Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 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 | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 9,814,196,864 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest income | ||||
Loans and leases | $ 10,401 | $ 9,203 | $ 30,095 | $ 26,877 |
Debt securities | 2,986 | 2,629 | 8,646 | 7,764 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 799 | 659 | 2,130 | 1,658 |
Trading account assets | 1,172 | 1,091 | 3,506 | 3,330 |
Other interest income | 1,607 | 1,075 | 4,556 | 2,884 |
Total interest income | 16,965 | 14,657 | 48,933 | 42,513 |
Interest expense | ||||
Deposits | 1,230 | 624 | 2,933 | 1,252 |
Short-term borrowings | 1,526 | 944 | 4,123 | 2,508 |
Trading account liabilities | 335 | 319 | 1,040 | 890 |
Long-term debt | 2,004 | 1,609 | 5,709 | 4,658 |
Total interest expense | 5,095 | 3,496 | 13,805 | 9,308 |
Net interest income | 11,870 | 11,161 | 35,128 | 33,205 |
Noninterest income | ||||
Card income | 1,470 | 1,429 | 4,469 | 4,347 |
Service charges | 1,961 | 1,968 | 5,836 | 5,863 |
Investment and brokerage services | 3,494 | 3,437 | 10,616 | 10,314 |
Investment banking income | 1,204 | 1,477 | 3,979 | 4,593 |
Trading account profits | 1,893 | 1,837 | 6,907 | 6,124 |
Other income | 885 | 530 | 1,576 | 2,470 |
Total noninterest income | 10,907 | 10,678 | 33,383 | 33,711 |
Total revenue, net of interest expense | 22,777 | 21,839 | 68,511 | 66,916 |
Provision for credit losses | 716 | 834 | 2,377 | 2,395 |
Noninterest expense | ||||
Personnel | 7,721 | 7,811 | 24,145 | 24,326 |
Occupancy | 1,015 | 999 | 3,051 | 3,000 |
Equipment | 421 | 416 | 1,278 | 1,281 |
Marketing | 421 | 461 | 1,161 | 1,235 |
Professional fees | 439 | 476 | 1,219 | 1,417 |
Data processing | 791 | 777 | 2,398 | 2,344 |
Telecommunications | 173 | 170 | 522 | 538 |
Other general operating | 2,086 | 2,284 | 6,474 | 7,328 |
Total noninterest expense | 13,067 | 13,394 | 40,248 | 41,469 |
Income before income taxes | 8,994 | 7,611 | 25,886 | 23,052 |
Income tax expense | 1,827 | 2,187 | 5,017 | 7,185 |
Net income | 7,167 | 5,424 | 20,869 | 15,867 |
Preferred stock dividends | 466 | 465 | 1,212 | 1,328 |
Net income applicable to common shareholders | $ 6,701 | $ 4,959 | $ 19,657 | $ 14,539 |
Per common share information | ||||
Earnings (in dollars per share) | $ 0.67 | $ 0.49 | $ 1.93 | $ 1.44 |
Diluted earnings (in dollars per share) | 0.66 | 0.46 | 1.91 | 1.36 |
Dividends paid (in dollars per share) | $ 0.15 | $ 0.12 | $ 0.39 | $ 0.27 |
Average common shares issued and outstanding (in shares) | 10,031.6 | 10,197.9 | 10,177.5 | 10,103.4 |
Average diluted common shares issued and outstanding (in shares) | 10,170.8 | 10,746.7 | 10,317.9 | 10,832.1 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 7,167 | $ 5,424 | $ 20,869 | $ 15,867 |
Other comprehensive income (loss), net-of-tax: | ||||
Net change in debt and equity securities | (1,172) | 462 | (6,166) | 931 |
Net change in debit valuation adjustments | (269) | (80) | 183 | (149) |
Net change in derivatives | 21 | (346) | ||
Net change in derivatives | 24 | 156 | ||
Employee benefit plan adjustments | 31 | 26 | 91 | 80 |
Net change in foreign currency translation adjustments | (114) | 5 | (303) | 102 |
Other comprehensive income (loss) | (1,503) | 437 | (6,541) | 1,120 |
Comprehensive income | $ 5,664 | $ 5,861 | $ 14,328 | $ 16,987 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 27,440 | $ 29,480 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 157,418 | 127,954 |
Cash and cash equivalents | 184,858 | 157,434 |
Time deposits placed and other short-term investments | 7,865 | 11,153 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $52,524 and $52,906 measured at fair value) | 248,237 | 212,747 |
Trading account assets (includes $110,199 and $106,274 pledged as collateral) | 219,118 | 209,358 |
Derivative assets | 45,617 | 37,762 |
Debt securities: | ||
Carried at fair value | 251,635 | 315,117 |
Held-to-maturity, at cost (fair value – $187,988 and $123,299) | 194,472 | 125,013 |
Total debt securities | 446,107 | 440,130 |
Loans and leases | 929,801 | 936,749 |
Allowance for loan and lease losses | (9,734) | (10,393) |
Loans and leases, net of allowance | 920,067 | 926,356 |
Premises and equipment, net | 9,680 | 9,247 |
Goodwill | 68,951 | 68,951 |
Loans held-for-sale (includes $3,116 and $2,156 measured at fair value) | 5,576 | 11,430 |
Customer and other receivables | 56,962 | 61,623 |
Other assets (includes $23,738 and $22,581 measured at fair value) | 125,795 | 135,043 |
Total assets | 2,338,833 | 2,281,234 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 414,853 | 430,650 |
Interest-bearing (includes $529 and $449 measured at fair value) | 844,204 | 796,576 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 12,896 | 14,024 |
Interest-bearing | 73,696 | 68,295 |
Total deposits | 1,345,649 | 1,309,545 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $34,242 and $36,182 measured at fair value) | 171,600 | 176,865 |
Trading account liabilities | 89,964 | 81,187 |
Derivative liabilities | 36,189 | 34,300 |
Short-term borrowings (includes $1,789 and $1,494 measured at fair value) | 29,035 | 32,666 |
Accrued expenses and other liabilities (includes $24,516 and $22,840 measured at fair value and $792 and $777 of reserve for unfunded lending commitments) | 170,138 | 152,123 |
Long-term debt (includes $28,677 and $31,786 measured at fair value) | 234,100 | 227,402 |
Total liabilities | 2,076,675 | 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 – 3,843,140 and 3,837,683 shares | 22,326 | 22,323 |
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 9,858,252,641 and 10,287,302,431 shares | 123,921 | 138,089 |
Retained earnings | 130,747 | 113,816 |
Accumulated other comprehensive income (loss) | (14,836) | (7,082) |
Total shareholders’ equity | 262,158 | 267,146 |
Total liabilities and shareholders’ equity | 2,338,833 | 2,281,234 |
Consolidated VIEs | ||
Assets | ||
Trading account assets (includes $110,199 and $106,274 pledged as collateral) | 6,145 | 6,521 |
Debt securities: | ||
Loans and leases | 44,163 | 48,929 |
Allowance for loan and lease losses | (920) | (1,016) |
Loans and leases, net of allowance | 43,243 | 47,913 |
Other assets (includes $23,738 and $22,581 measured at fair value) | 357 | 1,721 |
Total assets | 49,745 | 56,155 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $1,789 and $1,494 measured at fair value) | 905 | 312 |
Long-term debt (includes $28,677 and $31,786 measured at fair value) | 11,024 | 9,873 |
All other liabilities (includes $37 and $34 of non-recourse liabilities) | 39 | 37 |
Total liabilities | $ 11,968 | $ 10,222 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 52,524 | $ 52,906 |
Trading account assets, pledged as collateral | 110,199 | 106,274 |
Debt securities: | ||
Held-to-maturity, fair value | 187,988 | 123,299 |
Loans and leases, measured at fair value | 5,731 | 5,710 |
Loans held-for-sale, measured at fair value | 3,116 | 2,156 |
Other assets, measured at fair value | 23,738 | 22,581 |
Deposits in U.S. offices: | ||
Interest-bearing, measured at fair value | 529 | 449 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 34,242 | 36,182 |
Short-term borrowings, measured at fair value | 1,789 | 1,494 |
Accrued expenses and other liabilities, measured at fair value | 24,516 | 22,840 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 792 | 777 |
Long-term debt, measured at fair value | $ 28,677 | $ 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) | 3,843,140 | 3,837,683 |
Preferred stock outstanding (in shares) | 3,843,140 | 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) | 9,858,252,641 | 10,287,302,431 |
Common stock outstanding (in shares) | 9,858,252,641 | 10,287,302,431 |
Consolidated VIEs | Long-term debt | ||
Shareholders’ equity | ||
Non-recourse debt | $ 11,024 | $ 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 | 15,867 | 15,867 | |||
Net change in debt and equity securities | 931 | 931 | |||
Net change in debit valuation adjustments | (149) | (149) | |||
Net change in derivatives | 156 | 156 | |||
Employee benefit plan adjustments | 80 | 80 | |||
Net change in foreign currency translation adjustments | 102 | 102 | |||
Dividends declared: | |||||
Common | (2,768) | (2,768) | |||
Preferred | (1,292) | (1,292) | |||
Common stock issued in connection with exercise of warrants and exchange of preferred stock | 0 | (2,897) | $ 2,933 | (36) | |
Common stock issued in connection with exercise of warrants and exchange of preferred stock (in shares) | 700 | ||||
Common stock issued under employee plans, net and other (in shares) | 39.5 | ||||
Common stock issued under employee plans, net and other | 792 | $ 792 | |||
Common stock repurchased (in shares) | (334.6) | ||||
Common stock repurchased | (7,945) | $ (7,945) | |||
Ending Balance at Sep. 30, 2017 | 271,969 | 22,323 | $ 142,818 | 112,996 | (6,168) |
Ending Balance (in shares) at Sep. 30, 2017 | 10,457.5 | ||||
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 | 20,869 | 20,869 | |||
Net change in debt and equity securities | (6,166) | (6,166) | |||
Net change in debit valuation adjustments | 183 | 183 | |||
Net change in derivatives | (346) | (346) | |||
Employee benefit plan adjustments | 91 | 91 | |||
Net change in foreign currency translation adjustments | (303) | (303) | |||
Dividends declared: | |||||
Common | (3,952) | (3,952) | |||
Preferred | (1,212) | (1,212) | |||
Issuance of preferred stock | 4,515 | 4,515 | |||
Redemption of preferred stock | (4,512) | (4,512) | |||
Common stock issued under employee plans, net and other (in shares) | 52.8 | ||||
Common stock issued under employee plans, net and other | 683 | $ 695 | (12) | ||
Common stock repurchased (in shares) | (481.8) | ||||
Common stock repurchased | (14,863) | $ (14,863) | |||
Ending Balance at Sep. 30, 2018 | $ 262,158 | $ 22,326 | $ 123,921 | $ 130,747 | $ (14,836) |
Ending Balance (in shares) at Sep. 30, 2018 | 9,858.3 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities | ||
Net income | $ 20,869 | $ 15,867 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 2,377 | 2,395 |
Gains on sales of debt securities | (76) | (278) |
Depreciation and premises improvements amortization | 1,135 | 1,115 |
Amortization of intangibles | 404 | 473 |
Net amortization of premium/discount on debt securities | 1,411 | 1,647 |
Deferred income taxes | 2,845 | 5,131 |
Stock-based compensation | 1,323 | 1,222 |
Loans held-for-sale: | ||
Originations and purchases | (16,830) | (31,404) |
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities | 23,221 | 27,484 |
Net change in: | ||
Trading and derivative instruments | (13,347) | (12,553) |
Other assets | 13,648 | (9,993) |
Accrued expenses and other liabilities | 18,266 | 11,201 |
Other operating activities, net | (1,804) | 4,657 |
Net cash provided by operating activities | 53,442 | 16,964 |
Net change in: | ||
Time deposits placed and other short-term investments | 3,288 | 368 |
Federal funds sold and securities borrowed or purchased under agreements to resell | (35,490) | (18,990) |
Debt securities carried at fair value: | ||
Proceeds from sales | 3,070 | 64,597 |
Proceeds from paydowns and maturities | 56,458 | 71,628 |
Purchases | (54,923) | (134,915) |
Held-to-maturity debt securities: | ||
Proceeds from paydowns and maturities | 13,566 | 12,194 |
Purchases | (35,215) | (17,850) |
Loans and leases: | ||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 13,600 | 8,874 |
Purchases | (3,323) | (4,511) |
Other changes in loans and leases, net | (6,432) | (29,654) |
Other investing activities, net | (1,750) | 8,635 |
Net cash used in investing activities | (47,151) | (39,624) |
Net change in: | ||
Deposits | 36,104 | 23,483 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | (5,313) | 19,987 |
Short-term borrowings | (3,631) | 8,583 |
Long-term debt: | ||
Proceeds from issuance | 60,873 | 50,702 |
Retirement | (44,817) | (44,652) |
Preferred stock: | ||
Proceeds from issuance | 4,515 | 0 |
Redemption | (4,512) | 0 |
Common stock repurchased | (14,863) | (7,945) |
Cash dividends paid | (5,150) | (4,124) |
Other financing activities, net | (644) | (609) |
Net cash used in financing activities | 22,562 | 45,425 |
Effect of exchange rate changes on cash and cash equivalents | (1,429) | 1,878 |
Net increase in cash and cash equivalents | 27,424 | 24,643 |
Cash and cash equivalents at January 1 | 157,434 | 147,738 |
Cash and cash equivalents at September 30 | $ 184,858 | $ 172,381 |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 9 Months Ended |
Sep. 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 lessees to recognize operating leases on the Consolidated Balance Sheet as right-of-use assets and lease liabilities based on the value of the discounted future lease payments. Lessor accounting is largely unchanged. Expanded disclosures about the nature and terms of lease agreements will be required. The Corporation intends to elect the optional transition method, which allows for the recognition of leases at the beginning of the period of adoption through a cumulative-effect adjustment in retained earnings, with no adjustment to comparative prior periods presented. The effect of the adoption will depend on the lease portfolio at the time of transition; however, based on current estimates, the Corporation expects to recognize right-of-use assets and lease liabilities within a range of approximately $9 billion to $11 billion . Adoption of the standard is not expected to have a significant effect on the Corporation’s regulatory capital measures. 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 Update 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 September 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 | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Card income Interchange fees (1) $ 978 $ 941 $ 3,018 $ 2,883 Other card income 492 488 1,451 1,464 Total card income 1,470 1,429 4,469 4,347 Service charges Deposit-related fees 1,682 1,691 5,009 5,040 Lending-related fees 279 277 827 823 Total service charges 1,961 1,968 5,836 5,863 Investment and brokerage services Asset management fees 2,576 2,367 7,652 6,855 Brokerage fees 918 1,070 2,964 3,459 Total investment and brokerage services 3,494 3,437 10,616 10,314 Investment banking income Underwriting income 701 698 2,160 2,185 Syndication fees 241 405 958 1,146 Financial advisory services 262 374 861 1,262 Total investment banking income 1,204 1,477 3,979 4,593 Trading account profits 1,893 1,837 6,907 6,124 Other income 885 530 1,576 2,470 Total noninterest income $ 10,907 $ 10,678 $ 33,383 $ 33,711 (1) Gross interchange fees were $ 2.4 billion and $ 2.2 billion for the three months ended September 30, 2018 and 2017 , and are presented net of $ 1.4 billion and $ 1.3 billion of expenses for rewards and partner payments. For the nine months ended September 30, 2018 and 2017 , gross interchange fees were $7.0 billion and $6.5 billion and are presented net of $4.0 billion and $3.6 billion of expenses for rewards and partner payments. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 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 September 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. September 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 $ 17,788.7 $ 138.9 $ 1.3 $ 140.2 $ 132.7 $ 4.5 $ 137.2 Futures and forwards 6,270.1 1.3 — 1.3 1.2 — 1.2 Written options 1,433.4 — — — 26.7 — 26.7 Purchased options 1,488.2 28.7 — 28.7 — — — Foreign exchange contracts Swaps 1,904.9 49.6 1.6 51.2 50.4 2.4 52.8 Spot, futures and forwards 4,568.7 42.1 0.7 42.8 41.7 0.5 42.2 Written options 300.4 — — — 5.1 — 5.1 Purchased options 296.0 4.4 — 4.4 — — — Equity contracts Swaps 278.2 4.9 — 4.9 4.7 — 4.7 Futures and forwards 104.8 1.0 — 1.0 1.3 — 1.3 Written options 651.4 — — — 30.0 — 30.0 Purchased options 586.1 40.0 — 40.0 — — — Commodity contracts Swaps 48.2 2.4 — 2.4 5.0 — 5.0 Futures and forwards 63.5 3.2 — 3.2 0.5 — 0.5 Written options 32.5 — — — 2.1 — 2.1 Purchased options 29.5 2.1 — 2.1 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 430.3 4.9 — 4.9 9.8 — 9.8 Total return swaps/options 64.6 0.4 — 0.4 0.9 — 0.9 Written credit derivatives: Credit default swaps 398.2 9.3 — 9.3 4.3 — 4.3 Total return swaps/options 62.5 0.5 — 0.5 0.3 — 0.3 Gross derivative assets/liabilities $ 333.7 $ 3.6 $ 337.3 $ 316.7 $ 7.4 $ 324.1 Less: Legally enforceable master netting agreements (259.7 ) (259.7 ) Less: Cash collateral received/paid (32.0 ) (28.2 ) Total derivative assets/liabilities $ 45.6 $ 36.2 (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 $4.3 billion and $429.2 billion at September 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 September 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) September 30, 2018 December 31, 2017 Interest rate contracts Over-the-counter $ 165.9 $ 161.0 $ 211.7 $ 206.0 Over-the-counter cleared 2.7 2.5 1.9 1.8 Foreign exchange contracts Over-the-counter 95.2 97.1 78.7 80.8 Over-the-counter cleared 1.1 1.0 0.9 0.7 Equity contracts Over-the-counter 27.2 17.3 18.3 16.2 Exchange-traded 13.5 12.2 9.1 8.5 Commodity contracts Over-the-counter 3.6 5.1 2.9 4.4 Exchange-traded 1.0 1.1 0.7 0.8 Credit derivatives Over-the-counter 7.9 8.4 9.1 9.6 Over-the-counter cleared 6.9 6.6 6.1 6.0 Total gross derivative assets/liabilities, before netting Over-the-counter 299.8 288.9 320.7 317.0 Exchange-traded 14.5 13.3 9.8 9.3 Over-the-counter cleared 10.7 10.1 8.9 8.5 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (270.1 ) (266.1 ) (296.9 ) (294.6 ) Exchange-traded (11.9 ) (11.9 ) (8.6 ) (8.6 ) Over-the-counter cleared (9.7 ) (9.9 ) (8.3 ) (8.5 ) Derivative assets/liabilities, after netting 33.3 24.4 25.6 23.1 Other gross derivative assets/liabilities (2) 12.3 11.8 12.2 11.2 Total derivative assets/liabilities 45.6 36.2 37.8 34.3 Less: Financial instruments collateral (3) (18.4 ) (9.3 ) (11.2 ) (10.4 ) Total net derivative assets/liabilities $ 27.2 $ 26.9 $ 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 nine months ended September 30, 2018 and 2017 . Gains and Losses on Derivatives Designated as Fair Value Hedges Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 (Dollars in millions) Derivative Hedged Item Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (1,129 ) $ 1,122 $ (273 ) $ 169 $ (104 ) Interest rate and foreign currency risk on long-term debt (2, 3) (182 ) 207 607 (593 ) 14 Interest rate risk on available-for-sale securities (4) 12 (12 ) (8 ) 7 (1 ) Total $ (1,299 ) $ 1,317 $ 326 $ (417 ) $ (91 ) Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Derivative Hedged Item Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (4,303 ) $ 4,179 $ (751 ) $ 313 $ (438 ) Interest rate and foreign currency risk on long-term debt (2, 3) (927 ) 795 1,631 (1,603 ) 28 Interest rate risk on available-for-sale securities (4) (20 ) 19 (71 ) 40 (31 ) Total $ (5,250 ) $ 4,993 $ 809 $ (1,250 ) $ (441 ) (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For the three and nine months ended September 30, 2018 , the derivative amount includes losses of $96 million and $672 million in other income and losses of $117 million and $156 million in interest expense. For the same periods in 2017 , the derivative amount includes gains of $635 million and $1.9 billion in other income and losses of $29 million and $310 million in interest expense. Line item totals are in the Consolidated Statement of Income. (3) For the three and nine months ended September 30, 2018 , the derivative amount includes gains of $31 million and losses of $99 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) September 30, 2018 (Dollars in millions) Carrying Value Cumulative Fair Value Adjustments (1) Long-term debt $ (137,610 ) $ 1,839 Available-for-sale securities (2) 951 (61 ) (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 $948 million and is included in debt securities carried at fair value on the Consolidated Balance Sheet. At September 30, 2018 , the cumulative fair value adjustments remaining on long-term debt and available-for-sale (AFS) securities from discontinued hedging relationships were a decrease of $400 million of the related liability, and a decrease of $34 million of the related asset, 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 nine months ended September 30, 2018 and 2017 . Of the $1.3 billion after-tax net loss ( $1.7 billion pretax) on derivatives in accumulated OCI at September 30, 2018 , $280 million after-tax ( $368 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 six 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 Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) (Dollars in millions, amounts pretax) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Cash flow hedges Interest rate risk on variable-rate assets (1) $ (54 ) $ (51 ) $ (553 ) $ (134 ) Price risk on certain restricted stock awards (2) — — 4 27 Total $ (54 ) $ (51 ) $ (549 ) $ (107 ) Net investment hedges Foreign exchange risk (3) $ 181 $ 383 $ 860 $ 382 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 11 $ (54 ) $ 38 $ (274 ) Price risk on certain restricted stock awards (2) 7 32 41 103 Total $ 18 $ (22 ) $ 79 $ (171 ) Net investment hedges Foreign exchange risk (3) $ (427 ) $ (3 ) $ (1,541 ) $ 1,811 (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 nine months ended September 30, 2018 , amounts excluded from effectiveness testing and recognized in other income were gains of $3 million and $32 million . For the same periods in 2017 , amounts excluded from effectiveness testing and recognized in other income were losses of $33 million and $82 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 nine months ended September 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 September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Interest rate risk on mortgage activities (1) $ (45 ) $ 1 $ (206 ) $ 32 Credit risk on loans (2 ) — (7 ) (3 ) Interest rate and foreign currency risk on ALM activities (2) 487 26 1,050 (26 ) (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 $8 million and $36 million for the three and nine months ended September 30, 2018 compared to $76 million and $192 million for the same periods in 2017 . (2) 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 September 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 September 30, 2018 and December 31, 2017 , the fair value of the transferred securities was $5.9 billion and $6.1 billion . At September 30, 2018 and December 31, 2017 , derivative assets of $58 million and $46 million and liabilities of $1 million and $3 million were recorded and are included in credit derivatives in the derivative instruments table on page 63 . 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 nine months ended September 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 September 30, 2018 Nine Months Ended September 30, 2018 Interest rate risk $ 182 $ 307 $ 134 $ 623 $ 1,070 $ 946 $ 203 $ 2,219 Foreign exchange risk 379 (2 ) 2 379 1,175 (15 ) 5 1,165 Equity risk 853 (215 ) 350 988 3,105 (542 ) 1,196 3,759 Credit risk 266 465 106 837 1,093 1,424 377 2,894 Other risk 47 26 19 92 171 39 60 270 Total sales and trading revenue $ 1,727 $ 581 $ 611 $ 2,919 $ 6,614 $ 1,852 $ 1,841 $ 10,307 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Interest rate risk $ 330 $ 365 $ 49 $ 744 $ 833 $ 1,182 $ 200 $ 2,215 Foreign exchange risk 348 2 2 352 1,063 (2 ) 5 1,066 Equity risk 639 (142 ) 467 964 2,088 (372 ) 1,427 3,143 Credit risk 362 482 105 949 1,482 1,467 450 3,399 Other risk 35 8 16 59 168 18 67 253 Total sales and trading revenue $ 1,714 $ 715 $ 639 $ 3,068 $ 5,634 $ 2,293 $ 2,149 $ 10,076 (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 $378 million and $1.3 billion for the three and nine months ended September 30, 2018 compared to $488 million and $1.5 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 September 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 September 30, 2018 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ 2 $ 38 $ 335 $ 590 $ 965 Non-investment grade 61 492 1,007 1,802 3,362 Total 63 530 1,342 2,392 4,327 Total return swaps/options: Investment grade 22 — — — 22 Non-investment grade 263 28 — — 291 Total 285 28 — — 313 Total credit derivatives $ 348 $ 558 $ 1,342 $ 2,392 $ 4,640 Credit-related notes: Investment grade $ — $ — $ 5 $ 602 $ 607 Non-investment grade 3 1 4 1,455 1,463 Total credit-related notes $ 3 $ 1 $ 9 $ 2,057 $ 2,070 Maximum Payout/Notional Credit default swaps: Investment grade $ 61,224 $ 93,646 $ 82,657 $ 30,883 $ 268,410 Non-investment grade 22,980 37,907 47,164 21,785 129,836 Total 84,204 131,553 129,821 52,668 398,246 Total return swaps/options: Investment grade 40,115 1,263 62 76 41,516 Non-investment grade 20,648 207 39 72 20,966 Total 60,763 1,470 101 148 62,482 Total credit derivatives $ 144,967 $ 133,023 $ 129,922 $ 52,816 $ 460,728 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 September 30, 2018 and December 31, 2017 , the Corporation held cash and securities collateral of $83.7 billion and $77.2 billion , and posted cash and securities collateral of $55.1 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 September 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 $1.2 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 September 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 September 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 September 30, 2018 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 554 $ 314 Bank of America, N.A. and subsidiaries (1) 212 264 (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 September 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 September 30, 2018 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 260 $ 607 Collateral posted 201 399 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 nine months ended September 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 September 30 2018 2017 (Dollars in millions) Gross Net Gross Net Derivative assets (CVA) $ 71 $ 27 $ 23 $ 15 Derivative assets/liabilities (FVA) 45 35 37 43 Derivative liabilities (DVA) (69 ) (79 ) 29 17 Nine Months Ended September 30 2018 2017 Derivative assets (CVA) $ 186 $ 172 $ 281 $ 93 Derivative assets/liabilities (FVA) 36 16 113 140 Derivative liabilities (DVA) (112 ) (132 ) (249 ) (201 ) (1) At September 30, 2018 and December 31, 2017 , cumulative CVA reduced the derivative assets balance by $491 million and $677 million , cumulative FVA reduced the net derivatives balance by $100 million and $136 million , and cumulative DVA reduced the derivative liabilities balance by $338 million and $450 million , respectively. |
Securities
Securities | 9 Months Ended |
Sep. 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 September 30, 2018 and December 31, 2017 . Debt Securities Amortized Cost Gross Gains Gross Losses Fair Value (Dollars in millions) September 30, 2018 Available-for-sale debt securities Mortgage-backed securities: Agency $ 141,721 $ 101 $ (5,710 ) $ 136,112 Agency-collateralized mortgage obligations 5,878 9 (209 ) 5,678 Commercial 14,138 2 (630 ) 13,510 Non-agency residential (1) 1,926 217 (6 ) 2,137 Total mortgage-backed securities 163,663 329 (6,555 ) 157,437 U.S. Treasury and agency securities 54,664 8 (2,366 ) 52,306 Non-U.S. securities 7,076 5 (2 ) 7,079 Other taxable securities, substantially all asset-backed securities 3,806 77 (7 ) 3,876 Total taxable securities 229,209 419 (8,930 ) 220,698 Tax-exempt securities 18,401 36 (87 ) 18,350 Total available-for-sale debt securities 247,610 455 (9,017 ) 239,048 Other debt securities carried at fair value 12,409 205 (27 ) 12,587 Total debt securities carried at fair value 260,019 660 (9,044 ) 251,635 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities (2) 194,472 1 (6,485 ) 187,988 Total debt securities (3, 4) $ 454,491 $ 661 $ (15,529 ) $ 439,623 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 September 30, 2018 and December 31, 2017 , the underlying collateral type included approximately 65 percent and 62 percent prime, seven percent and 13 percent Alt-A and 28 percent and 25 percent subprime. (2) During the three and nine months ended September 30, 2018 , the Corporation transferred $ 25 billion and $ 50 billion of available-for-sale debt securities to held to maturity. (3) Includes securities pledged as collateral of $39.7 billion and $35.8 billion at September 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 $165.3 billion and $53.1 billion , and a fair value of $159.3 billion and $51.4 billion at September 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 September 30, 2018 , the accumulated net unrealized loss on AFS debt securities included in accumulated OCI was $6.4 billion , net of the related income tax benefit of $2.1 billion . The Corporation had nonperforming AFS debt securities of $71 million and $99 million at September 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 September 30, 2018 , the Corporation held equity securities at an aggregate fair value of $947 million and other equity securities, as valued under the measurement alternative, at cost of $252 million , both of which are included in other assets. At September 30, 2018 , the Corporation also held equity securities at fair value of $1.5 billion included in time deposits placed and other short-term investments. 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 nine months ended September 30, 2018 , the Corporation recorded unrealized mark-to-market net losses of $106 million and $37 million , and realized net gains of $114 million and $123 million , compared to unrealized mark-to-market net gains of $124 million and $ 323 million and realized net losses of $11 million and $129 million for the same periods in 2017 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value (Dollars in millions) September 30 December 31 Mortgage-backed securities $ 1,696 $ 2,769 Non-U.S. securities (1) 10,888 9,488 Other taxable securities, substantially all asset-backed securities 3 229 Total $ 12,587 $ 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 nine months ended September 30, 2018 and 2017 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Gross gains $ 83 $ 130 $ 86 $ 286 Gross losses (10 ) (5 ) (10 ) (8 ) Net gains on sales of AFS debt securities $ 73 $ 125 $ 76 $ 278 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 17 $ 48 $ 18 $ 106 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 September 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) September 30, 2018 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 45,433 $ (1,190 ) $ 87,214 $ (4,520 ) $ 132,647 $ (5,710 ) Agency-collateralized mortgage obligations 1,959 (47 ) 3,344 (162 ) 5,303 (209 ) Commercial 4,923 (146 ) 7,962 (484 ) 12,885 (630 ) Non-agency residential 23 (2 ) 51 (4 ) 74 (6 ) Total mortgage-backed securities 52,338 (1,385 ) 98,571 (5,170 ) 150,909 (6,555 ) U.S. Treasury and agency securities 10,651 (409 ) 40,337 (1,957 ) 50,988 (2,366 ) Non-U.S. securities 706 (1 ) 81 (1 ) 787 (2 ) Other taxable securities, substantially all asset-backed securities 208 (3 ) 150 (4 ) 358 (7 ) Total taxable securities 63,903 (1,798 ) 139,139 (7,132 ) 203,042 (8,930 ) Tax-exempt securities 474 (1 ) 4,324 (86 ) 4,798 (87 ) Total temporarily impaired AFS debt securities 64,377 (1,799 ) 143,463 (7,218 ) 207,840 (9,017 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 93 — — — 93 — Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 64,470 $ (1,799 ) $ 143,463 $ (7,218 ) $ 207,933 $ (9,017 ) 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 $12 million and $23 million of credit-related OTTI losses on AFS debt securities which were recognized in other income for the three and nine months ended September 30, 2018 compared to $0 and $33 million for the same periods in 2017 . The amount of noncredit-related OTTI losses recognized in OCI was not significant for all periods presented. The cumulative OTTI credit losses recognized in income on AFS debt securities that the Corporation does not intend to sell were $135 million and $284 million at September 30, 2018 and 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 September 30, 2018 . Significant Assumptions Range (1) Weighted 10th Percentile (2) 90th Percentile (2) Prepayment speed 12.0 % 3.1 % 23.3 % Loss severity 18.1 8.4 31.0 Life default rate 20.1 0.7 73.5 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. Annual constant prepayment speed and loss severity rates are projected considering collateral characteristics such as loan-to-value (LTV), creditworthiness of borrowers as measured using Fair Isaac Corporation (FICO) scores, and geographic concentrations. The weighted-average severity by collateral type was 16.2 percent for prime, 16.4 percent for Alt-A and 22.2 percent for subprime at September 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 16.1 percent for prime, 21.9 percent for Alt-A and 22.7 percent for subprime at September 30, 2018 . The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at September 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 (Dollars in millions) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amortized cost of debt securities carried at fair value Mortgage-backed securities: Agency $ — — % $ 24 4.12 % $ 463 2.62 % $ 141,234 3.31 % $ 141,721 3.31 % Agency-collateralized mortgage obligations — — — — 31 2.48 5,847 3.17 5,878 3.17 Commercial 314 1.74 2,391 2.36 10,658 2.50 775 2.97 14,138 2.49 Non-agency residential — — — — 19 n/m 3,439 9.66 3,458 9.61 Total mortgage-backed securities 314 1.74 2,415 2.38 11,171 2.50 151,295 3.45 165,195 3.36 U.S. Treasury and agency securities 643 0.71 33,567 1.47 20,418 2.27 36 2.70 54,664 1.76 Non-U.S. securities 16,518 0.77 1,305 1.08 2 3.56 128 6.15 17,953 0.83 Other taxable securities, substantially all asset-backed securities 685 3.88 2,236 3.28 789 3.47 96 4.68 3,806 3.46 Total taxable securities 18,160 0.90 39,523 1.61 32,380 2.38 151,555 3.45 241,618 2.82 Tax-exempt securities 1,737 2.57 7,234 2.42 6,929 2.38 2,501 2.78 18,401 2.47 Total amortized cost of debt securities carried at fair value $ 19,897 1.05 $ 46,757 1.74 $ 39,309 2.38 $ 154,056 3.44 $ 260,019 2.79 Amortized cost of HTM debt securities (2) $ 4 3.36 $ 55 3.62 $ 1,484 2.76 $ 192,929 3.22 $ 194,472 3.22 Debt securities carried at fair value Mortgage-backed securities: Agency $ — $ 25 $ 452 $ 135,635 $ 136,112 Agency-collateralized mortgage obligations — — 29 5,649 5,678 Commercial 312 2,323 10,138 737 13,510 Non-agency residential — — 36 3,797 3,833 Total mortgage-backed securities 312 2,348 10,655 145,818 159,133 U.S. Treasury and agency securities 642 32,106 19,523 35 52,306 Non-U.S. securities 16,519 1,314 2 132 17,967 Other taxable securities, substantially all asset-backed securities 681 2,255 829 114 3,879 Total taxable securities 18,154 38,023 31,009 146,099 233,285 Tax-exempt securities 1,736 7,235 6,897 2,482 18,350 Total debt securities carried at fair value $ 19,890 $ 45,258 $ 37,906 $ 148,581 $ 251,635 Fair value of HTM debt securities (2) $ 4 $ 55 $ 1,415 $ 186,514 $ 187,988 (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. n/m = not meaningful |
Outstanding Loans and Leases
Outstanding Loans and Leases | 9 Months Ended |
Sep. 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 September 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) September 30, 2018 Consumer real estate Core portfolio Residential mortgage $ 1,248 $ 253 $ 814 $ 2,315 $ 186,975 $ 189,290 Home equity 200 89 453 742 39,854 40,596 Non-core portfolio Residential mortgage 815 351 2,345 3,511 10,044 $ 5,341 18,896 Home equity 162 78 398 638 8,190 1,811 10,639 Credit card and other consumer U.S. credit card 546 387 872 1,805 93,024 94,829 Direct/Indirect consumer (5) 297 84 37 418 90,920 91,338 Other consumer (6) — — — — 203 203 Total consumer 3,268 1,242 4,919 9,429 429,210 7,152 445,791 Consumer loans accounted for under the fair value option (7) $ 755 755 Total consumer loans and leases 3,268 1,242 4,919 9,429 429,210 7,152 755 446,546 Commercial U.S. commercial 433 127 469 1,029 284,633 285,662 Non-U.S. commercial 29 — — 29 95,973 96,002 Commercial real estate (8) 20 33 10 63 60,772 60,835 Commercial lease financing 48 94 41 183 21,363 21,546 U.S. small business commercial 68 48 89 205 14,029 14,234 Total commercial 598 302 609 1,509 476,770 478,279 Commercial loans accounted for under the fair value option (7) 4,976 4,976 Total commercial loans and leases 598 302 609 1,509 476,770 4,976 483,255 Total loans and leases (9) $ 3,866 $ 1,544 $ 5,528 $ 10,938 $ 905,980 $ 7,152 $ 5,731 $ 929,801 Percentage of outstandings 0.42 % 0.17 % 0.59 % 1.18 % 97.44 % 0.77 % 0.61 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $714 million and nonperforming loans of $233 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $309 million and nonperforming loans of $175 million . (2) Consumer real estate includes fully-insured loans of $2.2 billion . (3) Consumer real estate includes $2.0 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 auto and specialty lending loans and leases of $50.1 billion , unsecured consumer lending loans of $392 million , U.S. securities-based lending loans of $37.4 billion , non-U.S. consumer loans of $2.7 billion and other consumer loans of $756 million . (6) Substantially all of other consumer is consumer overdrafts. (7) Consumer loans accounted for under the fair value option includes residential mortgage loans of $407 million and home equity loans of $348 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $3.6 billion and non-U.S. commercial loans of $1.4 billion . For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (8) Total outstandings includes U.S. commercial real estate loans of $56.9 billion and non-U.S. commercial real estate loans of $3.9 billion . (9) Total outstandings includes loans and leases pledged as collateral of $45.6 billion . The Corporation also pledged $158.5 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 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 (5) 330 104 44 478 95,864 96,342 Other consumer (6) — — — — 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 (7) $ 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 (8) 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 (7) 4,782 4,782 Total commercial loans and leases 852 368 571 1,791 474,900 4,782 481,473 Total loans and leases (9) $ 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 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 . (6) Substantially all of other consumer is consumer overdrafts. (7) 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 . (8) 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 . (9) 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 $6.1 billion and $6.3 billion at September 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. During the three and nine months ended September 30, 2018 , certain consumer real estate loans, primarily non-core, with carrying values of $3.7 billion and $4.9 billion were sold, resulting in gains of $84 million and $656 million recorded in other income in the Consolidated Statement of Income. 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 September 30, 2018 and December 31, 2017 , $225 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 September 30, 2018 , nonperforming loans discharged in Chapter 7 bankruptcy with no change in repayment terms were $220 million of which $113 million were current on their contractual payments, while $90 million were 90 days or more past due. Of the contractually current nonperforming loans, 66 percent were discharged in Chapter 7 bankruptcy over 12 months ago, and 58 percent were discharged 24 months or more ago. During the three and nine months ended September 30, 2018 , the Corporation sold nonperforming and PCI consumer real estate loans with a carrying value of $2.1 billion and $2.7 billion , including $2.0 billion and $2.1 billion of PCI loans, compared to $700 million and $1.2 billion , including $538 million and $742 million of PCI loans, for the same periods in 2017 . During the nine months ended September 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 September 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) September 30 December 31 September 30 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 1,011 $ 1,087 $ 308 $ 417 Home equity 1,056 1,079 — — Non-core portfolio Residential mortgage (1) 1,023 1,389 1,853 2,813 Home equity 1,170 1,565 — — Credit card and other consumer U.S. credit card n/a n/a 872 900 Direct/Indirect consumer 46 46 35 40 Other consumer — — — — Total consumer 4,306 5,166 3,068 4,170 Commercial U.S. commercial 699 814 114 144 Non-U.S. commercial 31 299 — 3 Commercial real estate 46 112 1 4 Commercial lease financing 14 24 33 19 U.S. small business commercial 58 55 73 75 Total commercial 848 1,304 221 245 Total loans and leases $ 5,154 $ 6,470 $ 3,289 $ 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 September 30, 2018 and December 31, 2017 , residential mortgage includes $1.6 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 $579 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 September 30, 2018 and December 31, 2017 . Consumer Real Estate – Credit Quality Indicators (1) Core Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI Core Home Equity (2) Non-core Home Equity (2) Home Equity PCI (Dollars in millions) September 30, 2018 Refreshed LTV (3) Less than or equal to 90 percent $ 168,949 $ 8,594 $ 4,720 $ 39,719 $ 6,862 $ 1,277 Greater than 90 percent but less than or equal to 100 percent 2,483 503 310 409 757 248 Greater than 100 percent 923 544 311 468 1,209 286 Fully-insured loans (4) 16,935 3,914 Total consumer real estate $ 189,290 $ 13,555 $ 5,341 $ 40,596 $ 8,828 $ 1,811 Refreshed FICO score Less than 620 $ 2,115 $ 1,673 $ 1,185 $ 1,118 $ 1,650 $ 290 Greater than or equal to 620 and less than 680 4,379 1,387 1,010 2,096 1,883 288 Greater than or equal to 680 and less than 740 22,973 2,327 1,574 7,113 2,288 511 Greater than or equal to 740 142,888 4,254 1,572 30,269 3,007 722 Fully-insured loans (4) 16,935 3,914 Total consumer real estate $ 189,290 $ 13,555 $ 5,341 $ 40,596 $ 8,828 $ 1,811 (1) Excludes $755 million of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (4) 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) September 30, 2018 Refreshed FICO score Less than 620 $ 4,683 $ 1,752 Greater than or equal to 620 and less than 680 11,974 3,260 Greater than or equal to 680 and less than 740 34,896 9,090 Greater than or equal to 740 43,276 36,351 Other internal credit metrics (1, 2) 40,885 $ 203 Total credit card and other consumer $ 94,829 $ 91,338 $ 203 (1) Other internal credit metrics may include delinquency status, geography or other factors. (2) Direct/indirect consumer includes $40.1 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) September 30, 2018 Risk ratings Pass rated $ 277,732 $ 94,868 $ 60,271 $ 21,173 $ 275 Reservable criticized 7,930 1,134 564 373 31 Refreshed FICO score (3) Less than 620 242 Greater than or equal to 620 and less than 680 650 Greater than or equal to 680 and less than 740 1,993 Greater than or equal to 740 4,181 Other internal credit metrics (3, 4) 6,862 Total commercial $ 285,662 $ 96,002 $ 60,835 $ 21,546 $ 14,234 (1) Excludes $5.0 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $699 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 September 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 Core Home Equity (2) Non-core Home (2) Home Equity PCI (Dollars in millions) December 31, 2017 Refreshed LTV (3) 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 (4) 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 (4) 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) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (4) 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 $ 2,005 Greater than or equal to 620 and less than 680 12,422 4,064 Greater than or equal to 680 and less than 740 35,656 10,371 Greater than or equal to 740 43,477 36,445 Other internal credit metrics (1, 2) 43,457 $ 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 $951 million were included in TDRs at September 30, 2018 , of which $220 million were classified as nonperforming and $362 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 September 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 not significant. Consumer real estate foreclosed properties totaled $265 million and $236 million at September 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 September 30, 2018 was $2.7 billion . During the three and nine months ended September 30, 2018 , the Corporation reclassified $186 million and $505 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 $198 million and $624 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 September 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and nine months ended September 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) September 30, 2018 December 31, 2017 With no recorded allowance Residential mortgage $ 6,016 $ 4,783 $ — $ 8,856 $ 6,870 $ — Home equity 3,345 1,828 — 3,622 1,956 — With an allowance recorded Residential mortgage $ 2,271 $ 2,215 $ 134 $ 2,908 $ 2,828 $ 174 Home equity 910 849 165 972 900 174 Total (1) Residential mortgage $ 8,287 $ 6,998 $ 134 $ 11,764 $ 9,698 $ 174 Home equity 4,255 2,677 165 4,594 2,856 174 Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended September 30 Nine Months Ended September 30 2018 2017 2018 2017 With no recorded allowance Residential mortgage $ 5,056 $ 52 $ 7,498 $ 77 $ 5,685 $ 167 $ 7,964 $ 237 Home equity 1,908 27 2,000 27 1,937 79 2,001 82 With an allowance recorded Residential mortgage $ 2,330 $ 22 $ 3,254 $ 29 $ 2,508 $ 71 $ 3,565 $ 97 Home equity 864 7 873 6 879 19 850 18 Total (1) Residential mortgage $ 7,386 $ 74 $ 10,752 $ 106 $ 8,193 $ 238 $ 11,529 $ 334 Home equity 2,772 34 2,873 33 2,816 98 2,851 100 (1) During the nine months ended September 30, 2018 , previously impaired consumer real estate loans with a carrying value of $1.6 billion were sold. (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 September 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 nine months ended September 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 Nine Months Ended September 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 September 30, 2018 Nine Months Ended September 30, 2018 Residential mortgage $ 226 $ 195 4.27 % 4.12 % $ 747 $ 635 4.22 % 4.03 % Home equity 120 90 4.67 4.60 482 356 4.42 3.78 Total (2) $ 346 $ 285 4.41 4.29 $ 1,229 $ 991 4.30 3.94 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Residential mortgage $ 294 $ 263 4.42 % 4.33 % $ 738 $ 657 4.49 % 4.25 % Home equity 212 172 4.01 3.96 630 491 4.16 3.52 Total (2) $ 506 $ 435 4.25 4.17 $ 1,368 $ 1,148 4.33 3.90 (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 September 30, 2018 and 2017 due to sales and other dispositions, were $9 million and $33 million for the three and nine months ended September 30, 2018 compared to $17 million and $37 million for the same periods in 2017 . The table below presents the September 30, 2018 and 2017 carrying value for consumer real estate loans that were modified in a TDR during the three and nine months ended September 30, 2018 and 2017 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Modifications under government programs Contractual interest rate reduction $ 5 $ 10 $ 19 $ 56 Principal and/or interest forbearance — 1 — 4 Other modifications (1) 7 7 29 22 Total modifications under government programs 12 18 48 82 Modifications under proprietary programs Contractual interest rate reduction 7 15 159 178 Capitalization of past due amounts 10 12 67 47 Principal and/or interest forbearance 2 2 25 28 Other modifications (1) 14 1 195 45 Total modifications under proprietary programs 33 30 446 298 Trial modifications 201 329 376 605 Loans discharged in Chapter 7 bankruptcy (2) 39 58 121 163 Total modifications $ 285 $ 435 $ 991 $ 1,148 (1) Includes other modifications such as term or payment extensions and repayment plans. During the nine months ended September 30, 2018 , this included $197 million of modifications that met the definition of a TDR related to the 2017 hurricanes. These modifications had been written down to their net realizable value less costs to sell or were fully insured as of September 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 nine months ended September 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 September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Modifications under government programs $ 8 $ 16 $ 32 $ 62 Modifications under proprietary programs 43 32 130 99 Loans discharged in Chapter 7 bankruptcy (1) 12 16 51 93 Trial modifications (2) 18 54 85 312 Total modifications $ 81 $ 118 $ 298 $ 566 (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 September 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and nine months ended September 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) September 30, 2018 December 31, 2017 With no recorded allowance Direct/Indirect consumer $ 63 $ 29 $ — $ 58 $ 28 $ — With an allowance recorded U.S. credit card $ 501 $ 512 $ 143 $ 454 $ 461 $ 125 Direct/Indirect consumer — — — 1 1 — Total U.S. credit card $ 501 $ 512 $ 143 $ 454 $ 461 $ 125 Direct/Indirect consumer 63 29 — 59 29 — Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended September 30 Nine Months Ended September 30 2018 2017 2018 2017 With no recorded allowance Direct/Indirect consumer $ 30 $ 1 $ 20 $ — $ 29 $ 2 $ 19 $ — With an allowance recorded U.S. credit card $ 498 $ 7 $ 457 $ 6 $ 481 $ 19 $ 466 $ 18 Non-U.S. credit card (3) — — — — — — 62 1 Direct/Indirect consumer 1 — 2 — 1 — 2 — Total U.S. credit card $ 498 $ 7 $ 457 $ 6 $ 481 $ 19 $ 466 $ 18 Non-U.S. credit card (3) — — — — — — 62 1 Direct/Indirect consumer 31 1 22 — 30 2 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 September 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) September 30 December 31 September 30 December 31 September 30 December 31 Internal programs $ 242 $ 203 $ — $ 1 $ 242 $ 204 External programs 269 257 — — 269 257 Other 1 1 29 28 30 29 Total $ 512 $ 461 $ 29 $ 29 $ 541 $ 490 Percent of balances current or less than 30 days past due 86 % 87 % 90 % 88 % 86 % 87 % The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the September 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 nine months ended September 30, 2018 and 2017 . Credit Card and Other Consumer – TDRs Entered into During the Three and Nine Months Ended September 30, 2018 and 2017 Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017 . Consumer (1) Credit Card and Other Consumer Commercial Total (Dollars in millions) Three Months Ended September 30, 2018 Allowance for loan and lease losses, July 1 $ 1,366 $ 3,774 $ 4,910 $ 10,050 Loans and leases charged off (155 ) (992 ) (189 ) (1,336 ) Recoveries of loans and leases previously charged off 163 208 33 404 Net charge-offs 8 (784 ) (156 ) (932 ) Write-offs of PCI loans (2) (95 ) — — (95 ) Provision for loan and lease losses (3) (119 ) 829 1 711 Other (4) (2 ) 3 (1 ) — Allowance for loan and lease losses, September 30 1,158 3,822 4,754 9,734 Reserve for unfunded lending commitments, July 1 — — 787 787 Provision for unfunded lending commitments — — 5 5 Reserve for unfunded lending commitments, September 30 — — 792 792 Allowance for credit losses, September 30 $ 1,158 $ 3,822 $ 5,546 $ 10,526 Three Months Ended September 30, 2017 Allowance for loan and lease losses, July 1 $ 2,309 $ 3,386 $ 5,180 $ 10,875 Loans and leases charged off (231 ) (919 ) (212 ) (1,362 ) Recoveries of loans and leases previously charged off 230 189 43 462 Net charge-offs (1 ) (730 ) (169 ) (900 ) Write-offs of PCI loans (2) (73 ) — — (73 ) Provision for loan and lease losses (3) (204 ) 934 99 829 Other (4) 1 (40 ) 1 (38 ) Allowance for loan and lease losses, September 30 2,032 3,550 5,111 10,693 Reserve for unfunded lending commitments, July 1 — — 757 757 Provision for unfunded lending commitments — — 5 5 Reserve for unfunded lending commitments, September 30 — — 762 762 Allowance for credit losses, September 30 $ 2,032 $ 3,550 $ 5,873 $ 11,455 Nine Months Ended September 30, 2018 Allowance for loan and lease losses, January 1 $ 1,720 $ 3,663 $ 5,010 $ 10,393 Loans and leases charged off (466 ) (3,031 ) (513 ) (4,010 ) Recoveries of loans and leases previously charged off 440 621 110 1,171 Net charge-offs (26 ) (2,410 ) (403 ) (2,839 ) Write-offs of PCI loans (2) (166 ) — — (166 ) Provision for loan and lease losses (3) (368 ) 2,583 147 2,362 Other (4) (2 ) (14 ) — (16 ) Allowance for loan and lease losses, September 30 1,158 3,822 4,754 9,734 Reserve for unfunded lending commitments, January 1 — — 777 777 Provision for unfunded lending commitments — — 15 15 Reserve for unfunded lending commitments, September 30 — — 792 792 Allowance for credit losses, September 30 $ 1,158 $ 3,822 $ 5,546 $ 10,526 Nine Months Ended September 30, 2017 Allowance for loan and lease losses, January 1 $ 2,750 $ 3,229 $ 5,258 $ 11,237 Loans and leases charged off (633 ) (2,819 ) (570 ) (4,022 ) Recoveries of loans and leases previously charged off 520 623 137 1,280 Net charge-offs (113 ) (2,196 ) (433 ) (2,742 ) Write-offs of PCI loans (2) (161 ) — — (161 ) Provision for loan and lease losses (3) (445 ) 2,553 287 2,395 Other (4) 1 (36 ) (1 ) (36 ) Allowance for loan and lease losses, September 30 2,032 3,550 5,111 10,693 Reserve for unfunded lending commitments, January 1 and September 30 — — 762 762 Allowance for credit losses, September 30 $ 2,032 $ 3,550 $ 5,873 $ 11,455 (1) Includes valuation allowance associated with the PCI loan portfolio. (2) Includes write-offs associated with the sale of PCI loans of $71 million and $88 million during the three and nine months ended September 30, 2018 compared to $45 million and $80 million for the same periods in 2017 . (3) Includes provision expense associated with the PCI loan portfolio of $53 million and $28 million during the three and nine months ended September 30, 2018 compared to $12 million and $56 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 September 30, 2018 and December 31, 2017 . Allowance and Carrying Value by Portfolio Segment Consumer Credit Card and Other Consumer Commercial Total (Dollars in millions) September 30, 2018 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 299 $ 143 $ 165 $ 607 Carrying value (2) 9,675 541 2,194 12,410 Allowance as a percentage of carrying value 3.09 % 26.43 % 7.52 % 4.89 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 709 $ 3,679 $ 4,589 $ 8,977 Carrying value (2, 3) 242,594 185,829 476,085 904,508 Allowance as a percentage of carrying value (3) 0.29 % 1.98 % 0.96 % 0.99 % Purchased credit-impaired loans Valuation allowance $ 150 n/a n/a $ 150 Carrying value gross of valuation allowance 7,152 n/a n/a 7,152 Valuation allowance as a percentage of carrying value 2.10 % n/a n/a 2.10 % Total Allowance for loan and lease losses $ 1,158 $ 3,822 $ 4,754 $ 9,734 Carrying value (2, 3) 259,421 186,370 478,279 924,070 Allowance as a percentage of carrying value (3) 0.45 % 2.05 % 0.99 % 1.05 % 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 $5.7 billion at both September 30, 2018 and December 31, 2017 . n/a = not applicable |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 9 Months Ended |
Sep. 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 September 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 . Except as described below, the Corporation did not provide financial support to consolidated or unconsolidated VIEs during the nine months ended September 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 September 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 nine months ended September 30, 2018 and 2017 . First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage Three Months Ended September 30 Nine Months Ended September 30 Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 2018 2017 Cash proceeds from new securitizations (1) $ 1,596 $ 3,833 $ 4,661 $ 11,791 $ 1,797 $ 1,225 $ 3,981 $ 2,931 Gains on securitizations (2) 13 40 54 140 29 14 68 67 Repurchases from securitization trusts (3) 357 609 1,215 2,083 — — — — (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 $15 million and $60 million , net of hedges, during the three and nine months ended September 30, 2018 , compared to $63 million and $195 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 $169 million and $566 million in connection with first-lien mortgage securitizations for the three and nine months ended September 30, 2018 , compared to $770 million and $1.3 billion 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 nine months ended September 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 $234.4 billion and $289.3 billion at September 30, 2018 and 2017 . Servicing fee and ancillary fee income on serviced loans was $168 million and $546 million during the three and nine months ended September 30, 2018 , compared to $213 million and $691 million for the same periods in 2017 . Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $3.5 billion and $4.5 billion at September 30, 2018 and December 31, 2017 . For more information on MSRs, see Note 14 – Fair Value Measurements . During the three and nine months ended September 30, 2018 and 2017 , there were no significant 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 September 30, 2018 and December 31, 2017 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 16,461 $ 19,110 $ 458 $ 689 $ 2,063 $ 2,643 $ 218 $ 403 $ 659 $ 585 On-balance sheet assets Senior securities: Trading account assets $ 509 $ 716 $ 21 $ 6 $ 47 $ 10 $ 71 $ 50 $ 57 $ 108 Debt securities carried at fair value 10,232 15,036 262 477 1,592 2,221 145 351 — — Held-to-maturity securities 5,720 3,348 — — — — — — 419 274 All other assets (2) — 10 3 5 66 38 2 2 44 88 Total retained positions $ 16,461 $ 19,110 $ 286 $ 488 $ 1,705 $ 2,269 $ 218 $ 403 $ 520 $ 470 Principal balance outstanding (3) $ 195,110 $ 232,761 $ 9,448 $ 10,549 $ 9,156 $ 10,254 $ 24,439 $ 28,129 $ 31,251 $ 26,504 Consolidated VIEs Maximum loss exposure (1) $ 13,206 $ 14,502 $ 551 $ 571 $ — $ — $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 733 $ 232 $ 704 $ 571 $ — $ — $ — $ — $ — $ — Loans and leases, net 12,312 14,030 — — — — — — — — All other assets 162 240 — — — — — — — — Total assets $ 13,207 $ 14,502 $ 704 $ 571 $ — $ — $ — $ — $ — $ — Total liabilities $ 3 $ 3 $ 153 $ — $ — $ — $ — $ — $ — $ — (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 $12 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 $12 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 September 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, credit card and other asset-backed VIEs in which the Corporation held a variable interest at September 30, 2018 and December 31, 2017 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts (Dollars in millions) Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Unconsolidated VIEs Maximum loss exposure $ 1,101 $ 1,522 $ — $ — $ 8,185 $ 8,204 $ 1,837 $ 1,631 On-balance sheet assets Senior securities (4) : Trading account assets $ — $ — $ — $ — $ 1,757 $ 869 $ 22 $ 33 Debt securities carried at fair value 29 36 — — 1,380 1,661 — — Held-to-maturity securities — — — — 5,048 5,644 — — All other assets (4) — — — — — 30 — — Total retained positions $ 29 $ 36 $ — $ — $ 8,185 $ 8,204 $ 22 $ 33 Total assets of VIEs (5) $ 1,944 $ 2,432 $ — $ — $ 18,469 $ 19,281 $ 2,560 $ 2,287 Consolidated VIEs Maximum loss exposure $ 91 $ 112 $ 18,600 $ 24,337 $ 109 $ 628 $ 1,726 $ 1,453 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 376 $ 1,557 $ 1,740 $ 1,452 Loans and leases 143 177 29,726 32,554 — — — — Allowance for loan and lease losses (6 ) (9 ) (907 ) (988 ) — — — — All other assets 4 6 128 1,385 — — 1 1 Total assets $ 141 $ 174 $ 28,947 $ 32,951 $ 376 $ 1,557 $ 1,741 $ 1,453 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 905 $ 312 Long-term debt 59 76 10,320 8,598 267 929 12 — All other liabilities — — 27 16 — — — — Total liabilities $ 59 $ 76 $ 10,347 $ 8,614 $ 267 $ 929 $ 917 $ 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 September 30, 2018 and December 31, 2017 , loans and leases in the consolidated credit card trust included $10.8 billion and $15.6 billion of seller’s interest. (3) At September 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 nine months ended September 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 nine months ended September 30, 2018 and 2017 , new senior debt securities issued to third-party investors from the credit card securitization trust were $ 4.0 billion and $3.1 billion . At September 30, 2018 and December 31, 2017 , the Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $7.7 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 $650 million and $500 million of these subordinate securities issued during the nine months ended September 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 $7.7 billion and $21.3 billion of securities during the three and nine months ended September 30, 2018 compared to $5.0 billion and $20.1 billion for the same periods in 2017. Securities transferred into resecuritization VIEs during the three and nine months ended September 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 $1.5 billion and $3.7 billion during the three and nine months ended September 30, 2018 compared to $855 million and $2.7 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 $1.8 billion and $1.6 billion at September 30, 2018 and December 31, 2017 . The weighted-average remaining life of bonds held in the trusts at September 30, 2018 was 6.3 years . There were no material write-downs or downgrades of assets or issuers during the nine months ended September 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 September 30, 2018 and December 31, 2017 . Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) September 30, 2018 December 31, 2017 Maximum loss exposure $ 4,407 $ 21,188 $ 25,595 $ 4,660 $ 19,785 $ 24,445 On-balance sheet assets Trading account assets $ 2,592 $ 331 $ 2,923 $ 2,709 $ 346 $ 3,055 Debt securities carried at fair value — 20 20 — 160 160 Loans and leases 1,977 4,155 6,132 2,152 3,596 5,748 Allowance for loan and lease losses (2 ) (29 ) (31 ) (3 ) (32 ) (35 ) All other assets 62 15,300 15,362 89 15,216 15,305 Total $ 4,629 $ 19,777 $ 24,406 $ 4,947 $ 19,286 $ 24,233 On-balance sheet liabilities Long-term debt $ 213 $ — $ 213 $ 270 $ — $ 270 All other liabilities 10 4,067 4,077 18 3,417 3,435 Total $ 223 $ 4,067 $ 4,290 $ 288 $ 3,417 $ 3,705 Total assets of VIEs $ 4,629 $ 79,564 $ 84,193 $ 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 September 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 $433 million and $358 million at September 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 September 30, 2018 and December 31, 2017 , the Corporation’s consolidated investment VIEs had total assets of $337 million and $249 million . The Corporation also held investments in unconsolidated VIEs with total assets of $29.2 billion and $20.3 billion at September 30, 2018 and December 31, 2017 . The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $6.2 billion and $5.7 billion at September 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 $1.8 billion and $2.0 billion at September 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 $14.7 billion and $13.8 billion at September 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 September 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 $265 million and $750 million , and reported pretax losses in other noninterest income of $215 million and $640 million for the three and nine months ended September 30, 2018 . For the same periods in 2017 , the Corporation recognized tax credits and other tax benefits of $293 million and $825 million , and pretax losses of $209 million and $612 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 | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The table below presents goodwill balances by business segment and All Other at September 30, 2018 and December 31, 2017 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. For more information, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . Goodwill (Dollars in millions) September 30 December 31 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,677 9,677 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 September 30, 2018 and December 31, 2017 . Intangible Assets (1, 2) Gross Accumulated Net Gross Accumulated Net (Dollars in millions) September 30, 2018 December 31, 2017 Purchased credit card and affinity relationships $ 5,919 $ 5,721 $ 198 $ 5,919 $ 5,604 $ 315 Core deposit and other intangibles (3) 3,835 2,201 1,634 3,835 2,140 1,695 Customer relationships 3,886 3,810 76 3,886 3,584 302 Total intangible assets $ 13,640 $ 11,732 $ 1,908 $ 13,640 $ 11,328 $ 2,312 (1) Excludes fully amortized intangible assets. (2) At September 30, 2018 and December 31, 2017 , none of the intangible assets were impaired. (3) Includes $1.6 billion at both September 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 $134 million and $404 million for the three and nine months ended September 30, 2018 compared to $151 million and $473 million for the same periods in 2017 . The Corporation estimates aggregate amortization expense will be $134 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 | 9 Months Ended |
Sep. 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 fair value option, see Note 15 – Fair Value Option . Amount Rate Amount Rate Amount Rate Amount Rate Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 241,426 1.31 % $ 223,585 0.86 % $ 247,183 1.15 % $ 222,255 0.77 % Maximum month-end balance during period 267,989 n/a 224,815 n/a 267,989 n/a 237,064 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 191,693 1.88 % $ 197,794 1.37 % $ 193,854 1.71 % $ 199,433 1.18 % Maximum month-end balance during period 189,206 n/a 197,604 n/a 199,419 n/a 218,017 n/a Short-term borrowings Average during period 33,410 2.89 32,153 2.54 40,048 2.49 38,329 2.43 Maximum month-end balance during period 36,043 n/a 32,679 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 September 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) September 30, 2018 Securities borrowed or purchased under agreements to resell (3) $ 373,800 $ (125,563 ) $ 248,237 $ (218,291 ) $ 29,946 Securities loaned or sold under agreements to repurchase $ 297,163 $ (125,563 ) $ 171,600 $ (151,842 ) $ 19,758 Other (4) 24,446 — 24,446 (24,446 ) — Total $ 321,609 $ (125,563 ) $ 196,046 $ (176,288 ) $ 19,758 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 $11.1 billion and $10.2 billion reported in loans and leases on the Consolidated Balance Sheet at September 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 September 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 $ 128,222 $ 68,852 $ 22,920 $ 58,089 $ 278,083 Securities loaned 13,364 738 896 4,082 19,080 Other 24,446 — — — 24,446 Total $ 166,032 $ 69,590 $ 23,816 $ 62,171 $ 321,609 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 September 30, 2018 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 158,567 $ 10 $ 2 $ 158,579 Corporate securities, trading loans and other 13,448 2,656 363 16,467 Equity securities 17,268 10,953 24,028 52,249 Non-U.S. sovereign debt 84,435 5,461 53 89,949 Mortgage trading loans and ABS 4,365 — — 4,365 Total $ 278,083 $ 19,080 $ 24,446 $ 321,609 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 Under repurchase agreements, the Corporation is required to post collateral with a market value equal to or in excess of the principal amount borrowed. 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 September 30, 2018 and December 31, 2017 , the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $18.3 billion and $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 | 9 Months Ended |
Sep. 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 $10.8 billion and $11.0 billion at September 30, 2018 and December 31, 2017 . At September 30, 2018 , the carrying value of these commitments, excluding commitments accounted for under the fair value option, was $808 million , including deferred revenue of $16 million and a reserve for unfunded lending commitments of $792 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 $3.2 billion and $4.8 billion at September 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 $70 million and $120 million at September 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) September 30, 2018 Notional amount of credit extension commitments Loan commitments $ 86,501 $ 142,327 $ 154,991 $ 22,724 $ 406,543 Home equity lines of credit 3,203 2,494 3,115 34,411 43,223 Standby letters of credit and financial guarantees (1) 20,653 9,838 2,555 1,151 34,197 Letters of credit 1,262 223 74 73 1,632 Legally binding commitments 111,619 154,882 160,735 58,359 485,595 Credit card lines (2) 373,295 — — — 373,295 Total credit extension commitments $ 484,914 $ 154,882 $ 160,735 $ 58,359 $ 858,890 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 $26.9 billion and $6.9 billion at September 30, 2018 , and $27.3 billion and $8.1 billion at December 31, 2017 . Amounts in the table include consumer SBLCs of $402 million and $421 million at September 30, 2018 and December 31, 2017 . (2) Includes business card unused lines of credit. Other Commitments At September 30, 2018 and December 31, 2017 , the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $341 million and $344 million , and commitments to purchase commercial loans of $764 million and $994 million , which upon settlement will be included in loans or LHFS. At September 30, 2018 and December 31, 2017 , the Corporation had commitments to purchase commodities, primarily liquefied natural gas, of $1.7 billion and $1.5 billion , which upon settlement will be included in trading account assets. At September 30, 2018 and December 31, 2017 , the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $80.2 billion and $56.8 billion , and commitments to enter into forward-dated repurchase and securities lending agreements of $40.3 billion and $34.3 billion . These commitments expire primarily within the next 15 months . At both September 30, 2018 and December 31, 2017 , the Corporation had a commitment to originate or purchase up to $3.0 billion , on a rolling 12-month basis, of auto loans and leases from a strategic partner. 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 commitment to purchase a maximum of $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 $600 million , $2.3 billion , $2.1 billion , $1.9 billion and $1.6 billion for the remainder of 2018 and the years through 2022 , respectively, and $6.3 billion in the aggregate for all years thereafter. Other Guarantees Bank-owned Life Insurance Book Value Protection The Corporation sells products that offer book value protection to insurance carriers who offer group life insurance policies to corporations, primarily banks. At both September 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 nine months ended September 30, 2018 , the sponsored entities processed and settled $220.0 billion and $646.9 billion of transactions and recorded losses of $6 million and $23 million . For the same periods in 2017 , the sponsored entities processed and settled $200.4 billion and $591.8 billion of transactions and recorded losses of $7 million and $22 million . A significant portion of this activity was processed by a joint venture in which the Corporation holds a 49 percent ownership. The carrying value of the Corporation’s investment in the merchant services joint venture was $2.8 billion and $2.9 billion at September 30, 2018 and December 31, 2017 , and is recorded in other assets on the Consolidated Balance Sheet and in All Other . At September 30, 2018 and December 31, 2017 , the maximum potential exposure for sponsored transactions totaled $363.0 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 $2.0 billion and $1.9 billion at September 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 $6.0 billion and $5.9 billion at September 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. Guarantees of Certain Long-term Debt The Corporation, as the parent company, fully and unconditionally guarantees the securities issued by BofA Finance LLC, a 100 percent owned finance subsidiary of the Corporation, and effectively provides for the full and unconditional guarantee of trust securities issued by certain statutory trust companies that are 100 percent owned finance subsidiaries of the Corporation. 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 Reports on Form 10-Q for the quarters ended June 30, 2018 and 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 $90 million and $292 million was recognized for the three and nine months ended September 30, 2018 compared to $140 million and $606 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. LIBOR, Other Reference Rates, Foreign Exchange (FX) and Bond Trading Matters In the LIBOR matters, in July 2018, the U.S. Court of Appeals for the Second Circuit denied plaintiffs’ petition for an interlocutory appeal of the district court’s denial of certification of a class of lending institution plaintiffs, and, in September 2018, denied defendants’ petition for an interlocutory appeal of the district court’s certification of antitrust claims brought by the over-the-counter class of plaintiffs. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 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 October 24, 2018 December 7, 2018 December 28, 2018 $ 0.15 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 October 29, 2018 . During the three and nine months ended September 30, 2018 , the Corporation repurchased and retired 164 million and 482 million shares of common stock, which reduced shareholders’ equity by $ 5.0 billion and $ 14.9 billion . At September 30, 2018, the Corporation had unexercised warrants outstanding to purchase 122 million shares of its common stock expiring on October 29, 2018, and warrants outstanding and exercisable to purchase 130 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 third -quarter 2018 dividend of $0.15 per common share, the exercise price of the warrants expiring on January 16, 2019 was adjusted to $12.609 per share. The unexercised warrants expiring on October 29, 2018 have an exercise price of $30.79 per share. During the nine months ended September 30, 2018 , in connection with employee stock plans, the Corporation issued 74 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 29 million shares of its common stock. At September 30, 2018 , the Corporation had reserved 787 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 , June 30, 2018 and September 30, 2018 , the Corporation declared $428 million , $318 million and $466 million of cash dividends on preferred stock, or a total of $1.2 billion for the nine months ended September 30, 2018 . On July 24, 2018, the Corporation issued 34,160 shares of 5.875% Non-Cumulative Preferred Stock, Series HH for $844 million , net of deferred fees. 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 September 30, 2018 , the Corporation fully redeemed Series D, Series I, Series K and Series 3 preferred stock for a total of $1.7 billion . For additional 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) | 9 Months Ended |
Sep. 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 nine months ended September 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 931 (149 ) 156 80 102 1,120 Balance, September 30, 2017 $ (336 ) $ (916 ) $ (739 ) $ (3,400 ) $ (777 ) $ (6,168 ) 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 (6,166 ) 183 (346 ) 91 (303 ) (6,541 ) Balance, September 30, 2018 $ (7,765 ) $ (1,097 ) $ (1,309 ) $ (3,808 ) $ (857 ) $ (14,836 ) 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 nine months ended September 30, 2018 and 2017 . Changes in OCI Components Pre- and After-tax Pretax Tax effect After- tax Pretax Tax effect After- tax Nine Months Ended September 30 (Dollars in millions) 2018 2017 Debt and equity securities: Net increase (decrease) in fair value $ (8,198 ) $ 2,075 $ (6,123 ) $ 1,802 $ (674 ) $ 1,128 Net realized (gains) reclassified into earnings (3) (55 ) 12 (43 ) (312 ) 115 (197 ) Net change (8,253 ) 2,087 (6,166 ) 1,490 (559 ) 931 Debit valuation adjustments: Net increase (decrease) in fair value 220 (52 ) 168 (255 ) 96 (159 ) Net realized losses reclassified into earnings (3) 20 (5 ) 15 30 (20 ) 10 Net change 240 (57 ) 183 (225 ) 76 (149 ) Derivatives: Net increase (decrease) in fair value (601 ) 174 (427 ) 79 (30 ) 49 Reclassifications into earnings: Net interest income 134 (33 ) 101 274 (103 ) 171 Personnel expense (27 ) 7 (20 ) (103 ) 39 (64 ) Net realized losses reclassified into earnings 107 (26 ) 81 171 (64 ) 107 Net change (494 ) 148 (346 ) 250 (94 ) 156 Employee benefit plans: Reclassifications into earnings: Net actuarial losses and other 119 (28 ) 91 128 (48 ) 80 Net realized losses reclassified into earnings (4) 119 (28 ) 91 128 (48 ) 80 Net change 119 (28 ) 91 128 (48 ) 80 Foreign currency: Net increase (decrease) in fair value (87 ) (165 ) (252 ) (454 ) 462 8 Net realized (gains) losses reclassified into earnings (3) (143 ) 92 (51 ) (608 ) 702 94 Net change (230 ) (73 ) (303 ) (1,062 ) 1,164 102 Total other comprehensive income (loss) $ (8,618 ) $ 2,077 $ (6,541 ) $ 581 $ 539 $ 1,120 (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 | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30 Nine Months Ended September 30 (In millions, except per share information) 2018 2017 2018 2017 Earnings per common share Net income $ 7,167 $ 5,424 $ 20,869 $ 15,867 Preferred stock dividends (466 ) (465 ) (1,212 ) (1,328 ) Net income applicable to common shareholders $ 6,701 $ 4,959 $ 19,657 $ 14,539 Average common shares issued and outstanding 10,031.6 10,197.9 10,177.5 10,103.4 Earnings per common share $ 0.67 $ 0.49 $ 1.93 $ 1.44 Diluted earnings per common share Net income applicable to common shareholders $ 6,701 $ 4,959 $ 19,657 $ 14,539 Add preferred stock dividends due to assumed conversions (1) — 37 — 187 Net income allocated to common shareholders $ 6,701 $ 4,996 $ 19,657 $ 14,726 Average common shares issued and outstanding 10,031.6 10,197.9 10,177.5 10,103.4 Dilutive potential common shares (2) 139.2 548.8 140.4 728.7 Total diluted average common shares issued and outstanding 10,170.8 10,746.7 10,317.9 10,832.1 Diluted earnings per common share $ 0.66 $ 0.46 $ 1.91 $ 1.36 (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 the three and nine months ended September 30, 2017, the average dilutive impact of the 700 million potential common shares was included in the diluted share count under the “if-converted” method. For both the three and nine months ended September 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 nine months ended September 30, 2018 , average options to purchase two million and five 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 22 million for the same periods in 2017. For the three and nine months ended September 30, 2018 , average warrants to purchase 135 million and 139 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 nine months ended September 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 | 9 Months Ended |
Sep. 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 nine months ended September 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 September 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. September 30, 2018 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Time deposits placed and other short-term investments $ 1,528 $ — $ — $ — $ 1,528 Federal funds sold and securities borrowed or purchased under agreements to resell — 52,524 — — 52,524 Trading account assets: U.S. Treasury and agency securities (2) 39,677 1,251 — — 40,928 Corporate securities, trading loans and other — 27,281 1,534 — 28,815 Equity securities 66,850 28,049 290 — 95,189 Non-U.S. sovereign debt 5,667 19,524 469 — 25,660 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed — 18,697 — — 18,697 Mortgage trading loans, ABS and other MBS — 8,350 1,479 — 9,829 Total trading account assets (3) 112,194 103,152 3,772 — 219,118 Derivative assets 9,961 322,940 4,380 (291,664 ) 45,617 AFS debt securities: U.S. Treasury and agency securities 50,900 1,406 — — 52,306 Mortgage-backed securities: Agency — 136,112 — — 136,112 Agency-collateralized mortgage obligations — 5,678 — — 5,678 Non-agency residential — 1,593 544 — 2,137 Commercial — 13,510 — — 13,510 Non-U.S. securities 759 6,317 3 — 7,079 Other taxable securities — 3,869 7 — 3,876 Tax-exempt securities — 18,349 1 — 18,350 Total AFS debt securities 51,659 186,834 555 — 239,048 Other debt securities carried at fair value: Mortgage-backed securities: Non-agency residential — 1,400 296 — 1,696 Non-U.S. securities 9,943 945 — — 10,888 Other taxable securities — 3 — — 3 Total other debt securities carried at fair value 9,943 2,348 296 — 12,587 Loans and leases — 5,321 410 — 5,731 Loans held-for-sale — 2,590 526 — 3,116 Other assets (4) 18,858 1,740 3,140 — 23,738 Total assets $ 204,143 $ 677,449 $ 13,079 $ (291,664 ) $ 603,007 Liabilities Interest-bearing deposits in U.S. offices $ — $ 529 $ — $ — $ 529 Federal funds purchased and securities loaned or sold under agreements to repurchase — 34,242 — — 34,242 Trading account liabilities: U.S. Treasury and agency securities 15,403 362 — — 15,765 Equity securities 38,743 4,673 — — 43,416 Non-U.S. sovereign debt 12,496 9,863 — — 22,359 Corporate securities and other — 8,407 17 — 8,424 Total trading account liabilities 66,642 23,305 17 — 89,964 Derivative liabilities 9,142 309,966 4,950 (287,869 ) 36,189 Short-term borrowings — 1,789 — — 1,789 Accrued expenses and other liabilities 22,667 1,849 — — 24,516 Long-term debt — 27,754 923 — 28,677 Total liabilities $ 98,451 $ 399,434 $ 5,890 $ (287,869 ) $ 215,906 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $19.9 billion of GSE obligations. (3) Includes securities with a fair value of $14.2 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) Includes MSRs of $2.2 billion which are classified as Level 3 assets. December 31, 2017 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Time deposits placed and other short-term investments $ 2,234 $ — $ — $ — $ 2,234 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) 38,720 1,922 — — 40,642 Corporate securities, trading loans and other — 28,714 1,864 — 30,578 Equity securities 60,747 23,958 235 — 84,940 Non-U.S. sovereign debt 6,545 15,839 556 — 22,940 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed — 20,586 — — 20,586 Mortgage trading loans, ABS and other MBS — 8,174 1,498 — 9,672 Total trading account assets (3) 106,012 99,193 4,153 — 209,358 Derivative assets 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: Non-agency residential — 2,769 — — 2,769 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 (4) 19,367 789 2,425 — 22,581 Total assets $ 194,796 $ 753,907 $ 12,909 $ (313,788 ) $ 647,824 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 33,019 3,885 — — 36,904 Non-U.S. sovereign debt 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 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) 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. (4) Includes MSRs of $2.3 billion which are classified as Level 3 assets. 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 nine months ended September 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 September 30, 2018 (1) Balance July 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 $ 1,638 $ 14 $ — $ 54 $ (87 ) $ — $ (175 ) $ 269 $ (179 ) $ 1,534 $ (14 ) Equity securities 228 8 — 21 — — — 43 (10 ) 290 8 Non-U.S. sovereign debt 368 10 (13 ) — — — — 109 (5 ) 469 11 Mortgage trading loans, ABS and other MBS 1,523 16 (1 ) 75 (184 ) — (29 ) 191 (112 ) 1,479 8 Total trading account assets 3,757 48 (14 ) 150 (271 ) — (204 ) 612 (306 ) 3,772 13 Net derivative assets (4) (1,588 ) (53 ) — 23 (66 ) — 111 20 983 (570 ) (51 ) AFS debt securities: Non-agency residential MBS 453 31 (28 ) — (72 ) — — 235 (75 ) 544 — Non-U.S. securities 3 — — — — — — — — 3 — Other taxable securities 99 (1 ) (3 ) — (22 ) — — — (66 ) 7 — Tax-exempt securities 1 — — — — — — — — 1 — Total AFS debt securities 556 30 (31 ) — (94 ) — — 235 (141 ) 555 — Other debt securities carried at fair value – Non-agency residential MBS 287 (23 ) — — — — — 60 (28 ) 296 (10 ) Loans and leases (5, 6) 493 — — — (62 ) — (21 ) — — 410 (1 ) Loans held-for-sale (5) 577 12 (4 ) 39 — — (82 ) 12 (28 ) 526 9 Other assets (6, 7) 3,184 121 — — (22 ) 31 (174 ) — — 3,140 55 Trading account liabilities – Corporate securities and other (35 ) 9 — 9 — — — — — (17 ) (6 ) Long-term debt (5) (1,225 ) 11 (1 ) — — (11 ) 106 (106 ) 303 (923 ) 13 (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $4.4 billion and derivative liabilities of $5.0 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 September 30, 2018 included $612 million of trading account assets, $235 million of AFS debt securities, $60 million of other debt securities carried at fair value and $106 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 September 30, 2018 included $306 million of trading account assets, $983 million of net derivative assets, $141 million of AFS debt securities and $303 million of long-term debt. Level 3 – Fair Value Measurements for the Three Months Ended September 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 $ 1,777 $ 77 $ — $ 35 $ (79 ) $ 5 $ (208 ) $ 288 $ (153 ) $ 1,742 $ 35 Equity securities 229 8 — 3 (3 ) — — 17 (10 ) 244 10 Non-U.S. sovereign debt 506 33 18 — — — (5 ) — — 552 33 Mortgage trading loans, ABS and other MBS 1,232 10 (1 ) 150 (157 ) — (46 ) 83 (19 ) 1,252 (2 ) Total trading account assets 3,744 128 17 188 (239 ) 5 (259 ) 388 (182 ) 3,790 76 Net derivative assets (4) (1,803 ) (252 ) — 150 (367 ) — 278 7 (36 ) (2,023 ) (283 ) AFS debt securities: Non-U.S. securities 139 1 4 7 — — (115 ) — — 36 — Other taxable securities 483 — 1 — — — (1 ) — — 483 — Tax-exempt securities 518 — 1 — — — (7 ) — (45 ) 467 — Total AFS debt securities 1,140 1 6 7 — — (123 ) — (45 ) 986 — Other debt securities carried at fair value – Non-agency residential MBS 23 — — — — — (1 ) — — 22 — Loans and leases (5, 6) 667 2 — 2 (24 ) — (29 ) — — 618 2 Loans held-for-sale (5) 766 38 10 — (4 ) — (93 ) 58 — 775 27 Other assets (6, 7) 2,795 124 (43 ) — (80 ) 69 (191 ) — — 2,674 8 Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (135 ) — — — — — 135 — — — — Trading account liabilities – Corporate securities and other (22 ) 1 — — (3 ) (1 ) — — — (25 ) — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,646 ) (87 ) (7 ) 63 — (129 ) 115 (244 ) 45 (1,890 ) (87 ) (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 and leases - 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 $3.9 billion and derivative liabilities of $5.9 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 September 30, 2017 included $388 million of trading account assets and $244 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 September 30, 2017 included $182 million of trading account assets. Level 3 – Fair Value Measurements for the Nine Months Ended September 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 $ (14 ) $ (1 ) $ 328 $ (298 ) $ — $ (388 ) $ 517 $ (474 ) $ 1,534 $ (88 ) Equity securities 235 17 — 29 (11 ) — (4 ) 73 (49 ) 290 17 Non-U.S. sovereign debt 556 39 (55 ) 7 (50 ) — (8 ) 117 (137 ) 469 40 Mortgage trading loans, ABS and other MBS 1,498 157 2 392 (760 ) — (136 ) 541 (215 ) 1,479 92 Total trading account assets 4,153 199 (54 ) 756 (1,119 ) — (536 ) 1,248 (875 ) 3,772 61 Net derivative assets (4) (1,714 ) 203 — 371 (919 ) — 488 87 914 (570 ) (138 ) AFS debt securities: Non-agency residential MBS — 39 (42 ) — (72 ) — — 694 (75 ) 544 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 1 (5 ) — (22 ) — (10 ) 60 (526 ) 7 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (5) 1,003 40 (48 ) — (104 ) — (24 ) 758 (1,070 ) 555 — Other debt securities carried at fair value – Non-agency residential MBS — (27 ) — — (7 ) — — 358 (28 ) 296 (5 ) Loans and leases (6, 7) 571 (20 ) — — (71 ) — (70 ) — — 410 (17 ) Loans held-for-sale (6) 690 24 (31 ) 51 — — (160 ) 12 (60 ) 526 18 Other assets (5, 7, 8) 2,425 389 — 2 (68 ) 83 (585 ) 929 (35 ) 3,140 188 Trading account liabilities – Corporate securities and other (24 ) 11 — 9 (11 ) (2 ) — — — (17 ) (7 ) Accrued expenses and other liabilities (6) (8 ) — — — — — 8 — — — — Long-term debt (6) (1,863 ) 97 2 9 — (131 ) 429 (253 ) 787 (923 ) 87 (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $4.4 billion and derivative liabilities of $5.0 billion . (5) Transfer primarily 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 nine months ended September 30, 2018 included $1.2 billion of trading account assets, $758 million of AFS debt securities, $358 million of other debt securities carried at fair value and $253 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 nine months ended September 30, 2018 included $875 million of trading account assets, $914 million of net derivatives assets and $787 million of long-term debt. Level 3 – Fair Value Measurements for the Nine Months Ended September 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 $ 225 $ — $ 353 $ (679 ) $ 5 $ (443 ) $ 506 $ (1,002 ) $ 1,742 $ 72 Equity securities 281 23 — 45 (67 ) — (10 ) 119 (147 ) 244 11 Non-U.S. sovereign debt 510 64 12 26 (59 ) — (73 ) 72 — 552 60 Mortgage trading loans, ABS and other MBS 1,211 195 (2 ) 747 (846 ) — (169 ) 187 (71 ) 1,252 107 Total trading account assets 4,779 507 10 1,171 (1,651 ) 5 (695 ) 884 (1,220 ) 3,790 250 Net derivative assets (4) (1,313 ) (1,098 ) — 558 (843 ) — 722 36 (85 ) (2,023 ) (561 ) AFS debt securities: Non-U.S. securities 229 2 16 49 — — (260 ) — — 36 — Other taxable securities 594 3 6 5 — — (31 ) — (94 ) 483 — Tax-exempt securities 542 — 1 — (56 ) — (10 ) 35 (45 ) 467 — Total AFS debt securities 1,365 5 23 54 (56 ) — (301 ) 35 (139 ) 986 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — (2 ) — — 22 — Loans and leases (5, 6) 720 20 — 2 (24 ) — (93 ) — (7 ) 618 18 Loans held-for-sale (5) 656 109 7 2 (159 ) — (281 ) 473 (32 ) 775 60 Other assets (6, 7) 2,986 93 (31 ) 2 (74 ) 207 (573 ) 64 — 2,674 (181 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) (5 ) — — — (12 ) 171 (58 ) 263 — (5 ) Trading account liabilities – Corporate securities and other (27 ) 13 — 4 (13 ) (2 ) — — — (25 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (160 ) (18 ) 81 — (279 ) 398 (530 ) 132 (1,890 ) (158 ) (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $3.9 billion and derivative liabilities of $5.9 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 nine months ended September 30, 2017 included $884 million of trading account assets, $473 million of LHFS and $530 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 nine months ended September 30, 2017 included $1.2 billion of trading account assets, $139 million of AFS debt securities, $263 million of federal funds purchased and securities loaned or sold under agreements to repurchase and $132 million of long-term debt. The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at September 30, 2018 and December 31, 2017 . Quantitative Information about Level 3 Fair Value Measurements at September 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 $ 1,615 Discounted cash flow, Market comparables Yield 0% to 25% 7% Trading account assets – Mortgage trading loans, ABS and other MBS 353 Prepayment speed 0% to 19% CPR 11% Loans and leases 410 Default rate 0% to 3% CDR 1% Loans held-for-sale 1 Loss severity 0% to 51% 17% AFS debt securities, primarily non-agency residential 555 Price $0 to $141 $75 Other debt securities carried at fair value - Non-agency residential 296 Instruments backed by commercial real estate assets $ 361 Discounted cash flow Yield 0% to 25% 7% Trading account assets – Corporate securities, trading loans and other 272 Price $0 to $102 $78 Trading account assets – Mortgage trading loans, ABS and other MBS 89 Commercial loans, debt securities and other $ 3,293 Discounted cash flow, Market comparables Yield 1% to 46% 14% Trading account assets – Corporate securities, trading loans and other 1,262 Prepayment speed 10% to 20% 14% Trading account assets – Non-U.S. sovereign debt 469 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,037 Loss severity 35% to 40% 38% Loans held-for-sale 525 Price $0 to $141 $65 Other assets, primarily auction rate securities $ 950 Discounted cash flow, Market comparables Price $10 to $100 $96 MSRs $ 2,190 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 $ (923 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 9% to 100% 61% Long-dated equity volatilities 4% to 79% 27% Yield 7% to 46% 18% Price $0 to $100 $70 Net derivative assets Credit derivatives $ (304 ) Discounted cash flow, Stochastic recovery correlation model Yield 2% to 12% 4% Upfront points 0 points to 100 points 69 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 $77 Equity derivatives $ (857 ) Industry standard derivative pricing (2) Equity correlation 9% to 100% 61% Long-dated equity volatilities 4% to 79% 27% Commodity derivatives $ 11 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $11/MMBtu $3/MMBtu Correlation 53% to 89% 78% Volatilities 13% to 495% 55% Interest rate derivatives $ 580 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 80% 53% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -20% to 38% 2% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (570 ) (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 99 : Trading account assets – Corporate securities, trading loans and other of $1.5 billion , Trading account assets – Non-U.S. sovereign debt of $469 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion , AFS debt securities of $555 million , Other debt securities carried at fair value - Non-agency residential of $296 million , Other assets, including MSRs, of $3.1 billion , Loans and leases of $410 million and LHFS of $526 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 |
Fair Value Option
Fair Value Option | 9 Months Ended |
Sep. 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 September 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 nine months ended September 30, 2018 and 2017 . Fair Value Option Elections September 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 $ 52,524 $ 52,498 $ 26 $ 52,906 $ 52,907 $ (1 ) Loans reported as trading account assets (1) 5,538 12,414 (6,876 ) 5,735 11,804 (6,069 ) Trading inventory – other 15,676 n/a n/a 12,027 n/a n/a Consumer and commercial loans 5,731 5,776 (45 ) 5,710 5,744 (34 ) Loans held-for-sale (1) 3,116 4,375 (1,259 ) 2,156 3,717 (1,561 ) Other assets 3 n/a n/a 3 n/a n/a Long-term deposits 529 496 33 449 421 28 Federal funds purchased and securities loaned or sold under agreements to repurchase 34,242 34,252 (10 ) 36,182 36,187 (5 ) Short-term borrowings 1,789 1,789 — 1,494 1,494 — Unfunded loan commitments 70 n/a n/a 120 n/a n/a Long-term debt (2) 28,677 29,265 (588 ) 31,786 31,512 274 (1) A significant portion of the loans reported as trading account assets and loans held-for-sale are distressed loans that 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 $28.3 billion and $31.4 billion , and contractual principal outstanding of $28.9 billion and $31.1 billion at September 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 Total Trading Account Profits Other Total Three Months Ended September 30 (Dollars in millions) 2018 2017 Loans reported as trading account assets $ 74 $ — $ 74 $ 75 $ — $ 75 Trading inventory – other (1) 1,693 — 1,693 1,217 — 1,217 Consumer and commercial loans 176 8 184 10 (4 ) 6 Loans held-for-sale (2) — 8 8 — 92 92 Long-term debt (3, 4) 143 (19 ) 124 (416 ) (38 ) (454 ) Other (5) 2 52 54 (7 ) 22 15 Total $ 2,088 $ 49 $ 2,137 $ 879 $ 72 $ 951 Nine Months Ended September 30 2018 2017 Loans reported as trading account assets $ 145 $ — $ 145 $ 272 $ — $ 272 Trading inventory – other (1) 3,649 — 3,649 2,890 — 2,890 Consumer and commercial loans 301 (24 ) 277 19 35 54 Loans held-for-sale (2) 1 12 13 — 275 275 Long-term debt (3, 4) 1,497 (75 ) 1,422 (471 ) (109 ) (580 ) Other (5) 15 75 90 (60 ) 64 4 Total $ 5,608 $ (12 ) $ 5,596 $ 2,650 $ 265 $ 2,915 (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 September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Loans reported as trading account assets $ 36 $ 5 $ 47 $ 25 Consumer and commercial loans 8 (10 ) (19 ) 31 Loans held-for-sale 5 (2 ) 6 (3 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 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 September 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 September 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) September 30, 2018 Financial assets Loans $ 895,452 $ 59,840 $ 839,262 $ 899,102 Loans held-for-sale 5,576 4,287 1,331 5,618 Financial liabilities Deposits (1) 1,345,649 1,345,360 — 1,345,360 Long-term debt 234,100 238,908 923 239,831 Commercial unfunded lending commitments (2) 862 70 4,345 4,415 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 $534.4 billion and $519.6 billion with no stated maturities at September 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017 and total assets at September 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 September 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 12,021 $ 11,401 $ 6,863 $ 6,212 $ 1,536 $ 1,496 Noninterest income 10,907 10,678 2,540 2,562 3,247 3,124 Total revenue, net of interest expense (FTE basis) 22,928 22,079 9,403 8,774 4,783 4,620 Provision for credit losses 716 834 870 967 13 16 Noninterest expense 13,067 13,394 4,355 4,461 3,414 3,369 Income before income taxes (FTE basis) 9,145 7,851 4,178 3,346 1,356 1,235 Income tax expense (FTE basis) 1,978 2,427 1,065 1,260 346 465 Net income $ 7,167 $ 5,424 $ 3,113 $ 2,086 $ 1,010 $ 770 Period-end total assets $ 2,338,833 $ 2,284,174 $ 765,497 $ 742,513 $ 276,146 $ 276,187 Global Banking Global Markets All Other 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 2,706 $ 2,642 $ 754 $ 899 $ 162 $ 152 Noninterest income (loss) 2,032 2,345 3,089 3,002 (1 ) (355 ) Total revenue, net of interest expense (FTE basis) 4,738 4,987 3,843 3,901 161 (203 ) Provision for credit losses (70 ) 48 (2 ) (6 ) (95 ) (191 ) Noninterest expense 2,120 2,119 2,612 2,711 566 734 Income (loss) before income taxes (FTE basis) 2,688 2,820 1,233 1,196 (310 ) (746 ) Income tax expense (benefit) (FTE basis) 699 1,062 321 440 (453 ) (800 ) Net income $ 1,989 $ 1,758 $ 912 $ 756 $ 143 $ 54 Period-end total assets $ 430,846 $ 423,185 $ 646,359 $ 629,222 $ 219,985 $ 213,067 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the nine months ended September 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 35,583 $ 33,879 $ 19,993 $ 17,953 $ 4,673 $ 4,653 Noninterest income 33,383 33,711 7,653 7,614 9,675 9,254 Total revenue, net of interest expense (FTE basis) 68,966 67,590 27,646 25,567 14,348 13,907 Provision for credit losses 2,377 2,395 2,749 2,639 63 50 Noninterest expense 40,248 41,469 13,231 13,286 10,235 10,085 Income before income taxes (FTE basis) 26,341 23,726 11,666 9,642 4,050 3,772 Income tax expense (FTE basis) 5,472 7,859 2,975 3,636 1,033 1,422 Net income $ 20,869 $ 15,867 $ 8,691 $ 6,006 $ 3,017 $ 2,350 Period-end total assets $ 2,338,833 $ 2,284,174 $ 765,497 $ 742,513 $ 276,146 $ 276,187 Global Banking Global Markets All Other 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 8,057 $ 7,786 $ 2,425 $ 2,812 $ 435 $ 675 Noninterest income (loss) 6,537 7,194 10,425 9,743 (907 ) (94 ) Total revenue, net of interest expense (FTE basis) 14,594 14,980 12,850 12,555 (472 ) 581 Provision for credit losses (77 ) 80 (6 ) 2 (352 ) (376 ) Noninterest expense 6,471 6,435 8,145 8,117 2,166 3,546 Income (loss) before income taxes (FTE basis) 8,200 8,465 4,711 4,436 (2,286 ) (2,589 ) Income tax expense (benefit) (FTE basis) 2,132 3,192 1,225 1,553 (1,893 ) (1,944 ) Net income (loss) $ 6,068 $ 5,273 $ 3,486 $ 2,883 $ (393 ) $ (645 ) Period-end total assets $ 430,846 $ 423,185 $ 646,359 $ 629,222 $ 219,985 $ 213,067 (1) There were no material intersegment revenues. Business Segment Reconciliations Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Segments’ total revenue, net of interest expense (FTE basis) $ 22,767 $ 22,282 $ 69,438 $ 67,009 Adjustments (1) : ALM activities 273 273 118 332 Liquidating businesses, eliminations and other (112 ) (476 ) (590 ) 249 FTE basis adjustment (151 ) (240 ) (455 ) (674 ) Consolidated revenue, net of interest expense $ 22,777 $ 21,839 $ 68,511 $ 66,916 Segments’ total net income 7,024 5,370 21,262 16,512 Adjustments, net-of-taxes (1) : ALM activities 88 57 (294 ) (208 ) Liquidating businesses, eliminations and other 55 (3 ) (99 ) (437 ) Consolidated net income $ 7,167 $ 5,424 $ 20,869 $ 15,867 September 30 2018 2017 Segments’ total assets $ 2,118,848 $ 2,071,107 Adjustments (1) : ALM activities, including securities portfolio 675,886 635,353 Elimination of segment asset allocations to match liabilities (531,297 ) (515,007 ) Other 75,396 92,721 Consolidated total assets $ 2,338,833 $ 2,284,174 (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 nine months ended September 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 September 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 978 $ 941 $ 802 $ 768 $ 22 $ 29 Other card income 492 488 479 475 11 11 Total card income 1,470 1,429 1,281 1,243 33 40 Service charges Deposit-related fees 1,682 1,691 1,098 1,082 19 19 Lending-related fees 279 277 — — — — Total service charges 1,961 1,968 1,098 1,082 19 19 Investment and brokerage services Asset management fees 2,576 2,367 38 34 2,538 2,333 Brokerage fees 918 1,070 42 40 466 521 Total investment and brokerage services 3,494 3,437 80 74 3,004 2,854 Investment banking income Underwriting income 701 698 — — 87 100 Syndication fees 241 405 — — — — Financial advisory services 262 374 — — 1 — Total investment banking income 1,204 1,477 — — 88 100 Trading account profits 1,893 1,837 2 1 24 29 Other income 885 530 79 162 79 82 Total noninterest income $ 10,907 $ 10,678 $ 2,540 $ 2,562 $ 3,247 $ 3,124 Global Banking Global Markets All Other (1) Three Months Ended September 30 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 130 $ 122 $ 24 $ 22 $ — $ — Other card income 2 2 (1 ) — 1 — Total card income 132 124 23 22 1 — Service charges Deposit-related fees 520 546 41 38 4 6 Lending-related fees 234 230 45 47 — — Total service charges 754 776 86 85 4 6 Investment and brokerage services Asset management fees — — — — — — Brokerage fees 28 18 388 496 (6 ) (5 ) Total investment and brokerage services 28 18 388 496 (6 ) (5 ) Investment banking income Underwriting income 189 105 474 545 (49 ) (52 ) Syndication fees 217 380 25 26 (1 ) (1 ) Financial advisory services 237 321 24 53 — — Total investment banking income 643 806 523 624 (50 ) (53 ) Trading account profits 59 (5 ) 1,727 1,714 81 98 Other income 416 626 342 61 (31 ) (401 ) Total noninterest income $ 2,032 $ 2,345 $ 3,089 $ 3,002 $ (1 ) $ (355 ) (1) All Other includes eliminations of intercompany transactions. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 3,018 $ 2,883 $ 2,488 $ 2,352 $ 59 $ 79 Other card income 1,451 1,464 1,414 1,364 33 31 Total card income 4,469 4,347 3,902 3,716 92 110 Service charges Deposit-related fees 5,009 5,040 3,214 3,194 55 57 Lending-related fees 827 823 — — — — Total service charges 5,836 5,863 3,214 3,194 55 57 Investment and brokerage services Asset management fees 7,652 6,855 111 98 7,541 6,757 Brokerage fees 2,964 3,459 131 135 1,440 1,717 Total investment and brokerage services 10,616 10,314 242 233 8,981 8,474 Investment banking income Underwriting income 2,160 2,185 — — 243 246 Syndication fees 958 1,146 — — — — Financial advisory services 861 1,262 — — 1 1 Total investment banking income 3,979 4,593 — — 244 247 Trading account profits 6,907 6,124 6 2 81 120 Other income 1,576 2,470 289 469 222 246 Total noninterest income $ 33,383 $ 33,711 $ 7,653 $ 7,614 $ 9,675 $ 9,254 Global Banking Global Markets All Other (1) Nine Months Ended September 30 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 400 $ 375 $ 71 $ 68 $ — $ 9 Other card income 5 8 (1 ) (1 ) — 62 Total card income 405 383 70 67 — 71 Service charges Deposit-related fees 1,598 1,662 126 111 16 16 Lending-related fees 687 689 140 134 — — Total service charges 2,285 2,351 266 245 16 16 Investment and brokerage services Asset management fees — — — — — — Brokerage fees 71 72 1,306 1,548 16 (13 ) Total investment and brokerage services 71 72 1,306 1,548 16 (13 ) Investment banking income Underwriting income 458 404 1,637 1,729 (178 ) (194 ) Syndication fees 890 1,080 68 66 — — Financial advisory services 782 1,177 78 84 — — Total investment banking income 2,130 2,661 1,783 1,879 (178 ) (194 ) Trading account profits 184 82 6,614 5,634 22 286 Other income 1,462 1,645 386 370 (783 ) (260 ) Total noninterest income $ 6,537 $ 7,194 $ 10,425 $ 9,743 $ (907 ) $ (94 ) (1) All Other includes eliminations of intercompany transactions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 9 Months Ended |
Sep. 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 Presentation | 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 lessees to recognize operating leases on the Consolidated Balance Sheet as right-of-use assets and lease liabilities based on the value of the discounted future lease payments. Lessor accounting is largely unchanged. Expanded disclosures about the nature and terms of lease agreements will be required. The Corporation intends to elect the optional transition method, which allows for the recognition of leases at the beginning of the period of adoption through a cumulative-effect adjustment in retained earnings, with no adjustment to comparative prior periods presented. The effect of the adoption will depend on the lease portfolio at the time of transition; however, based on current estimates, the Corporation expects to recognize right-of-use assets and lease liabilities within a range of approximately $9 billion to $11 billion . Adoption of the standard is not expected to have a significant effect on the Corporation’s regulatory capital measures. 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. |
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 September 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) | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Card income Interchange fees (1) $ 978 $ 941 $ 3,018 $ 2,883 Other card income 492 488 1,451 1,464 Total card income 1,470 1,429 4,469 4,347 Service charges Deposit-related fees 1,682 1,691 5,009 5,040 Lending-related fees 279 277 827 823 Total service charges 1,961 1,968 5,836 5,863 Investment and brokerage services Asset management fees 2,576 2,367 7,652 6,855 Brokerage fees 918 1,070 2,964 3,459 Total investment and brokerage services 3,494 3,437 10,616 10,314 Investment banking income Underwriting income 701 698 2,160 2,185 Syndication fees 241 405 958 1,146 Financial advisory services 262 374 861 1,262 Total investment banking income 1,204 1,477 3,979 4,593 Trading account profits 1,893 1,837 6,907 6,124 Other income 885 530 1,576 2,470 Total noninterest income $ 10,907 $ 10,678 $ 33,383 $ 33,711 (1) Gross interchange fees were $ 2.4 billion and $ 2.2 billion for the three months ended September 30, 2018 and 2017 , and are presented net of $ 1.4 billion and $ 1.3 billion of expenses for rewards and partner payments. For the nine months ended September 30, 2018 and 2017 , gross interchange fees were $7.0 billion and $6.5 billion and are presented net of $4.0 billion and $3.6 billion of expenses for rewards and partner payments. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 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 September 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. September 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 $ 17,788.7 $ 138.9 $ 1.3 $ 140.2 $ 132.7 $ 4.5 $ 137.2 Futures and forwards 6,270.1 1.3 — 1.3 1.2 — 1.2 Written options 1,433.4 — — — 26.7 — 26.7 Purchased options 1,488.2 28.7 — 28.7 — — — Foreign exchange contracts Swaps 1,904.9 49.6 1.6 51.2 50.4 2.4 52.8 Spot, futures and forwards 4,568.7 42.1 0.7 42.8 41.7 0.5 42.2 Written options 300.4 — — — 5.1 — 5.1 Purchased options 296.0 4.4 — 4.4 — — — Equity contracts Swaps 278.2 4.9 — 4.9 4.7 — 4.7 Futures and forwards 104.8 1.0 — 1.0 1.3 — 1.3 Written options 651.4 — — — 30.0 — 30.0 Purchased options 586.1 40.0 — 40.0 — — — Commodity contracts Swaps 48.2 2.4 — 2.4 5.0 — 5.0 Futures and forwards 63.5 3.2 — 3.2 0.5 — 0.5 Written options 32.5 — — — 2.1 — 2.1 Purchased options 29.5 2.1 — 2.1 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 430.3 4.9 — 4.9 9.8 — 9.8 Total return swaps/options 64.6 0.4 — 0.4 0.9 — 0.9 Written credit derivatives: Credit default swaps 398.2 9.3 — 9.3 4.3 — 4.3 Total return swaps/options 62.5 0.5 — 0.5 0.3 — 0.3 Gross derivative assets/liabilities $ 333.7 $ 3.6 $ 337.3 $ 316.7 $ 7.4 $ 324.1 Less: Legally enforceable master netting agreements (259.7 ) (259.7 ) Less: Cash collateral received/paid (32.0 ) (28.2 ) Total derivative assets/liabilities $ 45.6 $ 36.2 (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 $4.3 billion and $429.2 billion at September 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 nine months ended September 30, 2018 and 2017 . Gains and Losses on Derivatives Designated as Fair Value Hedges Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 (Dollars in millions) Derivative Hedged Item Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (1,129 ) $ 1,122 $ (273 ) $ 169 $ (104 ) Interest rate and foreign currency risk on long-term debt (2, 3) (182 ) 207 607 (593 ) 14 Interest rate risk on available-for-sale securities (4) 12 (12 ) (8 ) 7 (1 ) Total $ (1,299 ) $ 1,317 $ 326 $ (417 ) $ (91 ) Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Derivative Hedged Item Derivative Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt (1) $ (4,303 ) $ 4,179 $ (751 ) $ 313 $ (438 ) Interest rate and foreign currency risk on long-term debt (2, 3) (927 ) 795 1,631 (1,603 ) 28 Interest rate risk on available-for-sale securities (4) (20 ) 19 (71 ) 40 (31 ) Total $ (5,250 ) $ 4,993 $ 809 $ (1,250 ) $ (441 ) (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For the three and nine months ended September 30, 2018 , the derivative amount includes losses of $96 million and $672 million in other income and losses of $117 million and $156 million in interest expense. For the same periods in 2017 , the derivative amount includes gains of $635 million and $1.9 billion in other income and losses of $29 million and $310 million in interest expense. Line item totals are in the Consolidated Statement of Income. (3) For the three and nine months ended September 30, 2018 , the derivative amount includes gains of $31 million and losses of $99 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) September 30, 2018 (Dollars in millions) Carrying Value Cumulative Fair Value Adjustments (1) Long-term debt $ (137,610 ) $ 1,839 Available-for-sale securities (2) 951 (61 ) (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 $948 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 nine months ended September 30, 2018 and 2017 . Of the $1.3 billion after-tax net loss ( $1.7 billion pretax) on derivatives in accumulated OCI at September 30, 2018 , $280 million after-tax ( $368 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 six 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 Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) (Dollars in millions, amounts pretax) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Cash flow hedges Interest rate risk on variable-rate assets (1) $ (54 ) $ (51 ) $ (553 ) $ (134 ) Price risk on certain restricted stock awards (2) — — 4 27 Total $ (54 ) $ (51 ) $ (549 ) $ (107 ) Net investment hedges Foreign exchange risk (3) $ 181 $ 383 $ 860 $ 382 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 11 $ (54 ) $ 38 $ (274 ) Price risk on certain restricted stock awards (2) 7 32 41 103 Total $ 18 $ (22 ) $ 79 $ (171 ) Net investment hedges Foreign exchange risk (3) $ (427 ) $ (3 ) $ (1,541 ) $ 1,811 (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 nine months ended September 30, 2018 , amounts excluded from effectiveness testing and recognized in other income were gains of $3 million and $32 million . For the same periods in 2017 , amounts excluded from effectiveness testing and recognized in other income were losses of $33 million and $82 million . |
Other Risk Management Derivatives | The table below presents gains (losses) on these derivatives for the three and nine months ended September 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 September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Interest rate risk on mortgage activities (1) $ (45 ) $ 1 $ (206 ) $ 32 Credit risk on loans (2 ) — (7 ) (3 ) Interest rate and foreign currency risk on ALM activities (2) 487 26 1,050 (26 ) (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 $8 million and $36 million for the three and nine months ended September 30, 2018 compared to $76 million and $192 million for the same periods in 2017 . (2) 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 nine months ended September 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 September 30, 2018 Nine Months Ended September 30, 2018 Interest rate risk $ 182 $ 307 $ 134 $ 623 $ 1,070 $ 946 $ 203 $ 2,219 Foreign exchange risk 379 (2 ) 2 379 1,175 (15 ) 5 1,165 Equity risk 853 (215 ) 350 988 3,105 (542 ) 1,196 3,759 Credit risk 266 465 106 837 1,093 1,424 377 2,894 Other risk 47 26 19 92 171 39 60 270 Total sales and trading revenue $ 1,727 $ 581 $ 611 $ 2,919 $ 6,614 $ 1,852 $ 1,841 $ 10,307 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Interest rate risk $ 330 $ 365 $ 49 $ 744 $ 833 $ 1,182 $ 200 $ 2,215 Foreign exchange risk 348 2 2 352 1,063 (2 ) 5 1,066 Equity risk 639 (142 ) 467 964 2,088 (372 ) 1,427 3,143 Credit risk 362 482 105 949 1,482 1,467 450 3,399 Other risk 35 8 16 59 168 18 67 253 Total sales and trading revenue $ 1,714 $ 715 $ 639 $ 3,068 $ 5,634 $ 2,293 $ 2,149 $ 10,076 (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 $378 million and $1.3 billion for the three and nine months ended September 30, 2018 compared to $488 million and $1.5 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 September 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 September 30, 2018 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ 2 $ 38 $ 335 $ 590 $ 965 Non-investment grade 61 492 1,007 1,802 3,362 Total 63 530 1,342 2,392 4,327 Total return swaps/options: Investment grade 22 — — — 22 Non-investment grade 263 28 — — 291 Total 285 28 — — 313 Total credit derivatives $ 348 $ 558 $ 1,342 $ 2,392 $ 4,640 Credit-related notes: Investment grade $ — $ — $ 5 $ 602 $ 607 Non-investment grade 3 1 4 1,455 1,463 Total credit-related notes $ 3 $ 1 $ 9 $ 2,057 $ 2,070 Maximum Payout/Notional Credit default swaps: Investment grade $ 61,224 $ 93,646 $ 82,657 $ 30,883 $ 268,410 Non-investment grade 22,980 37,907 47,164 21,785 129,836 Total 84,204 131,553 129,821 52,668 398,246 Total return swaps/options: Investment grade 40,115 1,263 62 76 41,516 Non-investment grade 20,648 207 39 72 20,966 Total 60,763 1,470 101 148 62,482 Total credit derivatives $ 144,967 $ 133,023 $ 129,922 $ 52,816 $ 460,728 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 September 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 September 30, 2018 (Dollars in millions) One incremental notch Second incremental notch Bank of America Corporation $ 554 $ 314 Bank of America, N.A. and subsidiaries (1) 212 264 (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 September 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 September 30, 2018 (Dollars in millions) One incremental notch Second incremental notch Derivative liabilities $ 260 $ 607 Collateral posted 201 399 |
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 nine months ended September 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 September 30 2018 2017 (Dollars in millions) Gross Net Gross Net Derivative assets (CVA) $ 71 $ 27 $ 23 $ 15 Derivative assets/liabilities (FVA) 45 35 37 43 Derivative liabilities (DVA) (69 ) (79 ) 29 17 Nine Months Ended September 30 2018 2017 Derivative assets (CVA) $ 186 $ 172 $ 281 $ 93 Derivative assets/liabilities (FVA) 36 16 113 140 Derivative liabilities (DVA) (112 ) (132 ) (249 ) (201 ) (1) At September 30, 2018 and December 31, 2017 , cumulative CVA reduced the derivative assets balance by $491 million and $677 million , cumulative FVA reduced the net derivatives balance by $100 million and $136 million , and cumulative DVA reduced the derivative liabilities balance by $338 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 September 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) September 30, 2018 December 31, 2017 Interest rate contracts Over-the-counter $ 165.9 $ 161.0 $ 211.7 $ 206.0 Over-the-counter cleared 2.7 2.5 1.9 1.8 Foreign exchange contracts Over-the-counter 95.2 97.1 78.7 80.8 Over-the-counter cleared 1.1 1.0 0.9 0.7 Equity contracts Over-the-counter 27.2 17.3 18.3 16.2 Exchange-traded 13.5 12.2 9.1 8.5 Commodity contracts Over-the-counter 3.6 5.1 2.9 4.4 Exchange-traded 1.0 1.1 0.7 0.8 Credit derivatives Over-the-counter 7.9 8.4 9.1 9.6 Over-the-counter cleared 6.9 6.6 6.1 6.0 Total gross derivative assets/liabilities, before netting Over-the-counter 299.8 288.9 320.7 317.0 Exchange-traded 14.5 13.3 9.8 9.3 Over-the-counter cleared 10.7 10.1 8.9 8.5 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (270.1 ) (266.1 ) (296.9 ) (294.6 ) Exchange-traded (11.9 ) (11.9 ) (8.6 ) (8.6 ) Over-the-counter cleared (9.7 ) (9.9 ) (8.3 ) (8.5 ) Derivative assets/liabilities, after netting 33.3 24.4 25.6 23.1 Other gross derivative assets/liabilities (2) 12.3 11.8 12.2 11.2 Total derivative assets/liabilities 45.6 36.2 37.8 34.3 Less: Financial instruments collateral (3) (18.4 ) (9.3 ) (11.2 ) (10.4 ) Total net derivative assets/liabilities $ 27.2 $ 26.9 $ 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 September 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) September 30, 2018 December 31, 2017 Interest rate contracts Over-the-counter $ 165.9 $ 161.0 $ 211.7 $ 206.0 Over-the-counter cleared 2.7 2.5 1.9 1.8 Foreign exchange contracts Over-the-counter 95.2 97.1 78.7 80.8 Over-the-counter cleared 1.1 1.0 0.9 0.7 Equity contracts Over-the-counter 27.2 17.3 18.3 16.2 Exchange-traded 13.5 12.2 9.1 8.5 Commodity contracts Over-the-counter 3.6 5.1 2.9 4.4 Exchange-traded 1.0 1.1 0.7 0.8 Credit derivatives Over-the-counter 7.9 8.4 9.1 9.6 Over-the-counter cleared 6.9 6.6 6.1 6.0 Total gross derivative assets/liabilities, before netting Over-the-counter 299.8 288.9 320.7 317.0 Exchange-traded 14.5 13.3 9.8 9.3 Over-the-counter cleared 10.7 10.1 8.9 8.5 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (270.1 ) (266.1 ) (296.9 ) (294.6 ) Exchange-traded (11.9 ) (11.9 ) (8.6 ) (8.6 ) Over-the-counter cleared (9.7 ) (9.9 ) (8.3 ) (8.5 ) Derivative assets/liabilities, after netting 33.3 24.4 25.6 23.1 Other gross derivative assets/liabilities (2) 12.3 11.8 12.2 11.2 Total derivative assets/liabilities 45.6 36.2 37.8 34.3 Less: Financial instruments collateral (3) (18.4 ) (9.3 ) (11.2 ) (10.4 ) Total net derivative assets/liabilities $ 27.2 $ 26.9 $ 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) | 9 Months Ended |
Sep. 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 September 30, 2018 and December 31, 2017 . Debt Securities Amortized Cost Gross Gains Gross Losses Fair Value (Dollars in millions) September 30, 2018 Available-for-sale debt securities Mortgage-backed securities: Agency $ 141,721 $ 101 $ (5,710 ) $ 136,112 Agency-collateralized mortgage obligations 5,878 9 (209 ) 5,678 Commercial 14,138 2 (630 ) 13,510 Non-agency residential (1) 1,926 217 (6 ) 2,137 Total mortgage-backed securities 163,663 329 (6,555 ) 157,437 U.S. Treasury and agency securities 54,664 8 (2,366 ) 52,306 Non-U.S. securities 7,076 5 (2 ) 7,079 Other taxable securities, substantially all asset-backed securities 3,806 77 (7 ) 3,876 Total taxable securities 229,209 419 (8,930 ) 220,698 Tax-exempt securities 18,401 36 (87 ) 18,350 Total available-for-sale debt securities 247,610 455 (9,017 ) 239,048 Other debt securities carried at fair value 12,409 205 (27 ) 12,587 Total debt securities carried at fair value 260,019 660 (9,044 ) 251,635 Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities (2) 194,472 1 (6,485 ) 187,988 Total debt securities (3, 4) $ 454,491 $ 661 $ (15,529 ) $ 439,623 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 September 30, 2018 and December 31, 2017 , the underlying collateral type included approximately 65 percent and 62 percent prime, seven percent and 13 percent Alt-A and 28 percent and 25 percent subprime. (2) During the three and nine months ended September 30, 2018 , the Corporation transferred $ 25 billion and $ 50 billion of available-for-sale debt securities to held to maturity. (3) Includes securities pledged as collateral of $39.7 billion and $35.8 billion at September 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 $165.3 billion and $53.1 billion , and a fair value of $159.3 billion and $51.4 billion at September 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 nine months ended September 30, 2018 , the Corporation recorded unrealized mark-to-market net losses of $106 million and $37 million , and realized net gains of $114 million and $123 million , compared to unrealized mark-to-market net gains of $124 million and $ 323 million and realized net losses of $11 million and $129 million for the same periods in 2017 . These amounts exclude hedge results. Other Debt Securities Carried at Fair Value (Dollars in millions) September 30 December 31 Mortgage-backed securities $ 1,696 $ 2,769 Non-U.S. securities (1) 10,888 9,488 Other taxable securities, substantially all asset-backed securities 3 229 Total $ 12,587 $ 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 nine months ended September 30, 2018 and 2017 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Gross gains $ 83 $ 130 $ 86 $ 286 Gross losses (10 ) (5 ) (10 ) (8 ) Net gains on sales of AFS debt securities $ 73 $ 125 $ 76 $ 278 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 17 $ 48 $ 18 $ 106 |
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 September 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) September 30, 2018 Temporarily impaired AFS debt securities Mortgage-backed securities: Agency $ 45,433 $ (1,190 ) $ 87,214 $ (4,520 ) $ 132,647 $ (5,710 ) Agency-collateralized mortgage obligations 1,959 (47 ) 3,344 (162 ) 5,303 (209 ) Commercial 4,923 (146 ) 7,962 (484 ) 12,885 (630 ) Non-agency residential 23 (2 ) 51 (4 ) 74 (6 ) Total mortgage-backed securities 52,338 (1,385 ) 98,571 (5,170 ) 150,909 (6,555 ) U.S. Treasury and agency securities 10,651 (409 ) 40,337 (1,957 ) 50,988 (2,366 ) Non-U.S. securities 706 (1 ) 81 (1 ) 787 (2 ) Other taxable securities, substantially all asset-backed securities 208 (3 ) 150 (4 ) 358 (7 ) Total taxable securities 63,903 (1,798 ) 139,139 (7,132 ) 203,042 (8,930 ) Tax-exempt securities 474 (1 ) 4,324 (86 ) 4,798 (87 ) Total temporarily impaired AFS debt securities 64,377 (1,799 ) 143,463 (7,218 ) 207,840 (9,017 ) Other-than-temporarily impaired AFS debt securities (1) Non-agency residential mortgage-backed securities 93 — — — 93 — Total temporarily impaired and other-than-temporarily impaired AFS debt securities $ 64,470 $ (1,799 ) $ 143,463 $ (7,218 ) $ 207,933 $ (9,017 ) 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 September 30, 2018 . Significant Assumptions Range (1) Weighted 10th Percentile (2) 90th Percentile (2) Prepayment speed 12.0 % 3.1 % 23.3 % Loss severity 18.1 8.4 31.0 Life default rate 20.1 0.7 73.5 (1) Represents the range of inputs/assumptions based upon the underlying collateral. (2) The value of a variable below which the indicated percentile of observations will fall. |
Expected Maturity Distribution | The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at September 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 (Dollars in millions) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amount Yield (1) Amortized cost of debt securities carried at fair value Mortgage-backed securities: Agency $ — — % $ 24 4.12 % $ 463 2.62 % $ 141,234 3.31 % $ 141,721 3.31 % Agency-collateralized mortgage obligations — — — — 31 2.48 5,847 3.17 5,878 3.17 Commercial 314 1.74 2,391 2.36 10,658 2.50 775 2.97 14,138 2.49 Non-agency residential — — — — 19 n/m 3,439 9.66 3,458 9.61 Total mortgage-backed securities 314 1.74 2,415 2.38 11,171 2.50 151,295 3.45 165,195 3.36 U.S. Treasury and agency securities 643 0.71 33,567 1.47 20,418 2.27 36 2.70 54,664 1.76 Non-U.S. securities 16,518 0.77 1,305 1.08 2 3.56 128 6.15 17,953 0.83 Other taxable securities, substantially all asset-backed securities 685 3.88 2,236 3.28 789 3.47 96 4.68 3,806 3.46 Total taxable securities 18,160 0.90 39,523 1.61 32,380 2.38 151,555 3.45 241,618 2.82 Tax-exempt securities 1,737 2.57 7,234 2.42 6,929 2.38 2,501 2.78 18,401 2.47 Total amortized cost of debt securities carried at fair value $ 19,897 1.05 $ 46,757 1.74 $ 39,309 2.38 $ 154,056 3.44 $ 260,019 2.79 Amortized cost of HTM debt securities (2) $ 4 3.36 $ 55 3.62 $ 1,484 2.76 $ 192,929 3.22 $ 194,472 3.22 Debt securities carried at fair value Mortgage-backed securities: Agency $ — $ 25 $ 452 $ 135,635 $ 136,112 Agency-collateralized mortgage obligations — — 29 5,649 5,678 Commercial 312 2,323 10,138 737 13,510 Non-agency residential — — 36 3,797 3,833 Total mortgage-backed securities 312 2,348 10,655 145,818 159,133 U.S. Treasury and agency securities 642 32,106 19,523 35 52,306 Non-U.S. securities 16,519 1,314 2 132 17,967 Other taxable securities, substantially all asset-backed securities 681 2,255 829 114 3,879 Total taxable securities 18,154 38,023 31,009 146,099 233,285 Tax-exempt securities 1,736 7,235 6,897 2,482 18,350 Total debt securities carried at fair value $ 19,890 $ 45,258 $ 37,906 $ 148,581 $ 251,635 Fair value of HTM debt securities (2) $ 4 $ 55 $ 1,415 $ 186,514 $ 187,988 (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. n/m = not meaningful |
Outstanding Loans and Leases (T
Outstanding Loans and Leases (Tables) | 9 Months Ended |
Sep. 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 September 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) September 30, 2018 Consumer real estate Core portfolio Residential mortgage $ 1,248 $ 253 $ 814 $ 2,315 $ 186,975 $ 189,290 Home equity 200 89 453 742 39,854 40,596 Non-core portfolio Residential mortgage 815 351 2,345 3,511 10,044 $ 5,341 18,896 Home equity 162 78 398 638 8,190 1,811 10,639 Credit card and other consumer U.S. credit card 546 387 872 1,805 93,024 94,829 Direct/Indirect consumer (5) 297 84 37 418 90,920 91,338 Other consumer (6) — — — — 203 203 Total consumer 3,268 1,242 4,919 9,429 429,210 7,152 445,791 Consumer loans accounted for under the fair value option (7) $ 755 755 Total consumer loans and leases 3,268 1,242 4,919 9,429 429,210 7,152 755 446,546 Commercial U.S. commercial 433 127 469 1,029 284,633 285,662 Non-U.S. commercial 29 — — 29 95,973 96,002 Commercial real estate (8) 20 33 10 63 60,772 60,835 Commercial lease financing 48 94 41 183 21,363 21,546 U.S. small business commercial 68 48 89 205 14,029 14,234 Total commercial 598 302 609 1,509 476,770 478,279 Commercial loans accounted for under the fair value option (7) 4,976 4,976 Total commercial loans and leases 598 302 609 1,509 476,770 4,976 483,255 Total loans and leases (9) $ 3,866 $ 1,544 $ 5,528 $ 10,938 $ 905,980 $ 7,152 $ 5,731 $ 929,801 Percentage of outstandings 0.42 % 0.17 % 0.59 % 1.18 % 97.44 % 0.77 % 0.61 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $714 million and nonperforming loans of $233 million . Consumer real estate loans 60-89 days past due includes fully-insured loans of $309 million and nonperforming loans of $175 million . (2) Consumer real estate includes fully-insured loans of $2.2 billion . (3) Consumer real estate includes $2.0 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 auto and specialty lending loans and leases of $50.1 billion , unsecured consumer lending loans of $392 million , U.S. securities-based lending loans of $37.4 billion , non-U.S. consumer loans of $2.7 billion and other consumer loans of $756 million . (6) Substantially all of other consumer is consumer overdrafts. (7) Consumer loans accounted for under the fair value option includes residential mortgage loans of $407 million and home equity loans of $348 million . Commercial loans accounted for under the fair value option includes U.S. commercial loans of $3.6 billion and non-U.S. commercial loans of $1.4 billion . For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (8) Total outstandings includes U.S. commercial real estate loans of $56.9 billion and non-U.S. commercial real estate loans of $3.9 billion . (9) Total outstandings includes loans and leases pledged as collateral of $45.6 billion . The Corporation also pledged $158.5 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 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 (5) 330 104 44 478 95,864 96,342 Other consumer (6) — — — — 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 (7) $ 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 (8) 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 (7) 4,782 4,782 Total commercial loans and leases 852 368 571 1,791 474,900 4,782 481,473 Total loans and leases (9) $ 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 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 . (6) Substantially all of other consumer is consumer overdrafts. (7) 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 . (8) 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 . (9) 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 September 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) September 30 December 31 September 30 December 31 Consumer real estate Core portfolio Residential mortgage (1) $ 1,011 $ 1,087 $ 308 $ 417 Home equity 1,056 1,079 — — Non-core portfolio Residential mortgage (1) 1,023 1,389 1,853 2,813 Home equity 1,170 1,565 — — Credit card and other consumer U.S. credit card n/a n/a 872 900 Direct/Indirect consumer 46 46 35 40 Other consumer — — — — Total consumer 4,306 5,166 3,068 4,170 Commercial U.S. commercial 699 814 114 144 Non-U.S. commercial 31 299 — 3 Commercial real estate 46 112 1 4 Commercial lease financing 14 24 33 19 U.S. small business commercial 58 55 73 75 Total commercial 848 1,304 221 245 Total loans and leases $ 5,154 $ 6,470 $ 3,289 $ 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 September 30, 2018 and December 31, 2017 , residential mortgage includes $1.6 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 $579 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 September 30, 2018 and December 31, 2017 . Consumer Real Estate – Credit Quality Indicators (1) Core Residential Mortgage (2) Non-core Residential (2) Residential Mortgage PCI Core Home Equity (2) Non-core Home Equity (2) Home Equity PCI (Dollars in millions) September 30, 2018 Refreshed LTV (3) Less than or equal to 90 percent $ 168,949 $ 8,594 $ 4,720 $ 39,719 $ 6,862 $ 1,277 Greater than 90 percent but less than or equal to 100 percent 2,483 503 310 409 757 248 Greater than 100 percent 923 544 311 468 1,209 286 Fully-insured loans (4) 16,935 3,914 Total consumer real estate $ 189,290 $ 13,555 $ 5,341 $ 40,596 $ 8,828 $ 1,811 Refreshed FICO score Less than 620 $ 2,115 $ 1,673 $ 1,185 $ 1,118 $ 1,650 $ 290 Greater than or equal to 620 and less than 680 4,379 1,387 1,010 2,096 1,883 288 Greater than or equal to 680 and less than 740 22,973 2,327 1,574 7,113 2,288 511 Greater than or equal to 740 142,888 4,254 1,572 30,269 3,007 722 Fully-insured loans (4) 16,935 3,914 Total consumer real estate $ 189,290 $ 13,555 $ 5,341 $ 40,596 $ 8,828 $ 1,811 (1) Excludes $755 million of loans accounted for under the fair value option. (2) Excludes PCI loans. (3) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (4) 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) September 30, 2018 Refreshed FICO score Less than 620 $ 4,683 $ 1,752 Greater than or equal to 620 and less than 680 11,974 3,260 Greater than or equal to 680 and less than 740 34,896 9,090 Greater than or equal to 740 43,276 36,351 Other internal credit metrics (1, 2) 40,885 $ 203 Total credit card and other consumer $ 94,829 $ 91,338 $ 203 (1) Other internal credit metrics may include delinquency status, geography or other factors. (2) Direct/indirect consumer includes $40.1 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) September 30, 2018 Risk ratings Pass rated $ 277,732 $ 94,868 $ 60,271 $ 21,173 $ 275 Reservable criticized 7,930 1,134 564 373 31 Refreshed FICO score (3) Less than 620 242 Greater than or equal to 620 and less than 680 650 Greater than or equal to 680 and less than 740 1,993 Greater than or equal to 740 4,181 Other internal credit metrics (3, 4) 6,862 Total commercial $ 285,662 $ 96,002 $ 60,835 $ 21,546 $ 14,234 (1) Excludes $5.0 billion of loans accounted for under the fair value option. (2) U.S. small business commercial includes $699 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 September 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 Core Home Equity (2) Non-core Home (2) Home Equity PCI (Dollars in millions) December 31, 2017 Refreshed LTV (3) 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 (4) 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 (4) 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) Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. (4) 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 $ 2,005 Greater than or equal to 620 and less than 680 12,422 4,064 Greater than or equal to 680 and less than 740 35,656 10,371 Greater than or equal to 740 43,477 36,445 Other internal credit metrics (1, 2) 43,457 $ 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 nine months ended September 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 September 30, 2018 Nine Months Ended September 30, 2018 Accretable yield, beginning of period $ 2,558 $ 2,789 Accretion (117 ) (371 ) Disposals/transfers (612 ) (824 ) Reclassifications from nonaccretable difference 56 291 Accretable yield, September 30, 2018 $ 1,885 $ 1,885 |
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 September 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and nine months ended September 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) September 30, 2018 December 31, 2017 With no recorded allowance Residential mortgage $ 6,016 $ 4,783 $ — $ 8,856 $ 6,870 $ — Home equity 3,345 1,828 — 3,622 1,956 — With an allowance recorded Residential mortgage $ 2,271 $ 2,215 $ 134 $ 2,908 $ 2,828 $ 174 Home equity 910 849 165 972 900 174 Total (1) Residential mortgage $ 8,287 $ 6,998 $ 134 $ 11,764 $ 9,698 $ 174 Home equity 4,255 2,677 165 4,594 2,856 174 Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended September 30 Nine Months Ended September 30 2018 2017 2018 2017 With no recorded allowance Residential mortgage $ 5,056 $ 52 $ 7,498 $ 77 $ 5,685 $ 167 $ 7,964 $ 237 Home equity 1,908 27 2,000 27 1,937 79 2,001 82 With an allowance recorded Residential mortgage $ 2,330 $ 22 $ 3,254 $ 29 $ 2,508 $ 71 $ 3,565 $ 97 Home equity 864 7 873 6 879 19 850 18 Total (1) Residential mortgage $ 7,386 $ 74 $ 10,752 $ 106 $ 8,193 $ 238 $ 11,529 $ 334 Home equity 2,772 34 2,873 33 2,816 98 2,851 100 (1) During the nine months ended September 30, 2018 , previously impaired consumer real estate loans with a carrying value of $1.6 billion were sold. (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 September 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 nine months ended September 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 Nine Months Ended September 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 September 30, 2018 Nine Months Ended September 30, 2018 Residential mortgage $ 226 $ 195 4.27 % 4.12 % $ 747 $ 635 4.22 % 4.03 % Home equity 120 90 4.67 4.60 482 356 4.42 3.78 Total (2) $ 346 $ 285 4.41 4.29 $ 1,229 $ 991 4.30 3.94 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Residential mortgage $ 294 $ 263 4.42 % 4.33 % $ 738 $ 657 4.49 % 4.25 % Home equity 212 172 4.01 3.96 630 491 4.16 3.52 Total (2) $ 506 $ 435 4.25 4.17 $ 1,368 $ 1,148 4.33 3.90 (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 September 30, 2018 and 2017 due to sales and other dispositions, were $9 million and $33 million for the three and nine months ended September 30, 2018 compared to $17 million and $37 million for the same periods in 2017 . The table below presents the September 30, 2018 and 2017 carrying value for consumer real estate loans that were modified in a TDR during the three and nine months ended September 30, 2018 and 2017 , by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Modifications under government programs Contractual interest rate reduction $ 5 $ 10 $ 19 $ 56 Principal and/or interest forbearance — 1 — 4 Other modifications (1) 7 7 29 22 Total modifications under government programs 12 18 48 82 Modifications under proprietary programs Contractual interest rate reduction 7 15 159 178 Capitalization of past due amounts 10 12 67 47 Principal and/or interest forbearance 2 2 25 28 Other modifications (1) 14 1 195 45 Total modifications under proprietary programs 33 30 446 298 Trial modifications 201 329 376 605 Loans discharged in Chapter 7 bankruptcy (2) 39 58 121 163 Total modifications $ 285 $ 435 $ 991 $ 1,148 (1) Includes other modifications such as term or payment extensions and repayment plans. During the nine months ended September 30, 2018 , this included $197 million of modifications that met the definition of a TDR related to the 2017 hurricanes. These modifications had been written down to their net realizable value less costs to sell or were fully insured as of September 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 nine months ended September 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 September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Modifications under government programs $ 8 $ 16 $ 32 $ 62 Modifications under proprietary programs 43 32 130 99 Loans discharged in Chapter 7 bankruptcy (1) 12 16 51 93 Trial modifications (2) 18 54 85 312 Total modifications $ 81 $ 118 $ 298 $ 566 (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 September 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and nine months ended September 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) September 30, 2018 December 31, 2017 With no recorded allowance Direct/Indirect consumer $ 63 $ 29 $ — $ 58 $ 28 $ — With an allowance recorded U.S. credit card $ 501 $ 512 $ 143 $ 454 $ 461 $ 125 Direct/Indirect consumer — — — 1 1 — Total U.S. credit card $ 501 $ 512 $ 143 $ 454 $ 461 $ 125 Direct/Indirect consumer 63 29 — 59 29 — Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended September 30 Nine Months Ended September 30 2018 2017 2018 2017 With no recorded allowance Direct/Indirect consumer $ 30 $ 1 $ 20 $ — $ 29 $ 2 $ 19 $ — With an allowance recorded U.S. credit card $ 498 $ 7 $ 457 $ 6 $ 481 $ 19 $ 466 $ 18 Non-U.S. credit card (3) — — — — — — 62 1 Direct/Indirect consumer 1 — 2 — 1 — 2 — Total U.S. credit card $ 498 $ 7 $ 457 $ 6 $ 481 $ 19 $ 466 $ 18 Non-U.S. credit card (3) — — — — — — 62 1 Direct/Indirect consumer 31 1 22 — 30 2 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 Credit Card and Other Consumer TDR portfolio including the September 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 nine months ended September 30, 2018 and 2017 . Credit Card and Other Consumer – TDRs Entered into During the Three and Nine Months Ended September 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 September 30, 2018 Nine Months Ended September 30, 2018 U.S. credit card $ 84 $ 91 19.45 % 5.19 % $ 212 $ 224 19.30 % 5.24 % Direct/Indirect consumer 18 10 4.61 4.50 33 19 4.77 4.58 Total (2) $ 102 $ 101 17.94 5.12 $ 245 $ 243 18.16 5.19 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 U.S. credit card $ 60 $ 64 17.96 % 5.40 % $ 152 $ 161 17.88 % 5.49 % Direct/Indirect consumer 22 14 4.92 4.53 29 18 4.99 4.37 Total (2) $ 82 $ 78 15.64 5.25 $ 181 $ 179 16.57 5.37 (1) Includes accrued interest and fees. (2) Net charge-offs were $16 million and $38 million for the three and nine months ended September 30, 2018 compared to $14 million and $33 million for the same periods in 2017 . The table below provides information on the Corporation’s primary modification programs for the Credit Card and Other Consumer TDR portfolio at September 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) September 30 December 31 September 30 December 31 September 30 December 31 Internal programs $ 242 $ 203 $ — $ 1 $ 242 $ 204 External programs 269 257 — — 269 257 Other 1 1 29 28 30 29 Total $ 512 $ 461 $ 29 $ 29 $ 541 $ 490 Percent of balances current or less than 30 days past due 86 % 87 % 90 % 88 % 86 % 87 % |
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 September 30, 2018 and December 31, 2017 , and the average carrying value and interest income recognized for the three and nine months ended September 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) September 30, 2018 December 31, 2017 With no recorded allowance U.S. commercial $ 697 $ 684 $ — $ 576 $ 571 $ — Non-U.S. commercial 10 10 — 14 11 — Commercial real estate 42 32 — 83 80 — Commercial lease financing 2 2 — — — — With an allowance recorded U.S. commercial $ 1,334 $ 1,073 $ 115 $ 1,393 $ 1,109 $ 98 Non-U.S. commercial 233 225 19 528 507 58 Commercial real estate 104 20 2 133 41 4 Commercial lease financing 72 72 — 20 18 3 U.S. small business commercial (1) 90 76 29 84 70 27 Total U.S. commercial $ 2,031 $ 1,757 $ 115 $ 1,969 $ 1,680 $ 98 Non-U.S. commercial 243 235 19 542 518 58 Commercial real estate 146 52 2 216 121 4 Commercial lease financing 74 74 — 20 18 3 U.S. small business commercial (1) 90 76 29 84 70 27 Average Interest (2) Average Interest (2) Average Interest (2) Average Interest (2) Three Months Ended September 30 Nine Months Ended September 30 2018 2017 2018 2017 With no recorded allowance U.S. commercial $ 640 $ 4 $ 726 $ 3 $ 659 $ 12 $ 822 $ 9 Non-U.S. commercial 9 — 14 — 35 2 55 — Commercial real estate 68 — 77 1 72 1 61 1 Commercial lease financing 3 — — — 4 — — — With an allowance recorded U.S. commercial $ 1,159 $ 11 $ 1,166 $ 9 $ 1,168 $ 32 $ 1,305 $ 25 Non-U.S. commercial 287 3 463 3 381 9 466 9 Commercial real estate 10 — 72 — 19 — 85 2 Commercial lease financing 58 1 10 — 32 1 6 — U.S. small business commercial (1) 74 — 72 — 74 — 74 — Total U.S. commercial $ 1,799 $ 15 $ 1,892 $ 12 $ 1,827 $ 44 $ 2,127 $ 34 Non-U.S. commercial 296 3 477 3 416 11 521 9 Commercial real estate 78 — 149 1 91 1 146 3 Commercial lease financing 61 1 10 — 36 1 6 — U.S. small business commercial (1) 74 — 72 — 74 — 74 — (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 September 30, 2018 and 2017 unpaid principal balance and carrying value of commercial loans that were modified as TDRs during the three and nine months ended September 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 Nine Months Ended September 30, 2018 and 2017 Unpaid Principal Balance Carrying Unpaid Principal Balance Carrying (Dollars in millions) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 U.S. commercial $ 595 $ 544 $ 1,111 $ 1,006 Non-U.S. commercial 11 9 4 4 Commercial real estate — — 71 71 Commercial lease financing 29 29 92 91 U.S. small business commercial (1) 3 2 8 6 Total (2) $ 638 $ 584 $ 1,286 $ 1,178 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 U.S. commercial $ 357 $ 322 $ 763 $ 700 Non-U.S. commercial 105 105 105 105 Commercial real estate — — 16 9 Commercial lease financing 12 12 12 12 U.S. small business commercial (1) 3 3 11 12 Total (2) $ 477 $ 442 $ 907 $ 838 (1) U.S. small business commercial TDRs are comprised of renegotiated small business card loans. (2) Net charge-offs were $38 million and $64 million for the three and nine months ended September 30, 2018 compared to $27 million and $89 million for the same periods in 2017 . |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017 . Consumer (1) Credit Card and Other Consumer Commercial Total (Dollars in millions) Three Months Ended September 30, 2018 Allowance for loan and lease losses, July 1 $ 1,366 $ 3,774 $ 4,910 $ 10,050 Loans and leases charged off (155 ) (992 ) (189 ) (1,336 ) Recoveries of loans and leases previously charged off 163 208 33 404 Net charge-offs 8 (784 ) (156 ) (932 ) Write-offs of PCI loans (2) (95 ) — — (95 ) Provision for loan and lease losses (3) (119 ) 829 1 711 Other (4) (2 ) 3 (1 ) — Allowance for loan and lease losses, September 30 1,158 3,822 4,754 9,734 Reserve for unfunded lending commitments, July 1 — — 787 787 Provision for unfunded lending commitments — — 5 5 Reserve for unfunded lending commitments, September 30 — — 792 792 Allowance for credit losses, September 30 $ 1,158 $ 3,822 $ 5,546 $ 10,526 Three Months Ended September 30, 2017 Allowance for loan and lease losses, July 1 $ 2,309 $ 3,386 $ 5,180 $ 10,875 Loans and leases charged off (231 ) (919 ) (212 ) (1,362 ) Recoveries of loans and leases previously charged off 230 189 43 462 Net charge-offs (1 ) (730 ) (169 ) (900 ) Write-offs of PCI loans (2) (73 ) — — (73 ) Provision for loan and lease losses (3) (204 ) 934 99 829 Other (4) 1 (40 ) 1 (38 ) Allowance for loan and lease losses, September 30 2,032 3,550 5,111 10,693 Reserve for unfunded lending commitments, July 1 — — 757 757 Provision for unfunded lending commitments — — 5 5 Reserve for unfunded lending commitments, September 30 — — 762 762 Allowance for credit losses, September 30 $ 2,032 $ 3,550 $ 5,873 $ 11,455 Nine Months Ended September 30, 2018 Allowance for loan and lease losses, January 1 $ 1,720 $ 3,663 $ 5,010 $ 10,393 Loans and leases charged off (466 ) (3,031 ) (513 ) (4,010 ) Recoveries of loans and leases previously charged off 440 621 110 1,171 Net charge-offs (26 ) (2,410 ) (403 ) (2,839 ) Write-offs of PCI loans (2) (166 ) — — (166 ) Provision for loan and lease losses (3) (368 ) 2,583 147 2,362 Other (4) (2 ) (14 ) — (16 ) Allowance for loan and lease losses, September 30 1,158 3,822 4,754 9,734 Reserve for unfunded lending commitments, January 1 — — 777 777 Provision for unfunded lending commitments — — 15 15 Reserve for unfunded lending commitments, September 30 — — 792 792 Allowance for credit losses, September 30 $ 1,158 $ 3,822 $ 5,546 $ 10,526 Nine Months Ended September 30, 2017 Allowance for loan and lease losses, January 1 $ 2,750 $ 3,229 $ 5,258 $ 11,237 Loans and leases charged off (633 ) (2,819 ) (570 ) (4,022 ) Recoveries of loans and leases previously charged off 520 623 137 1,280 Net charge-offs (113 ) (2,196 ) (433 ) (2,742 ) Write-offs of PCI loans (2) (161 ) — — (161 ) Provision for loan and lease losses (3) (445 ) 2,553 287 2,395 Other (4) 1 (36 ) (1 ) (36 ) Allowance for loan and lease losses, September 30 2,032 3,550 5,111 10,693 Reserve for unfunded lending commitments, January 1 and September 30 — — 762 762 Allowance for credit losses, September 30 $ 2,032 $ 3,550 $ 5,873 $ 11,455 (1) Includes valuation allowance associated with the PCI loan portfolio. (2) Includes write-offs associated with the sale of PCI loans of $71 million and $88 million during the three and nine months ended September 30, 2018 compared to $45 million and $80 million for the same periods in 2017 . (3) Includes provision expense associated with the PCI loan portfolio of $53 million and $28 million during the three and nine months ended September 30, 2018 compared to $12 million and $56 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 September 30, 2018 and December 31, 2017 . Allowance and Carrying Value by Portfolio Segment Consumer Credit Card and Other Consumer Commercial Total (Dollars in millions) September 30, 2018 Impaired loans and troubled debt restructurings (1) Allowance for loan and lease losses $ 299 $ 143 $ 165 $ 607 Carrying value (2) 9,675 541 2,194 12,410 Allowance as a percentage of carrying value 3.09 % 26.43 % 7.52 % 4.89 % Loans collectively evaluated for impairment Allowance for loan and lease losses $ 709 $ 3,679 $ 4,589 $ 8,977 Carrying value (2, 3) 242,594 185,829 476,085 904,508 Allowance as a percentage of carrying value (3) 0.29 % 1.98 % 0.96 % 0.99 % Purchased credit-impaired loans Valuation allowance $ 150 n/a n/a $ 150 Carrying value gross of valuation allowance 7,152 n/a n/a 7,152 Valuation allowance as a percentage of carrying value 2.10 % n/a n/a 2.10 % Total Allowance for loan and lease losses $ 1,158 $ 3,822 $ 4,754 $ 9,734 Carrying value (2, 3) 259,421 186,370 478,279 924,070 Allowance as a percentage of carrying value (3) 0.45 % 2.05 % 0.99 % 1.05 % 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 $5.7 billion at both September 30, 2018 and December 31, 2017 . n/a = not applicable |
Securitizations and Other Var_2
Securitizations and Other Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017 . First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage Three Months Ended September 30 Nine Months Ended September 30 Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 2018 2017 Cash proceeds from new securitizations (1) $ 1,596 $ 3,833 $ 4,661 $ 11,791 $ 1,797 $ 1,225 $ 3,981 $ 2,931 Gains on securitizations (2) 13 40 54 140 29 14 68 67 Repurchases from securitization trusts (3) 357 609 1,215 2,083 — — — — (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 $15 million and $60 million , net of hedges, during the three and nine months ended September 30, 2018 , compared to $63 million and $195 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, credit card and other asset-backed VIEs in which the Corporation held a variable interest at September 30, 2018 and December 31, 2017 . Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity (1) Credit Card (2, 3) Resecuritization Trusts Municipal Bond Trusts (Dollars in millions) Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Unconsolidated VIEs Maximum loss exposure $ 1,101 $ 1,522 $ — $ — $ 8,185 $ 8,204 $ 1,837 $ 1,631 On-balance sheet assets Senior securities (4) : Trading account assets $ — $ — $ — $ — $ 1,757 $ 869 $ 22 $ 33 Debt securities carried at fair value 29 36 — — 1,380 1,661 — — Held-to-maturity securities — — — — 5,048 5,644 — — All other assets (4) — — — — — 30 — — Total retained positions $ 29 $ 36 $ — $ — $ 8,185 $ 8,204 $ 22 $ 33 Total assets of VIEs (5) $ 1,944 $ 2,432 $ — $ — $ 18,469 $ 19,281 $ 2,560 $ 2,287 Consolidated VIEs Maximum loss exposure $ 91 $ 112 $ 18,600 $ 24,337 $ 109 $ 628 $ 1,726 $ 1,453 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 376 $ 1,557 $ 1,740 $ 1,452 Loans and leases 143 177 29,726 32,554 — — — — Allowance for loan and lease losses (6 ) (9 ) (907 ) (988 ) — — — — All other assets 4 6 128 1,385 — — 1 1 Total assets $ 141 $ 174 $ 28,947 $ 32,951 $ 376 $ 1,557 $ 1,741 $ 1,453 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 905 $ 312 Long-term debt 59 76 10,320 8,598 267 929 12 — All other liabilities — — 27 16 — — — — Total liabilities $ 59 $ 76 $ 10,347 $ 8,614 $ 267 $ 929 $ 917 $ 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 September 30, 2018 and December 31, 2017 , loans and leases in the consolidated credit card trust included $10.8 billion and $15.6 billion of seller’s interest. (3) At September 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 September 30, 2018 and December 31, 2017 . First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Sept 30 2018 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 16,461 $ 19,110 $ 458 $ 689 $ 2,063 $ 2,643 $ 218 $ 403 $ 659 $ 585 On-balance sheet assets Senior securities: Trading account assets $ 509 $ 716 $ 21 $ 6 $ 47 $ 10 $ 71 $ 50 $ 57 $ 108 Debt securities carried at fair value 10,232 15,036 262 477 1,592 2,221 145 351 — — Held-to-maturity securities 5,720 3,348 — — — — — — 419 274 All other assets (2) — 10 3 5 66 38 2 2 44 88 Total retained positions $ 16,461 $ 19,110 $ 286 $ 488 $ 1,705 $ 2,269 $ 218 $ 403 $ 520 $ 470 Principal balance outstanding (3) $ 195,110 $ 232,761 $ 9,448 $ 10,549 $ 9,156 $ 10,254 $ 24,439 $ 28,129 $ 31,251 $ 26,504 Consolidated VIEs Maximum loss exposure (1) $ 13,206 $ 14,502 $ 551 $ 571 $ — $ — $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 733 $ 232 $ 704 $ 571 $ — $ — $ — $ — $ — $ — Loans and leases, net 12,312 14,030 — — — — — — — — All other assets 162 240 — — — — — — — — Total assets $ 13,207 $ 14,502 $ 704 $ 571 $ — $ — $ — $ — $ — $ — Total liabilities $ 3 $ 3 $ 153 $ — $ — $ — $ — $ — $ — $ — (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 $12 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 $12 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 September 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 September 30, 2018 and December 31, 2017 . Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) September 30, 2018 December 31, 2017 Maximum loss exposure $ 4,407 $ 21,188 $ 25,595 $ 4,660 $ 19,785 $ 24,445 On-balance sheet assets Trading account assets $ 2,592 $ 331 $ 2,923 $ 2,709 $ 346 $ 3,055 Debt securities carried at fair value — 20 20 — 160 160 Loans and leases 1,977 4,155 6,132 2,152 3,596 5,748 Allowance for loan and lease losses (2 ) (29 ) (31 ) (3 ) (32 ) (35 ) All other assets 62 15,300 15,362 89 15,216 15,305 Total $ 4,629 $ 19,777 $ 24,406 $ 4,947 $ 19,286 $ 24,233 On-balance sheet liabilities Long-term debt $ 213 $ — $ 213 $ 270 $ — $ 270 All other liabilities 10 4,067 4,077 18 3,417 3,435 Total $ 223 $ 4,067 $ 4,290 $ 288 $ 3,417 $ 3,705 Total assets of VIEs $ 4,629 $ 79,564 $ 84,193 $ 4,947 $ 69,746 $ 74,693 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The table below presents goodwill balances by business segment and All Other at September 30, 2018 and December 31, 2017 . The reporting units utilized for goodwill impairment testing are the operating segments or one level below. For more information, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K . Goodwill (Dollars in millions) September 30 December 31 Consumer Banking $ 30,123 $ 30,123 Global Wealth & Investment Management 9,677 9,677 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 September 30, 2018 and December 31, 2017 . Intangible Assets (1, 2) Gross Accumulated Net Gross Accumulated Net (Dollars in millions) September 30, 2018 December 31, 2017 Purchased credit card and affinity relationships $ 5,919 $ 5,721 $ 198 $ 5,919 $ 5,604 $ 315 Core deposit and other intangibles (3) 3,835 2,201 1,634 3,835 2,140 1,695 Customer relationships 3,886 3,810 76 3,886 3,584 302 Total intangible assets $ 13,640 $ 11,732 $ 1,908 $ 13,640 $ 11,328 $ 2,312 (1) Excludes fully amortized intangible assets. (2) At September 30, 2018 and December 31, 2017 , none of the intangible assets were impaired. (3) Includes $1.6 billion at both September 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 Purchas_2
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash (Tables) | 9 Months Ended |
Sep. 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 fair value option, see Note 15 – Fair Value Option . Amount Rate Amount Rate Amount Rate Amount Rate Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 241,426 1.31 % $ 223,585 0.86 % $ 247,183 1.15 % $ 222,255 0.77 % Maximum month-end balance during period 267,989 n/a 224,815 n/a 267,989 n/a 237,064 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 191,693 1.88 % $ 197,794 1.37 % $ 193,854 1.71 % $ 199,433 1.18 % Maximum month-end balance during period 189,206 n/a 197,604 n/a 199,419 n/a 218,017 n/a Short-term borrowings Average during period 33,410 2.89 32,153 2.54 40,048 2.49 38,329 2.43 Maximum month-end balance during period 36,043 n/a 32,679 n/a 52,480 n/a 46,202 n/a n/a = not applicable |
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 September 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 $ 128,222 $ 68,852 $ 22,920 $ 58,089 $ 278,083 Securities loaned 13,364 738 896 4,082 19,080 Other 24,446 — — — 24,446 Total $ 166,032 $ 69,590 $ 23,816 $ 62,171 $ 321,609 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 September 30, 2018 (Dollars in millions) Securities Sold Under Agreements to Repurchase Securities Loaned Other Total U.S. government and agency securities $ 158,567 $ 10 $ 2 $ 158,579 Corporate securities, trading loans and other 13,448 2,656 363 16,467 Equity securities 17,268 10,953 24,028 52,249 Non-U.S. sovereign debt 84,435 5,461 53 89,949 Mortgage trading loans and ABS 4,365 — — 4,365 Total $ 278,083 $ 19,080 $ 24,446 $ 321,609 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 September 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) September 30, 2018 Securities borrowed or purchased under agreements to resell (3) $ 373,800 $ (125,563 ) $ 248,237 $ (218,291 ) $ 29,946 Securities loaned or sold under agreements to repurchase $ 297,163 $ (125,563 ) $ 171,600 $ (151,842 ) $ 19,758 Other (4) 24,446 — 24,446 (24,446 ) — Total $ 321,609 $ (125,563 ) $ 196,046 $ (176,288 ) $ 19,758 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 $11.1 billion and $10.2 billion reported in loans and leases on the Consolidated Balance Sheet at September 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 September 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) September 30, 2018 Securities borrowed or purchased under agreements to resell (3) $ 373,800 $ (125,563 ) $ 248,237 $ (218,291 ) $ 29,946 Securities loaned or sold under agreements to repurchase $ 297,163 $ (125,563 ) $ 171,600 $ (151,842 ) $ 19,758 Other (4) 24,446 — 24,446 (24,446 ) — Total $ 321,609 $ (125,563 ) $ 196,046 $ (176,288 ) $ 19,758 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 $11.1 billion and $10.2 billion reported in loans and leases on the Consolidated Balance Sheet at September 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) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The following table also includes the notional amount of commitments of $3.2 billion and $4.8 billion at September 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 $70 million and $120 million at September 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) September 30, 2018 Notional amount of credit extension commitments Loan commitments $ 86,501 $ 142,327 $ 154,991 $ 22,724 $ 406,543 Home equity lines of credit 3,203 2,494 3,115 34,411 43,223 Standby letters of credit and financial guarantees (1) 20,653 9,838 2,555 1,151 34,197 Letters of credit 1,262 223 74 73 1,632 Legally binding commitments 111,619 154,882 160,735 58,359 485,595 Credit card lines (2) 373,295 — — — 373,295 Total credit extension commitments $ 484,914 $ 154,882 $ 160,735 $ 58,359 $ 858,890 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 $26.9 billion and $6.9 billion at September 30, 2018 , and $27.3 billion and $8.1 billion at December 31, 2017 . Amounts in the table include consumer SBLCs of $402 million and $421 million at September 30, 2018 and December 31, 2017 . (2) Includes business card unused lines of credit. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Dividends | Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share October 24, 2018 December 7, 2018 December 28, 2018 $ 0.15 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 October 29, 2018 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for the nine months ended September 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 931 (149 ) 156 80 102 1,120 Balance, September 30, 2017 $ (336 ) $ (916 ) $ (739 ) $ (3,400 ) $ (777 ) $ (6,168 ) 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 (6,166 ) 183 (346 ) 91 (303 ) (6,541 ) Balance, September 30, 2018 $ (7,765 ) $ (1,097 ) $ (1,309 ) $ (3,808 ) $ (857 ) $ (14,836 ) |
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 nine months ended September 30, 2018 and 2017 . Changes in OCI Components Pre- and After-tax Pretax Tax effect After- tax Pretax Tax effect After- tax Nine Months Ended September 30 (Dollars in millions) 2018 2017 Debt and equity securities: Net increase (decrease) in fair value $ (8,198 ) $ 2,075 $ (6,123 ) $ 1,802 $ (674 ) $ 1,128 Net realized (gains) reclassified into earnings (3) (55 ) 12 (43 ) (312 ) 115 (197 ) Net change (8,253 ) 2,087 (6,166 ) 1,490 (559 ) 931 Debit valuation adjustments: Net increase (decrease) in fair value 220 (52 ) 168 (255 ) 96 (159 ) Net realized losses reclassified into earnings (3) 20 (5 ) 15 30 (20 ) 10 Net change 240 (57 ) 183 (225 ) 76 (149 ) Derivatives: Net increase (decrease) in fair value (601 ) 174 (427 ) 79 (30 ) 49 Reclassifications into earnings: Net interest income 134 (33 ) 101 274 (103 ) 171 Personnel expense (27 ) 7 (20 ) (103 ) 39 (64 ) Net realized losses reclassified into earnings 107 (26 ) 81 171 (64 ) 107 Net change (494 ) 148 (346 ) 250 (94 ) 156 Employee benefit plans: Reclassifications into earnings: Net actuarial losses and other 119 (28 ) 91 128 (48 ) 80 Net realized losses reclassified into earnings (4) 119 (28 ) 91 128 (48 ) 80 Net change 119 (28 ) 91 128 (48 ) 80 Foreign currency: Net increase (decrease) in fair value (87 ) (165 ) (252 ) (454 ) 462 8 Net realized (gains) losses reclassified into earnings (3) (143 ) 92 (51 ) (608 ) 702 94 Net change (230 ) (73 ) (303 ) (1,062 ) 1,164 102 Total other comprehensive income (loss) $ (8,618 ) $ 2,077 $ (6,541 ) $ 581 $ 539 $ 1,120 (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) | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30 Nine Months Ended September 30 (In millions, except per share information) 2018 2017 2018 2017 Earnings per common share Net income $ 7,167 $ 5,424 $ 20,869 $ 15,867 Preferred stock dividends (466 ) (465 ) (1,212 ) (1,328 ) Net income applicable to common shareholders $ 6,701 $ 4,959 $ 19,657 $ 14,539 Average common shares issued and outstanding 10,031.6 10,197.9 10,177.5 10,103.4 Earnings per common share $ 0.67 $ 0.49 $ 1.93 $ 1.44 Diluted earnings per common share Net income applicable to common shareholders $ 6,701 $ 4,959 $ 19,657 $ 14,539 Add preferred stock dividends due to assumed conversions (1) — 37 — 187 Net income allocated to common shareholders $ 6,701 $ 4,996 $ 19,657 $ 14,726 Average common shares issued and outstanding 10,031.6 10,197.9 10,177.5 10,103.4 Dilutive potential common shares (2) 139.2 548.8 140.4 728.7 Total diluted average common shares issued and outstanding 10,170.8 10,746.7 10,317.9 10,832.1 Diluted earnings per common share $ 0.66 $ 0.46 $ 1.91 $ 1.36 (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) | 9 Months Ended |
Sep. 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 September 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. September 30, 2018 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Time deposits placed and other short-term investments $ 1,528 $ — $ — $ — $ 1,528 Federal funds sold and securities borrowed or purchased under agreements to resell — 52,524 — — 52,524 Trading account assets: U.S. Treasury and agency securities (2) 39,677 1,251 — — 40,928 Corporate securities, trading loans and other — 27,281 1,534 — 28,815 Equity securities 66,850 28,049 290 — 95,189 Non-U.S. sovereign debt 5,667 19,524 469 — 25,660 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed — 18,697 — — 18,697 Mortgage trading loans, ABS and other MBS — 8,350 1,479 — 9,829 Total trading account assets (3) 112,194 103,152 3,772 — 219,118 Derivative assets 9,961 322,940 4,380 (291,664 ) 45,617 AFS debt securities: U.S. Treasury and agency securities 50,900 1,406 — — 52,306 Mortgage-backed securities: Agency — 136,112 — — 136,112 Agency-collateralized mortgage obligations — 5,678 — — 5,678 Non-agency residential — 1,593 544 — 2,137 Commercial — 13,510 — — 13,510 Non-U.S. securities 759 6,317 3 — 7,079 Other taxable securities — 3,869 7 — 3,876 Tax-exempt securities — 18,349 1 — 18,350 Total AFS debt securities 51,659 186,834 555 — 239,048 Other debt securities carried at fair value: Mortgage-backed securities: Non-agency residential — 1,400 296 — 1,696 Non-U.S. securities 9,943 945 — — 10,888 Other taxable securities — 3 — — 3 Total other debt securities carried at fair value 9,943 2,348 296 — 12,587 Loans and leases — 5,321 410 — 5,731 Loans held-for-sale — 2,590 526 — 3,116 Other assets (4) 18,858 1,740 3,140 — 23,738 Total assets $ 204,143 $ 677,449 $ 13,079 $ (291,664 ) $ 603,007 Liabilities Interest-bearing deposits in U.S. offices $ — $ 529 $ — $ — $ 529 Federal funds purchased and securities loaned or sold under agreements to repurchase — 34,242 — — 34,242 Trading account liabilities: U.S. Treasury and agency securities 15,403 362 — — 15,765 Equity securities 38,743 4,673 — — 43,416 Non-U.S. sovereign debt 12,496 9,863 — — 22,359 Corporate securities and other — 8,407 17 — 8,424 Total trading account liabilities 66,642 23,305 17 — 89,964 Derivative liabilities 9,142 309,966 4,950 (287,869 ) 36,189 Short-term borrowings — 1,789 — — 1,789 Accrued expenses and other liabilities 22,667 1,849 — — 24,516 Long-term debt — 27,754 923 — 28,677 Total liabilities $ 98,451 $ 399,434 $ 5,890 $ (287,869 ) $ 215,906 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $19.9 billion of GSE obligations. (3) Includes securities with a fair value of $14.2 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. (4) Includes MSRs of $2.2 billion which are classified as Level 3 assets. December 31, 2017 Fair Value Measurements (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Assets/Liabilities at Fair Value Assets Time deposits placed and other short-term investments $ 2,234 $ — $ — $ — $ 2,234 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) 38,720 1,922 — — 40,642 Corporate securities, trading loans and other — 28,714 1,864 — 30,578 Equity securities 60,747 23,958 235 — 84,940 Non-U.S. sovereign debt 6,545 15,839 556 — 22,940 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed — 20,586 — — 20,586 Mortgage trading loans, ABS and other MBS — 8,174 1,498 — 9,672 Total trading account assets (3) 106,012 99,193 4,153 — 209,358 Derivative assets 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: Non-agency residential — 2,769 — — 2,769 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 (4) 19,367 789 2,425 — 22,581 Total assets $ 194,796 $ 753,907 $ 12,909 $ (313,788 ) $ 647,824 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 33,019 3,885 — — 36,904 Non-U.S. sovereign debt 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 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) 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. (4) Includes MSRs of $2.3 billion which are classified as Level 3 assets. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Level 3 – Fair Value Measurements for the Three Months Ended September 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 $ 1,777 $ 77 $ — $ 35 $ (79 ) $ 5 $ (208 ) $ 288 $ (153 ) $ 1,742 $ 35 Equity securities 229 8 — 3 (3 ) — — 17 (10 ) 244 10 Non-U.S. sovereign debt 506 33 18 — — — (5 ) — — 552 33 Mortgage trading loans, ABS and other MBS 1,232 10 (1 ) 150 (157 ) — (46 ) 83 (19 ) 1,252 (2 ) Total trading account assets 3,744 128 17 188 (239 ) 5 (259 ) 388 (182 ) 3,790 76 Net derivative assets (4) (1,803 ) (252 ) — 150 (367 ) — 278 7 (36 ) (2,023 ) (283 ) AFS debt securities: Non-U.S. securities 139 1 4 7 — — (115 ) — — 36 — Other taxable securities 483 — 1 — — — (1 ) — — 483 — Tax-exempt securities 518 — 1 — — — (7 ) — (45 ) 467 — Total AFS debt securities 1,140 1 6 7 — — (123 ) — (45 ) 986 — Other debt securities carried at fair value – Non-agency residential MBS 23 — — — — — (1 ) — — 22 — Loans and leases (5, 6) 667 2 — 2 (24 ) — (29 ) — — 618 2 Loans held-for-sale (5) 766 38 10 — (4 ) — (93 ) 58 — 775 27 Other assets (6, 7) 2,795 124 (43 ) — (80 ) 69 (191 ) — — 2,674 8 Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (135 ) — — — — — 135 — — — — Trading account liabilities – Corporate securities and other (22 ) 1 — — (3 ) (1 ) — — — (25 ) — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,646 ) (87 ) (7 ) 63 — (129 ) 115 (244 ) 45 (1,890 ) (87 ) (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 and leases - 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 $3.9 billion and derivative liabilities of $5.9 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. 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 nine months ended September 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 September 30, 2018 (1) Balance July 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 $ 1,638 $ 14 $ — $ 54 $ (87 ) $ — $ (175 ) $ 269 $ (179 ) $ 1,534 $ (14 ) Equity securities 228 8 — 21 — — — 43 (10 ) 290 8 Non-U.S. sovereign debt 368 10 (13 ) — — — — 109 (5 ) 469 11 Mortgage trading loans, ABS and other MBS 1,523 16 (1 ) 75 (184 ) — (29 ) 191 (112 ) 1,479 8 Total trading account assets 3,757 48 (14 ) 150 (271 ) — (204 ) 612 (306 ) 3,772 13 Net derivative assets (4) (1,588 ) (53 ) — 23 (66 ) — 111 20 983 (570 ) (51 ) AFS debt securities: Non-agency residential MBS 453 31 (28 ) — (72 ) — — 235 (75 ) 544 — Non-U.S. securities 3 — — — — — — — — 3 — Other taxable securities 99 (1 ) (3 ) — (22 ) — — — (66 ) 7 — Tax-exempt securities 1 — — — — — — — — 1 — Total AFS debt securities 556 30 (31 ) — (94 ) — — 235 (141 ) 555 — Other debt securities carried at fair value – Non-agency residential MBS 287 (23 ) — — — — — 60 (28 ) 296 (10 ) Loans and leases (5, 6) 493 — — — (62 ) — (21 ) — — 410 (1 ) Loans held-for-sale (5) 577 12 (4 ) 39 — — (82 ) 12 (28 ) 526 9 Other assets (6, 7) 3,184 121 — — (22 ) 31 (174 ) — — 3,140 55 Trading account liabilities – Corporate securities and other (35 ) 9 — 9 — — — — — (17 ) (6 ) Long-term debt (5) (1,225 ) 11 (1 ) — — (11 ) 106 (106 ) 303 (923 ) 13 (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $4.4 billion and derivative liabilities of $5.0 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. Level 3 – Fair Value Measurements for the Nine Months Ended September 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 $ 225 $ — $ 353 $ (679 ) $ 5 $ (443 ) $ 506 $ (1,002 ) $ 1,742 $ 72 Equity securities 281 23 — 45 (67 ) — (10 ) 119 (147 ) 244 11 Non-U.S. sovereign debt 510 64 12 26 (59 ) — (73 ) 72 — 552 60 Mortgage trading loans, ABS and other MBS 1,211 195 (2 ) 747 (846 ) — (169 ) 187 (71 ) 1,252 107 Total trading account assets 4,779 507 10 1,171 (1,651 ) 5 (695 ) 884 (1,220 ) 3,790 250 Net derivative assets (4) (1,313 ) (1,098 ) — 558 (843 ) — 722 36 (85 ) (2,023 ) (561 ) AFS debt securities: Non-U.S. securities 229 2 16 49 — — (260 ) — — 36 — Other taxable securities 594 3 6 5 — — (31 ) — (94 ) 483 — Tax-exempt securities 542 — 1 — (56 ) — (10 ) 35 (45 ) 467 — Total AFS debt securities 1,365 5 23 54 (56 ) — (301 ) 35 (139 ) 986 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — (2 ) — — 22 — Loans and leases (5, 6) 720 20 — 2 (24 ) — (93 ) — (7 ) 618 18 Loans held-for-sale (5) 656 109 7 2 (159 ) — (281 ) 473 (32 ) 775 60 Other assets (6, 7) 2,986 93 (31 ) 2 (74 ) 207 (573 ) 64 — 2,674 (181 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) (5 ) — — — (12 ) 171 (58 ) 263 — (5 ) Trading account liabilities – Corporate securities and other (27 ) 13 — 4 (13 ) (2 ) — — — (25 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (160 ) (18 ) 81 — (279 ) 398 (530 ) 132 (1,890 ) (158 ) (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $3.9 billion and derivative liabilities of $5.9 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. Level 3 – Fair Value Measurements for the Nine Months Ended September 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 $ (14 ) $ (1 ) $ 328 $ (298 ) $ — $ (388 ) $ 517 $ (474 ) $ 1,534 $ (88 ) Equity securities 235 17 — 29 (11 ) — (4 ) 73 (49 ) 290 17 Non-U.S. sovereign debt 556 39 (55 ) 7 (50 ) — (8 ) 117 (137 ) 469 40 Mortgage trading loans, ABS and other MBS 1,498 157 2 392 (760 ) — (136 ) 541 (215 ) 1,479 92 Total trading account assets 4,153 199 (54 ) 756 (1,119 ) — (536 ) 1,248 (875 ) 3,772 61 Net derivative assets (4) (1,714 ) 203 — 371 (919 ) — 488 87 914 (570 ) (138 ) AFS debt securities: Non-agency residential MBS — 39 (42 ) — (72 ) — — 694 (75 ) 544 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 1 (5 ) — (22 ) — (10 ) 60 (526 ) 7 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (5) 1,003 40 (48 ) — (104 ) — (24 ) 758 (1,070 ) 555 — Other debt securities carried at fair value – Non-agency residential MBS — (27 ) — — (7 ) — — 358 (28 ) 296 (5 ) Loans and leases (6, 7) 571 (20 ) — — (71 ) — (70 ) — — 410 (17 ) Loans held-for-sale (6) 690 24 (31 ) 51 — — (160 ) 12 (60 ) 526 18 Other assets (5, 7, 8) 2,425 389 — 2 (68 ) 83 (585 ) 929 (35 ) 3,140 188 Trading account liabilities – Corporate securities and other (24 ) 11 — 9 (11 ) (2 ) — — — (17 ) (7 ) Accrued expenses and other liabilities (6) (8 ) — — — — — 8 — — — — Long-term debt (6) (1,863 ) 97 2 9 — (131 ) 429 (253 ) 787 (923 ) 87 (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $4.4 billion and derivative liabilities of $5.0 billion . (5) Transfer primarily 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. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Level 3 – Fair Value Measurements for the Three Months Ended September 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 $ 1,777 $ 77 $ — $ 35 $ (79 ) $ 5 $ (208 ) $ 288 $ (153 ) $ 1,742 $ 35 Equity securities 229 8 — 3 (3 ) — — 17 (10 ) 244 10 Non-U.S. sovereign debt 506 33 18 — — — (5 ) — — 552 33 Mortgage trading loans, ABS and other MBS 1,232 10 (1 ) 150 (157 ) — (46 ) 83 (19 ) 1,252 (2 ) Total trading account assets 3,744 128 17 188 (239 ) 5 (259 ) 388 (182 ) 3,790 76 Net derivative assets (4) (1,803 ) (252 ) — 150 (367 ) — 278 7 (36 ) (2,023 ) (283 ) AFS debt securities: Non-U.S. securities 139 1 4 7 — — (115 ) — — 36 — Other taxable securities 483 — 1 — — — (1 ) — — 483 — Tax-exempt securities 518 — 1 — — — (7 ) — (45 ) 467 — Total AFS debt securities 1,140 1 6 7 — — (123 ) — (45 ) 986 — Other debt securities carried at fair value – Non-agency residential MBS 23 — — — — — (1 ) — — 22 — Loans and leases (5, 6) 667 2 — 2 (24 ) — (29 ) — — 618 2 Loans held-for-sale (5) 766 38 10 — (4 ) — (93 ) 58 — 775 27 Other assets (6, 7) 2,795 124 (43 ) — (80 ) 69 (191 ) — — 2,674 8 Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (135 ) — — — — — 135 — — — — Trading account liabilities – Corporate securities and other (22 ) 1 — — (3 ) (1 ) — — — (25 ) — Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,646 ) (87 ) (7 ) 63 — (129 ) 115 (244 ) 45 (1,890 ) (87 ) (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 and leases - 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 $3.9 billion and derivative liabilities of $5.9 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. Level 3 – Fair Value Measurements for the Nine Months Ended September 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 $ (14 ) $ (1 ) $ 328 $ (298 ) $ — $ (388 ) $ 517 $ (474 ) $ 1,534 $ (88 ) Equity securities 235 17 — 29 (11 ) — (4 ) 73 (49 ) 290 17 Non-U.S. sovereign debt 556 39 (55 ) 7 (50 ) — (8 ) 117 (137 ) 469 40 Mortgage trading loans, ABS and other MBS 1,498 157 2 392 (760 ) — (136 ) 541 (215 ) 1,479 92 Total trading account assets 4,153 199 (54 ) 756 (1,119 ) — (536 ) 1,248 (875 ) 3,772 61 Net derivative assets (4) (1,714 ) 203 — 371 (919 ) — 488 87 914 (570 ) (138 ) AFS debt securities: Non-agency residential MBS — 39 (42 ) — (72 ) — — 694 (75 ) 544 — Non-U.S. securities 25 — (1 ) — (10 ) — (14 ) 3 — 3 — Other taxable securities 509 1 (5 ) — (22 ) — (10 ) 60 (526 ) 7 — Tax-exempt securities 469 — — — — — — 1 (469 ) 1 — Total AFS debt securities (5) 1,003 40 (48 ) — (104 ) — (24 ) 758 (1,070 ) 555 — Other debt securities carried at fair value – Non-agency residential MBS — (27 ) — — (7 ) — — 358 (28 ) 296 (5 ) Loans and leases (6, 7) 571 (20 ) — — (71 ) — (70 ) — — 410 (17 ) Loans held-for-sale (6) 690 24 (31 ) 51 — — (160 ) 12 (60 ) 526 18 Other assets (5, 7, 8) 2,425 389 — 2 (68 ) 83 (585 ) 929 (35 ) 3,140 188 Trading account liabilities – Corporate securities and other (24 ) 11 — 9 (11 ) (2 ) — — — (17 ) (7 ) Accrued expenses and other liabilities (6) (8 ) — — — — — 8 — — — — Long-term debt (6) (1,863 ) 97 2 9 — (131 ) 429 (253 ) 787 (923 ) 87 (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $4.4 billion and derivative liabilities of $5.0 billion . (5) Transfer primarily 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. 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 nine months ended September 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 September 30, 2018 (1) Balance July 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 $ 1,638 $ 14 $ — $ 54 $ (87 ) $ — $ (175 ) $ 269 $ (179 ) $ 1,534 $ (14 ) Equity securities 228 8 — 21 — — — 43 (10 ) 290 8 Non-U.S. sovereign debt 368 10 (13 ) — — — — 109 (5 ) 469 11 Mortgage trading loans, ABS and other MBS 1,523 16 (1 ) 75 (184 ) — (29 ) 191 (112 ) 1,479 8 Total trading account assets 3,757 48 (14 ) 150 (271 ) — (204 ) 612 (306 ) 3,772 13 Net derivative assets (4) (1,588 ) (53 ) — 23 (66 ) — 111 20 983 (570 ) (51 ) AFS debt securities: Non-agency residential MBS 453 31 (28 ) — (72 ) — — 235 (75 ) 544 — Non-U.S. securities 3 — — — — — — — — 3 — Other taxable securities 99 (1 ) (3 ) — (22 ) — — — (66 ) 7 — Tax-exempt securities 1 — — — — — — — — 1 — Total AFS debt securities 556 30 (31 ) — (94 ) — — 235 (141 ) 555 — Other debt securities carried at fair value – Non-agency residential MBS 287 (23 ) — — — — — 60 (28 ) 296 (10 ) Loans and leases (5, 6) 493 — — — (62 ) — (21 ) — — 410 (1 ) Loans held-for-sale (5) 577 12 (4 ) 39 — — (82 ) 12 (28 ) 526 9 Other assets (6, 7) 3,184 121 — — (22 ) 31 (174 ) — — 3,140 55 Trading account liabilities – Corporate securities and other (35 ) 9 — 9 — — — — — (17 ) (6 ) Long-term debt (5) (1,225 ) 11 (1 ) — — (11 ) 106 (106 ) 303 (923 ) 13 (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $4.4 billion and derivative liabilities of $5.0 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. Level 3 – Fair Value Measurements for the Nine Months Ended September 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 $ 225 $ — $ 353 $ (679 ) $ 5 $ (443 ) $ 506 $ (1,002 ) $ 1,742 $ 72 Equity securities 281 23 — 45 (67 ) — (10 ) 119 (147 ) 244 11 Non-U.S. sovereign debt 510 64 12 26 (59 ) — (73 ) 72 — 552 60 Mortgage trading loans, ABS and other MBS 1,211 195 (2 ) 747 (846 ) — (169 ) 187 (71 ) 1,252 107 Total trading account assets 4,779 507 10 1,171 (1,651 ) 5 (695 ) 884 (1,220 ) 3,790 250 Net derivative assets (4) (1,313 ) (1,098 ) — 558 (843 ) — 722 36 (85 ) (2,023 ) (561 ) AFS debt securities: Non-U.S. securities 229 2 16 49 — — (260 ) — — 36 — Other taxable securities 594 3 6 5 — — (31 ) — (94 ) 483 — Tax-exempt securities 542 — 1 — (56 ) — (10 ) 35 (45 ) 467 — Total AFS debt securities 1,365 5 23 54 (56 ) — (301 ) 35 (139 ) 986 — Other debt securities carried at fair value – Non-agency residential MBS 25 (1 ) — — — — (2 ) — — 22 — Loans and leases (5, 6) 720 20 — 2 (24 ) — (93 ) — (7 ) 618 18 Loans held-for-sale (5) 656 109 7 2 (159 ) — (281 ) 473 (32 ) 775 60 Other assets (6, 7) 2,986 93 (31 ) 2 (74 ) 207 (573 ) 64 — 2,674 (181 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (5) (359 ) (5 ) — — — (12 ) 171 (58 ) 263 — (5 ) Trading account liabilities – Corporate securities and other (27 ) 13 — 4 (13 ) (2 ) — — — (25 ) (1 ) Accrued expenses and other liabilities (5) (9 ) — — — — — — — — (9 ) — Long-term debt (5) (1,514 ) (160 ) (18 ) 81 — (279 ) 398 (530 ) 132 (1,890 ) (158 ) (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; Other debt securities carried at fair value - other income; Loans and leases - 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 $3.9 billion and derivative liabilities of $5.9 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. |
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 September 30, 2018 and December 31, 2017 . Quantitative Information about Level 3 Fair Value Measurements at September 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 $ 1,615 Discounted cash flow, Market comparables Yield 0% to 25% 7% Trading account assets – Mortgage trading loans, ABS and other MBS 353 Prepayment speed 0% to 19% CPR 11% Loans and leases 410 Default rate 0% to 3% CDR 1% Loans held-for-sale 1 Loss severity 0% to 51% 17% AFS debt securities, primarily non-agency residential 555 Price $0 to $141 $75 Other debt securities carried at fair value - Non-agency residential 296 Instruments backed by commercial real estate assets $ 361 Discounted cash flow Yield 0% to 25% 7% Trading account assets – Corporate securities, trading loans and other 272 Price $0 to $102 $78 Trading account assets – Mortgage trading loans, ABS and other MBS 89 Commercial loans, debt securities and other $ 3,293 Discounted cash flow, Market comparables Yield 1% to 46% 14% Trading account assets – Corporate securities, trading loans and other 1,262 Prepayment speed 10% to 20% 14% Trading account assets – Non-U.S. sovereign debt 469 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,037 Loss severity 35% to 40% 38% Loans held-for-sale 525 Price $0 to $141 $65 Other assets, primarily auction rate securities $ 950 Discounted cash flow, Market comparables Price $10 to $100 $96 MSRs $ 2,190 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 $ (923 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 9% to 100% 61% Long-dated equity volatilities 4% to 79% 27% Yield 7% to 46% 18% Price $0 to $100 $70 Net derivative assets Credit derivatives $ (304 ) Discounted cash flow, Stochastic recovery correlation model Yield 2% to 12% 4% Upfront points 0 points to 100 points 69 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 $77 Equity derivatives $ (857 ) Industry standard derivative pricing (2) Equity correlation 9% to 100% 61% Long-dated equity volatilities 4% to 79% 27% Commodity derivatives $ 11 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $11/MMBtu $3/MMBtu Correlation 53% to 89% 78% Volatilities 13% to 495% 55% Interest rate derivatives $ 580 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 80% 53% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -20% to 38% 2% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (570 ) (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 99 : Trading account assets – Corporate securities, trading loans and other of $1.5 billion , Trading account assets – Non-U.S. sovereign debt of $469 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion , AFS debt securities of $555 million , Other debt securities carried at fair value - Non-agency residential of $296 million , Other assets, including MSRs, of $3.1 billion , Loans and leases of $410 million and LHFS of $526 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 100 : 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 September 30, 2018 and December 31, 2017 . Quantitative Information about Level 3 Fair Value Measurements at September 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 $ 1,615 Discounted cash flow, Market comparables Yield 0% to 25% 7% Trading account assets – Mortgage trading loans, ABS and other MBS 353 Prepayment speed 0% to 19% CPR 11% Loans and leases 410 Default rate 0% to 3% CDR 1% Loans held-for-sale 1 Loss severity 0% to 51% 17% AFS debt securities, primarily non-agency residential 555 Price $0 to $141 $75 Other debt securities carried at fair value - Non-agency residential 296 Instruments backed by commercial real estate assets $ 361 Discounted cash flow Yield 0% to 25% 7% Trading account assets – Corporate securities, trading loans and other 272 Price $0 to $102 $78 Trading account assets – Mortgage trading loans, ABS and other MBS 89 Commercial loans, debt securities and other $ 3,293 Discounted cash flow, Market comparables Yield 1% to 46% 14% Trading account assets – Corporate securities, trading loans and other 1,262 Prepayment speed 10% to 20% 14% Trading account assets – Non-U.S. sovereign debt 469 Default rate 3% to 4% 4% Trading account assets – Mortgage trading loans, ABS and other MBS 1,037 Loss severity 35% to 40% 38% Loans held-for-sale 525 Price $0 to $141 $65 Other assets, primarily auction rate securities $ 950 Discounted cash flow, Market comparables Price $10 to $100 $96 MSRs $ 2,190 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 $ (923 ) Discounted cash flow, Market comparables, Industry standard derivative pricing (2) Equity correlation 9% to 100% 61% Long-dated equity volatilities 4% to 79% 27% Yield 7% to 46% 18% Price $0 to $100 $70 Net derivative assets Credit derivatives $ (304 ) Discounted cash flow, Stochastic recovery correlation model Yield 2% to 12% 4% Upfront points 0 points to 100 points 69 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 $77 Equity derivatives $ (857 ) Industry standard derivative pricing (2) Equity correlation 9% to 100% 61% Long-dated equity volatilities 4% to 79% 27% Commodity derivatives $ 11 Discounted cash flow, Industry standard derivative pricing (2) Natural gas forward price $1/MMBtu to $11/MMBtu $3/MMBtu Correlation 53% to 89% 78% Volatilities 13% to 495% 55% Interest rate derivatives $ 580 Industry standard derivative pricing (3) Correlation (IR/IR) 15% to 80% 53% Correlation (FX/IR) 0% to 46% 1% Long-dated inflation rates -20% to 38% 2% Long-dated inflation volatilities 0% to 1% 1% Total net derivative assets $ (570 ) (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 99 : Trading account assets – Corporate securities, trading loans and other of $1.5 billion , Trading account assets – Non-U.S. sovereign debt of $469 million , Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion , AFS debt securities of $555 million , Other debt securities carried at fair value - Non-agency residential of $296 million , Other assets, including MSRs, of $3.1 billion , Loans and leases of $410 million and LHFS of $526 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 100 : 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 nine months ended September 30, 2018 and 2017 . Assets Measured at Fair Value on a Nonrecurring Basis September 30, 2018 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (Dollars in millions) Level 2 Level 3 Gains (Losses) Assets Loans held-for-sale $ 45 $ 12 $ (2 ) $ (2 ) Loans and leases (1) — 492 (63 ) (194 ) Foreclosed properties (2, 3) — 87 (8 ) (22 ) Other assets 294 3 (22 ) (58 ) September 30, 2017 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Assets Loans held-for-sale $ 70 $ 16 $ — $ (4 ) Loans and leases (1) — 813 (152 ) (307 ) Foreclosed properties (2, 3) — 79 (21 ) (35 ) Other assets 353 — (1 ) (121 ) (1) Includes $24 million and $76 million of losses on loans that were written down to a collateral value of zero during the three and nine months ended September 30, 2018 , compared to losses of $71 million and $132 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 $500 million and $879 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at September 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 September 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) September 30, 2018 Loans and leases backed by residential real estate assets $ 492 Market comparables OREO discount 13% to 59% 24 % 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) | 9 Months Ended |
Sep. 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 September 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 nine months ended September 30, 2018 and 2017 . Fair Value Option Elections September 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 $ 52,524 $ 52,498 $ 26 $ 52,906 $ 52,907 $ (1 ) Loans reported as trading account assets (1) 5,538 12,414 (6,876 ) 5,735 11,804 (6,069 ) Trading inventory – other 15,676 n/a n/a 12,027 n/a n/a Consumer and commercial loans 5,731 5,776 (45 ) 5,710 5,744 (34 ) Loans held-for-sale (1) 3,116 4,375 (1,259 ) 2,156 3,717 (1,561 ) Other assets 3 n/a n/a 3 n/a n/a Long-term deposits 529 496 33 449 421 28 Federal funds purchased and securities loaned or sold under agreements to repurchase 34,242 34,252 (10 ) 36,182 36,187 (5 ) Short-term borrowings 1,789 1,789 — 1,494 1,494 — Unfunded loan commitments 70 n/a n/a 120 n/a n/a Long-term debt (2) 28,677 29,265 (588 ) 31,786 31,512 274 (1) A significant portion of the loans reported as trading account assets and loans held-for-sale are distressed loans that 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 $28.3 billion and $31.4 billion , and contractual principal outstanding of $28.9 billion and $31.1 billion at September 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 Total Trading Account Profits Other Total Three Months Ended September 30 (Dollars in millions) 2018 2017 Loans reported as trading account assets $ 74 $ — $ 74 $ 75 $ — $ 75 Trading inventory – other (1) 1,693 — 1,693 1,217 — 1,217 Consumer and commercial loans 176 8 184 10 (4 ) 6 Loans held-for-sale (2) — 8 8 — 92 92 Long-term debt (3, 4) 143 (19 ) 124 (416 ) (38 ) (454 ) Other (5) 2 52 54 (7 ) 22 15 Total $ 2,088 $ 49 $ 2,137 $ 879 $ 72 $ 951 Nine Months Ended September 30 2018 2017 Loans reported as trading account assets $ 145 $ — $ 145 $ 272 $ — $ 272 Trading inventory – other (1) 3,649 — 3,649 2,890 — 2,890 Consumer and commercial loans 301 (24 ) 277 19 35 54 Loans held-for-sale (2) 1 12 13 — 275 275 Long-term debt (3, 4) 1,497 (75 ) 1,422 (471 ) (109 ) (580 ) Other (5) 15 75 90 (60 ) 64 4 Total $ 5,608 $ (12 ) $ 5,596 $ 2,650 $ 265 $ 2,915 (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 September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Loans reported as trading account assets $ 36 $ 5 $ 47 $ 25 Consumer and commercial loans 8 (10 ) (19 ) 31 Loans held-for-sale 5 (2 ) 6 (3 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 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 September 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) September 30, 2018 Financial assets Loans $ 895,452 $ 59,840 $ 839,262 $ 899,102 Loans held-for-sale 5,576 4,287 1,331 5,618 Financial liabilities Deposits (1) 1,345,649 1,345,360 — 1,345,360 Long-term debt 234,100 238,908 923 239,831 Commercial unfunded lending commitments (2) 862 70 4,345 4,415 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 $534.4 billion and $519.6 billion with no stated maturities at September 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) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017 and total assets at September 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 September 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 12,021 $ 11,401 $ 6,863 $ 6,212 $ 1,536 $ 1,496 Noninterest income 10,907 10,678 2,540 2,562 3,247 3,124 Total revenue, net of interest expense (FTE basis) 22,928 22,079 9,403 8,774 4,783 4,620 Provision for credit losses 716 834 870 967 13 16 Noninterest expense 13,067 13,394 4,355 4,461 3,414 3,369 Income before income taxes (FTE basis) 9,145 7,851 4,178 3,346 1,356 1,235 Income tax expense (FTE basis) 1,978 2,427 1,065 1,260 346 465 Net income $ 7,167 $ 5,424 $ 3,113 $ 2,086 $ 1,010 $ 770 Period-end total assets $ 2,338,833 $ 2,284,174 $ 765,497 $ 742,513 $ 276,146 $ 276,187 Global Banking Global Markets All Other 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 2,706 $ 2,642 $ 754 $ 899 $ 162 $ 152 Noninterest income (loss) 2,032 2,345 3,089 3,002 (1 ) (355 ) Total revenue, net of interest expense (FTE basis) 4,738 4,987 3,843 3,901 161 (203 ) Provision for credit losses (70 ) 48 (2 ) (6 ) (95 ) (191 ) Noninterest expense 2,120 2,119 2,612 2,711 566 734 Income (loss) before income taxes (FTE basis) 2,688 2,820 1,233 1,196 (310 ) (746 ) Income tax expense (benefit) (FTE basis) 699 1,062 321 440 (453 ) (800 ) Net income $ 1,989 $ 1,758 $ 912 $ 756 $ 143 $ 54 Period-end total assets $ 430,846 $ 423,185 $ 646,359 $ 629,222 $ 219,985 $ 213,067 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the nine months ended September 30 Total Corporation (1) Consumer Banking Global Wealth & (Dollars in millions) 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 35,583 $ 33,879 $ 19,993 $ 17,953 $ 4,673 $ 4,653 Noninterest income 33,383 33,711 7,653 7,614 9,675 9,254 Total revenue, net of interest expense (FTE basis) 68,966 67,590 27,646 25,567 14,348 13,907 Provision for credit losses 2,377 2,395 2,749 2,639 63 50 Noninterest expense 40,248 41,469 13,231 13,286 10,235 10,085 Income before income taxes (FTE basis) 26,341 23,726 11,666 9,642 4,050 3,772 Income tax expense (FTE basis) 5,472 7,859 2,975 3,636 1,033 1,422 Net income $ 20,869 $ 15,867 $ 8,691 $ 6,006 $ 3,017 $ 2,350 Period-end total assets $ 2,338,833 $ 2,284,174 $ 765,497 $ 742,513 $ 276,146 $ 276,187 Global Banking Global Markets All Other 2018 2017 2018 2017 2018 2017 Net interest income (FTE basis) $ 8,057 $ 7,786 $ 2,425 $ 2,812 $ 435 $ 675 Noninterest income (loss) 6,537 7,194 10,425 9,743 (907 ) (94 ) Total revenue, net of interest expense (FTE basis) 14,594 14,980 12,850 12,555 (472 ) 581 Provision for credit losses (77 ) 80 (6 ) 2 (352 ) (376 ) Noninterest expense 6,471 6,435 8,145 8,117 2,166 3,546 Income (loss) before income taxes (FTE basis) 8,200 8,465 4,711 4,436 (2,286 ) (2,589 ) Income tax expense (benefit) (FTE basis) 2,132 3,192 1,225 1,553 (1,893 ) (1,944 ) Net income (loss) $ 6,068 $ 5,273 $ 3,486 $ 2,883 $ (393 ) $ (645 ) Period-end total assets $ 430,846 $ 423,185 $ 646,359 $ 629,222 $ 219,985 $ 213,067 (1) There were no material intersegment revenues. Business Segment Reconciliations Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 Segments’ total revenue, net of interest expense (FTE basis) $ 22,767 $ 22,282 $ 69,438 $ 67,009 Adjustments (1) : ALM activities 273 273 118 332 Liquidating businesses, eliminations and other (112 ) (476 ) (590 ) 249 FTE basis adjustment (151 ) (240 ) (455 ) (674 ) Consolidated revenue, net of interest expense $ 22,777 $ 21,839 $ 68,511 $ 66,916 Segments’ total net income 7,024 5,370 21,262 16,512 Adjustments, net-of-taxes (1) : ALM activities 88 57 (294 ) (208 ) Liquidating businesses, eliminations and other 55 (3 ) (99 ) (437 ) Consolidated net income $ 7,167 $ 5,424 $ 20,869 $ 15,867 September 30 2018 2017 Segments’ total assets $ 2,118,848 $ 2,071,107 Adjustments (1) : ALM activities, including securities portfolio 675,886 635,353 Elimination of segment asset allocations to match liabilities (531,297 ) (515,007 ) Other 75,396 92,721 Consolidated total assets $ 2,338,833 $ 2,284,174 (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 nine months ended September 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 September 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 978 $ 941 $ 802 $ 768 $ 22 $ 29 Other card income 492 488 479 475 11 11 Total card income 1,470 1,429 1,281 1,243 33 40 Service charges Deposit-related fees 1,682 1,691 1,098 1,082 19 19 Lending-related fees 279 277 — — — — Total service charges 1,961 1,968 1,098 1,082 19 19 Investment and brokerage services Asset management fees 2,576 2,367 38 34 2,538 2,333 Brokerage fees 918 1,070 42 40 466 521 Total investment and brokerage services 3,494 3,437 80 74 3,004 2,854 Investment banking income Underwriting income 701 698 — — 87 100 Syndication fees 241 405 — — — — Financial advisory services 262 374 — — 1 — Total investment banking income 1,204 1,477 — — 88 100 Trading account profits 1,893 1,837 2 1 24 29 Other income 885 530 79 162 79 82 Total noninterest income $ 10,907 $ 10,678 $ 2,540 $ 2,562 $ 3,247 $ 3,124 Global Banking Global Markets All Other (1) Three Months Ended September 30 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 130 $ 122 $ 24 $ 22 $ — $ — Other card income 2 2 (1 ) — 1 — Total card income 132 124 23 22 1 — Service charges Deposit-related fees 520 546 41 38 4 6 Lending-related fees 234 230 45 47 — — Total service charges 754 776 86 85 4 6 Investment and brokerage services Asset management fees — — — — — — Brokerage fees 28 18 388 496 (6 ) (5 ) Total investment and brokerage services 28 18 388 496 (6 ) (5 ) Investment banking income Underwriting income 189 105 474 545 (49 ) (52 ) Syndication fees 217 380 25 26 (1 ) (1 ) Financial advisory services 237 321 24 53 — — Total investment banking income 643 806 523 624 (50 ) (53 ) Trading account profits 59 (5 ) 1,727 1,714 81 98 Other income 416 626 342 61 (31 ) (401 ) Total noninterest income $ 2,032 $ 2,345 $ 3,089 $ 3,002 $ (1 ) $ (355 ) (1) All Other includes eliminations of intercompany transactions. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Nine Months Ended September 30 (Dollars in millions) 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 3,018 $ 2,883 $ 2,488 $ 2,352 $ 59 $ 79 Other card income 1,451 1,464 1,414 1,364 33 31 Total card income 4,469 4,347 3,902 3,716 92 110 Service charges Deposit-related fees 5,009 5,040 3,214 3,194 55 57 Lending-related fees 827 823 — — — — Total service charges 5,836 5,863 3,214 3,194 55 57 Investment and brokerage services Asset management fees 7,652 6,855 111 98 7,541 6,757 Brokerage fees 2,964 3,459 131 135 1,440 1,717 Total investment and brokerage services 10,616 10,314 242 233 8,981 8,474 Investment banking income Underwriting income 2,160 2,185 — — 243 246 Syndication fees 958 1,146 — — — — Financial advisory services 861 1,262 — — 1 1 Total investment banking income 3,979 4,593 — — 244 247 Trading account profits 6,907 6,124 6 2 81 120 Other income 1,576 2,470 289 469 222 246 Total noninterest income $ 33,383 $ 33,711 $ 7,653 $ 7,614 $ 9,675 $ 9,254 Global Banking Global Markets All Other (1) Nine Months Ended September 30 2018 2017 2018 2017 2018 2017 Card income Interchange fees $ 400 $ 375 $ 71 $ 68 $ — $ 9 Other card income 5 8 (1 ) (1 ) — 62 Total card income 405 383 70 67 — 71 Service charges Deposit-related fees 1,598 1,662 126 111 16 16 Lending-related fees 687 689 140 134 — — Total service charges 2,285 2,351 266 245 16 16 Investment and brokerage services Asset management fees — — — — — — Brokerage fees 71 72 1,306 1,548 16 (13 ) Total investment and brokerage services 71 72 1,306 1,548 16 (13 ) Investment banking income Underwriting income 458 404 1,637 1,729 (178 ) (194 ) Syndication fees 890 1,080 68 66 — — Financial advisory services 782 1,177 78 84 — — Total investment banking income 2,130 2,661 1,783 1,879 (178 ) (194 ) Trading account profits 184 82 6,614 5,634 22 286 Other income 1,462 1,645 386 370 (783 ) (260 ) Total noninterest income $ 6,537 $ 7,194 $ 10,425 $ 9,743 $ (907 ) $ (94 ) (1) All Other includes eliminations of intercompany transactions. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Details) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2018 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue, performance obligation timing | 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. Other Revenue Measurement and Recognition Policies The Corporation did not disclose the value of any open performance obligations at September 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. | |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Fee percentage of assets under management | 0.50% | |
Minimum | Accounting Standards Update 2016-02 | Forecast | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 9 | |
Lease liability | 9 | |
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Fee percentage of assets under management | 1.50% | |
Maximum | Accounting Standards Update 2016-02 | Forecast | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | 11 | |
Lease liability | $ 11 |
Noninterest Income (Details)
Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Card income | $ 1,470 | $ 1,429 | $ 4,469 | $ 4,347 |
Service charges | 1,961 | 1,968 | 5,836 | 5,863 |
Investment and brokerage services | 3,494 | 3,437 | 10,616 | 10,314 |
Investment banking income | 1,204 | 1,477 | 3,979 | 4,593 |
Trading account profits | 1,893 | 1,837 | 6,907 | 6,124 |
Other income | 885 | 530 | 1,576 | 2,470 |
Total noninterest income | 10,907 | 10,678 | 33,383 | 33,711 |
Rewards, rebates and compensation expense | 1,400 | 1,300 | 4,000 | 3,600 |
Interchange fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Card income | 978 | 941 | 3,018 | 2,883 |
Interchange fees, gross | 2,400 | 2,200 | 7,000 | 6,500 |
Other card income | ||||
Disaggregation of Revenue [Line Items] | ||||
Card income | 492 | 488 | 1,451 | 1,464 |
Deposit-related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Service charges | 1,682 | 1,691 | 5,009 | 5,040 |
Lending-related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Service charges | 279 | 277 | 827 | 823 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment and brokerage services | 2,576 | 2,367 | 7,652 | 6,855 |
Brokerage fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment and brokerage services | 918 | 1,070 | 2,964 | 3,459 |
Underwriting income | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment banking income | 701 | 698 | 2,160 | 2,185 |
Syndication fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment banking income | 241 | 405 | 958 | 1,146 |
Financial advisory services | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment banking income | $ 262 | $ 374 | $ 861 | $ 1,262 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Gross Derivative Assets | ||
Gross Derivative Assets | $ 337,300 | $ 351,600 |
Less: Legally enforceable master netting agreements | (259,700) | (279,200) |
Less: Cash collateral received/paid | (32,000) | (34,600) |
Derivative assets | 45,617 | 37,762 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 324,100 | 346,000 |
Less: Legally enforceable master netting agreements | (259,700) | (279,200) |
Less: Cash collateral received/paid | (28,200) | (32,500) |
Derivative liabilities | 36,189 | 34,300 |
Interest Rate Swap | ||
Maximum Payout/Notional | ||
Contract/Notional | 17,788,700 | 15,416,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 140,200 | 178,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 137,200 | 174,200 |
Interest Rate Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 6,270,100 | 4,332,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,300 | 500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,200 | 500 |
Interest Rate Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,433,400 | 1,170,500 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 26,700 | 35,500 |
Interest Rate Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,488,200 | 1,184,500 |
Gross Derivative Assets | ||
Gross Derivative Assets | 28,700 | 37,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Foreign Exchange Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,904,900 | 2,011,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 51,200 | 37,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 52,800 | 38,800 |
Foreign Exchange Spot, Futures, and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 4,568,700 | 3,543,300 |
Gross Derivative Assets | ||
Gross Derivative Assets | 42,800 | 39,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 42,200 | 39,900 |
Foreign Exchange Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 300,400 | 291,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,100 | 5,100 |
Foreign Exchange Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 296,000 | 271,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 4,400 | 4,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Equity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 278,200 | 265,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 4,900 | 4,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,700 | 4,400 |
Equity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 104,800 | 106,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,000 | 1,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,300 | 900 |
Equity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 651,400 | 480,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 30,000 | 23,900 |
Equity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 586,100 | 428,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 40,000 | 24,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Commodity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 48,200 | 46,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 2,400 | 1,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,000 | 4,600 |
Commodity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 63,500 | 47,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 3,200 | 3,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 600 |
Commodity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 32,500 | 21,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,100 | 1,400 |
Commodity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 29,500 | 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 | 430,300 | 470,900 |
Gross Derivative Assets | ||
Gross Derivative Assets | 4,900 | 4,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 9,800 | 11,100 |
Credit Default Swap | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 398,246 | 448,201 |
Gross Derivative Assets | ||
Gross Derivative Assets | 9,300 | 10,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,327 | 3,586 |
Total return swaps/options | Purchased credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 64,600 | 54,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 400 | 100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 900 | 1,300 |
Total return swaps/options | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 62,482 | 55,223 |
Gross Derivative Assets | ||
Gross Derivative Assets | 500 | 800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 313 | 183 |
Credit derivatives | Purchased credit derivatives | ||
Gross Derivative Liabilities | ||
Fair value, with identical underlying referenced names and terms | 4,300 | 6,400 |
Notional amount, with identical underlying referenced names and terms | 429,200 | 435,100 |
Credit derivatives | Written credit derivatives | ||
Maximum Payout/Notional | ||
Contract/Notional | 460,728 | 503,424 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,640 | 3,769 |
Trading and Other Risk Management Derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 333,700 | 345,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 316,700 | 340,800 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 138,900 | 175,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 132,700 | 172,500 |
Trading and Other Risk Management Derivatives | Interest Rate Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,300 | 500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,200 | 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 | 26,700 | 35,500 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 28,700 | 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 | 49,600 | 35,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 50,400 | 36,100 |
Trading and Other Risk Management Derivatives | Foreign Exchange Spot, Futures, and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 42,100 | 39,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 41,700 | 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 | 5,100 | 5,100 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 4,400 | 4,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Equity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 4,900 | 4,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,700 | 4,400 |
Trading and Other Risk Management Derivatives | Equity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,000 | 1,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,300 | 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 | 30,000 | 23,900 |
Trading and Other Risk Management Derivatives | Equity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 40,000 | 24,700 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Commodity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 2,400 | 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 | 3,200 | 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 | 2,100 | 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 | 9,800 | 11,100 |
Trading and Other Risk Management Derivatives | Credit Default Swap | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 9,300 | 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 | 900 | 1,300 |
Trading and Other Risk Management Derivatives | Total return swaps/options | Written credit derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 500 | 800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 300 | 200 |
Qualifying Accounting Hedges | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 3,600 | 5,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 7,400 | 5,200 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,300 | 2,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,500 | 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 | 1,600 | 2,200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,400 | 2,700 |
Qualifying Accounting Hedges | Foreign Exchange Spot, Futures, and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 700 | 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 | Sep. 30, 2018 | Dec. 31, 2017 |
Offsetting Assets [Line Items] | ||
Derivative assets, after netting | $ 33,300 | $ 25,600 |
Other gross derivative assets | 12,300 | 12,200 |
Derivative assets | 45,617 | 37,762 |
Less: Financial instruments collateral | (18,400) | (11,200) |
Total net derivative assets | 27,200 | 26,600 |
Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 299,800 | 320,700 |
Less: Legally enforceable master netting agreements and cash collateral received | (270,100) | (296,900) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 14,500 | 9,800 |
Less: Legally enforceable master netting agreements and cash collateral received | (11,900) | (8,600) |
Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 10,700 | 8,900 |
Less: Legally enforceable master netting agreements and cash collateral received | (9,700) | (8,300) |
Interest rate contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 165,900 | 211,700 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 2,700 | 1,900 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 95,200 | 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 | 27,200 | 18,300 |
Equity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 13,500 | 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 | 1,000 | 700 |
Credit derivatives | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 58 | 46 |
Credit derivatives | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 7,900 | 9,100 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | $ 6,900 | $ 6,100 |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, after netting | $ 24,400 | $ 23,100 |
Other gross derivative liabilities | 11,800 | 11,200 |
Derivative liabilities | 36,189 | 34,300 |
Less: Financial instruments collateral | (9,300) | (10,400) |
Total net derivative liabilities | 26,900 | 23,900 |
Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 288,900 | 317,000 |
Less: Legally enforceable master netting agreements and cash collateral paid | (266,100) | (294,600) |
Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 13,300 | 9,300 |
Less: Legally enforceable master netting agreements and cash collateral paid | (11,900) | (8,600) |
Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 10,100 | 8,500 |
Less: Legally enforceable master netting agreements and cash collateral paid | (9,900) | (8,500) |
Interest rate contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 161,000 | 206,000 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 2,500 | 1,800 |
Foreign exchange risk | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 97,100 | 80,800 |
Foreign exchange risk | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1,000 | 700 |
Equity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 17,300 | 16,200 |
Equity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 12,200 | 8,500 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 5,100 | 4,400 |
Commodity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1,100 | 800 |
Credit derivatives | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1 | 3 |
Credit derivatives | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 8,400 | 9,600 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | $ 6,600 | $ 6,000 |
Derivatives - Gains and Losses
Derivatives - Gains and Losses on Derivatives Designated as Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | $ (1,299) | $ 326 | $ (5,250) | $ 809 |
Hedged Item | 1,317 | (417) | 4,993 | (1,250) |
Hedge Ineffectiveness | (91) | (441) | ||
Interest rate risk on long-term debt | Interest expense | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (1,129) | (273) | (4,303) | (751) |
Hedged Item | 1,122 | 169 | 4,179 | 313 |
Hedge Ineffectiveness | (104) | (438) | ||
Gain (loss) on derivatives | (117) | (156) | ||
Interest rate risk on long-term debt | Other income | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Gain (loss) on derivatives | (96) | (672) | ||
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 | 31 | (99) | ||
Interest rate and foreign currency risk on long-term debt | Interest expense | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (182) | 607 | (927) | 1,631 |
Hedged Item | 207 | (593) | 795 | (1,603) |
Hedge Ineffectiveness | 14 | 28 | ||
Gain (loss) on derivatives | (29) | (310) | ||
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 | 635 | 1,900 | ||
Interest rate risk on AFS securities | Interest income | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 12 | (8) | (20) | (71) |
Hedged Item | $ (12) | 7 | $ 19 | 40 |
Hedge Ineffectiveness | $ (1) | $ (31) |
Derivatives - Designated Fair V
Derivatives - Designated Fair Value Hedged Assets (Liabilities) (Details) $ in Millions | Sep. 30, 2018USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedged liability, long-term debt, carrying value | $ (137,610) |
Hedged liability, long-term debt, cumulative fair value adjustments | 1,839 |
Hedged asset, available-for-sale securities, carrying value | 951 |
Hedged asset, available-for-sale securities, cumulative fair value adjustments | (61) |
Hedged asset, fair value hedge, amortized cost | $ 948 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||||
Shareholders’ equity | $ 262,158 | $ 267,146 | $ 271,969 | $ 266,195 |
Net losses in AOCI expected to be reclassified, after tax | 280 | |||
Net losses in AOCI expected to be reclassified | $ 368 | |||
Terminated cash flow hedges, forecasted transaction hedging period | 6 years | |||
Terminated cash flow hedges, maximum forecasted transaction hedging period | 18 years | |||
Interest rate risk on AFS securities | ||||
Derivative [Line Items] | ||||
Long-term debt from discontinued hedging relationships cumulative increase (decrease) | $ (400) | |||
Available-for-sale securities from discontinued hedging relationships cumulative increase (decrease) | (34) | |||
Credit derivatives | ||||
Derivative [Line Items] | ||||
Derivative asset | 58 | 46 | ||
Derivative liability | 1 | 3 | ||
Cash and securities held as collateral | 83,700 | 77,200 | ||
Cash and securities collateral posted | 55,100 | 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 | 1,200 | |||
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 | 5,900 | 6,100 | ||
Derivatives | ||||
Derivative [Line Items] | ||||
Shareholders’ equity | (1,309) | $ (831) | $ (739) | $ (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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ (54) | $ (549) | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (51) | (107) | ||
Cash Flow and Net Investment Hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | $ 18 | $ 79 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (22) | (171) | ||
Interest rate risk on variable-rate assets | Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (54) | (553) | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (51) | (134) | ||
Cash Flow and Net Investment Hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 11 | 38 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (54) | (274) | ||
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 | 7 | 41 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | 32 | 103 | ||
Foreign exchange risk | Net investment hedges | ||||
Net investment hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 181 | 860 | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | 383 | 382 | ||
Cash Flow and Net Investment Hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (427) | (1,541) | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | (3) | 1,811 | ||
Amounts excluded from effectiveness testing and recognized in other income | $ 3 | $ (33) | $ 32 | $ (82) |
Derivatives - Other Risk Manage
Derivatives - Other Risk Management Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest rate lock commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | $ 8 | $ 76 | $ 36 | $ 192 |
Mortgage banking income | Interest rate risk on mortgage activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | (45) | 1 | (206) | 32 |
Other income | Credit risk on loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | (2) | 0 | (7) | (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 | $ 487 | $ 26 | $ 1,050 | $ (26) |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 1,893 | $ 1,837 | $ 6,907 | $ 6,124 |
Brokerage commissions and asset management fee revenue | Global Markets | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 378 | 488 | 1,300 | 1,500 |
Trading Securities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 2,919 | 3,068 | 10,307 | 10,076 |
Trading Securities | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,727 | 1,714 | 6,614 | 5,634 |
Trading Securities | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 581 | 715 | 1,852 | 2,293 |
Trading Securities | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 611 | 639 | 1,841 | 2,149 |
Trading Securities | Interest rate risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 623 | 744 | 2,219 | 2,215 |
Trading Securities | Interest rate risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 182 | 330 | 1,070 | 833 |
Trading Securities | Interest rate risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 307 | 365 | 946 | 1,182 |
Trading Securities | Interest rate risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 134 | 49 | 203 | 200 |
Trading Securities | Foreign exchange risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 379 | 352 | 1,165 | 1,066 |
Trading Securities | Foreign exchange risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 379 | 348 | 1,175 | 1,063 |
Trading Securities | Foreign exchange risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (2) | 2 | (15) | (2) |
Trading Securities | Foreign exchange risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 2 | 2 | 5 | 5 |
Trading Securities | Equity risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 988 | 964 | 3,759 | 3,143 |
Trading Securities | Equity risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 853 | 639 | 3,105 | 2,088 |
Trading Securities | Equity risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (215) | (142) | (542) | (372) |
Trading Securities | Equity risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 350 | 467 | 1,196 | 1,427 |
Trading Securities | Credit risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 837 | 949 | 2,894 | 3,399 |
Trading Securities | Credit risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 266 | 362 | 1,093 | 1,482 |
Trading Securities | Credit risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 465 | 482 | 1,424 | 1,467 |
Trading Securities | Credit risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 106 | 105 | 377 | 450 |
Trading Securities | Other risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 92 | 59 | 270 | 253 |
Trading Securities | Other risk | Trading Account Profits | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 47 | 35 | 171 | 168 |
Trading Securities | Other risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 26 | 8 | 39 | 18 |
Trading Securities | Other risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 19 | $ 16 | $ 60 | $ 67 |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying Value of Credit Derivatives | ||
Total | $ 324,100 | $ 346,000 |
Carrying Value of Credit-related Notes | ||
Less than One Year | 3 | 12 |
One to Three Years | 1 | 4 |
Three to Five Years | 9 | 41 |
Over Five Years | 2,057 | 2,237 |
Total | 2,070 | 2,294 |
Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 63 | 207 |
One to Three Years | 530 | 456 |
Three to Five Years | 1,342 | 545 |
Over Five Years | 2,392 | 2,378 |
Total | 4,327 | 3,586 |
Maximum Payout/Notional | ||
Less than One Year | 84,204 | 100,700 |
One to Three Years | 131,553 | 165,323 |
Three to Five Years | 129,821 | 146,179 |
Over Five Years | 52,668 | 35,999 |
Total | 398,246 | 448,201 |
Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 285 | 180 |
One to Three Years | 28 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 3 |
Total | 313 | 183 |
Maximum Payout/Notional | ||
Less than One Year | 60,763 | 51,145 |
One to Three Years | 1,470 | 3,095 |
Three to Five Years | 101 | 143 |
Over Five Years | 148 | 840 |
Total | 62,482 | 55,223 |
Credit derivatives | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 348 | 387 |
One to Three Years | 558 | 456 |
Three to Five Years | 1,342 | 545 |
Over Five Years | 2,392 | 2,381 |
Total | 4,640 | 3,769 |
Maximum Payout/Notional | ||
Less than One Year | 144,967 | 151,845 |
One to Three Years | 133,023 | 168,418 |
Three to Five Years | 129,922 | 146,322 |
Over Five Years | 52,816 | 36,839 |
Total | 460,728 | 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 | 5 | 7 |
Over Five Years | 602 | 689 |
Total | 607 | 696 |
Investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 2 | 4 |
One to Three Years | 38 | 3 |
Three to Five Years | 335 | 61 |
Over Five Years | 590 | 245 |
Total | 965 | 313 |
Maximum Payout/Notional | ||
Less than One Year | 61,224 | 61,388 |
One to Three Years | 93,646 | 115,480 |
Three to Five Years | 82,657 | 107,081 |
Over Five Years | 30,883 | 21,579 |
Total | 268,410 | 305,528 |
Investment grade | Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 22 | 30 |
One to Three Years | 0 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 22 | 30 |
Maximum Payout/Notional | ||
Less than One Year | 40,115 | 37,394 |
One to Three Years | 1,263 | 2,581 |
Three to Five Years | 62 | 0 |
Over Five Years | 76 | 143 |
Total | 41,516 | 40,118 |
Non-investment grade | ||
Carrying Value of Credit-related Notes | ||
Less than One Year | 3 | 12 |
One to Three Years | 1 | 4 |
Three to Five Years | 4 | 34 |
Over Five Years | 1,455 | 1,548 |
Total | 1,463 | 1,598 |
Non-investment grade | Credit Default Swap | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 61 | 203 |
One to Three Years | 492 | 453 |
Three to Five Years | 1,007 | 484 |
Over Five Years | 1,802 | 2,133 |
Total | 3,362 | 3,273 |
Maximum Payout/Notional | ||
Less than One Year | 22,980 | 39,312 |
One to Three Years | 37,907 | 49,843 |
Three to Five Years | 47,164 | 39,098 |
Over Five Years | 21,785 | 14,420 |
Total | 129,836 | 142,673 |
Non-investment grade | Total return swaps/options | Written credit derivatives | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 263 | 150 |
One to Three Years | 28 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 3 |
Total | 291 | 153 |
Maximum Payout/Notional | ||
Less than One Year | 20,648 | 13,751 |
One to Three Years | 207 | 514 |
Three to Five Years | 39 | 143 |
Over Five Years | 72 | 697 |
Total | $ 20,966 | $ 15,105 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Sep. 30, 2018USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 554 |
Additional collateral required to be posted upon downgrade, second incremental notch | 314 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 260 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 607 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 201 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 399 |
Bank of America, N.A. | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 212 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 264 |
Derivatives - Derivative Valuat
Derivatives - Derivative Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Gross | |||||
Derivative assets (CVA) | $ 71 | $ 23 | $ 186 | $ 281 | |
Derivative assets/liabilities (FVA) | 45 | 37 | 36 | 113 | |
Derivative liabilities (DVA) | (69) | 29 | (112) | (249) | |
Net | |||||
Derivative assets (CVA) | 27 | 15 | 172 | 93 | |
Derivative assets/liabilities (FVA) | 35 | 43 | 16 | 140 | |
Derivative liabilities (DVA) | (79) | $ 17 | (132) | $ (201) | |
Cumulative credit valuation adjustment | 491 | 491 | $ 677 | ||
Cumulative funding valuation adjustment | 100 | 100 | 136 | ||
Cumulative debit valuation adjustment | $ 338 | $ 338 | $ 450 |
Securities - Debt Securities (D
Securities - Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Available-for-sale Debt Securities: | |||
Amortized Cost | $ 247,610 | $ 247,610 | $ 304,671 |
Gross Unrealized Gains | 455 | 455 | 1,078 |
Gross Unrealized Losses | (9,017) | (9,017) | (3,118) |
Fair Value | 239,048 | 239,048 | 302,631 |
Other Debt Securities, Carried at Fair Value: | |||
Amortized Cost | 12,409 | 12,409 | 12,273 |
Gross Unrealized Gains | 205 | 205 | 252 |
Gross Unrealized Losses | (27) | (27) | (39) |
Fair Value | 12,587 | 12,587 | 12,486 |
Debt securities carried at fair value: | |||
Amortized Cost | 260,019 | 260,019 | 316,944 |
Gross Unrealized Gains | 660 | 660 | 1,330 |
Gross Unrealized Losses | (9,044) | (9,044) | (3,157) |
Debt securities carried at fair value | 251,635 | 251,635 | 315,117 |
Held-to-maturity Securities: | |||
Amortized Cost | 194,472 | 194,472 | 125,013 |
Gross Unrealized Gains | 1 | 1 | 111 |
Gross Unrealized Losses | (6,485) | (6,485) | (1,825) |
Held-to-maturity, fair value | 187,988 | 187,988 | 123,299 |
Debt securities: | |||
Amortized Cost | 454,491 | 454,491 | 441,957 |
Gross Unrealized Gains | 661 | 661 | 1,441 |
Gross Unrealized Losses | (15,529) | (15,529) | (4,982) |
Fair Value | 439,623 | 439,623 | 438,416 |
Available-for-sale Equity Securities: | |||
Available-for-sale debt securities reclassified to held to maturity | 25,000 | 50,000 | |
Securities, pledged as collateral | 39,700 | 39,700 | 35,800 |
FNMA | |||
Debt securities carried at fair value: | |||
Amortized Cost | 165,300 | 165,300 | 163,600 |
Debt securities carried at fair value | 159,300 | 159,300 | 162,100 |
FHLMC | |||
Debt securities carried at fair value: | |||
Amortized Cost | 53,100 | 53,100 | 50,300 |
Debt securities carried at fair value | 51,400 | 51,400 | 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 | 163,663 | 163,663 | 217,239 |
Gross Unrealized Gains | 329 | 329 | 840 |
Gross Unrealized Losses | (6,555) | (6,555) | (1,993) |
Fair Value | 157,437 | 157,437 | 216,086 |
Other Debt Securities, Carried at Fair Value: | |||
Fair Value | 1,696 | 1,696 | 2,769 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | 159,133 | 159,133 | |
Agency | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | 141,721 | 141,721 | 194,119 |
Gross Unrealized Gains | 101 | 101 | 506 |
Gross Unrealized Losses | (5,710) | (5,710) | (1,696) |
Fair Value | 136,112 | 136,112 | 192,929 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | 136,112 | 136,112 | |
Agency-collateralized mortgage obligations | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | 5,878 | 5,878 | 6,846 |
Gross Unrealized Gains | 9 | 9 | 39 |
Gross Unrealized Losses | (209) | (209) | (81) |
Fair Value | 5,678 | 5,678 | 6,804 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | 5,678 | 5,678 | |
Commercial | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | 14,138 | 14,138 | 13,864 |
Gross Unrealized Gains | 2 | 2 | 28 |
Gross Unrealized Losses | (630) | (630) | (208) |
Fair Value | 13,510 | 13,510 | 13,684 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | 13,510 | 13,510 | |
Non-agency residential | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | 1,926 | 1,926 | 2,410 |
Gross Unrealized Gains | 217 | 217 | 267 |
Gross Unrealized Losses | (6) | (6) | (8) |
Fair Value | 2,137 | 2,137 | $ 2,669 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | $ 3,833 | $ 3,833 | |
Non-agency residential | Prime | |||
Available-for-sale Equity Securities: | |||
Available-for-sale securities, percent held by rating | 65.00% | 65.00% | 62.00% |
Non-agency residential | Alt-A | |||
Available-for-sale Equity Securities: | |||
Available-for-sale securities, percent held by rating | 7.00% | 7.00% | 13.00% |
Non-agency residential | Subprime | |||
Available-for-sale Equity Securities: | |||
Available-for-sale securities, percent held by rating | 28.00% | 28.00% | 25.00% |
U.S. Treasury and agency securities | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | $ 54,664 | $ 54,664 | $ 54,523 |
Gross Unrealized Gains | 8 | 8 | 18 |
Gross Unrealized Losses | (2,366) | (2,366) | (1,018) |
Fair Value | 52,306 | 52,306 | 53,523 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | 52,306 | 52,306 | |
Non-U.S. securities | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | 7,076 | 7,076 | 6,669 |
Gross Unrealized Gains | 5 | 5 | 9 |
Gross Unrealized Losses | (2) | (2) | (1) |
Fair Value | 7,079 | 7,079 | 6,677 |
Other Debt Securities, Carried at Fair Value: | |||
Fair Value | 10,888 | 10,888 | 9,488 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | 17,967 | 17,967 | |
Other taxable securities, substantially all asset-backed securities | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | 3,806 | 3,806 | 5,699 |
Gross Unrealized Gains | 77 | 77 | 73 |
Gross Unrealized Losses | (7) | (7) | (2) |
Fair Value | 3,876 | 3,876 | 5,770 |
Other Debt Securities, Carried at Fair Value: | |||
Fair Value | 3 | 3 | 229 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | 3,879 | 3,879 | |
Total taxable securities | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | 229,209 | 229,209 | 284,130 |
Gross Unrealized Gains | 419 | 419 | 940 |
Gross Unrealized Losses | (8,930) | (8,930) | (3,014) |
Fair Value | 220,698 | 220,698 | 282,056 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | 233,285 | 233,285 | |
Tax-exempt securities | |||
Available-for-sale Debt Securities: | |||
Amortized Cost | 18,401 | 18,401 | 20,541 |
Gross Unrealized Gains | 36 | 36 | 138 |
Gross Unrealized Losses | (87) | (87) | (104) |
Fair Value | 18,350 | 18,350 | $ 20,575 |
Debt securities carried at fair value: | |||
Debt securities carried at fair value | $ 18,350 | $ 18,350 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value | $ 239,048 | $ 239,048 | $ 302,631 | ||
Unrealized mark-to-market net gains (losses) | (106) | $ 124 | (37) | $ 323 | |
Realized net gains (losses) | 114 | $ (11) | 123 | $ (129) | |
Other assets | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Equity securities, fair value | 947 | 947 | |||
Equity securities, cost | 252 | 252 | |||
Time Deposits Placed and Other Short-term Investments | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Equity securities, fair value | 1,500 | 1,500 | |||
Nonperforming Financing Receivable | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value | 71 | 71 | $ 99 | ||
Debt securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Shareholders’ equity | (6,400) | (6,400) | |||
Accumulated other comprehensive income tax expense (benefit) | $ (2,100) | $ (2,100) |
Securities - Other Debt Securit
Securities - Other Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | $ 12,587 | $ 12,486 |
Mortgage-backed securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 1,696 | 2,769 |
Non-U.S. securities | ||
Other Debt Securities Carried at Fair Value [Line Items] | ||
Other debt securities carried at fair value | 10,888 | 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 | $ 3 | $ 229 |
Securities - Gains and Losses o
Securities - Gains and Losses on Sales of AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | ||||
Gross gains | $ 83 | $ 130 | $ 86 | $ 286 |
Gross losses | (10) | (5) | (10) | (8) |
Net gains on sales of AFS debt securities | 73 | 125 | 76 | 278 |
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ 17 | $ 48 | $ 18 | $ 106 |
Securities - Temporarily Impair
Securities - Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Fair Value | |||||
Less than Twelve Months | $ 64,470 | $ 64,470 | |||
Twelve Months or Longer | 143,463 | 143,463 | |||
Total | 207,933 | 207,933 | |||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1,799) | (1,799) | |||
Twelve Months or Longer | (7,218) | (7,218) | |||
Total | (9,017) | (9,017) | |||
Credit-related OTTI losses | 12 | $ 0 | 23 | $ 33 | |
Other than temporary impairment losses recorded on debt securities | 0 | 0 | 0 | 0 | |
Cumulative credit losses on debt securities held | 135 | $ 284 | 135 | $ 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 | 64,377 | 64,377 | |||
Twelve Months or Longer | 143,463 | 143,463 | |||
Total | 207,840 | 207,840 | |||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1,799) | (1,799) | |||
Twelve Months or Longer | (7,218) | (7,218) | |||
Total | (9,017) | (9,017) | |||
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 | 52,338 | 52,338 | 82,188 | ||
Twelve Months or Longer | 98,571 | 98,571 | 78,882 | ||
Total | 150,909 | 150,909 | 161,070 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1,385) | (1,385) | (438) | ||
Twelve Months or Longer | (5,170) | (5,170) | (1,554) | ||
Total | (6,555) | (6,555) | (1,992) | ||
Temporarily impaired AFS debt securities | Agency | |||||
Fair Value | |||||
Less than Twelve Months | 45,433 | 45,433 | 73,535 | ||
Twelve Months or Longer | 87,214 | 87,214 | 72,612 | ||
Total | 132,647 | 132,647 | 146,147 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1,190) | (1,190) | (352) | ||
Twelve Months or Longer | (4,520) | (4,520) | (1,344) | ||
Total | (5,710) | (5,710) | (1,696) | ||
Temporarily impaired AFS debt securities | Agency-collateralized mortgage obligations | |||||
Fair Value | |||||
Less than Twelve Months | 1,959 | 1,959 | 2,743 | ||
Twelve Months or Longer | 3,344 | 3,344 | 1,684 | ||
Total | 5,303 | 5,303 | 4,427 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (47) | (47) | (29) | ||
Twelve Months or Longer | (162) | (162) | (52) | ||
Total | (209) | (209) | (81) | ||
Temporarily impaired AFS debt securities | Commercial | |||||
Fair Value | |||||
Less than Twelve Months | 4,923 | 4,923 | 5,575 | ||
Twelve Months or Longer | 7,962 | 7,962 | 4,586 | ||
Total | 12,885 | 12,885 | 10,161 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (146) | (146) | (50) | ||
Twelve Months or Longer | (484) | (484) | (158) | ||
Total | (630) | (630) | (208) | ||
Temporarily impaired AFS debt securities | Non-agency residential | |||||
Fair Value | |||||
Less than Twelve Months | 23 | 23 | 335 | ||
Twelve Months or Longer | 51 | 51 | 0 | ||
Total | 74 | 74 | 335 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (2) | (2) | (7) | ||
Twelve Months or Longer | (4) | (4) | 0 | ||
Total | (6) | (6) | (7) | ||
Temporarily impaired AFS debt securities | U.S. Treasury and agency securities | |||||
Fair Value | |||||
Less than Twelve Months | 10,651 | 10,651 | 27,537 | ||
Twelve Months or Longer | 40,337 | 40,337 | 24,035 | ||
Total | 50,988 | 50,988 | 51,572 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (409) | (409) | (251) | ||
Twelve Months or Longer | (1,957) | (1,957) | (767) | ||
Total | (2,366) | (2,366) | (1,018) | ||
Temporarily impaired AFS debt securities | Non-U.S. securities | |||||
Fair Value | |||||
Less than Twelve Months | 706 | 706 | 772 | ||
Twelve Months or Longer | 81 | 81 | 0 | ||
Total | 787 | 787 | 772 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1) | (1) | (1) | ||
Twelve Months or Longer | (1) | (1) | 0 | ||
Total | (2) | (2) | (1) | ||
Temporarily impaired AFS debt securities | Other taxable securities, substantially all asset-backed securities | |||||
Fair Value | |||||
Less than Twelve Months | 208 | 208 | 0 | ||
Twelve Months or Longer | 150 | 150 | 92 | ||
Total | 358 | 358 | 92 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (3) | (3) | 0 | ||
Twelve Months or Longer | (4) | (4) | (2) | ||
Total | (7) | (7) | (2) | ||
Temporarily impaired AFS debt securities | Total taxable securities | |||||
Fair Value | |||||
Less than Twelve Months | 63,903 | 63,903 | 110,497 | ||
Twelve Months or Longer | 139,139 | 139,139 | 103,009 | ||
Total | 203,042 | 203,042 | 213,506 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1,798) | (1,798) | (690) | ||
Twelve Months or Longer | (7,132) | (7,132) | (2,323) | ||
Total | (8,930) | (8,930) | (3,013) | ||
Temporarily impaired AFS debt securities | Tax-exempt securities | |||||
Fair Value | |||||
Less than Twelve Months | 474 | 474 | 1,090 | ||
Twelve Months or Longer | 4,324 | 4,324 | 7,100 | ||
Total | 4,798 | 4,798 | 8,190 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | (1) | (1) | (2) | ||
Twelve Months or Longer | (86) | (86) | (102) | ||
Total | (87) | (87) | (104) | ||
Other-than-temporarily impaired AFS debt securities | Non-agency residential | |||||
Fair Value | |||||
Less than Twelve Months | 93 | 93 | 58 | ||
Twelve Months or Longer | 0 | 0 | 0 | ||
Total | 93 | 93 | 58 | ||
Gross Unrealized Losses | |||||
Less than Twelve Months | 0 | 0 | (1) | ||
Twelve Months or Longer | 0 | 0 | 0 | ||
Total | $ 0 | $ 0 | $ (1) |
Securities - Significant Assump
Securities - Significant Assumptions (Details) - Non-agency residential | Sep. 30, 2018 |
Weighted Average | |
Significant Assumptions: | |
Prepayment speed | 12.00% |
Loss severity | 18.10% |
Life default rate | 20.10% |
Weighted Average | Prime | |
Significant Assumptions: | |
Loss severity | 16.20% |
Life default rate | 16.10% |
Weighted Average | Alt-A | |
Significant Assumptions: | |
Loss severity | 16.40% |
Life default rate | 21.90% |
Weighted Average | Subprime | |
Significant Assumptions: | |
Loss severity | 22.20% |
Life default rate | 22.70% |
10th Percentile | |
Significant Assumptions: | |
Prepayment speed | 3.10% |
Loss severity | 8.40% |
Life default rate | 0.70% |
90th Percentile | |
Significant Assumptions: | |
Prepayment speed | 23.30% |
Loss severity | 31.00% |
Life default rate | 73.50% |
Securities - Maturities of Debt
Securities - Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities (Details) - USD ($) $ in Millions | Sep. 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 | $ 55 | |
Due after One Year through Five Years, Yield | 3.62% | |
Due after Five Years through Ten Years, Amount | $ 1,484 | |
Due after Five Years though Ten Years, Yield | 2.76% | |
Due after Ten Years, Amount | $ 192,929 | |
Due after Ten Years, Yield | 3.22% | |
Amortized Cost | $ 194,472 | $ 125,013 |
Total, Yield | 3.22% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt securities carried at fair value | $ 251,635 | 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 | 55 | |
Due after Five Years though Ten Years, Amount | 1,415 | |
Due after Ten Years, Amount | 186,514 | |
Held-to-maturity Securities, Fair Value | 187,988 | $ 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 | $ 314 | |
Due in One Year or Less, Yield | 1.74% | |
Due after One Year through Five Years, Amount | $ 2,415 | |
Due after One Year through Five Years, Yield | 2.38% | |
Due after Five Years though Ten Years, Amount | $ 11,171 | |
Due after Five Years though Ten Years, Yield | 2.50% | |
Due after Ten Years, Amount | $ 151,295 | |
Due after Ten Years, Yield | 3.45% | |
Total, Amount | $ 165,195 | |
Total, Yield | 3.36% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 312 | |
Due after One Year through Five Years, Amount | 2,348 | |
Due after Five Years though Ten Years, Amount | 10,655 | |
Due after Ten Years, Amount | 145,818 | |
Debt securities carried at fair value | 159,133 | |
Agency | ||
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 | $ 24 | |
Due after One Year through Five Years, Yield | 4.12% | |
Due after Five Years though Ten Years, Amount | $ 463 | |
Due after Five Years though Ten Years, Yield | 2.62% | |
Due after Ten Years, Amount | $ 141,234 | |
Due after Ten Years, Yield | 3.31% | |
Total, Amount | $ 141,721 | |
Total, Yield | 3.31% | |
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 | 25 | |
Due after Five Years though Ten Years, Amount | 452 | |
Due after Ten Years, Amount | 135,635 | |
Debt securities carried at fair value | 136,112 | |
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 | 2.48% | |
Due after Ten Years, Amount | $ 5,847 | |
Due after Ten Years, Yield | 3.17% | |
Total, Amount | $ 5,878 | |
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 | 29 | |
Due after Ten Years, Amount | 5,649 | |
Debt securities carried at fair value | 5,678 | |
Commercial | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 314 | |
Due in One Year or Less, Yield | 1.74% | |
Due after One Year through Five Years, Amount | $ 2,391 | |
Due after One Year through Five Years, Yield | 2.36% | |
Due after Five Years though Ten Years, Amount | $ 10,658 | |
Due after Five Years though Ten Years, Yield | 2.50% | |
Due after Ten Years, Amount | $ 775 | |
Due after Ten Years, Yield | 2.97% | |
Total, Amount | $ 14,138 | |
Total, Yield | 2.49% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 312 | |
Due after One Year through Five Years, Amount | 2,323 | |
Due after Five Years though Ten Years, Amount | 10,138 | |
Due after Ten Years, Amount | 737 | |
Debt securities carried at fair value | 13,510 | |
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 | $ 19 | |
Due after Ten Years, Amount | $ 3,439 | |
Due after Ten Years, Yield | 9.66% | |
Total, Amount | $ 3,458 | |
Total, Yield | 9.61% | |
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 | 36 | |
Due after Ten Years, Amount | 3,797 | |
Debt securities carried at fair value | 3,833 | |
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 | $ 643 | |
Due in One Year or Less, Yield | 0.71% | |
Due after One Year through Five Years, Amount | $ 33,567 | |
Due after One Year through Five Years, Yield | 1.47% | |
Due after Five Years though Ten Years, Amount | $ 20,418 | |
Due after Five Years though Ten Years, Yield | 2.27% | |
Due after Ten Years, Amount | $ 36 | |
Due after Ten Years, Yield | 2.70% | |
Total, Amount | $ 54,664 | |
Total, Yield | 1.76% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 642 | |
Due after One Year through Five Years, Amount | 32,106 | |
Due after Five Years though Ten Years, Amount | 19,523 | |
Due after Ten Years, Amount | 35 | |
Debt securities carried at fair value | 52,306 | |
Non-U.S. securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 16,518 | |
Due in One Year or Less, Yield | 0.77% | |
Due after One Year through Five Years, Amount | $ 1,305 | |
Due after One Year through Five Years, Yield | 1.08% | |
Due after Five Years though Ten Years, Amount | $ 2 | |
Due after Five Years though Ten Years, Yield | 3.56% | |
Due after Ten Years, Amount | $ 128 | |
Due after Ten Years, Yield | 6.15% | |
Total, Amount | $ 17,953 | |
Total, Yield | 0.83% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 16,519 | |
Due after One Year through Five Years, Amount | 1,314 | |
Due after Five Years though Ten Years, Amount | 2 | |
Due after Ten Years, Amount | 132 | |
Debt securities carried at fair value | 17,967 | |
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 | $ 685 | |
Due in One Year or Less, Yield | 3.88% | |
Due after One Year through Five Years, Amount | $ 2,236 | |
Due after One Year through Five Years, Yield | 3.28% | |
Due after Five Years though Ten Years, Amount | $ 789 | |
Due after Five Years though Ten Years, Yield | 3.47% | |
Due after Ten Years, Amount | $ 96 | |
Due after Ten Years, Yield | 4.68% | |
Total, Amount | $ 3,806 | |
Total, Yield | 3.46% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 681 | |
Due after One Year through Five Years, Amount | 2,255 | |
Due after Five Years though Ten Years, Amount | 829 | |
Due after Ten Years, Amount | 114 | |
Debt securities carried at fair value | 3,879 | |
Total taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 18,160 | |
Due in One Year or Less, Yield | 0.90% | |
Due after One Year through Five Years, Amount | $ 39,523 | |
Due after One Year through Five Years, Yield | 1.61% | |
Due after Five Years though Ten Years, Amount | $ 32,380 | |
Due after Five Years though Ten Years, Yield | 2.38% | |
Due after Ten Years, Amount | $ 151,555 | |
Due after Ten Years, Yield | 3.45% | |
Total, Amount | $ 241,618 | |
Total, Yield | 2.82% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 18,154 | |
Due after One Year through Five Years, Amount | 38,023 | |
Due after Five Years though Ten Years, Amount | 31,009 | |
Due after Ten Years, Amount | 146,099 | |
Debt securities carried at fair value | 233,285 | |
Tax-exempt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 1,737 | |
Due in One Year or Less, Yield | 2.57% | |
Due after One Year through Five Years, Amount | $ 7,234 | |
Due after One Year through Five Years, Yield | 2.42% | |
Due after Five Years though Ten Years, Amount | $ 6,929 | |
Due after Five Years though Ten Years, Yield | 2.38% | |
Due after Ten Years, Amount | $ 2,501 | |
Due after Ten Years, Yield | 2.78% | |
Total, Amount | $ 18,401 | |
Total, Yield | 2.47% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 1,736 | |
Due after One Year through Five Years, Amount | 7,235 | |
Due after Five Years though Ten Years, Amount | 6,897 | |
Due after Ten Years, Amount | 2,482 | |
Debt securities carried at fair value | 18,350 | |
Debt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 19,897 | |
Due in One Year or Less, Yield | 1.05% | |
Due after One Year through Five Years, Amount | $ 46,757 | |
Due after One Year through Five Years, Yield | 1.74% | |
Due after Five Years though Ten Years, Amount | $ 39,309 | |
Due after Five Years though Ten Years, Yield | 2.38% | |
Due after Ten Years, Amount | $ 154,056 | |
Due after Ten Years, Yield | 3.44% | |
Total, Amount | $ 260,019 | |
Total, Yield | 2.79% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in One Year or Less, Amount | $ 19,890 | |
Due after One Year through Five Years, Amount | 45,258 | |
Due after Five Years though Ten Years, Amount | 37,906 | |
Due after Ten Years, Amount | 148,581 | |
Debt securities carried at fair value | $ 251,635 |
Outstanding Loans and Leases -
Outstanding Loans and Leases - Past Due (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 929,801 | $ 929,801 | $ 936,749 | ||
Percentage of outstandings, total outstanding | 100.00% | 100.00% | 100.00% | ||
Loans and leases, measured at fair value | $ 5,731 | $ 5,731 | $ 5,710 | ||
Loans and leases, pledged as collateral | 45,600 | 45,600 | 40,100 | ||
Loans pledged to secure borrowings | 158,500 | 158,500 | 160,300 | ||
Proceeds from sales of loans | 13,600 | $ 8,874 | |||
Direct/Indirect Consumer | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonperforming loans | 44 | 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 | 6,100 | 6,100 | 6,300 | ||
Estimate of Fair Value Measurement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 5,731 | $ 5,731 | $ 5,710 | ||
Percentage of outstandings, total outstanding | 0.61% | 0.61% | 0.61% | ||
Purchased Credit-impaired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 7,152 | $ 7,152 | $ 10,717 | ||
Percentage of outstandings, total outstanding | 0.77% | 0.77% | 1.14% | ||
Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 446,546 | $ 446,546 | $ 455,276 | ||
Proceeds from sales of loans | 3,700 | 4,900 | |||
Gain (loss) on the sale of loans and leases receivable | 84 | 656 | |||
Consumer Portfolio Segment | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Proceeds from sales of loans | 2,100 | $ 700 | 2,700 | $ 1,200 | |
Consumer Portfolio Segment | Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases, measured at fair value | 407 | 407 | 567 | ||
Consumer Portfolio Segment | Home equity lines of credit | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases, measured at fair value | 348 | 348 | 361 | ||
Consumer Portfolio Segment | Carrying Value | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 445,791 | 445,791 | 454,348 | ||
Consumer Portfolio Segment | Estimate of Fair Value Measurement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 755 | 755 | 928 | ||
Consumer Portfolio Segment | Purchased Credit-impaired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 7,152 | 7,152 | 10,717 | ||
Consumer real estate | Nonperforming Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonperforming loans | 2,000 | 2,000 | 2,300 | ||
Consumer real estate | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 189,290 | 189,290 | 176,618 | ||
Consumer real estate | Core Portfolio Residential Mortgage | Fully Insured Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 16,935 | 16,935 | 18,545 | ||
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 40,596 | 40,596 | 44,245 | ||
Consumer real estate | Non-core Portfolio, Residential Mortgage Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 13,555 | 13,555 | 19,192 | ||
Consumer real estate | Non-core Portfolio, Residential Mortgage Financing Receivable | Fully Insured Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 3,914 | 3,914 | 5,196 | ||
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 8,828 | 8,828 | 10,783 | ||
Consumer real estate | Carrying Value | Core Portfolio Residential Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 189,290 | 189,290 | 176,618 | ||
Consumer real estate | Carrying Value | Core Portfolio, Home Equity Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 40,596 | 40,596 | 44,245 | ||
Consumer real estate | Carrying Value | Non-core Portfolio, Residential Mortgage Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 18,896 | 18,896 | 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 | 10,639 | 10,639 | 13,499 | ||
Consumer real estate | Estimate of Fair Value Measurement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 755 | 755 | 928 | ||
Consumer real estate | Purchased Credit-impaired | Non-core Portfolio, Residential Mortgage Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 5,341 | 5,341 | 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 | 1,811 | 1,811 | 2,716 | ||
Credit card and other consumer | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 94,829 | 94,829 | 96,285 | ||
Credit card and other consumer | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 91,338 | 91,338 | 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 | 50,100 | 50,100 | 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 | 392 | 392 | 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 | 37,400 | 37,400 | 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 | 2,700 | 2,700 | 3,000 | ||
Credit card and other consumer | Direct/Indirect Consumer | Other Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 756 | 756 | 684 | ||
Credit card and other consumer | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 203 | 203 | 166 | ||
Credit card and other consumer | Carrying Value | Credit Card Receivable | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 94,829 | 94,829 | 96,285 | ||
Credit card and other consumer | Carrying Value | Direct/Indirect Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 91,338 | 91,338 | 96,342 | ||
Credit card and other consumer | Carrying Value | Other consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 203 | 203 | 166 | ||
Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 483,255 | 483,255 | 481,473 | ||
Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 285,662 | 285,662 | 284,836 | ||
Loans and leases, measured at fair value | 3,600 | 3,600 | 2,600 | ||
Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 96,002 | 96,002 | 97,792 | ||
Loans and leases, measured at fair value | 1,400 | 1,400 | 2,200 | ||
Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 60,835 | 60,835 | 58,298 | ||
Commercial Portfolio Segment | Commercial Real Estate | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 56,900 | 56,900 | 54,800 | ||
Commercial Portfolio Segment | Commercial Real Estate | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 3,900 | 3,900 | 3,500 | ||
Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 21,546 | 21,546 | 22,116 | ||
Commercial Portfolio Segment | Small Business Commercial | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 14,234 | 14,234 | 13,649 | ||
Commercial Portfolio Segment | Carrying Value | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 478,279 | 478,279 | 476,691 | ||
Commercial Portfolio Segment | Carrying Value | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 285,662 | 285,662 | 284,836 | ||
Commercial Portfolio Segment | Carrying Value | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 96,002 | 96,002 | 97,792 | ||
Commercial Portfolio Segment | Carrying Value | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 60,835 | 60,835 | 58,298 | ||
Commercial Portfolio Segment | Carrying Value | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 21,546 | 21,546 | 22,116 | ||
Commercial Portfolio Segment | Carrying Value | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 14,234 | 14,234 | 13,649 | ||
Commercial Portfolio Segment | Estimate of Fair Value Measurement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 4,976 | 4,976 | 4,782 | ||
30 to 59 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 3,866 | $ 3,866 | $ 4,433 | ||
Percentage of outstandings | 0.42% | 0.42% | 0.48% | ||
30 to 59 Days Past Due | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 3,268 | $ 3,268 | $ 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, past due | 714 | 714 | 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, past due | 233 | 233 | 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 | 1,248 | 1,248 | 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 | 200 | 200 | 215 | ||
30 to 59 Days Past Due | Consumer real estate | Non-core Portfolio, Residential Mortgage Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 815 | 815 | 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 | 162 | 162 | 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 | 546 | 546 | 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 | 297 | 297 | 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 | 0 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 598 | 598 | 852 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 433 | 433 | 547 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 29 | 29 | 52 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 20 | 20 | 48 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 48 | 48 | 110 | ||
30 to 59 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 68 | 68 | 95 | ||
60 to 89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 1,544 | $ 1,544 | $ 1,895 | ||
Percentage of outstandings | 0.17% | 0.17% | 0.20% | ||
60 to 89 Days Past Due | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 1,242 | $ 1,242 | $ 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, past due | 309 | 309 | 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, past due | 175 | 175 | 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 | 253 | 253 | 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 | 89 | 89 | 108 | ||
60 to 89 Days Past Due | Consumer real estate | Non-core Portfolio, Residential Mortgage Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 351 | 351 | 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 | 78 | 78 | 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 | 387 | 387 | 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 | 84 | 84 | 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 | 0 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 302 | 302 | 368 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 127 | 127 | 244 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 0 | 0 | 1 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 33 | 33 | 10 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 94 | 94 | 68 | ||
60 to 89 Days Past Due | Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 48 | 48 | 45 | ||
90 Days or More Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 5,528 | $ 5,528 | $ 7,135 | ||
Percentage of outstandings | 0.59% | 0.59% | 0.76% | ||
90 Days or More Past Due | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 4,919 | $ 4,919 | $ 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, past due | 2,200 | 2,200 | 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 | 814 | 814 | 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 | 453 | 453 | 473 | ||
90 Days or More Past Due | Consumer real estate | Non-core Portfolio, Residential Mortgage Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 2,345 | 2,345 | 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 | 398 | 398 | 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 | 872 | 872 | 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 | 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 | 0 | ||
90 Days or More Past Due | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 609 | 609 | 571 | ||
90 Days or More Past Due | Commercial Portfolio Segment | United States | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 469 | 469 | 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 | 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 | 10 | 10 | 29 | ||
90 Days or More Past Due | Commercial Portfolio Segment | Commercial Lease Financing | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 41 | 41 | 26 | ||
90 Days or More Past Due | Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 89 | 89 | 88 | ||
Total Past Due 30 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 10,938 | $ 10,938 | $ 13,463 | ||
Percentage of outstandings | 1.18% | 1.18% | 1.44% | ||
Total Past Due 30 Days or More | Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 9,429 | $ 9,429 | $ 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 | 2,315 | 2,315 | 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 | 742 | 742 | 796 | ||
Total Past Due 30 Days or More | Consumer real estate | Non-core Portfolio, Residential Mortgage Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 3,511 | 3,511 | 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 | 638 | 638 | 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 | 1,805 | 1,805 | 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 | 418 | 418 | 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 | 0 | ||
Total Past Due 30 Days or More | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 1,509 | 1,509 | 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 | 1,029 | 1,029 | 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 | 29 | 29 | 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 | 63 | 63 | 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 | 183 | 183 | 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 | 205 | 205 | 228 | ||
Total Current or Less Than 30 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 905,980 | $ 905,980 | $ 906,859 | ||
Percentage of outstandings, total outstanding | 97.44% | 97.44% | 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 | $ 429,210 | $ 429,210 | $ 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 | 186,975 | 186,975 | 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 | 39,854 | 39,854 | 43,449 | ||
Total Current or Less Than 30 Days Past Due | Consumer real estate | Non-core Portfolio, Residential Mortgage Financing Receivable | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 10,044 | 10,044 | 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 | 8,190 | 8,190 | 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 | 93,024 | 93,024 | 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 | 90,920 | 90,920 | 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 | 203 | 203 | 166 | ||
Total Current or Less Than 30 Days Past Due | Commercial Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 476,770 | 476,770 | 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 | 284,633 | 284,633 | 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 | 95,973 | 95,973 | 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 | 60,772 | 60,772 | 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 | 21,363 | 21,363 | 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 | $ 14,029 | $ 14,029 | $ 13,421 |
Outstanding Loans and Leases _2
Outstanding Loans and Leases - Nonperforming, Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | $ 929,801 | $ 929,801 | $ 936,749 | ||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 13,600 | $ 8,874 | |||
Purchased credit impaired loans sold | 2,000 | $ 538 | 2,100 | 742 | |
90 Days or More Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 5,528 | 5,528 | 7,135 | ||
Consumer Portfolio Segment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 446,546 | 446,546 | 455,276 | ||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 3,700 | 4,900 | |||
Gain (loss) on the sale of loans and leases receivable | 84 | 656 | |||
Consumer Portfolio Segment | 90 Days or More Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 4,919 | $ 4,919 | 6,564 | ||
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 | Chapter Seven Bankruptcy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | 951 | $ 951 | |||
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 | 225 | $ 225 | $ 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 | $ 113 | $ 113 | |||
Nonperforming loans discharged more than twelve months prior (greater than) | 66.00% | 66.00% | |||
Nonperforming loans discharged more than twenty four months prior (greater than) | 58.00% | 58.00% | |||
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, past due | $ 90 | $ 90 | |||
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 | 2,100 | 700 | 2,700 | 1,200 | |
Purchased credit impaired loans sold | 2,000 | $ 538 | 2,100 | $ 742 | |
Nonperforming Financing Receivable | Consumer real estate | Chapter Seven Bankruptcy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and leases | $ 220 | $ 220 |
Outstanding Loans and Leases _3
Outstanding Loans and Leases - Nonperforming, Credit Quality (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 5,154 | $ 6,470 |
Accruing past due 90 days or more | $ 3,289 | $ 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 | $ 579 | $ 1,000 |
Residential Mortgage | Federal Housing Administration | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,600 | 2,200 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 4,306 | 5,166 |
Accruing past due 90 days or more | 3,068 | 4,170 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,011 | 1,087 |
Accruing past due 90 days or more | 308 | 417 |
Consumer real estate | Core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,056 | 1,079 |
Accruing past due 90 days or more | 0 | 0 |
Consumer real estate | Non-core Portfolio, Residential Mortgage Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,023 | 1,389 |
Accruing past due 90 days or more | 1,853 | 2,813 |
Consumer real estate | Non-core Portfolio, Home Equity Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 1,170 | 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 | 872 | 900 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 46 | 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 | 848 | 1,304 |
Accruing past due 90 days or more | $ 221 | 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 | $ 699 | 814 |
Accruing past due 90 days or more | 114 | 144 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 31 | 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 | 46 | 112 |
Accruing past due 90 days or more | 1 | 4 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 14 | 24 |
Accruing past due 90 days or more | 33 | 19 |
Commercial Portfolio Segment | Small Business Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonperforming loans and leases | 58 | 55 |
Accruing past due 90 days or more | $ 73 | $ 75 |
Outstanding Loans and Leases _4
Outstanding Loans and Leases - Consumer Real Estate - Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 929,801 | $ 936,749 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,731 | 5,710 |
Consumer real estate | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 755 | 928 |
Consumer real estate | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 189,290 | 176,618 |
Consumer real estate | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 13,555 | 19,192 |
Consumer real estate | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,341 | 8,001 |
Consumer real estate | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 40,596 | 44,245 |
Consumer real estate | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 8,828 | 10,783 |
Consumer real estate | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,811 | 2,716 |
Consumer real estate | Less than 620 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 2,115 | 2,234 |
Consumer real estate | Less than 620 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,673 | 2,390 |
Consumer real estate | Less than 620 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,185 | 1,941 |
Consumer real estate | Less than 620 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,118 | 1,169 |
Consumer real estate | Less than 620 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,650 | 2,098 |
Consumer real estate | Less than 620 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 290 | 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 | 4,379 | 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 | 1,387 | 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 | 1,010 | 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 | 2,096 | 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 | 1,883 | 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 | 288 | 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 | 22,973 | 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 | 2,327 | 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 | 1,574 | 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 | 7,113 | 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 | 2,288 | 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 | 511 | 786 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 142,888 | 128,374 |
Consumer real estate | Greater than or equal to 740 | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,254 | 6,001 |
Consumer real estate | Greater than or equal to 740 | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,572 | 2,007 |
Consumer real estate | Greater than or equal to 740 | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 30,269 | 32,590 |
Consumer real estate | Greater than or equal to 740 | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,007 | 3,569 |
Consumer real estate | Greater than or equal to 740 | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 722 | 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 | 168,949 | 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 | 8,594 | 12,135 |
Consumer real estate | Less than or equal to 90 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,720 | 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 | 39,719 | 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 | 6,862 | 7,944 |
Consumer real estate | Less than or equal to 90 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,277 | 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 | 2,483 | 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 | 503 | 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 | 310 | 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 | 409 | 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 | 757 | 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 | 248 | 412 |
Consumer real estate | Greater than 100 percent | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 923 | 1,322 |
Consumer real estate | Greater than 100 percent | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 544 | 1,011 |
Consumer real estate | Greater than 100 percent | Residential Mortgage PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 311 | 570 |
Consumer real estate | Greater than 100 percent | Core Portfolio Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 468 | 648 |
Consumer real estate | Greater than 100 percent | Non-core Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,209 | 1,786 |
Consumer real estate | Greater than 100 percent | Home Equity PCI | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 286 | 523 |
Consumer real estate | Fully Insured Loans | Core Portfolio Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 16,935 | 18,545 |
Consumer real estate | Fully Insured Loans | Non-core Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 3,914 | $ 5,196 |
Outstanding Loans and Leases _5
Outstanding Loans and Leases - Credit Card and Other Consumer - Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 929,801 | $ 936,749 |
Credit card and other consumer | Credit Card Receivable | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 94,829 | 96,285 |
Credit card and other consumer | Credit Card Receivable | United States | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,683 | 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 | 11,974 | 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 | 34,896 | 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 | 43,276 | 43,477 |
Credit card and other consumer | Direct/Indirect Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 91,338 | 96,342 |
Securities based lending overcollateralized | 40,100 | 42,800 |
Credit card and other consumer | Direct/Indirect Consumer | Less than 620 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 1,752 | 2,005 |
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 | 3,260 | 4,064 |
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 | 9,090 | 10,371 |
Credit card and other consumer | Direct/Indirect Consumer | Greater than or equal to 740 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 36,351 | 36,445 |
Credit card and other consumer | Direct/Indirect Consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 40,885 | 43,457 |
Credit card and other consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 203 | 166 |
Credit card and other consumer | Other consumer | Other internal credit metrics | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 203 | $ 166 |
Outstanding Loans and Leases _6
Outstanding Loans and Leases - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 929,801 | $ 936,749 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 5,731 | 5,710 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 483,255 | 481,473 |
Commercial Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 4,976 | 4,782 |
Commercial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 60,835 | 58,298 |
Commercial Portfolio Segment | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 21,546 | 22,116 |
Commercial Portfolio Segment | Pass rated | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 60,271 | 57,732 |
Commercial Portfolio Segment | Pass rated | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 21,173 | 21,535 |
Commercial Portfolio Segment | Reservable criticized | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 564 | 566 |
Commercial Portfolio Segment | Reservable criticized | Commercial Lease Financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 373 | 581 |
Commercial Portfolio Segment | United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 285,662 | 284,836 |
Commercial Portfolio Segment | United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 56,900 | 54,800 |
Commercial Portfolio Segment | United States | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 14,234 | 13,649 |
Commercial Portfolio Segment | United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 277,732 | 275,904 |
Commercial Portfolio Segment | United States | Pass rated | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 275 | 322 |
Commercial Portfolio Segment | United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 7,930 | 8,932 |
Commercial Portfolio Segment | United States | Reservable criticized | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 31 | 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 | $ 699 | $ 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 | $ 242 | $ 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 | 650 | 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 | 1,993 | 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 | 4,181 | 3,713 |
Commercial Portfolio Segment | United States | Other internal credit metrics | Small Business Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 6,862 | 6,841 |
Commercial Portfolio Segment | Non United States | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 96,002 | 97,792 |
Commercial Portfolio Segment | Non United States | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 3,900 | 3,500 |
Commercial Portfolio Segment | Non United States | Pass rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | 94,868 | 96,199 |
Commercial Portfolio Segment | Non United States | Reservable criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases | $ 1,134 | $ 1,593 |
Outstanding Loans and Leases _7
Outstanding Loans and Leases - Consumer Real Estate - Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | $ 929,801 | $ 929,801 | $ 936,749 | ||
Consumer real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Real estate acquired through foreclosure | 265 | 265 | 236 | ||
Loans with formal foreclosure proceeding in process | 2,700 | 2,700 | |||
Reclassified consumer real estate loans | 186 | $ 198 | 505 | $ 624 | |
Interest Income Recognized | |||||
Proceeds from sale of loans | 1,600 | ||||
Consumer real estate | Residential Mortgage | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 6,016 | 6,016 | 8,856 | ||
With an allowance recorded | 2,271 | 2,271 | 2,908 | ||
Total | 8,287 | 8,287 | 11,764 | ||
Carrying Value | |||||
With no recorded allowance | 4,783 | 4,783 | 6,870 | ||
With an allowance recorded | 2,215 | 2,215 | 2,828 | ||
Total | 6,998 | 6,998 | 9,698 | ||
Related Allowance | 134 | 134 | 174 | ||
Average Carrying Value | |||||
With no recorded allowance | 5,056 | 7,498 | 5,685 | 7,964 | |
With an allowance recorded | 2,330 | 3,254 | 2,508 | 3,565 | |
Total | 7,386 | 10,752 | 8,193 | 11,529 | |
Interest Income Recognized | |||||
With no recorded allowance | 52 | 77 | 167 | 237 | |
With an allowance recorded | 22 | 29 | 71 | 97 | |
Total | 74 | 106 | 238 | 334 | |
Consumer real estate | Home equity lines of credit | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 3,345 | 3,345 | 3,622 | ||
With an allowance recorded | 910 | 910 | 972 | ||
Total | 4,255 | 4,255 | 4,594 | ||
Carrying Value | |||||
With no recorded allowance | 1,828 | 1,828 | 1,956 | ||
With an allowance recorded | 849 | 849 | 900 | ||
Total | 2,677 | 2,677 | 2,856 | ||
Related Allowance | 165 | 165 | $ 174 | ||
Average Carrying Value | |||||
With no recorded allowance | 1,908 | 2,000 | 1,937 | 2,001 | |
With an allowance recorded | 864 | 873 | 879 | 850 | |
Total | 2,772 | 2,873 | 2,816 | 2,851 | |
Interest Income Recognized | |||||
With no recorded allowance | 27 | 27 | 79 | 82 | |
With an allowance recorded | 7 | 6 | 19 | 18 | |
Total | 34 | $ 33 | 98 | $ 100 | |
Consumer real estate | Chapter Seven Bankruptcy | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 951 | 951 | |||
Consumer real estate | Chapter Seven Bankruptcy | Nonperforming Financing Receivable | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | 220 | 220 | |||
Consumer real estate | Chapter Seven Bankruptcy | Fully Insured Loans | Federal Housing Administration | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans and leases | $ 362 | $ 362 |
Outstanding Loans and Leases _8
Outstanding Loans and Leases - Consumer Real Estate - TDRs Entered into During the Period (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 346 | $ 506 | $ 1,229 | $ 1,368 |
Carrying Value | $ 285 | $ 435 | $ 991 | $ 1,148 |
Pre-Modification Interest Rate | 4.41% | 4.25% | 4.30% | 4.33% |
Post-Modification Interest Rate | 4.29% | 4.17% | 3.94% | 3.90% |
Net charge-offs | $ 9 | $ 17 | $ 33 | $ 37 |
Residential Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 226 | 294 | 747 | 738 |
Carrying Value | $ 195 | $ 263 | $ 635 | $ 657 |
Pre-Modification Interest Rate | 4.27% | 4.42% | 4.22% | 4.49% |
Post-Modification Interest Rate | 4.12% | 4.33% | 4.03% | 4.25% |
Home Equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 120 | $ 212 | $ 482 | $ 630 |
Carrying Value | $ 90 | $ 172 | $ 356 | $ 491 |
Pre-Modification Interest Rate | 4.67% | 4.01% | 4.42% | 4.16% |
Post-Modification Interest Rate | 4.60% | 3.96% | 3.78% | 3.52% |
Outstanding Loans and Leases _9
Outstanding Loans and Leases - Consumer Real Estate - Modification Programs (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | $ 285 | $ 435 | $ 991 | $ 1,148 |
Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 12 | 18 | 48 | 82 |
Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 33 | 30 | 446 | 298 |
Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 201 | 329 | 376 | 605 |
Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 39 | 58 | 121 | 163 |
Contractual interest rate reduction | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 5 | 10 | 19 | 56 |
Contractual interest rate reduction | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 7 | 15 | 159 | 178 |
Capitalization of past due amounts | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 10 | 12 | 67 | 47 |
Principal and/or interest forbearance | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 0 | 1 | 0 | 4 |
Principal and/or interest forbearance | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 2 | 2 | 25 | 28 |
Other modifications | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | 7 | 7 | 29 | 22 |
Other modifications | Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | $ 14 | $ 1 | 195 | $ 45 |
Hurricane-Related Modifications | Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total modifications | $ 197 |
Outstanding Loans and Leases_10
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 | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)payment | Sep. 30, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Number of missing payments causing default | payment | 3 | |||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 81 | $ 118 | $ 298 | $ 566 |
Modifications under government programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 8 | 16 | 32 | 62 |
Modifications under proprietary programs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 43 | 32 | 130 | 99 |
Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 12 | 16 | 51 | 93 |
Trial modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 18 | $ 54 | $ 85 | $ 312 |
Outstanding Loans and Leases_11
Outstanding Loans and Leases - Credit Card and Other Consumer - Impaired Loans (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | 0 | 0 | 1 | ||
Total | 63 | 63 | 59 | ||
Carrying Value | |||||
With no recorded allowance | 29 | 29 | 28 | ||
With an allowance recorded | 0 | 0 | 1 | ||
Total | 29 | 29 | 29 | ||
Related Allowance | 0 | 0 | 0 | ||
Average Carrying Value | |||||
With no recorded allowance | 30 | $ 20 | 29 | $ 19 | |
With an allowance recorded | 1 | 2 | 1 | 2 | |
Total | 31 | 22 | 30 | 21 | |
Interest Income Recognized | |||||
With no recorded allowance | 1 | 0 | 2 | 0 | |
With an allowance recorded | 0 | 0 | 0 | 0 | |
Total | 1 | 0 | 2 | 0 | |
United States | Credit Card Receivable | |||||
Unpaid Principal Balance | |||||
With an allowance recorded | 501 | 501 | 454 | ||
Total | 501 | 501 | 454 | ||
Carrying Value | |||||
With an allowance recorded | 512 | 512 | 461 | ||
Total | 512 | 512 | 461 | ||
Related Allowance | 143 | 143 | $ 125 | ||
Average Carrying Value | |||||
With an allowance recorded | 498 | 457 | 481 | 466 | |
Total | 498 | 457 | 481 | 466 | |
Interest Income Recognized | |||||
With an allowance recorded | 7 | 6 | 19 | 18 | |
Total | 7 | 6 | 19 | 18 | |
Non United States | Credit Card Receivable | |||||
Average Carrying Value | |||||
With an allowance recorded | 0 | 0 | 0 | ||
With an allowance recorded | 62 | ||||
Total, including loans held for sale | 62 | ||||
Total | 0 | 0 | 0 | ||
Interest Income Recognized | |||||
With an allowance recorded | 0 | 0 | 0 | ||
With an allowance recorded, including loans held for sale | 1 | ||||
Total, including loans held for sale | $ 1 | ||||
Total | $ 0 | $ 0 | $ 0 |
Outstanding Loans and Leases_12
Outstanding Loans and Leases - Credit Card and Other Consumer - TDRs by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 541 | $ 490 |
Percent of balances current or less than 30 days past due | 86.00% | 87.00% |
Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 242 | $ 204 |
External Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 269 | 257 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 30 | 29 |
Credit Card Receivable | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 512 | $ 461 |
Percent of balances current or less than 30 days past due | 86.00% | 87.00% |
Credit Card Receivable | Internal Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 242 | $ 203 |
Credit Card Receivable | External Programs | United States | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | 269 | 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 | $ 29 | $ 29 |
Percent of balances current or less than 30 days past due | 90.00% | 88.00% |
Direct/Indirect Consumer | Internal Programs | ||
Financing Receivable, Modifications [Line Items] | ||
Renegotiated TDRs | $ 0 | $ 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 | $ 29 | $ 28 |
Outstanding Loans and Leases_13
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 102 | $ 82 | $ 245 | $ 181 |
Carrying Value | $ 101 | $ 78 | $ 243 | $ 179 |
Pre-Modification Interest Rate | 17.94% | 15.64% | 18.16% | 16.57% |
Post-Modification Interest Rate | 5.12% | 5.25% | 5.19% | 5.37% |
Net charge-offs | $ 16 | $ 14 | $ 38 | $ 33 |
Direct/Indirect Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | 18 | 22 | 33 | 29 |
Carrying Value | $ 10 | $ 14 | $ 19 | $ 18 |
Pre-Modification Interest Rate | 4.61% | 4.92% | 4.77% | 4.99% |
Post-Modification Interest Rate | 4.50% | 4.53% | 4.58% | 4.37% |
United States | Credit Card Receivable | ||||
Financing Receivable, Modifications [Line Items] | ||||
Unpaid Principal Balance | $ 84 | $ 60 | $ 212 | $ 152 |
Carrying Value | $ 91 | $ 64 | $ 224 | $ 161 |
Pre-Modification Interest Rate | 19.45% | 17.96% | 19.30% | 17.88% |
Post-Modification Interest Rate | 5.19% | 5.40% | 5.24% | 5.49% |
Outstanding Loans and Leases_14
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 | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)payment | Sep. 30, 2017USD ($) | |
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% | |||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 10 | $ 7 | $ 26 | $ 19 |
Direct/Indirect Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Percent expected to be in payment default within 12 months after modification | 16.00% | |||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 1 | $ 1 | $ 6 | $ 3 |
Outstanding Loans and Leases_15
Outstanding Loans and Leases - Commercial Loans - Impaired Loans (Details) - Commercial Portfolio Segment - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Lending commitments | $ 256 | $ 256 | $ 205 | ||
Real estate acquired through foreclosure | 30 | 30 | 52 | ||
United States | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 697 | 697 | 576 | ||
With an allowance recorded | 1,334 | 1,334 | 1,393 | ||
Total | 2,031 | 2,031 | 1,969 | ||
Carrying Value | |||||
With no recorded allowance | 684 | 684 | 571 | ||
With an allowance recorded | 1,073 | 1,073 | 1,109 | ||
Total | 1,757 | 1,757 | 1,680 | ||
Related Allowance | 115 | 115 | 98 | ||
Average Carrying Value | |||||
With no recorded allowance | 640 | $ 726 | 659 | $ 822 | |
With an allowance recorded | 1,159 | 1,166 | 1,168 | 1,305 | |
Total | 1,799 | 1,892 | 1,827 | 2,127 | |
Interest Income Recognized | |||||
With no recorded allowance | 4 | 3 | 12 | 9 | |
With an allowance recorded | 11 | 9 | 32 | 25 | |
Total | 15 | 12 | 44 | 34 | |
Non United States | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 10 | 10 | 14 | ||
With an allowance recorded | 233 | 233 | 528 | ||
Total | 243 | 243 | 542 | ||
Carrying Value | |||||
With no recorded allowance | 10 | 10 | 11 | ||
With an allowance recorded | 225 | 225 | 507 | ||
Total | 235 | 235 | 518 | ||
Related Allowance | 19 | 19 | 58 | ||
Average Carrying Value | |||||
With no recorded allowance | 9 | 14 | 35 | 55 | |
With an allowance recorded | 287 | 463 | 381 | 466 | |
Total | 296 | 477 | 416 | 521 | |
Interest Income Recognized | |||||
With no recorded allowance | 0 | 0 | 2 | 0 | |
With an allowance recorded | 3 | 3 | 9 | 9 | |
Total | 3 | 3 | 11 | 9 | |
Commercial Real Estate | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 42 | 42 | 83 | ||
With an allowance recorded | 104 | 104 | 133 | ||
Total | 146 | 146 | 216 | ||
Carrying Value | |||||
With no recorded allowance | 32 | 32 | 80 | ||
With an allowance recorded | 20 | 20 | 41 | ||
Total | 52 | 52 | 121 | ||
Related Allowance | 2 | 2 | 4 | ||
Average Carrying Value | |||||
With no recorded allowance | 68 | 77 | 72 | 61 | |
With an allowance recorded | 10 | 72 | 19 | 85 | |
Total | 78 | 149 | 91 | 146 | |
Interest Income Recognized | |||||
With no recorded allowance | 0 | 1 | 1 | 1 | |
With an allowance recorded | 0 | 0 | 0 | 2 | |
Total | 0 | 1 | 1 | 3 | |
Commercial lease financing | |||||
Unpaid Principal Balance | |||||
With no recorded allowance | 2 | 2 | 0 | ||
With an allowance recorded | 72 | 72 | 20 | ||
Total | 74 | 74 | 20 | ||
Carrying Value | |||||
With no recorded allowance | 2 | 2 | 0 | ||
With an allowance recorded | 72 | 72 | 18 | ||
Total | 74 | 74 | 18 | ||
Related Allowance | 0 | 0 | 3 | ||
Average Carrying Value | |||||
With no recorded allowance | 3 | 0 | 4 | 0 | |
With an allowance recorded | 58 | 10 | 32 | 6 | |
Total | 61 | 10 | 36 | 6 | |
Interest Income Recognized | |||||
With no recorded allowance | 0 | 0 | 0 | 0 | |
With an allowance recorded | 1 | 0 | 1 | 0 | |
Total | 1 | 0 | 1 | 0 | |
Small Business Commercial | |||||
Unpaid Principal Balance | |||||
With an allowance recorded | 90 | 90 | 84 | ||
Total | 90 | 90 | 84 | ||
Carrying Value | |||||
With an allowance recorded | 76 | 76 | 70 | ||
Total | 76 | 76 | 70 | ||
Related Allowance | 29 | 29 | $ 27 | ||
Average Carrying Value | |||||
With an allowance recorded | 74 | 72 | 74 | 74 | |
Total | 74 | 72 | 74 | 74 | |
Interest Income Recognized | |||||
With an allowance recorded | 0 | 0 | 0 | 0 | |
Total | $ 0 | $ 0 | $ 0 | $ 0 |
Outstanding Loans and Leases_16
Outstanding Loans and Leases - Commercial - TDRs Entered Into During the Period (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | $ 638 | $ 477 | $ 1,286 | $ 907 | |
Carrying Value | 584 | 442 | 1,178 | 838 | |
Net charge-offs | 38 | 27 | $ 64 | 89 | |
Threshold period past due for nonperforming status of financing receivables | 90 days | ||||
Commercial Portfolio Segment | Commercial Real Estate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 0 | 0 | $ 71 | 16 | |
Carrying Value | 0 | 0 | 71 | 9 | |
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 4 | 32 | |||
Commercial Portfolio Segment | Commercial lease financing | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 29 | 12 | 92 | 12 | |
Carrying Value | 29 | 12 | 91 | 12 | |
Commercial Portfolio Segment | Small Business Commercial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 3 | 3 | 8 | 11 | |
Carrying Value | 2 | 3 | 6 | 12 | |
Commercial Portfolio Segment | United States | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 595 | 357 | 1,111 | 763 | |
Carrying Value | 544 | 322 | 1,006 | 700 | |
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 174 | 57 | |||
Commercial Portfolio Segment | Non United States | |||||
Financing Receivable, Modifications [Line Items] | |||||
Unpaid Principal Balance | 11 | 105 | 4 | 105 | |
Carrying Value | $ 9 | $ 105 | $ 4 | $ 105 |
Outstanding Loans and Leases_17
Outstanding Loans and Leases - Rollforward of Accretable Yield (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Rollforward of Accretable Yield | ||||
Accretable yield, beginning of period | $ 2,558 | $ 2,789 | ||
Accretion | (117) | (371) | ||
Disposals/transfers | (612) | (824) | ||
Reclassifications from nonaccretable difference | 56 | 291 | ||
Accretable yield, end of period | 1,885 | 1,885 | ||
Purchased credit impaired loans sold | $ 2,000 | $ 538 | $ 2,100 | $ 742 |
Outstanding Loans and Leases_18
Outstanding Loans and Leases - Loans Held-for-Sale (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Loans held-for-sale | $ 5,576 | $ 11,430 | |
Proceeds including cash and securities from sales securitizations and paydowns of loans held for sale | 23,400 | $ 28,000 | |
Originations and purchases | $ 16,830 | $ 31,404 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | $ 10,050 | $ 10,875 | $ 10,393 | $ 11,237 |
Loans and leases charged off | (1,336) | (1,362) | (4,010) | (4,022) |
Recoveries of loans and leases previously charged off | 404 | 462 | 1,171 | 1,280 |
Net charge-offs | (932) | (900) | (2,839) | (2,742) |
Provision (benefit) for loan and lease losses | 711 | 829 | 2,362 | 2,395 |
Other | 0 | (38) | (16) | (36) |
Allowance for loan and lease losses, end of the period | 9,734 | 10,693 | 9,734 | 10,693 |
Provision for unfunded lending commitments | 716 | 834 | 2,377 | 2,395 |
Reserve for unfunded lending commitments, end of the period | 10,526 | 11,455 | 10,526 | 11,455 |
Allowance for credit losses | 10,526 | 11,455 | 10,526 | 11,455 |
Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 787 | 757 | 777 | 762 |
Provision for unfunded lending commitments | 5 | 5 | 15 | |
Reserve for unfunded lending commitments, end of the period | 792 | 762 | 792 | 762 |
Allowance for credit losses | 787 | 757 | 777 | 762 |
Purchased Credit-impaired | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and leases charged off | (95) | (73) | (166) | (161) |
Provision (benefit) for loan and lease losses | 53 | 12 | 28 | 56 |
Reserve for unfunded lending commitments, beginning of the period | 289 | |||
Reserve for unfunded lending commitments, end of the period | 150 | 150 | ||
Allowance for credit losses | 150 | 289 | ||
Financing receivable allowance sold | 71 | 45 | 88 | 80 |
Consumer Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 1,366 | 2,309 | 1,720 | 2,750 |
Loans and leases charged off | (155) | (231) | (466) | (633) |
Recoveries of loans and leases previously charged off | 163 | 230 | 440 | 520 |
Net charge-offs | 8 | (1) | (26) | (113) |
Provision (benefit) for loan and lease losses | (119) | (204) | (368) | (445) |
Other | (2) | 1 | (2) | 1 |
Allowance for loan and lease losses, end of the period | 1,158 | 2,032 | 1,158 | 2,032 |
Reserve for unfunded lending commitments, end of the period | 1,158 | 2,032 | 1,158 | 2,032 |
Allowance for credit losses | 1,158 | 2,032 | 1,158 | 2,032 |
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 | (95) | (73) | (166) | (161) |
Reserve for unfunded lending commitments, beginning of the period | 289 | |||
Reserve for unfunded lending commitments, end of the period | 150 | 150 | ||
Allowance for credit losses | 150 | 289 | ||
Credit card and other consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 3,774 | 3,386 | 3,663 | 3,229 |
Loans and leases charged off | (992) | (919) | (3,031) | (2,819) |
Recoveries of loans and leases previously charged off | 208 | 189 | 621 | 623 |
Net charge-offs | (784) | (730) | (2,410) | (2,196) |
Provision (benefit) for loan and lease losses | 829 | 934 | 2,583 | 2,553 |
Other | 3 | (40) | (14) | (36) |
Allowance for loan and lease losses, end of the period | 3,822 | 3,550 | 3,822 | 3,550 |
Reserve for unfunded lending commitments, end of the period | 3,822 | 3,550 | 3,822 | 3,550 |
Allowance for credit losses | 3,822 | 3,550 | 3,822 | 3,550 |
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 | 4,910 | 5,180 | 5,010 | 5,258 |
Loans and leases charged off | (189) | (212) | (513) | (570) |
Recoveries of loans and leases previously charged off | 33 | 43 | 110 | 137 |
Net charge-offs | (156) | (169) | (403) | (433) |
Provision (benefit) for loan and lease losses | 1 | 99 | 147 | 287 |
Other | (1) | 1 | 0 | (1) |
Allowance for loan and lease losses, end of the period | 4,754 | 5,111 | 4,754 | 5,111 |
Reserve for unfunded lending commitments, end of the period | 5,546 | 5,873 | 5,546 | 5,873 |
Allowance for credit losses | 5,546 | 5,873 | 5,546 | 5,873 |
Commercial | Unfunded loan commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of the period | 787 | 757 | 777 | 762 |
Provision for unfunded lending commitments | 5 | 5 | 15 | |
Reserve for unfunded lending commitments, end of the period | 792 | 762 | 792 | 762 |
Allowance for credit losses | 787 | 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 -_2
Allowance for Credit Losses - Allowance and Carrying Value by Portfolio Segment (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | $ 607 | $ 663 | ||||
Carrying value | $ 12,410 | $ 15,451 | ||||
Allowance as a percentage of carrying value | 4.89% | 4.29% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 8,977 | $ 9,441 | ||||
Carrying value | $ 904,508 | $ 904,871 | ||||
Allowance as a percentage of carrying value | 0.99% | 1.04% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 10,526 | $ 11,455 | ||||
Valuation allowance as a percentage of carrying value | 2.10% | 2.70% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 9,734 | $ 10,050 | $ 10,393 | 10,693 | $ 10,875 | $ 11,237 |
Carrying value | $ 924,070 | $ 931,039 | ||||
Allowance as a percentage of carrying value | 1.05% | 1.12% | ||||
Loans and leases | $ 929,801 | $ 936,749 | ||||
Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | 5,731 | 5,710 | ||||
Purchased Credit-impaired | ||||||
Purchased credit-impaired loans | ||||||
Valuation allowance | 150 | 289 | ||||
Carrying value gross of valuation allowance | 7,152 | 10,717 | ||||
Total | ||||||
Loans and leases | 7,152 | 10,717 | ||||
Consumer real estate | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | 299 | 348 | ||||
Carrying value | $ 9,675 | $ 12,554 | ||||
Allowance as a percentage of carrying value | 3.09% | 2.77% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 709 | $ 1,083 | ||||
Carrying value | $ 242,594 | $ 238,284 | ||||
Allowance as a percentage of carrying value | 0.29% | 0.45% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 1,158 | 2,032 | ||||
Valuation allowance as a percentage of carrying value | 2.10% | 2.70% | ||||
Total | ||||||
Allowance for loan and lease losses | $ 1,158 | 1,366 | $ 1,720 | 2,032 | 2,309 | 2,750 |
Carrying value | $ 259,421 | $ 261,555 | ||||
Allowance as a percentage of carrying value | 0.45% | 0.66% | ||||
Consumer real estate | Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | $ 755 | $ 928 | ||||
Consumer real estate | Purchased Credit-impaired | ||||||
Purchased credit-impaired loans | ||||||
Valuation allowance | 150 | 289 | ||||
Carrying value gross of valuation allowance | 7,152 | 10,717 | ||||
Credit card and other consumer | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | 143 | 125 | ||||
Carrying value | $ 541 | $ 490 | ||||
Allowance as a percentage of carrying value | 26.43% | 25.51% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 3,679 | $ 3,538 | ||||
Carrying value | $ 185,829 | $ 192,303 | ||||
Allowance as a percentage of carrying value | 1.98% | 1.84% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 3,822 | 3,550 | ||||
Total | ||||||
Allowance for loan and lease losses | 3,822 | 3,774 | $ 3,663 | 3,550 | 3,386 | 3,229 |
Carrying value | $ 186,370 | $ 192,793 | ||||
Allowance as a percentage of carrying value | 2.05% | 1.90% | ||||
Commercial | ||||||
Impaired loans and troubled debt restructurings | ||||||
Allowance for loan and lease losses | $ 165 | $ 190 | ||||
Carrying value | $ 2,194 | $ 2,407 | ||||
Allowance as a percentage of carrying value | 7.52% | 7.89% | ||||
Loans collectively evaluated for impairment | ||||||
Allowance for loan and lease losses | $ 4,589 | $ 4,820 | ||||
Carrying value | $ 476,085 | $ 474,284 | ||||
Allowance as a percentage of carrying value | 0.96% | 1.02% | ||||
Purchased credit-impaired loans | ||||||
Valuation allowance | $ 5,546 | 5,873 | ||||
Total | ||||||
Allowance for loan and lease losses | 4,754 | $ 4,910 | $ 5,010 | $ 5,111 | $ 5,180 | $ 5,258 |
Carrying value | $ 478,279 | $ 476,691 | ||||
Allowance as a percentage of carrying value | 0.99% | 1.05% | ||||
Loans and leases | $ 483,255 | $ 481,473 | ||||
Commercial | Estimate of Fair Value Measurement | ||||||
Total | ||||||
Loans and leases | $ 4,976 | $ 4,782 |
Securitizations and Other Var_3
Securitizations and Other Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Liquidity commitments to unconsolidated securitization trusts | $ 271 | $ 442 |
Securitizations and Other Var_4
Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | $ 1,596 | $ 3,833 | $ 4,661 | $ 11,791 | |
Gains on securitizations | 13 | 40 | 54 | 140 | |
Repurchases from securitization trusts | 357 | 609 | 1,215 | 2,083 | |
Gain (loss) on loans securitized | 15 | 63 | 60 | 195 | |
Commercial Mortgage | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Cash proceeds from new securitizations | 1,797 | 1,225 | 3,981 | 2,931 | |
Gains on securitizations | 29 | 14 | 68 | 67 | |
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 | 234,400 | 289,300 | 234,400 | 289,300 | |
Servicing fees | 168 | 213 | 546 | 691 | |
Transfers continuing involvement servicing fee advances | 3,500 | 3,500 | $ 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 | $ 169 | $ 770 | $ 566 | $ 1,300 |
Securitizations and Other Var_5
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
On-balance sheet assets | |||
Trading account assets | $ 219,118 | $ 209,358 | |
Debt securities carried at fair value | 251,635 | 315,117 | |
Held-to-maturity securities | 194,472 | 125,013 | |
Loans and leases, net | 929,801 | 936,749 | |
All other assets | 125,795 | 135,043 | |
Total assets | 2,338,833 | 2,281,234 | $ 2,284,174 |
Total liabilities | 2,076,675 | 2,014,088 | |
Unpaid principal balance of mortgage loans eligible for repurchase | 12 | 148 | |
Principal amount that would be payable to the securitization vehicles | 12 | 148 | |
Unconsolidated VIEs | Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 16,461 | 19,110 | |
On-balance sheet assets | |||
All other assets | 0 | 10 | |
Total assets | 16,461 | 19,110 | |
Principal balance outstanding | 195,110 | 232,761 | |
Unconsolidated VIEs | Agency | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 509 | 716 | |
Debt securities carried at fair value | 10,232 | 15,036 | |
Held-to-maturity securities | 5,720 | 3,348 | |
Unconsolidated VIEs | Non-agency | Prime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 458 | 689 | |
On-balance sheet assets | |||
All other assets | 3 | 5 | |
Total assets | 286 | 488 | |
Principal balance outstanding | 9,448 | 10,549 | |
Unconsolidated VIEs | Non-agency | Prime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 21 | 6 | |
Debt securities carried at fair value | 262 | 477 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Subprime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 2,063 | 2,643 | |
On-balance sheet assets | |||
All other assets | 66 | 38 | |
Total assets | 1,705 | 2,269 | |
Principal balance outstanding | 9,156 | 10,254 | |
Unconsolidated VIEs | Non-agency | Subprime | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 47 | 10 | |
Debt securities carried at fair value | 1,592 | 2,221 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Non-agency | Alt-A | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 218 | 403 | |
On-balance sheet assets | |||
All other assets | 2 | 2 | |
Total assets | 218 | 403 | |
Principal balance outstanding | 24,439 | 28,129 | |
Unconsolidated VIEs | Non-agency | Alt-A | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 71 | 50 | |
Debt securities carried at fair value | 145 | 351 | |
Held-to-maturity securities | 0 | 0 | |
Unconsolidated VIEs | Commercial Mortgage | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 659 | 585 | |
On-balance sheet assets | |||
All other assets | 44 | 88 | |
Total assets | 520 | 470 | |
Principal balance outstanding | 31,251 | 26,504 | |
Unconsolidated VIEs | Commercial Mortgage | Senior Lien | |||
On-balance sheet assets | |||
Trading account assets | 57 | 108 | |
Debt securities carried at fair value | 0 | 0 | |
Held-to-maturity securities | 419 | 274 | |
Consolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 6,145 | 6,521 | |
Loans and leases, net | 44,163 | 48,929 | |
All other assets | 357 | 1,721 | |
Total assets | 49,745 | 56,155 | |
Total liabilities | 11,968 | 10,222 | |
Consolidated VIEs | Agency | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 13,206 | 14,502 | |
On-balance sheet assets | |||
Trading account assets | 733 | 232 | |
Loans and leases, net | 12,312 | 14,030 | |
All other assets | 162 | 240 | |
Total assets | 13,207 | 14,502 | |
Total liabilities | 3 | 3 | |
Consolidated VIEs | Non-agency | Prime | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 551 | 571 | |
On-balance sheet assets | |||
Trading account assets | 704 | 571 | |
Loans and leases, net | 0 | 0 | |
All other assets | 0 | 0 | |
Total assets | 704 | 571 | |
Total liabilities | 153 | 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 Var_6
Securitizations and Other Variable Interest Entities - Home Equity Loan, Credit Card and Other Asset-backed VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
On-balance sheet assets | ||||||
Trading account assets | $ 219,118 | $ 209,358 | ||||
Debt securities carried at fair value | 251,635 | 315,117 | ||||
Held-to-maturity securities | 194,472 | 125,013 | ||||
Securities | 446,107 | 440,130 | ||||
Loans and leases | 929,801 | 936,749 | ||||
Allowance for loan and lease losses | (9,734) | $ (10,050) | (10,393) | $ (10,693) | $ (10,875) | $ (11,237) |
All other assets | 125,795 | 135,043 | ||||
Total assets | 2,338,833 | 2,281,234 | $ 2,284,174 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 234,100 | 227,402 | ||||
Total liabilities | 2,076,675 | 2,014,088 | ||||
Consolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 6,145 | 6,521 | ||||
Loans and leases | 44,163 | 48,929 | ||||
Allowance for loan and lease losses | (920) | (1,016) | ||||
All other assets | 357 | 1,721 | ||||
Total assets | 49,745 | 56,155 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 11,024 | 9,873 | ||||
All other liabilities | 39 | 37 | ||||
Total liabilities | 11,968 | 10,222 | ||||
Home Equity Loan | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 1,101 | 1,522 | ||||
On-balance sheet assets | ||||||
Total assets | 29 | 36 | ||||
Unconsolidated total assets of VIEs | 1,944 | 2,432 | ||||
Home Equity Loan | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 91 | 112 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Loans and leases | 143 | 177 | ||||
Allowance for loan and lease losses | (6) | (9) | ||||
All other assets | 4 | 6 | ||||
Total assets | 141 | 174 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 59 | 76 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 59 | 76 | ||||
Home Equity Loan | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Debt securities carried at fair value | 29 | 36 | ||||
Held-to-maturity securities | 0 | 0 | ||||
Home Equity Loan | Junior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
All other assets | 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 | 18,600 | 24,337 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Loans and leases | 29,726 | 32,554 | ||||
Allowance for loan and lease losses | (907) | (988) | ||||
All other assets | 128 | 1,385 | ||||
Total assets | 28,947 | 32,951 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 10,320 | 8,598 | ||||
All other liabilities | 27 | 16 | ||||
Total liabilities | 10,347 | 8,614 | ||||
Residual interests | 10,800 | 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 | ||||||
All other assets | 0 | 0 | ||||
Resecuritization Trusts | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 8,185 | 8,204 | ||||
On-balance sheet assets | ||||||
All other assets | 0 | |||||
Total assets | 8,185 | 8,204 | ||||
Unconsolidated total assets of VIEs | 18,469 | 19,281 | ||||
Resecuritization Trusts | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 109 | 628 | ||||
On-balance sheet assets | ||||||
Trading account assets | 376 | 1,557 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
All other assets | 0 | 0 | ||||
Total assets | 376 | 1,557 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 267 | 929 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 267 | 929 | ||||
Resecuritization Trusts | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 1,757 | 869 | ||||
Debt securities carried at fair value | 1,380 | 1,661 | ||||
Held-to-maturity securities | 5,048 | 5,644 | ||||
Resecuritization Trusts | Junior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
All other assets | 30 | |||||
Municipal Bond Trusts | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 1,837 | 1,631 | ||||
On-balance sheet assets | ||||||
Total assets | 22 | 33 | ||||
Unconsolidated total assets of VIEs | 2,560 | 2,287 | ||||
Municipal Bond Trusts | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 1,726 | 1,453 | ||||
On-balance sheet assets | ||||||
Trading account assets | 1,740 | 1,452 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
All other assets | 1 | 1 | ||||
Total assets | 1,741 | 1,453 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 905 | 312 | ||||
Long-term debt | 12 | 0 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 917 | 312 | ||||
Municipal Bond Trusts | Senior Lien | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 22 | 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 | ||||||
All other assets | $ 0 | $ 0 |
Securitizations and Other Var_7
Securitizations and Other Variable Interest Entities - Other Asset-backed Securitizations, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | $ 7,700 | $ 7,700 | 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 | $ 4,000 | $ 3,100 | |||
Credit Card Receivable | Junior Lien | |||||
Variable Interest Entity [Line Items] | |||||
Transferred financial assets, amount issued | 650 | 500 | |||
Resecuritization Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | $ 7,700 | $ 5,000 | 21,300 | 20,100 | |
Resecuritization Trusts | Debt securities | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | 1,500 | $ 855 | 3,700 | $ 2,700 | |
Municipal Bond Trusts | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Liquidity commitments to unconsolidated securitization trusts | $ 1,800 | $ 1,800 | $ 1,600 | ||
Weighted average remaining life of bonds held in the trusts in years | 6 years 3 months 3 days |
Securitizations and Other Var_8
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
On-balance sheet assets | ||||||
Trading account assets | $ 219,118 | $ 209,358 | ||||
Debt securities carried at fair value | 251,635 | 315,117 | ||||
Loans and leases | 929,801 | 936,749 | ||||
Allowance for loan and lease losses | (9,734) | $ (10,050) | (10,393) | $ (10,693) | $ (10,875) | $ (11,237) |
All other assets | 125,795 | 135,043 | ||||
Total assets | 2,338,833 | 2,281,234 | $ 2,284,174 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 234,100 | 227,402 | ||||
Total liabilities | 2,076,675 | 2,014,088 | ||||
Consolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 6,145 | 6,521 | ||||
Loans and leases | 44,163 | 48,929 | ||||
Allowance for loan and lease losses | (920) | (1,016) | ||||
All other assets | 357 | 1,721 | ||||
Total assets | 49,745 | 56,155 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 11,024 | 9,873 | ||||
All other liabilities | 39 | 37 | ||||
Total liabilities | 11,968 | 10,222 | ||||
Other Variable Interest Entities | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 25,595 | 24,445 | ||||
On-balance sheet assets | ||||||
Trading account assets | 2,923 | 3,055 | ||||
Debt securities carried at fair value | 20 | 160 | ||||
Loans and leases | 6,132 | 5,748 | ||||
Allowance for loan and lease losses | (31) | (35) | ||||
All other assets | 15,362 | 15,305 | ||||
Total assets | 24,406 | 24,233 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 213 | 270 | ||||
All other liabilities | 4,077 | 3,435 | ||||
Total liabilities | 4,290 | 3,705 | ||||
Consolidated total assets of VIEs | 4,629 | 4,947 | ||||
Unconsolidated total assets of VIEs | 79,564 | 69,746 | ||||
Total assets of VIEs | 84,193 | 74,693 | ||||
Other Variable Interest Entities | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 4,407 | 4,660 | ||||
On-balance sheet assets | ||||||
Trading account assets | 2,592 | 2,709 | ||||
Debt securities carried at fair value | 0 | 0 | ||||
Loans and leases | 1,977 | 2,152 | ||||
Allowance for loan and lease losses | (2) | (3) | ||||
All other assets | 62 | 89 | ||||
Total assets | 4,629 | 4,947 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 213 | 270 | ||||
All other liabilities | 10 | 18 | ||||
Total liabilities | 223 | 288 | ||||
Other Variable Interest Entities | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 21,188 | 19,785 | ||||
On-balance sheet assets | ||||||
Trading account assets | 331 | 346 | ||||
Debt securities carried at fair value | 20 | 160 | ||||
Loans and leases | 4,155 | 3,596 | ||||
Allowance for loan and lease losses | (29) | (32) | ||||
All other assets | 15,300 | 15,216 | ||||
Total assets | 19,777 | 19,286 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 0 | 0 | ||||
All other liabilities | 4,067 | 3,417 | ||||
Total liabilities | $ 4,067 | $ 3,417 |
Securitizations and Other Var_9
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||||
Total assets | $ 2,338,833 | $ 2,284,174 | $ 2,338,833 | $ 2,284,174 | $ 2,281,234 |
Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 49,745 | 49,745 | 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 | 433 | 433 | 358 | ||
Investment Vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 6,200 | 6,200 | 5,700 | ||
Investment Vehicles | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 337 | 337 | 249 | ||
Investment Vehicles | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 29,200 | 29,200 | 20,300 | ||
Leveraged Lease Trusts | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 1,800 | 1,800 | 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 | 265 | 293 | $ 750 | 825 | |
Expected tax benefits recognized, as a percentage | 25.00% | ||||
Tax Credit Vehicles | Other income | |||||
Investments in Affordable Housing Projects [Abstract] | |||||
Pretax losses | 215 | $ 209 | $ 640 | $ 612 | |
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 | $ 14,700 | $ 14,700 | $ 13,800 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | Sep. 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 | Global Wealth & Investment Management | ||
Goodwill [Line Items] | ||
Total goodwill | 9,677 | 9,677 |
Operating Segments | Global Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 23,923 | 23,923 |
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 Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Intangible Assets [Abstract] | ||
Gross Carrying Value | $ 13,640 | $ 13,640 |
Accumulated Amortization | 11,732 | 11,328 |
Net Carrying Value | 1,908 | 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 | 5,721 | 5,604 |
Net Carrying Value | 198 | 315 |
Core deposit and other intangibles | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,835 | 3,835 |
Accumulated Amortization | 2,201 | 2,140 |
Net Carrying Value | 1,634 | 1,695 |
Customer relationships | ||
Intangible Assets [Abstract] | ||
Gross Carrying Value | 3,886 | 3,886 |
Accumulated Amortization | 3,810 | 3,584 |
Net Carrying Value | $ 76 | $ 302 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles | $ 134,000,000 | $ 151,000,000 | $ 404,000,000 | $ 473,000,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Remainder of 2018 | 134,000,000 | 134,000,000 | ||
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 Purchas_3
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Schedule (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Amount | ||||
Average during period | $ 191,693 | $ 197,794 | $ 193,854 | $ 199,433 |
Maximum month-end balance during period | $ 189,206 | $ 197,604 | $ 199,419 | $ 218,017 |
Rate | ||||
Average during period | 1.88% | 1.37% | 1.71% | 1.18% |
Short-term borrowings | ||||
Amount | ||||
Average during period | $ 33,410 | $ 32,153 | $ 40,048 | $ 38,329 |
Maximum month-end balance during period | $ 36,043 | $ 32,679 | $ 52,480 | $ 46,202 |
Rate | ||||
Average during period | 2.89% | 2.54% | 2.49% | 2.43% |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Amount | ||||
Average during period | $ 241,426 | $ 223,585 | $ 247,183 | $ 222,255 |
Maximum month-end balance during period | $ 267,989 | $ 224,815 | $ 267,989 | $ 237,064 |
Rate | ||||
Average during period | 1.31% | 0.86% | 1.15% | 0.77% |
Federal Funds Sold or Purchas_4
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Securities Financing Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Securities borrowed or purchased under agreements to resell: | ||
Gross Assets | $ 373,800 | $ 348,472 |
Amounts Offset | (125,563) | (135,725) |
Net Balance Sheet Amount | 248,237 | 212,747 |
Financial Instruments | (218,291) | (165,720) |
Net Assets | 29,946 | 47,027 |
Securities loaned or sold under agreements to repurchase: | ||
Gross Liabilities | 297,163 | 312,582 |
Amounts Offset | (125,563) | (135,725) |
Net Balance Sheet Amount | 171,600 | 176,857 |
Financial Instruments | (151,842) | (146,205) |
Net Liabilities | 19,758 | 30,652 |
Other: | ||
Gross Liabilities | 24,446 | 22,711 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 24,446 | 22,711 |
Financial Instruments | (24,446) | (22,711) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability: | ||
Gross Liabilities | 321,609 | 335,293 |
Amounts Offset | (125,563) | (135,725) |
Net Balance Sheet Amount | 196,046 | 199,568 |
Financial Instruments | (176,288) | (168,916) |
Net Liabilities | 19,758 | 30,652 |
Loans and leases repurchase activity | $ 11,100 | $ 10,200 |
Federal Funds Sold or Purchas_5
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Remaining Contractual Maturity (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 278,083 | $ 290,895 |
Securities loaned | 19,080 | 21,687 |
Other | 24,446 | 22,711 |
Total | $ 321,609 | $ 335,293 |
Maximum agreement maturity period (less than) | 3 years | 3 years |
Overnight and Continuous | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 128,222 | $ 125,956 |
Securities loaned | 13,364 | 9,853 |
Other | 24,446 | 22,711 |
Total | 166,032 | 158,520 |
30 Days or Less | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 68,852 | 79,913 |
Securities loaned | 738 | 5,658 |
Other | 0 | 0 |
Total | 69,590 | 85,571 |
After 30 Days Through 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 22,920 | 46,091 |
Securities loaned | 896 | 2,043 |
Other | 0 | 0 |
Total | 23,816 | 48,134 |
Greater than 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 58,089 | 38,935 |
Securities loaned | 4,082 | 4,133 |
Other | 0 | 0 |
Total | $ 62,171 | $ 43,068 |
Federal Funds Sold or Purchas_6
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Class of Collateral Pledged (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | $ 278,083 | $ 290,895 |
Securities Loaned | 19,080 | 21,687 |
Other | 24,446 | 22,711 |
Total | 321,609 | 335,293 |
U.S. government and agency securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 158,567 | 158,299 |
Securities Loaned | 10 | 0 |
Other | 2 | 409 |
Total | 158,579 | 158,708 |
Corporate securities, trading loans and other | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 13,448 | 12,787 |
Securities Loaned | 2,656 | 2,669 |
Other | 363 | 624 |
Total | 16,467 | 16,080 |
Equity securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 17,268 | 23,975 |
Securities Loaned | 10,953 | 13,523 |
Other | 24,028 | 21,628 |
Total | 52,249 | 59,126 |
Non-U.S. sovereign debt | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 84,435 | 90,857 |
Securities Loaned | 5,461 | 5,495 |
Other | 53 | 50 |
Total | 89,949 | 96,402 |
Mortgage trading loans and ABS | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 4,365 | 4,977 |
Securities Loaned | 0 | 0 |
Other | 0 | 0 |
Total | $ 4,365 | $ 4,977 |
Federal Funds Sold or Purchas_7
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Billions | Sep. 30, 2018 | Dec. 31, 2017 |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | ||
Restricted cash | $ 18.3 | $ 18.8 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Legally binding unfunded commitments syndicated | $ 10,800 | $ 11,000 |
Carrying amount credit extension commitments syndicated | 808 | 793 |
Deferred revenue | 16 | 16 |
Other liabilities reserve for unfunded lending commitments | 792 | 777 |
Notional amount of credit extension commitments under fair value option | 3,200 | 4,800 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair value carrying amount liabilities | $ 70 | $ 120 |
Commitments and Contingencies_2
Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 484,914 | $ 475,273 |
Expire After One Year Through Three Years | 154,882 | 156,777 |
Expire After Three Years Through Five Years | 160,735 | 152,880 |
Expire After Five Years | 58,359 | 53,823 |
Total | 858,890 | 838,753 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 111,619 | 113,243 |
Expire After One Year Through Three Years | 154,882 | 156,777 |
Expire After Three Years Through Five Years | 160,735 | 152,880 |
Expire After Five Years | 58,359 | 53,823 |
Total | 485,595 | 476,723 |
Loan commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 86,501 | 85,804 |
Expire After One Year Through Three Years | 142,327 | 140,942 |
Expire After Three Years Through Five Years | 154,991 | 147,043 |
Expire After Five Years | 22,724 | 21,342 |
Total | 406,543 | 395,131 |
Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 3,203 | 6,172 |
Expire After One Year Through Three Years | 2,494 | 4,457 |
Expire After Three Years Through Five Years | 3,115 | 2,288 |
Expire After Five Years | 34,411 | 31,250 |
Total | 43,223 | 44,167 |
Standby letters of credit and other | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 20,653 | 19,976 |
Expire After One Year Through Three Years | 9,838 | 11,261 |
Expire After Three Years Through Five Years | 2,555 | 3,420 |
Expire After Five Years | 1,151 | 1,144 |
Total | 34,197 | 35,801 |
Standby letters of credit and other | Credit Card and Other Consumer | ||
Other Commitments [Line Items] | ||
Total | 402 | 421 |
Standby letters of credit and other | Investment grade | ||
Other Commitments [Line Items] | ||
Total | 26,900 | 27,300 |
Standby letters of credit and other | Non-investment grade | ||
Other Commitments [Line Items] | ||
Total | 6,900 | 8,100 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,262 | 1,291 |
Expire After One Year Through Three Years | 223 | 117 |
Expire After Three Years Through Five Years | 74 | 129 |
Expire After Five Years | 73 | 87 |
Total | 1,632 | 1,624 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 373,295 | 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 | $ 373,295 | $ 362,030 |
Commitments and Contingencies_3
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
Other commitment, remainder of fiscal year | $ 600 | |
2,019 | 2,300 | |
2,020 | 2,100 | |
2,021 | 1,900 | |
2,022 | 1,600 | |
Thereafter | 6,300 | |
Liquefied Natural Gas Commodities | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 1,700 | $ 1,500 |
Forward-Dated Securities Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitment, period | 15 months | |
Forward-Dated Resale and Securities Borrowing Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 80,200 | 56,800 |
Forward-Dated Repurchase and Securities Lending Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 40,300 | 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 | $ 341 | 344 |
Commercial Portfolio Segment | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 764 | $ 994 |
Commitments and Contingencies_4
Commitments and Contingencies - Other Guarantees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Representations and Warranties Obligations and Corporate Guarantees | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 2,000 | $ 2,000 | $ 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 | 220,000 | $ 200,400 | 646,900 | $ 591,800 | |
Losses as result of cardholder disputed transactions | 6 | $ 7 | 23 | $ 22 | |
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 | 363,000 | 363,000 | 346,400 | ||
Other Guarantee | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential exposure | $ 6,000 | $ 6,000 | $ 5,900 |
Commitments and Contingencies_5
Commitments and Contingencies - Litigation and Regulatory Matters (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Loss Contingencies [Line Items] | ||||
Litigation settlement expense | $ 90,000,000 | $ 140,000,000 | $ 292,000,000 | $ 606,000,000 |
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 | Oct. 24, 2018 | Jul. 26, 2018 | Apr. 25, 2018 | Jan. 31, 2018 | Sep. 30, 2018 |
Subsequent Event [Line Items] | |||||
Dividends per share (in dollars per share) | $ 0.15 | $ 0.12 | $ 0.120 | $ 0.15 | |
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, $ in Millions | Oct. 24, 2018 | Jul. 26, 2018 | Apr. 25, 2018 | Jan. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Common Stock | |||||||
Common stock repurchased | $ 14,863 | $ 7,945 | |||||
Common stock dividends declared (in dollars per share) | $ 0.15 | $ 0.12 | $ 0.120 | $ 0.15 | |||
Share-based compensation, number of shares authorized (in shares) | 787 | 787 | |||||
Common Stock Including Additional Paid in Capital [Member] | |||||||
Common Stock | |||||||
Common stock repurchased (in shares) | 164 | 481.8 | 334.6 | ||||
Common stock repurchased | $ 5,000 | $ 14,863 | $ 7,945 | ||||
Stock issued (in shares) | 52.8 | 39.5 | |||||
Common Stock | |||||||
Common Stock | |||||||
Stock issued (in shares) | 74 | ||||||
Shares paid for tax withholding for share based compensation (in shares) | 29 | ||||||
Warrants Expiring October 29, 2018 | |||||||
Common Stock | |||||||
Warrants outstanding (in shares) | 122 | 122 | |||||
Exercise price per warrant (in dollars per share) | $ 30.79 | $ 30.79 | |||||
Warrants Expiring January 16, 2019 | |||||||
Common Stock | |||||||
Warrants outstanding (in shares) | 130 | 130 | |||||
Minimum required dividend rate (in dollars per share) | $ 0.01 | $ 0.01 | |||||
Exercise price per warrant (in dollars per share) | $ 12.609 | $ 12.609 | |||||
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 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Class of Stock [Line Items] | ||||||
Preferred stock dividends | $ 1,212,000,000 | $ 1,292,000,000 | ||||
Issuance of preferred stock | 4,515,000,000 | |||||
Series HH Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares issued (in shares) | 34,160 | |||||
Per annum dividend rate | 5.875% | |||||
Issuance of preferred stock | $ 844,000,000 | |||||
Liquidation preference | $ 25,000 | |||||
Series D, Series I, Series K and Series 3 Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of redeemable preferred stock | $ 1,700,000,000 | |||||
Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock dividends | $ 466,000,000 | $ 318,000,000 | $ 428,000,000 | $ 1,212,000,000 | $ 1,292,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | $ (1,503) | $ 437 | (6,541) | 1,120 | |
Ending Balance | 262,158 | 271,969 | 262,158 | 271,969 | |
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 | (6,541) | 1,120 | |||
Ending Balance | (14,836) | (6,168) | (14,836) | (6,168) | |
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 | (6,166) | 931 | |||
Ending Balance | (7,765) | (336) | (7,765) | (336) | |
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 | 183 | (149) | |||
Ending Balance | (1,097) | (916) | (1,097) | (916) | |
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 | (346) | 156 | |||
Ending Balance | (1,309) | (739) | (1,309) | (739) | |
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 | 91 | 80 | |||
Ending Balance | (3,808) | (3,400) | (3,808) | (3,400) | |
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 | (303) | 102 | |||
Ending Balance | $ (857) | $ (777) | $ (857) | $ (777) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Pre- and After-tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
After-tax | ||||
Comprehensive income | $ 5,664 | $ 5,861 | $ 14,328 | $ 16,987 |
Total other comprehensive income (loss) | ||||
Pre-tax | ||||
Net change | (8,618) | 581 | ||
Tax effect | ||||
Net change | 2,077 | 539 | ||
After-tax | ||||
Comprehensive income | (6,541) | 1,120 | ||
Debt and Equity Securities | ||||
Pre-tax | ||||
Net increase (decrease) in fair value | (8,198) | 1,802 | ||
Net realized (gains) losses reclassified into earnings | (55) | (312) | ||
Net change | (8,253) | 1,490 | ||
Tax effect | ||||
Net increase (decrease) in fair value | 2,075 | (674) | ||
Net realized (gains) losses reclassified into earnings | 12 | 115 | ||
Net change | 2,087 | (559) | ||
After-tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | (6,123) | 1,128 | ||
Net realized (gains) losses reclassified into earnings | (43) | (197) | ||
Comprehensive income | (6,166) | 931 | ||
Debit Valuation Adjustments | ||||
Pre-tax | ||||
Net increase (decrease) in fair value | 220 | (255) | ||
Net realized (gains) losses reclassified into earnings | 20 | 30 | ||
Net change | 240 | (225) | ||
Tax effect | ||||
Net increase (decrease) in fair value | (52) | 96 | ||
Net realized (gains) losses reclassified into earnings | (5) | (20) | ||
Net change | (57) | 76 | ||
After-tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | 168 | (159) | ||
Net realized (gains) losses reclassified into earnings | 15 | 10 | ||
Comprehensive income | 183 | (149) | ||
Derivatives | ||||
Pre-tax | ||||
Net increase (decrease) in fair value | (601) | 79 | ||
Net realized (gains) losses reclassified into earnings | 107 | 171 | ||
Net change | (494) | 250 | ||
Tax effect | ||||
Net increase (decrease) in fair value | 174 | (30) | ||
Net realized (gains) losses reclassified into earnings | (26) | (64) | ||
Net change | 148 | (94) | ||
After-tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | (427) | 49 | ||
Net realized (gains) losses reclassified into earnings | 81 | 107 | ||
Comprehensive income | (346) | 156 | ||
Derivatives | Net interest income | ||||
Pre-tax | ||||
Net realized (gains) losses reclassified into earnings | 134 | 274 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (33) | (103) | ||
After-tax | ||||
Net realized (gains) losses reclassified into earnings | 101 | 171 | ||
Derivatives | Personnel expense | ||||
Pre-tax | ||||
Net realized (gains) losses reclassified into earnings | (27) | (103) | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | 7 | 39 | ||
After-tax | ||||
Net realized (gains) losses reclassified into earnings | (20) | (64) | ||
Employee Benefit Plans | ||||
Pre-tax | ||||
Net realized (gains) losses reclassified into earnings | 119 | 128 | ||
Net change | 119 | 128 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (28) | (48) | ||
Net change | (28) | (48) | ||
After-tax | ||||
Net realized (gains) losses reclassified into earnings | 91 | 80 | ||
Comprehensive income | 91 | 80 | ||
Net actuarial losses and other | ||||
Pre-tax | ||||
Net realized (gains) losses reclassified into earnings | 119 | 128 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (28) | (48) | ||
After-tax | ||||
Net realized (gains) losses reclassified into earnings | 91 | 80 | ||
Foreign currency | ||||
Pre-tax | ||||
Net increase (decrease) in fair value | (87) | (454) | ||
Net realized (gains) losses reclassified into earnings | (143) | (608) | ||
Net change | (230) | (1,062) | ||
Tax effect | ||||
Net increase (decrease) in fair value | (165) | 462 | ||
Net realized (gains) losses reclassified into earnings | 92 | 702 | ||
Net change | (73) | 1,164 | ||
After-tax | ||||
Other comprehensive income (loss) before reclassification, net of tax | (252) | 8 | ||
Net realized (gains) losses reclassified into earnings | (51) | 94 | ||
Comprehensive income | $ (303) | $ 102 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings per common share | ||||
Net income | $ 7,167 | $ 5,424 | $ 20,869 | $ 15,867 |
Preferred stock dividends | (466) | (465) | (1,212) | (1,328) |
Net income applicable to common shareholders | $ 6,701 | $ 4,959 | $ 19,657 | $ 14,539 |
Average common shares issued and outstanding (in shares) | 10,031.6 | 10,197.9 | 10,177.5 | 10,103.4 |
Earnings per common share (in dollars per share) | $ 0.67 | $ 0.49 | $ 1.93 | $ 1.44 |
Diluted earnings per common share | ||||
Net income applicable to common shareholders | $ 6,701 | $ 4,959 | $ 19,657 | $ 14,539 |
Add preferred stock dividends due to assumed conversions | 0 | 37 | 0 | 187 |
Net income allocated to common shareholders | $ 6,701 | $ 4,996 | $ 19,657 | $ 14,726 |
Average common shares issued and outstanding (in shares) | 10,031.6 | 10,197.9 | 10,177.5 | 10,103.4 |
Dilutive potential common shares (in shares) | 139.2 | 548.8 | 140.4 | 728.7 |
Total diluted average common shares issued and outstanding (in shares) | 10,170.8 | 10,746.7 | 10,317.9 | 10,832.1 |
Diluted earnings per common share (in dollars per share) | $ 0.66 | $ 0.46 | $ 1.91 | $ 1.36 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 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) | 2,000,000 | 18,000,000 | 5,000,000 | 22,000,000 | |
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) | 135,000,000 | 150,000,000 | 139,000,000 | 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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 52,524 | $ 52,906 | |
Trading account assets | 219,118 | 209,358 | |
Derivative assets, gross | 337,300 | 351,600 | |
Derivative assets | 45,617 | 37,762 | |
Total available-for-sale debt securities | 239,048 | 302,631 | |
Other debt securities carried at fair value | 12,587 | 12,486 | |
Loans and leases | 5,731 | 5,710 | |
Loans held-for-sale | 3,116 | 2,156 | |
Other assets | 23,738 | 22,581 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 529 | 449 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 34,242 | 36,182 | |
Derivative liabilities, gross | 324,100 | 346,000 | |
Derivative liabilities | 36,189 | 34,300 | |
Short-term borrowings | 1,789 | 1,494 | |
Long-term debt | 28,677 | 31,786 | |
U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 52,306 | 53,523 | |
Agency | |||
Assets | |||
Total available-for-sale debt securities | 136,112 | 192,929 | |
Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 5,678 | 6,804 | |
Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 2,137 | 2,669 | |
Commercial | |||
Assets | |||
Total available-for-sale debt securities | 13,510 | 13,684 | |
Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 3,876 | 5,770 | |
Other debt securities carried at fair value | 3 | 229 | |
Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 18,350 | 20,575 | |
Recurring | |||
Assets | |||
Time deposits placed and other short-term investments | 1,528 | 2,234 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 52,524 | 52,906 | |
Trading account assets | 219,118 | 209,358 | |
Netting adjustments | (291,664) | (313,788) | |
Derivative assets | 45,617 | 37,762 | |
Total available-for-sale debt securities | 239,048 | 302,631 | |
Other debt securities carried at fair value | 12,587 | 12,486 | |
Loans and leases | 5,731 | 5,710 | |
Loans held-for-sale | 3,116 | 2,156 | |
Other assets | 23,738 | 22,581 | |
Total assets | 603,007 | 647,824 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 529 | 449 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 34,242 | 36,182 | |
Total trading account liabilities | 89,964 | 81,187 | |
Netting adjustment | (287,869) | (311,771) | |
Derivative liabilities | 36,189 | 34,300 | |
Short-term borrowings | 1,789 | 1,494 | |
Accrued expenses and other liabilities | 24,516 | 22,840 | |
Long-term debt | 28,677 | 31,786 | |
Total liabilities | 215,906 | 208,238 | |
Mortgage servicing rights | 2,200 | 2,300 | |
Recurring | Securities Segregated for Compliance or Deposited with Clearing Organizations | |||
Assets | |||
Trading account assets | 14,200 | 16,800 | |
Recurring | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 40,928 | 40,642 | |
Liabilities | |||
Total trading account liabilities | 15,765 | 18,000 | |
Recurring | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 28,815 | 30,578 | |
Liabilities | |||
Total trading account liabilities | 8,424 | 6,925 | |
Recurring | Equity securities | |||
Assets | |||
Trading account assets | 95,189 | 84,940 | |
Liabilities | |||
Total trading account liabilities | 43,416 | 36,904 | |
Recurring | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 25,660 | 22,940 | |
Liabilities | |||
Total trading account liabilities | 22,359 | 19,358 | |
Recurring | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 18,697 | 20,586 | |
Recurring | Mortgage trading loans, ABS and other MBS | |||
Assets | |||
Trading account assets | 9,829 | 9,672 | |
Recurring | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 52,306 | 53,523 | |
Recurring | Agency | |||
Assets | |||
Total available-for-sale debt securities | 136,112 | 192,929 | |
Recurring | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 5,678 | 6,804 | |
Recurring | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 2,137 | 2,669 | |
Other debt securities carried at fair value | 1,696 | 2,769 | |
Recurring | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 13,510 | 13,684 | |
Recurring | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 7,079 | 6,677 | |
Other debt securities carried at fair value | 10,888 | 9,488 | |
Recurring | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 3,876 | 5,770 | |
Other debt securities carried at fair value | 3 | 229 | |
Recurring | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 18,350 | 20,575 | |
Recurring | US Government-sponsored enterprises debt securities | |||
Assets | |||
Trading account assets | 19,900 | 21,300 | |
Recurring | Level 1 | |||
Assets | |||
Time deposits placed and other short-term investments | 1,528 | 2,234 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 112,194 | 106,012 | |
Derivative assets, gross | 9,961 | 6,305 | |
Total available-for-sale debt securities | 51,659 | 52,687 | |
Other debt securities carried at fair value | 9,943 | 8,191 | |
Loans and leases | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Other assets | 18,858 | 19,367 | |
Total assets | 204,143 | 194,796 | |
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 | 66,642 | 62,261 | |
Derivative liabilities, gross | 9,142 | 6,029 | |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 22,667 | 21,887 | |
Long-term debt | 0 | 0 | |
Total liabilities | 98,451 | 90,177 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 39,677 | 38,720 | |
Liabilities | |||
Total trading account liabilities | 15,403 | 17,266 | |
Recurring | Level 1 | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 0 | 0 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 1 | Equity securities | |||
Assets | |||
Trading account assets | 66,850 | 60,747 | |
Liabilities | |||
Total trading account liabilities | 38,743 | 33,019 | |
Recurring | Level 1 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 5,667 | 6,545 | |
Liabilities | |||
Total trading account liabilities | 12,496 | 11,976 | |
Recurring | Level 1 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 1 | Mortgage trading loans, ABS and other MBS | |||
Assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 50,900 | 51,915 | |
Recurring | Level 1 | Agency | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 1 | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 759 | 772 | |
Other debt securities carried at fair value | 9,943 | 8,191 | |
Recurring | Level 1 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 1 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 2 | |||
Assets | |||
Time deposits placed and other short-term investments | 0 | 0 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 52,524 | 52,906 | |
Trading account assets | 103,152 | 99,193 | |
Derivative assets, gross | 322,940 | 341,178 | |
Total available-for-sale debt securities | 186,834 | 248,941 | |
Other debt securities carried at fair value | 2,348 | 4,295 | |
Loans and leases | 5,321 | 5,139 | |
Loans held-for-sale | 2,590 | 1,466 | |
Other assets | 1,740 | 789 | |
Total assets | 677,449 | 753,907 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 529 | 449 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase, measured at fair value | 34,242 | 36,182 | |
Total trading account liabilities | 23,305 | 18,902 | |
Derivative liabilities, gross | 309,966 | 334,261 | |
Short-term borrowings | 1,789 | 1,494 | |
Accrued expenses and other liabilities | 1,849 | 945 | |
Long-term debt | 27,754 | 29,923 | |
Total liabilities | 399,434 | 422,156 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 1,251 | 1,922 | |
Liabilities | |||
Total trading account liabilities | 362 | 734 | |
Recurring | Level 2 | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 27,281 | 28,714 | |
Liabilities | |||
Total trading account liabilities | 8,407 | 6,901 | |
Recurring | Level 2 | Equity securities | |||
Assets | |||
Trading account assets | 28,049 | 23,958 | |
Liabilities | |||
Total trading account liabilities | 4,673 | 3,885 | |
Recurring | Level 2 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 19,524 | 15,839 | |
Liabilities | |||
Total trading account liabilities | 9,863 | 7,382 | |
Recurring | Level 2 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 18,697 | 20,586 | |
Recurring | Level 2 | Mortgage trading loans, ABS and other MBS | |||
Assets | |||
Trading account assets | 8,350 | 8,174 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 1,406 | 1,608 | |
Recurring | Level 2 | Agency | |||
Assets | |||
Total available-for-sale debt securities | 136,112 | 192,929 | |
Recurring | Level 2 | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 5,678 | 6,804 | |
Recurring | Level 2 | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 1,593 | 2,669 | |
Other debt securities carried at fair value | 1,400 | 2,769 | |
Recurring | Level 2 | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 13,510 | 13,684 | |
Recurring | Level 2 | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 6,317 | 5,880 | |
Other debt securities carried at fair value | 945 | 1,297 | |
Recurring | Level 2 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 3,869 | 5,261 | |
Other debt securities carried at fair value | 3 | 229 | |
Recurring | Level 2 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 18,349 | 20,106 | |
Recurring | Level 3 | |||
Assets | |||
Time deposits placed and other short-term investments | 0 | 0 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 3,772 | 4,153 | |
Derivative assets, gross | 4,380 | 4,067 | $ 3,900 |
Total available-for-sale debt securities | 555 | 1,003 | |
Other debt securities carried at fair value | 296 | 0 | |
Loans and leases | 410 | 571 | |
Loans held-for-sale | 526 | 690 | |
Other assets | 3,140 | 2,425 | |
Total assets | 13,079 | 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 | 17 | 24 | |
Derivative liabilities, gross | 4,950 | 5,781 | $ 5,900 |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 0 | 8 | |
Long-term debt | 923 | 1,863 | |
Total liabilities | 5,890 | 7,676 | |
Recurring | Level 3 | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 0 | 0 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 1,534 | 1,864 | |
Total assets | 1,500 | 1,900 | |
Liabilities | |||
Total trading account liabilities | 17 | 24 | |
Recurring | Level 3 | Equity securities | |||
Assets | |||
Trading account assets | 290 | 235 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 469 | 556 | |
Total assets | 469 | 556 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 3 | Mortgage trading loans, ABS and other MBS | |||
Assets | |||
Trading account assets | 1,479 | 1,498 | |
Total assets | 1,500 | 1,500 | |
Recurring | Level 3 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 3 | Agency | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 3 | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 3 | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 544 | 0 | |
Other debt securities carried at fair value | 296 | 0 | |
Recurring | Level 3 | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 3 | 25 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 3 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 7 | 509 | |
Other debt securities carried at fair value | 0 | 0 | |
Total assets | 509 | ||
Recurring | Level 3 | Tax-exempt securities | |||
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 | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Balance, beginning | $ (1,588) | $ (1,803) | $ (1,714) | $ (1,313) | |
Total Realized/Unrealized Gains/(Losses) | (53) | (252) | 203 | (1,098) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 23 | 150 | 371 | 558 | |
Sales | (66) | (367) | (919) | (843) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 111 | 278 | 488 | 722 | |
Gross Transfers into Level 3 | 20 | 7 | 87 | 36 | |
Gross Transfers out of Level 3 | 983 | (36) | 914 | (85) | |
Balance, ending | (570) | (2,023) | (570) | (2,023) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (51) | (283) | (138) | (561) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative assets, gross | 337,300 | 337,300 | $ 351,600 | ||
Derivative liabilities, gross | 324,100 | 324,100 | 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 | (135) | (359) | |||
Total Realized/Unrealized Gains/(Losses) | 0 | (5) | |||
Gains (Losses) in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | (12) | |||
Settlements | 135 | 171 | |||
Gross Transfers into Level 3 | 0 | (58) | |||
Gross Transfers out of Level 3 | 0 | 263 | |||
Balance, ending | 0 | 0 | |||
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | (5) | |||
Corporate securities, trading loans and other | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (35) | (22) | (24) | (27) | |
Total Realized/Unrealized Gains/(Losses) | 9 | 1 | 11 | 13 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 9 | 0 | 9 | 4 | |
Sales | 0 | (3) | (11) | (13) | |
Issuances | 0 | (1) | (2) | (2) | |
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 | (17) | (25) | (17) | (25) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (6) | 0 | (7) | (1) | |
Accrued expenses and other liabilities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (9) | (8) | (9) | ||
Total Realized/Unrealized Gains/(Losses) | 0 | 0 | 0 | ||
Gains (Losses) in OCI | 0 | 0 | 0 | ||
Purchases | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | ||
Settlements | 0 | 8 | 0 | ||
Gross Transfers into Level 3 | 0 | 0 | 0 | ||
Gross Transfers out of Level 3 | 0 | 0 | 0 | ||
Balance, ending | 0 | (9) | 0 | (9) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 0 | 0 | 0 | ||
Long-term debt | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (1,225) | (1,646) | (1,863) | (1,514) | |
Total Realized/Unrealized Gains/(Losses) | 11 | (87) | 97 | (160) | |
Gains (Losses) in OCI | (1) | (7) | 2 | (18) | |
Purchases | 0 | 63 | 9 | 81 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (11) | (129) | (131) | (279) | |
Settlements | 106 | 115 | 429 | 398 | |
Gross Transfers into Level 3 | (106) | (244) | (253) | (530) | |
Gross Transfers out of Level 3 | 303 | 45 | 787 | 132 | |
Balance, ending | (923) | (1,890) | (923) | (1,890) | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 13 | (87) | 87 | (158) | |
Level 3 | Recurring | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Balance, beginning | (1,714) | ||||
Balance, ending | (570) | (570) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative assets, gross | 4,380 | 3,900 | 4,380 | 3,900 | 4,067 |
Derivative liabilities, gross | 4,950 | 5,900 | 4,950 | 5,900 | $ 5,781 |
Corporate securities, trading loans and other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,638 | 1,777 | 1,864 | 2,777 | |
Total Realized/Unrealized Gains/(Losses) | 14 | 77 | (14) | 225 | |
Gains (Losses) in OCI | 0 | 0 | (1) | 0 | |
Purchases | 54 | 35 | 328 | 353 | |
Sales | (87) | (79) | (298) | (679) | |
Issuances | 0 | 5 | 0 | 5 | |
Settlements | (175) | (208) | (388) | (443) | |
Gross Transfers into Level 3 | 269 | 288 | 517 | 506 | |
Gross Transfers out of Level 3 | (179) | (153) | (474) | (1,002) | |
Balance, ending | 1,534 | 1,742 | 1,534 | 1,742 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (14) | 35 | (88) | 72 | |
Equity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 228 | 229 | 235 | 281 | |
Total Realized/Unrealized Gains/(Losses) | 8 | 8 | 17 | 23 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 21 | 3 | 29 | 45 | |
Sales | 0 | (3) | (11) | (67) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (4) | (10) | |
Gross Transfers into Level 3 | 43 | 17 | 73 | 119 | |
Gross Transfers out of Level 3 | (10) | (10) | (49) | (147) | |
Balance, ending | 290 | 244 | 290 | 244 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 8 | 10 | 17 | 11 | |
Non-U.S. sovereign debt | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 368 | 506 | 556 | 510 | |
Total Realized/Unrealized Gains/(Losses) | 10 | 33 | 39 | 64 | |
Gains (Losses) in OCI | (13) | 18 | (55) | 12 | |
Purchases | 0 | 0 | 7 | 26 | |
Sales | 0 | 0 | (50) | (59) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (5) | (8) | (73) | |
Gross Transfers into Level 3 | 109 | 0 | 117 | 72 | |
Gross Transfers out of Level 3 | (5) | 0 | (137) | 0 | |
Balance, ending | 469 | 552 | 469 | 552 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 11 | 33 | 40 | 60 | |
Mortgage trading loans, ABS and other MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,523 | 1,232 | 1,498 | 1,211 | |
Total Realized/Unrealized Gains/(Losses) | 16 | 10 | 157 | 195 | |
Gains (Losses) in OCI | (1) | (1) | 2 | (2) | |
Purchases | 75 | 150 | 392 | 747 | |
Sales | (184) | (157) | (760) | (846) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (29) | (46) | (136) | (169) | |
Gross Transfers into Level 3 | 191 | 83 | 541 | 187 | |
Gross Transfers out of Level 3 | (112) | (19) | (215) | (71) | |
Balance, ending | 1,479 | 1,252 | 1,479 | 1,252 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 8 | (2) | 92 | 107 | |
Trading Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 3,757 | 3,744 | 4,153 | 4,779 | |
Total Realized/Unrealized Gains/(Losses) | 48 | 128 | 199 | 507 | |
Gains (Losses) in OCI | (14) | 17 | (54) | 10 | |
Purchases | 150 | 188 | 756 | 1,171 | |
Sales | (271) | (239) | (1,119) | (1,651) | |
Issuances | 0 | 5 | 0 | 5 | |
Settlements | (204) | (259) | (536) | (695) | |
Gross Transfers into Level 3 | 612 | 388 | 1,248 | 884 | |
Gross Transfers out of Level 3 | (306) | (182) | (875) | (1,220) | |
Balance, ending | 3,772 | 3,790 | 3,772 | 3,790 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 13 | 76 | 61 | 250 | |
Non-agency residential MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 453 | 0 | |||
Total Realized/Unrealized Gains/(Losses) | 31 | 39 | |||
Gains (Losses) in OCI | (28) | (42) | |||
Purchases | 0 | 0 | |||
Sales | (72) | (72) | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Gross Transfers into Level 3 | 235 | 694 | |||
Gross Transfers out of Level 3 | (75) | (75) | |||
Balance, ending | 544 | 544 | |||
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 | 3 | 139 | 25 | 229 | |
Total Realized/Unrealized Gains/(Losses) | 0 | 1 | 0 | 2 | |
Gains (Losses) in OCI | 0 | 4 | (1) | 16 | |
Purchases | 0 | 7 | 0 | 49 | |
Sales | 0 | 0 | (10) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (115) | (14) | (260) | |
Gross Transfers into Level 3 | 0 | 0 | 3 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 3 | 36 | 3 | 36 | |
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 | 99 | 483 | 509 | 594 | |
Total Realized/Unrealized Gains/(Losses) | (1) | 0 | 1 | 3 | |
Gains (Losses) in OCI | (3) | 1 | (5) | 6 | |
Purchases | 0 | 0 | 0 | 5 | |
Sales | (22) | 0 | (22) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | (10) | (31) | |
Gross Transfers into Level 3 | 0 | 0 | 60 | 0 | |
Gross Transfers out of Level 3 | (66) | 0 | (526) | (94) | |
Balance, ending | 7 | 483 | 7 | 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 | 1 | 518 | 469 | 542 | |
Total Realized/Unrealized Gains/(Losses) | 0 | 0 | 0 | 0 | |
Gains (Losses) in OCI | 0 | 1 | 0 | 1 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | (56) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (7) | 0 | (10) | |
Gross Transfers into Level 3 | 0 | 0 | 1 | 35 | |
Gross Transfers out of Level 3 | 0 | (45) | (469) | (45) | |
Balance, ending | 1 | 467 | 1 | 467 | |
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 | 556 | 1,140 | 1,003 | 1,365 | |
Total Realized/Unrealized Gains/(Losses) | 30 | 1 | 40 | 5 | |
Gains (Losses) in OCI | (31) | 6 | (48) | 23 | |
Purchases | 0 | 7 | 0 | 54 | |
Sales | (94) | 0 | (104) | (56) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (123) | (24) | (301) | |
Gross Transfers into Level 3 | 235 | 0 | 758 | 35 | |
Gross Transfers out of Level 3 | (141) | (45) | (1,070) | (139) | |
Balance, ending | 555 | 986 | 555 | 986 | |
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 | 287 | 23 | 0 | 25 | |
Total Realized/Unrealized Gains/(Losses) | (23) | 0 | (27) | (1) | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | (7) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | 0 | (2) | |
Gross Transfers into Level 3 | 60 | 0 | 358 | 0 | |
Gross Transfers out of Level 3 | (28) | 0 | (28) | 0 | |
Balance, ending | 296 | 22 | 296 | 22 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (10) | 0 | (5) | 0 | |
Loans and leases | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 493 | 667 | 571 | 720 | |
Total Realized/Unrealized Gains/(Losses) | 0 | 2 | (20) | 20 | |
Gains (Losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 2 | 0 | 2 | |
Sales | (62) | (24) | (71) | (24) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (21) | (29) | (70) | (93) | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | (7) | |
Balance, ending | 410 | 618 | 410 | 618 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | (1) | 2 | (17) | 18 | |
Loans Held-for-Sale | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 577 | 766 | 690 | 656 | |
Total Realized/Unrealized Gains/(Losses) | 12 | 38 | 24 | 109 | |
Gains (Losses) in OCI | (4) | 10 | (31) | 7 | |
Purchases | 39 | 0 | 51 | 2 | |
Sales | 0 | (4) | 0 | (159) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (82) | (93) | (160) | (281) | |
Gross Transfers into Level 3 | 12 | 58 | 12 | 473 | |
Gross Transfers out of Level 3 | (28) | 0 | (60) | (32) | |
Balance, ending | 526 | 775 | 526 | 775 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | 9 | 27 | 18 | 60 | |
Other assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 3,184 | 2,795 | 2,425 | 2,986 | |
Total Realized/Unrealized Gains/(Losses) | 121 | 124 | 389 | 93 | |
Gains (Losses) in OCI | 0 | (43) | 0 | (31) | |
Purchases | 0 | 0 | 2 | 2 | |
Sales | (22) | (80) | (68) | (74) | |
Issuances | 31 | 69 | 83 | 207 | |
Settlements | (174) | (191) | (585) | (573) | |
Gross Transfers into Level 3 | 0 | 0 | 929 | 64 | |
Gross Transfers out of Level 3 | 0 | 0 | (35) | 0 | |
Balance, ending | 3,140 | 2,674 | 3,140 | 2,674 | |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held | $ 55 | $ 8 | $ 188 | $ (181) |
Fair Value Measurements - Rec_2
Fair Value Measurements - Recurring Fair Value Inputs (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Other Assets, Fair Value Disclosure | $ 23,738,000,000 | $ 22,581,000,000 | ||||
Net derivative asset (liability) | (570,000,000) | (1,714,000,000) | $ (1,588,000,000) | $ (2,023,000,000) | $ (1,803,000,000) | $ (1,313,000,000) |
Recurring | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 603,007,000,000 | 647,824,000,000 | ||||
Other Assets, Fair Value Disclosure | 23,738,000,000 | 22,581,000,000 | ||||
Long-term debt | (215,906,000,000) | (208,238,000,000) | ||||
Recurring | Level 3 | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 13,079,000,000 | 12,909,000,000 | ||||
Other Assets, Fair Value Disclosure | 3,140,000,000 | 2,425,000,000 | ||||
Long-term debt | (5,890,000,000) | (7,676,000,000) | ||||
Net derivative asset (liability) | $ (570,000,000) | $ (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 | 7.00% | |||||
Price (in dollars per share) | $ 0 | $ 0 | ||||
Equity correlation | 9.00% | 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 | 46.00% | |||||
Price (in dollars per share) | $ 100 | $ 100 | ||||
Equity correlation | 100.00% | 100.00% | ||||
Long-dated equity volatilities | 79.00% | 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 | 18.00% | |||||
Price (in dollars per share) | $ 70 | $ 66 | ||||
Equity correlation | 61.00% | 63.00% | ||||
Long-dated equity volatilities | 27.00% | 22.00% | ||||
Recurring | Level 3 | Loans and leases | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 410,000,000 | $ 571,000,000 | ||||
Recurring | Level 3 | Loans held-for-sale | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 526,000,000 | 690,000,000 | ||||
Recurring | Level 3 | Other assets | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 950,000,000 | |||||
Other Assets, Fair Value Disclosure | 3,100,000,000 | |||||
Recurring | Level 3 | Credit derivatives | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ (304,000,000) | $ (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) | $ 77 | $ 82 | ||||
Upfront points | 0.69% | 0.71% | ||||
Credit correlation | 42.00% | |||||
Recurring | Level 3 | Equity contracts | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ (857,000,000) | $ (2,059,000,000) | ||||
Recurring | Level 3 | Equity contracts | Minimum | Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 9.00% | 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 | 79.00% | 84.00% | ||||
Recurring | Level 3 | Equity contracts | Weighted Average | Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Equity correlation | 61.00% | 63.00% | ||||
Long-dated equity volatilities | 27.00% | 22.00% | ||||
Recurring | Level 3 | Commodity contracts | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ 11,000,000 | $ (3,000,000) | ||||
Recurring | Level 3 | Commodity contracts | Minimum | Discounted cash flow, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 13.00% | 26.00% | ||||
Natural gas forward price | $ 1 | $ 1 | ||||
Correlation | 53.00% | 71.00% | ||||
Recurring | Level 3 | Commodity contracts | Maximum | Discounted cash flow, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 495.00% | 132.00% | ||||
Natural gas forward price | $ 11 | $ 5 | ||||
Correlation | 89.00% | 87.00% | ||||
Recurring | Level 3 | Commodity contracts | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||||||
Fair Value Inputs [Abstract] | ||||||
Long-dated equity volatilities | 55.00% | 57.00% | ||||
Natural gas forward price | $ 3 | $ 3 | ||||
Correlation | 78.00% | 81.00% | ||||
Recurring | Level 3 | Interest rate contracts | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Net derivative asset (liability) | $ 580,000,000 | $ 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 | (20.00%) | (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) | 80.00% | 92.00% | ||||
Correlation (FX/IR) | 46.00% | 46.00% | ||||
Long-dated inflation rates | 38.00% | 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) | 53.00% | 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 | $ (923,000,000) | $ (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 | 1,500,000,000 | 1,900,000,000 | ||||
Recurring | Level 3 | Non-U.S. sovereign debt | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 469,000,000 | 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 | $ 1,615,000,000 | $ 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 | 19.00% | |||||
Default rate | 3.00% | |||||
Loss severity | 51.00% | |||||
Price (in dollars per share) | $ 141 | |||||
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% | |||||
Prepayment speed | 11.00% | |||||
Default rate | 1.00% | |||||
Loss severity | 17.00% | |||||
Price (in dollars per share) | $ 75 | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 6.00% | |||||
Prepayment speed | 12.00% | |||||
Default rate | 1.00% | |||||
Loss severity | 17.00% | |||||
Recurring | Level 3 | Instruments backed by residential real estate assets | Loans and leases | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 410,000,000 | $ 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 | Available-for-sale Securities | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | 555,000,000 | |||||
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 | 296,000,000 | |||||
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 | 353,000,000 | 298,000,000 | ||||
Recurring | Level 3 | Instruments backed by commercial real estate assets | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 361,000,000 | $ 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) | $ 102 | $ 100 | ||||
Recurring | Level 3 | Instruments backed by commercial real estate assets | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||||||
Fair Value Inputs [Abstract] | ||||||
Yield | 7.00% | 9.00% | ||||
Price (in dollars per share) | $ 78 | $ 67 | ||||
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 | $ 89,000,000 | $ 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 | 272,000,000 | 244,000,000 | ||||
Recurring | Level 3 | Commercial loans, debt securities and other | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 3,293,000,000 | $ 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 | 46.00% | 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 | 14.00% | 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) | $ 65 | $ 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 | |||||
Recurring | Level 3 | Commercial loans, debt securities and other | Loans held-for-sale | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Assets, fair value | $ 525,000,000 | 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 | 1,037,000,000 | 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 | 1,262,000,000 | 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 | 469,000,000 | 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 | $ 2,190,000,000 | $ 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 | Sep. 30, 2018USD ($) |
Fair Value Disclosures [Abstract] | |
Impact of 10 percent decrease in prepayment speed | $ 60 |
Impact of 20 percent decrease in prepayment speed | 125 |
Impact of 10 percent increase in prepayment speed | (56) |
Impact of 20 percent increase in prepayment speed | (109) |
Impact of 100 basis points decrease in option adjusted spread | 67 |
Impact of 200 basis points decrease in option adjusted spread | 139 |
Impact of 100 basis points increase in option adjusted spread | (63) |
Impact of 200 basis points increase in option adjusted spread | $ (121) |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | $ 3,116 | $ 3,116 | $ 2,156 | ||
Loans and leases | 5,731 | 5,731 | 5,710 | ||
Other assets | 23,738 | 23,738 | $ 22,581 | ||
Nonrecurring | |||||
Gains (Losses) | |||||
Loans held-for-sale | (2) | $ 0 | (2) | $ (4) | |
Loans and leases | (63) | (152) | (194) | (307) | |
Foreclosed properties | (8) | (21) | (22) | (35) | |
Other assets | (22) | (1) | (58) | (121) | |
Loss on loans and leases written down to zero | 24 | 71 | 76 | 132 | |
Nonrecurring | Government Guaranteed Mortgage Loans upon Foreclosure Receivable | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Foreclosed properties | 500 | 879 | 500 | 879 | |
Nonrecurring | Level 2 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | 45 | 70 | 45 | 70 | |
Loans and leases | 0 | 0 | 0 | 0 | |
Foreclosed properties | 0 | 0 | 0 | 0 | |
Other assets | 294 | 353 | 294 | 353 | |
Nonrecurring | Level 3 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | 12 | 16 | 12 | 16 | |
Loans and leases | 492 | 813 | 492 | 813 | |
Foreclosed properties | 87 | 79 | 87 | 79 | |
Other assets | $ 3 | $ 0 | $ 3 | $ 0 |
Fair Value Measurements - Non_2
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 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% |
Loans and leases backed by residential real estate assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 492 | $ 894 |
Loans and leases backed by residential real estate assets | Market Comparables | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
OREO discount | 24.00% | 23.00% |
Costs to sell | 9.00% | 7.00% |
Fair Value Option - Elections (
Fair Value Option - Elections (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value Carrying Amount | ||
Assets | $ 52,524 | $ 52,906 |
Contractual Principal Outstanding | ||
Assets | 52,498 | 52,907 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | 26 | (1) |
Loans reported as trading account assets | ||
Fair Value Carrying Amount | ||
Assets | 5,538 | 5,735 |
Contractual Principal Outstanding | ||
Assets | 12,414 | 11,804 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (6,876) | (6,069) |
Trading inventory – other | ||
Fair Value Carrying Amount | ||
Assets | 15,676 | 12,027 |
Consumer and commercial loans | ||
Fair Value Carrying Amount | ||
Assets | 5,731 | 5,710 |
Contractual Principal Outstanding | ||
Assets | 5,776 | 5,744 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (45) | (34) |
Loans held-for-sale | ||
Fair Value Carrying Amount | ||
Assets | 3,116 | 2,156 |
Contractual Principal Outstanding | ||
Assets | 4,375 | 3,717 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (1,259) | (1,561) |
Other assets | ||
Fair Value Carrying Amount | ||
Assets | 3 | 3 |
Long-term deposits | ||
Fair Value Carrying Amount | ||
Liabilities | 529 | 449 |
Contractual Principal Outstanding | ||
Liabilities | 496 | 421 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 33 | 28 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value Carrying Amount | ||
Liabilities | 34,242 | 36,182 |
Contractual Principal Outstanding | ||
Liabilities | 34,252 | 36,187 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | (10) | (5) |
Short-term borrowings | ||
Fair Value Carrying Amount | ||
Liabilities | 1,789 | 1,494 |
Contractual Principal Outstanding | ||
Liabilities | 1,789 | 1,494 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 0 | 0 |
Unfunded loan commitments | ||
Fair Value Carrying Amount | ||
Liabilities | 70 | 120 |
Long-term debt | ||
Fair Value Carrying Amount | ||
Liabilities | 28,677 | 31,786 |
Contractual Principal Outstanding | ||
Liabilities | 29,265 | 31,512 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | (588) | 274 |
Structured liabilities | ||
Fair Value Carrying Amount | ||
Liabilities | 28,300 | 31,400 |
Contractual Principal Outstanding | ||
Liabilities | $ 28,900 | $ 31,100 |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Relating to Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 2,137 | $ 951 | $ 5,596 | $ 2,915 |
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 | 74 | 75 | 145 | 272 |
Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 1,693 | 1,217 | 3,649 | 2,890 |
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 | 184 | 6 | 277 | 54 |
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 | 8 | 92 | 13 | 275 |
Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 124 | (454) | 1,422 | (580) |
Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 54 | 15 | 90 | 4 |
Trading Account Profits | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 2,088 | 879 | 5,608 | 2,650 |
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 | 74 | 75 | 145 | 272 |
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 | 1,693 | 1,217 | 3,649 | 2,890 |
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 | 176 | 10 | 301 | 19 |
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 | 0 | 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 | 143 | (416) | 1,497 | (471) |
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 | 2 | (7) | 15 | (60) |
Other Income | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | 49 | 72 | (12) | 265 |
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 | 8 | (4) | (24) | 35 |
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 | 8 | 92 | 12 | 275 |
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 | (19) | (38) | (75) | (109) |
Other Income | Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) relating to assets and liabilities accounted for under the fair value option | $ 52 | $ 22 | $ 75 | $ 64 |
Fair Value Option - Gains (Lo_2
Fair Value Option - Gains (Losses) Related to Borrower-specific Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | $ 36 | $ 5 | $ 47 | $ 25 |
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 | 8 | (10) | (19) | 31 |
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 | $ 5 | $ (2) | $ 6 | $ (3) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financial assets | ||
Loans held-for-sale | $ 3,116 | $ 2,156 |
Financial liabilities | ||
Long-term debt | 28,677 | 31,786 |
Demand deposits | 534,400 | 519,600 |
Carrying Value | ||
Financial assets | ||
Loans | 895,452 | 904,399 |
Loans held-for-sale | 5,576 | 11,430 |
Financial liabilities | ||
Deposits | 1,345,649 | 1,309,545 |
Long-term debt | 234,100 | 227,402 |
Commercial unfunded lending commitments | 862 | 897 |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 899,102 | 918,162 |
Loans held-for-sale | 5,618 | 11,430 |
Financial liabilities | ||
Deposits | 1,345,360 | 1,309,398 |
Long-term debt | 239,831 | 236,989 |
Commercial unfunded lending commitments | 4,415 | 4,028 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial assets | ||
Loans | 59,840 | 68,586 |
Loans held-for-sale | 4,287 | 10,521 |
Financial liabilities | ||
Deposits | 1,345,360 | 1,309,398 |
Long-term debt | 238,908 | 235,126 |
Commercial unfunded lending commitments | 70 | 120 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial assets | ||
Loans | 839,262 | 849,576 |
Loans held-for-sale | 1,331 | 909 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | 923 | 1,863 |
Commercial unfunded lending commitments | $ 4,345 | $ 3,908 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2018business_segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Business Segment Information _2
Business Segment Information - Results of Business Segments and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | $ 12,021 | $ 11,401 | $ 35,583 | $ 33,879 | |
Noninterest income | 10,907 | 10,678 | 33,383 | 33,711 | |
Total revenue, net of interest expense (FTE basis) | 22,928 | 22,079 | 68,966 | 67,590 | |
Provision for credit losses | 716 | 834 | 2,377 | 2,395 | |
Noninterest expense | 13,067 | 13,394 | 40,248 | 41,469 | |
Income before income taxes (FTE basis) | 9,145 | 7,851 | 26,341 | 23,726 | |
Income tax expense (FTE basis) | 1,978 | 2,427 | 5,472 | 7,859 | |
Net income | 7,167 | 5,424 | 20,869 | 15,867 | |
Year-end total assets | 2,338,833 | 2,284,174 | 2,338,833 | 2,284,174 | $ 2,281,234 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue, net of interest expense (FTE basis) | 22,767 | 22,282 | 69,438 | 67,009 | |
Net income | 7,024 | 5,370 | 21,262 | 16,512 | |
Year-end total assets | 2,118,848 | 2,071,107 | 2,118,848 | 2,071,107 | |
Operating Segments | Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 6,863 | 6,212 | 19,993 | 17,953 | |
Noninterest income | 2,540 | 2,562 | 7,653 | 7,614 | |
Total revenue, net of interest expense (FTE basis) | 9,403 | 8,774 | 27,646 | 25,567 | |
Provision for credit losses | 870 | 967 | 2,749 | 2,639 | |
Noninterest expense | 4,355 | 4,461 | 13,231 | 13,286 | |
Income before income taxes (FTE basis) | 4,178 | 3,346 | 11,666 | 9,642 | |
Income tax expense (FTE basis) | 1,065 | 1,260 | 2,975 | 3,636 | |
Net income | 3,113 | 2,086 | 8,691 | 6,006 | |
Year-end total assets | 765,497 | 742,513 | 765,497 | 742,513 | |
Operating Segments | Global Wealth & Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 1,536 | 1,496 | 4,673 | 4,653 | |
Noninterest income | 3,247 | 3,124 | 9,675 | 9,254 | |
Total revenue, net of interest expense (FTE basis) | 4,783 | 4,620 | 14,348 | 13,907 | |
Provision for credit losses | 13 | 16 | 63 | 50 | |
Noninterest expense | 3,414 | 3,369 | 10,235 | 10,085 | |
Income before income taxes (FTE basis) | 1,356 | 1,235 | 4,050 | 3,772 | |
Income tax expense (FTE basis) | 346 | 465 | 1,033 | 1,422 | |
Net income | 1,010 | 770 | 3,017 | 2,350 | |
Year-end total assets | 276,146 | 276,187 | 276,146 | 276,187 | |
Operating Segments | Global Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 2,706 | 2,642 | 8,057 | 7,786 | |
Noninterest income | 2,032 | 2,345 | 6,537 | 7,194 | |
Total revenue, net of interest expense (FTE basis) | 4,738 | 4,987 | 14,594 | 14,980 | |
Provision for credit losses | (70) | 48 | (77) | 80 | |
Noninterest expense | 2,120 | 2,119 | 6,471 | 6,435 | |
Income before income taxes (FTE basis) | 2,688 | 2,820 | 8,200 | 8,465 | |
Income tax expense (FTE basis) | 699 | 1,062 | 2,132 | 3,192 | |
Net income | 1,989 | 1,758 | 6,068 | 5,273 | |
Year-end total assets | 430,846 | 423,185 | 430,846 | 423,185 | |
Operating Segments | Global Markets | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 754 | 899 | 2,425 | 2,812 | |
Noninterest income | 3,089 | 3,002 | 10,425 | 9,743 | |
Total revenue, net of interest expense (FTE basis) | 3,843 | 3,901 | 12,850 | 12,555 | |
Provision for credit losses | (2) | (6) | (6) | 2 | |
Noninterest expense | 2,612 | 2,711 | 8,145 | 8,117 | |
Income before income taxes (FTE basis) | 1,233 | 1,196 | 4,711 | 4,436 | |
Income tax expense (FTE basis) | 321 | 440 | 1,225 | 1,553 | |
Net income | 912 | 756 | 3,486 | 2,883 | |
Year-end total assets | 646,359 | 629,222 | 646,359 | 629,222 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (FTE basis) | 162 | 152 | 435 | 675 | |
Noninterest income | (1) | (355) | (907) | (94) | |
Total revenue, net of interest expense (FTE basis) | 161 | (203) | (472) | 581 | |
Provision for credit losses | (95) | (191) | (352) | (376) | |
Noninterest expense | 566 | 734 | 2,166 | 3,546 | |
Income before income taxes (FTE basis) | (310) | (746) | (2,286) | (2,589) | |
Income tax expense (FTE basis) | (453) | (800) | (1,893) | (1,944) | |
Net income | 143 | 54 | (393) | (645) | |
Year-end total assets | $ 219,985 | $ 213,067 | $ 219,985 | $ 213,067 |
Business Segment Information _3
Business Segment Information - Business Segment Reconciliations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense (FTE basis) | $ 22,928 | $ 22,079 | $ 68,966 | $ 67,590 |
Total revenue, net of interest expense | 22,777 | 21,839 | 68,511 | 66,916 |
Net income | 7,167 | 5,424 | 20,869 | 15,867 |
Operating Segments | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense (FTE basis) | 22,767 | 22,282 | 69,438 | 67,009 |
Net income | 7,024 | 5,370 | 21,262 | 16,512 |
ALM activities | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | 273 | 273 | 118 | 332 |
Net income | 88 | 57 | (294) | (208) |
Liquidating businesses, eliminations and other | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | (112) | (476) | (590) | 249 |
Net income | 55 | (3) | (99) | (437) |
FTE basis adjustment | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | $ (151) | $ (240) | $ (455) | $ (674) |
Business Segment Information _4
Business Segment Information - Segments' Total Assets (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Segments’ total assets | |||
Total assets | $ 2,338,833 | $ 2,281,234 | $ 2,284,174 |
Operating Segments | |||
Segments’ total assets | |||
Total assets | 2,118,848 | 2,071,107 | |
ALM activities | |||
Segments’ total assets | |||
Total assets | 675,886 | 635,353 | |
Elimination of segment asset allocations to match liabilities | |||
Segments’ total assets | |||
Total assets | (531,297) | (515,007) | |
Other | |||
Segments’ total assets | |||
Total assets | $ 75,396 | $ 92,721 |
Business Segment Information _5
Business Segment Information - Noninterest Income by Business Segment and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Card income | $ 1,470 | $ 1,429 | $ 4,469 | $ 4,347 |
Service charges | 1,961 | 1,968 | 5,836 | 5,863 |
Investment and brokerage services | 3,494 | 3,437 | 10,616 | 10,314 |
Investment banking income | 1,204 | 1,477 | 3,979 | 4,593 |
Trading account profits | 1,893 | 1,837 | 6,907 | 6,124 |
Other income | 885 | 530 | 1,576 | 2,470 |
Total noninterest income | 10,907 | 10,678 | 33,383 | 33,711 |
Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 978 | 941 | 3,018 | 2,883 |
Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 492 | 488 | 1,451 | 1,464 |
Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 1,682 | 1,691 | 5,009 | 5,040 |
Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 279 | 277 | 827 | 823 |
Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 2,576 | 2,367 | 7,652 | 6,855 |
Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 918 | 1,070 | 2,964 | 3,459 |
Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 701 | 698 | 2,160 | 2,185 |
Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 241 | 405 | 958 | 1,146 |
Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 262 | 374 | 861 | 1,262 |
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 1,281 | 1,243 | 3,902 | 3,716 |
Service charges | 1,098 | 1,082 | 3,214 | 3,194 |
Investment and brokerage services | 80 | 74 | 242 | 233 |
Investment banking income | 0 | 0 | 0 | 0 |
Trading account profits | 2 | 1 | 6 | 2 |
Other income | 79 | 162 | 289 | 469 |
Total noninterest income | 2,540 | 2,562 | 7,653 | 7,614 |
Operating Segments | Consumer Banking | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 802 | 768 | 2,488 | 2,352 |
Operating Segments | Consumer Banking | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 479 | 475 | 1,414 | 1,364 |
Operating Segments | Consumer Banking | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 1,098 | 1,082 | 3,214 | 3,194 |
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 | 38 | 34 | 111 | 98 |
Operating Segments | Consumer Banking | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 42 | 40 | 131 | 135 |
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 | 33 | 40 | 92 | 110 |
Service charges | 19 | 19 | 55 | 57 |
Investment and brokerage services | 3,004 | 2,854 | 8,981 | 8,474 |
Investment banking income | 88 | 100 | 244 | 247 |
Trading account profits | 24 | 29 | 81 | 120 |
Other income | 79 | 82 | 222 | 246 |
Total noninterest income | 3,247 | 3,124 | 9,675 | 9,254 |
Operating Segments | Global Wealth & Investment Management | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 22 | 29 | 59 | 79 |
Operating Segments | Global Wealth & Investment Management | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 11 | 11 | 33 | 31 |
Operating Segments | Global Wealth & Investment Management | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 19 | 19 | 55 | 57 |
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 | 2,538 | 2,333 | 7,541 | 6,757 |
Operating Segments | Global Wealth & Investment Management | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 466 | 521 | 1,440 | 1,717 |
Operating Segments | Global Wealth & Investment Management | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 87 | 100 | 243 | 246 |
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 | 1 | 0 | 1 | 1 |
Operating Segments | Global Banking | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 132 | 124 | 405 | 383 |
Service charges | 754 | 776 | 2,285 | 2,351 |
Investment and brokerage services | 28 | 18 | 71 | 72 |
Investment banking income | 643 | 806 | 2,130 | 2,661 |
Trading account profits | 59 | (5) | 184 | 82 |
Other income | 416 | 626 | 1,462 | 1,645 |
Total noninterest income | 2,032 | 2,345 | 6,537 | 7,194 |
Operating Segments | Global Banking | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 130 | 122 | 400 | 375 |
Operating Segments | Global Banking | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 2 | 2 | 5 | 8 |
Operating Segments | Global Banking | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 520 | 546 | 1,598 | 1,662 |
Operating Segments | Global Banking | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 234 | 230 | 687 | 689 |
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 | 28 | 18 | 71 | 72 |
Operating Segments | Global Banking | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 189 | 105 | 458 | 404 |
Operating Segments | Global Banking | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 217 | 380 | 890 | 1,080 |
Operating Segments | Global Banking | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 237 | 321 | 782 | 1,177 |
Operating Segments | Global Markets | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 23 | 22 | 70 | 67 |
Service charges | 86 | 85 | 266 | 245 |
Investment and brokerage services | 388 | 496 | 1,306 | 1,548 |
Investment banking income | 523 | 624 | 1,783 | 1,879 |
Trading account profits | 1,727 | 1,714 | 6,614 | 5,634 |
Other income | 342 | 61 | 386 | 370 |
Total noninterest income | 3,089 | 3,002 | 10,425 | 9,743 |
Operating Segments | Global Markets | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 24 | 22 | 71 | 68 |
Operating Segments | Global Markets | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | (1) | 0 | (1) | (1) |
Operating Segments | Global Markets | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 41 | 38 | 126 | 111 |
Operating Segments | Global Markets | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 45 | 47 | 140 | 134 |
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 | 388 | 496 | 1,306 | 1,548 |
Operating Segments | Global Markets | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 474 | 545 | 1,637 | 1,729 |
Operating Segments | Global Markets | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 25 | 26 | 68 | 66 |
Operating Segments | Global Markets | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | 24 | 53 | 78 | 84 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 1 | 0 | 0 | 71 |
Service charges | 4 | 6 | 16 | 16 |
Investment and brokerage services | (6) | (5) | 16 | (13) |
Investment banking income | (50) | (53) | (178) | (194) |
Trading account profits | 81 | 98 | 22 | 286 |
Other income | (31) | (401) | (783) | (260) |
Total noninterest income | (1) | (355) | (907) | (94) |
All Other | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 0 | 0 | 0 | 9 |
All Other | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income | 1 | 0 | 0 | 62 |
All Other | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Service charges | 4 | 6 | 16 | 16 |
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 | (6) | (5) | 16 | (13) |
All Other | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | (49) | (52) | (178) | (194) |
All Other | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | (1) | (1) | 0 | 0 |
All Other | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking income | $ 0 | $ 0 | $ 0 | $ 0 |