Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
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 | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 9,988,249,714 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income | ||||
Loans and leases | $ 10,071 | $ 8,920 | $ 19,694 | $ 17,674 |
Debt securities | 2,856 | 2,594 | 5,660 | 5,135 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 709 | 560 | 1,331 | 999 |
Trading account assets | 1,198 | 1,163 | 2,334 | 2,239 |
Other interest income | 1,535 | 909 | 2,949 | 1,809 |
Total interest income | 16,369 | 14,146 | 31,968 | 27,856 |
Interest expense | ||||
Deposits | 943 | 346 | 1,703 | 628 |
Short-term borrowings | 1,462 | 917 | 2,597 | 1,564 |
Trading account liabilities | 348 | 307 | 705 | 571 |
Long-term debt | 1,966 | 1,590 | 3,705 | 3,049 |
Total interest expense | 4,719 | 3,160 | 8,710 | 5,812 |
Net interest income | 11,650 | 10,986 | 23,258 | 22,044 |
Noninterest income | ||||
Card income | 1,542 | 1,469 | 2,999 | 2,918 |
Service charges | 1,954 | 1,977 | 3,875 | 3,895 |
Investment and brokerage services | 3,458 | 3,460 | 7,122 | 6,877 |
Investment banking income | 1,422 | 1,532 | 2,775 | 3,116 |
Trading account profits | 2,315 | 1,956 | 5,014 | 4,287 |
Other income | 268 | 1,449 | 691 | 1,940 |
Total noninterest income | 10,959 | 11,843 | 22,476 | 23,033 |
Total revenue, net of interest expense | 22,609 | 22,829 | 45,734 | 45,077 |
Provision for credit losses | 827 | 726 | 1,661 | 1,561 |
Noninterest expense | ||||
Personnel | 7,944 | 8,040 | 16,424 | 16,515 |
Occupancy | 1,022 | 1,001 | 2,036 | 2,001 |
Equipment | 415 | 427 | 857 | 865 |
Marketing | 395 | 442 | 740 | 774 |
Professional fees | 399 | 485 | 780 | 941 |
Data processing | 797 | 773 | 1,607 | 1,567 |
Telecommunications | 166 | 177 | 349 | 368 |
Other general operating | 2,146 | 2,637 | 4,388 | 5,044 |
Total noninterest expense | 13,284 | 13,982 | 27,181 | 28,075 |
Income before income taxes | 8,498 | 8,121 | 16,892 | 15,441 |
Income tax expense | 1,714 | 3,015 | 3,190 | 4,998 |
Net income | 6,784 | 5,106 | 13,702 | 10,443 |
Preferred stock dividends | 318 | 361 | 746 | 863 |
Net income applicable to common shareholders | $ 6,466 | $ 4,745 | $ 12,956 | $ 9,580 |
Per common share information | ||||
Earnings (in dollars per share) | $ 0.64 | $ 0.47 | $ 1.26 | $ 0.95 |
Diluted earnings (in dollars per share) | 0.63 | 0.44 | 1.25 | 0.89 |
Dividends paid (in dollars per share) | $ 0.12 | $ 0.075 | $ 0.240 | $ 0.15 |
Average common shares issued and outstanding (in shares) | 10,181.7 | 10,013.5 | 10,251.7 | 10,056.1 |
Average diluted common shares issued and outstanding (in shares) | 10,309.4 | 10,834.8 | 10,389.9 | 10,876.7 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,784 | $ 5,106 | $ 13,702 | $ 10,443 |
Other comprehensive income (loss), net-of-tax: | ||||
Net change in debt and equity securities | (1,031) | 568 | (4,994) | 469 |
Net change in debit valuation adjustments | 179 | (78) | 452 | (69) |
Net change in derivatives | (92) | (367) | ||
Net change in derivatives | 94 | 132 | ||
Employee benefit plan adjustments | 30 | 27 | 60 | 54 |
Net change in foreign currency translation adjustments | (141) | 100 | (189) | 97 |
Other comprehensive income (loss) | (1,055) | 711 | (5,038) | 683 |
Comprehensive income | $ 5,729 | $ 5,817 | $ 8,664 | $ 11,126 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 29,365 | $ 29,480 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 141,834 | 127,954 |
Cash and cash equivalents | 171,199 | 157,434 |
Time deposits placed and other short-term investments | 8,212 | 11,153 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $59,763 and $52,906 measured at fair value) | 226,486 | 212,747 |
Trading account assets (includes $103,145 and $106,274 pledged as collateral) | 203,420 | 209,358 |
Derivative assets | 45,210 | 37,762 |
Debt securities: | ||
Carried at fair value | 275,256 | 315,117 |
Held-to-maturity, at cost (fair value – $158,231 and $123,299) | 163,013 | 125,013 |
Total debt securities | 438,269 | 440,130 |
Loans and leases | 935,824 | 936,749 |
Allowance for loan and lease losses | (10,050) | (10,393) |
Loans and leases, net of allowance | 925,774 | 926,356 |
Premises and equipment, net | 9,537 | 9,247 |
Goodwill | 68,951 | 68,951 |
Loans held-for-sale (includes $2,845 and $2,156 measured at fair value) | 6,511 | 11,430 |
Customer and other receivables | 57,813 | 61,623 |
Other assets (includes $21,883 and $22,581 measured at fair value) | 130,288 | 135,043 |
Total assets | 2,291,670 | 2,281,234 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 420,995 | 430,650 |
Interest-bearing (includes $513 and $449 measured at fair value) | 811,193 | 796,576 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 14,247 | 14,024 |
Interest-bearing | 63,256 | 68,295 |
Total deposits | 1,309,691 | 1,309,545 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $32,724 and $36,182 measured at fair value) | 177,903 | 176,865 |
Trading account liabilities | 87,028 | 81,187 |
Derivative liabilities | 33,605 | 34,300 |
Short-term borrowings (includes $3,396 and $1,494 measured at fair value) | 40,622 | 32,666 |
Accrued expenses and other liabilities (includes $21,178 and $22,840 measured at fair value and $787 and $777 of reserve for unfunded lending commitments) | 152,010 | 152,123 |
Long-term debt (includes $28,377 and $31,786 measured at fair value) | 226,595 | 227,402 |
Total liabilities | 2,027,454 | 2,014,088 |
Commitments and contingencies (Note 7 – Securitizations and Other Variable Interest Entities and Note 10 – Commitments and Contingencies) | ||
Shareholders’ equity | ||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,872,702 and 3,837,683 shares | 23,181 | 22,323 |
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 10,012,719,225 and 10,287,302,431 shares | 128,822 | 138,089 |
Retained earnings | 125,546 | 113,816 |
Accumulated other comprehensive income (loss) | (13,333) | (7,082) |
Total shareholders’ equity | 264,216 | 267,146 |
Total liabilities and shareholders’ equity | 2,291,670 | 2,281,234 |
Consolidated VIEs | ||
Assets | ||
Trading account assets (includes $103,145 and $106,274 pledged as collateral) | 5,692 | 6,521 |
Debt securities: | ||
Loans and leases | 45,483 | 48,929 |
Allowance for loan and lease losses | (959) | (1,016) |
Loans and leases, net of allowance | 44,524 | 47,913 |
Loans held-for-sale (includes $2,845 and $2,156 measured at fair value) | 3 | 27 |
Other assets (includes $21,883 and $22,581 measured at fair value) | 396 | 1,694 |
Total assets | 50,615 | 56,155 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $3,396 and $1,494 measured at fair value) | 396 | 312 |
Long-term debt (includes $28,377 and $31,786 measured at fair value) | 9,865 | 9,873 |
All other liabilities (includes $37 and $34 of non-recourse liabilities) | 39 | 37 |
Total liabilities | $ 10,300 | $ 10,222 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 59,763 | $ 52,906 |
Trading account assets, pledged as collateral | 103,145 | 106,274 |
Debt securities: | ||
Held-to-maturity, fair value | 158,231 | 123,299 |
Loans and leases, measured at fair value | 6,227 | 5,710 |
Loans held-for-sale, measured at fair value | 2,845 | 2,156 |
Other assets, measured at fair value | 21,883 | 22,581 |
Deposits in U.S. offices: | ||
Interest-bearing, measured at fair value | 513 | 449 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 32,724 | 36,182 |
Short-term borrowings, measured at fair value | 3,396 | 1,494 |
Accrued expenses and other liabilities, measured at fair value | 21,178 | 22,840 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 787 | 777 |
Long-term debt, measured at fair value | $ 28,377 | $ 31,786 |
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) | 3,872,702 | 3,837,683 |
Preferred stock outstanding (in shares) | 3,872,702 | 3,837,683 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 12,800,000,000 | 12,800,000,000 |
Common stock issued (in shares) | 10,012,719,225 | 10,287,302,431 |
Common stock outstanding (in shares) | 10,012,719,225 | 10,287,302,431 |
Consolidated VIEs | Long-term debt | ||
Shareholders’ equity | ||
Non-recourse debt | $ 9,864 | $ 9,872 |
Consolidated VIEs | Other liabilities | ||
Shareholders’ equity | ||
Non-recourse debt | $ 37 | $ 34 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Common Stock and Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2016 | $ 266,195 | $ 25,220 | $ 147,038 | $ 101,225 | $ (7,288) |
Beginning Balance (in shares) at Dec. 31, 2016 | 10,052.6 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 10,443 | 10,443 | |||
Net change in debt and equity securities | 469 | 469 | |||
Net change in debit valuation adjustments | (69) | (69) | |||
Net change in derivatives | 132 | 132 | |||
Employee benefit plan adjustments | 54 | 54 | |||
Net change in foreign currency translation adjustments | 97 | 97 | |||
Dividends declared: | |||||
Common | (1,504) | (1,504) | |||
Preferred | (863) | (863) | |||
Common stock issued under employee plans, net and other (in shares) | 36.2 | ||||
Common stock issued under employee plans, net and other | 670 | $ 670 | |||
Common stock repurchased (in shares) | (210.7) | ||||
Common stock repurchased | (4,964) | $ (4,964) | |||
Ending Balance at Jun. 30, 2017 | 270,660 | 25,220 | $ 142,744 | 109,301 | (6,605) |
Ending Balance (in shares) at Jun. 30, 2017 | 9,878.1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative adjustment for adoption of hedge accounting standard | 25 | (32) | 57 | ||
Beginning Balance at Dec. 31, 2017 | 267,146 | 22,323 | $ 138,089 | 113,816 | (7,082) |
Beginning Balance (in shares) at Dec. 31, 2017 | 10,287.3 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Adoption of accounting standard related to certain tax effects stranded in accumulated other comprehensive income (loss) | 0 | 1,270 | (1,270) | ||
Net income | 13,702 | 13,702 | |||
Net change in debt and equity securities | (4,994) | (4,994) | |||
Net change in debit valuation adjustments | 452 | 452 | |||
Net change in derivatives | (367) | (367) | |||
Employee benefit plan adjustments | 60 | 60 | |||
Net change in foreign currency translation adjustments | (189) | (189) | |||
Dividends declared: | |||||
Common | (2,455) | (2,455) | |||
Preferred | (746) | (746) | |||
Issuance of preferred stock | 3,671 | 3,671 | |||
Redemption of preferred stock | (2,813) | (2,813) | |||
Common stock issued under employee plans, net and other (in shares) | 43.7 | ||||
Common stock issued under employee plans, net and other | 547 | $ 556 | (9) | ||
Common stock repurchased (in shares) | (318.3) | ||||
Common stock repurchased | (9,823) | $ (9,823) | |||
Ending Balance at Jun. 30, 2018 | $ 264,216 | $ 23,181 | $ 128,822 | $ 125,546 | $ (13,333) |
Ending Balance (in shares) at Jun. 30, 2018 | 10,012.7 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net income | $ 13,702 | $ 10,443 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for credit losses | 1,661 | 1,561 |
Gains on sales of debt securities | (3) | (153) |
Depreciation and premises improvements amortization | 755 | 743 |
Amortization of intangibles | 269 | 322 |
Net amortization of premium/discount on debt securities | 909 | 1,065 |
Deferred income taxes | 1,782 | 3,515 |
Stock-based compensation | 877 | 765 |
Loans held-for-sale: | ||
Originations and purchases | (11,709) | (18,103) |
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities | 17,246 | 21,106 |
Net change in: | ||
Trading and derivative instruments | (1,295) | (24,312) |
Other assets | 9,381 | (7,704) |
Accrued expenses and other liabilities | 399 | 4,450 |
Other operating activities, net | (138) | 2,962 |
Net cash provided by (used in) operating activities | 33,836 | (3,340) |
Net change in: | ||
Time deposits placed and other short-term investments | 2,941 | (291) |
Federal funds sold and securities borrowed or purchased under agreements to resell | (13,739) | (18,977) |
Debt securities carried at fair value: | ||
Proceeds from sales | 1,194 | 40,704 |
Proceeds from paydowns and maturities | 37,774 | 47,492 |
Purchases | (31,762) | (87,188) |
Held-to-maturity debt securities: | ||
Proceeds from paydowns and maturities | 7,820 | 7,644 |
Purchases | (22,110) | (9,935) |
Loans and leases: | ||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 7,172 | 5,317 |
Purchases | (2,656) | (3,195) |
Other changes in loans and leases, net | (5,755) | (14,758) |
Other investing activities, net | (1,748) | 9,262 |
Net cash used in investing activities | (20,869) | (23,925) |
Net change in: | ||
Deposits | 146 | 2,046 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 996 | 26,283 |
Short-term borrowings | 7,956 | 12,404 |
Long-term debt: | ||
Proceeds from issuance | 42,426 | 33,633 |
Retirement | (37,264) | (29,650) |
Preferred stock: | ||
Proceeds from issuance | 3,671 | 0 |
Redemption | (2,813) | 0 |
Common stock repurchased | (9,823) | (4,964) |
Cash dividends paid | (3,245) | (2,403) |
Other financing activities, net | (533) | (582) |
Net cash used in financing activities | 1,517 | 36,767 |
Effect of exchange rate changes on cash and cash equivalents | (719) | 1,464 |
Net increase in cash and cash equivalents | 13,765 | 10,966 |
Cash and cash equivalents at January 1 | 157,434 | 147,738 |
Cash and cash equivalents at June 30 | $ 171,199 | $ 158,704 |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 6 Months Ended |
Jun. 30, 2018 | |
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 materially 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 2017 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. Change in Tax Law On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the Tax Act) which made significant changes to federal income tax law including, among other things, reducing the statutory corporate income tax rate to 21 percent from 35 percent and changing the taxation of the Corporation’s non-U.S. business activities. On the same date, the SEC issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Act should be used, if determinable. The Corporation has accounted for the effects of the Tax Act using reasonable estimates based on currently available information and its interpretations thereof. This accounting may change due to, among other things, changes in interpretations the Corporation has made and the issuance of new tax or accounting guidance. Accounting Standards Adopted on January 1, 2018 Effective January 1, 2018, the Corporation adopted the following new accounting standards on a prospective basis. For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K. ● Revenue Recognition – The new accounting standard addresses the recognition of revenue from contracts with customers. For additional information, see Revenue Recognition Accounting Policies in this Note, Note 2 – Noninterest Income and Note 17 – Business Segment Information . ● Hedge Accounting – The new accounting standard simplifies and expands the ability to apply hedge accounting to certain risk management activities. For additional information, see Note 3 – Derivatives . ● Recognition and Measurement of Financial Assets and Liabilities – The new accounting standard relates to the recognition and measurement of financial instruments, including equity investments. For additional information, see Note 4 – Securities and Note 16 – Fair Value of Financial Instruments. ● Tax Effects in Accumulated Other Comprehensive Income – The new accounting standard addresses certain tax effects stranded in accumulated other comprehensive income (OCI) related to the Tax Act. For additional information, see Note 12 – Accumulated Other Comprehensive Income (Loss) . Effective January 1, 2018, the Corporation adopted the following new accounting standards on a retrospective basis, resulting in restatement of all prior periods presented in the Consolidated Statement of Income and the Consolidated Statement of Cash Flows. The changes in presentation are not material to the individual line items affected. ● Presentation of Pension Costs – The new accounting standard requires separate presentation of the service cost component of pension expense from all other components of net pension benefit/cost in the Consolidated Statement of Income. As a result, the service cost component continues to be presented in personnel expense while other components of net pension benefit/cost (e.g., interest cost, actual return on plan assets, amortization of prior service cost) are now presented in other general operating expense. ● Classification of Cash Flows and Restricted Cash – The new accounting standards address the classification of certain cash receipts and cash payments in the statement of cash flows as well as the presentation and disclosure of restricted cash. For more information on restricted cash, see Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Accounting Standards Issued and Not Yet Adopted Lease Accounting The Financial Accounting Standards Board (FASB) issued a new accounting standard effective on January 1, 2019 that requires substantially all leases to be recorded as assets and liabilities on the balance sheet. On January 5, 2018, the FASB issued an exposure draft proposing an amendment to the standard that, if approved, would permit companies the option to apply the provisions of the new lease standard either prospectively as of the effective date, without adjusting comparative periods presented, or using a modified retrospective transition applicable to all prior periods presented. The Corporation is in the process of reviewing its existing lease portfolios, including certain service contracts for embedded leases, to evaluate the impact of the standard on its consolidated financial statements, as well as the impact to regulatory capital and risk-weighted assets. The effect of the adoption will depend on the lease portfolio at the time of transition and the transition options ultimately available; however, the Corporation does not expect the new accounting standard to have a material impact on its consolidated financial position, results of operations or disclosures in the Notes to the Consolidated Financial Statements. Accounting for Financial Instruments -- Credit Losses The FASB issued a new accounting standard effective on January 1, 2020, with early adoption permitted on January 1, 2019, that will replace the existing measurement of the allowance for credit losses with management’s best estimate of probable credit losses inherent in the Corporation’s lending activities. The new standard will reflect management’s best estimate of all expected credit losses for substantially all of the Corporation’s financial assets that are recognized at amortized cost. The standard also requires expanded credit quality disclosures. The Corporation is in the process of identifying and implementing required changes to credit loss estimation models and processes and evaluating the impact of this new accounting standard, which at the date of adoption is expected to increase the allowance for credit losses with a resulting negative adjustment to retained earnings. The change will be dependent on the characteristics of the Corporation’s portfolio at adoption date as well as the macroeconomic conditions and forecast as of that date. While a final decision has not been made, the Corporation does not expect to early adopt the standard. Significant Accounting Principles Updates Goodwill and Intangible Assets Goodwill is the purchase premium after adjusting for the fair value of net assets acquired. Goodwill is not amortized but is reviewed for potential impairment on an annual basis, or when events or circumstances indicate a potential impairment, at the reporting unit level. A reporting unit is a business segment or one level below a business segment. The Corporation assesses the fair value of each reporting unit against its carrying value, including goodwill, as measured by allocated equity. For purposes of goodwill impairment testing, the Corporation utilizes allocated equity as a proxy for the carrying value of its reporting units. Allocated equity in the reporting units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. In performing its goodwill impairment testing, the Corporation first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors include, among other things, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit and other relevant entity- and reporting-unit specific considerations. If the Corporation concludes it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. If the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not impaired; however, if the carrying value of the reporting unit exceeds its fair value, an additional step must be performed to measure potential impairment. This step involves calculating an implied fair value of goodwill which is the excess of the fair value of the reporting unit, as determined in the first step, over the aggregate fair values of the assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the goodwill assigned to the reporting unit, there is no impairment. If the goodwill assigned to a reporting unit exceeds the implied fair value of goodwill, an impairment charge is recorded for the excess. An impairment loss recognized cannot exceed the amount of goodwill assigned to a reporting unit. An impairment loss establishes a new basis in the goodwill, and subsequent reversals of goodwill impairment losses are not permitted under applicable accounting guidance. For intangible assets subject to amortization, an impairment loss is recognized if the carrying value of the intangible asset is not recoverable and exceeds fair value. The carrying value of the intangible asset is considered not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. Intangible assets deemed to have indefinite useful lives are not subject to amortization. An impairment loss is recognized if the carrying value of the intangible asset with an indefinite life exceeds its fair value. Revenue Recognition The following summarizes the Corporation’s revenue recognition accounting policies for certain noninterest income activities. Card Income Card income includes annual, late and over-limit fees as well as fees earned from interchange, cash advances and other miscellaneous transactions and is presented net of direct costs. Interchange fees are recognized upon settlement of the credit and debit card payment transactions and are generally determined on a percentage basis for credit cards and fixed rates for debit cards based on the corresponding payment network’s rates. Substantially all card fees are recognized at the transaction date, except for certain time-based fees such as annual fees, which are recognized over 12 months. Fees charged to cardholders that are estimated to be uncollectible are reserved in the allowance for loan and lease losses. Rewards paid to cardholders are related to points earned by the cardholder that can be redeemed for a broad range of rewards including cash, travel and gift cards. Based on past redemption behavior, card product type, account transaction activity and other historical card performance, the Corporation estimates a liability based on the amount of earned reward points that are expected to be redeemed. The Corporation also makes payments to credit card partners. The payments are based on revenue-sharing agreements that are generally driven by cardholder transactions and partner sales volumes. Service Charges Service charges include deposit and lending-related fees. Deposit-related fees consist of fees earned on consumer and commercial deposit activities and are generally recognized when the transactions occur or as the service is performed. Consumer fees are earned on consumer deposit accounts for account maintenance and various transaction-based services, such as ATM transactions, wire transfer activities, check and money order processing and insufficient funds/overdraft transactions. Commercial deposit-related fees are from the Corporation’s Global Transaction Services business and consist of commercial deposit and treasury management services, including account maintenance and other services, such as payroll, sweep account and other cash management services. Lending-related fees generally represent transactional fees earned from certain loan commitments, financial guarantees and standby letters of credit (SBLCs). Investment and Brokerage Services Investment and brokerage services consist of asset management and brokerage fees. Asset management fees are earned from the management of client assets under advisory agreements or the full discretion of the Corporation’s financial advisors (collectively referred to as assets under management (AUM)). Asset management fees are earned as a percentage of the client’s AUM and generally range from 50 basis points (bps) to 150 bps of the AUM. In cases where a third party is used to obtain a client’s investment allocation, the fee remitted to the third party is recorded net and is not reflected in the transaction price, as the Corporation is an agent for those services. Brokerage fees include income earned from transaction-based services that are performed as part of investment management services and are based on a fixed price per unit or as a percentage of the total transaction amount. Brokerage fees also include distribution fees and sales commissions that are primarily in the Global Wealth & Investment Management ( GWIM ) segment and are earned over time. In addition, primarily in the Global Markets segment, brokerage fees are earned when the Corporation fills customer orders to buy or sell various financial products or when it acknowledges, affirms, settles and clears transactions and/or submits trade information to the appropriate clearing broker. Certain customers pay brokerage, clearing and/or exchange fees imposed by relevant regulatory bodies or exchanges in order to execute or clear trades. These fees are recorded net and are not reflected in the transaction price, as the Corporation is an agent for those services. Investment Banking Income Investment banking income includes underwriting income and financial advisory services income. Underwriting consists of fees earned for the placement of a customer’s debt or equity securities. The revenue is generally earned based on a percentage of the fixed number of shares or principal placed. Once the number of shares or notes is determined and the service is completed, the underwriting fees are recognized. The Corporation incurs certain out-of-pocket expenses, such as legal costs, in performing these services. These expenses are recovered through the revenue the Corporation earns from the customer and are included in operating expenses. Syndication fees represent fees earned as the agent or lead lender responsible for structuring, arranging and administering a loan syndication. Financial advisory services consist of fees earned for assisting customers with transactions related to mergers and acquisitions and financial restructurings. Revenue varies depending on the size and number of services performed for each contract and is generally contingent on successful execution of the transaction. Revenue is typically recognized once the transaction is completed and all services have been rendered. Additionally, the Corporation may earn a fixed fee in merger and acquisition transactions to provide a fairness opinion, with the fees recognized when the opinion is delivered to the customer. Other Revenue Measurement and Recognition Policies The Corporation did not disclose the value of any open performance obligations at June 30, 2018 , as its contracts with customers generally have a fixed term that is less than one year, an open term with a cancellation period that is less than one year, or provisions that allow the Corporation to recognize revenue at the amount it has the right to invoice. |
Noninterest Income
Noninterest Income | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Noninterest Income | Noninterest Income The table below presents the Corporation’s noninterest income disaggregated by revenue source for the three and six months ended June 30, 2018 and 2017 . For more information, see Note 1 – Summary of Significant Accounting Principles . For a disaggregation of noninterest income by business segment and All Other , see Note 17 – Business Segment Information . Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Card income Interchange fees (1) $ 1,070 $ 983 $ 2,041 $ 1,941 Other card income 472 486 958 977 Total card income 1,542 1,469 2,999 2,918 Service charges Deposit-related fees 1,680 1,696 3,326 3,349 Lending-related fees 274 281 549 546 Total service charges 1,954 1,977 3,875 3,895 Investment and brokerage services Asset management fees 2,513 2,288 5,077 4,488 Brokerage fees 945 1,172 2,045 2,389 Total investment and brokerage services 3,458 3,460 7,122 6,877 Investment banking income Underwriting income 719 709 1,460 1,488 Syndication fees 400 340 716 740 Financial advisory services 303 483 599 888 Total investment banking income 1,422 1,532 2,775 3,116 Trading account profits 2,315 1,956 5,014 4,287 Other income 268 1,449 691 1,940 Total noninterest income $ 10,959 $ 11,843 $ 22,476 $ 23,033 (1) Gross interchange fees were $ 2.4 billion and $ 2.2 billion for the three months ended June 30, 2018 and 2017 , and are presented net of $ 1.3 billion and $ 1.2 billion of expenses for rewards and partner payments. For the six months ended June 30, 2018 and 2017 , gross interchange fees were $4.6 billion and $4.3 billion and are presented net of $2.6 billion and $2.3 billion of expenses for rewards and partner payments. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2018 | |
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 2017 Annual Report on Form 10-K . The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2018 and December 31, 2017 . 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 cash collateral received or paid. June 30, 2018 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 $ 17,626.4 $ 153.3 $ 1.6 $ 154.9 $ 147.2 $ 4.8 $ 152.0 Futures and forwards 6,464.7 1.4 — 1.4 1.4 — 1.4 Written options 1,328.4 — — — 30.5 — 30.5 Purchased options 1,283.1 31.9 — 31.9 — — — Foreign exchange contracts Swaps 1,941.7 47.4 2.5 49.9 48.7 3.5 52.2 Spot, futures and forwards 5,190.9 52.1 1.2 53.3 49.1 0.5 49.6 Written options 353.5 — — — 5.4 — 5.4 Purchased options 352.5 4.9 — 4.9 — — — Equity contracts Swaps 269.6 5.1 — 5.1 5.4 — 5.4 Futures and forwards 98.2 0.9 — 0.9 0.8 — 0.8 Written options 565.4 — — — 24.2 — 24.2 Purchased options 533.8 35.9 — 35.9 — — — Commodity contracts Swaps 51.0 2.5 — 2.5 5.0 — 5.0 Futures and forwards 63.1 3.3 — 3.3 0.5 — 0.5 Written options 32.1 — — — 2.2 — 2.2 Purchased options 31.3 2.1 — 2.1 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 431.6 4.9 — 4.9 8.9 — 8.9 Total return swaps/options 75.3 0.4 — 0.4 1.1 — 1.1 Written credit derivatives: Credit default swaps 407.6 8.5 — 8.5 4.3 — 4.3 Total return swaps/options 75.3 0.7 — 0.7 0.3 — 0.3 Gross derivative assets/liabilities $ 355.3 $ 5.3 $ 360.6 $ 335.0 $ 8.8 $ 343.8 Less: Legally enforceable master netting agreements (282.1 ) — (282.1 ) Less: Cash collateral received/paid (33.3 ) (28.1 ) Total derivative assets/liabilities $ 45.2 $ 33.6 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $3.6 billion and $418.1 billion at June 30, 2018 . December 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 $ 15,416.4 $ 175.1 $ 2.9 $ 178.0 $ 172.5 $ 1.7 $ 174.2 Futures and forwards 4,332.4 0.5 — 0.5 0.5 — 0.5 Written options 1,170.5 — — — 35.5 — 35.5 Purchased options 1,184.5 37.6 — 37.6 — — — Foreign exchange contracts Swaps 2,011.1 35.6 2.2 37.8 36.1 2.7 38.8 Spot, futures and forwards 3,543.3 39.1 0.7 39.8 39.1 0.8 39.9 Written options 291.8 — — — 5.1 — 5.1 Purchased options 271.9 4.6 — 4.6 — — — Equity contracts Swaps 265.6 4.8 — 4.8 4.4 — 4.4 Futures and forwards 106.9 1.5 — 1.5 0.9 — 0.9 Written options 480.8 — — — 23.9 — 23.9 Purchased options 428.2 24.7 — 24.7 — — — Commodity contracts Swaps 46.1 1.8 — 1.8 4.6 — 4.6 Futures and forwards 47.1 3.5 — 3.5 0.6 — 0.6 Written options 21.7 — — — 1.4 — 1.4 Purchased options 22.9 1.4 — 1.4 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 470.9 4.1 — 4.1 11.1 — 11.1 Total return swaps/options 54.1 0.1 — 0.1 1.3 — 1.3 Written credit derivatives: Credit default swaps 448.2 10.6 — 10.6 3.6 — 3.6 Total return swaps/options 55.2 0.8 — 0.8 0.2 — 0.2 Gross derivative assets/liabilities $ 345.8 $ 5.8 $ 351.6 $ 340.8 $ 5.2 $ 346.0 Less: Legally enforceable master netting agreements (279.2 ) (279.2 ) Less: Cash collateral received/paid (34.6 ) (32.5 ) Total derivative assets/liabilities $ 37.8 $ 34.3 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $6.4 billion and $435.1 billion at December 31, 2017 . 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. For additional information, see Note 2 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2018 and December 31, 2017 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. 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 include reducing the balance for counterparty netting and cash collateral received or paid. For more information on offsetting of securities financing agreements, see Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (Dollars in billions) June 30, 2018 December 31, 2017 Interest rate contracts Over-the-counter $ 182.0 $ 177.6 $ 211.7 $ 206.0 Over-the-counter cleared 3.2 2.7 1.9 1.8 Foreign exchange contracts Over-the-counter 104.6 104.0 78.7 80.8 Over-the-counter cleared 1.1 0.9 0.9 0.7 Equity contracts Over-the-counter 27.0 16.2 18.3 16.2 Exchange-traded 11.0 10.3 9.1 8.5 Commodity contracts Over-the-counter 3.6 5.0 2.9 4.4 Exchange-traded 1.1 1.2 0.7 0.8 Credit derivatives Over-the-counter 8.1 8.5 9.1 9.6 Over-the-counter cleared 5.9 5.8 6.1 6.0 Total gross derivative assets/liabilities, before netting Over-the-counter 325.3 311.3 320.7 317.0 Exchange-traded 12.1 11.5 9.8 9.3 Over-the-counter cleared 10.2 9.4 8.9 8.5 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (295.8 ) (290.4 ) (296.9 ) (294.6 ) Exchange-traded (10.5 ) (10.5 ) (8.6 ) (8.6 ) Over-the-counter cleared (9.1 ) (9.3 ) (8.3 ) (8.5 ) Derivative assets/liabilities, after netting 32.2 22.0 25.6 23.1 Other gross derivative assets/liabilities (2) 13.0 11.6 12.2 11.2 Total derivative assets/liabilities 45.2 33.6 37.8 34.3 Less: Financial instruments collateral (3) (19.2 ) (9.2 ) (11.2 ) (10.4 ) Total net derivative assets/liabilities $ 26.0 $ 24.4 $ 26.6 $ 23.9 (1) 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, and exchange-traded derivatives include listed options transacted on an exchange. (2) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries. (3) Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities. 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. For additional information, see Note 2 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . Derivatives Designated as Accounting Hedges The Corporation uses various types of interest rate and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates 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). Effective January 1, 2018, the Corporation early adopted the hedge accounting standard on a prospective basis and, accordingly, prior-period hedge accounting disclosures were not conformed to the current-period presentation. For more information, see Note 1 – Summary of Significant Accounting Principles . Fair Value Hedges The table below summarizes information related to fair value hedges for the three and six months ended June 30, 2018 and 2017 . Gains and Losses on Derivatives Designated as Fair Value Hedges Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 (Dollars in millions) Derivative Hedged Item Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (869 ) $ 821 $ 272 $ (422 ) $ (150 ) Interest rate and foreign currency risk on long-term debt (2, 3) (1,067 ) 934 901 (877 ) 24 Interest rate risk on available-for-sale securities (4) (1 ) 1 (80 ) 70 (10 ) Total $ (1,937 ) $ 1,756 $ 1,093 $ (1,229 ) $ (136 ) Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Derivative Hedged Item Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (3,174 ) $ 3,057 $ (478 ) $ 144 $ (334 ) Interest rate and foreign currency risk on long-term debt (2, 3) (745 ) 588 1,024 (1,010 ) 14 Interest rate risk on available-for-sale securities (4) (32 ) 31 (63 ) 33 (30 ) Total $ (3,951 ) $ 3,676 $ 483 $ (833 ) $ (350 ) (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For the three and six months ended June 30, 2018 , the derivative amount includes losses of $1.0 billion and $576 million in other income and a gain of $25 million and a loss of $39 million in interest expense, respectively. For the same periods in 2017 , the derivative amount includes gains of $1.0 billion and $1.3 billion in other income and losses of $124 million and $281 million in interest expense, respectively. Line item totals are in the Consolidated Statement of Income. (3) For the three and six months ended June 30, 2018 , the derivative amount includes losses of $83 million and $130 million related to certain changes in the fair value of derivatives that were excluded from effectiveness testing and recognized in accumulated OCI. None of the excluded amounts have been reclassified into earnings. (4) Amounts are recorded in interest income in the Consolidated Statement of Income. The table below summarizes the carrying value of hedged assets and liabilities that are designated and qualifying in fair value hedging relationships along with the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded in the current hedging relationships. These fair value hedging adjustments are open basis adjustments that are not subject to amortization as long as the hedging relationship remains designated. Designated Fair Value Hedged Assets (Liabilities) June 30, 2018 (Dollars in millions) Carrying Value Cumulative Fair Value Adjustments (1) Long-term debt $ (133,177 ) $ 1,894 Available-for-sale securities (2) 954 (48 ) (1) For assets, increase (decrease) to carrying value and for liabilities, (increase) decrease to carrying value. (2) The amortized cost of available-for-sale securities in fair value hedging relationships was $949 million and is included in debt securities carried at fair value on the Consolidated Balance Sheet. At June 30, 2018 , the cumulative fair value adjustments remaining on long-term debt and available-for-sale (AFS) securities from discontinued hedging relationships were an increase of $900 million and a decrease of $39 million , which are being amortized over the remaining contractual life of the de-designated hedged items. Cash Flow and Net Investment Hedges The following table summarizes certain information related to cash flow hedges and net investment hedges for the three and six months ended June 30, 2018 and 2017 . Of the $1.3 billion after-tax net loss ( $1.7 billion pretax) on derivatives in accumulated OCI at June 30, 2018 , $292 million after-tax ( $383 million pretax) 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. For terminated cash flow hedges, the time period over which the majority of the forecasted transactions are hedged is approximately seven years , with a maximum length of time for certain forecasted transactions of 18 years . Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges (Dollars in millions, amounts pretax) Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Cash flow hedges Interest rate risk on variable-rate assets (1) $ (71 ) $ (33 ) $ (499 ) $ (83 ) Price risk on certain restricted stock awards (2) — — 4 27 Total $ (71 ) $ (33 ) $ (495 ) $ (56 ) Net investment hedges Foreign exchange risk (3) $ 923 $ — $ 679 $ (1 ) Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 64 $ (108 ) $ 27 $ (220 ) Price risk on certain restricted stock awards (2) 6 29 34 71 Total $ 70 $ (79 ) $ 61 $ (149 ) Net investment hedges Foreign exchange risk (3) $ (464 ) $ 1,928 $ (1,114 ) $ 1,798 (1) Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income. (2) Amounts reclassified from accumulated OCI are recorded in personnel expense in the Consolidated Statement of Income. (3) Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three and six months ended June 30, 2018 , amounts excluded from effectiveness testing and recognized in other income were gains of $24 million and $29 million . For the same periods in 2017 , amounts excluded from effectiveness testing and recognized in other income were losses of $33 million and $48 million . Other Risk Management Derivatives Other risk management derivatives are used by the Corporation to reduce certain risk exposures by economically hedging various assets and liabilities. The gains and losses on these derivatives are recognized in other income. The table below presents gains (losses) on these derivatives for the three and six months ended June 30, 2018 and 2017 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Gains and Losses On Other Risk Management Derivatives Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Interest rate risk on mortgage activities (1) $ (26 ) $ 55 $ (161 ) $ 31 Credit risk on loans (2) (2 ) (1 ) (5 ) (3 ) Interest rate and foreign currency risk on ALM activities (3) 702 238 563 (52 ) (1) Primarily related to hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale. The net gains on IRLCs, which are not included in the table but are considered derivative instruments, were $14 million and $28 million for the three and six months ended June 30, 2018 compared to $60 million and $116 million for the same periods in 2017 . (2) Primarily related to derivatives that are economic hedges of credit risk on loans. (3) Primarily related to hedges of debt securities carried at fair value and hedges of foreign currency-denominated debt. 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. As of both June 30, 2018 and December 31, 2017, the Corporation had transferred $6.0 billion of non-U.S. government-guaranteed mortgage-backed securities (MBS) to a third-party trust and retained economic exposure to the transferred assets through derivative contracts. In connection with these transfers, the Corporation received gross cash proceeds of $6.0 billion at the transfer dates. At June 30, 2018 and December 31, 2017 , the fair value of the transferred securities was $5.7 billion and $6.1 billion . At June 30, 2018 and December 31, 2017 , derivative assets of $49 million and $46 million and liabilities of $2 million and $3 million were recorded and are included in credit derivatives in the derivative instruments table on page 64 . 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. For more information on sales and trading revenue, see Note 2 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets , categorized by primary risk, for the three and six months ended June 30, 2018 and 2017 . 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 adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis. Sales and Trading Revenue Trading Account Profits Net Interest Income Other (1) Total Trading Account Profits Net Interest Income Other (1) Total (Dollars in millions) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Interest rate risk $ 348 $ 314 $ (1 ) $ 661 $ 888 $ 639 $ 67 $ 1,594 Foreign exchange risk 392 (8 ) 1 385 796 (13 ) 3 786 Equity risk 1,097 (202 ) 398 1,293 2,249 (327 ) 848 2,770 Credit risk 284 487 136 907 828 959 271 2,058 Other risk 63 4 24 91 126 13 39 178 Total sales and trading revenue $ 2,184 $ 595 $ 558 $ 3,337 $ 4,887 $ 1,271 $ 1,228 $ 7,386 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Interest rate risk $ 219 $ 375 $ 75 $ 669 $ 502 $ 817 $ 152 $ 1,471 Foreign exchange risk 347 (1 ) 3 349 715 (4 ) 3 714 Equity risk 775 (155 ) 476 1,096 1,447 (230 ) 962 2,179 Credit risk 371 473 148 992 1,121 984 346 2,451 Other risk 31 5 17 53 135 10 49 194 Total sales and trading revenue $ 1,743 $ 697 $ 719 $ 3,159 $ 3,920 $ 1,577 $ 1,512 $ 7,009 (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 $420 million and $897 million for the three and six months ended June 30, 2018 compared to $514 million and $1.0 billion for the same periods in 2017 . 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 predefined 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 June 30, 2018 and December 31, 2017 are summarized in the table below. Credit Derivative Instruments Less than One Year One to Three Years Three to Five Years Over Five Years Total June 30, 2018 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ 1 $ 42 $ 427 $ 462 $ 932 Non-investment grade 52 438 981 1,919 3,390 Total 53 480 1,408 2,381 4,322 Total return swaps/options: Investment grade 71 — — — 71 Non-investment grade 238 28 — — 266 Total 309 28 — — 337 Total credit derivatives $ 362 $ 508 $ 1,408 $ 2,381 $ 4,659 Credit-related notes: Investment grade $ — $ — $ 2 $ 435 $ 437 Non-investment grade 3 — 7 1,703 1,713 Total credit-related notes $ 3 $ — $ 9 $ 2,138 $ 2,150 Maximum Payout/Notional Credit default swaps: Investment grade $ 20,037 $ 115,539 $ 123,451 $ 22,070 $ 281,097 Non-investment grade 23,801 41,746 45,687 15,266 126,500 Total 43,838 157,285 169,138 37,336 407,597 Total return swaps/options: Investment grade 55,557 1,672 — 136 57,365 Non-investment grade 17,450 379 39 76 17,944 Total 73,007 2,051 39 212 75,309 Total credit derivatives $ 116,845 $ 159,336 $ 169,177 $ 37,548 $ 482,906 December 31, 2017 Carrying Value Credit default swaps: Investment grade $ 4 $ 3 $ 61 $ 245 $ 313 Non-investment grade 203 453 484 2,133 3,273 Total 207 456 545 2,378 3,586 Total return swaps/options: Investment grade 30 — — — 30 Non-investment grade 150 — — 3 153 Total 180 — — 3 183 Total credit derivatives $ 387 $ 456 $ 545 $ 2,381 $ 3,769 Credit-related notes: Investment grade $ — $ — $ 7 $ 689 $ 696 Non-investment grade 12 4 34 1,548 1,598 Total credit-related notes $ 12 $ 4 $ 41 $ 2,237 $ 2,294 Maximum Payout/Notional Credit default swaps: Investment grade $ 61,388 $ 115,480 $ 107,081 $ 21,579 $ 305,528 Non-investment grade 39,312 49,843 39,098 14,420 142,673 Total 100,700 165,323 146,179 35,999 448,201 Total return swaps/options: Investment grade 37,394 2,581 — 143 40,118 Non-investment grade 13,751 514 143 697 15,105 Total 51,145 3,095 143 840 55,223 Total credit derivatives $ 151,845 $ 168,418 $ 146,322 $ 36,839 $ 503,424 Credit derivatives 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. 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 so that certain credit risk-related losses occur within acceptable, predefined limits. Credit-related notes in the table above include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation 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 A majority of the Corporation’s derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At June 30, 2018 and December 31, 2017 , the Corporation held cash and securities collateral of $88.4 billion and $77.2 billion , and posted cash and securities collateral of $56.8 billion and $59.2 billion in the normal course of business under derivative agreements, excluding 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. For more information on credit-related contingent features and collateral, see Note 2 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . At June 30, 2018 , 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 $2.3 billion , including $1.5 billion for Bank of America, National Association (Bank of America, N.A. or 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 June 30, 2018 and December 31, 2017 , the liability recorded for these derivative contracts was not significant. The table below presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at June 30, 2018 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 at June 30, 2018 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 643 $ 289 Bank of America, N.A. and subsidiaries (1) 322 247 (1) Included in Bank of America Corporation collateral requirements in this table. The table below presents the derivative liabilities that would be subject to unilateral termination by counterparties and the amounts of collateral that would have been contractually required at June 30, 2018 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 at June 30, 2018 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 184 $ 614 Collateral posted 115 479 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 and six months ended June 30, 2018 and 2017 . For more information on the valuation adjustments on derivatives, see Note 2 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . Valuation Adjustments on Derivatives (1) Gains (Losses) Three Months Ended June 30 2018 2017 (Dollars in millions) Gross Net Gross Net Derivative assets (CVA) $ 139 $ 127 $ 97 $ 52 Derivative assets/liabilities (FVA) 28 (18 ) 27 41 Derivative liabilities (DVA) (159 ) (159 ) (128 ) (125 ) Six Months Ended June 30 2018 2017 Derivative assets (CVA) $ 115 $ 145 $ 258 $ 78 Derivative assets/liabilities (FVA) (9 ) (19 ) 76 97 Derivative liabilities (DVA) (43 ) (53 ) (278 ) (218 ) (1) At June 30, 2018 and December 31, 2017 , cumulative CVA reduced the derivative assets balance by $562 million and $677 million , cumulative FVA reduced the net derivatives balance by $145 million and $136 million , and cumulative DVA reduced the derivative liabilities balance by $407 million and $450 million , respectively. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2018 | |
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 and held-to-maturity (HTM) debt securities at June 30, 2018 and December 31, 2017 . Debt Securities Amortized Cost Gross Gains Gross Losses Fair Value (Dollars in millions) June 30, 2018 Available-for-sale debt securities Mortgage-backed securities: Agency $ 162,301 $ 125 $ (5,426 ) $ 157,000 Agency-collateralized mortgage obligations 6,194 13 (172 ) 6,035 Commercial 14,156 2 (558 ) 13,600 Non-agency residential (1) 2,283 262 (11 ) 2,534 Total mortgage-backed securities 184,934 402 (6,167 ) 179,169 U.S. Treasury and agency securities 54,758 12 (2,036 ) 52,734 Non-U.S. securities 6,659 7 (1 ) 6,665 Other taxable securities, substantially all asset-backed securities 4,412 81 (7 ) 4,486 Total taxable securities 250,763 502 (8,211 ) 243,054 Tax-exempt securities 19,085 82 (102 ) 19,065 Total available-for-sale debt securities 269,848 584 (8,313 ) 262,119 Other debt securities carried at fair value 12,853 306 (22 ) 13,137 Total debt securities carried at fair value 282,701 890 (8,335 ) 275,256 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities (2) 163,013 131 (4,913 ) 158,231 Total debt securities (3, 4) $ 445,714 $ 1,021 $ (13,248 ) $ 433,487 December 31, 2017 Available-for-sale debt securities Mortgage-backed securities: Agency $ 194,119 $ 506 $ (1,696 ) $ 192,929 Agency-collateralized mortgage obligations 6,846 39 (81 ) 6,804 Commercial 13,864 28 (208 ) 13,684 Non-agency residential (1) 2,410 267 (8 ) 2,669 Total mortgage-backed securities 217,239 840 (1,993 ) 216,086 U.S. Treasury and agency securities 54,523 18 (1,018 ) 53,523 Non-U.S. securities 6,669 9 (1 ) 6,677 Other taxable securities, substantially all asset-backed securities 5,699 73 (2 ) 5,770 Total taxable securities 284,130 940 (3,014 ) 282,056 Tax-exempt securities 20,541 138 (104 ) 20,575 Total available-for-sale debt securities 304,671 1,078 (3,118 ) 302,631 Other debt securities carried at fair value 12,273 252 (39 ) 12,486 Total debt securities carried at fair value 316,944 1,330 (3,157 ) 315,117 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 125,013 111 (1,825 ) 123,299 Total debt securities (3, 4) $ 441,957 $ 1,441 $ (4,982 ) $ 438,416 Available-for-sale marketable equity securities (5) $ 27 $ — $ (2 ) $ 25 (1) At both June 30, 2018 and December 31, 2017 , the underlying collateral type included approximately 62 percent prime, 13 percent Alt-A and 25 percent subprime. (2) During the three months ended June 30, 2018, the Corporation transferred $25 billion of available-for-sale debt securities to held to maturity. (3) Includes securities pledged as collateral of $42.4 billion and $35.8 billion at June 30, 2018 and December 31, 2017 . (4) 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 $165.6 billion and $52.8 billion , and a fair value of $160.6 billion and $51.2 billion at June 30, 2018 , and an amortized cost of $163.6 billion and $50.3 billion , and a fair value of $162.1 billion and $50.0 billion at December 31, 2017 . (5) Classified in other assets on the Consolidated Balance Sheet. At June 30, 2018 , the accumulated net unrealized loss on AFS debt securities included in accumulated OCI was $5.8 billion , net of the related income tax benefit of $1.9 billion . The Corporation had nonperforming AFS debt securities of $92 million and $99 million at June 30, 2018 and December 31, 2017 . Effective January 1, 2018, the Corporation adopted an accounting standard applicable to equity securities. For more information, see Note 1 – Summary of Significant Accounting Principles . At June 30, 2018 , the Corporation held equity securities at an aggregate fair value of $946 million and other equity securities, as valued under the measurement alternative, at cost of $241 million , both of which are included in other assets. 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 and six months ended June 30, 2018 , the Corporation recorded unrealized mark-to-market net gains of $28 million and $69 million , and realized net gains of $15 million and $9 million , compared to unrealized mark-to-market net gains of $83 million and $ 199 million and realized net losses of $14 million and $118 million for the same periods in 2017 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value (Dollars in millions) June 30 December 31 Mortgage-backed securities: Agency-collateralized mortgage obligations $ — $ 5 Non-agency residential 2,535 2,764 Total mortgage-backed securities 2,535 2,769 Non-U.S. securities (1) 10,400 9,488 Other taxable securities, substantially all asset-backed securities 202 229 Total $ 13,137 $ 12,486 (1) These securities are primarily used to satisfy certain international regulatory liquidity requirements. The gross realized gains and losses on sales of AFS debt securities for the three and six months ended June 30, 2018 and 2017 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Gross gains $ 1 $ 102 $ 3 $ 156 Gross losses — (1 ) — (3 ) Net gains on sales of AFS debt securities $ 1 $ 101 $ 3 $ 153 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 1 $ 38 $ 1 $ 58 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 June 30, 2018 and December 31, 2017 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities Less than Twelve Months Twelve Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (Dollars in millions) June 30, 2018 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 93,123 $ (2,718 ) $ 59,404 $ (2,708 ) $ 152,527 $ (5,426 ) Agency-collateralized mortgage obligations 3,706 (93 ) 1,698 (79 ) 5,404 (172 ) Commercial 8,325 (250 ) 4,486 (308 ) 12,811 (558 ) Non-agency residential 154 (6 ) — — 154 (6 ) Total mortgage-backed securities 105,308 (3,067 ) 65,588 (3,095 ) 170,896 (6,162 ) U.S. Treasury and agency securities 27,277 (918 ) 23,856 (1,118 ) 51,133 (2,036 ) Non-U.S. securities — — 86 (1 ) 86 (1 ) Other taxable securities, substantially all asset-backed securities 152 (4 ) 113 (3 ) 265 (7 ) Total taxable securities 132,737 (3,989 ) 89,643 (4,217 ) 222,380 (8,206 ) Tax-exempt securities 303 (2 ) 3,990 (100 ) 4,293 (102 ) Total temporarily impaired AFS debt securities 133,040 (3,991 ) 93,633 (4,317 ) 226,673 (8,308 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 150 (5 ) — — 150 (5 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 133,190 $ (3,996 ) $ 93,633 $ (4,317 ) $ 226,823 $ (8,313 ) December 31, 2017 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 73,535 $ (352 ) $ 72,612 $ (1,344 ) $ 146,147 $ (1,696 ) Agency-collateralized mortgage obligations 2,743 (29 ) 1,684 (52 ) 4,427 (81 ) Commercial 5,575 (50 ) 4,586 (158 ) 10,161 (208 ) Non-agency residential 335 (7 ) — — 335 (7 ) Total mortgage-backed securities 82,188 (438 ) 78,882 (1,554 ) 161,070 (1,992 ) U.S. Treasury and agency securities 27,537 (251 ) 24,035 (767 ) 51,572 (1,018 ) Non-U.S. securities 772 (1 ) — — 772 (1 ) Other taxable securities, substantially all asset-backed securities — — 92 (2 ) 92 (2 ) Total taxable securities 110,497 (690 ) 103,009 (2,323 ) 213,506 (3,013 ) Tax-exempt securities 1,090 (2 ) 7,100 (102 ) 8,190 (104 ) Total temporarily impaired AFS debt securities 111,587 (692 ) 110,109 (2,425 ) 221,696 (3,117 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 58 (1 ) — — 58 (1 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 111,645 $ (693 ) $ 110,109 $ (2,425 ) $ 221,754 $ (3,118 ) (1) Includes other-than-temporarily impaired (OTTI) AFS debt securities on which an OTTI loss, primarily related to changes in interest rates, remains in accumulated OCI. The Corporation had $8 million and $11 million of credit-related OTTI losses on AFS debt securities which were recognized in other income for the three and six months ended June 30, 2018 compared to $6 million and $33 million for the same periods in 2017 . The amount of noncredit-related OTTI losses, which is recognized in OCI, was insignificant for all periods presented. The cumulative credit loss component of OTTI losses that has been recognized in income related to AFS debt securities that the Corporation does not intend to sell was $264 million for both the three and six months ended June 30, 2018 compared to $284 million for each of the same periods in 2017 . For more information on OTTI losses and significant assumptions used for the Corporation's underlying collateral, see Note 3 – Securities to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . Significant assumptions used in estimating the expected cash flows for measuring credit losses on non-agency residential mortgage-backed securities (RMBS) were as follows at June 30, 2018 . Significant Assumptions Range (1) Weighted 10th Percentile (2) 90th Percentile (2) Prepayment speed 13.0 % 3.2 % 21.4 % Loss severity 19.9 9.0 36.9 Life default rate 17.9 1.5 67.1 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. 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 16.8 percent for prime, 17.1 percent for Alt-A and 26.9 percent for subprime at June 30, 2018 . 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 15.6 percent for prime, 17.3 percent for Alt-A and 20.0 percent for subprime at June 30, 2018 . The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at June 30, 2018 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 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 Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) (Dollars in millions) June 30, 2018 Amortized cost of debt securities carried at fair value Mortgage-backed securities: Agency $ 2 3.50 % $ 26 3.98 % $ 492 2.61 % $ 161,781 3.26 % $ 162,301 3.26 % Agency-collateralized mortgage obligations — — — — 31 2.55 6,163 3.17 6,194 3.17 Commercial 54 9.55 2,155 2.22 11,052 2.48 895 2.81 14,156 2.49 Non-agency residential — — — — 21 0.01 4,543 9.82 4,564 9.77 Total mortgage-backed securities 56 9.33 2,181 2.24 11,596 2.48 173,382 3.43 187,215 3.36 U.S. Treasury and agency securities 542 0.45 32,638 1.47 21,549 2.24 29 2.70 54,758 1.76 Non-U.S. securities 15,118 0.79 1,787 1.53 2 3.56 140 6.55 17,047 0.91 Other taxable securities, substantially all asset-backed securities 576 3.39 2,886 3.34 874 3.24 260 8.56 4,596 3.62 Total taxable securities 16,292 0.90 39,492 1.65 34,021 2.35 173,811 3.44 263,616 2.87 Tax-exempt securities 894 1.71 8,332 2.27 7,252 2.22 2,607 2.64 19,085 2.28 Total amortized cost of debt securities carried at fair value $ 17,186 0.94 $ 47,824 1.76 $ 41,273 2.32 $ 176,418 3.42 $ 282,701 2.83 Amortized cost of HTM debt securities (2) $ 4 3.36 $ 63 3.56 $ 1,427 2.78 $ 161,519 3.15 $ 163,013 3.15 Debt securities carried at fair value Mortgage-backed securities: Agency $ 2 $ 26 $ 484 $ 156,488 $ 157,000 Agency-collateralized mortgage obligations — — 30 6,005 6,035 Commercial 54 2,108 10,592 846 13,600 Non-agency residential — — 33 5,036 5,069 Total mortgage-backed securities 56 2,134 11,139 168,375 181,704 U.S. Treasury and agency securities 542 31,381 20,783 28 52,734 Non-U.S. securities 15,121 1,798 2 144 17,065 Other taxable securities, substantially all asset-backed securities 571 2,905 916 296 4,688 Total taxable securities 16,290 38,218 32,840 168,843 256,191 Tax-exempt securities 894 8,347 7,230 2,594 19,065 Total debt securities carried at fair value $ 17,184 $ 46,565 $ 40,070 $ 171,437 $ 275,256 Fair value of HTM debt securities (2) $ 4 $ 63 $ 1,363 $ 156,801 $ 158,231 (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) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases
Outstanding Loans and Leases | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and December 31, 2017 . 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 (Dollars in millions) June 30, 2018 Consumer real estate Core portfolio Residential mortgage $ 1,064 $ 259 $ 886 $ 2,209 $ 182,453 $ 184,662 Home equity 205 102 457 764 40,761 41,525 Non-core portfolio Residential mortgage (5) 840 361 2,672 3,873 11,822 $ 7,207 22,902 Home equity 186 96 488 770 8,914 2,378 12,062 Credit card and other consumer U.S. credit card 501 329 865 1,695 93,095 94,790 Direct/Indirect consumer (6) 282 77 37 396 92,225 92,621 Other consumer (7) — — — — 167 167 Total consumer 3,078 1,224 5,405 9,707 429,437 9,585 448,729 Consumer loans accounted for under the fair value option (8) $ 848 848 Total consumer loans and leases 3,078 1,224 5,405 9,707 429,437 9,585 848 449,577 Commercial U.S. commercial 441 213 685 1,339 288,402 289,741 Non-U.S. commercial 43 389 — 432 94,018 94,450 Commercial real estate (9) 59 — 76 135 60,938 61,073 Commercial lease financing 46 59 30 135 21,264 21,399 U.S. small business commercial 61 40 84 185 14,020 14,205 Total commercial 650 701 875 2,226 478,642 480,868 Commercial loans accounted for under the fair value option (8) 5,379 5,379 Total commercial loans and leases 650 701 875 2,226 478,642 5,379 486,247 Total loans and leases (10) $ 3,728 $ 1,925 $ 6,280 $ 11,933 $ 908,079 $ 9,585 $ 6,227 $ 935,824 Percentage of outstandings 0.40 % 0.21 % 0.67 % 1.28 % 97.03 % 1.02 % 0.67 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $665 million and nonperforming loans of $242 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $307 million and nonperforming loans of $195 million . (2) Consumer real estate includes fully-insured loans of $2.5 billion . (3) Consumer real estate includes $2.1 billion and direct/indirect consumer includes $44 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 $1.2 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans and leases of $50.2 billion , unsecured consumer lending loans of $410 million , U.S. securities-based lending loans of $38.4 billion , non-U.S. consumer loans of $2.8 billion and other consumer loans of $769 million . (7) Substantially all of other consumer is consumer overdrafts. (8) Consumer loans accounted for under the fair value option includes residential mortgage loans of $489 million and home equity loans of $359 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $3.5 billion and non-U.S. commercial loans of $1.9 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 $57.1 billion and non-U.S. commercial real estate loans of $4.0 billion . (10) Total outstandings Includes loans and leases pledged as collateral of $55.0 billion . The Corporation also pledged $150.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB). 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 (Dollars in millions) December 31, 2017 Consumer real estate Core portfolio Residential mortgage $ 1,242 $ 321 $ 1,040 $ 2,603 $ 174,015 $ 176,618 Home equity 215 108 473 796 43,449 44,245 Non-core portfolio Residential mortgage (5) 1,028 468 3,535 5,031 14,161 $ 8,001 27,193 Home equity 224 121 572 917 9,866 2,716 13,499 Credit card and other consumer U.S. credit card 542 405 900 1,847 94,438 96,285 Direct/Indirect consumer (6) 330 104 44 478 95,864 96,342 Other consumer (7) — — — — 166 166 Total consumer 3,581 1,527 6,564 11,672 431,959 10,717 454,348 Consumer loans accounted for under the fair value option (8) $ 928 928 Total consumer loans and leases 3,581 1,527 6,564 11,672 431,959 10,717 928 455,276 Commercial U.S. commercial 547 244 425 1,216 283,620 284,836 Non-U.S. commercial 52 1 3 56 97,736 97,792 Commercial real estate (9) 48 10 29 87 58,211 58,298 Commercial lease financing 110 68 26 204 21,912 22,116 U.S. small business commercial 95 45 88 228 13,421 13,649 Total commercial 852 368 571 1,791 474,900 476,691 Commercial loans accounted for under the fair value option (8) 4,782 4,782 Total commercial loans and leases 852 368 571 1,791 474,900 4,782 481,473 Total loans and leases (10) $ 4,433 $ 1,895 $ 7,135 $ 13,463 $ 906,859 $ 10,717 $ 5,710 $ 936,749 Percentage of outstandings 0.48 % 0.20 % 0.76 % 1.44 % 96.81 % 1.14 % 0.61 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $850 million and nonperforming loans of $253 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $386 million and nonperforming loans of $195 million . (2) Consumer real estate includes fully-insured loans of $3.2 billion . (3) Consumer real estate includes $2.3 billion and direct/indirect consumer includes $43 million of nonperforming loans. (4) PCI loan amounts are shown gross of the valuation allowance. (5) Total outstandings includes pay option loans of $1.4 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans and leases of $52.4 billion , unsecured consumer lending loans of $469 million , U.S. securities-based lending loans of $39.8 billion , non-U.S. consumer loans of $3.0 billion and other consumer loans of $684 million . (7) Substantially all of other consumer is consumer overdrafts. (8) Consumer loans accounted for under the fair value option includes residential mortgage loans of $567 million and home equity loans of $361 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.6 billion and non-U.S. commercial loans of $2.2 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 $54.8 billion and non-U.S. commercial real estate loans of $3.5 billion . (10) Total outstandings Includes loans and leases pledged as collateral of $40.1 billion . The Corporation also pledged $160.3 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and FHLB. 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 (GSE) underwriting guidelines, or otherwise met the Corporation’s underwriting guidelines in place in 2015 are characterized as core loans. All other loans are generally characterized as non-core loans and represent run-off portfolios. The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $6.0 billion and $6.3 billion at June 30, 2018 and December 31, 2017 , providing full credit protection on residential mortgage loans that become severely delinquent. All of these loans are individually insured and therefore the Corporation does not record an allowance for credit losses related to these loans. Nonperforming Loans and Leases The Corporation classifies junior-lien home equity loans as nonperforming when the first-lien loan becomes 90 days past due even if the junior-lien loan is performing. At June 30, 2018 and December 31, 2017 , $266 million and $330 million of such junior-lien home equity loans were included in nonperforming loans. The Corporation classifies consumer real estate loans that have been discharged in Chapter 7 bankruptcy and not reaffirmed by the borrower as troubled debt restructurings (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 June 30, 2018 , nonperforming loans discharged in Chapter 7 bankruptcy with no change in repayment terms were $263 million of which $139 million were current on their contractual payments, while $102 million were 90 days or more past due. Of the contractually current nonperforming loans, 57 percent were discharged in Chapter 7 bankruptcy over 12 months ago, and 50 percent were discharged 24 months or more ago. During the three and six months ended June 30, 2018 , the Corporation sold nonperforming and other delinquent consumer real estate loans with a carrying value of $168 million and $546 million , including $51 million and $160 million of PCI loans, compared to $323 million and $465 million , including $204 million of PCI loans for both periods, for the same periods in 2017 . The Corporation recorded net recoveries of $7 million and $27 million related to these sales for the three and six months ended June 30, 2018 compared to net recoveries of $3 million and $14 million for the same periods in 2017 . Gains related to these sales of $10 million and $26 million were recorded in other income in the Consolidated Statement of Income for the three and six months ended June 30, 2018 compared to gains of $6 million and $12 million for the same periods in 2017 . During the six months ended June 30, 2018 and 2017 , the Corporation transferred consumer nonperforming loans with a net carrying value of $2 million and $198 million to held for sale. The table below presents the Corporation’s nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at June 30, 2018 and December 31, 2017 . 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 2017 Annual Report on Form 10-K . Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) June 30 December 31 June 30 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 1,052 $ 1,087 $ 344 $ 417 Home equity 1,077 1,079 — — Non-core portfolio Residential mortgage (1) 1,088 1,389 2,139 2,813 Home equity 1,375 1,565 — — Credit card and other consumer U.S. credit card n/a n/a 865 900 Direct/Indirect consumer 47 46 35 40 Other consumer — — — — Total consumer 4,639 5,166 3,383 4,170 Commercial U.S. commercial 881 814 221 144 Non-U.S. commercial 170 299 — 3 Commercial real estate 117 112 — 4 Commercial lease financing 34 24 12 19 U.S. small business commercial 56 55 73 75 Total commercial 1,258 1,304 306 245 Total loans and leases $ 5,897 $ 6,470 $ 3,689 $ 4,415 (1) Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At June 30, 2018 and December 31, 2017 , residential mortgage includes $1.7 billion and $2.2 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 $742 million and $1.0 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 and their related credit quality indicators, see Significant Accounting Principles – Loans and Leases in Note 1 – Summary of Significant Accounting Principles and Credit Quality Indicators in Note 4 – Outstanding Loans and Leases to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . The following tables present certain credit quality indicators for the Corporation’s Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2018 and December 31, 2017 . Consumer Real Estate – Credit Quality Indicators (1) Core Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI (3) Core Home Equity (2) Non-core Home Equity (2) Home Equity PCI (Dollars in millions) June 30, 2018 Refreshed LTV (4) Less than or equal to 90 percent $ 163,729 $ 9,975 $ 6,289 $ 40,505 $ 7,395 $ 1,618 Greater than 90 percent but less than or equal to 100 percent 2,676 664 452 476 880 338 Greater than 100 percent 992 777 466 544 1,409 422 Fully-insured loans (5) 17,265 4,279 — — — — Total consumer real estate $ 184,662 $ 15,695 $ 7,207 $ 41,525 $ 9,684 $ 2,378 Refreshed FICO score Less than 620 $ 2,128 $ 1,890 $ 1,673 $ 1,112 $ 1,858 $ 393 Greater than or equal to 620 and less than 680 4,236 1,690 1,431 2,152 2,090 390 Greater than or equal to 680 and less than 740 22,803 2,759 2,129 7,318 2,484 666 Greater than or equal to 740 138,230 5,077 1,974 30,943 3,252 929 Fully-insured loans (5) 17,265 4,279 — — — — Total consumer real estate $ 184,662 $ 15,695 $ 7,207 $ 41,525 $ 9,684 $ 2,378 (1) Excludes $848 million of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $1.1 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 U.S. Credit Card Direct/Indirect Consumer Other Consumer (Dollars in millions) June 30, 2018 Refreshed FICO score Less than 620 $ 4,504 $ 1,588 $ — Greater than or equal to 620 and less than 680 11,810 1,854 — Greater than or equal to 680 and less than 740 34,852 11,193 — Greater than or equal to 740 43,624 35,949 — Other internal credit metrics (1, 2) — 42,037 167 Total credit card and other consumer $ 94,790 $ 92,621 $ 167 (1) Other internal credit metrics may include delinquency status, geography or other factors. (2) Direct/indirect consumer includes $41.3 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk. Commercial – Credit Quality Indicators (1) U.S. Commercial Non-U.S. Commercial Commercial Real Estate Commercial Financing U.S. Small Commercial (2) (Dollars in millions) June 30, 2018 Risk ratings Pass rated $ 281,622 $ 92,676 $ 60,622 $ 20,978 $ 282 Reservable criticized 8,119 1,774 451 421 36 Refreshed FICO score (3) Less than 620 235 Greater than or equal to 620 and less than 680 639 Greater than or equal to 680 and less than 740 1,982 Greater than or equal to 740 4,134 Other internal credit metrics (3, 4) 6,897 Total commercial $ 289,741 $ 94,450 $ 61,073 $ 21,399 $ 14,205 (1) Excludes $5.4 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $725 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At June 30, 2018 , 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) Core Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI (3) Core Home Equity (2) Non-core Home (2) Home Equity PCI (Dollars in millions) December 31, 2017 Refreshed LTV (4) Less than or equal to 90 percent $ 153,669 $ 12,135 $ 6,872 $ 43,048 $ 7,944 $ 1,781 Greater than 90 percent but less than or equal to 100 percent 3,082 850 559 549 1,053 412 Greater than 100 percent 1,322 1,011 570 648 1,786 523 Fully-insured loans (5) 18,545 5,196 — — — — Total consumer real estate $ 176,618 $ 19,192 $ 8,001 $ 44,245 $ 10,783 $ 2,716 Refreshed FICO score Less than 620 $ 2,234 $ 2,390 $ 1,941 $ 1,169 $ 2,098 $ 452 Greater than or equal to 620 and less than 680 4,531 2,086 1,657 2,371 2,393 466 Greater than or equal to 680 and less than 740 22,934 3,519 2,396 8,115 2,723 786 Greater than or equal to 740 128,374 6,001 2,007 32,590 3,569 1,012 Fully-insured loans (5) 18,545 5,196 — — — — Total consumer real estate $ 176,618 $ 19,192 $ 8,001 $ 44,245 $ 10,783 $ 2,716 (1) Excludes $928 million of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $1.2 billion of pay option loans. The Corporation no longer originates this product. (4) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (5) Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. Credit Card and Other Consumer – Credit Quality Indicators U.S. Credit Card Direct/Indirect Consumer Other Consumer (Dollars in millions) December 31, 2017 Refreshed FICO score Less than 620 $ 4,730 $ 1,680 $ — Greater than or equal to 620 and less than 680 12,422 2,143 — Greater than or equal to 680 and less than 740 35,656 12,304 — Greater than or equal to 740 43,477 36,759 — Other internal credit metrics (1, 2) — 43,456 166 Total credit card and other consumer $ 96,285 $ 96,342 $ 166 (1) Other internal credit metrics may include delinquency status, geography or other factors. (2) Direct/indirect consumer includes $42.8 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk. Commercial – Credit Quality Indicators (1) U.S. Commercial Non-U.S. Commercial Commercial Real Estate Commercial Financing U.S. Small Commercial (2) (Dollars in millions) December 31, 2017 Risk ratings Pass rated $ 275,904 $ 96,199 $ 57,732 $ 21,535 $ 322 Reservable criticized 8,932 1,593 566 581 50 Refreshed FICO score (3) Less than 620 223 Greater than or equal to 620 and less than 680 625 Greater than or equal to 680 and less than 740 1,875 Greater than or equal to 740 3,713 Other internal credit metrics (3, 4) 6,841 Total commercial $ 284,836 $ 97,792 $ 58,298 $ 22,116 $ 13,649 (1) Excludes $4.8 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $709 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, 2017 , 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. For additional information on impaired loans, see Note 1 – Summary of Significant Accounting Principles and Note 4 – Outstanding Loans and Leases to the Consolidated Financial Statements of the Corporation’s 2017 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 2017 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 $1.0 billion were included in TDRs at June 30, 2018 , of which $263 million were classified as nonperforming and $382 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 June 30, 2018 and December 31, 2017 , 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 $263 million and $236 million at June 30, 2018 and December 31, 2017 . The carrying value of consumer real estate loans, including fully-insured and PCI loans, for which formal foreclosure proceedings were in process at June 30, 2018 was $3.0 billion . During the three and six months ended June 30, 2018 , the Corporation reclassified $151 million and $319 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. This compared to reclassifications of $226 million and $426 million for the same periods in 2017 . The reclassifications represent non-cash investing activities and, accordingly, are not reflected in the Consolidated Statement of Cash Flows. The table below provides the unpaid principal balance, carrying value and related allowance at June 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2018 and 2017 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 Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance (Dollars in millions) June 30, 2018 December 31, 2017 With no recorded allowance Residential mortgage $ 6,544 $ 5,223 $ — $ 8,856 $ 6,870 $ — Home equity 3,545 1,932 — 3,622 1,956 — With an allowance recorded Residential mortgage $ 2,482 $ 2,421 $ 149 $ 2,908 $ 2,828 $ 174 Home equity 962 894 178 972 900 174 Total Residential mortgage (1) $ 9,026 $ 7,644 $ 149 $ 11,764 $ 9,698 $ 174 Home equity 4,507 2,826 178 4,594 2,856 174 Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended June 30 Six Months Ended June 30 2018 2017 2018 2017 With no recorded allowance Residential mortgage $ 5,362 $ 50 $ 7,886 $ 81 $ 5,978 $ 115 $ 8,192 $ 160 Home equity 1,944 25 1,999 28 1,953 52 2,000 55 With an allowance recorded Residential mortgage $ 2,482 $ 24 $ 3,647 $ 33 $ 2,597 $ 49 $ 3,723 $ 68 Home equity 891 6 868 7 889 12 842 12 Total Residential mortgage (1) $ 7,844 $ 74 $ 11,533 $ 114 $ 8,575 $ 164 $ 11,915 $ 228 Home equity 2,835 31 2,867 35 2,842 64 2,842 67 (1) During the three months ended June 30, 2018 , previously impaired residential mortgage loans with a carrying value of $1.2 billion were sold, resulting in a gain of $572 million recorded in other income. (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. The table below presents the June 30, 2018 and 2017 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2018 and 2017 . 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 and Six Months Ended June 30, 2018 and 2017 Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (1) Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) (Dollars in millions) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Residential mortgage $ 276 $ 237 4.24 % 3.94 % $ 628 $ 542 4.17 % 3.93 % Home equity 194 152 4.43 4.42 392 297 4.38 4.06 Total (2) $ 470 $ 389 4.32 4.14 $ 1,020 $ 839 4.25 3.98 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Residential mortgage $ 346 $ 313 4.50 % 4.37 % $ 646 $ 581 4.51 % 4.34 % Home equity 250 201 4.11 3.94 469 365 4.20 3.75 Total (2) $ 596 $ 514 4.33 4.19 $ 1,115 $ 946 4.38 4.09 (1) 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. (2) Net charge-offs, which include amounts recorded on loans modified during the period that are no longer held by the Corporation at June 30, 2018 and 2017 due to sales and other dispositions, were $15 million and $24 million for the three and six months ended June 30, 2018 compared to $12 million and $20 million for the same periods in 2017 . The table below presents the June 30, 2018 and 2017 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2018 and 2017 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Modifications under government programs Contractual interest rate reduction $ 9 $ 11 $ 17 $ 38 Principal and/or interest forbearance — 1 — 3 Other modifications (1) 8 3 18 8 Total modifications under government programs 17 15 35 49 Modifications under proprietary programs Contractual interest rate reduction 13 20 67 72 Capitalization of past due amounts 19 9 43 21 Principal and/or interest forbearance 5 3 16 9 Other modifications (1) 55 16 205 44 Total modifications under proprietary programs 92 48 331 146 Trial modifications 242 387 379 622 Loans discharged in Chapter 7 bankruptcy (2) 38 64 94 129 Total modifications $ 389 $ 514 $ 839 $ 946 (1) Includes other modifications such as term or payment extensions and repayment plans. During the three and six months ended June 30, 2018 , this included $38 million and $196 million of modifications related to the 2017 hurricanes that met the definition of a TDR. These modifications had been written down to their net realizable value less costs to sell or were fully insured as of June 30, 2018 . (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 and six months ended June 30, 2018 and 2017 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. Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Modifications under government programs $ 11 $ 20 $ 24 $ 46 Modifications under proprietary programs 56 33 87 67 Loans discharged in Chapter 7 bankruptcy (1) 16 15 39 77 Trial modifications (2) 22 46 67 258 Total modifications $ 105 $ 114 $ 217 $ 448 (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 Impaired loans within the Credit Card and Other Consumer portfolio segment consist entirely of loans that have been modified in TDRs. The Corporation seeks to assist customers that are experiencing financial difficulty by modifying loans while ensuring compliance with federal, local and international laws and guidelines. Credit card and other consumer loan modifications generally involve reducing the interest rate on the account, placing the customer on a fixed payment plan not exceeding 60 months and canceling the customer’s available line of credit, all of which are considered TDRs. The Corporation makes loan modifications directly with borrowers for debt held only by the Corporation (internal programs). Additionally, the Corporation makes loan modifications for borrowers working with third-party renegotiation agencies that provide solutions to customers’ entire unsecured debt structures (external programs). The Corporation classifies other secured consumer loans that have been discharged in Chapter 7 bankruptcy as TDRs which are written down to collateral value and placed on nonaccrual status no later than the time of discharge. For more information on the regulatory guidance on loans discharged in Chapter 7 bankruptcy, see Nonperforming Loans and Leases in this Note. The table below provides the unpaid principal balance, carrying value and related allowance at June 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2018 and 2017 on TDRs within the Credit Card and Other Consumer portfolio segment. Impaired Loans – Credit Card and Other Consumer Unpaid Balance Carrying Value (1) Related Allowance Unpaid Balance Carrying Value (1) Related Allowance (Dollars in millions) June 30, 2018 December 31, 2017 With no recorded allowance Direct/Indirect consumer $ 63 $ 30 $ — $ 58 $ 28 $ — With an allowance recorded U.S. credit card $ 478 $ 486 $ 143 $ 454 $ 461 $ 125 Direct/Indirect consumer 1 1 — 1 1 — Total U.S. credit card $ 478 $ 486 $ 143 $ 454 $ 461 $ 125 Direct/Indirect consumer 64 31 — 59 29 — Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended June 30 Six Months Ended June 30 2018 2017 2018 2017 With no recorded allowance Direct/Indirect consumer $ 29 $ 1 $ 18 $ — $ 29 $ 1 $ 18 $ — With an allowance recorded U.S. credit card $ 480 $ 6 $ 463 $ 6 $ 473 $ 12 $ 470 $ 12 Non-U.S. credit card (3) — — 78 — — — 88 1 Direct/Indirect consumer 1 — 2 — 1 — 3 — Total U.S. credit card $ 480 $ 6 $ 463 $ 6 $ 473 $ 12 $ 470 $ 12 Non-U.S. credit card (3) — — 78 — — — 88 1 Direct/Indirect consumer 30 1 20 — 30 1 21 — (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. (3) In the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business. The table below provides information on the Corporation’s primary modification programs for the Credit Card and Other Consumer TDR portfolio at June 30, 2018 and December 31, 2017 . Credit Card and Other Consumer – TDRs by Program Type U.S. Credit Card Direct/Indirect Consumer Total TDRs by Program Type (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 Internal programs $ 223 $ 203 $ 1 $ 1 $ 224 $ 204 External programs 262 257 — — 262 257 Other 1 1 30 28 31 29 Total $ 486 $ 461 $ 31 $ 29 $ 517 $ 490 Percent of balances current or less than 30 days past due 86.42 % 86.92 % 89.63 % 88.16 % 86.60 % 87.00 % The table below |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2018 | |
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 and six months ended June 30, 2018 and 2017 . Consumer (1) Credit Card and Other Consumer Commercial Total (Dollars in millions) Three Months Ended June 30, 2018 Allowance for loan and lease losses, April 1 $ 1,530 $ 3,720 $ 5,010 $ 10,260 Loans and leases charged off (137 ) (1,033 ) (208 ) (1,378 ) Recoveries of loans and leases previously charged off 130 210 42 382 Net charge-offs (7 ) (823 ) (166 ) (996 ) Write-offs of PCI loans (2) (36 ) — — (36 ) Provision for loan and lease losses (3) (121 ) 878 65 822 Other (4) — (1 ) 1 — Allowance for loan and lease losses, June 30 1,366 3,774 4,910 10,050 Reserve for unfunded lending commitments, April 1 — — 782 782 Provision for unfunded lending commitments — — 5 5 Reserve for unfunded lending commitments, June 30 — — 787 787 Allowance for credit losses, June 30 $ 1,366 $ 3,774 $ 5,697 $ 10,837 Three Months Ended June 30, 2017 Allowance for loan and lease losses, April 1 $ 2,565 $ 3,329 $ 5,218 $ 11,112 Loans and leases charged off (198 ) (954 ) (198 ) (1,350 ) Recoveries of loans and leases previously charged off 167 234 41 442 Net charge-offs (31 ) (720 ) (157 ) (908 ) Write-offs of PCI loans (2) (55 ) — — (55 ) Provision for loan and lease losses (3) (170 ) 776 120 726 Other (4) — 1 (1 ) — Allowance for loan and lease losses, June 30 2,309 3,386 5,180 10,875 Reserve for unfunded lending commitments, April 1 and June 30 — — 757 757 Allowance for credit losses, June 30 $ 2,309 $ 3,386 $ 5,937 $ 11,632 Six Months Ended June 30, 2018 Allowance for loan and lease losses, January 1 $ 1,720 $ 3,663 $ 5,010 $ 10,393 Loans and leases charged off (311 ) (2,039 ) (324 ) (2,674 ) Recoveries of loans and leases previously charged off 277 413 77 767 Net charge-offs (34 ) (1,626 ) (247 ) (1,907 ) Write-offs of PCI loans (2) (71 ) — — (71 ) Provision for loan and lease losses (3) (249 ) 1,754 146 1,651 Other (4) — (17 ) 1 (16 ) Allowance for loan and lease losses, June 30 1,366 3,774 4,910 10,050 Reserve for unfunded lending commitments, January 1 — — 777 777 Provision for unfunded lending commitments — — 10 10 Reserve for unfunded lending commitments, June 30 — — 787 787 Allowance for credit losses, June 30 $ 1,366 $ 3,774 $ 5,697 $ 10,837 Six Months Ended June 30, 2017 Allowance for loan and lease losses, January 1 $ 2,750 $ 3,229 $ 5,258 $ 11,237 Loans and leases charged off (402 ) (1,900 ) (358 ) (2,660 ) Recoveries of loans and leases previously charged off 290 434 94 818 Net charge-offs (112 ) (1,466 ) (264 ) (1,842 ) Write-offs of PCI loans (2) (88 ) — — (88 ) Provision for loan and lease losses (3) (241 ) 1,619 188 1,566 Other (4) — 4 (2 ) 2 Allowance for loan and lease losses, June 30 2,309 3,386 5,180 10,875 Reserve for unfunded lending commitments, January 1 — — 762 762 Provision for unfunded lending commitments — — (5 ) (5 ) Reserve for unfunded lending commitments, June 30 — — 757 757 Allowance for credit losses, June 30 $ 2,309 $ 3,386 $ 5,937 $ 11,632 (1) Includes valuation allowance associated with the PCI loan portfolio. (2) Includes write-offs associated with the sale of PCI loans of $1 million and $17 million during the three and six months ended June 30, 2018 compared to $35 million for both of the same periods in 2017 . (3) Includes provision benefit associated with the PCI loan portfolio of $14 million and $25 million during the three and six months ended June 30, 2018 compared to provision benefit of $24 million and provision expense of $44 million for the same periods in 2017 . (4) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments, transfers to held for sale and certain other reclassifications. The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at June 30, 2018 and December 31, 2017 . Allowance and Carrying Value by Portfolio Segment Consumer Credit Card and Other Consumer Commercial Total (Dollars in millions) June 30, 2018 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 327 $ 143 $ 212 $ 682 Carrying value (2) 10,470 517 2,489 13,476 Allowance as a percentage of carrying value 3.12 % 27.66 % 8.52 % 5.06 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 848 $ 3,631 $ 4,698 $ 9,177 Carrying value (2, 3) 241,096 187,061 478,379 906,536 Allowance as a percentage of carrying value (3) 0.35 % 1.94 % 0.98 % 1.01 % Purchased credit-impaired loans Valuation allowance $ 191 n/a n/a $ 191 Carrying value gross of valuation allowance 9,585 n/a n/a 9,585 Valuation allowance as a percentage of carrying value 1.99 % n/a n/a 1.99 % Total Allowance for loan and lease losses $ 1,366 $ 3,774 $ 4,910 $ 10,050 Carrying value (2, 3) 261,151 187,578 480,868 929,597 Allowance as a percentage of carrying value (3) 0.52 % 2.01 % 1.02 % 1.08 % December 31, 2017 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 348 $ 125 $ 190 $ 663 Carrying value (2) 12,554 490 2,407 15,451 Allowance as a percentage of carrying value 2.77 % 25.51 % 7.89 % 4.29 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 1,083 $ 3,538 $ 4,820 $ 9,441 Carrying value (2, 3) 238,284 192,303 474,284 904,871 Allowance as a percentage of carrying value (3) 0.45 % 1.84 % 1.02 % 1.04 % Purchased credit-impaired loans Valuation allowance $ 289 n/a n/a $ 289 Carrying value gross of valuation allowance 10,717 n/a n/a 10,717 Valuation allowance as a percentage of carrying value 2.70 % n/a n/a 2.70 % Total Allowance for loan and lease losses $ 1,720 $ 3,663 $ 5,010 $ 10,393 Carrying value (2, 3) 261,555 192,793 476,691 931,039 Allowance as a percentage of carrying value (3) 0.66 % 1.90 % 1.05 % 1.12 % (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) Amounts are presented gross of the allowance for loan and lease losses. (3) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $6.2 billion and $5.7 billion at June 30, 2018 and December 31, 2017 . n/a = not applicable |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 6 Months Ended |
Jun. 30, 2018 | |
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 tables in this Note present the assets, liabilities and maximum loss exposure of consolidated and unconsolidated VIEs at June 30, 2018 and December 31, 2017 where the Corporation has continuing involvement with transferred assets or if the Corporation otherwise has a variable interest in the VIE. For additional information on the Corporation’s use of VIEs and related maximum loss exposure, see Note 1 – Summary of Significant Accounting Principles and Note 6 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . 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, for example to hold collateral. These securities and loans are included in Note 4 – Securities or Note 5 – Outstanding Loans and Leases . In addition, the Corporation has used VIEs such as trust preferred securities trusts in connection with its funding activities. On June 6, 2018, the Corporation redeemed trust preferred securities with a total carrying value of $3.1 billion resulting in the extinguishment of the related junior subordinated notes issued by the Corporation. In connection therewith, the Corporation recorded a charge to other income of $729 million primarily due to the difference between the carrying and redemption values of the trust preferred securities, the majority of which relates to the discount on the junior subordinated notes assumed in prior acquisitions. For more information on trust preferred securities, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . 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 six months ended June 30, 2018 or the year ended December 31, 2017 that it was not previously contractually required to provide, nor does it intend to do so. The Corporation had liquidity commitments, including written put options and collateral value guarantees, with certain unconsolidated VIEs of $271 million and $442 million at June 30, 2018 and December 31, 2017 . 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. Except as described below and in Note 10 – Commitments and Contingencies , the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties. The table below summarizes select information related to first-lien mortgage securitizations for the three and six months ended June 30, 2018 and 2017 . First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage Three Months Ended June 30 Six Months Ended June 30 Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 2018 2017 Cash proceeds from new securitizations (1) $ 1,379 $ 3,302 $ 3,065 $ 7,958 $ 1,672 $ 1,097 $ 2,184 $ 1,706 Gains on securitizations (2) 23 61 41 100 21 35 39 53 Repurchases from securitization trusts (3) 357 602 858 1,474 — — — — (1) The Corporation transfers residential mortgage loans to securitizations sponsored by the GSEs or Government National Mortgage Association (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 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 $21 million and $45 million , net of hedges, during the three and six months ended June 30, 2018 , compared to $42 million and $132 million for the same periods in 2017 , 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. Repurchased loans include 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 $164 million and $302 million in connection with first-lien mortgage securitizations for the three and six months ended June 30, 2018 , compared to $288 million and $563 million for the same periods in 2017. The receipt of these securities represents non-cash operating and investing activities and, accordingly, is not reflected in 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 and six months ended June 30, 2018 and 2017 , 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 $249.5 billion and $304.9 billion at June 30, 2018 and 2017 . Servicing fee and ancillary fee income on serviced loans was $181 million and $378 million during the three and six months ended June 30, 2018 , compared to $233 million and $478 million for the same periods in 2017. Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $3.8 billion and $4.5 billion at June 30, 2018 and December 31, 2017 . For more information on MSRs, see Note 14 – Fair Value Measurements . During the three and six months ended June 30, 2018 and 2017 , there were no deconsolidations of agency residential mortgage securitizations. The table below summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at June 30, 2018 and December 31, 2017 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 17,336 $ 19,110 $ 655 $ 689 $ 2,483 $ 2,643 $ 399 $ 403 $ 615 $ 585 On-balance sheet assets Senior securities: Trading account assets $ 636 $ 716 $ 50 $ 6 $ 36 $ 10 $ 62 $ 50 $ 58 $ 108 Debt securities carried at fair value 13,075 15,036 420 477 2,021 2,221 335 351 — — Held-to-maturity securities 3,625 3,348 — — — — — — 362 274 All other assets (2) — 10 5 5 60 38 2 2 80 88 Total retained positions $ 17,336 $ 19,110 $ 475 $ 488 $ 2,117 $ 2,269 $ 399 $ 403 $ 500 $ 470 Principal balance outstanding (3) $ 208,265 $ 232,761 $ 10,083 $ 10,549 $ 9,436 $ 10,254 $ 25,640 $ 28,129 $ 26,487 $ 26,504 Consolidated VIEs Maximum loss exposure (1) $ 13,342 $ 14,502 $ 653 $ 571 $ — $ — $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 269 $ 232 $ 837 $ 571 $ — $ — $ — $ — $ — $ — Loans and leases, net 12,867 14,030 — — — — — — — — All other assets 207 240 — — — — — — — — Total assets $ 13,343 $ 14,502 $ 837 $ 571 $ — $ — $ — $ — $ — $ — Total liabilities $ 3 $ 3 $ 184 $ — $ — $ — $ — $ — $ — $ — (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 reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For more information, see Note 10 – Commitments and Contingencies and Note 14 – Fair Value Measurements . (2) Not included in the table above are all other assets of $61 million and $148 million , representing the unpaid principal balance of mortgage loans eligible for repurchase from unconsolidated residential mortgage securitization VIEs, principally guaranteed by GNMA, and all other liabilities of $61 million and $148 million , representing the principal amount that would be payable to the securitization VIEs if the Corporation was to exercise the repurchase option, at June 30, 2018 and December 31, 2017 . (3) Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs 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 June 30, 2018 and December 31, 2017 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity Loan (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure $ 1,238 $ 1,522 $ — $ — $ 8,025 $ 8,204 $ 1,726 $ 1,631 On-balance sheet assets Senior securities (4) : Trading account assets $ — $ — $ — $ — $ 1,297 $ 869 $ — $ 33 Debt securities carried at fair value 31 36 — — 1,471 1,661 — — Held-to-maturity securities — — — — 5,257 5,644 — — All other assets (4) — — — — — 30 — — Total retained positions $ 31 $ 36 $ — $ — $ 8,025 $ 8,204 $ — $ 33 Total assets of VIEs (5) $ 2,085 $ 2,432 $ — $ — $ 19,975 $ 19,281 $ 2,378 $ 2,287 Consolidated VIEs Maximum loss exposure $ 97 $ 112 $ 20,518 $ 24,337 $ 264 $ 628 $ 1,480 $ 1,453 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 622 $ 1,557 $ 1,492 $ 1,452 Loans and leases 154 177 30,433 32,554 — — — — Allowance for loan and lease losses (7 ) (9 ) (944 ) (988 ) — — — — All other assets 5 6 128 1,385 — — 1 1 Total assets $ 152 $ 174 $ 29,617 $ 32,951 $ 622 $ 1,557 $ 1,493 $ 1,453 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 396 $ 312 Long-term debt 65 76 9,071 8,598 358 929 12 — All other liabilities — — 28 16 — — — — Total liabilities $ 65 $ 76 $ 9,099 $ 8,614 $ 358 $ 929 $ 408 $ 312 (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 reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies . (2) At June 30, 2018 and December 31, 2017 , loans and leases in the consolidated credit card trust included $13.0 billion and $15.6 billion of seller’s interest. (3) At June 30, 2018 and December 31, 2017 , all other assets in the consolidated credit card trust included restricted cash, certain short-term investments, and unbilled accrued interest and fees. (4) All other assets includes subordinate securities. The retained senior and subordinate securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). (5) Total assets of VIEs includes 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 primarily include senior securities. In addition, the Corporation may be obligated to provide subordinate funding to the trusts during a rapid amortization event. This obligation is included in the maximum loss exposure in the table above. The charges that will ultimately be recorded as a result of the rapid amortization events depend on the undrawn portion of the home equity lines of credit (HELOCs), performance of the loans, the amount of subsequent draws and the timing of related cash flows. There were no deconsolidations of HELOC trusts during the six months ended June 30, 2018 and 2017 . 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 subordinate interests in accrued interest and fees on the securitized receivables and cash reserve accounts. During the six months ended June 30, 2018 and 2017 , new senior debt securities issued to third-party investors from the credit card securitization trust were $ 2.8 billion and $2.0 billion . At June 30, 2018 and December 31, 2017 , the Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $7.5 billion and $7.4 billion . 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 $448 million and $323 million of these subordinate securities issued during the six months ended June 30, 2018 and 2017 . Resecuritization Trusts The Corporation transfers securities, typically MBS, into resecuritization VIEs at the request of customers seeking securities with specific characteristics. Generally, there are no significant ongoing activities performed in a resecuritization trust, and no single investor has the unilateral ability to liquidate the trust. The Corporation resecuritized $6.8 billion and $13.6 billion of securities during the three and six months ended June 30, 2018 compared to $7.3 billion and $15.1 billion for the same periods in 2017. Securities transferred into resecuritization VIEs during the three and six months ended June 30, 2018 and 2017 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 $910 million and $2.2 billion during the three and six months ended June 30, 2018 compared to $1.1 billion and $1.8 billion for the same periods in 2017. Substantially all of the other securities received as resecuritization proceeds were classified as trading securities and were categorized as Level 2 within the fair value hierarchy. Municipal Bond Trusts The Corporation administers municipal bond trusts that hold highly-rated, long-term, fixed-rate municipal bonds. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other short-term basis to third-party investors. The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $1.7 billion and $1.6 billion at June 30, 2018 and December 31, 2017 . The weighted-average remaining life of bonds held in the trusts at June 30, 2018 was 6.1 years . There were no material write-downs or downgrades of assets or issuers during the six months ended June 30, 2018 and 2017 . Other Variable Interest Entities The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at June 30, 2018 and December 31, 2017 . Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) June 30, 2018 December 31, 2017 Maximum loss exposure $ 4,369 $ 21,209 $ 25,578 $ 4,660 $ 19,785 $ 24,445 On-balance sheet assets Trading account assets $ 2,472 $ 656 $ 3,128 $ 2,709 $ 346 $ 3,055 Debt securities carried at fair value — 61 61 — 160 160 Loans and leases 2,024 4,667 6,691 2,152 3,596 5,748 Allowance for loan and lease losses (3 ) (29 ) (32 ) (3 ) (32 ) (35 ) Loans held-for-sale 3 388 391 27 940 967 All other assets 55 15,018 15,073 62 14,276 14,338 Total $ 4,551 $ 20,761 $ 25,312 $ 4,947 $ 19,286 $ 24,233 On-balance sheet liabilities Long-term debt $ 174 $ — $ 174 $ 270 $ — $ 270 All other liabilities 9 3,982 3,991 18 3,417 3,435 Total $ 183 $ 3,982 $ 4,165 $ 288 $ 3,417 $ 3,705 Total assets of VIEs $ 4,551 $ 86,070 $ 90,621 $ 4,947 $ 69,746 $ 74,693 Customer VIEs Customer VIEs include credit-linked, equity-linked and commodity-linked note VIEs, repackaging VIEs, and asset acquisition VIEs, 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’s maximum loss exposure to consolidated and unconsolidated customer VIEs totaled $2.2 billion and $2.3 billion at June 30, 2018 and December 31, 2017 , 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 VIEs. Collateralized Debt Obligation VIEs The Corporation receives fees for structuring CDO VIEs, which hold diversified pools of fixed-income securities, typically corporate debt or ABS, which the CDO VIEs fund by issuing multiple tranches of debt and equity securities. CDOs are generally 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. The Corporation’s maximum loss exposure to consolidated and unconsolidated CDOs totaled $444 million and $358 million at June 30, 2018 and December 31, 2017 . Investment VIEs The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety of investment VIEs that hold loans, real estate, debt securities or other financial instruments and are designed to provide the desired investment profile to investors or the Corporation. At June 30, 2018 and December 31, 2017 , the Corporation’s consolidated investment VIEs had total assets of $243 million and $249 million . The Corporation also held investments in unconsolidated VIEs with total assets of $33.8 billion and $20.3 billion at June 30, 2018 and December 31, 2017 . The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $6.0 billion and $5.7 billion at June 30, 2018 and December 31, 2017 comprised primarily of on-balance sheet assets less non-recourse liabilities. Leveraged Lease Trusts The Corporation’s net investment in consolidated leveraged lease trusts totaled $1.9 billion and $2.0 billion at June 30, 2018 and December 31, 2017 . 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 VIEs 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 VIE. 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 $14.6 billion and $13.8 billion at June 30, 2018 and December 31, 2017 . 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 $8.4 billion and $8.0 billion , including unfunded commitments to provide capital contributions of $3.6 billion and $3.1 billion at June 30, 2018 and December 31, 2017 . 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 $237 million and $485 million , and reported pretax losses in other noninterest income of $217 million and $425 million for the three and six months ended June 30, 2018 . For the same period in 2017 , the Corporation recognized tax credits and other tax benefits of $281 million and $532 million , and pretax losses of $207 million and $403 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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The table below presents goodwill balances by reporting unit and All Other at June 30, 2018 and December 31, 2017 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill (Dollars in millions) June 30 December 31 Deposits $ 18,414 $ 18,414 Consumer Lending 11,709 11,709 Consumer Banking 30,123 30,123 U.S. Trust 2,917 2,917 Merrill Lynch Global Wealth Management 6,760 6,760 Global Wealth & Investment Management 9,677 9,677 Global Commercial Banking 16,146 16,146 Global Corporate and Investment Banking 6,231 6,231 Business Banking 1,546 1,546 Global Banking 23,923 23,923 Global Markets 5,182 5,182 All Other 46 46 Total goodwill $ 68,951 $ 68,951 For the goodwill impairment test as of June 30, 2018, the Corporation used qualitative assessments. For additional information, see Note 1 – Summary of Significant Accounting Principles . The Corporation completed its annual goodwill impairment test as of June 30, 2018 for all applicable reporting units. Based on the results of the annual goodwill impairment test, the Corporation determined there was no impairment. Intangible Assets The table below presents the gross and net carrying values and accumulated amortization for intangible assets at June 30, 2018 and December 31, 2017 . Intangible Assets (1, 2) Gross Accumulated Net Gross Accumulated Net (Dollars in millions) June 30, 2018 December 31, 2017 Purchased credit card and affinity relationships $ 5,919 $ 5,682 $ 237 $ 5,919 $ 5,604 $ 315 Core deposit and other intangibles (3) 3,835 2,181 1,654 3,835 2,140 1,695 Customer relationships 3,886 3,735 151 3,886 3,584 302 Total intangible assets $ 13,640 $ 11,598 $ 2,042 $ 13,640 $ 11,328 $ 2,312 (1) Excludes fully amortized intangible assets. (2) At June 30, 2018 and December 31, 2017 , none of the intangible assets were impaired. (3) Includes $1.6 billion at both June 30, 2018 and December 31, 2017 of intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized. Amortization of intangibles expense was $135 million and $269 million for the three and six months ended June 30, 2018 compared to $160 million and $322 million for the same periods in 2017 . The Corporation estimates aggregate amortization expense will be $268 million for the remainder of 2018, $105 million for 2019, $53 million for 2020 and none for the years thereafter. |
Federal Funds Sold or Purchased
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash | 6 Months Ended |
Jun. 30, 2018 | |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | |
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash | Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash 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 . Amount Rate Amount Rate Amount Rate Amount Rate Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 251,880 1.13 % $ 226,700 0.77 % $ 250,110 1.07 % $ 221,579 0.72 % Maximum month-end balance during period 264,923 n/a 237,064 n/a 264,923 n/a 237,064 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 194,298 1.85 % $ 208,760 1.21 % $ 194,953 1.63 % $ 200,265 1.08 % Maximum month-end balance during period 199,419 n/a 218,017 n/a 199,419 n/a 218,017 n/a Short-term borrowings Average during period 40,542 5.61 42,881 2.65 43,422 4.75 41,468 2.39 Maximum month-end balance during period 44,382 n/a 46,202 n/a 52,480 n/a 46,202 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 June 30, 2018 and December 31, 2017 . 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 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2018 Securities borrowed or purchased under agreements to resell (3) $ 353,551 $ (127,065 ) $ 226,486 $ (186,805 ) $ 39,681 Securities loaned or sold under agreements to repurchase $ 304,968 $ (127,065 ) $ 177,903 $ (147,798 ) $ 30,105 Other (4) 21,063 — 21,063 (21,063 ) — Total $ 326,031 $ (127,065 ) $ 198,966 $ (168,861 ) $ 30,105 December 31, 2017 Securities borrowed or purchased under agreements to resell (3) $ 348,472 $ (135,725 ) $ 212,747 $ (165,720 ) $ 47,027 Securities loaned or sold under agreements to repurchase $ 312,582 $ (135,725 ) $ 176,857 $ (146,205 ) $ 30,652 Other (4) 22,711 — 22,711 (22,711 ) — Total $ 335,293 $ (135,725 ) $ 199,568 $ (168,916 ) $ 30,652 (1) Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries. (2) 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 derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table. (3) Excludes repurchase activity of $11.5 billion and $10.2 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2018 and December 31, 2017 . (4) Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and 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. Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings The following tables 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. Remaining Contractual Maturity June 30, 2018 (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 $ 125,778 $ 81,805 $ 32,591 $ 44,612 $ 284,786 Securities loaned 12,671 236 2,353 4,922 20,182 Other 21,063 — — — 21,063 Total $ 159,512 $ 82,041 $ 34,944 $ 49,534 $ 326,031 December 31, 2017 Securities sold under agreements to repurchase $ 125,956 $ 79,913 $ 46,091 $ 38,935 $ 290,895 Securities loaned 9,853 5,658 2,043 4,133 21,687 Other 22,711 — — — 22,711 Total $ 158,520 $ 85,571 $ 48,134 $ 43,068 $ 335,293 (1) No agreements have maturities greater than three years . Class of Collateral Pledged June 30, 2018 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 153,756 $ — $ — $ 153,756 Corporate securities, trading loans and other 13,093 2,246 348 15,687 Equity securities 19,408 14,288 20,663 54,359 Non-U.S. sovereign debt 94,054 3,648 52 97,754 Mortgage trading loans and ABS 4,475 — — 4,475 Total $ 284,786 $ 20,182 $ 21,063 $ 326,031 December 31, 2017 U.S. government and agency securities $ 158,299 $ — $ 409 $ 158,708 Corporate securities, trading loans and other 12,787 2,669 624 16,080 Equity securities 23,975 13,523 21,628 59,126 Non-U.S. sovereign debt 90,857 5,495 50 96,402 Mortgage trading loans and ABS 4,977 — — 4,977 Total $ 290,895 $ 21,687 $ 22,711 $ 335,293 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 determine whether 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. Restricted Cash At both June 30, 2018 and December 31, 2017 , the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $18.8 billion , predominantly related to cash segregated in compliance with securities regulations and cash held on deposit with the Federal Reserve and non-U.S. central banks to meet reserve requirements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
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 2017 Annual Report on Form 10-K . Credit Extension Commitments The Corporation enters into commitments to extend credit such as loan commitments, SBLCs and commercial letters of credit to meet the financing needs of its customers. The following table includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.7 billion and $11.0 billion at June 30, 2018 and December 31, 2017 . At June 30, 2018 , the carrying value of these commitments, excluding commitments accounted for under the fair value option, was $803 million , including deferred revenue of $16 million and a reserve for unfunded lending commitments of $787 million . At December 31, 2017 , the comparable amounts were $793 million , $16 million and $777 million , respectively. The carrying value of these commitments is classified in accrued expenses and other liabilities on the Consolidated Balance Sheet. 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. The following table also includes the notional amount of commitments of $3.4 billion and $4.8 billion at June 30, 2018 and December 31, 2017 that are accounted for under the fair value option. However, the following table excludes cumulative net fair value of $114 million and $120 million at June 30, 2018 and December 31, 2017 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 Expire in One Expire After One Expire After Three Years Through Five Years Expire After Five Years Total (Dollars in millions) June 30, 2018 Notional amount of credit extension commitments Loan commitments $ 85,580 $ 147,418 $ 151,105 $ 20,103 $ 404,206 Home equity lines of credit 3,862 3,048 2,717 33,805 43,432 Standby letters of credit and financial guarantees (1) 20,794 10,190 2,537 627 34,148 Letters of credit 1,378 164 168 50 1,760 Legally binding commitments 111,614 160,820 156,527 54,585 483,546 Credit card lines (2) 370,646 — — — 370,646 Total credit extension commitments $ 482,260 $ 160,820 $ 156,527 $ 54,585 $ 854,192 December 31, 2017 Notional amount of credit extension commitments Loan commitments $ 85,804 $ 140,942 $ 147,043 $ 21,342 $ 395,131 Home equity lines of credit 6,172 4,457 2,288 31,250 44,167 Standby letters of credit and financial guarantees (1) 19,976 11,261 3,420 1,144 35,801 Letters of credit 1,291 117 129 87 1,624 Legally binding commitments 113,243 156,777 152,880 53,823 476,723 Credit card lines (2) 362,030 — — — 362,030 Total credit extension commitments $ 475,273 $ 156,777 $ 152,880 $ 53,823 $ 838,753 (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 $26.3 billion and $7.4 billion at June 30, 2018 , and $27.3 billion and $8.1 billion at December 31, 2017 . Amounts in the table include consumer SBLCs of $401 million and $421 million at June 30, 2018 and December 31, 2017 . (2) Includes business card unused lines of credit. Other Commitments At June 30, 2018 and December 31, 2017 , the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $455 million and $344 million , and commitments to purchase commercial loans of $473 million and $994 million , which upon settlement will be included in loans or LHFS. At both June 30, 2018 and December 31, 2017 , the Corporation had commitments to purchase commodities, primarily liquefied natural gas, of $1.5 billion , which upon settlement will be included in trading account assets. At June 30, 2018 and December 31, 2017 , the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $76.4 billion and $56.8 billion , and commitments to enter into forward-dated repurchase and securities lending agreements of $45.8 billion and $34.3 billion . These commitments expire primarily within the next 18 months . At both June 30, 2018 and December 31, 2017 , the Corporation had a commitment to originate or purchase up to $3.0 billion of auto loans and leases from a strategic partner on a rolling 12-month basis. This commitment extends through November 2022 and can be terminated with 12 months prior notice. In addition, at December 31, 2017 , the Corporation had a maximum commitment to purchase $345 million of retail automobile loans from certain auto loan originators, which was terminated in the first quarter of 2018. The Corporation is a party to operating leases for certain of its premises and equipment. Commitments under these leases are approximately $1.1 billion , $2.2 billion , $2.1 billion , $1.8 billion and $1.5 billion for the remainder of 2018 and the years through 2022 , respectively, and $6.2 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 both June 30, 2018 and December 31, 2017 , the notional amount of these guarantees totaled $10.4 billion , and the Corporation’s maximum exposure related to these guarantees totaled $1.6 billion at both period ends, with estimated maturity dates between 2033 and 2039. 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. If the merchant processor fails to meet its obligation to reimburse the cardholder for disputed transactions, then the Corporation, as the sponsor, could be held liable for the disputed amount. For the three and six months ended June 30, 2018 , the sponsored entities processed and settled $226.1 billion and $426.8 billion of transactions and recorded losses of $9 million and $17 million . For the same periods in 2017 , the sponsored entities processed and settled $204.6 billion and $391.4 billion of transactions and recorded losses of $8 million and $15 million . A significant portion of this activity was processed by a joint venture in which the Corporation holds a 49 percent ownership. The carrying value of the Corporation’s investment in the merchant services joint venture was $2.8 billion and $2.9 billion at June 30, 2018 and December 31, 2017 , and is recorded in other assets on the Consolidated Balance Sheet and in All Other . At June 30, 2018 and December 31, 2017 , the maximum potential exposure for sponsored transactions totaled $346.8 billion and $346.4 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. Representations and Warranties Obligations and Corporate Guarantees For information on representations and warranties obligations and corporate guarantees and the related reserve and estimated range of possible loss, see Note 7 – Representations and Warranties Obligations and Corporate Guarantees to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . The reserve for representations and warranties and corporate guarantees was $2.1 billion and $1.9 billion at June 30, 2018 and December 31, 2017 and is included in accrued expenses and other liabilities on the Consolidated Balance Sheet and the related provision is included in other income in the Consolidated Statement of Income. The representations and warranties reserve represents the Corporation’s best estimate of probable incurred losses. It is reasonably possible that future representations and warranties losses may occur in excess of the amounts recorded for these exposures. 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 $6.2 billion and $5.9 billion at June 30, 2018 and December 31, 2017 . 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 On June 1, 2017, the Corporation sold its non-U.S. consumer credit card business. Included in the calculation of the gain on sale, the Corporation recorded an obligation to indemnify the purchaser for substantially all payment protection insurance exposure above reserves assumed by the purchaser. Litigation and Regulatory Matters The following supplements the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K and in Note 10 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (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 pending or threatened 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 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. Excluding expenses of internal and external legal service providers, litigation-related expense of $86 million and $202 million was recognized for the three and six months ended June 30, 2018 compared to $192 million and $466 million for the same periods in 2017 . 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 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 reasonably possible, management currently estimates the aggregate range of possible loss is $0 to $1.2 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. 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. Ambac Bond Insurance Litigation Ambac I On June 27, 2018, the New York Court of Appeals affirmed the May 16, 2017 decision of the First Department. Interchange Litigation In June 2018, Defendants reached an agreement in principle with the representatives of the putative Rule 23(b)(3) class, subject to final settlement documentation and court approval. Mortgage Appraisal Litigation On May 22, 2018, the U.S. Court of Appeals for the Ninth Circuit denied Defendants’ petition for permission to file an interlocutory appeal of the District Court's ruling granting class certification. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
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 July 26, 2018 September 7, 2018 September 28, 2018 $ 0.15 April 25, 2018 June 1, 2018 June 29, 2018 0.12 January 31, 2018 March 2, 2018 March 30, 2018 0.12 (1) In 2018 , and through July 30, 2018 . On June 28, 2018, following the Federal Reserve's non-objection to the Corporation's 2018 Comprehensive Capital Analysis and Review (CCAR) capital plan, the Board of Directors (the Board) authorized the repurchase of approximately $20.6 billion in common stock from July 1, 2018 through June 30, 2019, including approximately $600 million to offset the effect of equity-based compensation plans during the same period. The common stock repurchase authorization includes both common stock and warrants. As part of the capital plan, on July 26, 2018, the Board declared a quarterly common stock dividend of $0.15 per share. During the three and six months ended June 30, 2018 , in connection with the previous authorizations, the Corporation repurchased and retired 165 million and 318 million shares of common stock, which reduced shareholders’ equity by $5.0 billion and $9.8 billion , respectively. 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 138 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 second -quarter 2018 dividend of $0.12 per common share, the exercise price of the warrants expiring on January 16, 2019 was adjusted to $12.666 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 six months ended June 30, 2018 , in connection with employee stock plans, the Corporation issued 66 million shares and repurchased 25 million shares of its common stock to satisfy tax withholding obligations. At June 30, 2018 , the Corporation had reserved 801 million 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, 2018 and June 30, 2018 , the Corporation declared $428 million and $318 million of cash dividends on preferred stock, or a total of $746 million for the six months ended June 30, 2018 . On May 16, 2018, the Corporation issued 54,000 shares of 6.00% Fixed Rate Non-Cumulative Preferred Stock, Series GG for $1.35 billion . Dividends are paid quarterly commencing on August 16, 2018. The Series GG preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event that the Corporation fails to declare and pay full dividends. On July 24, 2018, the Corporation issued 34,160 shares of 5.875% Non-Cumulative Preferred Stock, Series HH for $854 million . Dividends are paid quarterly commencing on October 24, 2018. The Series HH preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends. During the three months ended June 30, 2018 , the Corporation partially redeemed Series K and D for $1.5 billion , and fully redeemed Series M for $1.3 billion . For more information on the Corporation's preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2018 | |
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 six months ended June 30, 2018 and 2017 . (Dollars in millions) Debt and Equity Securities Debit Valuation Adjustments Derivatives Employee Benefit Plans Foreign Currency Total Balance, December 31, 2016 $ (1,267 ) $ (767 ) $ (895 ) $ (3,480 ) $ (879 ) $ (7,288 ) Net change 469 (69 ) 132 54 97 683 Balance, June 30, 2017 $ (798 ) $ (836 ) $ (763 ) $ (3,426 ) $ (782 ) $ (6,605 ) Balance, December 31, 2017 $ (1,206 ) $ (1,060 ) $ (831 ) $ (3,192 ) $ (793 ) $ (7,082 ) Accounting change related to certain tax effects (1) (393 ) (220 ) (189 ) (707 ) 239 (1,270 ) Cumulative adjustment for hedge accounting change (2) — — 57 — — 57 Net change (4,994 ) 452 (367 ) 60 (189 ) (5,038 ) Balance, June 30, 2018 $ (6,593 ) $ (828 ) $ (1,330 ) $ (3,839 ) $ (743 ) $ (13,333 ) 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 pre- and after-tax for the six months ended June 30, 2018 and 2017 . Changes in OCI Components Pre- and After-tax Pretax Tax effect After- tax Pretax Tax effect After- tax Six Months Ended June 30 (Dollars in millions) 2018 2017 Debt and equity securities: Net increase (decrease) in fair value $ (6,700 ) $ 1,702 $ (4,998 ) $ 885 $ (330 ) $ 555 Net realized (gains) losses reclassified into earnings (3) 8 (4 ) 4 (140 ) 54 (86 ) Net change (6,692 ) 1,698 (4,994 ) 745 (276 ) 469 Debit valuation adjustments: Net increase (decrease) in fair value 576 (138 ) 438 (111 ) 33 (78 ) Net realized losses reclassified into earnings (3) 18 (4 ) 14 14 (5 ) 9 Net change 594 (142 ) 452 (97 ) 28 (69 ) Derivatives: Net increase (decrease) in fair value (578 ) 169 (409 ) 61 (22 ) 39 Reclassifications into earnings: Net interest income 83 (21 ) 62 220 (83 ) 137 Personnel expense (27 ) 7 (20 ) (71 ) 27 (44 ) Net realized losses reclassified into earnings 56 (14 ) 42 149 (56 ) 93 Net change (522 ) 155 (367 ) 210 (78 ) 132 Employee benefit plans: Reclassifications into earnings: Net actuarial losses and other 78 (18 ) 60 85 (31 ) 54 Net realized losses reclassified into earnings (4) 78 (18 ) 60 85 (31 ) 54 Net change 78 (18 ) 60 85 (31 ) 54 Foreign currency: Net increase (decrease) in fair value (50 ) (138 ) (188 ) (332 ) 336 4 Net realized (gains) losses reclassified into earnings (3) — (1 ) (1 ) (612 ) 705 93 Net change (50 ) (139 ) (189 ) (944 ) 1,041 97 Total other comprehensive income (loss) $ (6,592 ) $ 1,554 $ (5,038 ) $ (1 ) $ 684 $ 683 (1) Effective January 1, 2018, the Corporation adopted the accounting standard on tax effects in accumulated OCI related to the Tax Act. Accordingly, certain tax effects were reclassified from accumulated OCI to retained earnings. For additional information, see Note 1 – Summary of Significant Accounting Principles . (2) Reflects the Corporation’s adoption of the hedge accounting standard. For additional information, see Note 1 – Summary of Significant Accounting Principles . (3) Reclassifications of pretax debt and equity securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income. (4) Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
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 and six months ended June 30, 2018 and 2017 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 2017 Annual Report on Form 10-K . Three Months Ended June 30 Six Months Ended June 30 (In millions, except per share information) 2018 2017 2018 2017 Earnings per common share Net income $ 6,784 $ 5,106 $ 13,702 $ 10,443 Preferred stock dividends (318 ) (361 ) (746 ) (863 ) Net income applicable to common shareholders $ 6,466 $ 4,745 $ 12,956 $ 9,580 Average common shares issued and outstanding 10,181.7 10,013.5 10,251.7 10,056.1 Earnings per common share $ 0.64 $ 0.47 $ 1.26 $ 0.95 Diluted earnings per common share Net income applicable to common shareholders $ 6,466 $ 4,745 $ 12,956 $ 9,580 Add preferred stock dividends due to assumed conversions (1) — 75 — 150 Net income allocated to common shareholders $ 6,466 $ 4,820 $ 12,956 $ 9,730 Average common shares issued and outstanding 10,181.7 10,013.5 10,251.7 10,056.1 Dilutive potential common shares (2) 127.7 821.3 138.2 820.6 Total diluted average common shares issued and outstanding 10,309.4 10,834.8 10,389.9 10,876.7 Diluted earnings per common share $ 0.63 $ 0.44 $ 1.25 $ 0.89 (1) Represents the Series T dividends under the “if-converted” method prior to conversion. (2) Includes incremental dilutive shares from restricted stock units, restricted stock and warrants. The Corporation previously issued warrants to purchase 700 million shares of the Corporation’s common stock to the holders of the Series T 6% Non-cumulative preferred stock (Series T). In the third quarter of 2017, the Series T holders exercised the warrants and acquired the 700 million shares of the Corporation’s common stock. For both the three and six months ended June 30, 2017 , the 700 million average dilutive potential common shares were included in the diluted share count under the “if-converted” method. For both the three and six months ended June 30, 2018 and 2017 , 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 and six months ended June 30, 2018 , average options to purchase three million and six million shares of common stock were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method compared to 18 million and 24 million for the same periods in 2017. For the three and six months ended June 30, 2018 , average warrants to purchase 140 million and 141 million shares of common stock were included in the diluted EPS calculation under the treasury stock method compared to 150 million shares of common stock for both periods in 2017. For both the three and six months ended June 30, 2018 and 2017 , 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. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Under applicable accounting standards, 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 standards and conducts a review of its fair value hierarchy classifications on a quarterly basis. Transfers into or out of fair value hierarchy classifications are considered to be effective as of the beginning of the quarter in which they occur. During the six months ended June 30, 2018 , 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 more information regarding the fair value hierarchy and how the Corporation measures fair value and valuation processes and techniques, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2017 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 . Recurring Fair Value Assets and liabilities carried at fair value on a recurring basis at June 30, 2018 and December 31, 2017 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. June 30, 2018 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 $ — $ 59,763 $ — $ — $ 59,763 Trading account assets: U.S. Treasury and agency securities (2) 32,923 747 — — 33,670 Corporate securities, trading loans and other — 29,280 1,638 — 30,918 Equity securities (3) 55,128 25,075 228 — 80,431 Non-U.S. sovereign debt 9,646 19,434 368 — 29,448 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 19,341 — — 19,341 Mortgage trading loans, ABS and other MBS — 8,089 1,523 — 9,612 Total trading account assets (4) 97,697 101,966 3,757 — 203,420 Derivative assets (3) 8,951 347,112 4,511 (315,364 ) 45,210 AFS debt securities: U.S. Treasury and agency securities 51,173 1,561 — — 52,734 Mortgage-backed securities: Agency — 157,000 — — 157,000 Agency-collateralized mortgage obligations — 6,035 — — 6,035 Non-agency residential — 2,081 453 — 2,534 Commercial — 13,600 — — 13,600 Non-U.S. securities 747 5,915 3 — 6,665 Other taxable securities — 4,387 99 — 4,486 Tax-exempt securities — 19,064 1 — 19,065 Total AFS debt securities 51,920 209,643 556 — 262,119 Other debt securities carried at fair value: Mortgage-backed securities: Non-agency residential — 2,248 287 — 2,535 Non-U.S. securities 9,097 1,303 — — 10,400 Other taxable securities — 202 — — 202 Total other debt securities carried at fair value 9,097 3,753 287 — 13,137 Loans and leases — 5,734 493 — 6,227 Loans held-for-sale — 2,268 577 — 2,845 Other assets (5) 16,861 1,838 3,184 — 21,883 Total assets $ 184,526 $ 732,077 $ 13,365 $ (315,364 ) $ 614,604 Liabilities Interest-bearing deposits in U.S. offices $ — $ 513 $ — $ — $ 513 Federal funds purchased and securities loaned or sold under agreements to repurchase — 32,724 — — 32,724 Trading account liabilities: U.S. Treasury and agency securities 13,783 508 — — 14,291 Equity securities (3) 37,221 3,966 — — 41,187 Non-U.S. sovereign debt 12,943 10,754 — — 23,697 Corporate securities and other — 7,818 35 — 7,853 Total trading account liabilities 63,947 23,046 35 — 87,028 Derivative liabilities (3) 8,058 329,685 6,099 (310,237 ) 33,605 Short-term borrowings — 3,396 — — 3,396 Accrued expenses and other liabilities 19,159 2,019 — — 21,178 Long-term debt — 27,152 1,225 — 28,377 Total liabilities $ 91,164 $ 418,535 $ 7,359 $ (310,237 ) $ 206,821 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $20.0 billion of GSE obligations. (3) During the six months ended June 30, 2018 , for trading account assets and liabilities, $6.2 billion of equity securities assets and $2.7 billion of equity securities liabilities were transferred from Level 1 to Level 2 and $5.3 billion of equity securities assets and $2.4 billion of equity securities liabilities were transferred from Level 2 to Level 1 based on the liquidity of the positions. In addition, $967 million of derivative assets and $413 million of derivative liabilities were transferred from Level 1 to Level 2 and $1.5 billion of derivative assets and $1.0 billion of derivative liabilities were transferred from Level 2 to Level 1 based on the observability of inputs used to measure fair value. For further disaggregation of derivative assets and liabilities, see Note 3 – Derivatives . (4) Includes securities with a fair value of $13.1 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. (5) Includes MSRs of $2.2 billion . December 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 $ — $ 52,906 $ — $ — $ 52,906 Trading account assets: U.S. Treasury and agency securities (2, 3) 38,720 1,922 — — 40,642 Corporate securities, trading loans and other — 28,714 1,864 — 30,578 Equity securities (3) 60,747 23,958 235 — 84,940 Non-U.S. sovereign debt (3) 6,545 15,839 556 — 22,940 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 20,586 — — 20,586 Mortgage trading loans, ABS and other MBS — 8,174 1,498 — 9,672 Total trading account assets (4) 106,012 99,193 4,153 — 209,358 Derivative assets (3) 6,305 341,178 4,067 (313,788 ) 37,762 AFS debt securities: U.S. Treasury and agency securities 51,915 1,608 — — 53,523 Mortgage-backed securities: Agency — 192,929 — — 192,929 Agency-collateralized mortgage obligations — 6,804 — — 6,804 Non-agency residential — 2,669 — — 2,669 Commercial — 13,684 — — 13,684 Non-U.S. securities 772 5,880 25 — 6,677 Other taxable securities — 5,261 509 — 5,770 Tax-exempt securities — 20,106 469 — 20,575 Total AFS debt securities 52,687 248,941 1,003 — 302,631 Other debt securities carried at fair value: Mortgage-backed securities: Agency-collateralized mortgage obligations — 5 — — 5 Non-agency residential — 2,764 — — 2,764 Non-U.S. securities 8,191 1,297 — — 9,488 Other taxable securities — 229 — — 229 Total other debt securities carried at fair value 8,191 4,295 — — 12,486 Loans and leases — 5,139 571 — 5,710 Loans held-for-sale — 1,466 690 — 2,156 Other assets (5) 19,367 789 2,425 — 22,581 Total assets $ 192,562 $ 753,907 $ 12,909 $ (313,788 ) $ 645,590 Liabilities Interest-bearing deposits in U.S. offices $ — $ 449 $ — $ — $ 449 Federal funds purchased and securities loaned or sold under agreements to repurchase — 36,182 — — 36,182 Trading account liabilities: U.S. Treasury and agency securities 17,266 734 — — 18,000 Equity securities (3) 33,019 3,885 — — 36,904 Non-U.S. sovereign debt (3) 11,976 7,382 — — 19,358 Corporate securities and other — 6,901 24 — 6,925 Total trading account liabilities 62,261 18,902 24 — 81,187 Derivative liabilities (3) 6,029 334,261 5,781 (311,771 ) 34,300 Short-term borrowings — 1,494 — — 1,494 Accrued expenses and other liabilities 21,887 945 8 — 22,840 Long-term debt — 29,923 1,863 — 31,786 Total liabilities $ 90,177 $ 422,156 $ 7,676 $ (311,771 ) $ 208,238 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $21.3 billion of GSE obligations. (3) During 2017 , for trading account assets and liabilities, $1.1 billion of U.S. Treasury and agency securities assets, $5.3 billion of equity securities assets, $3.1 billion of equity securities liabilities, $3.3 billion of non-U.S. sovereign debt assets and $1.5 billion of non-U.S. sovereign debt liabilities were transferred from Level 1 to Level 2 based on the liquidity of the positions. In addition, $14.1 billion of equity securities assets and $4.3 billion of equity securities liabilities were transferred from Level 2 to Level 1. Also in 2017 , $4.2 billion of derivative assets and $3.0 billion of derivative liabilities were transferred from Level 1 to Level 2 and $758 million of derivative assets and $608 million of derivative liabilities were transferred from Level 2 to Level 1 based on the observability of inputs used to measure fair value. For further disaggregation of derivative assets and liabilities, see Note 3 – Derivatives . (4) Includes securities with a fair value of $16.8 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. (5) Includes MSRs of $2.3 billion . The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2018 and 2017 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements for the Three Months Ended June 30, 2018 (1) Balance April 1 2018 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 1,716 $ (37 ) $ (1 ) $ 81 $ (75 ) $ — $ (74 ) $ 145 $ (117 ) $ 1,638 $ (67 ) Equity securities 212 1 — 2 (4 ) — (4 ) 29 (8 ) 228 (3 ) Non-U.S. sovereign debt 401 13 (44 ) 7 — — — 8 (17 ) 368 13 Mortgage trading loans, ABS and other MBS 1,372 42 — 192 (256 ) — (38 ) 256 (45 ) 1,523 32 Total trading account assets 3,701 19 (45 ) 282 (335 ) — (116 ) 438 (187 ) 3,757 (25 ) Net derivative assets (4) (1,138 ) (239 ) — 195 (591 ) — 175 (4 ) 14 (1,588 ) (251 ) AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 23 — (1 ) — (10 ) — (12 ) 3 — 3 — Other taxable securities 43 1 (2 ) — — — (3 ) 60 — 99 — Tax-exempt securities — — — — — — — 1 — 1 — Total AFS debt securities 66 9 (17 ) — (10 ) — (15 ) 523 — 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5, 6) 526 (4 ) — — (5 ) — (24 ) — — 493 (4 ) Loans held-for-sale (5) 685 (12 ) (27 ) — — — (37 ) — (32 ) 577 (16 ) Other assets (6, 7) 3,295 76 — 2 (8 ) 23 (169 ) — (35 ) 3,184 8 Trading account liabilities – Corporate securities and other (26 ) 1 — — (9 ) (1 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,351 ) 63 2 4 — (53 ) 151 (114 ) 73 (1,225 ) 66 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.5 billion and derivative liabilities of $6.1 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Transfers into Level 3, primarily due to decreased price observability, during the three months ended June 30, 2018 included $438 million of trading account assets, $523 million of AFS debt securities, $298 million of other debt securities carried at fair value and $114 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. Transfers out of Level 3, primarily due to increased price observability, during the three months ended June 30, 2018 included $187 million of trading account assets. Level 3 – Fair Value Measurements for the Three Months Ended June 30, 2017 (1) Balance 2017 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance 2017 Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 2,029 $ 64 $ — $ 119 $ (120 ) $ — $ (108 ) $ 143 $ (350 ) $ 1,777 $ 30 Equity securities 288 3 — 22 (47 ) — — 30 (67 ) 229 — Non-U.S. sovereign debt 527 12 (16 ) 26 (50 ) — (62 ) 69 — 506 12 Mortgage trading loans, ABS and other MBS 1,215 78 (1 ) 258 (314 ) — (69 ) 76 (11 ) 1,232 53 Total trading account assets 4,059 157 (17 ) 425 (531 ) — (239 ) 318 (428 ) 3,744 95 Net derivative assets (4) (1,665 ) (372 ) — 208 (229 ) — 274 — (19 ) (1,803 ) (368 ) AFS debt securities: Non-U.S. securities 207 1 9 22 — — (100 ) — — 139 — Other taxable securities 579 — 1 5 — — (8 ) — (94 ) 483 — Tax-exempt securities 520 — (2 ) — — — — — — 518 — Total AFS debt securities 1,306 1 8 27 — — (108 ) — (94 ) 1,140 — Other debt securities carried at fair value – Non-agency residential MBS 24 — — — — — (1 ) — — 23 — Loans and leases (5, 6) 702 6 — — — — (34 ) — (7 ) 667 6 Loans held-for-sale (5) 792 42 (9 ) 2 (19 ) — (128 ) 100 (14 ) 766 26 Other assets (6, 7) 2,841 2 12 2 1 63 (190 ) 64 — 2,795 (71 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (226 ) (6 ) — — — (10 ) 8 (58 ) 157 (135 ) (6 ) Trading account liabilities – Corporate securities and other (35 ) 10 — 4 — (1 ) — — — (22 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,660 ) 10 (18 ) 7 — (20 ) 124 (108 ) 19 (1,646 ) 10 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.0 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Transfers into Level 3, primarily due to decreased price observability, during the three months ended June 30, 2017 included $318 million of trading account assets, $100 million of LHFS and $108 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. Transfers out of Level 3, primarily due to increased price observability, during the three months ended June 30, 2017 included $428 million of trading account assets and $157 million of federal funds purchased and securities loaned or sold under agreements to repurchase. Level 3 – Fair Value Measurements for the Six Months Ended June 30, 2018 (1) (Dollars in millions) Balance January 1 2018 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 1,864 $ (28 ) $ (1 ) $ 274 $ (211 ) $ — $ (213 ) $ 248 $ (295 ) $ 1,638 $ (76 ) Equity securities 235 9 — 8 (11 ) — (4 ) 30 (39 ) 228 9 Non-U.S. sovereign debt 556 29 (42 ) 7 (50 ) — (8 ) 8 (132 ) 368 28 Mortgage trading loans, ABS and other MBS 1,498 141 3 317 (576 ) — (107 ) 350 (103 ) 1,523 81 Total trading account assets 4,153 151 (40 ) 606 (848 ) — (332 ) 636 (569 ) 3,757 42 Net derivative assets (4) (1,714 ) 256 — 348 (853 ) — 377 67 (69 ) (1,588 ) 325 AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 2 (2 ) — — — (10 ) 60 (460 ) 99 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (5) 1,003 10 (17 ) — (10 ) — (24 ) 523 (929 ) 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (6, 7) 571 (20 ) — — (9 ) — (49 ) — — 493 (19 ) Loans held-for-sale (6) 690 12 (27 ) 12 — — (78 ) — (32 ) 577 5 Other assets (5, 7, 8) 2,425 268 — 2 (46 ) 52 (411 ) 929 (35 ) 3,184 145 Trading account liabilities – Corporate securities and other (24 ) 2 — — (11 ) (2 ) — — — (35 ) 1 Accrued expenses and other liabilities (6) (8 ) — — — — — 8 — — — — Long-term debt (6) (1,863 ) 86 3 9 — (120 ) 323 (147 ) 484 (1,225 ) 51 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.5 billion and derivative liabilities of $6.1 billion . (5) Transfer relates to the reclassification of certain securities. (6) Amounts represent instruments that are accounted for under the fair value option. (7) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (8) Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Transfers into Level 3, primarily due to decreased price observability, during the six months ended June 30, 2018 included $636 million of trading account assets, $523 million of AFS debt securities, $298 million of other debt securities carried at fair value and $147 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. Transfers out of Level 3, primarily due to increased price observability, during the six months ended June 30, 2018 included $569 million of trading account assets and $484 million of long-term debt. Level 3 – Fair Value Measurements for the Six Months Ended June 30, 2017 (1) Balance 2017 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 2,777 $ 148 $ — $ 318 $ (600 ) $ — $ (235 ) $ 218 $ (849 ) $ 1,777 $ 57 Equity securities 281 15 — 42 (64 ) — (10 ) 102 (137 ) 229 (1 ) Non-U.S. sovereign debt 510 31 (6 ) 26 (59 ) — (68 ) 72 — 506 27 Mortgage trading loans, ABS and other MBS 1,211 185 (1 ) 597 (689 ) — (123 ) 104 (52 ) 1,232 117 Total trading account assets 4,779 379 (7 ) 983 (1,412 ) — (436 ) 496 (1,038 ) 3,744 200 Net derivative assets (4) (1,313 ) (846 ) — 408 (476 ) — 444 29 (49 ) (1,803 ) (773 ) AFS debt securities: Non-U.S. securities 229 1 12 42 — — (145 ) — — 139 — Other taxable securities 594 3 5 5 — — (30 ) — (94 ) 483 — Tax-exempt securities 542 — — — (56 ) — (3 ) 35 — 518 — Total AFS debt securities 1,365 4 17 47 (56 ) — (178 ) 35 (94 ) 1,140 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — (1 ) — — 23 — Loans and leases (5, 6) 720 18 — — — — (64 ) — (7 ) 667 16 Loans held-for-sale (5) 656 71 (3 ) 2 (155 ) — (188 ) 415 (32 ) 766 71 Other assets (6, 7) 2,986 (31 ) 12 2 6 138 (382 ) 64 — 2,795 (194 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) (5 ) — — — (12 ) 36 (58 ) 263 (135 ) (3 ) Trading account liabilities – Corporate securities and other (27 ) 12 — 4 (10 ) (1 ) — — — (22 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (73 ) (11 ) 18 — (150 ) 283 (286 ) 87 (1,646 ) (38 ) (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.0 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Transfers into Level 3, primarily due to decreased price observability, during the six months ended June 30, 2017 included $496 million of trading account assets, $415 million of LHFS and $286 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. Transfers out of Level 3, primarily due to increased price observability, during the six months ended June 30, 2017 included $1.0 billion of trading account assets and $263 million of federal funds purchased and securities loaned or sold under agreements to repurchase. The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at June 30, 2018 and December 31, 2017 . Quantitative Information about Level 3 Fair Value Measurements at June 30, 2018 (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 $ 1,656 Discounted cash flow, Market comparables Yield 0% to 25% 7% Trading account assets – Mortgage trading loans, ABS and other MBS 320 Prepayment speed 0% to 20% CPR 11% Loans and leases 492 Default rate 0% to 3% CDR 1% Loans held-for-sale 1 Loss severity 0% to 52% 17% AFS debt securities, primarily non-agency residential 556 Price $0 to $198 $71 Other debt securities carried at fair value - Non-agency residential 287 Instruments backed by commercial real estate assets $ 355 Discounted cash flow Yield 0% to 25% 14% Trading account assets – Corporate securities, trading loans and other 257 Price $0 to $101 $77 Trading account assets – Mortgage trading loans, ABS and other MBS 98 Commercial loans, debt securities and other $ 3,431 Discounted cash flow, Market comparables Yield 1% to 36% 12% Trading account assets – Corporate securities, trading loans and other 1,381 Prepayment speed 10% to 20% 14% Trading account assets – Non-U.S. sovereign debt 368 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,105 Loss severity 35% to 40% 38% Loans and leases 1 Price $0 to $141 $67 Loans held-for-sale 576 Other assets, primarily auction rate securities $ 955 Discounted cash flow, Market comparables Price $10 to $100 $96 MSRs $ 2,229 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 14 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 $ (1,225 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 11% to 100% 62% Long-dated equity volatilities 4% to 75% 24% Yield 13% to 36% 16% Price $0 to $100 $74 Net derivative assets Credit derivatives $ (528 ) Discounted cash flow, Stochastic recovery correlation model Yield 2% to 12% 4% Upfront points 0 points to 100 points 70 points Credit correlation 70% n/a Prepayment speed 15% to 20% CPR 15% Default rate 1% to 4% CDR 2% Loss severity 35% n/a Price $0 to $101 $72 Equity derivatives $ (1,651 ) Industry standard derivative pricing (2) Equity correlation 11% to 100% 62% Long-dated equity volatilities 4% to 75% 24% Commodity derivatives $ (13 ) Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $7/MMBtu $3/MMBtu Correlation 62% to 93% 81% Volatilities 11% to 465% 122% Interest rate derivatives $ 604 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 70% 47% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -18% to 34% 2% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (1,588 ) (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 100 : Trading account assets – Corporate securities, trading loans and other of $1.6 billion , Trading account assets – Non-U.S. sovereign debt of $368 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion , AFS debt securities of $556 million , Other debt securities carried at fair value - Non-agency residential of $287 million , Other assets of $955 million , Loans and leases of $493 million and LHFS of $577 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, 2017 (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 $ 871 Discounted cash flow Yield 0% to 25% 6% Trading account assets – Mortgage trading loans, ABS and other MBS 298 Prepayment speed 0% to 22% CPR 12% Loans and leases 570 Default rate 0% to 3% CDR 1% Loans held-for-sale 3 Loss severity 0% to 53% 17% Instruments backed by commercial real estate assets $ 286 Discounted cash flow Yield 0% to 25% 9% Trading account assets – Corporate securities, trading loans and other 244 Price $0 to $100 $67 Trading account assets – Mortgage trading loans, ABS and other MBS 42 Commercial loans, debt securities and other $ 4,023 Discounted cash flow, Market comparables Yield 0% to 12% 5% Trading account assets – Corporate securities, trading loans and other 1,613 Prepayment speed 10% to 20% 16% Trading account assets – Non-U.S. sovereign debt 556 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,158 Loss severity 35% to 40% 37% AFS debt securities – Other taxable securities 8 Price $0 to $145 $63 Loans and leases 1 Loans held-for-sale 687 Auction rate securities $ 977 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 7 AFS debt securities – Other taxable securities 501 AFS debt securities – Tax-exempt securities 469 MSRs $ 2,302 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 14 years 5 yea |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [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 2017 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 June 30, 2018 and December 31, 2017 , 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 and six months ended June 30, 2018 and 2017 . Fair Value Option Elections June 30, 2018 December 31, 2017 (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 $ 59,763 $ 59,666 $ 97 $ 52,906 $ 52,907 $ (1 ) Loans reported as trading account assets (1) 5,816 12,876 (7,060 ) 5,735 11,804 (6,069 ) Trading inventory – other 13,983 n/a n/a 12,027 n/a n/a Consumer and commercial loans 6,227 6,270 (43 ) 5,710 5,744 (34 ) Loans held-for-sale 2,845 4,190 (1,345 ) 2,156 3,717 (1,561 ) Other assets 3 n/a n/a 3 n/a n/a Long-term deposits 513 483 30 449 421 28 Federal funds purchased and securities loaned or sold under agreements to repurchase 32,724 32,735 (11 ) 36,182 36,187 (5 ) Short-term borrowings 3,396 3,396 — 1,494 1,494 — Unfunded loan commitments 114 n/a n/a 120 n/a n/a Long-term debt (2) 28,377 29,057 (680 ) 31,786 31,512 274 (1) A significant portion of the loans reported as trading account assets are distressed loans that 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 $28.0 billion and $31.4 billion , and contractual principal outstanding of $28.7 billion and $31.1 billion at June 30, 2018 and December 31, 2017 . n/a = not applicable Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Trading Account Profits Other Income Total Trading Account Profits Other Income Total Three Months Ended June 30 (Dollars in millions) 2018 2017 Loans reported as trading account assets $ (32 ) $ — $ (32 ) $ 47 $ — $ 47 Trading inventory – other (1) 1,361 — 1,361 522 — 522 Consumer and commercial loans 19 (11 ) 8 4 20 24 Loans held-for-sale (2) — (1 ) (1 ) (1 ) 76 75 Long-term debt (3, 4) 535 (15 ) 520 107 (34 ) 73 Other (5) 6 15 21 5 (1 ) 4 Total $ 1,889 $ (12 ) $ 1,877 $ 684 $ 61 $ 745 Six Months Ended June 30 2018 2017 Loans reported as trading account assets $ 71 $ — $ 71 $ 197 $ — $ 197 Trading inventory – other (1) 1,956 — 1,956 1,673 — 1,673 Consumer and commercial loans 125 (32 ) 93 9 39 48 Loans held-for-sale (2) 1 2 3 — 170 170 Long-term debt (3, 4) 1,354 (56 ) 1,298 (55 ) (71 ) (126 ) Other (5) 13 23 36 (53 ) 42 (11 ) Total $ 3,520 $ (63 ) $ 3,457 $ 1,771 $ 180 $ 1,951 (1) The gains in trading account profits are primarily offset by 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 derivatives 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 accumulated OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss) . For additional 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 2017 Annual Report on Form 10-K . (5) Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, short-term borrowings and unfunded loan commitments. Gains (Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Loans reported as trading account assets $ (2 ) $ 7 $ 11 $ 20 Consumer and commercial loans (10 ) 22 (27 ) 41 Loans held-for-sale 4 (1 ) 1 (1 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance at June 30, 2018 and December 31, 2017 is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt and loan commitments are accounted for under the fair value option. For additional information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . Fair Value of Financial Instruments The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at June 30, 2018 and December 31, 2017 are presented in the following table. Fair Value of Financial Instruments Fair Value Carrying Value Level 2 Level 3 Total (Dollars in millions) June 30, 2018 Financial assets Loans $ 901,569 $ 61,161 $ 845,632 $ 906,793 Loans held-for-sale 6,511 5,121 1,446 6,567 Financial liabilities Deposits (1) 1,309,691 1,309,332 — 1,309,332 Long-term debt 226,595 230,268 1,225 231,493 Commercial unfunded lending commitments (2) 901 114 4,668 4,782 December 31, 2017 Financial assets Loans $ 904,399 $ 68,586 $ 849,576 $ 918,162 Loans held-for-sale 11,430 10,521 909 11,430 Financial liabilities Deposits (1) 1,309,545 1,309,398 — 1,309,398 Long-term debt 227,402 235,126 1,863 236,989 Commercial unfunded lending commitments (2) 897 120 3,908 4,028 (1) Includes demand deposits of $515.6 billion and $519.6 billion with no stated maturities at June 30, 2018 and December 31, 2017 . (2) The carrying value is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. For more information on commitments, see Note 10 – Commitments and Contingencies . |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
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 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis) for the three and six months ended June 30, 2018 and 2017 and total assets at June 30, 2018 and 2017 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 June 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 11,804 $ 11,223 $ 6,620 $ 5,961 $ 1,543 $ 1,597 Noninterest income 10,959 11,843 2,591 2,548 3,166 3,098 Total revenue, net of interest expense (FTE basis) 22,763 23,066 9,211 8,509 4,709 4,695 Provision for credit losses 827 726 944 834 12 11 Noninterest expense 13,284 13,982 4,397 4,411 3,399 3,392 Income before income taxes (FTE basis) 8,652 8,358 3,870 3,264 1,298 1,292 Income tax expense (FTE basis) 1,868 3,252 987 1,233 330 488 Net income $ 6,784 $ 5,106 $ 2,883 $ 2,031 $ 968 $ 804 Period-end total assets $ 2,291,670 $ 2,254,714 $ 768,187 $ 735,176 $ 270,913 $ 274,746 Global Banking Global Markets All Other 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 2,711 $ 2,541 $ 801 $ 864 $ 129 $ 260 Noninterest income (loss) 2,211 2,498 3,420 3,083 (429 ) 616 Total revenue, net of interest expense (FTE basis) 4,922 5,039 4,221 3,947 (300 ) 876 Provision for credit losses (23 ) 15 (1 ) 25 (105 ) (159 ) Noninterest expense 2,154 2,154 2,715 2,650 619 1,375 Income (loss) before income taxes (FTE basis) 2,791 2,870 1,507 1,272 (814 ) (340 ) Income tax expense (benefit) (FTE basis) 727 1,084 391 442 (567 ) 5 Net income (loss) $ 2,064 $ 1,786 $ 1,116 $ 830 $ (247 ) $ (345 ) Period-end total assets $ 424,971 $ 410,580 $ 637,110 $ 633,188 $ 190,489 $ 201,024 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the six months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 23,562 $ 22,478 $ 13,130 $ 11,741 $ 3,137 $ 3,157 Noninterest income 22,476 23,033 5,113 5,051 6,428 6,130 Total revenue, net of interest expense (FTE basis) 46,038 45,511 18,243 16,792 9,565 9,287 Provision for credit losses 1,661 1,561 1,879 1,672 50 34 Noninterest expense 27,181 28,075 8,877 8,820 6,827 6,721 Income before income taxes (FTE basis) 17,196 15,875 7,487 6,300 2,688 2,532 Income tax expense (FTE basis) 3,494 5,432 1,909 2,377 685 955 Net income $ 13,702 $ 10,443 $ 5,578 $ 3,923 $ 2,003 $ 1,577 Period-end total assets $ 2,291,670 $ 2,254,714 $ 768,187 $ 735,176 $ 270,913 $ 274,746 Global Banking Global Markets All Other 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 5,351 $ 5,143 $ 1,671 $ 1,913 $ 273 $ 524 Noninterest income (loss) 4,505 4,851 7,336 6,741 (906 ) 260 Total revenue, net of interest expense (FTE basis) 9,856 9,994 9,007 8,654 (633 ) 784 Provision for credit losses (7 ) 32 (4 ) 8 (257 ) (185 ) Noninterest expense 4,349 4,317 5,533 5,406 1,595 2,811 Income (loss) before income taxes (FTE basis) 5,514 5,645 3,478 3,240 (1,971 ) (1,842 ) Income tax expense (benefit) (FTE basis) 1,434 2,130 904 1,113 (1,438 ) (1,143 ) Net income (loss) $ 4,080 $ 3,515 $ 2,574 $ 2,127 $ (533 ) $ (699 ) Period-end total assets $ 424,971 $ 410,580 $ 637,110 $ 633,188 $ 190,489 $ 201,024 (1) There were no material intersegment revenues. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Segments’ total revenue, net of interest expense (FTE basis) $ 23,063 $ 22,190 $ 46,671 $ 44,727 Adjustments (1) : ALM activities (271 ) 104 (155 ) 59 Liquidating businesses, eliminations and other (29 ) 772 (478 ) 725 FTE basis adjustment (154 ) (237 ) (304 ) (434 ) Consolidated revenue, net of interest expense $ 22,609 $ 22,829 $ 45,734 $ 45,077 Segments’ total net income 7,031 5,451 14,235 11,142 Adjustments, net-of-taxes (1) : ALM activities (328 ) (86 ) (382 ) (265 ) Liquidating businesses, eliminations and other 81 (259 ) (151 ) (434 ) Consolidated net income $ 6,784 $ 5,106 $ 13,702 $ 10,443 June 30 2018 2017 Segments’ total assets $ 2,101,181 $ 2,053,690 Adjustments (1) : ALM activities, including securities portfolio 631,777 620,507 Other 80,901 98,178 Elimination of segment asset allocations to match liabilities (522,189 ) (517,661 ) Consolidated total assets $ 2,291,670 $ 2,254,714 (1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. The tables below present noninterest income and the components thereto for the three and six months ended June 30, 2018 and 2017 for each business segment, as well as All Other . For additional information, see Note 1 – Summary of Significant Accounting Principles and Note 2 – Noninterest Income . Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Three Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 1,070 $ 983 $ 882 $ 800 $ 27 $ 24 Other card income 472 486 460 448 11 10 Total card income 1,542 1,469 1,342 1,248 38 34 Service charges Deposit-related fees 1,680 1,696 1,072 1,061 17 19 Lending-related fees 274 281 — — — — Total service charges 1,954 1,977 1,072 1,061 17 19 Investment and brokerage services Asset management fees 2,513 2,288 37 31 2,476 2,257 Brokerage fees 945 1,172 43 46 461 572 Total investment and brokerage services 3,458 3,460 80 77 2,937 2,829 Investment banking income Underwriting income 719 709 — — 73 95 Syndication fees 400 340 — — — — Financial advisory services 303 483 — — — 1 Total investment banking income 1,422 1,532 — — 73 96 Trading account profits 2,315 1,956 2 1 27 33 Other income 268 1,449 95 161 74 87 Total noninterest income $ 10,959 $ 11,843 $ 2,591 $ 2,548 $ 3,166 $ 3,098 Global Banking Global Markets All Other (1) Three Months Ended June 30 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 136 $ 131 $ 25 $ 24 $ — $ 4 Other card income 2 3 — — (1 ) 25 Total card income 138 134 25 24 (1 ) 29 Service charges Deposit-related fees 540 571 45 40 6 5 Lending-related fees 229 238 45 43 — — Total service charges 769 809 90 83 6 5 Investment and brokerage services Asset management fees — — — — — — Brokerage fees 19 38 430 521 (8 ) (5 ) Total investment and brokerage services 19 38 430 521 (8 ) (5 ) Investment banking income Underwriting income 99 143 592 554 (45 ) (83 ) Syndication fees 375 321 25 19 — — Financial advisory services 269 465 35 17 (1 ) — Total investment banking income 743 929 652 590 (46 ) (83 ) Trading account profits 63 54 2,184 1,743 39 125 Other income 479 534 39 122 (419 ) 545 Total noninterest income $ 2,211 $ 2,498 $ 3,420 $ 3,083 $ (429 ) $ 616 (1) All Other Includes eliminations of intercompany transactions. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 2,041 $ 1,941 $ 1,686 $ 1,584 $ 38 $ 50 Other card income 958 977 935 889 21 20 Total card income 2,999 2,918 2,621 2,473 59 70 Service charges Deposit-related fees 3,326 3,349 2,116 2,112 36 38 Lending-related fees 549 546 — — — — Total service charges 3,875 3,895 2,116 2,112 36 38 Investment and brokerage services Asset management fees 5,077 4,488 73 64 5,004 4,424 Brokerage fees 2,045 2,389 89 95 973 1,196 Total investment and brokerage services 7,122 6,877 162 159 5,977 5,620 Investment banking income Underwriting income 1,460 1,488 — — 157 146 Syndication fees 716 740 — — — — Financial advisory services 599 888 — — — 1 Total investment banking income 2,775 3,116 — — 157 147 Trading account profits 5,014 4,287 4 1 56 91 Other income 691 1,940 210 306 143 164 Total noninterest income $ 22,476 $ 23,033 $ 5,113 $ 5,051 $ 6,428 $ 6,130 Global Banking Global Markets All Other (1) Six Months Ended June 30 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 270 $ 252 $ 47 $ 46 $ — $ 9 Other card income 3 7 — — (1 ) 61 Total card income 273 259 47 46 (1 ) 70 Service charges Deposit-related fees 1,078 1,116 85 73 11 10 Lending-related fees 454 459 95 87 — — Total service charges 1,532 1,575 180 160 11 10 Investment and brokerage services Asset management fees — — — — — — Brokerage fees 44 54 918 1,052 21 (8 ) Total investment and brokerage services 44 54 918 1,052 21 (8 ) Investment banking income Underwriting income 269 299 1,163 1,185 (129 ) (142 ) Syndication fees 673 700 43 40 — — Financial advisory services 545 856 55 30 (1 ) 1 Total investment banking income 1,487 1,855 1,261 1,255 (130 ) (141 ) Trading account profits 124 87 4,887 3,920 (57 ) 188 Other income 1,045 1,021 43 308 (750 ) 141 Total noninterest income $ 4,505 $ 4,851 $ 7,336 $ 6,741 $ (906 ) $ 260 (1) All Other Includes eliminations of intercompany transactions. |
Summary of Significant Accoun25
Summary of Significant Accounting Principles (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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 materially 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 2017 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. |
Accounting Standards | Accounting Standards Adopted on January 1, 2018 Effective January 1, 2018, the Corporation adopted the following new accounting standards on a prospective basis. For additional information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K. ● Revenue Recognition – The new accounting standard addresses the recognition of revenue from contracts with customers. For additional information, see Revenue Recognition Accounting Policies in this Note, Note 2 – Noninterest Income and Note 17 – Business Segment Information . ● Hedge Accounting – The new accounting standard simplifies and expands the ability to apply hedge accounting to certain risk management activities. For additional information, see Note 3 – Derivatives . ● Recognition and Measurement of Financial Assets and Liabilities – The new accounting standard relates to the recognition and measurement of financial instruments, including equity investments. For additional information, see Note 4 – Securities and Note 16 – Fair Value of Financial Instruments. ● Tax Effects in Accumulated Other Comprehensive Income – The new accounting standard addresses certain tax effects stranded in accumulated other comprehensive income (OCI) related to the Tax Act. For additional information, see Note 12 – Accumulated Other Comprehensive Income (Loss) . Effective January 1, 2018, the Corporation adopted the following new accounting standards on a retrospective basis, resulting in restatement of all prior periods presented in the Consolidated Statement of Income and the Consolidated Statement of Cash Flows. The changes in presentation are not material to the individual line items affected. ● Presentation of Pension Costs – The new accounting standard requires separate presentation of the service cost component of pension expense from all other components of net pension benefit/cost in the Consolidated Statement of Income. As a result, the service cost component continues to be presented in personnel expense while other components of net pension benefit/cost (e.g., interest cost, actual return on plan assets, amortization of prior service cost) are now presented in other general operating expense. ● Classification of Cash Flows and Restricted Cash – The new accounting standards address the classification of certain cash receipts and cash payments in the statement of cash flows as well as the presentation and disclosure of restricted cash. For more information on restricted cash, see Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Accounting Standards Issued and Not Yet Adopted Lease Accounting The Financial Accounting Standards Board (FASB) issued a new accounting standard effective on January 1, 2019 that requires substantially all leases to be recorded as assets and liabilities on the balance sheet. On January 5, 2018, the FASB issued an exposure draft proposing an amendment to the standard that, if approved, would permit companies the option to apply the provisions of the new lease standard either prospectively as of the effective date, without adjusting comparative periods presented, or using a modified retrospective transition applicable to all prior periods presented. The Corporation is in the process of reviewing its existing lease portfolios, including certain service contracts for embedded leases, to evaluate the impact of the standard on its consolidated financial statements, as well as the impact to regulatory capital and risk-weighted assets. The effect of the adoption will depend on the lease portfolio at the time of transition and the transition options ultimately available; however, the Corporation does not expect the new accounting standard to have a material impact on its consolidated financial position, results of operations or disclosures in the Notes to the Consolidated Financial Statements. Accounting for Financial Instruments -- Credit Losses The FASB issued a new accounting standard effective on January 1, 2020, with early adoption permitted on January 1, 2019, that will replace the existing measurement of the allowance for credit losses with management’s best estimate of probable credit losses inherent in the Corporation’s lending activities. The new standard will reflect management’s best estimate of all expected credit losses for substantially all of the Corporation’s financial assets that are recognized at amortized cost. The standard also requires expanded credit quality disclosures. The Corporation is in the process of identifying and implementing required changes to credit loss estimation models and processes and evaluating the impact of this new accounting standard, which at the date of adoption is expected to increase the allowance for credit losses with a resulting negative adjustment to retained earnings. The change will be dependent on the characteristics of the Corporation’s portfolio at adoption date as well as the macroeconomic conditions and forecast as of that date. While a final decision has not been made, the Corporation does not expect to early adopt the standard. |
Goodwill and Intangible Assets | Goodwill is the purchase premium after adjusting for the fair value of net assets acquired. Goodwill is not amortized but is reviewed for potential impairment on an annual basis, or when events or circumstances indicate a potential impairment, at the reporting unit level. A reporting unit is a business segment or one level below a business segment. The Corporation assesses the fair value of each reporting unit against its carrying value, including goodwill, as measured by allocated equity. For purposes of goodwill impairment testing, the Corporation utilizes allocated equity as a proxy for the carrying value of its reporting units. Allocated equity in the reporting units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. In performing its goodwill impairment testing, the Corporation first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors include, among other things, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit and other relevant entity- and reporting-unit specific considerations. If the Corporation concludes it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. If the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not impaired; however, if the carrying value of the reporting unit exceeds its fair value, an additional step must be performed to measure potential impairment. This step involves calculating an implied fair value of goodwill which is the excess of the fair value of the reporting unit, as determined in the first step, over the aggregate fair values of the assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the goodwill assigned to the reporting unit, there is no impairment. If the goodwill assigned to a reporting unit exceeds the implied fair value of goodwill, an impairment charge is recorded for the excess. An impairment loss recognized cannot exceed the amount of goodwill assigned to a reporting unit. An impairment loss establishes a new basis in the goodwill, and subsequent reversals of goodwill impairment losses are not permitted under applicable accounting guidance. For intangible assets subject to amortization, an impairment loss is recognized if the carrying value of the intangible asset is not recoverable and exceeds fair value. The carrying value of the intangible asset is considered not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. Intangible assets deemed to have indefinite useful lives are not subject to amortization. An impairment loss is recognized if the carrying value of the intangible asset with an indefinite life exceeds its fair value. |
Revenue Recognition | The following summarizes the Corporation’s revenue recognition accounting policies for certain noninterest income activities. Card Income Card income includes annual, late and over-limit fees as well as fees earned from interchange, cash advances and other miscellaneous transactions and is presented net of direct costs. Interchange fees are recognized upon settlement of the credit and debit card payment transactions and are generally determined on a percentage basis for credit cards and fixed rates for debit cards based on the corresponding payment network’s rates. Substantially all card fees are recognized at the transaction date, except for certain time-based fees such as annual fees, which are recognized over 12 months. Fees charged to cardholders that are estimated to be uncollectible are reserved in the allowance for loan and lease losses. Rewards paid to cardholders are related to points earned by the cardholder that can be redeemed for a broad range of rewards including cash, travel and gift cards. Based on past redemption behavior, card product type, account transaction activity and other historical card performance, the Corporation estimates a liability based on the amount of earned reward points that are expected to be redeemed. The Corporation also makes payments to credit card partners. The payments are based on revenue-sharing agreements that are generally driven by cardholder transactions and partner sales volumes. Service Charges Service charges include deposit and lending-related fees. Deposit-related fees consist of fees earned on consumer and commercial deposit activities and are generally recognized when the transactions occur or as the service is performed. Consumer fees are earned on consumer deposit accounts for account maintenance and various transaction-based services, such as ATM transactions, wire transfer activities, check and money order processing and insufficient funds/overdraft transactions. Commercial deposit-related fees are from the Corporation’s Global Transaction Services business and consist of commercial deposit and treasury management services, including account maintenance and other services, such as payroll, sweep account and other cash management services. Lending-related fees generally represent transactional fees earned from certain loan commitments, financial guarantees and standby letters of credit (SBLCs). Investment and Brokerage Services Investment and brokerage services consist of asset management and brokerage fees. Asset management fees are earned from the management of client assets under advisory agreements or the full discretion of the Corporation’s financial advisors (collectively referred to as assets under management (AUM)). Asset management fees are earned as a percentage of the client’s AUM and generally range from 50 basis points (bps) to 150 bps of the AUM. In cases where a third party is used to obtain a client’s investment allocation, the fee remitted to the third party is recorded net and is not reflected in the transaction price, as the Corporation is an agent for those services. Brokerage fees include income earned from transaction-based services that are performed as part of investment management services and are based on a fixed price per unit or as a percentage of the total transaction amount. Brokerage fees also include distribution fees and sales commissions that are primarily in the Global Wealth & Investment Management ( GWIM ) segment and are earned over time. In addition, primarily in the Global Markets segment, brokerage fees are earned when the Corporation fills customer orders to buy or sell various financial products or when it acknowledges, affirms, settles and clears transactions and/or submits trade information to the appropriate clearing broker. Certain customers pay brokerage, clearing and/or exchange fees imposed by relevant regulatory bodies or exchanges in order to execute or clear trades. These fees are recorded net and are not reflected in the transaction price, as the Corporation is an agent for those services. Investment Banking Income Investment banking income includes underwriting income and financial advisory services income. Underwriting consists of fees earned for the placement of a customer’s debt or equity securities. The revenue is generally earned based on a percentage of the fixed number of shares or principal placed. Once the number of shares or notes is determined and the service is completed, the underwriting fees are recognized. The Corporation incurs certain out-of-pocket expenses, such as legal costs, in performing these services. These expenses are recovered through the revenue the Corporation earns from the customer and are included in operating expenses. Syndication fees represent fees earned as the agent or lead lender responsible for structuring, arranging and administering a loan syndication. Financial advisory services consist of fees earned for assisting customers with transactions related to mergers and acquisitions and financial restructurings. Revenue varies depending on the size and number of services performed for each contract and is generally contingent on successful execution of the transaction. Revenue is typically recognized once the transaction is completed and all services have been rendered. Additionally, the Corporation may earn a fixed fee in merger and acquisition transactions to provide a fairness opinion, with the fees recognized when the opinion is delivered to the customer. Other Revenue Measurement and Recognition Policies The Corporation did not disclose the value of any open performance obligations at June 30, 2018 , as its contracts with customers generally have a fixed term that is less than one year, an open term with a cancellation period that is less than one year, or provisions that allow the Corporation to recognize revenue at the amount it has the right to invoice. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The table below presents the Corporation’s noninterest income disaggregated by revenue source for the three and six months ended June 30, 2018 and 2017 . For more information, see Note 1 – Summary of Significant Accounting Principles . For a disaggregation of noninterest income by business segment and All Other , see Note 17 – Business Segment Information . Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Card income Interchange fees (1) $ 1,070 $ 983 $ 2,041 $ 1,941 Other card income 472 486 958 977 Total card income 1,542 1,469 2,999 2,918 Service charges Deposit-related fees 1,680 1,696 3,326 3,349 Lending-related fees 274 281 549 546 Total service charges 1,954 1,977 3,875 3,895 Investment and brokerage services Asset management fees 2,513 2,288 5,077 4,488 Brokerage fees 945 1,172 2,045 2,389 Total investment and brokerage services 3,458 3,460 7,122 6,877 Investment banking income Underwriting income 719 709 1,460 1,488 Syndication fees 400 340 716 740 Financial advisory services 303 483 599 888 Total investment banking income 1,422 1,532 2,775 3,116 Trading account profits 2,315 1,956 5,014 4,287 Other income 268 1,449 691 1,940 Total noninterest income $ 10,959 $ 11,843 $ 22,476 $ 23,033 (1) Gross interchange fees were $ 2.4 billion and $ 2.2 billion for the three months ended June 30, 2018 and 2017 , and are presented net of $ 1.3 billion and $ 1.2 billion of expenses for rewards and partner payments. For the six months ended June 30, 2018 and 2017 , gross interchange fees were $4.6 billion and $4.3 billion and are presented net of $2.6 billion and $2.3 billion of expenses for rewards and partner payments. |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2018 and December 31, 2017 . 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 cash collateral received or paid. June 30, 2018 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 $ 17,626.4 $ 153.3 $ 1.6 $ 154.9 $ 147.2 $ 4.8 $ 152.0 Futures and forwards 6,464.7 1.4 — 1.4 1.4 — 1.4 Written options 1,328.4 — — — 30.5 — 30.5 Purchased options 1,283.1 31.9 — 31.9 — — — Foreign exchange contracts Swaps 1,941.7 47.4 2.5 49.9 48.7 3.5 52.2 Spot, futures and forwards 5,190.9 52.1 1.2 53.3 49.1 0.5 49.6 Written options 353.5 — — — 5.4 — 5.4 Purchased options 352.5 4.9 — 4.9 — — — Equity contracts Swaps 269.6 5.1 — 5.1 5.4 — 5.4 Futures and forwards 98.2 0.9 — 0.9 0.8 — 0.8 Written options 565.4 — — — 24.2 — 24.2 Purchased options 533.8 35.9 — 35.9 — — — Commodity contracts Swaps 51.0 2.5 — 2.5 5.0 — 5.0 Futures and forwards 63.1 3.3 — 3.3 0.5 — 0.5 Written options 32.1 — — — 2.2 — 2.2 Purchased options 31.3 2.1 — 2.1 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 431.6 4.9 — 4.9 8.9 — 8.9 Total return swaps/options 75.3 0.4 — 0.4 1.1 — 1.1 Written credit derivatives: Credit default swaps 407.6 8.5 — 8.5 4.3 — 4.3 Total return swaps/options 75.3 0.7 — 0.7 0.3 — 0.3 Gross derivative assets/liabilities $ 355.3 $ 5.3 $ 360.6 $ 335.0 $ 8.8 $ 343.8 Less: Legally enforceable master netting agreements (282.1 ) — (282.1 ) Less: Cash collateral received/paid (33.3 ) (28.1 ) Total derivative assets/liabilities $ 45.2 $ 33.6 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $3.6 billion and $418.1 billion at June 30, 2018 . December 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 $ 15,416.4 $ 175.1 $ 2.9 $ 178.0 $ 172.5 $ 1.7 $ 174.2 Futures and forwards 4,332.4 0.5 — 0.5 0.5 — 0.5 Written options 1,170.5 — — — 35.5 — 35.5 Purchased options 1,184.5 37.6 — 37.6 — — — Foreign exchange contracts Swaps 2,011.1 35.6 2.2 37.8 36.1 2.7 38.8 Spot, futures and forwards 3,543.3 39.1 0.7 39.8 39.1 0.8 39.9 Written options 291.8 — — — 5.1 — 5.1 Purchased options 271.9 4.6 — 4.6 — — — Equity contracts Swaps 265.6 4.8 — 4.8 4.4 — 4.4 Futures and forwards 106.9 1.5 — 1.5 0.9 — 0.9 Written options 480.8 — — — 23.9 — 23.9 Purchased options 428.2 24.7 — 24.7 — — — Commodity contracts Swaps 46.1 1.8 — 1.8 4.6 — 4.6 Futures and forwards 47.1 3.5 — 3.5 0.6 — 0.6 Written options 21.7 — — — 1.4 — 1.4 Purchased options 22.9 1.4 — 1.4 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 470.9 4.1 — 4.1 11.1 — 11.1 Total return swaps/options 54.1 0.1 — 0.1 1.3 — 1.3 Written credit derivatives: Credit default swaps 448.2 10.6 — 10.6 3.6 — 3.6 Total return swaps/options 55.2 0.8 — 0.8 0.2 — 0.2 Gross derivative assets/liabilities $ 345.8 $ 5.8 $ 351.6 $ 340.8 $ 5.2 $ 346.0 Less: Legally enforceable master netting agreements (279.2 ) (279.2 ) Less: Cash collateral received/paid (34.6 ) (32.5 ) Total derivative assets/liabilities $ 37.8 $ 34.3 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $6.4 billion and $435.1 billion at December 31, 2017 . |
Derivative [Line Items] | |
Gains and Losses on Derivatives Designated as Fair Value Hedges | The table below summarizes information related to fair value hedges for the three and six months ended June 30, 2018 and 2017 . Gains and Losses on Derivatives Designated as Fair Value Hedges Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 (Dollars in millions) Derivative Hedged Item Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (869 ) $ 821 $ 272 $ (422 ) $ (150 ) Interest rate and foreign currency risk on long-term debt (2, 3) (1,067 ) 934 901 (877 ) 24 Interest rate risk on available-for-sale securities (4) (1 ) 1 (80 ) 70 (10 ) Total $ (1,937 ) $ 1,756 $ 1,093 $ (1,229 ) $ (136 ) Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Derivative Hedged Item Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (3,174 ) $ 3,057 $ (478 ) $ 144 $ (334 ) Interest rate and foreign currency risk on long-term debt (2, 3) (745 ) 588 1,024 (1,010 ) 14 Interest rate risk on available-for-sale securities (4) (32 ) 31 (63 ) 33 (30 ) Total $ (3,951 ) $ 3,676 $ 483 $ (833 ) $ (350 ) (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For the three and six months ended June 30, 2018 , the derivative amount includes losses of $1.0 billion and $576 million in other income and a gain of $25 million and a loss of $39 million in interest expense, respectively. For the same periods in 2017 , the derivative amount includes gains of $1.0 billion and $1.3 billion in other income and losses of $124 million and $281 million in interest expense, respectively. Line item totals are in the Consolidated Statement of Income. (3) For the three and six months ended June 30, 2018 , the derivative amount includes losses of $83 million and $130 million related to certain changes in the fair value of derivatives that were excluded from effectiveness testing and recognized in accumulated OCI. None of the excluded amounts have been reclassified into earnings. (4) Amounts are recorded in interest income in the Consolidated Statement of Income. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below summarizes the carrying value of hedged assets and liabilities that are designated and qualifying in fair value hedging relationships along with the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded in the current hedging relationships. These fair value hedging adjustments are open basis adjustments that are not subject to amortization as long as the hedging relationship remains designated. Designated Fair Value Hedged Assets (Liabilities) June 30, 2018 (Dollars in millions) Carrying Value Cumulative Fair Value Adjustments (1) Long-term debt $ (133,177 ) $ 1,894 Available-for-sale securities (2) 954 (48 ) (1) For assets, increase (decrease) to carrying value and for liabilities, (increase) decrease to carrying value. (2) The amortized cost of available-for-sale securities in fair value hedging relationships was $949 million and is included in debt securities carried at fair value on the Consolidated Balance Sheet. |
Cash Flow and Net Investment Hedges | The following table summarizes certain information related to cash flow hedges and net investment hedges for the three and six months ended June 30, 2018 and 2017 . Of the $1.3 billion after-tax net loss ( $1.7 billion pretax) on derivatives in accumulated OCI at June 30, 2018 , $292 million after-tax ( $383 million pretax) 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. For terminated cash flow hedges, the time period over which the majority of the forecasted transactions are hedged is approximately seven years , with a maximum length of time for certain forecasted transactions of 18 years . Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges (Dollars in millions, amounts pretax) Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Cash flow hedges Interest rate risk on variable-rate assets (1) $ (71 ) $ (33 ) $ (499 ) $ (83 ) Price risk on certain restricted stock awards (2) — — 4 27 Total $ (71 ) $ (33 ) $ (495 ) $ (56 ) Net investment hedges Foreign exchange risk (3) $ 923 $ — $ 679 $ (1 ) Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 64 $ (108 ) $ 27 $ (220 ) Price risk on certain restricted stock awards (2) 6 29 34 71 Total $ 70 $ (79 ) $ 61 $ (149 ) Net investment hedges Foreign exchange risk (3) $ (464 ) $ 1,928 $ (1,114 ) $ 1,798 (1) Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income. (2) Amounts reclassified from accumulated OCI are recorded in personnel expense in the Consolidated Statement of Income. (3) Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three and six months ended June 30, 2018 , amounts excluded from effectiveness testing and recognized in other income were gains of $24 million and $29 million . For the same periods in 2017 , amounts excluded from effectiveness testing and recognized in other income were losses of $33 million and $48 million . |
Other Risk Management Derivatives | The table below presents gains (losses) on these derivatives for the three and six months ended June 30, 2018 and 2017 . These gains (losses) are largely offset by the income or expense that is recorded on the hedged item. Gains and Losses On Other Risk Management Derivatives Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Interest rate risk on mortgage activities (1) $ (26 ) $ 55 $ (161 ) $ 31 Credit risk on loans (2) (2 ) (1 ) (5 ) (3 ) Interest rate and foreign currency risk on ALM activities (3) 702 238 563 (52 ) (1) Primarily related to hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale. The net gains on IRLCs, which are not included in the table but are considered derivative instruments, were $14 million and $28 million for the three and six months ended June 30, 2018 compared to $60 million and $116 million for the same periods in 2017 . (2) Primarily related to derivatives that are economic hedges of credit risk on loans. (3) Primarily related to hedges of debt securities carried at fair value and hedges of foreign currency-denominated debt. |
Schedule of Derivative Instruments Included in Trading Activities | The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets , categorized by primary risk, for the three and six months ended June 30, 2018 and 2017 . 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 adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis. Sales and Trading Revenue Trading Account Profits Net Interest Income Other (1) Total Trading Account Profits Net Interest Income Other (1) Total (Dollars in millions) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Interest rate risk $ 348 $ 314 $ (1 ) $ 661 $ 888 $ 639 $ 67 $ 1,594 Foreign exchange risk 392 (8 ) 1 385 796 (13 ) 3 786 Equity risk 1,097 (202 ) 398 1,293 2,249 (327 ) 848 2,770 Credit risk 284 487 136 907 828 959 271 2,058 Other risk 63 4 24 91 126 13 39 178 Total sales and trading revenue $ 2,184 $ 595 $ 558 $ 3,337 $ 4,887 $ 1,271 $ 1,228 $ 7,386 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Interest rate risk $ 219 $ 375 $ 75 $ 669 $ 502 $ 817 $ 152 $ 1,471 Foreign exchange risk 347 (1 ) 3 349 715 (4 ) 3 714 Equity risk 775 (155 ) 476 1,096 1,447 (230 ) 962 2,179 Credit risk 371 473 148 992 1,121 984 346 2,451 Other risk 31 5 17 53 135 10 49 194 Total sales and trading revenue $ 1,743 $ 697 $ 719 $ 3,159 $ 3,920 $ 1,577 $ 1,512 $ 7,009 (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 $420 million and $897 million for the three and six months ended June 30, 2018 compared to $514 million and $1.0 billion for the same periods in 2017 . |
Disclosure of Credit Derivatives | Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at June 30, 2018 and December 31, 2017 are summarized in the table below. Credit Derivative Instruments Less than One Year One to Three Years Three to Five Years Over Five Years Total June 30, 2018 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ 1 $ 42 $ 427 $ 462 $ 932 Non-investment grade 52 438 981 1,919 3,390 Total 53 480 1,408 2,381 4,322 Total return swaps/options: Investment grade 71 — — — 71 Non-investment grade 238 28 — — 266 Total 309 28 — — 337 Total credit derivatives $ 362 $ 508 $ 1,408 $ 2,381 $ 4,659 Credit-related notes: Investment grade $ — $ — $ 2 $ 435 $ 437 Non-investment grade 3 — 7 1,703 1,713 Total credit-related notes $ 3 $ — $ 9 $ 2,138 $ 2,150 Maximum Payout/Notional Credit default swaps: Investment grade $ 20,037 $ 115,539 $ 123,451 $ 22,070 $ 281,097 Non-investment grade 23,801 41,746 45,687 15,266 126,500 Total 43,838 157,285 169,138 37,336 407,597 Total return swaps/options: Investment grade 55,557 1,672 — 136 57,365 Non-investment grade 17,450 379 39 76 17,944 Total 73,007 2,051 39 212 75,309 Total credit derivatives $ 116,845 $ 159,336 $ 169,177 $ 37,548 $ 482,906 December 31, 2017 Carrying Value Credit default swaps: Investment grade $ 4 $ 3 $ 61 $ 245 $ 313 Non-investment grade 203 453 484 2,133 3,273 Total 207 456 545 2,378 3,586 Total return swaps/options: Investment grade 30 — — — 30 Non-investment grade 150 — — 3 153 Total 180 — — 3 183 Total credit derivatives $ 387 $ 456 $ 545 $ 2,381 $ 3,769 Credit-related notes: Investment grade $ — $ — $ 7 $ 689 $ 696 Non-investment grade 12 4 34 1,548 1,598 Total credit-related notes $ 12 $ 4 $ 41 $ 2,237 $ 2,294 Maximum Payout/Notional Credit default swaps: Investment grade $ 61,388 $ 115,480 $ 107,081 $ 21,579 $ 305,528 Non-investment grade 39,312 49,843 39,098 14,420 142,673 Total 100,700 165,323 146,179 35,999 448,201 Total return swaps/options: Investment grade 37,394 2,581 — 143 40,118 Non-investment grade 13,751 514 143 697 15,105 Total 51,145 3,095 143 840 55,223 Total credit derivatives $ 151,845 $ 168,418 $ 146,322 $ 36,839 $ 503,424 |
Additional Collateral Required to be Posted Upon Downgrade | The table below presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at June 30, 2018 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 at June 30, 2018 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 643 $ 289 Bank of America, N.A. and subsidiaries (1) 322 247 (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 June 30, 2018 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 at June 30, 2018 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 184 $ 614 Collateral posted 115 479 |
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 and six months ended June 30, 2018 and 2017 . For more information on the valuation adjustments on derivatives, see Note 2 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . Valuation Adjustments on Derivatives (1) Gains (Losses) Three Months Ended June 30 2018 2017 (Dollars in millions) Gross Net Gross Net Derivative assets (CVA) $ 139 $ 127 $ 97 $ 52 Derivative assets/liabilities (FVA) 28 (18 ) 27 41 Derivative liabilities (DVA) (159 ) (159 ) (128 ) (125 ) Six Months Ended June 30 2018 2017 Derivative assets (CVA) $ 115 $ 145 $ 258 $ 78 Derivative assets/liabilities (FVA) (9 ) (19 ) 76 97 Derivative liabilities (DVA) (43 ) (53 ) (278 ) (218 ) (1) At June 30, 2018 and December 31, 2017 , cumulative CVA reduced the derivative assets balance by $562 million and $677 million , cumulative FVA reduced the net derivatives balance by $145 million and $136 million , and cumulative DVA reduced the derivative liabilities balance by $407 million and $450 million , respectively. |
Derivative | |
Derivative [Line Items] | |
Offsetting Assets | The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2018 and December 31, 2017 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. 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 include reducing the balance for counterparty netting and cash collateral received or paid. For more information on offsetting of securities financing agreements, see Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (Dollars in billions) June 30, 2018 December 31, 2017 Interest rate contracts Over-the-counter $ 182.0 $ 177.6 $ 211.7 $ 206.0 Over-the-counter cleared 3.2 2.7 1.9 1.8 Foreign exchange contracts Over-the-counter 104.6 104.0 78.7 80.8 Over-the-counter cleared 1.1 0.9 0.9 0.7 Equity contracts Over-the-counter 27.0 16.2 18.3 16.2 Exchange-traded 11.0 10.3 9.1 8.5 Commodity contracts Over-the-counter 3.6 5.0 2.9 4.4 Exchange-traded 1.1 1.2 0.7 0.8 Credit derivatives Over-the-counter 8.1 8.5 9.1 9.6 Over-the-counter cleared 5.9 5.8 6.1 6.0 Total gross derivative assets/liabilities, before netting Over-the-counter 325.3 311.3 320.7 317.0 Exchange-traded 12.1 11.5 9.8 9.3 Over-the-counter cleared 10.2 9.4 8.9 8.5 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (295.8 ) (290.4 ) (296.9 ) (294.6 ) Exchange-traded (10.5 ) (10.5 ) (8.6 ) (8.6 ) Over-the-counter cleared (9.1 ) (9.3 ) (8.3 ) (8.5 ) Derivative assets/liabilities, after netting 32.2 22.0 25.6 23.1 Other gross derivative assets/liabilities (2) 13.0 11.6 12.2 11.2 Total derivative assets/liabilities 45.2 33.6 37.8 34.3 Less: Financial instruments collateral (3) (19.2 ) (9.2 ) (11.2 ) (10.4 ) Total net derivative assets/liabilities $ 26.0 $ 24.4 $ 26.6 $ 23.9 (1) 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, and exchange-traded derivatives include listed options transacted on an exchange. (2) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries. (3) Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities. |
Offsetting Liabilities | The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2018 and December 31, 2017 by primary risk (e.g., interest rate risk) and the platform, where applicable, on which these derivatives are transacted. 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 include reducing the balance for counterparty netting and cash collateral received or paid. For more information on offsetting of securities financing agreements, see Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (Dollars in billions) June 30, 2018 December 31, 2017 Interest rate contracts Over-the-counter $ 182.0 $ 177.6 $ 211.7 $ 206.0 Over-the-counter cleared 3.2 2.7 1.9 1.8 Foreign exchange contracts Over-the-counter 104.6 104.0 78.7 80.8 Over-the-counter cleared 1.1 0.9 0.9 0.7 Equity contracts Over-the-counter 27.0 16.2 18.3 16.2 Exchange-traded 11.0 10.3 9.1 8.5 Commodity contracts Over-the-counter 3.6 5.0 2.9 4.4 Exchange-traded 1.1 1.2 0.7 0.8 Credit derivatives Over-the-counter 8.1 8.5 9.1 9.6 Over-the-counter cleared 5.9 5.8 6.1 6.0 Total gross derivative assets/liabilities, before netting Over-the-counter 325.3 311.3 320.7 317.0 Exchange-traded 12.1 11.5 9.8 9.3 Over-the-counter cleared 10.2 9.4 8.9 8.5 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (295.8 ) (290.4 ) (296.9 ) (294.6 ) Exchange-traded (10.5 ) (10.5 ) (8.6 ) (8.6 ) Over-the-counter cleared (9.1 ) (9.3 ) (8.3 ) (8.5 ) Derivative assets/liabilities, after netting 32.2 22.0 25.6 23.1 Other gross derivative assets/liabilities (2) 13.0 11.6 12.2 11.2 Total derivative assets/liabilities 45.2 33.6 37.8 34.3 Less: Financial instruments collateral (3) (19.2 ) (9.2 ) (11.2 ) (10.4 ) Total net derivative assets/liabilities $ 26.0 $ 24.4 $ 26.6 $ 23.9 (1) 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, and exchange-traded derivatives include listed options transacted on an exchange. (2) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries. (3) Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 and held-to-maturity (HTM) debt securities at June 30, 2018 and December 31, 2017 . Debt Securities Amortized Cost Gross Gains Gross Losses Fair Value (Dollars in millions) June 30, 2018 Available-for-sale debt securities Mortgage-backed securities: Agency $ 162,301 $ 125 $ (5,426 ) $ 157,000 Agency-collateralized mortgage obligations 6,194 13 (172 ) 6,035 Commercial 14,156 2 (558 ) 13,600 Non-agency residential (1) 2,283 262 (11 ) 2,534 Total mortgage-backed securities 184,934 402 (6,167 ) 179,169 U.S. Treasury and agency securities 54,758 12 (2,036 ) 52,734 Non-U.S. securities 6,659 7 (1 ) 6,665 Other taxable securities, substantially all asset-backed securities 4,412 81 (7 ) 4,486 Total taxable securities 250,763 502 (8,211 ) 243,054 Tax-exempt securities 19,085 82 (102 ) 19,065 Total available-for-sale debt securities 269,848 584 (8,313 ) 262,119 Other debt securities carried at fair value 12,853 306 (22 ) 13,137 Total debt securities carried at fair value 282,701 890 (8,335 ) 275,256 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities (2) 163,013 131 (4,913 ) 158,231 Total debt securities (3, 4) $ 445,714 $ 1,021 $ (13,248 ) $ 433,487 December 31, 2017 Available-for-sale debt securities Mortgage-backed securities: Agency $ 194,119 $ 506 $ (1,696 ) $ 192,929 Agency-collateralized mortgage obligations 6,846 39 (81 ) 6,804 Commercial 13,864 28 (208 ) 13,684 Non-agency residential (1) 2,410 267 (8 ) 2,669 Total mortgage-backed securities 217,239 840 (1,993 ) 216,086 U.S. Treasury and agency securities 54,523 18 (1,018 ) 53,523 Non-U.S. securities 6,669 9 (1 ) 6,677 Other taxable securities, substantially all asset-backed securities 5,699 73 (2 ) 5,770 Total taxable securities 284,130 940 (3,014 ) 282,056 Tax-exempt securities 20,541 138 (104 ) 20,575 Total available-for-sale debt securities 304,671 1,078 (3,118 ) 302,631 Other debt securities carried at fair value 12,273 252 (39 ) 12,486 Total debt securities carried at fair value 316,944 1,330 (3,157 ) 315,117 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 125,013 111 (1,825 ) 123,299 Total debt securities (3, 4) $ 441,957 $ 1,441 $ (4,982 ) $ 438,416 Available-for-sale marketable equity securities (5) $ 27 $ — $ (2 ) $ 25 (1) At both June 30, 2018 and December 31, 2017 , the underlying collateral type included approximately 62 percent prime, 13 percent Alt-A and 25 percent subprime. (2) During the three months ended June 30, 2018, the Corporation transferred $25 billion of available-for-sale debt securities to held to maturity. (3) Includes securities pledged as collateral of $42.4 billion and $35.8 billion at June 30, 2018 and December 31, 2017 . (4) 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 $165.6 billion and $52.8 billion , and a fair value of $160.6 billion and $51.2 billion at June 30, 2018 , and an amortized cost of $163.6 billion and $50.3 billion , and a fair value of $162.1 billion and $50.0 billion at December 31, 2017 . (5) 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 and six months ended June 30, 2018 , the Corporation recorded unrealized mark-to-market net gains of $28 million and $69 million , and realized net gains of $15 million and $9 million , compared to unrealized mark-to-market net gains of $83 million and $ 199 million and realized net losses of $14 million and $118 million for the same periods in 2017 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value (Dollars in millions) June 30 December 31 Mortgage-backed securities: Agency-collateralized mortgage obligations $ — $ 5 Non-agency residential 2,535 2,764 Total mortgage-backed securities 2,535 2,769 Non-U.S. securities (1) 10,400 9,488 Other taxable securities, substantially all asset-backed securities 202 229 Total $ 13,137 $ 12,486 (1) These securities are primarily used to satisfy certain international regulatory liquidity requirements. |
Components of Realized Gains and Losses on Sales of Debt Securities | The gross realized gains and losses on sales of AFS debt securities for the three and six months ended June 30, 2018 and 2017 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Gross gains $ 1 $ 102 $ 3 $ 156 Gross losses — (1 ) — (3 ) Net gains on sales of AFS debt securities $ 1 $ 101 $ 3 $ 153 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 1 $ 38 $ 1 $ 58 |
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 June 30, 2018 and December 31, 2017 . Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities Less than Twelve Months Twelve Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (Dollars in millions) June 30, 2018 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 93,123 $ (2,718 ) $ 59,404 $ (2,708 ) $ 152,527 $ (5,426 ) Agency-collateralized mortgage obligations 3,706 (93 ) 1,698 (79 ) 5,404 (172 ) Commercial 8,325 (250 ) 4,486 (308 ) 12,811 (558 ) Non-agency residential 154 (6 ) — — 154 (6 ) Total mortgage-backed securities 105,308 (3,067 ) 65,588 (3,095 ) 170,896 (6,162 ) U.S. Treasury and agency securities 27,277 (918 ) 23,856 (1,118 ) 51,133 (2,036 ) Non-U.S. securities — — 86 (1 ) 86 (1 ) Other taxable securities, substantially all asset-backed securities 152 (4 ) 113 (3 ) 265 (7 ) Total taxable securities 132,737 (3,989 ) 89,643 (4,217 ) 222,380 (8,206 ) Tax-exempt securities 303 (2 ) 3,990 (100 ) 4,293 (102 ) Total temporarily impaired AFS debt securities 133,040 (3,991 ) 93,633 (4,317 ) 226,673 (8,308 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 150 (5 ) — — 150 (5 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 133,190 $ (3,996 ) $ 93,633 $ (4,317 ) $ 226,823 $ (8,313 ) December 31, 2017 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 73,535 $ (352 ) $ 72,612 $ (1,344 ) $ 146,147 $ (1,696 ) Agency-collateralized mortgage obligations 2,743 (29 ) 1,684 (52 ) 4,427 (81 ) Commercial 5,575 (50 ) 4,586 (158 ) 10,161 (208 ) Non-agency residential 335 (7 ) — — 335 (7 ) Total mortgage-backed securities 82,188 (438 ) 78,882 (1,554 ) 161,070 (1,992 ) U.S. Treasury and agency securities 27,537 (251 ) 24,035 (767 ) 51,572 (1,018 ) Non-U.S. securities 772 (1 ) — — 772 (1 ) Other taxable securities, substantially all asset-backed securities — — 92 (2 ) 92 (2 ) Total taxable securities 110,497 (690 ) 103,009 (2,323 ) 213,506 (3,013 ) Tax-exempt securities 1,090 (2 ) 7,100 (102 ) 8,190 (104 ) Total temporarily impaired AFS debt securities 111,587 (692 ) 110,109 (2,425 ) 221,696 (3,117 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 58 (1 ) — — 58 (1 ) Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 111,645 $ (693 ) $ 110,109 $ (2,425 ) $ 221,754 $ (3,118 ) (1) Includes other-than-temporarily impaired (OTTI) AFS debt securities on which an OTTI loss, primarily related to changes in interest rates, remains in accumulated OCI. |
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 residential mortgage-backed securities (RMBS) were as follows at June 30, 2018 . Significant Assumptions Range (1) Weighted 10th Percentile (2) 90th Percentile (2) Prepayment speed 13.0 % 3.2 % 21.4 % Loss severity 19.9 9.0 36.9 Life default rate 17.9 1.5 67.1 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. |
Expected Maturity Distribution | The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at June 30, 2018 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 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 Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) (Dollars in millions) June 30, 2018 Amortized cost of debt securities carried at fair value Mortgage-backed securities: Agency $ 2 3.50 % $ 26 3.98 % $ 492 2.61 % $ 161,781 3.26 % $ 162,301 3.26 % Agency-collateralized mortgage obligations — — — — 31 2.55 6,163 3.17 6,194 3.17 Commercial 54 9.55 2,155 2.22 11,052 2.48 895 2.81 14,156 2.49 Non-agency residential — — — — 21 0.01 4,543 9.82 4,564 9.77 Total mortgage-backed securities 56 9.33 2,181 2.24 11,596 2.48 173,382 3.43 187,215 3.36 U.S. Treasury and agency securities 542 0.45 32,638 1.47 21,549 2.24 29 2.70 54,758 1.76 Non-U.S. securities 15,118 0.79 1,787 1.53 2 3.56 140 6.55 17,047 0.91 Other taxable securities, substantially all asset-backed securities 576 3.39 2,886 3.34 874 3.24 260 8.56 4,596 3.62 Total taxable securities 16,292 0.90 39,492 1.65 34,021 2.35 173,811 3.44 263,616 2.87 Tax-exempt securities 894 1.71 8,332 2.27 7,252 2.22 2,607 2.64 19,085 2.28 Total amortized cost of debt securities carried at fair value $ 17,186 0.94 $ 47,824 1.76 $ 41,273 2.32 $ 176,418 3.42 $ 282,701 2.83 Amortized cost of HTM debt securities (2) $ 4 3.36 $ 63 3.56 $ 1,427 2.78 $ 161,519 3.15 $ 163,013 3.15 Debt securities carried at fair value Mortgage-backed securities: Agency $ 2 $ 26 $ 484 $ 156,488 $ 157,000 Agency-collateralized mortgage obligations — — 30 6,005 6,035 Commercial 54 2,108 10,592 846 13,600 Non-agency residential — — 33 5,036 5,069 Total mortgage-backed securities 56 2,134 11,139 168,375 181,704 U.S. Treasury and agency securities 542 31,381 20,783 28 52,734 Non-U.S. securities 15,121 1,798 2 144 17,065 Other taxable securities, substantially all asset-backed securities 571 2,905 916 296 4,688 Total taxable securities 16,290 38,218 32,840 168,843 256,191 Tax-exempt securities 894 8,347 7,230 2,594 19,065 Total debt securities carried at fair value $ 17,184 $ 46,565 $ 40,070 $ 171,437 $ 275,256 Fair value of HTM debt securities (2) $ 4 $ 63 $ 1,363 $ 156,801 $ 158,231 (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) Substantially all U.S. agency MBS. |
Outstanding Loans and Leases (T
Outstanding Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and December 31, 2017 . 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 (Dollars in millions) June 30, 2018 Consumer real estate Core portfolio Residential mortgage $ 1,064 $ 259 $ 886 $ 2,209 $ 182,453 $ 184,662 Home equity 205 102 457 764 40,761 41,525 Non-core portfolio Residential mortgage (5) 840 361 2,672 3,873 11,822 $ 7,207 22,902 Home equity 186 96 488 770 8,914 2,378 12,062 Credit card and other consumer U.S. credit card 501 329 865 1,695 93,095 94,790 Direct/Indirect consumer (6) 282 77 37 396 92,225 92,621 Other consumer (7) — — — — 167 167 Total consumer 3,078 1,224 5,405 9,707 429,437 9,585 448,729 Consumer loans accounted for under the fair value option (8) $ 848 848 Total consumer loans and leases 3,078 1,224 5,405 9,707 429,437 9,585 848 449,577 Commercial U.S. commercial 441 213 685 1,339 288,402 289,741 Non-U.S. commercial 43 389 — 432 94,018 94,450 Commercial real estate (9) 59 — 76 135 60,938 61,073 Commercial lease financing 46 59 30 135 21,264 21,399 U.S. small business commercial 61 40 84 185 14,020 14,205 Total commercial 650 701 875 2,226 478,642 480,868 Commercial loans accounted for under the fair value option (8) 5,379 5,379 Total commercial loans and leases 650 701 875 2,226 478,642 5,379 486,247 Total loans and leases (10) $ 3,728 $ 1,925 $ 6,280 $ 11,933 $ 908,079 $ 9,585 $ 6,227 $ 935,824 Percentage of outstandings 0.40 % 0.21 % 0.67 % 1.28 % 97.03 % 1.02 % 0.67 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $665 million and nonperforming loans of $242 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $307 million and nonperforming loans of $195 million . (2) Consumer real estate includes fully-insured loans of $2.5 billion . (3) Consumer real estate includes $2.1 billion and direct/indirect consumer includes $44 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 $1.2 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans and leases of $50.2 billion , unsecured consumer lending loans of $410 million , U.S. securities-based lending loans of $38.4 billion , non-U.S. consumer loans of $2.8 billion and other consumer loans of $769 million . (7) Substantially all of other consumer is consumer overdrafts. (8) Consumer loans accounted for under the fair value option includes residential mortgage loans of $489 million and home equity loans of $359 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $3.5 billion and non-U.S. commercial loans of $1.9 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 $57.1 billion and non-U.S. commercial real estate loans of $4.0 billion . (10) Total outstandings Includes loans and leases pledged as collateral of $55.0 billion . The Corporation also pledged $150.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB). 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 (Dollars in millions) December 31, 2017 Consumer real estate Core portfolio Residential mortgage $ 1,242 $ 321 $ 1,040 $ 2,603 $ 174,015 $ 176,618 Home equity 215 108 473 796 43,449 44,245 Non-core portfolio Residential mortgage (5) 1,028 468 3,535 5,031 14,161 $ 8,001 27,193 Home equity 224 121 572 917 9,866 2,716 13,499 Credit card and other consumer U.S. credit card 542 405 900 1,847 94,438 96,285 Direct/Indirect consumer (6) 330 104 44 478 95,864 96,342 Other consumer (7) — — — — 166 166 Total consumer 3,581 1,527 6,564 11,672 431,959 10,717 454,348 Consumer loans accounted for under the fair value option (8) $ 928 928 Total consumer loans and leases 3,581 1,527 6,564 11,672 431,959 10,717 928 455,276 Commercial U.S. commercial 547 244 425 1,216 283,620 284,836 Non-U.S. commercial 52 1 3 56 97,736 97,792 Commercial real estate (9) 48 10 29 87 58,211 58,298 Commercial lease financing 110 68 26 204 21,912 22,116 U.S. small business commercial 95 45 88 228 13,421 13,649 Total commercial 852 368 571 1,791 474,900 476,691 Commercial loans accounted for under the fair value option (8) 4,782 4,782 Total commercial loans and leases 852 368 571 1,791 474,900 4,782 481,473 Total loans and leases (10) $ 4,433 $ 1,895 $ 7,135 $ 13,463 $ 906,859 $ 10,717 $ 5,710 $ 936,749 Percentage of outstandings 0.48 % 0.20 % 0.76 % 1.44 % 96.81 % 1.14 % 0.61 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $850 million and nonperforming loans of $253 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $386 million and nonperforming loans of $195 million . (2) Consumer real estate includes fully-insured loans of $3.2 billion . (3) Consumer real estate includes $2.3 billion and direct/indirect consumer includes $43 million of nonperforming loans. (4) PCI loan amounts are shown gross of the valuation allowance. (5) Total outstandings includes pay option loans of $1.4 billion . The Corporation no longer originates this product. (6) Total outstandings includes auto and specialty lending loans and leases of $52.4 billion , unsecured consumer lending loans of $469 million , U.S. securities-based lending loans of $39.8 billion , non-U.S. consumer loans of $3.0 billion and other consumer loans of $684 million . (7) Substantially all of other consumer is consumer overdrafts. (8) Consumer loans accounted for under the fair value option includes residential mortgage loans of $567 million and home equity loans of $361 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.6 billion and non-U.S. commercial loans of $2.2 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 $54.8 billion and non-U.S. commercial real estate loans of $3.5 billion . (10) Total outstandings Includes loans and leases pledged as collateral of $40.1 billion . The Corporation also pledged $160.3 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and FHLB. |
Schedule of Financing Receivables, Non Accrual Status | The table below presents the Corporation’s nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at June 30, 2018 and December 31, 2017 . 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 2017 Annual Report on Form 10-K . Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (Dollars in millions) June 30 December 31 June 30 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 1,052 $ 1,087 $ 344 $ 417 Home equity 1,077 1,079 — — Non-core portfolio Residential mortgage (1) 1,088 1,389 2,139 2,813 Home equity 1,375 1,565 — — Credit card and other consumer U.S. credit card n/a n/a 865 900 Direct/Indirect consumer 47 46 35 40 Other consumer — — — — Total consumer 4,639 5,166 3,383 4,170 Commercial U.S. commercial 881 814 221 144 Non-U.S. commercial 170 299 — 3 Commercial real estate 117 112 — 4 Commercial lease financing 34 24 12 19 U.S. small business commercial 56 55 73 75 Total commercial 1,258 1,304 306 245 Total loans and leases $ 5,897 $ 6,470 $ 3,689 $ 4,415 (1) Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At June 30, 2018 and December 31, 2017 , residential mortgage includes $1.7 billion and $2.2 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 $742 million and $1.0 billion of loans on which interest is still accruing. n/a = not applicable |
Financing Receivable Credit Quality Indicators | The following tables present certain credit quality indicators for the Corporation’s Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2018 and December 31, 2017 . Consumer Real Estate – Credit Quality Indicators (1) Core Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI (3) Core Home Equity (2) Non-core Home Equity (2) Home Equity PCI (Dollars in millions) June 30, 2018 Refreshed LTV (4) Less than or equal to 90 percent $ 163,729 $ 9,975 $ 6,289 $ 40,505 $ 7,395 $ 1,618 Greater than 90 percent but less than or equal to 100 percent 2,676 664 452 476 880 338 Greater than 100 percent 992 777 466 544 1,409 422 Fully-insured loans (5) 17,265 4,279 — — — — Total consumer real estate $ 184,662 $ 15,695 $ 7,207 $ 41,525 $ 9,684 $ 2,378 Refreshed FICO score Less than 620 $ 2,128 $ 1,890 $ 1,673 $ 1,112 $ 1,858 $ 393 Greater than or equal to 620 and less than 680 4,236 1,690 1,431 2,152 2,090 390 Greater than or equal to 680 and less than 740 22,803 2,759 2,129 7,318 2,484 666 Greater than or equal to 740 138,230 5,077 1,974 30,943 3,252 929 Fully-insured loans (5) 17,265 4,279 — — — — Total consumer real estate $ 184,662 $ 15,695 $ 7,207 $ 41,525 $ 9,684 $ 2,378 (1) Excludes $848 million of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $1.1 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 U.S. Credit Card Direct/Indirect Consumer Other Consumer (Dollars in millions) June 30, 2018 Refreshed FICO score Less than 620 $ 4,504 $ 1,588 $ — Greater than or equal to 620 and less than 680 11,810 1,854 — Greater than or equal to 680 and less than 740 34,852 11,193 — Greater than or equal to 740 43,624 35,949 — Other internal credit metrics (1, 2) — 42,037 167 Total credit card and other consumer $ 94,790 $ 92,621 $ 167 (1) Other internal credit metrics may include delinquency status, geography or other factors. (2) Direct/indirect consumer includes $41.3 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk. Commercial – Credit Quality Indicators (1) U.S. Commercial Non-U.S. Commercial Commercial Real Estate Commercial Financing U.S. Small Commercial (2) (Dollars in millions) June 30, 2018 Risk ratings Pass rated $ 281,622 $ 92,676 $ 60,622 $ 20,978 $ 282 Reservable criticized 8,119 1,774 451 421 36 Refreshed FICO score (3) Less than 620 235 Greater than or equal to 620 and less than 680 639 Greater than or equal to 680 and less than 740 1,982 Greater than or equal to 740 4,134 Other internal credit metrics (3, 4) 6,897 Total commercial $ 289,741 $ 94,450 $ 61,073 $ 21,399 $ 14,205 (1) Excludes $5.4 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $725 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At June 30, 2018 , 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) Core Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI (3) Core Home Equity (2) Non-core Home (2) Home Equity PCI (Dollars in millions) December 31, 2017 Refreshed LTV (4) Less than or equal to 90 percent $ 153,669 $ 12,135 $ 6,872 $ 43,048 $ 7,944 $ 1,781 Greater than 90 percent but less than or equal to 100 percent 3,082 850 559 549 1,053 412 Greater than 100 percent 1,322 1,011 570 648 1,786 523 Fully-insured loans (5) 18,545 5,196 — — — — Total consumer real estate $ 176,618 $ 19,192 $ 8,001 $ 44,245 $ 10,783 $ 2,716 Refreshed FICO score Less than 620 $ 2,234 $ 2,390 $ 1,941 $ 1,169 $ 2,098 $ 452 Greater than or equal to 620 and less than 680 4,531 2,086 1,657 2,371 2,393 466 Greater than or equal to 680 and less than 740 22,934 3,519 2,396 8,115 2,723 786 Greater than or equal to 740 128,374 6,001 2,007 32,590 3,569 1,012 Fully-insured loans (5) 18,545 5,196 — — — — Total consumer real estate $ 176,618 $ 19,192 $ 8,001 $ 44,245 $ 10,783 $ 2,716 (1) Excludes $928 million of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Includes $1.2 billion of pay option loans. The Corporation no longer originates this product. (4) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (5) Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. Credit Card and Other Consumer – Credit Quality Indicators U.S. Credit Card Direct/Indirect Consumer Other Consumer (Dollars in millions) December 31, 2017 Refreshed FICO score Less than 620 $ 4,730 $ 1,680 $ — Greater than or equal to 620 and less than 680 12,422 2,143 — Greater than or equal to 680 and less than 740 35,656 12,304 — Greater than or equal to 740 43,477 36,759 — Other internal credit metrics (1, 2) — 43,456 166 Total credit card and other consumer $ 96,285 $ 96,342 $ 166 (1) Other internal credit metrics may include delinquency status, geography or other factors. (2) Direct/indirect consumer includes $42.8 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk. Commercial – Credit Quality Indicators (1) U.S. Commercial Non-U.S. Commercial Commercial Real Estate Commercial Financing U.S. Small Commercial (2) (Dollars in millions) December 31, 2017 Risk ratings Pass rated $ 275,904 $ 96,199 $ 57,732 $ 21,535 $ 322 Reservable criticized 8,932 1,593 566 581 50 Refreshed FICO score (3) Less than 620 223 Greater than or equal to 620 and less than 680 625 Greater than or equal to 680 and less than 740 1,875 Greater than or equal to 740 3,713 Other internal credit metrics (3, 4) 6,841 Total commercial $ 284,836 $ 97,792 $ 58,298 $ 22,116 $ 13,649 (1) Excludes $4.8 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $709 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, 2017 , 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. The reclassifications from nonaccretable difference during the three and six months ended June 30, 2018 were primarily due to an increase in the expected principal and interest cash flows due to lower default estimates and the rising interest rate environment. Rollforward of Accretable Yield (Dollars in millions) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Accretable yield, beginning of period $ 2,730 $ 2,789 Accretion (124 ) (254 ) Disposals/transfers (105 ) (212 ) Reclassifications from nonaccretable difference 57 235 Accretable yield, June 30, 2018 $ 2,558 $ 2,558 |
Consumer real estate | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The table below provides the unpaid principal balance, carrying value and related allowance at June 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2018 and 2017 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 Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance (Dollars in millions) June 30, 2018 December 31, 2017 With no recorded allowance Residential mortgage $ 6,544 $ 5,223 $ — $ 8,856 $ 6,870 $ — Home equity 3,545 1,932 — 3,622 1,956 — With an allowance recorded Residential mortgage $ 2,482 $ 2,421 $ 149 $ 2,908 $ 2,828 $ 174 Home equity 962 894 178 972 900 174 Total Residential mortgage (1) $ 9,026 $ 7,644 $ 149 $ 11,764 $ 9,698 $ 174 Home equity 4,507 2,826 178 4,594 2,856 174 Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended June 30 Six Months Ended June 30 2018 2017 2018 2017 With no recorded allowance Residential mortgage $ 5,362 $ 50 $ 7,886 $ 81 $ 5,978 $ 115 $ 8,192 $ 160 Home equity 1,944 25 1,999 28 1,953 52 2,000 55 With an allowance recorded Residential mortgage $ 2,482 $ 24 $ 3,647 $ 33 $ 2,597 $ 49 $ 3,723 $ 68 Home equity 891 6 868 7 889 12 842 12 Total Residential mortgage (1) $ 7,844 $ 74 $ 11,533 $ 114 $ 8,575 $ 164 $ 11,915 $ 228 Home equity 2,835 31 2,867 35 2,842 64 2,842 67 (1) During the three months ended June 30, 2018 , previously impaired residential mortgage loans with a carrying value of $1.2 billion were sold, resulting in a gain of $572 million recorded in other income. (2) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below presents the June 30, 2018 and 2017 unpaid principal balance, carrying value, and average pre- and post-modification interest rates on consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2018 and 2017 . 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 and Six Months Ended June 30, 2018 and 2017 Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (1) Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) (Dollars in millions) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Residential mortgage $ 276 $ 237 4.24 % 3.94 % $ 628 $ 542 4.17 % 3.93 % Home equity 194 152 4.43 4.42 392 297 4.38 4.06 Total (2) $ 470 $ 389 4.32 4.14 $ 1,020 $ 839 4.25 3.98 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Residential mortgage $ 346 $ 313 4.50 % 4.37 % $ 646 $ 581 4.51 % 4.34 % Home equity 250 201 4.11 3.94 469 365 4.20 3.75 Total (2) $ 596 $ 514 4.33 4.19 $ 1,115 $ 946 4.38 4.09 (1) 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. (2) Net charge-offs, which include amounts recorded on loans modified during the period that are no longer held by the Corporation at June 30, 2018 and 2017 due to sales and other dispositions, were $15 million and $24 million for the three and six months ended June 30, 2018 compared to $12 million and $20 million for the same periods in 2017 . The table below presents the June 30, 2018 and 2017 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2018 and 2017 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Modifications under government programs Contractual interest rate reduction $ 9 $ 11 $ 17 $ 38 Principal and/or interest forbearance — 1 — 3 Other modifications (1) 8 3 18 8 Total modifications under government programs 17 15 35 49 Modifications under proprietary programs Contractual interest rate reduction 13 20 67 72 Capitalization of past due amounts 19 9 43 21 Principal and/or interest forbearance 5 3 16 9 Other modifications (1) 55 16 205 44 Total modifications under proprietary programs 92 48 331 146 Trial modifications 242 387 379 622 Loans discharged in Chapter 7 bankruptcy (2) 38 64 94 129 Total modifications $ 389 $ 514 $ 839 $ 946 (1) Includes other modifications such as term or payment extensions and repayment plans. During the three and six months ended June 30, 2018 , this included $38 million and $196 million of modifications related to the 2017 hurricanes that met the definition of a TDR. These modifications had been written down to their net realizable value less costs to sell or were fully insured as of June 30, 2018 . (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 and six months ended June 30, 2018 and 2017 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. Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Modifications under government programs $ 11 $ 20 $ 24 $ 46 Modifications under proprietary programs 56 33 87 67 Loans discharged in Chapter 7 bankruptcy (1) 16 15 39 77 Trial modifications (2) 22 46 67 258 Total modifications $ 105 $ 114 $ 217 $ 448 (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 June 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2018 and 2017 on TDRs within the Credit Card and Other Consumer portfolio segment. Impaired Loans – Credit Card and Other Consumer Unpaid Balance Carrying Value (1) Related Allowance Unpaid Balance Carrying Value (1) Related Allowance (Dollars in millions) June 30, 2018 December 31, 2017 With no recorded allowance Direct/Indirect consumer $ 63 $ 30 $ — $ 58 $ 28 $ — With an allowance recorded U.S. credit card $ 478 $ 486 $ 143 $ 454 $ 461 $ 125 Direct/Indirect consumer 1 1 — 1 1 — Total U.S. credit card $ 478 $ 486 $ 143 $ 454 $ 461 $ 125 Direct/Indirect consumer 64 31 — 59 29 — Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended June 30 Six Months Ended June 30 2018 2017 2018 2017 With no recorded allowance Direct/Indirect consumer $ 29 $ 1 $ 18 $ — $ 29 $ 1 $ 18 $ — With an allowance recorded U.S. credit card $ 480 $ 6 $ 463 $ 6 $ 473 $ 12 $ 470 $ 12 Non-U.S. credit card (3) — — 78 — — — 88 1 Direct/Indirect consumer 1 — 2 — 1 — 3 — Total U.S. credit card $ 480 $ 6 $ 463 $ 6 $ 473 $ 12 $ 470 $ 12 Non-U.S. credit card (3) — — 78 — — — 88 1 Direct/Indirect consumer 30 1 20 — 30 1 21 — (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. (3) In the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business. |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below provides information on the Corporation’s primary modification programs for the Credit Card and Other Consumer TDR portfolio at June 30, 2018 and December 31, 2017 . Credit Card and Other Consumer – TDRs by Program Type U.S. Credit Card Direct/Indirect Consumer Total TDRs by Program Type (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 Internal programs $ 223 $ 203 $ 1 $ 1 $ 224 $ 204 External programs 262 257 — — 262 257 Other 1 1 30 28 31 29 Total $ 486 $ 461 $ 31 $ 29 $ 517 $ 490 Percent of balances current or less than 30 days past due 86.42 % 86.92 % 89.63 % 88.16 % 86.60 % 87.00 % The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the June 30, 2018 and 2017 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and six months ended June 30, 2018 and 2017 . Credit Card and Other Consumer – TDRs Entered into During the Three and Six Months Ended June 30, 2018 and 2017 Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate (Dollars in millions) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 U.S. credit card $ 72 $ 78 19.18 % 5.29 % $ 140 $ 149 19.06 % 5.26 % Direct/Indirect consumer 19 11 4.43 4.43 28 16 4.73 4.56 Total (2) $ 91 $ 89 17.29 5.18 $ 168 $ 165 17.63 5.19 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 U.S. credit card $ 52 $ 57 18.31 % 5.30 % $ 100 $ 106 18.19 % 5.32 % Direct/Indirect consumer 7 4 4.14 4.08 11 6 4.12 4.04 Total (2) $ 59 $ 61 17.31 5.21 $ 111 $ 112 17.39 5.24 (1) Includes accrued interest and fees. (2) Net charge-offs were $14 million and $22 million for the three and six months ended June 30, 2018 compared to $13 million and $19 million for the same periods in 2017 , including net charge-offs related to the non-U.S. credit card loan portfolio sold during the second quarter of 2017. |
Commercial Portfolio Segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivables | The table below provides information on impaired loans in the Commercial loan portfolio segment including the unpaid principal balance, carrying value and related allowance at June 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and six months ended June 30, 2018 and 2017 . Certain impaired commercial loans do not have a related allowance because the valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs. Impaired Loans – Commercial Unpaid Balance Carrying Value Related Allowance Unpaid Balance Carrying Value Related Allowance (Dollars in millions) June 30, 2018 December 31, 2017 With no recorded allowance U.S. commercial $ 599 $ 596 $ — $ 576 $ 571 $ — Non-U.S. commercial 8 8 — 14 11 — Commercial real estate 112 104 — 83 80 — Commercial lease financing 3 3 — — — — With an allowance recorded U.S. commercial $ 1,529 $ 1,246 $ 140 $ 1,393 $ 1,109 $ 98 Non-U.S. commercial 426 395 41 528 507 58 Commercial real estate 100 20 3 133 41 4 Commercial lease financing 45 44 — 20 18 3 U.S. small business commercial (1) 86 73 28 84 70 27 Total U.S. commercial $ 2,128 $ 1,842 $ 140 $ 1,969 $ 1,680 $ 98 Non-U.S. commercial 434 403 41 542 518 58 Commercial real estate 212 124 3 216 121 4 Commercial lease financing 48 47 — 20 18 3 U.S. small business commercial (1) 86 73 28 84 70 27 Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended June 30 Six Months Ended June 30 2018 2017 2018 2017 With no recorded allowance U.S. commercial $ 684 $ 4 $ 857 $ 3 $ 678 $ 8 $ 870 $ 6 Non-U.S. commercial 61 — 43 — 61 2 75 — Commercial real estate 81 1 48 — 75 1 54 — Commercial lease financing 7 — — — 6 — — — With an allowance recorded U.S. commercial $ 1,221 $ 10 $ 1,264 $ 7 $ 1,163 $ 21 $ 1,376 $ 16 Non-U.S. commercial 386 4 482 3 416 6 469 6 Commercial real estate 8 — 106 1 22 — 91 2 Commercial lease financing 25 — 4 — 18 — 4 — U.S. small business commercial (1) 73 — 77 — 74 — 75 — Total U.S. commercial $ 1,905 $ 14 $ 2,121 $ 10 $ 1,841 $ 29 $ 2,246 $ 22 Non-U.S. commercial 447 4 525 3 477 8 544 6 Commercial real estate 89 1 154 1 97 1 145 2 Commercial lease financing 32 — 4 — 24 — 4 — U.S. small business commercial (1) 73 — 77 — 74 — 75 — (1) Includes U.S. small business commercial renegotiated TDR loans and related allowance. (2) Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible. |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The table below presents the June 30, 2018 and 2017 unpaid principal balance and carrying value of commercial loans that were modified as TDRs during the three and six months ended June 30, 2018 and 2017 . 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 and Six Months Ended June 30, 2018 and 2017 Unpaid Principal Balance Carrying Unpaid Principal Balance Carrying (Dollars in millions) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 U.S. commercial $ 743 $ 733 $ 1,040 $ 962 Non-U.S. commercial 8 8 257 247 Commercial real estate 5 5 5 5 Commercial lease financing 45 45 45 45 U.S. small business commercial (1) 3 3 5 5 Total (2) $ 804 $ 794 $ 1,352 $ 1,264 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 U.S. commercial $ 405 $ 393 $ 687 $ 648 Commercial real estate 44 37 59 46 U.S. small business commercial (1) 7 7 9 10 Total (2) $ 456 $ 437 $ 755 $ 704 (1) U.S. small business commercial TDRs are comprised of renegotiated small business card loans. (2) Net charge-offs were $9 million and $26 million for the three and six months ended June 30, 2018 compared to $21 million and $62 million for the same periods in 2017 . |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 and six months ended June 30, 2018 and 2017 . Consumer (1) Credit Card and Other Consumer Commercial Total (Dollars in millions) Three Months Ended June 30, 2018 Allowance for loan and lease losses, April 1 $ 1,530 $ 3,720 $ 5,010 $ 10,260 Loans and leases charged off (137 ) (1,033 ) (208 ) (1,378 ) Recoveries of loans and leases previously charged off 130 210 42 382 Net charge-offs (7 ) (823 ) (166 ) (996 ) Write-offs of PCI loans (2) (36 ) — — (36 ) Provision for loan and lease losses (3) (121 ) 878 65 822 Other (4) — (1 ) 1 — Allowance for loan and lease losses, June 30 1,366 3,774 4,910 10,050 Reserve for unfunded lending commitments, April 1 — — 782 782 Provision for unfunded lending commitments — — 5 5 Reserve for unfunded lending commitments, June 30 — — 787 787 Allowance for credit losses, June 30 $ 1,366 $ 3,774 $ 5,697 $ 10,837 Three Months Ended June 30, 2017 Allowance for loan and lease losses, April 1 $ 2,565 $ 3,329 $ 5,218 $ 11,112 Loans and leases charged off (198 ) (954 ) (198 ) (1,350 ) Recoveries of loans and leases previously charged off 167 234 41 442 Net charge-offs (31 ) (720 ) (157 ) (908 ) Write-offs of PCI loans (2) (55 ) — — (55 ) Provision for loan and lease losses (3) (170 ) 776 120 726 Other (4) — 1 (1 ) — Allowance for loan and lease losses, June 30 2,309 3,386 5,180 10,875 Reserve for unfunded lending commitments, April 1 and June 30 — — 757 757 Allowance for credit losses, June 30 $ 2,309 $ 3,386 $ 5,937 $ 11,632 Six Months Ended June 30, 2018 Allowance for loan and lease losses, January 1 $ 1,720 $ 3,663 $ 5,010 $ 10,393 Loans and leases charged off (311 ) (2,039 ) (324 ) (2,674 ) Recoveries of loans and leases previously charged off 277 413 77 767 Net charge-offs (34 ) (1,626 ) (247 ) (1,907 ) Write-offs of PCI loans (2) (71 ) — — (71 ) Provision for loan and lease losses (3) (249 ) 1,754 146 1,651 Other (4) — (17 ) 1 (16 ) Allowance for loan and lease losses, June 30 1,366 3,774 4,910 10,050 Reserve for unfunded lending commitments, January 1 — — 777 777 Provision for unfunded lending commitments — — 10 10 Reserve for unfunded lending commitments, June 30 — — 787 787 Allowance for credit losses, June 30 $ 1,366 $ 3,774 $ 5,697 $ 10,837 Six Months Ended June 30, 2017 Allowance for loan and lease losses, January 1 $ 2,750 $ 3,229 $ 5,258 $ 11,237 Loans and leases charged off (402 ) (1,900 ) (358 ) (2,660 ) Recoveries of loans and leases previously charged off 290 434 94 818 Net charge-offs (112 ) (1,466 ) (264 ) (1,842 ) Write-offs of PCI loans (2) (88 ) — — (88 ) Provision for loan and lease losses (3) (241 ) 1,619 188 1,566 Other (4) — 4 (2 ) 2 Allowance for loan and lease losses, June 30 2,309 3,386 5,180 10,875 Reserve for unfunded lending commitments, January 1 — — 762 762 Provision for unfunded lending commitments — — (5 ) (5 ) Reserve for unfunded lending commitments, June 30 — — 757 757 Allowance for credit losses, June 30 $ 2,309 $ 3,386 $ 5,937 $ 11,632 (1) Includes valuation allowance associated with the PCI loan portfolio. (2) Includes write-offs associated with the sale of PCI loans of $1 million and $17 million during the three and six months ended June 30, 2018 compared to $35 million for both of the same periods in 2017 . (3) Includes provision benefit associated with the PCI loan portfolio of $14 million and $25 million during the three and six months ended June 30, 2018 compared to provision benefit of $24 million and provision expense of $44 million for the same periods in 2017 . (4) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments, transfers to held for sale and certain other reclassifications. The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at June 30, 2018 and December 31, 2017 . Allowance and Carrying Value by Portfolio Segment Consumer Credit Card and Other Consumer Commercial Total (Dollars in millions) June 30, 2018 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 327 $ 143 $ 212 $ 682 Carrying value (2) 10,470 517 2,489 13,476 Allowance as a percentage of carrying value 3.12 % 27.66 % 8.52 % 5.06 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 848 $ 3,631 $ 4,698 $ 9,177 Carrying value (2, 3) 241,096 187,061 478,379 906,536 Allowance as a percentage of carrying value (3) 0.35 % 1.94 % 0.98 % 1.01 % Purchased credit-impaired loans Valuation allowance $ 191 n/a n/a $ 191 Carrying value gross of valuation allowance 9,585 n/a n/a 9,585 Valuation allowance as a percentage of carrying value 1.99 % n/a n/a 1.99 % Total Allowance for loan and lease losses $ 1,366 $ 3,774 $ 4,910 $ 10,050 Carrying value (2, 3) 261,151 187,578 480,868 929,597 Allowance as a percentage of carrying value (3) 0.52 % 2.01 % 1.02 % 1.08 % December 31, 2017 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 348 $ 125 $ 190 $ 663 Carrying value (2) 12,554 490 2,407 15,451 Allowance as a percentage of carrying value 2.77 % 25.51 % 7.89 % 4.29 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 1,083 $ 3,538 $ 4,820 $ 9,441 Carrying value (2, 3) 238,284 192,303 474,284 904,871 Allowance as a percentage of carrying value (3) 0.45 % 1.84 % 1.02 % 1.04 % Purchased credit-impaired loans Valuation allowance $ 289 n/a n/a $ 289 Carrying value gross of valuation allowance 10,717 n/a n/a 10,717 Valuation allowance as a percentage of carrying value 2.70 % n/a n/a 2.70 % Total Allowance for loan and lease losses $ 1,720 $ 3,663 $ 5,010 $ 10,393 Carrying value (2, 3) 261,555 192,793 476,691 931,039 Allowance as a percentage of carrying value (3) 0.66 % 1.90 % 1.05 % 1.12 % (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) Amounts are presented gross of the allowance for loan and lease losses. (3) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $6.2 billion and $5.7 billion at June 30, 2018 and December 31, 2017 . n/a = not applicable |
Securitizations and Other Var31
Securitizations and Other Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Mortgage Related Securitizations | The table below summarizes select information related to first-lien mortgage securitizations for the three and six months ended June 30, 2018 and 2017 . First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage Three Months Ended June 30 Six Months Ended June 30 Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 2018 2017 Cash proceeds from new securitizations (1) $ 1,379 $ 3,302 $ 3,065 $ 7,958 $ 1,672 $ 1,097 $ 2,184 $ 1,706 Gains on securitizations (2) 23 61 41 100 21 35 39 53 Repurchases from securitization trusts (3) 357 602 858 1,474 — — — — (1) The Corporation transfers residential mortgage loans to securitizations sponsored by the GSEs or Government National Mortgage Association (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 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 $21 million and $45 million , net of hedges, during the three and six months ended June 30, 2018 , compared to $42 million and $132 million for the same periods in 2017 , 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. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities. |
Variable Interest Entity [Line Items] | |
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 June 30, 2018 and December 31, 2017 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity Loan (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure $ 1,238 $ 1,522 $ — $ — $ 8,025 $ 8,204 $ 1,726 $ 1,631 On-balance sheet assets Senior securities (4) : Trading account assets $ — $ — $ — $ — $ 1,297 $ 869 $ — $ 33 Debt securities carried at fair value 31 36 — — 1,471 1,661 — — Held-to-maturity securities — — — — 5,257 5,644 — — All other assets (4) — — — — — 30 — — Total retained positions $ 31 $ 36 $ — $ — $ 8,025 $ 8,204 $ — $ 33 Total assets of VIEs (5) $ 2,085 $ 2,432 $ — $ — $ 19,975 $ 19,281 $ 2,378 $ 2,287 Consolidated VIEs Maximum loss exposure $ 97 $ 112 $ 20,518 $ 24,337 $ 264 $ 628 $ 1,480 $ 1,453 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 622 $ 1,557 $ 1,492 $ 1,452 Loans and leases 154 177 30,433 32,554 — — — — Allowance for loan and lease losses (7 ) (9 ) (944 ) (988 ) — — — — All other assets 5 6 128 1,385 — — 1 1 Total assets $ 152 $ 174 $ 29,617 $ 32,951 $ 622 $ 1,557 $ 1,493 $ 1,453 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 396 $ 312 Long-term debt 65 76 9,071 8,598 358 929 12 — All other liabilities — — 28 16 — — — — Total liabilities $ 65 $ 76 $ 9,099 $ 8,614 $ 358 $ 929 $ 408 $ 312 (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 reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies . (2) At June 30, 2018 and December 31, 2017 , loans and leases in the consolidated credit card trust included $13.0 billion and $15.6 billion of seller’s interest. (3) At June 30, 2018 and December 31, 2017 , all other assets in the consolidated credit card trust included restricted cash, certain short-term investments, and unbilled accrued interest and fees. (4) All other assets includes subordinate securities. The retained senior and subordinate securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). (5) Total assets of VIEs includes 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 June 30, 2018 and December 31, 2017 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 17,336 $ 19,110 $ 655 $ 689 $ 2,483 $ 2,643 $ 399 $ 403 $ 615 $ 585 On-balance sheet assets Senior securities: Trading account assets $ 636 $ 716 $ 50 $ 6 $ 36 $ 10 $ 62 $ 50 $ 58 $ 108 Debt securities carried at fair value 13,075 15,036 420 477 2,021 2,221 335 351 — — Held-to-maturity securities 3,625 3,348 — — — — — — 362 274 All other assets (2) — 10 5 5 60 38 2 2 80 88 Total retained positions $ 17,336 $ 19,110 $ 475 $ 488 $ 2,117 $ 2,269 $ 399 $ 403 $ 500 $ 470 Principal balance outstanding (3) $ 208,265 $ 232,761 $ 10,083 $ 10,549 $ 9,436 $ 10,254 $ 25,640 $ 28,129 $ 26,487 $ 26,504 Consolidated VIEs Maximum loss exposure (1) $ 13,342 $ 14,502 $ 653 $ 571 $ — $ — $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 269 $ 232 $ 837 $ 571 $ — $ — $ — $ — $ — $ — Loans and leases, net 12,867 14,030 — — — — — — — — All other assets 207 240 — — — — — — — — Total assets $ 13,343 $ 14,502 $ 837 $ 571 $ — $ — $ — $ — $ — $ — Total liabilities $ 3 $ 3 $ 184 $ — $ — $ — $ — $ — $ — $ — (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 reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For more information, see Note 10 – Commitments and Contingencies and Note 14 – Fair Value Measurements . (2) Not included in the table above are all other assets of $61 million and $148 million , representing the unpaid principal balance of mortgage loans eligible for repurchase from unconsolidated residential mortgage securitization VIEs, principally guaranteed by GNMA, and all other liabilities of $61 million and $148 million , representing the principal amount that would be payable to the securitization VIEs if the Corporation was to exercise the repurchase option, at June 30, 2018 and December 31, 2017 . (3) Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs 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 June 30, 2018 and December 31, 2017 . Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) June 30, 2018 December 31, 2017 Maximum loss exposure $ 4,369 $ 21,209 $ 25,578 $ 4,660 $ 19,785 $ 24,445 On-balance sheet assets Trading account assets $ 2,472 $ 656 $ 3,128 $ 2,709 $ 346 $ 3,055 Debt securities carried at fair value — 61 61 — 160 160 Loans and leases 2,024 4,667 6,691 2,152 3,596 5,748 Allowance for loan and lease losses (3 ) (29 ) (32 ) (3 ) (32 ) (35 ) Loans held-for-sale 3 388 391 27 940 967 All other assets 55 15,018 15,073 62 14,276 14,338 Total $ 4,551 $ 20,761 $ 25,312 $ 4,947 $ 19,286 $ 24,233 On-balance sheet liabilities Long-term debt $ 174 $ — $ 174 $ 270 $ — $ 270 All other liabilities 9 3,982 3,991 18 3,417 3,435 Total $ 183 $ 3,982 $ 4,165 $ 288 $ 3,417 $ 3,705 Total assets of VIEs $ 4,551 $ 86,070 $ 90,621 $ 4,947 $ 69,746 $ 74,693 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The table below presents goodwill balances by reporting unit and All Other at June 30, 2018 and December 31, 2017 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill (Dollars in millions) June 30 December 31 Deposits $ 18,414 $ 18,414 Consumer Lending 11,709 11,709 Consumer Banking 30,123 30,123 U.S. Trust 2,917 2,917 Merrill Lynch Global Wealth Management 6,760 6,760 Global Wealth & Investment Management 9,677 9,677 Global Commercial Banking 16,146 16,146 Global Corporate and Investment Banking 6,231 6,231 Business Banking 1,546 1,546 Global Banking 23,923 23,923 Global Markets 5,182 5,182 All Other 46 46 Total goodwill $ 68,951 $ 68,951 |
Intangible Assets | The table below presents the gross and net carrying values and accumulated amortization for intangible assets at June 30, 2018 and December 31, 2017 . Intangible Assets (1, 2) Gross Accumulated Net Gross Accumulated Net (Dollars in millions) June 30, 2018 December 31, 2017 Purchased credit card and affinity relationships $ 5,919 $ 5,682 $ 237 $ 5,919 $ 5,604 $ 315 Core deposit and other intangibles (3) 3,835 2,181 1,654 3,835 2,140 1,695 Customer relationships 3,886 3,735 151 3,886 3,584 302 Total intangible assets $ 13,640 $ 11,598 $ 2,042 $ 13,640 $ 11,328 $ 2,312 (1) Excludes fully amortized intangible assets. (2) At June 30, 2018 and December 31, 2017 , none of the intangible assets were impaired. (3) Includes $1.6 billion at both June 30, 2018 and December 31, 2017 of intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized. |
Federal Funds Sold or Purchas33
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 . Amount Rate Amount Rate Amount Rate Amount Rate Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 251,880 1.13 % $ 226,700 0.77 % $ 250,110 1.07 % $ 221,579 0.72 % Maximum month-end balance during period 264,923 n/a 237,064 n/a 264,923 n/a 237,064 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 194,298 1.85 % $ 208,760 1.21 % $ 194,953 1.63 % $ 200,265 1.08 % Maximum month-end balance during period 199,419 n/a 218,017 n/a 199,419 n/a 218,017 n/a Short-term borrowings Average during period 40,542 5.61 42,881 2.65 43,422 4.75 41,468 2.39 Maximum month-end balance during period 44,382 n/a 46,202 n/a 52,480 n/a 46,202 n/a |
Offsetting Assets [Line Items] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The following tables 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. Remaining Contractual Maturity June 30, 2018 (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 $ 125,778 $ 81,805 $ 32,591 $ 44,612 $ 284,786 Securities loaned 12,671 236 2,353 4,922 20,182 Other 21,063 — — — 21,063 Total $ 159,512 $ 82,041 $ 34,944 $ 49,534 $ 326,031 December 31, 2017 Securities sold under agreements to repurchase $ 125,956 $ 79,913 $ 46,091 $ 38,935 $ 290,895 Securities loaned 9,853 5,658 2,043 4,133 21,687 Other 22,711 — — — 22,711 Total $ 158,520 $ 85,571 $ 48,134 $ 43,068 $ 335,293 (1) No agreements have maturities greater than three years . Class of Collateral Pledged June 30, 2018 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 153,756 $ — $ — $ 153,756 Corporate securities, trading loans and other 13,093 2,246 348 15,687 Equity securities 19,408 14,288 20,663 54,359 Non-U.S. sovereign debt 94,054 3,648 52 97,754 Mortgage trading loans and ABS 4,475 — — 4,475 Total $ 284,786 $ 20,182 $ 21,063 $ 326,031 December 31, 2017 U.S. government and agency securities $ 158,299 $ — $ 409 $ 158,708 Corporate securities, trading loans and other 12,787 2,669 624 16,080 Equity securities 23,975 13,523 21,628 59,126 Non-U.S. sovereign debt 90,857 5,495 50 96,402 Mortgage trading loans and ABS 4,977 — — 4,977 Total $ 290,895 $ 21,687 $ 22,711 $ 335,293 |
Securities Loaned and Financial Assets Sold Under Agreements to Repurchase | |
Offsetting Liabilities [Line Items] | |
Offsetting Liabilities | The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2018 and December 31, 2017 . 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 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2018 Securities borrowed or purchased under agreements to resell (3) $ 353,551 $ (127,065 ) $ 226,486 $ (186,805 ) $ 39,681 Securities loaned or sold under agreements to repurchase $ 304,968 $ (127,065 ) $ 177,903 $ (147,798 ) $ 30,105 Other (4) 21,063 — 21,063 (21,063 ) — Total $ 326,031 $ (127,065 ) $ 198,966 $ (168,861 ) $ 30,105 December 31, 2017 Securities borrowed or purchased under agreements to resell (3) $ 348,472 $ (135,725 ) $ 212,747 $ (165,720 ) $ 47,027 Securities loaned or sold under agreements to repurchase $ 312,582 $ (135,725 ) $ 176,857 $ (146,205 ) $ 30,652 Other (4) 22,711 — 22,711 (22,711 ) — Total $ 335,293 $ (135,725 ) $ 199,568 $ (168,916 ) $ 30,652 (1) Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries. (2) 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 derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table. (3) Excludes repurchase activity of $11.5 billion and $10.2 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2018 and December 31, 2017 . (4) Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and 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. |
Securities Borrowed and Securities Purchased Under Agreements to Resell | |
Offsetting Assets [Line Items] | |
Offsetting Assets | The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2018 and December 31, 2017 . 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 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2018 Securities borrowed or purchased under agreements to resell (3) $ 353,551 $ (127,065 ) $ 226,486 $ (186,805 ) $ 39,681 Securities loaned or sold under agreements to repurchase $ 304,968 $ (127,065 ) $ 177,903 $ (147,798 ) $ 30,105 Other (4) 21,063 — 21,063 (21,063 ) — Total $ 326,031 $ (127,065 ) $ 198,966 $ (168,861 ) $ 30,105 December 31, 2017 Securities borrowed or purchased under agreements to resell (3) $ 348,472 $ (135,725 ) $ 212,747 $ (165,720 ) $ 47,027 Securities loaned or sold under agreements to repurchase $ 312,582 $ (135,725 ) $ 176,857 $ (146,205 ) $ 30,652 Other (4) 22,711 — 22,711 (22,711 ) — Total $ 335,293 $ (135,725 ) $ 199,568 $ (168,916 ) $ 30,652 (1) Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries. (2) 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 derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table. (3) Excludes repurchase activity of $11.5 billion and $10.2 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2018 and December 31, 2017 . (4) Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and 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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The following table also includes the notional amount of commitments of $3.4 billion and $4.8 billion at June 30, 2018 and December 31, 2017 that are accounted for under the fair value option. However, the following table excludes cumulative net fair value of $114 million and $120 million at June 30, 2018 and December 31, 2017 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 Expire in One Expire After One Expire After Three Years Through Five Years Expire After Five Years Total (Dollars in millions) June 30, 2018 Notional amount of credit extension commitments Loan commitments $ 85,580 $ 147,418 $ 151,105 $ 20,103 $ 404,206 Home equity lines of credit 3,862 3,048 2,717 33,805 43,432 Standby letters of credit and financial guarantees (1) 20,794 10,190 2,537 627 34,148 Letters of credit 1,378 164 168 50 1,760 Legally binding commitments 111,614 160,820 156,527 54,585 483,546 Credit card lines (2) 370,646 — — — 370,646 Total credit extension commitments $ 482,260 $ 160,820 $ 156,527 $ 54,585 $ 854,192 December 31, 2017 Notional amount of credit extension commitments Loan commitments $ 85,804 $ 140,942 $ 147,043 $ 21,342 $ 395,131 Home equity lines of credit 6,172 4,457 2,288 31,250 44,167 Standby letters of credit and financial guarantees (1) 19,976 11,261 3,420 1,144 35,801 Letters of credit 1,291 117 129 87 1,624 Legally binding commitments 113,243 156,777 152,880 53,823 476,723 Credit card lines (2) 362,030 — — — 362,030 Total credit extension commitments $ 475,273 $ 156,777 $ 152,880 $ 53,823 $ 838,753 (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 $26.3 billion and $7.4 billion at June 30, 2018 , and $27.3 billion and $8.1 billion at December 31, 2017 . Amounts in the table include consumer SBLCs of $401 million and $421 million at June 30, 2018 and December 31, 2017 . (2) Includes business card unused lines of credit. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of Dividends | Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share July 26, 2018 September 7, 2018 September 28, 2018 $ 0.15 April 25, 2018 June 1, 2018 June 29, 2018 0.12 January 31, 2018 March 2, 2018 March 30, 2018 0.12 (1) In 2018 , and through July 30, 2018 . |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2018 and 2017 . (Dollars in millions) Debt and Equity Securities Debit Valuation Adjustments Derivatives Employee Benefit Plans Foreign Currency Total Balance, December 31, 2016 $ (1,267 ) $ (767 ) $ (895 ) $ (3,480 ) $ (879 ) $ (7,288 ) Net change 469 (69 ) 132 54 97 683 Balance, June 30, 2017 $ (798 ) $ (836 ) $ (763 ) $ (3,426 ) $ (782 ) $ (6,605 ) Balance, December 31, 2017 $ (1,206 ) $ (1,060 ) $ (831 ) $ (3,192 ) $ (793 ) $ (7,082 ) Accounting change related to certain tax effects (1) (393 ) (220 ) (189 ) (707 ) 239 (1,270 ) Cumulative adjustment for hedge accounting change (2) — — 57 — — 57 Net change (4,994 ) 452 (367 ) 60 (189 ) (5,038 ) Balance, June 30, 2018 $ (6,593 ) $ (828 ) $ (1,330 ) $ (3,839 ) $ (743 ) $ (13,333 ) |
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 pre- and after-tax for the six months ended June 30, 2018 and 2017 . Changes in OCI Components Pre- and After-tax Pretax Tax effect After- tax Pretax Tax effect After- tax Six Months Ended June 30 (Dollars in millions) 2018 2017 Debt and equity securities: Net increase (decrease) in fair value $ (6,700 ) $ 1,702 $ (4,998 ) $ 885 $ (330 ) $ 555 Net realized (gains) losses reclassified into earnings (3) 8 (4 ) 4 (140 ) 54 (86 ) Net change (6,692 ) 1,698 (4,994 ) 745 (276 ) 469 Debit valuation adjustments: Net increase (decrease) in fair value 576 (138 ) 438 (111 ) 33 (78 ) Net realized losses reclassified into earnings (3) 18 (4 ) 14 14 (5 ) 9 Net change 594 (142 ) 452 (97 ) 28 (69 ) Derivatives: Net increase (decrease) in fair value (578 ) 169 (409 ) 61 (22 ) 39 Reclassifications into earnings: Net interest income 83 (21 ) 62 220 (83 ) 137 Personnel expense (27 ) 7 (20 ) (71 ) 27 (44 ) Net realized losses reclassified into earnings 56 (14 ) 42 149 (56 ) 93 Net change (522 ) 155 (367 ) 210 (78 ) 132 Employee benefit plans: Reclassifications into earnings: Net actuarial losses and other 78 (18 ) 60 85 (31 ) 54 Net realized losses reclassified into earnings (4) 78 (18 ) 60 85 (31 ) 54 Net change 78 (18 ) 60 85 (31 ) 54 Foreign currency: Net increase (decrease) in fair value (50 ) (138 ) (188 ) (332 ) 336 4 Net realized (gains) losses reclassified into earnings (3) — (1 ) (1 ) (612 ) 705 93 Net change (50 ) (139 ) (189 ) (944 ) 1,041 97 Total other comprehensive income (loss) $ (6,592 ) $ 1,554 $ (5,038 ) $ (1 ) $ 684 $ 683 (1) Effective January 1, 2018, the Corporation adopted the accounting standard on tax effects in accumulated OCI related to the Tax Act. Accordingly, certain tax effects were reclassified from accumulated OCI to retained earnings. For additional information, see Note 1 – Summary of Significant Accounting Principles . (2) Reflects the Corporation’s adoption of the hedge accounting standard. For additional information, see Note 1 – Summary of Significant Accounting Principles . (3) Reclassifications of pretax debt and equity securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income. (4) Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 and six months ended June 30, 2018 and 2017 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 2017 Annual Report on Form 10-K . Three Months Ended June 30 Six Months Ended June 30 (In millions, except per share information) 2018 2017 2018 2017 Earnings per common share Net income $ 6,784 $ 5,106 $ 13,702 $ 10,443 Preferred stock dividends (318 ) (361 ) (746 ) (863 ) Net income applicable to common shareholders $ 6,466 $ 4,745 $ 12,956 $ 9,580 Average common shares issued and outstanding 10,181.7 10,013.5 10,251.7 10,056.1 Earnings per common share $ 0.64 $ 0.47 $ 1.26 $ 0.95 Diluted earnings per common share Net income applicable to common shareholders $ 6,466 $ 4,745 $ 12,956 $ 9,580 Add preferred stock dividends due to assumed conversions (1) — 75 — 150 Net income allocated to common shareholders $ 6,466 $ 4,820 $ 12,956 $ 9,730 Average common shares issued and outstanding 10,181.7 10,013.5 10,251.7 10,056.1 Dilutive potential common shares (2) 127.7 821.3 138.2 820.6 Total diluted average common shares issued and outstanding 10,309.4 10,834.8 10,389.9 10,876.7 Diluted earnings per common share $ 0.63 $ 0.44 $ 1.25 $ 0.89 (1) Represents the Series T dividends under the “if-converted” method prior to conversion. (2) Includes incremental dilutive shares from restricted stock units, restricted stock and warrants. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value on a Recurring Basis | Assets and liabilities carried at fair value on a recurring basis at June 30, 2018 and December 31, 2017 , including financial instruments which the Corporation accounts for under the fair value option, are summarized in the following tables. June 30, 2018 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 $ — $ 59,763 $ — $ — $ 59,763 Trading account assets: U.S. Treasury and agency securities (2) 32,923 747 — — 33,670 Corporate securities, trading loans and other — 29,280 1,638 — 30,918 Equity securities (3) 55,128 25,075 228 — 80,431 Non-U.S. sovereign debt 9,646 19,434 368 — 29,448 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 19,341 — — 19,341 Mortgage trading loans, ABS and other MBS — 8,089 1,523 — 9,612 Total trading account assets (4) 97,697 101,966 3,757 — 203,420 Derivative assets (3) 8,951 347,112 4,511 (315,364 ) 45,210 AFS debt securities: U.S. Treasury and agency securities 51,173 1,561 — — 52,734 Mortgage-backed securities: Agency — 157,000 — — 157,000 Agency-collateralized mortgage obligations — 6,035 — — 6,035 Non-agency residential — 2,081 453 — 2,534 Commercial — 13,600 — — 13,600 Non-U.S. securities 747 5,915 3 — 6,665 Other taxable securities — 4,387 99 — 4,486 Tax-exempt securities — 19,064 1 — 19,065 Total AFS debt securities 51,920 209,643 556 — 262,119 Other debt securities carried at fair value: Mortgage-backed securities: Non-agency residential — 2,248 287 — 2,535 Non-U.S. securities 9,097 1,303 — — 10,400 Other taxable securities — 202 — — 202 Total other debt securities carried at fair value 9,097 3,753 287 — 13,137 Loans and leases — 5,734 493 — 6,227 Loans held-for-sale — 2,268 577 — 2,845 Other assets (5) 16,861 1,838 3,184 — 21,883 Total assets $ 184,526 $ 732,077 $ 13,365 $ (315,364 ) $ 614,604 Liabilities Interest-bearing deposits in U.S. offices $ — $ 513 $ — $ — $ 513 Federal funds purchased and securities loaned or sold under agreements to repurchase — 32,724 — — 32,724 Trading account liabilities: U.S. Treasury and agency securities 13,783 508 — — 14,291 Equity securities (3) 37,221 3,966 — — 41,187 Non-U.S. sovereign debt 12,943 10,754 — — 23,697 Corporate securities and other — 7,818 35 — 7,853 Total trading account liabilities 63,947 23,046 35 — 87,028 Derivative liabilities (3) 8,058 329,685 6,099 (310,237 ) 33,605 Short-term borrowings — 3,396 — — 3,396 Accrued expenses and other liabilities 19,159 2,019 — — 21,178 Long-term debt — 27,152 1,225 — 28,377 Total liabilities $ 91,164 $ 418,535 $ 7,359 $ (310,237 ) $ 206,821 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $20.0 billion of GSE obligations. (3) During the six months ended June 30, 2018 , for trading account assets and liabilities, $6.2 billion of equity securities assets and $2.7 billion of equity securities liabilities were transferred from Level 1 to Level 2 and $5.3 billion of equity securities assets and $2.4 billion of equity securities liabilities were transferred from Level 2 to Level 1 based on the liquidity of the positions. In addition, $967 million of derivative assets and $413 million of derivative liabilities were transferred from Level 1 to Level 2 and $1.5 billion of derivative assets and $1.0 billion of derivative liabilities were transferred from Level 2 to Level 1 based on the observability of inputs used to measure fair value. For further disaggregation of derivative assets and liabilities, see Note 3 – Derivatives . (4) Includes securities with a fair value of $13.1 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. (5) Includes MSRs of $2.2 billion . December 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 $ — $ 52,906 $ — $ — $ 52,906 Trading account assets: U.S. Treasury and agency securities (2, 3) 38,720 1,922 — — 40,642 Corporate securities, trading loans and other — 28,714 1,864 — 30,578 Equity securities (3) 60,747 23,958 235 — 84,940 Non-U.S. sovereign debt (3) 6,545 15,839 556 — 22,940 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 20,586 — — 20,586 Mortgage trading loans, ABS and other MBS — 8,174 1,498 — 9,672 Total trading account assets (4) 106,012 99,193 4,153 — 209,358 Derivative assets (3) 6,305 341,178 4,067 (313,788 ) 37,762 AFS debt securities: U.S. Treasury and agency securities 51,915 1,608 — — 53,523 Mortgage-backed securities: Agency — 192,929 — — 192,929 Agency-collateralized mortgage obligations — 6,804 — — 6,804 Non-agency residential — 2,669 — — 2,669 Commercial — 13,684 — — 13,684 Non-U.S. securities 772 5,880 25 — 6,677 Other taxable securities — 5,261 509 — 5,770 Tax-exempt securities — 20,106 469 — 20,575 Total AFS debt securities 52,687 248,941 1,003 — 302,631 Other debt securities carried at fair value: Mortgage-backed securities: Agency-collateralized mortgage obligations — 5 — — 5 Non-agency residential — 2,764 — — 2,764 Non-U.S. securities 8,191 1,297 — — 9,488 Other taxable securities — 229 — — 229 Total other debt securities carried at fair value 8,191 4,295 — — 12,486 Loans and leases — 5,139 571 — 5,710 Loans held-for-sale — 1,466 690 — 2,156 Other assets (5) 19,367 789 2,425 — 22,581 Total assets $ 192,562 $ 753,907 $ 12,909 $ (313,788 ) $ 645,590 Liabilities Interest-bearing deposits in U.S. offices $ — $ 449 $ — $ — $ 449 Federal funds purchased and securities loaned or sold under agreements to repurchase — 36,182 — — 36,182 Trading account liabilities: U.S. Treasury and agency securities 17,266 734 — — 18,000 Equity securities (3) 33,019 3,885 — — 36,904 Non-U.S. sovereign debt (3) 11,976 7,382 — — 19,358 Corporate securities and other — 6,901 24 — 6,925 Total trading account liabilities 62,261 18,902 24 — 81,187 Derivative liabilities (3) 6,029 334,261 5,781 (311,771 ) 34,300 Short-term borrowings — 1,494 — — 1,494 Accrued expenses and other liabilities 21,887 945 8 — 22,840 Long-term debt — 29,923 1,863 — 31,786 Total liabilities $ 90,177 $ 422,156 $ 7,676 $ (311,771 ) $ 208,238 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $21.3 billion of GSE obligations. (3) During 2017 , for trading account assets and liabilities, $1.1 billion of U.S. Treasury and agency securities assets, $5.3 billion of equity securities assets, $3.1 billion of equity securities liabilities, $3.3 billion of non-U.S. sovereign debt assets and $1.5 billion of non-U.S. sovereign debt liabilities were transferred from Level 1 to Level 2 based on the liquidity of the positions. In addition, $14.1 billion of equity securities assets and $4.3 billion of equity securities liabilities were transferred from Level 2 to Level 1. Also in 2017 , $4.2 billion of derivative assets and $3.0 billion of derivative liabilities were transferred from Level 1 to Level 2 and $758 million of derivative assets and $608 million of derivative liabilities were transferred from Level 2 to Level 1 based on the observability of inputs used to measure fair value. For further disaggregation of derivative assets and liabilities, see Note 3 – Derivatives . (4) Includes securities with a fair value of $16.8 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. (5) Includes MSRs of $2.3 billion . |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | m debt. Level 3 – Fair Value Measurements for the Six Months Ended June 30, 2017 (1) Balance 2017 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 2,777 $ 148 $ — $ 318 $ (600 ) $ — $ (235 ) $ 218 $ (849 ) $ 1,777 $ 57 Equity securities 281 15 — 42 (64 ) — (10 ) 102 (137 ) 229 (1 ) Non-U.S. sovereign debt 510 31 (6 ) 26 (59 ) — (68 ) 72 — 506 27 Mortgage trading loans, ABS and other MBS 1,211 185 (1 ) 597 (689 ) — (123 ) 104 (52 ) 1,232 117 Total trading account assets 4,779 379 (7 ) 983 (1,412 ) — (436 ) 496 (1,038 ) 3,744 200 Net derivative assets (4) (1,313 ) (846 ) — 408 (476 ) — 444 29 (49 ) (1,803 ) (773 ) AFS debt securities: Non-U.S. securities 229 1 12 42 — — (145 ) — — 139 — Other taxable securities 594 3 5 5 — — (30 ) — (94 ) 483 — Tax-exempt securities 542 — — — (56 ) — (3 ) 35 — 518 — Total AFS debt securities 1,365 4 17 47 (56 ) — (178 ) 35 (94 ) 1,140 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — (1 ) — — 23 — Loans and leases (5, 6) 720 18 — — — — (64 ) — (7 ) 667 16 Loans held-for-sale (5) 656 71 (3 ) 2 (155 ) — (188 ) 415 (32 ) 766 71 Other assets (6, 7) 2,986 (31 ) 12 2 6 138 (382 ) 64 — 2,795 (194 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) (5 ) — — — (12 ) 36 (58 ) 263 (135 ) (3 ) Trading account liabilities – Corporate securities and other (27 ) 12 — 4 (10 ) (1 ) — — — (22 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (73 ) (11 ) 18 — (150 ) 283 (286 ) 87 (1,646 ) (38 ) (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.0 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2018 and 2017 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements for the Three Months Ended June 30, 2018 (1) Balance April 1 2018 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 1,716 $ (37 ) $ (1 ) $ 81 $ (75 ) $ — $ (74 ) $ 145 $ (117 ) $ 1,638 $ (67 ) Equity securities 212 1 — 2 (4 ) — (4 ) 29 (8 ) 228 (3 ) Non-U.S. sovereign debt 401 13 (44 ) 7 — — — 8 (17 ) 368 13 Mortgage trading loans, ABS and other MBS 1,372 42 — 192 (256 ) — (38 ) 256 (45 ) 1,523 32 Total trading account assets 3,701 19 (45 ) 282 (335 ) — (116 ) 438 (187 ) 3,757 (25 ) Net derivative assets (4) (1,138 ) (239 ) — 195 (591 ) — 175 (4 ) 14 (1,588 ) (251 ) AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 23 — (1 ) — (10 ) — (12 ) 3 — 3 — Other taxable securities 43 1 (2 ) — — — (3 ) 60 — 99 — Tax-exempt securities — — — — — — — 1 — 1 — Total AFS debt securities 66 9 (17 ) — (10 ) — (15 ) 523 — 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5, 6) 526 (4 ) — — (5 ) — (24 ) — — 493 (4 ) Loans held-for-sale (5) 685 (12 ) (27 ) — — — (37 ) — (32 ) 577 (16 ) Other assets (6, 7) 3,295 76 — 2 (8 ) 23 (169 ) — (35 ) 3,184 8 Trading account liabilities – Corporate securities and other (26 ) 1 — — (9 ) (1 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,351 ) 63 2 4 — (53 ) 151 (114 ) 73 (1,225 ) 66 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.5 billion and derivative liabilities of $6.1 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Transfers into Level 3, primarily due to decreased price observability, during the three months ended June 30, 2018 included $438 million of trading account assets, $523 million of AFS debt securities, $298 million of other debt securities carried at fair value and $114 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. Transfers out of Level 3, primarily due to increased price observability, during the three months ended June 30, 2018 included $187 million of trading account assets. Level 3 – Fair Value Measurements for the Three Months Ended June 30, 2017 (1) Balance 2017 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance 2017 Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 2,029 $ 64 $ — $ 119 $ (120 ) $ — $ (108 ) $ 143 $ (350 ) $ 1,777 $ 30 Equity securities 288 3 — 22 (47 ) — — 30 (67 ) 229 — Non-U.S. sovereign debt 527 12 (16 ) 26 (50 ) — (62 ) 69 — 506 12 Mortgage trading loans, ABS and other MBS 1,215 78 (1 ) 258 (314 ) — (69 ) 76 (11 ) 1,232 53 Total trading account assets 4,059 157 (17 ) 425 (531 ) — (239 ) 318 (428 ) 3,744 95 Net derivative assets (4) (1,665 ) (372 ) — 208 (229 ) — 274 — (19 ) (1,803 ) (368 ) AFS debt securities: Non-U.S. securities 207 1 9 22 — — (100 ) — — 139 — Other taxable securities 579 — 1 5 — — (8 ) — (94 ) 483 — Tax-exempt securities 520 — (2 ) — — — — — — 518 — Total AFS debt securities 1,306 1 8 27 — — (108 ) — (94 ) 1,140 — Other debt securities carried at fair value – Non-agency residential MBS 24 — — — — — (1 ) — — 23 — Loans and leases (5, 6) 702 6 — — — — (34 ) — (7 ) 667 6 Loans held-for-sale (5) 792 42 (9 ) 2 (19 ) — (128 ) 100 (14 ) 766 26 Other assets (6, 7) 2,841 2 12 2 1 63 (190 ) 64 — 2,795 (71 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (226 ) (6 ) — — — (10 ) 8 (58 ) 157 (135 ) (6 ) Trading account liabilities – Corporate securities and other (35 ) 10 — 4 — (1 ) — — — (22 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,660 ) 10 (18 ) 7 — (20 ) 124 (108 ) 19 (1,646 ) 10 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.0 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Transfers into Level 3, primarily due to decreased price observability, during the three months ended June 30, 2017 included $318 million of trading account assets, $100 million of LHFS and $108 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. Transfers out of Level 3, primarily due to increased price observability, during the three months ended June 30, 2017 included $428 million of trading account assets and $157 million of federal funds purchased and securities loaned or sold under agreements to repurchase. Level 3 – Fair Value Measurements for the Six Months Ended June 30, 2018 (1) (Dollars in millions) Balance January 1 2018 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 1,864 $ (28 ) $ (1 ) $ 274 $ (211 ) $ — $ (213 ) $ 248 $ (295 ) $ 1,638 $ (76 ) Equity securities 235 9 — 8 (11 ) — (4 ) 30 (39 ) 228 9 Non-U.S. sovereign debt 556 29 (42 ) 7 (50 ) — (8 ) 8 (132 ) 368 28 Mortgage trading loans, ABS and other MBS 1,498 141 3 317 (576 ) — (107 ) 350 (103 ) 1,523 81 Total trading account assets 4,153 151 (40 ) 606 (848 ) — (332 ) 636 (569 ) 3,757 42 Net derivative assets (4) (1,714 ) 256 — 348 (853 ) — 377 67 (69 ) (1,588 ) 325 AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 2 (2 ) — — — (10 ) 60 (460 ) 99 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (5) 1,003 10 (17 ) — (10 ) — (24 ) 523 (929 ) 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (6, 7) 571 (20 ) — — (9 ) — (49 ) — — 493 (19 ) Loans held-for-sale (6) 690 12 (27 ) 12 — — (78 ) — (32 ) 577 5 Other assets (5, 7, 8) 2,425 268 — 2 (46 ) 52 (411 ) 929 (35 ) 3,184 145 Trading account liabilities – Corporate securities and other (24 ) 2 — — (11 ) (2 ) — — — (35 ) 1 Accrued expenses and other liabilities (6) (8 ) — — — — — 8 — — — — Long-term debt (6) (1,863 ) 86 3 9 — (120 ) 323 (147 ) 484 (1,225 ) 51 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.5 billion and derivative liabilities of $6.1 billion . (5) Transfer relates to the reclassification of certain securities. (6) Amounts represent instruments that are accounted for under the fair value option. (7) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (8) Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2018 and 2017 , including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Level 3 – Fair Value Measurements for the Three Months Ended June 30, 2018 (1) Balance April 1 2018 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 1,716 $ (37 ) $ (1 ) $ 81 $ (75 ) $ — $ (74 ) $ 145 $ (117 ) $ 1,638 $ (67 ) Equity securities 212 1 — 2 (4 ) — (4 ) 29 (8 ) 228 (3 ) Non-U.S. sovereign debt 401 13 (44 ) 7 — — — 8 (17 ) 368 13 Mortgage trading loans, ABS and other MBS 1,372 42 — 192 (256 ) — (38 ) 256 (45 ) 1,523 32 Total trading account assets 3,701 19 (45 ) 282 (335 ) — (116 ) 438 (187 ) 3,757 (25 ) Net derivative assets (4) (1,138 ) (239 ) — 195 (591 ) — 175 (4 ) 14 (1,588 ) (251 ) AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 23 — (1 ) — (10 ) — (12 ) 3 — 3 — Other taxable securities 43 1 (2 ) — — — (3 ) 60 — 99 — Tax-exempt securities — — — — — — — 1 — 1 — Total AFS debt securities 66 9 (17 ) — (10 ) — (15 ) 523 — 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (5, 6) 526 (4 ) — — (5 ) — (24 ) — — 493 (4 ) Loans held-for-sale (5) 685 (12 ) (27 ) — — — (37 ) — (32 ) 577 (16 ) Other assets (6, 7) 3,295 76 — 2 (8 ) 23 (169 ) — (35 ) 3,184 8 Trading account liabilities – Corporate securities and other (26 ) 1 — — (9 ) (1 ) — — — (35 ) 1 Accrued expenses and other liabilities (5) (8 ) — — — — — 8 — — — — Long-term debt (5) (1,351 ) 63 2 4 — (53 ) 151 (114 ) 73 (1,225 ) 66 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.5 billion and derivative liabilities of $6.1 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Transfers into Level 3, primarily due to decreased price observability, during the three months ended June 30, 2018 included $438 million of trading account assets, $523 million of AFS debt securities, $298 million of other debt securities carried at fair value and $114 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. Transfers out of Level 3, primarily due to increased price observability, during the three months ended June 30, 2018 included $187 million of trading account assets. Level 3 – Fair Value Measurements for the Three Months Ended June 30, 2017 (1) Balance 2017 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance 2017 Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 2,029 $ 64 $ — $ 119 $ (120 ) $ — $ (108 ) $ 143 $ (350 ) $ 1,777 $ 30 Equity securities 288 3 — 22 (47 ) — — 30 (67 ) 229 — Non-U.S. sovereign debt 527 12 (16 ) 26 (50 ) — (62 ) 69 — 506 12 Mortgage trading loans, ABS and other MBS 1,215 78 (1 ) 258 (314 ) — (69 ) 76 (11 ) 1,232 53 Total trading account assets 4,059 157 (17 ) 425 (531 ) — (239 ) 318 (428 ) 3,744 95 Net derivative assets (4) (1,665 ) (372 ) — 208 (229 ) — 274 — (19 ) (1,803 ) (368 ) AFS debt securities: Non-U.S. securities 207 1 9 22 — — (100 ) — — 139 — Other taxable securities 579 — 1 5 — — (8 ) — (94 ) 483 — Tax-exempt securities 520 — (2 ) — — — — — — 518 — Total AFS debt securities 1,306 1 8 27 — — (108 ) — (94 ) 1,140 — Other debt securities carried at fair value – Non-agency residential MBS 24 — — — — — (1 ) — — 23 — Loans and leases (5, 6) 702 6 — — — — (34 ) — (7 ) 667 6 Loans held-for-sale (5) 792 42 (9 ) 2 (19 ) — (128 ) 100 (14 ) 766 26 Other assets (6, 7) 2,841 2 12 2 1 63 (190 ) 64 — 2,795 (71 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (226 ) (6 ) — — — (10 ) 8 (58 ) 157 (135 ) (6 ) Trading account liabilities – Corporate securities and other (35 ) 10 — 4 — (1 ) — — — (22 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,660 ) 10 (18 ) 7 — (20 ) 124 (108 ) 19 (1,646 ) 10 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.0 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time. Transfers into Level 3, primarily due to decreased price observability, during the three months ended June 30, 2017 included $318 million of trading account assets, $100 million of LHFS and $108 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. Transfers out of Level 3, primarily due to increased price observability, during the three months ended June 30, 2017 included $428 million of trading account assets and $157 million of federal funds purchased and securities loaned or sold under agreements to repurchase. Level 3 – Fair Value Measurements for the Six Months Ended June 30, 2018 (1) (Dollars in millions) Balance January 1 2018 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 1,864 $ (28 ) $ (1 ) $ 274 $ (211 ) $ — $ (213 ) $ 248 $ (295 ) $ 1,638 $ (76 ) Equity securities 235 9 — 8 (11 ) — (4 ) 30 (39 ) 228 9 Non-U.S. sovereign debt 556 29 (42 ) 7 (50 ) — (8 ) 8 (132 ) 368 28 Mortgage trading loans, ABS and other MBS 1,498 141 3 317 (576 ) — (107 ) 350 (103 ) 1,523 81 Total trading account assets 4,153 151 (40 ) 606 (848 ) — (332 ) 636 (569 ) 3,757 42 Net derivative assets (4) (1,714 ) 256 — 348 (853 ) — 377 67 (69 ) (1,588 ) 325 AFS debt securities: Non-agency residential MBS — 8 (14 ) — — — — 459 — 453 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 2 (2 ) — — — (10 ) 60 (460 ) 99 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (5) 1,003 10 (17 ) — (10 ) — (24 ) 523 (929 ) 556 — Other debt securities carried at fair value – Non-agency residential MBS — (4 ) — — (7 ) — — 298 — 287 5 Loans and leases (6, 7) 571 (20 ) — — (9 ) — (49 ) — — 493 (19 ) Loans held-for-sale (6) 690 12 (27 ) 12 — — (78 ) — (32 ) 577 5 Other assets (5, 7, 8) 2,425 268 — 2 (46 ) 52 (411 ) 929 (35 ) 3,184 145 Trading account liabilities – Corporate securities and other (24 ) 2 — — (11 ) (2 ) — — — (35 ) 1 Accrued expenses and other liabilities (6) (8 ) — — — — — 8 — — — — Long-term debt (6) (1,863 ) 86 3 9 — (120 ) 323 (147 ) 484 (1,225 ) 51 (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.5 billion and derivative liabilities of $6.1 billion . (5) Transfer relates to the reclassification of certain securities. (6) Amounts represent instruments that are accounted for under the fair value option. (7) Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales. (8) Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage m debt. Level 3 – Fair Value Measurements for the Six Months Ended June 30, 2017 (1) Balance 2017 Total Realized/Unrealized Gains (Losses) (2) Gains (3) Gross Gross Level 3 Gross Level 3 Balance Change in Unrealized Gains (Losses) Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Trading account assets: Corporate securities, trading loans and other $ 2,777 $ 148 $ — $ 318 $ (600 ) $ — $ (235 ) $ 218 $ (849 ) $ 1,777 $ 57 Equity securities 281 15 — 42 (64 ) — (10 ) 102 (137 ) 229 (1 ) Non-U.S. sovereign debt 510 31 (6 ) 26 (59 ) — (68 ) 72 — 506 27 Mortgage trading loans, ABS and other MBS 1,211 185 (1 ) 597 (689 ) — (123 ) 104 (52 ) 1,232 117 Total trading account assets 4,779 379 (7 ) 983 (1,412 ) — (436 ) 496 (1,038 ) 3,744 200 Net derivative assets (4) (1,313 ) (846 ) — 408 (476 ) — 444 29 (49 ) (1,803 ) (773 ) AFS debt securities: Non-U.S. securities 229 1 12 42 — — (145 ) — — 139 — Other taxable securities 594 3 5 5 — — (30 ) — (94 ) 483 — Tax-exempt securities 542 — — — (56 ) — (3 ) 35 — 518 — Total AFS debt securities 1,365 4 17 47 (56 ) — (178 ) 35 (94 ) 1,140 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — (1 ) — — 23 — Loans and leases (5, 6) 720 18 — — — — (64 ) — (7 ) 667 16 Loans held-for-sale (5) 656 71 (3 ) 2 (155 ) — (188 ) 415 (32 ) 766 71 Other assets (6, 7) 2,986 (31 ) 12 2 6 138 (382 ) 64 — 2,795 (194 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) (5 ) — — — (12 ) 36 (58 ) 263 (135 ) (3 ) Trading account liabilities – Corporate securities and other (27 ) 12 — 4 (10 ) (1 ) — — — (22 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (73 ) (11 ) 18 — (150 ) 283 (286 ) 87 (1,646 ) (38 ) (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 - predominantly trading account profits; Net derivative assets - primarily trading account profits and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account profits. 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 unrealized gains (losses) in OCI 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 2017 Annual Report on Form 10-K . (4) Net derivative assets include derivative assets of $4.0 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 primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage |
Fair Value Inputs, Assets, Quantitative Information | The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at June 30, 2018 and December 31, 2017 . Quantitative Information about Level 3 Fair Value Measurements at June 30, 2018 (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 $ 1,656 Discounted cash flow, Market comparables Yield 0% to 25% 7% Trading account assets – Mortgage trading loans, ABS and other MBS 320 Prepayment speed 0% to 20% CPR 11% Loans and leases 492 Default rate 0% to 3% CDR 1% Loans held-for-sale 1 Loss severity 0% to 52% 17% AFS debt securities, primarily non-agency residential 556 Price $0 to $198 $71 Other debt securities carried at fair value - Non-agency residential 287 Instruments backed by commercial real estate assets $ 355 Discounted cash flow Yield 0% to 25% 14% Trading account assets – Corporate securities, trading loans and other 257 Price $0 to $101 $77 Trading account assets – Mortgage trading loans, ABS and other MBS 98 Commercial loans, debt securities and other $ 3,431 Discounted cash flow, Market comparables Yield 1% to 36% 12% Trading account assets – Corporate securities, trading loans and other 1,381 Prepayment speed 10% to 20% 14% Trading account assets – Non-U.S. sovereign debt 368 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,105 Loss severity 35% to 40% 38% Loans and leases 1 Price $0 to $141 $67 Loans held-for-sale 576 Other assets, primarily auction rate securities $ 955 Discounted cash flow, Market comparables Price $10 to $100 $96 MSRs $ 2,229 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 14 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 $ (1,225 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 11% to 100% 62% Long-dated equity volatilities 4% to 75% 24% Yield 13% to 36% 16% Price $0 to $100 $74 Net derivative assets Credit derivatives $ (528 ) Discounted cash flow, Stochastic recovery correlation model Yield 2% to 12% 4% Upfront points 0 points to 100 points 70 points Credit correlation 70% n/a Prepayment speed 15% to 20% CPR 15% Default rate 1% to 4% CDR 2% Loss severity 35% n/a Price $0 to $101 $72 Equity derivatives $ (1,651 ) Industry standard derivative pricing (2) Equity correlation 11% to 100% 62% Long-dated equity volatilities 4% to 75% 24% Commodity derivatives $ (13 ) Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $7/MMBtu $3/MMBtu Correlation 62% to 93% 81% Volatilities 11% to 465% 122% Interest rate derivatives $ 604 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 70% 47% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -18% to 34% 2% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (1,588 ) (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 100 : Trading account assets – Corporate securities, trading loans and other of $1.6 billion , Trading account assets – Non-U.S. sovereign debt of $368 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion , AFS debt securities of $556 million , Other debt securities carried at fair value - Non-agency residential of $287 million , Other assets of $955 million , Loans and leases of $493 million and LHFS of $577 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, 2017 (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 $ 871 Discounted cash flow Yield 0% to 25% 6% Trading account assets – Mortgage trading loans, ABS and other MBS 298 Prepayment speed 0% to 22% CPR 12% Loans and leases 570 Default rate 0% to 3% CDR 1% Loans held-for-sale 3 Loss severity 0% to 53% 17% Instruments backed by commercial real estate assets $ 286 Discounted cash flow Yield 0% to 25% 9% Trading account assets – Corporate securities, trading loans and other 244 Price $0 to $100 $67 Trading account assets – Mortgage trading loans, ABS and other MBS 42 Commercial loans, debt securities and other $ 4,023 Discounted cash flow, Market comparables Yield 0% to 12% 5% Trading account assets – Corporate securities, trading loans and other 1,613 Prepayment speed 10% to 20% 16% Trading account assets – Non-U.S. sovereign debt 556 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,158 Loss severity 35% to 40% 37% AFS debt securities – Other taxable securities 8 Price $0 to $145 $63 Loans and leases 1 Loans held-for-sale 687 Auction rate securities $ 977 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 7 AFS debt securities – Other taxable securities 501 AFS debt securities – Tax-exempt securities 469 MSRs $ 2,302 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 14 years 5 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 $ (1,863 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 15% to 100% 63% Long-dated equity volatilities 4% to 84% 22% Yield 7.5% n/a Price $0 to $100 $66 Net derivative assets Credit derivatives $ (282 ) Discounted cash flow, Stochastic recovery correlation model Yield 1% to 5% 3% Upfront points 0 points to 100 points 71 points Credit correlation 35% to 83% 42% Prepayment speed 15% to 20% CPR 16% Default rate 1% to 4% CDR 2% Loss severity 35% n/a Price $0 to $102 $82 Equity derivatives $ (2,059 ) Industry standard derivative pricing (2) Equity correlation 15% to 100% 63% Long-dated equity volatilities 4% to 84% 22% Commodity derivatives $ (3 ) Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $5/MMBtu $3/MMBtu Correlation 71% to 87% 81% Volatilities 26% to 132% 57% Interest rate derivatives $ 630 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 92% 50% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -14% to 38% 4% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (1,714 ) (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 101 : Trading account assets – Corporate securities, trading loans and other of $1.9 billion , Trading account assets – Non-U.S. sovereign debt of $556 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion , AFS debt securities – Other taxable securities of $509 million , AFS debt securities – Tax-exempt securities of $469 million , Loans and leases of $571 million and LHFS of $690 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 |
Fair Value Inputs, Liabilities, Quantitative Information | The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at June 30, 2018 and December 31, 2017 . Quantitative Information about Level 3 Fair Value Measurements at June 30, 2018 (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 $ 1,656 Discounted cash flow, Market comparables Yield 0% to 25% 7% Trading account assets – Mortgage trading loans, ABS and other MBS 320 Prepayment speed 0% to 20% CPR 11% Loans and leases 492 Default rate 0% to 3% CDR 1% Loans held-for-sale 1 Loss severity 0% to 52% 17% AFS debt securities, primarily non-agency residential 556 Price $0 to $198 $71 Other debt securities carried at fair value - Non-agency residential 287 Instruments backed by commercial real estate assets $ 355 Discounted cash flow Yield 0% to 25% 14% Trading account assets – Corporate securities, trading loans and other 257 Price $0 to $101 $77 Trading account assets – Mortgage trading loans, ABS and other MBS 98 Commercial loans, debt securities and other $ 3,431 Discounted cash flow, Market comparables Yield 1% to 36% 12% Trading account assets – Corporate securities, trading loans and other 1,381 Prepayment speed 10% to 20% 14% Trading account assets – Non-U.S. sovereign debt 368 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,105 Loss severity 35% to 40% 38% Loans and leases 1 Price $0 to $141 $67 Loans held-for-sale 576 Other assets, primarily auction rate securities $ 955 Discounted cash flow, Market comparables Price $10 to $100 $96 MSRs $ 2,229 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 14 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 $ (1,225 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 11% to 100% 62% Long-dated equity volatilities 4% to 75% 24% Yield 13% to 36% 16% Price $0 to $100 $74 Net derivative assets Credit derivatives $ (528 ) Discounted cash flow, Stochastic recovery correlation model Yield 2% to 12% 4% Upfront points 0 points to 100 points 70 points Credit correlation 70% n/a Prepayment speed 15% to 20% CPR 15% Default rate 1% to 4% CDR 2% Loss severity 35% n/a Price $0 to $101 $72 Equity derivatives $ (1,651 ) Industry standard derivative pricing (2) Equity correlation 11% to 100% 62% Long-dated equity volatilities 4% to 75% 24% Commodity derivatives $ (13 ) Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $7/MMBtu $3/MMBtu Correlation 62% to 93% 81% Volatilities 11% to 465% 122% Interest rate derivatives $ 604 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 70% 47% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -18% to 34% 2% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (1,588 ) (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 100 : Trading account assets – Corporate securities, trading loans and other of $1.6 billion , Trading account assets – Non-U.S. sovereign debt of $368 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion , AFS debt securities of $556 million , Other debt securities carried at fair value - Non-agency residential of $287 million , Other assets of $955 million , Loans and leases of $493 million and LHFS of $577 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, 2017 (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 $ 871 Discounted cash flow Yield 0% to 25% 6% Trading account assets – Mortgage trading loans, ABS and other MBS 298 Prepayment speed 0% to 22% CPR 12% Loans and leases 570 Default rate 0% to 3% CDR 1% Loans held-for-sale 3 Loss severity 0% to 53% 17% Instruments backed by commercial real estate assets $ 286 Discounted cash flow Yield 0% to 25% 9% Trading account assets – Corporate securities, trading loans and other 244 Price $0 to $100 $67 Trading account assets – Mortgage trading loans, ABS and other MBS 42 Commercial loans, debt securities and other $ 4,023 Discounted cash flow, Market comparables Yield 0% to 12% 5% Trading account assets – Corporate securities, trading loans and other 1,613 Prepayment speed 10% to 20% 16% Trading account assets – Non-U.S. sovereign debt 556 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,158 Loss severity 35% to 40% 37% AFS debt securities – Other taxable securities 8 Price $0 to $145 $63 Loans and leases 1 Loans held-for-sale 687 Auction rate securities $ 977 Discounted cash flow, Market comparables Price $10 to $100 $94 Trading account assets – Corporate securities, trading loans and other 7 AFS debt securities – Other taxable securities 501 AFS debt securities – Tax-exempt securities 469 MSRs $ 2,302 Discounted cash flow Weighted-average life, fixed rate (4) 0 to 14 years 5 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 $ (1,863 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 15% to 100% 63% Long-dated equity volatilities 4% to 84% 22% Yield 7.5% n/a Price $0 to $100 $66 Net derivative assets Credit derivatives $ (282 ) Discounted cash flow, Stochastic recovery correlation model Yield 1% to 5% 3% Upfront points 0 points to 100 points 71 points Credit correlation 35% to 83% 42% Prepayment speed 15% to 20% CPR 16% Default rate 1% to 4% CDR 2% Loss severity 35% n/a Price $0 to $102 $82 Equity derivatives $ (2,059 ) Industry standard derivative pricing (2) Equity correlation 15% to 100% 63% Long-dated equity volatilities 4% to 84% 22% Commodity derivatives $ (3 ) Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $5/MMBtu $3/MMBtu Correlation 71% to 87% 81% Volatilities 26% to 132% 57% Interest rate derivatives $ 630 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 92% 50% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -14% to 38% 4% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (1,714 ) (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 101 : Trading account assets – Corporate securities, trading loans and other of $1.9 billion , Trading account assets – Non-U.S. sovereign debt of $556 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion , AFS debt securities – Other taxable securities of $509 million , AFS debt securities – Tax-exempt securities of $469 million , Loans and leases of $571 million and LHFS of $690 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 |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three and six months ended June 30, 2018 and 2017 . Assets Measured at Fair Value on a Nonrecurring Basis June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (Dollars in millions) Level 2 Level 3 Gains (Losses) Assets Loans held-for-sale $ 179 $ 1 $ — $ (2 ) Loans and leases (1) — 420 (80 ) (156 ) Foreclosed properties (2, 3) 15 77 (25 ) (32 ) Other assets 243 5 (31 ) (35 ) June 30, 2017 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Assets Loans held-for-sale $ 64 $ — $ — $ — Loans and leases (1) — 609 (105 ) (201 ) Foreclosed properties (2, 3) — 83 (26 ) (35 ) Other assets 309 — (55 ) (137 ) (1) Includes $31 million and $64 million of losses on loans that were written down to a collateral value of zero during the three and six months ended June 30, 2018 , compared to losses of $43 million and $78 million for the same periods in 2017 . (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 recorded during the first 90 days after transfer of a loan to foreclosed properties. (3) Excludes $573 million and $1.0 billion of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at June 30, 2018 and 2017 . |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The table below presents information about significant unobservable inputs related to the Corporation’s nonrecurring Level 3 financial assets and liabilities at June 30, 2018 and December 31, 2017 . 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 Inputs Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of Inputs Weighted Average (Dollars in millions) June 30, 2018 Loans and leases backed by residential real estate assets $ 420 Market comparables OREO discount 13% to 59% 25 % Costs to sell 8% to 26% 9 % December 31, 2017 Loans and leases backed by residential real estate assets $ 894 Market comparables OREO discount 15% to 58% 23 % Costs to sell 5% to 49% 7 % |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [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 June 30, 2018 and December 31, 2017 , 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 and six months ended June 30, 2018 and 2017 . Fair Value Option Elections June 30, 2018 December 31, 2017 (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 $ 59,763 $ 59,666 $ 97 $ 52,906 $ 52,907 $ (1 ) Loans reported as trading account assets (1) 5,816 12,876 (7,060 ) 5,735 11,804 (6,069 ) Trading inventory – other 13,983 n/a n/a 12,027 n/a n/a Consumer and commercial loans 6,227 6,270 (43 ) 5,710 5,744 (34 ) Loans held-for-sale 2,845 4,190 (1,345 ) 2,156 3,717 (1,561 ) Other assets 3 n/a n/a 3 n/a n/a Long-term deposits 513 483 30 449 421 28 Federal funds purchased and securities loaned or sold under agreements to repurchase 32,724 32,735 (11 ) 36,182 36,187 (5 ) Short-term borrowings 3,396 3,396 — 1,494 1,494 — Unfunded loan commitments 114 n/a n/a 120 n/a n/a Long-term debt (2) 28,377 29,057 (680 ) 31,786 31,512 274 (1) A significant portion of the loans reported as trading account assets are distressed loans that 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 $28.0 billion and $31.4 billion , and contractual principal outstanding of $28.7 billion and $31.1 billion at June 30, 2018 and December 31, 2017 . n/a = not applicable Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option Trading Account Profits Other Income Total Trading Account Profits Other Income Total Three Months Ended June 30 (Dollars in millions) 2018 2017 Loans reported as trading account assets $ (32 ) $ — $ (32 ) $ 47 $ — $ 47 Trading inventory – other (1) 1,361 — 1,361 522 — 522 Consumer and commercial loans 19 (11 ) 8 4 20 24 Loans held-for-sale (2) — (1 ) (1 ) (1 ) 76 75 Long-term debt (3, 4) 535 (15 ) 520 107 (34 ) 73 Other (5) 6 15 21 5 (1 ) 4 Total $ 1,889 $ (12 ) $ 1,877 $ 684 $ 61 $ 745 Six Months Ended June 30 2018 2017 Loans reported as trading account assets $ 71 $ — $ 71 $ 197 $ — $ 197 Trading inventory – other (1) 1,956 — 1,956 1,673 — 1,673 Consumer and commercial loans 125 (32 ) 93 9 39 48 Loans held-for-sale (2) 1 2 3 — 170 170 Long-term debt (3, 4) 1,354 (56 ) 1,298 (55 ) (71 ) (126 ) Other (5) 13 23 36 (53 ) 42 (11 ) Total $ 3,520 $ (63 ) $ 3,457 $ 1,771 $ 180 $ 1,951 (1) The gains in trading account profits are primarily offset by 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 derivatives 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 accumulated OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss) . For additional 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 2017 Annual Report on Form 10-K . (5) Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, short-term borrowings and unfunded loan commitments. Gains (Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Loans reported as trading account assets $ (2 ) $ 7 $ 11 $ 20 Consumer and commercial loans (10 ) 22 (27 ) 41 Loans held-for-sale 4 (1 ) 1 (1 ) |
Fair Value of Financial Instr40
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying and Fair Value of Financial Instruments | The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at June 30, 2018 and December 31, 2017 are presented in the following table. Fair Value of Financial Instruments Fair Value Carrying Value Level 2 Level 3 Total (Dollars in millions) June 30, 2018 Financial assets Loans $ 901,569 $ 61,161 $ 845,632 $ 906,793 Loans held-for-sale 6,511 5,121 1,446 6,567 Financial liabilities Deposits (1) 1,309,691 1,309,332 — 1,309,332 Long-term debt 226,595 230,268 1,225 231,493 Commercial unfunded lending commitments (2) 901 114 4,668 4,782 December 31, 2017 Financial assets Loans $ 904,399 $ 68,586 $ 849,576 $ 918,162 Loans held-for-sale 11,430 10,521 909 11,430 Financial liabilities Deposits (1) 1,309,545 1,309,398 — 1,309,398 Long-term debt 227,402 235,126 1,863 236,989 Commercial unfunded lending commitments (2) 897 120 3,908 4,028 (1) Includes demand deposits of $515.6 billion and $519.6 billion with no stated maturities at June 30, 2018 and December 31, 2017 . (2) The carrying value is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. For more information on commitments, see Note 10 – Commitments and Contingencies . |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis) for the three and six months ended June 30, 2018 and 2017 and total assets at June 30, 2018 and 2017 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 June 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 11,804 $ 11,223 $ 6,620 $ 5,961 $ 1,543 $ 1,597 Noninterest income 10,959 11,843 2,591 2,548 3,166 3,098 Total revenue, net of interest expense (FTE basis) 22,763 23,066 9,211 8,509 4,709 4,695 Provision for credit losses 827 726 944 834 12 11 Noninterest expense 13,284 13,982 4,397 4,411 3,399 3,392 Income before income taxes (FTE basis) 8,652 8,358 3,870 3,264 1,298 1,292 Income tax expense (FTE basis) 1,868 3,252 987 1,233 330 488 Net income $ 6,784 $ 5,106 $ 2,883 $ 2,031 $ 968 $ 804 Period-end total assets $ 2,291,670 $ 2,254,714 $ 768,187 $ 735,176 $ 270,913 $ 274,746 Global Banking Global Markets All Other 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 2,711 $ 2,541 $ 801 $ 864 $ 129 $ 260 Noninterest income (loss) 2,211 2,498 3,420 3,083 (429 ) 616 Total revenue, net of interest expense (FTE basis) 4,922 5,039 4,221 3,947 (300 ) 876 Provision for credit losses (23 ) 15 (1 ) 25 (105 ) (159 ) Noninterest expense 2,154 2,154 2,715 2,650 619 1,375 Income (loss) before income taxes (FTE basis) 2,791 2,870 1,507 1,272 (814 ) (340 ) Income tax expense (benefit) (FTE basis) 727 1,084 391 442 (567 ) 5 Net income (loss) $ 2,064 $ 1,786 $ 1,116 $ 830 $ (247 ) $ (345 ) Period-end total assets $ 424,971 $ 410,580 $ 637,110 $ 633,188 $ 190,489 $ 201,024 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the six months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 23,562 $ 22,478 $ 13,130 $ 11,741 $ 3,137 $ 3,157 Noninterest income 22,476 23,033 5,113 5,051 6,428 6,130 Total revenue, net of interest expense (FTE basis) 46,038 45,511 18,243 16,792 9,565 9,287 Provision for credit losses 1,661 1,561 1,879 1,672 50 34 Noninterest expense 27,181 28,075 8,877 8,820 6,827 6,721 Income before income taxes (FTE basis) 17,196 15,875 7,487 6,300 2,688 2,532 Income tax expense (FTE basis) 3,494 5,432 1,909 2,377 685 955 Net income $ 13,702 $ 10,443 $ 5,578 $ 3,923 $ 2,003 $ 1,577 Period-end total assets $ 2,291,670 $ 2,254,714 $ 768,187 $ 735,176 $ 270,913 $ 274,746 Global Banking Global Markets All Other 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 5,351 $ 5,143 $ 1,671 $ 1,913 $ 273 $ 524 Noninterest income (loss) 4,505 4,851 7,336 6,741 (906 ) 260 Total revenue, net of interest expense (FTE basis) 9,856 9,994 9,007 8,654 (633 ) 784 Provision for credit losses (7 ) 32 (4 ) 8 (257 ) (185 ) Noninterest expense 4,349 4,317 5,533 5,406 1,595 2,811 Income (loss) before income taxes (FTE basis) 5,514 5,645 3,478 3,240 (1,971 ) (1,842 ) Income tax expense (benefit) (FTE basis) 1,434 2,130 904 1,113 (1,438 ) (1,143 ) Net income (loss) $ 4,080 $ 3,515 $ 2,574 $ 2,127 $ (533 ) $ (699 ) Period-end total assets $ 424,971 $ 410,580 $ 637,110 $ 633,188 $ 190,489 $ 201,024 (1) There were no material intersegment revenues. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 Segments’ total revenue, net of interest expense (FTE basis) $ 23,063 $ 22,190 $ 46,671 $ 44,727 Adjustments (1) : ALM activities (271 ) 104 (155 ) 59 Liquidating businesses, eliminations and other (29 ) 772 (478 ) 725 FTE basis adjustment (154 ) (237 ) (304 ) (434 ) Consolidated revenue, net of interest expense $ 22,609 $ 22,829 $ 45,734 $ 45,077 Segments’ total net income 7,031 5,451 14,235 11,142 Adjustments, net-of-taxes (1) : ALM activities (328 ) (86 ) (382 ) (265 ) Liquidating businesses, eliminations and other 81 (259 ) (151 ) (434 ) Consolidated net income $ 6,784 $ 5,106 $ 13,702 $ 10,443 June 30 2018 2017 Segments’ total assets $ 2,101,181 $ 2,053,690 Adjustments (1) : ALM activities, including securities portfolio 631,777 620,507 Other 80,901 98,178 Elimination of segment asset allocations to match liabilities (522,189 ) (517,661 ) Consolidated total assets $ 2,291,670 $ 2,254,714 (1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. The tables below present noninterest income and the components thereto for the three and six months ended June 30, 2018 and 2017 for each business segment, as well as All Other . For additional information, see Note 1 – Summary of Significant Accounting Principles and Note 2 – Noninterest Income . Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Three Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 1,070 $ 983 $ 882 $ 800 $ 27 $ 24 Other card income 472 486 460 448 11 10 Total card income 1,542 1,469 1,342 1,248 38 34 Service charges Deposit-related fees 1,680 1,696 1,072 1,061 17 19 Lending-related fees 274 281 — — — — Total service charges 1,954 1,977 1,072 1,061 17 19 Investment and brokerage services Asset management fees 2,513 2,288 37 31 2,476 2,257 Brokerage fees 945 1,172 43 46 461 572 Total investment and brokerage services 3,458 3,460 80 77 2,937 2,829 Investment banking income Underwriting income 719 709 — — 73 95 Syndication fees 400 340 — — — — Financial advisory services 303 483 — — — 1 Total investment banking income 1,422 1,532 — — 73 96 Trading account profits 2,315 1,956 2 1 27 33 Other income 268 1,449 95 161 74 87 Total noninterest income $ 10,959 $ 11,843 $ 2,591 $ 2,548 $ 3,166 $ 3,098 Global Banking Global Markets All Other (1) Three Months Ended June 30 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 136 $ 131 $ 25 $ 24 $ — $ 4 Other card income 2 3 — — (1 ) 25 Total card income 138 134 25 24 (1 ) 29 Service charges Deposit-related fees 540 571 45 40 6 5 Lending-related fees 229 238 45 43 — — Total service charges 769 809 90 83 6 5 Investment and brokerage services Asset management fees — — — — — — Brokerage fees 19 38 430 521 (8 ) (5 ) Total investment and brokerage services 19 38 430 521 (8 ) (5 ) Investment banking income Underwriting income 99 143 592 554 (45 ) (83 ) Syndication fees 375 321 25 19 — — Financial advisory services 269 465 35 17 (1 ) — Total investment banking income 743 929 652 590 (46 ) (83 ) Trading account profits 63 54 2,184 1,743 39 125 Other income 479 534 39 122 (419 ) 545 Total noninterest income $ 2,211 $ 2,498 $ 3,420 $ 3,083 $ (429 ) $ 616 (1) All Other Includes eliminations of intercompany transactions. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Six Months Ended June 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 2,041 $ 1,941 $ 1,686 $ 1,584 $ 38 $ 50 Other card income 958 977 935 889 21 20 Total card income 2,999 2,918 2,621 2,473 59 70 Service charges Deposit-related fees 3,326 3,349 2,116 2,112 36 38 Lending-related fees 549 546 — — — — Total service charges 3,875 3,895 2,116 2,112 36 38 Investment and brokerage services Asset management fees 5,077 4,488 73 64 5,004 4,424 Brokerage fees 2,045 2,389 89 95 973 1,196 Total investment and brokerage services 7,122 6,877 162 159 5,977 5,620 Investment banking income Underwriting income 1,460 1,488 — — 157 146 Syndication fees 716 740 — — — — Financial advisory services 599 888 — — — 1 Total investment banking income 2,775 3,116 — — 157 147 Trading account profits 5,014 4,287 4 1 56 91 Other income 691 1,940 210 306 143 164 Total noninterest income $ 22,476 $ 23,033 $ 5,113 $ 5,051 $ 6,428 $ 6,130 Global Banking Global Markets All Other (1) Six Months Ended June 30 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 270 $ 252 $ 47 $ 46 $ — $ 9 Other card income 3 7 — — (1 ) 61 Total card income 273 259 47 46 (1 ) 70 Service charges Deposit-related fees 1,078 1,116 85 73 11 10 Lending-related fees 454 459 95 87 — — Total service charges 1,532 1,575 180 160 11 10 Investment and brokerage services Asset management fees — — — — — — Brokerage fees 44 54 918 1,052 21 (8 ) Total investment and brokerage services 44 54 918 1,052 21 (8 ) Investment banking income Underwriting income 269 299 1,163 1,185 (129 ) (142 ) Syndication fees 673 700 43 40 — — Financial advisory services 545 856 55 30 (1 ) 1 Total investment banking income 1,487 1,855 1,261 1,255 (130 ) (141 ) Trading account profits 124 87 4,887 3,920 (57 ) 188 Other income 1,045 1,021 43 308 (750 ) 141 Total noninterest income $ 4,505 $ 4,851 $ 7,336 $ 6,741 $ (906 ) $ 260 (1) All Other Includes eliminations of intercompany transactions. |
Summary of Significant Accoun42
Summary of Significant Accounting Principles (Details) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Revenue, performance obligation period | 1 year |
Contract cancellation period | 1 year |
Card Income | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Revenue, performance obligation period | 12 months |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Fee percentage of assets under management | 0.50% |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Fee percentage of assets under management | 1.50% |
Noninterest Income (Details)
Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Card income | $ 1,542 | $ 1,469 | $ 2,999 | $ 2,918 |
Service charges | 1,954 | 1,977 | 3,875 | 3,895 |
Investment and brokerage services | 3,458 | 3,460 | 7,122 | 6,877 |
Investment banking income | 1,422 | 1,532 | 2,775 | 3,116 |
Trading account profits | 2,315 | 1,956 | 5,014 | 4,287 |
Other income | 268 | 1,449 | 691 | 1,940 |
Total noninterest income | 10,959 | 11,843 | 22,476 | 23,033 |
Rewards, rebates and compensation expense | 1,300 | 1,200 | 2,600 | 2,300 |
Interchange fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Card income | 1,070 | 983 | 2,041 | 1,941 |
Interchange fees, gross | 2,400 | 2,200 | 4,600 | 4,300 |
Other card income | ||||
Disaggregation of Revenue [Line Items] | ||||
Card income | 472 | 486 | 958 | 977 |
Deposit-related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Service charges | 1,680 | 1,696 | 3,326 | 3,349 |
Lending-related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Service charges | 274 | 281 | 549 | 546 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment and brokerage services | 2,513 | 2,288 | 5,077 | 4,488 |
Brokerage fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment and brokerage services | 945 | 1,172 | 2,045 | 2,389 |
Underwriting income | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment banking income | 719 | 709 | 1,460 | 1,488 |
Syndication fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment banking income | 400 | 340 | 716 | 740 |
Financial advisory services | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment banking income | $ 303 | $ 483 | $ 599 | $ 888 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Gross Derivative Assets | ||
Gross Derivative Assets | $ 360,600 | $ 351,600 |
Less: Legally enforceable master netting agreements | (282,100) | (279,200) |
Less: Cash collateral received/paid | (33,300) | (34,600) |
Derivative assets | 45,210 | 37,762 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 343,800 | 346,000 |
Less: Legally enforceable master netting agreements | (282,100) | (279,200) |
Less: Cash collateral received/paid | (28,100) | (32,500) |
Derivative liabilities | 33,605 | 34,300 |
Interest Rate Swap | ||
Maximum Payout/Notional | ||
Contract/Notional | 17,626,400 | 15,416,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 154,900 | 178,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 152,000 | 174,200 |
Interest Rate Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 6,464,700 | 4,332,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,400 | 500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,400 | 500 |
Interest Rate Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,328,400 | 1,170,500 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 30,500 | 35,500 |
Interest Rate Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,283,100 | 1,184,500 |
Gross Derivative Assets | ||
Gross Derivative Assets | 31,900 | 37,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Foreign Exchange Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,941,700 | 2,011,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 49,900 | 37,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 52,200 | 38,800 |
Foreign Exchange Spot Future and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 5,190,900 | 3,543,300 |
Gross Derivative Assets | ||
Gross Derivative Assets | 53,300 | 39,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 49,600 | 39,900 |
Foreign Exchange Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 353,500 | 291,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,400 | 5,100 |
Foreign Exchange Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 352,500 | 271,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 4,900 | 4,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Equity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 269,600 | 265,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 5,100 | 4,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,400 | 4,400 |
Equity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 98,200 | 106,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 900 | 1,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 800 | 900 |
Equity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 565,400 | 480,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 24,200 | 23,900 |
Equity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 533,800 | 428,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 35,900 | 24,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Commodity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 51,000 | 46,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 2,500 | 1,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,000 | 4,600 |
Commodity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 63,100 | 47,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 3,300 | 3,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 600 |
Commodity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 32,100 | 21,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,200 | 1,400 |
Commodity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 31,300 | 22,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 2,100 | 1,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Credit Default Swap | Purchased credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 431,600 | 470,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 4,900 | 4,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 8,900 | 11,100 |
Credit Default Swap | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 407,597 | 448,201 |
Gross Derivative Assets | ||
Gross Derivative Assets | 8,500 | 10,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,322 | 3,586 |
Total return swaps/options | Purchased credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 75,300 | 54,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 400 | 100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,100 | 1,300 |
Total return swaps/options | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 75,309 | 55,223 |
Gross Derivative Assets | ||
Gross Derivative Assets | 700 | 800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 337 | 183 |
Credit derivatives | Purchased credit derivatives | ||
Gross Derivative Liabilities | ||
Fair value, with identical underlying referenced names and terms | 3,600 | 6,400 |
Notional amount, with identical underlying referenced names and terms | 418,100 | 435,100 |
Credit derivatives | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 482,906 | 503,424 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,659 | 3,769 |
Trading and Other Risk Management Derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 355,300 | 345,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 335,000 | 340,800 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 153,300 | 175,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 147,200 | 172,500 |
Trading and Other Risk Management Derivatives | Interest Rate Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,400 | 500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,400 | 500 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 30,500 | 35,500 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 31,900 | 37,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Foreign Exchange Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 47,400 | 35,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 48,700 | 36,100 |
Trading and Other Risk Management Derivatives | Foreign Exchange Spot Future and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 52,100 | 39,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 49,100 | 39,100 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,400 | 5,100 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 4,900 | 4,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Equity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 5,100 | 4,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,400 | 4,400 |
Trading and Other Risk Management Derivatives | Equity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 900 | 1,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 800 | 900 |
Trading and Other Risk Management Derivatives | Equity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 24,200 | 23,900 |
Trading and Other Risk Management Derivatives | Equity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 35,900 | 24,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Commodity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 2,500 | 1,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,000 | 4,600 |
Trading and Other Risk Management Derivatives | Commodity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 3,300 | 3,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 600 |
Trading and Other Risk Management Derivatives | Commodity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,200 | 1,400 |
Trading and Other Risk Management Derivatives | Commodity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 2,100 | 1,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Purchased credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 4,900 | 4,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 8,900 | 11,100 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 8,500 | 10,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,300 | 3,600 |
Trading and Other Risk Management Derivatives | Total return swaps/options | Purchased credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 400 | 100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,100 | 1,300 |
Trading and Other Risk Management Derivatives | Total return swaps/options | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 700 | 800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 300 | 200 |
Qualifying Accounting Hedges | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 5,300 | 5,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 8,800 | 5,200 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,600 | 2,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,800 | 1,700 |
Qualifying Accounting Hedges | Interest Rate Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Interest Rate Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Interest Rate Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Foreign Exchange Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 2,500 | 2,200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 3,500 | 2,700 |
Qualifying Accounting Hedges | Foreign Exchange Spot Future and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,200 | 700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 800 |
Qualifying Accounting Hedges | Foreign Exchange Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Foreign Exchange Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Equity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Commodity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit Default Swap | Purchased credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit Default Swap | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/options | Purchased credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/options | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | $ 0 | $ 0 |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting Assets [Line Items] | ||
Derivative assets, after netting | $ 32,200 | $ 25,600 |
Other gross derivative assets | 13,000 | 12,200 |
Derivative assets | 45,210 | 37,762 |
Less: Financial instruments collateral | (19,200) | (11,200) |
Total net derivative assets | 26,000 | 26,600 |
Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 325,300 | 320,700 |
Less: Legally enforceable master netting agreements and cash collateral received | (295,800) | (296,900) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 12,100 | 9,800 |
Less: Legally enforceable master netting agreements and cash collateral received | (10,500) | (8,600) |
Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 10,200 | 8,900 |
Less: Legally enforceable master netting agreements and cash collateral received | (9,100) | (8,300) |
Interest rate contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 182,000 | 211,700 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 3,200 | 1,900 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 104,600 | 78,700 |
Foreign exchange risk | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 1,100 | 900 |
Equity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 27,000 | 18,300 |
Equity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 11,000 | 9,100 |
Commodity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 3,600 | 2,900 |
Commodity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 1,100 | 700 |
Credit derivatives | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 49 | 46 |
Credit derivatives | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 8,100 | 9,100 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | $ 5,900 | $ 6,100 |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, after netting | $ 22,000 | $ 23,100 |
Other gross derivative liabilities | 11,600 | 11,200 |
Derivative liabilities | 33,605 | 34,300 |
Less: Financial instruments collateral | (9,200) | (10,400) |
Total net derivative liabilities | 24,400 | 23,900 |
Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 311,300 | 317,000 |
Less: Legally enforceable master netting agreements and cash collateral paid | (290,400) | (294,600) |
Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 11,500 | 9,300 |
Less: Legally enforceable master netting agreements and cash collateral paid | (10,500) | (8,600) |
Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 9,400 | 8,500 |
Less: Legally enforceable master netting agreements and cash collateral paid | (9,300) | (8,500) |
Interest rate contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 177,600 | 206,000 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 2,700 | 1,800 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 104,000 | 80,800 |
Foreign exchange risk | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 900 | 700 |
Equity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 16,200 | 16,200 |
Equity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 10,300 | 8,500 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 5,000 | 4,400 |
Commodity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1,200 | 800 |
Credit derivatives | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 2 | 3 |
Credit derivatives | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 8,500 | 9,600 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | $ 5,800 | $ 6,000 |
Derivatives - Gains and Losses
Derivatives - Gains and Losses on Derivatives Designated as Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | $ (1,937) | $ 1,093 | $ (3,951) | $ 483 |
Hedged Item | 1,756 | (1,229) | 3,676 | (833) |
Hedge Ineffectiveness | (136) | (350) | ||
Interest rate risk on long-term debt | Interest expense | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (869) | 272 | (3,174) | (478) |
Hedged Item | 821 | (422) | 3,057 | 144 |
Hedge Ineffectiveness | (150) | (334) | ||
Gain (loss) on derivatives | 25 | (39) | ||
Interest rate risk on long-term debt | Other income | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Gain (loss) on derivatives | (1,000) | (576) | ||
Interest rate and foreign currency risk on long-term debt | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Hedge ineffectiveness and amounts excluded from effectiveness testing | (83) | (130) | ||
Interest rate and foreign currency risk on long-term debt | Interest expense | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (1,067) | 901 | (745) | 1,024 |
Hedged Item | 934 | (877) | 588 | (1,010) |
Hedge Ineffectiveness | 24 | 14 | ||
Gain (loss) on derivatives | (124) | (281) | ||
Interest rate and foreign currency risk on long-term debt | Other income | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Gain (loss) on derivatives | 1,000 | 1,300 | ||
Interest rate risk on AFS securities | Interest income | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (1) | (80) | (32) | (63) |
Hedged Item | $ 1 | 70 | $ 31 | 33 |
Hedge Ineffectiveness | $ (10) | $ (30) |
Derivatives - Designated Fair V
Derivatives - Designated Fair Value Hedged Assets (Liabilities) (Details) $ in Millions | Jun. 30, 2018USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedged liability, long-term debt, carrying value | $ (133,177) |
Hedged liability, long-term debt, cumulative fair value adjustments | 1,894 |
Hedged asset, available-for-sale securities, carrying value | 954 |
Hedged asset, available-for-sale securities, cumulative fair value adjustments | (48) |
hedged asset, fair value hedge, amortized cost | $ 949 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||||
Shareholders’ equity | $ 264,216 | $ 267,146 | $ 270,660 | $ 266,195 |
Net losses in AOCI expected to be reclassified, after tax | 292 | |||
Net losses in AOCI expected to be reclassified | $ 383 | |||
Terminated cash flow hedges, forecasted transaction hedging period | 7 years | |||
Terminated cash flow hedges, maximum forecasted transaction hedging period | 18 years | |||
Credit derivatives | ||||
Derivative [Line Items] | ||||
Derivative asset | $ 49 | 46 | ||
Derivative liability | 2 | 3 | ||
Cash and securities held as collateral | 88,400 | 77,200 | ||
Cash and securities collateral posted | 56,800 | 59,200 | ||
Collateral not yet posted | 2,300 | |||
Aggregate fair value of derivative liability | 0 | 0 | ||
Credit derivatives | Bank of America, N.A. | ||||
Derivative [Line Items] | ||||
Collateral not yet posted | 1,500 | |||
Interest rate risk on AFS securities | ||||
Derivative [Line Items] | ||||
Long-term debt from discontinued hedging relationships cumulative increase (decrease) | 900 | |||
Available-for-sale securities from discontinued hedging relationships cumulative increase (decrease) | 39 | |||
Foreign Mortgage-backed Securities and Foreign Securities | ||||
Derivative [Line Items] | ||||
Transfer of mortgage-backed securities to third-party trust | 6,000 | 6,000 | ||
Gross cash proceeds from transfer of securities | 6,000 | 6,000 | ||
Fair value of derecognized assets | 5,700 | 6,100 | ||
Derivatives | ||||
Derivative [Line Items] | ||||
Shareholders’ equity | (1,330) | $ (831) | $ (763) | $ (895) |
AOCI before tax | $ (1,700) |
Derivatives - Derivatives Desig
Derivatives - Derivatives Designated as Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ (71) | $ (495) | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (33) | (56) | ||
Cash Flow and Net Investment Hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ 70 | $ 61 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (79) | (149) | ||
Interest rate risk on variable-rate assets | Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (71) | (499) | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (33) | (83) | ||
Cash Flow and Net Investment Hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 64 | 27 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (108) | (220) | ||
Price risk on restricted stock awards | Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 0 | 4 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | 0 | 27 | ||
Cash Flow and Net Investment Hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 6 | 34 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | 29 | 71 | ||
Foreign exchange risk | Net investment hedges | ||||
Net investment hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 923 | 679 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | 0 | (1) | ||
Cash Flow and Net Investment Hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (464) | (1,114) | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | 1,928 | 1,798 | ||
Amounts excluded from effectiveness testing and recognized in other income | $ 24 | $ (33) | $ 29 | $ (48) |
Derivatives - Other Risk Manage
Derivatives - Other Risk Management Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest rate lock commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | $ 14 | $ 60 | $ 28 | $ 116 |
Mortgage banking income | Interest rate risk on mortgage activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | (26) | 55 | (161) | 31 |
Other income | Credit risk on loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | (2) | (1) | (5) | (3) |
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 | $ 702 | $ 238 | $ 563 | $ (52) |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 2,315 | $ 1,956 | $ 5,014 | $ 4,287 |
Brokerage commissions and asset management fee revenue | Global Markets | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 420 | 514 | 897 | 1,000 |
Trading Securities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 3,337 | 3,159 | 7,386 | 7,009 |
Trading Securities | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 2,184 | 1,743 | 4,887 | 3,920 |
Trading Securities | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 595 | 697 | 1,271 | 1,577 |
Trading Securities | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 558 | 719 | 1,228 | 1,512 |
Trading Securities | Interest rate risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 661 | 669 | 1,594 | 1,471 |
Trading Securities | Interest rate risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 348 | 219 | 888 | 502 |
Trading Securities | Interest rate risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 314 | 375 | 639 | 817 |
Trading Securities | Interest rate risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (1) | 75 | 67 | 152 |
Trading Securities | Foreign exchange risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 385 | 349 | 786 | 714 |
Trading Securities | Foreign exchange risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 392 | 347 | 796 | 715 |
Trading Securities | Foreign exchange risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (8) | (1) | (13) | (4) |
Trading Securities | Foreign exchange risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1 | 3 | 3 | 3 |
Trading Securities | Equity risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,293 | 1,096 | 2,770 | 2,179 |
Trading Securities | Equity risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,097 | 775 | 2,249 | 1,447 |
Trading Securities | Equity risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (202) | (155) | (327) | (230) |
Trading Securities | Equity risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 398 | 476 | 848 | 962 |
Trading Securities | Credit risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 907 | 992 | 2,058 | 2,451 |
Trading Securities | Credit risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 284 | 371 | 828 | 1,121 |
Trading Securities | Credit risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 487 | 473 | 959 | 984 |
Trading Securities | Credit risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 136 | 148 | 271 | 346 |
Trading Securities | Other risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 91 | 53 | 178 | 194 |
Trading Securities | Other risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 63 | 31 | 126 | 135 |
Trading Securities | Other risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 4 | 5 | 13 | 10 |
Trading Securities | Other risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 24 | $ 17 | $ 39 | $ 49 |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Carrying Value of Credit Derivatives | ||
Total | $ 343,800 | $ 346,000 |
Carrying Value of Credit-related Notes | ||
Less than One Year | 3 | 12 |
One to Three Years | 0 | 4 |
Three to Five Years | 9 | 41 |
Over Five Years | 2,138 | 2,237 |
Total | 2,150 | 2,294 |
Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 53 | 207 |
One to Three Years | 480 | 456 |
Three to Five Years | 1,408 | 545 |
Over Five Years | 2,381 | 2,378 |
Total | 4,322 | 3,586 |
Maximum Payout/Notional | ||
Less than One Year | 43,838 | 100,700 |
One to Three Years | 157,285 | 165,323 |
Three to Five Years | 169,138 | 146,179 |
Over Five Years | 37,336 | 35,999 |
Total | 407,597 | 448,201 |
Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 309 | 180 |
One to Three Years | 28 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 3 |
Total | 337 | 183 |
Maximum Payout/Notional | ||
Less than One Year | 73,007 | 51,145 |
One to Three Years | 2,051 | 3,095 |
Three to Five Years | 39 | 143 |
Over Five Years | 212 | 840 |
Total | 75,309 | 55,223 |
Credit derivatives | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 362 | 387 |
One to Three Years | 508 | 456 |
Three to Five Years | 1,408 | 545 |
Over Five Years | 2,381 | 2,381 |
Total | 4,659 | 3,769 |
Maximum Payout/Notional | ||
Less than One Year | 116,845 | 151,845 |
One to Three Years | 159,336 | 168,418 |
Three to Five Years | 169,177 | 146,322 |
Over Five Years | 37,548 | 36,839 |
Total | 482,906 | 503,424 |
Investment grade | ||
Carrying Value of Credit-related Notes | ||
Less than One Year | 0 | 0 |
One to Three Years | 0 | 0 |
Three to Five Years | 2 | 7 |
Over Five Years | 435 | 689 |
Total | 437 | 696 |
Investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 1 | 4 |
One to Three Years | 42 | 3 |
Three to Five Years | 427 | 61 |
Over Five Years | 462 | 245 |
Total | 932 | 313 |
Maximum Payout/Notional | ||
Less than One Year | 20,037 | 61,388 |
One to Three Years | 115,539 | 115,480 |
Three to Five Years | 123,451 | 107,081 |
Over Five Years | 22,070 | 21,579 |
Total | 281,097 | 305,528 |
Investment grade | Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 71 | 30 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 71 | 30 |
Maximum Payout/Notional | ||
Less than One Year | 55,557 | 37,394 |
One to Three Years | 1,672 | 2,581 |
Three to Five Years | 0 | 0 |
Over Five Years | 136 | 143 |
Total | 57,365 | 40,118 |
Non-investment grade | ||
Carrying Value of Credit-related Notes | ||
Less than One Year | 3 | 12 |
One to Three Years | 0 | 4 |
Three to Five Years | 7 | 34 |
Over Five Years | 1,703 | 1,548 |
Total | 1,713 | 1,598 |
Non-investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 52 | 203 |
One to Three Years | 438 | 453 |
Three to Five Years | 981 | 484 |
Over Five Years | 1,919 | 2,133 |
Total | 3,390 | 3,273 |
Maximum Payout/Notional | ||
Less than One Year | 23,801 | 39,312 |
One to Three Years | 41,746 | 49,843 |
Three to Five Years | 45,687 | 39,098 |
Over Five Years | 15,266 | 14,420 |
Total | 126,500 | 142,673 |
Non-investment grade | Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 238 | 150 |
One to Three Years | 28 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 3 |
Total | 266 | 153 |
Maximum Payout/Notional | ||
Less than One Year | 17,450 | 13,751 |
One to Three Years | 379 | 514 |
Three to Five Years | 39 | 143 |
Over Five Years | 76 | 697 |
Total | $ 17,944 | $ 15,105 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Jun. 30, 2018USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 643 |
Additional collateral required to be posted upon downgrade, second incremental notch | 289 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 184 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 614 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 115 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 479 |
Bank of America, N.A. | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 322 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 247 |
Derivatives - Derivative Valuat
Derivatives - Derivative Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Gross | |||||
Derivative assets (CVA) | $ 139 | $ 97 | $ 115 | $ 258 | |
Derivative assets/liabilities (FVA) | 28 | 27 | (9) | 76 | |
Derivative liabilities (DVA) | (159) | (128) | (43) | (278) | |
Net | |||||
Derivative assets (CVA) | 127 | 52 | 145 | 78 | |
Derivative assets/liabilities (FVA) | (18) | 41 | (19) | 97 | |
Derivative liabilities (DVA) | (159) | $ (125) | (53) | $ (218) | |
Cumulative credit valuation adjustment | 562 | 562 | $ 677 | ||
Cumulative funding valuation adjustment | 145 | 145 | 136 | ||
Cumulative debit valuation adjustment | $ 407 | $ 407 | $ 450 |
Securities - Debt Securities (D
Securities - Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Available-for-sale Debt Securities: | ||
Amortized Cost | $ 269,848 | $ 304,671 |
Gross Unrealized Gains | 584 | 1,078 |
Gross Unrealized Losses | (8,313) | (3,118) |
Fair Value | 262,119 | 302,631 |
Other Debt Securities, Carried at Fair Value: | ||
Amortized Cost | 12,853 | 12,273 |
Gross Unrealized Gains | 306 | 252 |
Gross Unrealized Losses | (22) | (39) |
Fair Value | 13,137 | 12,486 |
Debt securities carried at fair value: | ||
Amortized Cost | 282,701 | 316,944 |
Gross Unrealized Gains | 890 | 1,330 |
Gross Unrealized Losses | (8,335) | (3,157) |
Debt securities carried at fair value | 275,256 | 315,117 |
Held-to-maturity Securities: | ||
Amortized Cost | 163,013 | 125,013 |
Gross Unrealized Gains | 131 | 111 |
Gross Unrealized Losses | (4,913) | (1,825) |
Held-to-maturity, fair value | 158,231 | 123,299 |
Debt securities: | ||
Amortized Cost | 445,714 | 441,957 |
Gross Unrealized Gains | 1,021 | 1,441 |
Gross Unrealized Losses | (13,248) | (4,982) |
Fair Value | 433,487 | 438,416 |
Available-for-sale Equity Securities: | ||
Availabl-for-sale debt securities reclassified to held to maturity | 25,000 | |
Securities, pledged as collateral | 42,400 | 35,800 |
Nonperforming Financing Receivable | ||
Available-for-sale Debt Securities: | ||
Fair Value | 92 | 99 |
FNMA | ||
Debt securities carried at fair value: | ||
Amortized Cost | 165,600 | 163,600 |
Debt securities carried at fair value | 160,600 | 162,100 |
FHLMC | ||
Debt securities carried at fair value: | ||
Amortized Cost | 52,800 | 50,300 |
Debt securities carried at fair value | 51,200 | 50,000 |
Other assets | ||
Available-for-sale Equity Securities: | ||
Amortized Cost | 27 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (2) | |
Fair Value | 25 | |
Mortgage-backed securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 184,934 | 217,239 |
Gross Unrealized Gains | 402 | 840 |
Gross Unrealized Losses | (6,167) | (1,993) |
Fair Value | 179,169 | 216,086 |
Other Debt Securities, Carried at Fair Value: | ||
Fair Value | 2,535 | 2,769 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 181,704 | |
Agency | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 162,301 | 194,119 |
Gross Unrealized Gains | 125 | 506 |
Gross Unrealized Losses | (5,426) | (1,696) |
Fair Value | 157,000 | 192,929 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 157,000 | |
Agency-collateralized mortgage obligations | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 6,194 | 6,846 |
Gross Unrealized Gains | 13 | 39 |
Gross Unrealized Losses | (172) | (81) |
Fair Value | 6,035 | 6,804 |
Other Debt Securities, Carried at Fair Value: | ||
Fair Value | 0 | 5 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 6,035 | |
Commercial | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 14,156 | 13,864 |
Gross Unrealized Gains | 2 | 28 |
Gross Unrealized Losses | (558) | (208) |
Fair Value | 13,600 | 13,684 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 13,600 | |
Non-agency residential | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 2,283 | 2,410 |
Gross Unrealized Gains | 262 | 267 |
Gross Unrealized Losses | (11) | (8) |
Fair Value | 2,534 | 2,669 |
Other Debt Securities, Carried at Fair Value: | ||
Fair Value | 2,535 | $ 2,764 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | $ 5,069 | |
Non-agency residential | Prime | ||
Available-for-sale Equity Securities: | ||
Available-for-sale securities, percent held by rating | 62.00% | 62.00% |
Non-agency residential | Alt-A | ||
Available-for-sale Equity Securities: | ||
Available-for-sale securities, percent held by rating | 13.00% | 13.00% |
Non-agency residential | Subprime | ||
Available-for-sale Equity Securities: | ||
Available-for-sale securities, percent held by rating | 25.00% | 25.00% |
U.S. Treasury and agency securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | $ 54,758 | $ 54,523 |
Gross Unrealized Gains | 12 | 18 |
Gross Unrealized Losses | (2,036) | (1,018) |
Fair Value | 52,734 | 53,523 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 52,734 | |
Non-U.S. securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 6,659 | 6,669 |
Gross Unrealized Gains | 7 | 9 |
Gross Unrealized Losses | (1) | (1) |
Fair Value | 6,665 | 6,677 |
Other Debt Securities, Carried at Fair Value: | ||
Fair Value | 10,400 | 9,488 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 17,065 | |
Other taxable securities, substantially all asset-backed securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 4,412 | 5,699 |
Gross Unrealized Gains | 81 | 73 |
Gross Unrealized Losses | (7) | (2) |
Fair Value | 4,486 | 5,770 |
Other Debt Securities, Carried at Fair Value: | ||
Fair Value | 202 | 229 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 4,688 | |
Total taxable securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 250,763 | 284,130 |
Gross Unrealized Gains | 502 | 940 |
Gross Unrealized Losses | (8,211) | (3,014) |
Fair Value | 243,054 | 282,056 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 256,191 | |
Tax-exempt securities | ||
Available-for-sale Debt Securities: | ||
Amortized Cost | 19,085 | 20,541 |
Gross Unrealized Gains | 82 | 138 |
Gross Unrealized Losses | (102) | (104) |
Fair Value | 19,065 | $ 20,575 |
Debt securities carried at fair value: | ||
Debt securities carried at fair value | 19,065 | |
Debt securities | ||
Debt securities carried at fair value: | ||
Debt securities carried at fair value | $ 275,256 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value | $ 262,119 | $ 262,119 | $ 302,631 | ||
Equity securities, fair value | 946 | 946 | |||
Equity securities, cost | 241 | 241 | |||
Unrealized mark-to-market net gains (losses) | 28 | $ 83 | 69 | $ 199 | |
Realized net gains (losses) | 15 | $ (14) | 9 | $ (118) | |
Nonperforming Financing Receivable | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value | 92 | 92 | $ 99 | ||
Debt securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Shareholders’ equity | (5,800) | (5,800) | |||
Accumulated other comprehensive income tax expense (benefit) | $ (1,900) | $ (1,900) |
Securities - Other Debt Securit
Securities - Other Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | $ 13,137 | $ 12,486 |
Mortgage-backed securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 2,535 | 2,769 |
Agency-collateralized mortgage obligations | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 0 | 5 |
Non-agency residential | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 2,535 | 2,764 |
Non-U.S. securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 10,400 | 9,488 |
Other taxable securities, substantially all asset-backed securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | $ 202 | $ 229 |
Securities - Gains and Losses o
Securities - Gains and Losses on Sales of AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | ||||
Gross gains | $ 1 | $ 102 | $ 3 | $ 156 |
Gross losses | 0 | 1 | 0 | 3 |
Net gains on sales of AFS debt securities | 1 | 101 | 3 | 153 |
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ 1 | $ 38 | $ 1 | $ 58 |
Securities - Temporarily Impair
Securities - Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value | |||||
Less than Twelve Months | $ 133,190 | $ 133,190 | |||
Twelve Months or Longer | 93,633 | 93,633 | |||
Total | 226,823 | 226,823 | |||
Gross Unrealized Losses | |||||
Less than Twelve Months | (3,996) | (3,996) | |||
Twelve Months or Longer | (4,317) | (4,317) | |||
Total | (8,313) | (8,313) | |||
Credit-related OTTI losses | 8 | $ 6 | 11 | $ 33 | |
Other than temporary impairment losses recorded on debt securities | 0 | 0 | 0 | 0 | |
Cumulative credit losses on debt securities held | 264 | $ 284 | 264 | $ 284 | |
Debt securities | |||||
Fair Value | |||||
Less than Twelve Months | $ 111,645 | ||||
Twelve Months or Longer | 110,109 | ||||
Total | 221,754 | ||||
Gross Unrealized Losses | |||||
Less than Twelve Months | (693) | ||||
Twelve Months or Longer | (2,425) | ||||
Total | (3,118) | ||||
Temporarily impaired AFS debt securities | |||||
Fair Value | |||||
Less than Twelve Months | 133,040 | 133,040 | |||
Twelve Months or Longer | 93,633 | 93,633 | |||
Total | 226,673 | 226,673 | |||
Gross Unrealized Losses | |||||
Less than Twelve Months | (3,991) | (3,991) | |||
Twelve Months or Longer | (4,317) | (4,317) | |||
Total | (8,308) | (8,308) | |||
Temporarily impaired AFS debt securities | Debt securities | |||||
Fair Value | |||||
Less than Twelve Months | 111,587 | ||||
Twelve Months or Longer | 110,109 | ||||
Total | 221,696 | ||||
Gross Unrealized Losses | |||||
Less than Twelve Months | (692) | ||||
Twelve Months or Longer | (2,425) | ||||
Total | (3,117) | ||||
Temporarily impaired AFS debt securities | Mortgage-backed securities | |||||
Fair Value | |||||
Less than Twelve Months | 105,308 | 105,308 | 82,188 | ||
Twelve Months or Longer | 65,588 | 65,588 | 78,882 | ||
Total | 170,896 | 170,896 | 161,070 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (3,067) | (3,067) | (438) | ||
Twelve Months or Longer | (3,095) | (3,095) | (1,554) | ||
Total | (6,162) | (6,162) | (1,992) | ||
Temporarily impaired AFS debt securities | Agency | |||||
Fair Value | |||||
Less than Twelve Months | 93,123 | 93,123 | 73,535 | ||
Twelve Months or Longer | 59,404 | 59,404 | 72,612 | ||
Total | 152,527 | 152,527 | 146,147 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (2,718) | (2,718) | (352) | ||
Twelve Months or Longer | (2,708) | (2,708) | (1,344) | ||
Total | (5,426) | (5,426) | (1,696) | ||
Temporarily impaired AFS debt securities | Agency-collateralized mortgage obligations | |||||
Fair Value | |||||
Less than Twelve Months | 3,706 | 3,706 | 2,743 | ||
Twelve Months or Longer | 1,698 | 1,698 | 1,684 | ||
Total | 5,404 | 5,404 | 4,427 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (93) | (93) | (29) | ||
Twelve Months or Longer | (79) | (79) | (52) | ||
Total | (172) | (172) | (81) | ||
Temporarily impaired AFS debt securities | Commercial | |||||
Fair Value | |||||
Less than Twelve Months | 8,325 | 8,325 | 5,575 | ||
Twelve Months or Longer | 4,486 | 4,486 | 4,586 | ||
Total | 12,811 | 12,811 | 10,161 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (250) | (250) | (50) | ||
Twelve Months or Longer | (308) | (308) | (158) | ||
Total | (558) | (558) | (208) | ||
Temporarily impaired AFS debt securities | Non-agency residential | |||||
Fair Value | |||||
Less than Twelve Months | 154 | 154 | 335 | ||
Twelve Months or Longer | 0 | 0 | 0 | ||
Total | 154 | 154 | 335 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (6) | (6) | (7) | ||
Twelve Months or Longer | 0 | 0 | 0 | ||
Total | (6) | (6) | (7) | ||
Temporarily impaired AFS debt securities | U.S. Treasury and agency securities | |||||
Fair Value | |||||
Less than Twelve Months | 27,277 | 27,277 | 27,537 | ||
Twelve Months or Longer | 23,856 | 23,856 | 24,035 | ||
Total | 51,133 | 51,133 | 51,572 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (918) | (918) | (251) | ||
Twelve Months or Longer | (1,118) | (1,118) | (767) | ||
Total | (2,036) | (2,036) | (1,018) | ||
Temporarily impaired AFS debt securities | Non-U.S. securities | |||||
Fair Value | |||||
Less than Twelve Months | 0 | 0 | 772 | ||
Twelve Months or Longer | 86 | 86 | 0 | ||
Total | 86 | 86 | 772 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | 0 | 0 | (1) | ||
Twelve Months or Longer | (1) | (1) | 0 | ||
Total | (1) | (1) | (1) | ||
Temporarily impaired AFS debt securities | Other taxable securities, substantially all asset-backed securities | |||||
Fair Value | |||||
Less than Twelve Months | 152 | 152 | 0 | ||
Twelve Months or Longer | 113 | 113 | 92 | ||
Total | 265 | 265 | 92 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (4) | (4) | 0 | ||
Twelve Months or Longer | (3) | (3) | (2) | ||
Total | (7) | (7) | (2) | ||
Temporarily impaired AFS debt securities | Total taxable securities | |||||
Fair Value | |||||
Less than Twelve Months | 132,737 | 132,737 | 110,497 | ||
Twelve Months or Longer | 89,643 | 89,643 | 103,009 | ||
Total | 222,380 | 222,380 | 213,506 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (3,989) | (3,989) | (690) | ||
Twelve Months or Longer | (4,217) | (4,217) | (2,323) | ||
Total | (8,206) | (8,206) | (3,013) | ||
Temporarily impaired AFS debt securities | Tax-exempt securities | |||||
Fair Value | |||||
Less than Twelve Months | 303 | 303 | 1,090 | ||
Twelve Months or Longer | 3,990 | 3,990 | 7,100 | ||
Total | 4,293 | 4,293 | 8,190 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (2) | (2) | (2) | ||
Twelve Months or Longer | (100) | (100) | (102) | ||
Total | (102) | (102) | (104) | ||
Other-than-temporarily impaired AFS debt securities | Non-agency residential | |||||
Fair Value | |||||
Less than Twelve Months | 150 | 150 | 58 | ||
Twelve Months or Longer | 0 | 0 | 0 | ||
Total | 150 | 150 | 58 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (5) | (5) | (1) | ||
Twelve Months or Longer | 0 | 0 | 0 | ||
Total | $ (5) | $ (5) | $ (1) |
Securities - Significant Assump
Securities - Significant Assumptions (Details) - Non-agency residential | Jun. 30, 2018 |
Weighted Average | |
Significant Assumptions: | |
Prepayment speed | 13.00% |
Loss severity | 19.90% |
Life default rate | 17.90% |
Weighted Average | Prime | |
Significant Assumptions: | |
Loss severity | 16.80% |
Life default rate | 15.60% |
Weighted Average | Alt-A | |
Significant Assumptions: | |
Loss severity | 17.10% |
Life default rate | 17.30% |
Weighted Average | Subprime | |
Significant Assumptions: | |
Loss severity | 26.90% |
Life default rate | 20.00% |
10th Percentile | |
Significant Assumptions: | |
Prepayment speed | 3.20% |
Loss severity | 9.00% |
Life default rate | 1.50% |
90th Percentile | |
Significant Assumptions: | |
Prepayment speed | 21.40% |
Loss severity | 36.90% |
Life default rate | 67.10% |
Securities - Maturities of Debt
Securities - Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Due in One Year or Less, Amount | $ 4 | |
Due in One Year or Less, Yield | 3.36% | |
Due after One Year through Five Years, Amount | $ 63 | |
Due after One Year through Five Years, Yield | 3.56% | |
Due after Five Years through Ten Years, Amount | $ 1,427 | |
Due after Five Years though Ten Years, Yield | 2.78% | |
Due after Ten Years, Amount | $ 161,519 | |
Due after Ten Years, Yield | 3.15% | |
Amortized Cost | $ 163,013 | $ 125,013 |
Total, Yield | 3.15% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt securities carried at fair value | $ 275,256 | 315,117 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in One Year or Less, Amount | 4 | |
Due after One Year through Five Years, Amount | 63 | |
Due after Five Years though Ten Years, Amount | 1,363 | |
Due after Ten Years, Amount | 156,801 | |
Held-to-maturity Securities, Fair Value | 158,231 | $ 123,299 |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 56 | |
Due in One Year or Less, Yield | 9.33% | |
Due after One Year through Five Years, Amount | $ 2,181 | |
Due after One Year through Five Years, Yield | 2.24% | |
Due after Five Years though Ten Years, Amount | $ 11,596 | |
Due after Five Years though Ten Years, Yield | 2.48% | |
Due after Ten Years, Amount | $ 173,382 | |
Due after Ten Years, Yield | 3.43% | |
Total, Amount | $ 187,215 | |
Total, Yield | 3.36% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 56 | |
Due after One Year through Five Years, Amount | 2,134 | |
Due after Five Years though Ten Years, Amount | 11,139 | |
Due after Ten Years, Amount | 168,375 | |
Debt securities carried at fair value | 181,704 | |
Agency | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 2 | |
Due in One Year or Less, Yield | 3.50% | |
Due after One Year through Five Years, Amount | $ 26 | |
Due after One Year through Five Years, Yield | 3.98% | |
Due after Five Years though Ten Years, Amount | $ 492 | |
Due after Five Years though Ten Years, Yield | 2.61% | |
Due after Ten Years, Amount | $ 161,781 | |
Due after Ten Years, Yield | 3.26% | |
Total, Amount | $ 162,301 | |
Total, Yield | 3.26% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 2 | |
Due after One Year through Five Years, Amount | 26 | |
Due after Five Years though Ten Years, Amount | 484 | |
Due after Ten Years, Amount | 156,488 | |
Debt securities carried at fair value | 157,000 | |
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 | $ 31 | |
Due after Five Years though Ten Years, Yield | 2.55% | |
Due after Ten Years, Amount | $ 6,163 | |
Due after Ten Years, Yield | 3.17% | |
Total, Amount | $ 6,194 | |
Total, Yield | 3.17% | |
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 | 30 | |
Due after Ten Years, Amount | 6,005 | |
Debt securities carried at fair value | 6,035 | |
Commercial | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 54 | |
Due in One Year or Less, Yield | 9.55% | |
Due after One Year through Five Years, Amount | $ 2,155 | |
Due after One Year through Five Years, Yield | 2.22% | |
Due after Five Years though Ten Years, Amount | $ 11,052 | |
Due after Five Years though Ten Years, Yield | 2.48% | |
Due after Ten Years, Amount | $ 895 | |
Due after Ten Years, Yield | 2.81% | |
Total, Amount | $ 14,156 | |
Total, Yield | 2.49% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 54 | |
Due after One Year through Five Years, Amount | 2,108 | |
Due after Five Years though Ten Years, Amount | 10,592 | |
Due after Ten Years, Amount | 846 | |
Debt securities carried at fair value | 13,600 | |
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 | $ 21 | |
Due after Five Years though Ten Years, Yield | 0.01% | |
Due after Ten Years, Amount | $ 4,543 | |
Due after Ten Years, Yield | 9.82% | |
Total, Amount | $ 4,564 | |
Total, Yield | 9.77% | |
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 | 33 | |
Due after Ten Years, Amount | 5,036 | |
Debt securities carried at fair value | 5,069 | |
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 | $ 542 | |
Due in One Year or Less, Yield | 0.45% | |
Due after One Year through Five Years, Amount | $ 32,638 | |
Due after One Year through Five Years, Yield | 1.47% | |
Due after Five Years though Ten Years, Amount | $ 21,549 | |
Due after Five Years though Ten Years, Yield | 2.24% | |
Due after Ten Years, Amount | $ 29 | |
Due after Ten Years, Yield | 2.70% | |
Total, Amount | $ 54,758 | |
Total, Yield | 1.76% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 542 | |
Due after One Year through Five Years, Amount | 31,381 | |
Due after Five Years though Ten Years, Amount | 20,783 | |
Due after Ten Years, Amount | 28 | |
Debt securities carried at fair value | 52,734 | |
Non-U.S. securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 15,118 | |
Due in One Year or Less, Yield | 0.79% | |
Due after One Year through Five Years, Amount | $ 1,787 | |
Due after One Year through Five Years, Yield | 1.53% | |
Due after Five Years though Ten Years, Amount | $ 2 | |
Due after Five Years though Ten Years, Yield | 3.56% | |
Due after Ten Years, Amount | $ 140 | |
Due after Ten Years, Yield | 6.55% | |
Total, Amount | $ 17,047 | |
Total, Yield | 0.91% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 15,121 | |
Due after One Year through Five Years, Amount | 1,798 | |
Due after Five Years though Ten Years, Amount | 2 | |
Due after Ten Years, Amount | 144 | |
Debt securities carried at fair value | 17,065 | |
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 | $ 576 | |
Due in One Year or Less, Yield | 3.39% | |
Due after One Year through Five Years, Amount | $ 2,886 | |
Due after One Year through Five Years, Yield | 3.34% | |
Due after Five Years though Ten Years, Amount | $ 874 | |
Due after Five Years though Ten Years, Yield | 3.24% | |
Due after Ten Years, Amount | $ 260 | |
Due after Ten Years, Yield | 8.56% | |
Total, Amount | $ 4,596 | |
Total, Yield | 3.62% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 571 | |
Due after One Year through Five Years, Amount | 2,905 | |
Due after Five Years though Ten Years, Amount | 916 | |
Due after Ten Years, Amount | 296 | |
Debt securities carried at fair value | 4,688 | |
Total taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 16,292 | |
Due in One Year or Less, Yield | 0.90% | |
Due after One Year through Five Years, Amount | $ 39,492 | |
Due after One Year through Five Years, Yield | 1.65% | |
Due after Five Years though Ten Years, Amount | $ 34,021 | |
Due after Five Years though Ten Years, Yield | 2.35% | |
Due after Ten Years, Amount | $ 173,811 | |
Due after Ten Years, Yield | 3.44% | |
Total, Amount | $ 263,616 | |
Total, Yield | 2.87% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 16,290 | |
Due after One Year through Five Years, Amount | 38,218 | |
Due after Five Years though Ten Years, Amount | 32,840 | |
Due after Ten Years, Amount | 168,843 | |
Debt securities carried at fair value | 256,191 | |
Tax-exempt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 894 | |
Due in One Year or Less, Yield | 1.71% | |
Due after One Year through Five Years, Amount | $ 8,332 | |
Due after One Year through Five Years, Yield | 2.27% | |
Due after Five Years though Ten Years, Amount | $ 7,252 | |
Due after Five Years though Ten Years, Yield | 2.22% | |
Due after Ten Years, Amount | $ 2,607 | |
Due after Ten Years, Yield | 2.64% | |
Total, Amount | $ 19,085 | |
Total, Yield | 2.28% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 894 | |
Due after One Year through Five Years, Amount | 8,347 | |
Due after Five Years though Ten Years, Amount | 7,230 | |
Due after Ten Years, Amount | 2,594 | |
Debt securities carried at fair value | 19,065 | |
Debt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 17,186 | |
Due in One Year or Less, Yield | 0.94% | |
Due after One Year through Five Years, Amount | $ 47,824 | |
Due after One Year through Five Years, Yield | 1.76% | |
Due after Five Years though Ten Years, Amount | $ 41,273 | |
Due after Five Years though Ten Years, Yield | 2.32% | |
Due after Ten Years, Amount | $ 176,418 | |
Due after Ten Years, Yield | 3.42% | |
Total, Amount | $ 282,701 | |
Total, Yield | 2.83% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 17,184 | |
Due after One Year through Five Years, Amount | 46,565 | |
Due after Five Years though Ten Years, Amount | 40,070 | |
Due after Ten Years, Amount | 171,437 | |
Debt securities carried at fair value | $ 275,256 |
Outstanding Loans and Leases -
Outstanding Loans and Leases - Past Due (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 935,824 | $ 936,749 |
Percentage of outstandings, total outstanding | 100.00% | 100.00% |
Loans and leases, measured at fair value | $ 6,227 | $ 5,710 |
Loans and leases, pledged as collateral | 55,000 | 40,100 |
Loans pledged to secure borrowings | 150,100 | 160,300 |
Direct/Indirect Consumer | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans | 44 | 43 |
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] | ||
Long-term credit protection agreements, amount covered | 6,000 | 6,300 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 6,227 | $ 5,710 |
Percentage of outstandings, total outstanding | 0.67% | 0.61% |
Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 9,585 | $ 10,717 |
Percentage of outstandings, total outstanding | 1.02% | 1.14% |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 449,577 | $ 455,276 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 489 | 567 |
Consumer Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 359 | 361 |
Consumer Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 448,729 | 454,348 |
Consumer Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 848 | 928 |
Consumer Portfolio Segment | Purchased Credit-impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 9,585 | 10,717 |
Consumer real estate | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans | 2,100 | 2,300 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 184,662 | 176,618 |
Consumer real estate | Core Portfolio Residential Mortgage | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 17,265 | 18,545 |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 41,525 | 44,245 |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 15,695 | 19,192 |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | Pay option | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,200 | 1,400 |
Consumer real estate | Non-core Portfolio, Residential Financing Receivable | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 4,279 | 5,196 |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 9,684 | 10,783 |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | Fully Insured Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Consumer real estate | Carrying Value | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 184,662 | 176,618 |
Consumer real estate | Carrying Value | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 41,525 | 44,245 |
Consumer real estate | Carrying Value | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 22,902 | 27,193 |
Consumer real estate | Carrying Value | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 12,062 | 13,499 |
Consumer real estate | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 848 | 928 |
Consumer real estate | Purchased Credit-impaired | Non-core Portfolio, Residential Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 7,207 | 8,001 |
Consumer real estate | Purchased Credit-impaired | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,378 | 2,716 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 94,790 | 96,285 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 92,621 | 96,342 |
Credit card and other consumer | Direct/Indirect Consumer | Dealer Financial Services Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 50,200 | 52,400 |
Credit card and other consumer | Direct/Indirect Consumer | Unsecured Consumed Lending Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 410 | 469 |
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 | 38,400 | 39,800 |
Credit card and other consumer | Direct/Indirect Consumer | Securities Based Lending Loans | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,800 | 3,000 |
Credit card and other consumer | Direct/Indirect Consumer | Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 769 | 684 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 167 | 166 |
Credit card and other consumer | Carrying Value | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 94,790 | 96,285 |
Credit card and other consumer | Carrying Value | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 92,621 | 96,342 |
Credit card and other consumer | Carrying Value | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 167 | 166 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 486,247 | 481,473 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 289,741 | 284,836 |
Loans and leases, measured at fair value | 3,500 | 2,600 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 94,450 | 97,792 |
Loans and leases, measured at fair value | 1,900 | 2,200 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 61,073 | 58,298 |
Commercial Portfolio Segment | Commercial Real Estate | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 57,100 | 54,800 |
Commercial Portfolio Segment | Commercial Real Estate | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 4,000 | 3,500 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 21,399 | 22,116 |
Commercial Portfolio Segment | Small Business Commercial | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 14,205 | 13,649 |
Commercial Portfolio Segment | Carrying Value | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 480,868 | 476,691 |
Commercial Portfolio Segment | Carrying Value | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 289,741 | 284,836 |
Commercial Portfolio Segment | Carrying Value | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 94,450 | 97,792 |
Commercial Portfolio Segment | Carrying Value | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 61,073 | 58,298 |
Commercial Portfolio Segment | Carrying Value | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 21,399 | 22,116 |
Commercial Portfolio Segment | Carrying Value | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 14,205 | 13,649 |
Commercial Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 5,379 | 4,782 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 3,728 | $ 4,433 |
Percentage of outstandings | 0.40% | 0.48% |
30 to 59 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 3,078 | $ 3,581 |
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 | 665 | 850 |
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 | 242 | 253 |
30 to 59 Days Past Due | Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,064 | 1,242 |
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 | 205 | 215 |
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 | 840 | 1,028 |
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 | 186 | 224 |
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 | 501 | 542 |
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 | 282 | 330 |
30 to 59 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
30 to 59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 650 | 852 |
30 to 59 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 441 | 547 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 43 | 52 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 59 | 48 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 46 | 110 |
30 to 59 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 61 | 95 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 1,925 | $ 1,895 |
Percentage of outstandings | 0.21% | 0.20% |
60 to 89 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 1,224 | $ 1,527 |
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 | 307 | 386 |
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 | 195 | 195 |
60 to 89 Days Past Due | Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 259 | 321 |
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 | 102 | 108 |
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 | 361 | 468 |
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 | 96 | 121 |
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 | 329 | 405 |
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 | 77 | 104 |
60 to 89 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
60 to 89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 701 | 368 |
60 to 89 Days Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 213 | 244 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 389 | 1 |
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 | 59 | 68 |
60 to 89 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 40 | 45 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 6,280 | $ 7,135 |
Percentage of outstandings | 0.67% | 0.76% |
90 Days or More Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 5,405 | $ 6,564 |
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 | 2,500 | 3,200 |
90 Days or More Past Due | Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 886 | 1,040 |
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 | 457 | 473 |
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 | 2,672 | 3,535 |
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 | 488 | 572 |
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 | 865 | 900 |
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 | 37 | 44 |
90 Days or More Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
90 Days or More Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 875 | 571 |
90 Days or More Past Due | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 685 | 425 |
90 Days or More Past Due | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 0 | 3 |
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 76 | 29 |
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 30 | 26 |
90 Days or More Past Due | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 84 | 88 |
Total Past Due 30 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 11,933 | $ 13,463 |
Percentage of outstandings | 1.28% | 1.44% |
Total Past Due 30 Days or More | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 9,707 | $ 11,672 |
Total Past Due 30 Days or More | Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,209 | 2,603 |
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 | 764 | 796 |
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 | 3,873 | 5,031 |
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 | 770 | 917 |
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 | 1,695 | 1,847 |
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 | 396 | 478 |
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 | 0 | 0 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 2,226 | 1,791 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 1,339 | 1,216 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 432 | 56 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 135 | 87 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 135 | 204 |
Total Past Due 30 Days or More | Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 185 | 228 |
Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 908,079 | $ 906,859 |
Percentage of outstandings, total outstanding | 97.03% | 96.81% |
Total Current or Less Than 30 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | $ 429,437 | $ 431,959 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 182,453 | 174,015 |
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 | 40,761 | 43,449 |
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 | 11,822 | 14,161 |
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 | 8,914 | 9,866 |
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 | 93,095 | 94,438 |
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 | 92,225 | 95,864 |
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 | 167 | 166 |
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases | 478,642 | 474,900 |
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 | 288,402 | 283,620 |
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 | 94,018 | 97,736 |
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 | 60,938 | 58,211 |
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 | 21,264 | 21,912 |
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 | $ 14,020 | $ 13,421 |
Outstanding Loans and Leases 64
Outstanding Loans and Leases - Nonperforming, Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
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 | $ 935,824 | $ 935,824 | $ 936,749 | ||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 7,172 | $ 5,317 | |||
Purchased credit impaired loans sold | 51 | $ 204 | 160 | 204 | |
Recoveries of loans and leases previously charged off | 382 | 442 | 767 | 818 | |
90 Days or More Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 6,280 | 6,280 | 7,135 | ||
Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 449,577 | 449,577 | 455,276 | ||
Consumer Portfolio Segment | 90 Days or More Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 5,405 | 5,405 | 6,564 | ||
Consumer real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Recoveries of loans and leases previously charged off | 130 | 167 | $ 277 | 290 | |
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 | Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Gain (loss) on the sale of loans and leases receivable | 572 | ||||
Consumer real estate | Chapter Seven Bankruptcy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 1,000 | $ 1,000 | |||
Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Transfer of nonperforming loans to held-for-sale | 2 | 198 | |||
Nonperforming Financing Receivable | Junior Lien Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 266 | $ 266 | $ 330 | ||
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 | $ 139 | $ 139 | |||
Nonperforming loans discharged more than twelve months prior (greater than) | 57.00% | 57.00% | |||
Nonperforming loans discharged more than twenty four months prior (greater than) | 50.00% | 50.00% | |||
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 | $ 102 | $ 102 | |||
Nonperforming Financing Receivable | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 168 | 323 | 546 | 465 | |
Purchased credit impaired loans sold | 51 | 204 | 160 | 204 | |
Recoveries of loans and leases previously charged off | 7 | 3 | 27 | 14 | |
Gain (loss) on the sale of loans and leases receivable | 10 | $ 6 | 26 | $ 12 | |
Nonperforming Financing Receivable | Consumer real estate | Chapter Seven Bankruptcy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 263 | $ 263 |
Outstanding Loans and Leases 65
Outstanding Loans and Leases - Nonperforming, Credit Quality (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 5,897 | $ 6,470 |
Accruing past due 90 days or more | $ 3,689 | $ 4,415 |
Threshold period past due for nonperforming status of financing receivables | 90 days | 90 days |
Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing past due 90 days or more | $ 742 | $ 1,000 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 4,639 | 5,166 |
Accruing past due 90 days or more | 3,383 | 4,170 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,052 | 1,087 |
Accruing past due 90 days or more | 344 | 417 |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,077 | 1,079 |
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] | ||
Nonperforming loans and leases | 1,088 | 1,389 |
Accruing past due 90 days or more | 2,139 | 2,813 |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,375 | 1,565 |
Accruing past due 90 days or more | 0 | 0 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing past due 90 days or more | 865 | 900 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 47 | 46 |
Accruing past due 90 days or more | 35 | 40 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 0 | 0 |
Accruing past due 90 days or more | 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,258 | 1,304 |
Accruing past due 90 days or more | $ 306 | 245 |
Threshold period past due for nonperforming status of financing receivables | 90 days | |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 881 | 814 |
Accruing past due 90 days or more | 221 | 144 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 170 | 299 |
Accruing past due 90 days or more | 0 | 3 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 117 | 112 |
Accruing past due 90 days or more | 0 | 4 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 34 | 24 |
Accruing past due 90 days or more | 12 | 19 |
Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 56 | 55 |
Accruing past due 90 days or more | 73 | 75 |
Federal Housing Administration | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 1,700 | $ 2,200 |
Outstanding Loans and Leases 66
Outstanding Loans and Leases - Consumer Real Estate - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 935,824 | $ 936,749 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,227 | 5,710 |
Consumer real estate | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 848 | 928 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 184,662 | 176,618 |
Consumer real estate | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 15,695 | 19,192 |
Consumer real estate | Non-core Residential Mortgage | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,200 | 1,400 |
Consumer real estate | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,207 | 8,001 |
Consumer real estate | Residential Mortgage PCI | Pay option | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,100 | 1,200 |
Consumer real estate | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 41,525 | 44,245 |
Consumer real estate | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,684 | 10,783 |
Consumer real estate | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,378 | 2,716 |
Consumer real estate | Less than 620 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,128 | 2,234 |
Consumer real estate | Less than 620 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,890 | 2,390 |
Consumer real estate | Less than 620 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,673 | 1,941 |
Consumer real estate | Less than 620 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,112 | 1,169 |
Consumer real estate | Less than 620 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,858 | 2,098 |
Consumer real estate | Less than 620 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 393 | 452 |
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 | 4,236 | 4,531 |
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 | 1,690 | 2,086 |
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 | 1,431 | 1,657 |
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 | 2,152 | 2,371 |
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 | 2,090 | 2,393 |
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 | 390 | 466 |
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 | 22,803 | 22,934 |
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 | 2,759 | 3,519 |
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 | 2,129 | 2,396 |
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 | 7,318 | 8,115 |
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 | 2,484 | 2,723 |
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 | 666 | 786 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 138,230 | 128,374 |
Consumer real estate | Greater than or equal to 740 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,077 | 6,001 |
Consumer real estate | Greater than or equal to 740 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,974 | 2,007 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 30,943 | 32,590 |
Consumer real estate | Greater than or equal to 740 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,252 | 3,569 |
Consumer real estate | Greater than or equal to 740 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 929 | 1,012 |
Consumer real estate | Less than or equal to 90 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 163,729 | 153,669 |
Consumer real estate | Less than or equal to 90 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 9,975 | 12,135 |
Consumer real estate | Less than or equal to 90 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,289 | 6,872 |
Consumer real estate | Less than or equal to 90 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 40,505 | 43,048 |
Consumer real estate | Less than or equal to 90 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,395 | 7,944 |
Consumer real estate | Less than or equal to 90 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,618 | 1,781 |
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 | 2,676 | 3,082 |
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 | 664 | 850 |
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 | 452 | 559 |
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 | 476 | 549 |
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 | 880 | 1,053 |
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 | 338 | 412 |
Consumer real estate | Greater than 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 992 | 1,322 |
Consumer real estate | Greater than 100 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 777 | 1,011 |
Consumer real estate | Greater than 100 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 466 | 570 |
Consumer real estate | Greater than 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 544 | 648 |
Consumer real estate | Greater than 100 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,409 | 1,786 |
Consumer real estate | Greater than 100 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 422 | 523 |
Consumer real estate | Fully Insured Loans | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 17,265 | 18,545 |
Consumer real estate | Fully Insured Loans | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,279 | 5,196 |
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 67
Outstanding Loans and Leases - Credit Card and Other Consumer - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 935,824 | $ 936,749 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 94,790 | 96,285 |
Credit card and other consumer | Credit Card Receivable | United States | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,504 | 4,730 |
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 | 11,810 | 12,422 |
Credit card and other consumer | Credit Card Receivable | United States | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 34,852 | 35,656 |
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 | 43,624 | 43,477 |
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 | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 92,621 | 96,342 |
Securities based lending overcollateralized | 41,300 | 42,800 |
Credit card and other consumer | Direct/Indirect Consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,588 | 1,680 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,854 | 2,143 |
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 | 11,193 | 12,304 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 35,949 | 36,759 |
Credit card and other consumer | Direct/Indirect Consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 42,037 | 43,456 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 167 | 166 |
Credit card and other consumer | Other consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
Credit card and other consumer | Other consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 0 | 0 |
Credit card and other consumer | Other consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 167 | $ 166 |
Outstanding Loans and Leases 68
Outstanding Loans and Leases - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 935,824 | $ 936,749 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,227 | 5,710 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 486,247 | 481,473 |
Commercial Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,379 | 4,782 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 61,073 | 58,298 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 21,399 | 22,116 |
Commercial Portfolio Segment | Pass rated | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 60,622 | 57,732 |
Commercial Portfolio Segment | Pass rated | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 20,978 | 21,535 |
Commercial Portfolio Segment | Reservable criticized | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 451 | 566 |
Commercial Portfolio Segment | Reservable criticized | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 421 | 581 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 289,741 | 284,836 |
Commercial Portfolio Segment | United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 57,100 | 54,800 |
Commercial Portfolio Segment | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 14,205 | 13,649 |
Commercial Portfolio Segment | United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 281,622 | 275,904 |
Commercial Portfolio Segment | United States | Pass rated | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 282 | 322 |
Commercial Portfolio Segment | United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,119 | 8,932 |
Commercial Portfolio Segment | United States | Reservable criticized | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 36 | 50 |
Commercial Portfolio Segment | United States | Refreshed FICO or Internal Credit Metric | Small Business Commercial | Business Card and Small Business Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 725 | $ 709 |
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 | $ 235 | $ 223 |
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 | 639 | 625 |
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 | 1,982 | 1,875 |
Commercial Portfolio Segment | United States | Greater than or equal to 740 | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,134 | 3,713 |
Commercial Portfolio Segment | United States | Other internal credit metrics | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,897 | 6,841 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 94,450 | 97,792 |
Commercial Portfolio Segment | Non United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,000 | 3,500 |
Commercial Portfolio Segment | Non United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 92,676 | 96,199 |
Commercial Portfolio Segment | Non United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 1,774 | $ 1,593 |
Outstanding Loans and Leases 69
Outstanding Loans and Leases - Consumer Real Estate - Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | $ 935,824 | $ 935,824 | $ 936,749 | ||
Consumer real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Real estate acquired through foreclosure | 263 | 263 | 236 | ||
Loans with formal foreclosure proceeding in process | 3,000 | 3,000 | |||
Reclassified consumer real estate loans | 151 | $ 226 | 319 | $ 426 | |
Consumer real estate | Residential Mortgage | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 6,544 | 6,544 | 8,856 | ||
With an allowance recorded | 2,482 | 2,482 | 2,908 | ||
Total | 9,026 | 9,026 | 11,764 | ||
Carrying Value | |||||
With no recorded allowance | 5,223 | 5,223 | 6,870 | ||
With an allowance recorded | 2,421 | 2,421 | 2,828 | ||
Total | 7,644 | 7,644 | 9,698 | ||
Related Allowance | 149 | 149 | 174 | ||
Average Carrying Value | |||||
With no recorded allowance | 5,362 | 7,886 | 5,978 | 8,192 | |
With an allowance recorded | 2,482 | 3,647 | 2,597 | 3,723 | |
Total | 7,844 | 11,533 | 8,575 | 11,915 | |
Interest Income Recognized | |||||
With no recorded allowance | 50 | 81 | 115 | 160 | |
With an allowance recorded | 24 | 33 | 49 | 68 | |
Total | 74 | 114 | 164 | 228 | |
Loans held for sale | 1,200 | ||||
Gain (loss) on the sale of loans and leases receivable | 572 | ||||
Consumer real estate | Home equity lines of credit | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 3,545 | 3,545 | 3,622 | ||
With an allowance recorded | 962 | 962 | 972 | ||
Total | 4,507 | 4,507 | 4,594 | ||
Carrying Value | |||||
With no recorded allowance | 1,932 | 1,932 | 1,956 | ||
With an allowance recorded | 894 | 894 | 900 | ||
Total | 2,826 | 2,826 | 2,856 | ||
Related Allowance | 178 | 178 | $ 174 | ||
Average Carrying Value | |||||
With no recorded allowance | 1,944 | 1,999 | 1,953 | 2,000 | |
With an allowance recorded | 891 | 868 | 889 | 842 | |
Total | 2,835 | 2,867 | 2,842 | 2,842 | |
Interest Income Recognized | |||||
With no recorded allowance | 25 | 28 | 52 | 55 | |
With an allowance recorded | 6 | 7 | 12 | 12 | |
Total | 31 | $ 35 | 64 | $ 67 | |
Consumer real estate | Chapter Seven Bankruptcy | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 1,000 | 1,000 | |||
Consumer real estate | Chapter Seven Bankruptcy | Nonperforming Financing Receivable | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 263 | 263 | |||
Consumer real estate | Chapter Seven Bankruptcy | Fully Insured Loans | Federal Housing Administration | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | $ 382 | $ 382 |
Outstanding Loans and Leases 70
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entered into During the Period (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 470 | $ 596 | $ 1,020 | $ 1,115 |
Carrying Value | $ 389 | $ 514 | $ 839 | $ 946 |
Pre-Modification Interest Rate | 4.32% | 4.33% | 4.25% | 4.38% |
Post-Modification Interest Rate | 4.14% | 4.19% | 3.98% | 4.09% |
Net charge-offs | $ 15 | $ 12 | $ 24 | $ 20 |
Residential Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 276 | 346 | 628 | 646 |
Carrying Value | $ 237 | $ 313 | $ 542 | $ 581 |
Pre-Modification Interest Rate | 4.24% | 4.50% | 4.17% | 4.51% |
Post-Modification Interest Rate | 3.94% | 4.37% | 3.93% | 4.34% |
Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 194 | $ 250 | $ 392 | $ 469 |
Carrying Value | $ 152 | $ 201 | $ 297 | $ 365 |
Pre-Modification Interest Rate | 4.43% | 4.11% | 4.38% | 4.20% |
Post-Modification Interest Rate | 4.42% | 3.94% | 4.06% | 3.75% |
Outstanding Loans and Leases 71
Outstanding Loans and Leases - Consumer Real Estate - Modification Programs (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | $ 389 | $ 514 | $ 839 | $ 946 |
Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 17 | 15 | 35 | 49 |
Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 92 | 48 | 331 | 146 |
Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 242 | 387 | 379 | 622 |
Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 38 | 64 | 94 | 129 |
Contractual interest rate reduction | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 9 | 11 | 17 | 38 |
Contractual interest rate reduction | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 13 | 20 | 67 | 72 |
Capitalization of past due amounts | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 19 | 9 | 43 | 21 |
Principal and/or interest forbearance | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 0 | 1 | 0 | 3 |
Principal and/or interest forbearance | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 5 | 3 | 16 | 9 |
Other modifications | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 8 | 3 | 18 | 8 |
Other modifications | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 55 | $ 16 | 205 | $ 44 |
Hurricane-Related Modifications | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | $ 38 | $ 196 |
Outstanding Loans and Leases 72
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 | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)payment | Jun. 30, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Number of missing payments causing default | payment | 3 | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 105 | $ 114 | $ 217 | $ 448 |
Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 11 | 20 | 24 | 46 |
Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 56 | 33 | 87 | 67 |
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 | 16 | 15 | 39 | 77 |
Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 22 | $ 46 | $ 67 | $ 258 |
Outstanding Loans and Leases 73
Outstanding Loans and Leases - Credit Card and Other Consumer - Impaired Loans (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Fixed payment plan period for loans modified | 60 months | ||||
Direct/Indirect Consumer | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | $ 63 | $ 63 | $ 58 | ||
With an allowance recorded | 1 | 1 | 1 | ||
Total | 64 | 64 | 59 | ||
Carrying Value | |||||
With no recorded allowance | 30 | 30 | 28 | ||
With an allowance recorded | 1 | 1 | 1 | ||
Total | 31 | 31 | 29 | ||
Related Allowance | 0 | 0 | 0 | ||
Average Carrying Value | |||||
With no recorded allowance | 29 | $ 18 | 29 | $ 18 | |
With an allowance recorded | 1 | 2 | 1 | 3 | |
Total | 30 | 20 | 30 | 21 | |
Interest Income Recognized | |||||
With no recorded allowance | 1 | 0 | 1 | 0 | |
With an allowance recorded | 0 | 0 | 0 | 0 | |
Total | 1 | 0 | 1 | 0 | |
United States | Credit Card Receivable | |||||
Unpaid Principal Balance | |||||
With an allowance recorded | 478 | 478 | 454 | ||
Total | 478 | 478 | 454 | ||
Carrying Value | |||||
With an allowance recorded | 486 | 486 | 461 | ||
Total | 486 | 486 | 461 | ||
Related Allowance | 143 | 143 | $ 125 | ||
Average Carrying Value | |||||
With an allowance recorded | 480 | 463 | 473 | 470 | |
Total | 480 | 463 | 473 | 470 | |
Interest Income Recognized | |||||
With an allowance recorded | 6 | 6 | 12 | 12 | |
Total | 6 | 6 | 12 | 12 | |
Non United States | Credit Card Receivable | |||||
Average Carrying Value | |||||
With an allowance recorded | 0 | 0 | |||
With an allowance recorded | 78 | 88 | |||
Total, including loans held for sale | 78 | 88 | |||
Total | 0 | 0 | |||
Interest Income Recognized | |||||
With an allowance recorded | 0 | 0 | |||
With an allowance recorded, including loans held for sale | 0 | 1 | |||
Total, including loans held for sale | $ 0 | $ 1 | |||
Total | $ 0 | $ 0 |
Outstanding Loans and Leases 74
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 517 | $ 490 |
Percent of balances current or less than 30 days past due | 86.60% | 87.00% |
Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 224 | $ 204 |
External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 262 | 257 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 31 | 29 |
Credit Card Receivable | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 486 | $ 461 |
Percent of balances current or less than 30 days past due | 86.42% | 86.92% |
Credit Card Receivable | Internal Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 223 | $ 203 |
Credit Card Receivable | External Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 262 | 257 |
Credit Card Receivable | Other | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 1 | 1 |
Direct/Indirect Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 31 | $ 29 |
Percent of balances current or less than 30 days past due | 89.63% | 88.16% |
Direct/Indirect Consumer | Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 1 | $ 1 |
Direct/Indirect Consumer | External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 0 | 0 |
Direct/Indirect Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 30 | $ 28 |
Outstanding Loans and Leases 75
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 91 | $ 59 | $ 168 | $ 111 |
Carrying Value | $ 89 | $ 61 | $ 165 | $ 112 |
Pre-Modification Interest Rate | 17.29% | 17.31% | 17.63% | 17.39% |
Post-Modification Interest Rate | 5.18% | 5.21% | 5.19% | 5.24% |
Net charge-offs | $ 14 | $ 13 | $ 22 | $ 19 |
Direct/Indirect Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 19 | 7 | 28 | 11 |
Carrying Value | $ 11 | $ 4 | $ 16 | $ 6 |
Pre-Modification Interest Rate | 4.43% | 4.14% | 4.73% | 4.12% |
Post-Modification Interest Rate | 4.43% | 4.08% | 4.56% | 4.04% |
United States | Credit Card Receivable | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 72 | $ 52 | $ 140 | $ 100 |
Carrying Value | $ 78 | $ 57 | $ 149 | $ 106 |
Pre-Modification Interest Rate | 19.18% | 18.31% | 19.06% | 18.19% |
Post-Modification Interest Rate | 5.29% | 5.30% | 5.26% | 5.32% |
Outstanding Loans and Leases 76
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs Entered into During the Period, Narrative (Details) - Credit card and other consumer $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)payment | Jun. 30, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Number of consecutive missed payments | payment | 2 | |||
Period for payment default after modification | 12 months | |||
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 | $ 8 | $ 5 | $ 16 | $ 12 |
Direct/Indirect Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Percent expected to be in payment default within 12 months after modification | 21.00% | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | $ 2 | $ 1 | $ 5 | $ 2 |
Outstanding Loans and Leases 77
Outstanding Loans and Leases - Commercial Loans - Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Commercial lease financing | United States | |||||
Average Carrying Value | |||||
With no recorded allowance | $ 7 | $ 0 | $ 6 | $ 0 | |
Interest Income Recognized | |||||
With no recorded allowance | 0 | 0 | 0 | 0 | |
Commercial Portfolio Segment | |||||
Financing Receivable, Impaired [Line Items] | |||||
Lending commitments | 317 | 317 | $ 205 | ||
Real estate acquired through foreclosure | 21 | 21 | 52 | ||
Commercial Portfolio Segment | United States | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 599 | 599 | 576 | ||
With an allowance recorded | 1,529 | 1,529 | 1,393 | ||
Total | 2,128 | 2,128 | 1,969 | ||
Carrying Value | |||||
With no recorded allowance | 596 | 596 | 571 | ||
With an allowance recorded | 1,246 | 1,246 | 1,109 | ||
Total | 1,842 | 1,842 | 1,680 | ||
Related Allowance | 140 | 140 | 98 | ||
Average Carrying Value | |||||
With no recorded allowance | 684 | 857 | 678 | 870 | |
With an allowance recorded | 1,221 | 1,264 | 1,163 | 1,376 | |
Total | 1,905 | 2,121 | 1,841 | 2,246 | |
Interest Income Recognized | |||||
With no recorded allowance | 4 | 3 | 8 | 6 | |
With an allowance recorded | 10 | 7 | 21 | 16 | |
Total | 14 | 10 | 29 | 22 | |
Commercial Portfolio Segment | Non United States | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 8 | 8 | 14 | ||
With an allowance recorded | 426 | 426 | 528 | ||
Total | 434 | 434 | 542 | ||
Carrying Value | |||||
With no recorded allowance | 8 | 8 | 11 | ||
With an allowance recorded | 395 | 395 | 507 | ||
Total | 403 | 403 | 518 | ||
Related Allowance | 41 | 41 | 58 | ||
Average Carrying Value | |||||
With no recorded allowance | 61 | 43 | 61 | 75 | |
With an allowance recorded | 386 | 482 | 416 | 469 | |
Total | 447 | 525 | 477 | 544 | |
Interest Income Recognized | |||||
With no recorded allowance | 0 | 0 | 2 | 0 | |
With an allowance recorded | 4 | 3 | 6 | 6 | |
Total | 4 | 3 | 8 | 6 | |
Commercial Portfolio Segment | Commercial Real Estate | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 112 | 112 | 83 | ||
With an allowance recorded | 100 | 100 | 133 | ||
Total | 212 | 212 | 216 | ||
Carrying Value | |||||
With no recorded allowance | 104 | 104 | 80 | ||
With an allowance recorded | 20 | 20 | 41 | ||
Total | 124 | 124 | 121 | ||
Related Allowance | 3 | 3 | 4 | ||
Average Carrying Value | |||||
With no recorded allowance | 81 | 48 | 75 | 54 | |
With an allowance recorded | 8 | 106 | 22 | 91 | |
Total | 89 | 154 | 97 | 145 | |
Interest Income Recognized | |||||
With no recorded allowance | 1 | 0 | 1 | 0 | |
With an allowance recorded | 0 | 1 | 0 | 2 | |
Total | 1 | 1 | 1 | 2 | |
Commercial Portfolio Segment | Commercial lease financing | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 3 | 3 | 0 | ||
With an allowance recorded | 45 | 45 | 20 | ||
Total | 48 | 48 | 20 | ||
Carrying Value | |||||
With no recorded allowance | 3 | 3 | 0 | ||
With an allowance recorded | 44 | 44 | 18 | ||
Total | 47 | 47 | 18 | ||
Related Allowance | 0 | 0 | 3 | ||
Average Carrying Value | |||||
With an allowance recorded | 25 | 4 | 18 | 4 | |
Total | 32 | 4 | 24 | 4 | |
Interest Income Recognized | |||||
With an allowance recorded | 0 | 0 | 0 | 0 | |
Total | 0 | 0 | 0 | 0 | |
Commercial Portfolio Segment | Small Business Commercial | |||||
Unpaid Principal Balance | |||||
With an allowance recorded | 86 | 86 | 84 | ||
Total | 86 | 86 | 84 | ||
Carrying Value | |||||
With an allowance recorded | 73 | 73 | 70 | ||
Total | 73 | 73 | 70 | ||
Related Allowance | 28 | 28 | $ 27 | ||
Average Carrying Value | |||||
With an allowance recorded | 73 | 77 | 74 | 75 | |
Total | 73 | 77 | 74 | 75 | |
Interest Income Recognized | |||||
With an allowance recorded | 0 | 0 | 0 | 0 | |
Total | $ 0 | $ 0 | $ 0 | $ 0 |
Outstanding Loans and Leases 78
Outstanding Loans and Leases - Commercial - TDRs Entered Into During the Period (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
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 | $ 804,000,000 | $ 456,000,000 | $ 1,352,000,000 | $ 755,000,000 | |
Carrying Value | 794,000,000 | 437,000,000 | 1,264,000,000 | 704,000,000 | |
Net charge-offs | 9,000,000 | 21,000,000 | $ 26,000,000 | 62,000,000 | |
Threshold period past due for nonperforming status of financing receivables | 90 days | ||||
Commercial Portfolio Segment | Commercial lease financing | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 45,000,000 | $ 45,000,000 | |||
Carrying Value | 45,000,000 | 45,000,000 | |||
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 2,000,000 | 0 | |||
Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 5,000,000 | 44,000,000 | 5,000,000 | 59,000,000 | |
Carrying Value | 5,000,000 | 37,000,000 | 5,000,000 | 46,000,000 | |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 17,000,000 | 32,000,000 | |||
Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 3,000,000 | 7,000,000 | 5,000,000 | 9,000,000 | |
Carrying Value | 3,000,000 | 7,000,000 | 5,000,000 | 10,000,000 | |
Commercial Portfolio Segment | United States | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 743,000,000 | 405,000,000 | 1,040,000,000 | 687,000,000 | |
Carrying Value | 733,000,000 | $ 393,000,000 | 962,000,000 | 648,000,000 | |
Trouble debt restructurings entered payment default that were modified during the preceding twelve months | 178,000,000 | $ 78,000,000 | |||
Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 8,000,000 | 257,000,000 | |||
Carrying Value | $ 8,000,000 | $ 247,000,000 |
Outstanding Loans and Leases 79
Outstanding Loans and Leases - Rollforward of Accretable Yield (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Rollforward of Accretable Yield | ||||
Accretable yield, beginning of period | $ 2,730 | $ 2,789 | ||
Accretion | (124) | (254) | ||
Disposals/transfers | (105) | (212) | ||
Reclassifications from nonaccretable difference | 57 | 235 | ||
Accretable yield, end of period | 2,558 | 2,558 | ||
Purchased credit impaired loans sold | $ 51 | $ 204 | $ 160 | $ 204 |
Outstanding Loans and Leases 80
Outstanding Loans and Leases - Loans Held-for-Sale (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Loans held-for-sale | $ 6,511 | $ 11,430 | |
Proceeds including cash and securities from sales securitizations and paydowns of loans held for sale | 17,300 | $ 21,100 | |
Originations and purchases | $ 11,709 | $ 18,103 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | $ 10,260 | $ 11,112 | $ 10,393 | $ 11,237 |
Loans and leases charged off | (1,378) | (1,350) | (2,674) | (2,660) |
Recoveries of loans and leases previously charged off | 382 | 442 | 767 | 818 |
Net charge-offs | (996) | (908) | (1,907) | (1,842) |
Provision (benefit) for loan and lease losses | 822 | 726 | 1,651 | 1,566 |
Other | 0 | 0 | (16) | 2 |
Allowance for loan and lease losses, end of the period | 10,050 | 10,875 | 10,050 | 10,875 |
Provision for unfunded lending commitments | 827 | 726 | 1,661 | 1,561 |
Reserve for unfunded lending commitments, end of the period | 10,837 | 11,632 | 10,837 | 11,632 |
Allowance for credit losses | 10,837 | 11,632 | 10,837 | 11,632 |
Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 782 | 757 | 777 | 762 |
Provision for unfunded lending commitments | 5 | 10 | (5) | |
Reserve for unfunded lending commitments, end of the period | 787 | 757 | 787 | 757 |
Allowance for credit losses | 782 | 757 | 777 | 762 |
Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | (36) | (55) | (71) | (88) |
Provision (benefit) for loan and lease losses | (14) | (24) | (25) | 44 |
Reserve for unfunded lending commitments, beginning of the period | 289 | |||
Reserve for unfunded lending commitments, end of the period | 191 | 191 | ||
Allowance for credit losses | 191 | 289 | ||
Financing receivable allowance sold | 1 | 35 | 17 | 35 |
Consumer Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 1,530 | 2,565 | 1,720 | 2,750 |
Loans and leases charged off | (137) | (198) | (311) | (402) |
Recoveries of loans and leases previously charged off | 130 | 167 | 277 | 290 |
Net charge-offs | (7) | (31) | (34) | (112) |
Provision (benefit) for loan and lease losses | (121) | (170) | (249) | (241) |
Other | 0 | 0 | 0 | 0 |
Allowance for loan and lease losses, end of the period | 1,366 | 2,309 | 1,366 | 2,309 |
Reserve for unfunded lending commitments, end of the period | 1,366 | 2,309 | 1,366 | 2,309 |
Allowance for credit losses | 1,366 | 2,309 | 1,366 | 2,309 |
Consumer Real Estate | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 0 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 | |
Reserve for unfunded lending commitments, end of the period | 0 | 0 | 0 | 0 |
Allowance for credit losses | 0 | 0 | 0 | 0 |
Consumer Real Estate | Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | (36) | (55) | (71) | (88) |
Reserve for unfunded lending commitments, beginning of the period | 289 | |||
Reserve for unfunded lending commitments, end of the period | 191 | 191 | ||
Allowance for credit losses | 191 | 289 | ||
Credit card and other consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 3,720 | 3,329 | 3,663 | 3,229 |
Loans and leases charged off | (1,033) | (954) | (2,039) | (1,900) |
Recoveries of loans and leases previously charged off | 210 | 234 | 413 | 434 |
Net charge-offs | (823) | (720) | (1,626) | (1,466) |
Provision (benefit) for loan and lease losses | 878 | 776 | 1,754 | 1,619 |
Other | (1) | 1 | (17) | 4 |
Allowance for loan and lease losses, end of the period | 3,774 | 3,386 | 3,774 | 3,386 |
Reserve for unfunded lending commitments, end of the period | 3,774 | 3,386 | 3,774 | 3,386 |
Allowance for credit losses | 3,774 | 3,386 | 3,774 | 3,386 |
Credit card and other consumer | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 0 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 | |
Reserve for unfunded lending commitments, end of the period | 0 | 0 | 0 | 0 |
Allowance for credit losses | 0 | 0 | 0 | 0 |
Credit card and other consumer | Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | 0 | 0 | 0 | 0 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 5,010 | 5,218 | 5,010 | 5,258 |
Loans and leases charged off | (208) | (198) | (324) | (358) |
Recoveries of loans and leases previously charged off | 42 | 41 | 77 | 94 |
Net charge-offs | (166) | (157) | (247) | (264) |
Provision (benefit) for loan and lease losses | 65 | 120 | 146 | 188 |
Other | 1 | (1) | 1 | (2) |
Allowance for loan and lease losses, end of the period | 4,910 | 5,180 | 4,910 | 5,180 |
Reserve for unfunded lending commitments, end of the period | 5,697 | 5,937 | 5,697 | 5,937 |
Allowance for credit losses | 5,697 | 5,937 | 5,697 | 5,937 |
Commercial | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 782 | 757 | 777 | 762 |
Provision for unfunded lending commitments | 5 | 10 | (5) | |
Reserve for unfunded lending commitments, end of the period | 787 | 757 | 787 | 757 |
Allowance for credit losses | 782 | 757 | 777 | 762 |
Commercial | Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Credit Losses -82
Allowance for Credit Losses - Allowance and Carrying Value by Portfolio Segment (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | $ 682 | $ 663 | ||||
Carrying value | $ 13,476 | $ 15,451 | ||||
Allowance as a percentage of carrying value | 5.06% | 4.29% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 9,177 | $ 9,441 | ||||
Carrying value | $ 906,536 | $ 904,871 | ||||
Allowance as a percentage of carrying value | 1.01% | 1.04% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 10,837 | $ 11,632 | ||||
Valuation allowance as a percentage of carrying value | 1.99% | 2.70% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 10,050 | $ 10,260 | $ 10,393 | 10,875 | $ 11,112 | $ 11,237 |
Carrying value | $ 929,597 | $ 931,039 | ||||
Allowance as a percentage of carrying value | 1.08% | 1.12% | ||||
Loans and leases | $ 935,824 | $ 936,749 | ||||
Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | 6,227 | 5,710 | ||||
Purchased Credit-impaired | ||||||
Purchased credit-impaired loans | ||||||
Valuation allowance | 191 | 289 | ||||
Carrying value gross of valuation allowance | 9,585 | 10,717 | ||||
Total | ||||||
Loans and leases | 9,585 | 10,717 | ||||
Consumer real estate | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | 327 | 348 | ||||
Carrying value | $ 10,470 | $ 12,554 | ||||
Allowance as a percentage of carrying value | 3.12% | 2.77% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 848 | $ 1,083 | ||||
Carrying value | $ 241,096 | $ 238,284 | ||||
Allowance as a percentage of carrying value | 0.35% | 0.45% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 1,366 | 2,309 | ||||
Valuation allowance as a percentage of carrying value | 1.99% | 2.70% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 1,366 | 1,530 | $ 1,720 | 2,309 | 2,565 | 2,750 |
Carrying value | $ 261,151 | $ 261,555 | ||||
Allowance as a percentage of carrying value | 0.52% | 0.66% | ||||
Consumer real estate | Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | $ 848 | $ 928 | ||||
Consumer real estate | Purchased Credit-impaired | ||||||
Purchased credit-impaired loans | ||||||
Valuation allowance | 191 | 289 | ||||
Carrying value gross of valuation allowance | 9,585 | 10,717 | ||||
Credit card and other consumer | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | 143 | 125 | ||||
Carrying value | $ 517 | $ 490 | ||||
Allowance as a percentage of carrying value | 27.66% | 25.51% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 3,631 | $ 3,538 | ||||
Carrying value | $ 187,061 | $ 192,303 | ||||
Allowance as a percentage of carrying value | 1.94% | 1.84% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 3,774 | 3,386 | ||||
Total | ||||||
Allowance for loan and lease losses | 3,774 | 3,720 | $ 3,663 | 3,386 | 3,329 | 3,229 |
Carrying value | $ 187,578 | $ 192,793 | ||||
Allowance as a percentage of carrying value | 2.01% | 1.90% | ||||
Commercial | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | $ 212 | $ 190 | ||||
Carrying value | $ 2,489 | $ 2,407 | ||||
Allowance as a percentage of carrying value | 8.52% | 7.89% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 4,698 | $ 4,820 | ||||
Carrying value | $ 478,379 | $ 474,284 | ||||
Allowance as a percentage of carrying value | 0.98% | 1.02% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 5,697 | 5,937 | ||||
Total | ||||||
Allowance for loan and lease losses | 4,910 | $ 5,010 | $ 5,010 | $ 5,180 | $ 5,218 | $ 5,258 |
Carrying value | $ 480,868 | $ 476,691 | ||||
Allowance as a percentage of carrying value | 1.02% | 1.05% | ||||
Loans and leases | $ 486,247 | $ 481,473 | ||||
Commercial | Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | $ 5,379 | $ 4,782 |
Securitizations and Other Var83
Securitizations and Other Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions | Jun. 06, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Carrying value of redeemed assets held-in-trust | $ 3,100 | ||
Charge on extinguishment of debt | $ (729) | ||
Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Liquidity commitments to unconsolidated securitization trusts | $ 271 | $ 442 |
Securitizations and Other Var84
Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
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 | $ 1,379 | $ 3,302 | $ 3,065 | $ 7,958 | |
Gains on securitizations | 23 | 61 | 41 | 100 | |
Repurchases from securitization trusts | 357 | 602 | 858 | 1,474 | |
Gain (loss) on loans securitized | 21 | 42 | 45 | 132 | |
Commercial Mortgage | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Cash proceeds from new securitizations | 1,672 | 1,097 | 2,184 | 1,706 | |
Gains on securitizations | 21 | 35 | 39 | 53 | |
Repurchases from securitization trusts | 0 | 0 | 0 | 0 | |
First Lien Mortgages | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Mortgage loans serviced for investors | 249,500 | 304,900 | 249,500 | 304,900 | |
Servicing fees | 181 | 233 | 378 | 478 | |
Transfers continuing involvement servicing fee advances | 3,800 | 3,800 | $ 4,500 | ||
First Lien Mortgages | Level 2 | |||||
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 | $ 164 | $ 288 | $ 302 | $ 563 |
Securitizations and Other Var85
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
On-balance sheet assets | |||
Trading account assets | $ 203,420 | $ 209,358 | |
Debt securities carried at fair value | 275,256 | 315,117 | |
Held-to-maturity securities | 163,013 | 125,013 | |
Loans and leases, net | 935,824 | 936,749 | |
All other assets | 130,288 | 135,043 | |
Total assets | 2,291,670 | 2,281,234 | $ 2,254,714 |
Total liabilities | 2,027,454 | 2,014,088 | |
Unpaid principal balance of mortgage loans eligible for repurchase | 61 | 148 | |
Principal amount that would be payable to the securitization vehicles | 61 | 148 | |
Unconsolidated VIEs | Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 17,336 | 19,110 | |
On-balance sheet assets | |||
All other assets | 0 | 10 | |
Total assets | 17,336 | 19,110 | |
Principal balance outstanding | 208,265 | 232,761 | |
Unconsolidated VIEs | Agency | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 636 | 716 | |
Debt securities carried at fair value | 13,075 | 15,036 | |
Held-to-maturity securities | 3,625 | 3,348 | |
Unconsolidated VIEs | Non-agency | Prime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 655 | 689 | |
On-balance sheet assets | |||
All other assets | 5 | 5 | |
Total assets | 475 | 488 | |
Principal balance outstanding | 10,083 | 10,549 | |
Unconsolidated VIEs | Non-agency | Prime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 50 | 6 | |
Debt securities carried at fair value | 420 | 477 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Subprime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 2,483 | 2,643 | |
On-balance sheet assets | |||
All other assets | 60 | 38 | |
Total assets | 2,117 | 2,269 | |
Principal balance outstanding | 9,436 | 10,254 | |
Unconsolidated VIEs | Non-agency | Subprime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 36 | 10 | |
Debt securities carried at fair value | 2,021 | 2,221 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 399 | 403 | |
On-balance sheet assets | |||
All other assets | 2 | 2 | |
Total assets | 399 | 403 | |
Principal balance outstanding | 25,640 | 28,129 | |
Unconsolidated VIEs | Non-agency | Alt-A | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 62 | 50 | |
Debt securities carried at fair value | 335 | 351 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Commercial Mortgage | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 615 | 585 | |
On-balance sheet assets | |||
All other assets | 80 | 88 | |
Total assets | 500 | 470 | |
Principal balance outstanding | 26,487 | 26,504 | |
Unconsolidated VIEs | Commercial Mortgage | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 58 | 108 | |
Debt securities carried at fair value | 0 | 0 | |
Held-to-maturity securities | 362 | 274 | |
Consolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 5,692 | 6,521 | |
Loans and leases, net | 45,483 | 48,929 | |
All other assets | 396 | 1,694 | |
Total assets | 50,615 | 56,155 | |
Total liabilities | 10,300 | 10,222 | |
Consolidated VIEs | Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 13,342 | 14,502 | |
On-balance sheet assets | |||
Trading account assets | 269 | 232 | |
Loans and leases, net | 12,867 | 14,030 | |
All other assets | 207 | 240 | |
Total assets | 13,343 | 14,502 | |
Total liabilities | 3 | 3 | |
Consolidated VIEs | Non-agency | Prime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 653 | 571 | |
On-balance sheet assets | |||
Trading account assets | 837 | 571 | |
Loans and leases, net | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 837 | 571 | |
Total liabilities | 184 | 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, net | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Consolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 0 | |
On-balance sheet assets | |||
Trading account assets | 0 | 0 | |
Loans and leases, net | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Consolidated VIEs | Commercial Mortgage | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 0 | |
On-balance sheet assets | |||
Trading account assets | 0 | 0 | |
Loans and leases, net | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 0 | 0 | |
Total liabilities | $ 0 | $ 0 |
Securitizations and Other Var86
Securitizations and Other Variable Interest Entities - Home Equity Loan, Credit Card and Other Asset-backed VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
On-balance sheet assets | ||||||
Trading account assets | $ 203,420 | $ 209,358 | ||||
Debt securities carried at fair value | 275,256 | 315,117 | ||||
Held-to-maturity securities | 163,013 | 125,013 | ||||
Securities | 438,269 | 440,130 | ||||
Loans and leases | 935,824 | 936,749 | ||||
Allowance for loan and lease losses | (10,050) | $ (10,260) | (10,393) | $ (10,875) | $ (11,112) | $ (11,237) |
All other assets | 130,288 | 135,043 | ||||
Total assets | 2,291,670 | 2,281,234 | $ 2,254,714 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 226,595 | 227,402 | ||||
Total liabilities | 2,027,454 | 2,014,088 | ||||
Consolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 5,692 | 6,521 | ||||
Loans and leases | 45,483 | 48,929 | ||||
Allowance for loan and lease losses | (959) | (1,016) | ||||
All other assets | 396 | 1,694 | ||||
Total assets | 50,615 | 56,155 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 9,865 | 9,873 | ||||
All other liabilities | 39 | 37 | ||||
Total liabilities | 10,300 | 10,222 | ||||
Home Equity Loan | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 1,238 | 1,522 | ||||
On-balance sheet assets | ||||||
Total assets | 31 | 36 | ||||
Unconsolidated total assets of VIEs | 2,085 | 2,432 | ||||
Home Equity Loan | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 97 | 112 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Loans and leases | 154 | 177 | ||||
Allowance for loan and lease losses | (7) | (9) | ||||
All other assets | 5 | 6 | ||||
Total assets | 152 | 174 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 65 | 76 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 65 | 76 | ||||
Home Equity Loan | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Debt securities carried at fair value | 31 | 36 | ||||
Held-to-maturity securities | 0 | 0 | ||||
Home Equity Loan | Junior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Securities | 0 | 0 | ||||
Credit Card | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 0 | 0 | ||||
On-balance sheet assets | ||||||
Total assets | 0 | 0 | ||||
Unconsolidated total assets of VIEs | 0 | 0 | ||||
Credit Card | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 20,518 | 24,337 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Loans and leases | 30,433 | 32,554 | ||||
Allowance for loan and lease losses | (944) | (988) | ||||
All other assets | 128 | 1,385 | ||||
Total assets | 29,617 | 32,951 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 9,071 | 8,598 | ||||
All other liabilities | 28 | 16 | ||||
Total liabilities | 9,099 | 8,614 | ||||
Residual interests | 13,000 | 15,600 | ||||
Credit Card | 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 | Junior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Securities | 0 | 0 | ||||
Resecuritization Trusts | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 8,025 | 8,204 | ||||
On-balance sheet assets | ||||||
Total assets | 8,025 | 8,204 | ||||
Unconsolidated total assets of VIEs | 19,975 | 19,281 | ||||
Resecuritization Trusts | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 264 | 628 | ||||
On-balance sheet assets | ||||||
Trading account assets | 622 | 1,557 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
All other assets | 0 | 0 | ||||
Total assets | 622 | 1,557 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 358 | 929 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 358 | 929 | ||||
Resecuritization Trusts | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 1,297 | 869 | ||||
Debt securities carried at fair value | 1,471 | 1,661 | ||||
Held-to-maturity securities | 5,257 | 5,644 | ||||
Resecuritization Trusts | Junior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Securities | 0 | 30 | ||||
Municipal Bond Trusts | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 1,726 | 1,631 | ||||
On-balance sheet assets | ||||||
Total assets | 0 | 33 | ||||
Unconsolidated total assets of VIEs | 2,378 | 2,287 | ||||
Municipal Bond Trusts | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 1,480 | 1,453 | ||||
On-balance sheet assets | ||||||
Trading account assets | 1,492 | 1,452 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
All other assets | 1 | 1 | ||||
Total assets | 1,493 | 1,453 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 396 | 312 | ||||
Long-term debt | 12 | 0 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 408 | 312 | ||||
Municipal Bond Trusts | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 33 | ||||
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 | ||||||
Securities | $ 0 | $ 0 |
Securitizations and Other Var87
Securitizations and Other Variable Interest Entities - Other Asset-backed Securitizations, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Liquidity commitments to unconsolidated securitization trusts | $ 271 | $ 271 | $ 442 | ||
Credit Card Receivable | |||||
Variable Interest Entity [Line Items] | |||||
Principal balance outstanding | $ 7,500 | $ 7,500 | 7,400 | ||
Transferred financial assets, stated interest rate | 0.00% | 0.00% | |||
Credit Card Receivable | Senior Lien | |||||
Variable Interest Entity [Line Items] | |||||
Transferred financial assets, amount issued | $ 2,800 | $ 2,000 | |||
Credit Card Receivable | Junior Lien | |||||
Variable Interest Entity [Line Items] | |||||
Transferred financial assets, amount issued | 448 | 323 | |||
Resecuritization Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | $ 6,800 | $ 7,300 | 13,600 | 15,100 | |
Resecuritization Trusts | Debt securities | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | 910 | $ 1,100 | 2,200 | $ 1,800 | |
Municipal Bond Trusts | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Liquidity commitments to unconsolidated securitization trusts | $ 1,700 | $ 1,700 | $ 1,600 | ||
Weighted average remaining life of bonds held in the trusts in years | 6 years 1 month 6 days |
Securitizations and Other Var88
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
On-balance sheet assets | ||||||
Trading account assets | $ 203,420 | $ 209,358 | ||||
Debt securities carried at fair value | 275,256 | 315,117 | ||||
Loans and leases | 935,824 | 936,749 | ||||
Allowance for loan and lease losses | (10,050) | $ (10,260) | (10,393) | $ (10,875) | $ (11,112) | $ (11,237) |
Loans held-for-sale | 6,511 | 11,430 | ||||
All other assets | 130,288 | 135,043 | ||||
Total assets | 2,291,670 | 2,281,234 | $ 2,254,714 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 226,595 | 227,402 | ||||
Total liabilities | 2,027,454 | 2,014,088 | ||||
Consolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 5,692 | 6,521 | ||||
Loans and leases | 45,483 | 48,929 | ||||
Allowance for loan and lease losses | (959) | (1,016) | ||||
Loans held-for-sale | 3 | 27 | ||||
All other assets | 396 | 1,694 | ||||
Total assets | 50,615 | 56,155 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 9,865 | 9,873 | ||||
All other liabilities | 39 | 37 | ||||
Total liabilities | 10,300 | 10,222 | ||||
Other Variable Interest Entities | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 25,578 | 24,445 | ||||
On-balance sheet assets | ||||||
Trading account assets | 3,128 | 3,055 | ||||
Debt securities carried at fair value | 61 | 160 | ||||
Loans and leases | 6,691 | 5,748 | ||||
Allowance for loan and lease losses | (32) | (35) | ||||
Loans held-for-sale | 391 | 967 | ||||
All other assets | 15,073 | 14,338 | ||||
Total assets | 25,312 | 24,233 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 174 | 270 | ||||
All other liabilities | 3,991 | 3,435 | ||||
Total liabilities | 4,165 | 3,705 | ||||
Consolidated total assets of VIEs | 4,551 | 4,947 | ||||
Unconsolidated total assets of VIEs | 86,070 | 69,746 | ||||
Total assets of VIEs | 90,621 | 74,693 | ||||
Other Variable Interest Entities | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 4,369 | 4,660 | ||||
On-balance sheet assets | ||||||
Trading account assets | 2,472 | 2,709 | ||||
Debt securities carried at fair value | 0 | 0 | ||||
Loans and leases | 2,024 | 2,152 | ||||
Allowance for loan and lease losses | (3) | (3) | ||||
Loans held-for-sale | 3 | 27 | ||||
All other assets | 55 | 62 | ||||
Total assets | 4,551 | 4,947 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 174 | 270 | ||||
All other liabilities | 9 | 18 | ||||
Total liabilities | 183 | 288 | ||||
Other Variable Interest Entities | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 21,209 | 19,785 | ||||
On-balance sheet assets | ||||||
Trading account assets | 656 | 346 | ||||
Debt securities carried at fair value | 61 | 160 | ||||
Loans and leases | 4,667 | 3,596 | ||||
Allowance for loan and lease losses | (29) | (32) | ||||
Loans held-for-sale | 388 | 940 | ||||
All other assets | 15,018 | 14,276 | ||||
Total assets | 20,761 | 19,286 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 0 | 0 | ||||
All other liabilities | 3,982 | 3,417 | ||||
Total liabilities | $ 3,982 | $ 3,417 |
Securitizations and Other Var89
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||||
Total assets | $ 2,291,670 | $ 2,254,714 | $ 2,291,670 | $ 2,254,714 | $ 2,281,234 |
Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 50,615 | 50,615 | 56,155 | ||
Customer Vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 2,200 | 2,200 | 2,300 | ||
Collateralized Debt Obligations | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 444 | 444 | 358 | ||
Investment Vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 6,000 | 6,000 | 5,700 | ||
Investment Vehicles | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 243 | 243 | 249 | ||
Investment Vehicles | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 33,800 | 33,800 | 20,300 | ||
Leveraged Lease Trusts | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 1,900 | 1,900 | 2,000 | ||
Tax Credit Vehicles | |||||
Investments in Affordable Housing Projects [Abstract] | |||||
Unfunded commitments | 3,600 | $ 3,600 | 3,100 | ||
Unfunded commitment payment period | 5 years | ||||
Tax credits and other benefits | 237 | 281 | $ 485 | 532 | |
Expected tax benefits recognized, as a percentage | 25.00% | ||||
Tax Credit Vehicles | Other income | |||||
Investments in Affordable Housing Projects [Abstract] | |||||
Pretax losses | 217 | $ 207 | $ 425 | $ 403 | |
Tax Credit Vehicles | Other assets | |||||
Investments in Affordable Housing Projects [Abstract] | |||||
Investments in affordable housing project investments | 8,400 | 8,400 | 8,000 | ||
Tax Credit Vehicles | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | $ 14,600 | $ 14,600 | $ 13,800 |
Goodwill and Intangible Asset90
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||
Total goodwill | $ 68,951 | $ 68,951 |
Operating Segments | Consumer Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 30,123 | 30,123 |
Operating Segments | Consumer Banking | Deposits | ||
Goodwill [Line Items] | ||
Total goodwill | 18,414 | 18,414 |
Operating Segments | Consumer Banking | Consumer Lending | ||
Goodwill [Line Items] | ||
Total goodwill | 11,709 | 11,709 |
Operating Segments | Global Wealth & Investment Management | ||
Goodwill [Line Items] | ||
Total goodwill | 9,677 | 9,677 |
Operating Segments | Global Wealth & Investment Management | U.S. Trust | ||
Goodwill [Line Items] | ||
Total goodwill | 2,917 | 2,917 |
Operating Segments | Global Wealth & Investment Management | Merrill Lynch Global Wealth Management | ||
Goodwill [Line Items] | ||
Total goodwill | 6,760 | 6,760 |
Operating Segments | Global Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 23,923 | 23,923 |
Operating Segments | Global Banking | Global Commercial Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 16,146 | 16,146 |
Operating Segments | Global Banking | Global Corporate and Investment Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 6,231 | 6,231 |
Operating Segments | Global Banking | Business Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 1,546 | 1,546 |
Operating Segments | Global Markets | ||
Goodwill [Line Items] | ||
Total goodwill | 5,182 | 5,182 |
All Other | ||
Goodwill [Line Items] | ||
Total goodwill | $ 46 | $ 46 |
Goodwill and Intangible Asset91
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Intangible Assets [Abstract] | ||
Gross Carrying Value | $ 13,640 | $ 13,640 |
Accumulated Amortization | 11,598 | 11,328 |
Net Carrying Value | 2,042 | 2,312 |
Trade Names | ||
Intangible Assets [Abstract] | ||
Intangible assets, net (excluding goodwill) | 1,600 | 1,600 |
Purchased credit card and affinity relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 5,919 | 5,919 |
Accumulated Amortization | 5,682 | 5,604 |
Net Carrying Value | 237 | 315 |
Core deposit and other intangibles | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,835 | 3,835 |
Accumulated Amortization | 2,181 | 2,140 |
Net Carrying Value | 1,654 | 1,695 |
Customer relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,886 | 3,886 |
Accumulated Amortization | 3,735 | 3,584 |
Net Carrying Value | $ 151 | $ 302 |
Goodwill and Intangible Asset92
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles | $ 135,000,000 | $ 160,000,000 | $ 269,000,000 | $ 322,000,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Remainder of 2018 | 268,000,000 | 268,000,000 | ||
2,019 | 105,000,000 | 105,000,000 | ||
2,020 | 53,000,000 | 53,000,000 | ||
2,021 | 0 | 0 | ||
2,022 | 0 | 0 | ||
Thereafter | $ 0 | $ 0 |
Federal Funds Sold or Purchas93
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Amount | ||||
Average during period | $ 194,298 | $ 208,760 | $ 194,953 | $ 200,265 |
Maximum month-end balance during period | $ 199,419 | $ 218,017 | $ 199,419 | $ 218,017 |
Rate | ||||
Average during period | 1.85% | 1.21% | 1.63% | 1.08% |
Short-term borrowings | ||||
Amount | ||||
Average during period | $ 40,542 | $ 42,881 | $ 43,422 | $ 41,468 |
Maximum month-end balance during period | $ 44,382 | $ 46,202 | $ 52,480 | $ 46,202 |
Rate | ||||
Average during period | 5.61% | 2.65% | 4.75% | 2.39% |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Amount | ||||
Average during period | $ 251,880 | $ 226,700 | $ 250,110 | $ 221,579 |
Maximum month-end balance during period | $ 264,923 | $ 237,064 | $ 264,923 | $ 237,064 |
Rate | ||||
Average during period | 1.13% | 0.77% | 1.07% | 0.72% |
Federal Funds Sold or Purchas94
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Securities borrowed or purchased under agreements to resell: | ||
Gross Assets | $ 353,551 | $ 348,472 |
Amounts Offset | (127,065) | (135,725) |
Net Balance Sheet Amount | 226,486 | 212,747 |
Financial Instruments | (186,805) | (165,720) |
Net Assets | 39,681 | 47,027 |
Securities loaned or sold under agreements to repurchase: | ||
Gross Liabilities | 304,968 | 312,582 |
Amounts Offset | (127,065) | (135,725) |
Net Balance Sheet Amount | 177,903 | 176,857 |
Financial Instruments | (147,798) | (146,205) |
Net Liabilities | 30,105 | 30,652 |
Other: | ||
Gross Liabilities | 21,063 | 22,711 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 21,063 | 22,711 |
Financial Instruments | (21,063) | (22,711) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability: | ||
Gross Liabilities | 326,031 | 335,293 |
Amounts Offset | (127,065) | (135,725) |
Net Balance Sheet Amount | 198,966 | 199,568 |
Financial Instruments | (168,861) | (168,916) |
Net Liabilities | 30,105 | 30,652 |
Loans and leases repurchase activity | $ 11,500 | $ 10,200 |
Federal Funds Sold or Purchas95
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Remaining Contractual Maturity (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 284,786 | $ 290,895 |
Securities loaned | 20,182 | 21,687 |
Other | 21,063 | 22,711 |
Total | $ 326,031 | $ 335,293 |
Maximum agreement maturity period (less than) | 3 years | 3 years |
Overnight and Continuous | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 125,778 | $ 125,956 |
Securities loaned | 12,671 | 9,853 |
Other | 21,063 | 22,711 |
Total | 159,512 | 158,520 |
30 Days or Less | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 81,805 | 79,913 |
Securities loaned | 236 | 5,658 |
Other | 0 | 0 |
Total | 82,041 | 85,571 |
After 30 Days Through 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 32,591 | 46,091 |
Securities loaned | 2,353 | 2,043 |
Other | 0 | 0 |
Total | 34,944 | 48,134 |
Greater than 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 44,612 | 38,935 |
Securities loaned | 4,922 | 4,133 |
Other | 0 | 0 |
Total | $ 49,534 | $ 43,068 |
Federal Funds Sold or Purchas96
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Class of Collateral Pledged (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | $ 284,786 | $ 290,895 |
Securities Loaned | 20,182 | 21,687 |
Other | 21,063 | 22,711 |
Total | 326,031 | 335,293 |
U.S. government and agency securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 153,756 | 158,299 |
Securities Loaned | 0 | 0 |
Other | 0 | 409 |
Total | 153,756 | 158,708 |
Corporate securities, trading loans and other | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 13,093 | 12,787 |
Securities Loaned | 2,246 | 2,669 |
Other | 348 | 624 |
Total | 15,687 | 16,080 |
Equity securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 19,408 | 23,975 |
Securities Loaned | 14,288 | 13,523 |
Other | 20,663 | 21,628 |
Total | 54,359 | 59,126 |
Non-U.S. sovereign debt | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 94,054 | 90,857 |
Securities Loaned | 3,648 | 5,495 |
Other | 52 | 50 |
Total | 97,754 | 96,402 |
Mortgage trading loans and ABS | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 4,475 | 4,977 |
Securities Loaned | 0 | 0 |
Other | 0 | 0 |
Total | $ 4,475 | $ 4,977 |
Federal Funds Sold or Purchas97
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Billions | Jun. 30, 2018 | Dec. 31, 2017 |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | ||
Restricted cash | $ 18.8 | $ 18.8 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Legally binding unfunded commitments syndicated | $ 10,700 | $ 11,000 |
Carrying amount credit extension commitments syndicated | 803 | 793 |
Deferred revenue | 16 | 16 |
Other liabilities reserve for unfunded lending commitments | 787 | 777 |
Notional amount of credit extension commitments under fair value option | 3,400 | 4,800 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair value carrying amount liabilities | $ 114 | $ 120 |
Commitments and Contingencies99
Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 482,260 | $ 475,273 |
Expire After One Year Through Three Years | 160,820 | 156,777 |
Expire After Three Years Through Five Years | 156,527 | 152,880 |
Expire After Five Years | 54,585 | 53,823 |
Total | 854,192 | 838,753 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 111,614 | 113,243 |
Expire After One Year Through Three Years | 160,820 | 156,777 |
Expire After Three Years Through Five Years | 156,527 | 152,880 |
Expire After Five Years | 54,585 | 53,823 |
Total | 483,546 | 476,723 |
Loan commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 85,580 | 85,804 |
Expire After One Year Through Three Years | 147,418 | 140,942 |
Expire After Three Years Through Five Years | 151,105 | 147,043 |
Expire After Five Years | 20,103 | 21,342 |
Total | 404,206 | 395,131 |
Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 3,862 | 6,172 |
Expire After One Year Through Three Years | 3,048 | 4,457 |
Expire After Three Years Through Five Years | 2,717 | 2,288 |
Expire After Five Years | 33,805 | 31,250 |
Total | 43,432 | 44,167 |
Standby letters of credit and other | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 20,794 | 19,976 |
Expire After One Year Through Three Years | 10,190 | 11,261 |
Expire After Three Years Through Five Years | 2,537 | 3,420 |
Expire After Five Years | 627 | 1,144 |
Total | 34,148 | 35,801 |
Standby letters of credit and other | Credit Card and Other Consumer | ||
Other Commitments [Line Items] | ||
Total | 401 | 421 |
Standby letters of credit and other | Investment grade | ||
Other Commitments [Line Items] | ||
Total | 26,300 | 27,300 |
Standby letters of credit and other | Non-investment grade | ||
Other Commitments [Line Items] | ||
Total | 7,400 | 8,100 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,378 | 1,291 |
Expire After One Year Through Three Years | 164 | 117 |
Expire After Three Years Through Five Years | 168 | 129 |
Expire After Five Years | 50 | 87 |
Total | 1,760 | 1,624 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 370,646 | 362,030 |
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 | $ 370,646 | $ 362,030 |
Commitments and Contingencie100
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
Other commitment, remainder of fiscal year | $ 1,100 | |
2,019 | 2,200 | |
2,020 | 2,100 | |
2,021 | 1,800 | |
2,022 | 1,500 | |
Thereafter | 6,200 | |
Liquefied Natural Gas Commodities | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 1,500 | $ 1,500 |
Forward-Dated Securities Agreements | ||
Loss Contingencies [Line Items] | ||
Other Commitment, Period | 18 months | |
Forward-Dated Resale and Securities Borrowing Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 76,400 | 56,800 |
Forward-Dated Repurchase and Securities Lending Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 45,800 | 34,300 |
Auto Loans and Leases | ||
Loss Contingencies [Line Items] | ||
Other commitment, due in next twelve months | $ 3,000 | 3,000 |
Other Commitment, Termination Prior Notice Period | 12 months | |
Retail Automotive Loans | ||
Loss Contingencies [Line Items] | ||
Other commitments | 345 | |
Residential and Commercial Portfolio Segments | Residential and Commercial Financing Receivable | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 455 | 344 |
Commercial Portfolio Segment | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 473 | $ 994 |
Commitments and Contingencie101
Commitments and Contingencies - Other Guarantees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Representations and Warranties Obligations and Corporate Guarantees | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 2,100 | $ 2,100 | $ 1,900 | ||
Merchant Servicing Joint Venture | |||||
Loss Contingencies [Line Items] | |||||
Equity method investment ownership percentage | 49.00% | 49.00% | |||
Carrying value of investment | $ 2,800 | $ 2,800 | 2,900 | ||
Merchant Processing Servicers, Sponsored Entities | |||||
Loss Contingencies [Line Items] | |||||
Transactions processed and settled by sponsored entities | 226,100 | $ 204,600 | 426,800 | $ 391,400 | |
Losses as result of cardholder disputed transactions | 9 | $ 8 | 17 | $ 15 | |
Life Insurance Book Value Protection | |||||
Loss Contingencies [Line Items] | |||||
Notional amount of derivatives | 10,400 | 10,400 | 10,400 | ||
Maximum potential exposure | 1,600 | 1,600 | 1,600 | ||
Merchant Services | Merchant Processing Servicers, Sponsored Entities | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential exposure | 346,800 | 346,800 | 346,400 | ||
Other Guarantee | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential exposure | $ 6,200 | $ 6,200 | $ 5,900 |
Commitments and Contingencie102
Commitments and Contingencies - Litigation and Regulatory Matters (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Loss Contingencies [Line Items] | ||||
Litigation settlement expense | $ 86,000,000 | $ 192,000,000 | $ 202,000,000 | $ 466,000,000 |
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Estimated range of possible loss | 0 | 0 | ||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Estimated range of possible loss | $ 1,200,000,000 | $ 1,200,000,000 |
Shareholders' Equity - Declared
Shareholders' Equity - Declared Quarterly Cash Dividends on Common Stock (Details) - $ / shares | Jul. 26, 2018 | Apr. 25, 2018 | Jan. 31, 2018 |
Subsequent Event [Line Items] | |||
Dividends per share (in dollars per share) | $ 0.12 | $ 0.12 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends per share (in dollars per share) | $ 0.15 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | Jul. 26, 2018 | Apr. 25, 2018 | Jan. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 28, 2018 |
Common Stock | |||||||
Common stock dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | |||||
Common stock repurchased | $ 9,823,000,000 | $ 4,964,000,000 | |||||
Share-based compensation, number of shares authorized (in shares) | 801 | 801 | |||||
Common Stock | |||||||
Common Stock | |||||||
Stock issued (in shares) | 66 | ||||||
Shares paid for tax withholding for share based compensation (in shares) | 25 | ||||||
Warrants Expiring October 18, 2018 | |||||||
Common Stock | |||||||
Warrants outstanding (in shares) | 122 | 122 | |||||
Minimum required dividend rate (in dollars per share) | $ 0.32 | $ 0.32 | |||||
Exercise price per warrant (in dollars per share) | $ 30.79 | $ 30.79 | |||||
Warrants Expiring January 16, 2019 | |||||||
Common Stock | |||||||
Warrants outstanding (in shares) | 138 | 138 | |||||
Minimum required dividend rate (in dollars per share) | $ 0.01 | $ 0.01 | |||||
Exercise price per warrant (in dollars per share) | $ 12.666 | $ 12.666 | |||||
2018 CCAR | |||||||
Common Stock | |||||||
Stock repurchase program, authorized amount | $ 20,600,000,000 | ||||||
2018 CCAR, Equity-Based Compensation Plan Effect Offset | |||||||
Common Stock | |||||||
Stock repurchase program, authorized amount | $ 600,000,000 | ||||||
2017 CCAR | Common Stock | |||||||
Common Stock | |||||||
Common stock repurchased (in shares) | 165 | 318 | |||||
Common stock repurchased | $ 5,000,000,000 | $ 9,800,000,000 | |||||
Subsequent Event | |||||||
Common Stock | |||||||
Common stock dividends declared (in dollars per share) | $ 0.15 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - USD ($) | Jul. 24, 2018 | May 16, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Class of Stock [Line Items] | ||||||
Preferred stock dividends | $ 746,000,000 | $ 863,000,000 | ||||
Issuance of preferred stock | $ 3,671,000,000 | |||||
Series GG Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares issued (in shares) | 54,000 | |||||
Per annum dividend rate | 6.00% | |||||
Issuance of preferred stock | $ 1,350,000,000 | |||||
Preferred stock liquidation preference | $ 25,000 | 25,000 | ||||
Series HH Preferred Stock | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Shares issued (in shares) | 34,160 | |||||
Per annum dividend rate | 5.875% | |||||
Issuance of preferred stock | $ 854,000,000 | |||||
Preferred stock liquidation preference | $ 25,000 | |||||
Series K and Series D Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Redeemed preferred stock | 1,500,000,000 | |||||
Series M Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Redeemed preferred stock | 1,300,000,000 | |||||
Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock dividends | $ 318,000,000 | $ 428,000,000 | $ 746,000,000 | $ 863,000,000 |
Accumulated Other Comprehens106
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | $ 267,146 | $ 266,195 | |||
Accounting change rated to certain tax effects | 0 | ||||
Cumulative adjustment for adoption of hedge accounting standard | $ 25 | ||||
Net change | $ (1,055) | $ 711 | (5,038) | 683 | |
Ending Balance | 264,216 | 270,660 | 264,216 | 270,660 | |
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (7,082) | (7,288) | |||
Accounting change rated to certain tax effects | (1,270) | ||||
Cumulative adjustment for adoption of hedge accounting standard | 57 | ||||
Net change | (5,038) | 683 | |||
Ending Balance | (13,333) | (6,605) | (13,333) | (6,605) | |
Debt and Equity Securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (1,206) | (1,267) | |||
Accounting change rated to certain tax effects | (393) | ||||
Cumulative adjustment for adoption of hedge accounting standard | 0 | ||||
Net change | (4,994) | 469 | |||
Ending Balance | (6,593) | (798) | (6,593) | (798) | |
Debit Valuation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (1,060) | (767) | |||
Accounting change rated to certain tax effects | (220) | ||||
Cumulative adjustment for adoption of hedge accounting standard | 0 | ||||
Net change | 452 | (69) | |||
Ending Balance | (828) | (836) | (828) | (836) | |
Derivatives | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (831) | (895) | |||
Accounting change rated to certain tax effects | (189) | ||||
Cumulative adjustment for adoption of hedge accounting standard | 57 | ||||
Net change | (367) | 132 | |||
Ending Balance | (1,330) | (763) | (1,330) | (763) | |
Employee Benefit Plans | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (3,192) | (3,480) | |||
Accounting change rated to certain tax effects | (707) | ||||
Cumulative adjustment for adoption of hedge accounting standard | 0 | ||||
Net change | 60 | 54 | |||
Ending Balance | (3,839) | (3,426) | (3,839) | (3,426) | |
Foreign currency | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (793) | (879) | |||
Accounting change rated to certain tax effects | 239 | ||||
Cumulative adjustment for adoption of hedge accounting standard | $ 0 | ||||
Net change | (189) | 97 | |||
Ending Balance | $ (743) | $ (782) | $ (743) | $ (782) |
Accumulated Other Comprehens107
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Pre- and After-tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
After-tax | ||||
Comprehensive income | $ 5,729 | $ 5,817 | $ 8,664 | $ 11,126 |
Total other comprehensive income (loss) | ||||
Pre-tax | ||||
Net change | (6,592) | (1) | ||
Tax effect | ||||
Net change | 1,554 | 684 | ||
After-tax | ||||
Comprehensive income | (5,038) | 683 | ||
Debt and Equity Securities | ||||
Pre-tax | ||||
Net increase (decrease) in fair value | (6,700) | 885 | ||
Net realized (gains) losses reclassified into earnings | 8 | (140) | ||
Net change | (6,692) | 745 | ||
Tax effect | ||||
Net increase (decrease) in fair value | 1,702 | (330) | ||
Net realized (gains) losses reclassified into earnings | (4) | 54 | ||
Net change | 1,698 | (276) | ||
After-tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | (4,998) | 555 | ||
Net realized (gains) losses reclassified into earnings | 4 | (86) | ||
Comprehensive income | (4,994) | 469 | ||
Debit Valuation Adjustments | ||||
Pre-tax | ||||
Net increase (decrease) in fair value | 576 | (111) | ||
Net realized (gains) losses reclassified into earnings | 18 | 14 | ||
Net change | 594 | (97) | ||
Tax effect | ||||
Net increase (decrease) in fair value | (138) | 33 | ||
Net realized (gains) losses reclassified into earnings | (4) | (5) | ||
Net change | (142) | 28 | ||
After-tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | 438 | (78) | ||
Net realized (gains) losses reclassified into earnings | 14 | 9 | ||
Comprehensive income | 452 | (69) | ||
Derivatives | ||||
Pre-tax | ||||
Net increase (decrease) in fair value | (578) | 61 | ||
Net realized (gains) losses reclassified into earnings | 56 | 149 | ||
Net change | (522) | 210 | ||
Tax effect | ||||
Net increase (decrease) in fair value | 169 | (22) | ||
Net realized (gains) losses reclassified into earnings | (14) | (56) | ||
Net change | 155 | (78) | ||
After-tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | (409) | 39 | ||
Net realized (gains) losses reclassified into earnings | 42 | 93 | ||
Comprehensive income | (367) | 132 | ||
Derivatives | Net interest income | ||||
Pre-tax | ||||
Net realized (gains) losses reclassified into earnings | 83 | 220 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (21) | (83) | ||
After-tax | ||||
Net realized (gains) losses reclassified into earnings | 62 | 137 | ||
Derivatives | Personnel expense | ||||
Pre-tax | ||||
Net realized (gains) losses reclassified into earnings | (27) | (71) | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | 7 | 27 | ||
After-tax | ||||
Net realized (gains) losses reclassified into earnings | (20) | (44) | ||
Employee Benefit Plans | ||||
Pre-tax | ||||
Net realized (gains) losses reclassified into earnings | 78 | 85 | ||
Net change | 78 | 85 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (18) | (31) | ||
Net change | (18) | (31) | ||
After-tax | ||||
Net realized (gains) losses reclassified into earnings | 60 | 54 | ||
Comprehensive income | 60 | 54 | ||
Net actuarial losses and other | ||||
Pre-tax | ||||
Net realized (gains) losses reclassified into earnings | 78 | 85 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (18) | (31) | ||
After-tax | ||||
Net realized (gains) losses reclassified into earnings | 60 | 54 | ||
Foreign currency | ||||
Pre-tax | ||||
Net increase (decrease) in fair value | (50) | (332) | ||
Net realized (gains) losses reclassified into earnings | 0 | (612) | ||
Net change | (50) | (944) | ||
Tax effect | ||||
Net increase (decrease) in fair value | (138) | 336 | ||
Net realized (gains) losses reclassified into earnings | (1) | 705 | ||
Net change | (139) | 1,041 | ||
After-tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | (188) | 4 | ||
Net realized (gains) losses reclassified into earnings | (1) | 93 | ||
Comprehensive income | $ (189) | $ 97 |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings per common share | ||||
Net income | $ 6,784 | $ 5,106 | $ 13,702 | $ 10,443 |
Preferred stock dividends | (318) | (361) | (746) | (863) |
Net income applicable to common shareholders | $ 6,466 | $ 4,745 | $ 12,956 | $ 9,580 |
Average common shares issued and outstanding (in shares) | 10,181.7 | 10,013.5 | 10,251.7 | 10,056.1 |
Earnings per common share (in dollars per share) | $ 0.64 | $ 0.47 | $ 1.26 | $ 0.95 |
Diluted earnings per common share | ||||
Net income applicable to common shareholders | $ 6,466 | $ 4,745 | $ 12,956 | $ 9,580 |
Add preferred stock dividends due to assumed conversions | 0 | 75 | 0 | 150 |
Net income allocated to common shareholders | $ 6,466 | $ 4,820 | $ 12,956 | $ 9,730 |
Average common shares issued and outstanding (in shares) | 10,181.7 | 10,013.5 | 10,251.7 | 10,056.1 |
Dilutive potential common shares (in shares) | 127.7 | 821.3 | 138.2 | 820.6 |
Total diluted average common shares issued and outstanding (in shares) | 10,309.4 | 10,834.8 | 10,389.9 | 10,876.7 |
Diluted earnings per common share (in dollars per share) | $ 0.63 | $ 0.44 | $ 1.25 | $ 0.89 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock Options | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Average options to purchase shares of common stock (in shares) | 3,000,000 | 18,000,000 | 6,000,000 | 24,000,000 | |
Series T Preferred Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Per annum dividend rate | 6.00% | ||||
Dilutive Securities | |||||
Incremental common shares attributable to dilutive effect of conversion of preferred stock (in shares) | 700,000,000 | 700,000,000 | |||
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) | 62,000,000 | 62,000,000 | 62,000,000 | 62,000,000 | |
Warrant | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares issued (in shares) | 700,000,000 | ||||
Common Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Common stock issued in connection with exercise of warrants and exchange of preferred stock (in shares) | 700,000,000 | ||||
Dilutive Securities | |||||
Incremental common shares attributable to dilutive effect of call options and warrants (in shares) | 140,000,000 | 150,000,000 | 141,000,000 | 150,000,000 | |
Common Stock | Warrant | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Average options to purchase shares of common stock (in shares) | 122,000,000 | 122,000,000 | 122,000,000 | 122,000,000 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 59,763 | $ 52,906 | |
Trading account assets | 203,420 | 209,358 | |
Derivative assets, gross | 360,600 | 351,600 | |
Derivative assets | 45,210 | 37,762 | |
Total available-for-sale debt securities | 262,119 | 302,631 | |
Other debt securities carried at fair value | 13,137 | 12,486 | |
Loans and leases | 6,227 | 5,710 | |
Loans held-for-sale | 2,845 | 2,156 | |
Other assets | 21,883 | 22,581 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 513 | 449 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 32,724 | 36,182 | |
Gross Derivative Liabilities | 343,800 | 346,000 | |
Derivative liabilities | 33,605 | 34,300 | |
Short-term borrowings | 3,396 | 1,494 | |
Long-term debt | 28,377 | 31,786 | |
Derivative liabilities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Liabilities transferred from Level 1 to Level 2 | 413 | 3,000 | |
Liabilities transferred from Level 2 to Level 1 | 1,000 | 608 | |
Derivative assets | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 1 to Level 2 | 967 | 4,200 | |
Assets transferred from Level 2 to Level 1 | 1,500 | 758 | |
U.S. Treasury and agency securities | Trading Securities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 1 to Level 2 | 1,100 | ||
Equity securities | Trading Securities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Liabilities transferred from Level 1 to Level 2 | 2,700 | 3,100 | |
Liabilities transferred from Level 2 to Level 1 | 2,400 | 4,300 | |
Equity securities | Trading Securities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 1 to Level 2 | 6,200 | 5,300 | |
Assets transferred from Level 2 to Level 1 | 5,300 | 14,100 | |
Non-U.S. sovereign debt | Trading Securities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Liabilities transferred from Level 1 to Level 2 | 1,500 | ||
Non-U.S. sovereign debt | Trading Securities | |||
Assets and Liabilities, Recurring Basis, Supplemental Information: | |||
Assets transferred from Level 1 to Level 2 | 3,300 | ||
U.S. Treasury and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 52,734 | 53,523 | |
Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 157,000 | 192,929 | |
Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 6,035 | 6,804 | |
Other debt securities carried at fair value | 0 | 5 | |
Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 2,534 | 2,669 | |
Other debt securities carried at fair value | 2,535 | 2,764 | |
Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 13,600 | 13,684 | |
Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 4,486 | 5,770 | |
Other debt securities carried at fair value | 202 | 229 | |
Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 19,065 | 20,575 | |
Recurring | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 59,763 | 52,906 | |
Trading account assets | 203,420 | 209,358 | |
Netting adjustments | (315,364) | (313,788) | |
Derivative assets | 45,210 | 37,762 | |
Total available-for-sale debt securities | 262,119 | 302,631 | |
Other debt securities carried at fair value | 13,137 | 12,486 | |
Loans and leases | 6,227 | 5,710 | |
Loans held-for-sale | 2,845 | 2,156 | |
Other assets | 21,883 | 22,581 | |
Total assets | 614,604 | 645,590 | |
Mortgage servicing rights | 2,200 | 2,300 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 513 | 449 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 32,724 | 36,182 | |
Total trading account liabilities | 87,028 | 81,187 | |
Netting adjustment | (310,237) | (311,771) | |
Derivative liabilities | 33,605 | 34,300 | |
Short-term borrowings | 3,396 | 1,494 | |
Accrued expenses and other liabilities | 21,178 | 22,840 | |
Long-term debt | 28,377 | 31,786 | |
Total liabilities | 206,821 | 208,238 | |
Recurring | Securities Segregated for Compliance or Deposited with Clearing Organizations | |||
Financial assets | |||
Trading account assets | 13,100 | 16,800 | |
Recurring | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 33,670 | 40,642 | |
Liabilities | |||
Total trading account liabilities | 14,291 | 18,000 | |
Recurring | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 30,918 | 30,578 | |
Liabilities | |||
Total trading account liabilities | 7,853 | 6,925 | |
Recurring | Equity securities | |||
Financial assets | |||
Trading account assets | 80,431 | 84,940 | |
Liabilities | |||
Total trading account liabilities | 41,187 | 36,904 | |
Recurring | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 29,448 | 22,940 | |
Liabilities | |||
Total trading account liabilities | 23,697 | 19,358 | |
Recurring | U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 19,341 | 20,586 | |
Recurring | Mortgage trading loans, ABS and other MBS | |||
Financial assets | |||
Trading account assets | 9,612 | 9,672 | |
Recurring | U.S. Treasury and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 52,734 | 53,523 | |
Recurring | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 157,000 | 192,929 | |
Recurring | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 6,035 | 6,804 | |
Other debt securities carried at fair value | 5 | ||
Recurring | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 2,534 | 2,669 | |
Other debt securities carried at fair value | 2,535 | 2,764 | |
Recurring | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 13,600 | 13,684 | |
Recurring | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 6,665 | 6,677 | |
Other debt securities carried at fair value | 10,400 | 9,488 | |
Recurring | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 4,486 | 5,770 | |
Other debt securities carried at fair value | 202 | 229 | |
Recurring | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 19,065 | 20,575 | |
Recurring | US Government-sponsored enterprises debt securities | |||
Financial assets | |||
Trading account assets | 20,000 | 21,300 | |
Recurring | Level 1 | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 97,697 | 106,012 | |
Derivative assets, gross | 8,951 | 6,305 | |
Total available-for-sale debt securities | 51,920 | 52,687 | |
Other debt securities carried at fair value | 9,097 | 8,191 | |
Loans and leases | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Other assets | 16,861 | 19,367 | |
Total assets | 184,526 | 192,562 | |
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 | 63,947 | 62,261 | |
Gross Derivative Liabilities | 8,058 | 6,029 | |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 19,159 | 21,887 | |
Long-term debt | 0 | 0 | |
Total liabilities | 91,164 | 90,177 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 32,923 | 38,720 | |
Liabilities | |||
Total trading account liabilities | 13,783 | 17,266 | |
Recurring | Level 1 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 0 | 0 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 1 | Equity securities | |||
Financial assets | |||
Trading account assets | 55,128 | 60,747 | |
Liabilities | |||
Total trading account liabilities | 37,221 | 33,019 | |
Recurring | Level 1 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 9,646 | 6,545 | |
Liabilities | |||
Total trading account liabilities | 12,943 | 11,976 | |
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. Treasury and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 51,173 | 51,915 | |
Recurring | Level 1 | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 0 | ||
Recurring | Level 1 | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 1 | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 747 | 772 | |
Other debt securities carried at fair value | 9,097 | 8,191 | |
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 | 59,763 | 52,906 | |
Trading account assets | 101,966 | 99,193 | |
Derivative assets, gross | 347,112 | 341,178 | |
Total available-for-sale debt securities | 209,643 | 248,941 | |
Other debt securities carried at fair value | 3,753 | 4,295 | |
Loans and leases | 5,734 | 5,139 | |
Loans held-for-sale | 2,268 | 1,466 | |
Other assets | 1,838 | 789 | |
Total assets | 732,077 | 753,907 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 513 | 449 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 32,724 | 36,182 | |
Total trading account liabilities | 23,046 | 18,902 | |
Gross Derivative Liabilities | 329,685 | 334,261 | |
Short-term borrowings | 3,396 | 1,494 | |
Accrued expenses and other liabilities | 2,019 | 945 | |
Long-term debt | 27,152 | 29,923 | |
Total liabilities | 418,535 | 422,156 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Financial assets | |||
Trading account assets | 747 | 1,922 | |
Liabilities | |||
Total trading account liabilities | 508 | 734 | |
Recurring | Level 2 | Corporate securities, trading loans and other | |||
Financial assets | |||
Trading account assets | 29,280 | 28,714 | |
Liabilities | |||
Total trading account liabilities | 7,818 | 6,901 | |
Recurring | Level 2 | Equity securities | |||
Financial assets | |||
Trading account assets | 25,075 | 23,958 | |
Liabilities | |||
Total trading account liabilities | 3,966 | 3,885 | |
Recurring | Level 2 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 19,434 | 15,839 | |
Liabilities | |||
Total trading account liabilities | 10,754 | 7,382 | |
Recurring | Level 2 | U.S. government-sponsored agency guaranteed | |||
Financial assets | |||
Trading account assets | 19,341 | 20,586 | |
Recurring | Level 2 | Mortgage trading loans, ABS and other MBS | |||
Financial assets | |||
Trading account assets | 8,089 | 8,174 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Financial assets | |||
Total available-for-sale debt securities | 1,561 | 1,608 | |
Recurring | Level 2 | Agency | |||
Financial assets | |||
Total available-for-sale debt securities | 157,000 | 192,929 | |
Recurring | Level 2 | Agency-collateralized mortgage obligations | |||
Financial assets | |||
Total available-for-sale debt securities | 6,035 | 6,804 | |
Other debt securities carried at fair value | 5 | ||
Recurring | Level 2 | Non-agency residential | |||
Financial assets | |||
Total available-for-sale debt securities | 2,081 | 2,669 | |
Other debt securities carried at fair value | 2,248 | 2,764 | |
Recurring | Level 2 | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 13,600 | 13,684 | |
Recurring | Level 2 | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 5,915 | 5,880 | |
Other debt securities carried at fair value | 1,303 | 1,297 | |
Recurring | Level 2 | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 4,387 | 5,261 | |
Other debt securities carried at fair value | 202 | 229 | |
Recurring | Level 2 | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | 19,064 | 20,106 | |
Recurring | Level 3 | |||
Financial assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 3,757 | 4,153 | |
Derivative assets, gross | 4,511 | 4,067 | $ 4,000 |
Total available-for-sale debt securities | 556 | 1,003 | |
Other debt securities carried at fair value | 287 | 0 | |
Loans and leases | 493 | 571 | |
Loans held-for-sale | 577 | 690 | |
Other assets | 3,184 | 2,425 | |
Total assets | 13,365 | 12,909 | |
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 | 35 | 24 | |
Gross Derivative Liabilities | 6,099 | 5,781 | $ 5,800 |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 0 | 8 | |
Long-term debt | 1,225 | 1,863 | |
Total liabilities | 7,359 | 7,676 | |
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 | 1,638 | 1,864 | |
Total assets | 1,600 | 1,900 | |
Liabilities | |||
Total trading account liabilities | 35 | 24 | |
Recurring | Level 3 | Equity securities | |||
Financial assets | |||
Trading account assets | 228 | 235 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. sovereign debt | |||
Financial assets | |||
Trading account assets | 368 | 556 | |
Total assets | 368 | 556 | |
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 | 1,523 | 1,498 | |
Total assets | 1,500 | 1,500 | |
Recurring | Level 3 | U.S. Treasury 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 | |
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 | 453 | 0 | |
Other debt securities carried at fair value | 287 | 0 | |
Recurring | Level 3 | Commercial | |||
Financial assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. securities | |||
Financial assets | |||
Total available-for-sale debt securities | 3 | 25 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 3 | Other taxable securities | |||
Financial assets | |||
Total available-for-sale debt securities | 99 | 509 | |
Other debt securities carried at fair value | 0 | 0 | |
Total assets | 509 | ||
Recurring | Level 3 | Tax-exempt securities | |||
Financial assets | |||
Total available-for-sale debt securities | $ 1 | 469 | |
Total assets | $ 469 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Balance, beginning | $ (1,138) | $ (1,665) | $ (1,714) | $ (1,313) | |
Total Realized/Unrealized Gains/(Losses) | (239) | (372) | 256 | (846) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 195 | 208 | 348 | 408 | |
Sales | (591) | (229) | (853) | (476) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 175 | 274 | 377 | 444 | |
Gross Transfers into Level 3 | (4) | 0 | 67 | 29 | |
Gross Transfers out of Level 3 | 14 | (19) | (69) | (49) | |
Balance, ending | (1,588) | (1,803) | (1,588) | (1,803) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (251) | (368) | 325 | (773) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Gross Derivative Assets | 360,600 | 360,600 | $ 351,600 | ||
Gross Derivative Liabilities | 343,800 | 343,800 | 346,000 | ||
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 | (226) | (359) | |||
Total Realized/Unrealized Gains/(Losses) | (6) | (5) | |||
Gains (Losses) in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | (10) | (12) | |||
Settlements | 8 | 36 | |||
Gross Transfers into Level 3 | (58) | (58) | |||
Gross Transfers out of Level 3 | 157 | 263 | |||
Balance, ending | (135) | (135) | |||
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (6) | (3) | |||
Corporate securities, trading loans and other | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (26) | (35) | (24) | (27) | |
Total Realized/Unrealized Gains/(Losses) | 1 | 10 | 2 | 12 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 4 | 0 | 4 | |
Sales | (9) | 0 | (11) | (10) | |
Issuances | (1) | (1) | (2) | (1) | |
Settlements | 0 | 0 | 0 | 0 | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | (35) | (22) | (35) | (22) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 1 | (1) | 1 | (1) | |
Accrued expenses and other liabilities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (8) | (9) | (8) | (9) | |
Total Realized/Unrealized Gains/(Losses) | 0 | 0 | 0 | 0 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 8 | 0 | 8 | 0 | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 0 | (9) | 0 | (9) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Long-term debt | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (1,351) | (1,660) | (1,863) | (1,514) | |
Total Realized/Unrealized Gains/(Losses) | 63 | 10 | 86 | (73) | |
Gains (Losses) in OCI | 2 | (18) | 3 | (11) | |
Purchases | 4 | 7 | 9 | 18 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (53) | (20) | (120) | (150) | |
Settlements | 151 | 124 | 323 | 283 | |
Gross Transfers into Level 3 | (114) | (108) | (147) | (286) | |
Gross Transfers out of Level 3 | 73 | 19 | 484 | 87 | |
Balance, ending | (1,225) | (1,646) | (1,225) | (1,646) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 66 | 10 | 51 | (38) | |
Level 3 | Recurring | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Balance, beginning | (1,714) | ||||
Balance, ending | (1,588) | (1,588) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Gross Derivative Assets | 4,511 | 4,000 | 4,511 | 4,000 | 4,067 |
Gross Derivative Liabilities | 6,099 | 5,800 | 6,099 | 5,800 | $ 5,781 |
Corporate securities, trading loans and other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,716 | 2,029 | 1,864 | 2,777 | |
Total Realized/Unrealized Gains/(Losses) | (37) | 64 | (28) | 148 | |
Gains (Losses) in OCI | (1) | 0 | (1) | 0 | |
Purchases | 81 | 119 | 274 | 318 | |
Sales | (75) | (120) | (211) | (600) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (74) | (108) | (213) | (235) | |
Gross Transfers into Level 3 | 145 | 143 | 248 | 218 | |
Gross Transfers out of Level 3 | (117) | (350) | (295) | (849) | |
Balance, ending | 1,638 | 1,777 | 1,638 | 1,777 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (67) | 30 | (76) | 57 | |
Equity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 212 | 288 | 235 | 281 | |
Total Realized/Unrealized Gains/(Losses) | 1 | 3 | 9 | 15 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 2 | 22 | 8 | 42 | |
Sales | (4) | (47) | (11) | (64) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (4) | 0 | (4) | (10) | |
Gross Transfers into Level 3 | 29 | 30 | 30 | 102 | |
Gross Transfers out of Level 3 | (8) | (67) | (39) | (137) | |
Balance, ending | 228 | 229 | 228 | 229 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (3) | 0 | 9 | (1) | |
Non-U.S. sovereign debt | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 401 | 527 | 556 | 510 | |
Total Realized/Unrealized Gains/(Losses) | 13 | 12 | 29 | 31 | |
Gains (Losses) in OCI | (44) | (16) | (42) | (6) | |
Purchases | 7 | 26 | 7 | 26 | |
Sales | 0 | (50) | (50) | (59) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (62) | (8) | (68) | |
Gross Transfers into Level 3 | 8 | 69 | 8 | 72 | |
Gross Transfers out of Level 3 | (17) | 0 | (132) | 0 | |
Balance, ending | 368 | 506 | 368 | 506 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 13 | 12 | 28 | 27 | |
Mortgage trading loans, ABS and other MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,372 | 1,215 | 1,498 | 1,211 | |
Total Realized/Unrealized Gains/(Losses) | 42 | 78 | 141 | 185 | |
Gains (Losses) in OCI | 0 | (1) | 3 | (1) | |
Purchases | 192 | 258 | 317 | 597 | |
Sales | (256) | (314) | (576) | (689) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (38) | (69) | (107) | (123) | |
Gross Transfers into Level 3 | 256 | 76 | 350 | 104 | |
Gross Transfers out of Level 3 | (45) | (11) | (103) | (52) | |
Balance, ending | 1,523 | 1,232 | 1,523 | 1,232 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 32 | 53 | 81 | 117 | |
Trading Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 3,701 | 4,059 | 4,153 | 4,779 | |
Total Realized/Unrealized Gains/(Losses) | 19 | 157 | 151 | 379 | |
Gains (Losses) in OCI | (45) | (17) | (40) | (7) | |
Purchases | 282 | 425 | 606 | 983 | |
Sales | (335) | (531) | (848) | (1,412) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (116) | (239) | (332) | (436) | |
Gross Transfers into Level 3 | 438 | 318 | 636 | 496 | |
Gross Transfers out of Level 3 | (187) | (428) | (569) | (1,038) | |
Balance, ending | 3,757 | 3,744 | 3,757 | 3,744 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (25) | 95 | 42 | 200 | |
Non-agency residential MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 0 | 0 | |||
Total Realized/Unrealized Gains/(Losses) | 8 | 8 | |||
Gains (Losses) in OCI | (14) | (14) | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Gross Transfers into Level 3 | 459 | 459 | |||
Gross Transfers out of Level 3 | 0 | 0 | |||
Balance, ending | 453 | 453 | |||
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | |||
Non-U.S. securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 23 | 207 | 25 | 229 | |
Total Realized/Unrealized Gains/(Losses) | 0 | 1 | 0 | 1 | |
Gains (Losses) in OCI | (1) | 9 | (1) | 12 | |
Purchases | 0 | 22 | 0 | 42 | |
Sales | (10) | 0 | (10) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (12) | (100) | (14) | (145) | |
Gross Transfers into Level 3 | 3 | 0 | 3 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 3 | 139 | 3 | 139 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Other taxable securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 43 | 579 | 509 | 594 | |
Total Realized/Unrealized Gains/(Losses) | 1 | 0 | 2 | 3 | |
Gains (Losses) in OCI | (2) | 1 | (2) | 5 | |
Purchases | 0 | 5 | 0 | 5 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (3) | (8) | (10) | (30) | |
Gross Transfers into Level 3 | 60 | 0 | 60 | 0 | |
Gross Transfers out of Level 3 | 0 | (94) | (460) | (94) | |
Balance, ending | 99 | 483 | 99 | 483 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Tax-exempt securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 0 | 520 | 469 | 542 | |
Total Realized/Unrealized Gains/(Losses) | 0 | 0 | 0 | 0 | |
Gains (Losses) in OCI | 0 | (2) | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | (56) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | (3) | |
Gross Transfers into Level 3 | 1 | 0 | 1 | 35 | |
Gross Transfers out of Level 3 | 0 | 0 | (469) | 0 | |
Balance, ending | 1 | 518 | 1 | 518 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Available-for-sale Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 66 | 1,306 | 1,003 | 1,365 | |
Total Realized/Unrealized Gains/(Losses) | 9 | 1 | 10 | 4 | |
Gains (Losses) in OCI | (17) | 8 | (17) | 17 | |
Purchases | 0 | 27 | 0 | 47 | |
Sales | (10) | 0 | (10) | (56) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (15) | (108) | (24) | (178) | |
Gross Transfers into Level 3 | 523 | 0 | 523 | 35 | |
Gross Transfers out of Level 3 | 0 | (94) | (929) | (94) | |
Balance, ending | 556 | 1,140 | 556 | 1,140 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 | 0 | |
Other debt securities carried at fair value – Non-agency residential MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 0 | 24 | 0 | 25 | |
Total Realized/Unrealized Gains/(Losses) | (4) | 0 | (4) | (1) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | (7) | 0 | (7) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | 0 | (1) | |
Gross Transfers into Level 3 | 298 | 0 | 298 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 287 | 23 | 287 | 23 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 5 | 0 | 5 | 0 | |
Loans and leases | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 526 | 702 | 571 | 720 | |
Total Realized/Unrealized Gains/(Losses) | (4) | 6 | (20) | 18 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | (5) | 0 | (9) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (24) | (34) | (49) | (64) | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | (7) | 0 | (7) | |
Balance, ending | 493 | 667 | 493 | 667 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (4) | 6 | (19) | 16 | |
Loans Held-for-Sale | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 685 | 792 | 690 | 656 | |
Total Realized/Unrealized Gains/(Losses) | (12) | 42 | 12 | 71 | |
Gains (Losses) in OCI | (27) | (9) | (27) | (3) | |
Purchases | 0 | 2 | 12 | 2 | |
Sales | 0 | (19) | 0 | (155) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (37) | (128) | (78) | (188) | |
Gross Transfers into Level 3 | 0 | 100 | 0 | 415 | |
Gross Transfers out of Level 3 | (32) | (14) | (32) | (32) | |
Balance, ending | 577 | 766 | 577 | 766 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (16) | 26 | 5 | 71 | |
Other assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 3,295 | 2,841 | 2,425 | 2,986 | |
Total Realized/Unrealized Gains/(Losses) | 76 | 2 | 268 | (31) | |
Gains (Losses) in OCI | 0 | 12 | 0 | 12 | |
Purchases | 2 | 2 | 2 | 2 | |
Sales | (8) | 1 | (46) | 6 | |
Issuances | 23 | 63 | 52 | 138 | |
Settlements | (169) | (190) | (411) | (382) | |
Gross Transfers into Level 3 | 0 | 64 | 929 | 64 | |
Gross Transfers out of Level 3 | (35) | 0 | (35) | 0 | |
Balance, ending | 3,184 | 2,795 | 3,184 | 2,795 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | $ 8 | $ (71) | $ 145 | $ (194) |
Fair Value Measurements - Re112
Fair Value Measurements - Recurring Fair Value Inputs (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ (1,588,000,000) | $ (1,714,000,000) | $ (1,138,000,000) | $ (1,803,000,000) | $ (1,665,000,000) | $ (1,313,000,000) |
Recurring | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 614,604,000,000 | 645,590,000,000 | ||||
Long-term debt | (206,821,000,000) | (208,238,000,000) | ||||
Recurring | Level 3 | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 13,365,000,000 | 12,909,000,000 | ||||
Long-term debt | (7,359,000,000) | (7,676,000,000) | ||||
Net derivative asset (liability) | $ (1,588,000,000) | $ (1,714,000,000) | ||||
Recurring | Level 3 | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 7.50% | |||||
Recurring | Level 3 | Minimum | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in dollars per share) | $ 10 | |||||
Recurring | Level 3 | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 13.00% | |||||
Price (in dollars per share) | $ 0 | $ 0 | ||||
Equity correlation | 11.00% | 15.00% | ||||
Long-dated equity volatilities | 4.00% | 4.00% | ||||
Recurring | Level 3 | Maximum | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in dollars per share) | $ 100 | |||||
Recurring | Level 3 | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 36.00% | |||||
Price (in dollars per share) | $ 100 | $ 100 | ||||
Equity correlation | 100.00% | 100.00% | ||||
Long-dated equity volatilities | 75.00% | 84.00% | ||||
Recurring | Level 3 | Weighted Average | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in dollars per share) | $ 96 | |||||
Recurring | Level 3 | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 16.00% | |||||
Price (in dollars per share) | $ 74 | $ 66 | ||||
Equity correlation | 62.00% | 63.00% | ||||
Long-dated equity volatilities | 24.00% | 22.00% | ||||
Recurring | Level 3 | Other assets | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 955,000,000 | |||||
Recurring | Level 3 | Loans and leases | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 493,000,000 | $ 571,000,000 | ||||
Recurring | Level 3 | Loans Held-for-Sale | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 577,000,000 | 690,000,000 | ||||
Recurring | Level 3 | Credit derivatives | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ (528,000,000) | $ (282,000,000) | ||||
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 | 2.00% | 1.00% | ||||
Prepayment speed | 15.00% | 15.00% | ||||
Default rate | 1.00% | 1.00% | ||||
Price (in dollars per share) | $ 0 | $ 0 | ||||
Upfront points | 0.00% | 0.00% | ||||
Credit correlation | 70.00% | 35.00% | ||||
Recurring | Level 3 | Credit derivatives | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 12.00% | 5.00% | ||||
Prepayment speed | 20.00% | 20.00% | ||||
Default rate | 4.00% | 4.00% | ||||
Price (in dollars per share) | $ 101 | $ 102 | ||||
Upfront points | 1.00% | 1.00% | ||||
Credit correlation | 83.00% | |||||
Recurring | Level 3 | Credit derivatives | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 4.00% | 3.00% | ||||
Prepayment speed | 15.00% | 16.00% | ||||
Default rate | 2.00% | 2.00% | ||||
Price (in dollars per share) | $ 72 | $ 82 | ||||
Upfront points | 0.70% | 0.71% | ||||
Credit correlation | 42.00% | |||||
Recurring | Level 3 | Equity contracts | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ (1,651,000,000) | $ (2,059,000,000) | ||||
Recurring | Level 3 | Equity contracts | Minimum | Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 11.00% | 15.00% | ||||
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 | 75.00% | 84.00% | ||||
Recurring | Level 3 | Equity contracts | Weighted Average | Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 62.00% | 63.00% | ||||
Long-dated equity volatilities | 24.00% | 22.00% | ||||
Recurring | Level 3 | Commodity contracts | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ (13,000,000) | $ (3,000,000) | ||||
Recurring | Level 3 | Commodity contracts | Minimum | Discounted cash flow, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 11.00% | 26.00% | ||||
Natural gas forward price | $ 1 | $ 1 | ||||
Correlation | 62.00% | 71.00% | ||||
Recurring | Level 3 | Commodity contracts | Maximum | Discounted cash flow, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 465.00% | 132.00% | ||||
Natural gas forward price | $ 7 | $ 5 | ||||
Correlation | 93.00% | 87.00% | ||||
Recurring | Level 3 | Commodity contracts | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 122.00% | 57.00% | ||||
Natural gas forward price | $ 3 | $ 3 | ||||
Correlation | 81.00% | 81.00% | ||||
Recurring | Level 3 | Interest rate contracts | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ 604,000,000 | $ 630,000,000 | ||||
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% | ||||
Long-dated inflation rates | (18.00%) | (14.00%) | ||||
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) | 70.00% | 92.00% | ||||
Correlation (FX/IR) | 46.00% | 46.00% | ||||
Long-dated inflation rates | 34.00% | 38.00% | ||||
Long-dated inflation volatilities | 1.00% | 1.00% | ||||
Recurring | Level 3 | Interest rate contracts | Weighted Average | Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Correlation (IR/IR) | 47.00% | 50.00% | ||||
Correlation (FX/IR) | 1.00% | 1.00% | ||||
Long-dated inflation rates | 2.00% | 4.00% | ||||
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 | $ (1,225,000,000) | $ (1,863,000,000) | ||||
Recurring | Level 3 | Mortgage trading loans, ABS and other MBS | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 1,500,000,000 | 1,500,000,000 | ||||
Recurring | Level 3 | Corporate securities, trading loans and other | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 1,600,000,000 | 1,900,000,000 | ||||
Recurring | Level 3 | Non-U.S. sovereign debt | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 368,000,000 | 556,000,000 | ||||
Recurring | Level 3 | Other taxable securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 509,000,000 | |||||
Recurring | Level 3 | Tax-exempt securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 469,000,000 | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 1,656,000,000 | $ 871,000,000 | ||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Minimum | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 0.00% | |||||
Prepayment speed | 0.00% | |||||
Default rate | 0.00% | |||||
Loss severity | 0.00% | |||||
Price (in dollars per share) | $ 0 | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 0.00% | |||||
Prepayment speed | 0.00% | |||||
Default rate | 0.00% | |||||
Loss severity | 0.00% | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Maximum | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 25.00% | |||||
Prepayment speed | 20.00% | |||||
Default rate | 3.00% | |||||
Loss severity | 52.00% | |||||
Price (in dollars per share) | $ 198 | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 25.00% | |||||
Prepayment speed | 22.00% | |||||
Default rate | 3.00% | |||||
Loss severity | 53.00% | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Weighted Average | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 7.00% | 6.00% | ||||
Prepayment speed | 11.00% | 12.00% | ||||
Default rate | 1.00% | 1.00% | ||||
Loss severity | 17.00% | 17.00% | ||||
Price (in dollars per share) | $ 71 | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Available-for-sale Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 556,000,000 | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Other debt securities carried at fair value – Non-agency residential MBS | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 287,000,000 | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Loans and leases | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 492,000,000 | $ 570,000,000 | ||||
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 | 1,000,000 | 3,000,000 | ||||
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 | 298,000,000 | ||||
Recurring | Level 3 | Instruments backed by commercial real estate assets | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 355,000,000 | $ 286,000,000 | ||||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||||||
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, Stochastic recovery correlation model | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 25.00% | 25.00% | ||||
Price (in dollars per share) | $ 101 | $ 100 | ||||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Weighted Average | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 9.00% | |||||
Price (in dollars per share) | $ 67 | |||||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 14.00% | |||||
Price (in dollars per share) | $ 77 | |||||
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 | $ 98,000,000 | $ 42,000,000 | ||||
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 | 257,000,000 | 244,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 3,431,000,000 | $ 4,023,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Minimum | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 1.00% | 0.00% | ||||
Prepayment speed | 10.00% | 10.00% | ||||
Default rate | 3.00% | 3.00% | ||||
Loss severity | 35.00% | 35.00% | ||||
Price (in dollars per share) | $ 0 | $ 0 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Maximum | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 36.00% | 12.00% | ||||
Prepayment speed | 20.00% | 20.00% | ||||
Default rate | 4.00% | 4.00% | ||||
Loss severity | 40.00% | 40.00% | ||||
Price (in dollars per share) | $ 141 | $ 145 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Weighted Average | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 12.00% | 5.00% | ||||
Prepayment speed | 14.00% | 16.00% | ||||
Default rate | 4.00% | 4.00% | ||||
Loss severity | 38.00% | 37.00% | ||||
Price (in dollars per share) | $ 67 | $ 63 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Loans and leases | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 1,000,000 | $ 1,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | Loans Held-for-Sale | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 576,000,000 | 687,000,000 | ||||
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 | 1,105,000,000 | 1,158,000,000 | ||||
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 | 1,381,000,000 | 1,613,000,000 | ||||
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 | 368,000,000 | 556,000,000 | ||||
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 | 8,000,000 | |||||
Recurring | Level 3 | Auction rate securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 977,000,000 | |||||
Recurring | Level 3 | Auction rate securities | Minimum | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in dollars per share) | $ 10 | |||||
Recurring | Level 3 | Auction rate securities | Maximum | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in dollars per share) | 100 | |||||
Recurring | Level 3 | Auction rate securities | Weighted Average | Discounted cash flow, Market comparables | ||||||
Fair Value Inputs [Abstract] | ||||||
Price (in dollars per share) | $ 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 | $ 7,000,000 | |||||
Recurring | Level 3 | Auction rate securities | Other taxable securities | Available-for-sale Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 501,000,000 | |||||
Recurring | Level 3 | Auction rate securities | Tax-exempt securities | Available-for-sale Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 469,000,000 | |||||
Recurring | Level 3 | MSRs | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 2,229,000,000 | $ 2,302,000,000 | ||||
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 | 14 years | 14 years | ||||
Weighted-average life, variable rate | 10 years | 10 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 | 5 years | ||||
Weighted-average life, variable rate | 3 years | 3 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 | Jun. 30, 2018USD ($) |
Fair Value Disclosures [Abstract] | |
Impact of 10 percent decrease in prepayment speed | $ 67 |
Impact of 20 percent decrease in prepayment speed | 139 |
Impact of 10 percent increase in prepayment speed | (62) |
Impact of 20 percent increase in prepayment speed | (120) |
Impact of 100 basis points decrease in option adjusted spread | 68 |
Impact of 200 basis points decrease in option adjusted spread | 142 |
Impact of 100 basis points increase in option adjusted spread | (64) |
Impact of 200 basis points increase in option adjusted spread | $ (124) |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale, measured at fair value | $ 2,845 | $ 2,845 | $ 2,156 | ||
Loans and leases, measured at fair value | 6,227 | 6,227 | 5,710 | ||
Other assets, measured at fair value | 21,883 | 21,883 | $ 22,581 | ||
Nonrecurring | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Gains (Losses) on loans held-for-sale | 0 | $ 0 | (2) | $ 0 | |
Gains (Losses) on loans and leases | (80) | (105) | (156) | (201) | |
Gains (Losses) on foreclosed properties | (25) | (26) | (32) | (35) | |
Gains (Losses) on other assets | (31) | (55) | (35) | (137) | |
Loss on loans and leases written down to zero | 31 | 43 | 64 | 78 | |
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 | 573 | 1,000 | 573 | 1,000 | |
Nonrecurring | Level 2 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale, measured at fair value | 179 | 64 | 179 | 64 | |
Loans and leases, measured at fair value | 0 | 0 | 0 | 0 | |
Foreclosed properties, measured at fair value | 15 | 0 | 15 | 0 | |
Other assets, measured at fair value | 243 | 309 | 243 | 309 | |
Nonrecurring | Level 3 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale, measured at fair value | 1 | 0 | 1 | 0 | |
Loans and leases, measured at fair value | 420 | 609 | 420 | 609 | |
Foreclosed properties, measured at fair value | 77 | 83 | 77 | 83 | |
Other assets, measured at fair value | $ 5 | $ 0 | $ 5 | $ 0 |
Fair Value Measurements - No115
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Market Comparables | Minimum | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 13.00% | 15.00% |
Costs to sell | 8.00% | 5.00% |
Market Comparables | Maximum | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 59.00% | 58.00% |
Costs to sell | 26.00% | 49.00% |
Instruments backed by residential real estate assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 420 | $ 894 |
Instruments backed by residential real estate assets | Market Comparables | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 25.00% | 23.00% |
Costs to sell | 9.00% | 7.00% |
Fair Value Option - Elections (
Fair Value Option - Elections (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value Carrying Amount | ||
Assets | $ 59,763 | $ 52,906 |
Contractual Principal Outstanding | ||
Assets | 59,666 | 52,907 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | 97 | (1) |
Loans reported as trading account assets | ||
Fair Value Carrying Amount | ||
Assets | 5,816 | 5,735 |
Contractual Principal Outstanding | ||
Assets | 12,876 | 11,804 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (7,060) | (6,069) |
Trading inventory – other | ||
Fair Value Carrying Amount | ||
Assets | 13,983 | 12,027 |
Consumer and commercial loans | ||
Fair Value Carrying Amount | ||
Assets | 6,227 | 5,710 |
Contractual Principal Outstanding | ||
Assets | 6,270 | 5,744 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (43) | (34) |
Loans held-for-sale | ||
Fair Value Carrying Amount | ||
Assets | 2,845 | 2,156 |
Contractual Principal Outstanding | ||
Assets | 4,190 | 3,717 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (1,345) | (1,561) |
Other assets | ||
Fair Value Carrying Amount | ||
Assets | 3 | 3 |
Long-term deposits | ||
Fair Value Carrying Amount | ||
Liabilities | 513 | 449 |
Contractual Principal Outstanding | ||
Liabilities | 483 | 421 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 30 | 28 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value Carrying Amount | ||
Liabilities | 32,724 | 36,182 |
Contractual Principal Outstanding | ||
Liabilities | 32,735 | 36,187 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | (11) | (5) |
Short-term borrowings | ||
Fair Value Carrying Amount | ||
Liabilities | 3,396 | 1,494 |
Contractual Principal Outstanding | ||
Liabilities | 3,396 | 1,494 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 0 | 0 |
Unfunded loan commitments | ||
Fair Value Carrying Amount | ||
Liabilities | 114 | 120 |
Long-term debt | ||
Fair Value Carrying Amount | ||
Liabilities | 28,377 | 31,786 |
Contractual Principal Outstanding | ||
Liabilities | 29,057 | 31,512 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | (680) | 274 |
Structured liabilities | ||
Fair Value Carrying Amount | ||
Liabilities | 28,000 | 31,400 |
Contractual Principal Outstanding | ||
Liabilities | $ 28,700 | $ 31,100 |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Relating to Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 1,877 | $ 745 | $ 3,457 | $ 1,951 |
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 | (32) | 47 | 71 | 197 |
Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,361 | 522 | 1,956 | 1,673 |
Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 8 | 24 | 93 | 48 |
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) | 75 | 3 | 170 |
Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 520 | 73 | 1,298 | (126) |
Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 21 | 4 | 36 | (11) |
Trading Account Profits | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,889 | 684 | 3,520 | 1,771 |
Trading Account Profits | 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 | (32) | 47 | 71 | 197 |
Trading Account Profits | Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,361 | 522 | 1,956 | 1,673 |
Trading Account Profits | Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 19 | 4 | 125 | 9 |
Trading Account Profits | 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 | 0 | (1) | 1 | 0 |
Trading Account Profits | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 535 | 107 | 1,354 | (55) |
Trading Account Profits | Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 6 | 5 | 13 | (53) |
Other Income | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (12) | 61 | (63) | 180 |
Other Income | Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Other Income | Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 0 | 0 | 0 | 0 |
Other Income | Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | (11) | 20 | (32) | 39 |
Other 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 | (1) | 76 | 2 | 170 |
Other 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 | (15) | (34) | (56) | (71) |
Other Income | Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 15 | $ (1) | $ 23 | $ 42 |
Fair Value Option - Gains (L118
Fair Value Option - Gains (Losses) Related to Borrower-specific Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) related to borrower-specific credit risk for assets accounted for under the fair value option | $ (2) | $ 7 | $ 11 | $ 20 |
Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) related to borrower-specific credit risk for assets accounted for under the fair value option | (10) | 22 | (27) | 41 |
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 | $ 4 | $ (1) | $ 1 | $ (1) |
Fair Value of Financial Inst119
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Financial assets | ||
Loans held-for-sale | $ 2,845 | $ 2,156 |
Financial liabilities | ||
Long-term debt | 28,377 | 31,786 |
Demand deposits | 515,600 | 519,600 |
Carrying Value | ||
Financial assets | ||
Loans | 901,569 | 904,399 |
Loans held-for-sale | 6,511 | 11,430 |
Financial liabilities | ||
Deposits | 1,309,691 | 1,309,545 |
Long-term debt | 226,595 | 227,402 |
Commercial unfunded lending commitments | 901 | 897 |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 906,793 | 918,162 |
Loans held-for-sale | 6,567 | 11,430 |
Financial liabilities | ||
Deposits | 1,309,332 | 1,309,398 |
Long-term debt | 231,493 | 236,989 |
Commercial unfunded lending commitments | 4,782 | 4,028 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial assets | ||
Loans | 61,161 | 68,586 |
Loans held-for-sale | 5,121 | 10,521 |
Financial liabilities | ||
Deposits | 1,309,332 | 1,309,398 |
Long-term debt | 230,268 | 235,126 |
Commercial unfunded lending commitments | 114 | 120 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial assets | ||
Loans | 845,632 | 849,576 |
Loans held-for-sale | 1,446 | 909 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | 1,225 | 1,863 |
Commercial unfunded lending commitments | $ 4,668 | $ 3,908 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018business_segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Business Segment Information121
Business Segment Information - Results of Business Segments and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | $ 11,804 | $ 11,223 | $ 23,562 | $ 22,478 | |
Noninterest income | 10,959 | 11,843 | 22,476 | 23,033 | |
Total revenue, net of interest expense (FTE basis) | 22,763 | 23,066 | 46,038 | 45,511 | |
Provision for credit losses | 827 | 726 | 1,661 | 1,561 | |
Noninterest expense | 13,284 | 13,982 | 27,181 | 28,075 | |
Income before income taxes (FTE basis) | 8,652 | 8,358 | 17,196 | 15,875 | |
Income tax expense (FTE basis) | 1,868 | 3,252 | 3,494 | 5,432 | |
Net income | 6,784 | 5,106 | 13,702 | 10,443 | |
Year-end total assets | 2,291,670 | 2,254,714 | 2,291,670 | 2,254,714 | $ 2,281,234 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue, net of interest expense (FTE basis) | 23,063 | 22,190 | 46,671 | 44,727 | |
Net income | 7,031 | 5,451 | 14,235 | 11,142 | |
Year-end total assets | 2,101,181 | 2,053,690 | 2,101,181 | 2,053,690 | |
Operating Segments | Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 6,620 | 5,961 | 13,130 | 11,741 | |
Noninterest income | 2,591 | 2,548 | 5,113 | 5,051 | |
Total revenue, net of interest expense (FTE basis) | 9,211 | 8,509 | 18,243 | 16,792 | |
Provision for credit losses | 944 | 834 | 1,879 | 1,672 | |
Noninterest expense | 4,397 | 4,411 | 8,877 | 8,820 | |
Income before income taxes (FTE basis) | 3,870 | 3,264 | 7,487 | 6,300 | |
Income tax expense (FTE basis) | 987 | 1,233 | 1,909 | 2,377 | |
Net income | 2,883 | 2,031 | 5,578 | 3,923 | |
Year-end total assets | 768,187 | 735,176 | 768,187 | 735,176 | |
Operating Segments | Global Wealth & Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 1,543 | 1,597 | 3,137 | 3,157 | |
Noninterest income | 3,166 | 3,098 | 6,428 | 6,130 | |
Total revenue, net of interest expense (FTE basis) | 4,709 | 4,695 | 9,565 | 9,287 | |
Provision for credit losses | 12 | 11 | 50 | 34 | |
Noninterest expense | 3,399 | 3,392 | 6,827 | 6,721 | |
Income before income taxes (FTE basis) | 1,298 | 1,292 | 2,688 | 2,532 | |
Income tax expense (FTE basis) | 330 | 488 | 685 | 955 | |
Net income | 968 | 804 | 2,003 | 1,577 | |
Year-end total assets | 270,913 | 274,746 | 270,913 | 274,746 | |
Operating Segments | Global Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 2,711 | 2,541 | 5,351 | 5,143 | |
Noninterest income | 2,211 | 2,498 | 4,505 | 4,851 | |
Total revenue, net of interest expense (FTE basis) | 4,922 | 5,039 | 9,856 | 9,994 | |
Provision for credit losses | (23) | 15 | (7) | 32 | |
Noninterest expense | 2,154 | 2,154 | 4,349 | 4,317 | |
Income before income taxes (FTE basis) | 2,791 | 2,870 | 5,514 | 5,645 | |
Income tax expense (FTE basis) | 727 | 1,084 | 1,434 | 2,130 | |
Net income | 2,064 | 1,786 | 4,080 | 3,515 | |
Year-end total assets | 424,971 | 410,580 | 424,971 | 410,580 | |
Operating Segments | Global Markets | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 801 | 864 | 1,671 | 1,913 | |
Noninterest income | 3,420 | 3,083 | 7,336 | 6,741 | |
Total revenue, net of interest expense (FTE basis) | 4,221 | 3,947 | 9,007 | 8,654 | |
Provision for credit losses | (1) | 25 | (4) | 8 | |
Noninterest expense | 2,715 | 2,650 | 5,533 | 5,406 | |
Income before income taxes (FTE basis) | 1,507 | 1,272 | 3,478 | 3,240 | |
Income tax expense (FTE basis) | 391 | 442 | 904 | 1,113 | |
Net income | 1,116 | 830 | 2,574 | 2,127 | |
Year-end total assets | 637,110 | 633,188 | 637,110 | 633,188 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 129 | 260 | 273 | 524 | |
Noninterest income | (429) | 616 | (906) | 260 | |
Total revenue, net of interest expense (FTE basis) | (300) | 876 | (633) | 784 | |
Provision for credit losses | (105) | (159) | (257) | (185) | |
Noninterest expense | 619 | 1,375 | 1,595 | 2,811 | |
Income before income taxes (FTE basis) | (814) | (340) | (1,971) | (1,842) | |
Income tax expense (FTE basis) | (567) | 5 | (1,438) | (1,143) | |
Net income | (247) | (345) | (533) | (699) | |
Year-end total assets | $ 190,489 | $ 201,024 | $ 190,489 | $ 201,024 |
Business Segment Information122
Business Segment Information - Business Segment Reconciliations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense (FTE basis) | $ 22,763 | $ 23,066 | $ 46,038 | $ 45,511 |
Total revenue, net of interest expense | 22,609 | 22,829 | 45,734 | 45,077 |
Net income | 6,784 | 5,106 | 13,702 | 10,443 |
Operating Segments | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense (FTE basis) | 23,063 | 22,190 | 46,671 | 44,727 |
Net income | 7,031 | 5,451 | 14,235 | 11,142 |
ALM activities | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | (271) | 104 | (155) | 59 |
Net income | (328) | (86) | (382) | (265) |
Liquidating businesses, eliminations and other | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | (29) | 772 | (478) | 725 |
Net income | 81 | (259) | (151) | (434) |
FTE basis adjustment | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | $ (154) | $ (237) | $ (304) | $ (434) |
Business Segment Information123
Business Segment Information - Segments' Total Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Segments’ total assets | |||
Total assets | $ 2,291,670 | $ 2,281,234 | $ 2,254,714 |
Operating Segments | |||
Segments’ total assets | |||
Total assets | 2,101,181 | 2,053,690 | |
ALM activities | |||
Segments’ total assets | |||
Total assets | 631,777 | 620,507 | |
Other | |||
Segments’ total assets | |||
Total assets | 80,901 | 98,178 | |
Elimination of segment asset allocations to match liabilities | |||
Segments’ total assets | |||
Total assets | $ (522,189) | $ (517,661) |
Business Segment Information124
Business Segment Information - Noninterest Income by Business Segment and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Card income | $ 1,542 | $ 1,469 | $ 2,999 | $ 2,918 |
Service charges | 1,954 | 1,977 | 3,875 | 3,895 |
Investment and brokerage services | 3,458 | 3,460 | 7,122 | 6,877 |
Investment banking income | 1,422 | 1,532 | 2,775 | 3,116 |
Trading account profits | 2,315 | 1,956 | 5,014 | 4,287 |
Other income | 268 | 1,449 | 691 | 1,940 |
Total noninterest income | 10,959 | 11,843 | 22,476 | 23,033 |
Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 1,070 | 983 | 2,041 | 1,941 |
Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 472 | 486 | 958 | 977 |
Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 1,680 | 1,696 | 3,326 | 3,349 |
Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 274 | 281 | 549 | 546 |
Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 2,513 | 2,288 | 5,077 | 4,488 |
Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 945 | 1,172 | 2,045 | 2,389 |
Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 719 | 709 | 1,460 | 1,488 |
Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 400 | 340 | 716 | 740 |
Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 303 | 483 | 599 | 888 |
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 1,342 | 1,248 | 2,621 | 2,473 |
Service charges | 1,072 | 1,061 | 2,116 | 2,112 |
Investment and brokerage services | 80 | 77 | 162 | 159 |
Investment banking income | 0 | 0 | 0 | 0 |
Trading account profits | 2 | 1 | 4 | 1 |
Other income | 95 | 161 | 210 | 306 |
Total noninterest income | 2,591 | 2,548 | 5,113 | 5,051 |
Operating Segments | Consumer Banking | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 882 | 800 | 1,686 | 1,584 |
Operating Segments | Consumer Banking | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 460 | 448 | 935 | 889 |
Operating Segments | Consumer Banking | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 1,072 | 1,061 | 2,116 | 2,112 |
Operating Segments | Consumer Banking | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 37 | 31 | 73 | 64 |
Operating Segments | Consumer Banking | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 43 | 46 | 89 | 95 |
Operating Segments | Consumer Banking | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 38 | 34 | 59 | 70 |
Service charges | 17 | 19 | 36 | 38 |
Investment and brokerage services | 2,937 | 2,829 | 5,977 | 5,620 |
Investment banking income | 73 | 96 | 157 | 147 |
Trading account profits | 27 | 33 | 56 | 91 |
Other income | 74 | 87 | 143 | 164 |
Total noninterest income | 3,166 | 3,098 | 6,428 | 6,130 |
Operating Segments | Global Wealth & Investment Management | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 27 | 24 | 38 | 50 |
Operating Segments | Global Wealth & Investment Management | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 11 | 10 | 21 | 20 |
Operating Segments | Global Wealth & Investment Management | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 17 | 19 | 36 | 38 |
Operating Segments | Global Wealth & Investment Management | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 2,476 | 2,257 | 5,004 | 4,424 |
Operating Segments | Global Wealth & Investment Management | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 461 | 572 | 973 | 1,196 |
Operating Segments | Global Wealth & Investment Management | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 73 | 95 | 157 | 146 |
Operating Segments | Global Wealth & Investment Management | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 0 | 1 | 0 | 1 |
Operating Segments | Global Banking | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 138 | 134 | 273 | 259 |
Service charges | 769 | 809 | 1,532 | 1,575 |
Investment and brokerage services | 19 | 38 | 44 | 54 |
Investment banking income | 743 | 929 | 1,487 | 1,855 |
Trading account profits | 63 | 54 | 124 | 87 |
Other income | 479 | 534 | 1,045 | 1,021 |
Total noninterest income | 2,211 | 2,498 | 4,505 | 4,851 |
Operating Segments | Global Banking | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 136 | 131 | 270 | 252 |
Operating Segments | Global Banking | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 2 | 3 | 3 | 7 |
Operating Segments | Global Banking | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 540 | 571 | 1,078 | 1,116 |
Operating Segments | Global Banking | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 229 | 238 | 454 | 459 |
Operating Segments | Global Banking | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 0 | 0 | 0 | 0 |
Operating Segments | Global Banking | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 19 | 38 | 44 | 54 |
Operating Segments | Global Banking | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 99 | 143 | 269 | 299 |
Operating Segments | Global Banking | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 375 | 321 | 673 | 700 |
Operating Segments | Global Banking | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 269 | 465 | 545 | 856 |
Operating Segments | Global Markets | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 25 | 24 | 47 | 46 |
Service charges | 90 | 83 | 180 | 160 |
Investment and brokerage services | 430 | 521 | 918 | 1,052 |
Investment banking income | 652 | 590 | 1,261 | 1,255 |
Trading account profits | 2,184 | 1,743 | 4,887 | 3,920 |
Other income | 39 | 122 | 43 | 308 |
Total noninterest income | 3,420 | 3,083 | 7,336 | 6,741 |
Operating Segments | Global Markets | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 25 | 24 | 47 | 46 |
Operating Segments | Global Markets | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 0 | 0 | 0 | 0 |
Operating Segments | Global Markets | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 45 | 40 | 85 | 73 |
Operating Segments | Global Markets | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 45 | 43 | 95 | 87 |
Operating Segments | Global Markets | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 0 | 0 | 0 | 0 |
Operating Segments | Global Markets | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 430 | 521 | 918 | 1,052 |
Operating Segments | Global Markets | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 592 | 554 | 1,163 | 1,185 |
Operating Segments | Global Markets | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 25 | 19 | 43 | 40 |
Operating Segments | Global Markets | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 35 | 17 | 55 | 30 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Card income | (1) | 29 | (1) | 70 |
Service charges | 6 | 5 | 11 | 10 |
Investment and brokerage services | (8) | (5) | 21 | (8) |
Investment banking income | (46) | (83) | (130) | (141) |
Trading account profits | 39 | 125 | (57) | 188 |
Other income | (419) | 545 | (750) | 141 |
Total noninterest income | (429) | 616 | (906) | 260 |
All Other | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 0 | 4 | 0 | 9 |
All Other | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | (1) | 25 | (1) | 61 |
All Other | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 6 | 5 | 11 | 10 |
All Other | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 0 | 0 | 0 | 0 |
All Other | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 0 | 0 | 0 | 0 |
All Other | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | (8) | (5) | 21 | (8) |
All Other | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | (45) | (83) | (129) | (142) |
All Other | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 0 | 0 | 0 | 0 |
All Other | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | $ (1) | $ 0 | $ (1) | $ 1 |