Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
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-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 9,951,898,904 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income | ||
Loans and leases | $ 8,754 | $ 8,260 |
Debt securities | 2,541 | 2,517 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 439 | 276 |
Trading account assets | 1,076 | 1,179 |
Other interest income | 900 | 776 |
Total interest income | 13,710 | 13,008 |
Interest expense | ||
Deposits | 282 | 225 |
Short-term borrowings | 647 | 613 |
Trading account liabilities | 264 | 292 |
Long-term debt | 1,459 | 1,393 |
Total interest expense | 2,652 | 2,523 |
Net interest income | 11,058 | 10,485 |
Noninterest income | ||
Card income | 1,449 | 1,430 |
Service charges | 1,918 | 1,837 |
Investment and brokerage services | 3,262 | 3,182 |
Investment banking income | 1,584 | 1,153 |
Trading account profits | 2,331 | 1,662 |
Mortgage banking income | 122 | 433 |
Gains on sales of debt securities | 52 | 190 |
Other income | 472 | 418 |
Total noninterest income | 11,190 | 10,305 |
Total revenue, net of interest expense | 22,248 | 20,790 |
Provision for credit losses | 835 | 997 |
Noninterest expense | ||
Personnel | 9,158 | 8,852 |
Occupancy | 1,000 | 1,028 |
Equipment | 438 | 463 |
Marketing | 332 | 419 |
Professional fees | 456 | 425 |
Amortization of intangibles | 162 | 187 |
Data processing | 794 | 838 |
Telecommunications | 191 | 173 |
Other general operating | 2,317 | 2,431 |
Total noninterest expense | 14,848 | 14,816 |
Income before income taxes | 6,565 | 4,977 |
Income tax expense | 1,709 | 1,505 |
Net income | 4,856 | 3,472 |
Preferred stock dividends | 502 | 457 |
Net income applicable to common shareholders | $ 4,354 | $ 3,015 |
Per common share information | ||
Earnings (in dollars per share) | $ 0.43 | $ 0.29 |
Diluted earnings (in dollars per share) | 0.41 | 0.28 |
Dividends paid (in dollars per share) | $ 0.075 | $ 0.05 |
Average common shares issued and outstanding (in thousands) (in shares) | 10,099,557 | 10,370,094 |
Average diluted common shares issued and outstanding (in thousands) (in shares) | 10,914,815 | 11,100,067 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,856 | $ 3,472 |
Other comprehensive income (loss), net-of-tax: | ||
Net change in debt and marketable equity securities | (99) | 2,356 |
Net change in debit valuation adjustments | 9 | 127 |
Net change in derivatives | 38 | 24 |
Employee benefit plan adjustments | 27 | 10 |
Net change in foreign currency translation adjustments | (3) | 12 |
Other comprehensive income (loss) | (28) | 2,529 |
Comprehensive income | $ 4,828 | $ 6,001 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 28,955 | $ 30,719 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 139,070 | 117,019 |
Cash and cash equivalents | 168,025 | 147,738 |
Time deposits placed and other short-term investments | 11,967 | 9,861 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $58,545 and $49,750 measured at fair value) | 210,733 | 198,224 |
Trading account assets (includes $119,058 and $106,057 pledged as collateral) | 209,044 | 180,209 |
Derivative assets | 40,078 | 42,512 |
Debt securities: | ||
Carried at fair value (includes $27,870 and $29,804 pledged as collateral) | 312,012 | 313,660 |
Held-to-maturity, at cost (fair value – $114,003 and $115,285; $8,244 and $8,233 pledged as collateral) | 116,033 | 117,071 |
Total debt securities | 428,045 | 430,731 |
Loans and leases | 906,242 | 906,683 |
Allowance for loan and lease losses | (11,112) | (11,237) |
Loans and leases, net of allowance | 895,130 | 895,446 |
Premises and equipment, net | 9,319 | 9,139 |
Mortgage servicing rights | 2,610 | 2,747 |
Goodwill | 68,969 | 68,969 |
Intangible assets | 2,766 | 2,922 |
Loans held-for-sale (includes $3,745 and $4,026 measured at fair value) | 14,751 | 9,066 |
Customer and other receivables (includes $250 measured at fair value at March 31, 2017) | 59,534 | 58,759 |
Assets of business held for sale (includes $691 and $619 measured at fair value) | 11,025 | 10,670 |
Other assets (includes $14,639 and $13,802 measured at fair value) | 115,705 | 120,709 |
Total assets | 2,247,701 | 2,187,702 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 436,972 | 438,125 |
Interest-bearing (includes $598 and $731 measured at fair value) | 762,161 | 750,891 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 13,223 | 12,039 |
Interest-bearing | 59,785 | 59,879 |
Total deposits | 1,272,141 | 1,260,934 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $36,663 and $35,766 measured at fair value) | 186,098 | 170,291 |
Trading account liabilities | 77,283 | 63,031 |
Derivative liabilities | 36,428 | 39,480 |
Short-term borrowings (includes $1,041 and $2,024 measured at fair value) | 44,162 | 23,944 |
Accrued expenses and other liabilities (includes $16,245 and $14,630 measured at fair value and $757 and $762 of reserve for unfunded lending commitments) | 142,051 | 146,359 |
Long-term debt (includes $29,617 and $30,037 measured at fair value) | 221,385 | 216,823 |
Total liabilities | 1,979,548 | 1,920,862 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,329 and 3,887,329 shares | 25,220 | 25,220 |
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 9,974,189,863 and 10,052,625,604 shares | 144,782 | 147,038 |
Retained earnings | 105,467 | 101,870 |
Accumulated other comprehensive income (loss) | (7,316) | (7,288) |
Total shareholders’ equity | 268,153 | 266,840 |
Total liabilities and shareholders’ equity | 2,247,701 | 2,187,702 |
Consolidated VIEs | ||
Assets | ||
Trading account assets (includes $119,058 and $106,057 pledged as collateral) | 5,180 | 5,773 |
Debt securities: | ||
Loans and leases | 53,187 | 56,001 |
Allowance for loan and lease losses | (1,004) | (1,032) |
Loans and leases, net of allowance | 52,183 | 54,969 |
Loans held-for-sale (includes $3,745 and $4,026 measured at fair value) | 128 | 188 |
Other assets (includes $14,639 and $13,802 measured at fair value) | 2,161 | 1,596 |
Total assets | 59,652 | 62,526 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $1,041 and $2,024 measured at fair value) | 185 | 348 |
Long-term debt (includes $29,617 and $30,037 measured at fair value) | 11,944 | 10,646 |
All other liabilities (includes $34 and $38 of non-recourse liabilities) | 37 | 41 |
Total liabilities | $ 12,166 | $ 11,035 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 58,545 | $ 49,750 |
Trading account assets, pledged as collateral | 119,058 | 106,057 |
Debt securities: | ||
Carried at fair value, pledged as collateral | 27,870 | 29,804 |
Held-to-maturity, fair value | 114,003 | 115,285 |
Held-to-maturity, pledged as collateral | 8,244 | 8,233 |
Loans and leases, measured at fair value | 7,528 | 7,085 |
Loans and leases, pledged as collateral | 47,410 | 31,805 |
Loans held-for-sale, measured at fair value | 3,745 | 4,026 |
Customer and other receivables, measured at fair value | 250 | |
Assets of business held-for-sale at fair value | 691 | 619 |
Other assets, measured at fair value | 14,639 | 13,802 |
Deposits in U.S. offices: | ||
Interest-bearing, measured at fair value | 598 | 731 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 36,663 | 35,766 |
Short-term borrowings, measured at fair value | 1,041 | 2,024 |
Accrued expenses and other liabilities, measured at fair value | 16,245 | 14,630 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 757 | 762 |
Long-term debt, measured at fair value | $ 29,617 | $ 30,037 |
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 | 3,887,329 |
Preferred stock outstanding (in shares) | 3,887,329 | 3,887,329 |
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) | 9,974,189,863 | 10,052,625,604 |
Common stock outstanding (in shares) | 9,974,189,863 | 10,052,625,604 |
Consolidated VIEs | Long-term debt | ||
Shareholders’ equity | ||
Non-recourse debt | $ 11,730 | $ 10,417 |
Consolidated VIEs | Other liabilities | ||
Shareholders’ equity | ||
Non-recourse debt | $ 34 | $ 38 |
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, 2015 | $ 256,176 | $ 22,273 | $ 151,042 | $ 88,219 | $ (5,358) |
Beginning Balance (in shares) at Dec. 31, 2015 | 10,380,265 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,472 | 3,472 | |||
Net change in debt and marketable equity securities | 2,356 | 2,356 | |||
Net change in debit valuation adjustments | 127 | 127 | |||
Net change in derivatives | 24 | 24 | |||
Employee benefit plan adjustments | 10 | 10 | |||
Net change in foreign currency translation adjustments | 12 | 12 | |||
Dividends declared: | |||||
Common | (517) | (517) | |||
Preferred | (457) | (457) | |||
Issuance of preferred stock | 2,069 | 2,069 | |||
Common stock issued under employee plans, net (in shares) | 4,936 | ||||
Common stock issued under employee plans, net | 732 | $ 732 | |||
Common stock repurchased (in shares) | (72,541) | ||||
Common stock repurchased | (1,000) | $ (1,000) | |||
Ending Balance at Mar. 31, 2016 | 263,004 | 24,342 | $ 150,774 | 90,717 | (2,829) |
Ending Balance (in shares) at Mar. 31, 2016 | 10,312,660 | ||||
Beginning Balance at Dec. 31, 2016 | 266,840 | 25,220 | $ 147,038 | 101,870 | (7,288) |
Beginning Balance (in shares) at Dec. 31, 2016 | 10,052,626 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 4,856 | 4,856 | |||
Net change in debt and marketable equity securities | (99) | (99) | |||
Net change in debit valuation adjustments | 9 | 9 | |||
Net change in derivatives | 38 | 38 | |||
Employee benefit plan adjustments | 27 | 27 | |||
Net change in foreign currency translation adjustments | (3) | (3) | |||
Dividends declared: | |||||
Common | (757) | (757) | |||
Preferred | (502) | (502) | |||
Common stock issued under employee plans, net (in shares) | 35,949 | ||||
Common stock issued under employee plans, net | 472 | $ 472 | |||
Common stock repurchased (in shares) | (114,385) | ||||
Common stock repurchased | (2,728) | $ (2,728) | |||
Ending Balance at Mar. 31, 2017 | $ 268,153 | $ 25,220 | $ 144,782 | $ 105,467 | $ (7,316) |
Ending Balance (in shares) at Mar. 31, 2017 | 9,974,190 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net income | $ 4,856 | $ 3,472 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Provision for credit losses | 835 | 997 |
Gains on sales of debt securities | (52) | (190) |
Realized debit valuation adjustments on structured liabilities | 6 | 7 |
Depreciation and premises improvements amortization | 372 | 379 |
Amortization of intangibles | 162 | 187 |
Net amortization of premium/discount on debt securities | 544 | 528 |
Deferred income taxes | 1,109 | 1,704 |
Stock-based compensation | 1,060 | 831 |
Loans held-for-sale: | ||
Originations and purchases | (13,309) | (5,728) |
Proceeds from sales and paydowns of loans originally classified as held-for-sale | 7,528 | 6,675 |
Net change in: | ||
Trading and derivative instruments | (16,463) | 8,135 |
Other assets | 3,577 | 2,361 |
Accrued expenses and other liabilities | (4,518) | (8,556) |
Other operating activities, net | 1,447 | 95 |
Net cash (used in) provided by operating activities | (12,846) | 10,897 |
Net change in: | ||
Time deposits placed and other short-term investments | (2,106) | 1,853 |
Federal funds sold and securities borrowed or purchased under agreements to resell | (12,509) | (28,647) |
Debt securities carried at fair value: | ||
Proceeds from sales | 22,087 | 17,384 |
Proceeds from paydowns and maturities | 24,015 | 25,510 |
Purchases | (44,198) | (30,988) |
Held-to-maturity debt securities: | ||
Proceeds from paydowns and maturities | 3,874 | 2,768 |
Purchases | (3,033) | (4,334) |
Loans and leases: | ||
Proceeds from sales | 2,557 | 8,021 |
Purchases | (1,648) | (4,224) |
Other changes in loans and leases, net | (1,811) | (9,309) |
Other investing activities, net | (1,247) | 592 |
Net cash used in investing activities | (14,019) | (21,374) |
Net change in: | ||
Deposits | 11,207 | 20,002 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 15,807 | 14,669 |
Short-term borrowings | 20,131 | 2,783 |
Long-term debt: | ||
Proceeds from issuance | 17,378 | 6,260 |
Retirement of long-term debt | (13,617) | (14,404) |
Preferred stock: Proceeds from issuance | 0 | 2,069 |
Common stock repurchased | (2,728) | (1,000) |
Cash dividends paid | (1,255) | (974) |
Other financing activities, net | (584) | (77) |
Net cash provided by financing activities | 46,339 | 29,328 |
Effect of exchange rate changes on cash and cash equivalents | 813 | 1,406 |
Net increase in cash and cash equivalents | 20,287 | 20,257 |
Cash and cash equivalents at January 1 | 147,738 | 159,353 |
Cash and cash equivalents at March 31 | $ 168,025 | $ 179,610 |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | Summary of Significant Accounting Principles Bank of America Corporation, a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term “the Corporation” as used herein may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments are included in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in 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. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The nature of the Corporation's business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC). Certain prior-period amounts have been reclassified to conform to current period presentation. 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. 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 $9.5 billion and $9.2 billion , an allowance for loan losses of $ 242 million and $243 million , goodwill of $775 million for both periods, available-for-sale (AFS) debt securities of $691 million and $619 million and all other assets of $296 million and $305 million at March 31, 2017 and December 31, 2016 , respectively. Liabilities are primarily comprised of intercompany borrowings. This business is included in All Other for reporting purposes. New Accounting Pronouncements Accounting for Financial Instruments -- Credit Losses The Financial Accounting Standards Board (FASB) issued new accounting guidance effective on January 1, 2020, with early adoption permitted on January 1, 2019, 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. 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. Revenue Recognition The FASB issued new accounting guidance effective on January 1, 2018 for recognizing revenue from contracts with customers. 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. Lease Accounting The FASB issued new accounting guidance effective on January 1, 2019 that requires substantially all leases to be recorded as assets and liabilities on the balance sheet. This new accounting guidance uses 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 financial position or 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. Recognition and Measurement of Financial Assets and Financial Liabilities The FASB issued new accounting guidance effective on January 1, 2018, with early adoption permitted for the provisions related to debit valuation adjustment (DVA), on recognition and measurement of financial instruments, including certain equity investments and financial liabilities recorded at fair value under the fair value option. 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. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2017 | |
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 to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at March 31, 2017 and December 31, 2016 . 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. March 31, 2017 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 $ 17,448.7 $ 326.3 $ 5.1 $ 331.4 $ 327.9 $ 2.1 $ 330.0 Futures and forwards 6,720.2 2.1 — 2.1 2.1 — 2.1 Written options 1,147.0 — — — 46.8 — 46.8 Purchased options 1,252.2 48.0 — 48.0 — — — Foreign exchange contracts Swaps 1,866.1 39.5 2.3 41.8 42.8 4.3 47.1 Spot, futures and forwards 4,441.1 47.8 1.1 48.9 48.4 0.8 49.2 Written options 346.8 — — — 5.9 — 5.9 Purchased options 323.4 5.4 — 5.4 — — — Equity contracts Swaps 209.9 4.0 — 4.0 4.1 — 4.1 Futures and forwards 91.1 1.8 — 1.8 1.1 — 1.1 Written options 511.2 — — — 23.4 — 23.4 Purchased options 449.1 25.1 — 25.1 — — — Commodity contracts Swaps 44.9 2.0 — 2.0 4.3 — 4.3 Futures and forwards 49.4 3.4 — 3.4 0.4 — 0.4 Written options 29.2 — — — 1.6 — 1.6 Purchased options 30.2 1.6 — 1.6 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 599.9 6.1 — 6.1 10.6 — 10.6 Total return swaps/other 34.3 0.2 — 0.2 1.5 — 1.5 Written credit derivatives: Credit default swaps 595.8 10.7 — 10.7 5.5 — 5.5 Total return swaps/other 41.5 1.0 — 1.0 0.2 — 0.2 Gross derivative assets/liabilities $ 525.0 $ 8.5 $ 533.5 $ 526.6 $ 7.2 $ 533.8 Less: Legally enforceable master netting agreements (457.9 ) (457.9 ) Less: Cash collateral received/paid (35.5 ) (39.5 ) Total derivative assets/liabilities (2) $ 40.1 $ 36.4 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) Derivative assets and liabilities reflect a central clearing counterparty's amendments to legally re-characterize daily cash variation margin from collateral, which secures an outstanding exposure, to settlement, which discharges an outstanding exposure, effective early in 2017. 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. 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 March 31, 2017 and December 31, 2016 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. Exchange-traded derivatives include listed options transacted on an exchange. Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. OTC-cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements which includes reducing the balance for counterparty netting and cash collateral received or paid. Other gross derivative assets and liabilities in the table represent derivatives entered into under master netting agreements where uncertainty exists as to the enforceability of these agreements under bankruptcy laws in some countries or industries and, accordingly, receivables and payables with counterparties in these countries or industries are reported on a gross basis. Also included in the table is financial instruments collateral related to legally enforceable master netting agreements that represents securities collateral received or pledged and 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 9 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings . Offsetting of Derivatives March 31, 2017 December 31, 2016 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 251.3 $ 241.8 $ 267.3 $ 258.2 Over-the-counter cleared 128.5 135.0 177.2 182.8 Foreign exchange contracts Over-the-counter 92.6 98.2 124.3 126.7 Over-the-counter cleared 0.9 0.9 0.3 0.3 Equity contracts Over-the-counter 17.2 14.8 15.6 13.7 Exchange-traded 12.6 11.7 11.4 10.8 Commodity contracts Over-the-counter 3.0 4.1 3.7 4.9 Exchange-traded 0.9 0.8 1.1 1.0 Credit derivatives Over-the-counter 12.9 12.6 15.3 14.7 Over-the-counter cleared 4.5 4.6 4.3 4.3 Total gross derivative assets/liabilities, before netting Over-the-counter 377.0 371.5 426.2 418.2 Exchange-traded 13.5 12.5 12.5 11.8 Over-the-counter cleared 133.9 140.5 181.8 187.4 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (350.8 ) (347.9 ) (398.2 ) (392.6 ) Exchange-traded (9.1 ) (9.1 ) (8.9 ) (8.9 ) Over-the-counter cleared (133.5 ) (140.4 ) (181.5 ) (187.3 ) Derivative assets/liabilities, after netting 31.0 27.1 31.9 28.6 Other gross derivative assets/liabilities (1) 9.1 9.3 10.6 10.9 Total derivative assets/liabilities (2) 40.1 36.4 42.5 39.5 Less: Financial instruments collateral (3) (12.5 ) (8.4 ) (13.5 ) (10.5 ) Total net derivative assets/liabilities $ 27.6 $ 28.0 $ 29.0 $ 29.0 (1) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain. (2) Derivative assets and liabilities reflect a central clearing counterparty's amendments to legally re-characterize daily cash variation margin from collateral, which secures an outstanding exposure, to settlement of the exposure, which discharges an outstanding exposure, effective early in 2017. (3) These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. ALM and Risk Management Derivatives The Corporation’s asset and liability management (ALM) and risk management activities include the use of derivatives to mitigate risk to the Corporation including derivatives designated in qualifying hedge accounting relationships and derivatives used in other risk management activities. Interest rate, foreign exchange, equity, commodity and credit contracts are utilized in the Corporation’s ALM and risk management activities. The Corporation maintains an overall interest rate risk management strategy that incorporates the use of interest rate contracts, which are generally non-leveraged generic interest rate and basis swaps, options, futures and forwards, to minimize significant fluctuations in earnings caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity and volatility so that movements in interest rates do not significantly adversely affect earnings or capital. As a result of interest rate fluctuations, hedged fixed-rate assets and liabilities appreciate or depreciate in fair value. Gains or losses on the derivative instruments that are linked to the hedged fixed-rate assets and liabilities are expected to substantially offset this unrealized appreciation or depreciation. Market risk, including interest rate risk, can be substantial in the mortgage business. Market risk 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 mortgage servicing rights (MSRs). For more information on MSRs, see Note 14 – Fair Value Measurements . The Corporation uses foreign exchange contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities, as well as the Corporation’s investments in non-U.S. subsidiaries. Foreign exchange contracts, which include spot and forward contracts, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. Exposure to loss on these contracts will increase or decrease over their respective lives as currency exchange and interest rates fluctuate. The Corporation enters into derivative commodity contracts such as futures, swaps, options and forwards as well as non-derivative commodity contracts to provide price risk management services to customers or to manage price risk associated with its physical and financial commodity positions. The non-derivative commodity contracts and physical inventories of commodities expose the Corporation to earnings volatility. Fair value accounting hedges provide a method to mitigate a portion of this earnings volatility. The Corporation purchases credit derivatives to manage credit risk related to certain funded and unfunded credit exposures. Credit derivatives include credit default swaps (CDS), total return swaps and swaptions. These derivatives are recorded on the Consolidated Balance Sheet at fair value with changes in fair value recorded in other income. Derivatives Designated as Accounting Hedges The Corporation uses various types of interest rate, commodity and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates, commodity prices and exchange rates (fair value hedges). The Corporation also uses these types of contracts and equity derivatives to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S. operations determined to have functional currencies other than the U.S. Dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency-denominated debt (net investment hedges). Fair Value Hedges The table below summarizes information related to fair value hedges for the three months ended March 31, 2017 and 2016 , including hedges of interest rate risk on long-term debt that were acquired as part of a business combination and redesignated at that time. At redesignation, the fair value of the derivatives was positive. As the derivatives mature, the fair value will approach zero. As a result, ineffectiveness will occur and the fair value changes in the derivatives and the long-term debt being hedged may be directionally the same in certain scenarios. Based on a regression analysis, the derivatives continue to be highly effective at offsetting changes in the fair value of the long-term debt attributable to interest rate risk. Derivatives Designated as Fair Value Hedges Gains (Losses) Three Months Ended March 31, 2017 (Dollars in millions) Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (750 ) $ 566 $ (184 ) Interest rate and foreign currency risk on long-term debt (1) 123 (133 ) (10 ) Interest rate risk on available-for-sale securities (2) 17 (37 ) (20 ) Price risk on commodity inventory (3) 6 (6 ) — Total $ (604 ) $ 390 $ (214 ) Three Months Ended March 31, 2016 Interest rate risk on long-term debt (1) $ 2,661 $ (2,854 ) $ (193 ) Interest rate and foreign currency risk on long-term debt (1) 839 (846 ) (7 ) Interest rate risk on available-for-sale securities (2) (151 ) 132 (19 ) Price risk on commodity inventory (3) 2 (2 ) — Total $ 3,351 $ (3,570 ) $ (219 ) (1) Amounts are recorded in interest expense on long-term debt and in other income. (2) Amounts are recorded in interest income on debt securities. (3) Amounts relating to commodity inventory are recorded in trading account profits. Cash Flow and Net Investment Hedges The table below summarizes certain information related to cash flow hedges and net investment hedges for the three months ended March 31, 2017 and 2016 . Of the $857 million after-tax net loss ( $1.4 billion on a pretax basis) on derivatives in accumulated other comprehensive income (OCI) at March 31, 2017 , $188 million after-tax ( $301 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 19 years . Derivatives Designated as Cash Flow and Net Investment Hedges Three Months Ended March 31, 2017 (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 $ (37 ) $ (112 ) $ 3 Price risk on restricted stock awards (2) 28 42 — Total $ (9 ) $ (70 ) $ 3 Net investment hedges Foreign exchange risk $ (389 ) $ (130 ) $ (15 ) Three Months Ended March 31, 2016 Cash flow hedges Interest rate risk on variable-rate portfolios $ 39 $ (164 ) $ 6 Price risk on restricted stock awards (2) (198 ) (34 ) — Total $ (159 ) $ (198 ) $ 6 Net investment hedges Foreign exchange risk $ (633 ) $ 1 $ (143 ) (1) Amounts related to cash flow hedges represent hedge ineffectiveness and amounts related to net investment hedges represent amounts excluded from effectiveness testing. (2) Gains (losses) recognized in accumulated OCI are primarily related to the change in the Corporation’s stock price for the period. Other Risk Management Derivatives Other risk management derivatives are used by the Corporation to reduce certain risk exposures. These derivatives are not qualifying accounting hedges because either they did not qualify for or were not designated as accounting hedges. The table below presents gains (losses) on these derivatives for the three months ended March 31, 2017 and 2016 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Other Risk Management Derivatives Gains (Losses) Three Months Ended March 31 (Dollars in millions) 2017 2016 Interest rate risk on mortgage banking income (1) $ (24 ) $ 546 Credit risk on loans (2) (2 ) (65 ) Interest rate and foreign currency risk on ALM activities (3) (290 ) (884 ) Price risk on restricted stock awards (4) 104 (741 ) Other 1 26 (1) Net gains (losses) on these derivatives are recorded in mortgage banking income as they are used to mitigate the interest rate risk related to MSRs, interest rate lock commitments (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 $56 million and $151 million for the three months ended March 31, 2017 and 2016 . (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 March 31, 2017 and December 31, 2016 , the Corporation transferred $6.5 billion and $6.6 billion of primarily non-U.S. government-guaranteed mortgage-backed securities (MBS) to a third-party trust and received gross cash proceeds of $6.5 billion and $6.6 billion at the transfer dates. At March 31, 2017 and December 31, 2016 , the fair value of these securities was $6.2 billion and $6.3 billion . Derivative assets of $42 million and $43 million and liabilities of $12 million and $10 million were recorded at March 31, 2017 and December 31, 2016 , and are included in credit derivatives in the derivative instruments table on page 70 . 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 the three months ended March 31, 2017 and 2016 . 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 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The following table is not presented on an FTE basis. Sales and Trading Revenue Three Months Ended March 31, 2017 (Dollars in millions) Trading Account Profits Net Interest Income Other (1) Total Interest rate risk $ 348 $ 307 $ 118 $ 773 Foreign exchange risk 368 (3 ) (41 ) 324 Equity risk 671 (75 ) 487 1,083 Credit risk 686 647 197 1,530 Other risk 104 5 33 142 Total sales and trading revenue $ 2,177 $ 881 $ 794 $ 3,852 Three Months Ended March 31, 2016 Interest rate risk $ 495 $ 425 $ 52 $ 972 Foreign exchange risk 340 (1 ) (36 ) 303 Equity risk 431 2 597 1,030 Credit risk 208 626 138 972 Other risk 121 (16 ) 15 120 Total sales and trading revenue $ 1,595 $ 1,036 $ 766 $ 3,397 (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 $524 million and $559 million for the three months ended March 31, 2017 and 2016 . 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 March 31, 2017 and December 31, 2016 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 March 31, 2017 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 $ 5 $ 36 $ 277 $ 683 $ 1,001 Non-investment grade 237 655 574 3,004 4,470 Total 242 691 851 3,687 5,471 Total return swaps/other: Investment grade 24 — — — 24 Non-investment grade 141 — — — 141 Total 165 — — — 165 Total credit derivatives $ 407 $ 691 $ 851 $ 3,687 $ 5,636 Credit-related notes: Investment grade $ — $ 3 $ 546 $ 1,000 $ 1,549 Non-investment grade 19 14 30 1,382 1,445 Total credit-related notes $ 19 $ 17 $ 576 $ 2,382 $ 2,994 Maximum Payout/Notional Credit default swaps: Investment grade $ 111,737 $ 136,977 $ 110,112 $ 34,600 $ 393,426 Non-investment grade 80,990 62,329 37,069 22,009 202,397 Total 192,727 199,306 147,181 56,609 595,823 Total return swaps/other: Investment grade 27,669 — — — 27,669 Non-investment grade 8,070 4,951 500 286 13,807 Total 35,739 4,951 500 286 41,476 Total credit derivatives $ 228,466 $ 204,257 $ 147,681 $ 56,895 $ 637,299 December 31, 2016 Carrying Value 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 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 $2.6 billion and $486.6 billion at March 31, 2017 , and $4.7 billion and $490.7 billion at December 31, 2016 . Credit-related notes in the table on page 75 include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation (CLO) and credit-linked note vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned. Credit-related Contingent Features and Collateral The Corporation executes the majority of its derivative contracts in the OTC market with large, international financial institutions, including broker-dealers and, to a lesser degree, with a variety of non-financial companies. 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 71 , 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 March 31, 2017 and December 31, 2016 , the Corporation held cash and securities collateral of $77.1 billion and $85.5 billion , and posted cash and securities collateral of $64.0 billion and $71.1 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 March 31, 2017 , the amount of collateral, calculated based on the terms of the contracts, that the Corporation and certain subsidiaries could be required to post to counterparties but had not yet posted to counterparties was approximately $2.4 billion , including $1.2 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 March 31, 2017 , the liability recorded for these derivative contracts was $41 million . The table below presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at March 31, 2017 if the rating agencies had do |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
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, held-to-maturity (HTM) debt securities and AFS marketable equity securities at March 31, 2017 and December 31, 2016 . Debt Securities and Available-for-Sale Marketable Equity Securities March 31, 2017 (Dollars in millions) Amortized Cost Gross Gains Gross Losses Fair Value Available-for-sale debt securities Mortgage-backed securities: Agency $ 190,684 $ 553 $ (2,194 ) $ 189,043 Agency-collateralized mortgage obligations 7,848 78 (49 ) 7,877 Commercial 12,809 27 (264 ) 12,572 Non-agency residential (1) 1,758 209 (24 ) 1,943 Total mortgage-backed securities 213,099 867 (2,531 ) 211,435 U.S. Treasury and agency securities 51,056 168 (666 ) 50,558 Non-U.S. securities 6,744 13 (4 ) 6,753 Other taxable securities, substantially all asset-backed securities 9,754 76 (11 ) 9,819 Total taxable securities 280,653 1,124 (3,212 ) 278,565 Tax-exempt securities 17,443 80 (188 ) 17,335 Total available-for-sale debt securities 298,096 1,204 (3,400 ) 295,900 Less: Available-for-sale securities of business held for sale (2) (691 ) — — (691 ) Other debt securities carried at fair value 16,714 164 (75 ) 16,803 Total debt securities carried at fair value 314,119 1,368 (3,475 ) 312,012 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 116,033 166 (2,196 ) 114,003 Total debt securities (3) $ 430,152 $ 1,534 $ (5,671 ) $ 426,015 Available-for-sale marketable equity securities (4) $ 8 $ 57 $ — $ 65 December 31, 2016 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 (1) At both March 31, 2017 and December 31, 2016 , the underlying collateral type included approximately 60 percent prime, 19 percent Alt-A, and 21 percent subprime. (2) Represents AFS debt securities of business held for sale of which there were no unrealized gains or losses. (3) The Corporation had debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $156.5 billion and $47.9 billion , and a fair value of $154.3 billion and $47.4 billion at March 31, 2017 . Debt securities from FNMA and FHLMC that exceeded 10 percent of shareholders’ equity had 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 . (4) Classified in other assets on the Consolidated Balance Sheet. At March 31, 2017 , the accumulated net unrealized loss on AFS debt securities included in accumulated OCI was $1.4 billion , net of the related income tax benefit of $838 million . The Corporation had nonperforming AFS debt securities of $121 million at both March 31, 2017 and December 31, 2016 . 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 the three months ended March 31, 2017 , the Corporation recorded unrealized mark-to-market net gains of $117 million and realized net losses of $103 million , compared to unrealized mark-to-market net losses of $95 million and realized net losses of $3 million in the three months ended March 31, 2016 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value (Dollars in millions) March 31 December 31 Mortgage-backed securities: Agency-collateralized mortgage obligations $ 5 $ 5 Non-agency residential 3,082 3,139 Total mortgage-backed securities 3,087 3,144 Non-U.S. securities (1) 13,482 16,336 Other taxable securities, substantially all asset-backed securities 234 240 Total $ 16,803 $ 19,720 (1) These securities are primarily used to satisfy certain international regulatory liquidity requirements. The gross realized gains and losses on sales of AFS debt securities for the three months ended March 31, 2017 and 2016 are presented in the following table. Gains and Losses on Sales of AFS Debt Securities Three Months Ended March 31 (Dollars in millions) 2017 2016 Gross gains $ 54 $ 203 Gross losses (2 ) (13 ) Net gains on sales of AFS debt securities $ 52 $ 190 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 20 $ 72 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 March 31, 2017 and December 31, 2016 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities March 31, 2017 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 $ 142,657 $ (2,076 ) $ 3,603 $ (118 ) $ 146,260 $ (2,194 ) Agency-collateralized mortgage obligations 2,580 (24 ) 964 (25 ) 3,544 (49 ) Commercial 8,460 (264 ) — — 8,460 (264 ) Non-agency residential 201 (3 ) 162 (12 ) 363 (15 ) Total mortgage-backed securities 153,898 (2,367 ) 4,729 (155 ) 158,627 (2,522 ) U.S. Treasury and agency securities 31,304 (666 ) — — 31,304 (666 ) Non-U.S. securities 96 (3 ) 5 (1 ) 101 (4 ) Other taxable securities, substantially all asset-backed securities 273 (2 ) 1,352 (9 ) 1,625 (11 ) Total taxable securities 185,571 (3,038 ) 6,086 (165 ) 191,657 (3,203 ) Tax-exempt securities 3,567 (91 ) 2,865 (97 ) 6,432 (188 ) Total temporarily impaired AFS debt securities 189,138 (3,129 ) 8,951 (262 ) 198,089 (3,391 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities — — 125 (9 ) 125 (9 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 189,138 $ (3,129 ) $ 9,076 $ (271 ) $ 198,214 $ (3,400 ) December 31, 2016 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 ) (1) Includes other-than-temporary impairment (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 for the three months ended March 31, 2017 and 2016 as presented in the following table. Substantially all OTTI losses in the three months ended March 31, 2017 and 2016 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 Three Months Ended March 31 (Dollars in millions) 2017 2016 Total OTTI losses $ (35 ) $ (30 ) Less: non-credit portion of total OTTI losses recognized in OCI 8 23 Net credit-related impairment losses recognized in earnings $ (27 ) $ (7 ) The table below presents a rollforward of the credit losses recognized in earnings for the three months ended March 31, 2017 and 2016 on AFS debt securities that the Corporation does not have the intent to sell or will not more-likely-than-not be required to sell. Rollforward of OTTI Credit Losses Recognized Three Months Ended March 31 (Dollars in millions) 2017 2016 Balance, beginning of period $ 253 $ 266 Additions for credit losses recognized on AFS debt securities that had no previous impairment losses 4 1 Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses 22 6 Reductions for AFS debt securities matured, sold or intended to be sold — (4 ) Balance, March 31 $ 279 $ 269 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 March 31, 2017 . Significant Assumptions Range (1) Weighted- 10th Percentile (2) 90th Percentile (2) Prepayment speed 11.4 % 2.8 % 20.0 % Loss severity 21.3 9.5 39.2 Life default rate 22.9 1.3 80.4 (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 17.8 percent for prime, 19.9 percent for Alt-A and 31.9 percent for subprime at March 31, 2017 . Additionally, default rates are projected by considering collateral characteristics including, but not limited to, LTV, FICO and geographic concentration. Weighted-average life default rates by collateral type were 16.3 percent for prime, 23.9 percent for Alt-A and 24.3 percent for subprime at March 31, 2017 . The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at March 31, 2017 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgages or other asset-backed securities (ABS) are passed through to the Corporation. Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities March 31, 2017 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 $ 4 4.75 % $ 48 3.80 % $ 347 2.63 % $ 190,285 3.23 % $ 190,684 3.25 % Agency-collateralized mortgage obligations — — — — — — 7,852 3.18 7,852 3.18 Commercial 48 7.92 542 1.95 11,668 2.47 551 2.29 12,809 2.46 Non-agency residential — — — — 30 0.01 4,729 8.29 4,759 8.24 Total mortgage-backed securities 52 7.68 590 2.10 12,045 2.47 203,417 3.34 216,104 3.31 U.S. Treasury and agency securities 695 0.71 29,457 1.59 20,790 1.87 114 5.40 51,056 1.70 Non-U.S. securities (2) 18,719 0.29 1,259 2.03 29 1.96 217 6.53 20,224 0.47 Other taxable securities, substantially all asset-backed securities 2,358 2.06 4,305 2.11 1,956 2.78 1,364 2.98 9,983 2.35 Total taxable securities 21,824 0.51 35,611 1.68 34,820 2.13 205,112 3.35 297,367 2.81 Tax-exempt securities 604 1.70 6,287 1.28 8,328 1.42 2,224 1.52 17,443 1.39 Total amortized cost of debt securities carried at fair value (2) $ 22,428 0.54 $ 41,898 1.62 $ 43,148 1.99 $ 207,336 3.33 $ 314,810 2.73 Amortized cost of HTM debt securities (3) $ — — $ 24 4.43 $ 922 2.39 $ 115,087 3.01 $ 116,033 3.01 Debt securities carried at fair value Mortgage-backed securities: Agency $ 4 $ 49 $ 350 $ 188,640 $ 189,043 Agency-collateralized mortgage obligations — — — 7,882 7,882 Commercial 48 543 11,446 535 12,572 Non-agency residential — — 40 4,985 5,025 Total mortgage-backed securities 52 592 11,836 202,042 214,522 U.S. Treasury and agency securities 697 29,297 20,443 121 50,558 Non-U.S. securities (2) 18,722 1,261 31 221 20,235 Other taxable securities, substantially all asset-backed securities 2,359 4,307 1,963 1,424 10,053 Total taxable securities 21,830 35,457 34,273 203,808 295,368 Tax-exempt securities 603 6,287 8,234 2,211 17,335 Total debt securities carried at fair value (2) $ 22,433 $ 41,744 $ 42,507 $ 206,019 $ 312,703 Fair value of HTM debt securities (3) $ — $ 24 $ 885 $ 113,094 $ 114,003 (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 $691 million of amortized cost and fair value for AFS debt securities of business held for sale on the Consolidated Balance Sheet at March 31, 2017 . These AFS debt securities mature in one year or less and have an average yield of 0.13 percent . (3) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases
Outstanding Loans and Leases | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 . In connection with an agreement to sell the Corporation's non-U.S. consumer credit card business, this business, which includes $9.5 billion and $9.2 billion of non-U.S. credit card loans and related allowance for loan and lease losses of $242 million and $243 million , was reclassified to assets of business held for sale on the Consolidated Balance Sheet as of March 31, 2017 and December 31, 2016. In this Note, all applicable amounts include these balances, unless otherwise noted. For additional information, see Note 1 – Summary of Significant Accounting Principles . March 31, 2017 (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 $ 1,013 $ 313 $ 1,125 $ 2,451 $ 157,908 $ 160,359 Home equity 220 109 411 740 46,990 47,730 Non-core portfolio Residential mortgage (5) 1,077 553 4,683 6,313 17,340 $ 9,831 33,484 Home equity 251 126 763 1,140 11,649 3,396 16,185 Credit card and other consumer U.S. credit card 459 320 801 1,580 86,972 88,552 Non-U.S. credit card 38 28 71 137 9,368 9,505 Direct/Indirect consumer (6) 218 64 32 314 92,480 92,794 Other consumer (7) 17 6 5 28 2,511 2,539 Total consumer 3,293 1,519 7,891 12,703 425,218 13,227 451,148 Consumer loans accounted for under the fair value option (8) $ 1,032 1,032 Total consumer loans and leases 3,293 1,519 7,891 12,703 425,218 13,227 1,032 452,180 Commercial U.S. commercial 650 639 363 1,652 273,216 274,868 Commercial real estate (9) 25 — 48 73 57,776 57,849 Commercial lease financing 157 29 10 196 21,677 21,873 Non-U.S. commercial 189 127 45 361 88,818 89,179 U.S. small business commercial 72 39 78 189 13,113 13,302 Total commercial 1,093 834 544 2,471 454,600 457,071 Commercial loans accounted for under the fair value option (8) 6,496 6,496 Total commercial loans and leases 1,093 834 544 2,471 454,600 6,496 463,567 Total consumer and commercial loans and leases (10) $ 4,386 $ 2,353 $ 8,435 $ 15,174 $ 879,818 $ 13,227 $ 7,528 $ 915,747 Less: Loans of business held for sale (10) (9,505 ) Total loans and leases (11) $ 906,242 Percentage of outstandings (10) 0.48 % 0.26 % 0.92 % 1.66 % 96.08 % 1.44 % 0.82 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $845 million and nonperforming loans of $259 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $460 million and nonperforming loans of $210 million . (2) Consumer real estate includes fully-insured loans of $4.2 billion . (3) Consumer real estate includes $2.3 billion and direct/indirect consumer includes $18 million of nonperforming loans. (4) Purchased credit-impaired (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 $48.7 billion , unsecured consumer lending loans of $530 million , U.S. securities-based lending loans of $39.5 billion , non-U.S. consumer loans of $2.9 billion , student loans of $479 million and other consumer loans of $644 million . (7) Total outstandings includes consumer finance loans of $441 million , consumer leases of $2.0 billion and consumer overdrafts of $124 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $694 million and home equity loans of $338 million . Commercial loans accounted for under the fair value option were U.S. commercial loans of $3.5 billion and non-U.S. commercial loans of $3.0 billion . For additional information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (9) Total outstandings includes U.S. commercial real estate loans of $54.7 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 $144.4 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, 2016 (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 $ 1,340 $ 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 more information, see Note 14 – Fair Value Measurements and Note 15 – 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 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. 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 troubled debt restructuring (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 $6.6 billion and $6.4 billion at March 31, 2017 and December 31, 2016 , 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 March 31, 2017 and December 31, 2016 , $412 million and $428 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 March 31, 2017 , nonperforming loans discharged in Chapter 7 bankruptcy with no change in repayment terms were $517 million of which $320 million were current on their contractual payments, while $166 million were 90 days or more past due. Of the contractually current nonperforming loans, approximately 83 percent were discharged in Chapter 7 bankruptcy over 12 months ago, and approximately 73 percent were discharged 24 months or more ago. During the three months ended March 31, 2017 and 2016 , the Corporation sold nonperforming and other delinquent consumer real estate loans with a carrying value of $142 million and $1.0 billion , including $0 and $174 million of PCI loans. The Corporation recorded net recoveries of $11 million and net charge-offs of $40 million related to these sales for the three months ended March 31, 2017 and 2016 . Gains related to these sales of $6 million and $31 million were recorded in other income in the Consolidated Statement of Income for the three months ended March 31, 2017 and 2016 . During the three months ended March 31, 2017 , the Corporation transferred nonperforming loans with a net carrying value of $221 million to held-for-sale. There were no transfers of nonperforming loans to held-for-sale for the same period in 2016. The table below presents the Corporation’s nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at March 31, 2017 and December 31, 2016 . Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) March 31 December 31 March 31 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 1,099 $ 1,274 $ 443 $ 486 Home equity 939 969 — — Non-core portfolio Residential mortgage (1) 1,630 1,782 3,783 4,307 Home equity 1,857 1,949 — — Credit card and other consumer U.S. credit card n/a n/a 801 782 Non-U.S. credit card n/a n/a 71 66 Direct/Indirect consumer 19 28 31 34 Other consumer 2 2 4 4 Total consumer 5,546 6,004 5,133 5,679 Commercial U.S. commercial 1,246 1,256 112 106 Commercial real estate 74 72 — 7 Commercial lease financing 37 36 9 19 Non-U.S. commercial 311 279 45 5 U.S. small business commercial 60 60 69 71 Total commercial 1,728 1,703 235 208 Total loans and leases $ 7,274 $ 7,707 $ 5,368 $ 5,887 (1) Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At March 31, 2017 and December 31, 2016 , residential mortgage includes $2.7 billion and $3.0 billion of loans on which interest has been curtailed by the Federal Housing Administration (FHA), and therefore are no longer accruing interest, although principal is still insured, and $1.5 billion and $1.8 billion of loans on which interest is still accruing. n/a = not applicable Credit Quality Indicators The Corporation monitors credit quality within its Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments based on primary credit quality indicators. For more information on the portfolio segments, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Within the Consumer Real Estate portfolio segment, the primary credit quality indicators are refreshed LTV and refreshed FICO score. Refreshed LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan, refreshed quarterly. Home equity loans are evaluated using combined loan-to-value (CLTV) which measures the carrying value of the 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 March 31, 2017 and December 31, 2016 . Consumer Real Estate – Credit Quality Indicators (1) March 31, 2017 (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 $ 134,410 $ 13,745 $ 7,762 $ 45,750 $ 8,358 $ 1,884 Greater than 90 percent but less than or equal to 100 percent 3,509 1,318 944 912 1,541 582 Greater than 100 percent 1,741 1,728 1,125 1,068 2,890 930 Fully-insured loans (5) 20,699 6,862 — — — — Total consumer real estate $ 160,359 $ 23,653 $ 9,831 $ 47,730 $ 12,789 $ 3,396 Refreshed FICO score Less than 620 $ 2,403 $ 2,987 $ 2,643 $ 1,214 $ 2,566 $ 533 Greater than or equal to 620 and less than 680 5,039 2,620 2,118 2,738 2,908 597 Greater than or equal to 680 and less than 740 22,530 4,293 2,834 9,495 3,068 998 Greater than or equal to 740 109,688 6,891 2,236 34,283 4,247 1,268 Fully-insured loans (5) 20,699 6,862 — — — — Total consumer real estate $ 160,359 $ 23,653 $ 9,831 $ 47,730 $ 12,789 $ 3,396 (1) Excludes $1.0 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $1.5 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 March 31, 2017 (Dollars in millions) U.S. Credit Card Non-U.S. Credit Card Direct/Indirect Consumer Other Consumer (1) Refreshed FICO score Less than 620 $ 4,432 $ — $ 1,572 $ 182 Greater than or equal to 620 and less than 680 12,033 — 2,112 220 Greater than or equal to 680 and less than 740 33,708 — 12,479 414 Greater than or equal to 740 38,379 — 33,051 1,595 Other internal credit metrics (2, 3, 4) — 9,505 43,580 128 Total credit card and other consumer $ 88,552 $ 9,505 $ 92,794 $ 2,539 (1) At March 31, 2017 , 17 percent of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $42.5 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $481 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 March 31, 2017 , 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) March 31, 2017 (Dollars in millions) U.S. Commercial Commercial Real Estate Commercial Financing Non-U.S. Commercial U.S. Small Commercial (2) Risk ratings Pass rated $ 265,602 $ 57,464 $ 21,045 $ 85,761 $ 398 Reservable criticized 9,266 385 828 3,418 64 Refreshed FICO score (3) Less than 620 217 Greater than or equal to 620 and less than 680 609 Greater than or equal to 680 and less than 740 1,802 Greater than or equal to 740 3,402 Other internal credit metrics (3, 4) 6,810 Total commercial $ 274,868 $ 57,849 $ 21,873 $ 89,179 $ 13,302 (1) Excludes $6.5 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $784 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 March 31, 2017 , 99 percent of the balances where internal credit metrics are used was current or less than 30 days past due. (3) Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. (4) Other internal credit metrics may include delinquency status, application scores, geography or other factors. Consumer Real Estate – Credit Quality Indicators (1) December 31, 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. 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 93 . For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Consumer Real Estate Impaired consumer real estate loans within the Consumer Real Estate portfolio segment consist entirely of TDRs. Excluding PCI loans, most modifications of consumer real estate loans meet the definition of TDRs when a binding offer is extended to a borrower. For more information on impaired consumer real estate loans, see Note 4 – Outstanding Loans and Leases to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. 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 March 31, 2017 , of which $517 million were classified as nonperforming and $501 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. At March 31, 2017 and December 31, 2016 , 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 $328 million and $363 million at March 31, 2017 and December 31, 2016 . The carrying value of consumer real estate loans, including fully-insured and PCI loans, for which formal foreclosure proceedings were in process as of March 31, 2017 was $4.3 billion . During the three months ended March 31, 2017 and 2016 , the Corporation reclassified $200 million and $416 million 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 March 31, 2017 and December 31, 2016 , and the average carrying value and interest income recognized for the three months ended March 31, 2017 and 2016 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 March 31, 2017 December 31, 2016 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance Residential mortgage $ 10,367 $ 8,024 $ — $ 11,151 $ 8,695 $ — Home equity 3,701 1,962 — 3,704 1,953 — With an allowance recorded Residential mortgage $ 3,975 $ 3,856 $ 241 $ 4,041 $ 3,936 $ 219 Home equity 971 880 169 910 824 137 Total Residential mortgage $ 14,342 $ 11,880 $ 241 $ 15,192 $ 12,631 $ 219 Home equity 4,672 2,842 169 4,614 2,777 137 Three Months Ended March 31 2017 2016 Average Interest (1) Average Interest (1) With no recorded allowance Residential mortgage $ 8,456 $ 79 $ 11,418 $ 94 Home equity 1,991 27 1,808 13 With an allowance recorded Residential mortgage $ 3,832 $ 35 $ 6,072 $ 51 Home equity 825 5 898 6 Total Residential mortgage $ 12,288 $ 114 $ 17,490 $ 145 Home equity 2,816 32 2,706 19 (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 March 31, 2017 and 2016 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during the three months ended March 31, 2017 and 2016 , 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 the Three Months Ended March 31, 2017 and 2016 (1) March 31, 2017 Three Months Ended March 31, 2017 (Dollars in millions) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) Net Charge-offs (3) Residential mortgage $ 382 $ 344 4.68 % 4.44 % $ 2 Home equity 248 189 4.90 3.80 6 Total $ 630 $ 533 4.77 4.19 $ 8 March 31, 2016 Three Months Ended March 31, 2016 Residential mortgage $ 526 $ 488 4.72 % 4.61 % $ 2 Home equity 231 181 3.50 3.39 10 Total $ 757 $ 669 4.35 4.24 $ 12 (1) During the three months ended March 31, 2017 and 2016 , the Corporation forgave principal of $0 and $10 million 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 March 31, 2017 and 2016 due to sales and other dispositions. The table below presents the March 31, 2017 and 2016 carrying value for consumer real estate loans that were modified in a TDR during the three months ended March 31, 2017 and 2016 by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended March 31 2017 2016 (Dollars in millions) Residential Mortgage Home Equity Residential Mortgage Home Equity Modifications under government programs Contractual interest rate reduction $ 28 $ 4 $ 22 $ 5 Principal and/or interest forbearance 1 — — 2 Other modifications (1) 2 — 9 — Total modifications under government programs 31 4 31 7 Modifications under proprietary programs Contractual interest rate reduction 13 1 12 1 Capitalization of past due amounts 5 — 7 1 Principal and/or interest forbearance 2 1 3 — Other modifications (1) 1 29 1 1 Total modifications under proprietary programs 21 31 23 3 Trial modifications 237 135 368 149 Loans discharged in Chapter 7 bankruptcy (2) 55 19 66 22 Total modifications $ 344 $ 189 $ 488 $ 181 (1) Includes other modifications such as term or payment extensions and repayment plans. (2) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. The table below presents the carrying value of consumer real estate loans that entered into payment default during the three months ended March 31, 2017 and 2016 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Payment defaults on a trial modification where the borrower has not yet met the terms of the agreement are included in the table below if the borrower is 90 days or more past due three months after the offer to modify is made. Consumer Real Estate – TDRs Entering Payment Default That Were Modified During the Preceding 12 Months Three Months Ended March 31 2017 2016 (Dollars in millions) Residential Mortgage Home Equity Re |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2017 | |
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 the three months ended March 31, 2017 and 2016 . Three Months Ended March 31, 2017 (Dollars in millions) Consumer Real Estate Credit Card and Other Consumer Commercial Total Allowance Allowance for loan and lease losses, January 1 (1) $ 2,750 $ 3,229 $ 5,258 $ 11,237 Loans and leases charged off (204 ) (946 ) (160 ) (1,310 ) Recoveries of loans and leases previously charged off 123 200 53 376 Net charge-offs (2) (81 ) (746 ) (107 ) (934 ) Write-offs of PCI loans (33 ) — — (33 ) Provision for loan and lease losses (71 ) 843 68 840 Other (3) — 2 (1 ) 1 Allowance for loan and lease losses, March 31 2,565 3,328 5,218 11,111 Less: Change in allowance included in assets of business held for sale (4) — 1 — 1 Total allowance for loan and lease losses, March 31 (1) 2,565 3,329 5,218 11,112 Reserve for unfunded lending commitments, January 1 — — 762 762 Provision for unfunded lending commitments — — (5 ) (5 ) Reserve for unfunded lending commitments, March 31 — — 757 757 Allowance for credit losses, March 31 (1) $ 2,565 $ 3,329 $ 5,975 $ 11,869 Three Months Ended March 31, 2016 Allowance for loan and lease losses, January 1 $ 3,914 $ 3,471 $ 4,849 $ 12,234 Loans and leases charged off (378 ) (912 ) (206 ) (1,496 ) Recoveries of loans and leases previously charged off 175 198 55 428 Net charge-offs (203 ) (714 ) (151 ) (1,068 ) Write-offs of PCI loans (105 ) — — (105 ) Provision for loan and lease losses (150 ) 552 614 1,016 Other (3) — (7 ) (1 ) (8 ) Allowance for loan and lease losses, March 31 3,456 3,302 5,311 12,069 Reserve for unfunded lending commitments, January 1 — — 646 646 Provision for unfunded lending commitments — — (19 ) (19 ) Reserve for unfunded lending commitments, March 31 — — 627 627 Allowance for credit losses, March 31 $ 3,456 $ 3,302 $ 5,938 $ 12,696 (1) Excludes $242 million and $243 million of allowance for loan and lease losses related to non-U.S. credit card loans, which is included in assets of business held for sale on the Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 . (2) Includes net charge-offs of $44 million on non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet at March 31, 2017 . (3) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments and certain other reclassifications. (4) Represents the change in the 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 March 31, 2017 . During the three months ended March 31, 2017 , for the PCI loan portfolio, the Corporation recorded a provision expense of $68 million compared to a provision benefit of $77 million for the same period in 2016 . Write-offs in the PCI loan portfolio totaled $33 million during the three months ended March 31, 2017 compared to $105 million for the same period in 2016 . The valuation allowance associated with the PCI loan portfolio was $454 million and $419 million at March 31, 2017 and December 31, 2016 . The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at March 31, 2017 and December 31, 2016 . Allowance and Carrying Value by Portfolio Segment March 31, 2017 (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) $ 410 $ 195 $ 274 $ 879 Carrying value (3) 14,722 594 3,016 18,332 Allowance as a percentage of carrying value 2.78 % 32.83 % 9.08 % 4.79 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 1,701 $ 3,376 $ 4,944 $ 10,021 Carrying value (3, 4) 229,809 192,796 454,055 876,660 Allowance as a percentage of carrying value (4) 0.74 % 1.75 % 1.09 % 1.14 % Purchased credit-impaired loans Valuation allowance $ 454 n/a n/a $ 454 Carrying value gross of valuation allowance 13,227 n/a n/a 13,227 Valuation allowance as a percentage of carrying value 3.43 % n/a n/a 3.43 % Less: Assets of business held for sale (5) Allowance for loan and lease losses (6) n/a $ (242 ) n/a $ (242 ) Carrying value (3) n/a (9,505 ) n/a (9,505 ) Total Total allowance for loan and lease losses $ 2,565 $ 3,329 $ 5,218 $ 11,112 Carrying value (3, 4) 257,758 183,885 457,071 898,714 Total allowance as a percentage of carrying value (4) 1.00 % 1.81 % 1.14 % 1.24 % December 31, 2016 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 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 Allowance as a percentage of carrying value (4) 1.06 % 1.71 % 1.16 % 1.25 % (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 $28 million and $27 million related to impaired U.S. small business commercial at March 31, 2017 and December 31, 2016 . (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 $7.5 billion and $7.1 billion at March 31, 2017 and December 31, 2016 . (5) Represents allowance for loan and lease losses and loans 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 March 31, 2017 and December 31, 2016 . (6) Includes $65 million and $61 million of allowance for loan and lease losses related to impaired loans and TDRs and $177 million and $ 182 million related to loans collectively evaluated for impairment at March 31, 2017 and December 31, 2016 . n/a = not applicable |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
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 to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at March 31, 2017 and December 31, 2016 , 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 March 31, 2017 and December 31, 2016 resulting from its involvement with consolidated VIEs and unconsolidated VIEs in which the Corporation holds a variable interest. The Corporation’s maximum loss exposure is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments, such as unfunded liquidity commitments and other contractual arrangements. The Corporation’s maximum loss exposure does not include losses previously recognized through write-downs of assets. The Corporation invests in ABS issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs to hold collateral. These securities and loans are included in Note 3 – Securities or Note 4 – Outstanding Loans and Leases . In addition, the Corporation uses VIEs such as trust preferred securities trusts in connection with its funding activities. For additional information, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. 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 herein. Except as described below, the Corporation did not provide financial support to consolidated or unconsolidated VIEs during the three months ended March 31, 2017 or the year ended December 31, 2016 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 the three months ended March 31, 2017 and 2016 . First-lien Mortgage Securitizations Three Months Ended March 31 Residential Mortgage - Agency Commercial Mortgage (Dollars in millions) 2017 2016 2017 2016 Cash proceeds from new securitizations (1) $ 4,656 $ 7,074 $ 609 $ 1,247 Gain (loss) on securitizations (2) 39 163 18 (3 ) Repurchases from securitization trusts (3) 872 729 — — (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 $90 million and $108 million , net of hedges, during the three months ended March 31, 2017 and 2016 , 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 $275 million and $898 million in connection with first-lien mortgage securitizations for the three months ended March 31, 2017 and 2016 . The receipt of these securities represents non-cash operating and investing activities and, accordingly, is not reflected on the Consolidated Statement of Cash Flows. Substantially all of these securities were initially classified as Level 2 assets within the fair value hierarchy. During the three months ended March 31, 2017 and 2016 , there were no changes to the initial classification. The Corporation recognizes consumer MSRs from the sale or securitization of consumer real estate loans. The unpaid principal balance of loans serviced for investors, including residential mortgage and home equity loans, totaled $316.0 billion and $386.0 billion at March 31, 2017 and 2016. Servicing fee and ancillary fee income on serviced loans was $245 million and $302 million during the three months ended March 31, 2017 and 2016 . Servicing advances on serviced loans were $5.8 billion and $6.2 billion at March 31, 2017 and December 31, 2016 . For more information on MSRs, see Note 14 – Fair Value Measurements . During the three months ended March 31, 2017 and 2016 , the Corporation deconsolidated agency residential mortgage securitization vehicles with total assets of $0 and $2.7 billion following the sale of retained interests to third parties, after which the Corporation no longer had the unilateral ability to liquidate the vehicles. During the three months ended March 31, 2016 , gains on sale of $113 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 March 31, 2017 and December 31, 2016 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 20,855 $ 22,661 $ 704 $ 757 $ 2,642 $ 2,750 $ 529 $ 560 $ 271 $ 344 On-balance sheet assets Senior securities held (2) : Trading account assets $ 519 $ 1,399 $ 18 $ 20 $ 33 $ 112 $ 99 $ 118 $ 35 $ 51 Debt securities carried at fair value 16,774 17,620 411 441 2,211 2,235 302 305 — — Held-to-maturity securities 3,550 3,630 — — — — — — 44 64 Subordinate securities held (2) : Trading account assets — — 1 1 16 23 1 1 5 14 Debt securities carried at fair value — — 8 8 2 2 22 23 48 54 Held-to-maturity securities — — — — — — — — — 13 Residual interests held — — — — — — — — 23 25 All other assets (3) 12 12 26 28 — — 105 113 — — Total retained positions $ 20,855 $ 22,661 $ 464 $ 498 $ 2,262 $ 2,372 $ 529 $ 560 $ 155 $ 221 Principal balance outstanding (4) $ 257,948 $ 265,332 $ 12,408 $ 16,280 $ 18,385 $ 19,373 $ 32,779 $ 35,788 $ 17,400 $ 23,826 Consolidated VIEs Maximum loss exposure (1) $ 16,795 $ 18,084 $ — $ — $ — $ — $ — $ 25 $ — $ — On-balance sheet assets Trading account assets $ 115 $ 434 $ — $ — $ — $ — $ — $ 99 $ — $ — Loans and leases 16,416 17,223 — — — — — — — — All other assets 264 427 — — — — — — — — Total assets $ 16,795 $ 18,084 $ — $ — $ — $ — $ — $ 99 $ — $ — On-balance sheet liabilities Long-term debt $ — $ — $ — $ — $ — $ — $ — $ 74 $ — $ — All other liabilities 3 4 — — — — — — — — Total liabilities $ 3 $ 4 $ — $ — $ — $ — $ — $ 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 14 – Fair Value Measurements . (2) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During the three months ended March 31, 2017 and 2016 , the Corporation recognized $15 million and $2 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 $118 million and $189 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 $118 million and $189 million , representing the principal amount that would be payable to the securitization vehicles if the Corporation was to exercise the repurchase option, at March 31, 2017 and December 31, 2016 . (4) Principal balance outstanding includes loans where the Corporation was the transferor to securitization vehicles 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 March 31, 2017 and December 31, 2016 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity Loan (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts Other Securitization Trusts (Dollars in millions) March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 Unconsolidated VIEs Maximum loss exposure $ 2,453 $ 2,732 $ — $ — $ 9,557 $ 9,906 $ 1,603 $ 1,635 $ 46 $ 47 On-balance sheet assets Senior securities held (4, 5) : Trading account assets $ — $ — $ — $ — $ 936 $ 902 $ 23 $ — $ — $ — Debt securities carried at fair value 43 46 — — 2,181 2,338 — — 46 47 Held-to-maturity securities — — — — 6,342 6,569 — — — — Subordinate securities held (4, 5) : Trading account assets — — — — 27 27 — — — — Debt securities carried at fair value — — — — 71 70 — — — — Total retained positions $ 43 $ 46 $ — $ — $ 9,557 $ 9,906 $ 23 $ — $ 46 $ 47 Total assets of VIEs (6) $ 3,949 $ 4,274 $ — $ — $ 18,792 $ 22,155 $ 2,336 $ 2,406 $ 169 $ 174 Consolidated VIEs Maximum loss exposure $ 139 $ 149 $ 23,156 $ 25,859 $ 282 $ 420 $ 1,326 $ 1,442 $ — $ — On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 1,096 $ 1,428 $ 1,325 $ 1,454 $ — $ — Loans and leases 225 244 33,125 35,135 — — — — — — Allowance for loan and lease losses (15 ) (16 ) (980 ) (1,007 ) — — — — — — All other assets 6 7 1,548 793 — — 1 — — — Total assets $ 216 $ 235 $ 33,693 $ 34,921 $ 1,096 $ 1,428 $ 1,326 $ 1,454 $ — $ — On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 185 $ 348 $ — $ — Long-term debt 97 108 10,527 9,049 814 1,008 — 12 — — All other liabilities — — 10 13 — — — — — — Total liabilities $ 97 $ 108 $ 10,537 $ 9,062 $ 814 $ 1,008 $ 185 $ 360 $ — $ — (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 March 31, 2017 and December 31, 2016 , loans and leases in the consolidated credit card trust included $13.9 billion and $17.6 billion of seller’s interest. (3) At March 31, 2017 and December 31, 2016 , 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 the three months ended March 31, 2017 and 2016 , the Corporation recognized $2 million and $1 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 it has continuing involvement, which may include servicing the loan. Home Equity Loans The Corporation retains interests in home equity securitization trusts to which it transferred home equity loans. These retained interests include senior and subordinate securities and residual interests. In addition, the Corporation may be obligated to provide subordinate funding to the trusts during a rapid amortization event. The Corporation typically services the loans in the trusts. Except as described below and in Note 7 – Representations and Warranties Obligations and Corporate Guarantees , the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties. There were no securitizations of home equity loans during the three months ended March 31, 2017 and 2016 , 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 March 31, 2017 and December 31, 2016 , home equity loan securitizations in rapid amortization for which the Corporation has a subordinate funding obligation, including both consolidated and unconsolidated trusts, had $2.4 billion and $2.7 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. Amounts actually funded by the Corporation under this obligation totaled $0 and $1 million for the three months ended March 31, 2017 and 2016 . 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 the three months ended March 31, 2017 and 2016 , $2.0 billion and $0 of new senior debt securities were issued to third-party investors from the credit card securitization trust. The Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $7.7 billion and $7.5 billion at March 31, 2017 and December 31, 2016 . 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 $323 million and $0 of these subordinate securities issued during the three months ended March 31, 2017 and 2016 . 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 $7.8 billion and $6.6 billion of securities during the three months ended March 31, 2017 and 2016 . Securities transferred into resecuritization vehicles during the three months ended March 31, 2017 and 2016 were measured at fair value with changes in fair value recorded in trading account profits prior to the resecuritization and no gain or loss on sale was recorded. Resecuritization proceeds included securities with an initial fair value of $734 million and $1.0 billion during the three months ended March 31, 2017 and 2016 . All of the 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 March 31, 2017 and December 31, 2016 . The weighted-average remaining life of bonds held in the trusts at March 31, 2017 was 5.2 years. There were no material write-downs or downgrades of assets or issuers during the three months ended March 31, 2017 and 2016 . Other Variable Interest Entities The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at March 31, 2017 and December 31, 2016 . Other VIEs March 31, 2017 December 31, 2016 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure $ 6,210 $ 17,899 $ 24,109 $ 6,114 $ 17,707 $ 23,821 On-balance sheet assets Trading account assets $ 2,644 $ 224 $ 2,868 $ 2,358 $ 233 $ 2,591 Debt securities carried at fair value — 161 161 — 75 75 Loans and leases 3,421 3,351 6,772 3,399 3,249 6,648 Allowance for loan and lease losses (9 ) (28 ) (37 ) (9 ) (24 ) (33 ) Loans held-for-sale 128 906 1,034 188 464 652 All other assets 342 13,080 13,422 369 13,156 13,525 Total $ 6,526 $ 17,694 $ 24,220 $ 6,305 $ 17,153 $ 23,458 On-balance sheet liabilities Long-term debt (1) $ 506 $ — $ 506 $ 395 $ — $ 395 All other liabilities 24 2,984 3,008 24 2,959 2,983 Total $ 530 $ 2,984 $ 3,514 $ 419 $ 2,959 $ 3,378 Total assets of VIEs $ 6,526 $ 63,875 $ 70,401 $ 6,305 $ 62,095 $ 68,400 (1) Includes $214 million and $229 million of long-term debt at March 31, 2017 and December 31, 2016 issued by other consolidated VIEs, which has recourse to the general credit of the Corporation. Customer Vehicles Customer vehicles include credit-linked, equity-linked and commodity-linked note vehicles, repackaging vehicles, and asset acquisition vehicles, which are typically created on behalf of customers who wish to obtain market or credit exposure to a specific company, index, commodity or financial instrument. The Corporation may transfer assets to and invest in securities issued by these vehicles. The Corporation typically enters into credit, equity, interest rate, commodity or foreign currency derivatives to synthetically create or alter the investment profile of the issued securities. The Corporation’s maximum loss exposure to consolidated and unconsolidated customer vehicles totaled $2.6 billion and $2.9 billion at March 31, 2017 and December 31, 2016 , 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 $64 million and $323 million at March 31, 2017 and December 31, 2016 , 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 $586 million and $430 million at March 31, 2017 and December 31, 2016 . This exposure is calculated on a gross basis and does not reflect any benefit from insurance purchased from third parties. 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 March 31, 2017 and December 31, 2016 , the Corporation’s consolidated investment vehicles had total assets of $778 million and $846 million . The Corporation also held investments in unconsolidated vehicles with total assets of $18.7 billion and $17.3 billion at March 31, 2017 and December 31, 2016 . The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment vehicles totaled $5.3 billion and $5.1 billion at March 31, 2017 and December 31, 2016 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. The Corporation retained senior interests in such receivables with a maximum loss exposure and funding obligation of $90 million and $150 million , including a funded balance of $67 million and $75 million at March 31, 2017 and December 31, 2016 , 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 $2.7 billion and $2.6 billion at March 31, 2017 and December 31, 2016 . 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 $12.8 billion and $12.6 billion at March 31, 2017 and December 31, 2016 . 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 , including unfunded commitments to provide capital contributions of $2.7 billion at both March 31, 2017 and December 31, 2016 . The unfunded commitments are expected to be paid over the next five years . The Corporation recognized tax credits and other tax benefits from investments in affordable housing partnerships of $251 million and reported pretax losses in other noninterest income of $196 million for the three months ended March 31, 2017 . For the same period in 2016 , the Corporation recognized tax credits and other tax benefits of $193 million and pretax losses of $198 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 make and have 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, some of which have been 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 March 31, 2017 and December 31, 2016 . 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 to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Unresolved Repurchase Claims by Counterparty, net of duplicate claims (Dollars in millions) March 31 December 31 By counterparty Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (1) $ 16,678 $ 16,685 Monolines 1,583 1,583 GSEs 4 9 Total unresolved repurchase claims by counterparty, net of duplicate claims $ 18,265 $ 18,277 (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 March 31, 2017 and December 31, 2016 . During the three months ended March 31, 2017 , the Corporation received $24 million in new repurchase claims and $36 million in claims were resolved. 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 at both March 31, 2017 and December 31, 2016 . There were no new notifications received during the three months ended March 31, 2017 . 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 both March 31, 2017 and December 31, 2016 , 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 . The notional amount of unresolved repurchase claims at both March 31, 2017 and December 31, 2016 included $5.6 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 at March 31, 2017 compared to December 31, 2016 . 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 March 31, 2017 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 settlements with BNY Mellon and other counterparties differ from other securitization trusts, the Corporation adjusts the experience implied by those prior settlements based on the characteristics of those trusts where the Corporation has a continuing possibility of timely claims 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 Three Months Ended March 31 (Dollars in millions) 2017 2016 Liability for representations and warranties and corporate guarantees, January 1 $ 2,339 $ 11,326 Additions for new sales 1 1 Payments (1) (43 ) (8,557 ) Provision (benefit) (3 ) 42 Liability for representations and warranties and corporate guarantees, March 31 $ 2,294 $ 2,812 (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 March 31, 2017 . 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 March 31, 2017 . 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 settlements with BNY Mellon and other counterparties 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 counterparties 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. For more information, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Goodwill (Dollars in millions) March 31 December 31 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,681 9,681 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 ) (775 ) Total goodwill $ 68,969 $ 68,969 (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 March 31, 2017 and December 31, 2016 . Intangible Assets (1, 2) March 31, 2017 December 31, 2016 (Dollars in millions) Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Purchased credit card and affinity relationships $ 6,841 $ 6,311 $ 530 $ 6,830 $ 6,243 $ 587 Core deposit and other intangibles (3) 3,836 2,071 1,765 3,836 2,046 1,790 Customer relationships 3,887 3,355 532 3,887 3,275 612 Total intangible assets (4) $ 14,564 $ 11,737 $ 2,827 $ 14,553 $ 11,564 $ 2,989 (1) Excludes fully amortized intangible assets. (2) At March 31, 2017 and December 31, 2016 , none of the intangible assets were impaired. (3) Includes $1.6 billion at both March 31, 2017 and December 31, 2016 of intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized. (4) Includes $61 million and $67 million at March 31, 2017 and December 31, 2016 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 $162 million and $187 million for the three months ended March 31, 2017 and 2016 . The Corporation estimates aggregate amortization expense will be $464 million for remainder of 2017, and $538 million , $109 million , $48 million , $2 million and $1 million for the years ended 2018 , 2019 , 2020 , 2021 , and 2022 . |
Federal Funds Sold or Purchased
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings | 3 Months Ended |
Mar. 31, 2017 | |
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 15 – Fair Value Option . Three Months Ended March 31 2017 2016 (Dollars in millions) Amount Rate Amount Rate Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 216,402 0.82 % $ 209,183 0.53 % Maximum month-end balance during period 223,499 n/a 221,129 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 191,677 0.93 % $ 191,297 1.03 % Maximum month-end balance during period 199,926 n/a 196,631 n/a Short-term borrowings Average during period 40,040 2.11 30,693 1.58 Maximum month-end balance during period 44,944 n/a 30,881 n/a n/a = not applicable 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 March 31, 2017 and December 31, 2016 . 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 March 31, 2017 (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) $ 354,116 $ (143,383 ) $ 210,733 $ (164,220 ) $ 46,513 Securities loaned or sold under agreements to repurchase $ 329,468 $ (143,383 ) $ 186,085 $ (154,145 ) $ 31,940 Other 16,102 — 16,102 (16,102 ) — Total $ 345,570 $ (143,383 ) $ 202,187 $ (170,247 ) $ 31,940 December 31, 2016 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 (1) Excludes repurchase activity of $9.5 billion and $10.1 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 . 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 March 31, 2017 and December 31, 2016 , the Corporation had no outstanding repurchase-to-maturity transactions. Remaining Contractual Maturity March 31, 2017 (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 $ 134,495 $ 82,101 $ 36,219 $ 52,163 $ 304,978 Securities loaned 18,164 760 1,430 4,136 24,490 Other 16,102 — — — 16,102 Total $ 168,761 $ 82,861 $ 37,649 $ 56,299 $ 345,570 December 31, 2016 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 (1) No agreements have maturities greater than three years . Class of Collateral Pledged March 31, 2017 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 165,255 $ — $ 194 $ 165,449 Corporate securities, trading loans and other 10,582 1,792 163 12,537 Equity securities 26,685 15,092 15,702 57,479 Non-U.S. sovereign debt 94,628 7,606 43 102,277 Mortgage trading loans and ABS 7,828 — — 7,828 Total $ 304,978 $ 24,490 $ 16,102 $ 345,570 December 31, 2016 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 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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. For more information on commitments and contingencies, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Credit Extension Commitments The Corporation enters into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of its customers. The table below includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions. The distributed amounts were $11.9 billion and $12.1 billion at March 31, 2017 and December 31, 2016 . At March 31, 2017 , the carrying value of these commitments, excluding commitments accounted for under the fair value option, was $776 million , including deferred revenue of $19 million and a reserve for unfunded lending commitments of $757 million . At December 31, 2016 , the comparable amounts were $779 million , $17 million and $762 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 $5.9 billion and $7.0 billion at March 31, 2017 and December 31, 2016 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value of $135 million and $173 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 15 – Fair Value Option . Credit Extension Commitments March 31, 2017 (Dollars in millions) Expire in One Expire After One Expire After Three Expire After Five Total Notional amount of credit extension commitments Loan commitments $ 77,131 $ 134,993 $ 148,994 $ 23,951 $ 385,069 Home equity lines of credit 8,973 8,539 2,469 26,912 46,893 Standby letters of credit and financial guarantees (1) 19,549 10,991 2,852 1,068 34,460 Letters of credit 1,164 101 97 49 1,411 Legally binding commitments 106,817 154,624 154,412 51,980 467,833 Credit card lines (2) 384,891 — — — 384,891 Total credit extension commitments $ 491,708 $ 154,624 $ 154,412 $ 51,980 $ 852,724 December 31, 2016 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 (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 $25.8 billion and $8.3 billion at March 31, 2017 , and $25.5 billion and $8.3 billion at December 31, 2016 . Amounts in the table include consumer SBLCs of $399 million and $376 million at March 31, 2017 and December 31, 2016 . (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 March 31, 2017 and December 31, 2016 , the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $537 million and $767 million , and commitments to purchase commercial loans of $564 million and $636 million , which upon settlement will be included in loans or LHFS. At March 31, 2017 and December 31, 2016 , the Corporation had commitments to purchase commodities, primarily liquefied natural gas of $1.5 billion and $1.9 billion , which upon settlement will be included in trading account assets. At March 31, 2017 and December 31, 2016 , the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $61.5 billion and $48.9 billion , and commitments to enter into forward-dated repurchase and securities lending agreements of $36.6 billion and $24.4 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 March 31, 2017 and December 31, 2016 , the Corporation’s maximum purchase commitment was $175 million and $475 million . In addition, the Corporation has a commitment to originate or purchase auto loans and leases from a strategic partner up to $1.9 billion for the remainder of 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 $1.7 billion , $2.2 billion , $1.9 billion , $1.7 billion and $1.4 billion for the remainder of 2017 and the years through 2021 , respectively, and $5.1 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. At March 31, 2017 and December 31, 2016 , the notional amount of these guarantees, which are recorded as derivatives totaled $14.0 billion and $13.9 billion . At both March 31, 2017 and December 31, 2016 , the Corporation’s maximum exposure related to these guarantees totaled $3.2 billion , with estimated maturity dates between 2031 and 2039. The net fair value including the fee receivable associated with these guarantees was $3 million and $4 million at March 31, 2017 and December 31, 2016 , and reflects the probability of surrender as well as the multiple structural protection features in the contracts. Merchant Services In accordance with credit and debit card association rules, the Corporation sponsors merchant processing servicers that process credit and debit card transactions on behalf of various merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. If the merchant defaults on its obligation to reimburse the cardholder, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the merchant processor, which is primarily liable for any losses on covered transactions. However, if the merchant processor fails to meet its obligation to reimburse the cardholder for disputed transactions, then the Corporation, as the sponsor, could be held liable for the disputed amount. For the three months ended March 31, 2017 and 2016 , the sponsored entities processed and settled $186.8 billion and $159.4 billion of transactions and recorded losses of $7 million and $6 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 both March 31, 2017 and December 31, 2016 , the carrying value of the Corporation's investment in the merchant services joint venture was $2.9 billion . At March 31, 2017 and December 31, 2016 , the sponsored merchant processing servicers held as collateral $210 million and $188 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 March 31, 2017 and December 31, 2016 , the maximum potential exposure for sponsored transactions totaled $322.8 billion and $325.7 billion . However, the Corporation believes that the maximum potential exposure is not representative of the actual potential loss exposure and does not expect to make material payments in connection with these guarantees. Other 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 $6.4 billion and $6.7 billion at March 31, 2017 and December 31, 2016 . 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. In response to customer complaints across the industry, 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 handled complaints related to the sale of these insurance policies. On March 2, 2017, the FCA issued its final rules and guidance on PPI complaints and included an August 29, 2019 deadline for customers to file a complaint. 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. The reserve for PPI claims was $225 million and $252 million at March 31, 2017 and December 31, 2016 . The Corporation recorded no expense for the three months ended March 31, 2017 and 2016 . Litigation and Regulatory Matters The following supplements the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K (the prior commitments and contingencies disclosure). In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, 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 $274 million and $388 million was recognized for the three months ended March 31, 2017 and 2016 . For a limited number of the matters disclosed in this Note, and in the prior commitments and contingencies disclosure, for which a loss, whether in excess of a related accrued liability or where there is no accrued liability, is reasonably possible in future periods, the Corporation is able to estimate a range of possible loss. In determining whether it is possible to estimate a range of possible loss, the Corporation reviews and evaluates its 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, or in the prior commitments and contingencies disclosure, regarding the nature of all of these contingencies and, where specified, the amount of the claim associated with these loss contingencies. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, including the matters described herein and in the prior commitments and contingencies disclosure, will have a material adverse effect on the consolidated financial position or liquidity of the Corporation. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Corporation’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Corporation’s results of operations or liquidity for any particular reporting period. Deposit Insurance Assessment On February 24, 2017, BANA filed an answer to the complaint in which it disputed the Federal Deposit Insurance Corporation's (FDIC) claims and asserted a counterclaim against the FDIC challenging the validity of the 2011 and 2012 FDIC rules on which the FDIC's complaint is based. On March 9, 2017, the FDIC invoiced BANA for additional deposit insurance and interest in the amount of $583 million for the quarters ending March 31, 2012 through March 31, 2013. On April 7, 2017, the FDIC amended its complaint to add a claim for this additional amount. Pending final resolution, BANA has pledged security satisfactory to the FDIC related to the disputed additional assessment amounts reflected in the FDIC's December 15, 2016 and March 9, 2017 invoices. Interchange and Related Litigation On March 27, 2017, the United States Supreme Court denied the certiorari petition filed by counsel for the class seeking review of the Second Circuit decision. U.S. Bank -- Harborview Mortgage Repurchase Litigation On March 6, 2017, U.S. Bank, National Association (U.S. Bank), as trustee for the HarborView Mortgage Loan Trust 2005-10, filed a petition in the State of Minnesota, Hennepin County District Court, seeking instructions from that court regarding, among other things, the acceptance or rejection of the proposed settlement and the proposed allocation and distribution of any settlement proceeds received by U.S. Bank as trustee (the "Minnesota Action"). On March 23, 2017, the New York state court in the underlying action entered a stipulated order implementing a stay pending resolution of the Minnesota Action. Certain stakeholders have filed separate actions in New York federal court and Minnesota state court seeking, among other things, to enjoin U.S. Bank's acceptance of the proposed settlement. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
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 April 26, 2017 June 2, 2017 June 30, 2017 $ 0.075 January 26, 2017 March 3, 2017 March 31, 2017 0.075 (1) In 2017 and through May 2, 2017 . The Corporation’s 2016 Comprehensive Capital Analysis and Review (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 $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. During the three months ended March 31, 2017 , the Corporation repurchased and retired 114 million shares of common stock, which reduced shareholders' equity by $2.7 billion . The Corporation has 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. As a result of the Corporation’s first-quarter 2017 dividend of $0.075 per common share, the exercise price of the warrants expiring on January 16, 2019 was adjusted to $12.904 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. During the three months ended March 31, 2017 , in connection with employee stock plans, the Corporation issued approximately 60 million shares and repurchased approximately 24 million shares of its common stock to satisfy tax withholding obligations. At March 31, 2017 , 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 During the three months ended March 31, 2017 , the Corporation declared $502 million of cash dividends on preferred stock. There were no issuances of preferred stock during the three months ended March 31, 2017 . Restricted Stock Units During the three months ended March 31, 2017 , the Corporation granted 85 million restricted stock unit (RSU) awards to certain employees under the Bank of America Corporation Key Employee Equity Plan. Generally, one-third of the RSUs vest on each of the first three anniversaries of the grant date provided that the employee remains continuously employed with the Corporation during that time. The RSUs granted during the three months ended March 31, 2017 were authorized to settle predominantly in shares of common stock of the Corporation, and will be 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. For RSUs granted to employees who are retirement eligible or will become retirement eligible during the vesting period, the RSUs are expensed as of the grant date or ratably over the period from the grant date to the date the employee becomes retirement eligible, net of estimated forfeitures. For additional information, see Note 18 – Stock-based Compensation Plans to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K . Accounting for Share-based Compensation The FASB issued new accounting guidance, which was effective on January 1, 2017, 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. Under this new accounting guidance, all excess tax benefits and tax deficiencies on the delivery of share-based awards are recognized as discrete items in income tax expense or benefit in the statement of income. Previously such amounts were recorded in shareholders' equity. The adoption of this new accounting guidance resulted in a $222 million tax benefit upon the delivery of share-settled awards in the three months ended March 31, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2017 and 2016 . (Dollars in millions) Debt Securities Available-for- Equity Securities Debit Valuation Adjustments Derivatives Employee Benefit Plans Foreign Currency Total Balance, December 31, 2015 $ 16 $ 62 $ (611 ) $ (1,077 ) $ (2,956 ) $ (792 ) $ (5,358 ) Net change 2,389 (33 ) 127 24 10 12 2,529 Balance, March 31, 2016 $ 2,405 $ 29 $ (484 ) $ (1,053 ) $ (2,946 ) $ (780 ) $ (2,829 ) Balance, December 31, 2016 $ (1,299 ) $ 32 $ (767 ) $ (895 ) $ (3,480 ) $ (879 ) $ (7,288 ) Net change (103 ) 4 9 38 27 (3 ) (28 ) Balance, March 31, 2017 $ (1,402 ) $ 36 $ (758 ) $ (857 ) $ (3,453 ) $ (882 ) $ (7,316 ) The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI before- and after-tax for the three months ended March 31, 2017 and 2016 . Changes in OCI Components Before- and After-tax Three Months Ended March 31 2017 2016 (Dollars in millions) Before-tax Tax effect After-tax Before-tax Tax effect After-tax Debt securities: Net increase (decrease) in fair value $ (151 ) $ 63 $ (88 ) $ 4,038 $ (1,535 ) $ 2,503 Reclassifications into earnings: Gains on sales of debt securities (52 ) 20 (32 ) (190 ) 72 (118 ) Other income 27 (10 ) 17 7 (3 ) 4 Net realized gains reclassified into earnings (25 ) 10 (15 ) (183 ) 69 (114 ) Net change (176 ) 73 (103 ) 3,855 (1,466 ) 2,389 Available-for-sale marketable equity securities: Net increase (decrease) in fair value 27 (10 ) 17 (54 ) 21 (33 ) Net realized gains reclassified into earnings (1) (20 ) 7 (13 ) — — — Net change 7 (3 ) 4 (54 ) 21 (33 ) Debit valuation adjustments: Net increase in fair value 9 (4 ) 5 195 (72 ) 123 Net realized losses reclassified into earnings (1) 6 (2 ) 4 7 (3 ) 4 Net change 15 (6 ) 9 202 (75 ) 127 Derivatives: Net decrease in fair value (9 ) 3 (6 ) (159 ) 59 (100 ) Reclassifications into earnings: Net interest income 112 (42 ) 70 164 (61 ) 103 Personnel (42 ) 16 (26 ) 34 (13 ) 21 Net realized losses reclassified into earnings 70 (26 ) 44 198 (74 ) 124 Net change 61 (23 ) 38 39 (15 ) 24 Employee benefit plans: Reclassifications into earnings: Prior service cost 1 — 1 1 — 1 Net actuarial losses 42 (16 ) 26 24 (10 ) 14 Net realized losses reclassified into earnings (2) 43 (16 ) 27 25 (10 ) 15 Settlements, curtailments and other — — — — (5 ) (5 ) Net change 43 (16 ) 27 25 (15 ) 10 Foreign currency: Net decrease in fair value (131 ) 108 (23 ) (134 ) 146 12 Net gains reclassified into earnings (1) (12 ) 32 20 — — — Net change (143 ) 140 (3 ) (134 ) 146 12 Total other comprehensive income (loss) $ (193 ) $ 165 $ (28 ) $ 3,933 $ (1,404 ) $ 2,529 (1) Reclassifications of pretax AFS marketable equity securities, DVA and foreign currency are recorded in other income in the Consolidated Statement of Income. (2) Reclassifications of pretax employee benefit plan costs are recorded in personnel expense in the Consolidated Statement of Income. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2017 and 2016 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Three Months Ended March 31 (Dollars in millions, except per share information; shares in thousands) 2017 2016 Earnings per common share Net income $ 4,856 $ 3,472 Preferred stock dividends (502 ) (457 ) Net income applicable to common shareholders $ 4,354 $ 3,015 Average common shares issued and outstanding 10,099,557 10,370,094 Earnings per common share $ 0.43 $ 0.29 Diluted earnings per common share Net income applicable to common shareholders $ 4,354 $ 3,015 Add preferred stock dividends due to assumed conversions 75 75 Net income allocated to common shareholders $ 4,429 $ 3,090 Average common shares issued and outstanding 10,099,557 10,370,094 Dilutive potential common shares (1) 815,258 729,973 Total diluted average common shares issued and outstanding 10,914,815 11,100,067 Diluted earnings per common share $ 0.41 $ 0.28 (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 the three months ended March 31, 2017 and 2016 , the 700 million average dilutive potential common shares were included in the diluted share count under the “if-converted” method. For the three months ended March 31, 2017 and 2016 , 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 the three months ended March 31, 2017 and 2016 , average options to purchase 30 million and 53 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. For the three months ended March 31, 2017 and 2016 , 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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 and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The Corporation accounts for certain financial instruments under the fair value option. For additional information, see Note 15 – Fair Value Option . Valuation Processes and Techniques The Corporation has various processes and controls in place 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 the three months ended March 31, 2017 , 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 to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Recurring Fair Value Assets and liabilities carried at fair value on a recurring basis at March 31, 2017 and December 31, 2016 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. March 31, 2017 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 $ — $ 58,545 $ — $ — $ 58,545 Trading account assets: U.S. Treasury and agency securities (2) 40,582 1,006 — — 41,588 Corporate securities, trading loans and other 219 27,691 2,029 — 29,939 Equity securities 58,970 25,168 288 — 84,426 Non-U.S. sovereign debt 12,430 13,023 527 — 25,980 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 18,442 — — 18,442 Mortgage trading loans, ABS and other MBS — 7,454 1,215 — 8,669 Total trading account assets (3) 112,201 92,784 4,059 — 209,044 Derivative assets (4) 8,218 521,097 4,152 (493,389 ) 40,078 AFS debt securities: U.S. Treasury and agency securities 49,013 1,545 — — 50,558 Mortgage-backed securities: Agency — 189,043 — — 189,043 Agency-collateralized mortgage obligations — 7,877 — — 7,877 Non-agency residential — 1,943 — — 1,943 Commercial — 12,572 — — 12,572 Non-U.S. securities 1,945 3,910 207 — 6,062 Other taxable securities — 9,240 579 — 9,819 Tax-exempt securities — 16,815 520 — 17,335 Total AFS debt securities 50,958 242,945 1,306 — 295,209 Other debt securities carried at fair value: Mortgage-backed securities: Agency-collateralized mortgage obligations — 5 — — 5 Non-agency residential — 3,058 24 — 3,082 Non-U.S. securities 12,177 1,305 — — 13,482 Other taxable securities — 234 — — 234 Total other debt securities carried at fair value 12,177 4,602 24 — 16,803 Loans and leases — 6,826 702 — 7,528 Mortgage servicing rights — — 2,610 — 2,610 Loans held-for-sale — 2,953 792 — 3,745 Customer and other receivables — 250 — — 250 Debt securities in assets of business held for sale 691 — — — 691 Other assets 12,971 1,437 231 — 14,639 Total assets $ 197,216 $ 931,439 $ 13,876 $ (493,389 ) $ 649,142 Liabilities Interest-bearing deposits in U.S. offices $ — $ 598 $ — $ — $ 598 Federal funds purchased and securities loaned or sold under agreements to repurchase — 36,437 226 — 36,663 Trading account liabilities: U.S. Treasury and agency securities 18,392 91 — — 18,483 Equity securities 30,203 3,064 — — 33,267 Non-U.S. sovereign debt 13,547 3,723 — — 17,270 Corporate securities and other 231 7,997 35 — 8,263 Total trading account liabilities 62,373 14,875 35 — 77,283 Derivative liabilities (4) 7,640 520,288 5,817 (497,317 ) 36,428 Short-term borrowings — 1,041 — — 1,041 Accrued expenses and other liabilities 14,650 1,586 9 — 16,245 Long-term debt — 27,957 1,660 — 29,617 Total liabilities $ 84,663 $ 602,782 $ 7,747 $ (497,317 ) $ 197,875 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $19.2 billion of GSE obligations. (3) Includes securities with a fair value of $18.1 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 the three months ended March 31, 2017 , $612 million of derivative assets and $400 million of derivative liabilities were transferred from Level 1 to Level 2 and $111 million of derivative assets and $123 million 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, 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 1,934 3,600 229 — 5,763 Other taxable securities — 10,020 594 — 10,614 Tax-exempt securities — 16,618 542 — 17,160 Total AFS debt securities 48,721 243,854 1,365 — 293,940 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 Debt securities in assets of business held for sale 619 — — — 619 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 . The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2017 and 2016 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) Three Months Ended March 31, 2017 Gross (Dollars in millions) Balance January 1 2017 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 $ 2,777 $ 84 $ — $ 199 $ (480 ) $ — $ (127 ) $ 75 $ (499 ) $ 2,029 $ 56 Equity securities 281 12 — 20 (17 ) — (10 ) 72 (70 ) 288 8 Non-U.S. sovereign debt 510 19 10 — (9 ) — (6 ) 3 — 527 19 Mortgage trading loans, ABS and other MBS 1,211 107 — 339 (375 ) — (54 ) 28 (41 ) 1,215 74 Total trading account assets 4,779 222 10 558 (881 ) — (197 ) 178 (610 ) 4,059 157 Net derivative assets (4) (1,313 ) (474 ) — 200 (247 ) — 170 29 (30 ) (1,665 ) (489 ) AFS debt securities: Non-U.S. securities 229 — 3 20 — — (45 ) — — 207 — Other taxable securities 594 3 4 — — — (22 ) — — 579 — Tax-exempt securities 542 — 2 — (56 ) — (3 ) 35 — 520 — Total AFS debt securities 1,365 3 9 20 (56 ) — (70 ) 35 — 1,306 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — — — — 24 — Loans and leases (5, 6) 720 12 — — — — (30 ) — — 702 12 Mortgage servicing rights (6, 7, 8) 2,747 (27 ) — — 5 75 (190 ) (7) — — 2,610 (117 ) Loans held-for-sale (5) 656 29 6 — (136 ) — (60 ) 315 (18 ) 792 22 Other assets 239 (6 ) — — — — (2 ) — — 231 (6 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) 1 — — — (2 ) 28 — 106 (226 ) 1 Trading account liabilities – Corporate securities and other (27 ) 2 — — (10 ) — — — — (35 ) 2 Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (83 ) 7 11 — (130 ) 159 (178 ) 68 (1,660 ) (83 ) (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); MSRs - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). For MSRs, the 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, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (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. For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. (4) Net derivatives include derivative assets of $4.2 billion and derivative liabilities of $5.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) MSRs include the $1.9 billion core MSR portfolio held in Consumer Banking , the $208 million non-core MSR portfolio held in All Other and the $481 million non-U.S. MSR portfolio held in Global Markets. Significant transfers into Level 3, primarily due to decreased price observability, during the three months ended March 31, 2017 included $178 million of trading account assets, $315 million of LHFS and $178 million of long-term debt. Transfers occur on a regular basis for 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 the three months ended March 31, 2017 included $610 million of trading account assets and $106 million of federal funds purchased and securities loaned or sold under agreements to repurchase. Level 3 – Fair Value Measurements (1) Three Months Ended March 31, 2016 Gross (Dollars in millions) Balance 2016 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2016 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 2,838 $ 50 $ 1 $ 227 $ (147 ) $ — $ (148 ) $ 158 $ (25 ) $ 2,954 $ 33 Equity securities 407 60 — 10 (2 ) — (62 ) 4 — 417 7 Non-U.S. sovereign debt 521 42 49 3 (1 ) — (42 ) — — 572 41 Mortgage trading loans, ABS and other MBS 1,868 28 (2 ) 194 (404 ) — (73 ) 31 (28 ) 1,614 4 Total trading account assets 5,634 180 48 434 (554 ) — (325 ) 193 (53 ) 5,557 85 Net derivative assets (4) (441 ) 403 — 89 (175 ) — 12 (116 ) (87 ) (315 ) 257 AFS debt securities: Non-agency residential MBS 106 — 5 135 (92 ) — (4 ) — — 150 — Other taxable securities 757 1 (3 ) — — — (16 ) — — 739 — Tax-exempt securities 569 — (7 ) 1 — — (1 ) — — 562 — Total AFS debt securities 1,432 1 (5 ) 136 (92 ) — (21 ) — — 1,451 — Other debt securities carried at fair value – Non-agency residential MBS 30 (1 ) — — — — — — — 29 — Loans and leases (5, 6) 1,620 43 — 69 — 25 (35 ) 5 (30 ) 1,697 48 Mortgage servicing rights (6, 7, 8) 3,087 (380 ) — — (1 ) 136 (211 ) — — 2,631 (437 ) Loans held-for-sale (5) 787 73 27 20 (163 ) — (34 ) 13 (63 ) 660 58 Other assets 374 (25 ) — 34 — — (10 ) 2 — 375 (22 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (335 ) (3 ) — — — (14 ) 7 — — (345 ) (9 ) Trading account liabilities – Corporate securities and other (21 ) 1 — — (8 ) — — — — (28 ) 1 Short-term borrowings (5) (30 ) 1 — — — — 29 — — — — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,513 ) (91 ) (7 ) 9 — (169 ) 56 (186 ) 87 (1,814 ) (93 ) (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); MSRs - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). For MSRs, the amounts reflect the changes in modeled MSR fair value due principally to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve. (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. For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. (4) Net derivatives include derivative assets of $5.5 billion and derivative liabilities of $5.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) MSRs include the $1.8 billion core MSR portfolio held in Consumer Banking , the $343 million non-core MSR portfolio held in All Other and the $479 million non-U.S. MSR portfolio held in Global Markets. Significant transfers into Level 3, primarily due to decreased price observability, during the three months ended March 31, 2016 included $193 million of trading account assets, $116 million of net derivative assets and $186 million of long-term debt. Transfers occur on a regular basis for 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. There were no significant transfers out of Level 3 during the three months ended March 31, 2016 . The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at March 31, 2017 and December 31, 2016 . Quantitative Information about Level 3 Fair Value Measurements at March 31, 2017 (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 $ 1,035 Discounted cash flow, Market comparables Yield 0% to 35% 7 % Trading account assets – Mortgage trading loans, ABS and other MBS 320 Prepayment speed 0% to 21% CPR 12 % Loans and leases 702 Default rate 0% to 3% CDR 2 % Loans held-for-sale 13 Loss severity 0% to 54% 19 % Instruments backed by commercial real estate assets $ 364 Discounted cash flow, Market comparables Yield 0% to 25% 5 % Trading account assets – Corporate securities, trading loans and other 319 Price $0 to $100 $65 Trading account assets – Mortgage trading loans, ABS and other MBS 45 Commercial loans, debt securities and other $ 3,836 Discounted cash flow, Market comparables Yield 0% to 29% 16 % Trading account assets – Corporate securities, trading loans and other 1,680 Prepayment speed 10% to 20% 11 % Trading account assets – Non-U.S. sovereign debt 527 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 850 Loss severity 0% to 40% 30 % Loans held-for-sale 779 Duration 0 to 4 years 2 years Price $0 to $292 $72 Auction rate securities $ 1,129 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 30 AFS debt securities – Other taxable securities 579 AFS debt securities – Tax-exempt securities 520 MSRs $ 2,610 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 15 years 6 years Weighted-average life, variable rate (4) 0 to 10 years 3 years Option Adjusted Spread, fixed rate 9% to 14% 10 % Option Adjusted Spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,660 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 8% to 100% 68 % Long-dated equity volatilities 4% to 69% 24 % Yield 5% to 27% 18 % Price $12 to $90 $79 Duration 0 to 4 years 3 years Net derivative assets Credit derivatives $ 88 Discounted cash flow, Stochastic recovery correlation model Yield 0% to 24% 8 % Upfront points 0 points to 100 points 72 points Credit spreads 51 bps to 668 bps 493 bps Credit correlation 26% to 87% 48 % Prepayment speed 10% to 20% CPR 17 % Default rate 1% to 4% CDR 3 % Loss severity 35 % n/a Equity derivatives $ (2,050 ) Industry standard derivative pricing (2) Equity correlation 8% to 100% 68 % Long-dated equity volatilities 4% to 69% 24 % Commodity derivatives $ 5 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $6/MMBtu $3/MMBtu Correlation 76% to 95% 90 % Volatilities 24% to 112% 40 % Interest rate derivatives $ 292 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 99% 59 % Correlation (FX/IR) 0% to 40% 1 % Illiquid IR and long-dated inflation rates -13% to 30% 3 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (1,665 ) (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 112 : Trading account assets – Corporate securities, trading loans and other of $2.0 billion , Trading account assets – Non-U.S. sovereign debt of $527 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.2 billion , AFS debt securities – Other taxable securities of $579 million , AFS debt securities – Tax-exempt securities of $520 million , Loans and leases of $702 million and LHFS of $792 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 n/a = not applicable Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016 (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 $ 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 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 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 113 : 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 In the previous tables, instruments backed by residential and commercial real estate assets include RMBS, commercial MBS, whole loans and mortgage CDOs. Commercial loans, debt securities and other include corporate CLOs and CDOs, commercial loans and bonds, and securities backed by non-real estate assets. Structured liabilities primarily include equity-linked notes that are accounted for under the fair value option. The Corporation uses multiple market approaches in valuing certain of its Level 3 financial instruments. For example, market comparables and discounted cash flows are used together. For a given product, such as corporate debt securities, market comparables may be used to estimate some of the unobservable inputs and then these inputs are incorporated into a discounted cash flow model. Therefore, the balances disclosed encompass both of these techniques. The level of aggregation and diversity within the products disclosed in the tables result in certain ranges of inputs being wide and unevenly distributed across asset and liability categories. Sensitivity of Fair Value Measurements to Changes in Unobservable Inputs Loans and Securities A significant increase in market yields, default rates, loss severities or duration would result in a significantly lower fair value for long positions. Short positions would be impacted in a directionally opposite way. The impact of changes in prepayment speeds would have differing impacts depending on the seniority of the instrument and, in the case of CLOs, whether prepayments can be reinvested. A significant increase in price would result in a significantly higher fair value for long positions and short positions would be impacted in a directionally opposite way. Mortgage Servicing Rights The weighted-average lives and fair value of MSRs are sensitive to changes in modeled assumptions. The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions. The weighted-average life represents the average period of time that the MSRs' cash flows are expected to be received. Absent other changes, an increase (decrease) to the weighted-average life would generally result in an increase (decrease) in the fair value of the MSRs. For example, a 10 percent or 20 percent decrease in prepayment rates, which impact the weighted-average life, could result in an increase in fair value of $94 million or $196 million , while a 10 percent or 20 percent increase in prepayment rates could result in a decrease in fair value of $88 million or $169 million . A 100 bp or 200 bp decrease in option-adjusted spread (OAS) levels could result in an increase in fair value of $87 million or $180 million , while a 100 bp or 200 bp increase in OAS levels could result in a decrease in fair value of $81 million or $157 million . These sensitivities are hypothetical and actual amounts may vary materially. As the amounts indicate, changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of MSRs that continue to be held by the Corporation is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. In addition, these sensitivities do not reflect any hedge strategies that may be undertaken to mitigate such risk. The Corporation manages the risk in 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 on the Consolidated Balanc |
Fair Value Option
Fair Value Option | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Option [Abstract] | |
Fair Value Option | Fair Value Option The Corporation elects to account for certain financial instruments under the fair value option. For more information on the primary financial instruments for which the fair value option elections have been made, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The following tables provide information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at March 31, 2017 and December 31, 2016 , and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three months ended March 31, 2017 and 2016 . Fair Value Option Elections March 31, 2017 December 31, 2016 (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 $ 58,545 $ 58,201 $ 344 $ 49,750 $ 49,615 $ 135 Loans reported as trading account assets (1) 6,300 11,410 (5,110 ) 6,215 11,557 (5,342 ) Trading inventory – other 9,357 n/a n/a 8,206 n/a n/a Consumer and commercial loans 7,528 7,613 (85 ) 7,085 7,190 (105 ) Loans held-for-sale 3,745 5,459 (1,714 ) 4,026 5,595 (1,569 ) Customer receivables and other assets 253 250 3 253 250 3 Long-term deposits 598 545 53 731 672 59 Federal funds purchased and securities loaned or sold under agreements to repurchase 36,663 36,750 (87 ) 35,766 35,929 (163 ) Short-term borrowings 1,041 1,041 — 2,024 2,024 — Unfunded loan commitments 135 n/a n/a 173 n/a n/a Long-term debt (2) 29,617 29,528 89 30,037 29,862 175 (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 $29.2 billion and $29.7 billion , and contractual principal outstanding of $29.2 billion and $29.5 billion at March 31, 2017 and December 31, 2016 . n/a = not applicable Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended March 31, 2017 (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 $ (12 ) $ — $ — $ (12 ) Loans reported as trading account assets 150 — — 150 Trading inventory – other (1) 1,151 — — 1,151 Consumer and commercial loans 5 — 19 24 Loans held-for-sale (2) 1 40 44 85 Long-term deposits 1 — 5 6 Federal funds purchased and securities loaned or sold under agreements to repurchase (45 ) — — (45 ) Short-term borrowings (2 ) — — (2 ) Unfunded loan commitments — — 38 38 Long-term debt (3, 4) (162 ) — (37 ) (199 ) Total $ 1,087 $ 40 $ 69 $ 1,196 Three Months Ended March 31, 2016 Federal funds sold and securities borrowed or purchased under agreements to resell $ 8 $ — $ — $ 8 Loans reported as trading account assets 112 — — 112 Trading inventory – other (1) (113 ) — — (113 ) Consumer and commercial loans 19 — 10 29 Loans held-for-sale (2) — 130 35 165 Other assets — — 2 2 Long-term deposits (9 ) — (22 ) (31 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (8 ) — — (8 ) Unfunded loan commitments — — 148 148 Long-term debt (3, 4) (6 ) — (30 ) (36 ) Total $ 3 $ 130 $ 143 $ 276 (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. (4) For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss) . For information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Gains (Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option Three Months Ended March 31 (Dollars in millions) 2017 2016 Loans reported as trading account assets $ 13 $ 9 Consumer and commercial loans 19 (10 ) Loans held-for-sale — (1 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
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 14 – Fair Value Measurements . The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance at March 31, 2017 and December 31, 2016 is carried at fair value on the Consolidated Balance Sheet. For more information on these financial instruments and their valuation methodologies, see Note 20 – Fair Value Measurements and Note 22 – Fair Value of Financial Instruments to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Fair Value of Financial Instruments The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at March 31, 2017 and December 31, 2016 are presented in the table below. Fair Value of Financial Instruments March 31, 2017 Fair Value (Dollars in millions) Carrying Value Level 2 Level 3 Total Financial assets Loans $ 873,392 $ 71,273 $ 817,029 $ 888,302 Loans held-for-sale 14,751 13,682 1,069 14,751 Financial liabilities Deposits 1,272,141 1,272,197 — 1,272,197 Long-term debt 221,385 225,424 1,660 227,084 December 31, 2016 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 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 $893 million and $4.3 billion at March 31, 2017 , and $937 million and $4.9 billion at December 31, 2016 . Commercial unfunded lending commitments are primarily classified as Level 3. The carrying value of these commitments is classified in accrued expenses and other liabilities. The Corporation does not estimate the fair values of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 10 – Commitments and Contingencies . |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Corporation reports its results of operations through the following four business segments: Consumer Banking , GWIM , Global Banking and Global Markets , with the remaining operations recorded in All Other . For additional information, see Note 24 – Business Segment Information to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The tables below present net income (loss) and the components thereto (with net interest income on an FTE basis) for three months ended March 31, 2017 and 2016 , and total assets at March 31, 2017 and 2016 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 three months ended March 31 Total Corporation (1) Consumer Banking (Dollars in millions) 2017 2016 2017 2016 Net interest income (FTE basis) $ 11,255 $ 10,700 $ 5,781 $ 5,328 Noninterest income 11,190 10,305 2,503 2,529 Total revenue, net of interest expense (FTE basis) 22,445 21,005 8,284 7,857 Provision for credit losses 835 997 838 531 Noninterest expense 14,848 14,816 4,406 4,538 Income before income taxes (FTE basis) 6,762 5,192 3,040 2,788 Income tax expense (FTE basis) 1,906 1,720 1,146 1,024 Net income $ 4,856 $ 3,472 $ 1,894 $ 1,764 Period-end total assets $ 2,247,701 $ 2,185,726 $ 734,087 $ 666,292 Global Wealth & Global Banking 2017 2016 2017 2016 Net interest income (FTE basis) $ 1,560 $ 1,513 $ 2,774 $ 2,545 Noninterest income 3,032 2,956 2,181 1,909 Total revenue, net of interest expense (FTE basis) 4,592 4,469 4,955 4,454 Provision for credit losses 23 25 17 553 Noninterest expense 3,333 3,273 2,163 2,174 Income before income taxes (FTE basis) 1,236 1,171 2,775 1,727 Income tax expense (FTE basis) 466 430 1,046 635 Net income $ 770 $ 741 $ 1,729 $ 1,092 Period-end total assets $ 291,177 $ 296,199 $ 416,710 $ 394,736 Global Markets All Other 2017 2016 2017 2016 Net interest income (FTE basis) $ 1,049 $ 1,184 $ 91 $ 130 Noninterest income 3,659 2,767 (185 ) 144 Total revenue, net of interest expense (FTE basis) 4,708 3,951 (94 ) 274 Provision for credit losses (17 ) 9 (26 ) (121 ) Noninterest expense 2,757 2,449 2,189 2,382 Income (loss) before income taxes (FTE basis) 1,968 1,493 (2,257 ) (1,987 ) Income tax expense (benefit) (FTE basis) 671 520 (1,423 ) (889 ) Net income (loss) $ 1,297 $ 973 $ (834 ) $ (1,098 ) Period-end total assets $ 604,015 $ 581,150 $ 201,712 $ 247,349 Business Segment Reconciliations Three Months Ended March 31 2017 2016 Segments’ total revenue, net of interest expense (FTE basis) $ 22,539 $ 20,731 Adjustments (2) : ALM activities (45 ) (106 ) Liquidating businesses and other (49 ) 380 FTE basis adjustment (197 ) (215 ) Consolidated revenue, net of interest expense $ 22,248 $ 20,790 Segments’ total net income 5,690 4,570 Adjustments, net-of-taxes (2) : ALM activities (179 ) (172 ) Liquidating businesses and other (655 ) (926 ) Consolidated net income $ 4,856 $ 3,472 March 31 2017 2016 Segments’ total assets $ 2,045,989 $ 1,938,377 Adjustments (2) : ALM activities, including securities portfolio 633,080 622,289 Liquidating businesses and other (3) 112,060 135,007 Elimination of segment asset allocations to match liabilities (543,428 ) (509,947 ) Consolidated total assets $ 2,247,701 $ 2,185,726 (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. |
Summary of Significant Accoun25
Summary of Significant Accounting Principles (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The nature of the Corporation's business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC). Certain prior-period amounts have been reclassified to conform to current period presentation. |
New Accounting Pronouncements | Accounting for Financial Instruments -- Credit Losses The Financial Accounting Standards Board (FASB) issued new accounting guidance effective on January 1, 2020, with early adoption permitted on January 1, 2019, 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. 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. Revenue Recognition The FASB issued new accounting guidance effective on January 1, 2018 for recognizing revenue from contracts with customers. 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. Lease Accounting The FASB issued new accounting guidance effective on January 1, 2019 that requires substantially all leases to be recorded as assets and liabilities on the balance sheet. This new accounting guidance uses 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 financial position or 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. Recognition and Measurement of Financial Assets and Financial Liabilities The FASB issued new accounting guidance effective on January 1, 2018, with early adoption permitted for the provisions related to debit valuation adjustment (DVA), on recognition and measurement of financial instruments, including certain equity investments and financial liabilities recorded at fair value under the fair value option. 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. |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 . 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. March 31, 2017 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 $ 17,448.7 $ 326.3 $ 5.1 $ 331.4 $ 327.9 $ 2.1 $ 330.0 Futures and forwards 6,720.2 2.1 — 2.1 2.1 — 2.1 Written options 1,147.0 — — — 46.8 — 46.8 Purchased options 1,252.2 48.0 — 48.0 — — — Foreign exchange contracts Swaps 1,866.1 39.5 2.3 41.8 42.8 4.3 47.1 Spot, futures and forwards 4,441.1 47.8 1.1 48.9 48.4 0.8 49.2 Written options 346.8 — — — 5.9 — 5.9 Purchased options 323.4 5.4 — 5.4 — — — Equity contracts Swaps 209.9 4.0 — 4.0 4.1 — 4.1 Futures and forwards 91.1 1.8 — 1.8 1.1 — 1.1 Written options 511.2 — — — 23.4 — 23.4 Purchased options 449.1 25.1 — 25.1 — — — Commodity contracts Swaps 44.9 2.0 — 2.0 4.3 — 4.3 Futures and forwards 49.4 3.4 — 3.4 0.4 — 0.4 Written options 29.2 — — — 1.6 — 1.6 Purchased options 30.2 1.6 — 1.6 — — — Credit derivatives Purchased credit derivatives: Credit default swaps 599.9 6.1 — 6.1 10.6 — 10.6 Total return swaps/other 34.3 0.2 — 0.2 1.5 — 1.5 Written credit derivatives: Credit default swaps 595.8 10.7 — 10.7 5.5 — 5.5 Total return swaps/other 41.5 1.0 — 1.0 0.2 — 0.2 Gross derivative assets/liabilities $ 525.0 $ 8.5 $ 533.5 $ 526.6 $ 7.2 $ 533.8 Less: Legally enforceable master netting agreements (457.9 ) (457.9 ) Less: Cash collateral received/paid (35.5 ) (39.5 ) Total derivative assets/liabilities (2) $ 40.1 $ 36.4 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) Derivative assets and liabilities reflect a central clearing counterparty's amendments to legally re-characterize daily cash variation margin from collateral, which secures an outstanding exposure, to settlement, which discharges an outstanding exposure, effective early in 2017. 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. |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below summarizes information related to fair value hedges for the three months ended March 31, 2017 and 2016 , including hedges of interest rate risk on long-term debt that were acquired as part of a business combination and redesignated at that time. At redesignation, the fair value of the derivatives was positive. As the derivatives mature, the fair value will approach zero. As a result, ineffectiveness will occur and the fair value changes in the derivatives and the long-term debt being hedged may be directionally the same in certain scenarios. Based on a regression analysis, the derivatives continue to be highly effective at offsetting changes in the fair value of the long-term debt attributable to interest rate risk. Derivatives Designated as Fair Value Hedges Gains (Losses) Three Months Ended March 31, 2017 (Dollars in millions) Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (750 ) $ 566 $ (184 ) Interest rate and foreign currency risk on long-term debt (1) 123 (133 ) (10 ) Interest rate risk on available-for-sale securities (2) 17 (37 ) (20 ) Price risk on commodity inventory (3) 6 (6 ) — Total $ (604 ) $ 390 $ (214 ) Three Months Ended March 31, 2016 Interest rate risk on long-term debt (1) $ 2,661 $ (2,854 ) $ (193 ) Interest rate and foreign currency risk on long-term debt (1) 839 (846 ) (7 ) Interest rate risk on available-for-sale securities (2) (151 ) 132 (19 ) Price risk on commodity inventory (3) 2 (2 ) — Total $ 3,351 $ (3,570 ) $ (219 ) (1) Amounts are recorded in interest expense on long-term debt and in other income. (2) Amounts are recorded in interest income on debt securities. (3) Amounts relating to commodity inventory are recorded in trading account profits. |
Cash Flow and Net Investment Hedges | The table below summarizes certain information related to cash flow hedges and net investment hedges for the three months ended March 31, 2017 and 2016 . Of the $857 million after-tax net loss ( $1.4 billion on a pretax basis) on derivatives in accumulated other comprehensive income (OCI) at March 31, 2017 , $188 million after-tax ( $301 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 19 years . Derivatives Designated as Cash Flow and Net Investment Hedges Three Months Ended March 31, 2017 (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 $ (37 ) $ (112 ) $ 3 Price risk on restricted stock awards (2) 28 42 — Total $ (9 ) $ (70 ) $ 3 Net investment hedges Foreign exchange risk $ (389 ) $ (130 ) $ (15 ) Three Months Ended March 31, 2016 Cash flow hedges Interest rate risk on variable-rate portfolios $ 39 $ (164 ) $ 6 Price risk on restricted stock awards (2) (198 ) (34 ) — Total $ (159 ) $ (198 ) $ 6 Net investment hedges Foreign exchange risk $ (633 ) $ 1 $ (143 ) (1) Amounts related to cash flow hedges represent hedge ineffectiveness and amounts related to net investment hedges represent amounts excluded from effectiveness testing. (2) Gains (losses) recognized in accumulated OCI are primarily related to the change in the Corporation’s stock price for the period. |
Other Risk Management Derivatives | The table below presents gains (losses) on these derivatives for the three months ended March 31, 2017 and 2016 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Other Risk Management Derivatives Gains (Losses) Three Months Ended March 31 (Dollars in millions) 2017 2016 Interest rate risk on mortgage banking income (1) $ (24 ) $ 546 Credit risk on loans (2) (2 ) (65 ) Interest rate and foreign currency risk on ALM activities (3) (290 ) (884 ) Price risk on restricted stock awards (4) 104 (741 ) Other 1 26 (1) Net gains (losses) on these derivatives are recorded in mortgage banking income as they are used to mitigate the interest rate risk related to MSRs, interest rate lock commitments (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 $56 million and $151 million for the three months ended March 31, 2017 and 2016 . (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 the three months ended March 31, 2017 and 2016 . 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 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The following table is not presented on an FTE basis. Sales and Trading Revenue Three Months Ended March 31, 2017 (Dollars in millions) Trading Account Profits Net Interest Income Other (1) Total Interest rate risk $ 348 $ 307 $ 118 $ 773 Foreign exchange risk 368 (3 ) (41 ) 324 Equity risk 671 (75 ) 487 1,083 Credit risk 686 647 197 1,530 Other risk 104 5 33 142 Total sales and trading revenue $ 2,177 $ 881 $ 794 $ 3,852 Three Months Ended March 31, 2016 Interest rate risk $ 495 $ 425 $ 52 $ 972 Foreign exchange risk 340 (1 ) (36 ) 303 Equity risk 431 2 597 1,030 Credit risk 208 626 138 972 Other risk 121 (16 ) 15 120 Total sales and trading revenue $ 1,595 $ 1,036 $ 766 $ 3,397 (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 $524 million and $559 million for the three months ended March 31, 2017 and 2016 . |
Disclosure of Credit Derivatives | Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at March 31, 2017 and December 31, 2016 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 March 31, 2017 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 $ 5 $ 36 $ 277 $ 683 $ 1,001 Non-investment grade 237 655 574 3,004 4,470 Total 242 691 851 3,687 5,471 Total return swaps/other: Investment grade 24 — — — 24 Non-investment grade 141 — — — 141 Total 165 — — — 165 Total credit derivatives $ 407 $ 691 $ 851 $ 3,687 $ 5,636 Credit-related notes: Investment grade $ — $ 3 $ 546 $ 1,000 $ 1,549 Non-investment grade 19 14 30 1,382 1,445 Total credit-related notes $ 19 $ 17 $ 576 $ 2,382 $ 2,994 Maximum Payout/Notional Credit default swaps: Investment grade $ 111,737 $ 136,977 $ 110,112 $ 34,600 $ 393,426 Non-investment grade 80,990 62,329 37,069 22,009 202,397 Total 192,727 199,306 147,181 56,609 595,823 Total return swaps/other: Investment grade 27,669 — — — 27,669 Non-investment grade 8,070 4,951 500 286 13,807 Total 35,739 4,951 500 286 41,476 Total credit derivatives $ 228,466 $ 204,257 $ 147,681 $ 56,895 $ 637,299 December 31, 2016 Carrying Value 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 |
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 March 31, 2017 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 March 31, 2017 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 520 $ 819 Bank of America, N.A. and subsidiaries (1) 370 422 (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 March 31, 2017 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 March 31, 2017 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 611 $ 1,439 Collateral posted 441 1,053 |
Valuation Adjustments on Derivatives | The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives, which are recorded in trading account profits, on a gross and net of hedge basis for the three months ended March 31, 2017 and 2016 . For more information on the valuation adjustments on derivatives, see Note 2 – Derivatives to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Valuation Adjustments on Derivatives Gains (Losses) Three Months Ended March 31 2017 2016 (Dollars in millions) Gross Net Gross Net Derivative assets (CVA) (1) $ 161 $ 26 $ (209 ) $ 52 Derivative assets/liabilities (FVA) (1) 49 56 (56 ) (56 ) Derivative liabilities (DVA) (1) (150 ) (93 ) 306 184 (1) At March 31, 2017 and December 31, 2016 , cumulative CVA reduced the derivative assets balance by $846 million and $1.0 billion , cumulative FVA reduced the net derivatives balance by $247 million and $296 million , and cumulative DVA reduced the derivative liabilities balance by $624 million and $774 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 March 31, 2017 and December 31, 2016 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. Exchange-traded derivatives include listed options transacted on an exchange. Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. OTC-cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements which includes reducing the balance for counterparty netting and cash collateral received or paid. Other gross derivative assets and liabilities in the table represent derivatives entered into under master netting agreements where uncertainty exists as to the enforceability of these agreements under bankruptcy laws in some countries or industries and, accordingly, receivables and payables with counterparties in these countries or industries are reported on a gross basis. Also included in the table is financial instruments collateral related to legally enforceable master netting agreements that represents securities collateral received or pledged and 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 9 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings . Offsetting of Derivatives March 31, 2017 December 31, 2016 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 251.3 $ 241.8 $ 267.3 $ 258.2 Over-the-counter cleared 128.5 135.0 177.2 182.8 Foreign exchange contracts Over-the-counter 92.6 98.2 124.3 126.7 Over-the-counter cleared 0.9 0.9 0.3 0.3 Equity contracts Over-the-counter 17.2 14.8 15.6 13.7 Exchange-traded 12.6 11.7 11.4 10.8 Commodity contracts Over-the-counter 3.0 4.1 3.7 4.9 Exchange-traded 0.9 0.8 1.1 1.0 Credit derivatives Over-the-counter 12.9 12.6 15.3 14.7 Over-the-counter cleared 4.5 4.6 4.3 4.3 Total gross derivative assets/liabilities, before netting Over-the-counter 377.0 371.5 426.2 418.2 Exchange-traded 13.5 12.5 12.5 11.8 Over-the-counter cleared 133.9 140.5 181.8 187.4 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (350.8 ) (347.9 ) (398.2 ) (392.6 ) Exchange-traded (9.1 ) (9.1 ) (8.9 ) (8.9 ) Over-the-counter cleared (133.5 ) (140.4 ) (181.5 ) (187.3 ) Derivative assets/liabilities, after netting 31.0 27.1 31.9 28.6 Other gross derivative assets/liabilities (1) 9.1 9.3 10.6 10.9 Total derivative assets/liabilities (2) 40.1 36.4 42.5 39.5 Less: Financial instruments collateral (3) (12.5 ) (8.4 ) (13.5 ) (10.5 ) Total net derivative assets/liabilities $ 27.6 $ 28.0 $ 29.0 $ 29.0 (1) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain. (2) Derivative assets and liabilities reflect a central clearing counterparty's amendments to legally re-characterize daily cash variation margin from collateral, which secures an outstanding exposure, to settlement of the exposure, which discharges an outstanding exposure, effective early in 2017. (3) 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 March 31, 2017 and December 31, 2016 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. Exchange-traded derivatives include listed options transacted on an exchange. Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. OTC-cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements which includes reducing the balance for counterparty netting and cash collateral received or paid. Other gross derivative assets and liabilities in the table represent derivatives entered into under master netting agreements where uncertainty exists as to the enforceability of these agreements under bankruptcy laws in some countries or industries and, accordingly, receivables and payables with counterparties in these countries or industries are reported on a gross basis. Also included in the table is financial instruments collateral related to legally enforceable master netting agreements that represents securities collateral received or pledged and 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 9 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings . Offsetting of Derivatives March 31, 2017 December 31, 2016 (Dollars in billions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter $ 251.3 $ 241.8 $ 267.3 $ 258.2 Over-the-counter cleared 128.5 135.0 177.2 182.8 Foreign exchange contracts Over-the-counter 92.6 98.2 124.3 126.7 Over-the-counter cleared 0.9 0.9 0.3 0.3 Equity contracts Over-the-counter 17.2 14.8 15.6 13.7 Exchange-traded 12.6 11.7 11.4 10.8 Commodity contracts Over-the-counter 3.0 4.1 3.7 4.9 Exchange-traded 0.9 0.8 1.1 1.0 Credit derivatives Over-the-counter 12.9 12.6 15.3 14.7 Over-the-counter cleared 4.5 4.6 4.3 4.3 Total gross derivative assets/liabilities, before netting Over-the-counter 377.0 371.5 426.2 418.2 Exchange-traded 13.5 12.5 12.5 11.8 Over-the-counter cleared 133.9 140.5 181.8 187.4 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (350.8 ) (347.9 ) (398.2 ) (392.6 ) Exchange-traded (9.1 ) (9.1 ) (8.9 ) (8.9 ) Over-the-counter cleared (133.5 ) (140.4 ) (181.5 ) (187.3 ) Derivative assets/liabilities, after netting 31.0 27.1 31.9 28.6 Other gross derivative assets/liabilities (1) 9.1 9.3 10.6 10.9 Total derivative assets/liabilities (2) 40.1 36.4 42.5 39.5 Less: Financial instruments collateral (3) (12.5 ) (8.4 ) (13.5 ) (10.5 ) Total net derivative assets/liabilities $ 27.6 $ 28.0 $ 29.0 $ 29.0 (1) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain. (2) Derivative assets and liabilities reflect a central clearing counterparty's amendments to legally re-characterize daily cash variation margin from collateral, which secures an outstanding exposure, to settlement of the exposure, which discharges an outstanding exposure, effective early in 2017. (3) These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, held-to-maturity (HTM) debt securities and AFS marketable equity securities at March 31, 2017 and December 31, 2016 . Debt Securities and Available-for-Sale Marketable Equity Securities March 31, 2017 (Dollars in millions) Amortized Cost Gross Gains Gross Losses Fair Value Available-for-sale debt securities Mortgage-backed securities: Agency $ 190,684 $ 553 $ (2,194 ) $ 189,043 Agency-collateralized mortgage obligations 7,848 78 (49 ) 7,877 Commercial 12,809 27 (264 ) 12,572 Non-agency residential (1) 1,758 209 (24 ) 1,943 Total mortgage-backed securities 213,099 867 (2,531 ) 211,435 U.S. Treasury and agency securities 51,056 168 (666 ) 50,558 Non-U.S. securities 6,744 13 (4 ) 6,753 Other taxable securities, substantially all asset-backed securities 9,754 76 (11 ) 9,819 Total taxable securities 280,653 1,124 (3,212 ) 278,565 Tax-exempt securities 17,443 80 (188 ) 17,335 Total available-for-sale debt securities 298,096 1,204 (3,400 ) 295,900 Less: Available-for-sale securities of business held for sale (2) (691 ) — — (691 ) Other debt securities carried at fair value 16,714 164 (75 ) 16,803 Total debt securities carried at fair value 314,119 1,368 (3,475 ) 312,012 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 116,033 166 (2,196 ) 114,003 Total debt securities (3) $ 430,152 $ 1,534 $ (5,671 ) $ 426,015 Available-for-sale marketable equity securities (4) $ 8 $ 57 $ — $ 65 December 31, 2016 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 (1) At both March 31, 2017 and December 31, 2016 , the underlying collateral type included approximately 60 percent prime, 19 percent Alt-A, and 21 percent subprime. (2) Represents AFS debt securities of business held for sale of which there were no unrealized gains or losses. (3) The Corporation had debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $156.5 billion and $47.9 billion , and a fair value of $154.3 billion and $47.4 billion at March 31, 2017 . Debt securities from FNMA and FHLMC that exceeded 10 percent of shareholders’ equity had 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 . (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 the three months ended March 31, 2017 , the Corporation recorded unrealized mark-to-market net gains of $117 million and realized net losses of $103 million , compared to unrealized mark-to-market net losses of $95 million and realized net losses of $3 million in the three months ended March 31, 2016 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value (Dollars in millions) March 31 December 31 Mortgage-backed securities: Agency-collateralized mortgage obligations $ 5 $ 5 Non-agency residential 3,082 3,139 Total mortgage-backed securities 3,087 3,144 Non-U.S. securities (1) 13,482 16,336 Other taxable securities, substantially all asset-backed securities 234 240 Total $ 16,803 $ 19,720 (1) These securities are primarily used to satisfy certain international regulatory liquidity requirements. |
Components of Realized Gains and Losses on Sales of Debt Securities | The gross realized gains and losses on sales of AFS debt securities for the three months ended March 31, 2017 and 2016 are presented in the following table. Gains and Losses on Sales of AFS Debt Securities Three Months Ended March 31 (Dollars in millions) 2017 2016 Gross gains $ 54 $ 203 Gross losses (2 ) (13 ) Net gains on sales of AFS debt securities $ 52 $ 190 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 20 $ 72 |
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 March 31, 2017 and December 31, 2016 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities March 31, 2017 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 $ 142,657 $ (2,076 ) $ 3,603 $ (118 ) $ 146,260 $ (2,194 ) Agency-collateralized mortgage obligations 2,580 (24 ) 964 (25 ) 3,544 (49 ) Commercial 8,460 (264 ) — — 8,460 (264 ) Non-agency residential 201 (3 ) 162 (12 ) 363 (15 ) Total mortgage-backed securities 153,898 (2,367 ) 4,729 (155 ) 158,627 (2,522 ) U.S. Treasury and agency securities 31,304 (666 ) — — 31,304 (666 ) Non-U.S. securities 96 (3 ) 5 (1 ) 101 (4 ) Other taxable securities, substantially all asset-backed securities 273 (2 ) 1,352 (9 ) 1,625 (11 ) Total taxable securities 185,571 (3,038 ) 6,086 (165 ) 191,657 (3,203 ) Tax-exempt securities 3,567 (91 ) 2,865 (97 ) 6,432 (188 ) Total temporarily impaired AFS debt securities 189,138 (3,129 ) 8,951 (262 ) 198,089 (3,391 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities — — 125 (9 ) 125 (9 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 189,138 $ (3,129 ) $ 9,076 $ (271 ) $ 198,214 $ (3,400 ) December 31, 2016 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 ) (1) Includes other-than-temporary impairment (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 table below presents a rollforward of the credit losses recognized in earnings for the three months ended March 31, 2017 and 2016 on AFS debt securities that the Corporation does not have the intent to sell or will not more-likely-than-not be required to sell. Rollforward of OTTI Credit Losses Recognized Three Months Ended March 31 (Dollars in millions) 2017 2016 Balance, beginning of period $ 253 $ 266 Additions for credit losses recognized on AFS debt securities that had no previous impairment losses 4 1 Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses 22 6 Reductions for AFS debt securities matured, sold or intended to be sold — (4 ) Balance, March 31 $ 279 $ 269 The Corporation recorded OTTI losses on AFS debt securities for the three months ended March 31, 2017 and 2016 as presented in the following table. Substantially all OTTI losses in the three months ended March 31, 2017 and 2016 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 Three Months Ended March 31 (Dollars in millions) 2017 2016 Total OTTI losses $ (35 ) $ (30 ) Less: non-credit portion of total OTTI losses recognized in OCI 8 23 Net credit-related impairment losses recognized in earnings $ (27 ) $ (7 ) |
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 March 31, 2017 . Significant Assumptions Range (1) Weighted- 10th Percentile (2) 90th Percentile (2) Prepayment speed 11.4 % 2.8 % 20.0 % Loss severity 21.3 9.5 39.2 Life default rate 22.9 1.3 80.4 (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 March 31, 2017 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgages or other asset-backed securities (ABS) are passed through to the Corporation. Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities March 31, 2017 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 $ 4 4.75 % $ 48 3.80 % $ 347 2.63 % $ 190,285 3.23 % $ 190,684 3.25 % Agency-collateralized mortgage obligations — — — — — — 7,852 3.18 7,852 3.18 Commercial 48 7.92 542 1.95 11,668 2.47 551 2.29 12,809 2.46 Non-agency residential — — — — 30 0.01 4,729 8.29 4,759 8.24 Total mortgage-backed securities 52 7.68 590 2.10 12,045 2.47 203,417 3.34 216,104 3.31 U.S. Treasury and agency securities 695 0.71 29,457 1.59 20,790 1.87 114 5.40 51,056 1.70 Non-U.S. securities (2) 18,719 0.29 1,259 2.03 29 1.96 217 6.53 20,224 0.47 Other taxable securities, substantially all asset-backed securities 2,358 2.06 4,305 2.11 1,956 2.78 1,364 2.98 9,983 2.35 Total taxable securities 21,824 0.51 35,611 1.68 34,820 2.13 205,112 3.35 297,367 2.81 Tax-exempt securities 604 1.70 6,287 1.28 8,328 1.42 2,224 1.52 17,443 1.39 Total amortized cost of debt securities carried at fair value (2) $ 22,428 0.54 $ 41,898 1.62 $ 43,148 1.99 $ 207,336 3.33 $ 314,810 2.73 Amortized cost of HTM debt securities (3) $ — — $ 24 4.43 $ 922 2.39 $ 115,087 3.01 $ 116,033 3.01 Debt securities carried at fair value Mortgage-backed securities: Agency $ 4 $ 49 $ 350 $ 188,640 $ 189,043 Agency-collateralized mortgage obligations — — — 7,882 7,882 Commercial 48 543 11,446 535 12,572 Non-agency residential — — 40 4,985 5,025 Total mortgage-backed securities 52 592 11,836 202,042 214,522 U.S. Treasury and agency securities 697 29,297 20,443 121 50,558 Non-U.S. securities (2) 18,722 1,261 31 221 20,235 Other taxable securities, substantially all asset-backed securities 2,359 4,307 1,963 1,424 10,053 Total taxable securities 21,830 35,457 34,273 203,808 295,368 Tax-exempt securities 603 6,287 8,234 2,211 17,335 Total debt securities carried at fair value (2) $ 22,433 $ 41,744 $ 42,507 $ 206,019 $ 312,703 Fair value of HTM debt securities (3) $ — $ 24 $ 885 $ 113,094 $ 114,003 (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 $691 million of amortized cost and fair value for AFS debt securities of business held for sale on the Consolidated Balance Sheet at March 31, 2017 . These AFS debt securities mature in one year or less and have an average yield of 0.13 percent . (3) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases (T
Outstanding Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 . In connection with an agreement to sell the Corporation's non-U.S. consumer credit card business, this business, which includes $9.5 billion and $9.2 billion of non-U.S. credit card loans and related allowance for loan and lease losses of $242 million and $243 million , was reclassified to assets of business held for sale on the Consolidated Balance Sheet as of March 31, 2017 and December 31, 2016. In this Note, all applicable amounts include these balances, unless otherwise noted. For additional information, see Note 1 – Summary of Significant Accounting Principles . March 31, 2017 (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 $ 1,013 $ 313 $ 1,125 $ 2,451 $ 157,908 $ 160,359 Home equity 220 109 411 740 46,990 47,730 Non-core portfolio Residential mortgage (5) 1,077 553 4,683 6,313 17,340 $ 9,831 33,484 Home equity 251 126 763 1,140 11,649 3,396 16,185 Credit card and other consumer U.S. credit card 459 320 801 1,580 86,972 88,552 Non-U.S. credit card 38 28 71 137 9,368 9,505 Direct/Indirect consumer (6) 218 64 32 314 92,480 92,794 Other consumer (7) 17 6 5 28 2,511 2,539 Total consumer 3,293 1,519 7,891 12,703 425,218 13,227 451,148 Consumer loans accounted for under the fair value option (8) $ 1,032 1,032 Total consumer loans and leases 3,293 1,519 7,891 12,703 425,218 13,227 1,032 452,180 Commercial U.S. commercial 650 639 363 1,652 273,216 274,868 Commercial real estate (9) 25 — 48 73 57,776 57,849 Commercial lease financing 157 29 10 196 21,677 21,873 Non-U.S. commercial 189 127 45 361 88,818 89,179 U.S. small business commercial 72 39 78 189 13,113 13,302 Total commercial 1,093 834 544 2,471 454,600 457,071 Commercial loans accounted for under the fair value option (8) 6,496 6,496 Total commercial loans and leases 1,093 834 544 2,471 454,600 6,496 463,567 Total consumer and commercial loans and leases (10) $ 4,386 $ 2,353 $ 8,435 $ 15,174 $ 879,818 $ 13,227 $ 7,528 $ 915,747 Less: Loans of business held for sale (10) (9,505 ) Total loans and leases (11) $ 906,242 Percentage of outstandings (10) 0.48 % 0.26 % 0.92 % 1.66 % 96.08 % 1.44 % 0.82 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $845 million and nonperforming loans of $259 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $460 million and nonperforming loans of $210 million . (2) Consumer real estate includes fully-insured loans of $4.2 billion . (3) Consumer real estate includes $2.3 billion and direct/indirect consumer includes $18 million of nonperforming loans. (4) Purchased credit-impaired (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 $48.7 billion , unsecured consumer lending loans of $530 million , U.S. securities-based lending loans of $39.5 billion , non-U.S. consumer loans of $2.9 billion , student loans of $479 million and other consumer loans of $644 million . (7) Total outstandings includes consumer finance loans of $441 million , consumer leases of $2.0 billion and consumer overdrafts of $124 million . (8) Consumer loans accounted for under the fair value option were residential mortgage loans of $694 million and home equity loans of $338 million . Commercial loans accounted for under the fair value option were U.S. commercial loans of $3.5 billion and non-U.S. commercial loans of $3.0 billion . For additional information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (9) Total outstandings includes U.S. commercial real estate loans of $54.7 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 $144.4 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, 2016 (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 $ 1,340 $ 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 more information, see Note 14 – Fair Value Measurements and Note 15 – 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 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 March 31, 2017 and December 31, 2016 . Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) March 31 December 31 March 31 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 1,099 $ 1,274 $ 443 $ 486 Home equity 939 969 — — Non-core portfolio Residential mortgage (1) 1,630 1,782 3,783 4,307 Home equity 1,857 1,949 — — Credit card and other consumer U.S. credit card n/a n/a 801 782 Non-U.S. credit card n/a n/a 71 66 Direct/Indirect consumer 19 28 31 34 Other consumer 2 2 4 4 Total consumer 5,546 6,004 5,133 5,679 Commercial U.S. commercial 1,246 1,256 112 106 Commercial real estate 74 72 — 7 Commercial lease financing 37 36 9 19 Non-U.S. commercial 311 279 45 5 U.S. small business commercial 60 60 69 71 Total commercial 1,728 1,703 235 208 Total loans and leases $ 7,274 $ 7,707 $ 5,368 $ 5,887 (1) Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At March 31, 2017 and December 31, 2016 , residential mortgage includes $2.7 billion and $3.0 billion of loans on which interest has been curtailed by the Federal Housing Administration (FHA), and therefore are no longer accruing interest, although principal is still insured, and $1.5 billion and $1.8 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 March 31, 2017 and December 31, 2016 . Consumer Real Estate – Credit Quality Indicators (1) March 31, 2017 (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 $ 134,410 $ 13,745 $ 7,762 $ 45,750 $ 8,358 $ 1,884 Greater than 90 percent but less than or equal to 100 percent 3,509 1,318 944 912 1,541 582 Greater than 100 percent 1,741 1,728 1,125 1,068 2,890 930 Fully-insured loans (5) 20,699 6,862 — — — — Total consumer real estate $ 160,359 $ 23,653 $ 9,831 $ 47,730 $ 12,789 $ 3,396 Refreshed FICO score Less than 620 $ 2,403 $ 2,987 $ 2,643 $ 1,214 $ 2,566 $ 533 Greater than or equal to 620 and less than 680 5,039 2,620 2,118 2,738 2,908 597 Greater than or equal to 680 and less than 740 22,530 4,293 2,834 9,495 3,068 998 Greater than or equal to 740 109,688 6,891 2,236 34,283 4,247 1,268 Fully-insured loans (5) 20,699 6,862 — — — — Total consumer real estate $ 160,359 $ 23,653 $ 9,831 $ 47,730 $ 12,789 $ 3,396 (1) Excludes $1.0 billion of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $1.5 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 March 31, 2017 (Dollars in millions) U.S. Credit Card Non-U.S. Credit Card Direct/Indirect Consumer Other Consumer (1) Refreshed FICO score Less than 620 $ 4,432 $ — $ 1,572 $ 182 Greater than or equal to 620 and less than 680 12,033 — 2,112 220 Greater than or equal to 680 and less than 740 33,708 — 12,479 414 Greater than or equal to 740 38,379 — 33,051 1,595 Other internal credit metrics (2, 3, 4) — 9,505 43,580 128 Total credit card and other consumer $ 88,552 $ 9,505 $ 92,794 $ 2,539 (1) At March 31, 2017 , 17 percent of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $42.5 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $481 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 March 31, 2017 , 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) March 31, 2017 (Dollars in millions) U.S. Commercial Commercial Real Estate Commercial Financing Non-U.S. Commercial U.S. Small Commercial (2) Risk ratings Pass rated $ 265,602 $ 57,464 $ 21,045 $ 85,761 $ 398 Reservable criticized 9,266 385 828 3,418 64 Refreshed FICO score (3) Less than 620 217 Greater than or equal to 620 and less than 680 609 Greater than or equal to 680 and less than 740 1,802 Greater than or equal to 740 3,402 Other internal credit metrics (3, 4) 6,810 Total commercial $ 274,868 $ 57,849 $ 21,873 $ 89,179 $ 13,302 (1) Excludes $6.5 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $784 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 March 31, 2017 , 99 percent of the balances where internal credit metrics are used was current or less than 30 days past due. (3) Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. (4) Other internal credit metrics may include delinquency status, application scores, geography or other factors. Consumer Real Estate – Credit Quality Indicators (1) December 31, 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. |
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. Rollforward of Accretable Yield (Dollars in millions) Three Months Ended March 31, 2017 Accretable yield, January 1, 2017 $ 3,805 Accretion (163 ) Disposals/transfers (91 ) Reclassifications to nonaccretable difference (1 ) Accretable yield, March 31, 2017 $ 3,550 |
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 March 31, 2017 and December 31, 2016 , and the average carrying value and interest income recognized for the three months ended March 31, 2017 and 2016 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 March 31, 2017 December 31, 2016 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance Residential mortgage $ 10,367 $ 8,024 $ — $ 11,151 $ 8,695 $ — Home equity 3,701 1,962 — 3,704 1,953 — With an allowance recorded Residential mortgage $ 3,975 $ 3,856 $ 241 $ 4,041 $ 3,936 $ 219 Home equity 971 880 169 910 824 137 Total Residential mortgage $ 14,342 $ 11,880 $ 241 $ 15,192 $ 12,631 $ 219 Home equity 4,672 2,842 169 4,614 2,777 137 Three Months Ended March 31 2017 2016 Average Interest (1) Average Interest (1) With no recorded allowance Residential mortgage $ 8,456 $ 79 $ 11,418 $ 94 Home equity 1,991 27 1,808 13 With an allowance recorded Residential mortgage $ 3,832 $ 35 $ 6,072 $ 51 Home equity 825 5 898 6 Total Residential mortgage $ 12,288 $ 114 $ 17,490 $ 145 Home equity 2,816 32 2,706 19 (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 March 31, 2017 and 2016 carrying value for consumer real estate loans that were modified in a TDR during the three months ended March 31, 2017 and 2016 by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended March 31 2017 2016 (Dollars in millions) Residential Mortgage Home Equity Residential Mortgage Home Equity Modifications under government programs Contractual interest rate reduction $ 28 $ 4 $ 22 $ 5 Principal and/or interest forbearance 1 — — 2 Other modifications (1) 2 — 9 — Total modifications under government programs 31 4 31 7 Modifications under proprietary programs Contractual interest rate reduction 13 1 12 1 Capitalization of past due amounts 5 — 7 1 Principal and/or interest forbearance 2 1 3 — Other modifications (1) 1 29 1 1 Total modifications under proprietary programs 21 31 23 3 Trial modifications 237 135 368 149 Loans discharged in Chapter 7 bankruptcy (2) 55 19 66 22 Total modifications $ 344 $ 189 $ 488 $ 181 (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 March 31, 2017 and 2016 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during the three months ended March 31, 2017 and 2016 , 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 the Three Months Ended March 31, 2017 and 2016 (1) March 31, 2017 Three Months Ended March 31, 2017 (Dollars in millions) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) Net Charge-offs (3) Residential mortgage $ 382 $ 344 4.68 % 4.44 % $ 2 Home equity 248 189 4.90 3.80 6 Total $ 630 $ 533 4.77 4.19 $ 8 March 31, 2016 Three Months Ended March 31, 2016 Residential mortgage $ 526 $ 488 4.72 % 4.61 % $ 2 Home equity 231 181 3.50 3.39 10 Total $ 757 $ 669 4.35 4.24 $ 12 (1) During the three months ended March 31, 2017 and 2016 , the Corporation forgave principal of $0 and $10 million 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 March 31, 2017 and 2016 due to sales and other dispositions. The table below presents the carrying value of consumer real estate loans that entered into payment default during the three months ended March 31, 2017 and 2016 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Payment defaults on a trial modification where the borrower has not yet met the terms of the agreement are included in the table below if the borrower is 90 days or more past due three months after the offer to modify is made. Consumer Real Estate – TDRs Entering Payment Default That Were Modified During the Preceding 12 Months Three Months Ended March 31 2017 2016 (Dollars in millions) Residential Mortgage Home Equity Residential Mortgage Home Equity Modifications under government programs $ 25 $ 1 $ 93 $ — Modifications under proprietary programs 16 18 43 22 Loans discharged in Chapter 7 bankruptcy (1) 58 4 40 5 Trial modifications (2) 195 17 237 37 Total modifications $ 294 $ 40 $ 413 $ 64 (1) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. (2) 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 March 31, 2017 and December 31, 2016 , and the average carrying value and interest income recognized for the three months ended March 31, 2017 and 2016 on TDRs within the Credit Card and Other Consumer portfolio segment. Impaired Loans – Credit Card and Other Consumer March 31, 2017 December 31, 2016 (Dollars in millions) Unpaid Balance Carrying Value (1) Related Allowance Unpaid Balance Carrying Value (1) Related Allowance With no recorded allowance Direct/Indirect consumer $ 43 $ 18 $ — $ 49 $ 22 $ — With an allowance recorded U.S. credit card $ 464 $ 470 $ 130 $ 479 $ 485 $ 128 Non-U.S. credit card 90 104 65 88 100 61 Direct/Indirect consumer 2 2 — 3 3 — Total U.S. credit card $ 464 $ 470 $ 130 $ 479 $ 485 $ 128 Non-U.S. credit card 90 104 65 88 100 61 Direct/Indirect consumer 45 20 — 52 25 — Three Months Ended March 31 2017 2016 Average Interest (2) Average Interest (2) With no recorded allowance Direct/Indirect consumer $ 19 $ — $ 21 $ — With an allowance recorded U.S. credit card $ 477 $ 6 $ 606 $ 9 Non-U.S. credit card 102 1 122 1 Direct/Indirect consumer 3 — 18 — Total U.S. credit card $ 477 $ 6 $ 606 $ 9 Non-U.S. credit card 102 1 122 1 Direct/Indirect consumer 22 — 39 — (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 Credit Card and Other Consumer TDR portfolio including the March 31, 2017 and 2016 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during three months ended March 31, 2017 and 2016 , and net charge-offs recorded during the period in which the modification occurred. Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2017 and 2016 March 31, 2017 Three Months Ended March 31, 2017 (Dollars in millions) Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate Net Charge-offs U.S. credit card $ 52 $ 55 18.01 % 5.30 % $ 1 Non-U.S. credit card 34 40 23.89 0.34 1 Direct/Indirect consumer 10 6 4.08 4.04 4 Total $ 96 $ 101 19.51 3.28 $ 6 March 31, 2016 Three Months Ended March 31, 2016 U.S. credit card $ 46 $ 50 17.44 % 5.51 % $ 1 Non-U.S. credit card 32 38 24.23 0.36 1 Direct/Indirect consumer 7 4 4.27 4.08 2 Total $ 85 $ 92 19.59 3.34 $ 4 (1) Includes accrued interest and fees. The table below provides information on the Corporation’s primary modification programs for the Credit Card and Other Consumer TDR portfolio at March 31, 2017 and December 31, 2016 . Credit Card and Other Consumer – TDRs by Program Type Internal Programs External Programs Other (1) Total Percent of Balances Current or Less Than 30 Days Past Due (Dollars in millions) March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 U.S. credit card $ 210 $ 220 $ 259 $ 264 $ 1 $ 1 $ 470 $ 485 88.55 % 88.99 % Non-U.S. credit card 10 11 7 7 87 82 104 100 37.88 38.47 Direct/Indirect consumer 1 2 1 1 18 22 20 25 91.60 90.49 Total TDRs by program type $ 221 $ 233 $ 267 $ 272 $ 106 $ 105 $ 594 $ 610 79.80 80.79 (1) Other TDRs for non-U.S. credit card include modifications of accounts that are ineligible for a fixed payment plan. |
Commercial Portfolio Segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The table below provides the unpaid principal balance, carrying value and related allowance at March 31, 2017 and December 31, 2016 , and the average carrying value and interest income recognized for the three months ended March 31, 2017 and 2016 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 March 31, 2017 December 31, 2016 (Dollars in millions) Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance With no recorded allowance U.S. commercial $ 983 $ 937 $ — $ 860 $ 827 $ — Commercial real estate 54 48 — 77 71 — Non-U.S. commercial 85 85 — 130 130 — With an allowance recorded U.S. commercial $ 1,676 $ 1,330 $ 131 $ 2,018 $ 1,569 $ 132 Commercial real estate 201 65 12 243 96 10 Commercial lease financing 5 2 — 6 4 — Non-U.S. commercial 568 476 103 545 432 104 U.S. small business commercial (1) 87 73 28 85 73 27 Total U.S. commercial $ 2,659 $ 2,267 $ 131 $ 2,878 $ 2,396 $ 132 Commercial real estate 255 113 12 320 167 10 Commercial lease financing 5 2 — 6 4 — Non-U.S. commercial 653 561 103 675 562 104 U.S. small business commercial (1) 87 73 28 85 73 27 Three Months Ended March 31 2017 2016 Average Interest (2) Average Interest (2) With no recorded allowance U.S. commercial $ 882 $ 3 $ 583 $ 2 Commercial real estate 60 — 77 — Non-U.S. commercial 108 — 5 — With an allowance recorded U.S. commercial $ 1,487 $ 9 $ 1,439 $ 14 Commercial real estate 76 1 104 1 Commercial lease financing 3 — — — Non-U.S. commercial 453 3 368 3 U.S. small business commercial (1) 74 — 102 — Total U.S. commercial $ 2,369 $ 12 $ 2,022 $ 16 Commercial real estate 136 1 181 1 Commercial lease financing 3 — — — Non-U.S. commercial 561 3 373 3 U.S. small business commercial (1) 74 — 102 — (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 March 31, 2017 and 2016 unpaid principal balance and carrying value of commercial loans that were modified as TDRs during the three months ended March 31, 2017 and 2016 , and net charge-offs that were recorded during the period in which the modification occurred. The table below includes loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Commercial – TDRs Entered into During the Three Months Ended March 31, 2017 and 2016 March 31, 2017 Three Months Ended March 31, 2017 (Dollars in millions) Unpaid Principal Balance Carrying Value Net Charge-offs U.S. commercial $ 468 $ 440 $ 41 Commercial real estate 15 9 — Commercial lease financing — — — Non-U.S. commercial — — — U.S. small business commercial (1) 2 2 — Total $ 485 $ 451 $ 41 March 31, 2016 Three Months Ended March 31, 2016 U.S. commercial $ 642 $ 625 $ 5 Commercial real estate 13 12 1 Non-U.S. commercial 199 163 36 U.S. small business commercial (1) 3 4 — Total $ 857 $ 804 $ 42 (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) | 3 Months Ended |
Mar. 31, 2017 | |
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 the three months ended March 31, 2017 and 2016 . Three Months Ended March 31, 2017 (Dollars in millions) Consumer Real Estate Credit Card and Other Consumer Commercial Total Allowance Allowance for loan and lease losses, January 1 (1) $ 2,750 $ 3,229 $ 5,258 $ 11,237 Loans and leases charged off (204 ) (946 ) (160 ) (1,310 ) Recoveries of loans and leases previously charged off 123 200 53 376 Net charge-offs (2) (81 ) (746 ) (107 ) (934 ) Write-offs of PCI loans (33 ) — — (33 ) Provision for loan and lease losses (71 ) 843 68 840 Other (3) — 2 (1 ) 1 Allowance for loan and lease losses, March 31 2,565 3,328 5,218 11,111 Less: Change in allowance included in assets of business held for sale (4) — 1 — 1 Total allowance for loan and lease losses, March 31 (1) 2,565 3,329 5,218 11,112 Reserve for unfunded lending commitments, January 1 — — 762 762 Provision for unfunded lending commitments — — (5 ) (5 ) Reserve for unfunded lending commitments, March 31 — — 757 757 Allowance for credit losses, March 31 (1) $ 2,565 $ 3,329 $ 5,975 $ 11,869 Three Months Ended March 31, 2016 Allowance for loan and lease losses, January 1 $ 3,914 $ 3,471 $ 4,849 $ 12,234 Loans and leases charged off (378 ) (912 ) (206 ) (1,496 ) Recoveries of loans and leases previously charged off 175 198 55 428 Net charge-offs (203 ) (714 ) (151 ) (1,068 ) Write-offs of PCI loans (105 ) — — (105 ) Provision for loan and lease losses (150 ) 552 614 1,016 Other (3) — (7 ) (1 ) (8 ) Allowance for loan and lease losses, March 31 3,456 3,302 5,311 12,069 Reserve for unfunded lending commitments, January 1 — — 646 646 Provision for unfunded lending commitments — — (19 ) (19 ) Reserve for unfunded lending commitments, March 31 — — 627 627 Allowance for credit losses, March 31 $ 3,456 $ 3,302 $ 5,938 $ 12,696 (1) Excludes $242 million and $243 million of allowance for loan and lease losses related to non-U.S. credit card loans, which is included in assets of business held for sale on the Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 . (2) Includes net charge-offs of $44 million on non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet at March 31, 2017 . (3) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments and certain other reclassifications. (4) Represents the change in the 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 March 31, 2017 . The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at March 31, 2017 and December 31, 2016 . Allowance and Carrying Value by Portfolio Segment March 31, 2017 (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) $ 410 $ 195 $ 274 $ 879 Carrying value (3) 14,722 594 3,016 18,332 Allowance as a percentage of carrying value 2.78 % 32.83 % 9.08 % 4.79 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 1,701 $ 3,376 $ 4,944 $ 10,021 Carrying value (3, 4) 229,809 192,796 454,055 876,660 Allowance as a percentage of carrying value (4) 0.74 % 1.75 % 1.09 % 1.14 % Purchased credit-impaired loans Valuation allowance $ 454 n/a n/a $ 454 Carrying value gross of valuation allowance 13,227 n/a n/a 13,227 Valuation allowance as a percentage of carrying value 3.43 % n/a n/a 3.43 % Less: Assets of business held for sale (5) Allowance for loan and lease losses (6) n/a $ (242 ) n/a $ (242 ) Carrying value (3) n/a (9,505 ) n/a (9,505 ) Total Total allowance for loan and lease losses $ 2,565 $ 3,329 $ 5,218 $ 11,112 Carrying value (3, 4) 257,758 183,885 457,071 898,714 Total allowance as a percentage of carrying value (4) 1.00 % 1.81 % 1.14 % 1.24 % December 31, 2016 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 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 Allowance as a percentage of carrying value (4) 1.06 % 1.71 % 1.16 % 1.25 % (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 $28 million and $27 million related to impaired U.S. small business commercial at March 31, 2017 and December 31, 2016 . (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 $7.5 billion and $7.1 billion at March 31, 2017 and December 31, 2016 . (5) Represents allowance for loan and lease losses and loans 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 March 31, 2017 and December 31, 2016 . (6) Includes $65 million and $61 million of allowance for loan and lease losses related to impaired loans and TDRs and $177 million and $ 182 million related to loans collectively evaluated for impairment at March 31, 2017 and December 31, 2016 . n/a = not applicable |
Securitizations and Other Var30
Securitizations and Other Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Variable Interest Entity [Line Items] | |
Mortgage Related Securitizations | The table below summarizes select information related to first-lien mortgage securitizations for the three months ended March 31, 2017 and 2016 . First-lien Mortgage Securitizations Three Months Ended March 31 Residential Mortgage - Agency Commercial Mortgage (Dollars in millions) 2017 2016 2017 2016 Cash proceeds from new securitizations (1) $ 4,656 $ 7,074 $ 609 $ 1,247 Gain (loss) on securitizations (2) 39 163 18 (3 ) Repurchases from securitization trusts (3) 872 729 — — (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 $90 million and $108 million , net of hedges, during the three months ended March 31, 2017 and 2016 , 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 March 31, 2017 and December 31, 2016 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity Loan (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts Other Securitization Trusts (Dollars in millions) March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 Unconsolidated VIEs Maximum loss exposure $ 2,453 $ 2,732 $ — $ — $ 9,557 $ 9,906 $ 1,603 $ 1,635 $ 46 $ 47 On-balance sheet assets Senior securities held (4, 5) : Trading account assets $ — $ — $ — $ — $ 936 $ 902 $ 23 $ — $ — $ — Debt securities carried at fair value 43 46 — — 2,181 2,338 — — 46 47 Held-to-maturity securities — — — — 6,342 6,569 — — — — Subordinate securities held (4, 5) : Trading account assets — — — — 27 27 — — — — Debt securities carried at fair value — — — — 71 70 — — — — Total retained positions $ 43 $ 46 $ — $ — $ 9,557 $ 9,906 $ 23 $ — $ 46 $ 47 Total assets of VIEs (6) $ 3,949 $ 4,274 $ — $ — $ 18,792 $ 22,155 $ 2,336 $ 2,406 $ 169 $ 174 Consolidated VIEs Maximum loss exposure $ 139 $ 149 $ 23,156 $ 25,859 $ 282 $ 420 $ 1,326 $ 1,442 $ — $ — On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 1,096 $ 1,428 $ 1,325 $ 1,454 $ — $ — Loans and leases 225 244 33,125 35,135 — — — — — — Allowance for loan and lease losses (15 ) (16 ) (980 ) (1,007 ) — — — — — — All other assets 6 7 1,548 793 — — 1 — — — Total assets $ 216 $ 235 $ 33,693 $ 34,921 $ 1,096 $ 1,428 $ 1,326 $ 1,454 $ — $ — On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 185 $ 348 $ — $ — Long-term debt 97 108 10,527 9,049 814 1,008 — 12 — — All other liabilities — — 10 13 — — — — — — Total liabilities $ 97 $ 108 $ 10,537 $ 9,062 $ 814 $ 1,008 $ 185 $ 360 $ — $ — (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 March 31, 2017 and December 31, 2016 , loans and leases in the consolidated credit card trust included $13.9 billion and $17.6 billion of seller’s interest. (3) At March 31, 2017 and December 31, 2016 , 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 the three months ended March 31, 2017 and 2016 , the Corporation recognized $2 million and $1 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 it has continuing involvement, which may include servicing the loan. |
First Lien Mortgages | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at March 31, 2017 and December 31, 2016 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 20,855 $ 22,661 $ 704 $ 757 $ 2,642 $ 2,750 $ 529 $ 560 $ 271 $ 344 On-balance sheet assets Senior securities held (2) : Trading account assets $ 519 $ 1,399 $ 18 $ 20 $ 33 $ 112 $ 99 $ 118 $ 35 $ 51 Debt securities carried at fair value 16,774 17,620 411 441 2,211 2,235 302 305 — — Held-to-maturity securities 3,550 3,630 — — — — — — 44 64 Subordinate securities held (2) : Trading account assets — — 1 1 16 23 1 1 5 14 Debt securities carried at fair value — — 8 8 2 2 22 23 48 54 Held-to-maturity securities — — — — — — — — — 13 Residual interests held — — — — — — — — 23 25 All other assets (3) 12 12 26 28 — — 105 113 — — Total retained positions $ 20,855 $ 22,661 $ 464 $ 498 $ 2,262 $ 2,372 $ 529 $ 560 $ 155 $ 221 Principal balance outstanding (4) $ 257,948 $ 265,332 $ 12,408 $ 16,280 $ 18,385 $ 19,373 $ 32,779 $ 35,788 $ 17,400 $ 23,826 Consolidated VIEs Maximum loss exposure (1) $ 16,795 $ 18,084 $ — $ — $ — $ — $ — $ 25 $ — $ — On-balance sheet assets Trading account assets $ 115 $ 434 $ — $ — $ — $ — $ — $ 99 $ — $ — Loans and leases 16,416 17,223 — — — — — — — — All other assets 264 427 — — — — — — — — Total assets $ 16,795 $ 18,084 $ — $ — $ — $ — $ — $ 99 $ — $ — On-balance sheet liabilities Long-term debt $ — $ — $ — $ — $ — $ — $ — $ 74 $ — $ — All other liabilities 3 4 — — — — — — — — Total liabilities $ 3 $ 4 $ — $ — $ — $ — $ — $ 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 14 – Fair Value Measurements . (2) As a holder of these securities, the Corporation receives scheduled principal and interest payments. During the three months ended March 31, 2017 and 2016 , the Corporation recognized $15 million and $2 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 $118 million and $189 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 $118 million and $189 million , representing the principal amount that would be payable to the securitization vehicles if the Corporation was to exercise the repurchase option, at March 31, 2017 and December 31, 2016 . (4) Principal balance outstanding includes loans where the Corporation was the transferor to securitization vehicles 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 March 31, 2017 and December 31, 2016 . Other VIEs March 31, 2017 December 31, 2016 (Dollars in millions) Consolidated Unconsolidated Total Consolidated Unconsolidated Total Maximum loss exposure $ 6,210 $ 17,899 $ 24,109 $ 6,114 $ 17,707 $ 23,821 On-balance sheet assets Trading account assets $ 2,644 $ 224 $ 2,868 $ 2,358 $ 233 $ 2,591 Debt securities carried at fair value — 161 161 — 75 75 Loans and leases 3,421 3,351 6,772 3,399 3,249 6,648 Allowance for loan and lease losses (9 ) (28 ) (37 ) (9 ) (24 ) (33 ) Loans held-for-sale 128 906 1,034 188 464 652 All other assets 342 13,080 13,422 369 13,156 13,525 Total $ 6,526 $ 17,694 $ 24,220 $ 6,305 $ 17,153 $ 23,458 On-balance sheet liabilities Long-term debt (1) $ 506 $ — $ 506 $ 395 $ — $ 395 All other liabilities 24 2,984 3,008 24 2,959 2,983 Total $ 530 $ 2,984 $ 3,514 $ 419 $ 2,959 $ 3,378 Total assets of VIEs $ 6,526 $ 63,875 $ 70,401 $ 6,305 $ 62,095 $ 68,400 (1) Includes $214 million and $229 million of long-term debt at March 31, 2017 and December 31, 2016 issued by other consolidated VIEs, which has recourse to the general credit of the Corporation. |
Representations and Warrantie31
Representations and Warranties Obligations and Corporate Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Representations and Warranties Obligations and Corporate Guarantees [Abstract] | |
Outstanding Claims by Category and Product | The table below presents unresolved repurchase claims at March 31, 2017 and December 31, 2016 . 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 to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Unresolved Repurchase Claims by Counterparty, net of duplicate claims (Dollars in millions) March 31 December 31 By counterparty Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (1) $ 16,678 $ 16,685 Monolines 1,583 1,583 GSEs 4 9 Total unresolved repurchase claims by counterparty, net of duplicate claims $ 18,265 $ 18,277 (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 March 31, 2017 and December 31, 2016 . |
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 Three Months Ended March 31 (Dollars in millions) 2017 2016 Liability for representations and warranties and corporate guarantees, January 1 $ 2,339 $ 11,326 Additions for new sales 1 1 Payments (1) (43 ) (8,557 ) Provision (benefit) (3 ) 42 Liability for representations and warranties and corporate guarantees, March 31 $ 2,294 $ 2,812 (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) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The table below presents goodwill balances by business segment and All Other at March 31, 2017 and December 31, 2016 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. For more information, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Goodwill (Dollars in millions) March 31 December 31 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,681 9,681 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 ) (775 ) Total goodwill $ 68,969 $ 68,969 (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 March 31, 2017 and December 31, 2016 . Intangible Assets (1, 2) March 31, 2017 December 31, 2016 (Dollars in millions) Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Purchased credit card and affinity relationships $ 6,841 $ 6,311 $ 530 $ 6,830 $ 6,243 $ 587 Core deposit and other intangibles (3) 3,836 2,071 1,765 3,836 2,046 1,790 Customer relationships 3,887 3,355 532 3,887 3,275 612 Total intangible assets (4) $ 14,564 $ 11,737 $ 2,827 $ 14,553 $ 11,564 $ 2,989 (1) Excludes fully amortized intangible assets. (2) At March 31, 2017 and December 31, 2016 , none of the intangible assets were impaired. (3) Includes $1.6 billion at both March 31, 2017 and December 31, 2016 of intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized. (4) Includes $61 million and $67 million at March 31, 2017 and December 31, 2016 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. |
Federal Funds Sold or Purchas33
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 15 – Fair Value Option . Three Months Ended March 31 2017 2016 (Dollars in millions) Amount Rate Amount Rate Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 216,402 0.82 % $ 209,183 0.53 % Maximum month-end balance during period 223,499 n/a 221,129 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 191,677 0.93 % $ 191,297 1.03 % Maximum month-end balance during period 199,926 n/a 196,631 n/a Short-term borrowings Average during period 40,040 2.11 30,693 1.58 Maximum month-end balance during period 44,944 n/a 30,881 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 March 31, 2017 and December 31, 2016 , the Corporation had no outstanding repurchase-to-maturity transactions. Remaining Contractual Maturity March 31, 2017 (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 $ 134,495 $ 82,101 $ 36,219 $ 52,163 $ 304,978 Securities loaned 18,164 760 1,430 4,136 24,490 Other 16,102 — — — 16,102 Total $ 168,761 $ 82,861 $ 37,649 $ 56,299 $ 345,570 December 31, 2016 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 (1) No agreements have maturities greater than three years . Class of Collateral Pledged March 31, 2017 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 165,255 $ — $ 194 $ 165,449 Corporate securities, trading loans and other 10,582 1,792 163 12,537 Equity securities 26,685 15,092 15,702 57,479 Non-U.S. sovereign debt 94,628 7,606 43 102,277 Mortgage trading loans and ABS 7,828 — — 7,828 Total $ 304,978 $ 24,490 $ 16,102 $ 345,570 December 31, 2016 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 |
Securities Loaned and Financial Assets Sold Under Agreements to Repurchase | |
Offsetting Liabilities [Line Items] | |
Offsetting Liabilities | Securities Financing Agreements March 31, 2017 (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) $ 354,116 $ (143,383 ) $ 210,733 $ (164,220 ) $ 46,513 Securities loaned or sold under agreements to repurchase $ 329,468 $ (143,383 ) $ 186,085 $ (154,145 ) $ 31,940 Other 16,102 — 16,102 (16,102 ) — Total $ 345,570 $ (143,383 ) $ 202,187 $ (170,247 ) $ 31,940 December 31, 2016 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 (1) Excludes repurchase activity of $9.5 billion and $10.1 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 . |
Securities Borrowed and Securities Purchased Under Agreements to Resell | |
Offsetting Assets [Line Items] | |
Offsetting Assets | Securities Financing Agreements March 31, 2017 (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) $ 354,116 $ (143,383 ) $ 210,733 $ (164,220 ) $ 46,513 Securities loaned or sold under agreements to repurchase $ 329,468 $ (143,383 ) $ 186,085 $ (154,145 ) $ 31,940 Other 16,102 — 16,102 (16,102 ) — Total $ 345,570 $ (143,383 ) $ 202,187 $ (170,247 ) $ 31,940 December 31, 2016 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 (1) Excludes repurchase activity of $9.5 billion and $10.1 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The table below also includes the notional amount of commitments of $5.9 billion and $7.0 billion at March 31, 2017 and December 31, 2016 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value of $135 million and $173 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 15 – Fair Value Option . Credit Extension Commitments March 31, 2017 (Dollars in millions) Expire in One Expire After One Expire After Three Expire After Five Total Notional amount of credit extension commitments Loan commitments $ 77,131 $ 134,993 $ 148,994 $ 23,951 $ 385,069 Home equity lines of credit 8,973 8,539 2,469 26,912 46,893 Standby letters of credit and financial guarantees (1) 19,549 10,991 2,852 1,068 34,460 Letters of credit 1,164 101 97 49 1,411 Legally binding commitments 106,817 154,624 154,412 51,980 467,833 Credit card lines (2) 384,891 — — — 384,891 Total credit extension commitments $ 491,708 $ 154,624 $ 154,412 $ 51,980 $ 852,724 December 31, 2016 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 (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 $25.8 billion and $8.3 billion at March 31, 2017 , and $25.5 billion and $8.3 billion at December 31, 2016 . Amounts in the table include consumer SBLCs of $399 million and $376 million at March 31, 2017 and December 31, 2016 . (2) Includes business card unused lines of credit. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Dividends | Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share April 26, 2017 June 2, 2017 June 30, 2017 $ 0.075 January 26, 2017 March 3, 2017 March 31, 2017 0.075 (1) In 2017 and through May 2, 2017 . |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2017 and 2016 . (Dollars in millions) Debt Securities Available-for- Equity Securities Debit Valuation Adjustments Derivatives Employee Benefit Plans Foreign Currency Total Balance, December 31, 2015 $ 16 $ 62 $ (611 ) $ (1,077 ) $ (2,956 ) $ (792 ) $ (5,358 ) Net change 2,389 (33 ) 127 24 10 12 2,529 Balance, March 31, 2016 $ 2,405 $ 29 $ (484 ) $ (1,053 ) $ (2,946 ) $ (780 ) $ (2,829 ) Balance, December 31, 2016 $ (1,299 ) $ 32 $ (767 ) $ (895 ) $ (3,480 ) $ (879 ) $ (7,288 ) Net change (103 ) 4 9 38 27 (3 ) (28 ) Balance, March 31, 2017 $ (1,402 ) $ 36 $ (758 ) $ (857 ) $ (3,453 ) $ (882 ) $ (7,316 ) |
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 the three months ended March 31, 2017 and 2016 . Changes in OCI Components Before- and After-tax Three Months Ended March 31 2017 2016 (Dollars in millions) Before-tax Tax effect After-tax Before-tax Tax effect After-tax Debt securities: Net increase (decrease) in fair value $ (151 ) $ 63 $ (88 ) $ 4,038 $ (1,535 ) $ 2,503 Reclassifications into earnings: Gains on sales of debt securities (52 ) 20 (32 ) (190 ) 72 (118 ) Other income 27 (10 ) 17 7 (3 ) 4 Net realized gains reclassified into earnings (25 ) 10 (15 ) (183 ) 69 (114 ) Net change (176 ) 73 (103 ) 3,855 (1,466 ) 2,389 Available-for-sale marketable equity securities: Net increase (decrease) in fair value 27 (10 ) 17 (54 ) 21 (33 ) Net realized gains reclassified into earnings (1) (20 ) 7 (13 ) — — — Net change 7 (3 ) 4 (54 ) 21 (33 ) Debit valuation adjustments: Net increase in fair value 9 (4 ) 5 195 (72 ) 123 Net realized losses reclassified into earnings (1) 6 (2 ) 4 7 (3 ) 4 Net change 15 (6 ) 9 202 (75 ) 127 Derivatives: Net decrease in fair value (9 ) 3 (6 ) (159 ) 59 (100 ) Reclassifications into earnings: Net interest income 112 (42 ) 70 164 (61 ) 103 Personnel (42 ) 16 (26 ) 34 (13 ) 21 Net realized losses reclassified into earnings 70 (26 ) 44 198 (74 ) 124 Net change 61 (23 ) 38 39 (15 ) 24 Employee benefit plans: Reclassifications into earnings: Prior service cost 1 — 1 1 — 1 Net actuarial losses 42 (16 ) 26 24 (10 ) 14 Net realized losses reclassified into earnings (2) 43 (16 ) 27 25 (10 ) 15 Settlements, curtailments and other — — — — (5 ) (5 ) Net change 43 (16 ) 27 25 (15 ) 10 Foreign currency: Net decrease in fair value (131 ) 108 (23 ) (134 ) 146 12 Net gains reclassified into earnings (1) (12 ) 32 20 — — — Net change (143 ) 140 (3 ) (134 ) 146 12 Total other comprehensive income (loss) $ (193 ) $ 165 $ (28 ) $ 3,933 $ (1,404 ) $ 2,529 (1) Reclassifications of pretax AFS marketable equity securities, DVA and foreign currency are recorded in other income in the Consolidated Statement of Income. (2) Reclassifications of pretax employee benefit plan costs are recorded in personnel expense in the Consolidated Statement of Income. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per common share and diluted earnings per common share | The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2017 and 2016 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Three Months Ended March 31 (Dollars in millions, except per share information; shares in thousands) 2017 2016 Earnings per common share Net income $ 4,856 $ 3,472 Preferred stock dividends (502 ) (457 ) Net income applicable to common shareholders $ 4,354 $ 3,015 Average common shares issued and outstanding 10,099,557 10,370,094 Earnings per common share $ 0.43 $ 0.29 Diluted earnings per common share Net income applicable to common shareholders $ 4,354 $ 3,015 Add preferred stock dividends due to assumed conversions 75 75 Net income allocated to common shareholders $ 4,429 $ 3,090 Average common shares issued and outstanding 10,099,557 10,370,094 Dilutive potential common shares (1) 815,258 729,973 Total diluted average common shares issued and outstanding 10,914,815 11,100,067 Diluted earnings per common share $ 0.41 $ 0.28 (1) Includes incremental dilutive shares from RSUs, restricted stock and warrants. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. March 31, 2017 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 $ — $ 58,545 $ — $ — $ 58,545 Trading account assets: U.S. Treasury and agency securities (2) 40,582 1,006 — — 41,588 Corporate securities, trading loans and other 219 27,691 2,029 — 29,939 Equity securities 58,970 25,168 288 — 84,426 Non-U.S. sovereign debt 12,430 13,023 527 — 25,980 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 18,442 — — 18,442 Mortgage trading loans, ABS and other MBS — 7,454 1,215 — 8,669 Total trading account assets (3) 112,201 92,784 4,059 — 209,044 Derivative assets (4) 8,218 521,097 4,152 (493,389 ) 40,078 AFS debt securities: U.S. Treasury and agency securities 49,013 1,545 — — 50,558 Mortgage-backed securities: Agency — 189,043 — — 189,043 Agency-collateralized mortgage obligations — 7,877 — — 7,877 Non-agency residential — 1,943 — — 1,943 Commercial — 12,572 — — 12,572 Non-U.S. securities 1,945 3,910 207 — 6,062 Other taxable securities — 9,240 579 — 9,819 Tax-exempt securities — 16,815 520 — 17,335 Total AFS debt securities 50,958 242,945 1,306 — 295,209 Other debt securities carried at fair value: Mortgage-backed securities: Agency-collateralized mortgage obligations — 5 — — 5 Non-agency residential — 3,058 24 — 3,082 Non-U.S. securities 12,177 1,305 — — 13,482 Other taxable securities — 234 — — 234 Total other debt securities carried at fair value 12,177 4,602 24 — 16,803 Loans and leases — 6,826 702 — 7,528 Mortgage servicing rights — — 2,610 — 2,610 Loans held-for-sale — 2,953 792 — 3,745 Customer and other receivables — 250 — — 250 Debt securities in assets of business held for sale 691 — — — 691 Other assets 12,971 1,437 231 — 14,639 Total assets $ 197,216 $ 931,439 $ 13,876 $ (493,389 ) $ 649,142 Liabilities Interest-bearing deposits in U.S. offices $ — $ 598 $ — $ — $ 598 Federal funds purchased and securities loaned or sold under agreements to repurchase — 36,437 226 — 36,663 Trading account liabilities: U.S. Treasury and agency securities 18,392 91 — — 18,483 Equity securities 30,203 3,064 — — 33,267 Non-U.S. sovereign debt 13,547 3,723 — — 17,270 Corporate securities and other 231 7,997 35 — 8,263 Total trading account liabilities 62,373 14,875 35 — 77,283 Derivative liabilities (4) 7,640 520,288 5,817 (497,317 ) 36,428 Short-term borrowings — 1,041 — — 1,041 Accrued expenses and other liabilities 14,650 1,586 9 — 16,245 Long-term debt — 27,957 1,660 — 29,617 Total liabilities $ 84,663 $ 602,782 $ 7,747 $ (497,317 ) $ 197,875 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $19.2 billion of GSE obligations. (3) Includes securities with a fair value of $18.1 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 the three months ended March 31, 2017 , $612 million of derivative assets and $400 million of derivative liabilities were transferred from Level 1 to Level 2 and $111 million of derivative assets and $123 million 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, 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 1,934 3,600 229 — 5,763 Other taxable securities — 10,020 594 — 10,614 Tax-exempt securities — 16,618 542 — 17,160 Total AFS debt securities 48,721 243,854 1,365 — 293,940 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 Debt securities in assets of business held for sale 619 — — — 619 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 . |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2017 and 2016 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) Three Months Ended March 31, 2017 Gross (Dollars in millions) Balance January 1 2017 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 $ 2,777 $ 84 $ — $ 199 $ (480 ) $ — $ (127 ) $ 75 $ (499 ) $ 2,029 $ 56 Equity securities 281 12 — 20 (17 ) — (10 ) 72 (70 ) 288 8 Non-U.S. sovereign debt 510 19 10 — (9 ) — (6 ) 3 — 527 19 Mortgage trading loans, ABS and other MBS 1,211 107 — 339 (375 ) — (54 ) 28 (41 ) 1,215 74 Total trading account assets 4,779 222 10 558 (881 ) — (197 ) 178 (610 ) 4,059 157 Net derivative assets (4) (1,313 ) (474 ) — 200 (247 ) — 170 29 (30 ) (1,665 ) (489 ) AFS debt securities: Non-U.S. securities 229 — 3 20 — — (45 ) — — 207 — Other taxable securities 594 3 4 — — — (22 ) — — 579 — Tax-exempt securities 542 — 2 — (56 ) — (3 ) 35 — 520 — Total AFS debt securities 1,365 3 9 20 (56 ) — (70 ) 35 — 1,306 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — — — — 24 — Loans and leases (5, 6) 720 12 — — — — (30 ) — — 702 12 Mortgage servicing rights (6, 7, 8) 2,747 (27 ) — — 5 75 (190 ) (7) — — 2,610 (117 ) Loans held-for-sale (5) 656 29 6 — (136 ) — (60 ) 315 (18 ) 792 22 Other assets 239 (6 ) — — — — (2 ) — — 231 (6 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) 1 — — — (2 ) 28 — 106 (226 ) 1 Trading account liabilities – Corporate securities and other (27 ) 2 — — (10 ) — — — — (35 ) 2 Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (83 ) 7 11 — (130 ) 159 (178 ) 68 (1,660 ) (83 ) (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); MSRs - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). For MSRs, the 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, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (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. For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. (4) Net derivatives include derivative assets of $4.2 billion and derivative liabilities of $5.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) MSRs include the $1.9 billion core MSR portfolio held in Consumer Banking , the $208 million non-core MSR portfolio held in All Other and the $481 million non-U.S. MSR portfolio held in Global Markets. Level 3 – Fair Value Measurements (1) Three Months Ended March 31, 2016 Gross (Dollars in millions) Balance 2016 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2016 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 2,838 $ 50 $ 1 $ 227 $ (147 ) $ — $ (148 ) $ 158 $ (25 ) $ 2,954 $ 33 Equity securities 407 60 — 10 (2 ) — (62 ) 4 — 417 7 Non-U.S. sovereign debt 521 42 49 3 (1 ) — (42 ) — — 572 41 Mortgage trading loans, ABS and other MBS 1,868 28 (2 ) 194 (404 ) — (73 ) 31 (28 ) 1,614 4 Total trading account assets 5,634 180 48 434 (554 ) — (325 ) 193 (53 ) 5,557 85 Net derivative assets (4) (441 ) 403 — 89 (175 ) — 12 (116 ) (87 ) (315 ) 257 AFS debt securities: Non-agency residential MBS 106 — 5 135 (92 ) — (4 ) — — 150 — Other taxable securities 757 1 (3 ) — — — (16 ) — — 739 — Tax-exempt securities 569 — (7 ) 1 — — (1 ) — — 562 — Total AFS debt securities 1,432 1 (5 ) 136 (92 ) — (21 ) — — 1,451 — Other debt securities carried at fair value – Non-agency residential MBS 30 (1 ) — — — — — — — 29 — Loans and leases (5, 6) 1,620 43 — 69 — 25 (35 ) 5 (30 ) 1,697 48 Mortgage servicing rights (6, 7, 8) 3,087 (380 ) — — (1 ) 136 (211 ) — — 2,631 (437 ) Loans held-for-sale (5) 787 73 27 20 (163 ) — (34 ) 13 (63 ) 660 58 Other assets 374 (25 ) — 34 — — (10 ) 2 — 375 (22 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (335 ) (3 ) — — — (14 ) 7 — — (345 ) (9 ) Trading account liabilities – Corporate securities and other (21 ) 1 — — (8 ) — — — — (28 ) 1 Short-term borrowings (5) (30 ) 1 — — — — 29 — — — — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,513 ) (91 ) (7 ) 9 — (169 ) 56 (186 ) 87 (1,814 ) (93 ) (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); MSRs - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). For MSRs, the amounts reflect the changes in modeled MSR fair value due principally to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve. (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. For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. (4) Net derivatives include derivative assets of $5.5 billion and derivative liabilities of $5.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) MSRs include the $1.8 billion core MSR portfolio held in Consumer Banking , the $343 million non-core MSR portfolio held in All Other and the $479 million non-U.S. MSR portfolio held in Global Markets. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Level 3 – Fair Value Measurements (1) Three Months Ended March 31, 2016 Gross (Dollars in millions) Balance 2016 Total Realized/Unrealized Gains/(Losses) (2) Gains (3) Purchases Sales Issuances Settlements Gross Level 3 Gross Level 3 Balance 2016 Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held (2) Trading account assets: Corporate securities, trading loans and other $ 2,838 $ 50 $ 1 $ 227 $ (147 ) $ — $ (148 ) $ 158 $ (25 ) $ 2,954 $ 33 Equity securities 407 60 — 10 (2 ) — (62 ) 4 — 417 7 Non-U.S. sovereign debt 521 42 49 3 (1 ) — (42 ) — — 572 41 Mortgage trading loans, ABS and other MBS 1,868 28 (2 ) 194 (404 ) — (73 ) 31 (28 ) 1,614 4 Total trading account assets 5,634 180 48 434 (554 ) — (325 ) 193 (53 ) 5,557 85 Net derivative assets (4) (441 ) 403 — 89 (175 ) — 12 (116 ) (87 ) (315 ) 257 AFS debt securities: Non-agency residential MBS 106 — 5 135 (92 ) — (4 ) — — 150 — Other taxable securities 757 1 (3 ) — — — (16 ) — — 739 — Tax-exempt securities 569 — (7 ) 1 — — (1 ) — — 562 — Total AFS debt securities 1,432 1 (5 ) 136 (92 ) — (21 ) — — 1,451 — Other debt securities carried at fair value – Non-agency residential MBS 30 (1 ) — — — — — — — 29 — Loans and leases (5, 6) 1,620 43 — 69 — 25 (35 ) 5 (30 ) 1,697 48 Mortgage servicing rights (6, 7, 8) 3,087 (380 ) — — (1 ) 136 (211 ) — — 2,631 (437 ) Loans held-for-sale (5) 787 73 27 20 (163 ) — (34 ) 13 (63 ) 660 58 Other assets 374 (25 ) — 34 — — (10 ) 2 — 375 (22 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (335 ) (3 ) — — — (14 ) 7 — — (345 ) (9 ) Trading account liabilities – Corporate securities and other (21 ) 1 — — (8 ) — — — — (28 ) 1 Short-term borrowings (5) (30 ) 1 — — — — 29 — — — — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,513 ) (91 ) (7 ) 9 — (169 ) 56 (186 ) 87 (1,814 ) (93 ) (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); MSRs - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). For MSRs, the amounts reflect the changes in modeled MSR fair value due principally to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve. (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. For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. (4) Net derivatives include derivative assets of $5.5 billion and derivative liabilities of $5.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) MSRs include the $1.8 billion core MSR portfolio held in Consumer Banking , the $343 million non-core MSR portfolio held in All Other and the $479 million non-U.S. MSR portfolio held in Global Markets. The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2017 and 2016 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements (1) Three Months Ended March 31, 2017 Gross (Dollars in millions) Balance January 1 2017 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 $ 2,777 $ 84 $ — $ 199 $ (480 ) $ — $ (127 ) $ 75 $ (499 ) $ 2,029 $ 56 Equity securities 281 12 — 20 (17 ) — (10 ) 72 (70 ) 288 8 Non-U.S. sovereign debt 510 19 10 — (9 ) — (6 ) 3 — 527 19 Mortgage trading loans, ABS and other MBS 1,211 107 — 339 (375 ) — (54 ) 28 (41 ) 1,215 74 Total trading account assets 4,779 222 10 558 (881 ) — (197 ) 178 (610 ) 4,059 157 Net derivative assets (4) (1,313 ) (474 ) — 200 (247 ) — 170 29 (30 ) (1,665 ) (489 ) AFS debt securities: Non-U.S. securities 229 — 3 20 — — (45 ) — — 207 — Other taxable securities 594 3 4 — — — (22 ) — — 579 — Tax-exempt securities 542 — 2 — (56 ) — (3 ) 35 — 520 — Total AFS debt securities 1,365 3 9 20 (56 ) — (70 ) 35 — 1,306 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — — — — 24 — Loans and leases (5, 6) 720 12 — — — — (30 ) — — 702 12 Mortgage servicing rights (6, 7, 8) 2,747 (27 ) — — 5 75 (190 ) (7) — — 2,610 (117 ) Loans held-for-sale (5) 656 29 6 — (136 ) — (60 ) 315 (18 ) 792 22 Other assets 239 (6 ) — — — — (2 ) — — 231 (6 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) 1 — — — (2 ) 28 — 106 (226 ) 1 Trading account liabilities – Corporate securities and other (27 ) 2 — — (10 ) — — — — (35 ) 2 Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (83 ) 7 11 — (130 ) 159 (178 ) 68 (1,660 ) (83 ) (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); MSRs - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). For MSRs, the 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, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service. (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. For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. (4) Net derivatives include derivative assets of $4.2 billion and derivative liabilities of $5.8 billion . (5) Amounts represent instruments that are accounted for under the fair value option. (6) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (7) Settlements represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. (8) MSRs include the $1.9 billion core MSR portfolio held in Consumer Banking , the $208 million non-core MSR portfolio held in All Other and the $481 million non-U.S. MSR portfolio held in Global Markets. |
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 March 31, 2017 and December 31, 2016 . Quantitative Information about Level 3 Fair Value Measurements at March 31, 2017 (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 $ 1,035 Discounted cash flow, Market comparables Yield 0% to 35% 7 % Trading account assets – Mortgage trading loans, ABS and other MBS 320 Prepayment speed 0% to 21% CPR 12 % Loans and leases 702 Default rate 0% to 3% CDR 2 % Loans held-for-sale 13 Loss severity 0% to 54% 19 % Instruments backed by commercial real estate assets $ 364 Discounted cash flow, Market comparables Yield 0% to 25% 5 % Trading account assets – Corporate securities, trading loans and other 319 Price $0 to $100 $65 Trading account assets – Mortgage trading loans, ABS and other MBS 45 Commercial loans, debt securities and other $ 3,836 Discounted cash flow, Market comparables Yield 0% to 29% 16 % Trading account assets – Corporate securities, trading loans and other 1,680 Prepayment speed 10% to 20% 11 % Trading account assets – Non-U.S. sovereign debt 527 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 850 Loss severity 0% to 40% 30 % Loans held-for-sale 779 Duration 0 to 4 years 2 years Price $0 to $292 $72 Auction rate securities $ 1,129 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 30 AFS debt securities – Other taxable securities 579 AFS debt securities – Tax-exempt securities 520 MSRs $ 2,610 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 15 years 6 years Weighted-average life, variable rate (4) 0 to 10 years 3 years Option Adjusted Spread, fixed rate 9% to 14% 10 % Option Adjusted Spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,660 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 8% to 100% 68 % Long-dated equity volatilities 4% to 69% 24 % Yield 5% to 27% 18 % Price $12 to $90 $79 Duration 0 to 4 years 3 years Net derivative assets Credit derivatives $ 88 Discounted cash flow, Stochastic recovery correlation model Yield 0% to 24% 8 % Upfront points 0 points to 100 points 72 points Credit spreads 51 bps to 668 bps 493 bps Credit correlation 26% to 87% 48 % Prepayment speed 10% to 20% CPR 17 % Default rate 1% to 4% CDR 3 % Loss severity 35 % n/a Equity derivatives $ (2,050 ) Industry standard derivative pricing (2) Equity correlation 8% to 100% 68 % Long-dated equity volatilities 4% to 69% 24 % Commodity derivatives $ 5 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $6/MMBtu $3/MMBtu Correlation 76% to 95% 90 % Volatilities 24% to 112% 40 % Interest rate derivatives $ 292 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 99% 59 % Correlation (FX/IR) 0% to 40% 1 % Illiquid IR and long-dated inflation rates -13% to 30% 3 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (1,665 ) (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 112 : Trading account assets – Corporate securities, trading loans and other of $2.0 billion , Trading account assets – Non-U.S. sovereign debt of $527 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.2 billion , AFS debt securities – Other taxable securities of $579 million , AFS debt securities – Tax-exempt securities of $520 million , Loans and leases of $702 million and LHFS of $792 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 n/a = not applicable Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016 (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 $ 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 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 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 113 : 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 |
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 March 31, 2017 and December 31, 2016 . Quantitative Information about Level 3 Fair Value Measurements at March 31, 2017 (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 $ 1,035 Discounted cash flow, Market comparables Yield 0% to 35% 7 % Trading account assets – Mortgage trading loans, ABS and other MBS 320 Prepayment speed 0% to 21% CPR 12 % Loans and leases 702 Default rate 0% to 3% CDR 2 % Loans held-for-sale 13 Loss severity 0% to 54% 19 % Instruments backed by commercial real estate assets $ 364 Discounted cash flow, Market comparables Yield 0% to 25% 5 % Trading account assets – Corporate securities, trading loans and other 319 Price $0 to $100 $65 Trading account assets – Mortgage trading loans, ABS and other MBS 45 Commercial loans, debt securities and other $ 3,836 Discounted cash flow, Market comparables Yield 0% to 29% 16 % Trading account assets – Corporate securities, trading loans and other 1,680 Prepayment speed 10% to 20% 11 % Trading account assets – Non-U.S. sovereign debt 527 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 850 Loss severity 0% to 40% 30 % Loans held-for-sale 779 Duration 0 to 4 years 2 years Price $0 to $292 $72 Auction rate securities $ 1,129 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 30 AFS debt securities – Other taxable securities 579 AFS debt securities – Tax-exempt securities 520 MSRs $ 2,610 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 15 years 6 years Weighted-average life, variable rate (4) 0 to 10 years 3 years Option Adjusted Spread, fixed rate 9% to 14% 10 % Option Adjusted Spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,660 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 8% to 100% 68 % Long-dated equity volatilities 4% to 69% 24 % Yield 5% to 27% 18 % Price $12 to $90 $79 Duration 0 to 4 years 3 years Net derivative assets Credit derivatives $ 88 Discounted cash flow, Stochastic recovery correlation model Yield 0% to 24% 8 % Upfront points 0 points to 100 points 72 points Credit spreads 51 bps to 668 bps 493 bps Credit correlation 26% to 87% 48 % Prepayment speed 10% to 20% CPR 17 % Default rate 1% to 4% CDR 3 % Loss severity 35 % n/a Equity derivatives $ (2,050 ) Industry standard derivative pricing (2) Equity correlation 8% to 100% 68 % Long-dated equity volatilities 4% to 69% 24 % Commodity derivatives $ 5 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $2/MMBtu to $6/MMBtu $3/MMBtu Correlation 76% to 95% 90 % Volatilities 24% to 112% 40 % Interest rate derivatives $ 292 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 99% 59 % Correlation (FX/IR) 0% to 40% 1 % Illiquid IR and long-dated inflation rates -13% to 30% 3 % Long-dated inflation volatilities 0% to 2% 1 % Total net derivative assets $ (1,665 ) (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 112 : Trading account assets – Corporate securities, trading loans and other of $2.0 billion , Trading account assets – Non-U.S. sovereign debt of $527 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.2 billion , AFS debt securities – Other taxable securities of $579 million , AFS debt securities – Tax-exempt securities of $520 million , Loans and leases of $702 million and LHFS of $792 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 n/a = not applicable Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016 (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 $ 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 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 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 113 : 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 |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three months ended March 31, 2017 and 2016 . Assets Measured at Fair Value on a Nonrecurring Basis March 31, 2017 Three Months Ended March 31, 2017 (Dollars in millions) Level 2 Level 3 Gains (Losses) Assets Loans held-for-sale $ 69 $ 18 $ (4 ) Loans and leases (1) — 438 (123 ) Foreclosed properties (2, 3) — 82 (25 ) Other assets 91 — (86 ) March 31, 2016 Three Months Ended March 31, 2016 Assets Loans held-for-sale $ 775 $ 29 $ (21 ) Loans and leases (1) — 758 (182 ) Foreclosed properties (2, 3) — 82 (20 ) Other assets 36 — (18 ) (1) Includes $46 million of losses on loans that were written down to a collateral value of zero during the three months ended March 31, 2017 , compared to losses on loans of $42 million for the same period in 2016 . (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 $1.1 billion and $1.4 billion of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) as of March 31, 2017 and 2016 . |
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 March 31, 2017 and December 31, 2016 . Loans and leases 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 March 31, 2017 (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 $ 438 Market comparables OREO discount 8% to 54% 21 % Cost to sell 7% to 45% 9 % December 31, 2016 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 % |
Fair Value Option (Tables)
Fair Value Option (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Option [Abstract] | |
Schedule of Fair Value Option Elections | The following tables provide information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at March 31, 2017 and December 31, 2016 , and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three months ended March 31, 2017 and 2016 . Fair Value Option Elections March 31, 2017 December 31, 2016 (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 $ 58,545 $ 58,201 $ 344 $ 49,750 $ 49,615 $ 135 Loans reported as trading account assets (1) 6,300 11,410 (5,110 ) 6,215 11,557 (5,342 ) Trading inventory – other 9,357 n/a n/a 8,206 n/a n/a Consumer and commercial loans 7,528 7,613 (85 ) 7,085 7,190 (105 ) Loans held-for-sale 3,745 5,459 (1,714 ) 4,026 5,595 (1,569 ) Customer receivables and other assets 253 250 3 253 250 3 Long-term deposits 598 545 53 731 672 59 Federal funds purchased and securities loaned or sold under agreements to repurchase 36,663 36,750 (87 ) 35,766 35,929 (163 ) Short-term borrowings 1,041 1,041 — 2,024 2,024 — Unfunded loan commitments 135 n/a n/a 173 n/a n/a Long-term debt (2) 29,617 29,528 89 30,037 29,862 175 (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 $29.2 billion and $29.7 billion , and contractual principal outstanding of $29.2 billion and $29.5 billion at March 31, 2017 and December 31, 2016 . n/a = not applicable Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended March 31, 2017 (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 $ (12 ) $ — $ — $ (12 ) Loans reported as trading account assets 150 — — 150 Trading inventory – other (1) 1,151 — — 1,151 Consumer and commercial loans 5 — 19 24 Loans held-for-sale (2) 1 40 44 85 Long-term deposits 1 — 5 6 Federal funds purchased and securities loaned or sold under agreements to repurchase (45 ) — — (45 ) Short-term borrowings (2 ) — — (2 ) Unfunded loan commitments — — 38 38 Long-term debt (3, 4) (162 ) — (37 ) (199 ) Total $ 1,087 $ 40 $ 69 $ 1,196 Three Months Ended March 31, 2016 Federal funds sold and securities borrowed or purchased under agreements to resell $ 8 $ — $ — $ 8 Loans reported as trading account assets 112 — — 112 Trading inventory – other (1) (113 ) — — (113 ) Consumer and commercial loans 19 — 10 29 Loans held-for-sale (2) — 130 35 165 Other assets — — 2 2 Long-term deposits (9 ) — (22 ) (31 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (8 ) — — (8 ) Unfunded loan commitments — — 148 148 Long-term debt (3, 4) (6 ) — (30 ) (36 ) Total $ 3 $ 130 $ 143 $ 276 (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. (4) For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss) . For information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. Gains (Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option Three Months Ended March 31 (Dollars in millions) 2017 2016 Loans reported as trading account assets $ 13 $ 9 Consumer and commercial loans 19 (10 ) Loans held-for-sale — (1 ) |
Fair Value of Financial Instr40
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 are presented in the table below. Fair Value of Financial Instruments March 31, 2017 Fair Value (Dollars in millions) Carrying Value Level 2 Level 3 Total Financial assets Loans $ 873,392 $ 71,273 $ 817,029 $ 888,302 Loans held-for-sale 14,751 13,682 1,069 14,751 Financial liabilities Deposits 1,272,141 1,272,197 — 1,272,197 Long-term debt 221,385 225,424 1,660 227,084 December 31, 2016 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 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 three months ended March 31, 2017 and 2016 , and total assets at March 31, 2017 and 2016 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 three months ended March 31 Total Corporation (1) Consumer Banking (Dollars in millions) 2017 2016 2017 2016 Net interest income (FTE basis) $ 11,255 $ 10,700 $ 5,781 $ 5,328 Noninterest income 11,190 10,305 2,503 2,529 Total revenue, net of interest expense (FTE basis) 22,445 21,005 8,284 7,857 Provision for credit losses 835 997 838 531 Noninterest expense 14,848 14,816 4,406 4,538 Income before income taxes (FTE basis) 6,762 5,192 3,040 2,788 Income tax expense (FTE basis) 1,906 1,720 1,146 1,024 Net income $ 4,856 $ 3,472 $ 1,894 $ 1,764 Period-end total assets $ 2,247,701 $ 2,185,726 $ 734,087 $ 666,292 Global Wealth & Global Banking 2017 2016 2017 2016 Net interest income (FTE basis) $ 1,560 $ 1,513 $ 2,774 $ 2,545 Noninterest income 3,032 2,956 2,181 1,909 Total revenue, net of interest expense (FTE basis) 4,592 4,469 4,955 4,454 Provision for credit losses 23 25 17 553 Noninterest expense 3,333 3,273 2,163 2,174 Income before income taxes (FTE basis) 1,236 1,171 2,775 1,727 Income tax expense (FTE basis) 466 430 1,046 635 Net income $ 770 $ 741 $ 1,729 $ 1,092 Period-end total assets $ 291,177 $ 296,199 $ 416,710 $ 394,736 Global Markets All Other 2017 2016 2017 2016 Net interest income (FTE basis) $ 1,049 $ 1,184 $ 91 $ 130 Noninterest income 3,659 2,767 (185 ) 144 Total revenue, net of interest expense (FTE basis) 4,708 3,951 (94 ) 274 Provision for credit losses (17 ) 9 (26 ) (121 ) Noninterest expense 2,757 2,449 2,189 2,382 Income (loss) before income taxes (FTE basis) 1,968 1,493 (2,257 ) (1,987 ) Income tax expense (benefit) (FTE basis) 671 520 (1,423 ) (889 ) Net income (loss) $ 1,297 $ 973 $ (834 ) $ (1,098 ) Period-end total assets $ 604,015 $ 581,150 $ 201,712 $ 247,349 Business Segment Reconciliations Three Months Ended March 31 2017 2016 Segments’ total revenue, net of interest expense (FTE basis) $ 22,539 $ 20,731 Adjustments (2) : ALM activities (45 ) (106 ) Liquidating businesses and other (49 ) 380 FTE basis adjustment (197 ) (215 ) Consolidated revenue, net of interest expense $ 22,248 $ 20,790 Segments’ total net income 5,690 4,570 Adjustments, net-of-taxes (2) : ALM activities (179 ) (172 ) Liquidating businesses and other (655 ) (926 ) Consolidated net income $ 4,856 $ 3,472 March 31 2017 2016 Segments’ total assets $ 2,045,989 $ 1,938,377 Adjustments (2) : ALM activities, including securities portfolio 633,080 622,289 Liquidating businesses and other (3) 112,060 135,007 Elimination of segment asset allocations to match liabilities (543,428 ) (509,947 ) Consolidated total assets $ 2,247,701 $ 2,185,726 (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. |
Summary of Significant Accoun42
Summary of Significant Accounting Principles - Principles of Consolidation and Basis of Presentation (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loans and leases | $ 9,505 | $ 9,214 |
Goodwill | 775 | 775 |
Available-for-sale securities of business held for sale | 691 | 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 | 9,500 | 9,200 |
Allowance for loan and lease losses | 242 | 243 |
Goodwill | 775 | 775 |
Available-for-sale securities of business held for sale | 691 | 619 |
All other assets | $ 296 | $ 305 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative Assets [Abstract] | ||
Gross derivative assets | $ 533,500 | $ 631,100 |
Less: Legally enforceable master netting agreements | (457,900) | (545,300) |
Less: Cash collateral received/paid | (35,500) | (43,300) |
Derivative assets | 40,078 | 42,512 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 533,800 | 628,300 |
Less: Legally enforceable master netting agreements | (457,900) | (545,300) |
Less: Cash collateral received/paid | (39,500) | (43,500) |
Derivative liabilities | 36,428 | 39,480 |
Interest Rate Swap | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 17,448,700 | 16,977,700 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 331,400 | 390,900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 330,000 | 388,900 |
Interest Rate Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 6,720,200 | 5,609,500 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,100 | 2,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 2,100 | 2,100 |
Interest Rate Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,147,000 | 1,146,200 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 46,800 | 52,200 |
Interest Rate Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,252,200 | 1,178,700 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 48,000 | 53,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Foreign Exchange Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 1,866,100 | 1,828,600 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 41,800 | 58,800 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 47,100 | 65,000 |
Foreign Exchange Spot Future and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 4,441,100 | 3,410,700 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 48,900 | 60,500 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 49,200 | 57,400 |
Foreign Exchange Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 346,800 | 356,600 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 5,900 | 9,400 |
Foreign Exchange Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 323,400 | 342,400 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 5,400 | 8,900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Equity Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 209,900 | 189,700 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 4,000 | 3,400 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 4,100 | 4,000 |
Equity Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 91,100 | 68,700 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,800 | 900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,100 | 900 |
Equity Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 511,200 | 431,500 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 23,400 | 21,400 |
Equity Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 449,100 | 385,500 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 25,100 | 23,900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Commodity Swaps | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 44,900 | 48,200 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,000 | 2,500 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 4,300 | 5,100 |
Commodity Futures and Forwards | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 49,400 | 49,100 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 3,400 | 3,600 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 400 | 500 |
Commodity Options | Written options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 29,200 | 29,300 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,600 | 1,900 |
Commodity Options | Purchased options | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 30,200 | 28,900 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,600 | 2,000 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Credit Default Swap | Purchased credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 599,900 | 604,000 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 6,100 | 8,100 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 10,600 | 10,300 |
Credit Default Swap | Written credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 595,823 | 614,355 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 10,700 | 10,700 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 5,471 | 7,463 |
Total return swaps/other | Purchased credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 34,300 | 21,200 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 200 | 400 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,500 | 1,500 |
Total return swaps/other | Written credit derivatives | ||
Notional Amount of Derivatives, [Abstract] | ||
Contract/Notional | 41,476 | 25,354 |
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,000 | 1,000 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 165 | 156 |
Trading and Other Risk Management Derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 525,000 | 619,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 526,600 | 619,300 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 326,300 | 385,000 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 327,900 | 386,900 |
Trading and Other Risk Management Derivatives | Interest Rate Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,100 | 2,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 2,100 | 2,100 |
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 | 46,800 | 52,200 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 48,000 | 53,300 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Foreign Exchange Swaps | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 39,500 | 54,600 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 42,800 | 58,800 |
Trading and Other Risk Management Derivatives | Foreign Exchange Spot Future and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 47,800 | 58,800 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 48,400 | 56,600 |
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 | 5,900 | 9,400 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 5,400 | 8,900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Equity Swaps | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 4,000 | 3,400 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 4,100 | 4,000 |
Trading and Other Risk Management Derivatives | Equity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,800 | 900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,100 | 900 |
Trading and Other Risk Management Derivatives | Equity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 23,400 | 21,400 |
Trading and Other Risk Management Derivatives | Equity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 25,100 | 23,900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Commodity Swaps | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 2,000 | 2,500 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 4,300 | 5,100 |
Trading and Other Risk Management Derivatives | Commodity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 3,400 | 3,600 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 400 | 500 |
Trading and Other Risk Management Derivatives | Commodity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,600 | 1,900 |
Trading and Other Risk Management Derivatives | Commodity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,600 | 2,000 |
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 | 6,100 | 8,100 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 10,600 | 10,300 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 10,700 | 10,700 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 5,500 | 7,500 |
Trading and Other Risk Management Derivatives | Total return swaps/other | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 200 | 400 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 1,500 | 1,500 |
Trading and Other Risk Management Derivatives | Total return swaps/other | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,000 | 1,000 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 200 | 200 |
Qualifying Accounting Hedges | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 8,500 | 11,800 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 7,200 | 9,000 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 5,100 | 5,900 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 2,100 | 2,000 |
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 | 2,300 | 4,200 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 4,300 | 6,200 |
Qualifying Accounting Hedges | Foreign Exchange Spot Future and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 1,100 | 1,700 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 800 | 800 |
Qualifying Accounting Hedges | Foreign Exchange Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Foreign Exchange Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Swaps | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Swaps | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Futures and Forwards | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Options | Written options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Options | Purchased options | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit Default Swap | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit Default Swap | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/other | Purchased credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/other | Written credit derivatives | ||
Derivative Assets [Abstract] | ||
Gross derivative assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Gross derivative liabilities | $ 0 | $ 0 |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Offsetting Assets [Line Items] | |||
Derivative assets, after netting | $ 31,000 | $ 31,900 | |
Other gross derivative assets | 9,100 | 10,600 | |
Derivative assets | 40,078 | 42,512 | |
Less: Financial instruments collateral | (12,500) | (13,500) | |
Total net derivative assets | 27,600 | 29,000 | |
Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 377,000 | 426,200 | |
Less: Legally enforceable master netting agreements and cash collateral received | (350,800) | (398,200) | |
Exchange-traded | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 13,500 | 12,500 | |
Less: Legally enforceable master netting agreements and cash collateral received | (9,100) | (8,900) | |
Over-the-counter cleared | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 133,900 | 181,800 | |
Less: Legally enforceable master netting agreements and cash collateral received | (133,500) | (181,500) | |
Interest rate contracts | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 251,300 | 267,300 | |
Interest rate contracts | Over-the-counter cleared | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 128,500 | 177,200 | |
Foreign exchange risk | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 92,600 | 124,300 | |
Foreign exchange risk | Over-the-counter cleared | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 900 | 300 | |
Equity contracts | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 17,200 | 15,600 | |
Equity contracts | Exchange-traded | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 12,600 | 11,400 | |
Commodity contracts | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 3,000 | 3,700 | |
Commodity contracts | Exchange-traded | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 900 | 1,100 | |
Credit derivatives | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 42 | $ 43 | |
Credit derivatives | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | 12,900 | 15,300 | |
Credit derivatives | Over-the-counter cleared | |||
Offsetting Assets [Line Items] | |||
Total gross derivative assets, before netting | $ 4,500 | $ 4,300 |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Offsetting Liabilities [Line Items] | |||
Derivative liabilities, after netting | $ 27,100 | $ 28,600 | |
Other gross derivative liabilities | 9,300 | 10,900 | |
Derivative liabilities | 36,428 | 39,480 | |
Less: Financial instruments collateral | (8,400) | (10,500) | |
Total net derivative liabilities | 28,000 | 29,000 | |
Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 371,500 | 418,200 | |
Less: Legally enforceable master netting agreements and cash collateral paid | (347,900) | (392,600) | |
Exchange-traded | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 12,500 | 11,800 | |
Less: Legally enforceable master netting agreements and cash collateral paid | (9,100) | (8,900) | |
Over-the-counter cleared | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 140,500 | 187,400 | |
Less: Legally enforceable master netting agreements and cash collateral paid | (140,400) | (187,300) | |
Interest rate contracts | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 241,800 | 258,200 | |
Interest rate contracts | Over-the-counter cleared | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 135,000 | 182,800 | |
Foreign exchange risk | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 98,200 | 126,700 | |
Foreign exchange risk | Over-the-counter cleared | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 900 | 300 | |
Equity contracts | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 14,800 | 13,700 | |
Equity contracts | Exchange-traded | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 11,700 | 10,800 | |
Commodity contracts | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 4,100 | 4,900 | |
Commodity contracts | Exchange-traded | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 800 | 1,000 | |
Credit derivatives | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 12 | $ 10 | |
Credit derivatives | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | 12,600 | 14,700 | |
Credit derivatives | Over-the-counter cleared | |||
Offsetting Liabilities [Line Items] | |||
Total gross derivative liabilities, before netting | $ 4,600 | $ 4,300 |
Derivatives - Derivatives Desig
Derivatives - Derivatives Designated as Accounting Hedges - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||
Derivative | $ (604) | $ 3,351 |
Hedged Item | 390 | (3,570) |
Hedge Ineffectiveness | (214) | (219) |
Interest rate risk on long-term debt | Interest expense | ||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||
Derivative | (750) | 2,661 |
Hedged Item | 566 | (2,854) |
Hedge Ineffectiveness | (184) | (193) |
Interest rate and foreign currency risk on long-term debt | Interest expense | ||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||
Derivative | 123 | 839 |
Hedged Item | (133) | (846) |
Hedge Ineffectiveness | (10) | (7) |
Interest rate risk on AFS securities | Interest income | ||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||
Derivative | 17 | (151) |
Hedged Item | (37) | 132 |
Hedge Ineffectiveness | (20) | (19) |
Price risk on commodity inventory | Trading gain (loss) | ||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||
Derivative | 6 | 2 |
Hedged Item | (6) | $ (2) |
Hedge Ineffectiveness | $ 0 |
Derivatives - Derivatives Des47
Derivatives - Derivatives Designated as Accounting Hedges - Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ (9) | $ (159) |
Gains (Losses) in Income Reclassified from Accumulated OCI | (70) | (198) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | 3 | 6 |
Interest rate risk on variable-rate portfolios | Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (37) | 39 |
Gains (Losses) in Income Reclassified from Accumulated OCI | (112) | (164) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | 3 | 6 |
Price risk on restricted stock awards | Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 28 | (198) |
Gains (Losses) in Income Reclassified from Accumulated OCI | 42 | (34) |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | 0 | 0 |
Foreign exchange risk | Net investment hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (389) | (633) |
Gains (Losses) in Income Reclassified from Accumulated OCI | (130) | 1 |
Hedge Ineffectiveness and Amounts Excluded from Effectiveness Testing | $ (15) | $ (143) |
Derivatives - Economic Hedges (
Derivatives - Economic Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives not designated as hedging | $ 1 | $ 26 |
Interest rate lock commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives not designated as hedging | 56 | 151 |
Mortgage banking income | Interest rate risk on mortgage banking income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives not designated as hedging | (24) | 546 |
Other income | Credit risk on loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives not designated as hedging | (2) | (65) |
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 | (290) | (884) |
Personnel expense | Price risk on restricted stock awards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives not designated as hedging | $ 104 | $ (741) |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | $ 2,331 | $ 1,662 |
Brokerage commissions and asset management fee revenue | Global Markets | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 524 | 559 |
Trading Securities | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 3,852 | 3,397 |
Trading Securities | Trading Account Profits | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 2,177 | 1,595 |
Trading Securities | Net Interest Income | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 881 | 1,036 |
Trading Securities | Other | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 794 | 766 |
Trading Securities | Interest rate risk | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 773 | 972 |
Trading Securities | Interest rate risk | Trading Account Profits | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 348 | 495 |
Trading Securities | Interest rate risk | Net Interest Income | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 307 | 425 |
Trading Securities | Interest rate risk | Other | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 118 | 52 |
Trading Securities | Foreign exchange risk | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 324 | 303 |
Trading Securities | Foreign exchange risk | Trading Account Profits | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 368 | 340 |
Trading Securities | Foreign exchange risk | Net Interest Income | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | (3) | (1) |
Trading Securities | Foreign exchange risk | Other | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | (41) | (36) |
Trading Securities | Equity risk | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 1,083 | 1,030 |
Trading Securities | Equity risk | Trading Account Profits | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 671 | 431 |
Trading Securities | Equity risk | Net Interest Income | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | (75) | 2 |
Trading Securities | Equity risk | Other | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 487 | 597 |
Trading Securities | Credit risk | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 1,530 | 972 |
Trading Securities | Credit risk | Trading Account Profits | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 686 | 208 |
Trading Securities | Credit risk | Net Interest Income | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 647 | 626 |
Trading Securities | Credit risk | Other | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 197 | 138 |
Trading Securities | Other risk | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 142 | 120 |
Trading Securities | Other risk | Trading Account Profits | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 104 | 121 |
Trading Securities | Other risk | Net Interest Income | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | 5 | (16) |
Trading Securities | Other risk | Other | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Sales and trading revenue | $ 33 | $ 15 |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Carrying Value of Derivatives [Abstract] | ||
Total | $ 533,800 | $ 628,300 |
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 19 | 70 |
One to Three Years | 17 | 34 |
Three to Five Years | 576 | 602 |
Over Five Years | 2,382 | 2,741 |
Total | 2,994 | 3,447 |
Credit Default Swap | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 242 | 781 |
One to Three Years | 691 | 1,117 |
Three to Five Years | 851 | 1,443 |
Over Five Years | 3,687 | 4,122 |
Total | 5,471 | 7,463 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 192,727 | 205,838 |
One to Three Years | 199,306 | 210,360 |
Three to Five Years | 147,181 | 157,541 |
Over Five Years | 56,609 | 40,616 |
Total | 595,823 | 614,355 |
Total return swaps/other | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 165 | 143 |
One to Three Years | 10 | |
Three to Five Years | 2 | |
Over Five Years | 1 | |
Total | 165 | 156 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 35,739 | 19,430 |
One to Three Years | 4,951 | 5,127 |
Three to Five Years | 500 | 589 |
Over Five Years | 286 | 208 |
Total | 41,476 | 25,354 |
Credit derivatives | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 407 | 924 |
One to Three Years | 691 | 1,127 |
Three to Five Years | 851 | 1,445 |
Over Five Years | 3,687 | 4,123 |
Total | 5,636 | 7,619 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 228,466 | 225,268 |
One to Three Years | 204,257 | 215,487 |
Three to Five Years | 147,681 | 158,130 |
Over Five Years | 56,895 | 40,824 |
Total | 637,299 | 639,709 |
Investment grade | ||
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 0 | |
One to Three Years | 3 | 12 |
Three to Five Years | 546 | 542 |
Over Five Years | 1,000 | 1,423 |
Total | 1,549 | 1,977 |
Investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 5 | 10 |
One to Three Years | 36 | 64 |
Three to Five Years | 277 | 535 |
Over Five Years | 683 | 783 |
Total | 1,001 | 1,392 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 111,737 | 121,083 |
One to Three Years | 136,977 | 143,200 |
Three to Five Years | 110,112 | 116,540 |
Over Five Years | 34,600 | 21,905 |
Total | 393,426 | 402,728 |
Investment grade | Total return swaps/other | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 24 | 16 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 24 | 16 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 27,669 | 12,792 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 27,669 | 12,792 |
Non-investment grade | ||
Carrying Value of Credit-Related Notes [Abstract] | ||
Less than One Year | 19 | 70 |
One to Three Years | 14 | 22 |
Three to Five Years | 30 | 60 |
Over Five Years | 1,382 | 1,318 |
Total | 1,445 | 1,470 |
Non-investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 237 | 771 |
One to Three Years | 655 | 1,053 |
Three to Five Years | 574 | 908 |
Over Five Years | 3,004 | 3,339 |
Total | 4,470 | 6,071 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 80,990 | 84,755 |
One to Three Years | 62,329 | 67,160 |
Three to Five Years | 37,069 | 41,001 |
Over Five Years | 22,009 | 18,711 |
Total | 202,397 | 211,627 |
Non-investment grade | Total return swaps/other | Written credit derivatives | ||
Carrying Value of Derivatives [Abstract] | ||
Less than One Year | 141 | 127 |
One to Three Years | 10 | |
Three to Five Years | 2 | |
Over Five Years | 1 | |
Total | 141 | 140 |
Notional Amount of Derivatives, [Abstract] | ||
Less than One Year | 8,070 | 6,638 |
One to Three Years | 4,951 | 5,127 |
Three to Five Years | 500 | 589 |
Over Five Years | 286 | 208 |
Total | $ 13,807 | $ 12,562 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Mar. 31, 2017USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 520 |
Additional collateral required to be posted upon downgrade, second incremental notch | 819 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 611 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 1,439 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 441 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 1,053 |
Bank of America, N.A. | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 370 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 422 |
Derivatives - Derivative Valuat
Derivatives - Derivative Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Gross | |||
Valuation adjustments on derivative assets, gross | $ 161 | $ (209) | |
Funding valuation adjustment on derivative asset, gross | 49 | (56) | |
Valuation adjustments on derivative liabilities, gross | (150) | 306 | |
Net | |||
Valuation adjustments on derivative assets, net | 26 | 52 | |
Funding valuation adjustment on derivative asset, net | 56 | (56) | |
Valuation adjustments on derivative liabilities, net | (93) | $ 184 | |
Cumulative credit valuation adjustment | 846 | $ 1,000 | |
Cumulative funding valuation adjustment | 247 | 296 | |
Cumulative debit valuation adjustment | $ 624 | $ 774 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||||
Shareholders’ equity | $ 268,153 | $ 266,840 | $ 263,004 | $ 256,176 |
Net losses in AOCI expected to be reclassified, after tax | 188 | |||
Net losses in AOCI expected to be reclassified | $ 301 | |||
Terminated cash flow hedges, forecasted transaction hedging period | 7 years | |||
Terminated cash flow hedges, maximum forecasted transaction hedging period | 19 years | |||
Credit derivatives | ||||
Derivative [Line Items] | ||||
Derivative asset | $ 42 | 43 | ||
Derivative liability | 12 | 10 | ||
Cash and securities held as collateral | 77,100 | 85,500 | ||
Cash and securities collateral posted | 64,000 | 71,100 | ||
Collateral not yet posted | 2,400 | |||
Aggregate fair value of derivative liability | 41 | |||
Credit derivatives | Bank of America, N.A. | ||||
Derivative [Line Items] | ||||
Collateral not yet posted | 1,200 | |||
Credit derivatives | Purchased credit derivatives | ||||
Derivative [Line Items] | ||||
Carrying value of written credit derivatives | 2,600 | 4,700 | ||
Notional amount of written credit derivatives | 486,600 | 490,700 | ||
Foreign Mortgage-backed Securities and Foreign Securities | ||||
Derivative [Line Items] | ||||
Transfer of mortgage-backed securities to third-party trust | 6,500 | 6,600 | ||
Gross cash proceeds from transfer of securities | 6,500 | 6,600 | ||
Fair value of securities transferred | 6,200 | 6,300 | ||
Derivatives | ||||
Derivative [Line Items] | ||||
Shareholders’ equity | (857) | $ (895) | $ (1,053) | $ (1,077) |
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 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Debt Securities: | ||||
Amortized Cost | $ 298,096 | $ 296,579 | ||
Gross Unrealized Gains | 1,204 | 1,280 | ||
Gross Unrealized Losses | (3,400) | (3,300) | ||
Fair Value | 295,900 | 294,559 | ||
Less: Available-for-sale securities of business held for sale | (691) | (619) | ||
Other Debt Securities, Carried at Fair Value: | ||||
Amortized Cost | 16,714 | 19,748 | ||
Gross Unrealized Gains | 164 | 121 | ||
Gross Unrealized Losses | (75) | (149) | ||
Fair Value | 16,803 | 19,720 | ||
Debt securities carried at fair value: | ||||
Amortized Cost | 314,119 | 315,708 | ||
Gross Unrealized Gains | 1,368 | 1,401 | ||
Gross Unrealized Losses | (3,475) | (3,449) | ||
Debt securities carried at fair value | 312,012 | 313,660 | ||
Held-to-maturity Securities: | ||||
Amortized Cost | 116,033 | 117,071 | ||
Gross Unrealized Gains | 166 | 248 | ||
Gross Unrealized Losses | (2,196) | (2,034) | ||
Held-to-maturity, fair value | 114,003 | 115,285 | ||
Debt securities: | ||||
Amortized Cost | 430,152 | 432,779 | ||
Gross Unrealized Gains | 1,534 | 1,649 | ||
Gross Unrealized Losses | (5,671) | (5,483) | ||
Fair Value | 426,015 | 428,945 | ||
Available-for-sale Equity Securities: | ||||
Shareholders’ equity | 268,153 | 266,840 | $ 263,004 | $ 256,176 |
Nonperforming Financing Receivable | ||||
Available-for-sale Debt Securities: | ||||
Debt securities carried at fair value | 121 | 121 | ||
FNMA | ||||
Debt securities carried at fair value: | ||||
Amortized Cost | 156,500 | 156,400 | ||
Debt securities carried at fair value | 154,300 | 154,400 | ||
FHLMC | ||||
Debt securities carried at fair value: | ||||
Amortized Cost | 47,900 | 48,700 | ||
Debt securities carried at fair value | 47,400 | 48,300 | ||
Other assets | ||||
Available-for-sale Equity Securities: | ||||
Amortized Cost | 8 | 325 | ||
Gross Unrealized Gains | 57 | 51 | ||
Gross Unrealized Losses | 0 | (1) | ||
Fair Value | 65 | 375 | ||
Agency | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 190,684 | 190,809 | ||
Gross Unrealized Gains | 553 | 640 | ||
Gross Unrealized Losses | (2,194) | (1,963) | ||
Debt securities carried at fair value | 189,043 | 189,486 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 189,043 | |||
Agency-collateralized mortgage obligations | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 7,848 | 8,296 | ||
Gross Unrealized Gains | 78 | 85 | ||
Gross Unrealized Losses | (49) | (51) | ||
Debt securities carried at fair value | 7,877 | 8,330 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 5 | 5 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 7,882 | |||
Commercial | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 12,809 | 12,594 | ||
Gross Unrealized Gains | 27 | 21 | ||
Gross Unrealized Losses | (264) | (293) | ||
Debt securities carried at fair value | 12,572 | 12,322 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 12,572 | |||
Non-agency residential | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 1,758 | 1,863 | ||
Gross Unrealized Gains | 209 | 181 | ||
Gross Unrealized Losses | (24) | (31) | ||
Debt securities carried at fair value | 1,943 | 2,013 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 3,082 | $ 3,139 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | $ 5,025 | |||
Non-agency residential | Prime | ||||
Available-for-sale Equity Securities: | ||||
Available-for-sale securities, percent held by rating | 60.00% | 60.00% | ||
Non-agency residential | Alt-A | ||||
Available-for-sale Equity Securities: | ||||
Available-for-sale securities, percent held by rating | 19.00% | 19.00% | ||
Non-agency residential | Subprime | ||||
Available-for-sale Equity Securities: | ||||
Available-for-sale securities, percent held by rating | 21.00% | 21.00% | ||
Mortgage-backed securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | $ 213,099 | $ 213,562 | ||
Gross Unrealized Gains | 867 | 927 | ||
Gross Unrealized Losses | (2,531) | (2,338) | ||
Debt securities carried at fair value | 211,435 | 212,151 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 3,087 | 3,144 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 214,522 | |||
U.S. Treasury and agency securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 51,056 | 48,800 | ||
Gross Unrealized Gains | 168 | 204 | ||
Gross Unrealized Losses | (666) | (752) | ||
Debt securities carried at fair value | 50,558 | 48,252 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 50,558 | |||
Non-U.S. securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 6,744 | 6,372 | ||
Gross Unrealized Gains | 13 | 13 | ||
Gross Unrealized Losses | (4) | (3) | ||
Fair Value | 6,753 | 6,382 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 13,482 | 16,336 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 20,235 | |||
Other taxable securities, substantially all asset-backed securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 9,754 | 10,573 | ||
Gross Unrealized Gains | 76 | 64 | ||
Gross Unrealized Losses | (11) | (23) | ||
Debt securities carried at fair value | 9,819 | 10,614 | ||
Other Debt Securities, Carried at Fair Value: | ||||
Fair Value | 234 | 240 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 10,053 | |||
Total taxable securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 280,653 | 279,307 | ||
Gross Unrealized Gains | 1,124 | 1,208 | ||
Gross Unrealized Losses | (3,212) | (3,116) | ||
Fair Value | 278,565 | 277,399 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 295,368 | |||
Tax-exempt securities | ||||
Available-for-sale Debt Securities: | ||||
Amortized Cost | 17,443 | 17,272 | ||
Gross Unrealized Gains | 80 | 72 | ||
Gross Unrealized Losses | (188) | (184) | ||
Debt securities carried at fair value | 17,335 | 17,160 | ||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 17,335 | |||
Debt securities | ||||
Debt securities carried at fair value: | ||||
Debt securities carried at fair value | 312,703 | |||
Available-for-sale Equity Securities: | ||||
Accumulated other comprehensive income tax expense (benefit) | (838) | |||
Debt securities | Available-for-sale debt securities | ||||
Available-for-sale Equity Securities: | ||||
Shareholders’ equity | $ (1,402) | $ (1,299) | $ 2,405 | $ 16 |
Securities - Other Debt Securit
Securities - Other Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Other Debt Securities Carried at Fair Value [Line Items] | |||
Other debt securities carried at fair value | $ 16,803 | $ 19,720 | |
Agency-collateralized mortgage obligations | |||
Other Debt Securities Carried at Fair Value [Line Items] | |||
Other debt securities carried at fair value | 5 | 5 | |
Non-agency residential | |||
Other Debt Securities Carried at Fair Value [Line Items] | |||
Other debt securities carried at fair value | 3,082 | 3,139 | |
Mortgage-backed securities | |||
Other Debt Securities Carried at Fair Value [Line Items] | |||
Other debt securities carried at fair value | 3,087 | 3,144 | |
Non-U.S. securities | |||
Other Debt Securities Carried at Fair Value [Line Items] | |||
Other debt securities carried at fair value | 13,482 | 16,336 | |
Other taxable securities, substantially all asset-backed securities | |||
Other Debt Securities Carried at Fair Value [Line Items] | |||
Other debt securities carried at fair value | 234 | $ 240 | |
Other income | |||
Other Debt Securities Carried at Fair Value [Line Items] | |||
Unrealized mark-to-market net gains (losses) | 117 | $ (95) | |
Realized net gains (losses) | $ (103) | $ (3) |
Securities - Gains and Losses o
Securities - Gains and Losses on Sales of AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | ||
Net gains on sales of AFS debt securities | $ 52 | $ 190 |
Debt securities | ||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | ||
Gross gains | 54 | 203 |
Gross losses | (2) | (13) |
Net gains on sales of AFS debt securities | 52 | 190 |
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ 20 | $ 72 |
Securities - Temporarily Impair
Securities - Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | $ 189,138 | $ 181,821 |
Less than Twelve Months, Gross Unrealized Losses | (3,129) | (3,072) |
Twelve Months or Longer, Fair Value | 9,076 | 8,856 |
Twelve Months or Longer, Gross Unrealized Losses | (271) | (228) |
Total, Fair Value | 198,214 | 190,677 |
Total, Gross Unrealized Losses | (3,400) | (3,300) |
Temporarily impaired AFS debt securities | Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 189,138 | 181,727 |
Less than Twelve Months, Gross Unrealized Losses | (3,129) | (3,071) |
Twelve Months or Longer, Fair Value | 8,951 | 8,455 |
Twelve Months or Longer, Gross Unrealized Losses | (262) | (212) |
Total, Fair Value | 198,089 | 190,182 |
Total, Gross Unrealized Losses | (3,391) | (3,283) |
Temporarily impaired AFS debt securities | Agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 142,657 | 135,210 |
Less than Twelve Months, Gross Unrealized Losses | (2,076) | (1,846) |
Twelve Months or Longer, Fair Value | 3,603 | 3,770 |
Twelve Months or Longer, Gross Unrealized Losses | (118) | (117) |
Total, Fair Value | 146,260 | 138,980 |
Total, Gross Unrealized Losses | (2,194) | (1,963) |
Temporarily impaired AFS debt securities | Agency-collateralized mortgage obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 2,580 | 3,229 |
Less than Twelve Months, Gross Unrealized Losses | (24) | (25) |
Twelve Months or Longer, Fair Value | 964 | 1,028 |
Twelve Months or Longer, Gross Unrealized Losses | (25) | (26) |
Total, Fair Value | 3,544 | 4,257 |
Total, Gross Unrealized Losses | (49) | (51) |
Temporarily impaired AFS debt securities | Commercial | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 8,460 | 9,018 |
Less than Twelve Months, Gross Unrealized Losses | (264) | (293) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 8,460 | 9,018 |
Total, Gross Unrealized Losses | (264) | (293) |
Temporarily impaired AFS debt securities | Non-agency residential | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 201 | 212 |
Less than Twelve Months, Gross Unrealized Losses | (3) | (1) |
Twelve Months or Longer, Fair Value | 162 | 204 |
Twelve Months or Longer, Gross Unrealized Losses | (12) | (13) |
Total, Fair Value | 363 | 416 |
Total, Gross Unrealized Losses | (15) | (14) |
Temporarily impaired AFS debt securities | Mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 153,898 | 147,669 |
Less than Twelve Months, Gross Unrealized Losses | (2,367) | (2,165) |
Twelve Months or Longer, Fair Value | 4,729 | 5,002 |
Twelve Months or Longer, Gross Unrealized Losses | (155) | (156) |
Total, Fair Value | 158,627 | 152,671 |
Total, Gross Unrealized Losses | (2,522) | (2,321) |
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 | 31,304 | 28,462 |
Less than Twelve Months, Gross Unrealized Losses | (666) | (752) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 31,304 | 28,462 |
Total, Gross Unrealized Losses | (666) | (752) |
Temporarily impaired AFS debt securities | Non-U.S. securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 96 | 52 |
Less than Twelve Months, Gross Unrealized Losses | (3) | (1) |
Twelve Months or Longer, Fair Value | 5 | 142 |
Twelve Months or Longer, Gross Unrealized Losses | (1) | (2) |
Total, Fair Value | 101 | 194 |
Total, Gross Unrealized Losses | (4) | (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 | 273 | 762 |
Less than Twelve Months, Gross Unrealized Losses | (2) | (5) |
Twelve Months or Longer, Fair Value | 1,352 | 1,438 |
Twelve Months or Longer, Gross Unrealized Losses | (9) | (18) |
Total, Fair Value | 1,625 | 2,200 |
Total, Gross Unrealized Losses | (11) | (23) |
Temporarily impaired AFS debt securities | Total taxable securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 185,571 | 176,945 |
Less than Twelve Months, Gross Unrealized Losses | (3,038) | (2,923) |
Twelve Months or Longer, Fair Value | 6,086 | 6,582 |
Twelve Months or Longer, Gross Unrealized Losses | (165) | (176) |
Total, Fair Value | 191,657 | 183,527 |
Total, Gross Unrealized Losses | (3,203) | (3,099) |
Temporarily impaired AFS debt securities | Tax-exempt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 3,567 | 4,782 |
Less than Twelve Months, Gross Unrealized Losses | (91) | (148) |
Twelve Months or Longer, Fair Value | 2,865 | 1,873 |
Twelve Months or Longer, Gross Unrealized Losses | (97) | (36) |
Total, Fair Value | 6,432 | 6,655 |
Total, Gross Unrealized Losses | (188) | (184) |
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 | 0 | 94 |
Less than Twelve Months, Gross Unrealized Losses | 0 | (1) |
Twelve Months or Longer, Fair Value | 125 | 401 |
Twelve Months or Longer, Gross Unrealized Losses | (9) | (16) |
Total, Fair Value | 125 | 495 |
Total, Gross Unrealized Losses | $ (9) | $ (17) |
Securities - Net Credit-related
Securities - Net Credit-related Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities [Abstract] | ||
Total OTTI losses | $ (35) | $ (30) |
Less: non-credit portion of total OTTI losses recognized in OCI | 8 | 23 |
Net credit-related impairment losses recognized in earnings | $ (27) | $ (7) |
Securities - Rollforward of Cre
Securities - Rollforward of Credit Losses Recognized (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Rollforward of OTTI Credit Losses Recognized | ||
Balance, beginning of period | $ 253 | $ 266 |
Additions for credit losses recognized on AFS debt securities that had no previous impairment losses | 4 | 1 |
Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses | 22 | 6 |
Reductions for AFS debt securities matured, sold or intended to be sold | 0 | (4) |
Balance, March 31 | $ 279 | $ 269 |
Securities - Significant Assump
Securities - Significant Assumptions (Details) - Non-agency residential | Mar. 31, 2017 |
Weighted Average | |
Significant Assumptions: | |
Prepayment speed | 11.40% |
Loss severity | 21.30% |
Life default rate | 22.90% |
Weighted Average | Prime | |
Significant Assumptions: | |
Loss severity | 17.80% |
Life default rate | 16.30% |
Weighted Average | Alt-A | |
Significant Assumptions: | |
Loss severity | 19.90% |
Life default rate | 23.90% |
Weighted Average | Subprime | |
Significant Assumptions: | |
Loss severity | 31.90% |
Life default rate | 24.30% |
10th Percentile | |
Significant Assumptions: | |
Prepayment speed | 2.80% |
Loss severity | 9.50% |
Life default rate | 1.30% |
90th Percentile | |
Significant Assumptions: | |
Prepayment speed | 20.00% |
Loss severity | 39.20% |
Life default rate | 80.40% |
Securities - Maturities of Debt
Securities - Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
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 | $ 24 | |
Due after One Year through Five Years, Yield | 4.43% | |
Due after Five Years through Ten Years, Amount | $ 922 | |
Due after Five Years though Ten Years, Yield | 2.39% | |
Due after Ten Years, Amount | $ 115,087 | |
Due after Ten Years, Yield | 3.01% | |
Amortized Cost | $ 116,033 | $ 117,071 |
Total, Yield | 3.01% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt securities carried at fair value | $ 312,012 | 313,660 |
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 | 24 | |
Due after Five Years though Ten Years, Amount | 885 | |
Due after Ten Years, Amount | 113,094 | |
Held-to-maturity Securities, Fair Value | 114,003 | 115,285 |
Available-for-sale securities of business held for sale | $ (691) | $ (619) |
Maturity period | 1 year | |
Available-for-sale debt securities of business held for sale, average yield | 0.13% | |
Agency | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 4 | |
Due in One Year or Less, Yield | 4.75% | |
Due after One Year through Five Years, Amount | $ 48 | |
Due after One Year through Five Years, Yield | 3.80% | |
Due after Five Years though Ten Years, Amount | $ 347 | |
Due after Five Years though Ten Years, Yield | 2.63% | |
Due after Ten Years, Amount | $ 190,285 | |
Due after Ten Years, Yield | 3.23% | |
Total, Amount | $ 190,684 | |
Total, Yield | 3.25% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 4 | |
Due after One Year through Five Years, Amount | 49 | |
Due after Five Years though Ten Years, Amount | 350 | |
Due after Ten Years, Amount | 188,640 | |
Debt securities carried at fair value | 189,043 | |
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 | $ 7,852 | |
Due after Ten Years, Yield | 3.18% | |
Total, Amount | $ 7,852 | |
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 | 7,882 | |
Debt securities carried at fair value | 7,882 | |
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 | 7.92% | |
Due after One Year through Five Years, Amount | $ 542 | |
Due after One Year through Five Years, Yield | 1.95% | |
Due after Five Years though Ten Years, Amount | $ 11,668 | |
Due after Five Years though Ten Years, Yield | 2.47% | |
Due after Ten Years, Amount | $ 551 | |
Due after Ten Years, Yield | 2.29% | |
Total, Amount | $ 12,809 | |
Total, Yield | 2.46% | |
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 | 543 | |
Due after Five Years though Ten Years, Amount | 11,446 | |
Due after Ten Years, Amount | 535 | |
Debt securities carried at fair value | 12,572 | |
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 | $ 30 | |
Due after Five Years though Ten Years, Yield | 0.01% | |
Due after Ten Years, Amount | $ 4,729 | |
Due after Ten Years, Yield | 8.29% | |
Total, Amount | $ 4,759 | |
Total, Yield | 8.24% | |
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 | 40 | |
Due after Ten Years, Amount | 4,985 | |
Debt securities carried at fair value | 5,025 | |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 52 | |
Due in One Year or Less, Yield | 7.68% | |
Due after One Year through Five Years, Amount | $ 590 | |
Due after One Year through Five Years, Yield | 2.10% | |
Due after Five Years though Ten Years, Amount | $ 12,045 | |
Due after Five Years though Ten Years, Yield | 2.47% | |
Due after Ten Years, Amount | $ 203,417 | |
Due after Ten Years, Yield | 3.34% | |
Total, Amount | $ 216,104 | |
Total, Yield | 3.31% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 52 | |
Due after One Year through Five Years, Amount | 592 | |
Due after Five Years though Ten Years, Amount | 11,836 | |
Due after Ten Years, Amount | 202,042 | |
Debt securities carried at fair value | 214,522 | |
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 | $ 695 | |
Due in One Year or Less, Yield | 0.71% | |
Due after One Year through Five Years, Amount | $ 29,457 | |
Due after One Year through Five Years, Yield | 1.59% | |
Due after Five Years though Ten Years, Amount | $ 20,790 | |
Due after Five Years though Ten Years, Yield | 1.87% | |
Due after Ten Years, Amount | $ 114 | |
Due after Ten Years, Yield | 5.40% | |
Total, Amount | $ 51,056 | |
Total, Yield | 1.70% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 697 | |
Due after One Year through Five Years, Amount | 29,297 | |
Due after Five Years though Ten Years, Amount | 20,443 | |
Due after Ten Years, Amount | 121 | |
Debt securities carried at fair value | 50,558 | |
Non-U.S. securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 18,719 | |
Due in One Year or Less, Yield | 0.29% | |
Due after One Year through Five Years, Amount | $ 1,259 | |
Due after One Year through Five Years, Yield | 2.03% | |
Due after Five Years though Ten Years, Amount | $ 29 | |
Due after Five Years though Ten Years, Yield | 1.96% | |
Due after Ten Years, Amount | $ 217 | |
Due after Ten Years, Yield | 6.53% | |
Total, Amount | $ 20,224 | |
Total, Yield | 0.47% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 18,722 | |
Due after One Year through Five Years, Amount | 1,261 | |
Due after Five Years though Ten Years, Amount | 31 | |
Due after Ten Years, Amount | 221 | |
Debt securities carried at fair value | 20,235 | |
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 | $ 2,358 | |
Due in One Year or Less, Yield | 2.06% | |
Due after One Year through Five Years, Amount | $ 4,305 | |
Due after One Year through Five Years, Yield | 2.11% | |
Due after Five Years though Ten Years, Amount | $ 1,956 | |
Due after Five Years though Ten Years, Yield | 2.78% | |
Due after Ten Years, Amount | $ 1,364 | |
Due after Ten Years, Yield | 2.98% | |
Total, Amount | $ 9,983 | |
Total, Yield | 2.35% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 2,359 | |
Due after One Year through Five Years, Amount | 4,307 | |
Due after Five Years though Ten Years, Amount | 1,963 | |
Due after Ten Years, Amount | 1,424 | |
Debt securities carried at fair value | 10,053 | |
Total taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 21,824 | |
Due in One Year or Less, Yield | 0.51% | |
Due after One Year through Five Years, Amount | $ 35,611 | |
Due after One Year through Five Years, Yield | 1.68% | |
Due after Five Years though Ten Years, Amount | $ 34,820 | |
Due after Five Years though Ten Years, Yield | 2.13% | |
Due after Ten Years, Amount | $ 205,112 | |
Due after Ten Years, Yield | 3.35% | |
Total, Amount | $ 297,367 | |
Total, Yield | 2.81% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 21,830 | |
Due after One Year through Five Years, Amount | 35,457 | |
Due after Five Years though Ten Years, Amount | 34,273 | |
Due after Ten Years, Amount | 203,808 | |
Debt securities carried at fair value | 295,368 | |
Tax-exempt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 604 | |
Due in One Year or Less, Yield | 1.70% | |
Due after One Year through Five Years, Amount | $ 6,287 | |
Due after One Year through Five Years, Yield | 1.28% | |
Due after Five Years though Ten Years, Amount | $ 8,328 | |
Due after Five Years though Ten Years, Yield | 1.42% | |
Due after Ten Years, Amount | $ 2,224 | |
Due after Ten Years, Yield | 1.52% | |
Total, Amount | $ 17,443 | |
Total, Yield | 1.39% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 603 | |
Due after One Year through Five Years, Amount | 6,287 | |
Due after Five Years though Ten Years, Amount | 8,234 | |
Due after Ten Years, Amount | 2,211 | |
Debt securities carried at fair value | 17,335 | |
Debt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 22,428 | |
Due in One Year or Less, Yield | 0.54% | |
Due after One Year through Five Years, Amount | $ 41,898 | |
Due after One Year through Five Years, Yield | 1.62% | |
Due after Five Years though Ten Years, Amount | $ 43,148 | |
Due after Five Years though Ten Years, Yield | 1.99% | |
Due after Ten Years, Amount | $ 207,336 | |
Due after Ten Years, Yield | 3.33% | |
Total, Amount | $ 314,810 | |
Total, Yield | 2.73% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 22,433 | |
Due after One Year through Five Years, Amount | 41,744 | |
Due after Five Years though Ten Years, Amount | 42,507 | |
Due after Ten Years, Amount | 206,019 | |
Debt securities carried at fair value | $ 312,703 |
Outstanding Loans and Leases -
Outstanding Loans and Leases - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loans and leases including disposal group | $ 915,747 | $ 915,897 |
Allowance included in assets of business held for sale | 242 | 243 |
Credit card and other consumer | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Allowance included in assets of business held for sale | 242 | 243 |
Credit Card Receivable | Non United States | Credit card and other consumer | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loans and leases including disposal group | 9,505 | 9,214 |
Credit Card Receivable | Carrying Value | Non United States | Credit card and other consumer | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loans and leases including disposal group | $ 9,505 | $ 9,214 |
Outstanding Loans and Leases 63
Outstanding Loans and Leases - Past Due (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 906,242 | $ 906,683 |
Loans and leases including disposal group | 915,747 | 915,897 |
Less: Loans of business held for sale | $ (9,505) | $ (9,214) |
Percentage of outstandings, total outstanding | 100.00% | 100.00% |
Loans and leases, measured at fair value | $ 7,528 | $ 7,085 |
Loans pledged to secure borrowings | 144,400 | 143,100 |
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 | 6,600 | 6,400 |
Nonperforming Financing Receivable | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans | 18 | 27 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 7,528 | $ 7,085 |
Percentage of outstandings, total outstanding | 0.82% | 0.77% |
Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | $ 13,227 | $ 13,738 |
Percentage of outstandings, total outstanding | 1.44% | 1.50% |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | $ 452,180 | $ 457,371 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 694 | 710 |
Consumer Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 338 | 341 |
Consumer Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 451,148 | 456,320 |
Consumer Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,032 | 1,051 |
Loans and leases including disposal group | 1,032 | 1,051 |
Consumer Portfolio Segment | Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 13,227 | 13,738 |
Loans and leases including disposal group | 13,227 | 13,738 |
Consumer real estate | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 160,359 | 156,497 |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 47,730 | 49,373 |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 23,653 | 25,173 |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | Pay option | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,800 | 1,800 |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 12,789 | 13,459 |
Consumer real estate | Fully Insured Loans | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 20,699 | 21,254 |
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 | 6,862 | 7,475 |
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 | 2,300 | 2,500 |
Consumer real estate | Carrying Value | Core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 160,359 | 156,497 |
Consumer real estate | Carrying Value | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 47,730 | 49,373 |
Consumer real estate | Carrying Value | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 33,484 | 35,300 |
Consumer real estate | Carrying Value | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 16,185 | 17,070 |
Consumer real estate | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,032 | 1,051 |
Consumer real estate | Purchased Credit-impaired | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 9,831 | 10,127 |
Consumer real estate | Purchased Credit-impaired | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 3,396 | 3,611 |
Credit card and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Less: Loans of business held for sale | (9,505) | (9,214) |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 88,552 | 92,278 |
Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | 9,505 | 9,214 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 92,794 | 94,089 |
Credit card and other consumer | Direct/Indirect Consumer | Dealer Financial Services Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 48,700 | 48,900 |
Credit card and other consumer | Direct/Indirect Consumer | Unsecured Consumed Lending Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 530 | 585 |
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 | 39,500 | 40,100 |
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 | 2,900 | 3,000 |
Credit card and other consumer | Direct/Indirect Consumer | Student Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 479 | 497 |
Credit card and other consumer | Direct/Indirect Consumer | Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 644 | 1,100 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,539 | 2,499 |
Credit card and other consumer | Other consumer | Consumer Finance Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 441 | 465 |
Credit card and other consumer | Other consumer | Consumer Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,000 | 1,900 |
Credit card and other consumer | Other consumer | Consumer Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 124 | 157 |
Credit card and other consumer | Carrying Value | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 88,552 | 92,278 |
Credit card and other consumer | Carrying Value | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | 9,505 | 9,214 |
Credit card and other consumer | Carrying Value | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 92,794 | 94,089 |
Credit card and other consumer | Carrying Value | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,539 | 2,499 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 463,567 | 458,526 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 274,868 | 270,372 |
Loans and leases, measured at fair value | 3,500 | 2,900 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 89,179 | 89,397 |
Loans and leases, measured at fair value | 3,000 | 3,100 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 57,849 | 57,355 |
Commercial Portfolio Segment | Commercial Real Estate | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 54,700 | 54,300 |
Commercial Portfolio Segment | Commercial Real Estate | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 3,100 | 3,100 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 21,873 | 22,375 |
Commercial Portfolio Segment | Small Business Commercial | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 13,302 | 12,993 |
Commercial Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 457,071 | 452,492 |
Commercial Portfolio Segment | Carrying Value | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 274,868 | 270,372 |
Commercial Portfolio Segment | Carrying Value | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 89,179 | 89,397 |
Commercial Portfolio Segment | Carrying Value | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 57,849 | 57,355 |
Commercial Portfolio Segment | Carrying Value | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 21,873 | 22,375 |
Commercial Portfolio Segment | Carrying Value | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 13,302 | 12,993 |
Commercial Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 6,496 | 6,034 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | $ 4,386 | $ 5,567 |
Percentage of outstandings | 0.48% | 0.61% |
30 to 59 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 3,293 | $ 3,984 |
Loans and leases including disposal group | 3,293 | 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 | 1,013 | 1,340 |
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 | 220 | 239 |
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 | 1,077 | 1,338 |
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 | 251 | 260 |
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 | 845 | 1,100 |
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 | 259 | 266 |
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 | 459 | 472 |
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 including disposal group | 38 | 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 | 218 | 272 |
30 to 59 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 17 | 26 |
30 to 59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,093 | 1,583 |
30 to 59 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 650 | 952 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 189 | 348 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 25 | 20 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 157 | 167 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 72 | 96 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | $ 2,353 | $ 2,142 |
Percentage of outstandings | 0.26% | 0.23% |
60 to 89 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 1,519 | $ 1,795 |
Loans and leases including disposal group | 1,519 | 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 | 313 | 425 |
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 | 109 | 105 |
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 | 553 | 674 |
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 | 126 | 136 |
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 | 460 | 547 |
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 | 210 | 216 |
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 | 320 | 341 |
60 to 89 Days Past Due | Credit card and other consumer | Credit Card Receivable | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | 28 | 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 | 64 | 79 |
60 to 89 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 6 | 8 |
60 to 89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 834 | 347 |
60 to 89 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 639 | 263 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 127 | 4 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 10 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 29 | 21 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 39 | 49 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | $ 8,435 | $ 9,299 |
Percentage of outstandings | 0.92% | 1.02% |
90 Days or More Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 7,891 | $ 8,727 |
Loans and leases including disposal group | 7,891 | 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 | 1,125 | 1,213 |
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 | 411 | 451 |
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 | 4,683 | 5,343 |
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 | 763 | 832 |
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 | 4,200 | 4,800 |
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 | 801 | 782 |
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 including disposal group | 71 | 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 | 32 | 34 |
90 Days or More Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 5 | 6 |
90 Days or More Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 544 | 572 |
90 Days or More Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 363 | 400 |
90 Days or More Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 45 | 5 |
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 48 | 56 |
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 10 | 27 |
90 Days or More Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 78 | 84 |
Total Past Due 30 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | $ 15,174 | $ 17,008 |
Percentage of outstandings | 1.66% | 1.86% |
Total Past Due 30 Days or More | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 12,703 | $ 14,506 |
Loans and leases including disposal group | 12,703 | 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 | 2,451 | 2,978 |
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 | 740 | 795 |
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 | 6,313 | 7,355 |
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 | 1,140 | 1,228 |
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 | 1,580 | 1,595 |
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 including disposal group | 137 | 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 | 314 | 385 |
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 | 28 | 40 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,471 | 2,502 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,652 | 1,615 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 361 | 357 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 73 | 86 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 196 | 215 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 189 | 229 |
Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases including disposal group | $ 879,818 | $ 878,066 |
Percentage of outstandings | 96.08% | 95.87% |
Total Current or Less Than 30 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 425,218 | $ 428,076 |
Loans and leases including disposal group | 425,218 | 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 | 157,908 | 153,519 |
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 | 46,990 | 48,578 |
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 | 17,340 | 17,818 |
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 | 11,649 | 12,231 |
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 | 86,972 | 90,683 |
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 including disposal group | 9,368 | 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 | 92,480 | 93,704 |
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 | 2,511 | 2,459 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 454,600 | 449,990 |
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 | 273,216 | 268,757 |
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 | 88,818 | 89,040 |
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 | 57,776 | 57,269 |
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 | 21,677 | 22,160 |
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 | $ 13,113 | $ 12,764 |
Outstanding Loans and Leases 64
Outstanding Loans and Leases - Nonperforming (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
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 | $ 906,242,000,000 | $ 906,683,000,000 | |
Proceeds from sales | 2,557,000,000 | $ 8,021,000,000 | |
Purchased credit impaired loans sold | 0 | 174,000,000 | |
Recoveries of loans and leases previously charged off | 376,000,000 | 428,000,000 | |
Loans and leases charged off | 1,496,000,000 | ||
Nonperforming loans and leases | 7,274,000,000 | 7,707,000,000 | |
Accruing past due 90 days or more, including loans and leases held for sale | 5,368,000,000 | 5,887,000,000 | |
Residential Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Accruing past due 90 days or more | 1,500,000,000 | 1,800,000,000 | |
Residential Mortgage | Federal Housing Administration | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonperforming loans and leases | 2,700,000,000 | 3,000,000,000 | |
Consumer Portfolio Segment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonperforming loans and leases | 5,546,000,000 | 6,004,000,000 | |
Accruing past due 90 days or more, including loans and leases held for sale | 5,133,000,000 | 5,679,000,000 | |
Consumer Portfolio Segment | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 7,891,000,000 | 8,727,000,000 | |
Consumer real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recoveries of loans and leases previously charged off | 123,000,000 | 175,000,000 | |
Loans and leases charged off | $ 204,000,000 | 378,000,000 | |
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 | $ 160,359,000,000 | 156,497,000,000 | |
Nonperforming loans and leases | 1,099,000,000 | 1,274,000,000 | |
Accruing past due 90 days or more | 443,000,000 | 486,000,000 | |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 47,730,000,000 | 49,373,000,000 | |
Nonperforming loans and leases | 939,000,000 | 969,000,000 | |
Accruing past due 90 days or more | 0 | 0 | |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 23,653,000,000 | 25,173,000,000 | |
Nonperforming loans and leases | 1,630,000,000 | 1,782,000,000 | |
Accruing past due 90 days or more | 3,783,000,000 | 4,307,000,000 | |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 12,789,000,000 | 13,459,000,000 | |
Nonperforming loans and leases | 1,857,000,000 | 1,949,000,000 | |
Accruing past due 90 days or more | 0 | 0 | |
Consumer real estate | 90 Days or More Past Due | Core Portfolio, Residential Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 1,125,000,000 | 1,213,000,000 | |
Consumer real estate | 90 Days or More Past Due | Core Portfolio, Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 411,000,000 | 451,000,000 | |
Consumer real estate | 90 Days or More Past Due | Non-core Portfolio, Residential Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 4,683,000,000 | 5,343,000,000 | |
Consumer real estate | 90 Days or More Past Due | Non-core Portfolio, Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 763,000,000 | 832,000,000 | |
Credit card and other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recoveries of loans and leases previously charged off | 200,000,000 | 198,000,000 | |
Loans and leases charged off | 912,000,000 | ||
Credit card and other consumer | Credit Card Receivable | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 88,552,000,000 | 92,278,000,000 | |
Accruing past due 90 days or more | 801,000,000 | 782,000,000 | |
Credit card and other consumer | Credit Card Receivable | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Accruing past due 90 days or more, including loans and leases held for sale | 71,000,000 | 66,000,000 | |
Credit card and other consumer | Direct/Indirect Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 92,794,000,000 | 94,089,000,000 | |
Nonperforming loans and leases | 19,000,000 | 28,000,000 | |
Accruing past due 90 days or more | 31,000,000 | 34,000,000 | |
Credit card and other consumer | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 2,539,000,000 | 2,499,000,000 | |
Nonperforming loans and leases | 2,000,000 | 2,000,000 | |
Accruing past due 90 days or more | 4,000,000 | 4,000,000 | |
Credit card and other consumer | 90 Days or More Past Due | Credit Card Receivable | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 801,000,000 | 782,000,000 | |
Credit card and other consumer | 90 Days or More Past Due | Direct/Indirect Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 32,000,000 | 34,000,000 | |
Credit card and other consumer | 90 Days or More Past Due | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 5,000,000 | 6,000,000 | |
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 | $ 463,567,000,000 | 458,526,000,000 | |
Recoveries of loans and leases previously charged off | 53,000,000 | 55,000,000 | |
Loans and leases charged off | 160,000,000 | 206,000,000 | |
Nonperforming loans and leases | 1,728,000,000 | 1,703,000,000 | |
Accruing past due 90 days or more | 235,000,000 | 208,000,000 | |
Commercial Portfolio Segment | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 274,868,000,000 | 270,372,000,000 | |
Nonperforming loans and leases | 1,246,000,000 | 1,256,000,000 | |
Accruing past due 90 days or more | 112,000,000 | 106,000,000 | |
Commercial Portfolio Segment | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 89,179,000,000 | 89,397,000,000 | |
Nonperforming loans and leases | 311,000,000 | 279,000,000 | |
Accruing past due 90 days or more | 45,000,000 | 5,000,000 | |
Commercial Portfolio Segment | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 57,849,000,000 | 57,355,000,000 | |
Nonperforming loans and leases | 74,000,000 | 72,000,000 | |
Accruing past due 90 days or more | 0 | 7,000,000 | |
Commercial Portfolio Segment | Commercial Real Estate | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 54,700,000,000 | 54,300,000,000 | |
Commercial Portfolio Segment | Commercial Real Estate | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 3,100,000,000 | 3,100,000,000 | |
Commercial Portfolio Segment | Commercial Lease Financing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 21,873,000,000 | 22,375,000,000 | |
Nonperforming loans and leases | 37,000,000 | 36,000,000 | |
Accruing past due 90 days or more | 9,000,000 | 19,000,000 | |
Commercial Portfolio Segment | Small Business Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonperforming loans and leases | 60,000,000 | 60,000,000 | |
Accruing past due 90 days or more | 69,000,000 | 71,000,000 | |
Commercial Portfolio Segment | Small Business Commercial | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 13,302,000,000 | 12,993,000,000 | |
Commercial Portfolio Segment | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 544,000,000 | 572,000,000 | |
Commercial Portfolio Segment | 90 Days or More Past Due | United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 363,000,000 | 400,000,000 | |
Commercial Portfolio Segment | 90 Days or More Past Due | Non United States | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 45,000,000 | 5,000,000 | |
Commercial Portfolio Segment | 90 Days or More Past Due | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 48,000,000 | 56,000,000 | |
Commercial Portfolio Segment | 90 Days or More Past Due | Commercial Lease Financing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 10,000,000 | 27,000,000 | |
Commercial Portfolio Segment | 90 Days or More Past Due | Small Business Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 78,000,000 | 84,000,000 | |
Nonperforming Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Transfer of nonperforming loans to held-for-sale | 221,000,000 | 0 | |
Nonperforming Financing Receivable | Junior Lien Home Equity Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 412,000,000 | $ 428,000,000 | |
Nonperforming Financing Receivable | Chapter Seven Bankruptcy | |||
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 | $ 320,000,000 | ||
Nonperforming loans discharged more than twelve months prior (greater than) | 83.00% | ||
Nonperforming loans discharged more than twenty four months prior (greater than) | 73.00% | ||
Nonperforming Financing Receivable | Chapter Seven Bankruptcy | 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 | $ 166,000,000 | ||
Nonperforming Financing Receivable | Consumer Portfolio Segment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Proceeds from sales | 142,000,000 | 1,000,000,000 | |
Purchased credit impaired loans sold | 0 | 174,000,000 | |
Recoveries of loans and leases previously charged off | 11,000,000 | ||
Loans and leases charged off | 40,000,000 | ||
Gain (loss) on the sale of loans and leases receivable | 6,000,000 | $ 31,000,000 | |
Nonperforming Financing Receivable | Consumer real estate | Chapter Seven Bankruptcy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | $ 517,000,000 |
Outstanding Loans and Leases 65
Outstanding Loans and Leases - Consumer Real Estate - Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 906,242 | $ 906,683 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,528 | 7,085 |
Consumer real estate | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,032 | 1,051 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 160,359 | 156,497 |
Consumer real estate | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 23,653 | 25,173 |
Consumer real estate | Non-core Residential Mortgage | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,800 | 1,800 |
Consumer real estate | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,831 | 10,127 |
Consumer real estate | Residential Mortgage PCI | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,500 | 1,600 |
Consumer real estate | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 47,730 | 49,373 |
Consumer real estate | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 12,789 | 13,459 |
Consumer real estate | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,396 | 3,611 |
Consumer real estate | Less than 620 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,403 | 2,479 |
Consumer real estate | Less than 620 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,987 | 3,198 |
Consumer real estate | Less than 620 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,643 | 2,741 |
Consumer real estate | Less than 620 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,214 | 1,254 |
Consumer real estate | Less than 620 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,566 | 2,692 |
Consumer real estate | Less than 620 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 533 | 559 |
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 | 5,039 | 5,094 |
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 | 2,620 | 2,807 |
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 | 2,118 | 2,241 |
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 | 2,738 | 2,853 |
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 | 2,908 | 3,094 |
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 | 597 | 636 |
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 | 22,530 | 22,629 |
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 | 4,293 | 4,512 |
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 | 2,834 | 2,916 |
Consumer real estate | Greater than or equal to 680 and less than 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,495 | 10,069 |
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 | 3,068 | 3,176 |
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 | 998 | 1,069 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 109,688 | 105,041 |
Consumer real estate | Greater than or equal to 740 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,891 | 7,181 |
Consumer real estate | Greater than or equal to 740 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,236 | 2,229 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 34,283 | 35,197 |
Consumer real estate | Greater than or equal to 740 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,247 | 4,497 |
Consumer real estate | Greater than or equal to 740 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,268 | 1,347 |
Consumer real estate | Less than or equal to 90 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 134,410 | 129,737 |
Consumer real estate | Less than or equal to 90 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 13,745 | 14,280 |
Consumer real estate | Less than or equal to 90 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,762 | 7,811 |
Consumer real estate | Less than or equal to 90 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 45,750 | 47,171 |
Consumer real estate | Less than or equal to 90 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,358 | 8,480 |
Consumer real estate | Less than or equal to 90 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,884 | 1,942 |
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 | 3,509 | 3,634 |
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 | 1,318 | 1,446 |
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 | 944 | 1,021 |
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 | 912 | 1,006 |
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 | 1,541 | 1,668 |
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 | 582 | 630 |
Consumer real estate | Greater than 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,741 | 1,872 |
Consumer real estate | Greater than 100 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,728 | 1,972 |
Consumer real estate | Greater than 100 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,125 | 1,295 |
Consumer real estate | Greater than 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,068 | 1,196 |
Consumer real estate | Greater than 100 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,890 | 3,311 |
Consumer real estate | Greater than 100 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 930 | 1,039 |
Consumer real estate | Fully Insured Loans | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 20,699 | 21,254 |
Consumer real estate | Fully Insured Loans | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,862 | 7,475 |
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 66
Outstanding Loans and Leases - Credit Card and Other Consumer - Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 906,242 | $ 906,683 |
Loans and leases including disposal group | 915,747 | 915,897 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 88,552 | 92,278 |
Credit card and other consumer | Credit Card Receivable | United States | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,432 | 4,431 |
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 | 12,033 | 12,364 |
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 | 33,708 | 34,828 |
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 | 38,379 | 40,655 |
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 including disposal group | $ 9,505 | $ 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 including disposal group | $ 0 | $ 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 including disposal group | 0 | 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 including disposal group | 0 | 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 including disposal group | 0 | 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 including disposal group | 9,505 | 9,214 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 92,794 | 94,089 |
Securities based lending overcollateralized | 42,500 | 43,100 |
Loans no longer originated by corporation | 481 | 499 |
Credit card and other consumer | Direct/Indirect Consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,572 | 1,478 |
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 | 2,112 | 2,070 |
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 | 12,479 | 12,491 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 33,051 | 33,420 |
Credit card and other consumer | Direct/Indirect Consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 43,580 | 44,630 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 2,539 | $ 2,499 |
Percentage from exited businesses | 17.00% | 19.00% |
Credit card and other consumer | Other consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 182 | $ 187 |
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 | 220 | 222 |
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 | 414 | 404 |
Credit card and other consumer | Other consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,595 | 1,525 |
Credit card and other consumer | Other consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 128 | $ 161 |
Outstanding Loans and Leases 67
Outstanding Loans and Leases - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 906,242 | $ 906,683 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,528 | 7,085 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 463,567 | 458,526 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 57,849 | 57,355 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 21,873 | 22,375 |
Commercial Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,496 | 6,034 |
Commercial Portfolio Segment | Pass rated | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 57,464 | 56,957 |
Commercial Portfolio Segment | Pass rated | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 21,045 | 21,565 |
Commercial Portfolio Segment | Reservable criticized | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 385 | 398 |
Commercial Portfolio Segment | Reservable criticized | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 828 | 810 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 274,868 | 270,372 |
Commercial Portfolio Segment | United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 54,700 | 54,300 |
Commercial Portfolio Segment | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 13,302 | 12,993 |
Commercial Portfolio Segment | United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 265,602 | 261,214 |
Commercial Portfolio Segment | United States | Pass rated | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 398 | 453 |
Commercial Portfolio Segment | United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,266 | 9,158 |
Commercial Portfolio Segment | United States | Reservable criticized | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 64 | 71 |
Commercial Portfolio Segment | United States | Refreshed FICO or Internal Credit Metric | Business Card and Small Business Loan | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 784 | $ 755 |
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 | 99.00% | 98.00% |
Commercial Portfolio Segment | United States | Less than 620 | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 217 | $ 200 |
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 | 609 | 591 |
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 | 1,802 | 1,741 |
Commercial Portfolio Segment | United States | Greater than or equal to 740 | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,402 | 3,264 |
Commercial Portfolio Segment | United States | Other internal credit metrics | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,810 | 6,673 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 89,179 | 89,397 |
Commercial Portfolio Segment | Non United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,100 | 3,100 |
Commercial Portfolio Segment | Non United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 85,761 | 85,689 |
Commercial Portfolio Segment | Non United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 3,418 | $ 3,708 |
Outstanding Loans and Leases 68
Outstanding Loans and Leases - Consumer Real Estate - Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Loans and leases | $ 906,242 | $ 906,683 | |
Consumer real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Real estate acquired through foreclosure | 328 | 363 | |
Loans with formal foreclosure proceeding in process | 4,300 | ||
Reclassified consumer real estate loans | 200 | $ 416 | |
Consumer real estate | Residential Mortgage | |||
Unpaid Principal Balance | |||
With no recorded allowance | 10,367 | 11,151 | |
With an allowance recorded | 3,975 | 4,041 | |
Total | 14,342 | 15,192 | |
Carrying Value | |||
With no recorded allowance | 8,024 | 8,695 | |
With an allowance recorded | 3,856 | 3,936 | |
Total | 11,880 | 12,631 | |
Related Allowance | 241 | 219 | |
Average Carrying Value | |||
With no recorded allowance | 8,456 | 11,418 | |
With an allowance recorded | 3,832 | 6,072 | |
Total | 12,288 | 17,490 | |
Interest Income Recognized | |||
With no recorded allowance | 79 | 94 | |
With an allowance recorded | 35 | 51 | |
Total | 114 | 145 | |
Consumer real estate | Home equity lines of credit | |||
Unpaid Principal Balance | |||
With no recorded allowance | 3,701 | 3,704 | |
With an allowance recorded | 971 | 910 | |
Total | 4,672 | 4,614 | |
Carrying Value | |||
With no recorded allowance | 1,962 | 1,953 | |
With an allowance recorded | 880 | 824 | |
Total | 2,842 | 2,777 | |
Related Allowance | 169 | $ 137 | |
Average Carrying Value | |||
With no recorded allowance | 1,991 | 1,808 | |
With an allowance recorded | 825 | 898 | |
Total | 2,816 | 2,706 | |
Interest Income Recognized | |||
With no recorded allowance | 27 | 13 | |
With an allowance recorded | 5 | 6 | |
Total | 32 | $ 19 | |
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 | 517 | ||
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 | $ 501 |
Outstanding Loans and Leases 69
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entered into During the Period (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Modifications [Line Items] | ||
Unpaid Principal Balance | $ 630 | $ 757 |
Carrying Value | $ 533 | $ 669 |
Pre-Modification Interest Rate | 4.77% | 4.35% |
Post-Modification Interest Rate | 4.19% | 4.24% |
Net Charge-offs | $ 8 | $ 12 |
Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Unpaid Principal Balance | 382 | 526 |
Carrying Value | $ 344 | $ 488 |
Pre-Modification Interest Rate | 4.68% | 4.72% |
Post-Modification Interest Rate | 4.44% | 4.61% |
Net Charge-offs | $ 2 | $ 2 |
Principal forgiveness | 0 | 10 |
Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Unpaid Principal Balance | 248 | 231 |
Carrying Value | $ 189 | $ 181 |
Pre-Modification Interest Rate | 4.90% | 3.50% |
Post-Modification Interest Rate | 3.80% | 3.39% |
Net Charge-offs | $ 6 | $ 10 |
Outstanding Loans and Leases 70
Outstanding Loans and Leases - Consumer Real Estate - Modification Programs (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Modifications [Line Items] | ||
Carrying value | $ 533 | $ 669 |
Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 344 | 488 |
Residential Mortgage | Modifications under government programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 31 | 31 |
Residential Mortgage | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 21 | 23 |
Residential Mortgage | Trial modifications | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 237 | 368 |
Residential Mortgage | Loans discharged in Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 55 | 66 |
Residential Mortgage | Contractual interest rate reduction | Modifications under government programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 28 | 22 |
Residential Mortgage | Contractual interest rate reduction | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 13 | 12 |
Residential Mortgage | Capitalization of past due amounts | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 5 | 7 |
Residential Mortgage | Principal and/or interest forbearance | Modifications under government programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 1 | 0 |
Residential Mortgage | Principal and/or interest forbearance | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 2 | 3 |
Residential Mortgage | Other modifications | Modifications under government programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 2 | 9 |
Residential Mortgage | Other modifications | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 1 | 1 |
Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 189 | 181 |
Home equity lines of credit | Modifications under government programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 4 | 7 |
Home equity lines of credit | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 31 | 3 |
Home equity lines of credit | Trial modifications | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 135 | 149 |
Home equity lines of credit | Loans discharged in Chapter 7 bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 19 | 22 |
Home equity lines of credit | Contractual interest rate reduction | Modifications under government programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 4 | 5 |
Home equity lines of credit | Contractual interest rate reduction | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 1 | 1 |
Home equity lines of credit | Capitalization of past due amounts | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 1 | |
Home equity lines of credit | Principal and/or interest forbearance | Modifications under government programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 0 | 2 |
Home equity lines of credit | Principal and/or interest forbearance | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 1 | 0 |
Home equity lines of credit | Other modifications | Modifications under government programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | 0 | 0 |
Home equity lines of credit | Other modifications | Modifications under proprietary programs | ||
Financing Receivable, Modifications [Line Items] | ||
Carrying value | $ 29 | $ 1 |
Outstanding Loans and Leases 71
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 | 3 Months Ended | |
Mar. 31, 2017USD ($)payment | Mar. 31, 2016USD ($) | |
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 | $ 294 | $ 413 |
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 | 25 | 93 |
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 | 16 | 43 |
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 | 58 | 40 |
Residential Mortgage | Trial modifications | ||
Financing Receivable, Modifications [Line Items] | ||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 195 | 237 |
Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 40 | 64 |
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 | 1 | |
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 | 18 | 22 |
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 | 4 | 5 |
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 | $ 17 | $ 37 |
Outstanding Loans and Leases 72
Outstanding Loans and Leases - Credit Card and Other Consumer (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Fixed payment plan period for loans modified | 60 months | ||
Direct/Indirect Consumer | |||
Unpaid Principal Balance | |||
With no recorded allowance | $ 43 | $ 49 | |
With an allowance recorded | 2 | 3 | |
Total | 45 | 52 | |
Carrying Value | |||
With no recorded allowance | 18 | 22 | |
With an allowance recorded | 2 | 3 | |
Total | 20 | 25 | |
Related Allowance | 0 | 0 | |
Average Carrying Value | |||
With no recorded allowance | 19 | $ 21 | |
With an allowance recorded | 3 | 18 | |
Total | 22 | 39 | |
Interest Income Recognized | |||
With no recorded allowance | 0 | 0 | |
With an allowance recorded | 0 | 0 | |
Total | 0 | 0 | |
United States | Credit Card Receivable | |||
Unpaid Principal Balance | |||
With an allowance recorded | 464 | 479 | |
Total | 464 | 479 | |
Carrying Value | |||
With an allowance recorded | 470 | 485 | |
Total | 470 | 485 | |
Related Allowance | 130 | 128 | |
Average Carrying Value | |||
With an allowance recorded | 477 | 606 | |
Total | 477 | 606 | |
Interest Income Recognized | |||
With an allowance recorded | 6 | 9 | |
Total | 6 | 9 | |
Non United States | Credit Card Receivable | |||
Unpaid Principal Balance | |||
With an allowance recorded, including loans held for sale | 90 | 88 | |
Total, including loans held for sale | 90 | 88 | |
Carrying Value | |||
With an allowance recorded, including loans held for sale | 104 | 100 | |
Total, including loans held for sale | 104 | 100 | |
Related allowance, including loans held for sale | 65 | $ 61 | |
Average Carrying Value | |||
With an allowance recorded | 122 | ||
With an allowance recorded, including loans held for sale | 102 | ||
Total, including loans held for sale | 102 | ||
Total | 122 | ||
Interest Income Recognized | |||
With an allowance recorded | 1 | ||
With an allowance recorded, including loans held for sale | 1 | ||
Total, including loans held for sale | $ 1 | ||
Total | $ 1 |
Outstanding Loans and Leases 73
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 594 | $ 610 |
Percent of balances current or less than 30 days past due | 79.80% | 80.79% |
Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 221 | $ 233 |
External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 267 | 272 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 106 | 105 |
Credit Card Receivable | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 470 | $ 485 |
Percent of balances current or less than 30 days past due | 88.55% | 88.99% |
Credit Card Receivable | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 104 | $ 100 |
Percent of balances current or less than 30 days past due | 37.88% | 38.47% |
Credit Card Receivable | Internal Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 210 | $ 220 |
Credit Card Receivable | Internal Programs | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 10 | 11 |
Credit Card Receivable | External Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 259 | 264 |
Credit Card Receivable | External Programs | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 7 | 7 |
Credit Card Receivable | Other | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 1 | 1 |
Credit Card Receivable | Other | Non United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 87 | 82 |
Direct/Indirect Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 20 | $ 25 |
Percent of balances current or less than 30 days past due | 91.60% | 90.49% |
Direct/Indirect Consumer | Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 1 | $ 2 |
Direct/Indirect Consumer | External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 1 | 1 |
Direct/Indirect Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 18 | $ 22 |
Outstanding Loans and Leases 74
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs Entered into During the Period (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Modifications [Line Items] | ||
Unpaid Principal Balance | $ 96 | $ 85 |
Carrying Value | $ 101 | $ 92 |
Pre-Modification Interest Rate | 19.51% | 19.59% |
Post-Modification Interest Rate | 3.28% | 3.34% |
Net Charge-offs | $ 6 | $ 4 |
Direct/Indirect Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Unpaid Principal Balance | 10 | 7 |
Carrying Value | $ 6 | $ 4 |
Pre-Modification Interest Rate | 4.08% | 4.27% |
Post-Modification Interest Rate | 4.04% | 4.08% |
Net Charge-offs | $ 4 | $ 2 |
United States | Credit Card Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
Unpaid Principal Balance | 52 | 46 |
Carrying Value | $ 55 | $ 50 |
Pre-Modification Interest Rate | 18.01% | 17.44% |
Post-Modification Interest Rate | 5.30% | 5.51% |
Net Charge-offs | $ 1 | $ 1 |
Non United States | Credit Card Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
Unpaid Principal Balance | 34 | 32 |
Carrying Value | $ 40 | $ 38 |
Pre-Modification Interest Rate | 23.89% | 24.23% |
Post-Modification Interest Rate | 0.34% | 0.36% |
Net Charge-offs | $ 1 | $ 1 |
Outstanding Loans and Leases 75
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs Entered into During the Period, Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($)payment | Mar. 31, 2016USD ($) | |
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 | $ 7 | $ 9 |
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 | $ 32 | 34 |
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 | 13.00% | |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 1 | $ 1 |
Outstanding Loans and Leases 76
Outstanding Loans and Leases - Commercial Loans - Impaired Loans (Details) - Commercial Portfolio Segment - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Lending commitments | $ 425 | $ 461 | |
Real estate acquired through foreclosure | 35 | 14 | |
United States | |||
Unpaid Principal Balance | |||
With no recorded allowance | 983 | 860 | |
With an allowance recorded | 1,676 | 2,018 | |
Total | 2,659 | 2,878 | |
Carrying Value | |||
With no recorded allowance | 937 | 827 | |
With an allowance recorded | 1,330 | 1,569 | |
Total | 2,267 | 2,396 | |
Related Allowance | 131 | 132 | |
Average Carrying Value | |||
With no recorded allowance | 882 | $ 583 | |
With an allowance recorded | 1,487 | 1,439 | |
Total | 2,369 | 2,022 | |
Interest Income Recognized | |||
With no recorded allowance | 3 | 2 | |
With an allowance recorded | 9 | 14 | |
Total | 12 | 16 | |
Non United States | |||
Unpaid Principal Balance | |||
With no recorded allowance | 85 | 130 | |
With an allowance recorded | 568 | 545 | |
Total | 653 | 675 | |
Carrying Value | |||
With no recorded allowance | 85 | 130 | |
With an allowance recorded | 476 | 432 | |
Total | 561 | 562 | |
Related Allowance | 103 | 104 | |
Average Carrying Value | |||
With no recorded allowance | 108 | 5 | |
With an allowance recorded | 453 | 368 | |
Total | 561 | 373 | |
Interest Income Recognized | |||
With no recorded allowance | 0 | 0 | |
With an allowance recorded | 3 | 3 | |
Total | 3 | 3 | |
Commercial Real Estate | |||
Unpaid Principal Balance | |||
With no recorded allowance | 54 | 77 | |
With an allowance recorded | 201 | 243 | |
Total | 255 | 320 | |
Carrying Value | |||
With no recorded allowance | 48 | 71 | |
With an allowance recorded | 65 | 96 | |
Total | 113 | 167 | |
Related Allowance | 12 | 10 | |
Average Carrying Value | |||
With no recorded allowance | 60 | 77 | |
With an allowance recorded | 76 | 104 | |
Total | 136 | 181 | |
Interest Income Recognized | |||
With no recorded allowance | 0 | 0 | |
With an allowance recorded | 1 | 1 | |
Total | 1 | 1 | |
Commercial lease financing | |||
Unpaid Principal Balance | |||
With an allowance recorded | 5 | 6 | |
Total | 5 | 6 | |
Carrying Value | |||
With an allowance recorded | 2 | 4 | |
Total | 2 | 4 | |
Related Allowance | 0 | 0 | |
Average Carrying Value | |||
With an allowance recorded | 3 | 0 | |
Total | 3 | 0 | |
Interest Income Recognized | |||
With an allowance recorded | 0 | 0 | |
Total | 0 | 0 | |
Small Business Commercial | |||
Unpaid Principal Balance | |||
With an allowance recorded | 87 | 85 | |
Total | 87 | 85 | |
Carrying Value | |||
With an allowance recorded | 73 | 73 | |
Total | 73 | 73 | |
Related Allowance | 28 | $ 27 | |
Average Carrying Value | |||
With an allowance recorded | 74 | 102 | |
Total | 74 | 102 | |
Interest Income Recognized | |||
With an allowance recorded | 0 | 0 | |
Total | $ 0 | $ 0 |
Outstanding Loans and Leases 77
Outstanding Loans and Leases - Commercial Loans TDRs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
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 | $ 485 | $ 857 | |
Carrying Value | 451 | 804 | |
Net Charge-offs | $ 41 | 42 | |
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 | $ 15 | 13 | |
Carrying Value | 9 | 12 | |
Net Charge-offs | 0 | 1 | |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 33 | 17 | |
Commercial Portfolio Segment | Commercial lease financing | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 0 | ||
Carrying Value | 0 | ||
Net Charge-offs | 0 | ||
Commercial Portfolio Segment | Small Business Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 2 | 3 | |
Carrying Value | 2 | 4 | |
Net Charge-offs | 0 | 0 | |
Commercial Portfolio Segment | United States | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 468 | 642 | |
Carrying Value | 440 | 625 | |
Net Charge-offs | 41 | 5 | |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 111 | 111 | |
Commercial Portfolio Segment | Non United States | |||
Financing Receivable, Modifications [Line Items] | |||
Unpaid Principal Balance | 199 | ||
Carrying Value | 163 | ||
Net Charge-offs | $ 0 | $ 36 |
Outstanding Loans and Leases 78
Outstanding Loans and Leases - Rollforward of Accretable Yield (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Rollforward of Accretable Yield | ||
Accretable yield, beginning of period | $ 3,805 | |
Accretion | (163) | |
Disposals/transfers | (91) | |
Reclassifications to nonaccretable difference | (1) | |
Accretable yield, ending of period | 3,550 | |
Purchased credit impaired loans sold | $ 0 | $ 174 |
Purchased Credit-impaired | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing receivable allowance sold | $ 20 |
Outstanding Loans and Leases 79
Outstanding Loans and Leases - Loans Held-for-Sale (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Loans held-for-sale | $ 14,751 | $ 9,066 | |
Proceeds including cash and securities from sales securitizations and paydowns of loans held for sale | 7,700 | $ 7,300 | |
Originations and purchases | $ (13,309) | $ (5,728) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, January 1 | $ 11,237 | $ 12,234 | ||
Loans and leases charged off | (1,496) | |||
Loans and leases charged off including disposal group | (1,310) | |||
Recoveries of loans and leases previously charged off | 376 | 428 | ||
Net charge-offs | (1,068) | |||
Net charge-offs, including disposal group | (934) | |||
Provision for loan and lease losses | 840 | 1,016 | ||
Other | 1 | (8) | ||
Allowance for loan and lease losses, March 31 | $ 11,111 | |||
Less: Change in allowance included in assets of business held for sale | 1 | |||
Total allowance for loan and lease losses, March 31 | 11,112 | 12,069 | ||
Provision for unfunded lending commitments | 835 | 997 | ||
Reserve for unfunded lending commitments, March 31 | 11,869 | 12,696 | ||
Allowance for credit losses | 11,869 | 12,696 | 11,869 | |
Allowance included in assets of business held for sale | 242 | $ 243 | ||
Net charge-offs included in assets of business held for sale | 44 | |||
Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, January 1 | 762 | 646 | ||
Provision for unfunded lending commitments | (5) | (19) | ||
Reserve for unfunded lending commitments, March 31 | 757 | 627 | ||
Allowance for credit losses | 762 | 646 | 757 | 762 |
Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | (33) | (105) | ||
Provision for loan and lease losses | 68 | (77) | ||
Reserve for unfunded lending commitments, January 1 | 419 | |||
Reserve for unfunded lending commitments, March 31 | 454 | |||
Allowance for credit losses | 419 | 454 | 419 | |
Consumer Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, January 1 | 2,750 | 3,914 | ||
Loans and leases charged off | (204) | (378) | ||
Recoveries of loans and leases previously charged off | 123 | 175 | ||
Net charge-offs | (81) | (203) | ||
Provision for loan and lease losses | (71) | (150) | ||
Total allowance for loan and lease losses, March 31 | 2,565 | 3,456 | ||
Reserve for unfunded lending commitments, March 31 | 2,565 | 3,456 | ||
Allowance for credit losses | 2,565 | 3,456 | 2,565 | |
Consumer Real Estate | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, January 1 | 0 | 0 | ||
Provision for unfunded lending commitments | 0 | 0 | ||
Reserve for unfunded lending commitments, March 31 | 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 | (33) | (105) | ||
Reserve for unfunded lending commitments, January 1 | 419 | |||
Reserve for unfunded lending commitments, March 31 | 454 | |||
Allowance for credit losses | 419 | 454 | 419 | |
Credit card and other consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, January 1 | 3,229 | 3,471 | ||
Loans and leases charged off | (912) | |||
Loans and leases charged off including disposal group | (946) | |||
Recoveries of loans and leases previously charged off | 200 | 198 | ||
Net charge-offs | (714) | |||
Net charge-offs, including disposal group | (746) | |||
Provision for loan and lease losses | 843 | 552 | ||
Other | 2 | (7) | ||
Allowance for loan and lease losses, March 31 | 3,328 | |||
Less: Change in allowance included in assets of business held for sale | 1 | |||
Total allowance for loan and lease losses, March 31 | 3,329 | 3,302 | ||
Reserve for unfunded lending commitments, March 31 | 3,329 | 3,302 | ||
Allowance for credit losses | 3,329 | 3,302 | 3,329 | |
Allowance included in assets of business held for sale | 242 | 243 | ||
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 | ||
Provision for unfunded lending commitments | 0 | 0 | ||
Reserve for unfunded lending commitments, March 31 | 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 | ||
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, January 1 | 5,258 | 4,849 | ||
Loans and leases charged off | (160) | (206) | ||
Recoveries of loans and leases previously charged off | 53 | 55 | ||
Net charge-offs | (107) | (151) | ||
Provision for loan and lease losses | 68 | 614 | ||
Other | (1) | (1) | ||
Total allowance for loan and lease losses, March 31 | 5,218 | 5,311 | ||
Reserve for unfunded lending commitments, March 31 | 5,975 | 5,938 | ||
Allowance for credit losses | 5,975 | 5,938 | 5,975 | |
Commercial | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, January 1 | 762 | 646 | ||
Provision for unfunded lending commitments | (5) | (19) | ||
Reserve for unfunded lending commitments, March 31 | 757 | 627 | ||
Allowance for credit losses | 762 | 646 | $ 757 | $ 762 |
Commercial | Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | $ 0 | $ 0 |
Allowance for Credit Losses -81
Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision (benefit) for loan and lease losses | $ 840 | $ 1,016 | |
Loans and leases charged off | 1,496 | ||
Allowance for credit losses | 11,869 | 12,696 | |
Purchased Credit-impaired | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision (benefit) for loan and lease losses | 68 | (77) | |
Loans and leases charged off | 33 | $ 105 | |
Allowance for credit losses | $ 454 | $ 419 |
Allowance for Credit Losses -82
Allowance for Credit Losses - Allowance and Carrying Value by Portfolio Segment (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | $ 879 | $ 818 | |
Carrying value | $ 18,332 | $ 19,220 | |
Allowance as a percentage of carrying value | 4.79% | 4.26% | |
Loans collectively evaluated for impairment | |||
Allowance for loan and lease losses | $ 10,021 | $ 10,243 | |
Carrying value | $ 876,660 | $ 875,854 | |
Allowance as a percentage of carrying value | 1.14% | 1.17% | |
Purchased credit-impaired loans | |||
Valuation allowance | $ 11,869 | $ 12,696 | |
Valuation allowance as a percentage of carrying value | 3.43% | 3.05% | |
Less: Assets of business held for sale | |||
Less: Allowance included in assets of business held for sale | $ (242) | $ (243) | |
Carrying value | (9,505) | (9,214) | |
Total | |||
Carrying value | $ 898,714 | $ 899,598 | |
Allowance as a percentage of carrying value | 1.24% | 1.25% | |
Loans and leases | $ 906,242 | $ 906,683 | |
Estimate of Fair Value Measurement | |||
Total | |||
Loans and leases | 7,528 | 7,085 | |
Small Business Commercial Loan | United States | |||
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | 28 | 27 | |
Purchased Credit-impaired | |||
Purchased credit-impaired loans | |||
Valuation allowance | 454 | 419 | |
Carrying value gross of valuation allowance | 13,227 | 13,738 | |
Consumer real estate | |||
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | 410 | 356 | |
Carrying value | $ 14,722 | $ 15,408 | |
Allowance as a percentage of carrying value | 2.78% | 2.31% | |
Loans collectively evaluated for impairment | |||
Allowance for loan and lease losses | $ 1,701 | $ 1,975 | |
Carrying value | $ 229,809 | $ 229,094 | |
Allowance as a percentage of carrying value | 0.74% | 0.86% | |
Purchased credit-impaired loans | |||
Valuation allowance | $ 2,565 | 3,456 | |
Valuation allowance as a percentage of carrying value | 3.43% | 3.05% | |
Total | |||
Carrying value | $ 257,758 | $ 258,240 | |
Allowance as a percentage of carrying value | 1.00% | 1.06% | |
Consumer real estate | Estimate of Fair Value Measurement | |||
Total | |||
Loans and leases | $ 1,032 | $ 1,051 | |
Consumer real estate | Purchased Credit-impaired | |||
Purchased credit-impaired loans | |||
Valuation allowance | 454 | 419 | |
Carrying value gross of valuation allowance | 13,227 | 13,738 | |
Credit card and other consumer | |||
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | 195 | 189 | |
Carrying value | $ 594 | $ 610 | |
Allowance as a percentage of carrying value | 32.83% | 30.98% | |
Loans collectively evaluated for impairment | |||
Allowance for loan and lease losses | $ 3,376 | $ 3,283 | |
Carrying value | $ 192,796 | $ 197,470 | |
Allowance as a percentage of carrying value | 1.75% | 1.66% | |
Purchased credit-impaired loans | |||
Valuation allowance | $ 3,329 | 3,302 | |
Less: Assets of business held for sale | |||
Less: Allowance included in assets of business held for sale | (242) | $ (243) | |
Carrying value | (9,505) | (9,214) | |
Total | |||
Carrying value | $ 183,885 | $ 188,866 | |
Allowance as a percentage of carrying value | 1.81% | 1.71% | |
Credit card and other consumer | Credit Card Receivable | United States | |||
Total | |||
Loans and leases | $ 88,552 | $ 92,278 | |
Related Allowance | 130 | 128 | |
Credit card and other consumer | Credit Card Receivable | Non United States | |||
Total | |||
Related allowance, including loans held for sale | 65 | 61 | |
Carrying value | 177 | 182 | |
Commercial | |||
Impaired loans and troubled debt restructurings | |||
Allowance for loan and lease losses | 274 | 273 | |
Carrying value | $ 3,016 | $ 3,202 | |
Allowance as a percentage of carrying value | 9.08% | 8.53% | |
Loans collectively evaluated for impairment | |||
Allowance for loan and lease losses | $ 4,944 | $ 4,985 | |
Carrying value | $ 454,055 | $ 449,290 | |
Allowance as a percentage of carrying value | 1.09% | 1.11% | |
Purchased credit-impaired loans | |||
Valuation allowance | $ 5,975 | $ 5,938 | |
Total | |||
Carrying value | $ 457,071 | $ 452,492 | |
Allowance as a percentage of carrying value | 1.14% | 1.16% | |
Loans and leases | $ 463,567 | $ 458,526 | |
Commercial | Estimate of Fair Value Measurement | |||
Total | |||
Loans and leases | 6,496 | 6,034 | |
Commercial | United States | |||
Total | |||
Loans and leases | 274,868 | 270,372 | |
Related Allowance | 131 | 132 | |
Commercial | Non United States | |||
Total | |||
Loans and leases | 89,179 | 89,397 | |
Related Allowance | $ 103 | $ 104 |
Securitizations and Other Var83
Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
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 | $ 90 | $ 108 | |
Mortgage loans serviced for investors | 316,000 | 386,000 | |
Servicing fees | 245 | 302 | |
Transfers continuing involvement servicing fee advances | 5,800 | $ 6,200 | |
Residential Mortgage - Agency | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Cash proceeds from new securitizations | 4,656 | 7,074 | |
Gain (loss) on securitizations | 39 | 163 | |
Repurchases from securitization trusts | 872 | 729 | |
Assets of deconsolidated securitization vehicles | 0 | 2,700 | |
Gain (loss) on deconsolidation | 113 | ||
Commercial Mortgage | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Cash proceeds from new securitizations | 609 | 1,247 | |
Gain (loss) on securitizations | 18 | (3) | |
Repurchases from securitization trusts | 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 | $ 275 | $ 898 |
Securitizations and Other Var84
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
On-balance sheet assets | |||
Trading account assets | $ 209,044,000,000 | $ 180,209,000,000 | |
Debt securities carried at fair value | 312,012,000,000 | 313,660,000,000 | |
Held-to-maturity securities | 116,033,000,000 | 117,071,000,000 | |
Loans and leases | 906,242,000,000 | 906,683,000,000 | |
All other assets | 115,705,000,000 | 120,709,000,000 | |
Total assets | 2,247,701,000,000 | $ 2,185,726,000,000 | 2,187,702,000,000 |
On-balance sheet liabilities | |||
Long-term debt | 221,385,000,000 | 216,823,000,000 | |
Total liabilities | 1,979,548,000,000 | 1,920,862,000,000 | |
Other than temporary impairment losses recorded on debt securities | 27,000,000 | 7,000,000 | |
Unpaid principal balance of mortgage loans eligible for repurchase | 118,000,000 | 189,000,000 | |
Principal amount that would be payable to the securitization vehicles | 118,000,000 | 189,000,000 | |
Unconsolidated VIEs | Residential Mortgage - Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 20,855,000,000 | 22,661,000,000 | |
On-balance sheet assets | |||
Residual interests held | 0 | 0 | |
All other assets | 12,000,000 | 12,000,000 | |
Total assets | 20,855,000,000 | 22,661,000,000 | |
Principal balance outstanding | 257,948,000,000 | 265,332,000,000 | |
Unconsolidated VIEs | Residential Mortgage - Agency | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 519,000,000 | 1,399,000,000 | |
Debt securities carried at fair value | 16,774,000,000 | 17,620,000,000 | |
Held-to-maturity securities | 3,550,000,000 | 3,630,000,000 | |
Unconsolidated VIEs | Residential Mortgage - 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 | 704,000,000 | 757,000,000 | |
On-balance sheet assets | |||
Residual interests held | 0 | 0 | |
All other assets | 26,000,000 | 28,000,000 | |
Total assets | 464,000,000 | 498,000,000 | |
Principal balance outstanding | 12,408,000,000 | 16,280,000,000 | |
Unconsolidated VIEs | Non-agency | Prime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 18,000,000 | 20,000,000 | |
Debt securities carried at fair value | 411,000,000 | 441,000,000 | |
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 | 8,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Subprime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 2,642,000,000 | 2,750,000,000 | |
On-balance sheet assets | |||
Residual interests held | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 2,262,000,000 | 2,372,000,000 | |
Principal balance outstanding | 18,385,000,000 | 19,373,000,000 | |
Unconsolidated VIEs | Non-agency | Subprime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 33,000,000 | 112,000,000 | |
Debt securities carried at fair value | 2,211,000,000 | 2,235,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Subprime | Junior Lien | |||
On-balance sheet assets | |||
Trading account assets | 16,000,000 | 23,000,000 | |
Debt securities carried at fair value | 2,000,000 | 2,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 529,000,000 | 560,000,000 | |
On-balance sheet assets | |||
Residual interests held | 0 | 0 | |
All other assets | 105,000,000 | 113,000,000 | |
Total assets | 529,000,000 | 560,000,000 | |
Principal balance outstanding | 32,779,000,000 | 35,788,000,000 | |
Unconsolidated VIEs | Non-agency | Alt-A | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 99,000,000 | 118,000,000 | |
Debt securities carried at fair value | 302,000,000 | 305,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Alt-A | Junior Lien | |||
On-balance sheet assets | |||
Trading account assets | 1,000,000 | 1,000,000 | |
Debt securities carried at fair value | 22,000,000 | 23,000,000 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Commercial Mortgage | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 271,000,000 | 344,000,000 | |
On-balance sheet assets | |||
Residual interests held | 23,000,000 | 25,000,000 | |
All other assets | 0 | 0 | |
Total assets | 155,000,000 | 221,000,000 | |
Principal balance outstanding | 17,400,000,000 | 23,826,000,000 | |
Unconsolidated VIEs | Commercial Mortgage | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 35,000,000 | 51,000,000 | |
Debt securities carried at fair value | 0 | 0 | |
Held-to-maturity securities | 44,000,000 | 64,000,000 | |
Unconsolidated VIEs | Commercial Mortgage | Junior Lien | |||
On-balance sheet assets | |||
Trading account assets | 5,000,000 | 14,000,000 | |
Debt securities carried at fair value | 48,000,000 | 54,000,000 | |
Held-to-maturity securities | 0 | 13,000,000 | |
Unconsolidated VIEs | First Lien Mortgage Securitization Trusts | |||
On-balance sheet liabilities | |||
Other than temporary impairment losses recorded on debt securities | 15,000,000 | 2,000,000 | |
Other than temporary impairment losses recorded on held-to-maturity securities | 0 | $ 0 | |
Consolidated VIEs | Residential Mortgage - Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 16,795,000,000 | 18,084,000,000 | |
On-balance sheet assets | |||
Trading account assets | 115,000,000 | 434,000,000 | |
Loans and leases | 16,416,000,000 | 17,223,000,000 | |
All other assets | 264,000,000 | 427,000,000 | |
Total assets | 16,795,000,000 | 18,084,000,000 | |
On-balance sheet liabilities | |||
Long-term debt | 0 | 0 | |
All other liabilities | 3,000,000 | 4,000,000 | |
Total liabilities | 3,000,000 | 4,000,000 | |
Consolidated VIEs | Non-agency | Prime | |||
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 | |
Consolidated VIEs | Non-agency | Subprime | |||
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 | |
Consolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 25,000,000 | |
On-balance sheet assets | |||
Trading account assets | 0 | 99,000,000 | |
Loans and leases | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 0 | 99,000,000 | |
On-balance sheet liabilities | |||
Long-term debt | 0 | 74,000,000 | |
All other liabilities | 0 | 0 | |
Total liabilities | 0 | 74,000,000 | |
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 Var85
Securitizations and Other Variable Interest Entities - Home Equity Loan, Credit Card and Other Asset-backed VIEs (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
On-balance sheet assets | ||||
Trading account assets | $ 209,044,000,000 | $ 180,209,000,000 | ||
Debt securities carried at fair value | 312,012,000,000 | 313,660,000,000 | ||
Held-to-maturity securities | 116,033,000,000 | 117,071,000,000 | ||
Loans and leases | 906,242,000,000 | 906,683,000,000 | ||
Allowance for loan and lease losses | (11,112,000,000) | $ (12,069,000,000) | (11,237,000,000) | $ (12,234,000,000) |
All other assets | 115,705,000,000 | 120,709,000,000 | ||
Total assets | 2,247,701,000,000 | 2,185,726,000,000 | 2,187,702,000,000 | |
On-balance sheet liabilities | ||||
Long-term debt | 221,385,000,000 | 216,823,000,000 | ||
Total liabilities | 1,979,548,000,000 | 1,920,862,000,000 | ||
Other than temporary impairment losses recorded on debt securities | 27,000,000 | 7,000,000 | ||
Home equity lines of credit | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 3,949,000,000 | 4,274,000,000 | ||
Home equity lines of credit | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 2,453,000,000 | 2,732,000,000 | ||
On-balance sheet assets | ||||
Total assets | 43,000,000 | 46,000,000 | ||
Home equity lines of credit | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 139,000,000 | 149,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 225,000,000 | 244,000,000 | ||
Allowance for loan and lease losses | (15,000,000) | (16,000,000) | ||
All other assets | 6,000,000 | 7,000,000 | ||
Total assets | 216,000,000 | 235,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 97,000,000 | 108,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 97,000,000 | 108,000,000 | ||
Home equity lines of credit | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 43,000,000 | 46,000,000 | ||
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 | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 0 | 0 | ||
Credit Card Receivable | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 0 | 0 | ||
On-balance sheet assets | ||||
Total assets | 0 | 0 | ||
Credit Card Receivable | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 23,156,000,000 | 25,859,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Loans and leases | 33,125,000,000 | 35,135,000,000 | ||
Allowance for loan and lease losses | (980,000,000) | (1,007,000,000) | ||
All other assets | 1,548,000,000 | 793,000,000 | ||
Total assets | 33,693,000,000 | 34,921,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 10,527,000,000 | 9,049,000,000 | ||
All other liabilities | 10,000,000 | 13,000,000 | ||
Total liabilities | 10,537,000,000 | 9,062,000,000 | ||
Residual interests held | 13,900,000,000 | 17,600,000,000 | ||
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 | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 18,792,000,000 | 22,155,000,000 | ||
Resecuritization Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 9,557,000,000 | 9,906,000,000 | ||
On-balance sheet assets | ||||
Total assets | 9,557,000,000 | 9,906,000,000 | ||
Resecuritization Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 282,000,000 | 420,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 1,096,000,000 | 1,428,000,000 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
All other assets | 0 | 0 | ||
Total assets | 1,096,000,000 | 1,428,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 814,000,000 | 1,008,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 814,000,000 | 1,008,000,000 | ||
Resecuritization Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 936,000,000 | 902,000,000 | ||
Debt securities carried at fair value | 2,181,000,000 | 2,338,000,000 | ||
Held-to-maturity securities | 6,342,000,000 | 6,569,000,000 | ||
Resecuritization Trusts | Junior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 27,000,000 | 27,000,000 | ||
Debt securities carried at fair value | 71,000,000 | 70,000,000 | ||
Municipal Bond Trusts | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 2,336,000,000 | 2,406,000,000 | ||
Municipal Bond Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 1,603,000,000 | 1,635,000,000 | ||
On-balance sheet assets | ||||
Total assets | 23,000,000 | 0 | ||
Municipal Bond Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 1,326,000,000 | 1,442,000,000 | ||
On-balance sheet assets | ||||
Trading account assets | 1,325,000,000 | 1,454,000,000 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
All other assets | 1,000,000 | 0 | ||
Total assets | 1,326,000,000 | 1,454,000,000 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 185,000,000 | 348,000,000 | ||
Long-term debt | 0 | 12,000,000 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 185,000,000 | 360,000,000 | ||
Municipal Bond Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 23,000,000 | 0 | ||
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 | ||
Other Securitization Trusts | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Unconsolidated total assets of VIEs | 169,000,000 | 174,000,000 | ||
Other Securitization Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 46,000,000 | 47,000,000 | ||
On-balance sheet assets | ||||
Total assets | 46,000,000 | 47,000,000 | ||
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 | ||
Other Securitization Trusts | Senior Lien | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Debt securities carried at fair value | 46,000,000 | 47,000,000 | ||
Held-to-maturity securities | 0 | 0 | ||
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 | ||||
On-balance sheet liabilities | ||||
Other than temporary impairment losses recorded on debt securities | 2,000,000 | 1,000,000 | ||
Other than temporary impairment losses recorded on held-to-maturity securities | $ 0 | $ 0 |
Securitizations and Other Var86
Securitizations and Other Variable Interest Entities - Other Asset-backed Securitizations Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Home equity lines of credit | |||
Variable Interest Entity [Line Items] | |||
Trust certificates outstanding | $ 2,400 | $ 2,700 | |
Payments to fund trust securitization | 0 | $ 1 | |
Credit Card Receivable | |||
Variable Interest Entity [Line Items] | |||
Principal balance outstanding | $ 7,700 | 7,500 | |
Transferred financial assets, stated interest rate | 0.00% | ||
Credit Card Receivable | Senior Lien | |||
Variable Interest Entity [Line Items] | |||
Transferred financial assets, amount issued | $ 2,000 | 0 | |
Credit Card Receivable | Junior Lien | |||
Variable Interest Entity [Line Items] | |||
Transferred financial assets, amount issued | 323 | 0 | |
Resecuritization Trusts | |||
Variable Interest Entity [Line Items] | |||
Cash proceeds from new securitizations | 7,800 | 6,600 | |
Resecuritization Trusts | Debt securities | |||
Variable Interest Entity [Line Items] | |||
Cash proceeds from new securitizations | 734 | $ 1,000 | |
Municipal Bond Trusts | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Liquidity commitments to unconsolidated securitization trusts | $ 1,600 | $ 1,600 | |
Weighted average remaining life of bonds held in the trusts in years | 5 years 2 months |
Securitizations and Other Var87
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
On-balance sheet assets | ||||
Trading account assets | $ 209,044 | $ 180,209 | ||
Debt securities carried at fair value | 312,012 | 313,660 | ||
Loans and leases | 906,242 | 906,683 | ||
Allowance for loan and lease losses | (11,112) | (11,237) | $ (12,069) | $ (12,234) |
Loans held-for-sale | 14,751 | 9,066 | ||
All other assets | 115,705 | 120,709 | ||
Total assets | 2,247,701 | 2,187,702 | $ 2,185,726 | |
On-balance sheet liabilities | ||||
Long-term debt | 221,385 | 216,823 | ||
Total liabilities | 1,979,548 | 1,920,862 | ||
Other Variable Interest Entities | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 24,109 | 23,821 | ||
On-balance sheet assets | ||||
Trading account assets | 2,868 | 2,591 | ||
Debt securities carried at fair value | 161 | 75 | ||
Loans and leases | 6,772 | 6,648 | ||
Allowance for loan and lease losses | (37) | (33) | ||
Loans held-for-sale | 1,034 | 652 | ||
All other assets | 13,422 | 13,525 | ||
Total assets | 24,220 | 23,458 | ||
On-balance sheet liabilities | ||||
Long-term debt | 506 | 395 | ||
All other liabilities | 3,008 | 2,983 | ||
Total liabilities | 3,514 | 3,378 | ||
Consolidated total assets of VIEs | 6,526 | 6,305 | ||
Unconsolidated total assets of VIEs | 63,875 | 62,095 | ||
Total assets of VIEs | 70,401 | 68,400 | ||
Other Variable Interest Entities | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 6,210 | 6,114 | ||
On-balance sheet assets | ||||
Trading account assets | 2,644 | 2,358 | ||
Debt securities carried at fair value | 0 | 0 | ||
Loans and leases | 3,421 | 3,399 | ||
Allowance for loan and lease losses | (9) | (9) | ||
Loans held-for-sale | 128 | 188 | ||
All other assets | 342 | 369 | ||
Total assets | 6,526 | 6,305 | ||
On-balance sheet liabilities | ||||
Long-term debt | 506 | 395 | ||
All other liabilities | 24 | 24 | ||
Total liabilities | 530 | 419 | ||
Long-term debt with recourse to general corporation credit | 214 | 229 | ||
Other Variable Interest Entities | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 17,899 | 17,707 | ||
On-balance sheet assets | ||||
Trading account assets | 224 | 233 | ||
Debt securities carried at fair value | 161 | 75 | ||
Loans and leases | 3,351 | 3,249 | ||
Allowance for loan and lease losses | (28) | (24) | ||
Loans held-for-sale | 906 | 464 | ||
All other assets | 13,080 | 13,156 | ||
Total assets | 17,694 | 17,153 | ||
On-balance sheet liabilities | ||||
Long-term debt | 0 | 0 | ||
All other liabilities | 2,984 | 2,959 | ||
Total liabilities | $ 2,984 | $ 2,959 |
Securitizations and Other Var88
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | |||
Total assets | $ 2,247,701 | $ 2,185,726 | $ 2,187,702 |
Customer Vehicles | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 2,600 | 2,900 | |
Liquidity commitments to unconsolidated securitization trusts | 64 | 323 | |
Collateralized Debt Obligations | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 586 | 430 | |
Investment Vehicles | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 5,300 | 5,100 | |
Investment Vehicles | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 778 | 846 | |
Investment Vehicles | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 90 | 150 | |
Total assets | 18,700 | 17,300 | |
Consolidated total assets of VIEs | 67 | 75 | |
Leveraged Lease Trusts | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 2,700 | 2,600 | |
Tax Credit Vehicles | |||
Investments in Affordable Housing Projects [Abstract] | |||
Unfunded commitments | $ 2,700 | 2,700 | |
Unfunded commitment payment period | 5 years | ||
Tax credits and other benefits | $ 251 | 193 | |
Expected tax benefits recognized, as a percentage | 25.00% | ||
Tax Credit Vehicles | Other assets | |||
Investments in Affordable Housing Projects [Abstract] | |||
Investments in affordable housing project investments | $ 7,400 | 7,400 | |
Tax Credit Vehicles | Other income | |||
Investments in Affordable Housing Projects [Abstract] | |||
Pretax losses | 196 | $ 198 | |
Tax Credit Vehicles | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | $ 12,800 | $ 12,600 |
Representations and Warrantie89
Representations and Warranties Obligations and Corporate Guarantees - Unresolved Repurchase Claims by Counterparty, net of duplicate claims (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | $ 18,265 | $ 18,277 |
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 | 16,678 | 16,685 |
Monolines | ||
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | 1,583 | 1,583 |
GSEs | ||
Loss Contingencies [Line Items] | ||
Unresolved repurchase claims, net of duplicated claims | $ 4 | $ 9 |
Representations and Warrantie90
Representations and Warranties Obligations and Corporate Guarantees - Additional Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($)monoline_insurer | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | ||
Number of monoline insurers | monoline_insurer | 4 | |
New purchase claims | $ 24 | |
Claims resolved | 36 | |
Unresolved repurchase claims, net of duplicated claims | $ 18,265 | $ 18,277 |
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 | 1,300 |
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 | 16,678 | 16,685 |
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 | 0 |
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 | $ 5,600 |
Representations and Warrantie91
Representations and Warranties Obligations and Corporate Guarantees - Liabilities (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ 1 | $ 1 | |
Payments | (43) | (8,557) | |
Representations and Warranties Obligations and Corporate Guarantees | Mortgage Banking Income | |||
Loss Contingency Accrual [Roll Forward] | |||
Provision (benefit) | (3) | 42 | |
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 | 2,339 | 11,326 | |
Liability for representations and warranties and corporate guarantees, December 31 | $ 2,294 | $ 2,812 |
Goodwill and Intangible Asset92
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Total goodwill | $ 68,969 | $ 68,969 |
Less: Goodwill of business held for sale | (775) | (775) |
Operating Segments | Consumer Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 30,123 | 30,123 |
Operating Segments | Global Wealth & Investment Management | ||
Goodwill [Line Items] | ||
Total goodwill | 9,681 | 9,681 |
Operating Segments | Global Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 23,923 | 23,923 |
Operating Segments | Global Markets | ||
Goodwill [Line Items] | ||
Total goodwill | 5,197 | 5,197 |
All Other | ||
Goodwill [Line Items] | ||
All Other | $ 820 | $ 820 |
Goodwill and Intangible Asset93
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Intangible Assets [Abstract] | ||
Gross Carrying Value | $ 14,564 | $ 14,553 |
Accumulated Amortization | 11,737 | 11,564 |
Net Carrying Value | 2,827 | 2,989 |
International Consumer Credit Card Business | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Intangible Assets [Abstract] | ||
Disposal group, intangible assets | 61 | 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 | 6,841 | 6,830 |
Accumulated Amortization | 6,311 | 6,243 |
Net Carrying Value | 530 | 587 |
Core deposit intangibles | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,836 | 3,836 |
Accumulated Amortization | 2,071 | 2,046 |
Net Carrying Value | 1,765 | 1,790 |
Customer relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,887 | 3,887 |
Accumulated Amortization | 3,355 | 3,275 |
Net Carrying Value | $ 532 | $ 612 |
Goodwill and Intangible Asset94
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangibles | $ 162 | $ 187 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,017 | 464 | |
2,018 | 538 | |
2,019 | 109 | |
2,020 | 48 | |
2,021 | 2 | |
2,022 | $ 1 |
Federal Funds Sold or Purchas95
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Amount | ||
Average during year | $ 191,677 | $ 191,297 |
Maximum month-end balance during year | $ 199,926 | $ 196,631 |
Rate | ||
Average during year (percent) | 0.93% | 1.03% |
Short-term borrowings | ||
Amount | ||
Average during year | $ 40,040 | $ 30,693 |
Maximum month-end balance during year | $ 44,944 | $ 30,881 |
Rate | ||
Average during year (percent) | 2.11% | 1.58% |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Amount | ||
Average during year | $ 216,402 | $ 209,183 |
Maximum month-end asset outstanding amount | $ 223,499 | $ 221,129 |
Rate | ||
Average asset outstanding rate (percent) | 0.82% | 0.53% |
Federal Funds Sold or Purchas96
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Securities borrowed or purchased under agreements to resell: | ||
Gross Assets | $ 354,116 | $ 326,970 |
Amounts Offset | (143,383) | (128,746) |
Net Balance Sheet Amount | 210,733 | 198,224 |
Financial Instruments | (164,220) | (154,974) |
Net Assets | 46,513 | 43,250 |
Securities loaned or sold under agreements to repurchase: | ||
Gross Liabilities | 329,468 | 299,028 |
Amounts Offset | (143,383) | (128,746) |
Net Balance Sheet Amount | 186,085 | 170,282 |
Financial Instruments | (154,145) | (140,774) |
Net Liabilities | 31,940 | 29,508 |
Other: | ||
Gross Liabilities | 16,102 | 14,448 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 16,102 | 14,448 |
Financial Instruments | (16,102) | (14,448) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability: | ||
Gross Liabilities | 345,570 | 313,476 |
Amounts Offset | (143,383) | (128,746) |
Net Balance Sheet Amount | 202,187 | 184,730 |
Financial Instruments | (170,247) | (155,222) |
Net Liabilities | 31,940 | 29,508 |
Loans and leases repurchase activity | $ 9,500 | $ 10,100 |
Federal Funds Sold or Purchas97
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 | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 304,978 | $ 280,236 |
Securities loaned | 24,490 | 18,792 |
Other | 16,102 | 14,448 |
Total | $ 345,570 | 313,476 |
Maximum agreement maturity period (less than) | 3 years | |
Overnight and Continuous | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 134,495 | 129,853 |
Securities loaned | 18,164 | 8,564 |
Other | 16,102 | 14,448 |
Total | 168,761 | 152,865 |
30 Days or Less | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 82,101 | 77,780 |
Securities loaned | 760 | 6,602 |
Other | 0 | 0 |
Total | 82,861 | 84,382 |
After 30 Days Through 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 36,219 | 31,851 |
Securities loaned | 1,430 | 1,473 |
Other | 0 | 0 |
Total | 37,649 | 33,324 |
Greater than 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 52,163 | 40,752 |
Securities loaned | 4,136 | 2,153 |
Other | 0 | 0 |
Total | $ 56,299 | $ 42,905 |
Federal Funds Sold or Purchas98
Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings - Class of Collateral Pledged (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | $ 304,978 | $ 280,236 |
Securities loaned | 24,490 | 18,792 |
Other | 16,102 | 14,448 |
Total | 345,570 | 313,476 |
U.S. Treasury and agency securities | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 165,255 | 153,184 |
Securities loaned | 0 | 0 |
Other | 194 | 70 |
Total | 165,449 | 153,254 |
Corporate securities, trading loans and other | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 10,582 | 11,086 |
Securities loaned | 1,792 | 1,630 |
Other | 163 | 127 |
Total | 12,537 | 12,843 |
Equity securities | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 26,685 | 24,007 |
Securities loaned | 15,092 | 11,175 |
Other | 15,702 | 14,196 |
Total | 57,479 | 49,378 |
Non-U.S. sovereign debt | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 94,628 | 84,171 |
Securities loaned | 7,606 | 5,987 |
Other | 43 | 55 |
Total | 102,277 | 90,213 |
Mortgage trading loans and ABS | ||
Class of Collateral Pledged | ||
Securities sold under agreements to repurchase | 7,828 | 7,788 |
Securities loaned | 0 | 0 |
Other | 0 | 0 |
Total | $ 7,828 | $ 7,788 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Other Commitments [Line Items] | ||
Legally binding unfunded commitments syndicated | $ 11,900 | $ 12,100 |
Carrying amount credit extension commitments syndicated | 776 | 779 |
Deferred revenue | 19 | 17 |
Other liabilities reserve for unfunded lending commitments | 757 | 762 |
Notional amount of credit extension commitments under fair value option | 5,900 | 7,000 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair value carrying amount liabilities | $ 135 | $ 173 |
Commitments and Contingencie100
Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 491,708 | $ 489,638 |
Expire After One Year Through Three Years | 154,624 | 154,621 |
Expire After Three Years Through Five Years | 154,412 | 158,837 |
Expire After Five Years | 51,980 | 48,259 |
Total | 852,724 | 851,355 |
Loan commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 77,131 | 82,609 |
Expire After One Year Through Three Years | 134,993 | 133,063 |
Expire After Three Years Through Five Years | 148,994 | 152,854 |
Expire After Five Years | 23,951 | 22,129 |
Total | 385,069 | 390,655 |
Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 8,973 | 8,806 |
Expire After One Year Through Three Years | 8,539 | 10,701 |
Expire After Three Years Through Five Years | 2,469 | 2,644 |
Expire After Five Years | 26,912 | 25,050 |
Total | 46,893 | 47,201 |
Standby letters of credit and financial guarantees | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 19,549 | 19,165 |
Expire After One Year Through Three Years | 10,991 | 10,754 |
Expire After Three Years Through Five Years | 2,852 | 3,225 |
Expire After Five Years | 1,068 | 1,027 |
Total | 34,460 | 34,171 |
Standby letters of credit and financial guarantees | Credit Card and Other Consumer | ||
Other Commitments [Line Items] | ||
Total | 399 | 376 |
Standby letters of credit and financial guarantees | Investment grade | ||
Other Commitments [Line Items] | ||
Total | 25,800 | 25,500 |
Standby letters of credit and financial guarantees | Non-investment grade | ||
Other Commitments [Line Items] | ||
Total | 8,300 | 8,300 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,164 | 1,285 |
Expire After One Year Through Three Years | 101 | 103 |
Expire After Three Years Through Five Years | 97 | 114 |
Expire After Five Years | 49 | 53 |
Total | 1,411 | 1,555 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 106,817 | 111,865 |
Expire After One Year Through Three Years | 154,624 | 154,621 |
Expire After Three Years Through Five Years | 154,412 | 158,837 |
Expire After Five Years | 51,980 | 48,259 |
Total | 467,833 | 473,582 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 384,891 | 377,773 |
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 | $ 384,891 | $ 377,773 |
Commitments and Contingencie101
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
2,017 | $ 1,700 | |
2,018 | 2,200 | |
2,019 | 1,900 | |
2,020 | 1,700 | |
2,021 | 1,400 | |
Thereafter | 5,100 | |
Liquefied Natural Gas Commodities | ||
Loss Contingencies [Line Items] | ||
Other commitments | 1,500 | $ 1,900 |
Forward-Dated Resale and Securities Borrowing Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 61,500 | 48,900 |
Forward-Dated Repurchase and Securities Lending Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 36,600 | 24,400 |
Retail Automotive Loans | ||
Loss Contingencies [Line Items] | ||
Other commitments | 175 | 475 |
Auto Loans and Leases | ||
Loss Contingencies [Line Items] | ||
Other commitment, due next year | 1,900 | |
Residential and Commercial Portfolio Segments | Residential and Commercial Financing Receivable | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | 537 | 767 |
Commercial Portfolio Segment | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 564 | $ 636 |
Commitments and Contingencie102
Commitments and Contingencies - Other Guarantees (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Payment Protection Insurance | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | $ 225,000,000 | $ 252,000,000 | |
Provision (benefit) | $ 0 | $ 0 | |
Merchant Servicing Joint Venture | |||
Loss Contingencies [Line Items] | |||
Equity method investment ownership percentage | 49.00% | ||
Carrying value of investment | $ 2,900,000,000 | 2,900,000,000 | |
Merchant Processing Servicers, Sponsored Entities | |||
Loss Contingencies [Line Items] | |||
Transactions processed and settled by sponsored entities | 186,800,000,000 | 159,400,000,000 | |
Losses as result of cardholder disputed transactions | 7,000,000 | $ 6,000,000 | |
Escrow deposits held as collateral by sponsored entities | 210,000,000 | 188,000,000 | |
Life Insurance Book Value Protection | |||
Loss Contingencies [Line Items] | |||
Notional amount of derivatives | 14,000,000,000 | 13,900,000,000 | |
Maximum potential exposure | 3,200,000,000 | 3,200,000,000 | |
Net fair value of bank-owned life insurance book value protection | 3,000,000 | 4,000,000 | |
Merchant Services | Merchant Processing Servicers, Sponsored Entities | |||
Loss Contingencies [Line Items] | |||
Maximum potential exposure | 322,800,000,000 | 325,700,000,000 | |
Other Guarantee | |||
Loss Contingencies [Line Items] | |||
Maximum potential exposure | $ 6,400,000,000 | $ 6,700,000,000 |
Commitments and Contingencie103
Commitments and Contingencies - Litigation and Regulatory Matters (Details) - USD ($) | Mar. 09, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Loss Contingencies [Line Items] | |||
Litigation settlement expense | $ 274,000,000 | $ 388,000,000 | |
Minimum | |||
Loss Contingencies [Line Items] | |||
Estimate of possible loss | 0 | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Estimate of possible loss | $ 1,500,000,000 | ||
FDIC Deposit Insurance Assessments | Bank of America, N.A. | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 583,000,000 |
Shareholders' Equity - Declared
Shareholders' Equity - Declared Quarterly Cash Dividends on Common Stock (Details) - $ / shares | Apr. 26, 2017 | Jan. 26, 2017 | Sep. 30, 2016 | Jun. 30, 2016 |
Class of Stock [Line Items] | ||||
Dividends per share (in dollars per share) | $ 0.075 | $ 0.075 | $ 0.05 | |
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Dividends per share (in dollars per share) | $ 0.075 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) | Jan. 26, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jan. 13, 2017 |
Common Stock | ||||||
Common stock dividends declared (in dollars per share) | $ 0.075 | $ 0.075 | $ 0.05 | |||
Common stock repurchased | $ 2,728,000,000 | $ 1,000,000,000 | ||||
Share-based compensation, number of shares authorized (in shares) | 1,600,000,000 | |||||
Preferred Stock | ||||||
Preferred stock dividends | $ 502,000,000 | 457,000,000 | ||||
Accounting for Share-based Compensation | ||||||
Share-based payment award tax benefit | $ 222,000,000 | |||||
Restricted Stock Units (RSUs) | ||||||
Restricted Stock Units | ||||||
Restricted stock units granted in period (in shares) | 85,000,000 | |||||
Common Stock | ||||||
Common Stock | ||||||
Common stock repurchased (in shares) | 114,000,000 | |||||
Common stock repurchased | $ 2,700,000,000 | |||||
Stock issued (in shares) | 60,000,000 | |||||
Shares paid for tax withholding for share based compensation (in shares) | 24,000,000 | |||||
Retained Earnings | ||||||
Preferred Stock | ||||||
Preferred stock dividends | $ 502,000,000 | $ 457,000,000 | ||||
Preferred Stock | ||||||
Preferred Stock | ||||||
Shares issued (in shares) | 0 | |||||
Warrants Expiring October 18, 2018 | ||||||
Common Stock | ||||||
Warrants outstanding (in shares) | 122,000,000 | |||||
Minimum required dividend rate (in dollars per share) | $ 0.32 | |||||
Exercise price per warrant (in dollars per share) | $ 30.79 | |||||
Warrants Expiring January 16, 2019 | ||||||
Common Stock | ||||||
Warrants outstanding (in shares) | 150,000,000 | |||||
Minimum required dividend rate (in dollars per share) | $ 0.01 | |||||
Exercise price per warrant (in dollars per share) | $ 12.904 | |||||
2016 CCAR | ||||||
Common Stock | ||||||
Shares authorized to be repurchased, amount | $ 5,000,000,000 | |||||
Period of stock repurchase program | 12 months | |||||
Other authorized repurchases | Common Stock | ||||||
Common Stock | ||||||
Shares authorized to be repurchased, amount | $ 1,800,000,000 |
Accumulated Other Comprehens106
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ 266,840 | $ 256,176 |
Net change | (28) | 2,529 |
Ending Balance | 268,153 | 263,004 |
Debit Valuation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (767) | (611) |
Net change | 9 | 127 |
Ending Balance | (758) | (484) |
Derivatives | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (895) | (1,077) |
Net change | 38 | 24 |
Ending Balance | (857) | (1,053) |
Employee Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (3,480) | (2,956) |
Net change | 27 | 10 |
Ending Balance | (3,453) | (2,946) |
Foreign currency | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (879) | (792) |
Net change | (3) | 12 |
Ending Balance | (882) | (780) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (7,288) | (5,358) |
Net change | (28) | 2,529 |
Ending Balance | (7,316) | (2,829) |
Debt securities | Available-for-sale debt securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (1,299) | 16 |
Net change | (103) | 2,389 |
Ending Balance | (1,402) | 2,405 |
Equity securities | Available-for-sale debt securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | 32 | 62 |
Net change | 4 | (33) |
Ending Balance | $ 36 | $ 29 |
Accumulated Other Comprehens107
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Before- and After-tax (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
After-tax | ||
Comprehensive income | $ 4,828 | $ 6,001 |
Total other comprehensive income (loss) | ||
Before-tax | ||
Net change | (193) | 3,933 |
Tax effect | ||
Net change | 165 | (1,404) |
After-tax | ||
Comprehensive income | (28) | 2,529 |
Available-for-sale debt securities | Debt securities | ||
Before-tax | ||
Net increase (decrease) in fair value | (151) | 4,038 |
Net realized (gains) losses reclassified into earnings | (25) | (183) |
Net change | (176) | 3,855 |
Tax effect | ||
Net increase (decrease) in fair value | 63 | (1,535) |
Net realized (gains) losses reclassified into earnings | 10 | 69 |
Net change | 73 | (1,466) |
After-tax | ||
Other comprehensive income (loss) before reclassification, net of tax | (88) | 2,503 |
Net realized (gains) losses reclassified into earnings | (15) | (114) |
Comprehensive income | (103) | 2,389 |
Available-for-sale debt securities | Debt securities | Gains on sales of debt securities | ||
Before-tax | ||
Net realized (gains) losses reclassified into earnings | (52) | (190) |
Tax effect | ||
Net realized (gains) losses reclassified into earnings | 20 | 72 |
After-tax | ||
Net realized (gains) losses reclassified into earnings | (32) | (118) |
Available-for-sale debt securities | Debt securities | Other income | ||
Before-tax | ||
Net realized (gains) losses reclassified into earnings | 27 | 7 |
Tax effect | ||
Net realized (gains) losses reclassified into earnings | (10) | (3) |
After-tax | ||
Net realized (gains) losses reclassified into earnings | 17 | 4 |
Available-for-sale debt securities | Equity securities | ||
Before-tax | ||
Net increase (decrease) in fair value | 27 | (54) |
Net realized (gains) losses reclassified into earnings | (20) | 0 |
Net change | 7 | (54) |
Tax effect | ||
Net increase (decrease) in fair value | (10) | 21 |
Net realized (gains) losses reclassified into earnings | 7 | 0 |
Net change | (3) | 21 |
After-tax | ||
Other comprehensive income (loss) before reclassification, net of tax | 17 | (33) |
Net realized (gains) losses reclassified into earnings | (13) | 0 |
Comprehensive income | 4 | (33) |
Debit Valuation Adjustments | ||
Before-tax | ||
Net increase (decrease) in fair value | 9 | 195 |
Net realized (gains) losses reclassified into earnings | 6 | 7 |
Net change | 15 | 202 |
Tax effect | ||
Net increase (decrease) in fair value | (4) | (72) |
Net realized (gains) losses reclassified into earnings | (2) | (3) |
Net change | (6) | (75) |
After-tax | ||
Other comprehensive income (loss) before reclassification, net of tax | 5 | 123 |
Net realized (gains) losses reclassified into earnings | 4 | 4 |
Comprehensive income | 9 | 127 |
Derivatives | ||
Before-tax | ||
Net increase (decrease) in fair value | (9) | (159) |
Net realized (gains) losses reclassified into earnings | 70 | 198 |
Net change | 61 | 39 |
Tax effect | ||
Net increase (decrease) in fair value | 3 | 59 |
Net realized (gains) losses reclassified into earnings | (26) | (74) |
Net change | (23) | (15) |
After-tax | ||
Other comprehensive income (loss) before reclassification, net of tax | (6) | (100) |
Net realized (gains) losses reclassified into earnings | 44 | 124 |
Comprehensive income | 38 | 24 |
Derivatives | Net interest income | ||
Before-tax | ||
Net realized (gains) losses reclassified into earnings | 112 | 164 |
Tax effect | ||
Net realized (gains) losses reclassified into earnings | (42) | (61) |
After-tax | ||
Net realized (gains) losses reclassified into earnings | 70 | 103 |
Derivatives | Personnel | ||
Before-tax | ||
Net realized (gains) losses reclassified into earnings | (42) | 34 |
Tax effect | ||
Net realized (gains) losses reclassified into earnings | 16 | (13) |
After-tax | ||
Net realized (gains) losses reclassified into earnings | (26) | 21 |
Employee Benefit Plans | ||
Before-tax | ||
Net realized (gains) losses reclassified into earnings | 43 | 25 |
Settlements, curtailments and other | 0 | 0 |
Net change | 43 | 25 |
Tax effect | ||
Net realized (gains) losses reclassified into earnings | (16) | (10) |
Settlements, curtailments and other | 0 | (5) |
Net change | (16) | (15) |
After-tax | ||
Net realized (gains) losses reclassified into earnings | 27 | 15 |
Settlements, curtailments and other | 0 | (5) |
Comprehensive income | 27 | 10 |
Prior service cost | ||
Before-tax | ||
Net realized (gains) losses reclassified into earnings | 1 | 1 |
Tax effect | ||
Net realized (gains) losses reclassified into earnings | 0 | 0 |
After-tax | ||
Net realized (gains) losses reclassified into earnings | 1 | 1 |
Net actuarial losses | ||
Before-tax | ||
Net realized (gains) losses reclassified into earnings | 42 | 24 |
Tax effect | ||
Net realized (gains) losses reclassified into earnings | (16) | (10) |
After-tax | ||
Net realized (gains) losses reclassified into earnings | 26 | 14 |
Foreign currency | ||
Before-tax | ||
Net increase (decrease) in fair value | (131) | (134) |
Net realized (gains) losses reclassified into earnings | (12) | 0 |
Net change | (143) | (134) |
Tax effect | ||
Net increase (decrease) in fair value | 108 | 146 |
Net realized (gains) losses reclassified into earnings | 32 | |
Net change | 140 | 146 |
After-tax | ||
Other comprehensive income (loss) before reclassification, net of tax | (23) | 12 |
Net realized (gains) losses reclassified into earnings | 20 | 0 |
Comprehensive income | $ (3) | $ 12 |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings (loss) per common share | ||
Net income | $ 4,856 | $ 3,472 |
Preferred stock dividends | (502) | (457) |
Net income applicable to common shareholders | $ 4,354 | $ 3,015 |
Average common shares issued and outstanding (in shares) | 10,099,557 | 10,370,094 |
Earnings (loss) per common share (in dollars per share) | $ 0.43 | $ 0.29 |
Diluted earnings (loss) per common share | ||
Add preferred stock dividends due to assumed conversions | $ 75 | $ 75 |
Net income allocated to common shareholders | $ 4,429 | $ 3,090 |
Average common shares issued and outstanding (in thousands) (in shares) | 10,099,557 | 10,370,094 |
Dilutive potential common shares (in shares) | 815,258 | 729,973 |
Total diluted average common shares issued and outstanding (in thousands) (in shares) | 10,914,815 | 11,100,067 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.41 | $ 0.28 |
Earnings Per Common Share - Ant
Earnings Per Common Share - Antidilutive Securities (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Average options to purchase shares of common stock (in shares) | 30 | 53 |
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 |
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 |
Earnings Per Common Share - Dil
Earnings Per Common Share - Dilutive Shares (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Common Stock | ||
Class of Stock [Line Items] | ||
Incremental common shares attributable to dilutive effect of call options and warrants (in shares) | 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 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 58,545 | $ 49,750 | |
Trading account assets | 209,044 | 180,209 | |
Gross derivative assets | 533,500 | 631,100 | |
Derivative assets | 40,078 | 42,512 | |
Other debt securities carried at fair value | 16,803 | 19,720 | |
Loans and leases | 7,528 | 7,085 | |
Loans held-for-sale | 3,745 | 4,026 | |
Customer and other receivables | 250 | ||
Debt securities in assets of business held for sale | 691 | 619 | |
Other assets | 14,639 | 13,802 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 598 | 731 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 36,663 | 35,766 | |
Gross derivative liabilities | 533,800 | 628,300 | |
Derivative liabilities | 36,428 | 39,480 | |
Short-term borrowings | 1,041 | 2,024 | |
Long-term debt | 29,617 | 30,037 | |
Derivative liabilities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Liabilities transferred from Level 1 to Level 2 | 400 | 2,400 | |
Liabilities transferred from Level 2 to Level 1 | 123 | 1,800 | |
Derivative assets | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 1 to Level 2 | 612 | 2,300 | |
Assets transferred from Level 2 to Level 1 | 111 | 2,000 | |
U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 50,558 | 48,252 | |
Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 189,043 | 189,486 | |
Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 7,877 | 8,330 | |
Other debt securities carried at fair value | 5 | 5 | |
Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 1,943 | 2,013 | |
Other debt securities carried at fair value | 3,082 | 3,139 | |
Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 12,572 | 12,322 | |
Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 9,819 | 10,614 | |
Other debt securities carried at fair value | 234 | 240 | |
Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 17,335 | 17,160 | |
Recurring | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 58,545 | 49,750 | |
Trading account assets | 209,044 | 180,209 | |
Netting adjustments | (493,389) | (588,604) | |
Derivative assets | 40,078 | 42,512 | |
Total available-for-sale debt securities | 295,209 | 293,940 | |
Other debt securities carried at fair value | 16,803 | 19,720 | |
Loans and leases | 7,528 | 7,085 | |
Mortgage servicing rights | 2,610 | 2,747 | |
Loans held-for-sale | 3,745 | 4,026 | |
Customer and other receivables | 250 | ||
Debt securities in assets of business held for sale | 691 | 619 | |
Other assets | 14,639 | 13,802 | |
Total assets | 649,142 | 614,410 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 598 | 731 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 36,663 | 35,766 | |
Total trading account liabilities | 77,283 | 63,031 | |
Netting adjustment | (497,317) | (588,833) | |
Derivative liabilities | 36,428 | 39,480 | |
Short-term borrowings | 1,041 | 2,024 | |
Accrued expenses and other liabilities | 16,245 | 14,630 | |
Long-term debt | 29,617 | 30,037 | |
Total liabilities | 197,875 | 185,699 | |
Recurring | Securities Segregated for Compliance or Deposited with Clearing Organizations | |||
Financial assets | |||
Trading account assets | 18,100 | 14,600 | |
Recurring | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 41,588 | 36,514 | |
Liabilities | |||
Total trading account liabilities | 18,483 | 16,051 | |
Recurring | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 29,939 | 25,809 | |
Liabilities | |||
Total trading account liabilities | 8,263 | 6,570 | |
Recurring | Equity securities | |||
Financial assets | |||
Trading account assets | 84,426 | 72,051 | |
Liabilities | |||
Total trading account liabilities | 33,267 | 28,898 | |
Recurring | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 25,980 | 20,028 | |
Liabilities | |||
Total trading account liabilities | 17,270 | 11,512 | |
Recurring | U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 18,442 | 15,799 | |
Recurring | Mortgage trading loans, ABS and other MBS | |||
Financial assets | |||
Trading account assets | 8,669 | 10,008 | |
Recurring | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 50,558 | 48,252 | |
Recurring | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 189,043 | 189,486 | |
Other debt securities carried at fair value | 5 | ||
Recurring | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 7,877 | 8,330 | |
Other debt securities carried at fair value | 5 | ||
Recurring | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 1,943 | 2,013 | |
Other debt securities carried at fair value | 3,082 | 3,139 | |
Recurring | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 12,572 | 12,322 | |
Recurring | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 6,062 | 5,763 | |
Other debt securities carried at fair value | 13,482 | 16,336 | |
Recurring | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 9,819 | 10,614 | |
Other debt securities carried at fair value | 234 | 240 | |
Recurring | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 17,335 | 17,160 | |
Recurring | US Government-sponsored Enterprises Debt Securities | |||
Financial assets | |||
Trading account assets | 19,200 | 17,500 | |
Recurring | Level 1 | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 112,201 | 94,505 | |
Gross derivative assets | 8,218 | 7,337 | |
Total available-for-sale debt securities | 50,958 | 48,721 | |
Other debt securities carried at fair value | 12,177 | 15,109 | |
Loans and leases | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Customer and other receivables | 0 | ||
Debt securities in assets of business held for sale | 691 | 619 | |
Other assets | 12,971 | 11,824 | |
Total assets | 197,216 | 178,115 | |
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 | 62,373 | 51,310 | |
Gross derivative liabilities | 7,640 | 7,173 | |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 14,650 | 12,978 | |
Long-term debt | 0 | 0 | |
Total liabilities | 84,663 | 71,461 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 40,582 | 34,587 | |
Liabilities | |||
Total trading account liabilities | 18,392 | 15,854 | |
Recurring | Level 1 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 219 | 171 | |
Liabilities | |||
Total trading account liabilities | 231 | 163 | |
Recurring | Level 1 | Equity securities | |||
Financial assets | |||
Trading account assets | 58,970 | 50,169 | |
Liabilities | |||
Total trading account liabilities | 30,203 | 25,884 | |
Recurring | Level 1 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 12,430 | 9,578 | |
Liabilities | |||
Total trading account liabilities | 13,547 | 9,409 | |
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 | 49,013 | 46,787 | |
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 | 1,945 | 1,934 | |
Other debt securities carried at fair value | 12,177 | 15,109 | |
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 | 58,545 | 49,750 | |
Trading account assets | 92,784 | 80,925 | |
Gross derivative assets | 521,097 | 619,848 | |
Total available-for-sale debt securities | 242,945 | 243,854 | |
Other debt securities carried at fair value | 4,602 | 4,586 | |
Loans and leases | 6,826 | 6,365 | |
Mortgage servicing rights | 0 | 0 | |
Loans held-for-sale | 2,953 | 3,370 | |
Customer and other receivables | 250 | ||
Debt securities in assets of business held for sale | 0 | 0 | |
Other assets | 1,437 | 1,739 | |
Total assets | 931,439 | 1,010,437 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 598 | 731 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 36,437 | 35,407 | |
Total trading account liabilities | 14,875 | 11,694 | |
Gross derivative liabilities | 520,288 | 615,896 | |
Short-term borrowings | 1,041 | 2,024 | |
Accrued expenses and other liabilities | 1,586 | 1,643 | |
Long-term debt | 27,957 | 28,523 | |
Total liabilities | 602,782 | 695,918 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 1,006 | 1,927 | |
Liabilities | |||
Total trading account liabilities | 91 | 197 | |
Recurring | Level 2 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 27,691 | 22,861 | |
Liabilities | |||
Total trading account liabilities | 7,997 | 6,380 | |
Recurring | Level 2 | Equity securities | |||
Financial assets | |||
Trading account assets | 25,168 | 21,601 | |
Liabilities | |||
Total trading account liabilities | 3,064 | 3,014 | |
Recurring | Level 2 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 13,023 | 9,940 | |
Liabilities | |||
Total trading account liabilities | 3,723 | 2,103 | |
Recurring | Level 2 | U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 18,442 | 15,799 | |
Recurring | Level 2 | Mortgage trading loans, ABS and other MBS | |||
Financial assets | |||
Trading account assets | 7,454 | 8,797 | |
Recurring | Level 2 | U.S. government and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 1,545 | 1,465 | |
Recurring | Level 2 | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 189,043 | 189,486 | |
Other debt securities carried at fair value | 5 | ||
Recurring | Level 2 | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 7,877 | 8,330 | |
Other debt securities carried at fair value | 5 | ||
Recurring | Level 2 | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 1,943 | 2,013 | |
Other debt securities carried at fair value | 3,058 | 3,114 | |
Recurring | Level 2 | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 12,572 | 12,322 | |
Recurring | Level 2 | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 3,910 | 3,600 | |
Other debt securities carried at fair value | 1,305 | 1,227 | |
Recurring | Level 2 | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 9,240 | 10,020 | |
Other debt securities carried at fair value | 234 | 240 | |
Recurring | Level 2 | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 16,815 | 16,618 | |
Recurring | Level 3 | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 4,059 | 4,779 | |
Gross derivative assets | 4,152 | 3,931 | $ 5,500 |
Total available-for-sale debt securities | 1,306 | 1,365 | |
Other debt securities carried at fair value | 24 | 25 | |
Loans and leases | 702 | 720 | |
Mortgage servicing rights | 2,610 | 2,747 | |
Loans held-for-sale | 792 | 656 | |
Debt securities in assets of business held for sale | 0 | 0 | |
Other assets | 231 | 239 | |
Total assets | 13,876 | 14,462 | |
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 | 226 | 359 | |
Total trading account liabilities | 35 | 27 | |
Gross derivative liabilities | 5,817 | 5,244 | $ 5,800 |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 9 | 9 | |
Long-term debt | 1,660 | 1,514 | |
Total liabilities | 7,747 | 7,153 | |
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 | 2,029 | 2,777 | |
Total assets | 2,000 | 2,800 | |
Liabilities | |||
Total trading account liabilities | 35 | 27 | |
Recurring | Level 3 | Equity securities | |||
Financial assets | |||
Trading account assets | 288 | 281 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 527 | 510 | |
Total assets | 527 | 510 | |
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 | 1,215 | 1,211 | |
Total assets | 1,200 | 1,200 | |
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 | 0 | ||
Other debt securities carried at fair value | 24 | 25 | |
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 | 207 | 229 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 3 | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 579 | 594 | |
Other debt securities carried at fair value | 0 | 0 | |
Total assets | 579 | 594 | |
Recurring | Level 3 | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 520 | 542 | |
Total assets | $ 520 | $ 542 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance, beginning | $ (1,313) | $ (441) | |
Total Realized/Unrealized Gains/(Losses) | (474) | 403 | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 200 | 89 | |
Sales | (247) | (175) | |
Issuances | 0 | 0 | |
Settlements | 170 | 12 | |
Gross Transfers into Level 3 | 29 | (116) | |
Gross Transfers out of Level 3 | (30) | (87) | |
Balance, ending | (1,665) | (315) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (489) | 257 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gross derivative assets | 533,500 | $ 631,100 | |
Gross derivative liabilities | 533,800 | 628,300 | |
Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Mortgage servicing rights | 2,610 | 2,747 | |
Level 3 | Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance, beginning | (1,313) | ||
Balance, ending | (1,665) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gross derivative assets | 4,152 | 5,500 | 3,931 |
Gross derivative liabilities | 5,817 | 5,800 | 5,244 |
Mortgage servicing rights | 2,610 | $ 2,747 | |
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 | (359) | (335) | |
Total Realized/Unrealized Gains/(Losses) | 1 | (3) | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | (2) | (14) | |
Settlements | 28 | 7 | |
Gross Transfers into Level 3 | 0 | 0 | |
Gross Transfers out of Level 3 | 106 | 0 | |
Balance, ending | (226) | (345) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 1 | (9) | |
Corporate securities, trading loans and other | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (27) | (21) | |
Total Realized/Unrealized Gains/(Losses) | 2 | 1 | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | (10) | (8) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Gross Transfers into Level 3 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | |
Balance, ending | (35) | (28) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 2 | 1 | |
Short-term borrowings | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (30) | ||
Total Realized/Unrealized Gains/(Losses) | 1 | ||
Gains (Losses) in OCI | 0 | ||
Purchases | 0 | ||
Sales | 0 | ||
Issuances | 0 | ||
Settlements | 29 | ||
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 | ||
Accrued expenses and other liabilities | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (9) | (9) | |
Total Realized/Unrealized Gains/(Losses) | 0 | 0 | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
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 | (9) | (9) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | |
Long-term debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (1,514) | (1,513) | |
Total Realized/Unrealized Gains/(Losses) | (83) | (91) | |
Gains (Losses) in OCI | 7 | (7) | |
Purchases | 11 | 9 | |
Sales | 0 | 0 | |
Issuances | (130) | (169) | |
Settlements | 159 | 56 | |
Gross Transfers into Level 3 | (178) | (186) | |
Gross Transfers out of Level 3 | 68 | 87 | |
Balance, ending | (1,660) | (1,814) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (83) | (93) | |
Operating Segments | Consumer Banking | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Mortgage servicing rights | 1,900 | 1,800 | |
Operating Segments | Global Markets | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Mortgage servicing rights | 481 | 479 | |
All Other | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Mortgage servicing rights | 208 | 343 | |
Corporate securities, trading loans and other | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 2,777 | 2,838 | |
Total Realized/Unrealized Gains/(Losses) | 84 | 50 | |
Gains (Losses) in OCI | 0 | 1 | |
Purchases | 199 | 227 | |
Sales | (480) | (147) | |
Issuances | 0 | 0 | |
Settlements | (127) | (148) | |
Gross Transfers into Level 3 | 75 | 158 | |
Gross Transfers out of Level 3 | (499) | (25) | |
Balance, ending | 2,029 | 2,954 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 56 | 33 | |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 281 | 407 | |
Total Realized/Unrealized Gains/(Losses) | 12 | 60 | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 20 | 10 | |
Sales | (17) | (2) | |
Issuances | 0 | 0 | |
Settlements | (10) | (62) | |
Gross Transfers into Level 3 | 72 | 4 | |
Gross Transfers out of Level 3 | (70) | 0 | |
Balance, ending | 288 | 417 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 8 | 7 | |
Non-U.S. sovereign debt | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 510 | 521 | |
Total Realized/Unrealized Gains/(Losses) | 19 | 42 | |
Gains (Losses) in OCI | 10 | 49 | |
Purchases | 0 | 3 | |
Sales | (9) | (1) | |
Issuances | 0 | 0 | |
Settlements | (6) | (42) | |
Gross Transfers into Level 3 | 3 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | |
Balance, ending | 527 | 572 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 19 | 41 | |
Mortgage trading loans, ABS and other MBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,211 | 1,868 | |
Total Realized/Unrealized Gains/(Losses) | 107 | 28 | |
Gains (Losses) in OCI | 0 | (2) | |
Purchases | 339 | 194 | |
Sales | (375) | (404) | |
Issuances | 0 | 0 | |
Settlements | (54) | (73) | |
Gross Transfers into Level 3 | 28 | 31 | |
Gross Transfers out of Level 3 | (41) | (28) | |
Balance, ending | 1,215 | 1,614 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 74 | 4 | |
Trading Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 4,779 | 5,634 | |
Total Realized/Unrealized Gains/(Losses) | 222 | 180 | |
Gains (Losses) in OCI | 10 | 48 | |
Purchases | 558 | 434 | |
Sales | (881) | (554) | |
Issuances | 0 | 0 | |
Settlements | (197) | (325) | |
Gross Transfers into Level 3 | 178 | 193 | |
Gross Transfers out of Level 3 | (610) | (53) | |
Balance, ending | 4,059 | 5,557 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 157 | 85 | |
Non-agency residential MBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 106 | ||
Total Realized/Unrealized Gains/(Losses) | 0 | ||
Gains (Losses) in OCI | 5 | ||
Purchases | 135 | ||
Sales | (92) | ||
Issuances | 0 | ||
Settlements | (4) | ||
Gross Transfers into Level 3 | 0 | ||
Gross Transfers out of Level 3 | 0 | ||
Balance, ending | 150 | ||
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 | 229 | ||
Total Realized/Unrealized Gains/(Losses) | 0 | ||
Gains (Losses) in OCI | 3 | ||
Purchases | 20 | ||
Sales | 0 | ||
Issuances | 0 | ||
Settlements | (45) | ||
Gross Transfers into Level 3 | 0 | ||
Gross Transfers out of Level 3 | 0 | ||
Balance, ending | 207 | ||
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | ||
Other taxable securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 594 | 757 | |
Total Realized/Unrealized Gains/(Losses) | 3 | 1 | |
Gains (Losses) in OCI | 4 | (3) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (22) | (16) | |
Gross Transfers into Level 3 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | |
Balance, ending | 579 | 739 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | |
Tax-exempt securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 542 | 569 | |
Total Realized/Unrealized Gains/(Losses) | 0 | 0 | |
Gains (Losses) in OCI | 2 | (7) | |
Purchases | 0 | 1 | |
Sales | (56) | 0 | |
Issuances | 0 | 0 | |
Settlements | (3) | (1) | |
Gross Transfers into Level 3 | 35 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | |
Balance, ending | 520 | 562 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | |
Available-for-sale Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,365 | 1,432 | |
Total Realized/Unrealized Gains/(Losses) | 3 | 1 | |
Gains (Losses) in OCI | 9 | (5) | |
Purchases | 20 | 136 | |
Sales | (56) | (92) | |
Issuances | 0 | 0 | |
Settlements | (70) | (21) | |
Gross Transfers into Level 3 | 35 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | |
Balance, ending | 1,306 | 1,451 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 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 | 25 | 30 | |
Total Realized/Unrealized Gains/(Losses) | (1) | (1) | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
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 | 24 | 29 | |
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 | 720 | 1,620 | |
Total Realized/Unrealized Gains/(Losses) | 12 | 43 | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 69 | |
Sales | 0 | ||
Issuances | 0 | 25 | |
Settlements | (30) | (35) | |
Gross Transfers into Level 3 | 0 | 5 | |
Gross Transfers out of Level 3 | 0 | (30) | |
Balance, ending | 702 | 1,697 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 12 | 48 | |
Mortgage servicing rights | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 2,747 | 3,087 | |
Total Realized/Unrealized Gains/(Losses) | (27) | (380) | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 5 | (1) | |
Issuances | 75 | 136 | |
Settlements | (190) | (211) | |
Gross Transfers into Level 3 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | |
Balance, ending | 2,610 | 2,631 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (117) | (437) | |
Loans Held-for-Sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 656 | 787 | |
Total Realized/Unrealized Gains/(Losses) | 29 | 73 | |
Gains (Losses) in OCI | 6 | 27 | |
Purchases | 0 | 20 | |
Sales | (136) | (163) | |
Issuances | 0 | 0 | |
Settlements | (60) | (34) | |
Gross Transfers into Level 3 | 315 | 13 | |
Gross Transfers out of Level 3 | (18) | (63) | |
Balance, ending | 792 | 660 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 22 | 58 | |
Other assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 239 | 374 | |
Total Realized/Unrealized Gains/(Losses) | (6) | (25) | |
Gains (Losses) in OCI | 0 | 0 | |
Purchases | 0 | 34 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (2) | (10) | |
Gross Transfers into Level 3 | 0 | 2 | |
Gross Transfers out of Level 3 | 0 | 0 | |
Balance, ending | 231 | 375 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | $ (6) | $ (22) |
Fair Value Measurements - Re113
Fair Value Measurements - Recurring Fair Value Inputs (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ (1,665,000,000) | $ (1,313,000,000) | $ (315,000,000) | $ (441,000,000) |
Recurring | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 649,142,000,000 | 614,410,000,000 | ||
Long-term debt | (197,875,000,000) | (185,699,000,000) | ||
Recurring | Level 3 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 13,876,000,000 | 14,462,000,000 | ||
Long-term debt | (7,747,000,000) | (7,153,000,000) | ||
Net derivative asset (liability) | $ (1,665,000,000) | $ (1,313,000,000) | ||
Recurring | Level 3 | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 5.00% | 6.00% | ||
Price (in dollars per share) | $ 12 | $ 12 | ||
Duration | 0 years | 0 years | ||
Equity correlation | 8.00% | 13.00% | ||
Long-dated equity volatilities | 4.00% | 4.00% | ||
Recurring | Level 3 | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 27.00% | 37.00% | ||
Price (in dollars per share) | $ 90 | $ 87 | ||
Duration | 4 years | 5 years | ||
Equity correlation | 100.00% | 100.00% | ||
Long-dated equity volatilities | 69.00% | 76.00% | ||
Recurring | Level 3 | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 18.00% | 20.00% | ||
Price (in dollars per share) | $ 79 | $ 73 | ||
Duration | 3 years | 3 years | ||
Equity correlation | 68.00% | 68.00% | ||
Long-dated equity volatilities | 24.00% | 26.00% | ||
Recurring | Level 3 | Loans and leases | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 702,000,000 | $ 720,000,000 | ||
Recurring | Level 3 | Loans Held-for-Sale | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 792,000,000 | 656,000,000 | ||
Recurring | Level 3 | Credit derivatives | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ 88,000,000 | $ (129,000,000) | ||
Recurring | Level 3 | Credit derivatives | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Loss severity | 35.00% | 35.00% | ||
Recurring | Level 3 | Credit derivatives | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 0.00% | 0.00% | ||
Prepayment speed | 10.00% | 10.00% | ||
Default rate | 1.00% | 1.00% | ||
Upfront points | 0.00% | 0.00% | ||
Credit spreads | 0.51% | 0.17% | ||
Credit correlation | 26.00% | 21.00% | ||
Recurring | Level 3 | Credit derivatives | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 24.00% | 24.00% | ||
Prepayment speed | 20.00% | 20.00% | ||
Default rate | 4.00% | 4.00% | ||
Upfront points | 1.00% | 1.00% | ||
Credit spreads | 6.68% | 8.14% | ||
Credit correlation | 87.00% | 80.00% | ||
Recurring | Level 3 | Credit derivatives | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 8.00% | 13.00% | ||
Prepayment speed | 17.00% | 18.00% | ||
Default rate | 3.00% | 3.00% | ||
Upfront points | 0.72% | 0.72% | ||
Credit spreads | 4.93% | 2.48% | ||
Credit correlation | 48.00% | 44.00% | ||
Recurring | Level 3 | Equity contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ (2,050,000,000) | $ (1,690,000,000) | ||
Recurring | Level 3 | Equity contracts | Minimum | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 8.00% | 13.00% | ||
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 | 69.00% | 76.00% | ||
Recurring | Level 3 | Equity contracts | Weighted Average | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Equity correlation | 68.00% | 68.00% | ||
Long-dated equity volatilities | 24.00% | 26.00% | ||
Recurring | Level 3 | Commodity contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ 5,000,000 | $ 6,000,000 | ||
Recurring | Level 3 | Commodity contracts | Minimum | Discounted cash flow, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 24.00% | 23.00% | ||
Natural gas forward price | $ 2 | $ 2 | ||
Correlation | 76.00% | 66.00% | ||
Recurring | Level 3 | Commodity contracts | Maximum | Discounted cash flow, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 112.00% | 96.00% | ||
Natural gas forward price | $ 6 | $ 6 | ||
Correlation | 95.00% | 95.00% | ||
Recurring | Level 3 | Commodity contracts | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Long-dated equity volatilities | 40.00% | 36.00% | ||
Natural gas forward price | $ 3 | $ 4 | ||
Correlation | 90.00% | 85.00% | ||
Recurring | Level 3 | Interest rate contracts | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Net derivative asset (liability) | $ 292,000,000 | $ 500,000,000 | ||
Recurring | Level 3 | Interest rate contracts | Minimum | Industry standard derivative pricing | ||||
Fair Value Inputs [Abstract] | ||||
Correlation (IR/IR) | 15.00% | 15.00% | ||
Correlation (FX/IR) | 0.00% | 0.00% | ||
Illiquid IR and long-dated inflation rates | (13.00%) | (12.00%) | ||
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% | ||
Illiquid IR and long-dated inflation rates | 30.00% | 35.00% | ||
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) | 59.00% | 56.00% | ||
Correlation (FX/IR) | 1.00% | 2.00% | ||
Illiquid IR and long-dated inflation rates | 3.00% | 5.00% | ||
Long-dated inflation volatilities | 1.00% | 1.00% | ||
Recurring | Level 3 | Long-term debt | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Long-term debt | $ (1,660,000,000) | $ (1,514,000,000) | ||
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 | 1,200,000,000 | ||
Recurring | Level 3 | Corporate securities, trading loans and other | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 2,000,000,000 | 2,800,000,000 | ||
Recurring | Level 3 | Non-U.S. sovereign debt | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 527,000,000 | 510,000,000 | ||
Recurring | Level 3 | Other taxable securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 579,000,000 | 594,000,000 | ||
Recurring | Level 3 | Tax-exempt securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 520,000,000 | 542,000,000 | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 1,035,000,000 | $ 1,066,000,000 | ||
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 | 35.00% | 50.00% | ||
Prepayment speed | 21.00% | 27.00% | ||
Default rate | 3.00% | 3.00% | ||
Loss severity | 54.00% | 54.00% | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | Weighted Average | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 7.00% | 7.00% | ||
Prepayment speed | 12.00% | 14.00% | ||
Default rate | 2.00% | 2.00% | ||
Loss severity | 19.00% | 18.00% | ||
Recurring | Level 3 | Instruments backed by residential real estate assets | Loans and leases | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 702,000,000 | $ 718,000,000 | ||
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 | 13,000,000 | 11,000,000 | ||
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 | 320,000,000 | 337,000,000 | ||
Recurring | Level 3 | Instruments backed by commercial real estate assets | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 364,000,000 | $ 317,000,000 | ||
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 | 25.00% | 39.00% | ||
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 | 5.00% | 11.00% | ||
Price (in dollars per share) | $ 65 | $ 65 | ||
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 | |||
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 | $ 45,000,000 | 53,000,000 | ||
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 | 319,000,000 | 178,000,000 | ||
Recurring | Level 3 | Commercial loans, debt securities and other | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 3,836,000,000 | $ 4,486,000,000 | ||
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 | 0.00% | 1.00% | ||
Prepayment speed | 10.00% | 5.00% | ||
Default rate | 3.00% | 3.00% | ||
Loss severity | 0.00% | 0.00% | ||
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 | 29.00% | 37.00% | ||
Prepayment speed | 20.00% | 20.00% | ||
Default rate | 4.00% | 4.00% | ||
Loss severity | 40.00% | 50.00% | ||
Price (in dollars per share) | $ 292 | $ 292 | ||
Duration | 4 years | 5 years | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Weighted Average | Discounted cash flow, Market comparables | ||||
Fair Value Inputs [Abstract] | ||||
Yield | 16.00% | 14.00% | ||
Prepayment speed | 11.00% | 19.00% | ||
Default rate | 4.00% | 4.00% | ||
Loss severity | 30.00% | 19.00% | ||
Price (in dollars per share) | $ 72 | $ 68 | ||
Duration | 2 years | 3 years | ||
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 | |||
Recurring | Level 3 | Commercial loans, debt securities and other | Loans Held-for-Sale | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 779,000,000 | 559,000,000 | ||
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 | 850,000,000 | 821,000,000 | ||
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 | 1,680,000,000 | 2,565,000,000 | ||
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 | 527,000,000 | 510,000,000 | ||
Recurring | Level 3 | Commercial loans, debt securities and other | Other taxable securities | Available-for-sale Securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 29,000,000 | |||
Recurring | Level 3 | Auction rate securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 1,129,000,000 | $ 1,141,000,000 | ||
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 | $ 30,000,000 | $ 34,000,000 | ||
Recurring | Level 3 | Auction rate securities | Other taxable securities | Available-for-sale Securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 579,000,000 | 565,000,000 | ||
Recurring | Level 3 | Auction rate securities | Tax-exempt securities | Available-for-sale Securities | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | 520,000,000 | 542,000,000 | ||
Recurring | Level 3 | MSRs | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, fair value | $ 2,610,000,000 | $ 2,747,000,000 | ||
Recurring | Level 3 | MSRs | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||||
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% | 9.00% | ||
Option Adjusted Spread, variable rate | 9.00% | 9.00% | ||
Recurring | Level 3 | MSRs | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Weighted-average life, fixed rate | 15 years | 15 years | ||
Weighted-average life, variable rate | 10 years | 14 years | ||
Option Adjusted Spread, fixed rate | 14.00% | 14.00% | ||
Option Adjusted Spread, variable rate | 15.00% | 15.00% | ||
Recurring | Level 3 | MSRs | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||||
Fair Value Inputs [Abstract] | ||||
Weighted-average life, fixed rate | 6 years | 6 years | ||
Weighted-average life, variable rate | 3 years | 4 years | ||
Option Adjusted Spread, fixed rate | 10.00% | 10.00% | ||
Option Adjusted Spread, variable rate | 12.00% | 12.00% |
Fair Value Measurements - Mortg
Fair Value Measurements - Mortgage Servicing Rights (Details) $ in Millions | Mar. 31, 2017USD ($) |
Fair Value Disclosures [Abstract] | |
Impact of 10 percent decrease in prepayment speed | $ 94 |
Impact of 20 percent decrease in prepayment speed | 196 |
Impact of 10 percent increase in prepayment speed | (88) |
Impact of 20 percent increase in prepayment speed | (169) |
Impact of 100 basis points decrease in option adjusted spread | 87 |
Impact of 200 basis points decrease in option adjusted spread | 180 |
Impact of 100 basis points increase in option adjusted spread | (81) |
Impact of 200 basis points increase in option adjusted spread | $ (157) |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | $ 3,745 | $ 4,026 | |
Loans and leases, measured at fair value | 7,528 | 7,085 | |
Other assets, measured at fair value | 14,639 | $ 13,802 | |
Nonrecurring | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Gains (Losses) on loans held-for-sale | (4) | $ (21) | |
Gains (Losses) on loans and leases | (123) | (182) | |
Gains (Losses) on foreclosed properties | (25) | (20) | |
Gains (Losses) on other assets | (86) | (18) | |
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 | 1,100 | 1,400 | |
Nonrecurring | Level 2 | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | 69 | 775 | |
Loans and leases, measured at fair value | 0 | 0 | |
Foreclosed properties, measured at fair value | 0 | 0 | |
Other assets, measured at fair value | 91 | 36 | |
Loss on loans and leases written down to zero | 46 | 42 | |
Nonrecurring | Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale, measured at fair value | 18 | 29 | |
Loans and leases, measured at fair value | 438 | 758 | |
Foreclosed properties, measured at fair value | 82 | 82 | |
Other assets, measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - No116
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Market Comparables | Minimum | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 8.00% | 8.00% |
Cost to sell | 7.00% | 7.00% |
Market Comparables | Maximum | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 54.00% | 56.00% |
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 | $ 438 | $ 1,416 |
Instruments backed by residential real estate assets | Market Comparables | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 21.00% | 21.00% |
Cost to sell | 9.00% | 9.00% |
Fair Value Option - Elections (
Fair Value Option - Elections (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | $ 58,545 | $ 49,750 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 58,201 | 49,615 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | 344 | 135 |
Loans reported as trading account assets | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 6,300 | 6,215 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 11,410 | 11,557 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (5,110) | (5,342) |
Trading inventory – other | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 9,357 | 8,206 |
Loans and leases | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 7,528 | 7,085 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 7,613 | 7,190 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (85) | (105) |
Loans held-for-sale | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 3,745 | 4,026 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 5,459 | 5,595 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | (1,714) | (1,569) |
Customer receivables and other assets | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Assets | 253 | 253 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Assets | 250 | 250 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Assets | 3 | 3 |
Long-term deposits | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 598 | 731 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 545 | 672 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 53 | 59 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 36,663 | 35,766 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 36,750 | 35,929 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | (87) | (163) |
Short-term borrowings | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 1,041 | 2,024 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 1,041 | 2,024 |
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 | 135 | 173 |
Long-term debt | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 29,617 | 30,037 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | 29,528 | 29,862 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Fair Value Carrying Amount Less Unpaid Principal Liabilities | 89 | 175 |
Structured liabilities | ||
Fair Value Carrying Amount | ||
Fair Value Carrying Amount Liabilities | 29,200 | 29,700 |
Contractual Principal Outstanding | ||
Contractual Principal Outstanding Liabilities | $ 29,200 | $ 29,500 |
Fair Value Option - Changes in
Fair Value Option - Changes in Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 1,196 | $ 276 |
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 | (12) | 8 |
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 | 150 | 112 |
Trading inventory – other | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,151 | (113) |
Loans and leases | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 24 | 29 |
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 | 85 | 165 |
Other assets | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 2 | |
Long-term deposits | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 6 | (31) |
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 | (45) | (8) |
Short-term borrowings | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (2) | |
Unfunded loan commitments | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 38 | 148 |
Long-term debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (199) | (36) |
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 | 1,087 | 3 |
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 | (12) | 8 |
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 | 150 | 112 |
Trading Account Profits (Losses) | Trading inventory – other | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,151 | (113) |
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 | 5 | 19 |
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 | 1 | 0 |
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 | |
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 | (9) |
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 | (45) | (8) |
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 | (2) | |
Trading Account Profits (Losses) | Unfunded loan commitments | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 |
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 | (162) | (6) |
Mortgage Banking Income | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 40 | 130 |
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 |
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 |
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 |
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 |
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 | 40 | 130 |
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 | |
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 |
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 |
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 | |
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 |
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 |
Other Income (Loss) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 69 | 143 |
Other Income (Loss) | Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 |
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 |
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 |
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 | 19 | 10 |
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 | 44 | 35 |
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 | 2 | |
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 | 5 | (22) |
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 |
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 | |
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 | 38 | 148 |
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 | $ (37) | $ (30) |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Related to Borrower-specific Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ 13 | $ 9 |
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 | 19 | (10) |
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 | $ 0 | $ (1) |
Fair Value of Financial Inst120
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||
Loans held-for-sale, measured at fair value | $ 3,745 | $ 4,026 |
Financial liabilities | ||
Long-term debt | 29,617 | 30,037 |
Carrying Value | ||
Financial assets | ||
Loans | 873,392 | 873,209 |
Loans held-for-sale, measured at fair value | 14,751 | 9,066 |
Financial liabilities | ||
Deposits | 1,272,141 | 1,260,934 |
Long-term debt | 221,385 | 216,823 |
Commercial unfunded lending commitments | 893 | 937 |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 888,302 | 887,122 |
Loans held-for-sale, measured at fair value | 14,751 | 9,066 |
Financial liabilities | ||
Deposits | 1,272,197 | 1,261,086 |
Long-term debt | 227,084 | 221,585 |
Commercial unfunded lending commitments | 4,300 | 4,900 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial assets | ||
Loans | 71,273 | 71,793 |
Loans held-for-sale, measured at fair value | 13,682 | 8,082 |
Financial liabilities | ||
Deposits | 1,272,197 | 1,261,086 |
Long-term debt | 225,424 | 220,071 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial assets | ||
Loans | 817,029 | 815,329 |
Loans held-for-sale, measured at fair value | 1,069 | 984 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | $ 1,660 | $ 1,514 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2017business_segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Business Segment Information122
Business Segment Information - Results of Business Segments and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | $ 11,255 | $ 10,700 | |
Noninterest income | 11,190 | 10,305 | |
Total revenue, net of interest expense (FTE basis) | 22,445 | 21,005 | |
Provision for credit losses | 835 | 997 | |
Noninterest expense | 14,848 | 14,816 | |
Income before income taxes (FTE basis) | 6,762 | 5,192 | |
Income tax expense (FTE basis) | 1,906 | 1,720 | |
Net income | 4,856 | 3,472 | |
Year-end total assets | 2,247,701 | 2,185,726 | $ 2,187,702 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue, net of interest expense (FTE basis) | 22,539 | 20,731 | |
Net income | 5,690 | 4,570 | |
Year-end total assets | 2,045,989 | 1,938,377 | |
Operating Segments | Consumer Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 5,781 | 5,328 | |
Noninterest income | 2,503 | 2,529 | |
Total revenue, net of interest expense (FTE basis) | 8,284 | 7,857 | |
Provision for credit losses | 838 | 531 | |
Noninterest expense | 4,406 | 4,538 | |
Income before income taxes (FTE basis) | 3,040 | 2,788 | |
Income tax expense (FTE basis) | 1,146 | 1,024 | |
Net income | 1,894 | 1,764 | |
Year-end total assets | 734,087 | 666,292 | |
Operating Segments | Global Wealth & Investment Management | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 1,560 | 1,513 | |
Noninterest income | 3,032 | 2,956 | |
Total revenue, net of interest expense (FTE basis) | 4,592 | 4,469 | |
Provision for credit losses | 23 | 25 | |
Noninterest expense | 3,333 | 3,273 | |
Income before income taxes (FTE basis) | 1,236 | 1,171 | |
Income tax expense (FTE basis) | 466 | 430 | |
Net income | 770 | 741 | |
Year-end total assets | 291,177 | 296,199 | |
Operating Segments | Global Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 2,774 | 2,545 | |
Noninterest income | 2,181 | 1,909 | |
Total revenue, net of interest expense (FTE basis) | 4,955 | 4,454 | |
Provision for credit losses | 17 | 553 | |
Noninterest expense | 2,163 | 2,174 | |
Income before income taxes (FTE basis) | 2,775 | 1,727 | |
Income tax expense (FTE basis) | 1,046 | 635 | |
Net income | 1,729 | 1,092 | |
Year-end total assets | 416,710 | 394,736 | |
Operating Segments | Global Markets | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 1,049 | 1,184 | |
Noninterest income | 3,659 | 2,767 | |
Total revenue, net of interest expense (FTE basis) | 4,708 | 3,951 | |
Provision for credit losses | (17) | 9 | |
Noninterest expense | 2,757 | 2,449 | |
Income before income taxes (FTE basis) | 1,968 | 1,493 | |
Income tax expense (FTE basis) | 671 | 520 | |
Net income | 1,297 | 973 | |
Year-end total assets | 604,015 | 581,150 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income (FTE basis) | 91 | 130 | |
Noninterest income | (185) | 144 | |
Total revenue, net of interest expense (FTE basis) | (94) | 274 | |
Provision for credit losses | (26) | (121) | |
Noninterest expense | 2,189 | 2,382 | |
Income before income taxes (FTE basis) | (2,257) | (1,987) | |
Income tax expense (FTE basis) | (1,423) | (889) | |
Net income | (834) | (1,098) | |
Year-end total assets | $ 201,712 | $ 247,349 |
Business Segment Information123
Business Segment Information - Business Segment Reconciliations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segments’ total revenue, net of interest expense (FTE basis) | ||
Total revenue, net of interest expense (FTE basis) | $ 22,445 | $ 21,005 |
Total revenue, net of interest expense | 22,248 | 20,790 |
Net income | 4,856 | 3,472 |
Operating Segments | ||
Segments’ total revenue, net of interest expense (FTE basis) | ||
Total revenue, net of interest expense (FTE basis) | 22,539 | 20,731 |
Net income | 5,690 | 4,570 |
ALM activities | ||
Segments’ total revenue, net of interest expense (FTE basis) | ||
Total revenue, net of interest expense | (45) | (106) |
Net income | (179) | (172) |
Liquidating businesses and other | ||
Segments’ total revenue, net of interest expense (FTE basis) | ||
Total revenue, net of interest expense | (49) | 380 |
Net income | (655) | (926) |
FTE basis adjustment | ||
Segments’ total revenue, net of interest expense (FTE basis) | ||
Total revenue, net of interest expense | $ (197) | $ (215) |
Business Segment Information124
Business Segment Information - Segments' Total Assets (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Segments’ total assets | |||
Total assets | $ 2,247,701 | $ 2,187,702 | $ 2,185,726 |
Operating Segments | |||
Segments’ total assets | |||
Total assets | 2,045,989 | 1,938,377 | |
ALM activities | |||
Segments’ total assets | |||
Total assets | 633,080 | 622,289 | |
Liquidating businesses and other | |||
Segments’ total assets | |||
Total assets | 112,060 | 135,007 | |
Elimination of segment asset allocations to match liabilities | |||
Segments’ total assets | |||
Total assets | $ (543,428) | $ (509,947) |