debt securities carried at fair value | 297,119 | |
Tax-exempt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 646 | |
Due in One Year or Less, Yield | 1.13% | |
Due after One Year through Five Years, Amount | $ 6,563 | |
Due after One Year through Five Years, Yield | 1.49% | |
Due after Five Years though Ten Years, Amount | $ 7,846 | |
Due after Five Years though Ten Years, Yield | 1.57% | |
Due after Ten Years, Amount | $ 2,217 | |
Due after Ten Years, Yield | 1.53% | |
Total, Amount | $ 17,272 | |
Total, Yield | 1.52% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 646 | |
Due after One Year through Five Years, Amount | 6,561 | |
Due after Five Years though Ten Years, Amount | 7,754 | |
Due after Ten Years, Amount | 2,199 | |
Debt securities carried at fair value | 17,160 | |
Debt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 24,417 | |
Due in One Year or Less, Yield | 0.42% | |
Due after One Year through Five Years, Amount | $ 48,265 | |
Due after One Year through Five Years, Yield | 1.58% | |
Due after Five Years though Ten Years, Amount | $ 35,590 | |
Due after Five Years though Ten Years, Yield | 1.95% | |
Due after Ten Years, Amount | $ 208,055 | |
Due after Ten Years, Yield | 3.34% | |
Total, Amount | $ 316,327 | |
Total, Yield | 2.69% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 24,414 | |
Due after One Year through Five Years, Amount | 48,130 | |
Due after Five Years though Ten Years, Amount | 34,832 | |
Due after Ten Years, Amount | 206,903 | |
Debt securities carried at fair value | $ 314,279 |
Outstanding Loans and Leases -
Outstanding Loans and Leases - Past Due (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 906,683 | $ 896,983 |
Total outstandings including disposal group | 915,897 | |
Less: Loans of business held for sale | $ (9,214) | |
Percentage of outstandings, total outstanding | 100.00% | 100.00% |
Loans and leases, measured at fair value | $ 7,085 | $ 6,938 |
Loans pledged to secure borrowings | 143,100 | 149,400 |
Allowance included in assets of business held for sale | (243) | |
Residential Mortgage | Federal National Mortgage Association Certificates and Obligations (FNMA) and Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans covered by protection agreements | 6,400 | 3,700 |
Nonperforming Financing Receivable | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans | 27 | 21 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 7,085 | $ 6,938 |
Percentage of outstandings, total outstanding | 0.77% | 0.77% |
Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 16,685 | |
Total outstandings including disposal group | $ 13,738 | |
Percentage of outstandings, total outstanding | 1.50% | 1.86% |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 456,169 | |
Total outstandings including disposal group | $ 457,371 | |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 710 | 1,600 |
Consumer Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 341 | 250 |
Consumer Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 456,320 | 454,298 |
Consumer Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,051 | 1,871 |
Total outstandings including disposal group | 1,051 | |
Consumer Portfolio Segment | Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 13,738 | 16,685 |
Total outstandings including disposal group | 13,738 | |
Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 156,497 | 141,795 |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 49,373 | 54,917 |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 25,173 | 34,050 |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | Pay option | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,800 | 2,300 |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 13,459 | 16,412 |
Consumer real estate | Fully Insured Loans | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 21,254 | 25,096 |
Consumer real estate | Fully Insured Loans | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Consumer real estate | Fully Insured Loans | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 7,475 | 11,981 |
Consumer real estate | Fully Insured Loans | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Consumer real estate | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans | 2,500 | 3,000 |
Consumer real estate | Carrying Value | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 156,497 | 141,795 |
Consumer real estate | Carrying Value | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 49,373 | 54,917 |
Consumer real estate | Carrying Value | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 35,300 | 46,116 |
Consumer real estate | Carrying Value | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 17,070 | 21,031 |
Consumer real estate | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,051 | 1,871 |
Consumer real estate | Purchased Credit-impaired | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 10,127 | 12,066 |
Consumer real estate | Purchased Credit-impaired | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 3,611 | 4,619 |
Credit card and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Less: Loans of business held for sale | (9,214) | |
Allowance included in assets of business held for sale | (243) | |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 92,278 | 89,602 |
Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 9,975 | |
Total outstandings including disposal group | 9,214 | |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 94,089 | 88,795 |
Credit card and other consumer | Direct/Indirect Consumer | Dealer Financial Services Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 48,900 | 42,600 |
Credit card and other consumer | Direct/Indirect Consumer | Unsecured Consumed Lending Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 585 | 886 |
Credit card and other consumer | Direct/Indirect Consumer | Securities Based Lending Loans | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 40,100 | 39,800 |
Credit card and other consumer | Direct/Indirect Consumer | Securities Based Lending Loans | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 3,000 | 3,900 |
Credit card and other consumer | Direct/Indirect Consumer | Student Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 497 | 564 |
Credit card and other consumer | Direct/Indirect Consumer | Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,100 | 1,000 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,499 | 2,067 |
Credit card and other consumer | Other consumer | Consumer Finance Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 465 | 564 |
Credit card and other consumer | Other consumer | Consumer Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,900 | 1,400 |
Credit card and other consumer | Other consumer | Consumer Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 157 | 146 |
Credit card and other consumer | Carrying Value | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 92,278 | 89,602 |
Credit card and other consumer | Carrying Value | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 9,975 | |
Total outstandings including disposal group | 9,214 | |
Credit card and other consumer | Carrying Value | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 94,089 | 88,795 |
Credit card and other consumer | Carrying Value | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,499 | 2,067 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 458,526 | 440,814 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 270,372 | 252,771 |
Loans and leases, measured at fair value | 2,900 | 2,300 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 89,397 | 91,549 |
Loans and leases, measured at fair value | 3,100 | 2,800 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 57,355 | 57,199 |
Commercial Portfolio Segment | Commercial Real Estate | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 54,300 | 53,600 |
Commercial Portfolio Segment | Commercial Real Estate | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 3,100 | 3,500 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 22,375 | 21,352 |
Commercial Portfolio Segment | Small Business Commercial | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 12,993 | 12,876 |
Commercial Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 452,492 | 435,747 |
Commercial Portfolio Segment | Carrying Value | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 270,372 | 252,771 |
Commercial Portfolio Segment | Carrying Value | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 89,397 | 91,549 |
Commercial Portfolio Segment | Carrying Value | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 57,355 | 57,199 |
Commercial Portfolio Segment | Carrying Value | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 22,375 | 21,352 |
Commercial Portfolio Segment | Carrying Value | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 12,993 | 12,876 |
Commercial Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 6,034 | 5,067 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 5,251 | |
Total outstandings including disposal group | $ 5,567 | |
Percentage of outstandings | 0.61% | 0.59% |
30 to 59 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 3,984 | $ 4,532 |
Total outstandings including disposal group | 3,984 | |
30 to 59 Days Past Due | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,340 | 1,214 |
30 to 59 Days Past Due | Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 239 | 200 |
30 to 59 Days Past Due | Consumer real estate | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,338 | 2,045 |
30 to 59 Days Past Due | Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 260 | 335 |
30 to 59 Days Past Due | Consumer real estate | Fully Insured Loans | ||
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 | 1,100 | 1,700 |
30 to 59 Days Past Due | Consumer real estate | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 266 | 379 |
30 to 59 Days Past Due | Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 472 | 454 |
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] | ||
Loans and leases | 39 | |
Total outstandings including disposal group | 37 | |
30 to 59 Days Past Due | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 272 | 227 |
30 to 59 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 26 | 18 |
30 to 59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,583 | 719 |
30 to 59 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 952 | 444 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 348 | 6 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 20 | 36 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 167 | 150 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 96 | 83 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 2,460 | |
Total outstandings including disposal group | $ 2,142 | |
Percentage of outstandings | 0.23% | 0.27% |
60 to 89 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 1,795 | $ 2,230 |
Total outstandings including disposal group | 1,795 | |
60 to 89 Days Past Due | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 425 | 368 |
60 to 89 Days Past Due | Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 105 | 93 |
60 to 89 Days Past Due | Consumer real estate | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 674 | 1,167 |
60 to 89 Days Past Due | Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 136 | 174 |
60 to 89 Days Past Due | Consumer real estate | Fully Insured Loans | ||
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 | 547 | 1,000 |
60 to 89 Days Past Due | Consumer real estate | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, 90 days or more past due | 216 | 297 |
60 to 89 Days Past Due | Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 341 | 332 |
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] | ||
Loans and leases | 31 | |
Total outstandings including disposal group | 27 | |
60 to 89 Days Past Due | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 79 | 62 |
60 to 89 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 8 | 3 |
60 to 89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 347 | 230 |
60 to 89 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 263 | 148 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 4 | 1 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 10 | 11 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 21 | 29 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 49 | 41 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 13,020 | |
Total outstandings including disposal group | $ 9,299 | |
Percentage of outstandings | 1.02% | 1.45% |
90 Days or More Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 8,727 | $ 12,513 |
Total outstandings including disposal group | 8,727 | |
90 Days or More Past Due | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,213 | 1,414 |
90 Days or More Past Due | Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 451 | 579 |
90 Days or More Past Due | Consumer real estate | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 5,343 | 8,439 |
90 Days or More Past Due | Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 832 | 1,170 |
90 Days or More Past Due | Consumer real estate | Fully Insured Loans | ||
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 | 4,800 | 7,200 |
90 Days or More Past Due | Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 782 | 789 |
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] | ||
Loans and leases | 76 | |
Total outstandings including disposal group | 66 | |
90 Days or More Past Due | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 34 | 42 |
90 Days or More Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 6 | 4 |
90 Days or More Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 572 | 507 |
90 Days or More Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 400 | 332 |
90 Days or More Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 5 | 1 |
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 56 | 82 |
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 27 | 20 |
90 Days or More Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 84 | 72 |
Total Past Due 30 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 20,731 | |
Total outstandings including disposal group | $ 17,008 | |
Percentage of outstandings | 1.86% | 2.31% |
Total Past Due 30 Days or More | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 14,506 | $ 19,275 |
Total outstandings including disposal group | 14,506 | |
Total Past Due 30 Days or More | Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,978 | 2,996 |
Total Past Due 30 Days or More | Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 795 | 872 |
Total Past Due 30 Days or More | Consumer real estate | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 7,355 | 11,651 |
Total Past Due 30 Days or More | Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,228 | 1,679 |
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] | ||
Loans and leases | 1,595 | 1,575 |
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] | ||
Loans and leases | 146 | |
Total outstandings including disposal group | 130 | |
Total Past Due 30 Days or More | Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 385 | 331 |
Total Past Due 30 Days or More | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 40 | 25 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,502 | 1,456 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,615 | 924 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 357 | 8 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 86 | 129 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 215 | 199 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 229 | 196 |
Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 852,629 | |
Total outstandings including disposal group | $ 878,066 | |
Percentage of outstandings | 95.87% | 95.06% |
Total Current or Less Than 30 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 428,076 | $ 418,338 |
Total outstandings including disposal group | 428,076 | |
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] | ||
Loans and leases | 153,519 | 138,799 |
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] | ||
Loans and leases | 48,578 | 54,045 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 17,818 | 22,399 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 12,231 | 14,733 |
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] | ||
Loans and leases | 90,683 | 88,027 |
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] | ||
Loans and leases | 9,829 | |
Total outstandings including disposal group | 9,084 | |
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] | ||
Loans and leases | 93,704 | 88,464 |
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,459 | 2,042 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 449,990 | 434,291 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 268,757 | 251,847 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 89,040 | 91,541 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 57,269 | 57,070 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 22,160 | 21,153 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 12,764 | $ 12,680 |
Outstanding Loans and Leases 87
Outstanding Loans and Leases - Nonperforming (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 906,683 | $ 896,983 | |
Proceeds from sales | 18,230 | 22,316 | $ 28,765 |
Purchased credit impaired loans sold | 549 | ||
Loans and leases charged off | 5,448 | 6,105 | 7,026 |
Recoveries of loans and leases previously charged off | 1,627 | 1,767 | 2,643 |
Nonperforming loans and leases | 7,707 | 9,377 | |
Accruing past due 90 days or more | 8,250 | ||
Accruing past due 90 days or more, including loans and leases held for sale | 5,887 | ||
90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 13,020 | ||
Residential Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Accruing past due 90 days or more | 1,800 | 2,900 | |
Nonperforming Financing Receivable | Junior Lien Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 428 | 484 | |
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 | $ 332 | ||
Nonperforming loans discharged more than twelve months prior (greater than) | 81.00% | ||
Nonperforming loans discharged more than twenty four months prior (greater than) | 70.00% | ||
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 | $ 181 | ||
Federal Housing Administration | Residential Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonperforming loans and leases | 3,000 | 4,300 | |
Consumer Portfolio Segment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 456,169 | ||
Nonperforming loans and leases | 6,004 | 8,165 | |
Accruing past due 90 days or more | 8,057 | ||
Accruing past due 90 days or more, including loans and leases held for sale | 5,679 | ||
Consumer Portfolio Segment | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 8,727 | 12,513 | |
Consumer Portfolio Segment | Nonperforming Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Proceeds from sales | 2,200 | 3,200 | |
Purchased credit impaired loans sold | 549 | 1,400 | |
Loans and leases charged off | 30 | ||
Recoveries of loans and leases previously charged off | 133 | ||
Gain (loss) on the sale of loans and leases receivable | 75 | 173 | |
Consumer real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases charged off | 1,155 | 1,841 | 2,219 |
Recoveries of loans and leases previously charged off | $ 619 | 732 | 1,426 |
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 | $ 156,497 | 141,795 | |
Nonperforming loans and leases | 1,274 | 1,825 | |
Accruing past due 90 days or more | 486 | 382 | |
Consumer real estate | Core Portfolio, Residential Financing Receivable | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 1,213 | 1,414 | |
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 | $ 49,373 | 54,917 | |
Nonperforming loans and leases | 969 | 974 | |
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] | |||
Loans and leases | 451 | 579 | |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 25,173 | 34,050 | |
Nonperforming loans and leases | 1,782 | 2,978 | |
Accruing past due 90 days or more | 4,307 | 6,768 | |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 5,343 | 8,439 | |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 13,459 | 16,412 | |
Nonperforming loans and leases | 1,949 | 2,363 | |
Accruing past due 90 days or more | 0 | 0 | |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 832 | 1,170 | |
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 | $ 543 | ||
Credit card and other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases charged off | 3,553 | 3,620 | 4,149 |
Recoveries of loans and leases previously charged off | 770 | 813 | 871 |
Credit card and other consumer | Credit Card Receivable | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 92,278 | 89,602 | |
Accruing past due 90 days or more | 782 | 789 | |
Credit card and other consumer | Credit Card Receivable | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 9,975 | ||
Accruing past due 90 days or more | 76 | ||
Accruing past due 90 days or more, including loans and leases held for sale | 66 | ||
Credit card and other consumer | Credit Card Receivable | 90 Days or More Past Due | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 782 | 789 | |
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] | |||
Loans and leases | 76 | ||
Credit card and other consumer | Direct/Indirect Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 94,089 | 88,795 | |
Nonperforming loans and leases | 28 | 24 | |
Accruing past due 90 days or more | 34 | 39 | |
Credit card and other consumer | Direct/Indirect Consumer | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 34 | 42 | |
Credit card and other consumer | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 2,499 | 2,067 | |
Nonperforming loans and leases | 2 | 1 | |
Accruing past due 90 days or more | 4 | 3 | |
Credit card and other consumer | Other consumer | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 6 | 4 | |
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 | $ 458,526 | 440,814 | |
Loans and leases charged off | 740 | 644 | 658 |
Recoveries of loans and leases previously charged off | 238 | 222 | $ 346 |
Nonperforming loans and leases | 1,703 | 1,212 | |
Accruing past due 90 days or more | 208 | 193 | |
Commercial Portfolio Segment | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 270,372 | 252,771 | |
Nonperforming loans and leases | 1,256 | 867 | |
Accruing past due 90 days or more | 106 | 113 | |
Commercial Portfolio Segment | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 89,397 | 91,549 | |
Nonperforming loans and leases | 279 | 158 | |
Accruing past due 90 days or more | 5 | 1 | |
Commercial Portfolio Segment | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 572 | 507 | |
Commercial Portfolio Segment | 90 Days or More Past Due | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 400 | 332 | |
Commercial Portfolio Segment | 90 Days or More Past Due | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 5 | 1 | |
Commercial Portfolio Segment | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 57,355 | 57,199 | |
Nonperforming loans and leases | 72 | 93 | |
Accruing past due 90 days or more | 7 | 3 | |
Commercial Portfolio Segment | Commercial Real Estate | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 54,300 | 53,600 | |
Commercial Portfolio Segment | Commercial Real Estate | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 3,100 | 3,500 | |
Commercial Portfolio Segment | Commercial Real Estate | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 56 | 82 | |
Commercial Portfolio Segment | Commercial Lease Financing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 22,375 | 21,352 | |
Nonperforming loans and leases | 36 | 12 | |
Accruing past due 90 days or more | 19 | 15 | |
Commercial Portfolio Segment | Commercial Lease Financing | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 27 | 20 | |
Commercial Portfolio Segment | Small Business Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonperforming loans and leases | 60 | 82 | |
Accruing past due 90 days or more | 71 | 61 | |
Commercial Portfolio Segment | Small Business Commercial | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 12,993 | 12,876 | |
Commercial Portfolio Segment | Small Business Commercial | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 84 | $ 72 |
Outstanding Loans and Leases 88
Outstanding Loans and Leases - Consumer Real Estate - Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 906,683 | $ 896,983 |
Loans and leases, measured at fair value | 7,085 | 6,938 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 156,497 | 141,795 |
Consumer real estate | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 25,173 | 34,050 |
Consumer real estate | Non-core Residential Mortgage | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,800 | 2,300 |
Consumer real estate | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 10,127 | 12,066 |
Consumer real estate | Residential Mortgage PCI | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,600 | 2,000 |
Consumer real estate | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 49,373 | 54,917 |
Consumer real estate | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 13,459 | 16,412 |
Consumer real estate | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,611 | 4,619 |
Consumer real estate | Less than 620 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,479 | 3,129 |
Consumer real estate | Less than 620 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,198 | 4,749 |
Consumer real estate | Less than 620 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,741 | 3,798 |
Consumer real estate | Less than 620 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,254 | 1,322 |
Consumer real estate | Less than 620 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,692 | 3,490 |
Consumer real estate | Less than 620 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 559 | 729 |
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 | 5,094 | 5,472 |
Consumer real estate | Greater than or equal to 620 and less than 680 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,807 | 3,762 |
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 | 2,241 | 2,586 |
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 | 2,853 | 3,295 |
Consumer real estate | Greater than or equal to 620 and less than 680 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,094 | 3,862 |
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 | 636 | 825 |
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 | 22,629 | 22,486 |
Consumer real estate | Greater than or equal to 680 and less than 740 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,512 | 5,138 |
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 | 2,916 | 3,187 |
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 | 10,069 | 12,180 |
Consumer real estate | Greater than or equal to 680 and less than 740 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,176 | 3,451 |
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 | 1,069 | 1,356 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 105,041 | 85,612 |
Consumer real estate | Greater than or equal to 740 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,181 | 8,420 |
Consumer real estate | Greater than or equal to 740 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,229 | 2,495 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 35,197 | 38,120 |
Consumer real estate | Greater than or equal to 740 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,497 | 5,609 |
Consumer real estate | Greater than or equal to 740 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,347 | 1,709 |
Consumer real estate | Less than or equal to 90 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 129,737 | 110,023 |
Consumer real estate | Less than or equal to 90 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 14,280 | 16,481 |
Consumer real estate | Less than or equal to 90 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,811 | 8,655 |
Consumer real estate | Less than or equal to 90 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 47,171 | 51,262 |
Consumer real estate | Less than or equal to 90 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,480 | 8,347 |
Consumer real estate | Less than or equal to 90 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,942 | 2,003 |
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 | 3,634 | 4,038 |
Consumer real estate | Greater than 90 percent but less than or equal to 100 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,446 | 2,224 |
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 | 1,021 | 1,403 |
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 | 1,006 | 1,858 |
Consumer real estate | Greater than 90 percent but less than or equal to 100 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,668 | 2,190 |
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 | 630 | 852 |
Consumer real estate | Greater than 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,872 | 2,638 |
Consumer real estate | Greater than 100 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,972 | 3,364 |
Consumer real estate | Greater than 100 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,295 | 2,008 |
Consumer real estate | Greater than 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,196 | 1,797 |
Consumer real estate | Greater than 100 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,311 | 5,875 |
Consumer real estate | Greater than 100 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,039 | 1,764 |
Consumer real estate | Fully Insured Loans | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 21,254 | 25,096 |
Consumer real estate | Fully Insured Loans | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,475 | 11,981 |
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 | Non-core 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, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 906,683 | $ 896,983 |
Loans and leases including disposal group | 915,897 | |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 92,278 | 89,602 |
Credit card and other consumer | Credit Card Receivable | United States | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,431 | 4,196 |
Credit card and other consumer | Credit Card Receivable | United States | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 12,364 | 11,857 |
Credit card and other consumer | Credit Card Receivable | United States | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 34,828 | 34,270 |
Credit card and other consumer | Credit Card Receivable | United States | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 40,655 | 39,279 |
Credit card and other consumer | Credit Card Receivable | United States | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 9,975 | |
Loans and leases including disposal group | $ 9,214 | |
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 | Non United States | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 0 | |
Loans and leases including disposal group | $ 0 | |
Credit card and other consumer | Credit Card Receivable | Non United States | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | |
Loans and leases including disposal group | 0 | |
Credit card and other consumer | Credit Card Receivable | Non United States | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | |
Loans and leases including disposal group | 0 | |
Credit card and other consumer | Credit Card Receivable | Non United States | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | |
Loans and leases including disposal group | 0 | |
Credit card and other consumer | Credit Card Receivable | Non United States | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,975 | |
Loans and leases including disposal group | 9,214 | |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 94,089 | 88,795 |
Securities based lending overcollateralized | 43,100 | 43,700 |
Loans no longer originated by corporation | 499 | 567 |
Credit card and other consumer | Direct/Indirect Consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,478 | 1,244 |
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 | 2,070 | 1,698 |
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 | 12,491 | 10,955 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 33,420 | 29,581 |
Credit card and other consumer | Direct/Indirect Consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 44,630 | 45,317 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 2,499 | $ 2,067 |
Percentage from exited businesses | 19.00% | 27.00% |
Credit card and other consumer | Other consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 187 | $ 217 |
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 | 222 | 214 |
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 | 404 | 337 |
Credit card and other consumer | Other consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,525 | 1,149 |
Credit card and other consumer | Other consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 161 | $ 150 |
Outstanding Loans and Leases 90
Outstanding Loans and Leases - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 906,683 | $ 896,983 |
Loans and leases, measured at fair value | 7,085 | 6,938 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 458,526 | 440,814 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 57,355 | 57,199 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 22,375 | 21,352 |
Commercial Portfolio Segment | Pass rated | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 56,957 | 56,688 |
Commercial Portfolio Segment | Pass rated | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 21,565 | 20,644 |
Commercial Portfolio Segment | Reservable criticized | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 398 | 511 |
Commercial Portfolio Segment | Reservable criticized | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 810 | 708 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 270,372 | 252,771 |
Loans and leases, measured at fair value | 2,900 | 2,300 |
Commercial Portfolio Segment | United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 54,300 | 53,600 |
Commercial Portfolio Segment | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 12,993 | 12,876 |
Commercial Portfolio Segment | United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 261,214 | 243,922 |
Commercial Portfolio Segment | United States | Pass rated | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 453 | 571 |
Commercial Portfolio Segment | United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,158 | 8,849 |
Commercial Portfolio Segment | United States | Reservable criticized | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 71 | $ 96 |
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 | $ 755 | $ 670 |
Commercial Portfolio Segment | United States | Less than 620 | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 200 | 184 |
Commercial Portfolio Segment | United States | Greater than or equal to 620 and less than 680 | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 591 | 543 |
Commercial Portfolio Segment | United States | Greater than or equal to 680 and less than 740 | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,741 | 1,627 |
Commercial Portfolio Segment | United States | Greater than or equal to 740 | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,264 | 3,027 |
Commercial Portfolio Segment | United States | Other internal credit metrics | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,673 | 6,828 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 89,397 | 91,549 |
Loans and leases, measured at fair value | 3,100 | 2,800 |
Commercial Portfolio Segment | Non United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,100 | 3,500 |
Commercial Portfolio Segment | Non United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 85,689 | 87,905 |
Commercial Portfolio Segment | Non United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,708 | 3,644 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,085 | 6,938 |
Estimate of Fair Value Measurement | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 6,034 | $ 5,067 |
Outstanding Loans and Leases 91
Outstanding Loans and Leases - Consumer Real Estate - Impaired Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Trial modification period for modified payment terms, minimum | 3 months | ||
Trial modification period for modified payment terms, maximum | 4 months | ||
Loans and leases | $ 906,683 | $ 896,983 | |
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 | $ 363 | 444 | |
Loans with formal foreclosure proceeding in process | 4,800 | ||
Reclassified consumer real estate loans | 1,400 | 2,100 | |
Consumer real estate | Residential Mortgage | |||
Unpaid Principal Balance | |||
With no recorded allowance | 11,151 | 14,888 | |
With an allowance recorded | 4,041 | 6,624 | |
Total | 15,192 | 21,512 | |
Carrying Value | |||
With no recorded allowance | 8,695 | 11,901 | |
With an allowance recorded | 3,936 | 6,471 | |
Total | 12,631 | 18,372 | |
Related Allowance | 219 | 399 | |
Average Carrying Value | |||
With no recorded allowance | 10,178 | 13,867 | $ 15,065 |
With an allowance recorded | 5,067 | 7,290 | 10,826 |
Total | 15,245 | 21,157 | 25,891 |
Interest Income Recognized | |||
With no recorded allowance | 360 | 403 | 490 |
With an allowance recorded | 167 | 236 | 411 |
Total | $ 527 | 639 | 901 |
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 | $ 3,704 | 3,545 | |
With an allowance recorded | 910 | 1,047 | |
Total | 4,614 | 4,592 | |
Carrying Value | |||
With no recorded allowance | 1,953 | 1,775 | |
With an allowance recorded | 824 | 911 | |
Total | 2,777 | 2,686 | |
Related Allowance | 137 | 235 | |
Average Carrying Value | |||
With no recorded allowance | 1,906 | 1,777 | 1,486 |
With an allowance recorded | 852 | 785 | 743 |
Total | 2,758 | 2,562 | 2,229 |
Interest Income Recognized | |||
With no recorded allowance | 90 | 89 | 87 |
With an allowance recorded | 24 | 24 | 25 |
Total | 114 | $ 113 | $ 112 |
Consumer real estate | Chapter Seven Bankruptcy | Home equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases | 1,400 | ||
Consumer real estate | Nonperforming Financing Receivable | Chapter Seven Bankruptcy | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases | 543 | ||
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 | $ 555 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | $ 1,979 | $ 4,005 | $ 6,803 |
Carrying Value | $ 1,666 | $ 3,430 | $ 5,712 |
Pre-Modification Interest Rate | 4.40% | 4.61% | 5.12% |
Post-Modification Interest Rate | 3.54% | 4.11% | 4.73% |
Net Charge-offs | $ 72 | $ 181 | $ 171 |
Residential Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 1,130 | 2,986 | 5,940 |
Carrying Value | $ 1,017 | $ 2,655 | $ 5,120 |
Pre-Modification Interest Rate | 4.73% | 4.98% | 5.28% |
Post-Modification Interest Rate | 4.16% | 4.43% | 4.93% |
Net Charge-offs | $ 11 | $ 97 | $ 72 |
Principal forgiveness | 13 | 396 | 53 |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 849 | 1,019 | 863 |
Carrying Value | $ 649 | $ 775 | $ 592 |
Pre-Modification Interest Rate | 3.95% | 3.54% | 4.00% |
Post-Modification Interest Rate | 2.72% | 3.17% | 3.33% |
Net Charge-offs | $ 61 | $ 84 | $ 99 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 1,666 | $ 3,430 | $ 5,712 |
Financing receivable, modifications, disposed of or sold | 613 | 1,800 | 2,000 |
Residential Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 1,017 | 2,655 | 5,120 |
Residential Mortgage | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 140 | 458 | 757 |
Residential Mortgage | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 122 | 418 | 421 |
Residential Mortgage | Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 597 | 1,516 | 3,421 |
Residential Mortgage | Loans discharged in Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 158 | 263 | 521 |
Residential Mortgage | Contractual interest rate reduction | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 116 | 408 | 643 |
Residential Mortgage | Contractual interest rate reduction | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 84 | 191 | 244 |
Residential Mortgage | Capitalization of past due amounts | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 24 | 69 | 71 |
Residential Mortgage | Principal and/or interest forbearance | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 2 | 4 | 16 |
Residential Mortgage | Principal and/or interest forbearance | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 10 | 124 | 66 |
Residential Mortgage | Other modifications | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 22 | 46 | 98 |
Residential Mortgage | Other modifications | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 4 | 34 | 40 |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 649 | 775 | 592 |
Home equity lines of credit | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 47 | 30 | 75 |
Home equity lines of credit | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 300 | 177 | 146 |
Home equity lines of credit | Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 234 | 452 | 182 |
Home equity lines of credit | Loans discharged in Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 68 | 116 | 189 |
Home equity lines of credit | Contractual interest rate reduction | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 35 | 23 | 56 |
Home equity lines of credit | Contractual interest rate reduction | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 151 | 28 | 22 |
Home equity lines of credit | Capitalization of past due amounts | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 16 | 10 | 2 |
Home equity lines of credit | Principal and/or interest forbearance | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 11 | 7 | 18 |
Home equity lines of credit | Principal and/or interest forbearance | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 62 | 44 | 75 |
Home equity lines of credit | Other modifications | Modifications under government programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | 1 | 0 | 1 |
Home equity lines of credit | Other modifications | Modifications under proprietary programs | |||
Financing Receivable, Modifications [Line Items] | |||
Carrying Value | $ 71 | $ 95 | $ 47 |
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, 2016USD ($)payment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
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 | $ 1,242 | $ 3,950 | $ 4,122 |
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 | 259 | 452 | 696 |
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 | 133 | 263 | 714 |
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 | 136 | 238 | 481 |
Residential Mortgage | Trial modifications | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 714 | 2,997 | 2,231 |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 198 | 257 | 142 |
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 | 3 | 5 | 4 |
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 | 63 | 24 | 12 |
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 | 22 | 47 | 70 |
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 | $ 110 | $ 181 | $ 56 |
Outstanding Loans and Leases 95
Outstanding Loans and Leases - Credit Card and Other Consumer (Details) - Credit card and other consumer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Fixed payment plan period for loans modified | 60 months | ||
Direct/Indirect Consumer | |||
Unpaid Principal Balance | |||
With no recorded allowance | $ 49 | $ 50 | |
With an allowance recorded | 3 | 17 | |
Total | 52 | 67 | |
Carrying Value | |||
With no recorded allowance | 22 | 21 | |
With an allowance recorded | 3 | 21 | |
Total | 25 | 42 | |
Related Allowance | 0 | 4 | |
Average Carrying Value | |||
With no recorded allowance | 20 | 22 | $ 27 |
With an allowance recorded | 10 | 51 | 180 |
Total | 30 | 73 | 207 |
Interest Income Recognized | |||
With no recorded allowance | 0 | 0 | 0 |
With an allowance recorded | 1 | 3 | 9 |
Total | 1 | 3 | 9 |
Other consumer | |||
Average Carrying Value | |||
With no recorded allowance | 0 | 0 | 33 |
With an allowance recorded | 0 | 0 | 23 |
Total | 0 | 0 | 56 |
Interest Income Recognized | |||
With no recorded allowance | 0 | 0 | 2 |
With an allowance recorded | 0 | 0 | 1 |
Total | 0 | 0 | 3 |
United States | Credit Card Receivable | |||
Unpaid Principal Balance | |||
With an allowance recorded | 479 | 598 | |
Total | 479 | 598 | |
Carrying Value | |||
With an allowance recorded | 485 | 611 | |
Total | 485 | 611 | |
Related Allowance | 128 | 176 | |
Average Carrying Value | |||
With an allowance recorded | 556 | 749 | 1,148 |
Total | 556 | 749 | 1,148 |
Interest Income Recognized | |||
With an allowance recorded | 31 | 43 | 71 |
Total | 31 | 43 | 71 |
Non United States | Credit Card Receivable | |||
Unpaid Principal Balance | |||
With an allowance recorded | 109 | ||
With an allowance recorded, including loans held for sale | 88 | ||
Total, including loans held for sale | 88 | ||
Total | 109 | ||
Carrying Value | |||
With an allowance recorded | 126 | ||
With an allowance recorded, including loans held for sale | 100 | ||
Total, including loans held for sale | 100 | ||
Total | 126 | ||
Related Allowance | 70 | ||
Related allowance, including loans held for sale | 61 | ||
Average Carrying Value | |||
With an allowance recorded | 145 | 210 | |
With an allowance recorded, including loans held for sale | 111 | ||
Total, including loans held for sale | 111 | ||
Total | 145 | 210 | |
Interest Income Recognized | |||
With an allowance recorded | 4 | 6 | |
With an allowance recorded, including loans held for sale | 3 | ||
Total, including loans held for sale | $ 3 | ||
Total | $ 4 | $ 6 |
Outstanding Loans and Leases 96
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 610 | $ 779 |
Percent of balances current or less than 30 days past due | 80.79% | 81.55% |
Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 233 | $ 345 |
External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 272 | 313 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 105 | 121 |
Credit Card Receivable | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 485 | $ 611 |
Percent of balances current or less than 30 days past due | 88.99% | 88.74% |
Credit Card Receivable | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 100 | $ 126 |
Percent of balances current or less than 30 days past due | 38.47% | 44.25% |
Credit Card Receivable | Internal Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 220 | $ 313 |
Credit Card Receivable | Internal Programs | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 11 | 21 |
Credit Card Receivable | External Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 264 | 296 |
Credit Card Receivable | External Programs | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 7 | 10 |
Credit Card Receivable | Other | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 1 | 2 |
Credit Card Receivable | Other | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 82 | 95 |
Direct/Indirect Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 25 | $ 42 |
Percent of balances current or less than 30 days past due | 90.49% | 89.12% |
Direct/Indirect Consumer | Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 2 | $ 11 |
Direct/Indirect Consumer | External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 1 | 7 |
Direct/Indirect Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 22 | $ 24 |
Outstanding Loans and Leases 97
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs Entered into During the Period (Details) - Credit card and other consumer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | $ 250 | $ 298 | $ 394 |
Carrying Value | $ 260 | $ 316 | $ 426 |
Pre-Modification Interest Rate | 18.73% | 18.58% | 18.32% |
Post-Modification Interest Rate | 3.93% | 3.84% | 4.03% |
Net Charge-offs | $ 74 | $ 98 | $ 142 |
Direct/Indirect Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 21 | 19 | 27 |
Carrying Value | $ 13 | $ 12 | $ 19 |
Pre-Modification Interest Rate | 3.44% | 5.95% | 8.66% |
Post-Modification Interest Rate | 3.29% | 5.19% | 4.90% |
Net Charge-offs | $ 9 | $ 9 | $ 14 |
United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 163 | 205 | 276 |
Carrying Value | $ 172 | $ 218 | $ 301 |
Pre-Modification Interest Rate | 17.54% | 17.07% | 16.64% |
Post-Modification Interest Rate | 5.47% | 5.08% | 5.15% |
Net Charge-offs | $ 15 | $ 26 | $ 37 |
Non United States | Credit Card Receivable | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 66 | 74 | 91 |
Carrying Value | $ 75 | $ 86 | $ 106 |
Pre-Modification Interest Rate | 23.99% | 24.05% | 24.90% |
Post-Modification Interest Rate | 0.52% | 0.53% | 0.68% |
Net Charge-offs | $ 50 | $ 63 | $ 91 |
Outstanding Loans and Leases 98
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs Entered into During the Period, Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)payment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Number of consecutive missed payments | payment | 2 | ||
Credit card and other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Period for payment default after modification | 12 months | ||
Credit card and other consumer | Credit Card Receivable | United States | |||
Financing Receivable, Modifications [Line Items] | |||
Percent expected to be in payment default within 12 months after modification | 13.00% | ||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 30 | $ 43 | $ 56 |
Credit card and other consumer | Credit Card Receivable | Non United States | |||
Financing Receivable, Modifications [Line Items] | |||
Percent expected to be in payment default within 12 months after modification | 90.00% | ||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 127 | 152 | 200 |
Credit card and other consumer | Direct/Indirect Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
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 | $ 2 | $ 3 | $ 5 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Lending commitments | $ 461 | $ 187 | |
Real estate acquired through foreclosure | 14 | 15 | |
United States | |||
Unpaid Principal Balance | |||
With no recorded allowance | 860 | 566 | |
With an allowance recorded | 2,018 | 1,350 | |
Total | 2,878 | 1,916 | |
Carrying Value | |||
With no recorded allowance | 827 | 541 | |
With an allowance recorded | 1,569 | 1,157 | |
Total | 2,396 | 1,698 | |
Related Allowance | 132 | 115 | |
Average Carrying Value | |||
With no recorded allowance | 787 | 688 | $ 546 |
With an allowance recorded | 1,569 | 953 | 1,198 |
Total | 2,356 | 1,641 | 1,744 |
Interest Income Recognized | |||
With no recorded allowance | 14 | 14 | 12 |
With an allowance recorded | 59 | 48 | 51 |
Total | 73 | 62 | 63 |
Non United States | |||
Unpaid Principal Balance | |||
With no recorded allowance | 130 | 4 | |
With an allowance recorded | 545 | 531 | |
Total | 675 | 535 | |
Carrying Value | |||
With no recorded allowance | 130 | 4 | |
With an allowance recorded | 432 | 381 | |
Total | 562 | 385 | |
Related Allowance | 104 | 56 | |
Average Carrying Value | |||
With no recorded allowance | 34 | 29 | 15 |
With an allowance recorded | 409 | 125 | 52 |
Total | 443 | 154 | 67 |
Interest Income Recognized | |||
With no recorded allowance | 1 | 1 | 0 |
With an allowance recorded | 14 | 7 | 3 |
Total | 15 | 8 | 3 |
Commercial Real Estate | |||
Unpaid Principal Balance | |||
With no recorded allowance | 77 | 82 | |
With an allowance recorded | 243 | 328 | |
Total | 320 | 410 | |
Carrying Value | |||
With no recorded allowance | 71 | 77 | |
With an allowance recorded | 96 | 107 | |
Total | 167 | 184 | |
Related Allowance | 10 | 11 | |
Average Carrying Value | |||
With no recorded allowance | 67 | 75 | 166 |
With an allowance recorded | 92 | 216 | 632 |
Total | 159 | 291 | 798 |
Interest Income Recognized | |||
With no recorded allowance | 0 | 1 | 3 |
With an allowance recorded | 4 | 7 | 16 |
Total | 4 | 8 | 19 |
Commercial lease financing | |||
Unpaid Principal Balance | |||
With an allowance recorded | 6 | 0 | |
Total | 6 | 0 | |
Carrying Value | |||
With an allowance recorded | 4 | 0 | |
Total | 4 | 0 | |
Related Allowance | 0 | 0 | |
Average Carrying Value | |||
With an allowance recorded | 2 | 0 | 0 |
Total | 2 | 0 | 0 |
Interest Income Recognized | |||
With an allowance recorded | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Small Business Commercial | |||
Unpaid Principal Balance | |||
With an allowance recorded | 85 | 105 | |
Total | 85 | 105 | |
Carrying Value | |||
With an allowance recorded | 73 | 101 | |
Total | 73 | 101 | |
Related Allowance | 27 | 35 | |
Average Carrying Value | |||
With an allowance recorded | 87 | 109 | 151 |
Total | 87 | 109 | 151 |
Interest Income Recognized | |||
With an allowance recorded | 1 | 1 | 3 |
Total | $ 1 | $ 1 | $ 3 |
Outstanding Loans and Leases100
Outstanding Loans and Leases - Commercial Loans TDRs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 1,895 | $ 1,238 | $ 1,211 |
Carrying Value | 1,817 | 1,158 | 1,177 |
Net Charge-offs | $ 137 | 31 | 57 |
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 | $ 77 | 42 | 346 |
Carrying Value | 77 | 42 | 346 |
Net Charge-offs | 1 | 0 | 8 |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 34 | 25 | 211 |
Commercial Portfolio Segment | Commercial lease financing | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 6 | ||
Carrying Value | 4 | ||
Net Charge-offs | 2 | ||
Commercial Portfolio Segment | Small Business Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 1 | 14 | 3 |
Carrying Value | 1 | 11 | 3 |
Net Charge-offs | 0 | 3 | 0 |
Commercial Portfolio Segment | United States | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 1,556 | 853 | 818 |
Carrying Value | 1,482 | 779 | 785 |
Net Charge-offs | 86 | 28 | 49 |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 140 | 105 | 103 |
Commercial Portfolio Segment | Non United States | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 255 | 329 | 44 |
Carrying Value | 253 | 326 | 43 |
Net Charge-offs | $ 48 | $ 0 | $ 0 |
Outstanding Loans and Leases101
Outstanding Loans and Leases - Rollforward of Accretable Yield (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rollforward of Accretable Yield | |||
Accretable yield, beginning of period | $ 4,569 | $ 5,608 | |
Accretion | (722) | (861) | |
Disposals/transfers | (486) | (465) | |
Reclassifications from nonaccretable difference | 444 | 287 | |
Accretable yield, ending of period | 3,805 | 4,569 | $ 5,608 |
Purchased credit impaired loans sold | 549 | ||
Purchased Credit-impaired | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing receivable allowance sold | $ 60 | $ 234 | $ 317 |
Outstanding Loans and Leases102
Outstanding Loans and Leases - Loans Held-for-Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Loans held-for-sale | $ 9,066 | $ 7,453 | |
Proceeds including cash and securities from sales securitizations and paydowns of loans held for sale | 32,600 | 41,200 | $ 40,100 |
Originations and purchases | $ (33,107) | $ (37,933) | $ (39,358) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, January 1 | $ 12,234 | $ 14,419 | $ 17,428 | |
Loans and leases charged off | (5,448) | (6,105) | (7,026) | |
Recoveries of loans and leases previously charged off | 1,627 | 1,767 | 2,643 | |
Net charge-offs | (3,821) | (4,338) | (4,383) | |
Provision for loan and lease losses | 3,581 | 3,043 | 2,231 | |
Other | (174) | (82) | (47) | |
Allowance for loan and lease losses, December 31 | $ 11,480 | |||
Less: Allowance included in assets of business held for sale | (243) | |||
Total allowance for loan and lease losses, December 31 | 11,237 | 12,234 | 14,419 | |
Reserve for unfunded lending commitments, January 1 | 12,880 | 14,947 | ||
Provision for unfunded lending commitments | 3,597 | 3,161 | 2,275 | |
Reserve for unfunded lending commitments, December 31 | 11,999 | 12,880 | 14,947 | |
Allowance for credit losses | 12,880 | 14,947 | 14,947 | 11,999 |
Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Other | 100 | |||
Reserve for unfunded lending commitments, January 1 | 646 | 528 | 484 | |
Provision for unfunded lending commitments | 16 | 118 | 44 | |
Reserve for unfunded lending commitments, December 31 | 762 | 646 | 528 | |
Allowance for credit losses | 646 | 528 | 484 | 762 |
Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | (340) | (808) | (810) | |
Provision for loan and lease losses | (45) | (40) | (31) | |
Reserve for unfunded lending commitments, January 1 | 804 | 1,700 | ||
Reserve for unfunded lending commitments, December 31 | 419 | 804 | 1,700 | |
Allowance for credit losses | 804 | 1,700 | 1,700 | 419 |
Consumer Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, January 1 | 3,914 | 5,935 | 8,518 | |
Loans and leases charged off | (1,155) | (1,841) | (2,219) | |
Recoveries of loans and leases previously charged off | 619 | 732 | 1,426 | |
Net charge-offs | (536) | (1,109) | (793) | |
Provision for loan and lease losses | (258) | (70) | (976) | |
Other | (30) | (34) | (4) | |
Total allowance for loan and lease losses, December 31 | 2,750 | 3,914 | 5,935 | |
Reserve for unfunded lending commitments, January 1 | 3,914 | 5,935 | ||
Reserve for unfunded lending commitments, December 31 | 2,750 | 3,914 | 5,935 | |
Allowance for credit losses | 3,914 | 5,935 | 5,935 | 2,750 |
Consumer Real Estate | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
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 | 0 |
Consumer Real Estate | Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | (340) | (808) | (810) | |
Reserve for unfunded lending commitments, January 1 | 804 | |||
Reserve for unfunded lending commitments, December 31 | 419 | 804 | ||
Allowance for credit losses | 804 | 804 | 419 | |
Credit card and other consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, January 1 | 3,471 | 4,047 | 4,905 | |
Loans and leases charged off | (3,553) | (3,620) | (4,149) | |
Recoveries of loans and leases previously charged off | 770 | 813 | 871 | |
Net charge-offs | (2,783) | (2,807) | (3,278) | |
Provision for loan and lease losses | 2,826 | 2,278 | 2,458 | |
Other | (42) | (47) | (38) | |
Allowance for loan and lease losses, December 31 | 3,472 | |||
Less: Allowance included in assets of business held for sale | (243) | |||
Total allowance for loan and lease losses, December 31 | 3,229 | 3,471 | 4,047 | |
Reserve for unfunded lending commitments, January 1 | 3,471 | 4,047 | ||
Reserve for unfunded lending commitments, December 31 | 3,229 | 3,471 | 4,047 | |
Allowance for credit losses | 3,471 | 4,047 | 4,047 | 3,229 |
Credit card and other consumer | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
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 | 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 | 4,849 | 4,437 | 4,005 | |
Loans and leases charged off | (740) | (644) | (658) | |
Recoveries of loans and leases previously charged off | 238 | 222 | 346 | |
Net charge-offs | (502) | (422) | (312) | |
Provision for loan and lease losses | 1,013 | 835 | 749 | |
Other | (102) | (1) | (5) | |
Total allowance for loan and lease losses, December 31 | 5,258 | 4,849 | 4,437 | |
Reserve for unfunded lending commitments, January 1 | 5,495 | 4,965 | ||
Reserve for unfunded lending commitments, December 31 | 6,020 | 5,495 | 4,965 | |
Allowance for credit losses | 5,495 | 4,965 | 4,965 | 6,020 |
Commercial | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Other | 100 | |||
Reserve for unfunded lending commitments, January 1 | 646 | 528 | 484 | |
Provision for unfunded lending commitments | 16 | 118 | 44 | |
Reserve for unfunded lending commitments, December 31 | 762 | 646 | 528 | |
Allowance for credit losses | 646 | 528 | 484 | $ 762 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision (benefit) for loan and lease losses | $ 3,581 | $ 3,043 | $ 2,231 |
Loans and leases charged off | 5,448 | 6,105 | 7,026 |
Allowance for credit losses | 11,999 | 12,880 | 14,947 |
Purchased Credit-impaired | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision (benefit) for loan and lease losses | (45) | (40) | (31) |
Loans and leases charged off | 340 | 808 | 810 |
Financing receivable allowance sold | 60 | 234 | 317 |
Allowance for credit losses | $ 419 | $ 804 | $ 1,700 |
Allowance for Credit Losses 105
Allowance for Credit Losses - Allowance and Carrying Value by Portfolio Segment (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | $ 818 | $ 1,101 | |
Carrying value | $ 19,220 | $ 24,205 | |
Allowance as a percentage of carrying value | 4.26% | 4.55% | |
Loans collectively evaluated for impairment | |||
Allowance for loan and lease losses | $ 10,243 | $ 10,329 | |
Carrying value | $ 875,854 | $ 849,155 | |
Allowance as a percentage of carrying value | 1.17% | 1.22% | |
Purchased credit-impaired loans | |||
Valuation allowance | $ 11,999 | $ 12,880 | $ 14,947 |
Valuation allowance as a percentage of carrying value | 3.05% | 4.82% | |
Less: Assets of business held for sale | |||
Less: Allowance included in assets of business held for sale | $ (243) | ||
Carrying value | (9,214) | ||
Total | |||
Carrying value | $ 899,598 | $ 890,045 | |
Allowance as a percentage of carrying value | 1.25% | 1.37% | |
Loans and leases | $ 906,683 | $ 896,983 | |
Estimate of Fair Value Measurement | |||
Total | |||
Loans and leases | 7,085 | 6,938 | |
Small Business Commercial Loan | United States | |||
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | 27 | 35 | |
Purchased Credit-impaired | |||
Purchased credit-impaired loans | |||
Valuation allowance | 419 | 804 | 1,700 |
Carrying value gross of valuation allowance | 13,738 | 16,685 | |
Total | |||
Loans and leases | 16,685 | ||
Consumer real estate | |||
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | 356 | 634 | |
Carrying value | $ 15,408 | $ 21,058 | |
Allowance as a percentage of carrying value | 2.31% | 3.01% | |
Loans collectively evaluated for impairment | |||
Allowance for loan and lease losses | $ 1,975 | $ 2,476 | |
Carrying value | $ 229,094 | $ 226,116 | |
Allowance as a percentage of carrying value | 0.86% | 1.10% | |
Purchased credit-impaired loans | |||
Valuation allowance | $ 2,750 | $ 3,914 | 5,935 |
Valuation allowance as a percentage of carrying value | 3.05% | 4.82% | |
Total | |||
Carrying value | $ 258,240 | $ 263,859 | |
Allowance as a percentage of carrying value | 1.06% | 1.48% | |
Consumer real estate | Estimate of Fair Value Measurement | |||
Total | |||
Loans and leases | $ 1,051 | $ 1,871 | |
Consumer real estate | Purchased Credit-impaired | |||
Purchased credit-impaired loans | |||
Valuation allowance | 419 | 804 | |
Carrying value gross of valuation allowance | 13,738 | 16,685 | |
Credit card and other consumer | |||
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | 189 | 250 | |
Carrying value | $ 610 | $ 779 | |
Allowance as a percentage of carrying value | 30.98% | 32.09% | |
Loans collectively evaluated for impairment | |||
Allowance for loan and lease losses | $ 3,283 | $ 3,221 | |
Carrying value | $ 197,470 | $ 189,660 | |
Allowance as a percentage of carrying value | 1.66% | 1.70% | |
Purchased credit-impaired loans | |||
Valuation allowance | $ 3,229 | $ 3,471 | 4,047 |
Less: Assets of business held for sale | |||
Less: Allowance included in assets of business held for sale | (243) | ||
Carrying value | (9,214) | ||
Total | |||
Carrying value | $ 188,866 | $ 190,439 | |
Allowance as a percentage of carrying value | 1.71% | 1.82% | |
Credit card and other consumer | Credit Card Receivable | United States | |||
Total | |||
Loans and leases | $ 92,278 | $ 89,602 | |
Related allowance | 128 | 176 | |
Credit card and other consumer | Credit Card Receivable | Non United States | |||
Total | |||
Loans and leases | 9,975 | ||
Related allowance, including loans held for sale | 61 | ||
Related allowance | 70 | ||
Carrying value | 182 | ||
Commercial | |||
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | 273 | 217 | |
Carrying value | $ 3,202 | $ 2,368 | |
Allowance as a percentage of carrying value | 8.53% | 9.16% | |
Loans collectively evaluated for impairment | |||
Allowance for loan and lease losses | $ 4,985 | $ 4,632 | |
Carrying value | $ 449,290 | $ 433,379 | |
Allowance as a percentage of carrying value | 1.11% | 1.07% | |
Purchased credit-impaired loans | |||
Valuation allowance | $ 6,020 | $ 5,495 | $ 4,965 |
Total | |||
Carrying value | $ 452,492 | $ 435,747 | |
Allowance as a percentage of carrying value | 1.16% | 1.11% | |
Loans and leases | $ 458,526 | $ 440,814 | |
Commercial | Estimate of Fair Value Measurement | |||
Total | |||
Loans and leases | 6,034 | 5,067 | |
Commercial | United States | |||
Total | |||
Loans and leases | 270,372 | 252,771 | |
Related allowance | 132 | 115 | |
Commercial | Non United States | |||
Total | |||
Loans and leases | 89,397 | 91,549 | |
Related allowance | $ 104 | $ 56 |
Securitizations and Other Va106
Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Total assets | $ 2,187,702,000,000 | $ 2,144,287,000,000 | |
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 | 487,000,000 | 750,000,000 | $ 715,000,000 |
Servicing fees | 1,100,000,000 | 1,400,000,000 | 1,800,000,000 |
Agency | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Cash proceeds from new securitizations | 24,201,000,000 | 27,164,000,000 | 36,905,000,000 |
Gain (loss) on securitizations | 370,000,000 | 894,000,000 | 371,000,000 |
Repurchases from securitization trusts | 3,611,000,000 | 3,716,000,000 | 5,155,000,000 |
Transfers continuing involvement servicing fee advances | 6,200,000,000 | 7,800,000,000 | |
Assets of deconsolidated securitization vehicles | 3,800,000,000 | 4,500,000,000 | |
Liabilities of deconsolidated securitization vehicles | 628,000,000 | 0 | |
Noncash investing and financing activities, deconsolidated assets | 706,000,000 | ||
Noncash investing and financing activities, deconsolidated liabilities | 628,000,000 | ||
Gain (loss) on deconsolidation | 125,000,000 | 287,000,000 | |
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 | 0 | 809,000,000 |
Gain (loss) on securitizations | 0 | 0 | 49,000,000 |
Repurchases from securitization trusts | 0 | 0 | 0 |
Commercial Mortgage | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Cash proceeds from new securitizations | 3,887,000,000 | 7,945,000,000 | 5,710,000,000 |
Gain (loss) on securitizations | 38,000,000 | 49,000,000 | 68,000,000 |
Repurchases from securitization trusts | 0 | 0 | 0 |
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 | 4,200,000,000 | 22,300,000,000 | $ 5,400,000,000 |
Unconsolidated VIEs | Agency | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Maximum loss exposure | 22,661,000,000 | 28,192,000,000 | |
Total assets | 22,661,000,000 | 28,192,000,000 | |
Unconsolidated VIEs | Non-agency | Subprime | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Maximum loss exposure | 2,750,000,000 | 2,905,000,000 | |
Total assets | 2,372,000,000 | 2,613,000,000 | |
Unconsolidated VIEs | Commercial Mortgage | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Maximum loss exposure | 344,000,000 | 326,000,000 | |
Total assets | 221,000,000 | $ 233,000,000 | |
Unconsolidated VIEs | Accounting Standards Update 2015-02 | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Maximum loss exposure | 6,100,000,000 | ||
Total assets | $ 16,700,000,000 |
Securitizations and Other Va107
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
On-balance sheet assets | |||
Trading account assets | $ 180,209,000,000 | $ 176,527,000,000 | |
Debt securities carried at fair value | 313,660,000,000 | 322,380,000,000 | |
Held-to-maturity securities | 117,071,000,000 | 84,508,000,000 | |
Loans and leases | 906,683,000,000 | 896,983,000,000 | |
All other assets | 120,709,000,000 | 114,688,000,000 | |
Total assets | 2,187,702,000,000 | 2,144,287,000,000 | |
On-balance sheet liabilities | |||
Long-term debt | 216,823,000,000 | 236,764,000,000 | |
Total liabilities | 1,920,862,000,000 | 1,888,111,000,000 | |
Other than temporary impairment losses recorded on debt securities | 19,000,000 | 81,000,000 | $ 16,000,000 |
Unpaid principal balance of mortgage loans eligible for repurchase | 189,000,000 | 222,000,000 | |
Principal amount that would be payable to the securitization vehicles | 189,000,000 | 222,000,000 | |
Unconsolidated VIEs | Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 22,661,000,000 | 28,192,000,000 | |
On-balance sheet assets | |||
Residual interests held | 0 | 0 | |
All other assets | 12,000,000 | 15,000,000 | |
Total assets | 22,661,000,000 | 28,192,000,000 | |
Principal balance outstanding | 265,332,000,000 | 313,613,000,000 | |
Unconsolidated VIEs | Agency | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 1,399,000,000 | 1,297,000,000 | |
Debt securities carried at fair value | 17,620,000,000 | 24,369,000,000 | |
Held-to-maturity securities | 3,630,000,000 | 2,511,000,000 | |
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 | 757,000,000 | 1,027,000,000 | |
On-balance sheet assets | |||
Residual interests held | 0 | 0 | |
All other assets | 28,000,000 | 40,000,000 | |
Total assets | 498,000,000 | 708,000,000 | |
Principal balance outstanding | 16,280,000,000 | 20,366,000,000 | |
Unconsolidated VIEs | Non-agency | Prime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 20,000,000 | 42,000,000 | |
Debt securities carried at fair value | 441,000,000 | 613,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Prime | Junior Lien | |||
On-balance sheet assets | |||
Trading account assets | 1,000,000 | 1,000,000 | |
Debt securities carried at fair value | 8,000,000 | 12,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Subprime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 2,750,000,000 | 2,905,000,000 | |
On-balance sheet assets | |||
Residual interests held | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 2,372,000,000 | 2,613,000,000 | |
Principal balance outstanding | 19,373,000,000 | 27,854,000,000 | |
Unconsolidated VIEs | Non-agency | Subprime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 112,000,000 | 94,000,000 | |
Debt securities carried at fair value | 2,235,000,000 | 2,479,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Subprime | Junior Lien | |||
On-balance sheet assets | |||
Trading account assets | 23,000,000 | 37,000,000 | |
Debt securities carried at fair value | 2,000,000 | 3,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 560,000,000 | 622,000,000 | |
On-balance sheet assets | |||
Residual interests held | 0 | 0 | |
All other assets | 113,000,000 | 153,000,000 | |
Total assets | 560,000,000 | 622,000,000 | |
Principal balance outstanding | 35,788,000,000 | 44,055,000,000 | |
Unconsolidated VIEs | Non-agency | Alt-A | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 118,000,000 | 99,000,000 | |
Debt securities carried at fair value | 305,000,000 | 340,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Alt-A | Junior Lien | |||
On-balance sheet assets | |||
Trading account assets | 1,000,000 | 2,000,000 | |
Debt securities carried at fair value | 23,000,000 | 28,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Commercial Mortgage | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 344,000,000 | 326,000,000 | |
On-balance sheet assets | |||
Residual interests held | 25,000,000 | 48,000,000 | |
All other assets | 0 | 0 | |
Total assets | 221,000,000 | 233,000,000 | |
Principal balance outstanding | 23,826,000,000 | 34,243,000,000 | |
Unconsolidated VIEs | Commercial Mortgage | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 51,000,000 | 59,000,000 | |
Debt securities carried at fair value | 0 | 0 | |
Held-to-maturity securities | 64,000,000 | 37,000,000 | |
Unconsolidated VIEs | Commercial Mortgage | Junior Lien | |||
On-balance sheet assets | |||
Trading account assets | 14,000,000 | 22,000,000 | |
Debt securities carried at fair value | 54,000,000 | 54,000,000 | |
Held-to-maturity securities | 13,000,000 | 13,000,000 | |
Unconsolidated VIEs | First Lien Mortgage Securitization Trusts | |||
On-balance sheet liabilities | |||
Other than temporary impairment losses recorded on held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | First Lien Mortgage Securitization Trusts | Available-for-sale Securities | |||
On-balance sheet liabilities | |||
Other than temporary impairment losses recorded on debt securities | 7,000,000 | 34,000,000 | |
Consolidated VIEs | Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 18,084,000,000 | 26,878,000,000 | |
On-balance sheet assets | |||
Trading account assets | 434,000,000 | 1,101,000,000 | |
Loans and leases | 17,223,000,000 | 25,328,000,000 | |
All other assets | 427,000,000 | 449,000,000 | |
Total assets | 18,084,000,000 | 26,878,000,000 | |
On-balance sheet liabilities | |||
Long-term debt | 0 | 0 | |
All other liabilities | 4,000,000 | 1,000,000 | |
Total liabilities | 4,000,000 | 1,000,000 | |
Consolidated VIEs | Non-agency | Prime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 65,000,000 | |
On-balance sheet assets | |||
Trading account assets | 0 | 0 | |
Loans and leases | 0 | 111,000,000 | |
All other assets | 0 | 0 | |
Total assets | 0 | 111,000,000 | |
On-balance sheet liabilities | |||
Long-term debt | 0 | 46,000,000 | |
All other liabilities | 0 | 0 | |
Total liabilities | 0 | 46,000,000 | |
Consolidated VIEs | Non-agency | Subprime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 232,000,000 | |
On-balance sheet assets | |||
Trading account assets | 0 | 188,000,000 | |
Loans and leases | 0 | 675,000,000 | |
All other assets | 0 | 54,000,000 | |
Total assets | 0 | 917,000,000 | |
On-balance sheet liabilities | |||
Long-term debt | 0 | 840,000,000 | |
All other liabilities | 0 | 0 | |
Total liabilities | 0 | 840,000,000 | |
Consolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 25,000,000 | 0 | |
On-balance sheet assets | |||
Trading account assets | 99,000,000 | 0 | |
Loans and leases | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 99,000,000 | 0 | |
On-balance sheet liabilities | |||
Long-term debt | 74,000,000 | 0 | |
All other liabilities | 0 | 0 | |
Total liabilities | 74,000,000 | 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 | |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
On-balance sheet assets | ||||
Trading account assets | $ 180,209,000,000 | $ 176,527,000,000 | ||
Debt securities carried at fair value | 313,660,000,000 | 322,380,000,000 | ||
Held-to-maturity securities | 117,071,000,000 | 84,508,000,000 | ||
Loans and leases | 906,683,000,000 | 896,983,000,000 | ||
Allowance for loan and lease losses | (11,237,000,000) | (12,234,000,000) | $ (14,419,000,000) | $ (17,428,000,000) |
All other assets | 120,709,000,000 | 114,688,000,000 | ||
Total assets | 2,187,702,000,000 | 2,144,287,000,000 | ||
On-balance sheet liabilities | ||||
Long-term debt | 216,823,000,000 | 236,764,000,000 | ||
Total liabilities | 1,920,862,000,000 | 1,888,111,000,000 | ||
Other than temporary impairment losses recorded on debt securities | 19,000,000 | 81,000,000 | $ 16,000,000 | |
Home equity lines of credit | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 2,732,000,000 | 3,988,000,000 | ||
On-balance sheet assets | ||||
All other assets | 0 | 0 | ||
Total assets | 46,000,000 | 57,000,000 | ||
Home equity lines of credit | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 149,000,000 | 231,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 244,000,000 | 321,000,000 | ||
Allowance for loan and lease losses | (16,000,000) | (18,000,000) | ||
All other assets | 7,000,000 | 20,000,000 | ||
Total assets | 235,000,000 | 323,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 108,000,000 | 183,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 108,000,000 | 183,000,000 | ||
Home equity lines of credit | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 46,000,000 | 57,000,000 | ||
Held-to-maturity securities | 0 | 0 | ||
Home equity lines of credit | Junior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 0 | 0 | ||
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 | 25,859,000,000 | 32,678,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 35,135,000,000 | 43,194,000,000 | ||
Allowance for loan and lease losses | (1,007,000,000) | (1,293,000,000) | ||
All other assets | 793,000,000 | 342,000,000 | ||
Total assets | 34,921,000,000 | 42,243,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 9,049,000,000 | 9,550,000,000 | ||
All other liabilities | 13,000,000 | 15,000,000 | ||
Total liabilities | 9,062,000,000 | 9,565,000,000 | ||
Residual interests held | 17,600,000,000 | 24,700,000,000 | ||
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 | 9,906,000,000 | 13,046,000,000 | ||
On-balance sheet assets | ||||
All other assets | 0 | 0 | ||
Total assets | 9,906,000,000 | 13,046,000,000 | ||
Resecuritization Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 420,000,000 | 354,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 1,428,000,000 | 771,000,000 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
All other assets | 0 | 0 | ||
Total assets | 1,428,000,000 | 771,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 1,008,000,000 | 417,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 1,008,000,000 | 417,000,000 | ||
Resecuritization Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 902,000,000 | 1,248,000,000 | ||
Debt securities carried at fair value | 2,338,000,000 | 4,341,000,000 | ||
Held-to-maturity securities | 6,569,000,000 | 7,370,000,000 | ||
Resecuritization Trusts | Junior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 27,000,000 | 17,000,000 | ||
Debt securities carried at fair value | 70,000,000 | 70,000,000 | ||
Municipal Bond Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 1,635,000,000 | 1,572,000,000 | ||
On-balance sheet assets | ||||
All other assets | 0 | 0 | ||
Total assets | 0 | 2,000,000 | ||
Municipal Bond Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 1,442,000,000 | 1,973,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 1,454,000,000 | 1,984,000,000 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
All other assets | 0 | 1,000,000 | ||
Total assets | 1,454,000,000 | 1,985,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 348,000,000 | 681,000,000 | ||
Long-term debt | 12,000,000 | 12,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 360,000,000 | 693,000,000 | ||
Municipal Bond Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 2,000,000 | ||
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 | 47,000,000 | 63,000,000 | ||
On-balance sheet assets | ||||
All other assets | 0 | 10,000,000 | ||
Total assets | 47,000,000 | 63,000,000 | ||
Automobile and Other Securitization Trusts | Consolidated VIEs | ||||
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 | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Automobile and Other Securitization Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 47,000,000 | 53,000,000 | ||
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 | ||
Home Equity Loan, Credit Card and Other Asset-backed Securitization Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Other than temporary impairment losses recorded on held-to-maturity securities | 0 | |||
On-balance sheet liabilities | ||||
Other than temporary impairment losses recorded on debt securities | 2,000,000 | 5,000,000 | ||
Unconsolidated VIEs | Home equity lines of credit | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 4,274,000,000 | 5,883,000,000 | ||
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 | 22,155,000,000 | 35,362,000,000 | ||
Unconsolidated VIEs | Municipal Bond Trusts | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 2,406,000,000 | 2,518,000,000 | ||
Unconsolidated VIEs | Automobile and Other Securitization Trusts | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | $ 174,000,000 | $ 314,000,000 |
Securitizations and Other Va109
Securitizations and Other Variable Interest Entities - Other Asset-backed Securitizations Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Payments to fund trust securitization | $ 1,000,000 | $ 7,000,000 | |
Home equity lines of credit | |||
Variable Interest Entity [Line Items] | |||
Trust certificates outstanding | 2,700,000,000 | 4,000,000,000 | |
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 | 7,500,000,000 | |
Transferred financial assets, stated interest rate | 0.00% | ||
Credit Card Receivable | Senior Lien | |||
Variable Interest Entity [Line Items] | |||
Transferred financial assets, amount issued | $ 750,000,000 | 2,300,000,000 | |
Credit Card Receivable | Junior Lien | |||
Variable Interest Entity [Line Items] | |||
Transferred financial assets, amount issued | 121,000,000 | 371,000,000 | |
Resecuritization Trusts | |||
Variable Interest Entity [Line Items] | |||
Cash proceeds from new securitizations | 23,400,000,000 | 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 | 0 | 1,500,000,000 |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale | 85,000,000 | ||
Resecuritization Trusts | Debt securities | |||
Variable Interest Entity [Line Items] | |||
Cash proceeds from new securitizations | 3,300,000,000 | 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 | 1,600,000,000 | |
Weighted average remaining life of bonds held in the trusts in years | 5 years 7 months | ||
Automobile and Other Securitization Trusts | |||
Variable Interest Entity [Line Items] | |||
Principal balance outstanding | $ 174,000,000 | 314,000,000 | |
Other Loan and Receivable | |||
Variable Interest Entity [Line Items] | |||
Principal balance outstanding | 174,000,000 | 189,000,000 | |
Automobile Loan | |||
Variable Interest Entity [Line Items] | |||
Principal balance outstanding | $ 0 | 125,000,000 | |
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 |
Securitizations and Other Va110
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
On-balance sheet assets | ||||
Trading account assets | $ 180,209 | $ 176,527 | ||
Debt securities carried at fair value | 313,660 | 322,380 | ||
Loans and leases | 906,683 | 896,983 | ||
Allowance for loan and lease losses | (11,237) | (12,234) | $ (14,419) | $ (17,428) |
Loans held-for-sale | 9,066 | 7,453 | ||
All other assets | 120,709 | 114,688 | ||
Total assets | 2,187,702 | 2,144,287 | ||
On-balance sheet liabilities | ||||
Long-term debt | 216,823 | 236,764 | ||
Total liabilities | 1,920,862 | 1,888,111 | ||
Other Variable Interest Entities | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 23,821 | 19,211 | ||
On-balance sheet assets | ||||
Trading account assets | 2,591 | 2,666 | ||
Debt securities carried at fair value | 75 | 126 | ||
Loans and leases | 6,648 | 6,706 | ||
Allowance for loan and lease losses | (33) | (32) | ||
Loans held-for-sale | 652 | 1,309 | ||
All other assets | 13,525 | 7,589 | ||
Total assets | 23,458 | 18,364 | ||
On-balance sheet liabilities | ||||
Long-term debt | 395 | 3,025 | ||
All other liabilities | 2,983 | 2,702 | ||
Total liabilities | 3,378 | 5,727 | ||
Consolidated total assets of VIEs | 6,305 | 6,556 | ||
Unconsolidated total assets of VIEs | 62,095 | 49,190 | ||
Total assets of VIEs | 68,400 | 55,746 | ||
Other Variable Interest Entities | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 6,114 | 6,295 | ||
On-balance sheet assets | ||||
Trading account assets | 2,358 | 2,300 | ||
Debt securities carried at fair value | 0 | 0 | ||
Loans and leases | 3,399 | 3,317 | ||
Allowance for loan and lease losses | (9) | (9) | ||
Loans held-for-sale | 188 | 284 | ||
All other assets | 369 | 664 | ||
Total assets | 6,305 | 6,556 | ||
On-balance sheet liabilities | ||||
Long-term debt | 395 | 3,025 | ||
All other liabilities | 24 | 5 | ||
Total liabilities | 419 | 3,030 | ||
Long-term debt with recourse to general corporation credit | 229 | 2,800 | ||
Other Variable Interest Entities | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 17,707 | 12,916 | ||
On-balance sheet assets | ||||
Trading account assets | 233 | 366 | ||
Debt securities carried at fair value | 75 | 126 | ||
Loans and leases | 3,249 | 3,389 | ||
Allowance for loan and lease losses | (24) | (23) | ||
Loans held-for-sale | 464 | 1,025 | ||
All other assets | 13,156 | 6,925 | ||
Total assets | 17,153 | 11,808 | ||
On-balance sheet liabilities | ||||
Long-term debt | 0 | 0 | ||
All other liabilities | 2,959 | 2,697 | ||
Total liabilities | $ 2,959 | $ 2,697 |
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, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | ||
Total assets | $ 2,187,702 | $ 2,144,287 |
Customer Vehicles | ||
Variable Interest Entity [Line Items] | ||
Net decrease in long-term debt | 1,200 | |
Maximum loss exposure | 2,900 | 3,900 |
Liquidity commitments to unconsolidated securitization trusts | 323 | 691 |
Collateralized Debt Obligations | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 430 | 543 |
Notional amount of liquidity exposure | 127 | |
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 | 846 | 397 |
Investment Vehicles | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 150 | 150 |
Total assets | 17,300 | 14,700 |
Consolidated total assets of VIEs | 75 | 122 |
Leveraged Lease Trusts | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets | 2,600 | 2,800 |
Real Estate Vehicles | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets | 12,600 | 6,500 |
Tax Credit Vehicles [Member] | ||
Investments in Affordable Housing Projects [Abstract] | ||
Unfunded commitments | $ 2,700 | 2,400 |
Unfunded commitment payment period | 5 years | |
Tax credits and other benefits | $ 1,100 | 928 |
Expected tax benefits recognized, as a percentage | 25.00% | |
Tax Credit Vehicles [Member] | Other assets | ||
Investments in Affordable Housing Projects [Abstract] | ||
Investments in affordable housing project investments | $ 7,400 | 7,100 |
Tax Credit Vehicles [Member] | Other income | ||
Investments in Affordable Housing Projects [Abstract] | ||
Pretax losses | 789 | 629 |
Other Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 23,821 | 19,211 |
Total assets | 23,458 | 18,364 |
Consolidated total assets of VIEs | 6,305 | 6,556 |
Other Variable Interest Entities | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 6,114 | 6,295 |
Total assets | 6,305 | 6,556 |
Other Variable Interest Entities | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure | 17,707 | 12,916 |
Total assets | $ 17,153 | $ 11,808 |
Representations and Warranti112
Representations and Warranties Obligations and Corporate Guarantees - Unresolved Repurchase Claims by Counterparty, net of duplicate claims (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | $ 18,277 | $ 18,364 |
Outstanding claims with review | 11,900 | 11,900 |
Outstanding claims without review | 4,800 | 4,800 |
Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other | ||
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | 16,685 | 16,748 |
Monolines | ||
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | 1,583 | 1,599 |
GSEs | ||
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | $ 9 | $ 17 |
Representations and Warranti113
Representations and Warranties Obligations and Corporate Guarantees - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
New purchase claims | $ 647 | |
New repurchase claims, deemed time-barred | 440 | |
Claims resolved | 734 | |
Claims resolved, deemed time-barred | 477 | |
Unresolved repurchase claims, net of duplicated claims | $ 18,277 | $ 18,364 |
Inactive claims, threshold period of inactivity after denial | 6 months | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Maximum estimated range of possible loss | $ 1,500 | |
Representations and Warranties Exposure | Maximum | ||
Loss Contingencies [Line Items] | ||
Maximum estimated range of possible loss | 2,000 | |
Sponsors of Third-Party Securitizations | ||
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | 1,300 | 1,400 |
Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other | ||
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | 16,685 | 16,748 |
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] | ||
Unresolved repurchase claims, net of duplicated claims | 16,600 | 16,700 |
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 | $ 5,600 | $ 3,500 |
Representations and Warranti114
Representations and Warranties Obligations and Corporate Guarantees - Liabilities (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Bank of New York Mellon, as Trustee Settlement | |||
Loss Contingency Accrual [Roll Forward] | |||
Settlement payment | $ 8,500 | ||
Representations and Warranties Obligations and Corporate Guarantees | |||
Loss Contingency Accrual [Roll Forward] | |||
Additions for new sales | $ 4 | $ 6 | |
Payments | (9,097) | (722) | |
Representations and Warranties Obligations and Corporate Guarantees | Mortgage Banking Income | |||
Loss Contingency Accrual [Roll Forward] | |||
Provision (benefit) | 106 | (39) | |
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 | 11,326 | 12,081 | |
Liability for representations and warranties and corporate guarantees, December 31 | $ 2,339 | $ 11,326 |
Goodwill and Intangible Asse115
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Total goodwill | $ 68,969,000,000 | $ 69,761,000,000 |
Less: Goodwill of business held for sale | (775,000,000) | 0 |
Impairment loss on goodwill | 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 | 9,681,000,000 | 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] | ||
All Other | $ 820,000,000 | $ 820,000,000 |
Goodwill and Intangible Asse116
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible Assets [Abstract] | ||
Gross Carrying Value | $ 14,553 | |
Accumulated Amortization | 11,564 | |
Net Carrying Value | 2,989 | |
Gross Carrying Value | $ 14,855 | |
Accumulated Amortization | 11,087 | |
Net Carrying Value | 2,922 | 3,768 |
International Consumer Credit Card Business | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Intangible Assets [Abstract] | ||
Disposal group, intangible assets | 67 | |
Trade Names | ||
Intangible Assets [Abstract] | ||
Intangible assets, net (excluding goodwill) | 1,600 | 1,600 |
Purchased credit card relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 6,830 | |
Accumulated Amortization | 6,243 | |
Net Carrying Value | 587 | |
Gross Carrying Value | 7,006 | |
Accumulated Amortization | 6,111 | |
Net Carrying Value | 895 | |
Core deposit intangibles | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,836 | |
Accumulated Amortization | 2,046 | |
Net Carrying Value | 1,790 | |
Gross Carrying Value | 3,922 | |
Accumulated Amortization | 1,986 | |
Net Carrying Value | 1,936 | |
Customer relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,887 | |
Accumulated Amortization | 3,275 | |
Net Carrying Value | $ 612 | |
Gross Carrying Value | 3,927 | |
Accumulated Amortization | 2,990 | |
Net Carrying Value | $ 937 |
Goodwill and Intangible Asse117
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangibles | $ 730 | $ 834 | $ 936 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,017 | 638 | ||
2,018 | 559 | ||
2,019 | 120 | ||
2,020 | 60 | ||
2,021 | $ 3 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Time deposits that met or exceeded the FDIC insurance limit | $ 18,300 | |
U.S. | ||
Time Deposits [Line Items] | ||
Three Months or Less | 16,112 | |
Over Three Months to Twelve Months | 14,580 | |
Thereafter | 2,206 | |
Total | 32,898 | $ 28,300 |
Non-U.S. | ||
Time Deposits [Line Items] | ||
Three Months or Less | 8,688 | |
Over Three Months to Twelve Months | 2,746 | |
Thereafter | 3,243 | |
Total | $ 14,677 | $ 14,100 |
Deposits - Contractual Maturiti
Deposits - Contractual Maturities (Details) $ in Millions | Dec. 31, 2016USD ($) |
Time Deposits [Line Items] | |
Due in 2017 | $ 65,112 |
Due in 2018 | 4,783 |
Due in 2019 | 1,178 |
Due in 2020 | 1,725 |
Due in 2021 | 1,644 |
Thereafter | 502 |
Total time deposits | 74,944 |
U.S. | |
Time Deposits [Line Items] | |
Due in 2017 | 53,584 |
Due in 2018 | 3,081 |
Due in 2019 | 1,131 |
Due in 2020 | 1,475 |
Due in 2021 | 406 |
Thereafter | 483 |
Total time deposits | 60,160 |
Non-U.S. | |
Time Deposits [Line Items] | |
Due in 2017 | 11,528 |
Due in 2018 | 1,702 |
Due in 2019 | 47 |
Due in 2020 | 250 |
Due in 2021 | 1,238 |
Thereafter | 19 |
Total time deposits | $ 14,784 |
Federal Funds Sold or Purcha120
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Amount | ||
Average during year | $ 183,818 | $ 213,497 |
Maximum month-end balance during year | $ 196,631 | $ 235,232 |
Rate | ||
Average during year (percent) | 0.97% | 0.89% |
Short-term borrowings | ||
Amount | ||
Average during year | $ 29,440 | $ 32,798 |
Maximum month-end balance during year | $ 33,051 | $ 40,110 |
Rate | ||
Average during year (percent) | 1.95% | 1.49% |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Amount | ||
Average during year | $ 216,161 | $ 211,471 |
Maximum month-end asset outstanding amount | $ 225,015 | $ 226,502 |
Rate | ||
Average asset outstanding rate (percent) | 0.52% | 0.47% |
Federal Funds Sold or Purcha121
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 9,300,000,000 | $ 16,800,000,000 |
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 Purcha122
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Securities borrowed or purchased under agreements to resell: | ||
Gross Assets | $ 326,970 | $ 347,281 |
Amounts Offset | (128,746) | (154,799) |
Net Balance Sheet Amount | 198,224 | 192,482 |
Financial Instruments | (154,974) | (144,332) |
Net Assets | 43,250 | 48,150 |
Securities loaned or sold under agreements to repurchase: | ||
Gross Liabilities | 299,028 | 329,078 |
Amounts Offset | (128,746) | (154,799) |
Net Balance Sheet Amount | 170,282 | 174,279 |
Financial Instruments | (140,774) | (135,737) |
Net Liabilities | 29,508 | 38,542 |
Other: | ||
Gross Liabilities | 14,448 | 13,235 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 14,448 | 13,235 |
Financial Instruments | (14,448) | (13,235) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability: | ||
Gross Liabilities | 313,476 | 342,313 |
Amounts Offset | (128,746) | (154,799) |
Net Balance Sheet Amount | 184,730 | 187,514 |
Financial Instruments | (155,222) | (148,972) |
Net Liabilities | 29,508 | 38,542 |
Loans and leases repurchase activity | $ 10,100 | $ 9,300 |
Federal Funds Sold or Purcha123
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 280,236 | $ 284,303 |
Securities loaned | 18,792 | 44,775 |
Other | 14,448 | 13,235 |
Total | $ 313,476 | 342,313 |
Maximum agreement maturity period (less than) | 3 years | |
Overnight and Continuous | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 129,853 | 126,694 |
Securities loaned | 8,564 | 39,772 |
Other | 14,448 | 13,235 |
Total | 152,865 | 179,701 |
30 Days or Less | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 77,780 | 86,879 |
Securities loaned | 6,602 | 363 |
Other | 0 | 0 |
Total | 84,382 | 87,242 |
After 30 Days Through 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 31,851 | 43,216 |
Securities loaned | 1,473 | 2,352 |
Other | 0 | 0 |
Total | 33,324 | 45,568 |
Greater than 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 40,752 | 27,514 |
Securities loaned | 2,153 | 2,288 |
Other | 0 | 0 |
Total | $ 42,905 | $ 29,802 |
Federal Funds Sold or Purcha124
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Class of Collateral Pledged (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | $ 280,236 | $ 284,303 |
Securities loaned | 18,792 | 44,775 |
Other | 14,448 | 13,235 |
Total | 313,476 | 342,313 |
U.S. government and agency securities | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 153,184 | 142,572 |
Securities loaned | 0 | 0 |
Other | 70 | 27 |
Total | 153,254 | 142,599 |
Corporate securities, trading loans and other | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 11,086 | 11,767 |
Securities loaned | 1,630 | 265 |
Other | 127 | 278 |
Total | 12,843 | 12,310 |
Equity securities | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 24,007 | 32,323 |
Securities loaned | 11,175 | 13,350 |
Other | 14,196 | 12,929 |
Total | 49,378 | 58,602 |
Non-U.S. sovereign debt | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 84,171 | 87,849 |
Securities loaned | 5,987 | 31,160 |
Other | 55 | 1 |
Total | 90,213 | 119,010 |
Mortgage trading loans and ABS | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 7,788 | 9,792 |
Securities loaned | 0 | 0 |
Other | 0 | 0 |
Total | $ 7,788 | $ 9,792 |
Long-term Debt - Balances (Deta
Long-term Debt - Balances (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 216,823 | $ 236,764 |
Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 173,375 | 179,402 |
Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,751 | 37,554 |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,697 | 19,808 |
Senior notes | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 122,097 | |
Senior notes | Bank of America Corporation | Fixed, with a weighted-average rate of 4.25%, ranging from 0.39% to 8.40%, due 2017 to 2046 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 108,933 | 109,861 |
Senior notes | Bank of America Corporation | Floating, with a weighted-average rate of 1.73%, ranging from 0.19% to 5.64%, due 2017 to 2044 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 13,164 | 13,900 |
Senior notes | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,319 | |
Senior notes | Bank of America, N.A. | Fixed, with a weighted-average rate of 1.67%, ranging from 0.02% to 2.05%, due 2017 to 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,936 | 7,483 |
Senior notes | Bank of America, N.A. | Floating, with a weighted-average rate of 1.66%, ranging from 0.94% to 2.86%, due 2017 to 2041 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,383 | 4,942 |
Senior notes | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1 | |
Senior notes | Subsidiaries | Fixed, with a weighted-average rate of 5.50%, due 2017 to 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1 | 30 |
Senior structured notes | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 17,049 | 17,548 |
Subordinated notes | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 30,397 | |
Subordinated notes | Bank of America Corporation | Fixed, with a weighted-average rate of 4.87%, ranging from 2.40% to 8.57%, due 2017 to 2045 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,047 | 27,216 |
Subordinated notes | Bank of America Corporation | Floating, with a weighted-average rate of 0.83%, ranging from 0.23% to 2.52%, due 2017 to 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,350 | 5,029 |
Subordinated notes | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,022 | |
Subordinated notes | Bank of America, N.A. | Fixed, with a weighted-average rate of 5.66%, ranging from 5.30% to 6.10%, due 2017 to 2036 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,424 | 4,815 |
Subordinated notes | Bank of America, N.A. | Floating, with a weighted-average rate of 1.26%, ranging from 0.85% to 1.26%, due 2017 to 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 598 | 1,401 |
Junior subordinated notes (related to trust preferred securities) | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,832 | |
Junior subordinated notes (related to trust preferred securities) | Bank of America Corporation | Fixed, with a weighted-average rate of 6.91%, ranging from 5.25% to 8.05%, due 2027 to 2067 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,280 | 5,295 |
Junior subordinated notes (related to trust preferred securities) | Bank of America Corporation | Floating, with a weighted-average rate of 1.60%, ranging from 1.43% to 1.99%, due 2027 to 2056 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 552 | 553 |
Advances from Federal Home Loan Banks | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 162 | |
Advances from Federal Home Loan Banks | Bank of America, N.A. | Fixed, with a weighted-average rate of 5.31%, ranging from 0.01% to 7.72%, due 2017 to 2034 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 162 | 172 |
Advances from Federal Home Loan Banks | Bank of America, N.A. | Floating | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 6,000 |
Securitizations and other BANA VIEs (1) | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,164 | 9,756 |
Other | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,084 | 2,985 |
Other | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 43 | 487 |
Structured liabilities | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 15,171 | 14,974 |
Nonbank VIEs (1) | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,482 | $ 4,317 |
Long-term Debt - Interest Rates
Long-term Debt - Interest Rates (Details) | Dec. 31, 2016 |
Bank of America Corporation | Fixed, with a weighted-average rate of 4.25%, ranging from 0.39% to 8.40%, due 2017 to 2046 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 4.25% |
Bank of America Corporation | Floating, with a weighted-average rate of 1.73%, ranging from 0.19% to 5.64%, due 2017 to 2044 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.73% |
Bank of America Corporation | Fixed, with a weighted-average rate of 4.87%, ranging from 2.40% to 8.57%, due 2017 to 2045 | Subordinated notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 4.87% |
Bank of America Corporation | Floating, with a weighted-average rate of 0.83%, ranging from 0.23% to 2.52%, due 2017 to 2026 | Subordinated notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 0.83% |
Bank of America Corporation | Fixed, with a weighted-average rate of 6.91%, 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 | 6.91% |
Bank of America Corporation | Floating, with a weighted-average rate of 1.60%, ranging from 1.43% to 1.99%, due 2027 to 2056 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.60% |
Bank of America, N.A. | Fixed, with a weighted-average rate of 1.67%, ranging from 0.02% to 2.05%, due 2017 to 2018 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.67% |
Bank of America, N.A. | Floating, with a weighted-average rate of 1.66%, ranging from 0.94% to 2.86%, due 2017 to 2041 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.66% |
Bank of America, N.A. | Fixed, with a weighted-average rate of 5.66%, ranging from 5.30% to 6.10%, due 2017 to 2036 | Subordinated notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 5.66% |
Bank of America, N.A. | Floating, with a weighted-average rate of 1.26%, ranging from 0.85% to 1.26%, due 2017 to 2019 | Subordinated notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 1.26% |
Bank of America, N.A. | Fixed, with a weighted-average rate of 5.31%, ranging from 0.01% to 7.72%, due 2017 to 2034 | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 5.31% |
Bank of America, N.A. | Floating | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | |
Subsidiaries | Fixed, with a weighted-average rate of 5.50%, due 2017 to 2021 | Senior notes | |
Debt Instrument [Line Items] | |
Long-term debt, weighted average interest rate | 5.50% |
Minimum | Bank of America Corporation | Fixed, with a weighted-average rate of 4.25%, ranging from 0.39% to 8.40%, due 2017 to 2046 | Senior notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 0.39% |
Minimum | Bank of America Corporation | Floating, with a weighted-average rate of 1.73%, ranging from 0.19% to 5.64%, due 2017 to 2044 | Senior notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.19% |
Minimum | Bank of America Corporation | Fixed, with a weighted-average rate of 4.87%, ranging from 2.40% to 8.57%, due 2017 to 2045 | Subordinated notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 2.40% |
Minimum | Bank of America Corporation | Floating, with a weighted-average rate of 0.83%, ranging from 0.23% to 2.52%, due 2017 to 2026 | Subordinated notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.23% |
Minimum | Bank of America Corporation | Fixed, with a weighted-average rate of 6.91%, ranging from 5.25% to 8.05%, due 2027 to 2067 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 5.25% |
Minimum | Bank of America Corporation | Floating, with a weighted-average rate of 1.60%, ranging from 1.43% to 1.99%, due 2027 to 2056 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 1.43% |
Minimum | Bank of America, N.A. | Fixed, with a weighted-average rate of 1.67%, ranging from 0.02% to 2.05%, due 2017 to 2018 | Senior notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 0.02% |
Minimum | Bank of America, N.A. | Floating, with a weighted-average rate of 1.66%, ranging from 0.94% to 2.86%, due 2017 to 2041 | Senior notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.94% |
Minimum | Bank of America, N.A. | Fixed, with a weighted-average rate of 5.66%, ranging from 5.30% to 6.10%, due 2017 to 2036 | Subordinated notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 5.30% |
Minimum | Bank of America, N.A. | Floating, with a weighted-average rate of 1.26%, ranging from 0.85% to 1.26%, due 2017 to 2019 | Subordinated notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 0.85% |
Minimum | Bank of America, N.A. | Fixed, with a weighted-average rate of 5.31%, ranging from 0.01% to 7.72%, due 2017 to 2034 | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 0.01% |
Minimum | Bank of America, N.A. | Floating | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | |
Maximum | Bank of America Corporation | Fixed, with a weighted-average rate of 4.25%, ranging from 0.39% to 8.40%, due 2017 to 2046 | Senior notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 8.40% |
Maximum | Bank of America Corporation | Floating, with a weighted-average rate of 1.73%, ranging from 0.19% to 5.64%, due 2017 to 2044 | Senior notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 5.64% |
Maximum | Bank of America Corporation | Fixed, with a weighted-average rate of 4.87%, ranging from 2.40% to 8.57%, due 2017 to 2045 | Subordinated notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 8.57% |
Maximum | Bank of America Corporation | Floating, with a weighted-average rate of 0.83%, ranging from 0.23% to 2.52%, due 2017 to 2026 | Subordinated notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 2.52% |
Maximum | Bank of America Corporation | Fixed, with a weighted-average rate of 6.91%, ranging from 5.25% to 8.05%, due 2027 to 2067 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 8.05% |
Maximum | Bank of America Corporation | Floating, with a weighted-average rate of 1.60%, ranging from 1.43% to 1.99%, due 2027 to 2056 | Junior subordinated notes (related to trust preferred securities) | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 1.99% |
Maximum | Bank of America, N.A. | Fixed, with a weighted-average rate of 1.67%, ranging from 0.02% to 2.05%, due 2017 to 2018 | Senior notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 2.05% |
Maximum | Bank of America, N.A. | Floating, with a weighted-average rate of 1.66%, ranging from 0.94% to 2.86%, due 2017 to 2041 | Senior notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 2.86% |
Maximum | Bank of America, N.A. | Fixed, with a weighted-average rate of 5.66%, ranging from 5.30% to 6.10%, due 2017 to 2036 | Subordinated notes | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 6.10% |
Maximum | Bank of America, N.A. | Floating, with a weighted-average rate of 1.26%, ranging from 0.85% to 1.26%, due 2017 to 2019 | Subordinated notes | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate | 1.26% |
Maximum | Bank of America, N.A. | Fixed, with a weighted-average rate of 5.31%, ranging from 0.01% to 7.72%, due 2017 to 2034 | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Per annum interest rate of the notes | 7.72% |
Maximum | Bank of America, N.A. | Floating | Advances from Federal Home Loan Banks | |
Debt Instrument [Line Items] | |
Percentage bearing variable interest, percentage rate |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 216,823 | $ 236,764 | |
Repayments of long-term debt, net of adjustments | 51,600 | ||
Repayments of long-term debt | 51,849 | 40,365 | $ 53,749 |
Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Long-term debt | 10,646 | 14,073 | |
Bank of America Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | 173,375 | 179,402 | |
Repayments of long-term debt, net of adjustments | 30,600 | 25,300 | |
Repayments of long-term debt | 30,804 | 27,393 | $ 33,854 |
Bank of America, N.A. | |||
Debt Instrument [Line Items] | |||
Long-term debt | 26,751 | 37,554 | |
Repayments of long-term debt | 11,600 | 6,600 | |
Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | 16,697 | 19,808 | |
Repayments of long-term debt | 9,400 | $ 8,500 | |
Financial Guarantee | |||
Debt Instrument [Line Items] | |||
Debt outstanding, unconditionally guaranteed | $ 75 | ||
Long Term Debt, Excluding Senior Structured Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 3.80% | 3.80% | |
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 4.36% | 4.61% | |
Floating Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 1.52% | 0.96% | |
Credit Card Receivable | Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 9,000 | ||
Home equity lines of credit | Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Long-term debt | 108 | ||
Other Asset-backed Securitizations | |||
Debt Instrument [Line Items] | |||
Long-term debt | 395 | $ 3,025 | |
Other Asset-backed Securitizations | Consolidated VIEs | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,500 | ||
Foreign Currency - Dominated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 44,700 | $ 46,400 |
Long-Term Debt - Long-term Debt
Long-Term Debt - Long-term Debt by Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total | $ 216,823 | $ 236,764 |
Bank of America Corporation | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 26,604 | |
2,018 | 25,505 | |
2,019 | 20,630 | |
2,020 | 13,137 | |
2,021 | 11,140 | |
Thereafter | 76,359 | |
Total | 173,375 | 179,402 |
Bank of America Corporation | Senior notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 17,913 | |
2,018 | 19,765 | |
2,019 | 17,858 | |
2,020 | 12,168 | |
2,021 | 10,382 | |
Thereafter | 44,011 | |
Total | 122,097 | |
Bank of America Corporation | Senior structured notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 3,931 | |
2,018 | 3,137 | |
2,019 | 1,341 | |
2,020 | 969 | |
2,021 | 409 | |
Thereafter | 7,262 | |
Total | 17,049 | 17,548 |
Bank of America Corporation | Subordinated notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 4,760 | |
2,018 | 2,603 | |
2,019 | 1,431 | |
2,020 | 0 | |
2,021 | 349 | |
Thereafter | 21,254 | |
Total | 30,397 | |
Bank of America Corporation | Junior subordinated notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 3,832 | |
Total | 3,832 | |
Bank of America, N.A. | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 13,253 | |
2,018 | 8,060 | |
2,019 | 3,320 | |
2,020 | 22 | |
2,021 | 2 | |
Thereafter | 2,094 | |
Total | 26,751 | 37,554 |
Bank of America, N.A. | Senior notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 3,649 | |
2,018 | 5,649 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 21 | |
Total | 9,319 | |
Bank of America, N.A. | Subordinated notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 3,328 | |
2,018 | 0 | |
2,019 | 1 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 1,693 | |
Total | 5,022 | |
Bank of America, N.A. | Advances from Federal Home Loan Banks | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 9 | |
2,018 | 9 | |
2,019 | 14 | |
2,020 | 12 | |
2,021 | 2 | |
Thereafter | 116 | |
Total | 162 | |
Bank of America, N.A. | Securitizations and other BANA VIEs (1) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 3,549 | |
2,018 | 2,300 | |
2,019 | 3,200 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 115 | |
Total | 9,164 | 9,756 |
Bank of America, N.A. | Other | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 2,718 | |
2,018 | 102 | |
2,019 | 105 | |
2,020 | 10 | |
2,021 | 0 | |
Thereafter | 149 | |
Total | 3,084 | 2,985 |
Subsidiaries | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 4,107 | |
2,018 | 1,315 | |
2,019 | 1,276 | |
2,020 | 977 | |
2,021 | 756 | |
Thereafter | 8,266 | |
Total | 16,697 | 19,808 |
Subsidiaries | Senior notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 1 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 1 | |
Subsidiaries | Structured liabilities | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 3,860 | |
2,018 | 1,288 | |
2,019 | 1,261 | |
2,020 | 977 | |
2,021 | 756 | |
Thereafter | 7,029 | |
Total | 15,171 | 14,974 |
Subsidiaries | Non-core/non-bank VIEs | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 246 | |
2,018 | 27 | |
2,019 | 15 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 1,194 | |
Total | 1,482 | |
Subsidiaries | Other | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 43 | |
Total | 43 | $ 487 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | 43,964 | |
2,018 | 34,880 | |
2,019 | 25,226 | |
2,020 | 14,136 | |
2,021 | 11,898 | |
Thereafter | 86,719 | |
Total | $ 216,823 |
Long-term Debt - Trust Preferre
Long-term Debt - Trust Preferred and Hybrid Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 29, 2015 | |
Debt Instrument [Line Items] | ||||
Net interest income | $ (41,096) | $ (38,958) | $ (40,779) | |
Junior subordinated notes (related to trust preferred securities) | ||||
Debt Instrument [Line Items] | ||||
Interest payment deferral period (not to exceed) | 5 years | |||
Carrying value | $ 4,773 | |||
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 Securities Summary (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Junior subordinated notes | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Aggregate Principal Amount of the Notes | $ 4,773 |
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 | $ 5 |
Per Annum Interest Rate of the Notes | 5.25% |
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 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 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 | $ 4,724 |
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 | 5 |
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 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 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, 2016 | Dec. 31, 2015 |
Other Commitments [Line Items] | ||
Legally binding unfunded commitments syndicated | $ 12,100 | $ 14,300 |
Carrying amount credit extension commitments syndicated | 779 | 664 |
Deferred revenue | 17 | 18 |
Other liabilities reserve for unfunded lending commitments | 762 | 646 |
Notional amount of credit extension commitments under fair value option | 7,000 | 10,900 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair value carrying amount liabilities | $ 173 | $ 658 |
Commitments and Contingencie132
Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 489,638 | $ 483,319 |
Expire After One Year Through Three Years | 154,621 | 147,778 |
Expire After Three Years Through Five Years | 158,837 | 167,689 |
Expire After Five Years | 48,259 | 58,081 |
Total | 851,355 | 856,867 |
Loan commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 82,609 | 84,884 |
Expire After One Year Through Three Years | 133,063 | 119,272 |
Expire After Three Years Through Five Years | 152,854 | 158,920 |
Expire After Five Years | 22,129 | 37,112 |
Total | 390,655 | 400,188 |
Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 8,806 | 7,074 |
Expire After One Year Through Three Years | 10,701 | 18,438 |
Expire After Three Years Through Five Years | 2,644 | 5,126 |
Expire After Five Years | 25,050 | 19,697 |
Total | 47,201 | 50,335 |
Standby letters of credit and financial guarantees | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 19,165 | 19,584 |
Expire After One Year Through Three Years | 10,754 | 9,903 |
Expire After Three Years Through Five Years | 3,225 | 3,385 |
Expire After Five Years | 1,027 | 1,218 |
Total | 34,171 | 34,090 |
Standby letters of credit and financial guarantees | Credit Card and Other Consumer | ||
Other Commitments [Line Items] | ||
Total | 376 | 164 |
Standby letters of credit and financial guarantees | Investment grade | ||
Other Commitments [Line Items] | ||
Total | 25,500 | 25,500 |
Standby letters of credit and financial guarantees | Non-investment grade | ||
Other Commitments [Line Items] | ||
Total | 8,300 | 8,400 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,285 | 1,650 |
Expire After One Year Through Three Years | 103 | 165 |
Expire After Three Years Through Five Years | 114 | 258 |
Expire After Five Years | 53 | 54 |
Total | 1,555 | 2,127 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 111,865 | 113,192 |
Expire After One Year Through Three Years | 154,621 | 147,778 |
Expire After Three Years Through Five Years | 158,837 | 167,689 |
Expire After Five Years | 48,259 | 58,081 |
Total | 473,582 | 486,740 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 377,773 | 370,127 |
Expire After One Year Through Three Years | 0 | 0 |
Expire After Three Years Through Five Years | 0 | 0 |
Expire After Five Years | 0 | 0 |
Total | $ 377,773 | $ 370,127 |
Commitments and Contingencie133
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
2,017 | $ 2,300 | |
2,018 | 2,100 | |
2,019 | 1,800 | |
2,020 | 1,600 | |
2,021 | 1,300 | |
Thereafter | 4,500 | |
Liquefied Natural Gas Commodities | ||
Loss Contingencies [Line Items] | ||
Other commitments | 1,900 | $ 1,900 |
Forward-Dated Resale and Securities Borrowing Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 48,900 | 88,600 |
Forward-Dated Repurchase and Securities Lending Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 24,400 | 53,700 |
Retail Automotive Loans | ||
Loss Contingencies [Line Items] | ||
Other commitments | 475 | 1,200 |
Auto Loans and Leases | ||
Loss Contingencies [Line Items] | ||
Other commitment, due next year | 2,400 | |
Residential and Commercial Portfolio Segments | Residential and Commercial Financing Receivable | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | 767 | 729 |
Commercial Portfolio Segment | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 636 | $ 874 |
Commitments and Contingencie134
Commitments and Contingencies - Other Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
FDIC premium expense, surcharge increase | $ 200 | |
Expected increase per quarter in FDIC insurance expense | 100 | |
Payment Protection Insurance | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | 252 | $ 360 |
Provision (benefit) | $ 145 | 319 |
Merchant Servicing Joint Venture | ||
Loss Contingencies [Line Items] | ||
Equity method investment ownership percentage | 49.00% | |
Carrying value of investment | $ 2,900 | 3,000 |
Merchant Processing Servicers, Sponsored Entities | ||
Loss Contingencies [Line Items] | ||
Transactions processed and settled by sponsored entities | 731,400 | 669,000 |
Losses as result of cardholder disputed transactions | 33 | 22 |
Merchant escrow deposits held as collateral | 188 | 181 |
Life Insurance Book Value Protection | ||
Loss Contingencies [Line Items] | ||
Notional amount of derivatives | 13,900 | 13,800 |
Maximum potential exposure | 3,200 | 3,100 |
Net fair value of bank-owned life insurance book value protection | 4 | 12 |
Merchant Services | Merchant Processing Servicers, Sponsored Entities | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure | 325,700 | 277,100 |
Other Guarantee | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure | $ 6,700 | $ 6,000 |
Commitments and Contingencie135
Commitments and Contingencies - Litigation and Regulatory Matters (Details) | Jan. 09, 2017USD ($) | Oct. 01, 2015USD ($) | Aug. 12, 2015USD ($) | Dec. 30, 2014USD ($) | Sep. 02, 2014summontrust | Oct. 19, 2012USD ($) | Sep. 29, 2010USD ($) | Mar. 11, 2015trust | Dec. 31, 2016USD ($)lawsuit | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement expense | $ 1,200,000,000 | $ 1,200,000,000 | ||||||||
Ambac Bond Insurance Litigation | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of filed lawsuits | lawsuit | 5 | |||||||||
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 | |||||||||
Ambac Countrywide Litigation, Claim Three | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Damages sought (more than) | $ 350,000,000 | |||||||||
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 | |||||||||
Pennsylvania Public School Employees' Retirement System | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Settlement payment | $ 335,000,000 | |||||||||
U.S. Dollar LIBOR Contributions Litigation | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total litigation settlement for group of defendants | $ 187,500,000 | |||||||||
U.S. Bank Summonses with Notice Litigation | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Number of Trusts Involved In Settlement Agreement | trust | 7 | |||||||||
Loss Contingency, New Claims Filed, Number | summon | 7 | |||||||||
Litigation Settlement, Number of Complaints Served on Trusts Involved In Settlement Agreement | trust | 4 | |||||||||
Minimum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Estimate of possible loss | $ 0 | |||||||||
Maximum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Estimate of possible loss | $ 1,500,000,000 | |||||||||
Bank of America, N.A. | FDIC Deposit Insurance Assessments | Subsequent Event | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Damages sought (more than) | $ 542,000,000 |
Shareholders' Equity - Declared
Shareholders' Equity - Declared Quarterly Cash Dividends on Common Stock (Details) - $ / shares | Jan. 26, 2017 | Oct. 27, 2016 | Jul. 27, 2016 | Apr. 27, 2016 | Jan. 21, 2016 | Sep. 30, 2016 | Jun. 30, 2016 |
Class of Stock [Line Items] | |||||||
Common dividends (in dollars per share) | $ 0.075 | $ 0.075 | $ 0.05 | $ 0.05 | $ 0.075 | $ 0.05 | |
Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Common dividends (in dollars per share) | $ 0.075 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Repurchase Summary (Details) - USD ($) shares in Millions, $ in Millions | Mar. 18, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||
Total purchase price of shares repurchased and retired | $ 5,112 | $ 2,374 | $ 1,675 | |
Common Stock | CCAR capital plan repurchases | ||||
Class of Stock [Line Items] | ||||
Total number of shares repurchased and retired (in shares) | 278 | 140 | 101 | |
Total purchase price of shares repurchased and retired | $ 4,312 | $ 2,374 | $ 1,675 | |
Common Stock | Other authorized repurchases | ||||
Class of Stock [Line Items] | ||||
Total number of shares repurchased and retired (in shares) | 55 | 0 | 0 | |
Total purchase price of shares repurchased and retired | $ 800 | $ 800 | $ 0 | $ 0 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | Jan. 26, 2017 | Oct. 27, 2016 | Jul. 27, 2016 | Jun. 29, 2016 | Apr. 27, 2016 | Mar. 18, 2016 | Jan. 21, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 13, 2017 |
Class of Stock [Line Items] | ||||||||||||||
Quarterly dividend rate (in dollars per share) | $ 0.075 | $ 0.075 | $ 0.05 | $ 0.05 | $ 0.075 | $ 0.05 | ||||||||
Common stock repurchased | $ 5,112,000,000 | $ 2,374,000,000 | $ 1,675,000,000 | |||||||||||
Cash paid per common share (in dollars per share) | $ 0.075 | $ 0.05 | $ 0.25 | $ 0.20 | $ 0.12 | |||||||||
Share-based compensation, number of shares authorized (in shares) | 1,600 | 1,600 | ||||||||||||
Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock issued (in shares) | 9 | |||||||||||||
Shares paid for tax withholding for share based compensation (in shares) | 4 | |||||||||||||
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% | |||||||||||||
Warrants Expiring October 18, 2018 | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Warrants outstanding (in shares) | 122 | 122 | ||||||||||||
Minimum required dividend rate (in dollars per share) | $ 0.32 | $ 0.32 | ||||||||||||
Exercise price per warrant (in dollars per share) | $ 30.79 | $ 30.79 | ||||||||||||
Warrants Expiring January 16, 2019 | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Warrants outstanding (in shares) | 150 | 150 | ||||||||||||
Minimum required dividend rate (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||||
Exercise price per warrant (in dollars per share) | $ 12.938 | $ 12.938 | ||||||||||||
Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Quarterly dividend rate (in dollars per share) | $ 0.075 | |||||||||||||
Other authorized repurchases | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares authorized to be repurchased, amount | $ 5,000,000,000 | |||||||||||||
Other authorized repurchases | Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock repurchased (in shares) | 55 | 0 | 0 | |||||||||||
Common stock repurchased | $ 800,000,000 | $ 800,000,000 | $ 0 | $ 0 | ||||||||||
Other authorized repurchases | Subsequent Event | Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares authorized to be repurchased, amount | $ 1,800,000,000 | |||||||||||||
2016 CCAR Capital Plan | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Period of stock repurchase program | 12 months | |||||||||||||
2015 CCAR Capital Plan | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock repurchased | $ 1,600,000,000 | |||||||||||||
2015 CCAR Capital Plan | Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock repurchased (in shares) | 113 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Summary (Details) $ / shares in Units, $ in Millions | Mar. 10, 2026 | Mar. 17, 2025 | Oct. 23, 2024 | Sep. 05, 2024 | Jun. 01, 2023 | Jun. 17, 2019 | May 15, 2018 | Jan. 30, 2018 | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015shares |
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 3,887,329 | 3,767,790 | ||||||||
Carrying Value | $ 25,505 | |||||||||
Preferred stock adjustments | $ 285 | |||||||||
Series B Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 7,110 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 100 | |||||||||
Carrying Value | $ 1 | |||||||||
Per Annum Dividend Rate | 7.00% | |||||||||
Series D Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 26,174 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 12,691 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 1,409 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 4,926 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 14,584 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 61,773 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,544 | |||||||||
Per Annum Dividend Rate | 8.00% | |||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||
Minimum interest rate per annum | 4.00% | |||||||||
Series L Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 3,080,182 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 52,399 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,310 | |||||||||
Per Annum Dividend Rate | 8.125% | |||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||
Minimum interest rate per annum | 4.00% | |||||||||
Series T Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 50,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 40,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,000 | |||||||||
Per Annum Dividend Rate | 5.20% | |||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||
Minimum interest rate per annum | 4.00% | |||||||||
Series V Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 60,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,500 | |||||||||
Per Annum Dividend Rate | 5.125% | |||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||
Minimum interest rate per annum | 4.00% | |||||||||
Series W Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 44,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,100 | |||||||||
Per Annum Dividend Rate | 6.625% | |||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||
Series X Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 80,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 2,000 | |||||||||
Per Annum Dividend Rate | 6.25% | |||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||
Minimum interest rate per annum | 4.00% | |||||||||
Series Y Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 44,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,100 | |||||||||
Per Annum Dividend Rate | 6.50% | |||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||
Series Z Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 56,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,400 | |||||||||
Per Annum Dividend Rate | 6.50% | |||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||
Minimum interest rate per annum | 4.00% | |||||||||
Series AA Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 76,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,900 | |||||||||
Per Annum Dividend Rate | 6.10% | |||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||
Minimum interest rate per annum | 4.00% | |||||||||
Series CC Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 44,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,100 | |||||||||
Per Annum Dividend Rate | 6.20% | |||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||
Series DD Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 40,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 1,000 | |||||||||
Per Annum Dividend Rate | 6.30% | |||||||||
Ownership interest in a share of preferred stock | 4.00% | |||||||||
Minimum interest rate per annum | 4.00% | |||||||||
Series EE Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 36,000 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||
Carrying Value | $ 900 | |||||||||
Per Annum Dividend Rate | 6.00% | |||||||||
Ownership interest in a share of preferred stock | 0.10% | |||||||||
Series 1 Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total Shares Outstanding (in shares) | shares | 3,275 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 9,967 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 21,773 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 7,010 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 (in shares) | shares | 14,056 | |||||||||
Liquidation Preference per Share (in dollars per share) | $ / 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 | |||||||||
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 | |||||||||
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 | |||||||||
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 | |||||||||
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 | |||||||||
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 | |||||||||
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 | |||||||||
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 | |||||||||
Forecast | 3-Month London Interbank Offered Rate (LIBOR) | Series DD Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Basis spread on variable rate for dividend rate | 0.04553 |
Shareholders' Equity - Prefe140
Shareholders' Equity - Preferred Stock Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)directorsemi_annual_perioddquarterly_period$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | |
Class of Stock [Line Items] | |||
Preferred stock dividends | $ | $ 1,682 | $ 1,483 | $ 1,044 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Series L Preferred Stock | |||
Class of Stock [Line Items] | |||
Per annum dividend rate | 7.25% | ||
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 | $ | $ 1,682 | $ 1,483 | $ 1,044 |
Accumulated Other Comprehens141
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ 256,176 | $ 243,476 | $ 232,475 |
Net change | (1,930) | (110) | 3,665 |
Cumulative adjustment for accounting change related to debit valuation adjustments | 0 | ||
Ending Balance | 266,840 | 256,176 | 243,476 |
Debit Valuation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (611) | ||
Net change | (156) | 615 | |
Cumulative adjustment for accounting change related to debit valuation adjustments | (1,226) | ||
Ending Balance | (767) | (611) | |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (1,077) | (1,661) | (2,277) |
Net change | 182 | 584 | 616 |
Ending Balance | (895) | (1,077) | (1,661) |
Employee Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (2,956) | (3,350) | (2,407) |
Net change | (524) | 394 | (943) |
Ending Balance | (3,480) | (2,956) | (3,350) |
Foreign currency | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (792) | (669) | (512) |
Net change | (87) | (123) | (157) |
Ending Balance | (879) | (792) | (669) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (5,358) | (4,022) | (7,687) |
Net change | (1,930) | (110) | 3,665 |
Cumulative adjustment for accounting change related to debit valuation adjustments | (1,226) | ||
Ending Balance | (7,288) | (5,358) | (4,022) |
Debt securities | Available-for-sale debt securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 16 | 1,641 | (2,487) |
Net change | (1,315) | (1,625) | 4,128 |
Ending Balance | (1,299) | 16 | 1,641 |
Equity securities | Available-for-sale debt securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 62 | 17 | (4) |
Net change | (30) | 45 | 21 |
Ending Balance | $ 32 | $ 62 | $ 17 |
Accumulated Other Comprehens142
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Before- and After-tax (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax effect | |||
Net change | $ 498,000,000 | $ (631,000,000) | $ (3,100,000,000) |
After-tax | |||
Comprehensive income | 15,976,000,000 | 15,726,000,000 | 9,185,000,000 |
Total other comprehensive income (loss) | |||
Before-tax | |||
Net change | (2,428,000,000) | 521,000,000 | 6,747,000,000 |
Tax effect | |||
Net change | 498,000,000 | (631,000,000) | (3,082,000,000) |
After-tax | |||
Comprehensive income | (1,930,000,000) | (110,000,000) | 3,665,000,000 |
Available-for-sale debt securities | Debt securities | |||
Before-tax | |||
Net increase (decrease) in fair value | (1,645,000,000) | (1,564,000,000) | 8,064,000,000 |
Net realized (gains) losses reclassified into earnings | (471,000,000) | (1,057,000,000) | (1,465,000,000) |
Net change | (2,116,000,000) | (2,621,000,000) | 6,599,000,000 |
Tax effect | |||
Net increase (decrease) in fair value | 622,000,000 | 595,000,000 | (3,027,000,000) |
Net realized (gains) losses reclassified into earnings | 179,000,000 | 401,000,000 | 556,000,000 |
Net change | 801,000,000 | 996,000,000 | (2,471,000,000) |
After-tax | |||
Other comprehensive income (loss) before reclassification, net of tax | (1,023,000,000) | (969,000,000) | 5,037,000,000 |
Net realized (gains) losses reclassified into earnings | (292,000,000) | (656,000,000) | (909,000,000) |
Comprehensive income | (1,315,000,000) | (1,625,000,000) | 4,128,000,000 |
Available-for-sale debt securities | Debt securities | Gains on sales of debt securities | |||
Before-tax | |||
Net realized (gains) losses reclassified into earnings | (490,000,000) | (1,138,000,000) | (1,481,000,000) |
Tax effect | |||
Net realized (gains) losses reclassified into earnings | 186,000,000 | 432,000,000 | 563,000,000 |
After-tax | |||
Net realized (gains) losses reclassified into earnings | (304,000,000) | (706,000,000) | (918,000,000) |
Available-for-sale debt securities | Debt securities | Other income | |||
Before-tax | |||
Net realized (gains) losses reclassified into earnings | 19,000,000 | 81,000,000 | 16,000,000 |
Tax effect | |||
Net realized (gains) losses reclassified into earnings | (7,000,000) | (31,000,000) | (7,000,000) |
After-tax | |||
Net realized (gains) losses reclassified into earnings | 12,000,000 | 50,000,000 | 9,000,000 |
Available-for-sale debt securities | Equity securities | |||
Before-tax | |||
Net increase (decrease) in fair value | (49,000,000) | 72,000,000 | 34,000,000 |
Net realized (gains) losses reclassified into earnings | 0 | 0 | 0 |
Net change | (49,000,000) | 72,000,000 | 34,000,000 |
Tax effect | |||
Net increase (decrease) in fair value | 19,000,000 | (27,000,000) | (13,000,000) |
Net realized (gains) losses reclassified into earnings | 0 | 0 | 0 |
Net change | 19,000,000 | (27,000,000) | (13,000,000) |
After-tax | |||
Other comprehensive income (loss) before reclassification, net of tax | (30,000,000) | 45,000,000 | 21,000,000 |
Net realized (gains) losses reclassified into earnings | 0 | 0 | 0 |
Comprehensive income | (30,000,000) | 45,000,000 | 21,000,000 |
Debit Valuation Adjustments | |||
Before-tax | |||
Net increase (decrease) in fair value | (271,000,000) | 436,000,000 | |
Net realized (gains) losses reclassified into earnings | 17,000,000 | 556,000,000 | |
Net change | (254,000,000) | 992,000,000 | |
Tax effect | |||
Net increase (decrease) in fair value | 104,000,000 | (166,000,000) | |
Net realized (gains) losses reclassified into earnings | (6,000,000) | (211,000,000) | |
Net change | 98,000,000 | (377,000,000) | |
After-tax | |||
Other comprehensive income (loss) before reclassification, net of tax | (167,000,000) | 270,000,000 | |
Net realized (gains) losses reclassified into earnings | 11,000,000 | 345,000,000 | |
Comprehensive income | (156,000,000) | 615,000,000 | |
Derivatives | |||
Before-tax | |||
Net increase (decrease) in fair value | (299,000,000) | 55,000,000 | 195,000,000 |
Net realized (gains) losses reclassified into earnings | 585,000,000 | 883,000,000 | 760,000,000 |
Net change | 286,000,000 | 938,000,000 | 955,000,000 |
Tax effect | |||
Net increase (decrease) in fair value | 113,000,000 | (22,000,000) | (54,000,000) |
Net realized (gains) losses reclassified into earnings | (217,000,000) | (332,000,000) | (285,000,000) |
Net change | (104,000,000) | (354,000,000) | (339,000,000) |
After-tax | |||
Other comprehensive income (loss) before reclassification, net of tax | (186,000,000) | 33,000,000 | 141,000,000 |
Net realized (gains) losses reclassified into earnings | 368,000,000 | 551,000,000 | 475,000,000 |
Comprehensive income | 182,000,000 | 584,000,000 | 616,000,000 |
Derivatives | Net interest income | |||
Before-tax | |||
Net realized (gains) losses reclassified into earnings | 553,000,000 | 974,000,000 | 1,119,000,000 |
Tax effect | |||
Net realized (gains) losses reclassified into earnings | (205,000,000) | (367,000,000) | (421,000,000) |
After-tax | |||
Net realized (gains) losses reclassified into earnings | 348,000,000 | 607,000,000 | 698,000,000 |
Derivatives | Personnel | |||
Before-tax | |||
Net realized (gains) losses reclassified into earnings | 32,000,000 | (91,000,000) | (359,000,000) |
Tax effect | |||
Net realized (gains) losses reclassified into earnings | (12,000,000) | 35,000,000 | 136,000,000 |
After-tax | |||
Net realized (gains) losses reclassified into earnings | 20,000,000 | (56,000,000) | (223,000,000) |
Employee Benefit Plans | |||
Before-tax | |||
Net increase (decrease) in fair value | (921,000,000) | 408,000,000 | (1,629,000,000) |
Net realized (gains) losses reclassified into earnings | 97,000,000 | 169,000,000 | 55,000,000 |
Settlements, curtailments and other | 15,000,000 | 1,000,000 | (1,000,000) |
Net change | (809,000,000) | 578,000,000 | (1,575,000,000) |
Tax effect | |||
Net increase (decrease) in fair value | 329,000,000 | (121,000,000) | 614,000,000 |
Net realized (gains) losses reclassified into earnings | (36,000,000) | (62,000,000) | (23,000,000) |
Settlements, curtailments and other | (8,000,000) | (1,000,000) | 41,000,000 |
Net change | 285,000,000 | (184,000,000) | 632,000,000 |
After-tax | |||
Other comprehensive income (loss) before reclassification, net of tax | (592,000,000) | 287,000,000 | (1,015,000,000) |
Net realized (gains) losses reclassified into earnings | 61,000,000 | 107,000,000 | 32,000,000 |
Settlements, curtailments and other | 7,000,000 | 0 | 40,000,000 |
Comprehensive income | (524,000,000) | 394,000,000 | (943,000,000) |
Prior service cost | |||
Before-tax | |||
Net realized (gains) losses reclassified into earnings | 5,000,000 | 5,000,000 | 5,000,000 |
Tax effect | |||
Net realized (gains) losses reclassified into earnings | (2,000,000) | (2,000,000) | (2,000,000) |
After-tax | |||
Net realized (gains) losses reclassified into earnings | 3,000,000 | 3,000,000 | 3,000,000 |
Net actuarial losses | |||
Before-tax | |||
Net realized (gains) losses reclassified into earnings | 92,000,000 | 164,000,000 | 50,000,000 |
Tax effect | |||
Net realized (gains) losses reclassified into earnings | (34,000,000) | (60,000,000) | (21,000,000) |
After-tax | |||
Net realized (gains) losses reclassified into earnings | 58,000,000 | 104,000,000 | 29,000,000 |
Foreign currency | |||
Before-tax | |||
Net increase (decrease) in fair value | 514,000,000 | 600,000,000 | 714,000,000 |
Net realized (gains) losses reclassified into earnings | 0 | (38,000,000) | 20,000,000 |
Net change | 514,000,000 | 562,000,000 | 734,000,000 |
Tax effect | |||
Net increase (decrease) in fair value | (601,000,000) | (723,000,000) | (879,000,000) |
Net realized (gains) losses reclassified into earnings | 38,000,000 | (12,000,000) | |
Net change | (601,000,000) | (685,000,000) | (891,000,000) |
After-tax | |||
Other comprehensive income (loss) before reclassification, net of tax | (87,000,000) | (123,000,000) | (165,000,000) |
Net realized (gains) losses reclassified into earnings | 0 | 0 | 8,000,000 |
Comprehensive income | $ (87,000,000) | $ (123,000,000) | $ (157,000,000) |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings (loss) per common share | |||
Net income | $ 17,906 | $ 15,836 | $ 5,520 |
Preferred stock dividends | (1,682) | (1,483) | (1,044) |
Net income applicable to common shareholders | $ 16,224 | $ 14,353 | $ 4,476 |
Average common shares issued and outstanding (in shares) | 10,284,147 | 10,462,282 | 10,527,818 |
Earnings (loss) per common share (in dollars per share) | $ 1.58 | $ 1.37 | $ 0.43 |
Diluted earnings (loss) per common share | |||
Add preferred stock dividends due to assumed conversions | $ 300 | $ 300 | $ 0 |
Net income allocated to common shareholders | $ 16,524 | $ 14,653 | $ 4,476 |
Average common shares issued and outstanding (in thousands) (in shares) | 10,284,147 | 10,462,282 | 10,527,818 |
Dilutive potential common shares (in shares) | 751,510 | 751,710 | 56,717 |
Total diluted average common shares issued and outstanding (in thousands) (in shares) | 11,035,657 | 11,213,992 | 10,584,535 |
Diluted earnings (loss) per common share (in dollars per share) | $ 1.50 | $ 1.31 | $ 0.42 |
Earnings Per Common Share - Ant
Earnings Per Common Share - Antidilutive Securities (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average options to purchase shares of common stock (in shares) | 45 | 66 | 91 |
Common Stock | Warrant | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average options to purchase shares of common stock (in shares) | 122 | 122 | 122 |
Series T Preferred Stock | Warrant | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average options to purchase shares of common stock (in shares) | 700 | ||
Series L Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average options to purchase shares of common stock (in shares) | 62 | 62 | 62 |
Earnings Per Common Share - Dil
Earnings Per Common Share - Dilutive Shares (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Incremental common shares attributable to dilutive effect of call options and warrants (in shares) | 150 | 150 | 150 |
Series T Preferred Stock | |||
Class of Stock [Line Items] | |||
Incremental common shares attributable to dilutive effect of conversion of preferred stock (in shares) | 700 | 700 |
Regulatory Requirements and 146
Regulatory Requirements and Restrictions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Leverage-based Capital Metrics [Abstract] | ||
Capital Required for Capital Adequacy to Risk Weighted Assets, Transition Capital Conservation Buffer | 0.625% | |
Capital Required for Capital Adequacy to Risk Weighted Assets, GSIB Surcharge | 0.75% | |
Capital Required for Capital Adequacy to Risk Weighted Assets, Countercyclical Capital Buffer | 0.00% | |
Bank of America Corporation | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital ratio, regulatory minimum | 5.875% | 4.50% |
Tier 1 capital ratio, regulatory minimum | 7.375% | 6.00% |
Total capital ratio, regulatory minimum | 9.375% | 8.00% |
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 | 6.50% | 6.50% |
Tier 1 capital ratio, regulatory minimum | 8.00% | 8.00% |
Total capital ratio, regulatory minimum | 10.00% | 10.00% |
Leverage-based Capital Metrics [Abstract] | ||
Tier 1 leverage ratio, regulatory minimum | 5.00% | 5.00% |
Standardized Approach | Bank of America Corporation | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 168,866 | $ 163,026 |
Tier 1 capital | 190,315 | 180,778 |
Total capital | 228,187 | 220,676 |
Risk-weighted assets (in billions) | $ 1,399,000 | $ 1,403,000 |
Common equity tier 1 capital ratio | 12.10% | 11.60% |
Tier 1 capital ratio | 13.60% | 12.90% |
Total capital ratio | 16.30% | 15.70% |
Leverage-based Capital Metrics [Abstract] | ||
Adjusted quarterly average assets (in billions) | $ 2,131,000 | $ 2,103,000 |
Tier 1 leverage ratio | 8.90% | 8.60% |
Standardized Approach | Bank of America, N.A. | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 149,755 | $ 144,869 |
Tier 1 capital | 149,755 | 144,869 |
Total capital | 163,471 | 159,871 |
Risk-weighted assets (in billions) | $ 1,176,000 | $ 1,183,000 |
Common equity tier 1 capital ratio | 12.70% | 12.20% |
Tier 1 capital ratio | 12.70% | 12.20% |
Total capital ratio | 13.90% | 13.50% |
Leverage-based Capital Metrics [Abstract] | ||
Adjusted quarterly average assets (in billions) | $ 1,611,000 | $ 1,575,000 |
Tier 1 leverage ratio | 9.30% | 9.20% |
Advanced Approaches | Bank of America Corporation | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 168,866 | $ 163,026 |
Tier 1 capital | 190,315 | 180,778 |
Total capital | 218,981 | 210,912 |
Risk-weighted assets (in billions) | $ 1,530,000 | $ 1,602,000 |
Common equity tier 1 capital ratio | 11.00% | 10.20% |
Tier 1 capital ratio | 12.40% | 11.30% |
Total capital ratio | 14.30% | 13.20% |
Leverage-based Capital Metrics [Abstract] | ||
Adjusted quarterly average assets (in billions) | $ 2,131,000 | $ 2,103,000 |
Tier 1 leverage ratio | 8.90% | 8.60% |
Advanced Approaches | Bank of America, N.A. | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 149,755 | $ 144,869 |
Tier 1 capital | 149,755 | 144,869 |
Total capital | 154,697 | 150,624 |
Risk-weighted assets (in billions) | $ 1,045,000 | $ 1,104,000 |
Common equity tier 1 capital ratio | 14.30% | 13.10% |
Tier 1 capital ratio | 14.30% | 13.10% |
Total capital ratio | 14.80% | 13.60% |
Leverage-based Capital Metrics [Abstract] | ||
Adjusted quarterly average assets (in billions) | $ 1,611,000 | $ 1,575,000 |
Tier 1 leverage ratio | 9.30% | 9.20% |
Regulatory Requirements and 147
Regulatory Requirements and Restrictions - Other Regulatory Matters (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 7,700 | $ 9,800 |
Cash segregated under other regulations | 4,800 | 5,100 |
Securities segregated under other regulations | 14,600 | 16,400 |
Deposits with clearing organizations | 10,200 | $ 9,700 |
Bank of America, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cash dividends paid to parent company by consolidated subsidiaries | $ 13,400 | |
Preceding period of net profits for dividends | 2 years | |
Cash dividends allowable to be declared and paid by parent company by consolidated subsidiaries | $ 6,200 | |
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 | 150 | |
Cash dividends allowable to be declared and paid by parent company by consolidated subsidiaries | $ 546 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Increase (decrease) from change in weighted average discount rates | $ 1,300,000,000 | $ (930,000,000) | |
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 | $ 1,000,000,000 |
Number of common stock shares held in plan (in shares) | 224 | 236 | |
Dividend payments to the plan | $ 60,000,000 | $ 48,000,000 | $ 29,000,000 |
Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
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 | 43,000,000 | ||
Plan assets recognized in the next fiscal year with respect to decline in discount rate | 6,000,000 | ||
Plan assets recognized in the next fiscal year with respect to decline in expected return | 45,000,000 | ||
Qualified Pension Plan | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of employer and related party securities included in plan assets | $ 203,000,000 | $ 189,000,000 | |
Actual plan asset allocations | 1.11% | 1.05% | |
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 | 48,000,000 | 58,000,000 | |
Estimated future employer contributions in next fiscal year | 20,000,000 | ||
Nonqualified and Other Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 104,000,000 | 97,000,000 | |
Estimated future employer contributions in next fiscal year | 96,000,000 | ||
Postretirement Health and Life Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 104,000,000 | $ 79,000,000 | |
Estimated future employer contributions in next fiscal year | $ 99,000,000 | ||
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 | $ 1,000,000 | ||
Effect of 1% increase on accumulated postretirement benefit obligation | 29,000,000 | ||
Effect of 1% decrease on service and interest cost components | 1,000,000 | ||
Effect of 1% decrease on accumulated postretirement benefit obligation | 25,000,000 | ||
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 | 8,000,000 | ||
Plan assets recognized in the next fiscal year with respect to decline in expected return | $ 7,000,000 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension and Postretirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in fair value of plan assets | |||||
Fair value, January 1 | $ 23,505 | ||||
Fair value, December 31 | 23,772 | $ 23,505 | |||
Qualified Pension Plan | |||||
Change in fair value of plan assets | |||||
Fair value, January 1 | 17,962 | 18,614 | |||
Actual return on plan assets | 1,075 | 199 | |||
Company contributions | 0 | 0 | |||
Plan participant contributions | 0 | 0 | |||
Settlements and curtailments | 0 | 0 | |||
Benefits paid | (798) | (851) | |||
Fair value, December 31 | 18,239 | 17,962 | $ 18,614 | ||
Change in projected benefit obligation | |||||
Projected benefit obligation, January 1 | 14,461 | 15,508 | |||
Service cost | 0 | 0 | 0 | ||
Interest cost | 634 | 621 | 665 | ||
Plan participant contributions | 0 | 0 | |||
Plan amendments | 0 | 0 | |||
Settlements and curtailments | 0 | 0 | |||
Actuarial loss (gain) | 685 | (817) | |||
Benefits paid | (798) | (851) | |||
Projected benefit obligation, December 31 | 14,982 | 14,461 | 15,508 | ||
Amount recognized, December 31 | $ 3,257 | $ 3,501 | |||
Funded status, December 31 | |||||
Accumulated benefit obligation | 14,982 | 14,461 | |||
Overfunded (unfunded) status of ABO | 3,257 | 3,501 | |||
Provision for future salaries | 0 | 0 | |||
Projected benefit obligation | 14,461 | 15,508 | 15,508 | $ 14,982 | $ 14,461 |
Weighted-average assumptions, December 31 | |||||
Discount rate | 4.16% | 4.51% | |||
Non-U.S. Pension Plans | |||||
Change in fair value of plan assets | |||||
Fair value, January 1 | 2,738 | 2,564 | |||
Actual return on plan assets | 541 | 342 | |||
Company contributions | 48 | 58 | |||
Plan participant contributions | 1 | 1 | |||
Settlements and curtailments | (20) | (7) | |||
Benefits paid | (118) | (78) | |||
Foreign currency exchange rate changes | (401) | (142) | |||
Fair value, December 31 | 2,789 | 2,738 | 2,564 | ||
Change in projected benefit obligation | |||||
Projected benefit obligation, January 1 | 2,580 | 2,688 | |||
Service cost | 25 | 27 | 29 | ||
Interest cost | 86 | 93 | 109 | ||
Plan participant contributions | 1 | 1 | |||
Plan amendments | 0 | (1) | |||
Settlements and curtailments | (31) | (7) | |||
Actuarial loss (gain) | 535 | (2) | |||
Benefits paid | (118) | (78) | |||
Foreign currency exchange rate changes | (315) | (141) | |||
Projected benefit obligation, December 31 | 2,763 | 2,580 | 2,688 | ||
Amount recognized, December 31 | $ 26 | $ 158 | |||
Funded status, December 31 | |||||
Accumulated benefit obligation | 2,645 | 2,479 | |||
Overfunded (unfunded) status of ABO | 144 | 259 | |||
Provision for future salaries | 118 | 101 | |||
Projected benefit obligation | 2,580 | 2,688 | 2,688 | $ 2,763 | $ 2,580 |
Weighted-average assumptions, December 31 | |||||
Discount rate | 2.56% | 3.59% | |||
Rate of compensation increase | 4.51% | 4.64% | |||
Nonqualified and Other Pension Plans | |||||
Change in fair value of plan assets | |||||
Fair value, January 1 | 2,805 | 2,927 | |||
Actual return on plan assets | 74 | 14 | |||
Company contributions | 104 | 97 | |||
Plan participant contributions | 0 | 0 | |||
Settlements and curtailments | (6) | 0 | |||
Benefits paid | (233) | (233) | |||
Fair value, December 31 | 2,744 | 2,805 | 2,927 | ||
Change in projected benefit obligation | |||||
Projected benefit obligation, January 1 | 3,053 | 3,329 | |||
Service cost | 0 | 0 | 1 | ||
Interest cost | 127 | 122 | 133 | ||
Plan participant contributions | 0 | 0 | |||
Plan amendments | 0 | 0 | |||
Settlements and curtailments | (6) | 0 | |||
Actuarial loss (gain) | 106 | (165) | |||
Benefits paid | (233) | (233) | |||
Projected benefit obligation, December 31 | 3,047 | 3,053 | 3,329 | ||
Amount recognized, December 31 | $ (303) | $ (248) | |||
Funded status, December 31 | |||||
Accumulated benefit obligation | 3,046 | 3,052 | |||
Overfunded (unfunded) status of ABO | (302) | (247) | |||
Provision for future salaries | 1 | 1 | |||
Projected benefit obligation | 3,053 | 3,329 | 3,329 | $ 3,047 | $ 3,053 |
Weighted-average assumptions, December 31 | |||||
Discount rate | 4.01% | 4.34% | |||
Rate of compensation increase | 4.00% | 4.00% | |||
Postretirement Health and Life Plans | |||||
Change in fair value of plan assets | |||||
Fair value, January 1 | 0 | 28 | |||
Actual return on plan assets | 0 | 0 | |||
Company contributions | 104 | 79 | |||
Plan participant contributions | 125 | 127 | |||
Settlements and curtailments | 0 | 0 | |||
Benefits paid | (242) | (247) | |||
Federal subsidy on benefits paid | 13 | 13 | |||
Fair value, December 31 | 0 | 0 | 28 | ||
Change in projected benefit obligation | |||||
Projected benefit obligation, January 1 | 1,152 | 1,346 | |||
Service cost | 7 | 8 | 8 | ||
Interest cost | 47 | 48 | 58 | ||
Plan participant contributions | 125 | 127 | |||
Plan amendments | 0 | 0 | |||
Settlements and curtailments | 0 | 0 | |||
Actuarial loss (gain) | 25 | (141) | |||
Benefits paid | (242) | (247) | |||
Federal subsidy on benefits paid | 13 | 13 | |||
Foreign currency exchange rate changes | (2) | (2) | |||
Projected benefit obligation, December 31 | 1,125 | 1,152 | 1,346 | ||
Amount recognized, December 31 | $ (1,125) | $ (1,152) | |||
Funded status, December 31 | |||||
Projected benefit obligation | $ 1,152 | $ 1,346 | $ 1,346 | $ 1,125 | $ 1,152 |
Weighted-average assumptions, December 31 | |||||
Discount rate | 3.99% | 4.32% |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized on the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Qualified Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | $ 3,257 | $ 3,501 |
Accrued expenses and other liabilities | 0 | 0 |
Net amount recognized at December 31 | 3,257 | 3,501 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 475 | 548 |
Accrued expenses and other liabilities | (449) | (390) |
Net amount recognized at December 31 | 26 | 158 |
Nonqualified and Other Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 760 | 825 |
Accrued expenses and other liabilities | (1,063) | (1,073) |
Net amount recognized at December 31 | (303) | (248) |
Postretirement Health and Life Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 0 | 0 |
Accrued expenses and other liabilities | (1,125) | (1,152) |
Net amount recognized at December 31 | $ (1,125) | $ (1,152) |
Employee Benefit Plans - ABO an
Employee Benefit Plans - ABO and PBO in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Non-U.S. Pension Plans | ||
Plans with PBO and ABO in Excess of Plan Assets | ||
PBO | $ 626 | $ 574 |
ABO | 594 | 551 |
Fair value of plan assets | 179 | 183 |
Nonqualified and Other Pension Plans | ||
Plans with PBO and ABO in Excess of Plan Assets | ||
PBO | 1,065 | 1,075 |
ABO | 1,064 | 1,074 |
Fair value of plan assets | $ 1 | $ 1 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Qualified Pension Plan | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 634 | 621 | 665 |
Expected return on plan assets | (1,038) | (1,045) | (1,018) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | 139 | 170 | 111 |
Recognized loss due to settlements and curtailments | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ (265) | $ (254) | $ (242) |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 4.51% | 4.12% | 4.85% |
Expected return on plan assets | 6.00% | 6.00% | 6.00% |
Non-U.S. Pension Plans | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 25 | $ 27 | $ 29 |
Interest cost | 86 | 93 | 109 |
Expected return on plan assets | (123) | (133) | (137) |
Amortization of prior service cost | 1 | 1 | 1 |
Amortization of net actuarial loss (gain) | 6 | 6 | 3 |
Recognized loss due to settlements and curtailments | 1 | 0 | 2 |
Net periodic benefit cost (income) | $ (4) | $ (6) | $ 7 |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 3.59% | 3.56% | 4.30% |
Expected return on plan assets | 4.84% | 5.27% | 5.52% |
Rate of compensation increase | 4.67% | 4.70% | 4.91% |
Nonqualified and Other Pension Plans | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 0 | $ 0 | $ 1 |
Interest cost | 127 | 122 | 133 |
Expected return on plan assets | (101) | (92) | (124) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | 25 | 34 | 25 |
Recognized loss due to settlements and curtailments | 3 | 0 | 0 |
Net periodic benefit cost (income) | $ 54 | $ 64 | $ 35 |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 4.34% | 3.80% | 4.55% |
Expected return on plan assets | 3.66% | 3.26% | 4.60% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Postretirement Health and Life Plans | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 7 | $ 8 | $ 8 |
Interest cost | 47 | 48 | 58 |
Expected return on plan assets | 0 | (1) | (4) |
Amortization of prior service cost | 4 | 4 | 4 |
Amortization of net actuarial loss (gain) | (81) | (46) | (89) |
Recognized loss due to settlements and curtailments | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ (23) | $ 13 | $ (23) |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 4.32% | 3.75% | 4.50% |
Expected return on plan assets | 6.00% | 6.00% |
Employee Benefit Plans - Pretax
Employee Benefit Plans - Pretax Amounts Included in Accumulated OCI (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 5,554 | $ 4,755 |
Prior service cost (credits) | 16 | 6 |
Amounts recognized in accumulated OCI | 5,570 | 4,761 |
Qualified Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 4,429 | 3,920 |
Prior service cost (credits) | 0 | 0 |
Amounts recognized in accumulated OCI | 4,429 | 3,920 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 216 | 137 |
Prior service cost (credits) | 4 | (10) |
Amounts recognized in accumulated OCI | 220 | 127 |
Nonqualified and Other Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 953 | 848 |
Prior service cost (credits) | 0 | 0 |
Amounts recognized in accumulated OCI | 953 | 848 |
Postretirement Health and Life Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | (44) | (150) |
Prior service cost (credits) | 12 | 16 |
Amounts recognized in accumulated OCI | $ (32) | $ (134) |
Employee Benefit Plans - Pre154
Employee Benefit Plans - Pretax Amounts Recognized in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | ||
Current year actuarial loss (gain) | $ 906 | $ (408) |
Amortization of actuarial gain (loss) | (92) | (164) |
Current year prior service cost (credit) | 0 | (1) |
Amortization of prior service cost | (5) | (5) |
Amounts recognized in OCI | 809 | (578) |
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) | 648 | 29 |
Amortization of actuarial gain (loss) | (139) | (170) |
Current year prior service cost (credit) | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amounts recognized in OCI | 509 | (141) |
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) | 100 | (211) |
Amortization of actuarial gain (loss) | (6) | (6) |
Current year prior service cost (credit) | 0 | (1) |
Amortization of prior service cost | (1) | (1) |
Amounts recognized in OCI | 93 | (219) |
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) | 133 | (86) |
Amortization of actuarial gain (loss) | (28) | (34) |
Current year prior service cost (credit) | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amounts recognized in OCI | 105 | (120) |
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) | 25 | (140) |
Amortization of actuarial gain (loss) | 81 | 46 |
Current year prior service cost (credit) | 0 | 0 |
Amortization of prior service cost | (4) | (4) |
Amounts recognized in OCI | $ 102 | $ (98) |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Pretax Amounts Amortized from Accumulated OCI ino Period Cost (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Net actuarial loss (gain) | $ 176 |
Prior service cost | 5 |
Total amounts amortized from accumulated OCI | 181 |
Qualified Pension Plan | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Net actuarial loss (gain) | 152 |
Prior service cost | 0 |
Total amounts amortized from accumulated OCI | 152 |
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) | 10 |
Prior service cost | 1 |
Total amounts amortized from accumulated OCI | 11 |
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) | 34 |
Prior service cost | 0 |
Total amounts amortized from accumulated OCI | 34 |
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) | (20) |
Prior service cost | 4 |
Total amounts amortized from accumulated OCI | $ (16) |
Employee Benefit Plans - Target
Employee Benefit Plans - Target Allocation (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Equity securities | Qualified Pension Plan | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Equity securities minimum | 30.00% |
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 | 70.00% |
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 | 25.00% |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 23,772 | $ 23,505 | ||
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 12,483 | 13,843 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10,260 | 8,625 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,029 | 1,037 | $ 962 | $ 879 |
Money market and interest-bearing cash | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 776 | 3,061 | ||
Money market and interest-bearing cash | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 776 | 3,061 | ||
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 | 997 | 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 | 997 | 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 | 3,951 | 3,615 | ||
U.S. government and agency securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,125 | 2,723 | ||
U.S. government and agency securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 816 | 881 | ||
U.S. government and agency securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10 | 11 | 11 | 12 |
Corporate debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,892 | 1,795 | ||
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 | 1,892 | 1,795 | ||
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 | 2,246 | 1,939 | ||
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 | 2,246 | 1,939 | ||
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 | 1,494 | 1,294 | ||
Non-U.S. debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 789 | 632 | ||
Non-U.S. debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 705 | 662 | ||
Non-U.S. debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 6 |
Fixed income commingled/mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,281 | 1,972 | ||
Fixed income commingled/mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 778 | 551 | ||
Fixed income commingled/mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,503 | 1,421 | ||
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 | 6,120 | 6,735 | ||
Common and preferred equity securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,120 | 6,735 | ||
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 | 1,960 | 1,506 | ||
Equity commingled/mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 735 | 3 | ||
Equity commingled/mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,225 | 1,503 | ||
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 | 145 | 138 | ||
Public real estate investment trusts | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 145 | 138 | ||
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 | 150 | 144 | ||
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 | 150 | 144 | 127 | 119 |
Real estate commingled/mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 760 | 743 | ||
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 | 12 | ||
Real estate commingled/mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 748 | 731 | 632 | 462 |
Limited partnerships | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 170 | 170 | ||
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 | 132 | 121 | ||
Limited partnerships | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 38 | 49 | 65 | 145 |
Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 830 | 389 | ||
Other investments | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 15 | 0 | ||
Other investments | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 732 | 287 | ||
Other investments | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 83 | 102 | $ 127 | $ 135 |
Interest Rate Swap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 257 | 114 | ||
Participant Loans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 36 | 58 | ||
Commodity and Balanced Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 369 | 165 | ||
Other Various Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 168 | $ 52 |
Employee Benefit Plans - Fai158
Employee Benefit Plans - Fair Value Measurements Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in fair value of plan assets | |||
Fair value, January 1 | $ 23,505 | ||
Fair value, December 31 | 23,772 | $ 23,505 | |
U.S. government and agency securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 3,615 | ||
Fair value, December 31 | 3,951 | 3,615 | |
Non-U.S. debt securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 1,294 | ||
Fair value, December 31 | 1,494 | 1,294 | |
Private real estate | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 144 | ||
Fair value, December 31 | 150 | 144 | |
Real estate commingled/mutual funds | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 743 | ||
Fair value, December 31 | 760 | 743 | |
Limited partnerships | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 170 | ||
Fair value, December 31 | 170 | 170 | |
Other investments | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 389 | ||
Fair value, December 31 | 830 | 389 | |
Level 3 | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 1,037 | 962 | $ 879 |
Actual Return on Plan Assets Still Held at the Reporting Date | 24 | 45 | 31 |
Purchases, Sales and Settlements | (32) | 30 | 56 |
Transfers out of Level 3 | 0 | 0 | (4) |
Fair value, December 31 | 1,029 | 1,037 | 962 |
Level 3 | U.S. government and agency securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 11 | 11 | 12 |
Actual Return on Plan Assets Still Held at the Reporting Date | 0 | 0 | 0 |
Purchases, Sales and Settlements | (1) | 0 | (1) |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | 10 | 11 | 11 |
Level 3 | Non-U.S. debt securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 0 | 0 | 6 |
Actual Return on Plan Assets Still Held at the Reporting Date | 0 | ||
Purchases, Sales and Settlements | (2) | ||
Transfers out of Level 3 | (4) | ||
Fair value, December 31 | 0 | 0 | 0 |
Level 3 | Private real estate | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 144 | 127 | 119 |
Actual Return on Plan Assets Still Held at the Reporting Date | 1 | 14 | 5 |
Purchases, Sales and Settlements | 5 | 3 | 3 |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | 150 | 144 | 127 |
Level 3 | Real estate commingled/mutual funds | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 731 | 632 | 462 |
Actual Return on Plan Assets Still Held at the Reporting Date | 21 | 37 | 20 |
Purchases, Sales and Settlements | (4) | 62 | 150 |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | 748 | 731 | 632 |
Level 3 | Limited partnerships | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 49 | 65 | 145 |
Actual Return on Plan Assets Still Held at the Reporting Date | (2) | (1) | 5 |
Purchases, Sales and Settlements | (9) | (15) | (85) |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | 38 | 49 | 65 |
Level 3 | Other investments | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 102 | 127 | 135 |
Actual Return on Plan Assets Still Held at the Reporting Date | 4 | (5) | 1 |
Purchases, Sales and Settlements | (23) | (20) | (9) |
Transfers out of Level 3 | 0 | 0 | 0 |
Fair value, December 31 | $ 83 | $ 102 | $ 127 |
Employee Benefit Plans - Projec
Employee Benefit Plans - Projected Benefit Payments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Qualified Pension Plan | |
Projected Benefit Payments | |
2,017 | $ 906 |
2,018 | 906 |
2,019 | 898 |
2,020 | 909 |
2,021 | 905 |
2022 - 2026 | 4,446 |
Non-U.S. Pension Plans | |
Projected Benefit Payments | |
2,017 | 55 |
2,018 | 55 |
2,019 | 58 |
2,020 | 61 |
2,021 | 66 |
2022 - 2026 | 427 |
Nonqualified and Other Pension Plans | |
Projected Benefit Payments | |
2,017 | 240 |
2,018 | 239 |
2,019 | 241 |
2,020 | 241 |
2,021 | 236 |
2022 - 2026 | 1,091 |
Postretirement Health and Life Plans | |
Projected Benefit Payments | |
2,017 | 111 |
2,018 | 108 |
2,019 | 102 |
2,020 | 99 |
2,021 | 96 |
2022 - 2026 | 425 |
Medicare Subsidy | |
2,017 | 13 |
2,018 | 12 |
2,019 | 12 |
2,020 | 12 |
2,021 | 11 |
2022-2026 | $ 49 |
Stock-based Compensation Pla160
Stock-based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost | $ 2,080 | $ 2,170 | $ 2,300 |
Tax benefit from compensation expense | $ 792 | $ 824 | $ 854 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of vesting installments | 3 years | ||
Key Employee Equity Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 450,000,000 | ||
Key Employee Equity Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted in period (in shares) | 163,000,000 | ||
Share-based Compensation Award, Tranche One [Member] | Key Employee Equity Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Share-based Compensation Award, Tranche Two [Member] | Key Employee Equity Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Share-based Compensation Award, Tranche Three [Member] | Key Employee Equity Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% |
Stock-based Compensation Pla161
Stock-based Compensation Plans - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted-average Grant Date Fair Value | |||
Cash used to settle awards | $ 1,700 | $ 3,000 | $ 2,700 |
Stock-settled Restricted Stock and Restricted Stock Units | |||
Shares/Units | |||
Outstanding at beginning of period (in shares) | 22,556,018 | ||
Granted (in shares) | 157,125,817 | ||
Vested (in shares) | (18,729,422) | ||
Canceled (in shares) | (4,459,467) | ||
Outstanding at end of period (in shares) | 156,492,946 | 22,556,018 | |
Weighted-average Grant Date Fair Value | |||
Outstanding at beginning of period (in dollars per share) | $ 9.14 | ||
Granted (in dollars per share) | 11.95 | ||
Vested (in dollars per share) | 8.31 | ||
Canceled (in dollars per share) | 11.60 | ||
Outstanding at end of period (in dollars per share) | $ 11.99 | $ 9.14 | |
Cash-settled Restricted Stock Units | Key Employee Equity Plan | |||
Shares/Units | |||
Outstanding at beginning of period (in shares) | 255,355,014 | ||
Granted (in shares) | 5,787,494 | ||
Vested (in shares) | (132,833,423) | ||
Canceled (in shares) | (7,073,596) | ||
Outstanding at end of period (in shares) | 121,235,489 | 255,355,014 | |
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 7 months | ||
Fair value of vested in period | $ 358 | $ 145 | $ 704 |
Stock-based Compensation Pla162
Stock-based Compensation Plans - Stock Options (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Options | |
Outstanding at beginning of period (in shares) | shares | 63,875,475 |
Forfeited (in shares) | shares | (21,518,193) |
Outstanding at end of period (in shares) | shares | 42,357,282 |
Weighted-average Exercise Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 49.18 |
Forfeited (in dollars per share) | $ / shares | 46.45 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 50.57 |
Outstanding, weighted average remaining contractual term (less than) | 1 year |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current income tax expense | |||
U.S. federal | $ 302 | $ 2,539 | $ 443 |
U.S. state and local | 120 | 210 | 340 |
Non-U.S. | 984 | 561 | 513 |
Total current expense | 1,406 | 3,310 | 1,296 |
Deferred income tax expense | |||
U.S. federal | 5,464 | 1,812 | 953 |
U.S. state and local | (279) | 515 | 136 |
Non-U.S. | 656 | 597 | 58 |
Total deferred expense | 5,841 | 2,924 | 1,147 |
Total income tax expense | $ 7,247 | $ 6,234 | $ 2,443 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Jurisdiction | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Income Tax Disclosure [Abstract] | |||
Other comprehensive income (loss), tax | $ 498 | $ (631) | $ (3,100) |
Tax effect on common stock and additional paid in capital from employee stock purchase plan activity | (41) | (44) | (35) |
Unrecognized tax benefits that would impact effective rate | $ 600 | 700 | 700 |
Number of jurisdictions for filing income tax returns (more than) | Jurisdiction | 100 | ||
Unrecognized tax benefits is reasonable possible, amount of unrecorded benefit | $ 200 | ||
Penalties and interest expense | 56 | (82) | $ (196) |
Penalties and interest accrued | 167 | $ 288 | |
Undistributed earnings of foreign subsidiaries | 17,800 | ||
Deferred tax liabilities, undistributed foreign earnings | $ 4,900 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amount | |||
Expected U.S. federal income tax expense | $ 8,804 | $ 7,725 | $ 2,787 |
State tax expense, net of federal benefit | 420 | 438 | 322 |
Affordable housing/energy/other credits | (1,203) | (1,087) | (950) |
Tax-exempt income, including dividends | (562) | (539) | (533) |
Changes in prior-period UTBs, including interest | (328) | (52) | (754) |
Non-U.S. tax rate differential | (307) | (559) | (507) |
Non-U.S. tax law changes | 348 | 289 | |
Nondeductible expenses | 180 | 40 | 1,982 |
Other | (105) | (21) | 96 |
Total income tax expense | $ 7,247 | $ 6,234 | $ 2,443 |
Percent | |||
Expected U.S. federal income tax expense | 35.00% | 35.00% | 35.00% |
State tax expense, net of federal benefit | 1.70% | 1.90% | 4.00% |
Affordable housing/energy/other credits | (4.80%) | (4.90%) | (11.90%) |
Changes in prior-period UTBs, including interest | (2.30%) | (2.40%) | (6.60%) |
Changes in prior-period UTBs, including interest | (1.30%) | (0.20%) | (9.50%) |
Non-U.S. tax rate differential | (1.20%) | (2.50%) | (6.40%) |
Non-U.S. tax law changes | 1.40% | 1.30% | (0.00%) |
Nondeductible expenses | 0.70% | 0.10% | 24.90% |
Other | (0.40%) | (0.10%) | 1.20% |
Total income tax expense | 28.80% | 28.20% | 30.70% |
Income Taxes - Reconciliatio166
Income Taxes - Reconciliation of the Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, January 1 | $ 1,095 | $ 1,068 | $ 3,068 |
Increases related to positions taken during the current year | 104 | 36 | 75 |
Increases related to positions taken during prior years | 1,318 | 187 | 519 |
Decreases related to positions taken during prior years | (1,091) | (177) | (973) |
Settlements | (503) | (1) | (1,594) |
Expiration of statute of limitations | (48) | (18) | (27) |
Balance, December 31 | $ 875 | $ 1,095 | $ 1,068 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 9,199 | $ 9,439 |
Tax credit carryforwards | 4,726 | 4,919 |
Allowance for credit losses | 4,362 | 4,649 |
Employee compensation and retirement benefits | 3,125 | 2,266 |
Security, loan and debt valuations | 3,016 | 6,340 |
Accrued expenses | 2,677 | 3,593 |
Available-for-sale securities | 784 | 152 |
Other | 1,599 | 2,483 |
Gross deferred tax assets | 29,488 | 33,841 |
Valuation allowance | (1,117) | (1,149) |
Total deferred tax assets, net of valuation allowance | 28,371 | 32,692 |
Deferred tax liabilities | ||
Equipment lease financing | 3,489 | 3,014 |
Intangibles | 1,171 | 1,306 |
Fee income | 847 | 864 |
Mortgage servicing rights | 829 | 689 |
Long-term borrowings | 355 | 327 |
Other | 2,454 | 1,859 |
Gross deferred tax liabilities | 9,145 | 8,059 |
Net deferred tax assets, net of valuation allowance | $ 19,226 | $ 24,633 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | $ 3,125 | $ 2,266 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 9,199 | $ 9,439 |
Net operating losses before benefit of federal deductions | 2,300 | |
Valuation allowance before considering benefit of federal deductions | 612 | |
General business credits | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | 3,053 | |
Valuation Allowance | 0 | |
Net Deferred Tax Asset | 3,053 | |
Foreign tax credits | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | 72 | |
Valuation Allowance | (72) | |
Net Deferred Tax Asset | 0 | |
Net operating losses – U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 1,908 | |
Valuation Allowance | 0 | |
Net Deferred Tax Asset | 1,908 | |
Net operating losses – U.K. and other | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 411 | |
Valuation Allowance | (311) | |
Net Deferred Tax Asset | 100 | |
Net operating losses – U.K. and other | UNITED KINGDOM | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 5,410 | |
Valuation Allowance | 0 | |
Net Deferred Tax Asset | 5,410 | |
Net operating losses – U.S. states | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | 1,470 | |
Valuation Allowance | (398) | |
Net Deferred Tax Asset | $ 1,072 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 49,750 | $ 55,143 | |
Trading account assets | 180,209 | 176,527 | |
Gross derivative assets | 631,100 | 688,600 | |
Derivative assets | 42,512 | 49,990 | |
Total available-for-sale debt securities | 305,773 | ||
Other debt securities carried at fair value | 19,720 | 16,607 | |
Loans and leases | 7,085 | 6,938 | |
Mortgage servicing rights | 2,747 | 3,087 | $ 3,530 |
Loans held-for-sale | 4,026 | 4,818 | |
Other assets | 13,802 | 14,320 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 731 | 1,116 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 35,766 | 24,574 | |
Gross derivative liabilities | 628,300 | 681,100 | |
Derivative liabilities | 39,480 | 38,450 | |
Short-term borrowings | 2,024 | 1,325 | |
Long-term debt | 30,037 | 30,097 | |
Derivative liabilities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Liabilities transferred from Level 1 to Level 2 | 2,400 | 6,700 | |
Liabilities transferred from Level 2 to Level 1 | 1,800 | 6,200 | |
Derivative assets | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 1 to Level 2 | 2,300 | 6,600 | |
Assets transferred from Level 2 to Level 1 | 2,000 | 6,400 | |
Other assets | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 2 to Level 1 | 327 | ||
U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 17,500 | 14,800 | |
U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 48,252 | 25,277 | |
Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 189,486 | 228,947 | |
Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 8,330 | 10,985 | |
Other debt securities carried at fair value | 5 | 7 | |
Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 2,013 | 3,179 | |
Other debt securities carried at fair value | 3,139 | 3,490 | |
Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 12,322 | 7,165 | |
Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 10,614 | 10,445 | |
Other debt securities carried at fair value | 240 | 267 | |
Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 17,160 | 14,008 | |
Recurring | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 49,750 | 55,143 | |
Trading account assets | 180,209 | 176,527 | |
Netting adjustments | (588,604) | (638,648) | |
Derivative assets | 42,512 | 49,990 | |
Total available-for-sale debt securities | 294,559 | 305,773 | |
Other debt securities carried at fair value | 19,720 | 16,607 | |
Loans and leases | 7,085 | 6,938 | |
Mortgage servicing rights | 2,747 | 3,087 | |
Loans held-for-sale | 4,026 | 4,818 | |
Other assets | 13,802 | 14,320 | |
Total assets | 614,410 | 633,203 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 731 | 1,116 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 35,766 | 24,574 | |
Total trading account liabilities | 63,031 | 66,963 | |
Netting adjustment | (588,833) | (642,666) | |
Derivative liabilities | 39,480 | 38,450 | |
Short-term borrowings | 2,024 | 1,325 | |
Accrued expenses and other liabilities | 14,630 | 13,899 | |
Long-term debt | 30,037 | 30,097 | |
Total liabilities | 185,699 | 176,424 | |
Recurring | Securities Segregated for Compliance or Deposited with Clearing Organizations | |||
Financial assets | |||
Trading account assets | 14,600 | 16,400 | |
Recurring | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 36,514 | 35,447 | |
Liabilities | |||
Total trading account liabilities | 16,051 | 14,972 | |
Recurring | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 25,809 | 25,901 | |
Liabilities | |||
Total trading account liabilities | 6,570 | 6,161 | |
Recurring | Equity securities | |||
Financial assets | |||
Trading account assets | 72,051 | 63,029 | |
Liabilities | |||
Total trading account liabilities | 28,898 | 30,290 | |
Recurring | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 20,028 | 29,087 | |
Liabilities | |||
Total trading account liabilities | 11,512 | 15,540 | |
Recurring | U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 15,799 | 13,088 | |
Recurring | Mortgage trading loans, ABS and other MBS | |||
Financial assets | |||
Trading account assets | 10,008 | 9,975 | |
Recurring | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 48,252 | 25,277 | |
Recurring | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 189,486 | 228,947 | |
Other debt securities carried at fair value | 7 | ||
Recurring | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 8,330 | 10,985 | |
Other debt securities carried at fair value | 5 | ||
Recurring | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 2,013 | 3,179 | |
Other debt securities carried at fair value | 3,139 | 3,490 | |
Recurring | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 12,322 | 7,165 | |
Recurring | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 6,382 | 5,767 | |
Other debt securities carried at fair value | 16,336 | 12,843 | |
Recurring | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 10,614 | 10,445 | |
Other debt securities carried at fair value | 240 | 267 | |
Recurring | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 17,160 | 14,008 | |
Recurring | Level 1 | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 94,505 | 90,745 | |
Gross derivative assets | 7,337 | 5,149 | |
Total available-for-sale debt securities | 49,340 | 26,142 | |
Other debt securities carried at fair value | 15,109 | 11,691 | |
Loans and leases | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Other assets | 11,824 | 11,923 | |
Total assets | 178,115 | 145,650 | |
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 | 51,310 | 56,483 | |
Gross derivative liabilities | 7,173 | 4,941 | |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 12,978 | 11,656 | |
Long-term debt | 0 | 0 | |
Total liabilities | 71,461 | 73,080 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 34,587 | 33,034 | |
Liabilities | |||
Total trading account liabilities | 15,854 | 14,803 | |
Recurring | Level 1 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 171 | 325 | |
Liabilities | |||
Total trading account liabilities | 163 | 193 | |
Recurring | Level 1 | Equity securities | |||
Financial assets | |||
Trading account assets | 50,169 | 41,735 | |
Liabilities | |||
Total trading account liabilities | 25,884 | 27,898 | |
Recurring | Level 1 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 9,578 | 15,651 | |
Liabilities | |||
Total trading account liabilities | 9,409 | 13,589 | |
Recurring | Level 1 | U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 1 | Mortgage trading loans, ABS and other MBS | |||
Financial assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 1 | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 46,787 | 23,374 | |
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 | 2,553 | 2,768 | |
Other debt securities carried at fair value | 15,109 | 11,691 | |
Recurring | Level 1 | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 0 | 0 | |
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 | 49,750 | 55,143 | |
Trading account assets | 80,925 | 80,148 | |
Gross derivative assets | 619,848 | 678,355 | |
Total available-for-sale debt securities | 243,854 | 278,199 | |
Other debt securities carried at fair value | 4,586 | 4,886 | |
Loans and leases | 6,365 | 5,318 | |
Mortgage servicing rights | 0 | 0 | |
Loans held-for-sale | 3,370 | 4,031 | |
Other assets | 1,739 | 2,023 | |
Total assets | 1,010,437 | 1,108,103 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 731 | 1,116 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 35,407 | 24,239 | |
Total trading account liabilities | 11,694 | 10,459 | |
Gross derivative liabilities | 615,896 | 670,600 | |
Short-term borrowings | 2,024 | 1,295 | |
Accrued expenses and other liabilities | 1,643 | 2,234 | |
Long-term debt | 28,523 | 28,584 | |
Total liabilities | 695,918 | 738,527 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 1,927 | 2,413 | |
Liabilities | |||
Total trading account liabilities | 197 | 169 | |
Recurring | Level 2 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 22,861 | 22,738 | |
Liabilities | |||
Total trading account liabilities | 6,380 | 5,947 | |
Recurring | Level 2 | Equity securities | |||
Financial assets | |||
Trading account assets | 21,601 | 20,887 | |
Liabilities | |||
Total trading account liabilities | 3,014 | 2,392 | |
Recurring | Level 2 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 9,940 | 12,915 | |
Liabilities | |||
Total trading account liabilities | 2,103 | 1,951 | |
Recurring | Level 2 | U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 15,799 | 13,088 | |
Recurring | Level 2 | Mortgage trading loans, ABS and other MBS | |||
Financial assets | |||
Trading account assets | 8,797 | 8,107 | |
Recurring | Level 2 | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 1,465 | 1,903 | |
Recurring | Level 2 | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 189,486 | 228,947 | |
Other debt securities carried at fair value | 7 | ||
Recurring | Level 2 | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 8,330 | 10,985 | |
Other debt securities carried at fair value | 5 | ||
Recurring | Level 2 | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 2,013 | 3,073 | |
Other debt securities carried at fair value | 3,114 | 3,460 | |
Recurring | Level 2 | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 12,322 | 7,165 | |
Recurring | Level 2 | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 3,600 | 2,999 | |
Other debt securities carried at fair value | 1,227 | 1,152 | |
Recurring | Level 2 | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 10,020 | 9,688 | |
Other debt securities carried at fair value | 240 | 267 | |
Recurring | Level 2 | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 16,618 | 13,439 | |
Recurring | Level 3 | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 4,779 | 5,634 | |
Gross derivative assets | 3,931 | 5,134 | 6,900 |
Total available-for-sale debt securities | 1,365 | 1,432 | |
Other debt securities carried at fair value | 25 | 30 | |
Loans and leases | 720 | 1,620 | |
Mortgage servicing rights | 2,747 | 3,087 | |
Loans held-for-sale | 656 | 787 | |
Other assets | 239 | 374 | |
Total assets | 14,462 | 18,098 | |
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 | 359 | 335 | |
Total trading account liabilities | 27 | 21 | |
Gross derivative liabilities | 5,244 | 5,575 | $ 7,800 |
Short-term borrowings | 0 | 30 | |
Accrued expenses and other liabilities | 9 | 9 | |
Long-term debt | 1,514 | 1,513 | |
Total liabilities | 7,153 | 7,483 | |
Recurring | Level 3 | U.S. Treasury 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 | 2,777 | 2,838 | |
Total assets | 2,800 | 2,800 | |
Liabilities | |||
Total trading account liabilities | 27 | 21 | |
Recurring | Level 3 | Equity securities | |||
Financial assets | |||
Trading account assets | 281 | 407 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 510 | 521 | |
Total assets | 510 | 521 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 3 | Mortgage trading loans, ABS and other MBS | |||
Financial assets | |||
Trading account assets | 1,211 | 1,868 | |
Total assets | 1,200 | 1,900 | |
Recurring | Level 3 | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 0 | 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 | ||
Other debt securities carried at fair value | 25 | 30 | |
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 | 229 | 0 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 3 | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 594 | 757 | |
Other debt securities carried at fair value | 0 | 0 | |
Total assets | 594 | 757 | |
Recurring | Level 3 | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 542 | 569 | |
Total assets | $ 542 | $ 569 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance, beginning | $ (441) | $ (920) | $ (224) |
Total Realized/Unrealized Gains/(Losses) | 285 | 1,335 | 463 |
Gains (Losses) in OCI | 0 | (7) | 0 |
Purchases | 470 | 273 | 823 |
Sales | (1,155) | (863) | (1,738) |
Issuances | 0 | 0 | 0 |
Settlements | 76 | (261) | (432) |
Gross Transfers into Level 3 | (186) | (40) | 28 |
Gross Transfers out of Level 3 | (362) | 42 | 160 |
Balance, ending | (1,313) | (441) | (920) |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (376) | 605 | (87) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gross derivative assets | 631,100 | 688,600 | |
Gross derivative liabilities | 628,300 | 681,100 | |
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 | (335) | 0 | |
Total Realized/Unrealized Gains/(Losses) | (11) | (11) | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | (22) | (131) | |
Settlements | 27 | 217 | |
Gross Transfers into Level 3 | (19) | (411) | |
Gross Transfers out of Level 3 | 1 | 1 | |
Balance, ending | (359) | (335) | 0 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 4 | 0 | |
Corporate securities, trading loans and other | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (21) | (36) | (35) |
Total Realized/Unrealized Gains/(Losses) | 5 | 19 | 1 |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | 30 | 10 |
Sales | (11) | (34) | (13) |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Gross Transfers into Level 3 | 0 | 0 | (9) |
Gross Transfers out of Level 3 | 0 | 0 | 10 |
Balance, ending | (27) | (21) | (36) |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 4 | (3) | 1 |
Short-term borrowings | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (30) | 0 | |
Total Realized/Unrealized Gains/(Losses) | 1 | 17 | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | (52) | |
Settlements | 29 | 10 | |
Gross Transfers into Level 3 | 0 | (24) | |
Gross Transfers out of Level 3 | 0 | 19 | |
Balance, ending | 0 | (30) | 0 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 1 | |
Accrued expenses and other liabilities | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (9) | (10) | (10) |
Total Realized/Unrealized Gains/(Losses) | 0 | 1 | 2 |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | (3) |
Settlements | 0 | 0 | 0 |
Gross Transfers into Level 3 | 0 | 0 | 0 |
Gross Transfers out of Level 3 | 0 | 0 | 1 |
Balance, ending | (9) | (9) | (10) |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 1 | 1 |
Long-term debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (1,513) | (2,362) | (1,990) |
Total Realized/Unrealized Gains/(Losses) | (74) | 287 | 49 |
Gains (Losses) in OCI | (20) | 19 | 0 |
Purchases | 140 | 616 | 169 |
Sales | 0 | 0 | 0 |
Issuances | (521) | (188) | (615) |
Settlements | 948 | 273 | 540 |
Gross Transfers into Level 3 | (939) | (1,592) | (1,581) |
Gross Transfers out of Level 3 | 465 | 1,434 | 1,066 |
Balance, ending | (1,514) | (1,513) | (2,362) |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (184) | 255 | (8) |
Level 3 | Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance, beginning | (441) | ||
Balance, ending | (1,313) | (441) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gross derivative assets | 3,931 | 5,134 | 6,900 |
Gross derivative liabilities | 5,244 | 5,575 | 7,800 |
U.S. government and agency securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 0 | 0 | |
Total Realized/Unrealized Gains/(Losses) | 0 | ||
Gains (Losses) in OCI | 0 | ||
Purchases | 87 | ||
Sales | (87) | ||
Issuances | 0 | ||
Settlements | 0 | ||
Gross Transfers into Level 3 | 0 | ||
Gross Transfers out of Level 3 | 0 | ||
Balance, ending | 0 | ||
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | ||
Corporate securities, trading loans and other | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 2,838 | 3,270 | 3,559 |
Total Realized/Unrealized Gains/(Losses) | 78 | (31) | 180 |
Gains (Losses) in OCI | 2 | (11) | 0 |
Purchases | 1,508 | 1,540 | 1,675 |
Sales | (847) | (1,616) | (857) |
Issuances | 0 | 0 | 0 |
Settlements | (725) | (1,122) | (938) |
Gross Transfers into Level 3 | 728 | 1,570 | 1,275 |
Gross Transfers out of Level 3 | (805) | (762) | (1,624) |
Balance, ending | 2,777 | 2,838 | 3,270 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (82) | (123) | 69 |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 407 | 352 | 386 |
Total Realized/Unrealized Gains/(Losses) | 74 | 9 | 0 |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 73 | 49 | 104 |
Sales | (169) | (11) | (86) |
Issuances | 0 | 0 | 0 |
Settlements | (82) | (11) | (16) |
Gross Transfers into Level 3 | 70 | 41 | 146 |
Gross Transfers out of Level 3 | (92) | (22) | (182) |
Balance, ending | 281 | 407 | 352 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (59) | 3 | (8) |
Non-U.S. sovereign debt | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 521 | 574 | 468 |
Total Realized/Unrealized Gains/(Losses) | 122 | 114 | 30 |
Gains (Losses) in OCI | 91 | (179) | 0 |
Purchases | 12 | 185 | 120 |
Sales | (146) | (1) | (34) |
Issuances | 0 | 0 | 0 |
Settlements | (90) | (145) | (19) |
Gross Transfers into Level 3 | 0 | 0 | 11 |
Gross Transfers out of Level 3 | 0 | (27) | (2) |
Balance, ending | 510 | 521 | 574 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 120 | 74 | 31 |
Mortgage trading loans, ABS and other MBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,868 | 2,063 | 4,631 |
Total Realized/Unrealized Gains/(Losses) | 188 | 154 | 199 |
Gains (Losses) in OCI | (2) | 1 | 0 |
Purchases | 988 | 1,250 | 1,643 |
Sales | (1,491) | (1,117) | (1,259) |
Issuances | 0 | 0 | 0 |
Settlements | (344) | (493) | (585) |
Gross Transfers into Level 3 | 158 | 50 | 39 |
Gross Transfers out of Level 3 | (154) | (40) | (2,605) |
Balance, ending | 1,211 | 1,868 | 2,063 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 64 | (93) | 79 |
Trading Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 5,634 | 6,259 | 9,044 |
Total Realized/Unrealized Gains/(Losses) | 462 | 246 | 409 |
Gains (Losses) in OCI | 91 | (189) | 0 |
Purchases | 2,581 | 3,024 | 3,629 |
Sales | (2,653) | (2,745) | (2,323) |
Issuances | 0 | 0 | 0 |
Settlements | (1,241) | (1,771) | (1,558) |
Gross Transfers into Level 3 | 956 | 1,661 | 1,471 |
Gross Transfers out of Level 3 | (1,051) | (851) | (4,413) |
Balance, ending | 4,779 | 5,634 | 6,259 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 43 | (139) | 171 |
Non-agency residential MBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 106 | 279 | 0 |
Total Realized/Unrealized Gains/(Losses) | 0 | (12) | (2) |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | 134 | 11 |
Sales | (106) | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | (425) | 0 |
Gross Transfers into Level 3 | 0 | 167 | 270 |
Gross Transfers out of Level 3 | 0 | (37) | 0 |
Balance, ending | 0 | 106 | 279 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | ||
Non-U.S. securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 0 | 10 | 107 |
Total Realized/Unrealized Gains/(Losses) | 0 | 0 | (7) |
Gains (Losses) in OCI | (6) | 0 | (11) |
Purchases | 584 | 0 | 241 |
Sales | (92) | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (263) | (10) | (147) |
Gross Transfers into Level 3 | 6 | 0 | 0 |
Gross Transfers out of Level 3 | 0 | 0 | (173) |
Balance, ending | 229 | 0 | 10 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 |
Other taxable securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 757 | 1,667 | 3,847 |
Total Realized/Unrealized Gains/(Losses) | 4 | 0 | 9 |
Gains (Losses) in OCI | (2) | 0 | (8) |
Purchases | 0 | 189 | 154 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (83) | (160) | (1,381) |
Gross Transfers into Level 3 | 0 | 0 | 93 |
Gross Transfers out of Level 3 | (82) | (939) | (1,047) |
Balance, ending | 594 | 757 | 1,667 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 |
Tax-exempt securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 569 | 599 | 806 |
Total Realized/Unrealized Gains/(Losses) | 0 | 0 | 8 |
Gains (Losses) in OCI | (1) | 0 | 0 |
Purchases | 1 | 0 | 0 |
Sales | 0 | 0 | (16) |
Issuances | 0 | 0 | 0 |
Settlements | (2) | (30) | (235) |
Gross Transfers into Level 3 | 10 | 0 | 36 |
Gross Transfers out of Level 3 | (35) | 0 | 0 |
Balance, ending | 542 | 569 | 599 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 |
Available-for-sale Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,432 | 2,555 | 4,760 |
Total Realized/Unrealized Gains/(Losses) | 4 | (12) | 8 |
Gains (Losses) in OCI | (9) | 0 | (19) |
Purchases | 585 | 323 | 406 |
Sales | (198) | 0 | (16) |
Issuances | 0 | 0 | 0 |
Settlements | (348) | (625) | (1,763) |
Gross Transfers into Level 3 | 16 | 167 | 399 |
Gross Transfers out of Level 3 | (117) | (976) | (1,220) |
Balance, ending | 1,365 | 1,432 | 2,555 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 |
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 | 30 | 0 | |
Total Realized/Unrealized Gains/(Losses) | (5) | (3) | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 33 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Gross Transfers into Level 3 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | |
Balance, ending | 25 | 30 | 0 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | |
Loans and leases | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,620 | 1,983 | 3,057 |
Total Realized/Unrealized Gains/(Losses) | (44) | (23) | 69 |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 69 | 0 | 0 |
Sales | (553) | (4) | (3) |
Issuances | 50 | 57 | 699 |
Settlements | (194) | (237) | (1,591) |
Gross Transfers into Level 3 | 6 | 144 | 25 |
Gross Transfers out of Level 3 | (234) | (300) | (273) |
Balance, ending | 720 | 1,620 | 1,983 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 17 | 13 | 76 |
Mortgage servicing rights | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 3,087 | 3,530 | 5,042 |
Total Realized/Unrealized Gains/(Losses) | 149 | 187 | (1,231) |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | (80) | (393) | (61) |
Issuances | 411 | 637 | 707 |
Settlements | (820) | (874) | (927) |
Gross Transfers into Level 3 | 0 | 0 | 0 |
Gross Transfers out of Level 3 | 0 | 0 | 0 |
Balance, ending | 2,747 | 3,087 | 3,530 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (107) | (85) | (1,753) |
Loans Held-for-Sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 787 | 173 | 929 |
Total Realized/Unrealized Gains/(Losses) | 79 | (51) | 45 |
Gains (Losses) in OCI | 50 | (8) | 0 |
Purchases | 22 | 771 | 59 |
Sales | (256) | (203) | (725) |
Issuances | 0 | 61 | 23 |
Settlements | (93) | (61) | (216) |
Gross Transfers into Level 3 | 173 | 203 | 83 |
Gross Transfers out of Level 3 | (106) | (98) | (25) |
Balance, ending | 656 | 787 | 173 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 70 | (39) | (4) |
Other assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 374 | 911 | 1,669 |
Total Realized/Unrealized Gains/(Losses) | (13) | (55) | (98) |
Gains (Losses) in OCI | 0 | 0 | 0 |
Purchases | 38 | 11 | 0 |
Sales | (111) | (130) | (430) |
Issuances | 0 | 0 | 0 |
Settlements | (52) | (51) | (245) |
Gross Transfers into Level 3 | 3 | 10 | 39 |
Gross Transfers out of Level 3 | 0 | (322) | (24) |
Balance, ending | 239 | 374 | 911 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | $ (36) | $ (61) | $ 52 |
Fair Value Measurements - Re171
Fair Value Measurements - Recurring Fair Value Inputs (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ (1,313,000,000) | $ (441,000,000) | $ (920,000,000) | $ (224,000,000) |
Fair Value Inputs [Abstract] | ||||
Other assets, measured at fair value | 13,802,000,000 | 14,320,000,000 | ||
Recurring | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 614,410,000,000 | 633,203,000,000 | ||
Long-term debt | (185,699,000,000) | (176,424,000,000) | ||
Fair Value Inputs [Abstract] | ||||
Other assets, measured at fair value | 13,802,000,000 | 14,320,000,000 | ||
Recurring | Level 3 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 14,462,000,000 | 18,098,000,000 | ||
Long-term debt | (7,153,000,000) | (7,483,000,000) | ||
Net derivative asset (liability) | (1,313,000,000) | (441,000,000) | ||
Fair Value Inputs [Abstract] | ||||
Other assets, measured at fair value | $ 239,000,000 | 374,000,000 | ||
Recurring | Level 3 | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 20.00% | |||
Price (in dollars per share) | $ 73 | |||
Equity correlation | 68.00% | |||
Long-dated equity volatilities | 26.00% | |||
Recurring | Level 3 | Loans Held-for-Sale | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 656,000,000 | 787,000,000 | ||
Recurring | Level 3 | Loans and leases | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 720,000,000 | 1,600,000,000 | ||
Recurring | Level 3 | Long-term debt | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Long-term debt | $ (1,514,000,000) | $ (1,513,000,000) | ||
Recurring | Level 3 | Long-term debt | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 6.00% | |||
Price (in dollars per share) | $ 12 | |||
Duration | 0 years | |||
Equity correlation | 13.00% | |||
Long-dated equity volatilities | 4.00% | |||
Recurring | Level 3 | Long-term debt | Minimum | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 25.00% | |||
Long-dated equity volatilities | 4.00% | |||
Recurring | Level 3 | Long-term debt | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 37.00% | |||
Price (in dollars per share) | $ 87 | |||
Duration | 5 years | |||
Equity correlation | 100.00% | |||
Long-dated equity volatilities | 76.00% | |||
Recurring | Level 3 | Long-term debt | Maximum | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 100.00% | |||
Long-dated equity volatilities | 101.00% | |||
Recurring | Level 3 | Long-term debt | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Duration | 3 years | |||
Recurring | Level 3 | Long-term debt | Weighted Average | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 67.00% | |||
Long-dated equity volatilities | 28.00% | |||
Recurring | Level 3 | Credit derivatives | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ (129,000,000) | $ (75,000,000) | ||
Recurring | Level 3 | Credit derivatives | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Loss severity | 35.00% | |||
Recurring | Level 3 | Credit derivatives | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 0.00% | 6.00% | ||
Prepayment speed | 10.00% | 10.00% | ||
Default rate | 1.00% | 1.00% | ||
Loss severity | 35.00% | |||
Upfront points | 0.00% | 0.00% | ||
Spread to index | 0.17% | 0.00% | ||
Credit correlation | 21.00% | 31.00% | ||
Recurring | Level 3 | Credit derivatives | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 24.00% | 25.00% | ||
Prepayment speed | 20.00% | 20.00% | ||
Default rate | 4.00% | 4.00% | ||
Loss severity | 40.00% | |||
Upfront points | 1.00% | 1.00% | ||
Spread to index | 8.14% | 4.47% | ||
Credit correlation | 80.00% | 99.00% | ||
Recurring | Level 3 | Credit derivatives | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 13.00% | 16.00% | ||
Prepayment speed | 18.00% | 19.00% | ||
Default rate | 3.00% | 3.00% | ||
Loss severity | 35.00% | |||
Upfront points | 0.72% | 0.60% | ||
Spread to index | 2.48% | 1.11% | ||
Credit correlation | 44.00% | 38.00% | ||
Recurring | Level 3 | Equity contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ (1,690,000,000) | $ (1,037,000,000) | ||
Recurring | Level 3 | Equity contracts | Minimum | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 13.00% | 25.00% | ||
Long-dated equity volatilities | 4.00% | 4.00% | ||
Recurring | Level 3 | Equity contracts | Maximum | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 100.00% | 100.00% | ||
Long-dated equity volatilities | 76.00% | 101.00% | ||
Recurring | Level 3 | Equity contracts | Weighted Average | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 68.00% | 67.00% | ||
Long-dated equity volatilities | 26.00% | 28.00% | ||
Recurring | Level 3 | Commodity contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ 6,000,000 | $ 169,000,000 | ||
Recurring | Level 3 | Commodity contracts | Minimum | Discounted cash flow, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 23.00% | 18.00% | ||
Natural gas forward price | $ 2 | $ 1 | ||
Propane forward price | $ 0 | |||
Correlation | 66.00% | 66.00% | ||
Recurring | Level 3 | Commodity contracts | Maximum | Discounted cash flow, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 96.00% | 125.00% | ||
Natural gas forward price | $ 6 | $ 6 | ||
Propane forward price | $ 1 | |||
Correlation | 95.00% | 93.00% | ||
Recurring | Level 3 | Commodity contracts | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 36.00% | 39.00% | ||
Natural gas forward price | $ 4 | $ 4 | ||
Propane forward price | $ 1 | |||
Correlation | 85.00% | 84.00% | ||
Recurring | Level 3 | Interest rate contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ 500,000,000 | $ 502,000,000 | ||
Recurring | Level 3 | Interest rate contracts | Minimum | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Correlation (IR/IR) | 15.00% | 17.00% | ||
Correlation (FX/IR) | 0.00% | (15.00%) | ||
Long-dated inflation rates | (12.00%) | 0.00% | ||
Long-dated inflation volatilities | 0.00% | 0.00% | ||
Recurring | Level 3 | Interest rate contracts | Maximum | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Correlation (IR/IR) | 99.00% | 99.00% | ||
Correlation (FX/IR) | 40.00% | 40.00% | ||
Long-dated inflation rates | 35.00% | 7.00% | ||
Long-dated inflation volatilities | 2.00% | 2.00% | ||
Recurring | Level 3 | Interest rate contracts | Weighted Average | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Correlation (IR/IR) | 56.00% | 48.00% | ||
Correlation (FX/IR) | 2.00% | (9.00%) | ||
Long-dated inflation rates | 5.00% | 3.00% | ||
Long-dated inflation volatilities | 1.00% | 1.00% | ||
Recurring | Level 3 | Mortgage trading loans, ABS and other MBS | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 1,200,000,000 | $ 1,900,000,000 | ||
Recurring | Level 3 | Corporate securities, trading loans and other | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 2,800,000,000 | 2,800,000,000 | ||
Recurring | Level 3 | Non-U.S. sovereign debt | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 510,000,000 | 521,000,000 | ||
Recurring | Level 3 | Other taxable securities, substantially all asset-backed securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 594,000,000 | 757,000,000 | ||
Recurring | Level 3 | Tax-exempt securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 542,000,000 | 569,000,000 | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 1,066,000,000 | $ 2,017,000,000 | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | Minimum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 0.00% | 0.00% | ||
Prepayment speed | 0.00% | 0.00% | ||
Default rate | 0.00% | 0.00% | ||
Loss severity | 0.00% | 0.00% | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | Maximum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 50.00% | 25.00% | ||
Prepayment speed | 27.00% | 27.00% | ||
Default rate | 3.00% | 10.00% | ||
Loss severity | 54.00% | 90.00% | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | Weighted Average | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 7.00% | 6.00% | ||
Prepayment speed | 14.00% | 11.00% | ||
Default rate | 2.00% | 4.00% | ||
Loss severity | 18.00% | 40.00% | ||
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 | $ 11,000,000 | $ 97,000,000 | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | Loans and leases | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 718,000,000 | 1,520,000,000 | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | Mortgage trading loans, ABS and other MBS | Trading Securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 337,000,000 | 400,000,000 | ||
Recurring | Level 3 | Instruments backed by commercial real estate assets | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 317,000,000 | $ 852,000,000 | ||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Minimum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 0.00% | 0.00% | ||
Price (in dollars per share) | $ 0 | $ 0 | ||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Maximum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 39.00% | 25.00% | ||
Price (in dollars per share) | $ 100 | $ 100 | ||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Weighted Average | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 11.00% | 8.00% | ||
Price (in dollars per share) | $ 65 | $ 73 | ||
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 | $ 86,000,000 | $ 690,000,000 | ||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Mortgage trading loans, ABS and other MBS | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 53,000,000 | 162,000,000 | ||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Corporate securities, trading loans and other | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 178,000,000 | |||
Recurring | Level 3 | Commercial loans, debt securities and other | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 4,486,000,000 | $ 4,558,000,000 | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Enterprise value/EBITDA multiple | 34 | |||
Recurring | Level 3 | Commercial loans, debt securities and other | Minimum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 1.00% | 0.00% | ||
Prepayment speed | 5.00% | 5.00% | ||
Default rate | 3.00% | 2.00% | ||
Loss severity | 0.00% | 25.00% | ||
Price (in dollars per share) | $ 0 | $ 0 | ||
Duration | 0 years | 0 years | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Maximum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 37.00% | 37.00% | ||
Prepayment speed | 20.00% | 20.00% | ||
Default rate | 4.00% | 5.00% | ||
Loss severity | 50.00% | 50.00% | ||
Price (in dollars per share) | $ 292 | $ 258 | ||
Duration | 5 years | 5 years | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Weighted Average | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 14.00% | 13.00% | ||
Prepayment speed | 19.00% | 16.00% | ||
Default rate | 4.00% | 4.00% | ||
Loss severity | 19.00% | 37.00% | ||
Price (in dollars per share) | $ 68 | $ 64 | ||
Duration | 3 years | 3 years | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Loans Held-for-Sale | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 559,000,000 | |||
Recurring | Level 3 | Commercial loans, debt securities and other | Loans and leases | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 2,000,000 | $ 100,000,000 | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Mortgage trading loans, ABS and other MBS | Trading Securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 821,000,000 | 1,306,000,000 | ||
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 | 2,565,000,000 | 2,503,000,000 | ||
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 | 510,000,000 | 521,000,000 | ||
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 | 29,000,000 | 128,000,000 | ||
Recurring | Level 3 | Auction rate securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 1,141,000,000 | $ 1,533,000,000 | ||
Recurring | Level 3 | Auction rate securities | Minimum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Price (in dollars per share) | $ 10 | $ 10 | ||
Recurring | Level 3 | Auction rate securities | Maximum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Price (in dollars per share) | 100 | 100 | ||
Recurring | Level 3 | Auction rate securities | Weighted Average | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Price (in dollars per share) | $ 94 | $ 94 | ||
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 | $ 34,000,000 | $ 335,000,000 | ||
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 | 565,000,000 | 629,000,000 | ||
Recurring | Level 3 | Auction rate securities | Tax-exempt securities | Available-for-sale Securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 542,000,000 | 569,000,000 | ||
Recurring | Level 3 | MSRs | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 2,747,000,000 | $ 3,087,000,000 | ||
Recurring | Level 3 | MSRs | Minimum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Weighted-average life, fixed rate | 0 years | 0 years | ||
Weighted-average life, variable rate | 0 years | 0 years | ||
Option Adjusted Spread, fixed rate | 9.00% | 3.00% | ||
Option Adjusted Spread, variable rate | 9.00% | 3.00% | ||
Recurring | Level 3 | MSRs | Maximum | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Weighted-average life, fixed rate | 15 years | 15 years | ||
Weighted-average life, variable rate | 14 years | 16 years | ||
Option Adjusted Spread, fixed rate | 14.00% | 11.00% | ||
Option Adjusted Spread, variable rate | 15.00% | 11.00% | ||
Recurring | Level 3 | MSRs | Weighted Average | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Weighted-average life, fixed rate | 6 years | 4 years | ||
Weighted-average life, variable rate | 4 years | 3 years | ||
Option Adjusted Spread, fixed rate | 10.00% | 5.00% | ||
Option Adjusted Spread, variable rate | 12.00% | 8.00% |
Fair Value Measurements - Mortg
Fair Value Measurements - Mortgage Servicing Rights (Details) $ in Millions | Dec. 31, 2016USD ($) |
Fair Value Disclosures [Abstract] | |
Impact of 10 percent decrease in prepayment speed | $ 101 |
Impact of 20 percent decrease in prepayment speed | 210 |
Impact of 10 percent increase in prepayment speed | (93) |
Impact of 20 percent increase in prepayment speed | (180) |
Impact of 100 basis points decrease in option adjusted spread | 95 |
Impact of 200 basis points decrease in option adjusted spread | 197 |
Impact of 100 basis points increase in option adjusted spread | 88 |
Impact of 200 basis points increase in option adjusted spread | $ 171 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | $ 4,026 | $ 4,818 | |
Loans and leases, measured at fair value | 7,085 | 6,938 | |
Other assets, measured at fair value | 13,802 | 14,320 | |
Nonrecurring | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Gains (Losses) on loans held-for-sale | (54) | (8) | $ (19) |
Gains (Losses) on loans and leases | (458) | (993) | (1,152) |
Gains (Losses) on foreclosed properties | (41) | (57) | (66) |
Gains (Losses) on other assets | (74) | (28) | (26) |
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 | 1,200 | 1,400 | |
Nonrecurring | Level 2 | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | 193 | 9 | |
Loans and leases, measured at fair value | 0 | 34 | |
Foreclosed properties, measured at fair value | 0 | 0 | |
Other assets, measured at fair value | 358 | 88 | |
Loss on loans and leases written down to zero | 150 | 174 | $ 370 |
Nonrecurring | Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | 44 | 33 | |
Loans and leases, measured at fair value | 1,416 | 2,739 | |
Foreclosed properties, measured at fair value | 77 | 172 | |
Other assets, measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - No174
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Market Comparables | Minimum | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 8.00% | 7.00% |
Cost to sell | 7.00% | 8.00% |
Market Comparables | Maximum | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 56.00% | 55.00% |
Cost to sell | 45.00% | 45.00% |
Instruments backed by residential real estate assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 1,416 | $ 2,739 |
Instruments backed by residential real estate assets | Market Comparables | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 21.00% | 20.00% |
Cost to sell | 9.00% | 10.00% |
Fair Value Option - Elections (
Fair Value Option - Elections (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | $ 49,750 | $ 55,143 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 49,615 | 54,999 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | 135 | 144 |
Loans reported as trading account assets | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 6,215 | 4,995 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 11,557 | 9,214 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (5,342) | (4,219) |
Trading inventory – other | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 8,206 | 8,149 |
Loans and leases | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 7,085 | 6,938 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 7,190 | 7,293 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (105) | (355) |
Loans held-for-sale | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 4,026 | 4,818 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 5,595 | 6,157 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (1,569) | (1,339) |
Other assets | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 253 | 275 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 250 | 270 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | 3 | 5 |
Long-term deposits | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 731 | 1,116 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 672 | 1,021 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 59 | 95 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 35,766 | 24,574 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 35,929 | 24,718 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | (163) | (144) |
Short-term borrowings | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 2,024 | 1,325 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 2,024 | 1,325 |
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 | 173 | 658 |
Long-term debt | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 30,037 | 30,097 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 29,862 | 30,593 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 175 | (496) |
Structured liabilities | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 29,700 | 29,000 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | $ 29,500 | $ 29,400 |
Fair Value Option - Changes in
Fair Value Option - Changes in FV of Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 774 | $ 2,671 | $ 2,395 |
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 | (63) | (195) | (114) |
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 | 301 | (199) | (87) |
Trading inventory – other | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 57 | 1,284 | 1,091 |
Loans and leases | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 12 | (243) | 45 |
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 | 535 | 700 | 825 |
Other assets | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 20 | 10 | |
Long-term deposits | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 33 | 14 | (3) |
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 | (22) | 33 | 4 |
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 | |
Unfunded loan commitments | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 487 | (210) | (64) |
Long-term debt | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (586) | 1,474 | 646 |
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 | (156) | 3,050 | 1,128 |
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 | (64) | (195) | (114) |
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 | 301 | (199) | (87) |
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 | 57 | 1,284 | 1,091 |
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 | 49 | 52 | (24) |
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 | 11 | (36) | (56) |
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 | 1 | 23 |
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 | (22) | 33 | 4 |
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 | |
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 | (489) | 2,107 | 239 |
Mortgage Banking Income | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 518 | 673 | 798 |
Mortgage Banking Income | 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 | 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 | 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 | 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 | 0 |
Mortgage Banking Income | 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 | 518 | 673 | 798 |
Mortgage Banking Income | 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 | 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 | 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 | 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 | |
Mortgage Banking Income | 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 | 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 | 412 | (1,052) | 469 |
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 | 1 | 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 | (37) | (295) | 69 |
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 | 6 | 63 | 83 |
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 | 20 | 10 | |
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 | 32 | 13 | (26) |
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) | 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 | |
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 | 487 | (210) | (64) |
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 | $ (97) | $ (633) | $ 407 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Trading Securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) related to borrower-specific credit risk for assets accounted for under the fair value option | $ 7 | $ 37 | $ 28 |
Loans and leases | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) related to borrower-specific credit risk for assets accounted for under the fair value option | (53) | (200) | 32 |
Loans held-for-sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) related to borrower-specific credit risk for assets accounted for under the fair value option | $ (34) | $ 37 | $ 84 |
Fair Value of Financial Inst178
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets | ||
Loans held-for-sale, measured at fair value | $ 4,026 | $ 4,818 |
Financial liabilities | ||
Long-term debt | 30,037 | 30,097 |
Carrying Value | ||
Financial assets | ||
Loans | 873,209 | 863,561 |
Loans held-for-sale, measured at fair value | 9,066 | 7,453 |
Financial liabilities | ||
Deposits | 1,260,934 | 1,197,259 |
Long-term debt | 216,823 | 236,764 |
Commercial unfunded lending commitments | 937 | 1,300 |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 887,122 | 875,594 |
Loans held-for-sale, measured at fair value | 9,066 | 7,453 |
Financial liabilities | ||
Deposits | 1,261,086 | 1,197,577 |
Long-term debt | 221,585 | 241,109 |
Commercial unfunded lending commitments | 4,900 | 6,300 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial assets | ||
Loans | 71,793 | 70,223 |
Loans held-for-sale, measured at fair value | 8,082 | 5,347 |
Financial liabilities | ||
Deposits | 1,261,086 | 1,197,577 |
Long-term debt | 220,071 | 239,596 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial assets | ||
Loans | 815,329 | 805,371 |
Loans held-for-sale, measured at fair value | 984 | 2,106 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | $ 1,514 | $ 1,513 |
Mortgage Servicing Rights - Rol
Mortgage Servicing Rights - Rollforward of Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Activity for residential first mortgage MSRs | ||
Balance, beginning of period | $ 3,087 | $ 3,530 |
Additions | 411 | 637 |
Sales | (80) | (393) |
Amortization of expected cash flows | (820) | (874) |
Impact of changes in interest rates and other market factors | 149 | 187 |
Balance, end of period | 2,747 | 3,087 |
Mortgage loans serviced for investors (in billions) | 326,000 | 394,000 |
All Other | ||
Activity for residential first mortgage MSRs | ||
Balance, beginning of period | 355 | |
Balance, end of period | 212 | 355 |
Consumer Banking | Operating Segments | ||
Activity for residential first mortgage MSRs | ||
Balance, beginning of period | 2,300 | |
Balance, end of period | 2,100 | 2,300 |
Global Markets | Operating Segments | ||
Activity for residential first mortgage MSRs | ||
Balance, beginning of period | 407 | |
Balance, end of period | $ 469 | $ 407 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Transfers and Servicing [Abstract] | |
Change in fair value resulting from change in valuation inputs | $ 306 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2016business_segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Business Segment Information182
Business Segment Information - Results of Business Segments and All Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | $ 41,996 | $ 39,847 | $ 41,630 |
Noninterest income | 42,605 | 44,007 | 45,115 |
Total revenue, net of interest expense (FTE basis) | 84,601 | 83,854 | 86,745 |
Provision for credit losses | 3,597 | 3,161 | 2,275 |
Noninterest expense | 54,951 | 57,734 | 75,656 |
Income before income taxes (FTE basis) | 26,053 | 22,959 | 8,814 |
Income tax expense (FTE basis) | 8,147 | 7,123 | 3,294 |
Net income | 17,906 | 15,836 | 5,520 |
Year-end total assets | 2,187,702 | 2,144,287 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue, net of interest expense (FTE basis) | 83,901 | 82,193 | 84,627 |
Net income | 19,481 | 16,979 | 17,478 |
Year-end total assets | 1,975,599 | 1,876,620 | |
Operating Segments | Consumer Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 21,290 | 20,428 | 20,790 |
Noninterest income | 10,441 | 11,097 | 11,038 |
Total revenue, net of interest expense (FTE basis) | 31,731 | 31,525 | 31,828 |
Provision for credit losses | 2,715 | 2,346 | 2,470 |
Noninterest expense | 17,653 | 18,716 | 19,390 |
Income before income taxes (FTE basis) | 11,363 | 10,463 | 9,968 |
Income tax expense (FTE basis) | 4,190 | 3,814 | 3,717 |
Net income | 7,173 | 6,649 | 6,251 |
Year-end total assets | 702,339 | 645,427 | |
Operating Segments | Global Wealth & Investment Management | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 5,759 | 5,527 | 5,830 |
Noninterest income | 11,891 | 12,507 | 12,573 |
Total revenue, net of interest expense (FTE basis) | 17,650 | 18,034 | 18,403 |
Provision for credit losses | 68 | 51 | 14 |
Noninterest expense | 13,182 | 13,943 | 13,836 |
Income before income taxes (FTE basis) | 4,400 | 4,040 | 4,553 |
Income tax expense (FTE basis) | 1,629 | 1,473 | 1,698 |
Net income | 2,771 | 2,567 | 2,855 |
Year-end total assets | 298,932 | 296,271 | |
Operating Segments | Global Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 9,942 | 9,244 | 9,752 |
Noninterest income | 8,488 | 8,377 | 8,514 |
Total revenue, net of interest expense (FTE basis) | 18,430 | 17,621 | 18,266 |
Provision for credit losses | 883 | 686 | 325 |
Noninterest expense | 8,486 | 8,481 | 8,806 |
Income before income taxes (FTE basis) | 9,061 | 8,454 | 9,135 |
Income tax expense (FTE basis) | 3,341 | 3,114 | 3,353 |
Net income | 5,720 | 5,340 | 5,782 |
Year-end total assets | 408,268 | 386,132 | |
Operating Segments | Global Markets | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 4,558 | 4,191 | 3,851 |
Noninterest income | 11,532 | 10,822 | 12,279 |
Total revenue, net of interest expense (FTE basis) | 16,090 | 15,013 | 16,130 |
Provision for credit losses | 31 | 99 | 110 |
Noninterest expense | 10,170 | 11,374 | 11,989 |
Income before income taxes (FTE basis) | 5,889 | 3,540 | 4,031 |
Income tax expense (FTE basis) | 2,072 | 1,117 | 1,441 |
Net income | 3,817 | 2,423 | 2,590 |
Year-end total assets | 566,060 | 548,790 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 447 | 457 | 1,407 |
Noninterest income | 253 | 1,204 | 711 |
Total revenue, net of interest expense (FTE basis) | 700 | 1,661 | 2,118 |
Provision for credit losses | (100) | (21) | (644) |
Noninterest expense | 5,460 | 5,220 | 21,635 |
Income before income taxes (FTE basis) | (4,660) | (3,538) | (18,873) |
Income tax expense (FTE basis) | (3,085) | (2,395) | (6,915) |
Net income | (1,575) | (1,143) | $ (11,958) |
Year-end total assets | $ 212,103 | $ 267,667 |
Business Segment Information Bu
Business Segment Information Business Segment Information - Business Segment Reconciliations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segments’ total revenue, net of interest expense (FTE basis) | |||
Total revenue, net of interest expense (FTE basis) | $ 84,601 | $ 83,854 | $ 86,745 |
Total revenue, net of interest expense | 83,701 | 82,965 | 85,894 |
Net income | 17,906 | 15,836 | 5,520 |
Operating Segments | |||
Segments’ total revenue, net of interest expense (FTE basis) | |||
Total revenue, net of interest expense (FTE basis) | 83,901 | 82,193 | 84,627 |
Net income | 19,481 | 16,979 | 17,478 |
ALM activities | |||
Segments’ total revenue, net of interest expense (FTE basis) | |||
Total revenue, net of interest expense | (286) | (208) | 13 |
Net income | (642) | (694) | (262) |
Liquidating businesses and other | |||
Segments’ total revenue, net of interest expense (FTE basis) | |||
Total revenue, net of interest expense | 986 | 1,869 | 2,105 |
Net income | (933) | (449) | (11,696) |
FTE basis adjustment | |||
Segments’ total revenue, net of interest expense (FTE basis) | |||
Total revenue, net of interest expense | $ (900) | $ (889) | $ (851) |
Business Segment Information184
Business Segment Information - Segments' Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Segments’ total assets | ||
Total assets | $ 2,187,702 | $ 2,144,287 |
Operating Segments | ||
Segments’ total assets | ||
Total assets | 1,975,599 | 1,876,620 |
ALM activities | ||
Segments’ total assets | ||
Total assets | 613,058 | 612,364 |
Liquidating businesses and other | ||
Segments’ total assets | ||
Total assets | 117,708 | 144,310 |
Elimination of segment asset allocations to match liabilities | ||
Segments’ total assets | ||
Total assets | $ (518,663) | $ (489,007) |
Parent Company Information - In
Parent Company Information - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||
Other income | $ 1,885 | $ 1,783 | $ 3,026 |
Total revenue, net of interest expense | 83,701 | 82,965 | 85,894 |
Noninterest expense | 54,951 | 57,734 | 75,656 |
Income tax expense | 7,247 | 6,234 | 2,443 |
Net income | 17,906 | 15,836 | 5,520 |
Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Interest from subsidiaries | 2,996 | 2,004 | 1,836 |
Other income | 111 | (623) | 72 |
Total revenue, net of interest expense | 7,311 | 20,404 | 14,457 |
Interest on borrowed funds | 969 | 1,169 | 1,661 |
Other interest expense | 5,096 | 5,098 | 5,552 |
Noninterest expense | 2,572 | 4,747 | 4,471 |
Total Expense | 8,637 | 11,014 | 11,684 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | (1,326) | 9,390 | 2,773 |
Income tax expense | (2,263) | (3,574) | (4,079) |
Income before equity in undistributed earnings of subsidiaries | 937 | 12,964 | 6,852 |
Bank holding companies and related subsidiaries | 16,969 | 2,872 | (1,332) |
Net income | 17,906 | 15,836 | 5,520 |
Bank Holding Companies and Related Subsidiaries | Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 4,127 | 18,970 | 12,400 |
Bank holding companies and related subsidiaries | 16,817 | 3,068 | 4,300 |
Nonbank Companies and Related Subsidiaries | Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 77 | 53 | 149 |
Bank holding companies and related subsidiaries | $ 152 | $ (196) | $ (5,632) |
Parent Company Information - Ba
Parent Company Information - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash held at bank subsidiaries | $ 147,738 | $ 159,353 | $ 138,589 | $ 131,322 |
Securities | 430,731 | 406,888 | ||
All other assets | 120,709 | 114,688 | ||
Total assets | 2,187,702 | 2,144,287 | ||
Liabilities and Equity [Abstract] | ||||
Accrued expenses and other liabilities | 146,359 | 146,286 | ||
Long-term debt | 216,823 | 236,764 | ||
Total liabilities | 1,920,862 | 1,888,111 | ||
Shareholders’ equity | 266,840 | 256,176 | 243,476 | 232,475 |
Total liabilities and shareholders’ equity | 2,187,702 | 2,144,287 | ||
Bank of America Corporation | ||||
Assets | ||||
Cash held at bank subsidiaries | 20,248 | 98,024 | $ 100,304 | $ 98,679 |
Securities | 909 | 937 | ||
All other assets | 10,672 | 9,360 | ||
Total assets | 469,863 | 463,879 | ||
Liabilities and Equity [Abstract] | ||||
Short-term borrowings | 0 | 15 | ||
Accrued expenses and other liabilities | 13,273 | 13,900 | ||
Long-term debt | 173,375 | 179,402 | ||
Total liabilities | 203,023 | 207,703 | ||
Shareholders’ equity | 266,840 | 256,176 | ||
Total liabilities and shareholders’ equity | 469,863 | 463,879 | ||
Third party cash held | 342 | 28 | ||
Bank Holding Companies and Related Subsidiaries | Bank of America Corporation | ||||
Assets | ||||
Receivables from subsidiaries | 117,072 | 23,594 | ||
Investments in subsidiaries | 287,416 | 272,567 | ||
Liabilities and Equity [Abstract] | ||||
Payables to subsidiaries | 4,013 | 0 | ||
Banks and Related Subsidiaries | Bank of America Corporation | ||||
Assets | ||||
Receivables from subsidiaries | 171 | 569 | ||
Liabilities and Equity [Abstract] | ||||
Payables to subsidiaries | 352 | 465 | ||
Nonbank Companies and Related Subsidiaries | Bank of America Corporation | ||||
Assets | ||||
Receivables from subsidiaries | 26,500 | 56,426 | ||
Investments in subsidiaries | 6,875 | 2,402 | ||
Liabilities and Equity [Abstract] | ||||
Payables to subsidiaries | $ 12,010 | $ 13,921 |
Parent Company Information - St
Parent Company Information - Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net income | $ 17,906 | $ 15,836 | $ 5,520 |
Operating activities | |||
Other operating activities, net | 1,259 | (2,218) | (1,597) |
Investing activities | |||
Other investing activities, net | (192) | (39) | (2,504) |
Financing activities | |||
Net decrease in short-term borrowings | (4,014) | (3,074) | (14,827) |
Proceeds from issuance of long-term debt | 35,537 | 43,670 | 51,573 |
Retirement of long-term debt | (51,849) | (40,365) | (53,749) |
Proceeds from issuance of preferred stock | 2,947 | 2,964 | 5,957 |
Common stock repurchased | (5,112) | (2,374) | (1,675) |
Cash dividends paid | (4,194) | (3,574) | (2,306) |
Net increase (decrease) in cash and cash equivalents | (11,615) | 20,764 | 7,267 |
Cash and cash equivalents at January 1 | 159,353 | 138,589 | 131,322 |
Cash and cash equivalents at December 31 | 147,738 | 159,353 | 138,589 |
Bank of America Corporation | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net income | 17,906 | 15,836 | 5,520 |
Operating activities | |||
Equity in undistributed (earnings) losses of subsidiaries | (16,969) | (2,872) | 1,332 |
Other operating activities, net | (2,944) | (2,509) | 2,143 |
Net cash provided by (used in) operating activities | (2,007) | 10,455 | 8,995 |
Investing activities | |||
Net sales (purchases) of securities | 0 | 15 | (142) |
Net payments to subsidiaries | (65,481) | (7,944) | (5,902) |
Other investing activities, net | (308) | 70 | 19 |
Net cash used in investing activities | (65,789) | (7,859) | (6,025) |
Financing activities | |||
Net decrease in short-term borrowings | (136) | (221) | (55) |
Net increase (decrease) in other advances | (44) | (770) | 1,264 |
Proceeds from issuance of long-term debt | 27,363 | 26,492 | 29,324 |
Retirement of long-term debt | (30,804) | (27,393) | (33,854) |
Proceeds from issuance of preferred stock | 2,947 | 2,964 | 5,957 |
Common stock repurchased | (5,112) | (2,374) | (1,675) |
Cash dividends paid | (4,194) | (3,574) | (2,306) |
Net cash used in financing activities | (9,980) | (4,876) | (1,345) |
Net increase (decrease) in cash and cash equivalents | (77,776) | (2,280) | 1,625 |
Cash and cash equivalents at January 1 | 98,024 | 100,304 | 98,679 |
Cash and cash equivalents at December 31 | $ 20,248 | $ 98,024 | $ 100,304 |
Performance by Geographical 188
Performance by Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | $ 2,187,702 | $ 2,144,287 | |
Total revenue, net of interest expense | 83,701 | 82,965 | $ 85,894 |
Income before income taxes | 25,153 | 22,070 | 7,963 |
Net income | 17,906 | 15,836 | 5,520 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 1,900,678 | 1,849,099 | |
Total revenue, net of interest expense | 72,418 | 72,117 | 74,607 |
Income before income taxes | 22,414 | 20,064 | 5,751 |
Net income | 16,267 | 14,637 | 3,992 |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 85,410 | 86,994 | |
Total revenue, net of interest expense | 3,365 | 3,524 | 3,605 |
Income before income taxes | 674 | 726 | 759 |
Net income | 488 | 457 | 473 |
Europe, Middle East and Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 174,934 | 178,899 | |
Total revenue, net of interest expense | 6,608 | 6,081 | 6,409 |
Income before income taxes | 1,705 | 938 | 1,098 |
Net income | 925 | 516 | 813 |
Latin America and the Caribbean | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 26,680 | 29,295 | |
Total revenue, net of interest expense | 1,310 | 1,243 | 1,273 |
Income before income taxes | 360 | 342 | 355 |
Net income | 226 | 226 | 242 |
Total Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 287,024 | 295,188 | |
Total revenue, net of interest expense | 11,283 | 10,848 | 11,287 |
Income before income taxes | 2,739 | 2,006 | 2,212 |
Net income | $ 1,639 | $ 1,199 | $ 1,528 |