Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 29, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-6523 | |
Entity Registrant Name | Bank of America Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 56-0906609 | |
Entity Address, Address Line One | 100 N. Tryon Street | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28255 | |
City Area Code | 704 | |
Local Phone Number | 386-5681 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,414,903,881 | |
Entity Central Index Key | 0000070858 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock, par value $0.01 per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | BAC | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrE | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrB | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, HH | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrK | |
Security Exchange Name | NYSE | |
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | |
Trading Symbol | BAC PrL | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,200th interest in a share | |
Trading Symbol | BML PrG | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,200th interest in a share | |
Trading Symbol | BML PrH | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,200th interest in a share | |
Trading Symbol | BML PrJ | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,200th interest in a share | |
Trading Symbol | BML PrL | |
Security Exchange Name | NYSE | |
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Floating Rate Preferred Hybrid Income Term Securities of BAC Capital | |
Trading Symbol | BAC/PF | |
Security Exchange Name | NYSE | |
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities | |
Trading Symbol | BAC/PG | |
Security Exchange Name | NYSE | |
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Income Capital Obligation Notes initially due December 15, 2066 of | |
Trading Symbol | MER PrK | |
Security Exchange Name | NYSE | |
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due November 28, 2031 of BofA Finance LLC (and the guarantee of the Registrant with respect thereto) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Senior Medium-Term Notes, Series A, Step Up Callable Notes, due | |
Trading Symbol | BAC/31B | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of | |
Trading Symbol | BAC PrM | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | |
Trading Symbol | BAC PrN | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of | |
Trading Symbol | BAC PrO | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of | |
Trading Symbol | BAC PrP | |
Security Exchange Name | NYSE |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net interest income | ||||
Interest income | $ 11,387 | $ 12,540 | $ 22,782 | $ 28,638 |
Interest expense | 1,154 | 1,692 | 2,352 | 5,660 |
Net interest income | 10,233 | 10,848 | 20,430 | 22,978 |
Noninterest income | ||||
Fees and commissions | 9,705 | 8,392 | 19,241 | 16,713 |
Market making and similar activities | 1,826 | 2,487 | 5,355 | 5,294 |
Other income | (298) | 599 | (739) | 108 |
Total noninterest income | 11,233 | 11,478 | 23,857 | 22,115 |
Total revenue, net of interest expense | 21,466 | 22,326 | 44,287 | 45,093 |
Provision for credit losses | (1,621) | 5,117 | (3,481) | 9,878 |
Noninterest expense | ||||
Compensation and benefits | 8,653 | 7,994 | 18,389 | 16,335 |
Occupancy and equipment | 1,759 | 1,802 | 3,589 | 3,504 |
Information processing and communications | 1,448 | 1,265 | 2,873 | 2,474 |
Product delivery and transaction related | 976 | 811 | 1,953 | 1,588 |
Marketing | 810 | 492 | 1,181 | 930 |
Professional fees | 426 | 381 | 829 | 756 |
Other general operating | 973 | 665 | 1,746 | 1,298 |
Total noninterest expense | 15,045 | 13,410 | 30,560 | 26,885 |
Income before income taxes | 8,042 | 3,799 | 17,208 | 8,330 |
Income tax expense | (1,182) | 266 | (66) | 787 |
Net income | 9,224 | 3,533 | 17,274 | 7,543 |
Preferred stock dividends | 260 | 249 | 750 | 718 |
Net income applicable to common shareholders | $ 8,964 | $ 3,284 | $ 16,524 | $ 6,825 |
Per common share information | ||||
Earnings (in dollars per share) | $ 1.04 | $ 0.38 | $ 1.91 | $ 0.78 |
Diluted earnings (in dollars per share) | $ 1.03 | $ 0.37 | $ 1.90 | $ 0.77 |
Average common shares issued and outstanding (in shares) | 8,620.8 | 8,739.9 | 8,660.4 | 8,777.6 |
Average diluted common shares issued and outstanding (in shares) | 8,735.5 | 8,768.1 | 8,776.2 | 8,813.3 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 9,224 | $ 3,533 | $ 17,274 | $ 7,543 |
Other comprehensive income (loss), net-of-tax: | ||||
Net change in debt securities | (250) | (102) | (1,090) | 4,693 |
Net change in debit valuation adjustments | 149 | (1,293) | 265 | 53 |
Net change in derivatives | 415 | 315 | (699) | 732 |
Employee benefit plan adjustments | 69 | 57 | 120 | 100 |
Net change in foreign currency translation adjustments | 26 | (19) | (3) | (107) |
Other comprehensive income (loss) | 409 | (1,042) | (1,407) | 5,471 |
Comprehensive income | $ 9,633 | $ 2,491 | $ 15,867 | $ 13,014 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 30,327 | $ 36,430 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 229,703 | 344,033 |
Cash and cash equivalents | 260,030 | 380,463 |
Time deposits placed and other short-term investments | 7,356 | 6,546 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $163,344 and $108,856 measured at fair value) | 268,594 | 304,058 |
Trading account assets (includes $114,268 and $91,510 pledged as collateral) | 291,733 | 198,854 |
Derivative assets | 41,498 | 47,179 |
Debt securities: | ||
Carried at fair value | 288,913 | 246,601 |
Held-to-maturity, at cost (fair value – $650,025 and $448,180) | 651,401 | 438,249 |
Total debt securities | 940,314 | 684,850 |
Loans and leases (includes $6,950 and $6,681 measured at fair value) | 918,928 | 927,861 |
Allowance for loan and lease losses | (14,095) | (18,802) |
Loans and leases, net of allowance | 904,833 | 909,059 |
Premises and equipment, net | 10,747 | 11,000 |
Goodwill | 69,023 | 68,951 |
Loans held-for-sale (includes $2,207 and $1,585 measured at fair value) | 8,277 | 9,243 |
Customer and other receivables | 67,967 | 64,221 |
Other assets (includes $14,928 and $15,718 measured at fair value) | 159,522 | 135,203 |
Total assets | 3,029,894 | 2,819,627 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 719,481 | 650,674 |
Interest-bearing (includes $515 and $481 measured at fair value) | 1,076,355 | 1,038,341 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 25,190 | 17,698 |
Interest-bearing | 88,116 | 88,767 |
Total deposits | 1,909,142 | 1,795,480 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $165,781 and $135,391 measured at fair value) | 213,787 | 170,323 |
Trading account liabilities | 110,084 | 71,320 |
Derivative liabilities | 38,916 | 45,526 |
Short-term borrowings (includes $4,490 and $5,874 measured at fair value) | 21,635 | 19,321 |
Accrued expenses and other liabilities (includes $15,174 and $16,311 measured at fair value and $1,687 and $1,878 of reserve for unfunded lending commitments) | 184,607 | 181,799 |
Long-term debt (includes $30,361 and $32,200 measured at fair value) | 274,604 | 262,934 |
Total liabilities | 2,752,775 | 2,546,703 |
Commitments and contingencies (Note 6 – 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 – 3,887,686 and 3,931,440 shares | 23,441 | 24,510 |
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,487,151,465 and 8,650,814,105 shares | 79,242 | 85,982 |
Retained earnings | 177,499 | 164,088 |
Accumulated other comprehensive income (loss) | (3,063) | (1,656) |
Total shareholders’ equity | 277,119 | 272,924 |
Total liabilities and shareholders’ equity | 3,029,894 | 2,819,627 |
Consolidated VIEs | ||
Assets | ||
Trading account assets (includes $114,268 and $91,510 pledged as collateral) | 4,418 | 5,225 |
Debt securities: | ||
Loans and leases (includes $6,950 and $6,681 measured at fair value) | 16,970 | 23,636 |
Allowance for loan and lease losses | (1,047) | (1,693) |
Loans and leases, net of allowance | 15,923 | 21,943 |
Other assets (includes $14,928 and $15,718 measured at fair value) | 1,134 | 1,387 |
Total assets | 21,475 | 28,555 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $4,490 and $5,874 measured at fair value) | 324 | 454 |
Long-term debt (includes $30,361 and $32,200 measured at fair value) | 5,137 | 7,053 |
All other liabilities (includes $15 and $16 of non-recourse liabilities) | 15 | 16 |
Total liabilities | $ 5,476 | $ 7,523 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 163,344 | $ 108,856 |
Trading account assets, pledged as collateral | 114,268 | 91,510 |
Debt securities: | ||
Fair Value | 650,025 | 448,180 |
Loans and leases, measured at fair value | 6,950 | 6,681 |
Loans held for sale, measured at fair value | 2,207 | 1,585 |
Other assets, measured at fair value | 14,928 | 15,718 |
Deposits in U.S. offices: | ||
Interest bearing, measured at fair value | 515 | 481 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 165,781 | 135,391 |
Short-term borrowings, measured at fair value | 4,490 | 5,874 |
Accrued expenses and other liabilities, measured at fair value | 15,174 | 16,311 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 1,687 | 1,878 |
Long-term debt, measured at fair value | $ 30,361 | $ 32,200 |
Shareholders’ equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock issued (in shares) | 3,887,686 | 3,931,440 |
Preferred stock outstanding (in shares) | 3,887,686 | 3,931,440 |
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) | 8,487,151,465 | 8,650,814,105 |
Common stock outstanding (in shares) | 8,487,151,465 | 8,650,814,105 |
Short-term borrowings | Consolidated VIEs | ||
Shareholders’ equity | ||
Non-recourse debt | $ 37 | $ 22 |
Long-term debt | Consolidated VIEs | ||
Shareholders’ equity | ||
Non-recourse debt | 5,137 | 7,053 |
Other liabilities | Consolidated VIEs | ||
Shareholders’ equity | ||
Non-recourse debt | $ 15 | $ 16 |
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) | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings |
Beginning balance at Dec. 31, 2019 | $ 264,810 | $ 23,401 | $ 91,723 | $ 156,319 | $ (6,633) | $ (2,406) | $ (2,406) |
Beginning Balance (in shares) at Dec. 31, 2019 | 8,836.1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 7,543 | 7,543 | |||||
Net change in debt securities | 4,693 | 4,693 | |||||
Net change in debit valuation adjustments | 53 | 53 | |||||
Net change in derivatives | 732 | 732 | |||||
Employee benefit plan adjustments | 100 | 100 | |||||
Net change in foreign currency translation adjustments | (107) | (107) | |||||
Dividends declared: | |||||||
Common | (3,151) | (3,151) | |||||
Preferred | (718) | (718) | |||||
Issuance of preferred stock | 1,098 | 1,098 | |||||
Redemption of preferred stock | (1,072) | (1,072) | |||||
Common stock issued under employee plans, net, and other | 710 | $ 719 | (9) | ||||
Common stock issued under employee plans, net, and other (in shares) | 39.8 | ||||||
Common stock repurchased | (6,648) | $ (6,648) | |||||
Common stock repurchased (in shares) | (211.8) | ||||||
Ending balance at Jun. 30, 2020 | 265,637 | 23,427 | $ 85,794 | 157,578 | (1,162) | ||
Ending Balance (in shares) at Jun. 30, 2020 | 8,664.1 | ||||||
Beginning balance at Mar. 31, 2020 | 264,918 | 23,427 | $ 85,745 | 155,866 | (120) | ||
Beginning Balance (in shares) at Mar. 31, 2020 | 8,675.5 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 3,533 | 3,533 | |||||
Net change in debt securities | (102) | (102) | |||||
Net change in debit valuation adjustments | (1,293) | (1,293) | |||||
Net change in derivatives | 315 | 315 | |||||
Employee benefit plan adjustments | 57 | 57 | |||||
Net change in foreign currency translation adjustments | (19) | (19) | |||||
Dividends declared: | |||||||
Common | (1,572) | (1,572) | |||||
Preferred | (249) | (249) | |||||
Common stock issued under employee plans, net, and other | 335 | $ 335 | |||||
Common stock issued under employee plans, net, and other (in shares) | 0.1 | ||||||
Common stock repurchased | (286) | $ (286) | |||||
Common stock repurchased (in shares) | (11.5) | ||||||
Ending balance at Jun. 30, 2020 | 265,637 | 23,427 | $ 85,794 | 157,578 | (1,162) | ||
Ending Balance (in shares) at Jun. 30, 2020 | 8,664.1 | ||||||
Beginning balance at Dec. 31, 2020 | 272,924 | 24,510 | $ 85,982 | 164,088 | (1,656) | ||
Beginning Balance (in shares) at Dec. 31, 2020 | 8,650.8 | ||||||
Dividends declared: | |||||||
Preferred | (490) | ||||||
Ending balance at Mar. 31, 2021 | 274,000 | 24,319 | $ 83,071 | 170,082 | (3,472) | ||
Ending Balance (in shares) at Mar. 31, 2021 | 8,589.7 | ||||||
Beginning balance at Dec. 31, 2020 | 272,924 | 24,510 | $ 85,982 | 164,088 | (1,656) | ||
Beginning Balance (in shares) at Dec. 31, 2020 | 8,650.8 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 17,274 | 17,274 | |||||
Net change in debt securities | (1,090) | (1,090) | |||||
Net change in debit valuation adjustments | 265 | 265 | |||||
Net change in derivatives | (699) | (699) | |||||
Employee benefit plan adjustments | 120 | 120 | |||||
Net change in foreign currency translation adjustments | (3) | (3) | |||||
Dividends declared: | |||||||
Common | (3,110) | (3,110) | |||||
Preferred | (750) | (750) | |||||
Issuance of preferred stock | 902 | 902 | |||||
Redemption of preferred stock | (1,971) | (1,971) | |||||
Common stock issued under employee plans, net, and other | 936 | $ 939 | (3) | ||||
Common stock issued under employee plans, net, and other (in shares) | 40.1 | ||||||
Common stock repurchased | (7,679) | $ (7,679) | |||||
Common stock repurchased (in shares) | (203.7) | ||||||
Ending balance at Jun. 30, 2021 | 277,119 | 23,441 | $ 79,242 | 177,499 | (3,063) | ||
Ending Balance (in shares) at Jun. 30, 2021 | 8,487.2 | ||||||
Beginning balance at Mar. 31, 2021 | 274,000 | 24,319 | $ 83,071 | 170,082 | (3,472) | ||
Beginning Balance (in shares) at Mar. 31, 2021 | 8,589.7 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 9,224 | 9,224 | |||||
Net change in debt securities | (250) | (250) | |||||
Net change in debit valuation adjustments | 149 | 149 | |||||
Net change in derivatives | 415 | 415 | |||||
Employee benefit plan adjustments | 69 | 69 | |||||
Net change in foreign currency translation adjustments | 26 | 26 | |||||
Dividends declared: | |||||||
Common | (1,547) | (1,547) | |||||
Preferred | (260) | (260) | |||||
Redemption of preferred stock | (878) | (878) | |||||
Common stock issued under employee plans, net, and other | 380 | $ 380 | |||||
Common stock issued under employee plans, net, and other (in shares) | 0.2 | ||||||
Common stock repurchased | (4,209) | $ (4,209) | |||||
Common stock repurchased (in shares) | (102.7) | ||||||
Ending balance at Jun. 30, 2021 | $ 277,119 | $ 23,441 | $ 79,242 | $ 177,499 | $ (3,063) | ||
Ending Balance (in shares) at Jun. 30, 2021 | 8,487.2 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net income | $ 17,274 | $ 7,543 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | (3,481) | 9,878 |
Gains on sales of debt securities | 0 | (377) |
Depreciation and amortization | 930 | 880 |
Net amortization of premium/discount on debt securities | 3,113 | 1,364 |
Deferred income taxes | (1,457) | (686) |
Stock-based compensation | 1,463 | 1,077 |
Loans held-for-sale: | ||
Originations and purchases | (17,031) | (9,151) |
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities | 16,708 | 10,963 |
Net change in: | ||
Trading and derivative assets/liabilities | (58,372) | 1,065 |
Other assets | (26,080) | 611 |
Accrued expenses and other liabilities | 2,300 | (9,297) |
Other operating activities, net | 2,994 | 2,167 |
Net cash provided by (used in) operating activities | (61,639) | 16,037 |
Investing activities | ||
Time deposits placed and other short-term investments | (810) | 1,036 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 35,464 | (176,582) |
Debt securities carried at fair value: | ||
Proceeds from sales | 1,809 | 18,945 |
Proceeds from paydowns and maturities | 76,371 | 37,132 |
Purchases | (126,653) | (38,656) |
Held-to-maturity debt securities: | ||
Proceeds from paydowns and maturities | 64,192 | 33,847 |
Purchases | (277,949) | (27,587) |
Loans and leases: | ||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 4,913 | 8,118 |
Purchases | (2,097) | (2,961) |
Other changes in loans and leases, net | 4,723 | (30,066) |
Other investing activities, net | (1,649) | (1,986) |
Net cash used in investing activities | (221,686) | (178,760) |
Financing activities | ||
Deposits | 113,662 | 283,863 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 43,464 | 13,915 |
Short-term borrowings | 2,314 | |
Short-term borrowings | (6,216) | |
Long-term debt: | ||
Proceeds from issuance | 48,177 | 30,704 |
Retirement | (29,240) | (20,876) |
Preferred stock: | ||
Proceeds from issuance | 902 | 1,098 |
Redemption | (1,971) | (1,072) |
Common stock repurchased | (7,679) | (6,648) |
Cash dividends paid | (3,945) | (3,916) |
Other financing activities, net | (737) | (573) |
Net cash provided by financing activities | 164,947 | 290,279 |
Effect of exchange rate changes on cash and cash equivalents | (2,055) | 230 |
Net increase (decrease) in cash and cash equivalents | (120,433) | 127,786 |
Cash and cash equivalents at January 1 | 380,463 | 161,560 |
Cash and cash equivalents at June 30 | $ 260,030 | $ 289,346 |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 6 Months Ended |
Jun. 30, 2021 | |
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 requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual 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, and related notes thereto, of the Corporation’s 2020 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. Certain prior-period amounts have been reclassified to conform to current-period presentation. U .K. Tax Law Change On June 10, 2021, the U.K. enacted the 2021 Finance Act, which increases the U.K. corporation income tax rate to 25 percent from 19 percent, effective April 1, 2023. As a result, during the second quarter of 2021, the Corporation recorded a write-up of U.K. net deferred tax assets of approximately $2.0 billion with a corresponding positive income tax adjustment. |
Net Interest Income and Noninte
Net Interest Income and Noninterest Income | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Net Interest Income and Noninterest Income | Net Interest Income and Noninterest Income The following table presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and six months ended June 30, 2021 and 2020. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K . For a disaggregation of noninterest income by business segment and All Other , see Note 17 – Business Segment Information . Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Net interest income Interest income Loans and leases $ 7,123 $ 8,569 $ 14,357 $ 18,532 Debt securities 2,820 2,440 5,550 5,283 Federal funds sold and securities borrowed or purchased under agreements to resell (42) 26 (49) 845 Trading account assets 954 1,008 1,826 2,255 Other interest income 532 497 1,098 1,723 Total interest income 11,387 12,540 22,782 28,638 Interest expense Deposits 128 373 261 1,557 Short-term borrowings (85) (72) (164) 1,048 Trading account liabilities 293 223 539 552 Long-term debt 818 1,168 1,716 2,503 Total interest expense 1,154 1,692 2,352 5,660 Net interest income $ 10,233 $ 10,848 $ 20,430 $ 22,978 Noninterest income Fees and commissions Card income Interchange fees (1) $ 1,210 $ 830 $ 2,277 $ 1,622 Other card income 376 419 744 899 Total card income 1,586 1,249 3,021 2,521 Service charges Deposit-related fees 1,557 1,299 3,052 2,926 Lending-related fees 317 263 614 539 Total service charges 1,874 1,562 3,666 3,465 Investment and brokerage services Asset management fees 3,156 2,483 6,158 5,165 Brokerage fees 967 939 2,028 2,015 Total investment and brokerage services 4,123 3,422 8,186 7,180 Investment banking fees Underwriting income 1,314 1,523 2,860 2,371 Syndication fees 401 230 701 501 Financial advisory services 407 406 807 675 Total investment banking fees 2,122 2,159 4,368 3,547 Total fees and commissions 9,705 8,392 19,241 16,713 Market making and similar activities 1,826 2,487 5,355 5,294 Other income (loss) (298) 599 (739) 108 Total noninterest income $ 11,233 $ 11,478 $ 23,857 $ 22,115 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
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 and Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K . The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2021 and December 31, 2020. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid. June 30, 2021 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Total Trading and Other Risk Management Derivatives Qualifying Total Interest rate contracts Swaps $ 18,092.6 $ 150.2 $ 11.7 $ 161.9 $ 157.9 $ 2.0 $ 159.9 Futures and forwards 4,488.2 1.5 — 1.5 1.4 — 1.4 Written options 1,687.0 — — — 31.1 — 31.1 Purchased options 1,725.1 35.0 — 35.0 — — — Foreign exchange contracts Swaps 1,459.6 27.7 0.4 28.1 30.5 0.5 31.0 Spot, futures and forwards 4,548.5 36.7 0.6 37.3 35.0 0.1 35.1 Written options 331.4 — — — 3.7 — 3.7 Purchased options 312.9 3.8 — 3.8 — — — Equity contracts Swaps 388.6 12.0 — 12.0 14.6 — 14.6 Futures and forwards 160.0 0.4 — 0.4 1.9 — 1.9 Written options 624.3 — — — 56.3 — 56.3 Purchased options 562.5 55.8 — 55.8 — — — Commodity contracts Swaps 45.2 2.9 — 2.9 5.8 — 5.8 Futures and forwards 78.9 2.3 — 2.3 1.4 — 1.4 Written options 36.6 — — — 2.7 — 2.7 Purchased options 30.7 3.0 — 3.0 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 356.4 1.7 — 1.7 5.2 — 5.2 Total return swaps/options 71.1 0.2 — 0.2 1.1 — 1.1 Written credit derivatives: Credit default swaps 333.4 5.0 — 5.0 1.5 — 1.5 Total return swaps/options 79.0 1.2 — 1.2 0.5 — 0.5 Gross derivative assets/liabilities $ 339.4 $ 12.7 $ 352.1 $ 350.6 $ 2.6 $ 353.2 Less: Legally enforceable master netting agreements (278.3) (278.3) Less: Cash collateral received/paid (32.3) (36.0) Total derivative assets/liabilities $ 41.5 $ 38.9 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $3.2 billion and $304.9 billion at June 30, 2021. December 31, 2020 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Total Trading and Other Risk Management Derivatives Qualifying Total Interest rate contracts Swaps $ 13,242.8 $ 199.9 $ 10.9 $ 210.8 $ 209.3 $ 1.3 $ 210.6 Futures and forwards 3,222.2 3.5 0.1 3.6 3.6 — 3.6 Written options 1,530.5 — — — 40.5 — 40.5 Purchased options 1,545.8 45.3 — 45.3 — — — Foreign exchange contracts Swaps 1,475.8 37.1 0.3 37.4 39.7 0.6 40.3 Spot, futures and forwards 3,710.7 53.4 — 53.4 54.5 0.5 55.0 Written options 289.6 — — — 4.8 — 4.8 Purchased options 279.3 5.0 — 5.0 — — — Equity contracts Swaps 320.2 13.3 — 13.3 14.5 — 14.5 Futures and forwards 106.2 0.3 — 0.3 1.4 — 1.4 Written options 599.1 — — — 48.8 — 48.8 Purchased options 541.2 52.6 — 52.6 — — — Commodity contracts Swaps 36.4 1.9 — 1.9 4.4 — 4.4 Futures and forwards 63.6 2.0 — 2.0 1.0 — 1.0 Written options 24.6 — — — 1.4 — 1.4 Purchased options 24.7 1.5 — 1.5 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 322.7 2.3 — 2.3 4.4 — 4.4 Total return swaps/options 63.6 0.2 — 0.2 1.0 — 1.0 Written credit derivatives: Credit default swaps 301.5 4.4 — 4.4 1.9 — 1.9 Total return swaps/options 68.6 0.6 — 0.6 0.4 — 0.4 Gross derivative assets/liabilities $ 423.3 $ 11.3 $ 434.6 $ 431.6 $ 2.4 $ 434.0 Less: Legally enforceable master netting agreements (344.9) (344.9) Less: Cash collateral received/paid (42.5) (43.6) Total derivative assets/liabilities $ 47.2 $ 45.5 (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 $2.2 billion and $269.8 billion at December 31, 2020. 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 more information, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2021 and December 31, 2020 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 Derivative Derivative Derivative (Dollars in billions) June 30, 2021 December 31, 2020 Interest rate contracts Over-the-counter $ 189.4 $ 182.8 $ 247.7 $ 243.5 Exchange-traded 0.1 — — — Over-the-counter cleared 7.3 6.9 10.2 9.1 Foreign exchange contracts Over-the-counter 66.6 67.4 92.2 96.5 Over-the-counter cleared 1.0 0.9 1.4 1.3 Equity contracts Over-the-counter 29.9 31.0 31.3 28.3 Exchange-traded 35.6 35.0 32.3 31.0 Commodity contracts Over-the-counter 5.6 7.1 3.5 5.0 Exchange-traded 1.3 1.6 0.7 0.7 Over-the-counter cleared 0.1 0.1 — — Credit derivatives Over-the-counter 5.6 5.5 5.2 5.6 Over-the-counter cleared 2.4 2.4 2.2 1.9 Total gross derivative assets/liabilities, before netting Over-the-counter 297.1 293.8 379.9 378.9 Exchange-traded 37.0 36.6 33.0 31.7 Over-the-counter cleared 10.8 10.3 13.8 12.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (265.1) (268.8) (345.7) (347.2) Exchange-traded (35.4) (35.4) (29.5) (29.5) Over-the-counter cleared (10.1) (10.1) (12.2) (11.8) Derivative assets/liabilities, after netting 34.3 26.4 39.3 34.4 Other gross derivative assets/liabilities (2) 7.2 12.5 7.9 11.1 Total derivative assets/liabilities 41.5 38.9 47.2 45.5 Less: Financial instruments collateral (3) (14.2) (13.3) (16.1) (16.6) Total net derivative assets/liabilities $ 27.3 $ 25.6 $ 31.1 $ 28.9 (1) Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. 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. 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 to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S. operations determined to have functional currencies other than the U.S. dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency-denominated debt (net investment hedges). Fair Value Hedges The table below summarizes information related to fair value hedges for the three and six months ended June 30, 2021 and 2020. Gains and Losses on Derivatives Designated as Fair Value Hedges Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 (Dollars in millions) Derivative Hedged Item Derivative Hedged Item Interest rate risk on long-term debt (1) $ 3,484 $ (3,454) $ 475 $ (600) Interest rate and foreign currency risk on long-term debt (2) 5 (5) 60 (60) Interest rate risk on available-for-sale securities (3) (1,863) 1,825 (361) 356 Total $ 1,626 $ (1,634) $ 174 $ (304) ` Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Derivative Hedged Item Derivative Hedged Item Interest rate risk on long-term debt (1) $ (4,579) $ 4,548 $ 10,809 $ (10,876) Interest rate and foreign currency risk on long-term debt (2) (23) 21 565 (551) Interest rate risk on available-for-sale securities (3) 3,378 (3,325) (711) 698 Total $ (1,224) $ 1,244 $ 10,663 $ (10,729) (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For the three and six months ended June 30, 2021, the derivative amount includes gains (losses) of $(17) million and $(51) million in interest expense, $23 million and $31 million in market making and similar activities, and $(1) million and $(3) million in accumulated other comprehensive income (OCI). For the same periods in 2020, the derivative amount includes gains (losses) of $(3) million and $731 million in interest expense, $63 million and $(178) million in market making and similar activities, and $0 and $12 million in accumulated OCI. Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet. (3) 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 and Liabilities June 30, 2021 December 31, 2020 (Dollars in millions) Carrying Value Cumulative Fair Value Adjustments (1) Carrying Value Cumulative Fair Value Adjustments (1) Long-term debt (2) $ 171,872 $ 6,742 $ 150,556 $ 8,910 Available-for-sale debt securities (2, 3, 4) 152,348 (2,876) 116,252 114 Trading account assets (5) 366 — 427 15 (1) Increase (decrease) to carrying value. (2) At June 30, 2021 and December 31, 2020, the cumulative fair value adjustments remaining on long-term debt and available-for-sale debt securities from discontinued hedging relationships resulted in an increase in the related liability of $1.0 billion and $3.7 billion and a decrease in the related asset of $68 million and $69 million, which are being amortized over the remaining contractual life of the de-designated hedged items. (3) These amounts include the amortized cost of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship (i.e. last-of-layer hedging relationship). At June 30, 2021 and December 31, 2020, the amortized cost of the closed portfolios used in these hedging relationships was $26.8 billion and $34.6 billion, of which $7.0 billion was designated in the last-of-layer hedging relationship at both dates. At June 30, 2021, the cumulative adjustment associated with these hedging relationships was a decrease of $99 million. At December 31, 2020, the cumulative adjustment was insignificant. (4) Carrying value represents amortized cost. (5) Represents hedging activities related to certain commodities inventory. Cash Flow and Net Investment Hedges The table below summarizes certain information related to cash flow hedges and net investment hedges for the three and six months ended June 30, 2021 and 2020. Of the $273 million after-tax net loss ($365 million pretax) on derivatives in accumulated OCI at June 30, 2021, gains of $244 million after-tax ($330 million pretax) related to both open and terminated cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net gains reclassified into earnings are expected to primarily increase 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 3 years, with a maximum length of time for certain forecasted transactions of 15 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 June 30, 2021 Six Months Ended June 30, 2021 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 481 $ 36 $ (576) $ 73 Price risk on forecasted MBS purchases (1) 92 6 (301) 15 Price risk on certain compensation plans (2) 35 14 59 26 Total $ 608 $ 56 $ (818) $ 114 Net investment hedges Foreign exchange risk (3) $ (224) $ — $ 503 $ — Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 320 $ (23) $ 911 $ (49) Price risk on certain compensation plans (2) 73 — (9) — Total $ 393 $ (23) $ 902 $ (49) Net investment hedges Foreign exchange risk (3) $ (400) $ 1 $ 968 $ 1 (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 compensation and benefits expense in the Consolidated Statement of Income. (3) Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three and six months ended June 30, 2021, amounts excluded from effectiveness testing and recognized in market making and similar activities were losses of $48 million and $50 million. For the same periods in 2020 amounts excluded from effectiveness testing and recognized in other income were gains of $75 million and $105 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 table below presents gains (losses) on these derivatives for the three and six months ended June 30, 2021 and 2020. These gains (losses) are largely offset by the income or expense recorded on the hedged item. Gains and Losses on Other Risk Management Derivatives Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Interest rate risk on mortgage activities (1, 2) $ 85 $ 62 $ (105) $ 441 Credit risk on loans (2) (14) (66) (31) 22 Interest rate and foreign currency risk on asset and liability management activities (3) (318) (1,017) 943 511 Price risk on certain compensation plans (4) 318 603 598 (154) (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 $27 million and $46 million for the three and six months ended June 30, 2021 compared to $39 million and $87 million for the same periods in 2020. (2) Gains (losses) on these derivatives are recorded in other income. (3) Gains (losses) on these derivatives are recorded in market making and similar activities. (4) Gains (losses) on these derivatives are recorded in compensation and benefits expense. Transfers of Financial Assets with Risk Retained through Derivatives The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained through derivatives (e.g., interest rate and/or credit), but the Corporation does not retain control over the assets transferred. At June 30, 2021 and December 31, 2020, the Corporation had transferred $4.9 billion and $5.2 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 $5.0 billion and $5.2 billion at the transfer dates. At June 30, 2021 and December 31, 2020, the fair value of the transferred securities was $5.3 billion and $5.5 billion. 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 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets , categorized by primary risk, for the three and six months ended June 30, 2021 and 2020. 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 Market making and similar activities Net Interest Other (1) Total Market making and similar activities Net Interest Other (1) Total (Dollars in millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Interest rate risk $ 44 $ 463 $ 40 $ 547 $ 416 $ 926 $ 97 $ 1,439 Foreign exchange risk 330 (22) 2 310 736 (40) 6 702 Equity risk 1,178 (1) 442 1,619 2,460 35 957 3,452 Credit risk 435 424 175 1,034 1,237 787 289 2,313 Other risk (2) (24) (10) 26 (8) 584 (28) 45 601 Total sales and trading revenue $ 1,963 $ 854 $ 685 $ 3,502 $ 5,433 $ 1,680 $ 1,394 $ 8,507 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Interest rate risk $ 670 $ 658 $ 48 $ 1,376 $ 2,164 $ 1,276 $ 120 $ 3,560 Foreign exchange risk 351 (3) (12) 336 815 1 (5) 811 Equity risk 730 31 451 1,212 1,989 (91) 969 2,867 Credit risk 536 426 142 1,104 157 869 176 1,202 Other risk (2) 73 8 4 85 207 28 11 246 Total sales and trading revenue $ 2,360 $ 1,120 $ 633 $ 4,113 $ 5,332 $ 2,083 $ 1,271 $ 8,686 (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 $462 million and $1.0 billion for the three and six months ended June 30, 2021 compared to $470 million and $1.0 billion for the same periods in 2020. (2) Includes commodity risk. Credit Derivatives The Corporation enters into credit derivatives primarily to facilitate client transactions and to manage credit risk exposures. 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. For more information on credit derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at June 30, 2021 and December 31, 2020 are summarized in the table below. Credit Derivative Instruments Less than One to Three to Over Five Total June 30, 2021 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ — $ — $ 44 $ 42 $ 86 Non-investment grade 11 130 406 894 1,441 Total 11 130 450 936 1,527 Total return swaps/options: Investment grade 31 — — — 31 Non-investment grade 134 333 — — 467 Total 165 333 — — 498 Total credit derivatives $ 176 $ 463 $ 450 $ 936 $ 2,025 Credit-related notes: Investment grade $ — $ — $ 1 $ 519 $ 520 Non-investment grade 5 1 23 1,153 1,182 Total credit-related notes $ 5 $ 1 $ 24 $ 1,672 $ 1,702 Maximum Payout/Notional Credit default swaps: Investment grade $ 32,739 $ 75,590 $ 107,799 $ 16,141 $ 232,269 Non-investment grade 11,961 31,595 48,833 8,750 101,139 Total 44,700 107,185 156,632 24,891 333,408 Total return swaps/options: Investment grade 46,566 65 79 — 46,710 Non-investment grade 20,032 12,268 10 16 32,326 Total 66,598 12,333 89 16 79,036 Total credit derivatives $ 111,298 $ 119,518 $ 156,721 $ 24,907 $ 412,444 December 31, 2020 Carrying Value Credit default swaps: Investment grade $ — $ 1 $ 35 $ 94 $ 130 Non-investment grade 26 233 364 1,163 1,786 Total 26 234 399 1,257 1,916 Total return swaps/options: Investment grade 21 4 — — 25 Non-investment grade 345 — — — 345 Total 366 4 — — 370 Total credit derivatives $ 392 $ 238 $ 399 $ 1,257 $ 2,286 Credit-related notes: Investment grade $ — $ — $ — $ 572 $ 572 Non-investment grade 64 2 10 947 1,023 Total credit-related notes $ 64 $ 2 $ 10 $ 1,519 $ 1,595 Maximum Payout/Notional Credit default swaps: Investment grade $ 33,474 $ 75,731 $ 87,218 $ 16,822 $ 213,245 Non-investment grade 13,664 28,770 35,978 9,852 88,264 Total 47,138 104,501 123,196 26,674 301,509 Total return swaps/options: Investment grade 30,961 1,061 77 — 32,099 Non-investment grade 36,128 364 27 5 36,524 Total 67,089 1,425 104 5 68,623 Total credit derivatives $ 114,227 $ 105,926 $ 123,300 $ 26,679 $ 370,132 The notional amount represents the maximum amount payable by the Corporation for most credit derivatives. However, the Corporation does not monitor its exposure to credit derivatives based solely on the notional amount because this measure does not take into consideration the probability of occurrence. As such, the notional amount is not a reliable indicator of the Corporation’s exposure to these contracts. Instead, a risk framework is used to define risk tolerances and establish limits 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 (CLO) and credit-linked note vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned. Credit-related Contingent Features and Collateral Certain of the Corporation’s derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At June 30, 2021 and December 31, 2020, the Corporation held cash and securities collateral of $85.8 billion and $96.5 billion and posted cash and securities collateral of $76.9 billion and $88.6 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 over-the-counter 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 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. At June 30, 2021, 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 $2.6 billion, including $1.4 billion for Bank of America, National Association. Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At June 30, 2021 and December 31, 2020, the liability recorded for these derivative contracts was not significant. The table below presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at June 30, 2021 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. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries' long-term senior debt ratings. Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade (Dollars in millions) One Second Additional collateral required to be posted upon downgrade Bank of America Corporation $ 318 $ 786 Bank of America, N.A. and subsidiaries (1) 69 589 Derivative liabilities subject to unilateral termination upon downgrade Derivative liabilities $ 26 $ 480 Collateral posted 11 313 (1) Included in Bank of America Corporation collateral requirements in this table. Valuation Adjustments on Derivatives The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three and six months ended June 30, 2021 and 2020. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Valuation Adjustments Gains (Losses) on Derivatives (1) Three Months Ended June 30 (Dollars in millions) 2021 2020 Derivative assets (CVA) $ 3 $ 276 Derivative assets/liabilities (FVA) (33) 69 Derivative liabilities (DVA) (31) (256) Six Months Ended June 30 (Dollars in millions) 2021 2020 Derivative assets (CVA) $ 158 $ (508) Derivative assets/liabilities (FVA) 15 (87) Derivative liabilities (DVA) (8) 158 (1) At June 30, 2021 and December 31, 2020, cumulative CVA reduced the derivative assets balance by $488 million and $646 million, cumulative FVA reduced the net derivatives balance by $162 million and $177 million, and cumulative DVA reduced the derivative liabilities balance by $301 million and $309 million. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The table below presents the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (AFS) debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at June 30, 2021 and December 31, 2020. Debt Securities Amortized Gross Gross Fair (Dollars in millions) June 30, 2021 Available-for-sale debt securities Mortgage-backed securities: Agency $ 56,258 $ 1,696 $ (65) $ 57,889 Agency-collateralized mortgage obligations 4,111 123 (8) 4,226 Commercial 18,062 882 (25) 18,919 Non-agency residential (1) 829 33 (10) 852 Total mortgage-backed securities 79,260 2,734 (108) 81,886 U.S. Treasury and agency securities 158,691 1,906 (264) 160,333 Non-U.S. securities 17,165 4 (2) 17,167 Other taxable securities 2,873 48 — 2,921 Total taxable securities 257,989 4,692 (374) 262,307 Tax-exempt securities 15,529 347 (2) 15,874 Total available-for-sale debt securities 273,518 5,039 (376) 278,181 Other debt securities carried at fair value (2) 10,713 113 (94) 10,732 Total debt securities carried at fair value 284,231 5,152 (470) 288,913 Held-to-maturity debt securities Agency mortgage-backed securities 547,508 6,040 (5,849) 547,699 U.S. Treasury and agency securities 94,353 327 (2,017) 92,663 Other taxable securities 9,573 246 (156) 9,663 Total held-to-maturity debt securities 651,434 6,613 (8,022) 650,025 Total debt securities (3,4) $ 935,665 $ 11,765 $ (8,492) $ 938,938 December 31, 2020 Available-for-sale debt securities Mortgage-backed securities: Agency $ 59,518 $ 2,370 $ (39) $ 61,849 Agency-collateralized mortgage obligations 5,112 161 (13) 5,260 Commercial 15,470 1,025 (4) 16,491 Non-agency residential (1) 899 127 (17) 1,009 Total mortgage-backed securities 80,999 3,683 (73) 84,609 U.S. Treasury and agency securities 114,157 2,236 (13) 116,380 Non-U.S. securities 14,009 15 (7) 14,017 Other taxable securities 2,656 61 (6) 2,711 Total taxable securities 211,821 5,995 (99) 217,717 Tax-exempt securities 16,417 389 (32) 16,774 Total available-for-sale debt securities 228,238 6,384 (131) 234,491 Other debt securities carried at fair value (2) 11,720 429 (39) 12,110 Total debt securities carried at fair value 239,958 6,813 (170) 246,601 Held-to-maturity debt securities Agency mortgage-backed securities 414,289 9,768 (36) 424,021 U.S. Treasury and agency securities 16,084 — (71) 16,013 Other taxable securities 7,906 327 (87) 8,146 Total held-to-maturity debt securities 438,279 10,095 (194) 448,180 Total debt securities (3, 4) $ 678,237 $ 16,908 $ (364) $ 694,781 (1) At both June 30, 2021 and December 31, 2020, the underlying collateral type included approximately 37 percent prime, two percent Alt-A and 61 percent subprime. (2) Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 14 – Fair Value Measurements . (3) Includes securities pledged as collateral of $82.8 billion and $65.5 billion at June 30, 2021 and December 31, 2020. (4) The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $338.3 billion and $197.8 billion, and a fair value of $339.7 billion and $197.3 billion at June 30, 2021, and an amortized cost of $260.1 billion and $118.1 billion, and a fair value of $267.5 billion and $120.7 billion at December 31, 2020. At June 30, 2021, the accumulated net unrealized gain on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $3.5 billion, net of the related income tax expense of $1.2 billion. The Corporation had nonperforming AFS debt securities of $19 million and $20 million at June 30, 2021 and December 31, 2020. At June 30, 2021 and December 31, 2020, the Corporation had $241.4 billion and $200.0 billion in AFS debt securities, which were primarily U.S. agency and U.S. Treasury securities that have a zero credit loss assumption. For the remaining $36.8 billion and $34.5 billion in AFS debt securities at June 30, 2021 and December 31, 2020, the amount of expected credit losses was insignificant. Substantially all of the Corporation's HTM debt securities consist of U.S. agency and U.S. Treasury securities and have a zero credit loss assumption. At June 30, 2021 and December 31, 2020, the Corporation held equity securities at an aggregate fair value of $616 million and $769 million and other equity securities, as valued under the measurement alternative, at a carrying value of $270 million and $240 million, both of which are included in other assets. At June 30, 2021 and December 31, 2020, the Corporation also held money market investments at a fair value of $1.5 billion and $1.6 billion, which are included in time deposits placed and other short-term investments. In the three months ended June 30, 2021, sales of AFS securities were not significant. In the six months ended June 30, 2021, the Corporation recorded gross realized gains on the sales of AFS debt securities of $15 million and gross realized losses of $15 million. For the same periods in 2020, the Corporation recorded gross realized gains of $63 million and $379 million and gross realized losses of $1 million and $2 million, resulting in net gains of $62 million and $377 million, with $15 million and $94 million of income taxes attributable to the realized net gains on sales of these AFS debt securities. The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at June 30, 2021 and December 31, 2020. Total AFS Debt Securities in a Continuous Unrealized Loss Position Less than Twelve Months Twelve Months or Longer Total Fair Gross Fair Gross Fair Gross (Dollars in millions) June 30, 2021 Continuously unrealized loss-positioned AFS debt securities Mortgage-backed securities: Agency $ 11,555 $ (41) $ 1,114 $ (24) $ 12,669 $ (65) Agency-collateralized mortgage obligations 1,661 — 301 (8) 1,962 (8) Commercial 1,535 (25) 2 — 1,537 (25) Non-agency residential 498 — 158 (10) 656 (10) Total mortgage-backed securities 15,249 (66) 1,575 (42) 16,824 (108) U.S. Treasury and agency securities 56,061 (259) 695 (5) 56,756 (264) Non-U.S. securities — — 105 (2) 105 (2) Other taxable securities 291 — 56 — 347 — Total taxable securities 71,601 (325) 2,431 (49) 74,032 (374) Tax-exempt securities 11 — 185 (2) 196 (2) Total AFS debt securities in a continuous $ 71,612 $ (325) $ 2,616 $ (51) $ 74,228 $ (376) December 31, 2020 Continuously unrealized loss-positioned AFS debt securities Mortgage-backed securities: Agency $ 2,841 $ (39) $ 2 $ — $ 2,843 $ (39) Agency-collateralized mortgage obligations 187 (2) 364 (11) 551 (13) Commercial 566 (4) 9 — 575 (4) Non-agency residential 342 (9) 56 (8) 398 (17) Total mortgage-backed securities 3,936 (54) 431 (19) 4,367 (73) U.S. Treasury and agency securities 8,282 (9) 498 (4) 8,780 (13) Non-U.S. securities 1,861 (6) 135 (1) 1,996 (7) Other taxable securities 576 (2) 396 (4) 972 (6) Total taxable securities 14,655 (71) 1,460 (28) 16,115 (99) Tax-exempt securities 4,108 (29) 617 (3) 4,725 (32) Total AFS debt securities in a continuous $ 18,763 $ (100) $ 2,077 $ (31) $ 20,840 $ (131) The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at June 30, 2021 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS 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 Due after One Year Due after Five Years Due after 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 $ — — % $ 7 5.39 % $ 54 4.48 % $ 56,197 3.14 % $ 56,258 3.14 % Agency-collateralized mortgage obligations — — — — 21 2.50 4,090 2.92 4,111 2.92 Commercial 364 2.31 8,408 2.50 6,765 1.94 2,538 2.16 18,075 2.24 Non-agency residential — — — — — — 1,500 6.55 1,500 6.55 Total mortgage-backed securities 364 2.31 8,415 2.50 6,840 1.96 64,325 3.17 79,944 2.99 U.S. Treasury and agency securities 4,558 1.11 29,528 1.85 125,093 0.81 32 2.53 159,211 1.02 Non-U.S. securities 24,990 0.31 1,291 1.75 330 1.12 65 20.09 26,676 0.44 Other taxable securities 869 1.37 1,401 2.24 352 1.85 251 1.63 2,873 1.88 Total taxable securities 30,781 0.48 40,635 1.99 132,615 0.88 64,673 3.18 268,704 1.55 Tax-exempt securities 1,426 1.04 8,124 1.31 3,414 1.68 2,563 1.32 15,527 1.37 Total amortized cost of debt securities carried at fair value $ 32,207 0.51 $ 48,759 1.88 $ 136,029 0.90 $ 67,236 3.11 $ 284,231 1.55 Amortized cost of HTM debt securities Agency mortgage-backed securities $ — — % $ — — % $ — — % $ 547,508 2.18 % $ 547,508 2.18 % U.S. Treasury and agency securities — — — — 94,353 1.37 — — 94,353 1.37 Other taxable securities 54 2.71 715 2.42 401 2.85 8,403 2.55 9,573 2.55 Total amortized cost of HTM debt securities $ 54 2.71 $ 715 2.42 $ 94,754 1.38 $ 555,911 2.19 $ 651,434 2.07 Debt securities carried at fair value Mortgage-backed securities: Agency $ — $ 6 $ 60 $ 57,823 $ 57,889 Agency-collateralized mortgage obligations — — 21 4,205 4,226 Commercial 369 8,884 7,050 2,629 18,932 Non-agency residential — — 6 1,579 1,585 Total mortgage-backed securities 369 8,890 7,137 66,236 82,632 U.S. Treasury and agency securities 4,582 30,758 125,479 33 160,852 Non-U.S. securities 24,930 1,304 334 66 26,634 Other taxable securities 873 1,431 361 256 2,921 Total taxable securities 30,754 42,383 133,311 66,591 273,039 Tax-exempt securities 1,431 8,284 3,552 2,607 15,874 Total debt securities carried at fair value $ 32,185 $ 50,667 $ 136,863 $ 69,198 $ 288,913 Fair value of HTM debt securities Agency mortgage-backed securities $ — $ — $ — $ 547,699 $ 547,699 U.S. Treasury and agency securities — — 92,663 — 92,663 Other taxable securities 53 753 422 8,435 9,663 Total fair value of HTM debt securities $ 53 $ 753 $ 93,085 $ 556,134 $ 650,025 (1) The weighted-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. |
Outstanding Loans and Leases an
Outstanding Loans and Leases and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Outstanding Loans and Leases and Allowance for Credit Losses | Outstanding Loans and Leases and Allowance for Credit Losses The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2021 and December 31, 2020. 30-59 Days Past Due (1) 60-89 Days Past Due (1) 90 Days or Past Due (1) Total Past Total Current or Less Than 30 Days Past Due (1) Loans Total (Dollars in millions) June 30, 2021 Consumer real estate Residential mortgage $ 1,130 $ 330 $ 1,549 $ 3,009 $ 211,315 $ 214,324 Home equity 141 70 343 554 29,915 30,469 Credit card and other consumer Credit card 266 177 533 976 74,623 75,599 Direct/Indirect consumer (2) 125 45 17 187 96,716 96,903 Other consumer — — — — 172 172 Total consumer 1,662 622 2,442 4,726 412,741 417,467 Consumer loans accounted for under the fair value option (3) $ 654 654 Total consumer loans and leases 1,662 622 2,442 4,726 412,741 654 418,121 Commercial U.S. commercial 224 564 349 1,137 289,983 291,120 Non-U.S. commercial 87 24 107 218 97,932 98,150 Commercial real estate (4) 107 32 192 331 59,275 59,606 Commercial lease financing 87 27 53 167 15,601 15,768 U.S. small business commercial (5) 56 29 71 156 29,711 29,867 Total commercial 561 676 772 2,009 492,502 494,511 Commercial loans accounted for under the fair value option (3) 6,296 6,296 Total commercial loans and leases 561 676 772 2,009 492,502 6,296 500,807 Total loans and leases (6) $ 2,223 $ 1,298 $ 3,214 $ 6,735 $ 905,243 $ 6,950 $ 918,928 Percentage of outstandings 0.24 % 0.14 % 0.35 % 0.73 % 98.51 % 0.76 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $213 million and nonperforming loans of $157 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $97 million and nonperforming loans of $129 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $687 million. Consumer real estate loans current or less than 30 days past due includes $1.5 billion and direct/indirect consumer includes $48 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2) Total outstandings primarily includes auto and specialty lending loans and leases of $46.4 billion, U.S. securities-based lending loans of $46.4 billion and non-U.S. consumer loans of $3.0 billion. (3) Consumer loans accounted for under the fair value option includes residential mortgage loans of $257 million and home equity loans of $397 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.4 billion and non-U.S. commercial loans of $1.9 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (4) Total outstandings includes U.S. commercial real estate loans of $55.8 billion and non-U.S. commercial real estate loans of $3.8 billion. (5) Includes Paycheck Protection Program loans. (6) Total outstandings includes loans and leases pledged as collateral of $12.8 billion. The Corporation also pledged $153.0 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank. 30-59 Days (1) 60-89 Days Past Due (1) 90 Days or (1) Total Past Total Current or Less Than 30 Days Past Due (1) Loans Total Outstandings (Dollars in millions) December 31, 2020 Consumer real estate Residential mortgage $ 1,430 $ 297 $ 1,699 $ 3,426 $ 220,129 $ 223,555 Home equity 154 78 345 577 33,734 34,311 Credit card and other consumer Credit card 445 341 903 1,689 77,019 78,708 Direct/Indirect consumer (2) 209 67 37 313 91,050 91,363 Other consumer — — — — 124 124 Total consumer 2,238 783 2,984 6,005 422,056 428,061 Consumer loans accounted for under the fair value option (3) $ 735 735 Total consumer loans and leases 2,238 783 2,984 6,005 422,056 735 428,796 Commercial U.S. commercial 561 214 512 1,287 287,441 288,728 Non-U.S. commercial 61 44 11 116 90,344 90,460 Commercial real estate (4) 128 113 226 467 59,897 60,364 Commercial lease financing 86 20 57 163 16,935 17,098 U.S. small business commercial (5) 84 56 123 263 36,206 36,469 Total commercial 920 447 929 2,296 490,823 493,119 Commercial loans accounted for under the fair value option (3) 5,946 5,946 Total commercial loans and leases 920 447 929 2,296 490,823 5,946 499,065 Total loans and leases (6) $ 3,158 $ 1,230 $ 3,913 $ 8,301 $ 912,879 $ 6,681 $ 927,861 Percentage of outstandings 0.34 % 0.13 % 0.42 % 0.89 % 98.39 % 0.72 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $225 million and nonperforming loans of $126 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $103 million and nonperforming loans of $95 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $762 million. Consumer real estate loans current or less than 30 days past due includes $1.2 billion and direct/indirect consumer includes $66 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2) Total outstandings primarily includes auto and specialty lending loans and leases of $46.4 billion, U.S. securities-based lending loans of $41.1 billion and non-U .S. consumer loans of $3.0 billion. (3) Consumer loans accounted for under the fair value option includes residential mortgage loans of $298 million and home equity loans of $437 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $3.0 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (4) Total outstandings includes U.S. commercial real estate loans of $57.2 billion and non-U.S. commercial real estate loans of $3.2 billion. (5) Includes Paycheck Protection Program loans. (6) Total outstandings includes loans and leases pledged as collateral of $15.5 billion. The Corporation also pledged $153.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank. The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $10.0 billion and $9.0 billion at June 30, 2021 and December 31, 2020, providing full credit protection on residential mortgage loans that become severely delinquent. All of these loans are individually insured, and therefore the Corporation does not record an allowance for credit losses related to these loans. Nonperforming Loans and Leases Commercial nonperforming loans decreased to $1.9 billion at June 30, 2021 from $2.2 billion at December 31, 2020. Consumer nonperforming loans increased to $3.0 billion at June 30, 2021 from $2.7 billion at December 31, 2020 driven by consumer real estate deferral activity. The following table presents the Corporation’s nonperforming loans and leases including nonperforming troubled debt restructurings (TDRs), and loans accruing past due 90 days or more at June 30, 2021 and December 31, 2020. 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 2020 Annual Report on Form 10-K . Credit Quality Nonperforming Loans Accruing Past Due 90 Days or More (1) (Dollars in millions) June 30 December 31 June 30 December 31 Residential mortgage (2) $ 2,343 $ 2,005 $ 687 $ 762 With no related allowance (3) 2,019 1,378 — — Home equity (2) 651 649 — — With no related allowance (3) 423 347 — — Credit Card n/a n/a 533 903 Direct/indirect consumer 50 71 15 33 Total consumer 3,044 2,725 1,235 1,698 U.S. commercial 1,060 1,243 172 228 Non-U.S. commercial 275 418 19 10 Commercial real estate 404 404 — 6 Commercial lease financing 81 87 24 25 U.S. small business commercial 43 75 69 115 Total commercial 1,863 2,227 284 384 Total nonperforming loans $ 4,907 $ 4,952 $ 1,519 $ 2,082 Percentage of outstanding loans and leases 0.54 % 0.54 % 0.17 % 0.23 % (1) For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2) Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At June 30, 2021 and December 31, 2020 residential mortgage includes $501 million and $537 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $186 million and $225 million of loans on which interest was still accruing. (3) Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date. Credit Quality Indicators The Corporation monitors credit quality within its Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments based on primary credit quality indicators. For more information on the portfolio segments, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Within the Consumer Real Estate portfolio segment, the primary credit quality indicators are refreshed loan-to-value (LTV) and refreshed Fair Isaac Corporation (FICO) score. Refreshed LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan, refreshed quarterly. Home equity loans are evaluated using combined loan-to-value (CLTV), which measures the carrying value of the Corporation’s loan and available line of credit combined with any outstanding senior liens against the property as a percentage of the value of the property securing the loan, refreshed quarterly. FICO score measures the creditworthiness of the borrower based on the financial obligations of the borrower and the borrower’s credit history. FICO scores are typically refreshed quarterly or more frequently. Certain borrowers (e.g., borrowers that have had debts discharged in a bankruptcy proceeding) may not have their FICO scores updated. FICO scores are also a primary credit quality indicator for the Credit Card and Other Consumer portfolio segment and the business card portfolio within U.S. small business commercial. Within the Commercial portfolio segment, loans are evaluated using the internal classifications of pass rated or reservable criticized as the primary credit quality indicators. The term reservable criticized refers to those commercial loans that are internally classified or listed by the Corporation as Special Mention, Substandard or Doubtful, which are asset quality categories defined by regulatory authorities. These assets have an elevated level of risk and may have a high probability of default or total loss. Pass rated refers to all loans not considered reservable criticized. In addition to these primary credit quality indicators, the Corporation uses other credit quality indicators for certain types of loans. The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by class of financing receivables and year of origination for term loan balances at June 30, 2021, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR. Residential Mortgage – Credit Quality Indicators By Vintage Term Loans by Origination Year (Dollars in millions) Total as of 2021 2020 2019 2018 2017 Prior Total Residential Mortgage Refreshed LTV Less than or equal to 90 percent $ 198,103 $ 44,858 $ 55,361 $ 30,311 $ 9,583 $ 14,423 $ 43,567 Greater than 90 percent but less than or equal to 100 percent 2,790 1,021 1,238 275 46 33 177 Greater than 100 percent 912 385 260 84 22 17 144 Fully-insured loans 12,519 2,134 3,913 1,512 279 280 4,401 Total Residential Mortgage $ 214,324 $ 48,398 $ 60,772 $ 32,182 $ 9,930 $ 14,753 $ 48,289 Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,539 $ 438 $ 507 $ 152 $ 121 $ 137 $ 1,184 Greater than or equal to 620 and less than 680 5,002 791 1,277 565 338 333 1,698 Greater than or equal to 680 and less than 740 23,440 4,246 6,688 3,267 1,398 1,763 6,078 Greater than or equal to 740 170,824 40,789 48,387 26,686 7,794 12,240 34,928 Fully-insured loans 12,519 2,134 3,913 1,512 279 280 4,401 Total Residential Mortgage $ 214,324 $ 48,398 $ 60,772 $ 32,182 $ 9,930 $ 14,753 $ 48,289 Home Equity - Credit Quality Indicators Total Home Equity Loans and Reverse Mortgages (1) Revolving Loans Revolving Loans Converted to Term Loans (Dollars in millions) June 30, 2021 Total Home Equity Refreshed LTV Less than or equal to 90 percent $ 29,884 $ 1,857 $ 20,266 $ 7,761 Greater than 90 percent but less than or equal to 100 percent 236 98 62 76 Greater than 100 percent 349 125 86 138 Total Home Equity $ 30,469 $ 2,080 $ 20,414 $ 7,975 Total Home Equity Refreshed FICO score Less than 620 $ 974 $ 246 $ 217 $ 511 Greater than or equal to 620 and less than 680 1,574 243 509 822 Greater than or equal to 680 and less than 740 5,027 517 2,559 1,951 Greater than or equal to 740 22,894 1,074 17,129 4,691 Total Home Equity $ 30,469 $ 2,080 $ 20,414 $ 7,975 (1) Includes reverse mortgages of $1.4 billion and home equity loans of $717 million which are no longer originated. Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage Direct/Indirect Term Loans by Origination Year Credit Card (Dollars in millions) Total Direct/ Revolving Loans 2021 2020 2019 2018 2017 Prior Total Credit Card as of June 30, Revolving Loans Revolving Loans Converted to Term Loans (1) Refreshed FICO score Less than 620 $ 704 $ 15 $ 54 $ 107 $ 152 $ 115 $ 149 $ 112 $ 2,859 $ 2,692 $ 167 Greater than or equal to 620 and less than 680 2,031 16 528 502 402 212 201 170 8,293 8,087 206 Greater than or equal to 680 and less than 740 7,646 67 2,315 2,145 1,484 693 483 459 26,228 26,024 204 Greater than or equal to 740 36,196 101 8,352 10,544 8,439 4,046 2,384 2,330 38,219 38,170 49 Other internal credit metrics (2,3) 50,326 49,307 519 79 96 83 65 177 — — — Total credit card and other $ 96,903 $ 49,506 $ 11,768 $ 13,377 $ 10,573 $ 5,149 $ 3,282 $ 3,248 $ 75,599 $ 74,973 $ 626 (1) Represents TDRs that were modified into term loans. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $49.3 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at June 30, 2021. Commercial – Credit Quality Indicators By Vintage (1, 2) Term Loans Amortized Cost Basis by Origination Year (Dollars in millions) Total as of 2021 2020 2019 2018 2017 Prior Revolving Loans U.S. Commercial Risk ratings Pass rated $ 277,504 $ 25,307 $ 25,782 $ 28,019 $ 13,523 $ 12,219 $ 27,464 $ 145,190 Reservable criticized 13,616 294 1,342 1,696 2,192 661 1,485 5,946 Total U.S. Commercial $ 291,120 $ 25,601 $ 27,124 $ 29,715 $ 15,715 $ 12,880 $ 28,949 $ 151,136 Non-U.S. Commercial Risk ratings Pass rated $ 94,717 $ 11,442 $ 11,854 $ 8,529 $ 5,739 $ 3,445 $ 3,071 $ 50,637 Reservable criticized 3,433 285 395 644 397 331 367 1,014 Total Non-U.S. Commercial $ 98,150 $ 11,727 $ 12,249 $ 9,173 $ 6,136 $ 3,776 $ 3,438 $ 51,651 Commercial Real Estate Risk ratings Pass rated $ 50,781 $ 4,669 $ 7,940 $ 13,339 $ 7,356 $ 4,183 $ 8,528 $ 4,766 Reservable criticized 8,825 162 1,025 2,403 2,030 1,179 1,481 545 Total Commercial Real Estate $ 59,606 $ 4,831 $ 8,965 $ 15,742 $ 9,386 $ 5,362 $ 10,009 $ 5,311 Commercial Lease Financing Risk ratings Pass rated $ 15,035 $ 1,090 $ 2,793 $ 2,896 $ 2,396 $ 2,194 $ 3,666 $ — Reservable criticized 733 122 71 155 106 72 207 — Total Commercial Lease Financing $ 15,768 $ 1,212 $ 2,864 $ 3,051 $ 2,502 $ 2,266 $ 3,873 $ — U.S. Small Business Commercial (3) Risk ratings Pass rated $ 22,235 $ 9,756 $ 8,245 $ 1,124 $ 816 $ 702 $ 1,438 $ 154 Reservable criticized 696 4 49 145 131 98 264 5 Total U.S. Small Business Commercial $ 22,931 $ 9,760 $ 8,294 $ 1,269 $ 947 $ 800 $ 1,702 $ 159 Total $ 487,575 $ 53,131 $ 59,496 $ 58,950 $ 34,686 $ 25,084 $ 47,971 $ 208,257 (1) Excludes $6.3 billion of loans accounted for under the fair value option at June 30, 2021. (2) Includes $40 million of loans that converted from revolving to term loans. (3) Excludes U.S. Small Business Card loans of $6.9 billion. Refreshed FICO scores for this portfolio are $193 million for less than 620; $555 million for greater than or equal to 620 and less than 680; $1.8 billion for greater than or equal to 680 and less than 740; and $4.4 billion greater than or equal to 740. 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 and year of origination for term loan balances at December 31, 2020, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR. Residential Mortgage – Credit Quality Indicators By Vintage Term Loans by Origination Year (Dollars in millions) Total as of 2020 2019 2018 2017 2016 Prior Total Residential Mortgage Refreshed LTV Less than or equal to 90 percent $ 207,389 $ 68,907 $ 43,771 $ 14,658 $ 21,589 $ 22,967 $ 35,497 Greater than 90 percent but less than or equal to 100 percent 3,138 1,970 684 128 70 96 190 Greater than 100 percent 1,210 702 174 47 39 37 211 Fully-insured loans 11,818 3,826 2,014 370 342 1,970 3,296 Total Residential Mortgage $ 223,555 $ 75,405 $ 46,643 $ 15,203 $ 22,040 $ 25,070 $ 39,194 Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,717 $ 823 $ 177 $ 139 $ 170 $ 150 $ 1,258 Greater than or equal to 620 and less than 680 5,462 1,804 666 468 385 368 1,771 Greater than or equal to 680 and less than 740 25,349 8,533 4,679 1,972 2,427 2,307 5,431 Greater than or equal to 740 178,209 60,419 39,107 12,254 18,716 20,275 27,438 Fully-insured loans 11,818 3,826 2,014 370 342 1,970 3,296 Total Residential Mortgage $ 223,555 $ 75,405 $ 46,643 $ 15,203 $ 22,040 $ 25,070 $ 39,194 Home Equity - Credit Quality Indicators Total Home Equity Loans and Reverse Mortgages (1) Revolving Loans Revolving Loans Converted to Term Loans (Dollars in millions) December 31, 2020 Total Home Equity Refreshed LTV Less than or equal to 90 percent $ 33,447 $ 1,919 $ 22,639 $ 8,889 Greater than 90 percent but less than or equal to 100 percent 351 126 94 131 Greater than 100 percent 513 172 118 223 Total Home Equity $ 34,311 $ 2,217 $ 22,851 $ 9,243 Total Home Equity Refreshed FICO score Less than 620 $ 1,082 $ 250 $ 244 $ 588 Greater than or equal to 620 and less than 680 1,798 263 568 967 Greater than or equal to 680 and less than 740 5,762 556 2,905 2,301 Greater than or equal to 740 25,669 1,148 19,134 5,387 Total Home Equity $ 34,311 $ 2,217 $ 22,851 $ 9,243 (1) Includes reverse mortgages of $1.3 billion and home equity loans of $885 million which are no longer originated. Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage Direct/Indirect Term Loans by Origination Year Credit Card (Dollars in millions) Total Direct/Indirect as of December 31, 2020 Revolving Loans 2020 2019 2018 2017 2016 Prior Total Credit Card as of December 31, 2020 Revolving Loans Revolving Loans Converted to Term Loans (1) Refreshed FICO score Less than 620 $ 959 $ 19 $ 111 $ 200 $ 175 $ 243 $ 148 $ 63 $ 4,018 $ 3,832 $ 186 Greater than or equal to 620 and less than 680 2,143 20 653 559 329 301 176 105 9,419 9,201 218 Greater than or equal to 680 and less than 740 7,431 80 2,848 2,015 1,033 739 400 316 27,585 27,392 193 Greater than or equal to 740 36,064 120 12,540 10,588 5,869 3,495 1,781 1,671 37,686 37,642 44 Other internal credit metrics (2, 3) 44,766 44,098 74 115 84 67 52 276 — — — Total credit card and other $ 91,363 $ 44,337 $ 16,226 $ 13,477 $ 7,490 $ 4,845 $ 2,557 $ 2,431 $ 78,708 $ 78,067 $ 641 (1) Represents TDRs that were modified into term loans. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $44.1 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2020. Commercial – Credit Quality Indicators By Vintage (1, 2) Term Loans Amortized Cost Basis by Origination Year (Dollars in millions) Total as of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans U.S. Commercial Risk ratings Pass rated $ 268,812 $ 33,456 $ 33,305 $ 17,363 $ 14,102 $ 7,420 $ 21,784 $ 141,382 Reservable criticized 19,916 2,524 2,542 2,689 854 698 1,402 9,207 Total U.S. Commercial $ 288,728 $ 35,980 $ 35,847 $ 20,052 $ 14,956 $ 8,118 $ 23,186 $ 150,589 Non-U.S. Commercial Risk ratings Pass rated $ 85,914 $ 16,301 $ 11,396 $ 7,451 $ 5,037 $ 1,674 $ 2,194 $ 41,861 Reservable criticized 4,546 914 572 492 436 138 259 1,735 Total Non-U.S. Commercial $ 90,460 $ 17,215 $ 11,968 $ 7,943 $ 5,473 $ 1,812 $ 2,453 $ 43,596 Commercial Real Estate Risk ratings Pass rated $ 50,260 $ 8,429 $ 14,126 $ 8,228 $ 4,599 $ 3,299 $ 6,542 $ 5,037 Reservable criticized 10,104 933 2,558 2,115 1,582 606 1,436 874 Total Commercial Real Estate $ 60,364 $ 9,362 $ 16,684 $ 10,343 $ 6,181 $ 3,905 $ 7,978 $ 5,911 Commercial Lease Financing Risk ratings Pass rated $ 16,384 $ 3,083 $ 3,242 $ 2,956 $ 2,532 $ 1,703 $ 2,868 $ — Reservable criticized 714 117 117 132 81 88 179 — Total Commercial Lease Financing $ 17,098 $ 3,200 $ 3,359 $ 3,088 $ 2,613 $ 1,791 $ 3,047 $ — U.S. Small Business Commercial (3) Risk ratings Pass rated $ 28,786 $ 24,539 $ 1,121 $ 837 $ 735 $ 527 $ 855 $ 172 Reservable criticized 1,148 76 239 210 175 113 322 13 Total U.S. Small Business Commercial $ 29,934 $ 24,615 $ 1,360 $ 1,047 $ 910 $ 640 $ 1,177 $ 185 Total $ 486,584 $ 90,372 $ 69,218 $ 42,473 $ 30,133 $ 16,266 $ 37,841 $ 200,281 (1) Excludes $5.9 billion of loans accounted for under the fair value option at December 31, 2020. (2) Includes $58 million of loans that converted from revolving to term loans. (3) Excludes U.S. Small Business Card loans of $6.5 billion. Refreshed FICO scores for this portfolio are $265 million for less than 620; $582 million for greater than or equal to 620 and less than 680; $1.7 billion for greater than or equal to 680 and less than 740; and $3.9 billion greater than or equal to 740. Troubled Debt Restructurings The Corporation has been entering into loan modifications with borrowers in response to the pandemic, most of which are not classified as TDRs, and therefore are not included in the following discussion. For more information on the criteria for classifying loans as TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Consumer Real Estate Modifications of consumer real estate loans are classified as TDRs when the borrower is experiencing financial difficulties and a concession has been granted. Concessions may include reductions in interest rates, capitalization of past due amounts, principal and/or interest forbearance, payment extensions, principal and/or interest forgiveness, or combinations thereof. Prior to permanently modifying a loan, the Corporation may enter into trial modifications with certain borrowers under both government and proprietary programs. Trial modifications generally represent a three- to four-month period during which the borrower makes monthly payments under the anticipated modified payment terms. Upon successful completion of the trial period, the Corporation and the borrower enter into a permanent modification. Binding trial modifications are classified as TDRs when the trial offer is made and continue to be classified as TDRs regardless of whether the borrower enters into a permanent modification. Consumer real estate loans of $343 million that have been discharged in Chapter 7 bankruptcy with no change in repayment terms and not reaffirmed by the borrower were included in TDRs at June 30, 2021, of which $99 million were classified as nonperforming and $61 million were loans fully insured. Consumer real estate TDRs are measured primarily based on the net present value of the estimated cash flows discounted at the loan’s original effective interest rate. If the carrying value of a TDR exceeds this amount, a specific allowance is recorded as a component of the allowance for loan and lease losses. Alternatively, consumer real estate TDRs that are considered to be dependent solely on the collateral for repayment (e.g., due to the lack of income verification) are measured based on the estimated fair value of the collateral, and a charge-off is recorded if the carrying value exceeds the fair value of the collateral. Consumer real estate loans that reach 180 days past due prior to modification are charged off to their net realizable value, less costs to sell, before they are modified as TDRs in accordance with established policy. Subsequent declines in the fair value of the collateral after a loan has reached 180 days past due are recorded as charge-offs. Fully-insured loans are protected against principal loss, and therefore, the Corporation does not record an allowance for loan and lease losses on the outstanding principal balance, even after they have been modified in a TDR. At June 30, 2021 and December 31, 2020, 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 $93 million and $123 million at June 30, 2021 and December 31, 2020. The carrying value of consumer real estate loans, including fully-insured loans, for which formal foreclosure proceedings were in process at June 30, 2021 was $1.1 billion. Although the Corporation has continued to pause formal loan foreclosure proceedings and foreclosure sales for occupied properties, during the six months ended June 30, 2021, the Corporation reclassified $20 million of consumer real estate loans completed or which were in process prior to the pause in foreclosures, to foreclosed properties or, for properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans), to other assets. The reclassifications represent non-cash investing activities and, accordingly, are not reflected in the Consolidated Statement of Cash Flows. The table below presents the June 30, 2021 and 2020 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2021 and 2020. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Consumer Real Estate – TDRs Entered into During the Three and Six Months Ended June 30, 2021 and 2020 Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) (Dollars in millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Residential mortgage $ 522 $ 466 3.53 % 3.51 % $ 744 $ 667 3.51 % 3.49 % Home equity 62 47 3.58 3.61 83 63 3.55 3.58 Total $ 584 $ 513 3.53 3.52 $ 827 $ 730 3.52 3.50 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Residential mortgage $ 120 $ 103 4.22 % 4.19 % $ 219 $ 185 4.10 % 4.01 % Home equity 22 18 3.68 3.65 45 38 3.99 3.92 Total $ 142 $ 121 4.14 4.11 $ 264 $ 223 4.08 3.99 (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. The table below presents the June 30, 2021 and 2020 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2021 and 2020, by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Modifications under government programs $ 1 $ — $ 3 $ 3 Modifications under proprietary programs 479 20 665 59 Loans discharged in Chapter 7 bankruptcy (1) 12 21 22 32 Trial modifications 21 80 40 129 Total modifications $ 513 $ 121 $ 730 $ 223 (1) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. The table below presents the carrying value of consumer real estate loans that entered into payment default during the three and six months ended June 30, 2021 and 2020 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Modifications under government programs $ 1 $ 2 $ 2 $ 8 Modifications under proprietary programs 33 5 45 19 Loans discharged in Chapter 7 bankruptcy (1) 2 4 5 11 Trial modifications (2) 6 12 12 30 Total modifications $ 42 $ 23 $ 64 $ 68 (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 The Corporation seeks to assist customers that are experiencing financial difficulty by modifying loans while ensuring compliance with federal and local 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. The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the June 30, 2021 and 2020 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and six months ended June 30, 2021 and 2020. Credit Card and Other Consumer – TDRs Entered into During the Three and Six Months Ended June 30, 2021 Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate Unpaid Principal Balance Carrying (1) Pre-Modification Interest Rate Post-Modification Interest Rate (Dollars in millions) Three Months Ended |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Securitizations and Other Variable Interest Entities | Securitizations and Other Variable Interest EntitiesThe 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 and liabilities of consolidated and unconsolidated VIEs at June 30, 2021 and December 31, 2020 in situations where the Corporation has continuing involvement with transferred assets or if the Corporation otherwise has a variable interest in the VIE. The tables also present the Corporation's maximum loss exposure at June 30, 2021 and December 31, 2020 resulting from its involvement with consolidated and unconsolidated VIEs in which the Corporation holds a variable interest. For more 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 2020 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 and Allowance for Credit Losses. In addition, the Corporation has used VIEs in connection with its funding activities. The Corporation did not provide financial support to consolidated or unconsolidated VIEs during the six months ended June 30, 2021 or the year ended December 31, 2020 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 $968 million and $929 million at June 30, 2021 and December 31, 2020. First-lien Mortgage Securitizations 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 in Note 10 – Commitments and Contingencies , the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties. The table below summarizes select information related to first-lien mortgage securitizations for the three and six months ended June 30, 2021 and 2020. First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage Three Months Ended June 30 Six Months Ended June 30 Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Proceeds from loan sales (1) $ 1,652 $ 11,375 $ 2,895 $ 12,927 $ 2,175 $ 220 $ 2,840 $ 2,292 Gains on securitizations (2) 3 715 5 721 31 (1) 64 40 Repurchases from securitization trusts (3) 98 167 178 295 — — — — (1) The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the Government-sponsored enterprise (GSEs) or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives RMBS in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are typically sold shortly after receipt. (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 $40 million and $73 million, net of hedges, during the three and six months ended June 30, 2021 compared to $34 million and $61 million for the same periods in 2020, 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. 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 $138.7 billion and $183.4 billion at June 30, 2021 and 2020. Servicing fee and ancillary fee income on serviced loans was $104 million and $217 million during the three and six months ended June 30, 2021 compared to $124 million and $252 million for the same periods in 2020. Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $2.1 billion and $2.2 billion at June 30, 2021 and December 31, 2020. For more information on MSRs, see Note 14 – Fair Value Measurements . During the six months ended June 30, 2020, the Corporation completed the sale of $9.3 billion of consumer real estate loans through GNMA loan securitizations. As part of the securitizations, the Corporation retained $8.4 billion of mortgage-backed securities, which are classified as debt securities carried at fair value on the Consolidated Balance Sheet. Total gains on loan sales of $704 million were recorded in other income in the Consolidated Statement of Income. The following table summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at June 30, 2021 and December 31, 2020. First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 12,573 $ 13,477 $ 219 $ 250 $ 1,015 $ 1,031 $ 55 $ 46 $ 1,252 $ 1,169 On-balance sheet assets Senior securities: Trading account assets $ 195 $ 152 $ 5 $ 2 $ 25 $ 8 $ 24 $ 12 $ 7 $ 60 Debt securities carried at fair value 6,260 7,588 87 103 651 676 31 33 — — Held-to-maturity securities 6,118 5,737 — — — — — — 1,016 925 All other assets — — 6 6 28 26 — 1 57 50 Total retained positions $ 12,573 $ 13,477 $ 98 $ 111 $ 704 $ 710 $ 55 $ 46 $ 1,080 $ 1,035 Principal balance outstanding (2) $ 114,769 $ 133,497 $ 5,400 $ 6,081 $ 6,409 $ 6,691 $ 15,181 $ 16,554 $ 70,340 $ 59,268 Consolidated VIEs Maximum loss exposure (1) $ 1,080 $ 1,328 $ 17 $ 66 $ 23 $ 53 $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 1,080 $ 1,328 $ 122 $ 350 $ 226 $ 260 $ — $ — $ — $ — All other assets — — — — — — — — — — Total assets $ 1,080 $ 1,328 $ 122 $ 350 $ 226 $ 260 $ — $ — $ — $ — Total liabilities $ — $ — $ 105 $ 284 $ 203 $ 207 $ — $ — $ — $ — (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) 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 June 30, 2021 and December 31, 2020. Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity (1) Credit Card (2) Resecuritization Trusts Municipal Bond Trusts (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure $ 179 $ 206 $ — $ — $ 6,788 $ 8,543 $ 3,736 $ 3,507 On-balance sheet assets Securities (3) : Trading account assets $ — $ — $ — $ — $ 617 $ 948 $ — $ — Debt securities carried at fair value 1 2 — — 2,282 2,727 — — Held-to-maturity securities — — — — 3,889 4,868 — — Total retained positions $ 1 $ 2 $ — $ — $ 6,788 $ 8,543 $ — $ — Total assets of VIEs $ 501 $ 609 $ — $ — $ 15,535 $ 17,250 $ 4,305 $ 4,042 Consolidated VIEs Maximum loss exposure $ 52 $ 58 $ 9,960 $ 14,606 $ 281 $ 217 $ 309 $ 1,030 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 284 $ 217 $ 269 $ 990 Loans and leases 183 218 14,468 21,310 — — — — Allowance for loan and lease losses 15 14 (1,059) (1,704) — — — — All other assets 3 4 1,063 1,289 — — 40 40 Total assets $ 201 $ 236 $ 14,472 $ 20,895 $ 284 $ 217 $ 309 $ 1,030 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 287 $ 432 Long-term debt 150 178 4,497 6,273 3 — — — All other liabilities — — 15 16 — — — — Total liabilities $ 150 $ 178 $ 4,512 $ 6,289 $ 3 $ — $ 287 $ 432 (1) For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies . (2) At June 30, 2021 and December 31, 2020, loans and leases in the consolidated credit card trust included $3.0 billion and $7.6 billion of seller’s interest. (3) The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy). Home Equity Loans The Corporation retains interests, primarily senior securities, in home equity securitization trusts to which it transferred home equity loans. 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, performance of the loans, the amount of subsequent draws and the timing of related cash flows. Credit Card Securitizations The Corporation securitizes originated and purchased credit card loans. The Corporation’s continuing involvement with the securitization trust includes servicing the receivables, retaining an undivided interest (seller’s interest) in the receivables, and holding certain retained interests, including subordinate interests, in accrued interest and fees on the securitized receivables and cash reserve accounts. During the six months ended June 30, 2021, there were $1.0 billion of new senior debt securities issued to third-party investors from the credit card securitization trust. No new senior debt securities were issued to third-party investors from the credit card securitization trust during the six months ended June 30, 2020. At June 30, 2021 and December 31, 2020, the Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $6.6 billion and $6.8 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 $161 million of these subordinate securities issued by the credit card securitization trust during the six months ended June 30, 2021. No subordinate securities were issued by the credit card securitization trust during the six months ended June 30, 2020. Resecuritization Trusts The Corporation transfers securities, typically MBS, into resecuritization VIEs generally 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 $5.9 billion and $14.7 billion of securities during the three and six months ended June 30, 2021 compared to $10.7 billion and $18.1 billion for the same periods in 2020. Securities transferred into resecuritization VIEs were measured at fair value with changes in fair value recorded in market making and similar activities prior to the resecuritization and, accordingly, no gain or loss on sale was recorded. During the three and six months ended June 30, 2021 and 2020, resecuritization proceeds included securities with an initial fair value of $233 million and $519 million compared to $4.4 billion and $4.9 billion, of which substantially all of the securities in the current-year period were classified as trading account assets. Of the securities received as resecuritization proceeds during the three months ended June 30, 2020, $654 million, $2.1 billion and $1.7 billion were classified as trading account assets, debt securities carried at fair value and HTM securities, respectively. Of the securities received as resecuritization proceeds during the six months ended June 30, 2020, $1.2 billion, $2.1 billion and $1.7 billion were classified as trading account assets, debt securities carried at fair value and HTM securities, respectively. Substantially all of the trading account securities carried at fair value 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 $3.7 billion and $3.5 billion at June 30, 2021 and December 31, 2020. The weighted-average remaining life of bonds held in the trusts at June 30, 2021 was 6.5 years. There were no significant write-downs or downgrades of assets or issuers during the six months ended June 30, 2021 and 2020. Other Variable Interest Entities The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at June 30, 2021 and December 31, 2020. Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) June 30, 2021 December 31, 2020 Maximum loss exposure $ 4,565 $ 24,829 $ 29,394 $ 4,106 $ 23,870 $ 27,976 On-balance sheet assets Trading account assets $ 2,437 $ 606 $ 3,043 $ 2,080 $ 623 $ 2,703 Debt securities carried at fair value — 8 8 — 9 9 Loans and leases 2,319 182 2,501 2,108 184 2,292 Allowance for loan and lease losses (3) (8) (11) (3) (3) (6) All other assets 28 23,541 23,569 54 22,553 22,607 Total $ 4,781 $ 24,329 $ 29,110 $ 4,239 $ 23,366 $ 27,605 On-balance sheet liabilities Short-term borrowings $ 37 $ — $ 37 $ 22 $ — $ 22 Long-term debt 179 — 179 111 — 111 All other liabilities — 5,972 5,972 — 5,658 5,658 Total $ 216 $ 5,972 $ 6,188 $ 133 $ 5,658 $ 5,791 Total assets of VIEs $ 4,781 $ 83,221 $ 88,002 $ 4,239 $ 77,984 $ 82,223 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 $2.7 billion and $2.3 billion at June 30, 2021 and December 31, 2020, 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 $256 million and $298 million at June 30, 2021 and December 31, 2020. Investment VIEs The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety of investment VIEs that hold loans, real estate, debt securities or other financial instruments and are designed to provide the desired investment profile to investors or the Corporation. At June 30, 2021 and December 31, 2020, the Corporation’s consolidated investment VIEs had total assets of $764 million and $494 million. The Corporation also held investments in unconsolidated VIEs with total assets of $6.6 billion and $5.4 billion at June 30, 2021 and December 31, 2020. The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $1.9 billion and $1.5 billion at June 30, 2021 and December 31, 2020 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 $1.6 billion and $1.7 billion at June 30, 2021 and December 31, 2020. 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 $22.8 billion and $22.0 billion at June 30, 2021 and December 31, 2020. 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 $11.7 billion and $11.2 billion, including unfunded commitments to provide capital contributions of $5.3 billion and $5.0 billion, at June 30, 2021 and December 31, 2020. 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 $334 million and $727 million and reported pretax losses in other income of $279 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The table below presents goodwill balances by business segment at June 30, 2021 and December 31, 2020. The reporting units utilized for goodwill impairment testing are the operating segments or one level below. The Corporation completed its annual goodwill impairment test as of June 30, 2021 and determined there was no impairment. For more information regarding the nature and accounting for the Corporation's annual goodwill impairment testing, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2020 Annual Report on Form 10-K. Goodwill June 30 December 31 (Dollars in millions) 2021 2020 Consumer Banking $ 30,137 $ 30,123 Global Wealth & Investment Management 9,677 9,677 Global Banking (1) 24,027 23,969 Global Markets 5,182 5,182 Total goodwill $ 69,023 $ 68,951 (1) Prior period has been revised to conform to current-period presentation. Intangible Assets At both June 30, 2021 and December 31, 2020, the net carrying value of intangible assets was $2.2 billion. At both June 30, 2021 and December 31, 2020, intangible assets included $1.6 billion of intangible assets associated with trade names, substantially all of which had an indefinite life and, accordingly, are not being amortized. Amortization of intangibles expense was $20 million and $37 million for the three and six months ended June 30, 2021 compared to $16 million and $32 million for the same periods in 2020. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses . Lessor Arrangements The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. The table below presents the net investment in sales-type and direct financing leases at June 30, 2021 and December 31, 2020. Net Investment (1) June 30 December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,852 $ 17,627 Unguaranteed residuals 2,191 2,303 Total net investment in sales-type and direct $ 19,043 $ 19,930 (1) In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $7.2 billion and $6.9 billion at June 30, 2021 and December 31, 2020. The table below presents lease income for the three and six months ended June 30, 2021 and 2020. Lease Income Three Months Ended Six Months Ended (Dollars in millions) 2021 2020 2021 2020 Sales-type and direct financing leases $ 152 $ 175 $ 316 $ 372 Operating leases 223 236 454 479 Total lease income $ 375 $ 411 $ 770 $ 851 Lessee Arrangements The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant. The table below provides information on the right-of-use assets and lease liabilities at June 30, 2021 and December 31, 2020. Lessee Arrangements June 30 December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,030 $ 10,000 Lease liabilities 10,653 10,474 |
Leases | Leases The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses . Lessor Arrangements The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. The table below presents the net investment in sales-type and direct financing leases at June 30, 2021 and December 31, 2020. Net Investment (1) June 30 December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,852 $ 17,627 Unguaranteed residuals 2,191 2,303 Total net investment in sales-type and direct $ 19,043 $ 19,930 (1) In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $7.2 billion and $6.9 billion at June 30, 2021 and December 31, 2020. The table below presents lease income for the three and six months ended June 30, 2021 and 2020. Lease Income Three Months Ended Six Months Ended (Dollars in millions) 2021 2020 2021 2020 Sales-type and direct financing leases $ 152 $ 175 $ 316 $ 372 Operating leases 223 236 454 479 Total lease income $ 375 $ 411 $ 770 $ 851 Lessee Arrangements The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant. The table below provides information on the right-of-use assets and lease liabilities at June 30, 2021 and December 31, 2020. Lessee Arrangements June 30 December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,030 $ 10,000 Lease liabilities 10,653 10,474 |
Leases | Leases The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses . Lessor Arrangements The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. The table below presents the net investment in sales-type and direct financing leases at June 30, 2021 and December 31, 2020. Net Investment (1) June 30 December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,852 $ 17,627 Unguaranteed residuals 2,191 2,303 Total net investment in sales-type and direct $ 19,043 $ 19,930 (1) In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $7.2 billion and $6.9 billion at June 30, 2021 and December 31, 2020. The table below presents lease income for the three and six months ended June 30, 2021 and 2020. Lease Income Three Months Ended Six Months Ended (Dollars in millions) 2021 2020 2021 2020 Sales-type and direct financing leases $ 152 $ 175 $ 316 $ 372 Operating leases 223 236 454 479 Total lease income $ 375 $ 411 $ 770 $ 851 Lessee Arrangements The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant. The table below provides information on the right-of-use assets and lease liabilities at June 30, 2021 and December 31, 2020. Lessee Arrangements June 30 December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,030 $ 10,000 Lease liabilities 10,653 10,474 |
Leases | Leases The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses . Lessor Arrangements The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. The table below presents the net investment in sales-type and direct financing leases at June 30, 2021 and December 31, 2020. Net Investment (1) June 30 December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,852 $ 17,627 Unguaranteed residuals 2,191 2,303 Total net investment in sales-type and direct $ 19,043 $ 19,930 (1) In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $7.2 billion and $6.9 billion at June 30, 2021 and December 31, 2020. The table below presents lease income for the three and six months ended June 30, 2021 and 2020. Lease Income Three Months Ended Six Months Ended (Dollars in millions) 2021 2020 2021 2020 Sales-type and direct financing leases $ 152 $ 175 $ 316 $ 372 Operating leases 223 236 454 479 Total lease income $ 375 $ 411 $ 770 $ 851 Lessee Arrangements The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant. The table below provides information on the right-of-use assets and lease liabilities at June 30, 2021 and December 31, 2020. Lessee Arrangements June 30 December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,030 $ 10,000 Lease liabilities 10,653 10,474 |
Federal Funds Sold or Purchased
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 270,443 (0.06) % $ 312,404 0.03 % $ 260,271 (0.04) % $ 295,599 0.57 % Maximum month-end balance during period 278,300 n/a 451,179 n/a 278,300 n/a 451,179 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 218,535 0.25 % $ 187,180 0.38 % $ 207,880 0.25 % $ 193,359 1.01 % Maximum month-end balance during period 218,628 n/a 194,870 n/a 218,628 n/a 206,493 n/a Short-term borrowings Average during period 21,600 (0.11) 25,901 0.12 20,639 (0.12) 26,166 0.88 Maximum month-end balance during period 23,333 n/a 27,315 n/a 23,333 n/a 30,118 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 finance inventory positions. For more information on the securities financing agreements and the offsetting of securities financing transactions, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2021 and December 31, 2020. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2021 Securities borrowed or purchased under agreements to resell (3) $ 524,946 $ (256,352) $ 268,594 $ (241,909) $ 26,685 Securities loaned or sold under agreements to repurchase $ 470,139 $ (256,352) $ 213,787 $ (202,435) $ 11,352 Other (4) 15,071 — 15,071 (15,071) — Total $ 485,210 $ (256,352) $ 228,858 $ (217,506) $ 11,352 December 31, 2020 Securities borrowed or purchased under agreements to resell (3) $ 492,387 $ (188,329) $ 304,058 $ (272,351) $ 31,707 Securities loaned or sold under agreements to repurchase $ 358,652 $ (188,329) $ 170,323 $ (158,867) $ 11,456 Other (4) 16,210 — 16,210 (16,210) — Total $ 374,862 $ (188,329) $ 186,533 $ (175,077) $ 11,456 (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 $20.1 billion and $14.7 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2021 and December 31, 2020. (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. For more information on collateral requirements, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Remaining Contractual Maturity Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater than 90 Days (1) Total (Dollars in millions) June 30, 2021 Securities sold under agreements to repurchase $ 187,994 $ 164,693 $ 33,069 $ 44,846 $ 430,602 Securities loaned 34,167 11 1,226 4,133 39,537 Other 15,071 — — — 15,071 Total $ 237,232 $ 164,704 $ 34,295 $ 48,979 $ 485,210 December 31, 2020 Securities sold under agreements to repurchase $ 158,400 $ 122,448 $ 32,149 $ 22,684 $ 335,681 Securities loaned 19,140 271 1,029 2,531 22,971 Other 16,210 — — — 16,210 Total $ 193,750 $ 122,719 $ 33,178 $ 25,215 $ 374,862 (1) No agreements have maturities greater than three years. Class of Collateral Pledged Securities Sold Under Agreements to Repurchase Securities Other Total (Dollars in millions) June 30, 2021 U.S. government and agency securities $ 231,210 $ — $ — $ 231,210 Corporate securities, trading loans and other 15,674 2,843 1,160 19,677 Equity securities 20,633 36,121 13,852 70,606 Non-U.S. sovereign debt 161,345 573 59 161,977 Mortgage trading loans and ABS 1,740 — — 1,740 Total $ 430,602 $ 39,537 $ 15,071 $ 485,210 December 31, 2020 U.S. government and agency securities $ 195,167 $ 5 $ — $ 195,172 Corporate securities, trading loans and other 8,633 1,628 1,217 11,478 Equity securities 14,752 21,125 14,931 50,808 Non-U.S. sovereign debt 113,142 213 62 113,417 Mortgage trading loans and ABS 3,987 — — 3,987 Total $ 335,681 $ 22,971 $ 16,210 $ 374,862 Restricted Cash At June 30, 2021 and December 31, 2020, the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $6.0 billion and $7.0 billion, predominantly related to cash segregated in compliance with securities regulations and cash held on deposit with central banks to meet reserve requirements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 Annual Report on Form 10-K. Credit Extension Commitments The Corporation enters into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of its customers. The 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 $10.9 billion and $10.5 billion at June 30, 2021 and December 31, 2020. The carrying value of these commitments at June 30, 2021 and December 31, 2020, excluding commitments accounted for under the fair value option, was $1.7 billion and $1.9 billion, which primarily related to the reserve for unfunded lending commitments. 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 includes the notional amount of commitments of $5.3 billion and $4.0 billion at June 30, 2021 and December 31, 2020 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $103 million and $99 million at June 30, 2021 and December 31, 2020, 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 Expire After Total (Dollars in millions) June 30, 2021 Notional amount of credit extension commitments Loan commitments (1) $ 103,361 $ 193,656 $ 155,834 $ 27,247 $ 480,098 Home equity lines of credit 762 3,807 10,119 26,286 40,974 Standby letters of credit and financial guarantees (2) 20,853 11,634 1,766 539 34,792 Letters of credit (3) 1,609 309 30 29 1,977 Legally binding commitments 126,585 209,406 167,749 54,101 557,841 Credit card lines (4) 394,052 — — — 394,052 Total credit extension commitments $ 520,637 $ 209,406 $ 167,749 $ 54,101 $ 951,893 December 31, 2020 Notional amount of credit extension commitments Loan commitments (1) $ 109,406 $ 171,887 $ 139,508 $ 16,091 $ 436,892 Home equity lines of credit 710 2,992 8,738 29,892 42,332 Standby letters of credit and financial guarantees (2) 19,962 12,038 2,397 1,257 35,654 Letters of credit (3) 886 197 25 27 1,135 Legally binding commitments 130,964 187,114 150,668 47,267 516,013 Credit card lines (4) 384,955 — — — 384,955 Total credit extension commitments $ 515,919 $ 187,114 $ 150,668 $ 47,267 $ 900,968 (1) At June 30, 2021 and December 31, 2020, $5.5 billion and $4.8 billion of these loan commitments were held in the form of a security. (2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.3 billion and $9.1 billion at June 30, 2021, and $25.0 billion and $10.2 billion at December 31, 2020. Amounts in the table include consumer SBLCs of $476 million and $500 million at June 30, 2021 and December 31, 2020. (3) At June 30, 2021 and December 31, 2020, included are letters of credit of $1.9 billion and $1.8 billion related to certain liquidity commitments of VIEs. For more information, see Note 6 – Securitizations and Other Variable Interest Entities . (4) Includes business card unused lines of credit. Other Commitments At June 30, 2021 and December 31, 2020, the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $64 million and $93 million, which upon settlement will be included in trading account assets, loans or LHFS, and commitments to purchase commercial loans of $430 million and $645 million, which upon settlement will be included in trading account assets. At June 30, 2021 and December 31, 2020, the Corporation had commitments to purchase commodities, primarily liquefied natural gas, of $616 million and $582 million, which upon settlement will be included in trading account assets. At June 30, 2021 and December 31, 2020, the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $127.8 billion and $66.5 billion, and commitments to enter into forward-dated repurchase and securities lending agreements of $67.5 billion and $32.1 billion. These commitments generally expire within the next 12 months. At June 30, 2021 and December 31, 2020, the Corporation had a commitment to originate or purchase up to $4.0 billion and $3.9 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. Other Guarantees Bank-owned Life Insurance Book Value Protection The Corporation sells products that offer book value protection to insurance carriers who offer group life insurance policies to corporations, primarily banks. At both June 30, 2021 and December 31, 2020, the notional amount of these guarantees totaled $6.3 billion and $7.1 billion. At both June 30, 2021 and December 31, 2020, the Corporation’s maximum exposure related to these guarantees totaled $934 million and $1.1 billion, with estimated maturity dates between 2033 and 2039. Merchant Services The Corporation in its role as merchant acquirer or as a sponsor of other merchant acquirers may be held liable for any reversed charges that cannot be collected from the merchants, due to, among other things, merchant fraud or insolvency. If charges are properly reversed after a purchase and cannot be collected from either the merchants or merchant acquirers, the Corporation may be held liable for these reversed charges. The ability to reverse a charge is primarily governed by the applicable regulatory and card network rules, which include, but are not limited to, the type of charge, type of payment used and time limits. For the six months ended June 30, 2021, the Corporation processed an aggregate purchase volume of $411.8 billion. The Corporation’s risk in this area primarily relates to circumstances where a cardholder has purchased goods or services for future delivery. The Corporation mitigates this risk by requiring cash deposits, guarantees, letters of credit or other types of collateral from certain merchants. The Corporation’s reserves for contingent losses and the losses incurred related to the merchant processing activity were not significant. The Corporation continues to monitor its exposure in this area due to the potential economic impacts of the pandemic. Representations and Warranties Obligations and Corporate Guarantees For more information on representations and warranties obligations and corporate guarantees, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K . The reserve for representations and warranties obligations and corporate guarantees was $1.2 billion and $1.3 billion at June 30, 2021 and December 31, 2020 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, is based on its experience in previous negotiations, and is subject to judgment, a variety of assumptions, and known or unknown uncertainties. Future representations and warranties losses may occur in excess of the amounts recorded for these exposures; however, the Corporation does not expect such amounts to be material to the Corporation's financial condition and liquidity. See Litigation and Regulatory Matters below for the Corporation's combined range of possible loss in excess of the reserve for representations and warranties and the accrued liability for litigation. Fixed Income Clearing Corporation Sponsored Member Repo Program The Corporation acts as a sponsoring member in a repo program whereby the Corporation clears certain eligible resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation on behalf of clients that are sponsored members in accordance with the Fixed Income Clearing Corporation’s rules. As part of this program, the Corporation guarantees the payment and performance of its sponsored members to the Fixed Income Clearing Corporation. The Corporation’s guarantee obligation is secured by a security interest in cash or high-quality securities collateral placed by clients with the clearinghouse and therefore, the potential for the Corporation to incur significant losses under this arrangement is remote. The Corporation’s maximum potential exposure, without taking into consideration the related collateral, was $13.6 billion and $22.5 billion at June 30, 2021 and December 31, 2020. 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 payments under these agreements are approximately $9.2 billion and $8.8 billion at June 30, 2021 and December 31, 2020. The estimated maturity dates of these obligations extend up to 2049. The Corporation has made no material payments under these guarantees. For more information on maximum potential future payments under VIE-related liquidity commitments, see Note 6 – Securitizations and Other Variable Interest Entities . 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. Guarantees of Certain Long-term Debt The Corporation, as the parent company, fully and unconditionally guarantees the securities issued by BofA Finance LLC, a consolidated 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 disclosures supplement the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K (the prior commitments and contingencies disclosure). In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, regulatory and governmental actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Corporation generally cannot predict the eventual outcome of the pending matters, timing of the ultimate resolution of these matters, or eventual loss, fines or penalties related to each pending matter. As a matter develops, the Corporation, in conjunction with any outside counsel handling the matter, evaluates whether such matter presents a loss contingency that is probable and estimable, and, for the matter described below and the matters disclosed in the prior commitments and contingencies disclosure, whether a loss in excess of any accrued liability is reasonably possible in future periods. Once the loss contingency is deemed to be both probable and estimable, the Corporation will establish an accrued liability and record a corresponding amount of litigation-related expense. The Corporation continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Excluding expenses of internal and external legal service providers, litigation-related expense of $55 million and $89 million was recognized for the three and six months ended June 30, 2021 compared to $57 million and $81 million for the same periods in 2020. For any matter disclosed in this Note and in the prior commitments and contingencies disclosure, for which a loss in future periods is reasonably possible and estimable (whether in excess of an accrued liability or where there is no accrued liability) and for representations and warranties exposures, the Corporation’s estimated range of possible loss is $0 to $1.3 billion in excess of the accrued liability, if any, as of June 30, 2021. The accrued liability and estimated range of possible loss are based upon currently available information and subject to significant judgment, a variety of assumptions and known and unknown uncertainties. The matters underlying the accrued liability and estimated range of possible loss are unpredictable and may change from time to time, and actual losses may vary significantly from the current estimate and accrual. The estimated range of possible loss does not represent the Corporation’s maximum loss exposure. Information is provided below, or in the prior commitments and contingencies disclosure regarding the nature of the litigation and, where specified, associated claimed damages. Based on current knowledge, and taking into account accrued liabilities, management does not believe that loss contingencies arising from pending matters, including the matters described below, and in the prior commitments and contingencies disclosure, will have a material adverse effect on the consolidated financial condition or liquidity of the Corporation. However, in light of the significant judgment, variety of assumptions and uncertainties involved in those matters, some of which are beyond the Corporation’s control, and the very large or indeterminate damages sought in some of those matters, an adverse outcome in one or more of these matters could be material to the Corporation’s business or results of operations for any particular reporting period, or cause significant reputational harm. Ambac Bond Insurance Litigation Ambac v. Countrywide I On May 11, 2021, the First Department, a New York State appellate court, affirmed the dismissal of Ambac’s fraudulent inducement claim. LIBOR, Other Reference Rates, Foreign Exchange and Bond Trading Matters On April 28, 2021, the European Commission concluded its investigation regarding trading by various financial institutions in sovereign, supranational, and agency bonds by issuing a fine in an amount not material to the Corporation. On May 20, 2021, the European Commission concluded its investigation regarding trading by various financial institutions in European government bonds. Although it found that the respondent financial institutions violated European competition rules, it did not fine the Corporation because the conduct at issue occurred beyond the statute of limitations. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share July 21, 2021 September 3, 2021 September 24, 2021 $ 0.21 April 22, 2021 June 4, 2021 June 25, 2021 0.18 January 19, 2021 March 5, 2021 March 26, 2021 0.18 (1) In 2021, and through July 30, 2021. During the three and six months ended June 30, 2021, the Corporation repurchased and retired 103 million and 204 million shares of common stock, which reduced shareholders’ equity by $4.2 billion and $7.7 billion. During the six months ended June 30, 2021, in connection with employee stock plans, the Corporation issued 63 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 24 million shares of its common stock. At June 30, 2021, the Corporation had reserved 566 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock. On July 21, 2021, the Board of Directors declared a quarterly common stock dividend of $0.21 per share. Preferred Stock During the three months ended March 31, 2021 and June 30, 2021, the Corporation declared $490 million and $260 million of cash dividends on preferred stock, or a total of $750 million for the six months ended June 30, 2021. Additionally, on April 25, 2021, the Corporation fully redeemed Series EE Preferred Stock for $900 million. For more information on the Corporation's preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2021 and 2020. (Dollars in millions) Debt Securities Debit Valuation Adjustments Derivatives Employee Foreign Total Balance, December 31, 2019 $ 323 $ (1,494) $ (400) $ (4,168) $ (894) $ (6,633) Net change 4,693 53 732 100 (107) 5,471 Balance, June 30, 2020 $ 5,016 $ (1,441) $ 332 $ (4,068) $ (1,001) $ (1,162) Balance, December 31, 2020 $ 5,122 $ (1,992) $ 426 $ (4,266) $ (946) $ (1,656) Net change (1,090) 265 (699) 120 (3) (1,407) Balance, June 30, 2021 $ 4,032 $ (1,727) $ (273) $ (4,146) $ (949) $ (3,063) The following table presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the six months ended June 30, 2021 and 2020. Pretax Tax After- Pretax Tax After- Six Months Ended June 30 (Dollars in millions) 2021 2020 Debt securities: Net increase (decrease) in fair value $ (1,445) $ 355 $ (1,090) $ 6,628 $ (1,652) $ 4,976 Net realized gains reclassified into earnings (1) — — — (377) 94 (283) Net change (1,445) 355 (1,090) 6,251 (1,558) 4,693 Debit valuation adjustments: Net increase in fair value 336 (76) 260 63 (13) 50 Net realized losses reclassified into earnings (1) 7 (2) 5 4 (1) 3 Net change 343 (78) 265 67 (14) 53 Derivatives: Net increase (decrease) in fair value (820) 205 (615) 914 (222) 692 Reclassifications into earnings: Net interest income (84) 20 (64) 53 (13) 40 Compensation and benefits expense (26) 6 (20) — — — Net realized (gains) losses reclassified into earnings (110) 26 (84) 53 (13) 40 Net change (930) 231 (699) 967 (235) 732 Employee benefit plans: Net actuarial losses and other reclassified into earnings (2) 142 (22) 120 133 (33) 100 Net change 142 (22) 120 133 (33) 100 Foreign currency: Net decrease in fair value 116 (119) (3) 115 (222) (107) Net change 116 (119) (3) 115 (222) (107) Total other comprehensive income (loss) $ (1,774) $ 367 $ (1,407) $ 7,533 $ (2,062) $ 5,471 (1) Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income. (2) Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 2021 and 2020 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 2020 Annual Report on Form 10-K. Three Months Ended June 30 Six Months Ended June 30 (In millions, except per share information) 2021 2020 2021 2020 Earnings per common share Net income $ 9,224 $ 3,533 $ 17,274 $ 7,543 Preferred stock dividends (260) (249) (750) (718) Net income applicable to common shareholders $ 8,964 $ 3,284 $ 16,524 $ 6,825 Average common shares issued and outstanding 8,620.8 8,739.9 8,660.4 8,777.6 Earnings per common share $ 1.04 $ 0.38 $ 1.91 $ 0.78 Diluted earnings per common share Net income applicable to common shareholders $ 8,964 $ 3,284 $ 16,524 $ 6,825 Add preferred stock dividends due to assumed conversions 56 — 112 — Net income allocated to common shareholders $ 9,020 $ 3,284 $ 16,636 $ 6,825 Average common shares issued and outstanding 8,620.8 8,739.9 8,660.4 8,777.6 Dilutive potential common shares (1) 114.7 28.2 115.8 35.7 Total diluted average common shares issued and outstanding 8,735.5 8,768.1 8,776.2 8,813.3 Diluted earnings per common share $ 1.03 $ 0.37 $ 1.90 $ 0.77 (1) Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsUnder 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 fair value hierarchy classifications on a quarterly basis. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities become unobservable or observable in the current marketplace. During the six months ended June 30, 2021, 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, how the Corporation measures fair value and valuation techniques, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K . The Corporation accounts for certain financial instruments under the fair value option. For more information, see Note 15 – Fair Value Option . Recurring Fair Value Assets and liabilities carried at fair value on a recurring basis at June 30, 2021 and December 31, 2020, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables. June 30, 2021 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 $ 1,450 $ — $ — $ — $ 1,450 Federal funds sold and securities borrowed or purchased under agreements to resell — 163,344 — — 163,344 Trading account assets: U.S. Treasury and agency securities (2) 40,733 1,299 — — 42,032 Corporate securities, trading loans and other — 36,707 1,764 — 38,471 Equity securities 104,218 39,316 260 — 143,794 Non-U.S. sovereign debt 10,621 20,919 414 — 31,954 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 23,567 97 — 23,664 Mortgage trading loans, ABS and other MBS — 10,417 1,401 — 11,818 Total trading account assets (3) 155,572 132,225 3,936 — 291,733 Derivative assets 17,487 331,302 3,312 (310,603) 41,498 AFS debt securities: U.S. Treasury and agency securities 159,245 1,088 — — 160,333 Mortgage-backed securities: Agency — 57,889 — — 57,889 Agency-collateralized mortgage obligations — 4,226 — — 4,226 Non-agency residential — 647 205 — 852 Commercial — 18,919 — — 18,919 Non-U.S. securities — 17,156 11 — 17,167 Other taxable securities — 2,847 74 — 2,921 Tax-exempt securities — 15,823 51 — 15,874 Total AFS debt securities 159,245 118,595 341 — 278,181 Other debt securities carried at fair value: U.S. Treasury and agency securities 518 — — — 518 Non-agency residential MBS — 451 281 — 732 Non-U.S. and other securities 3,491 5,991 — — 9,482 Total other debt securities carried at fair value 4,009 6,442 281 — 10,732 Loans and leases — 6,093 857 — 6,950 Loans held-for-sale — 1,944 263 — 2,207 Other assets (4) 10,034 3,119 1,775 — 14,928 Total assets (5) $ 347,797 $ 763,064 $ 10,765 $ (310,603) $ 811,023 Liabilities Interest-bearing deposits in U.S. offices $ — $ 515 $ — $ — $ 515 Federal funds purchased and securities loaned or sold under agreements to repurchase — 165,781 — — 165,781 Trading account liabilities: U.S. Treasury and agency securities 22,888 289 — — 23,177 Equity securities 47,288 4,358 — — 51,646 Non-U.S. sovereign debt 17,404 9,074 — — 26,478 Corporate securities and other — 8,766 17 — 8,783 Total trading account liabilities 87,580 22,487 17 — 110,084 Derivative liabilities 16,945 330,062 6,196 (314,287) 38,916 Short-term borrowings — 4,490 — — 4,490 Accrued expenses and other liabilities 11,899 3,275 — — 15,174 Long-term debt — 29,301 1,060 — 30,361 Total liabilities (5) $ 116,424 $ 555,911 $ 7,273 $ (314,287) $ 365,321 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $23.7 billion of GSE obligations. (3) Includes securities with a fair value of $8.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $2.1 billion that are accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell. (4) Includes MSRs of $976 million which are classified as Level 3 assets. (5) Total recurring Level 3 assets were 0.36 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.26 percent of total consolidated liabilities. December 31, 2020 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 $ 1,649 $ — $ — $ — $ 1,649 Federal funds sold and securities borrowed or purchased under agreements to resell — 108,856 — — 108,856 Trading account assets: U.S. Treasury and agency securities (2) 45,219 3,051 — — 48,270 Corporate securities, trading loans and other — 22,817 1,359 — 24,176 Equity securities 36,372 31,372 227 — 67,971 Non-U.S. sovereign debt 5,753 20,884 354 — 26,991 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 21,566 75 — 21,641 Mortgage trading loans, ABS and other MBS — 8,440 1,365 — 9,805 Total trading account assets (3) 87,344 108,130 3,380 — 198,854 Derivative assets 15,624 416,175 2,751 (387,371) 47,179 AFS debt securities: U.S. Treasury and agency securities 115,266 1,114 — — 116,380 Mortgage-backed securities: Agency — 61,849 — — 61,849 Agency-collateralized mortgage obligations — 5,260 — — 5,260 Non-agency residential — 631 378 — 1,009 Commercial — 16,491 — — 16,491 Non-U.S. securities — 13,999 18 — 14,017 Other taxable securities — 2,640 71 — 2,711 Tax-exempt securities — 16,598 176 — 16,774 Total AFS debt securities 115,266 118,582 643 — 234,491 Other debt securities carried at fair value: U.S. Treasury and agency securities 93 — — — 93 Non-agency residential MBS — 506 267 — 773 Non-U.S. and other securities 2,619 8,625 — — 11,244 Total other debt securities carried at fair value 2,712 9,131 267 — 12,110 Loans and leases — 5,964 717 — 6,681 Loans held-for-sale — 1,349 236 — 1,585 Other assets (4) 9,898 3,850 1,970 — 15,718 Total assets (5) $ 232,493 $ 772,037 $ 9,964 $ (387,371) $ 627,123 Liabilities Interest-bearing deposits in U.S. offices $ — $ 481 $ — $ — $ 481 Federal funds purchased and securities loaned or sold under agreements to repurchase — 135,391 — — 135,391 Trading account liabilities: U.S. Treasury and agency securities 9,425 139 — — 9,564 Equity securities 38,189 4,235 — — 42,424 Non-U.S. sovereign debt 5,853 8,043 — — 13,896 Corporate securities and other — 5,420 16 — 5,436 Total trading account liabilities 53,467 17,837 16 — 71,320 Derivative liabilities 14,907 412,881 6,219 (388,481) 45,526 Short-term borrowings — 5,874 — — 5,874 Accrued expenses and other liabilities 12,297 4,014 — — 16,311 Long-term debt — 31,036 1,164 — 32,200 Total liabilities (5) $ 80,671 $ 607,514 $ 7,399 $ (388,481) $ 307,103 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $22.2 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. Trading account assets also includes certain commodities inventory of $576 million that are accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell. (4) Includes MSRs of $1.0 billion which are classified as Level 3 assets. (5) Total recurring Level 3 assets were 0.35 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.29 percent of total consolidated liabilities. The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2021 and 2020, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. 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. Level 3 – Fair Value Measurements (1) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Three Months Ended June 30, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,516 $ 38 $ — $ 185 $ (110) $ — $ (116) $ 306 $ (55) $ 1,764 $ 16 Equity securities 273 32 — 8 (26) — — 26 (53) 260 23 Non-U.S. sovereign debt 334 20 34 — — — — 26 — 414 20 Mortgage trading loans, MBS and ABS 1,561 (10) — 119 (274) — (28) 188 (58) 1,498 (10) Total trading account assets 3,684 80 34 312 (410) — (144) 546 (166) 3,936 49 Net derivative assets (liabilities) (4) (3,206) 5 — 211 (88) — 36 (83) 241 (2,884) (19) AFS debt securities: Non-agency residential MBS 284 1 3 — — — (8) — (75) 205 — Non-U.S. securities 13 (1) — — — — (1) — — 11 — Other taxable securities 73 — 1 — — — — — — 74 — Tax-exempt securities 98 3 — — — — — — (50) 51 3 Total AFS debt securities 468 3 4 — — — (9) — (125) 341 3 Other debt securities carried at fair value – Non-agency residential MBS 260 3 — — — — (14) 32 — 281 3 Loans and leases (5,6) 793 34 — — — 60 (46) 16 — 857 34 Loans held-for-sale (5,6) 220 10 11 38 — — (23) 7 — 263 4 Other assets (6,7) 2,090 (153) 4 55 (144) 23 (100) — — 1,775 (117) Trading account liabilities – Corporate securities and other (16) — — — — (1) — — — (17) — Long-term debt (5) (1,028) (67) 15 2 — (2) 19 — 1 (1,060) (66) Three Months Ended June 30, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,640 $ (27) $ — $ 64 $ (42) $ — $ (42) $ 147 $ (192) $ 1,548 $ (27) Equity securities 249 1 — 3 (23) — — — (36) 194 — Non-U.S. sovereign debt 250 26 (10) 2 (11) — (9) — — 248 26 Mortgage trading loans, MBS and ABS 1,733 (22) (1) 104 (229) — (21) 259 (87) 1,736 (36) Total trading account assets 3,872 (22) (11) 173 (305) — (72) 406 (315) 3,726 (37) Net derivative assets (liabilities) (4) (2,909) (463) — 137 (233) — (178) 252 51 (3,343) (558) AFS debt securities: Non-agency residential MBS 524 (2) 4 23 — — (10) 5 (82) 462 (2) Non-U.S. securities 1 — — — — — — 4 — 5 — Other taxable securities 68 — — — (4) — — 1 — 65 — Tax-exempt securities 100 (24) 1 — — — — 265 (5) 337 (24) Total AFS debt securities 693 (26) 5 23 (4) — (10) 275 (87) 869 (26) Other debt securities carried at fair value – Non-agency residential MBS 269 43 — — — — (4) 150 (9) 449 43 Loans and leases (5,6) 558 47 — 32 (1) 22 (15) 98 — 741 46 Loans held-for-sale (5,6) 1,077 9 (5) — (81) — (30) — — 970 5 Other assets (6,7) 1,960 (68) 13 — — 133 (128) 3 (2) 1,911 (91) Trading account liabilities – Equity securities (1) — — — — — — — — (1) — Trading account liabilities – Corporate securities and other (20) 4 — (1) — — 1 — — (16) — Long-term debt (5) (721) (72) (127) — — (32) 14 (29) 11 (956) (74) (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 market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - market making and similar activities. (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. Amounts include net unrealized gains (losses) of $67 million and $(126) million related to financial instruments still held at June 30, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.3 billion and $2.6 billion and derivative liabilities of $6.2 billion and $5.9 billion at June 30, 2021 and 2020. (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 (1) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Six Months Ended June 30, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,359 $ 25 $ — $ 426 $ (257) $ — $ (133) $ 458 $ (114) $ 1,764 $ (5) Equity securities 227 22 — 53 (49) — — 78 (71) 260 14 Non-U.S. sovereign debt 354 20 12 2 — — — 26 — 414 23 Mortgage trading loans, ABS and other MBS 1,440 39 — 247 (495) 1 (64) 444 (114) 1,498 16 Total trading account assets 3,380 106 12 728 (801) 1 (197) 1,006 (299) 3,936 48 Net derivative assets (liabilities) (4) (3,468) 291 — 349 (349) — 183 (191) 301 (2,884) 192 AFS debt securities: Non-agency residential MBS 378 (15) (94) — — — (25) 36 (75) 205 (2) Non-U.S. securities 18 (1) — — — — (6) — — 11 — Other taxable securities 71 — (5) 8 — — — — — 74 — Tax-exempt securities 176 17 — — — — — — (142) 51 16 Total AFS debt securities 643 1 (99) 8 — — (31) 36 (217) 341 14 Other debt securities carried at fair value – Non-agency residential MBS 267 2 — — — — (20) 32 — 281 2 Loans and leases (5,6) 717 104 — — — 70 (80) 46 — 857 111 Loans held-for-sale (5,6) 236 4 3 38 — — (40) 26 (4) 263 (5) Other assets (6,7) 1,970 21 8 55 (145) 64 (205) 7 — 1,775 46 Trading account liabilities – Corporate securities and other (16) — — — — (1) — — — (17) 1 Long-term debt (5) (1,164) (18) 2 2 — (2) 37 (32) 115 (1,060) (34) Six Months Ended June 30, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,507 $ (130) $ (1) $ 280 $ (132) $ 8 $ (74) $ 384 $ (294) $ 1,548 $ (122) Equity securities 239 (25) — 29 (34) — — 25 (40) 194 (23) Non-U.S. sovereign debt 482 28 (63) 75 (59) — (19) 17 (213) 248 28 Mortgage trading loans, ABS and other MBS 1,553 (147) (3) 466 (474) — (40) 492 (111) 1,736 (139) Total trading account assets 3,781 (274) (67) 850 (699) 8 (133) 918 (658) 3,726 (256) Net derivative assets (liabilities) (4) (2,538) (117) — 177 (381) — (166) (276) (42) (3,343) (500) AFS debt securities: Non-agency residential MBS 424 (5) (9) 23 — — (22) 133 (82) 462 (5) Non-U.S. securities 2 — — — (1) — — 4 — 5 — Other taxable securities 65 — — 3 (4) — — 1 — 65 — Tax-exempt securities 108 (34) 3 — — — — 265 (5) 337 (33) Total AFS debt securities 599 (39) (6) 26 (5) — (22) 403 (87) 869 (38) Other debt securities carried at fair value – Non-agency residential MBS 299 (6) — — — — (8) 176 (12) 449 (29) Loans and leases (5,6) 693 (72) — 32 (1) 22 (31) 98 — 741 (36) Loans held-for-sale (5,6) 375 — (33) — (81) 691 (75) 93 — 970 (10) Other assets (6,7) 2,360 (319) (17) — 1 153 (270) 5 (2) 1,911 (376) Trading account liabilities – Equity securities (2) 1 — — — — — — — (1) 1 Trading account liabilities – Corporate securities and other (15) 5 — (7) — — 1 — — (16) 1 Long-term debt (5) (1,149) 55 60 8 — (45) 155 (52) 12 (956) 37 (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 market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - market making and similar activities. (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. Amounts include net unrealized gains (losses) of $(5) million and $(40) million related to financial instruments still held at June 30, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.3 billion and $2.6 billion and derivative liabilities of $6.2 billion and $5.9 billion at June 30, 2021 and 2020. (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 information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at June 30, 2021 and December 31, 2020. Quantitative Information about Level 3 Fair Value Measurements at June 30, 2021 (Dollars in millions) Inputs Financial Instrument Fair Valuation Significant Unobservable Ranges of Weighted Average (1) Loans and Securities (2) Instruments backed by residential real estate assets $ 1,237 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans, ABS and other MBS 368 Prepayment speed 1% to 37% CPR 18% CPR Loans and leases 383 Default rate 0% to 3% CDR 1% CDR AFS debt securities – Non-agency residential 205 Price $0 to $155 $96 Other debt securities carried at fair value – Non-agency residential 281 Loss severity 0% to 42% 14 % Instruments backed by commercial real estate assets $ 440 Discounted cash Yield 0% to 25% 4 % Trading account assets – Corporate securities, trading loans and other 266 Price $0 to $101 $60 Trading account assets – Mortgage trading loans, ABS and other MBS 80 AFS debt securities, primarily other taxable securities 85 Loans held-for-sale 9 Commercial loans, debt securities and other $ 3,741 Discounted cash flow, Market comparables Yield 0% to 17% 9 % Trading account assets – Corporate securities, trading loans and other 1,498 Prepayment speed 10% to 20% 13 % Trading account assets – Non-U.S. sovereign debt 414 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 1,050 Loss severity 35% to 40% 38 % AFS debt securities – Tax-exempt securities 51 Price $0 to $156 $71 Loans and leases 474 Long-dated equity volatilities 44% n/a Loans held-for-sale 254 Other assets, primarily auction rate securities $ 799 Discounted cash flow, Market comparables Price $10 to $96 $93 Discount rate 8 % n/a MSRs $ 976 Discounted cash Weighted-average life, fixed rate (5) 0 to 14 years 4 years Weighted-average life, variable rate (5) 0 to 10 years 3 years Option-adjusted spread, fixed rate 7% to 14% 9 % Option-adjusted spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,060) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Yield 0% to 14% 12 % Equity correlation 3% to 99% 74 % Long-dated equity volatilities 4% to 61% 37 % Price $0 to $124 $87 Natural gas forward price $2/MMBtu to $6/MMBtu $3 /MMBtu Net derivative assets (liabilities) Credit derivatives $ (108) Discounted cash flow, Stochastic recovery correlation model Credit spreads 1 to 375 bps 85 bps Upfront points 16 to 100 points 74 points Prepayment speed 15% CPR n/a Default rate 2% CDR n/a Credit correlation 21% to 60% 55 % Price $0 to $122 $63 Equity derivatives $ (1,440) Industry standard derivative pricing (3) Equity correlation 3% to 99% 74 % Long-dated equity volatilities 4% to 60% 37 % Commodity derivatives $ (1,259) Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $2/MMBtu to $6/MMBtu $3 /MMBtu Correlation 54% to 85% 74 % Volatilities 27% to 51% 41 % Interest rate derivatives $ (77) Industry standard derivative pricing (4) Correlation (IR/IR) (1)% to 90% 52 % Correlation (FX/IR) 0% to 58% 19 % Long-dated inflation rates (8)% to 15% 6 % Long-dated inflation volatilities 0% to 1% 1 % Interest rate volatilities 0% to 2% 1 % Total net derivative assets (liabilities) $ (2,884) (1) For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments. (2) 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 87: Trading account assets – Corporate securities, trading loans and other of $1.8 billion, Trading account assets – Non-U.S. sovereign debt of $414 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.5 billion, AFS debt securities of $341 million, Other debt securities carried at fair value - Non-agency residential of $281 million, Other assets, including MSRs, of $1.8 billion, Loans and leases of $857 million and LHFS of $263 million. (3) Includes models such as Monte Carlo simulation and Black-Scholes. (4) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. (5) 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, 2020 (Dollars in millions) Inputs Financial Instrument Fair Valuation Significant Unobservable Ranges of Weighted Average (1) Loans and Securities (2) Instruments backed by residential real estate assets $ 1,543 Discounted cash Yield (3)% to 25% 6 % Trading account assets – Mortgage trading loans, ABS and other MBS 467 Prepayment speed 1% to 56% CPR 20% CPR Loans and leases 431 Default rate 0% to 3% CDR 1% CDR AFS debt securities - Non-agency residential 378 Price $0 to $168 $110 Other debt securities carried at fair value - Non-agency residential 267 Loss severity 0% to 47% 18 % Instruments backed by commercial real estate assets $ 407 Discounted cash Yield 0% to 25% 4 % Trading account assets – Corporate securities, trading loans and other 262 Price $0 to $100 $52 Trading account assets – Mortgage trading loans, ABS and other MBS 43 AFS debt securities, primarily other taxable securities 89 Loans held-for-sale 13 Commercial loans, debt securities and other $ 3,066 Discounted cash flow, Market comparables Yield 0% to 26% 9 % Trading account assets – Corporate securities, trading loans and other 1,097 Prepayment speed 10% to 20% 14 % Trading account assets – Non-U.S. sovereign debt 354 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 930 Loss severity 35% to 40% 38 % AFS debt securities – Tax-exempt securities 176 Price $0 to $142 $66 Loans and leases 286 Long-dated equity volatilities 77% n/a Loans held-for-sale 223 Other assets, primarily auction rate securities $ 937 Discounted cash flow, Market comparables Price $10 to $97 $91 Discount rate 8% n/a MSRs $ 1,033 Discounted cash Weighted-average life, fixed rate (5) 0 to 13 years 4 years Weighted-average life, variable rate (5) 0 to 10 years 3 years Option-adjusted spread, fixed rate 7% to 14% 9 % Option-adjusted spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,164) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Yield 0% to 11% 9 % Equity correlation 2% to 100% 64 % Long-dated equity volatilities 7% to 64% 32 % Price $0 to $124 $86 Natural gas forward price $1/MMBtu to $4/MMBtu $3/MMBtu Net derivative assets (liabilities) Credit derivatives $ (112) Discounted cash flow, Stochastic recovery correlation model Yield 5% n/a Upfront points 0 to 100 points 75 points Prepayment speed 15% to 100% CPR 22% CPR Default rate 2% CDR n/a Credit correlation 21% to 64% 57 % Price $0 to $122 $69 Equity derivatives $ (1,904) Industry standard derivative pricing (3) Equity correlation 2% to 100% 64 % Long-dated equity volatilities 7% to 64% 32 % Commodity derivatives $ (1,426) Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $1/MMBtu to $4/MMBtu $3/MMBtu Correlation 39% to 85% 73 % Volatilities 23% to 70% 39 % Interest rate derivatives $ (26) Industry standard derivative pricing (4) Correlation (IR/IR) 15% to 96% 34 % Correlation (FX/IR) 0% to 46% 3 % Long-dated inflation rates G (7)% to 84% 14 % Long-dated inflation volatilities 0% to 1% 1 % Interest rates volatilities 0% to 2% 1 % Total net derivative assets (liabilities) $ (3,468) (1) For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments. (2) 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 88: Trading account assets – Corporate securities, trading loans and other of $1.4 billion, Trading account assets – Non-U.S. sovereign debt of $354 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.4 billion, AFS debt securities of $643 million, Other debt securities carried at fair value - Non-agency residential of $267 million, Other assets, including MSRs, of $2.0 billion, Loans and leases of $717 million and LHFS of $236 million. (3) Includes models such as Monte Carlo simulation and Black-Scholes. (4) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. (5) 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 Uncertainty of Fair Value Measurements from Unobservable Inputs For information on the types of instruments, valuation approaches and the impact of changes in unobservable inputs used in Level 3 measurements, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Nonrecurring Fair Value The Corporation holds certain assets that are measured at fair value only in certain situations (e.g., the impairment of an asset), and these measurements are referred to herein as nonrecurring. The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three and six months ended June 30, 2021 and 2020. Assets Measured at Fair Value on a Nonrecurring Basis June 30, 2021 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (Dollars in millions) Level 2 Level 3 Gains (Losses) Assets Loans held-for-sale $ 1,105 $ 52 $ 9 $ 9 Loans and leases (1) — 142 (24) (37) Foreclosed properties (2, 3) — 3 — (1) Other assets 322 2,172 (67) (470) June 30, 2020 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Assets Loans held-for-sale $ 505 $ 1,119 $ (37) $ (113) Loans and leases (1) — 186 (22) (45) Foreclosed properties (2, 3) — 16 (5) (8) Other assets 187 6 (26) (27) (1) Includes $15 million and $18 million of losses on loans that were written down to a collateral value of zero during the three and six months ended June 30, 2021 compared to losses of $9 million and $18 million for the same periods in 2020. (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 $66 million and $124 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at June 30, 2021 and 2020. The table below presents information about significant unobservable inputs utilized in the Corporation's nonrecurring Level 3 fair value measurements at June 30, 2021 and December 31, 2020. Quantitative Information about Nonrecurring Level 3 Fair Value Measurements Inputs Financial Instrument Fair Value Valuation Significant Unobservable Ranges of Weighted Average (1) (Dollars in millions) Six Months Ended June 30, 2021 Loans and leases (2) $ 142 Market comparables OREO discount 13% to 59% 24 % Costs to sell 8% to 26% 9 % Other assets (3) 1,955 Discounted cash flow Discount rate 7 % n/a 211 Market comparables Estimated appraisal value n/a n/a Year Ended December 31, 2020 Loans held-for-sale $ 792 Discounted cash flow Price $8 to $99 $95 Loans and leases (2) 301 Market comparables OREO discount 13% to 59% 24 % Costs to sell 8% to 26% 9 % Other assets (4) 576 Discounted cash flow Revenue attrition 2% to 19% 7 % Discount rate 11% to 14% 12 % (1) The weighted average is calculated based upon the fair value of the loans. (2) Represents residential mortgages where the loan has been written down to the fair value of the underlying collateral. (3) Represents the fair value of certain impaired renewable energy investments and impaired assets related to the Corporation’s real estate rationalization. (4) Represents the fair value of the intangible asset related to the merchant contracts received from the dissolution of the Corporation's merchant services joint venture. n/a = not applicable |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 Annual Report on Form 10-K. The following tables provide information about the fair value carrying amount and the Fair Value Option Elections June 30, 2021 December 31, 2020 (Dollars in millions) Fair Value Contractual Fair Value Fair Value Contractual Fair Value Federal funds sold and securities borrowed or purchased under agreements to resell $ 163,344 $ 163,314 $ 30 $ 108,856 $ 108,811 $ 45 Loans reported as trading account assets (1) 9,818 18,392 (8,574) 7,967 17,372 (9,405) Trading inventory – other 24,322 n/a n/a 22,790 n/a n/a Consumer and commercial loans 6,950 7,000 (50) 6,681 6,778 (97) Loans held-for-sale (1) 2,207 3,128 (921) 1,585 2,521 (936) Other assets 183 n/a n/a 200 n/a n/a Long-term deposits 515 501 14 481 448 33 Federal funds purchased and securities loaned or sold under agreements to repurchase 165,781 165,790 (9) 135,391 135,390 1 Short-term borrowings 4,490 4,497 (7) 5,874 5,178 696 Unfunded loan commitments 103 n/a n/a 99 n/a n/a Long-term debt 30,361 31,436 (1,075) 32,200 33,470 (1,270) (1) A significant portion of the loans reported as trading account assets and LHFS 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. n/a = not applicable Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended June 30 2021 2020 (Dollars in millions) Market making Other Total Market making Other Total Loans reported as trading account assets $ 171 $ — $ 171 $ 314 $ — $ 314 Trading inventory – other (1) 2,304 — 2,304 3,343 — 3,343 Consumer and commercial loans 43 26 69 36 171 207 Loans held-for-sale (2) — 23 23 — 58 58 Short-term borrowings 61 — 61 (283) — (283) Unfunded loan commitments — (11) (11) — 46 46 Long-term debt (3) (1,047) (8) (1,055) (1,869) (9) (1,878) Other (4) (1) (46) (47) (4) — (4) Total $ 1,531 $ (16) $ 1,515 $ 1,537 $ 266 $ 1,803 Six Months Ended June 30 2021 2020 Loans reported as trading account assets $ 283 $ — $ 283 $ (73) $ — $ (73) Trading inventory – other (1) 1,574 — 1,574 550 — 550 Consumer and commercial loans 114 45 159 (47) (187) (234) Loans held-for-sale (2) — 11 11 — 45 45 Short-term borrowings 474 — 474 234 — 234 Unfunded loan commitments — (6) (6) — (70) (70) Long-term debt (3) (661) (24) (685) (953) (25) (978) Other (4) 11 (24) (13) 9 (38) (29) Total $ 1,795 $ 2 $ 1,797 $ (280) $ (275) $ (555) (1) The gains in market making and similar activities 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 net losses in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by gains on derivatives and securities that hedge these liabilities. 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 more 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 2020 Annual Report on Form 10-K . (4) Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, other assets, long-term deposits and federal funds purchased and securities loaned or sold under agreements to repurchase. Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Loans reported as trading account assets $ 121 $ 153 $ 187 $ (236) Consumer and commercial loans 19 153 32 (196) Loans held-for-sale 4 (19) (2) (93) Unfunded loan commitments (11) 46 (6) (70) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
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 is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt, unfunded lending commitments and other financial instruments are accounted for under the fair value option. For more information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Fair Value of Financial Instruments The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at June 30, 2021 and December 31, 2020 are presented in the following table. Fair Value of Financial Instruments Fair Value Carrying Value Level 2 Level 3 Total (Dollars in millions) June 30, 2021 Financial assets Loans $ 883,938 $ 50,383 $ 875,364 $ 925,747 Loans held-for-sale 8,277 7,489 788 8,277 Financial liabilities Deposits (1) 1,909,142 1,909,132 — 1,909,132 Long-term debt 274,604 282,903 1,060 283,963 Commercial unfunded lending commitments (2) 1,790 103 6,259 6,362 December 31, 2020 Financial assets Loans $ 887,289 $ 49,372 $ 877,682 $ 927,054 Loans held-for-sale 9,243 7,864 1,379 9,243 Financial liabilities Deposits (1) 1,795,480 1,795,545 — 1,795,545 Long-term debt 262,934 271,315 1,164 272,479 Commercial unfunded lending commitments (2) 1,977 99 5,159 5,258 (1) Includes demand deposits of $936.2 billion and $799.0 billion with no stated maturities at June 30, 2021 and December 31, 2020. (2) The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 10 – Commitments and Contingencies . |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Corporation reports its results of operations through the following four business segments: Consumer Banking , Global Wealth & Investment Management , Global Banking and Global Markets , with the remaining operations recorded in All Other . For more information see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. The following tables present net income and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three and six months ended June 30, 2021 and 2020, and total assets at June 30, 2021 and 2020 for each business segment, as well as All Other. Results of Business Segments and All Other At and for the three months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2021 2020 2021 2020 2021 2020 Net interest income $ 10,343 $ 10,976 $ 5,973 $ 5,991 $ 1,354 $ 1,378 Noninterest income 11,233 11,478 2,213 1,861 3,711 3,047 Total revenue, net of interest expense 21,576 22,454 8,186 7,852 5,065 4,425 Provision for credit losses (1,621) 5,117 (697) 3,024 (62) 136 Noninterest expense 15,045 13,410 4,859 4,735 3,814 3,464 Income before income taxes 8,152 3,927 4,024 93 1,313 825 Income tax expense (1,072) 394 986 23 322 202 Net income $ 9,224 $ 3,533 $ 3,038 $ 70 $ 991 $ 623 Period-end total assets $ 3,029,894 $ 2,741,688 $ 1,063,650 $ 929,193 $ 378,220 $ 334,190 Global Banking Global Markets All Other 2021 2020 2021 2020 2021 2020 Net interest income $ 1,984 $ 2,363 $ 991 $ 1,297 $ 41 $ (53) Noninterest income 3,105 2,728 3,729 4,053 (1,525) (211) Total revenue, net of interest expense 5,089 5,091 4,720 5,350 (1,484) (264) Provision for credit losses (831) 1,873 22 105 (53) (21) Noninterest expense 2,599 2,222 3,471 2,684 302 305 Income before income taxes 3,321 996 1,227 2,561 (1,733) (548) Income tax expense 897 269 319 666 (3,596) (766) Net income $ 2,424 $ 727 $ 908 $ 1,895 $ 1,863 $ 218 Period-end total assets $ 607,969 $ 586,078 $ 773,714 $ 652,068 $ 206,341 $ 240,159 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the six months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2021 2020 2021 2020 2021 2020 Net interest income $ 20,651 $ 23,250 $ 11,893 $ 12,853 $ 2,685 $ 2,949 Noninterest income 23,857 22,115 4,362 4,127 7,351 6,412 Total revenue, net of interest expense 44,508 45,365 16,255 16,980 10,036 9,361 Provision for credit losses (3,481) 9,878 (1,314) 5,282 (127) 325 Noninterest expense 30,560 26,885 9,990 9,230 7,682 7,064 Income before income taxes 17,429 8,602 7,579 2,468 2,481 1,972 Income tax expense 155 1,059 1,857 605 608 483 Net income $ 17,274 $ 7,543 $ 5,722 $ 1,863 $ 1,873 $ 1,489 Period-end total assets $ 3,029,894 $ 2,741,688 $ 1,063,650 $ 929,193 $ 378,220 $ 334,190 Global Banking Global Markets All Other 2021 2020 2021 2020 2021 2020 Net interest income $ 3,964 $ 4,975 $ 1,981 $ 2,449 $ 128 $ 24 Noninterest income 5,758 4,716 8,937 8,126 (2,551) (1,266) Total revenue, net of interest expense 9,722 9,691 10,918 10,575 (2,423) (1,242) Provision for credit losses (1,957) 3,966 17 212 (100) 93 Noninterest expense 5,380 4,540 6,898 5,498 610 553 Income before income taxes 6,299 1,185 4,003 4,865 (2,933) (1,888) Income tax expense 1,701 320 1,041 1,265 (5,052) (1,614) Net income $ 4,598 $ 865 $ 2,962 $ 3,600 $ 2,119 $ (274) Period-end total assets $ 607,969 $ 586,078 $ 773,714 $ 652,068 $ 206,341 $ 240,159 (1) There were no material intersegment revenues The tables below present noninterest income and the associated components for the three and six months ended June 30, 2021 and 2020 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Three Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 2021 2020 Fees and commissions: Card income Interchange fees $ 1,210 $ 830 $ 945 $ 645 $ 12 $ 8 Other card income 376 419 367 408 9 10 Total card income 1,586 1,249 1,312 1,053 21 18 Service charges Deposit-related fees 1,557 1,299 851 706 18 14 Lending-related fees 317 263 — — — — Total service charges 1,874 1,562 851 706 18 14 Investment and brokerage services Asset management fees 3,156 2,483 45 34 3,110 2,454 Brokerage fees 967 939 33 32 427 400 Total investment and brokerage services 4,123 3,422 78 66 3,537 2,854 Investment banking fees Underwriting income 1,314 1,523 — — 88 84 Syndication fees 401 230 — — — — Financial advisory services 407 406 — — — — Total investment banking fees 2,122 2,159 — — 88 84 Total fees and commissions 9,705 8,392 2,241 1,825 3,664 2,970 Market making and similar activities 1,826 2,487 — 1 11 18 Other income (loss) (298) 599 (28) 35 36 59 Total noninterest income $ 11,233 $ 11,478 $ 2,213 $ 1,861 $ 3,711 $ 3,047 Global Banking Global Markets All Other (1) Three Months Ended June 30 2021 2020 2021 2020 2021 2020 Fees and commissions: Card income Interchange fees $ 178 $ 65 $ 74 $ 111 $ 1 $ 1 Other card income 2 3 — — (2) (2) Total card income 180 68 74 111 (1) (1) Service charges Deposit-related fees 641 524 45 45 2 10 Lending-related fees 259 214 58 50 — (1) Total service charges 900 738 103 95 2 9 Investment and brokerage services Asset management fees — — — — 1 (5) Brokerage fees 40 23 473 480 (6) 4 Total investment and brokerage services 40 23 473 480 (5) (1) Investment banking fees Underwriting income 587 703 737 781 (98) (45) Syndication fees 210 133 191 97 — — Financial advisory services 376 345 31 61 — — Total investment banking fees 1,173 1,181 959 939 (98) (45) Total fees and commissions 2,293 2,010 1,609 1,625 (102) (38) Market making and similar activities 28 (15) 1,964 2,360 (177) 123 Other income (loss) 784 733 156 68 (1,246) (296) Total noninterest income $ 3,105 $ 2,728 $ 3,729 $ 4,053 $ (1,525) $ (211) (1) All Other includes eliminations of intercompany transactions. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 2021 2020 Fees and commissions: Card income Interchange fees $ 2,277 $ 1,622 $ 1,781 $ 1,289 $ 22 $ 16 Other card income 744 899 720 874 18 19 Total card income 3,021 2,521 2,501 2,163 40 35 Service charges Deposit-related fees 3,052 2,926 1,682 1,701 36 32 Lending-related fees 614 539 — — — — Total service charges 3,666 3,465 1,682 1,701 36 32 Investment and brokerage services Asset management fees 6,158 5,165 87 72 6,071 5,106 Brokerage fees 2,028 2,015 68 65 857 870 Total investment and brokerage services 8,186 7,180 155 137 6,928 5,976 Investment banking fees Underwriting income 2,860 2,371 — — 223 199 Syndication fees 701 501 — — — — Financial advisory services 807 675 — — — — Total investment banking fees 4,368 3,547 — — 223 199 Total fees and commissions 19,241 16,713 4,338 4,001 7,227 6,242 Market making and similar activities 5,355 5,294 — 2 22 39 Other income (loss) (739) 108 24 124 102 131 Total noninterest income $ 23,857 $ 22,115 $ 4,362 $ 4,127 $ 7,351 $ 6,412 Global Banking Global Markets All Other (1) Six Months Ended June 30 2021 2020 2021 2020 2021 2020 Fees and commissions: Card income Interchange fees $ 324 $ 184 $ 150 $ 132 $ — $ 1 Other card income 6 7 — — — (1) Total card income 330 191 150 132 — — Service charges Deposit-related fees 1,243 1,095 87 80 4 18 Lending-related fees 504 438 110 102 — (1) Total service charges 1,747 1,533 197 182 4 17 Investment and brokerage services Asset management fees — — — — — (13) Brokerage fees 81 31 1,033 1,048 (11) 1 Total investment and brokerage services 81 31 1,033 1,048 (11) (12) Investment banking fees Underwriting income 1,241 1,071 1,536 1,237 (140) (136) Syndication fees 371 279 330 222 — — Financial advisory services 733 592 74 83 — — Total investment banking fees 2,345 1,942 1,940 1,542 (140) (136) Total fees and commissions 4,503 3,697 3,320 2,904 (147) (131) Market making and similar activities 59 72 5,434 5,334 (160) (153) Other income (loss) 1,196 947 183 (112) (2,244) (982) Total noninterest income $ 5,758 $ 4,716 $ 8,937 $ 8,126 $ (2,551) $ (1,266) (1) All Other includes eliminations of intercompany transactions. The table below presents 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. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Segments’ total revenue, net of interest expense $ 23,060 $ 22,718 $ 46,931 $ 46,607 Adjustments (1) : Asset and liability management activities (154) 677 (44) 592 Liquidating businesses, eliminations and other (1,330) (941) (2,379) (1,834) FTE basis adjustment (110) (128) (221) (272) Consolidated revenue, net of interest expense $ 21,466 $ 22,326 $ 44,287 $ 45,093 Segments’ total net income 7,361 3,315 15,155 7,817 Adjustments, net-of-tax (1) : Asset and liability management activities (113) 521 (30) 444 Liquidating businesses, eliminations and other 1,976 (303) 2,149 (718) Consolidated net income $ 9,224 $ 3,533 $ 17,274 $ 7,543 June 30 2021 2020 Segments’ total assets $ 2,823,553 $ 2,501,529 Adjustments (1) : Asset and liability management activities, including securities portfolio 1,250,633 1,002,652 Elimination of segment asset allocations to match liabilities (1,111,500) (829,129) Other 67,208 66,636 Consolidated total assets $ 3,029,894 $ 2,741,688 (1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 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. |
Basis of Presentation | The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual 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, and related notes thereto, of the Corporation’s 2020 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. Certain prior-period amounts have been reclassified to conform to current-period presentation. |
U.K. Tax Law Change | U .K. Tax Law Change |
Net Interest Income and Nonin_2
Net Interest Income and Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and six months ended June 30, 2021 and 2020. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K . For a disaggregation of noninterest income by business segment and All Other , see Note 17 – Business Segment Information . Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Net interest income Interest income Loans and leases $ 7,123 $ 8,569 $ 14,357 $ 18,532 Debt securities 2,820 2,440 5,550 5,283 Federal funds sold and securities borrowed or purchased under agreements to resell (42) 26 (49) 845 Trading account assets 954 1,008 1,826 2,255 Other interest income 532 497 1,098 1,723 Total interest income 11,387 12,540 22,782 28,638 Interest expense Deposits 128 373 261 1,557 Short-term borrowings (85) (72) (164) 1,048 Trading account liabilities 293 223 539 552 Long-term debt 818 1,168 1,716 2,503 Total interest expense 1,154 1,692 2,352 5,660 Net interest income $ 10,233 $ 10,848 $ 20,430 $ 22,978 Noninterest income Fees and commissions Card income Interchange fees (1) $ 1,210 $ 830 $ 2,277 $ 1,622 Other card income 376 419 744 899 Total card income 1,586 1,249 3,021 2,521 Service charges Deposit-related fees 1,557 1,299 3,052 2,926 Lending-related fees 317 263 614 539 Total service charges 1,874 1,562 3,666 3,465 Investment and brokerage services Asset management fees 3,156 2,483 6,158 5,165 Brokerage fees 967 939 2,028 2,015 Total investment and brokerage services 4,123 3,422 8,186 7,180 Investment banking fees Underwriting income 1,314 1,523 2,860 2,371 Syndication fees 401 230 701 501 Financial advisory services 407 406 807 675 Total investment banking fees 2,122 2,159 4,368 3,547 Total fees and commissions 9,705 8,392 19,241 16,713 Market making and similar activities 1,826 2,487 5,355 5,294 Other income (loss) (298) 599 (739) 108 Total noninterest income $ 11,233 $ 11,478 $ 23,857 $ 22,115 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2021 and December 31, 2020. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid. June 30, 2021 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Total Trading and Other Risk Management Derivatives Qualifying Total Interest rate contracts Swaps $ 18,092.6 $ 150.2 $ 11.7 $ 161.9 $ 157.9 $ 2.0 $ 159.9 Futures and forwards 4,488.2 1.5 — 1.5 1.4 — 1.4 Written options 1,687.0 — — — 31.1 — 31.1 Purchased options 1,725.1 35.0 — 35.0 — — — Foreign exchange contracts Swaps 1,459.6 27.7 0.4 28.1 30.5 0.5 31.0 Spot, futures and forwards 4,548.5 36.7 0.6 37.3 35.0 0.1 35.1 Written options 331.4 — — — 3.7 — 3.7 Purchased options 312.9 3.8 — 3.8 — — — Equity contracts Swaps 388.6 12.0 — 12.0 14.6 — 14.6 Futures and forwards 160.0 0.4 — 0.4 1.9 — 1.9 Written options 624.3 — — — 56.3 — 56.3 Purchased options 562.5 55.8 — 55.8 — — — Commodity contracts Swaps 45.2 2.9 — 2.9 5.8 — 5.8 Futures and forwards 78.9 2.3 — 2.3 1.4 — 1.4 Written options 36.6 — — — 2.7 — 2.7 Purchased options 30.7 3.0 — 3.0 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 356.4 1.7 — 1.7 5.2 — 5.2 Total return swaps/options 71.1 0.2 — 0.2 1.1 — 1.1 Written credit derivatives: Credit default swaps 333.4 5.0 — 5.0 1.5 — 1.5 Total return swaps/options 79.0 1.2 — 1.2 0.5 — 0.5 Gross derivative assets/liabilities $ 339.4 $ 12.7 $ 352.1 $ 350.6 $ 2.6 $ 353.2 Less: Legally enforceable master netting agreements (278.3) (278.3) Less: Cash collateral received/paid (32.3) (36.0) Total derivative assets/liabilities $ 41.5 $ 38.9 (1) Represents the total contract/notional amount of derivative assets and liabilities outstanding. (2) The net derivative asset and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $3.2 billion and $304.9 billion at June 30, 2021. December 31, 2020 Gross Derivative Assets Gross Derivative Liabilities (Dollars in billions) Contract/ Notional (1) Trading and Other Risk Management Derivatives Qualifying Total Trading and Other Risk Management Derivatives Qualifying Total Interest rate contracts Swaps $ 13,242.8 $ 199.9 $ 10.9 $ 210.8 $ 209.3 $ 1.3 $ 210.6 Futures and forwards 3,222.2 3.5 0.1 3.6 3.6 — 3.6 Written options 1,530.5 — — — 40.5 — 40.5 Purchased options 1,545.8 45.3 — 45.3 — — — Foreign exchange contracts Swaps 1,475.8 37.1 0.3 37.4 39.7 0.6 40.3 Spot, futures and forwards 3,710.7 53.4 — 53.4 54.5 0.5 55.0 Written options 289.6 — — — 4.8 — 4.8 Purchased options 279.3 5.0 — 5.0 — — — Equity contracts Swaps 320.2 13.3 — 13.3 14.5 — 14.5 Futures and forwards 106.2 0.3 — 0.3 1.4 — 1.4 Written options 599.1 — — — 48.8 — 48.8 Purchased options 541.2 52.6 — 52.6 — — — Commodity contracts Swaps 36.4 1.9 — 1.9 4.4 — 4.4 Futures and forwards 63.6 2.0 — 2.0 1.0 — 1.0 Written options 24.6 — — — 1.4 — 1.4 Purchased options 24.7 1.5 — 1.5 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 322.7 2.3 — 2.3 4.4 — 4.4 Total return swaps/options 63.6 0.2 — 0.2 1.0 — 1.0 Written credit derivatives: Credit default swaps 301.5 4.4 — 4.4 1.9 — 1.9 Total return swaps/options 68.6 0.6 — 0.6 0.4 — 0.4 Gross derivative assets/liabilities $ 423.3 $ 11.3 $ 434.6 $ 431.6 $ 2.4 $ 434.0 Less: Legally enforceable master netting agreements (344.9) (344.9) Less: Cash collateral received/paid (42.5) (43.6) Total derivative assets/liabilities $ 47.2 $ 45.5 (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 $2.2 billion and $269.8 billion at December 31, 2020. |
Derivative [Line Items] | |
Gains and Losses on Derivatives Designated as Fair Value Hedges | The table below summarizes information related to fair value hedges for the three and six months ended June 30, 2021 and 2020. Gains and Losses on Derivatives Designated as Fair Value Hedges Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 (Dollars in millions) Derivative Hedged Item Derivative Hedged Item Interest rate risk on long-term debt (1) $ 3,484 $ (3,454) $ 475 $ (600) Interest rate and foreign currency risk on long-term debt (2) 5 (5) 60 (60) Interest rate risk on available-for-sale securities (3) (1,863) 1,825 (361) 356 Total $ 1,626 $ (1,634) $ 174 $ (304) ` Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Derivative Hedged Item Derivative Hedged Item Interest rate risk on long-term debt (1) $ (4,579) $ 4,548 $ 10,809 $ (10,876) Interest rate and foreign currency risk on long-term debt (2) (23) 21 565 (551) Interest rate risk on available-for-sale securities (3) 3,378 (3,325) (711) 698 Total $ (1,224) $ 1,244 $ 10,663 $ (10,729) (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For the three and six months ended June 30, 2021, the derivative amount includes gains (losses) of $(17) million and $(51) million in interest expense, $23 million and $31 million in market making and similar activities, and $(1) million and $(3) million in accumulated other comprehensive income (OCI). For the same periods in 2020, the derivative amount includes gains (losses) of $(3) million and $731 million in interest expense, $63 million and $(178) million in market making and similar activities, and $0 and $12 million in accumulated OCI. Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet. (3) 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 and Liabilities June 30, 2021 December 31, 2020 (Dollars in millions) Carrying Value Cumulative Fair Value Adjustments (1) Carrying Value Cumulative Fair Value Adjustments (1) Long-term debt (2) $ 171,872 $ 6,742 $ 150,556 $ 8,910 Available-for-sale debt securities (2, 3, 4) 152,348 (2,876) 116,252 114 Trading account assets (5) 366 — 427 15 (1) Increase (decrease) to carrying value. (2) At June 30, 2021 and December 31, 2020, the cumulative fair value adjustments remaining on long-term debt and available-for-sale debt securities from discontinued hedging relationships resulted in an increase in the related liability of $1.0 billion and $3.7 billion and a decrease in the related asset of $68 million and $69 million, which are being amortized over the remaining contractual life of the de-designated hedged items. (3) These amounts include the amortized cost of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship (i.e. last-of-layer hedging relationship). At June 30, 2021 and December 31, 2020, the amortized cost of the closed portfolios used in these hedging relationships was $26.8 billion and $34.6 billion, of which $7.0 billion was designated in the last-of-layer hedging relationship at both dates. At June 30, 2021, the cumulative adjustment associated with these hedging relationships was a decrease of $99 million. At December 31, 2020, the cumulative adjustment was insignificant. (4) Carrying value represents amortized cost. (5) Represents hedging activities related to certain commodities inventory. |
Cash Flow and Net Investment Hedges | The table below summarizes certain information related to cash flow hedges and net investment hedges for the three and six months ended June 30, 2021 and 2020. Of the $273 million after-tax net loss ($365 million pretax) on derivatives in accumulated OCI at June 30, 2021, gains of $244 million after-tax ($330 million pretax) related to both open and terminated cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net gains reclassified into earnings are expected to primarily increase 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 3 years, with a maximum length of time for certain forecasted transactions of 15 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 June 30, 2021 Six Months Ended June 30, 2021 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 481 $ 36 $ (576) $ 73 Price risk on forecasted MBS purchases (1) 92 6 (301) 15 Price risk on certain compensation plans (2) 35 14 59 26 Total $ 608 $ 56 $ (818) $ 114 Net investment hedges Foreign exchange risk (3) $ (224) $ — $ 503 $ — Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Cash flow hedges Interest rate risk on variable-rate assets (1) $ 320 $ (23) $ 911 $ (49) Price risk on certain compensation plans (2) 73 — (9) — Total $ 393 $ (23) $ 902 $ (49) Net investment hedges Foreign exchange risk (3) $ (400) $ 1 $ 968 $ 1 (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 compensation and benefits expense in the Consolidated Statement of Income. (3) Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three and six months ended June 30, 2021, amounts excluded from effectiveness testing and recognized in market making and similar activities were losses of $48 million and $50 million. For the same periods in 2020 amounts excluded from effectiveness testing and recognized in other income were gains of $75 million and $105 million. |
Other Risk Management Derivatives | The table below presents gains (losses) on these derivatives for the three and six months ended June 30, 2021 and 2020. These gains (losses) are largely offset by the income or expense recorded on the hedged item. Gains and Losses on Other Risk Management Derivatives Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Interest rate risk on mortgage activities (1, 2) $ 85 $ 62 $ (105) $ 441 Credit risk on loans (2) (14) (66) (31) 22 Interest rate and foreign currency risk on asset and liability management activities (3) (318) (1,017) 943 511 Price risk on certain compensation plans (4) 318 603 598 (154) (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 $27 million and $46 million for the three and six months ended June 30, 2021 compared to $39 million and $87 million for the same periods in 2020. (2) Gains (losses) on these derivatives are recorded in other income. (3) Gains (losses) on these derivatives are recorded in market making and similar activities. (4) Gains (losses) on these derivatives are recorded in compensation and benefits expense. |
Schedule of Derivative Instruments Included in Trading Activities | 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 Market making and similar activities Net Interest Other (1) Total Market making and similar activities Net Interest Other (1) Total (Dollars in millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Interest rate risk $ 44 $ 463 $ 40 $ 547 $ 416 $ 926 $ 97 $ 1,439 Foreign exchange risk 330 (22) 2 310 736 (40) 6 702 Equity risk 1,178 (1) 442 1,619 2,460 35 957 3,452 Credit risk 435 424 175 1,034 1,237 787 289 2,313 Other risk (2) (24) (10) 26 (8) 584 (28) 45 601 Total sales and trading revenue $ 1,963 $ 854 $ 685 $ 3,502 $ 5,433 $ 1,680 $ 1,394 $ 8,507 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Interest rate risk $ 670 $ 658 $ 48 $ 1,376 $ 2,164 $ 1,276 $ 120 $ 3,560 Foreign exchange risk 351 (3) (12) 336 815 1 (5) 811 Equity risk 730 31 451 1,212 1,989 (91) 969 2,867 Credit risk 536 426 142 1,104 157 869 176 1,202 Other risk (2) 73 8 4 85 207 28 11 246 Total sales and trading revenue $ 2,360 $ 1,120 $ 633 $ 4,113 $ 5,332 $ 2,083 $ 1,271 $ 8,686 (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 $462 million and $1.0 billion for the three and six months ended June 30, 2021 compared to $470 million and $1.0 billion for the same periods in 2020. (2) Includes commodity risk. |
Disclosure of Credit Derivatives | Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at June 30, 2021 and December 31, 2020 are summarized in the table below. Credit Derivative Instruments Less than One to Three to Over Five Total June 30, 2021 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ — $ — $ 44 $ 42 $ 86 Non-investment grade 11 130 406 894 1,441 Total 11 130 450 936 1,527 Total return swaps/options: Investment grade 31 — — — 31 Non-investment grade 134 333 — — 467 Total 165 333 — — 498 Total credit derivatives $ 176 $ 463 $ 450 $ 936 $ 2,025 Credit-related notes: Investment grade $ — $ — $ 1 $ 519 $ 520 Non-investment grade 5 1 23 1,153 1,182 Total credit-related notes $ 5 $ 1 $ 24 $ 1,672 $ 1,702 Maximum Payout/Notional Credit default swaps: Investment grade $ 32,739 $ 75,590 $ 107,799 $ 16,141 $ 232,269 Non-investment grade 11,961 31,595 48,833 8,750 101,139 Total 44,700 107,185 156,632 24,891 333,408 Total return swaps/options: Investment grade 46,566 65 79 — 46,710 Non-investment grade 20,032 12,268 10 16 32,326 Total 66,598 12,333 89 16 79,036 Total credit derivatives $ 111,298 $ 119,518 $ 156,721 $ 24,907 $ 412,444 December 31, 2020 Carrying Value Credit default swaps: Investment grade $ — $ 1 $ 35 $ 94 $ 130 Non-investment grade 26 233 364 1,163 1,786 Total 26 234 399 1,257 1,916 Total return swaps/options: Investment grade 21 4 — — 25 Non-investment grade 345 — — — 345 Total 366 4 — — 370 Total credit derivatives $ 392 $ 238 $ 399 $ 1,257 $ 2,286 Credit-related notes: Investment grade $ — $ — $ — $ 572 $ 572 Non-investment grade 64 2 10 947 1,023 Total credit-related notes $ 64 $ 2 $ 10 $ 1,519 $ 1,595 Maximum Payout/Notional Credit default swaps: Investment grade $ 33,474 $ 75,731 $ 87,218 $ 16,822 $ 213,245 Non-investment grade 13,664 28,770 35,978 9,852 88,264 Total 47,138 104,501 123,196 26,674 301,509 Total return swaps/options: Investment grade 30,961 1,061 77 — 32,099 Non-investment grade 36,128 364 27 5 36,524 Total 67,089 1,425 104 5 68,623 Total credit derivatives $ 114,227 $ 105,926 $ 123,300 $ 26,679 $ 370,132 |
Additional Collateral Required to be Posted Upon Downgrade | The table below presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at June 30, 2021 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. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries' long-term senior debt ratings. Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade (Dollars in millions) One Second Additional collateral required to be posted upon downgrade Bank of America Corporation $ 318 $ 786 Bank of America, N.A. and subsidiaries (1) 69 589 Derivative liabilities subject to unilateral termination upon downgrade Derivative liabilities $ 26 $ 480 Collateral posted 11 313 (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 amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at June 30, 2021 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. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries' long-term senior debt ratings. Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade (Dollars in millions) One Second Additional collateral required to be posted upon downgrade Bank of America Corporation $ 318 $ 786 Bank of America, N.A. and subsidiaries (1) 69 589 Derivative liabilities subject to unilateral termination upon downgrade Derivative liabilities $ 26 $ 480 Collateral posted 11 313 (1) Included in Bank of America Corporation collateral requirements in this table. |
Valuation Adjustments on Derivatives | The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three and six months ended June 30, 2021 and 2020. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Valuation Adjustments Gains (Losses) on Derivatives (1) Three Months Ended June 30 (Dollars in millions) 2021 2020 Derivative assets (CVA) $ 3 $ 276 Derivative assets/liabilities (FVA) (33) 69 Derivative liabilities (DVA) (31) (256) Six Months Ended June 30 (Dollars in millions) 2021 2020 Derivative assets (CVA) $ 158 $ (508) Derivative assets/liabilities (FVA) 15 (87) Derivative liabilities (DVA) (8) 158 (1) At June 30, 2021 and December 31, 2020, cumulative CVA reduced the derivative assets balance by $488 million and $646 million, cumulative FVA reduced the net derivatives balance by $162 million and $177 million, and cumulative DVA reduced the derivative liabilities balance by $301 million and $309 million. |
Derivative | |
Derivative [Line Items] | |
Offsetting Assets | The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2021 and December 31, 2020 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 Derivative Derivative Derivative (Dollars in billions) June 30, 2021 December 31, 2020 Interest rate contracts Over-the-counter $ 189.4 $ 182.8 $ 247.7 $ 243.5 Exchange-traded 0.1 — — — Over-the-counter cleared 7.3 6.9 10.2 9.1 Foreign exchange contracts Over-the-counter 66.6 67.4 92.2 96.5 Over-the-counter cleared 1.0 0.9 1.4 1.3 Equity contracts Over-the-counter 29.9 31.0 31.3 28.3 Exchange-traded 35.6 35.0 32.3 31.0 Commodity contracts Over-the-counter 5.6 7.1 3.5 5.0 Exchange-traded 1.3 1.6 0.7 0.7 Over-the-counter cleared 0.1 0.1 — — Credit derivatives Over-the-counter 5.6 5.5 5.2 5.6 Over-the-counter cleared 2.4 2.4 2.2 1.9 Total gross derivative assets/liabilities, before netting Over-the-counter 297.1 293.8 379.9 378.9 Exchange-traded 37.0 36.6 33.0 31.7 Over-the-counter cleared 10.8 10.3 13.8 12.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (265.1) (268.8) (345.7) (347.2) Exchange-traded (35.4) (35.4) (29.5) (29.5) Over-the-counter cleared (10.1) (10.1) (12.2) (11.8) Derivative assets/liabilities, after netting 34.3 26.4 39.3 34.4 Other gross derivative assets/liabilities (2) 7.2 12.5 7.9 11.1 Total derivative assets/liabilities 41.5 38.9 47.2 45.5 Less: Financial instruments collateral (3) (14.2) (13.3) (16.1) (16.6) Total net derivative assets/liabilities $ 27.3 $ 25.6 $ 31.1 $ 28.9 (1) Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange. (2) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries. (3) Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities. |
Offsetting Liabilities | The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at June 30, 2021 and December 31, 2020 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 Derivative Derivative Derivative (Dollars in billions) June 30, 2021 December 31, 2020 Interest rate contracts Over-the-counter $ 189.4 $ 182.8 $ 247.7 $ 243.5 Exchange-traded 0.1 — — — Over-the-counter cleared 7.3 6.9 10.2 9.1 Foreign exchange contracts Over-the-counter 66.6 67.4 92.2 96.5 Over-the-counter cleared 1.0 0.9 1.4 1.3 Equity contracts Over-the-counter 29.9 31.0 31.3 28.3 Exchange-traded 35.6 35.0 32.3 31.0 Commodity contracts Over-the-counter 5.6 7.1 3.5 5.0 Exchange-traded 1.3 1.6 0.7 0.7 Over-the-counter cleared 0.1 0.1 — — Credit derivatives Over-the-counter 5.6 5.5 5.2 5.6 Over-the-counter cleared 2.4 2.4 2.2 1.9 Total gross derivative assets/liabilities, before netting Over-the-counter 297.1 293.8 379.9 378.9 Exchange-traded 37.0 36.6 33.0 31.7 Over-the-counter cleared 10.8 10.3 13.8 12.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (265.1) (268.8) (345.7) (347.2) Exchange-traded (35.4) (35.4) (29.5) (29.5) Over-the-counter cleared (10.1) (10.1) (12.2) (11.8) Derivative assets/liabilities, after netting 34.3 26.4 39.3 34.4 Other gross derivative assets/liabilities (2) 7.2 12.5 7.9 11.1 Total derivative assets/liabilities 41.5 38.9 47.2 45.5 Less: Financial instruments collateral (3) (14.2) (13.3) (16.1) (16.6) Total net derivative assets/liabilities $ 27.3 $ 25.6 $ 31.1 $ 28.9 (1) Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange. (2) Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries. (3) Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The table below presents the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (AFS) debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at June 30, 2021 and December 31, 2020. Debt Securities Amortized Gross Gross Fair (Dollars in millions) June 30, 2021 Available-for-sale debt securities Mortgage-backed securities: Agency $ 56,258 $ 1,696 $ (65) $ 57,889 Agency-collateralized mortgage obligations 4,111 123 (8) 4,226 Commercial 18,062 882 (25) 18,919 Non-agency residential (1) 829 33 (10) 852 Total mortgage-backed securities 79,260 2,734 (108) 81,886 U.S. Treasury and agency securities 158,691 1,906 (264) 160,333 Non-U.S. securities 17,165 4 (2) 17,167 Other taxable securities 2,873 48 — 2,921 Total taxable securities 257,989 4,692 (374) 262,307 Tax-exempt securities 15,529 347 (2) 15,874 Total available-for-sale debt securities 273,518 5,039 (376) 278,181 Other debt securities carried at fair value (2) 10,713 113 (94) 10,732 Total debt securities carried at fair value 284,231 5,152 (470) 288,913 Held-to-maturity debt securities Agency mortgage-backed securities 547,508 6,040 (5,849) 547,699 U.S. Treasury and agency securities 94,353 327 (2,017) 92,663 Other taxable securities 9,573 246 (156) 9,663 Total held-to-maturity debt securities 651,434 6,613 (8,022) 650,025 Total debt securities (3,4) $ 935,665 $ 11,765 $ (8,492) $ 938,938 December 31, 2020 Available-for-sale debt securities Mortgage-backed securities: Agency $ 59,518 $ 2,370 $ (39) $ 61,849 Agency-collateralized mortgage obligations 5,112 161 (13) 5,260 Commercial 15,470 1,025 (4) 16,491 Non-agency residential (1) 899 127 (17) 1,009 Total mortgage-backed securities 80,999 3,683 (73) 84,609 U.S. Treasury and agency securities 114,157 2,236 (13) 116,380 Non-U.S. securities 14,009 15 (7) 14,017 Other taxable securities 2,656 61 (6) 2,711 Total taxable securities 211,821 5,995 (99) 217,717 Tax-exempt securities 16,417 389 (32) 16,774 Total available-for-sale debt securities 228,238 6,384 (131) 234,491 Other debt securities carried at fair value (2) 11,720 429 (39) 12,110 Total debt securities carried at fair value 239,958 6,813 (170) 246,601 Held-to-maturity debt securities Agency mortgage-backed securities 414,289 9,768 (36) 424,021 U.S. Treasury and agency securities 16,084 — (71) 16,013 Other taxable securities 7,906 327 (87) 8,146 Total held-to-maturity debt securities 438,279 10,095 (194) 448,180 Total debt securities (3, 4) $ 678,237 $ 16,908 $ (364) $ 694,781 (1) At both June 30, 2021 and December 31, 2020, the underlying collateral type included approximately 37 percent prime, two percent Alt-A and 61 percent subprime. (2) Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 14 – Fair Value Measurements . (3) Includes securities pledged as collateral of $82.8 billion and $65.5 billion at June 30, 2021 and December 31, 2020. (4) The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $338.3 billion and $197.8 billion, and a fair value of $339.7 billion and $197.3 billion at June 30, 2021, and an amortized cost of $260.1 billion and $118.1 billion, and a fair value of $267.5 billion and $120.7 billion at December 31, 2020. |
Amortized Cost and Fair Value of Corporations Investment | The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at June 30, 2021 and December 31, 2020. Total AFS Debt Securities in a Continuous Unrealized Loss Position Less than Twelve Months Twelve Months or Longer Total Fair Gross Fair Gross Fair Gross (Dollars in millions) June 30, 2021 Continuously unrealized loss-positioned AFS debt securities Mortgage-backed securities: Agency $ 11,555 $ (41) $ 1,114 $ (24) $ 12,669 $ (65) Agency-collateralized mortgage obligations 1,661 — 301 (8) 1,962 (8) Commercial 1,535 (25) 2 — 1,537 (25) Non-agency residential 498 — 158 (10) 656 (10) Total mortgage-backed securities 15,249 (66) 1,575 (42) 16,824 (108) U.S. Treasury and agency securities 56,061 (259) 695 (5) 56,756 (264) Non-U.S. securities — — 105 (2) 105 (2) Other taxable securities 291 — 56 — 347 — Total taxable securities 71,601 (325) 2,431 (49) 74,032 (374) Tax-exempt securities 11 — 185 (2) 196 (2) Total AFS debt securities in a continuous $ 71,612 $ (325) $ 2,616 $ (51) $ 74,228 $ (376) December 31, 2020 Continuously unrealized loss-positioned AFS debt securities Mortgage-backed securities: Agency $ 2,841 $ (39) $ 2 $ — $ 2,843 $ (39) Agency-collateralized mortgage obligations 187 (2) 364 (11) 551 (13) Commercial 566 (4) 9 — 575 (4) Non-agency residential 342 (9) 56 (8) 398 (17) Total mortgage-backed securities 3,936 (54) 431 (19) 4,367 (73) U.S. Treasury and agency securities 8,282 (9) 498 (4) 8,780 (13) Non-U.S. securities 1,861 (6) 135 (1) 1,996 (7) Other taxable securities 576 (2) 396 (4) 972 (6) Total taxable securities 14,655 (71) 1,460 (28) 16,115 (99) Tax-exempt securities 4,108 (29) 617 (3) 4,725 (32) Total AFS debt securities in a continuous $ 18,763 $ (100) $ 2,077 $ (31) $ 20,840 $ (131) |
Expected Maturity Distribution | The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at June 30, 2021 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS 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 Due after One Year Due after Five Years Due after 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 $ — — % $ 7 5.39 % $ 54 4.48 % $ 56,197 3.14 % $ 56,258 3.14 % Agency-collateralized mortgage obligations — — — — 21 2.50 4,090 2.92 4,111 2.92 Commercial 364 2.31 8,408 2.50 6,765 1.94 2,538 2.16 18,075 2.24 Non-agency residential — — — — — — 1,500 6.55 1,500 6.55 Total mortgage-backed securities 364 2.31 8,415 2.50 6,840 1.96 64,325 3.17 79,944 2.99 U.S. Treasury and agency securities 4,558 1.11 29,528 1.85 125,093 0.81 32 2.53 159,211 1.02 Non-U.S. securities 24,990 0.31 1,291 1.75 330 1.12 65 20.09 26,676 0.44 Other taxable securities 869 1.37 1,401 2.24 352 1.85 251 1.63 2,873 1.88 Total taxable securities 30,781 0.48 40,635 1.99 132,615 0.88 64,673 3.18 268,704 1.55 Tax-exempt securities 1,426 1.04 8,124 1.31 3,414 1.68 2,563 1.32 15,527 1.37 Total amortized cost of debt securities carried at fair value $ 32,207 0.51 $ 48,759 1.88 $ 136,029 0.90 $ 67,236 3.11 $ 284,231 1.55 Amortized cost of HTM debt securities Agency mortgage-backed securities $ — — % $ — — % $ — — % $ 547,508 2.18 % $ 547,508 2.18 % U.S. Treasury and agency securities — — — — 94,353 1.37 — — 94,353 1.37 Other taxable securities 54 2.71 715 2.42 401 2.85 8,403 2.55 9,573 2.55 Total amortized cost of HTM debt securities $ 54 2.71 $ 715 2.42 $ 94,754 1.38 $ 555,911 2.19 $ 651,434 2.07 Debt securities carried at fair value Mortgage-backed securities: Agency $ — $ 6 $ 60 $ 57,823 $ 57,889 Agency-collateralized mortgage obligations — — 21 4,205 4,226 Commercial 369 8,884 7,050 2,629 18,932 Non-agency residential — — 6 1,579 1,585 Total mortgage-backed securities 369 8,890 7,137 66,236 82,632 U.S. Treasury and agency securities 4,582 30,758 125,479 33 160,852 Non-U.S. securities 24,930 1,304 334 66 26,634 Other taxable securities 873 1,431 361 256 2,921 Total taxable securities 30,754 42,383 133,311 66,591 273,039 Tax-exempt securities 1,431 8,284 3,552 2,607 15,874 Total debt securities carried at fair value $ 32,185 $ 50,667 $ 136,863 $ 69,198 $ 288,913 Fair value of HTM debt securities Agency mortgage-backed securities $ — $ — $ — $ 547,699 $ 547,699 U.S. Treasury and agency securities — — 92,663 — 92,663 Other taxable securities 53 753 422 8,435 9,663 Total fair value of HTM debt securities $ 53 $ 753 $ 93,085 $ 556,134 $ 650,025 (1) The weighted-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. |
Outstanding Loans and Leases _2
Outstanding Loans and Leases and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loans and Leases Outstanding | The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2021 and December 31, 2020. 30-59 Days Past Due (1) 60-89 Days Past Due (1) 90 Days or Past Due (1) Total Past Total Current or Less Than 30 Days Past Due (1) Loans Total (Dollars in millions) June 30, 2021 Consumer real estate Residential mortgage $ 1,130 $ 330 $ 1,549 $ 3,009 $ 211,315 $ 214,324 Home equity 141 70 343 554 29,915 30,469 Credit card and other consumer Credit card 266 177 533 976 74,623 75,599 Direct/Indirect consumer (2) 125 45 17 187 96,716 96,903 Other consumer — — — — 172 172 Total consumer 1,662 622 2,442 4,726 412,741 417,467 Consumer loans accounted for under the fair value option (3) $ 654 654 Total consumer loans and leases 1,662 622 2,442 4,726 412,741 654 418,121 Commercial U.S. commercial 224 564 349 1,137 289,983 291,120 Non-U.S. commercial 87 24 107 218 97,932 98,150 Commercial real estate (4) 107 32 192 331 59,275 59,606 Commercial lease financing 87 27 53 167 15,601 15,768 U.S. small business commercial (5) 56 29 71 156 29,711 29,867 Total commercial 561 676 772 2,009 492,502 494,511 Commercial loans accounted for under the fair value option (3) 6,296 6,296 Total commercial loans and leases 561 676 772 2,009 492,502 6,296 500,807 Total loans and leases (6) $ 2,223 $ 1,298 $ 3,214 $ 6,735 $ 905,243 $ 6,950 $ 918,928 Percentage of outstandings 0.24 % 0.14 % 0.35 % 0.73 % 98.51 % 0.76 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $213 million and nonperforming loans of $157 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $97 million and nonperforming loans of $129 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $687 million. Consumer real estate loans current or less than 30 days past due includes $1.5 billion and direct/indirect consumer includes $48 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2) Total outstandings primarily includes auto and specialty lending loans and leases of $46.4 billion, U.S. securities-based lending loans of $46.4 billion and non-U.S. consumer loans of $3.0 billion. (3) Consumer loans accounted for under the fair value option includes residential mortgage loans of $257 million and home equity loans of $397 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.4 billion and non-U.S. commercial loans of $1.9 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (4) Total outstandings includes U.S. commercial real estate loans of $55.8 billion and non-U.S. commercial real estate loans of $3.8 billion. (5) Includes Paycheck Protection Program loans. (6) Total outstandings includes loans and leases pledged as collateral of $12.8 billion. The Corporation also pledged $153.0 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank. 30-59 Days (1) 60-89 Days Past Due (1) 90 Days or (1) Total Past Total Current or Less Than 30 Days Past Due (1) Loans Total Outstandings (Dollars in millions) December 31, 2020 Consumer real estate Residential mortgage $ 1,430 $ 297 $ 1,699 $ 3,426 $ 220,129 $ 223,555 Home equity 154 78 345 577 33,734 34,311 Credit card and other consumer Credit card 445 341 903 1,689 77,019 78,708 Direct/Indirect consumer (2) 209 67 37 313 91,050 91,363 Other consumer — — — — 124 124 Total consumer 2,238 783 2,984 6,005 422,056 428,061 Consumer loans accounted for under the fair value option (3) $ 735 735 Total consumer loans and leases 2,238 783 2,984 6,005 422,056 735 428,796 Commercial U.S. commercial 561 214 512 1,287 287,441 288,728 Non-U.S. commercial 61 44 11 116 90,344 90,460 Commercial real estate (4) 128 113 226 467 59,897 60,364 Commercial lease financing 86 20 57 163 16,935 17,098 U.S. small business commercial (5) 84 56 123 263 36,206 36,469 Total commercial 920 447 929 2,296 490,823 493,119 Commercial loans accounted for under the fair value option (3) 5,946 5,946 Total commercial loans and leases 920 447 929 2,296 490,823 5,946 499,065 Total loans and leases (6) $ 3,158 $ 1,230 $ 3,913 $ 8,301 $ 912,879 $ 6,681 $ 927,861 Percentage of outstandings 0.34 % 0.13 % 0.42 % 0.89 % 98.39 % 0.72 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $225 million and nonperforming loans of $126 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $103 million and nonperforming loans of $95 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $762 million. Consumer real estate loans current or less than 30 days past due includes $1.2 billion and direct/indirect consumer includes $66 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2) Total outstandings primarily includes auto and specialty lending loans and leases of $46.4 billion, U.S. securities-based lending loans of $41.1 billion and non-U .S. consumer loans of $3.0 billion. (3) Consumer loans accounted for under the fair value option includes residential mortgage loans of $298 million and home equity loans of $437 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $3.0 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option . (4) Total outstandings includes U.S. commercial real estate loans of $57.2 billion and non-U.S. commercial real estate loans of $3.2 billion. (5) Includes Paycheck Protection Program loans. (6) Total outstandings includes loans and leases pledged as collateral of $15.5 billion. The Corporation also pledged $153.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank. |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the Corporation’s nonperforming loans and leases including nonperforming troubled debt restructurings (TDRs), and loans accruing past due 90 days or more at June 30, 2021 and December 31, 2020. 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 2020 Annual Report on Form 10-K . Credit Quality Nonperforming Loans Accruing Past Due 90 Days or More (1) (Dollars in millions) June 30 December 31 June 30 December 31 Residential mortgage (2) $ 2,343 $ 2,005 $ 687 $ 762 With no related allowance (3) 2,019 1,378 — — Home equity (2) 651 649 — — With no related allowance (3) 423 347 — — Credit Card n/a n/a 533 903 Direct/indirect consumer 50 71 15 33 Total consumer 3,044 2,725 1,235 1,698 U.S. commercial 1,060 1,243 172 228 Non-U.S. commercial 275 418 19 10 Commercial real estate 404 404 — 6 Commercial lease financing 81 87 24 25 U.S. small business commercial 43 75 69 115 Total commercial 1,863 2,227 284 384 Total nonperforming loans $ 4,907 $ 4,952 $ 1,519 $ 2,082 Percentage of outstanding loans and leases 0.54 % 0.54 % 0.17 % 0.23 % (1) For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2) Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At June 30, 2021 and December 31, 2020 residential mortgage includes $501 million and $537 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $186 million and $225 million of loans on which interest was still accruing. (3) Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date. |
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 and year of origination for term loan balances at June 30, 2021, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR. Residential Mortgage – Credit Quality Indicators By Vintage Term Loans by Origination Year (Dollars in millions) Total as of 2021 2020 2019 2018 2017 Prior Total Residential Mortgage Refreshed LTV Less than or equal to 90 percent $ 198,103 $ 44,858 $ 55,361 $ 30,311 $ 9,583 $ 14,423 $ 43,567 Greater than 90 percent but less than or equal to 100 percent 2,790 1,021 1,238 275 46 33 177 Greater than 100 percent 912 385 260 84 22 17 144 Fully-insured loans 12,519 2,134 3,913 1,512 279 280 4,401 Total Residential Mortgage $ 214,324 $ 48,398 $ 60,772 $ 32,182 $ 9,930 $ 14,753 $ 48,289 Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,539 $ 438 $ 507 $ 152 $ 121 $ 137 $ 1,184 Greater than or equal to 620 and less than 680 5,002 791 1,277 565 338 333 1,698 Greater than or equal to 680 and less than 740 23,440 4,246 6,688 3,267 1,398 1,763 6,078 Greater than or equal to 740 170,824 40,789 48,387 26,686 7,794 12,240 34,928 Fully-insured loans 12,519 2,134 3,913 1,512 279 280 4,401 Total Residential Mortgage $ 214,324 $ 48,398 $ 60,772 $ 32,182 $ 9,930 $ 14,753 $ 48,289 Home Equity - Credit Quality Indicators Total Home Equity Loans and Reverse Mortgages (1) Revolving Loans Revolving Loans Converted to Term Loans (Dollars in millions) June 30, 2021 Total Home Equity Refreshed LTV Less than or equal to 90 percent $ 29,884 $ 1,857 $ 20,266 $ 7,761 Greater than 90 percent but less than or equal to 100 percent 236 98 62 76 Greater than 100 percent 349 125 86 138 Total Home Equity $ 30,469 $ 2,080 $ 20,414 $ 7,975 Total Home Equity Refreshed FICO score Less than 620 $ 974 $ 246 $ 217 $ 511 Greater than or equal to 620 and less than 680 1,574 243 509 822 Greater than or equal to 680 and less than 740 5,027 517 2,559 1,951 Greater than or equal to 740 22,894 1,074 17,129 4,691 Total Home Equity $ 30,469 $ 2,080 $ 20,414 $ 7,975 (1) Includes reverse mortgages of $1.4 billion and home equity loans of $717 million which are no longer originated. Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage Direct/Indirect Term Loans by Origination Year Credit Card (Dollars in millions) Total Direct/ Revolving Loans 2021 2020 2019 2018 2017 Prior Total Credit Card as of June 30, Revolving Loans Revolving Loans Converted to Term Loans (1) Refreshed FICO score Less than 620 $ 704 $ 15 $ 54 $ 107 $ 152 $ 115 $ 149 $ 112 $ 2,859 $ 2,692 $ 167 Greater than or equal to 620 and less than 680 2,031 16 528 502 402 212 201 170 8,293 8,087 206 Greater than or equal to 680 and less than 740 7,646 67 2,315 2,145 1,484 693 483 459 26,228 26,024 204 Greater than or equal to 740 36,196 101 8,352 10,544 8,439 4,046 2,384 2,330 38,219 38,170 49 Other internal credit metrics (2,3) 50,326 49,307 519 79 96 83 65 177 — — — Total credit card and other $ 96,903 $ 49,506 $ 11,768 $ 13,377 $ 10,573 $ 5,149 $ 3,282 $ 3,248 $ 75,599 $ 74,973 $ 626 (1) Represents TDRs that were modified into term loans. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $49.3 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at June 30, 2021. Commercial – Credit Quality Indicators By Vintage (1, 2) Term Loans Amortized Cost Basis by Origination Year (Dollars in millions) Total as of 2021 2020 2019 2018 2017 Prior Revolving Loans U.S. Commercial Risk ratings Pass rated $ 277,504 $ 25,307 $ 25,782 $ 28,019 $ 13,523 $ 12,219 $ 27,464 $ 145,190 Reservable criticized 13,616 294 1,342 1,696 2,192 661 1,485 5,946 Total U.S. Commercial $ 291,120 $ 25,601 $ 27,124 $ 29,715 $ 15,715 $ 12,880 $ 28,949 $ 151,136 Non-U.S. Commercial Risk ratings Pass rated $ 94,717 $ 11,442 $ 11,854 $ 8,529 $ 5,739 $ 3,445 $ 3,071 $ 50,637 Reservable criticized 3,433 285 395 644 397 331 367 1,014 Total Non-U.S. Commercial $ 98,150 $ 11,727 $ 12,249 $ 9,173 $ 6,136 $ 3,776 $ 3,438 $ 51,651 Commercial Real Estate Risk ratings Pass rated $ 50,781 $ 4,669 $ 7,940 $ 13,339 $ 7,356 $ 4,183 $ 8,528 $ 4,766 Reservable criticized 8,825 162 1,025 2,403 2,030 1,179 1,481 545 Total Commercial Real Estate $ 59,606 $ 4,831 $ 8,965 $ 15,742 $ 9,386 $ 5,362 $ 10,009 $ 5,311 Commercial Lease Financing Risk ratings Pass rated $ 15,035 $ 1,090 $ 2,793 $ 2,896 $ 2,396 $ 2,194 $ 3,666 $ — Reservable criticized 733 122 71 155 106 72 207 — Total Commercial Lease Financing $ 15,768 $ 1,212 $ 2,864 $ 3,051 $ 2,502 $ 2,266 $ 3,873 $ — U.S. Small Business Commercial (3) Risk ratings Pass rated $ 22,235 $ 9,756 $ 8,245 $ 1,124 $ 816 $ 702 $ 1,438 $ 154 Reservable criticized 696 4 49 145 131 98 264 5 Total U.S. Small Business Commercial $ 22,931 $ 9,760 $ 8,294 $ 1,269 $ 947 $ 800 $ 1,702 $ 159 Total $ 487,575 $ 53,131 $ 59,496 $ 58,950 $ 34,686 $ 25,084 $ 47,971 $ 208,257 (1) Excludes $6.3 billion of loans accounted for under the fair value option at June 30, 2021. (2) Includes $40 million of loans that converted from revolving to term loans. (3) Excludes U.S. Small Business Card loans of $6.9 billion. Refreshed FICO scores for this portfolio are $193 million for less than 620; $555 million for greater than or equal to 620 and less than 680; $1.8 billion for greater than or equal to 680 and less than 740; and $4.4 billion greater than or equal to 740. 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 and year of origination for term loan balances at December 31, 2020, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR. Residential Mortgage – Credit Quality Indicators By Vintage Term Loans by Origination Year (Dollars in millions) Total as of 2020 2019 2018 2017 2016 Prior Total Residential Mortgage Refreshed LTV Less than or equal to 90 percent $ 207,389 $ 68,907 $ 43,771 $ 14,658 $ 21,589 $ 22,967 $ 35,497 Greater than 90 percent but less than or equal to 100 percent 3,138 1,970 684 128 70 96 190 Greater than 100 percent 1,210 702 174 47 39 37 211 Fully-insured loans 11,818 3,826 2,014 370 342 1,970 3,296 Total Residential Mortgage $ 223,555 $ 75,405 $ 46,643 $ 15,203 $ 22,040 $ 25,070 $ 39,194 Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,717 $ 823 $ 177 $ 139 $ 170 $ 150 $ 1,258 Greater than or equal to 620 and less than 680 5,462 1,804 666 468 385 368 1,771 Greater than or equal to 680 and less than 740 25,349 8,533 4,679 1,972 2,427 2,307 5,431 Greater than or equal to 740 178,209 60,419 39,107 12,254 18,716 20,275 27,438 Fully-insured loans 11,818 3,826 2,014 370 342 1,970 3,296 Total Residential Mortgage $ 223,555 $ 75,405 $ 46,643 $ 15,203 $ 22,040 $ 25,070 $ 39,194 Home Equity - Credit Quality Indicators Total Home Equity Loans and Reverse Mortgages (1) Revolving Loans Revolving Loans Converted to Term Loans (Dollars in millions) December 31, 2020 Total Home Equity Refreshed LTV Less than or equal to 90 percent $ 33,447 $ 1,919 $ 22,639 $ 8,889 Greater than 90 percent but less than or equal to 100 percent 351 126 94 131 Greater than 100 percent 513 172 118 223 Total Home Equity $ 34,311 $ 2,217 $ 22,851 $ 9,243 Total Home Equity Refreshed FICO score Less than 620 $ 1,082 $ 250 $ 244 $ 588 Greater than or equal to 620 and less than 680 1,798 263 568 967 Greater than or equal to 680 and less than 740 5,762 556 2,905 2,301 Greater than or equal to 740 25,669 1,148 19,134 5,387 Total Home Equity $ 34,311 $ 2,217 $ 22,851 $ 9,243 (1) Includes reverse mortgages of $1.3 billion and home equity loans of $885 million which are no longer originated. Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage Direct/Indirect Term Loans by Origination Year Credit Card (Dollars in millions) Total Direct/Indirect as of December 31, 2020 Revolving Loans 2020 2019 2018 2017 2016 Prior Total Credit Card as of December 31, 2020 Revolving Loans Revolving Loans Converted to Term Loans (1) Refreshed FICO score Less than 620 $ 959 $ 19 $ 111 $ 200 $ 175 $ 243 $ 148 $ 63 $ 4,018 $ 3,832 $ 186 Greater than or equal to 620 and less than 680 2,143 20 653 559 329 301 176 105 9,419 9,201 218 Greater than or equal to 680 and less than 740 7,431 80 2,848 2,015 1,033 739 400 316 27,585 27,392 193 Greater than or equal to 740 36,064 120 12,540 10,588 5,869 3,495 1,781 1,671 37,686 37,642 44 Other internal credit metrics (2, 3) 44,766 44,098 74 115 84 67 52 276 — — — Total credit card and other $ 91,363 $ 44,337 $ 16,226 $ 13,477 $ 7,490 $ 4,845 $ 2,557 $ 2,431 $ 78,708 $ 78,067 $ 641 (1) Represents TDRs that were modified into term loans. (2) Other internal credit metrics may include delinquency status, geography or other factors. (3) Direct/indirect consumer includes $44.1 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2020. Commercial – Credit Quality Indicators By Vintage (1, 2) Term Loans Amortized Cost Basis by Origination Year (Dollars in millions) Total as of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans U.S. Commercial Risk ratings Pass rated $ 268,812 $ 33,456 $ 33,305 $ 17,363 $ 14,102 $ 7,420 $ 21,784 $ 141,382 Reservable criticized 19,916 2,524 2,542 2,689 854 698 1,402 9,207 Total U.S. Commercial $ 288,728 $ 35,980 $ 35,847 $ 20,052 $ 14,956 $ 8,118 $ 23,186 $ 150,589 Non-U.S. Commercial Risk ratings Pass rated $ 85,914 $ 16,301 $ 11,396 $ 7,451 $ 5,037 $ 1,674 $ 2,194 $ 41,861 Reservable criticized 4,546 914 572 492 436 138 259 1,735 Total Non-U.S. Commercial $ 90,460 $ 17,215 $ 11,968 $ 7,943 $ 5,473 $ 1,812 $ 2,453 $ 43,596 Commercial Real Estate Risk ratings Pass rated $ 50,260 $ 8,429 $ 14,126 $ 8,228 $ 4,599 $ 3,299 $ 6,542 $ 5,037 Reservable criticized 10,104 933 2,558 2,115 1,582 606 1,436 874 Total Commercial Real Estate $ 60,364 $ 9,362 $ 16,684 $ 10,343 $ 6,181 $ 3,905 $ 7,978 $ 5,911 Commercial Lease Financing Risk ratings Pass rated $ 16,384 $ 3,083 $ 3,242 $ 2,956 $ 2,532 $ 1,703 $ 2,868 $ — Reservable criticized 714 117 117 132 81 88 179 — Total Commercial Lease Financing $ 17,098 $ 3,200 $ 3,359 $ 3,088 $ 2,613 $ 1,791 $ 3,047 $ — U.S. Small Business Commercial (3) Risk ratings Pass rated $ 28,786 $ 24,539 $ 1,121 $ 837 $ 735 $ 527 $ 855 $ 172 Reservable criticized 1,148 76 239 210 175 113 322 13 Total U.S. Small Business Commercial $ 29,934 $ 24,615 $ 1,360 $ 1,047 $ 910 $ 640 $ 1,177 $ 185 Total $ 486,584 $ 90,372 $ 69,218 $ 42,473 $ 30,133 $ 16,266 $ 37,841 $ 200,281 (1) Excludes $5.9 billion of loans accounted for under the fair value option at December 31, 2020. (2) Includes $58 million of loans that converted from revolving to term loans. (3) Excludes U.S. Small Business Card loans of $6.5 billion. Refreshed FICO scores for this portfolio are $265 million for less than 620; $582 million for greater than or equal to 620 and less than 680; $1.7 billion for greater than or equal to 680 and less than 740; and $3.9 billion greater than or equal to 740. |
Troubled Debt Restructurings on Financing Receivables | The table below presents the June 30, 2021 and 2020 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2021 and 2020. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Consumer Real Estate – TDRs Entered into During the Three and Six Months Ended June 30, 2021 and 2020 Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) (Dollars in millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Residential mortgage $ 522 $ 466 3.53 % 3.51 % $ 744 $ 667 3.51 % 3.49 % Home equity 62 47 3.58 3.61 83 63 3.55 3.58 Total $ 584 $ 513 3.53 3.52 $ 827 $ 730 3.52 3.50 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Residential mortgage $ 120 $ 103 4.22 % 4.19 % $ 219 $ 185 4.10 % 4.01 % Home equity 22 18 3.68 3.65 45 38 3.99 3.92 Total $ 142 $ 121 4.14 4.11 $ 264 $ 223 4.08 3.99 (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. The table below presents the June 30, 2021 and 2020 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2021 and 2020, by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Modifications under government programs $ 1 $ — $ 3 $ 3 Modifications under proprietary programs 479 20 665 59 Loans discharged in Chapter 7 bankruptcy (1) 12 21 22 32 Trial modifications 21 80 40 129 Total modifications $ 513 $ 121 $ 730 $ 223 (1) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. The table below presents the carrying value of consumer real estate loans that entered into payment default during the three and six months ended June 30, 2021 and 2020 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Modifications under government programs $ 1 $ 2 $ 2 $ 8 Modifications under proprietary programs 33 5 45 19 Loans discharged in Chapter 7 bankruptcy (1) 2 4 5 11 Trial modifications (2) 6 12 12 30 Total modifications $ 42 $ 23 $ 64 $ 68 (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 – TDRs Entered into During the Three and Six Months Ended June 30, 2021 Unpaid Principal Balance Carrying Value (1) Pre-Modification Interest Rate Post-Modification Interest Rate Unpaid Principal Balance Carrying (1) Pre-Modification Interest Rate Post-Modification Interest Rate (Dollars in millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Credit card $ 62 $ 68 18.44 % 4.24 % $ 137 $ 147 18.48 % 4.53 % Direct/Indirect consumer 6 4 5.64 5.64 11 7 5.62 5.62 Total $ 68 $ 72 17.75 4.31 $ 148 $ 154 17.87 4.58 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Credit card $ 57 $ 61 18.08 % 5.15 % $ 144 $ 152 18.02 % 5.24 % Direct/Indirect consumer 14 8 5.26 5.26 23 12 5.31 5.31 Total $ 71 $ 69 16.61 5.16 $ 167 $ 164 17.07 5.25 (1) Includes accrued interest and fees. The table below presents the June 30, 2021 and 2020 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during the three and six months ended June 30, 2021 and 2020, by program type. Credit Card and Other Consumer – TDRs by Program Type TDRs Entered into During the TDRs Entered into During the (Dollars in millions) 2021 2020 2021 2020 Internal programs $ 57 $ 43 $ 121 $ 109 External programs 13 18 29 43 Other 2 8 4 12 Total $ 72 $ 69 $ 154 $ 164 |
Changes in the Allowance for Credit Losses | The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the following table. Consumer Credit Card and Commercial Total (Dollars in millions) Three Months Ended June 30, 2021 Allowance for loan and lease losses, April 1 $ 689 $ 7,946 $ 7,533 $ 16,168 Loans and leases charged off (30) (799) (232) (1,061) Recoveries of loans and leases previously charged off 60 256 150 466 Net charge-offs 30 (543) (82) (595) Provision for loan and lease losses (122) (568) (790) (1,480) Other — — 2 2 Allowance for loan and lease losses, June 30 597 6,835 6,663 14,095 Reserve for unfunded lending commitments, April 1 124 — 1,705 1,829 Provision for unfunded lending commitments (17) — (124) (141) Other — — (1) (1) Reserve for unfunded lending commitments, June 30 107 — 1,580 1,687 Allowance for credit losses, June 30 $ 704 $ 6,835 $ 8,243 $ 15,782 Three Months Ended June 30, 2020 Allowance for loan and lease losses, April 1 $ 808 $ 8,258 $ 6,700 $ 15,766 Loans and leases charged off (27) (985) (447) (1,459) Recoveries of loans and leases previously charged off 61 217 35 313 Net charge-offs 34 (768) (412) (1,146) Provision for loan and lease losses (9) 2,632 2,152 4,775 Other — — (6) (6) Allowance for loan and lease losses, June 30 833 10,122 8,434 19,389 Reserve for unfunded lending commitments, April 1 149 — 1,211 1,360 Provision for unfunded lending commitments (8) — 350 342 Reserve for unfunded lending commitments, June 30 141 — 1,561 1,702 Allowance for credit losses, June 30 $ 974 $ 10,122 $ 9,995 $ 21,091 (Dollars in millions) Six Months Ended June 30, 2021 Allowance for loan and lease losses, January 1 $ 858 $ 9,213 $ 8,731 $ 18,802 Loans and leases charged off (45) (1,776) (426) (2,247) Recoveries of loans and leases previously charged off 114 501 214 829 Net charge-offs 69 (1,275) (212) (1,418) Provision for loan and lease losses (329) (1,104) (1,858) (3,291) Other (1) 1 2 2 Allowance for loan and lease losses, June 30 597 6,835 6,663 14,095 Reserve for unfunded lending commitments, January 1 137 — 1,741 1,878 Provision for unfunded lending commitments (30) — (160) (190) Other — — (1) (1) Reserve for unfunded lending commitments, June 30 107 — 1,580 1,687 Allowance for credit losses, June 30 $ 704 $ 6,835 $ 8,243 $ 15,782 Six Months Ended June 30, 2020 Allowance for loan and lease losses, January 1 $ 440 $ 7,430 $ 4,488 $ 12,358 Loans and leases charged off (62) (2,106) (729) (2,897) Recoveries of loans and leases previously charged off 108 454 67 629 Net charge-offs 46 (1,652) (662) (2,268) Provision for loan and lease losses 342 4,344 4,614 9,300 Other 5 — (6) (1) Allowance for loan and lease losses, June 30 833 10,122 8,434 19,389 Reserve for unfunded lending commitments, January 1 119 — 1,004 1,123 Provision for unfunded lending commitments 22 — 556 578 Other — — 1 1 Reserve for unfunded lending commitments, June 30 141 — 1,561 1,702 Allowance for credit losses, June 30 $ 974 $ 10,122 $ 9,995 $ 21,091 |
Securitizations and Other Var_2
Securitizations and Other Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Mortgage Related Securitizations | The table below summarizes select information related to first-lien mortgage securitizations for the three and six months ended June 30, 2021 and 2020. First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage Three Months Ended June 30 Six Months Ended June 30 Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Proceeds from loan sales (1) $ 1,652 $ 11,375 $ 2,895 $ 12,927 $ 2,175 $ 220 $ 2,840 $ 2,292 Gains on securitizations (2) 3 715 5 721 31 (1) 64 40 Repurchases from securitization trusts (3) 98 167 178 295 — — — — (1) The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the Government-sponsored enterprise (GSEs) or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives RMBS in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are typically sold shortly after receipt. (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 $40 million and $73 million, net of hedges, during the three and six months ended June 30, 2021 compared to $34 million and $61 million for the same periods in 2020, 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 June 30, 2021 and December 31, 2020. Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity (1) Credit Card (2) Resecuritization Trusts Municipal Bond Trusts (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure $ 179 $ 206 $ — $ — $ 6,788 $ 8,543 $ 3,736 $ 3,507 On-balance sheet assets Securities (3) : Trading account assets $ — $ — $ — $ — $ 617 $ 948 $ — $ — Debt securities carried at fair value 1 2 — — 2,282 2,727 — — Held-to-maturity securities — — — — 3,889 4,868 — — Total retained positions $ 1 $ 2 $ — $ — $ 6,788 $ 8,543 $ — $ — Total assets of VIEs $ 501 $ 609 $ — $ — $ 15,535 $ 17,250 $ 4,305 $ 4,042 Consolidated VIEs Maximum loss exposure $ 52 $ 58 $ 9,960 $ 14,606 $ 281 $ 217 $ 309 $ 1,030 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 284 $ 217 $ 269 $ 990 Loans and leases 183 218 14,468 21,310 — — — — Allowance for loan and lease losses 15 14 (1,059) (1,704) — — — — All other assets 3 4 1,063 1,289 — — 40 40 Total assets $ 201 $ 236 $ 14,472 $ 20,895 $ 284 $ 217 $ 309 $ 1,030 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 287 $ 432 Long-term debt 150 178 4,497 6,273 3 — — — All other liabilities — — 15 16 — — — — Total liabilities $ 150 $ 178 $ 4,512 $ 6,289 $ 3 $ — $ 287 $ 432 (1) For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies . (2) At June 30, 2021 and December 31, 2020, loans and leases in the consolidated credit card trust included $3.0 billion and $7.6 billion of seller’s interest. |
First Lien Mortgages | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at June 30, 2021 and December 31, 2020. First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage (Dollars in millions) June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 June 30 December 31 Unconsolidated VIEs Maximum loss exposure (1) $ 12,573 $ 13,477 $ 219 $ 250 $ 1,015 $ 1,031 $ 55 $ 46 $ 1,252 $ 1,169 On-balance sheet assets Senior securities: Trading account assets $ 195 $ 152 $ 5 $ 2 $ 25 $ 8 $ 24 $ 12 $ 7 $ 60 Debt securities carried at fair value 6,260 7,588 87 103 651 676 31 33 — — Held-to-maturity securities 6,118 5,737 — — — — — — 1,016 925 All other assets — — 6 6 28 26 — 1 57 50 Total retained positions $ 12,573 $ 13,477 $ 98 $ 111 $ 704 $ 710 $ 55 $ 46 $ 1,080 $ 1,035 Principal balance outstanding (2) $ 114,769 $ 133,497 $ 5,400 $ 6,081 $ 6,409 $ 6,691 $ 15,181 $ 16,554 $ 70,340 $ 59,268 Consolidated VIEs Maximum loss exposure (1) $ 1,080 $ 1,328 $ 17 $ 66 $ 23 $ 53 $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 1,080 $ 1,328 $ 122 $ 350 $ 226 $ 260 $ — $ — $ — $ — All other assets — — — — — — — — — — Total assets $ 1,080 $ 1,328 $ 122 $ 350 $ 226 $ 260 $ — $ — $ — $ — Total liabilities $ — $ — $ 105 $ 284 $ 203 $ 207 $ — $ — $ — $ — (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) Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans. |
Other Variable Interest Entities | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at June 30, 2021 and December 31, 2020. Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) June 30, 2021 December 31, 2020 Maximum loss exposure $ 4,565 $ 24,829 $ 29,394 $ 4,106 $ 23,870 $ 27,976 On-balance sheet assets Trading account assets $ 2,437 $ 606 $ 3,043 $ 2,080 $ 623 $ 2,703 Debt securities carried at fair value — 8 8 — 9 9 Loans and leases 2,319 182 2,501 2,108 184 2,292 Allowance for loan and lease losses (3) (8) (11) (3) (3) (6) All other assets 28 23,541 23,569 54 22,553 22,607 Total $ 4,781 $ 24,329 $ 29,110 $ 4,239 $ 23,366 $ 27,605 On-balance sheet liabilities Short-term borrowings $ 37 $ — $ 37 $ 22 $ — $ 22 Long-term debt 179 — 179 111 — 111 All other liabilities — 5,972 5,972 — 5,658 5,658 Total $ 216 $ 5,972 $ 6,188 $ 133 $ 5,658 $ 5,791 Total assets of VIEs $ 4,781 $ 83,221 $ 88,002 $ 4,239 $ 77,984 $ 82,223 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The table below presents goodwill balances by business segment at June 30, 2021 and December 31, 2020. The reporting units utilized for goodwill impairment testing are the operating segments or one level below. The Corporation completed its annual goodwill impairment test as of June 30, 2021 and determined there was no impairment. For more information regarding the nature and accounting for the Corporation's annual goodwill impairment testing, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2020 Annual Report on Form 10-K. Goodwill June 30 December 31 (Dollars in millions) 2021 2020 Consumer Banking $ 30,137 $ 30,123 Global Wealth & Investment Management 9,677 9,677 Global Banking (1) 24,027 23,969 Global Markets 5,182 5,182 Total goodwill $ 69,023 $ 68,951 (1) Prior period has been revised to conform to current-period presentation. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Net Investment in Sales-type and Direct Financing Leases | The table below presents the net investment in sales-type and direct financing leases at June 30, 2021 and December 31, 2020. Net Investment (1) June 30 December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,852 $ 17,627 Unguaranteed residuals 2,191 2,303 Total net investment in sales-type and direct $ 19,043 $ 19,930 (1) In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $7.2 billion and $6.9 billion at June 30, 2021 and December 31, 2020. |
Sales-type Lease, Lease Income | The table below presents lease income for the three and six months ended June 30, 2021 and 2020. Lease Income Three Months Ended Six Months Ended (Dollars in millions) 2021 2020 2021 2020 Sales-type and direct financing leases $ 152 $ 175 $ 316 $ 372 Operating leases 223 236 454 479 Total lease income $ 375 $ 411 $ 770 $ 851 |
Operating Lease, Lease Income | The table below presents lease income for the three and six months ended June 30, 2021 and 2020. Lease Income Three Months Ended Six Months Ended (Dollars in millions) 2021 2020 2021 2020 Sales-type and direct financing leases $ 152 $ 175 $ 316 $ 372 Operating leases 223 236 454 479 Total lease income $ 375 $ 411 $ 770 $ 851 |
Direct Financing Lease, Lease Income | The table below presents lease income for the three and six months ended June 30, 2021 and 2020. Lease Income Three Months Ended Six Months Ended (Dollars in millions) 2021 2020 2021 2020 Sales-type and direct financing leases $ 152 $ 175 $ 316 $ 372 Operating leases 223 236 454 479 Total lease income $ 375 $ 411 $ 770 $ 851 |
Lease, Cost | The table below provides information on the right-of-use assets and lease liabilities at June 30, 2021 and December 31, 2020. Lessee Arrangements June 30 December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,030 $ 10,000 Lease liabilities 10,653 10,474 |
Federal Funds Sold or Purchas_2
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Federal funds sold and securities borrowed or purchased under agreements to resell Average during period $ 270,443 (0.06) % $ 312,404 0.03 % $ 260,271 (0.04) % $ 295,599 0.57 % Maximum month-end balance during period 278,300 n/a 451,179 n/a 278,300 n/a 451,179 n/a Federal funds purchased and securities loaned or sold under agreements to repurchase Average during period $ 218,535 0.25 % $ 187,180 0.38 % $ 207,880 0.25 % $ 193,359 1.01 % Maximum month-end balance during period 218,628 n/a 194,870 n/a 218,628 n/a 206,493 n/a Short-term borrowings Average during period 21,600 (0.11) 25,901 0.12 20,639 (0.12) 26,166 0.88 Maximum month-end balance during period 23,333 n/a 27,315 n/a 23,333 n/a 30,118 n/a n/a = not applicable |
Offsetting Liabilities [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. For more information on collateral requirements, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Remaining Contractual Maturity Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater than 90 Days (1) Total (Dollars in millions) June 30, 2021 Securities sold under agreements to repurchase $ 187,994 $ 164,693 $ 33,069 $ 44,846 $ 430,602 Securities loaned 34,167 11 1,226 4,133 39,537 Other 15,071 — — — 15,071 Total $ 237,232 $ 164,704 $ 34,295 $ 48,979 $ 485,210 December 31, 2020 Securities sold under agreements to repurchase $ 158,400 $ 122,448 $ 32,149 $ 22,684 $ 335,681 Securities loaned 19,140 271 1,029 2,531 22,971 Other 16,210 — — — 16,210 Total $ 193,750 $ 122,719 $ 33,178 $ 25,215 $ 374,862 (1) No agreements have maturities greater than three years. Class of Collateral Pledged Securities Sold Under Agreements to Repurchase Securities Other Total (Dollars in millions) June 30, 2021 U.S. government and agency securities $ 231,210 $ — $ — $ 231,210 Corporate securities, trading loans and other 15,674 2,843 1,160 19,677 Equity securities 20,633 36,121 13,852 70,606 Non-U.S. sovereign debt 161,345 573 59 161,977 Mortgage trading loans and ABS 1,740 — — 1,740 Total $ 430,602 $ 39,537 $ 15,071 $ 485,210 December 31, 2020 U.S. government and agency securities $ 195,167 $ 5 $ — $ 195,172 Corporate securities, trading loans and other 8,633 1,628 1,217 11,478 Equity securities 14,752 21,125 14,931 50,808 Non-U.S. sovereign debt 113,142 213 62 113,417 Mortgage trading loans and ABS 3,987 — — 3,987 Total $ 335,681 $ 22,971 $ 16,210 $ 374,862 |
Securities Borrowed And Securities Purchased Under Agreements To Resell | |
Offsetting Liabilities [Line Items] | |
Offsetting Assets | The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2021 and December 31, 2020. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2021 Securities borrowed or purchased under agreements to resell (3) $ 524,946 $ (256,352) $ 268,594 $ (241,909) $ 26,685 Securities loaned or sold under agreements to repurchase $ 470,139 $ (256,352) $ 213,787 $ (202,435) $ 11,352 Other (4) 15,071 — 15,071 (15,071) — Total $ 485,210 $ (256,352) $ 228,858 $ (217,506) $ 11,352 December 31, 2020 Securities borrowed or purchased under agreements to resell (3) $ 492,387 $ (188,329) $ 304,058 $ (272,351) $ 31,707 Securities loaned or sold under agreements to repurchase $ 358,652 $ (188,329) $ 170,323 $ (158,867) $ 11,456 Other (4) 16,210 — 16,210 (16,210) — Total $ 374,862 $ (188,329) $ 186,533 $ (175,077) $ 11,456 (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 $20.1 billion and $14.7 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2021 and December 31, 2020. (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 Loaned And Financial Assets Sold Under Agreements To Repurchase | |
Offsetting Liabilities [Line Items] | |
Offsetting Liabilities | The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at June 30, 2021 and December 31, 2020. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives . Securities Financing Agreements Gross Assets/Liabilities (1) Amounts Offset Net Balance Sheet Amount Financial Instruments (2) Net Assets/Liabilities (Dollars in millions) June 30, 2021 Securities borrowed or purchased under agreements to resell (3) $ 524,946 $ (256,352) $ 268,594 $ (241,909) $ 26,685 Securities loaned or sold under agreements to repurchase $ 470,139 $ (256,352) $ 213,787 $ (202,435) $ 11,352 Other (4) 15,071 — 15,071 (15,071) — Total $ 485,210 $ (256,352) $ 228,858 $ (217,506) $ 11,352 December 31, 2020 Securities borrowed or purchased under agreements to resell (3) $ 492,387 $ (188,329) $ 304,058 $ (272,351) $ 31,707 Securities loaned or sold under agreements to repurchase $ 358,652 $ (188,329) $ 170,323 $ (158,867) $ 11,456 Other (4) 16,210 — 16,210 (16,210) — Total $ 374,862 $ (188,329) $ 186,533 $ (175,077) $ 11,456 (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 $20.1 billion and $14.7 billion reported in loans and leases on the Consolidated Balance Sheet at June 30, 2021 and December 31, 2020. (4) Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The following table includes the notional amount of commitments of $5.3 billion and $4.0 billion at June 30, 2021 and December 31, 2020 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $103 million and $99 million at June 30, 2021 and December 31, 2020, 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 Expire After Total (Dollars in millions) June 30, 2021 Notional amount of credit extension commitments Loan commitments (1) $ 103,361 $ 193,656 $ 155,834 $ 27,247 $ 480,098 Home equity lines of credit 762 3,807 10,119 26,286 40,974 Standby letters of credit and financial guarantees (2) 20,853 11,634 1,766 539 34,792 Letters of credit (3) 1,609 309 30 29 1,977 Legally binding commitments 126,585 209,406 167,749 54,101 557,841 Credit card lines (4) 394,052 — — — 394,052 Total credit extension commitments $ 520,637 $ 209,406 $ 167,749 $ 54,101 $ 951,893 December 31, 2020 Notional amount of credit extension commitments Loan commitments (1) $ 109,406 $ 171,887 $ 139,508 $ 16,091 $ 436,892 Home equity lines of credit 710 2,992 8,738 29,892 42,332 Standby letters of credit and financial guarantees (2) 19,962 12,038 2,397 1,257 35,654 Letters of credit (3) 886 197 25 27 1,135 Legally binding commitments 130,964 187,114 150,668 47,267 516,013 Credit card lines (4) 384,955 — — — 384,955 Total credit extension commitments $ 515,919 $ 187,114 $ 150,668 $ 47,267 $ 900,968 (1) At June 30, 2021 and December 31, 2020, $5.5 billion and $4.8 billion of these loan commitments were held in the form of a security. (2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.3 billion and $9.1 billion at June 30, 2021, and $25.0 billion and $10.2 billion at December 31, 2020. Amounts in the table include consumer SBLCs of $476 million and $500 million at June 30, 2021 and December 31, 2020. (3) At June 30, 2021 and December 31, 2020, included are letters of credit of $1.9 billion and $1.8 billion related to certain liquidity commitments of VIEs. For more information, see Note 6 – Securitizations and Other Variable Interest Entities . |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Dividends | Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share July 21, 2021 September 3, 2021 September 24, 2021 $ 0.21 April 22, 2021 June 4, 2021 June 25, 2021 0.18 January 19, 2021 March 5, 2021 March 26, 2021 0.18 (1) In 2021, and through July 30, 2021. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for the six months ended June 30, 2021 and 2020. (Dollars in millions) Debt Securities Debit Valuation Adjustments Derivatives Employee Foreign Total Balance, December 31, 2019 $ 323 $ (1,494) $ (400) $ (4,168) $ (894) $ (6,633) Net change 4,693 53 732 100 (107) 5,471 Balance, June 30, 2020 $ 5,016 $ (1,441) $ 332 $ (4,068) $ (1,001) $ (1,162) Balance, December 31, 2020 $ 5,122 $ (1,992) $ 426 $ (4,266) $ (946) $ (1,656) Net change (1,090) 265 (699) 120 (3) (1,407) Balance, June 30, 2021 $ 4,032 $ (1,727) $ (273) $ (4,146) $ (949) $ (3,063) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the six months ended June 30, 2021 and 2020. Pretax Tax After- Pretax Tax After- Six Months Ended June 30 (Dollars in millions) 2021 2020 Debt securities: Net increase (decrease) in fair value $ (1,445) $ 355 $ (1,090) $ 6,628 $ (1,652) $ 4,976 Net realized gains reclassified into earnings (1) — — — (377) 94 (283) Net change (1,445) 355 (1,090) 6,251 (1,558) 4,693 Debit valuation adjustments: Net increase in fair value 336 (76) 260 63 (13) 50 Net realized losses reclassified into earnings (1) 7 (2) 5 4 (1) 3 Net change 343 (78) 265 67 (14) 53 Derivatives: Net increase (decrease) in fair value (820) 205 (615) 914 (222) 692 Reclassifications into earnings: Net interest income (84) 20 (64) 53 (13) 40 Compensation and benefits expense (26) 6 (20) — — — Net realized (gains) losses reclassified into earnings (110) 26 (84) 53 (13) 40 Net change (930) 231 (699) 967 (235) 732 Employee benefit plans: Net actuarial losses and other reclassified into earnings (2) 142 (22) 120 133 (33) 100 Net change 142 (22) 120 133 (33) 100 Foreign currency: Net decrease in fair value 116 (119) (3) 115 (222) (107) Net change 116 (119) (3) 115 (222) (107) Total other comprehensive income (loss) $ (1,774) $ 367 $ (1,407) $ 7,533 $ (2,062) $ 5,471 (1) Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income. (2) Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per common share and diluted earnings per common share | The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 2021 and 2020 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 2020 Annual Report on Form 10-K. Three Months Ended June 30 Six Months Ended June 30 (In millions, except per share information) 2021 2020 2021 2020 Earnings per common share Net income $ 9,224 $ 3,533 $ 17,274 $ 7,543 Preferred stock dividends (260) (249) (750) (718) Net income applicable to common shareholders $ 8,964 $ 3,284 $ 16,524 $ 6,825 Average common shares issued and outstanding 8,620.8 8,739.9 8,660.4 8,777.6 Earnings per common share $ 1.04 $ 0.38 $ 1.91 $ 0.78 Diluted earnings per common share Net income applicable to common shareholders $ 8,964 $ 3,284 $ 16,524 $ 6,825 Add preferred stock dividends due to assumed conversions 56 — 112 — Net income allocated to common shareholders $ 9,020 $ 3,284 $ 16,636 $ 6,825 Average common shares issued and outstanding 8,620.8 8,739.9 8,660.4 8,777.6 Dilutive potential common shares (1) 114.7 28.2 115.8 35.7 Total diluted average common shares issued and outstanding 8,735.5 8,768.1 8,776.2 8,813.3 Diluted earnings per common share $ 1.03 $ 0.37 $ 1.90 $ 0.77 (1) Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value on a Recurring Basis | Assets and liabilities carried at fair value on a recurring basis at June 30, 2021 and December 31, 2020, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables. June 30, 2021 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 $ 1,450 $ — $ — $ — $ 1,450 Federal funds sold and securities borrowed or purchased under agreements to resell — 163,344 — — 163,344 Trading account assets: U.S. Treasury and agency securities (2) 40,733 1,299 — — 42,032 Corporate securities, trading loans and other — 36,707 1,764 — 38,471 Equity securities 104,218 39,316 260 — 143,794 Non-U.S. sovereign debt 10,621 20,919 414 — 31,954 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 23,567 97 — 23,664 Mortgage trading loans, ABS and other MBS — 10,417 1,401 — 11,818 Total trading account assets (3) 155,572 132,225 3,936 — 291,733 Derivative assets 17,487 331,302 3,312 (310,603) 41,498 AFS debt securities: U.S. Treasury and agency securities 159,245 1,088 — — 160,333 Mortgage-backed securities: Agency — 57,889 — — 57,889 Agency-collateralized mortgage obligations — 4,226 — — 4,226 Non-agency residential — 647 205 — 852 Commercial — 18,919 — — 18,919 Non-U.S. securities — 17,156 11 — 17,167 Other taxable securities — 2,847 74 — 2,921 Tax-exempt securities — 15,823 51 — 15,874 Total AFS debt securities 159,245 118,595 341 — 278,181 Other debt securities carried at fair value: U.S. Treasury and agency securities 518 — — — 518 Non-agency residential MBS — 451 281 — 732 Non-U.S. and other securities 3,491 5,991 — — 9,482 Total other debt securities carried at fair value 4,009 6,442 281 — 10,732 Loans and leases — 6,093 857 — 6,950 Loans held-for-sale — 1,944 263 — 2,207 Other assets (4) 10,034 3,119 1,775 — 14,928 Total assets (5) $ 347,797 $ 763,064 $ 10,765 $ (310,603) $ 811,023 Liabilities Interest-bearing deposits in U.S. offices $ — $ 515 $ — $ — $ 515 Federal funds purchased and securities loaned or sold under agreements to repurchase — 165,781 — — 165,781 Trading account liabilities: U.S. Treasury and agency securities 22,888 289 — — 23,177 Equity securities 47,288 4,358 — — 51,646 Non-U.S. sovereign debt 17,404 9,074 — — 26,478 Corporate securities and other — 8,766 17 — 8,783 Total trading account liabilities 87,580 22,487 17 — 110,084 Derivative liabilities 16,945 330,062 6,196 (314,287) 38,916 Short-term borrowings — 4,490 — — 4,490 Accrued expenses and other liabilities 11,899 3,275 — — 15,174 Long-term debt — 29,301 1,060 — 30,361 Total liabilities (5) $ 116,424 $ 555,911 $ 7,273 $ (314,287) $ 365,321 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $23.7 billion of GSE obligations. (3) Includes securities with a fair value of $8.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $2.1 billion that are accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell. (4) Includes MSRs of $976 million which are classified as Level 3 assets. (5) Total recurring Level 3 assets were 0.36 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.26 percent of total consolidated liabilities. December 31, 2020 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 $ 1,649 $ — $ — $ — $ 1,649 Federal funds sold and securities borrowed or purchased under agreements to resell — 108,856 — — 108,856 Trading account assets: U.S. Treasury and agency securities (2) 45,219 3,051 — — 48,270 Corporate securities, trading loans and other — 22,817 1,359 — 24,176 Equity securities 36,372 31,372 227 — 67,971 Non-U.S. sovereign debt 5,753 20,884 354 — 26,991 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed (2) — 21,566 75 — 21,641 Mortgage trading loans, ABS and other MBS — 8,440 1,365 — 9,805 Total trading account assets (3) 87,344 108,130 3,380 — 198,854 Derivative assets 15,624 416,175 2,751 (387,371) 47,179 AFS debt securities: U.S. Treasury and agency securities 115,266 1,114 — — 116,380 Mortgage-backed securities: Agency — 61,849 — — 61,849 Agency-collateralized mortgage obligations — 5,260 — — 5,260 Non-agency residential — 631 378 — 1,009 Commercial — 16,491 — — 16,491 Non-U.S. securities — 13,999 18 — 14,017 Other taxable securities — 2,640 71 — 2,711 Tax-exempt securities — 16,598 176 — 16,774 Total AFS debt securities 115,266 118,582 643 — 234,491 Other debt securities carried at fair value: U.S. Treasury and agency securities 93 — — — 93 Non-agency residential MBS — 506 267 — 773 Non-U.S. and other securities 2,619 8,625 — — 11,244 Total other debt securities carried at fair value 2,712 9,131 267 — 12,110 Loans and leases — 5,964 717 — 6,681 Loans held-for-sale — 1,349 236 — 1,585 Other assets (4) 9,898 3,850 1,970 — 15,718 Total assets (5) $ 232,493 $ 772,037 $ 9,964 $ (387,371) $ 627,123 Liabilities Interest-bearing deposits in U.S. offices $ — $ 481 $ — $ — $ 481 Federal funds purchased and securities loaned or sold under agreements to repurchase — 135,391 — — 135,391 Trading account liabilities: U.S. Treasury and agency securities 9,425 139 — — 9,564 Equity securities 38,189 4,235 — — 42,424 Non-U.S. sovereign debt 5,853 8,043 — — 13,896 Corporate securities and other — 5,420 16 — 5,436 Total trading account liabilities 53,467 17,837 16 — 71,320 Derivative liabilities 14,907 412,881 6,219 (388,481) 45,526 Short-term borrowings — 5,874 — — 5,874 Accrued expenses and other liabilities 12,297 4,014 — — 16,311 Long-term debt — 31,036 1,164 — 32,200 Total liabilities (5) $ 80,671 $ 607,514 $ 7,399 $ (388,481) $ 307,103 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes $22.2 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. Trading account assets also includes certain commodities inventory of $576 million that are accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell. (4) Includes MSRs of $1.0 billion which are classified as Level 3 assets. (5) Total recurring Level 3 assets were 0.35 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.29 percent of total consolidated liabilities. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2021 and 2020, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. 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. Level 3 – Fair Value Measurements (1) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Three Months Ended June 30, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,516 $ 38 $ — $ 185 $ (110) $ — $ (116) $ 306 $ (55) $ 1,764 $ 16 Equity securities 273 32 — 8 (26) — — 26 (53) 260 23 Non-U.S. sovereign debt 334 20 34 — — — — 26 — 414 20 Mortgage trading loans, MBS and ABS 1,561 (10) — 119 (274) — (28) 188 (58) 1,498 (10) Total trading account assets 3,684 80 34 312 (410) — (144) 546 (166) 3,936 49 Net derivative assets (liabilities) (4) (3,206) 5 — 211 (88) — 36 (83) 241 (2,884) (19) AFS debt securities: Non-agency residential MBS 284 1 3 — — — (8) — (75) 205 — Non-U.S. securities 13 (1) — — — — (1) — — 11 — Other taxable securities 73 — 1 — — — — — — 74 — Tax-exempt securities 98 3 — — — — — — (50) 51 3 Total AFS debt securities 468 3 4 — — — (9) — (125) 341 3 Other debt securities carried at fair value – Non-agency residential MBS 260 3 — — — — (14) 32 — 281 3 Loans and leases (5,6) 793 34 — — — 60 (46) 16 — 857 34 Loans held-for-sale (5,6) 220 10 11 38 — — (23) 7 — 263 4 Other assets (6,7) 2,090 (153) 4 55 (144) 23 (100) — — 1,775 (117) Trading account liabilities – Corporate securities and other (16) — — — — (1) — — — (17) — Long-term debt (5) (1,028) (67) 15 2 — (2) 19 — 1 (1,060) (66) Three Months Ended June 30, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,640 $ (27) $ — $ 64 $ (42) $ — $ (42) $ 147 $ (192) $ 1,548 $ (27) Equity securities 249 1 — 3 (23) — — — (36) 194 — Non-U.S. sovereign debt 250 26 (10) 2 (11) — (9) — — 248 26 Mortgage trading loans, MBS and ABS 1,733 (22) (1) 104 (229) — (21) 259 (87) 1,736 (36) Total trading account assets 3,872 (22) (11) 173 (305) — (72) 406 (315) 3,726 (37) Net derivative assets (liabilities) (4) (2,909) (463) — 137 (233) — (178) 252 51 (3,343) (558) AFS debt securities: Non-agency residential MBS 524 (2) 4 23 — — (10) 5 (82) 462 (2) Non-U.S. securities 1 — — — — — — 4 — 5 — Other taxable securities 68 — — — (4) — — 1 — 65 — Tax-exempt securities 100 (24) 1 — — — — 265 (5) 337 (24) Total AFS debt securities 693 (26) 5 23 (4) — (10) 275 (87) 869 (26) Other debt securities carried at fair value – Non-agency residential MBS 269 43 — — — — (4) 150 (9) 449 43 Loans and leases (5,6) 558 47 — 32 (1) 22 (15) 98 — 741 46 Loans held-for-sale (5,6) 1,077 9 (5) — (81) — (30) — — 970 5 Other assets (6,7) 1,960 (68) 13 — — 133 (128) 3 (2) 1,911 (91) Trading account liabilities – Equity securities (1) — — — — — — — — (1) — Trading account liabilities – Corporate securities and other (20) 4 — (1) — — 1 — — (16) — Long-term debt (5) (721) (72) (127) — — (32) 14 (29) 11 (956) (74) (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 market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - market making and similar activities. (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. Amounts include net unrealized gains (losses) of $67 million and $(126) million related to financial instruments still held at June 30, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.3 billion and $2.6 billion and derivative liabilities of $6.2 billion and $5.9 billion at June 30, 2021 and 2020. (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 (1) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Six Months Ended June 30, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,359 $ 25 $ — $ 426 $ (257) $ — $ (133) $ 458 $ (114) $ 1,764 $ (5) Equity securities 227 22 — 53 (49) — — 78 (71) 260 14 Non-U.S. sovereign debt 354 20 12 2 — — — 26 — 414 23 Mortgage trading loans, ABS and other MBS 1,440 39 — 247 (495) 1 (64) 444 (114) 1,498 16 Total trading account assets 3,380 106 12 728 (801) 1 (197) 1,006 (299) 3,936 48 Net derivative assets (liabilities) (4) (3,468) 291 — 349 (349) — 183 (191) 301 (2,884) 192 AFS debt securities: Non-agency residential MBS 378 (15) (94) — — — (25) 36 (75) 205 (2) Non-U.S. securities 18 (1) — — — — (6) — — 11 — Other taxable securities 71 — (5) 8 — — — — — 74 — Tax-exempt securities 176 17 — — — — — — (142) 51 16 Total AFS debt securities 643 1 (99) 8 — — (31) 36 (217) 341 14 Other debt securities carried at fair value – Non-agency residential MBS 267 2 — — — — (20) 32 — 281 2 Loans and leases (5,6) 717 104 — — — 70 (80) 46 — 857 111 Loans held-for-sale (5,6) 236 4 3 38 — — (40) 26 (4) 263 (5) Other assets (6,7) 1,970 21 8 55 (145) 64 (205) 7 — 1,775 46 Trading account liabilities – Corporate securities and other (16) — — — — (1) — — — (17) 1 Long-term debt (5) (1,164) (18) 2 2 — (2) 37 (32) 115 (1,060) (34) Six Months Ended June 30, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,507 $ (130) $ (1) $ 280 $ (132) $ 8 $ (74) $ 384 $ (294) $ 1,548 $ (122) Equity securities 239 (25) — 29 (34) — — 25 (40) 194 (23) Non-U.S. sovereign debt 482 28 (63) 75 (59) — (19) 17 (213) 248 28 Mortgage trading loans, ABS and other MBS 1,553 (147) (3) 466 (474) — (40) 492 (111) 1,736 (139) Total trading account assets 3,781 (274) (67) 850 (699) 8 (133) 918 (658) 3,726 (256) Net derivative assets (liabilities) (4) (2,538) (117) — 177 (381) — (166) (276) (42) (3,343) (500) AFS debt securities: Non-agency residential MBS 424 (5) (9) 23 — — (22) 133 (82) 462 (5) Non-U.S. securities 2 — — — (1) — — 4 — 5 — Other taxable securities 65 — — 3 (4) — — 1 — 65 — Tax-exempt securities 108 (34) 3 — — — — 265 (5) 337 (33) Total AFS debt securities 599 (39) (6) 26 (5) — (22) 403 (87) 869 (38) Other debt securities carried at fair value – Non-agency residential MBS 299 (6) — — — — (8) 176 (12) 449 (29) Loans and leases (5,6) 693 (72) — 32 (1) 22 (31) 98 — 741 (36) Loans held-for-sale (5,6) 375 — (33) — (81) 691 (75) 93 — 970 (10) Other assets (6,7) 2,360 (319) (17) — 1 153 (270) 5 (2) 1,911 (376) Trading account liabilities – Equity securities (2) 1 — — — — — — — (1) 1 Trading account liabilities – Corporate securities and other (15) 5 — (7) — — 1 — — (16) 1 Long-term debt (5) (1,149) 55 60 8 — (45) 155 (52) 12 (956) 37 (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 market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - market making and similar activities. (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. Amounts include net unrealized gains (losses) of $(5) million and $(40) million related to financial instruments still held at June 30, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.3 billion and $2.6 billion and derivative liabilities of $6.2 billion and $5.9 billion at June 30, 2021 and 2020. (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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2021 and 2020, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due to decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. 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. Level 3 – Fair Value Measurements (1) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Three Months Ended June 30, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,516 $ 38 $ — $ 185 $ (110) $ — $ (116) $ 306 $ (55) $ 1,764 $ 16 Equity securities 273 32 — 8 (26) — — 26 (53) 260 23 Non-U.S. sovereign debt 334 20 34 — — — — 26 — 414 20 Mortgage trading loans, MBS and ABS 1,561 (10) — 119 (274) — (28) 188 (58) 1,498 (10) Total trading account assets 3,684 80 34 312 (410) — (144) 546 (166) 3,936 49 Net derivative assets (liabilities) (4) (3,206) 5 — 211 (88) — 36 (83) 241 (2,884) (19) AFS debt securities: Non-agency residential MBS 284 1 3 — — — (8) — (75) 205 — Non-U.S. securities 13 (1) — — — — (1) — — 11 — Other taxable securities 73 — 1 — — — — — — 74 — Tax-exempt securities 98 3 — — — — — — (50) 51 3 Total AFS debt securities 468 3 4 — — — (9) — (125) 341 3 Other debt securities carried at fair value – Non-agency residential MBS 260 3 — — — — (14) 32 — 281 3 Loans and leases (5,6) 793 34 — — — 60 (46) 16 — 857 34 Loans held-for-sale (5,6) 220 10 11 38 — — (23) 7 — 263 4 Other assets (6,7) 2,090 (153) 4 55 (144) 23 (100) — — 1,775 (117) Trading account liabilities – Corporate securities and other (16) — — — — (1) — — — (17) — Long-term debt (5) (1,028) (67) 15 2 — (2) 19 — 1 (1,060) (66) Three Months Ended June 30, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,640 $ (27) $ — $ 64 $ (42) $ — $ (42) $ 147 $ (192) $ 1,548 $ (27) Equity securities 249 1 — 3 (23) — — — (36) 194 — Non-U.S. sovereign debt 250 26 (10) 2 (11) — (9) — — 248 26 Mortgage trading loans, MBS and ABS 1,733 (22) (1) 104 (229) — (21) 259 (87) 1,736 (36) Total trading account assets 3,872 (22) (11) 173 (305) — (72) 406 (315) 3,726 (37) Net derivative assets (liabilities) (4) (2,909) (463) — 137 (233) — (178) 252 51 (3,343) (558) AFS debt securities: Non-agency residential MBS 524 (2) 4 23 — — (10) 5 (82) 462 (2) Non-U.S. securities 1 — — — — — — 4 — 5 — Other taxable securities 68 — — — (4) — — 1 — 65 — Tax-exempt securities 100 (24) 1 — — — — 265 (5) 337 (24) Total AFS debt securities 693 (26) 5 23 (4) — (10) 275 (87) 869 (26) Other debt securities carried at fair value – Non-agency residential MBS 269 43 — — — — (4) 150 (9) 449 43 Loans and leases (5,6) 558 47 — 32 (1) 22 (15) 98 — 741 46 Loans held-for-sale (5,6) 1,077 9 (5) — (81) — (30) — — 970 5 Other assets (6,7) 1,960 (68) 13 — — 133 (128) 3 (2) 1,911 (91) Trading account liabilities – Equity securities (1) — — — — — — — — (1) — Trading account liabilities – Corporate securities and other (20) 4 — (1) — — 1 — — (16) — Long-term debt (5) (721) (72) (127) — — (32) 14 (29) 11 (956) (74) (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 market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - market making and similar activities. (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. Amounts include net unrealized gains (losses) of $67 million and $(126) million related to financial instruments still held at June 30, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.3 billion and $2.6 billion and derivative liabilities of $6.2 billion and $5.9 billion at June 30, 2021 and 2020. (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 (1) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) (Dollars in millions) Purchases Sales Issuances Settlements Six Months Ended June 30, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,359 $ 25 $ — $ 426 $ (257) $ — $ (133) $ 458 $ (114) $ 1,764 $ (5) Equity securities 227 22 — 53 (49) — — 78 (71) 260 14 Non-U.S. sovereign debt 354 20 12 2 — — — 26 — 414 23 Mortgage trading loans, ABS and other MBS 1,440 39 — 247 (495) 1 (64) 444 (114) 1,498 16 Total trading account assets 3,380 106 12 728 (801) 1 (197) 1,006 (299) 3,936 48 Net derivative assets (liabilities) (4) (3,468) 291 — 349 (349) — 183 (191) 301 (2,884) 192 AFS debt securities: Non-agency residential MBS 378 (15) (94) — — — (25) 36 (75) 205 (2) Non-U.S. securities 18 (1) — — — — (6) — — 11 — Other taxable securities 71 — (5) 8 — — — — — 74 — Tax-exempt securities 176 17 — — — — — — (142) 51 16 Total AFS debt securities 643 1 (99) 8 — — (31) 36 (217) 341 14 Other debt securities carried at fair value – Non-agency residential MBS 267 2 — — — — (20) 32 — 281 2 Loans and leases (5,6) 717 104 — — — 70 (80) 46 — 857 111 Loans held-for-sale (5,6) 236 4 3 38 — — (40) 26 (4) 263 (5) Other assets (6,7) 1,970 21 8 55 (145) 64 (205) 7 — 1,775 46 Trading account liabilities – Corporate securities and other (16) — — — — (1) — — — (17) 1 Long-term debt (5) (1,164) (18) 2 2 — (2) 37 (32) 115 (1,060) (34) Six Months Ended June 30, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,507 $ (130) $ (1) $ 280 $ (132) $ 8 $ (74) $ 384 $ (294) $ 1,548 $ (122) Equity securities 239 (25) — 29 (34) — — 25 (40) 194 (23) Non-U.S. sovereign debt 482 28 (63) 75 (59) — (19) 17 (213) 248 28 Mortgage trading loans, ABS and other MBS 1,553 (147) (3) 466 (474) — (40) 492 (111) 1,736 (139) Total trading account assets 3,781 (274) (67) 850 (699) 8 (133) 918 (658) 3,726 (256) Net derivative assets (liabilities) (4) (2,538) (117) — 177 (381) — (166) (276) (42) (3,343) (500) AFS debt securities: Non-agency residential MBS 424 (5) (9) 23 — — (22) 133 (82) 462 (5) Non-U.S. securities 2 — — — (1) — — 4 — 5 — Other taxable securities 65 — — 3 (4) — — 1 — 65 — Tax-exempt securities 108 (34) 3 — — — — 265 (5) 337 (33) Total AFS debt securities 599 (39) (6) 26 (5) — (22) 403 (87) 869 (38) Other debt securities carried at fair value – Non-agency residential MBS 299 (6) — — — — (8) 176 (12) 449 (29) Loans and leases (5,6) 693 (72) — 32 (1) 22 (31) 98 — 741 (36) Loans held-for-sale (5,6) 375 — (33) — (81) 691 (75) 93 — 970 (10) Other assets (6,7) 2,360 (319) (17) — 1 153 (270) 5 (2) 1,911 (376) Trading account liabilities – Equity securities (2) 1 — — — — — — — (1) 1 Trading account liabilities – Corporate securities and other (15) 5 — (7) — — 1 — — (16) 1 Long-term debt (5) (1,149) 55 60 8 — (45) 155 (52) 12 (956) 37 (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 market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - market making and similar activities. (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. Amounts include net unrealized gains (losses) of $(5) million and $(40) million related to financial instruments still held at June 30, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.3 billion and $2.6 billion and derivative liabilities of $6.2 billion and $5.9 billion at June 30, 2021 and 2020. (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 Measurement Inputs and Valuation Techniques | The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at June 30, 2021 and December 31, 2020. Quantitative Information about Level 3 Fair Value Measurements at June 30, 2021 (Dollars in millions) Inputs Financial Instrument Fair Valuation Significant Unobservable Ranges of Weighted Average (1) Loans and Securities (2) Instruments backed by residential real estate assets $ 1,237 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans, ABS and other MBS 368 Prepayment speed 1% to 37% CPR 18% CPR Loans and leases 383 Default rate 0% to 3% CDR 1% CDR AFS debt securities – Non-agency residential 205 Price $0 to $155 $96 Other debt securities carried at fair value – Non-agency residential 281 Loss severity 0% to 42% 14 % Instruments backed by commercial real estate assets $ 440 Discounted cash Yield 0% to 25% 4 % Trading account assets – Corporate securities, trading loans and other 266 Price $0 to $101 $60 Trading account assets – Mortgage trading loans, ABS and other MBS 80 AFS debt securities, primarily other taxable securities 85 Loans held-for-sale 9 Commercial loans, debt securities and other $ 3,741 Discounted cash flow, Market comparables Yield 0% to 17% 9 % Trading account assets – Corporate securities, trading loans and other 1,498 Prepayment speed 10% to 20% 13 % Trading account assets – Non-U.S. sovereign debt 414 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 1,050 Loss severity 35% to 40% 38 % AFS debt securities – Tax-exempt securities 51 Price $0 to $156 $71 Loans and leases 474 Long-dated equity volatilities 44% n/a Loans held-for-sale 254 Other assets, primarily auction rate securities $ 799 Discounted cash flow, Market comparables Price $10 to $96 $93 Discount rate 8 % n/a MSRs $ 976 Discounted cash Weighted-average life, fixed rate (5) 0 to 14 years 4 years Weighted-average life, variable rate (5) 0 to 10 years 3 years Option-adjusted spread, fixed rate 7% to 14% 9 % Option-adjusted spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,060) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Yield 0% to 14% 12 % Equity correlation 3% to 99% 74 % Long-dated equity volatilities 4% to 61% 37 % Price $0 to $124 $87 Natural gas forward price $2/MMBtu to $6/MMBtu $3 /MMBtu Net derivative assets (liabilities) Credit derivatives $ (108) Discounted cash flow, Stochastic recovery correlation model Credit spreads 1 to 375 bps 85 bps Upfront points 16 to 100 points 74 points Prepayment speed 15% CPR n/a Default rate 2% CDR n/a Credit correlation 21% to 60% 55 % Price $0 to $122 $63 Equity derivatives $ (1,440) Industry standard derivative pricing (3) Equity correlation 3% to 99% 74 % Long-dated equity volatilities 4% to 60% 37 % Commodity derivatives $ (1,259) Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $2/MMBtu to $6/MMBtu $3 /MMBtu Correlation 54% to 85% 74 % Volatilities 27% to 51% 41 % Interest rate derivatives $ (77) Industry standard derivative pricing (4) Correlation (IR/IR) (1)% to 90% 52 % Correlation (FX/IR) 0% to 58% 19 % Long-dated inflation rates (8)% to 15% 6 % Long-dated inflation volatilities 0% to 1% 1 % Interest rate volatilities 0% to 2% 1 % Total net derivative assets (liabilities) $ (2,884) (1) For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments. (2) 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 87: Trading account assets – Corporate securities, trading loans and other of $1.8 billion, Trading account assets – Non-U.S. sovereign debt of $414 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.5 billion, AFS debt securities of $341 million, Other debt securities carried at fair value - Non-agency residential of $281 million, Other assets, including MSRs, of $1.8 billion, Loans and leases of $857 million and LHFS of $263 million. (3) Includes models such as Monte Carlo simulation and Black-Scholes. (4) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. (5) 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, 2020 (Dollars in millions) Inputs Financial Instrument Fair Valuation Significant Unobservable Ranges of Weighted Average (1) Loans and Securities (2) Instruments backed by residential real estate assets $ 1,543 Discounted cash Yield (3)% to 25% 6 % Trading account assets – Mortgage trading loans, ABS and other MBS 467 Prepayment speed 1% to 56% CPR 20% CPR Loans and leases 431 Default rate 0% to 3% CDR 1% CDR AFS debt securities - Non-agency residential 378 Price $0 to $168 $110 Other debt securities carried at fair value - Non-agency residential 267 Loss severity 0% to 47% 18 % Instruments backed by commercial real estate assets $ 407 Discounted cash Yield 0% to 25% 4 % Trading account assets – Corporate securities, trading loans and other 262 Price $0 to $100 $52 Trading account assets – Mortgage trading loans, ABS and other MBS 43 AFS debt securities, primarily other taxable securities 89 Loans held-for-sale 13 Commercial loans, debt securities and other $ 3,066 Discounted cash flow, Market comparables Yield 0% to 26% 9 % Trading account assets – Corporate securities, trading loans and other 1,097 Prepayment speed 10% to 20% 14 % Trading account assets – Non-U.S. sovereign debt 354 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 930 Loss severity 35% to 40% 38 % AFS debt securities – Tax-exempt securities 176 Price $0 to $142 $66 Loans and leases 286 Long-dated equity volatilities 77% n/a Loans held-for-sale 223 Other assets, primarily auction rate securities $ 937 Discounted cash flow, Market comparables Price $10 to $97 $91 Discount rate 8% n/a MSRs $ 1,033 Discounted cash Weighted-average life, fixed rate (5) 0 to 13 years 4 years Weighted-average life, variable rate (5) 0 to 10 years 3 years Option-adjusted spread, fixed rate 7% to 14% 9 % Option-adjusted spread, variable rate 9% to 15% 12 % Structured liabilities Long-term debt $ (1,164) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Yield 0% to 11% 9 % Equity correlation 2% to 100% 64 % Long-dated equity volatilities 7% to 64% 32 % Price $0 to $124 $86 Natural gas forward price $1/MMBtu to $4/MMBtu $3/MMBtu Net derivative assets (liabilities) Credit derivatives $ (112) Discounted cash flow, Stochastic recovery correlation model Yield 5% n/a Upfront points 0 to 100 points 75 points Prepayment speed 15% to 100% CPR 22% CPR Default rate 2% CDR n/a Credit correlation 21% to 64% 57 % Price $0 to $122 $69 Equity derivatives $ (1,904) Industry standard derivative pricing (3) Equity correlation 2% to 100% 64 % Long-dated equity volatilities 7% to 64% 32 % Commodity derivatives $ (1,426) Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $1/MMBtu to $4/MMBtu $3/MMBtu Correlation 39% to 85% 73 % Volatilities 23% to 70% 39 % Interest rate derivatives $ (26) Industry standard derivative pricing (4) Correlation (IR/IR) 15% to 96% 34 % Correlation (FX/IR) 0% to 46% 3 % Long-dated inflation rates G (7)% to 84% 14 % Long-dated inflation volatilities 0% to 1% 1 % Interest rates volatilities 0% to 2% 1 % Total net derivative assets (liabilities) $ (3,468) (1) For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments. (2) 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 88: Trading account assets – Corporate securities, trading loans and other of $1.4 billion, Trading account assets – Non-U.S. sovereign debt of $354 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.4 billion, AFS debt securities of $643 million, Other debt securities carried at fair value - Non-agency residential of $267 million, Other assets, including MSRs, of $2.0 billion, Loans and leases of $717 million and LHFS of $236 million. (3) Includes models such as Monte Carlo simulation and Black-Scholes. (4) Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. (5) 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 Measurements, Nonrecurring | The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three and six months ended June 30, 2021 and 2020. Assets Measured at Fair Value on a Nonrecurring Basis June 30, 2021 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (Dollars in millions) Level 2 Level 3 Gains (Losses) Assets Loans held-for-sale $ 1,105 $ 52 $ 9 $ 9 Loans and leases (1) — 142 (24) (37) Foreclosed properties (2, 3) — 3 — (1) Other assets 322 2,172 (67) (470) June 30, 2020 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Assets Loans held-for-sale $ 505 $ 1,119 $ (37) $ (113) Loans and leases (1) — 186 (22) (45) Foreclosed properties (2, 3) — 16 (5) (8) Other assets 187 6 (26) (27) (1) Includes $15 million and $18 million of losses on loans that were written down to a collateral value of zero during the three and six months ended June 30, 2021 compared to losses of $9 million and $18 million for the same periods in 2020. (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 $66 million and $124 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at June 30, 2021 and 2020. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The table below presents information about significant unobservable inputs utilized in the Corporation's nonrecurring Level 3 fair value measurements at June 30, 2021 and December 31, 2020. Quantitative Information about Nonrecurring Level 3 Fair Value Measurements Inputs Financial Instrument Fair Value Valuation Significant Unobservable Ranges of Weighted Average (1) (Dollars in millions) Six Months Ended June 30, 2021 Loans and leases (2) $ 142 Market comparables OREO discount 13% to 59% 24 % Costs to sell 8% to 26% 9 % Other assets (3) 1,955 Discounted cash flow Discount rate 7 % n/a 211 Market comparables Estimated appraisal value n/a n/a Year Ended December 31, 2020 Loans held-for-sale $ 792 Discounted cash flow Price $8 to $99 $95 Loans and leases (2) 301 Market comparables OREO discount 13% to 59% 24 % Costs to sell 8% to 26% 9 % Other assets (4) 576 Discounted cash flow Revenue attrition 2% to 19% 7 % Discount rate 11% to 14% 12 % (1) The weighted average is calculated based upon the fair value of the loans. (2) Represents residential mortgages where the loan has been written down to the fair value of the underlying collateral. (3) Represents the fair value of certain impaired renewable energy investments and impaired assets related to the Corporation’s real estate rationalization. (4) Represents the fair value of the intangible asset related to the merchant contracts received from the dissolution of the Corporation's merchant services joint venture. n/a = not applicable |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Option Elections | The following tables provide information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at June 30, 2021 and December 31, 2020, and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three and six months ended June 30, 2021 and 2020. Fair Value Option Elections June 30, 2021 December 31, 2020 (Dollars in millions) Fair Value Contractual Fair Value Fair Value Contractual Fair Value Federal funds sold and securities borrowed or purchased under agreements to resell $ 163,344 $ 163,314 $ 30 $ 108,856 $ 108,811 $ 45 Loans reported as trading account assets (1) 9,818 18,392 (8,574) 7,967 17,372 (9,405) Trading inventory – other 24,322 n/a n/a 22,790 n/a n/a Consumer and commercial loans 6,950 7,000 (50) 6,681 6,778 (97) Loans held-for-sale (1) 2,207 3,128 (921) 1,585 2,521 (936) Other assets 183 n/a n/a 200 n/a n/a Long-term deposits 515 501 14 481 448 33 Federal funds purchased and securities loaned or sold under agreements to repurchase 165,781 165,790 (9) 135,391 135,390 1 Short-term borrowings 4,490 4,497 (7) 5,874 5,178 696 Unfunded loan commitments 103 n/a n/a 99 n/a n/a Long-term debt 30,361 31,436 (1,075) 32,200 33,470 (1,270) (1) A significant portion of the loans reported as trading account assets and LHFS 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. n/a = not applicable Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended June 30 2021 2020 (Dollars in millions) Market making Other Total Market making Other Total Loans reported as trading account assets $ 171 $ — $ 171 $ 314 $ — $ 314 Trading inventory – other (1) 2,304 — 2,304 3,343 — 3,343 Consumer and commercial loans 43 26 69 36 171 207 Loans held-for-sale (2) — 23 23 — 58 58 Short-term borrowings 61 — 61 (283) — (283) Unfunded loan commitments — (11) (11) — 46 46 Long-term debt (3) (1,047) (8) (1,055) (1,869) (9) (1,878) Other (4) (1) (46) (47) (4) — (4) Total $ 1,531 $ (16) $ 1,515 $ 1,537 $ 266 $ 1,803 Six Months Ended June 30 2021 2020 Loans reported as trading account assets $ 283 $ — $ 283 $ (73) $ — $ (73) Trading inventory – other (1) 1,574 — 1,574 550 — 550 Consumer and commercial loans 114 45 159 (47) (187) (234) Loans held-for-sale (2) — 11 11 — 45 45 Short-term borrowings 474 — 474 234 — 234 Unfunded loan commitments — (6) (6) — (70) (70) Long-term debt (3) (661) (24) (685) (953) (25) (978) Other (4) 11 (24) (13) 9 (38) (29) Total $ 1,795 $ 2 $ 1,797 $ (280) $ (275) $ (555) (1) The gains in market making and similar activities 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 net losses in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by gains on derivatives and securities that hedge these liabilities. 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 more 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 2020 Annual Report on Form 10-K . (4) Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, other assets, long-term deposits and federal funds purchased and securities loaned or sold under agreements to repurchase. Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Loans reported as trading account assets $ 121 $ 153 $ 187 $ (236) Consumer and commercial loans 19 153 32 (196) Loans held-for-sale 4 (19) (2) (93) Unfunded loan commitments (11) 46 (6) (70) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying and Fair Value of Financial Instruments | The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at June 30, 2021 and December 31, 2020 are presented in the following table. Fair Value of Financial Instruments Fair Value Carrying Value Level 2 Level 3 Total (Dollars in millions) June 30, 2021 Financial assets Loans $ 883,938 $ 50,383 $ 875,364 $ 925,747 Loans held-for-sale 8,277 7,489 788 8,277 Financial liabilities Deposits (1) 1,909,142 1,909,132 — 1,909,132 Long-term debt 274,604 282,903 1,060 283,963 Commercial unfunded lending commitments (2) 1,790 103 6,259 6,362 December 31, 2020 Financial assets Loans $ 887,289 $ 49,372 $ 877,682 $ 927,054 Loans held-for-sale 9,243 7,864 1,379 9,243 Financial liabilities Deposits (1) 1,795,480 1,795,545 — 1,795,545 Long-term debt 262,934 271,315 1,164 272,479 Commercial unfunded lending commitments (2) 1,977 99 5,159 5,258 (1) Includes demand deposits of $936.2 billion and $799.0 billion with no stated maturities at June 30, 2021 and December 31, 2020. (2) The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 10 – Commitments and Contingencies . |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present net income and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three and six months ended June 30, 2021 and 2020, and total assets at June 30, 2021 and 2020 for each business segment, as well as All Other. Results of Business Segments and All Other At and for the three months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2021 2020 2021 2020 2021 2020 Net interest income $ 10,343 $ 10,976 $ 5,973 $ 5,991 $ 1,354 $ 1,378 Noninterest income 11,233 11,478 2,213 1,861 3,711 3,047 Total revenue, net of interest expense 21,576 22,454 8,186 7,852 5,065 4,425 Provision for credit losses (1,621) 5,117 (697) 3,024 (62) 136 Noninterest expense 15,045 13,410 4,859 4,735 3,814 3,464 Income before income taxes 8,152 3,927 4,024 93 1,313 825 Income tax expense (1,072) 394 986 23 322 202 Net income $ 9,224 $ 3,533 $ 3,038 $ 70 $ 991 $ 623 Period-end total assets $ 3,029,894 $ 2,741,688 $ 1,063,650 $ 929,193 $ 378,220 $ 334,190 Global Banking Global Markets All Other 2021 2020 2021 2020 2021 2020 Net interest income $ 1,984 $ 2,363 $ 991 $ 1,297 $ 41 $ (53) Noninterest income 3,105 2,728 3,729 4,053 (1,525) (211) Total revenue, net of interest expense 5,089 5,091 4,720 5,350 (1,484) (264) Provision for credit losses (831) 1,873 22 105 (53) (21) Noninterest expense 2,599 2,222 3,471 2,684 302 305 Income before income taxes 3,321 996 1,227 2,561 (1,733) (548) Income tax expense 897 269 319 666 (3,596) (766) Net income $ 2,424 $ 727 $ 908 $ 1,895 $ 1,863 $ 218 Period-end total assets $ 607,969 $ 586,078 $ 773,714 $ 652,068 $ 206,341 $ 240,159 (1) There were no material intersegment revenues. Results of Business Segments and All Other At and for the six months ended June 30 Total Corporation (1) Consumer Banking Global Wealth & Investment Management (Dollars in millions) 2021 2020 2021 2020 2021 2020 Net interest income $ 20,651 $ 23,250 $ 11,893 $ 12,853 $ 2,685 $ 2,949 Noninterest income 23,857 22,115 4,362 4,127 7,351 6,412 Total revenue, net of interest expense 44,508 45,365 16,255 16,980 10,036 9,361 Provision for credit losses (3,481) 9,878 (1,314) 5,282 (127) 325 Noninterest expense 30,560 26,885 9,990 9,230 7,682 7,064 Income before income taxes 17,429 8,602 7,579 2,468 2,481 1,972 Income tax expense 155 1,059 1,857 605 608 483 Net income $ 17,274 $ 7,543 $ 5,722 $ 1,863 $ 1,873 $ 1,489 Period-end total assets $ 3,029,894 $ 2,741,688 $ 1,063,650 $ 929,193 $ 378,220 $ 334,190 Global Banking Global Markets All Other 2021 2020 2021 2020 2021 2020 Net interest income $ 3,964 $ 4,975 $ 1,981 $ 2,449 $ 128 $ 24 Noninterest income 5,758 4,716 8,937 8,126 (2,551) (1,266) Total revenue, net of interest expense 9,722 9,691 10,918 10,575 (2,423) (1,242) Provision for credit losses (1,957) 3,966 17 212 (100) 93 Noninterest expense 5,380 4,540 6,898 5,498 610 553 Income before income taxes 6,299 1,185 4,003 4,865 (2,933) (1,888) Income tax expense 1,701 320 1,041 1,265 (5,052) (1,614) Net income $ 4,598 $ 865 $ 2,962 $ 3,600 $ 2,119 $ (274) Period-end total assets $ 607,969 $ 586,078 $ 773,714 $ 652,068 $ 206,341 $ 240,159 (1) There were no material intersegment revenues The tables below present noninterest income and the associated components for the three and six months ended June 30, 2021 and 2020 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Three Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 2021 2020 Fees and commissions: Card income Interchange fees $ 1,210 $ 830 $ 945 $ 645 $ 12 $ 8 Other card income 376 419 367 408 9 10 Total card income 1,586 1,249 1,312 1,053 21 18 Service charges Deposit-related fees 1,557 1,299 851 706 18 14 Lending-related fees 317 263 — — — — Total service charges 1,874 1,562 851 706 18 14 Investment and brokerage services Asset management fees 3,156 2,483 45 34 3,110 2,454 Brokerage fees 967 939 33 32 427 400 Total investment and brokerage services 4,123 3,422 78 66 3,537 2,854 Investment banking fees Underwriting income 1,314 1,523 — — 88 84 Syndication fees 401 230 — — — — Financial advisory services 407 406 — — — — Total investment banking fees 2,122 2,159 — — 88 84 Total fees and commissions 9,705 8,392 2,241 1,825 3,664 2,970 Market making and similar activities 1,826 2,487 — 1 11 18 Other income (loss) (298) 599 (28) 35 36 59 Total noninterest income $ 11,233 $ 11,478 $ 2,213 $ 1,861 $ 3,711 $ 3,047 Global Banking Global Markets All Other (1) Three Months Ended June 30 2021 2020 2021 2020 2021 2020 Fees and commissions: Card income Interchange fees $ 178 $ 65 $ 74 $ 111 $ 1 $ 1 Other card income 2 3 — — (2) (2) Total card income 180 68 74 111 (1) (1) Service charges Deposit-related fees 641 524 45 45 2 10 Lending-related fees 259 214 58 50 — (1) Total service charges 900 738 103 95 2 9 Investment and brokerage services Asset management fees — — — — 1 (5) Brokerage fees 40 23 473 480 (6) 4 Total investment and brokerage services 40 23 473 480 (5) (1) Investment banking fees Underwriting income 587 703 737 781 (98) (45) Syndication fees 210 133 191 97 — — Financial advisory services 376 345 31 61 — — Total investment banking fees 1,173 1,181 959 939 (98) (45) Total fees and commissions 2,293 2,010 1,609 1,625 (102) (38) Market making and similar activities 28 (15) 1,964 2,360 (177) 123 Other income (loss) 784 733 156 68 (1,246) (296) Total noninterest income $ 3,105 $ 2,728 $ 3,729 $ 4,053 $ (1,525) $ (211) (1) All Other includes eliminations of intercompany transactions. Noninterest Income by Business Segment and All Other Total Corporation Consumer Banking Global Wealth & Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 2021 2020 Fees and commissions: Card income Interchange fees $ 2,277 $ 1,622 $ 1,781 $ 1,289 $ 22 $ 16 Other card income 744 899 720 874 18 19 Total card income 3,021 2,521 2,501 2,163 40 35 Service charges Deposit-related fees 3,052 2,926 1,682 1,701 36 32 Lending-related fees 614 539 — — — — Total service charges 3,666 3,465 1,682 1,701 36 32 Investment and brokerage services Asset management fees 6,158 5,165 87 72 6,071 5,106 Brokerage fees 2,028 2,015 68 65 857 870 Total investment and brokerage services 8,186 7,180 155 137 6,928 5,976 Investment banking fees Underwriting income 2,860 2,371 — — 223 199 Syndication fees 701 501 — — — — Financial advisory services 807 675 — — — — Total investment banking fees 4,368 3,547 — — 223 199 Total fees and commissions 19,241 16,713 4,338 4,001 7,227 6,242 Market making and similar activities 5,355 5,294 — 2 22 39 Other income (loss) (739) 108 24 124 102 131 Total noninterest income $ 23,857 $ 22,115 $ 4,362 $ 4,127 $ 7,351 $ 6,412 Global Banking Global Markets All Other (1) Six Months Ended June 30 2021 2020 2021 2020 2021 2020 Fees and commissions: Card income Interchange fees $ 324 $ 184 $ 150 $ 132 $ — $ 1 Other card income 6 7 — — — (1) Total card income 330 191 150 132 — — Service charges Deposit-related fees 1,243 1,095 87 80 4 18 Lending-related fees 504 438 110 102 — (1) Total service charges 1,747 1,533 197 182 4 17 Investment and brokerage services Asset management fees — — — — — (13) Brokerage fees 81 31 1,033 1,048 (11) 1 Total investment and brokerage services 81 31 1,033 1,048 (11) (12) Investment banking fees Underwriting income 1,241 1,071 1,536 1,237 (140) (136) Syndication fees 371 279 330 222 — — Financial advisory services 733 592 74 83 — — Total investment banking fees 2,345 1,942 1,940 1,542 (140) (136) Total fees and commissions 4,503 3,697 3,320 2,904 (147) (131) Market making and similar activities 59 72 5,434 5,334 (160) (153) Other income (loss) 1,196 947 183 (112) (2,244) (982) Total noninterest income $ 5,758 $ 4,716 $ 8,937 $ 8,126 $ (2,551) $ (1,266) (1) All Other includes eliminations of intercompany transactions. The table below presents 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. Business Segment Reconciliations Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Segments’ total revenue, net of interest expense $ 23,060 $ 22,718 $ 46,931 $ 46,607 Adjustments (1) : Asset and liability management activities (154) 677 (44) 592 Liquidating businesses, eliminations and other (1,330) (941) (2,379) (1,834) FTE basis adjustment (110) (128) (221) (272) Consolidated revenue, net of interest expense $ 21,466 $ 22,326 $ 44,287 $ 45,093 Segments’ total net income 7,361 3,315 15,155 7,817 Adjustments, net-of-tax (1) : Asset and liability management activities (113) 521 (30) 444 Liquidating businesses, eliminations and other 1,976 (303) 2,149 (718) Consolidated net income $ 9,224 $ 3,533 $ 17,274 $ 7,543 June 30 2021 2020 Segments’ total assets $ 2,823,553 $ 2,501,529 Adjustments (1) : Asset and liability management activities, including securities portfolio 1,250,633 1,002,652 Elimination of segment asset allocations to match liabilities (1,111,500) (829,129) Other 67,208 66,636 Consolidated total assets $ 3,029,894 $ 2,741,688 (1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Details) $ in Billions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Accounting Policies [Abstract] | |
2021 Finance Act, income tax adjustment | $ 2 |
Tax law changes | $ 2 |
Net Interest Income and Nonin_3
Net Interest Income and Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | ||||
Loans and leases | $ 7,123 | $ 8,569 | $ 14,357 | $ 18,532 |
Debt securities | 2,820 | 2,440 | 5,550 | 5,283 |
Federal funds sold and securities borrowed or purchased under agreements to resell | (42) | 26 | (49) | 845 |
Trading account assets | 954 | 1,008 | 1,826 | 2,255 |
Other interest income | 532 | 497 | 1,098 | 1,723 |
Total interest income | 11,387 | 12,540 | 22,782 | 28,638 |
Interest expense | ||||
Deposits | 128 | 373 | 261 | 1,557 |
Short-term borrowings | (85) | (72) | (164) | 1,048 |
Trading account liabilities | 293 | 223 | 539 | 552 |
Long-term debt | 818 | 1,168 | 1,716 | 2,503 |
Total interest expense | 1,154 | 1,692 | 2,352 | 5,660 |
Net interest income | 10,233 | 10,848 | 20,430 | 22,978 |
Noninterest income | ||||
Total fees and commissions | 9,705 | 8,392 | 19,241 | 16,713 |
Market making and similar activities | 1,826 | 2,487 | 5,355 | 5,294 |
Other income | (298) | 599 | (739) | 108 |
Total noninterest income | 11,233 | 11,478 | 23,857 | 22,115 |
Rewards, rebates and compensation expense | 1,700 | 1,200 | 3,100 | 2,700 |
Card income | ||||
Noninterest income | ||||
Card income and service charges | 1,586 | 1,249 | 3,021 | 2,521 |
Interchange fees | ||||
Noninterest income | ||||
Card income and service charges | 1,210 | 830 | 2,277 | 1,622 |
Other card income | ||||
Noninterest income | ||||
Card income and service charges | 376 | 419 | 744 | 899 |
Card Income, Interchange Fees and Merchant Income | ||||
Noninterest income | ||||
Interchange fees, gross and merchant income | 2,900 | 2,000 | 5,400 | 4,300 |
Service charges | ||||
Noninterest income | ||||
Card income and service charges | 1,874 | 1,562 | 3,666 | 3,465 |
Deposit-related fees | ||||
Noninterest income | ||||
Card income and service charges | 1,557 | 1,299 | 3,052 | 2,926 |
Lending-related fees | ||||
Noninterest income | ||||
Card income and service charges | 317 | 263 | 614 | 539 |
Investment and brokerage services | ||||
Noninterest income | ||||
Investment and brokerage services | 4,123 | 3,422 | 8,186 | 7,180 |
Asset management fees | ||||
Noninterest income | ||||
Investment and brokerage services | 3,156 | 2,483 | 6,158 | 5,165 |
Brokerage fees | ||||
Noninterest income | ||||
Investment and brokerage services | 967 | 939 | 2,028 | 2,015 |
Total investment banking fees | ||||
Noninterest income | ||||
Investment banking fees | 2,122 | 2,159 | 4,368 | 3,547 |
Underwriting income | ||||
Noninterest income | ||||
Investment banking fees | 1,314 | 1,523 | 2,860 | 2,371 |
Syndication fees | ||||
Noninterest income | ||||
Investment banking fees | 401 | 230 | 701 | 501 |
Financial advisory services | ||||
Noninterest income | ||||
Investment banking fees | $ 407 | $ 406 | $ 807 | $ 675 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Gross Derivative Assets | ||
Gross Derivative Assets | $ 352,100 | $ 434,600 |
Less: Legally enforceable master netting agreements | (278,300) | (344,900) |
Less: Cash collateral received/paid | (32,300) | (42,500) |
Derivative assets | 41,498 | 47,179 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 353,200 | 434,000 |
Less: Legally enforceable master netting agreements | (278,300) | (344,900) |
Less: Cash collateral received/paid | (36,000) | (43,600) |
Derivative liabilities | 38,916 | 45,526 |
Interest Rate Swap | ||
Maximum Payout/Notional | ||
Contract/Notional | 18,092,600 | 13,242,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 161,900 | 210,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 159,900 | 210,600 |
Interest Rate Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 4,488,200 | 3,222,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,500 | 3,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,400 | 3,600 |
Interest Rate Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,687,000 | 1,530,500 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 31,100 | 40,500 |
Interest Rate Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,725,100 | 1,545,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 35,000 | 45,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Foreign Exchange Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,459,600 | 1,475,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 28,100 | 37,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 31,000 | 40,300 |
Foreign Exchange Spot, Futures, and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 4,548,500 | 3,710,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 37,300 | 53,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 35,100 | 55,000 |
Foreign Exchange Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 331,400 | 289,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 3,700 | 4,800 |
Foreign Exchange Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 312,900 | 279,300 |
Gross Derivative Assets | ||
Gross Derivative Assets | 3,800 | 5,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Equity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 388,600 | 320,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 12,000 | 13,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 14,600 | 14,500 |
Equity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 160,000 | 106,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 400 | 300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,900 | 1,400 |
Equity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 624,300 | 599,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 56,300 | 48,800 |
Equity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 562,500 | 541,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 55,800 | 52,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Commodity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 45,200 | 36,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 2,900 | 1,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,800 | 4,400 |
Commodity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 78,900 | 63,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 2,300 | 2,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,400 | 1,000 |
Commodity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 36,600 | 24,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,700 | 1,400 |
Commodity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 30,700 | 24,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 3,000 | 1,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Credit default swaps: | Purchased credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 356,400 | 322,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,700 | 2,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,200 | 4,400 |
Credit default swaps: | Written credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 333,408 | 301,509 |
Gross Derivative Assets | ||
Gross Derivative Assets | 5,000 | 4,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,527 | 1,916 |
Total return swaps/options: | Purchased credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 71,100 | 63,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 200 | 200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,100 | 1,000 |
Total return swaps/options: | Written credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 79,036 | 68,623 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,200 | 600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 498 | 370 |
Credit derivatives | Purchased credit derivatives: | ||
Gross Derivative Liabilities | ||
Fair value asset (liability), with identical underlying referenced names and terms | 3,200 | 2,200 |
Notional amount, with identical underlying referenced names and terms | 304,900 | 269,800 |
Credit derivatives | Written credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 412,444 | 370,132 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,025 | 2,286 |
Trading and Other Risk Management Derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 339,400 | 423,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 350,600 | 431,600 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 150,200 | 199,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 157,900 | 209,300 |
Trading and Other Risk Management Derivatives | Interest Rate Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,500 | 3,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,400 | 3,600 |
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 | 31,100 | 40,500 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 35,000 | 45,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Foreign Exchange Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 27,700 | 37,100 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 30,500 | 39,700 |
Trading and Other Risk Management Derivatives | Foreign Exchange Spot, Futures, and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 36,700 | 53,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 35,000 | 54,500 |
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 | 3,700 | 4,800 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 3,800 | 5,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Equity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 12,000 | 13,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 14,600 | 14,500 |
Trading and Other Risk Management Derivatives | Equity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 400 | 300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,900 | 1,400 |
Trading and Other Risk Management Derivatives | Equity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 56,300 | 48,800 |
Trading and Other Risk Management Derivatives | Equity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 55,800 | 52,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Commodity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 2,900 | 1,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,800 | 4,400 |
Trading and Other Risk Management Derivatives | Commodity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 2,300 | 2,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,400 | 1,000 |
Trading and Other Risk Management Derivatives | Commodity Options | Written options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,700 | 1,400 |
Trading and Other Risk Management Derivatives | Commodity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 3,000 | 1,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Credit default swaps: | Purchased credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,700 | 2,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,200 | 4,400 |
Trading and Other Risk Management Derivatives | Credit default swaps: | Written credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 5,000 | 4,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,500 | 1,900 |
Trading and Other Risk Management Derivatives | Total return swaps/options: | Purchased credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 200 | 200 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,100 | 1,000 |
Trading and Other Risk Management Derivatives | Total return swaps/options: | Written credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,200 | 600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 400 |
Qualifying Accounting Hedges | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 12,700 | 11,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,600 | 2,400 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 11,700 | 10,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,000 | 1,300 |
Qualifying Accounting Hedges | Interest Rate Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 100 |
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 | 400 | 300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 600 |
Qualifying Accounting Hedges | Foreign Exchange Spot, Futures, and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 600 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 100 | 500 |
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 swaps: | Purchased credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Credit default swaps: | Written credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/options: | Purchased credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Qualifying Accounting Hedges | Total return swaps/options: | Written credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | $ 0 | $ 0 |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Derivative assets, after netting | $ 34,300 | $ 39,300 |
Other gross derivative assets | 7,200 | 7,900 |
Derivative assets | 41,498 | 47,179 |
Less: Financial instruments collateral | (14,200) | (16,100) |
Total net derivative assets | 27,300 | 31,100 |
Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 297,100 | 379,900 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (265,100) | (345,700) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 37,000 | 33,000 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (35,400) | (29,500) |
Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 10,800 | 13,800 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (10,100) | (12,200) |
Interest rate contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 189,400 | 247,700 |
Interest rate contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 100 | 0 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 7,300 | 10,200 |
Foreign exchange contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 66,600 | 92,200 |
Foreign exchange contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 1,000 | 1,400 |
Equity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 29,900 | 31,300 |
Equity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 35,600 | 32,300 |
Commodity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 5,600 | 3,500 |
Commodity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 1,300 | 700 |
Commodity contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 100 | 0 |
Credit derivatives | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 5,600 | 5,200 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | $ 2,400 | $ 2,200 |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, after netting | $ 26,400 | $ 34,400 |
Other gross derivative liabilities | 12,500 | 11,100 |
Derivative liabilities | 38,916 | 45,526 |
Less: Financial instruments collateral | (13,300) | (16,600) |
Total net derivative liabilities | 25,600 | 28,900 |
Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 293,800 | 378,900 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (268,800) | (347,200) |
Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 36,600 | 31,700 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (35,400) | (29,500) |
Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 10,300 | 12,300 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (10,100) | (11,800) |
Interest rate contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 182,800 | 243,500 |
Interest rate contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 0 | 0 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 6,900 | 9,100 |
Foreign exchange contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 67,400 | 96,500 |
Foreign exchange contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 900 | 1,300 |
Equity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 31,000 | 28,300 |
Equity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 35,000 | 31,000 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 7,100 | 5,000 |
Commodity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1,600 | 700 |
Commodity contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 100 | 0 |
Credit derivatives | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 5,500 | 5,600 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | $ 2,400 | $ 1,900 |
Derivatives - Gains and Losses
Derivatives - Gains and Losses on Derivatives Designated as Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | $ 1,626 | $ 174 | $ (1,224) | $ 10,663 |
Hedged Item | (1,634) | (304) | 1,244 | (10,729) |
Interest rate risk on long-term debt | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 3,484 | 475 | (4,579) | 10,809 |
Hedged Item | (3,454) | (600) | 4,548 | (10,876) |
Interest rate and foreign currency risk on long-term debt | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 5 | 60 | (23) | 565 |
Hedged Item | (5) | (60) | 21 | (551) |
Interest rate and foreign currency risk on long-term debt | Interest expense | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (17) | (3) | (51) | 731 |
Interest rate and foreign currency risk on long-term debt | Market making and similar activities | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | 23 | 63 | 31 | (178) |
Interest rate risk on AFS securities | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | (1,863) | (361) | 3,378 | (711) |
Hedged Item | 1,825 | 356 | (3,325) | 698 |
Accumulated Other Comprehensive Income (Loss) | Interest rate and foreign currency risk on long-term debt | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative | $ (1) | $ 0 | $ (3) | $ 12 |
Derivatives - Designated Fair V
Derivatives - Designated Fair Value Hedged Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Hedged liability, long-term debt, carrying value | $ 171,872 | $ 150,556 |
Hedged liability, long-term debt, cumulative fair value adjustments | 6,742 | 8,910 |
Amortized cost basis of portfolios used in hedging relationships | 26,800 | 34,600 |
Hedged asset, fair value edge, last-of-layer, amount | 7,000 | 7,000 |
Cumulative basis adjustments, hedging relationships | (99) | |
Total AFS debt securities | ||
Derivative [Line Items] | ||
Hedged asset, available-for-sale debt securities, carrying value | 152,348 | 116,252 |
Hedged asset, available-for-sale debt securities, cumulative fair value adjustments | (2,876) | 114 |
Total trading account assets | ||
Derivative [Line Items] | ||
Hedged asset, available-for-sale debt securities, carrying value | 366 | 427 |
Hedged asset, available-for-sale debt securities, cumulative fair value adjustments | 0 | 15 |
Interest rate risk on long-term debt | ||
Derivative [Line Items] | ||
Increase (decrease) in liability | 1,000 | 3,700 |
Interest rate risk on AFS securities | ||
Derivative [Line Items] | ||
Available-for-sale securities from discontinued hedging relationships cumulative increase (decrease) | $ (68) | $ (69) |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||||||
Shareholders’ equity | $ 277,119 | $ 274,000 | $ 272,924 | $ 265,637 | $ 264,918 | $ 264,810 |
Net income (loss) in AOCI expected to be reclassified, after tax | 244 | |||||
Net income (loss) in AOCI expected to be reclassified | $ 330 | |||||
Terminated cash flow hedges, forecasted transaction hedging period | 3 years | |||||
Terminated cash flow hedges, maximum forecasted transaction hedging period | 15 years | |||||
Bank of America, N.A. | ||||||
Derivative [Line Items] | ||||||
Collateral not yet posted | $ 1,400 | |||||
Credit derivatives | ||||||
Derivative [Line Items] | ||||||
Cash and securities held as collateral | 85,800 | 96,500 | ||||
Cash and securities collateral posted | 76,900 | 88,600 | ||||
Collateral not yet posted | 2,600 | |||||
Foreign Mortgage-backed Securities and Foreign Securities | ||||||
Derivative [Line Items] | ||||||
Transfer of mortgage-backed securities to third-party trust | 4,900 | 5,200 | ||||
Gross cash proceeds from transfer of securities | 5,000 | 5,200 | ||||
Fair value of derecognized assets | 5,300 | $ 5,500 | ||||
Derivatives | ||||||
Derivative [Line Items] | ||||||
Shareholders’ equity | (273) | |||||
Pretax income (loss) in accumulated OCI | $ (365) |
Derivatives - Derivatives Desig
Derivatives - Derivatives Designated as Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flow hedges | ||||
Amounts excluded from effectiveness testing and recognized in other income | $ (48) | $ 75 | $ (50) | $ 105 |
Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 608 | 393 | (818) | 902 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 56 | (23) | 114 | (49) |
Interest rate risk on variable-rate assets | Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 481 | 320 | (576) | 911 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 36 | (23) | 73 | (49) |
Price risk on forecasted MBS purchases | Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 92 | (301) | ||
Gains (Losses) in Income Reclassified from Accumulated OCI | 6 | 15 | ||
Price risk on certain compensation plans | Cash flow hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 35 | 73 | 59 | (9) |
Gains (Losses) in Income Reclassified from Accumulated OCI | 14 | 0 | 26 | 0 |
Foreign exchange contracts | Net investment hedges | ||||
Cash flow hedges | ||||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (224) | (400) | 503 | 968 |
Gains (Losses) in Income Reclassified from Accumulated OCI | $ 0 | $ 1 | $ 0 | $ 1 |
Derivatives - Other Risk Manage
Derivatives - Other Risk Management Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest rate lock commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | $ 27 | $ 39 | $ 46 | $ 87 |
Other income | Interest rate risk on mortgage activities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | 85 | 62 | (105) | 441 |
Other income | Credit risk on loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | (14) | (66) | (31) | 22 |
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 | (318) | (1,017) | 943 | 511 |
Other income | Price risk on deferred compensation hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives not designated as hedging | $ 318 | $ 603 | $ 598 | $ (154) |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 1,826 | $ 2,487 | $ 5,355 | $ 5,294 |
Brokerage commissions and asset management fee revenue | Global Markets | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 462 | 470 | 1,000 | 1,000 |
Trading Derivatives and Securities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 3,502 | 4,113 | 8,507 | 8,686 |
Trading Derivatives and Securities | Market making and similar activities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,963 | 2,360 | 5,433 | 5,332 |
Trading Derivatives and Securities | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 854 | 1,120 | 1,680 | 2,083 |
Trading Derivatives and Securities | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 685 | 633 | 1,394 | 1,271 |
Trading Derivatives and Securities | Interest rate risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 547 | 1,376 | 1,439 | 3,560 |
Trading Derivatives and Securities | Interest rate risk | Market making and similar activities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 44 | 670 | 416 | 2,164 |
Trading Derivatives and Securities | Interest rate risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 463 | 658 | 926 | 1,276 |
Trading Derivatives and Securities | Interest rate risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 40 | 48 | 97 | 120 |
Trading Derivatives and Securities | Foreign exchange risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 310 | 336 | 702 | 811 |
Trading Derivatives and Securities | Foreign exchange risk | Market making and similar activities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 330 | 351 | 736 | 815 |
Trading Derivatives and Securities | Foreign exchange risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (22) | (3) | (40) | 1 |
Trading Derivatives and Securities | Foreign exchange risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 2 | (12) | 6 | (5) |
Trading Derivatives and Securities | Equity risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,619 | 1,212 | 3,452 | 2,867 |
Trading Derivatives and Securities | Equity risk | Market making and similar activities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,178 | 730 | 2,460 | 1,989 |
Trading Derivatives and Securities | Equity risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (1) | 31 | 35 | (91) |
Trading Derivatives and Securities | Equity risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 442 | 451 | 957 | 969 |
Trading Derivatives and Securities | Credit risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 1,034 | 1,104 | 2,313 | 1,202 |
Trading Derivatives and Securities | Credit risk | Market making and similar activities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 435 | 536 | 1,237 | 157 |
Trading Derivatives and Securities | Credit risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 424 | 426 | 787 | 869 |
Trading Derivatives and Securities | Credit risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | 175 | 142 | 289 | 176 |
Trading Derivatives and Securities | Other risk | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (8) | 85 | 601 | 246 |
Trading Derivatives and Securities | Other risk | Market making and similar activities | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (24) | 73 | 584 | 207 |
Trading Derivatives and Securities | Other risk | Net Interest Income | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | (10) | 8 | (28) | 28 |
Trading Derivatives and Securities | Other risk | Other | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Sales and trading revenue | $ 26 | $ 4 | $ 45 | $ 11 |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Value of Credit Derivatives | ||
Total | $ 353,200 | $ 434,000 |
Carrying Value of Credit-related Notes | ||
Less than One Year | 5 | 64 |
One to Three Years | 1 | 2 |
Three to Five Years | 24 | 10 |
Over Five Years | 1,672 | 1,519 |
Total | 1,702 | 1,595 |
Credit default swaps: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 11 | 26 |
One to Three Years | 130 | 234 |
Three to Five Years | 450 | 399 |
Over Five Years | 936 | 1,257 |
Total | 1,527 | 1,916 |
Maximum Payout/Notional | ||
Less than One Year | 44,700 | 47,138 |
One to Three Years | 107,185 | 104,501 |
Three to Five Years | 156,632 | 123,196 |
Over Five Years | 24,891 | 26,674 |
Total | 333,408 | 301,509 |
Total return swaps/options: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 165 | 366 |
One to Three Years | 333 | 4 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 498 | 370 |
Maximum Payout/Notional | ||
Less than One Year | 66,598 | 67,089 |
One to Three Years | 12,333 | 1,425 |
Three to Five Years | 89 | 104 |
Over Five Years | 16 | 5 |
Total | 79,036 | 68,623 |
Credit derivatives | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 176 | 392 |
One to Three Years | 463 | 238 |
Three to Five Years | 450 | 399 |
Over Five Years | 936 | 1,257 |
Total | 2,025 | 2,286 |
Maximum Payout/Notional | ||
Less than One Year | 111,298 | 114,227 |
One to Three Years | 119,518 | 105,926 |
Three to Five Years | 156,721 | 123,300 |
Over Five Years | 24,907 | 26,679 |
Total | 412,444 | 370,132 |
Investment grade | ||
Carrying Value of Credit-related Notes | ||
Less than One Year | 0 | 0 |
One to Three Years | 0 | 0 |
Three to Five Years | 1 | 0 |
Over Five Years | 519 | 572 |
Total | 520 | 572 |
Investment grade | Credit default swaps: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 0 | 0 |
One to Three Years | 0 | 1 |
Three to Five Years | 44 | 35 |
Over Five Years | 42 | 94 |
Total | 86 | 130 |
Maximum Payout/Notional | ||
Less than One Year | 32,739 | 33,474 |
One to Three Years | 75,590 | 75,731 |
Three to Five Years | 107,799 | 87,218 |
Over Five Years | 16,141 | 16,822 |
Total | 232,269 | 213,245 |
Investment grade | Total return swaps/options: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 31 | 21 |
One to Three Years | 0 | 4 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 31 | 25 |
Maximum Payout/Notional | ||
Less than One Year | 46,566 | 30,961 |
One to Three Years | 65 | 1,061 |
Three to Five Years | 79 | 77 |
Over Five Years | 0 | 0 |
Total | 46,710 | 32,099 |
Non-investment grade | ||
Carrying Value of Credit-related Notes | ||
Less than One Year | 5 | 64 |
One to Three Years | 1 | 2 |
Three to Five Years | 23 | 10 |
Over Five Years | 1,153 | 947 |
Total | 1,182 | 1,023 |
Non-investment grade | Credit default swaps: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 11 | 26 |
One to Three Years | 130 | 233 |
Three to Five Years | 406 | 364 |
Over Five Years | 894 | 1,163 |
Total | 1,441 | 1,786 |
Maximum Payout/Notional | ||
Less than One Year | 11,961 | 13,664 |
One to Three Years | 31,595 | 28,770 |
Three to Five Years | 48,833 | 35,978 |
Over Five Years | 8,750 | 9,852 |
Total | 101,139 | 88,264 |
Non-investment grade | Total return swaps/options: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 134 | 345 |
One to Three Years | 333 | 0 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 467 | 345 |
Maximum Payout/Notional | ||
Less than One Year | 20,032 | 36,128 |
One to Three Years | 12,268 | 364 |
Three to Five Years | 10 | 27 |
Over Five Years | 16 | 5 |
Total | $ 32,326 | $ 36,524 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Jun. 30, 2021USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 318 |
Additional collateral required to be posted upon downgrade, second incremental notch | 786 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 26 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 480 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 11 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 313 |
Bank of America, N.A. | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 69 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 589 |
Derivatives - Valuation Adjustm
Derivatives - Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Valuation Gain Loss on Derivatives, Gross [Abstract] | |||||
Derivative assets (CVA) | $ 3 | $ 276 | $ 158 | $ (508) | |
Derivative assets/liabilities (FVA) | (33) | 69 | 15 | (87) | |
Derivative liabilities (DVA) | (31) | $ (256) | (8) | $ 158 | |
Cumulative credit valuation adjustment | 488 | 488 | $ 646 | ||
Cumulative funding valuation adjustment | 162 | 162 | 177 | ||
Cumulative debit valuation adjustment | $ 301 | $ 301 | $ 309 |
Securities - Debt Securities (D
Securities - Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale debt securities | ||
Amortized Cost | $ 273,518 | $ 228,238 |
Gross Unrealized Gains | 5,039 | 6,384 |
Gross Unrealized Losses | (376) | (131) |
Fair Value | 278,181 | 234,491 |
Other Debt Securities, Carried at Fair Value: | ||
Amortized Cost | 10,713 | 11,720 |
Gross Unrealized Gains | 113 | 429 |
Gross Unrealized Losses | (94) | (39) |
Fair Value | 10,732 | 12,110 |
Debt securities carried at fair value: | ||
Amortized Cost | 284,231 | 239,958 |
Gross Unrealized Gains | 5,152 | 6,813 |
Gross Unrealized Losses | (470) | (170) |
Fair Value | 288,913 | 246,601 |
Held-to-maturity Securities: | ||
Amortized Cost | 651,434 | 438,279 |
Gross Unrealized Gains | 6,613 | 10,095 |
Gross Unrealized Losses | (8,022) | (194) |
Fair Value | 650,025 | 448,180 |
Debt securities: | ||
Amortized Cost | 935,665 | 678,237 |
Gross Unrealized Gains | 11,765 | 16,908 |
Gross Unrealized Losses | (8,492) | (364) |
Fair Value | 938,938 | 694,781 |
Securities, pledged as collateral | 82,800 | 65,500 |
FNMA | ||
Debt securities carried at fair value: | ||
Amortized Cost | 338,300 | 260,100 |
Fair Value | 339,700 | 267,500 |
FHLMC | ||
Debt securities carried at fair value: | ||
Amortized Cost | 197,800 | 118,100 |
Fair Value | 197,300 | 120,700 |
Mortgage-backed securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 79,260 | 80,999 |
Gross Unrealized Gains | 2,734 | 3,683 |
Gross Unrealized Losses | (108) | (73) |
Fair Value | 81,886 | 84,609 |
Debt securities carried at fair value: | ||
Fair Value | 82,632 | |
Agency | ||
Available-for-sale debt securities | ||
Amortized Cost | 56,258 | 59,518 |
Gross Unrealized Gains | 1,696 | 2,370 |
Gross Unrealized Losses | (65) | (39) |
Fair Value | 57,889 | 61,849 |
Debt securities carried at fair value: | ||
Fair Value | 57,889 | |
Held-to-maturity Securities: | ||
Amortized Cost | 547,508 | 414,289 |
Gross Unrealized Gains | 6,040 | 9,768 |
Gross Unrealized Losses | (5,849) | (36) |
Fair Value | 547,699 | 424,021 |
Agency-collateralized mortgage obligations | ||
Available-for-sale debt securities | ||
Amortized Cost | 4,111 | 5,112 |
Gross Unrealized Gains | 123 | 161 |
Gross Unrealized Losses | (8) | (13) |
Fair Value | 4,226 | 5,260 |
Debt securities carried at fair value: | ||
Fair Value | 4,226 | |
Commercial | ||
Available-for-sale debt securities | ||
Amortized Cost | 18,062 | 15,470 |
Gross Unrealized Gains | 882 | 1,025 |
Gross Unrealized Losses | (25) | (4) |
Fair Value | 18,919 | 16,491 |
Debt securities carried at fair value: | ||
Fair Value | 18,932 | |
Non-agency residential | ||
Available-for-sale debt securities | ||
Amortized Cost | 829 | 899 |
Gross Unrealized Gains | 33 | 127 |
Gross Unrealized Losses | (10) | (17) |
Fair Value | 852 | $ 1,009 |
Debt securities carried at fair value: | ||
Fair Value | $ 1,585 | |
Non-agency residential | Prime | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 37.00% | 37.00% |
Non-agency residential | Alt-A | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 2.00% | 2.00% |
Non-agency residential | Subprime | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 61.00% | 61.00% |
U.S. Treasury and agency securities | ||
Available-for-sale debt securities | ||
Amortized Cost | $ 158,691 | $ 114,157 |
Gross Unrealized Gains | 1,906 | 2,236 |
Gross Unrealized Losses | (264) | (13) |
Fair Value | 160,333 | 116,380 |
Debt securities carried at fair value: | ||
Fair Value | 160,852 | |
Held-to-maturity Securities: | ||
Amortized Cost | 94,353 | 16,084 |
Gross Unrealized Gains | 327 | 0 |
Gross Unrealized Losses | (2,017) | (71) |
Fair Value | 92,663 | 16,013 |
Non-U.S. securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 17,165 | 14,009 |
Gross Unrealized Gains | 4 | 15 |
Gross Unrealized Losses | (2) | (7) |
Fair Value | 17,167 | 14,017 |
Debt securities carried at fair value: | ||
Fair Value | 26,634 | |
Other taxable securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 2,873 | 2,656 |
Gross Unrealized Gains | 48 | 61 |
Gross Unrealized Losses | 0 | (6) |
Fair Value | 2,921 | 2,711 |
Debt securities carried at fair value: | ||
Fair Value | 2,921 | |
Held-to-maturity Securities: | ||
Amortized Cost | 9,573 | 7,906 |
Gross Unrealized Gains | 246 | 327 |
Gross Unrealized Losses | (156) | (87) |
Fair Value | 9,663 | 8,146 |
Total taxable securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 257,989 | 211,821 |
Gross Unrealized Gains | 4,692 | 5,995 |
Gross Unrealized Losses | (374) | (99) |
Fair Value | 262,307 | 217,717 |
Debt securities carried at fair value: | ||
Fair Value | 273,039 | |
Tax-exempt securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 15,529 | 16,417 |
Gross Unrealized Gains | 347 | 389 |
Gross Unrealized Losses | (2) | (32) |
Fair Value | 15,874 | $ 16,774 |
Debt securities carried at fair value: | ||
Fair Value | $ 15,874 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 278,181 | $ 234,491 |
Other assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, fair value | 616 | 769 |
Equity securities, cost | 270 | 240 |
Time Deposits Placed and Other Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Time deposits placed and other short-term investments | 1,500 | 1,600 |
Nonperforming Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 19 | 20 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accumulated net unrealized gain (loss) on AFS debt securities | 3,500 | |
Accumulated other comprehensive income tax expense (benefit) | 1,200 | |
U.S. Agency And U.S. Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 241,400 | 200,000 |
All Non U.S. Agency And Non U.S. Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 36,800 | $ 34,500 |
Securities - Gains and Losses o
Securities - Gains and Losses on Sales of AFS Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Debt securities, available for sale, realized gain | $ 63 | $ 15 | $ 379 |
Debt securities, available for sale, realized loss | (1) | $ (15) | (2) |
Debt securities, available for sale, net gains | 62 | 377 | |
Debt securities, available for sale, realized gain (loss), income tax expense (benefit) | $ 15 | $ 94 |
Securities - AFS Debt Securitie
Securities - AFS Debt Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than Twelve Months | $ 71,612 | $ 18,763 |
Twelve Months or Longer | 2,616 | 2,077 |
Total | 74,228 | 20,840 |
Gross Unrealized Losses | ||
Less than Twelve Months | (325) | (100) |
Twelve Months or Longer | (51) | (31) |
Total | (376) | (131) |
Mortgage-backed securities | ||
Fair Value | ||
Less than Twelve Months | 15,249 | 3,936 |
Twelve Months or Longer | 1,575 | 431 |
Total | 16,824 | 4,367 |
Gross Unrealized Losses | ||
Less than Twelve Months | (66) | (54) |
Twelve Months or Longer | (42) | (19) |
Total | (108) | (73) |
Agency | ||
Fair Value | ||
Less than Twelve Months | 11,555 | 2,841 |
Twelve Months or Longer | 1,114 | 2 |
Total | 12,669 | 2,843 |
Gross Unrealized Losses | ||
Less than Twelve Months | (41) | (39) |
Twelve Months or Longer | (24) | 0 |
Total | (65) | (39) |
Agency-collateralized mortgage obligations | ||
Fair Value | ||
Less than Twelve Months | 1,661 | 187 |
Twelve Months or Longer | 301 | 364 |
Total | 1,962 | 551 |
Gross Unrealized Losses | ||
Less than Twelve Months | 0 | (2) |
Twelve Months or Longer | (8) | (11) |
Total | (8) | (13) |
Commercial | ||
Fair Value | ||
Less than Twelve Months | 1,535 | 566 |
Twelve Months or Longer | 2 | 9 |
Total | 1,537 | 575 |
Gross Unrealized Losses | ||
Less than Twelve Months | (25) | (4) |
Twelve Months or Longer | 0 | 0 |
Total | (25) | (4) |
Non-agency residential | ||
Fair Value | ||
Less than Twelve Months | 498 | 342 |
Twelve Months or Longer | 158 | 56 |
Total | 656 | 398 |
Gross Unrealized Losses | ||
Less than Twelve Months | 0 | (9) |
Twelve Months or Longer | (10) | (8) |
Total | (10) | (17) |
U.S. Treasury and agency securities | ||
Fair Value | ||
Less than Twelve Months | 56,061 | 8,282 |
Twelve Months or Longer | 695 | 498 |
Total | 56,756 | 8,780 |
Gross Unrealized Losses | ||
Less than Twelve Months | (259) | (9) |
Twelve Months or Longer | (5) | (4) |
Total | (264) | (13) |
Non-U.S. securities | ||
Fair Value | ||
Less than Twelve Months | 0 | 1,861 |
Twelve Months or Longer | 105 | 135 |
Total | 105 | 1,996 |
Gross Unrealized Losses | ||
Less than Twelve Months | 0 | (6) |
Twelve Months or Longer | (2) | (1) |
Total | (2) | (7) |
Other taxable securities | ||
Fair Value | ||
Less than Twelve Months | 291 | 576 |
Twelve Months or Longer | 56 | 396 |
Total | 347 | 972 |
Gross Unrealized Losses | ||
Less than Twelve Months | 0 | (2) |
Twelve Months or Longer | 0 | (4) |
Total | 0 | (6) |
Total taxable securities | ||
Fair Value | ||
Less than Twelve Months | 71,601 | 14,655 |
Twelve Months or Longer | 2,431 | 1,460 |
Total | 74,032 | 16,115 |
Gross Unrealized Losses | ||
Less than Twelve Months | (325) | (71) |
Twelve Months or Longer | (49) | (28) |
Total | (374) | (99) |
Tax-exempt securities | ||
Fair Value | ||
Less than Twelve Months | 11 | 4,108 |
Twelve Months or Longer | 185 | 617 |
Total | 196 | 4,725 |
Gross Unrealized Losses | ||
Less than Twelve Months | 0 | (29) |
Twelve Months or Longer | (2) | (3) |
Total | $ (2) | $ (32) |
Securities - Maturities of Debt
Securities - Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Due in one year or less, amount | $ 54 | |
Due in one year or less, yield | 2.71% | |
Due after one year through five years, amount | $ 715 | |
Due after one year through five years, yield | 2.42% | |
Due after five years through ten years, amount | $ 94,754 | |
Due after five years though ten years, yield | 1.38% | |
Due after ten years, amount | $ 555,911 | |
Due after ten years, yield | 2.19% | |
Amortized cost | $ 651,434 | $ 438,279 |
Total, yield | 2.07% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value | $ 288,913 | 246,601 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in one year or less, amount | 53 | |
Due after one year through five years, amount | 753 | |
Due after five years though ten years, amount | 93,085 | |
Due after ten years, amount | 556,134 | |
Held-to-maturity, fair value | 650,025 | 448,180 |
Mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 364 | |
Due in one year or less, yield | 2.31% | |
Due after one year through five years, amount | $ 8,415 | |
Due after one year through five years, yield | 2.50% | |
Due after five years through ten years, amount | $ 6,840 | |
Due after five years through ten years, yield | 1.96% | |
Due after ten years, amount | $ 64,325 | |
Due after ten years, yield | 3.17% | |
Total, amount | $ 79,944 | |
Total, yield | 2.99% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 369 | |
Due after one year through five years, amount | 8,890 | |
Due after five years though ten years, amount | 7,137 | |
Due after ten years, amount | 66,236 | |
Fair Value | 82,632 | |
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 | $ 7 | |
Due after one year through five years, yield | 5.39% | |
Due after five years through ten years, amount | $ 54 | |
Due after five years through ten years, yield | 4.48% | |
Due after ten years, amount | $ 56,197 | |
Due after ten years, yield | 3.14% | |
Total, amount | $ 56,258 | |
Total, yield | 3.14% | |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [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 through ten years, amount | $ 0 | |
Due after five years though ten years, yield | 0.00% | |
Due after ten years, amount | $ 547,508 | |
Due after ten years, yield | 2.18% | |
Amortized cost | $ 547,508 | 414,289 |
Total, yield | 2.18% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 0 | |
Due after one year through five years, amount | 6 | |
Due after five years though ten years, amount | 60 | |
Due after ten years, amount | 57,823 | |
Fair Value | 57,889 | |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in one year or less, amount | 0 | |
Due after one year through five years, amount | 0 | |
Due after five years though ten years, amount | 0 | |
Due after ten years, amount | 547,699 | |
Held-to-maturity, fair value | 547,699 | 424,021 |
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 through ten years, amount | $ 21 | |
Due after five years through ten years, yield | 2.50% | |
Due after ten years, amount | $ 4,090 | |
Due after ten years, yield | 2.92% | |
Total, amount | $ 4,111 | |
Total, yield | 2.92% | |
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 | 21 | |
Due after ten years, amount | 4,205 | |
Fair Value | 4,226 | |
Commercial | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 364 | |
Due in one year or less, yield | 2.31% | |
Due after one year through five years, amount | $ 8,408 | |
Due after one year through five years, yield | 2.50% | |
Due after five years through ten years, amount | $ 6,765 | |
Due after five years through ten years, yield | 1.94% | |
Due after ten years, amount | $ 2,538 | |
Due after ten years, yield | 2.16% | |
Total, amount | $ 18,075 | |
Total, yield | 2.24% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 369 | |
Due after one year through five years, amount | 8,884 | |
Due after five years though ten years, amount | 7,050 | |
Due after ten years, amount | 2,629 | |
Fair Value | 18,932 | |
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 through ten years, amount | $ 0 | |
Due after five years through ten years, yield | 0.00% | |
Due after ten years, amount | $ 1,500 | |
Due after ten years, yield | 6.55% | |
Total, amount | $ 1,500 | |
Total, yield | 6.55% | |
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 | 6 | |
Due after ten years, amount | 1,579 | |
Fair Value | 1,585 | |
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 | $ 4,558 | |
Due in one year or less, yield | 1.11% | |
Due after one year through five years, amount | $ 29,528 | |
Due after one year through five years, yield | 1.85% | |
Due after five years through ten years, amount | $ 125,093 | |
Due after five years through ten years, yield | 0.81% | |
Due after ten years, amount | $ 32 | |
Due after ten years, yield | 2.53% | |
Total, amount | $ 159,211 | |
Total, yield | 1.02% | |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [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 through ten years, amount | $ 94,353 | |
Due after five years though ten years, yield | 1.37% | |
Due after ten years, amount | $ 0 | |
Due after ten years, yield | 0.00% | |
Amortized cost | $ 94,353 | 16,084 |
Total, yield | 1.37% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 4,582 | |
Due after one year through five years, amount | 30,758 | |
Due after five years though ten years, amount | 125,479 | |
Due after ten years, amount | 33 | |
Fair Value | 160,852 | |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in one year or less, amount | 0 | |
Due after one year through five years, amount | 0 | |
Due after five years though ten years, amount | 92,663 | |
Due after ten years, amount | 0 | |
Held-to-maturity, fair value | 92,663 | 16,013 |
Non-U.S. securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 24,990 | |
Due in one year or less, yield | 0.31% | |
Due after one year through five years, amount | $ 1,291 | |
Due after one year through five years, yield | 1.75% | |
Due after five years through ten years, amount | $ 330 | |
Due after five years through ten years, yield | 1.12% | |
Due after ten years, amount | $ 65 | |
Due after ten years, yield | 20.09% | |
Total, amount | $ 26,676 | |
Total, yield | 0.44% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 24,930 | |
Due after one year through five years, amount | 1,304 | |
Due after five years though ten years, amount | 334 | |
Due after ten years, amount | 66 | |
Fair Value | 26,634 | |
Other taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 869 | |
Due in one year or less, yield | 1.37% | |
Due after one year through five years, amount | $ 1,401 | |
Due after one year through five years, yield | 2.24% | |
Due after five years through ten years, amount | $ 352 | |
Due after five years through ten years, yield | 1.85% | |
Due after ten years, amount | $ 251 | |
Due after ten years, yield | 1.63% | |
Total, amount | $ 2,873 | |
Total, yield | 1.88% | |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Due in one year or less, amount | $ 54 | |
Due in one year or less, yield | 2.71% | |
Due after one year through five years, amount | $ 715 | |
Due after one year through five years, yield | 2.42% | |
Due after five years through ten years, amount | $ 401 | |
Due after five years though ten years, yield | 2.85% | |
Due after ten years, amount | $ 8,403 | |
Due after ten years, yield | 2.55% | |
Amortized cost | $ 9,573 | 7,906 |
Total, yield | 2.55% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 873 | |
Due after one year through five years, amount | 1,431 | |
Due after five years though ten years, amount | 361 | |
Due after ten years, amount | 256 | |
Fair Value | 2,921 | |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in one year or less, amount | 53 | |
Due after one year through five years, amount | 753 | |
Due after five years though ten years, amount | 422 | |
Due after ten years, amount | 8,435 | |
Held-to-maturity, fair value | 9,663 | $ 8,146 |
Total taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 30,781 | |
Due in one year or less, yield | 0.48% | |
Due after one year through five years, amount | $ 40,635 | |
Due after one year through five years, yield | 1.99% | |
Due after five years through ten years, amount | $ 132,615 | |
Due after five years through ten years, yield | 0.88% | |
Due after ten years, amount | $ 64,673 | |
Due after ten years, yield | 3.18% | |
Total, amount | $ 268,704 | |
Total, yield | 1.55% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 30,754 | |
Due after one year through five years, amount | 42,383 | |
Due after five years though ten years, amount | 133,311 | |
Due after ten years, amount | 66,591 | |
Fair Value | 273,039 | |
Tax-exempt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 1,426 | |
Due in one year or less, yield | 1.04% | |
Due after one year through five years, amount | $ 8,124 | |
Due after one year through five years, yield | 1.31% | |
Due after five years through ten years, amount | $ 3,414 | |
Due after five years through ten years, yield | 1.68% | |
Due after ten years, amount | $ 2,563 | |
Due after ten years, yield | 1.32% | |
Total, amount | $ 15,527 | |
Total, yield | 1.37% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 1,431 | |
Due after one year through five years, amount | 8,284 | |
Due after five years though ten years, amount | 3,552 | |
Due after ten years, amount | 2,607 | |
Fair Value | 15,874 | |
Debt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 32,207 | |
Due in one year or less, yield | 0.51% | |
Due after one year through five years, amount | $ 48,759 | |
Due after one year through five years, yield | 1.88% | |
Due after five years through ten years, amount | $ 136,029 | |
Due after five years through ten years, yield | 0.90% | |
Due after ten years, amount | $ 67,236 | |
Due after ten years, yield | 3.11% | |
Total, amount | $ 284,231 | |
Total, yield | 1.55% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 32,185 | |
Due after one year through five years, amount | 50,667 | |
Due after five years though ten years, amount | 136,863 | |
Due after ten years, amount | 69,198 | |
Fair Value | $ 288,913 |
Outstanding Loans and Leases _3
Outstanding Loans and Leases and Allowance for Credit Losses - Past Due (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 918,928 | $ 927,861 |
Percentage of outstandings, total outstanding | 100.00% | 100.00% |
Loans and leases, measured at fair value | $ 6,950 | $ 6,681 |
Loans and leases, pledged as collateral | 12,800 | 15,500 |
Loans pledged to secure borrowings | 153,000 | 153,100 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 6,950 | $ 6,681 |
Percentage of outstandings, total outstanding | 0.76% | 0.72% |
Direct/indirect consumer | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans | $ 48 | $ 66 |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 418,121 | 428,796 |
Consumer Portfolio Segment | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 417,467 | 428,061 |
Consumer Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 654 | 735 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 257 | 298 |
Consumer Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 397 | 437 |
Consumer real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 30,469 | 34,311 |
Consumer real estate | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans | 1,500 | 1,200 |
Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 214,324 | 223,555 |
Consumer real estate | Residential Mortgage | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 214,324 | 223,555 |
Consumer real estate | Home Equity Loan | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 30,469 | 34,311 |
Credit card and other consumer | Credit card | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 75,599 | 78,708 |
Credit card and other consumer | Direct/indirect consumer | Dealer Financial Services Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 46,400 | 46,400 |
Credit card and other consumer | Direct/indirect consumer | Securities Based Lending Loans | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 46,400 | 41,100 |
Credit card and other consumer | Direct/indirect consumer | Securities Based Lending Loans | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3,000 | 3,000 |
Credit card and other consumer | Direct/indirect consumer | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 96,903 | 91,363 |
Credit card and other consumer | Other consumer | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 172 | 124 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 500,807 | 499,065 |
Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 291,120 | 288,728 |
Loans and leases, measured at fair value | 4,400 | 2,900 |
Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 98,150 | 90,460 |
Loans and leases, measured at fair value | 1,900 | 3,000 |
Commercial | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 494,511 | 493,119 |
Commercial | Carrying Value | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 291,120 | 288,728 |
Commercial | Carrying Value | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 98,150 | 90,460 |
Commercial | Estimate of Fair Value Measurement | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 6,296 | 5,946 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 59,606 | 60,364 |
Commercial | Commercial real estate | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 55,800 | 57,200 |
Commercial | Commercial real estate | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3,800 | 3,200 |
Commercial | Commercial real estate | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 59,606 | 60,364 |
Commercial | Commercial lease financing | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 15,768 | 17,098 |
Commercial | U.S. small business commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 22,931 | 29,934 |
Commercial | U.S. small business commercial | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 29,867 | 36,469 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 2,223 | $ 3,158 |
Percentage of outstandings | 0.24% | 0.34% |
30 to 59 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 1,662 | $ 2,238 |
30 to 59 Days Past Due | Consumer real estate | US Government Agency Insured Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 213 | 225 |
30 to 59 Days Past Due | Consumer real estate | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 157 | 126 |
30 to 59 Days Past Due | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,130 | 1,430 |
30 to 59 Days Past Due | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 141 | 154 |
30 to 59 Days Past Due | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 266 | 445 |
30 to 59 Days Past Due | Credit card and other consumer | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 125 | 209 |
30 to 59 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
30 to 59 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 561 | 920 |
30 to 59 Days Past Due | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 224 | 561 |
30 to 59 Days Past Due | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 87 | 61 |
30 to 59 Days Past Due | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 107 | 128 |
30 to 59 Days Past Due | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 87 | 86 |
30 to 59 Days Past Due | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 56 | 84 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 1,298 | $ 1,230 |
Percentage of outstandings | 0.14% | 0.13% |
60 to 89 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 622 | $ 783 |
60 to 89 Days Past Due | Consumer real estate | US Government Agency Insured Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 97 | 103 |
60 to 89 Days Past Due | Consumer real estate | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 129 | 95 |
60 to 89 Days Past Due | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 330 | 297 |
60 to 89 Days Past Due | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 70 | 78 |
60 to 89 Days Past Due | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 177 | 341 |
60 to 89 Days Past Due | Credit card and other consumer | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 45 | 67 |
60 to 89 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
60 to 89 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 676 | 447 |
60 to 89 Days Past Due | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 564 | 214 |
60 to 89 Days Past Due | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 24 | 44 |
60 to 89 Days Past Due | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 32 | 113 |
60 to 89 Days Past Due | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 27 | 20 |
60 to 89 Days Past Due | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 29 | 56 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 3,214 | $ 3,913 |
Percentage of outstandings | 0.35% | 0.42% |
90 Days or More Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 2,442 | $ 2,984 |
90 Days or More Past Due | Consumer real estate | US Government Agency Insured Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-performing troubled debt with no change in repayment terms at time of discharge, past due | 687 | 762 |
90 Days or More Past Due | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,549 | 1,699 |
90 Days or More Past Due | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 343 | 345 |
90 Days or More Past Due | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 533 | 903 |
90 Days or More Past Due | Credit card and other consumer | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 17 | 37 |
90 Days or More Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
90 Days or More Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 772 | 929 |
90 Days or More Past Due | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 349 | 512 |
90 Days or More Past Due | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 107 | 11 |
90 Days or More Past Due | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 192 | 226 |
90 Days or More Past Due | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 53 | 57 |
90 Days or More Past Due | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 71 | 123 |
Total Past Due 30 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 6,735 | $ 8,301 |
Percentage of outstandings | 0.73% | 0.89% |
Total Past Due 30 Days or More | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 4,726 | $ 6,005 |
Total Past Due 30 Days or More | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3,009 | 3,426 |
Total Past Due 30 Days or More | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 554 | 577 |
Total Past Due 30 Days or More | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 976 | 1,689 |
Total Past Due 30 Days or More | Credit card and other consumer | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 187 | 313 |
Total Past Due 30 Days or More | Credit card and other consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Total Past Due 30 Days or More | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 2,009 | 2,296 |
Total Past Due 30 Days or More | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,137 | 1,287 |
Total Past Due 30 Days or More | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 218 | 116 |
Total Past Due 30 Days or More | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 331 | 467 |
Total Past Due 30 Days or More | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 167 | 163 |
Total Past Due 30 Days or More | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 156 | 263 |
Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 905,243 | $ 912,879 |
Percentage of outstandings, total outstanding | 98.51% | 98.39% |
Total Current or Less Than 30 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 412,741 | $ 422,056 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 211,315 | 220,129 |
Total Current or Less Than 30 Days Past Due | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 29,915 | 33,734 |
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 74,623 | 77,019 |
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 96,716 | 91,050 |
Total Current or Less Than 30 Days Past Due | Credit card and other consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 172 | 124 |
Total Current or Less Than 30 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 492,502 | 490,823 |
Total Current or Less Than 30 Days Past Due | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 289,983 | 287,441 |
Total Current or Less Than 30 Days Past Due | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 97,932 | 90,344 |
Total Current or Less Than 30 Days Past Due | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 59,275 | 59,897 |
Total Current or Less Than 30 Days Past Due | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 15,601 | 16,935 |
Total Current or Less Than 30 Days Past Due | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 29,711 | $ 36,206 |
Outstanding Loans and Leases _4
Outstanding Loans and Leases and Allowance for Credit Losses - Nonperforming, Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 4,907 | $ 4,952 |
Threshold period past due for nonperforming status of financing receivables | 90 days | 90 days |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 1,863 | $ 2,227 |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans and leases | 3,044 | 2,725 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans and leases | 2,343 | 2,005 |
Federal National Mortgage Association Certificates and Obligations (FNMA) and Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Long-term credit protection agreements, amount covered | $ 10,000 | $ 9,000 |
Outstanding Loans and Leases _5
Outstanding Loans and Leases and Allowance for Credit Losses - Nonperforming, Credit Quality (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | $ 4,907 | $ 4,952 |
Accruing past due 90 days or more | $ 1,519 | $ 2,082 |
Nonperforming loans and leases, percent outstanding | 0.54% | 0.54% |
Accruing past due 90 days or more, percent outstanding | 0.17% | 0.23% |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | $ 3,044 | $ 2,725 |
Accruing past due 90 days or more | 1,235 | 1,698 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 2,343 | 2,005 |
Accruing past due 90 days or more | 687 | 762 |
Consumer Portfolio Segment | Residential Mortgage With Negative Allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 2,019 | 1,378 |
Accruing past due 90 days or more | 0 | 0 |
Consumer Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 651 | 649 |
Accruing past due 90 days or more | 0 | 0 |
Consumer Portfolio Segment | Home Equity Line of Credit With Negative Allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 423 | 347 |
Accruing past due 90 days or more | 0 | 0 |
Consumer Portfolio Segment | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Accruing past due 90 days or more | 533 | 903 |
Consumer Portfolio Segment | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 50 | 71 |
Accruing past due 90 days or more | 15 | 33 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 1,863 | 2,227 |
Accruing past due 90 days or more | 284 | 384 |
Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 1,060 | 1,243 |
Accruing past due 90 days or more | 172 | 228 |
Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 275 | 418 |
Accruing past due 90 days or more | 19 | 10 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 404 | 404 |
Accruing past due 90 days or more | 0 | 6 |
Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 81 | 87 |
Accruing past due 90 days or more | 24 | 25 |
Commercial | U.S. small business commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 43 | 75 |
Accruing past due 90 days or more | 69 | 115 |
Nonperforming Loans | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 501 | 537 |
Accruing past due 90 days or more | $ 186 | $ 225 |
Outstanding Loans and Leases _6
Outstanding Loans and Leases and Allowance for Credit Losses - Residential Mortgage - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | $ 918,928 | $ 927,861 |
Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 30,469 | 34,311 |
Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 214,324 | 223,555 |
Originated in current fiscal year | 48,398 | 75,405 |
Originated in fiscal year before current fiscal year | 60,772 | 46,643 |
Originated two years before current fiscal year | 32,182 | 15,203 |
Originated three years before current fiscal year | 9,930 | 22,040 |
Originated four years before current fiscal year | 14,753 | 25,070 |
Prior | 48,289 | 39,194 |
Consumer real estate | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 974 | 1,082 |
Consumer real estate | Less than 620 | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 2,539 | 2,717 |
Originated in current fiscal year | 438 | 823 |
Originated in fiscal year before current fiscal year | 507 | 177 |
Originated two years before current fiscal year | 152 | 139 |
Originated three years before current fiscal year | 121 | 170 |
Originated four years before current fiscal year | 137 | 150 |
Prior | 1,184 | 1,258 |
Consumer real estate | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 1,574 | 1,798 |
Consumer real estate | Greater than or equal to 620 and less than 680 | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 5,002 | 5,462 |
Originated in current fiscal year | 791 | 1,804 |
Originated in fiscal year before current fiscal year | 1,277 | 666 |
Originated two years before current fiscal year | 565 | 468 |
Originated three years before current fiscal year | 338 | 385 |
Originated four years before current fiscal year | 333 | 368 |
Prior | 1,698 | 1,771 |
Consumer real estate | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 5,027 | 5,762 |
Consumer real estate | Greater than or equal to 680 and less than 740 | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 23,440 | 25,349 |
Originated in current fiscal year | 4,246 | 8,533 |
Originated in fiscal year before current fiscal year | 6,688 | 4,679 |
Originated two years before current fiscal year | 3,267 | 1,972 |
Originated three years before current fiscal year | 1,398 | 2,427 |
Originated four years before current fiscal year | 1,763 | 2,307 |
Prior | 6,078 | 5,431 |
Consumer real estate | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 22,894 | 25,669 |
Consumer real estate | Greater than or equal to 740 | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 170,824 | 178,209 |
Originated in current fiscal year | 40,789 | 60,419 |
Originated in fiscal year before current fiscal year | 48,387 | 39,107 |
Originated two years before current fiscal year | 26,686 | 12,254 |
Originated three years before current fiscal year | 7,794 | 18,716 |
Originated four years before current fiscal year | 12,240 | 20,275 |
Prior | 34,928 | 27,438 |
Less than or equal to 90 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 29,884 | 33,447 |
Less than or equal to 90 percent | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 198,103 | 207,389 |
Originated in current fiscal year | 44,858 | 68,907 |
Originated in fiscal year before current fiscal year | 55,361 | 43,771 |
Originated two years before current fiscal year | 30,311 | 14,658 |
Originated three years before current fiscal year | 9,583 | 21,589 |
Originated four years before current fiscal year | 14,423 | 22,967 |
Prior | 43,567 | 35,497 |
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 236 | 351 |
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 2,790 | 3,138 |
Originated in current fiscal year | 1,021 | 1,970 |
Originated in fiscal year before current fiscal year | 1,238 | 684 |
Originated two years before current fiscal year | 275 | 128 |
Originated three years before current fiscal year | 46 | 70 |
Originated four years before current fiscal year | 33 | 96 |
Prior | 177 | 190 |
Greater than 100 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 349 | 513 |
Greater than 100 percent | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 912 | 1,210 |
Originated in current fiscal year | 385 | 702 |
Originated in fiscal year before current fiscal year | 260 | 174 |
Originated two years before current fiscal year | 84 | 47 |
Originated three years before current fiscal year | 22 | 39 |
Originated four years before current fiscal year | 17 | 37 |
Prior | 144 | 211 |
Fully-insured loans | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 12,519 | 11,818 |
Originated in current fiscal year | 2,134 | 3,826 |
Originated in fiscal year before current fiscal year | 3,913 | 2,014 |
Originated two years before current fiscal year | 1,512 | 370 |
Originated three years before current fiscal year | 279 | 342 |
Originated four years before current fiscal year | 280 | 1,970 |
Prior | $ 4,401 | $ 3,296 |
Outstanding Loans and Leases _7
Outstanding Loans and Leases and Allowance for Credit Losses - Home Equity - Credit Quality Indicators Including Vintage (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 918,928 | $ 927,861 |
Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 30,469 | 34,311 |
Consumer real estate | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 974 | 1,082 |
Consumer real estate | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 1,574 | 1,798 |
Consumer real estate | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 5,027 | 5,762 |
Consumer real estate | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 22,894 | 25,669 |
Consumer real estate | Home Equity Loans and Reverse Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 2,080 | 2,217 |
Consumer real estate | Home Equity Loans and Reverse Mortgages | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 246 | 250 |
Consumer real estate | Home Equity Loans and Reverse Mortgages | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 243 | 263 |
Consumer real estate | Home Equity Loans and Reverse Mortgages | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 517 | 556 |
Consumer real estate | Home Equity Loans and Reverse Mortgages | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 1,074 | 1,148 |
Consumer real estate | Reverse Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 1,400 | 1,300 |
Consumer real estate | Home Equity Loan no Longer Originated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 717 | 885 |
Consumer real estate | Revolving Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 20,414 | 22,851 |
Consumer real estate | Revolving Loans | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 217 | 244 |
Consumer real estate | Revolving Loans | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 509 | 568 |
Consumer real estate | Revolving Loans | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 2,559 | 2,905 |
Consumer real estate | Revolving Loans | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 17,129 | 19,134 |
Consumer real estate | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | 7,975 | 9,243 |
Consumer real estate | Revolving Loans Converted to Term Loans | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | 511 | 588 |
Consumer real estate | Revolving Loans Converted to Term Loans | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | 822 | 967 |
Consumer real estate | Revolving Loans Converted to Term Loans | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | 1,951 | 2,301 |
Consumer real estate | Revolving Loans Converted to Term Loans | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | 4,691 | 5,387 |
Less than or equal to 90 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 29,884 | 33,447 |
Less than or equal to 90 percent | Consumer real estate | Home Equity Loans and Reverse Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 1,857 | 1,919 |
Less than or equal to 90 percent | Consumer real estate | Revolving Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 20,266 | 22,639 |
Less than or equal to 90 percent | Consumer real estate | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | 7,761 | 8,889 |
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 236 | 351 |
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Home Equity Loans and Reverse Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 98 | 126 |
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Revolving Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 62 | 94 |
Greater than 90 percent but less than or equal to 100 percent | Consumer real estate | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | 76 | 131 |
Greater than 100 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 349 | 513 |
Greater than 100 percent | Consumer real estate | Home Equity Loans and Reverse Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 125 | 172 |
Greater than 100 percent | Consumer real estate | Revolving Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 86 | 118 |
Greater than 100 percent | Consumer real estate | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | $ 138 | $ 223 |
Outstanding Loans and Leases _8
Outstanding Loans and Leases and Allowance for Credit Losses - Credit Card and Other Consumer - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | $ 918,928 | $ 927,861 |
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 96,903 | 91,363 |
Revolving Loans | 49,506 | 44,337 |
Originated in current fiscal year | 11,768 | 16,226 |
Originated in fiscal year before current fiscal year | 13,377 | 13,477 |
Originated two years before current fiscal year | 10,573 | 7,490 |
Originated three years before current fiscal year | 5,149 | 4,845 |
Originated four years before current fiscal year | 3,282 | 2,557 |
Prior | 3,248 | 2,431 |
Loans and lease receivable, securities based lending | 49,300 | 44,100 |
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 704 | 959 |
Revolving Loans | 15 | 19 |
Originated in current fiscal year | 54 | 111 |
Originated in fiscal year before current fiscal year | 107 | 200 |
Originated two years before current fiscal year | 152 | 175 |
Originated three years before current fiscal year | 115 | 243 |
Originated four years before current fiscal year | 149 | 148 |
Prior | 112 | 63 |
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 2,031 | 2,143 |
Revolving Loans | 16 | 20 |
Originated in current fiscal year | 528 | 653 |
Originated in fiscal year before current fiscal year | 502 | 559 |
Originated two years before current fiscal year | 402 | 329 |
Originated three years before current fiscal year | 212 | 301 |
Originated four years before current fiscal year | 201 | 176 |
Prior | 170 | 105 |
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 7,646 | 7,431 |
Revolving Loans | 67 | 80 |
Originated in current fiscal year | 2,315 | 2,848 |
Originated in fiscal year before current fiscal year | 2,145 | 2,015 |
Originated two years before current fiscal year | 1,484 | 1,033 |
Originated three years before current fiscal year | 693 | 739 |
Originated four years before current fiscal year | 483 | 400 |
Prior | 459 | 316 |
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 36,196 | 36,064 |
Revolving Loans | 101 | 120 |
Originated in current fiscal year | 8,352 | 12,540 |
Originated in fiscal year before current fiscal year | 10,544 | 10,588 |
Originated two years before current fiscal year | 8,439 | 5,869 |
Originated three years before current fiscal year | 4,046 | 3,495 |
Originated four years before current fiscal year | 2,384 | 1,781 |
Prior | 2,330 | 1,671 |
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Other internal credit metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of June 30, 2021 | 50,326 | 44,766 |
Revolving Loans | 49,307 | 44,098 |
Originated in current fiscal year | 519 | 74 |
Originated in fiscal year before current fiscal year | 79 | 115 |
Originated two years before current fiscal year | 96 | 84 |
Originated three years before current fiscal year | 83 | 67 |
Originated four years before current fiscal year | 65 | 52 |
Prior | 177 | 276 |
Credit Card and Direct/ Indirect Consumer | Credit card | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 74,973 | 78,067 |
Total Credit Card as of June 30, 2021 | 75,599 | 78,708 |
Revolving Loans Converted to Term Loans | 626 | 641 |
Credit Card and Direct/ Indirect Consumer | Credit card | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 2,692 | 3,832 |
Total Credit Card as of June 30, 2021 | 2,859 | 4,018 |
Revolving Loans Converted to Term Loans | 167 | 186 |
Credit Card and Direct/ Indirect Consumer | Credit card | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 8,087 | 9,201 |
Total Credit Card as of June 30, 2021 | 8,293 | 9,419 |
Revolving Loans Converted to Term Loans | 206 | 218 |
Credit Card and Direct/ Indirect Consumer | Credit card | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 26,024 | 27,392 |
Total Credit Card as of June 30, 2021 | 26,228 | 27,585 |
Revolving Loans Converted to Term Loans | 204 | 193 |
Credit Card and Direct/ Indirect Consumer | Credit card | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 38,170 | 37,642 |
Total Credit Card as of June 30, 2021 | 38,219 | 37,686 |
Revolving Loans Converted to Term Loans | 49 | 44 |
Credit Card and Direct/ Indirect Consumer | Credit card | Other internal credit metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 0 | 0 |
Total Credit Card as of June 30, 2021 | 0 | 0 |
Revolving Loans Converted to Term Loans | $ 0 | $ 0 |
Outstanding Loans and Leases _9
Outstanding Loans and Leases and Allowance for Credit Losses - Commercial - Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 918,928 | $ 927,861 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 6,950 | 6,681 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 500,807 | 499,065 |
Revolving Loans Converted to Term Loans | 40 | 58 |
Commercial | Estimate of Fair Value Measurement | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 6,296 | 5,946 |
Commercial | United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 291,120 | 288,728 |
Originated in current fiscal year | 25,601 | 35,980 |
Originated in fiscal year before current fiscal year | 27,124 | 35,847 |
Originated two years before current fiscal year | 29,715 | 20,052 |
Originated three years before current fiscal year | 15,715 | 14,956 |
Originated four years before current fiscal year | 12,880 | 8,118 |
Prior | 28,949 | 23,186 |
Revolving Loans | 151,136 | 150,589 |
Commercial | United States | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 277,504 | 268,812 |
Originated in current fiscal year | 25,307 | 33,456 |
Originated in fiscal year before current fiscal year | 25,782 | 33,305 |
Originated two years before current fiscal year | 28,019 | 17,363 |
Originated three years before current fiscal year | 13,523 | 14,102 |
Originated four years before current fiscal year | 12,219 | 7,420 |
Prior | 27,464 | 21,784 |
Revolving Loans | 145,190 | 141,382 |
Commercial | United States | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 13,616 | 19,916 |
Originated in current fiscal year | 294 | 2,524 |
Originated in fiscal year before current fiscal year | 1,342 | 2,542 |
Originated two years before current fiscal year | 1,696 | 2,689 |
Originated three years before current fiscal year | 2,192 | 854 |
Originated four years before current fiscal year | 661 | 698 |
Prior | 1,485 | 1,402 |
Revolving Loans | 5,946 | 9,207 |
Commercial | Non United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 98,150 | 90,460 |
Originated in current fiscal year | 11,727 | 17,215 |
Originated in fiscal year before current fiscal year | 12,249 | 11,968 |
Originated two years before current fiscal year | 9,173 | 7,943 |
Originated three years before current fiscal year | 6,136 | 5,473 |
Originated four years before current fiscal year | 3,776 | 1,812 |
Prior | 3,438 | 2,453 |
Revolving Loans | 51,651 | 43,596 |
Commercial | Non United States | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 94,717 | 85,914 |
Originated in current fiscal year | 11,442 | 16,301 |
Originated in fiscal year before current fiscal year | 11,854 | 11,396 |
Originated two years before current fiscal year | 8,529 | 7,451 |
Originated three years before current fiscal year | 5,739 | 5,037 |
Originated four years before current fiscal year | 3,445 | 1,674 |
Prior | 3,071 | 2,194 |
Revolving Loans | 50,637 | 41,861 |
Commercial | Non United States | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 3,433 | 4,546 |
Originated in current fiscal year | 285 | 914 |
Originated in fiscal year before current fiscal year | 395 | 572 |
Originated two years before current fiscal year | 644 | 492 |
Originated three years before current fiscal year | 397 | 436 |
Originated four years before current fiscal year | 331 | 138 |
Prior | 367 | 259 |
Revolving Loans | 1,014 | 1,735 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 59,606 | 60,364 |
Originated in current fiscal year | 4,831 | 9,362 |
Originated in fiscal year before current fiscal year | 8,965 | 16,684 |
Originated two years before current fiscal year | 15,742 | 10,343 |
Originated three years before current fiscal year | 9,386 | 6,181 |
Originated four years before current fiscal year | 5,362 | 3,905 |
Prior | 10,009 | 7,978 |
Revolving Loans | 5,311 | 5,911 |
Commercial | Commercial real estate | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 50,781 | 50,260 |
Originated in current fiscal year | 4,669 | 8,429 |
Originated in fiscal year before current fiscal year | 7,940 | 14,126 |
Originated two years before current fiscal year | 13,339 | 8,228 |
Originated three years before current fiscal year | 7,356 | 4,599 |
Originated four years before current fiscal year | 4,183 | 3,299 |
Prior | 8,528 | 6,542 |
Revolving Loans | 4,766 | 5,037 |
Commercial | Commercial real estate | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 8,825 | 10,104 |
Originated in current fiscal year | 162 | 933 |
Originated in fiscal year before current fiscal year | 1,025 | 2,558 |
Originated two years before current fiscal year | 2,403 | 2,115 |
Originated three years before current fiscal year | 2,030 | 1,582 |
Originated four years before current fiscal year | 1,179 | 606 |
Prior | 1,481 | 1,436 |
Revolving Loans | 545 | 874 |
Commercial | Commercial real estate | United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 55,800 | 57,200 |
Commercial | Commercial real estate | Non United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 3,800 | 3,200 |
Commercial | Commercial Lease Financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 15,768 | 17,098 |
Originated in current fiscal year | 1,212 | 3,200 |
Originated in fiscal year before current fiscal year | 2,864 | 3,359 |
Originated two years before current fiscal year | 3,051 | 3,088 |
Originated three years before current fiscal year | 2,502 | 2,613 |
Originated four years before current fiscal year | 2,266 | 1,791 |
Prior | 3,873 | 3,047 |
Revolving Loans | 0 | 0 |
Commercial | Commercial Lease Financing | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 15,035 | 16,384 |
Originated in current fiscal year | 1,090 | 3,083 |
Originated in fiscal year before current fiscal year | 2,793 | 3,242 |
Originated two years before current fiscal year | 2,896 | 2,956 |
Originated three years before current fiscal year | 2,396 | 2,532 |
Originated four years before current fiscal year | 2,194 | 1,703 |
Prior | 3,666 | 2,868 |
Revolving Loans | 0 | 0 |
Commercial | Commercial Lease Financing | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 733 | 714 |
Originated in current fiscal year | 122 | 117 |
Originated in fiscal year before current fiscal year | 71 | 117 |
Originated two years before current fiscal year | 155 | 132 |
Originated three years before current fiscal year | 106 | 81 |
Originated four years before current fiscal year | 72 | 88 |
Prior | 207 | 179 |
Revolving Loans | 0 | 0 |
Commercial | U.S. small business commercial | United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 22,931 | 29,934 |
Originated in current fiscal year | 9,760 | 24,615 |
Originated in fiscal year before current fiscal year | 8,294 | 1,360 |
Originated two years before current fiscal year | 1,269 | 1,047 |
Originated three years before current fiscal year | 947 | 910 |
Originated four years before current fiscal year | 800 | 640 |
Prior | 1,702 | 1,177 |
Revolving Loans | 159 | 185 |
Commercial | U.S. small business commercial | United States | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 22,235 | 28,786 |
Originated in current fiscal year | 9,756 | 24,539 |
Originated in fiscal year before current fiscal year | 8,245 | 1,121 |
Originated two years before current fiscal year | 1,124 | 837 |
Originated three years before current fiscal year | 816 | 735 |
Originated four years before current fiscal year | 702 | 527 |
Prior | 1,438 | 855 |
Revolving Loans | 154 | 172 |
Commercial | U.S. small business commercial | United States | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 696 | 1,148 |
Originated in current fiscal year | 4 | 76 |
Originated in fiscal year before current fiscal year | 49 | 239 |
Originated two years before current fiscal year | 145 | 210 |
Originated three years before current fiscal year | 131 | 175 |
Originated four years before current fiscal year | 98 | 113 |
Prior | 264 | 322 |
Revolving Loans | 5 | 13 |
Commercial | Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 487,575 | 486,584 |
Originated in current fiscal year | 53,131 | 90,372 |
Originated in fiscal year before current fiscal year | 59,496 | 69,218 |
Originated two years before current fiscal year | 58,950 | 42,473 |
Originated three years before current fiscal year | 34,686 | 30,133 |
Originated four years before current fiscal year | 25,084 | 16,266 |
Prior | 47,971 | 37,841 |
Revolving Loans | 208,257 | 200,281 |
Commercial | Small Business Card Loans | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 193 | 265 |
Commercial | Small Business Card Loans | Greater than or equal to 620 and less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 555 | 582 |
Commercial | Small Business Card Loans | Greater than or equal to 680 and less than 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 1,800 | 1,700 |
Commercial | Small Business Card Loans | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 4,400 | 3,900 |
Commercial | Small Business Card Loans | United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 6,900 | $ 6,500 |
Outstanding Loans and Leases_10
Outstanding Loans and Leases and Allowance for Credit Losses - Credit Quality Indicators, Narrative (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Commercial reservable criticized utilized exposure, amount | $ 28.9 | $ 38.7 |
Commercial reservable criticized utilized exposure, percent | 5.45% | 7.31% |
Outstanding Loans and Leases_11
Outstanding Loans and Leases and Allowance for Credit Losses - Troubled Debt Restructurings, Narrative (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)payment | Dec. 31, 2020USD ($) | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 918,928 | $ 927,861 |
Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 30,469 | 34,311 |
Real estate acquired through foreclosure | 93 | $ 123 |
Loans with formal foreclosure proceeding in process | 1,100 | |
Reclassified consumer real estate loans | $ 20 | |
Number of missing payments causing default | payment | 3 | |
Consumer real estate | Chapter Seven Bankruptcy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 343 | |
Nonperforming Loans | Consumer real estate | Chapter Seven Bankruptcy | US Government Sponsored-Enterprise Insured Loans | Federal Housing Administration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate acquired through foreclosure | 99 | |
Performing Financial Instruments | Consumer real estate | Chapter Seven Bankruptcy | US Government Sponsored-Enterprise Insured Loans | Federal Housing Administration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 61 |
Outstanding Loans and Leases_12
Outstanding Loans and Leases and Allowance for Credit Losses - Consumer Real Estate - TDRs Entered into During the Period (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Unpaid Principal Balance | $ 584 | $ 142 | $ 827 | $ 264 |
Carrying Value | $ 513 | $ 121 | $ 730 | $ 223 |
Pre-Modification Interest Rate | 3.53% | 4.14% | 3.52% | 4.08% |
Post-Modification Interest Rate | 3.52% | 4.11% | 3.50% | 3.99% |
Residential Mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Unpaid Principal Balance | $ 522 | $ 120 | $ 744 | $ 219 |
Carrying Value | $ 466 | $ 103 | $ 667 | $ 185 |
Pre-Modification Interest Rate | 3.53% | 4.22% | 3.51% | 4.10% |
Post-Modification Interest Rate | 3.51% | 4.19% | 3.49% | 4.01% |
Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Unpaid Principal Balance | $ 62 | $ 22 | $ 83 | $ 45 |
Carrying Value | $ 47 | $ 18 | $ 63 | $ 38 |
Pre-Modification Interest Rate | 3.58% | 3.68% | 3.55% | 3.99% |
Post-Modification Interest Rate | 3.61% | 3.65% | 3.58% | 3.92% |
Outstanding Loans and Leases_13
Outstanding Loans and Leases and Allowance for Credit Losses - Consumer Real Estate - Modification Programs (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total modifications | $ 513 | $ 121 | $ 730 | $ 223 |
Modifications under government programs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total modifications | 1 | 0 | 3 | 3 |
Modifications under proprietary programs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total modifications | 479 | 20 | 665 | 59 |
Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total modifications | 12 | 21 | 22 | 32 |
Trial modifications | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total modifications | $ 21 | $ 80 | $ 40 | $ 129 |
Outstanding Loans and Leases_14
Outstanding Loans and Leases and Allowance for Credit Losses - Consumer Real Estate - TDRs Entering Payment Default That Were Modified During the Preceding 12 Months (Details) - Consumer real estate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 42 | $ 23 | $ 64 | $ 68 |
Modifications under government programs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 1 | 2 | 2 | 8 |
Modifications under proprietary programs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 33 | 5 | 45 | 19 |
Loans discharged in Chapter 7 bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | 2 | 4 | 5 | 11 |
Trial modifications | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 6 | $ 12 | $ 12 | $ 30 |
Outstanding Loans and Leases_15
Outstanding Loans and Leases and Allowance for Credit Losses - Credit Card and Other Consumer - TDRs Entered into During the Period (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Unpaid Principal Balance | $ 68 | $ 71 | $ 148 | $ 167 |
Carrying Value | $ 72 | $ 69 | $ 154 | $ 164 |
Pre-Modification Interest Rate | 17.75% | 16.61% | 17.87% | 17.07% |
Post-Modification Interest Rate | 4.31% | 5.16% | 4.58% | 5.25% |
Credit card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Unpaid Principal Balance | $ 62 | $ 57 | $ 137 | $ 144 |
Carrying Value | $ 68 | $ 61 | $ 147 | $ 152 |
Pre-Modification Interest Rate | 18.44% | 18.08% | 18.48% | 18.02% |
Post-Modification Interest Rate | 4.24% | 5.15% | 4.53% | 5.24% |
Direct/indirect consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Unpaid Principal Balance | $ 6 | $ 14 | $ 11 | $ 23 |
Carrying Value | $ 4 | $ 8 | $ 7 | $ 12 |
Pre-Modification Interest Rate | 5.64% | 5.26% | 5.62% | 5.31% |
Post-Modification Interest Rate | 5.64% | 5.26% | 5.62% | 5.31% |
Outstanding Loans and Leases_16
Outstanding Loans and Leases and Allowance for Credit Losses - Credit Card and Other Consumer - TDRs Modified by Program Type (Details) - Credit card and other consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying Value | $ 72 | $ 69 | $ 154 | $ 164 |
Internal programs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying Value | 57 | 43 | 121 | 109 |
External programs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying Value | 13 | 18 | 29 | 43 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying Value | $ 2 | $ 8 | $ 4 | $ 12 |
Outstanding Loans and Leases_17
Outstanding Loans and Leases and Allowance for Credit Losses - Credit Card and Other Consumer - TDRs Entered into During the Period, Narrative (Details) - Credit card and other consumer | 6 Months Ended |
Jun. 30, 2021payment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of consecutive missed payments | 2 |
Period for payment default after modification | 12 months |
Credit card | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Percent expected to be in payment default within 12 months after modification | 11.00% |
Direct/indirect consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Percent expected to be in payment default within 12 months after modification | 20.00% |
Outstanding Loans and Leases_18
Outstanding Loans and Leases and Allowance for Credit Losses - Commercial Loans - Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||||
Financing receivable, trouble debt restructuring | $ 1,900 | $ 1,900 | $ 1,700 | ||
Loans held-for-sale | 8,277 | 8,277 | 9,243 | ||
Proceeds from sales and paydowns of loans originally classified as LHFS | 18,200 | $ 11,100 | |||
Originations and purchases | 17,031 | 9,151 | |||
Accrued interest receivable | 2,300 | 2,300 | 2,400 | ||
Credit card lines | |||||
Financing Receivable, Impaired [Line Items] | |||||
Interest and fee income reversed | 124 | 282 | |||
Residential mortgage, home equity, direct and indirect consumer and commercial financing receivable | Nonperforming Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Interest and fee income reversed | 9 | 17 | |||
Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Carrying Value | 320 | $ 789 | 865 | $ 1,300 | |
Lending commitments | 343 | 343 | 402 | ||
Commitments in payment default | $ 149 | $ 149 | $ 218 |
Outstanding Loans and Leases_19
Outstanding Loans and Leases and Allowance for Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for credit losses | $ 15,782 | $ 21,091 | |||||
Allowance for credit losses, period increase (decrease) | (4,900) | ||||||
Loan and leases receivable, allowance, period increase (decrease) | (4,700) | ||||||
Reserve for unfunded lending commitments, period increase (decrease) | (191) | ||||||
Outstanding loans and Leases, period increase (decrease), excluding loans accounted for under the fair value option | (9,200) | ||||||
Scenario, Forecast | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Unemployment rate, economic outlook | 5.00% | 6.00% | |||||
U.S. gross domestic product, economic outlook | 2.10% | 1.90% | 4.50% | ||||
Consumer real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for credit losses | 704 | 974 | |||||
Loan and leases receivable, allowance, period increase (decrease) | (291) | ||||||
Outstanding loans and Leases, period increase (decrease), excluding loans accounted for under the fair value option | (10,600) | ||||||
Credit card and other consumer | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for credit losses | 6,835 | 10,122 | |||||
Loan and leases receivable, allowance, period increase (decrease) | (2,400) | ||||||
Commercial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for credit losses | 8,243 | $ 9,995 | |||||
Loan and leases receivable, allowance, period increase (decrease) | (2,200) | ||||||
Commercial, excluding small business | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Outstanding loans and Leases, period increase (decrease), excluding loans accounted for under the fair value option | $ 8,000 |
Outstanding Loans and Leases_20
Outstanding Loans and Leases and Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | $ 16,168 | $ 15,766 | $ 18,802 | $ 12,358 |
Loans and leases charged off | (1,061) | (1,459) | (2,247) | (2,897) |
Recoveries of loans and leases previously charged off | 466 | 313 | 829 | 629 |
Net charge-offs | (595) | (1,146) | (1,418) | (2,268) |
Provision for loan and lease losses | (1,480) | 4,775 | (3,291) | 9,300 |
Other | 2 | (6) | 2 | (1) |
Allowance for loan and lease losses, end of the period | 14,095 | 19,389 | 14,095 | 19,389 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning balance | 1,829 | 1,360 | 1,878 | 1,123 |
Provision for unfunded lending commitments | (141) | 342 | (190) | 578 |
Other | (1) | (1) | 1 | |
Reserve for unfunded lending commitments, ending balance | 1,687 | 1,702 | 1,687 | 1,702 |
Allowance for credit losses | 15,782 | 21,091 | 15,782 | 21,091 |
Consumer real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 689 | 808 | 858 | 440 |
Loans and leases charged off | (30) | (27) | (45) | (62) |
Recoveries of loans and leases previously charged off | 60 | 61 | 114 | 108 |
Net charge-offs | 30 | 34 | 69 | 46 |
Provision for loan and lease losses | (122) | (9) | (329) | 342 |
Other | 0 | 0 | (1) | 5 |
Allowance for loan and lease losses, end of the period | 597 | 833 | 597 | 833 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning balance | 124 | 149 | 137 | 119 |
Provision for unfunded lending commitments | (17) | (8) | (30) | 22 |
Other | 0 | 0 | 0 | |
Reserve for unfunded lending commitments, ending balance | 107 | 141 | 107 | 141 |
Allowance for credit losses | 704 | 974 | 704 | 974 |
Credit card and other consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 7,946 | 8,258 | 9,213 | 7,430 |
Loans and leases charged off | (799) | (985) | (1,776) | (2,106) |
Recoveries of loans and leases previously charged off | 256 | 217 | 501 | 454 |
Net charge-offs | (543) | (768) | (1,275) | (1,652) |
Provision for loan and lease losses | (568) | 2,632 | (1,104) | 4,344 |
Other | 0 | 0 | 1 | 0 |
Allowance for loan and lease losses, end of the period | 6,835 | 10,122 | 6,835 | 10,122 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning balance | 0 | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | |
Reserve for unfunded lending commitments, ending balance | 0 | 0 | 0 | 0 |
Allowance for credit losses | 6,835 | 10,122 | 6,835 | 10,122 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of the period | 7,533 | 6,700 | 8,731 | 4,488 |
Loans and leases charged off | (232) | (447) | (426) | (729) |
Recoveries of loans and leases previously charged off | 150 | 35 | 214 | 67 |
Net charge-offs | (82) | (412) | (212) | (662) |
Provision for loan and lease losses | (790) | 2,152 | (1,858) | 4,614 |
Other | 2 | (6) | 2 | (6) |
Allowance for loan and lease losses, end of the period | 6,663 | 8,434 | 6,663 | 8,434 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning balance | 1,705 | 1,211 | 1,741 | 1,004 |
Provision for unfunded lending commitments | (124) | 350 | (160) | 556 |
Other | (1) | (1) | 1 | |
Reserve for unfunded lending commitments, ending balance | 1,580 | 1,561 | 1,580 | 1,561 |
Allowance for credit losses | $ 8,243 | $ 9,995 | $ 8,243 | $ 9,995 |
Securitizations and Other Var_3
Securitizations and Other Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Liquidity commitments to unconsolidated securitization trusts | $ 968 | $ 929 |
Securitizations and Other Var_4
Securitizations and Other Variable Interest Entities - First Lien Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Mortgage-backed securities, fair value | $ 8,400 | $ 8,400 | |||
Residential Mortgage - Agency | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Proceeds from loan sales | $ 1,652 | 11,375 | $ 2,895 | 12,927 | |
Gains on securitizations | 3 | 715 | 5 | 721 | |
Repurchases from securitization trusts | 98 | 167 | 178 | 295 | |
Gain (loss) on loans securitized | 40 | 34 | 73 | 61 | |
Deconsolidation of securitizations | 9,300 | ||||
Residential Mortgage - Agency | Other income | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Gains on securitizations | 704 | ||||
Commercial | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Proceeds from loan sales | 2,175 | 220 | 2,840 | 2,292 | |
Gains on securitizations | 31 | (1) | 64 | 40 | |
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 | 138,700 | 183,400 | 138,700 | 183,400 | |
Servicing fees | 104 | $ 124 | 217 | $ 252 | |
Transfers continuing involvement servicing fee advances | $ 2,100 | $ 2,100 | $ 2,200 |
Securitizations and Other Var_5
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
On-balance sheet assets | |||
Trading account assets | $ 291,733 | $ 198,854 | |
Debt securities carried at fair value | 288,913 | 246,601 | |
Held-to-maturity securities | 651,434 | 438,279 | |
Other assets | 159,522 | 135,203 | |
Total assets | 3,029,894 | 2,819,627 | $ 2,741,688 |
Total liabilities | 2,752,775 | 2,546,703 | |
Consolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 4,418 | 5,225 | |
Other assets | 1,134 | 1,387 | |
Total assets | 21,475 | 28,555 | |
Total liabilities | 5,476 | 7,523 | |
Agency | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 12,573 | 13,477 | |
On-balance sheet assets | |||
Other assets | 0 | 0 | |
Total assets | 12,573 | 13,477 | |
Principal balance outstanding | 114,769 | 133,497 | |
Agency | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 1,080 | 1,328 | |
On-balance sheet assets | |||
Trading account assets | 1,080 | 1,328 | |
Other assets | 0 | 0 | |
Total assets | 1,080 | 1,328 | |
Total liabilities | 0 | 0 | |
Agency | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 195 | 152 | |
Debt securities carried at fair value | 6,260 | 7,588 | |
Held-to-maturity securities | 6,118 | 5,737 | |
Non-agency | Prime | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 219 | 250 | |
On-balance sheet assets | |||
Other assets | 6 | 6 | |
Total assets | 98 | 111 | |
Principal balance outstanding | 5,400 | 6,081 | |
Non-agency | Prime | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 17 | 66 | |
On-balance sheet assets | |||
Trading account assets | 122 | 350 | |
Other assets | 0 | 0 | |
Total assets | 122 | 350 | |
Total liabilities | 105 | 284 | |
Non-agency | Prime | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 5 | 2 | |
Debt securities carried at fair value | 87 | 103 | |
Held-to-maturity securities | 0 | 0 | |
Non-agency | Subprime | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 1,015 | 1,031 | |
On-balance sheet assets | |||
Other assets | 28 | 26 | |
Total assets | 704 | 710 | |
Principal balance outstanding | 6,409 | 6,691 | |
Non-agency | Subprime | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 23 | 53 | |
On-balance sheet assets | |||
Trading account assets | 226 | 260 | |
Other assets | 0 | 0 | |
Total assets | 226 | 260 | |
Total liabilities | 203 | 207 | |
Non-agency | Subprime | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 25 | 8 | |
Debt securities carried at fair value | 651 | 676 | |
Held-to-maturity securities | 0 | 0 | |
Non-agency | Alt-A | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 55 | 46 | |
On-balance sheet assets | |||
Other assets | 0 | 1 | |
Total assets | 55 | 46 | |
Principal balance outstanding | 15,181 | 16,554 | |
Non-agency | Alt-A | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 0 | |
On-balance sheet assets | |||
Trading account assets | 0 | 0 | |
Other assets | 0 | 0 | |
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Non-agency | Alt-A | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 24 | 12 | |
Debt securities carried at fair value | 31 | 33 | |
Held-to-maturity securities | 0 | 0 | |
Commercial Mortgage | |||
On-balance sheet assets | |||
Debt securities carried at fair value | 18,932 | ||
Commercial Mortgage | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 1,252 | 1,169 | |
On-balance sheet assets | |||
Other assets | 57 | 50 | |
Total assets | 1,080 | 1,035 | |
Principal balance outstanding | 70,340 | 59,268 | |
Commercial Mortgage | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 0 | |
On-balance sheet assets | |||
Trading account assets | 0 | 0 | |
Other assets | 0 | 0 | |
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Commercial Mortgage | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 7 | 60 | |
Debt securities carried at fair value | 0 | 0 | |
Held-to-maturity securities | $ 1,016 | $ 925 |
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 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
On-balance sheet assets | ||||||
Trading account assets | $ 291,733 | $ 198,854 | ||||
Debt securities carried at fair value | 288,913 | 246,601 | ||||
Held-to-maturity securities | 651,434 | 438,279 | ||||
Total assets | 3,029,894 | 2,819,627 | $ 2,741,688 | |||
Loans and leases | 918,928 | 927,861 | ||||
Allowance for loan and lease losses | (14,095) | $ (16,168) | (18,802) | $ (19,389) | $ (15,766) | $ (12,358) |
Other assets | 159,522 | 135,203 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 274,604 | 262,934 | ||||
Total liabilities | 2,752,775 | 2,546,703 | ||||
Consolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 4,418 | 5,225 | ||||
Total assets | 21,475 | 28,555 | ||||
Loans and leases | 16,970 | 23,636 | ||||
Allowance for loan and lease losses | (1,047) | (1,693) | ||||
Other assets | 1,134 | 1,387 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 5,137 | 7,053 | ||||
All other liabilities | 15 | 16 | ||||
Total liabilities | 5,476 | 7,523 | ||||
Home equity | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 179 | 206 | ||||
On-balance sheet assets | ||||||
Total retained positions | 1 | 2 | ||||
Total assets | 501 | 609 | ||||
Home equity | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 52 | 58 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Total assets | 201 | 236 | ||||
Loans and leases | 183 | 218 | ||||
Allowance for loan and lease losses | 15 | 14 | ||||
Other assets | 3 | 4 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 150 | 178 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 150 | 178 | ||||
Home equity | Senior securities: | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Debt securities carried at fair value | 1 | 2 | ||||
Held-to-maturity securities | 0 | 0 | ||||
Credit card | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 0 | 0 | ||||
On-balance sheet assets | ||||||
Total retained positions | 0 | 0 | ||||
Total assets | 0 | 0 | ||||
Credit card | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 9,960 | 14,606 | ||||
On-balance sheet assets | ||||||
Trading account assets | 0 | 0 | ||||
Total assets | 14,472 | 20,895 | ||||
Loans and leases | 14,468 | 21,310 | ||||
Allowance for loan and lease losses | (1,059) | (1,704) | ||||
Other assets | 1,063 | 1,289 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 4,497 | 6,273 | ||||
All other liabilities | 15 | 16 | ||||
Total liabilities | 4,512 | 6,289 | ||||
Residual interests | 3,000 | 7,600 | ||||
Credit card | Senior securities: | 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 | ||||
Resecuritization Trusts | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 6,788 | 8,543 | ||||
On-balance sheet assets | ||||||
Total retained positions | 6,788 | 8,543 | ||||
Total assets | 15,535 | 17,250 | ||||
Resecuritization Trusts | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 281 | 217 | ||||
On-balance sheet assets | ||||||
Trading account assets | 284 | 217 | ||||
Total assets | 284 | 217 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 3 | 0 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 3 | 0 | ||||
Resecuritization Trusts | Senior securities: | Unconsolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 617 | 948 | ||||
Debt securities carried at fair value | 2,282 | 2,727 | ||||
Held-to-maturity securities | 3,889 | 4,868 | ||||
Municipal Bond Trusts | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 3,736 | 3,507 | ||||
On-balance sheet assets | ||||||
Total retained positions | 0 | 0 | ||||
Total assets | 4,305 | 4,042 | ||||
Municipal Bond Trusts | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 309 | 1,030 | ||||
On-balance sheet assets | ||||||
Trading account assets | 269 | 990 | ||||
Total assets | 309 | 1,030 | ||||
Loans and leases | 0 | 0 | ||||
Allowance for loan and lease losses | 0 | 0 | ||||
Other assets | 40 | 40 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 287 | 432 | ||||
Long-term debt | 0 | 0 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 287 | 432 | ||||
Municipal Bond Trusts | Senior securities: | 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 |
Securitizations and Other Var_7
Securitizations and Other Variable Interest Entities - Other Asset-backed Securitizations, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Liquidity commitments to unconsolidated securitization trusts | $ 968 | $ 968 | $ 929 | ||
Credit card | |||||
Variable Interest Entity [Line Items] | |||||
Principal balance outstanding | $ 6,600 | $ 6,600 | $ 6,800 | ||
Transferred financial assets, stated interest rate | 0.00% | 0.00% | 0.00% | ||
Credit card | Senior securities: | |||||
Variable Interest Entity [Line Items] | |||||
Transferred financial assets, amount | $ 1,000 | ||||
Credit card | Junior Lien | |||||
Variable Interest Entity [Line Items] | |||||
Transferred financial assets, amount | 161 | ||||
Resecuritization Trusts | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | $ 5,900 | $ 10,700 | 14,700 | $ 18,100 | |
Resecuritization Trusts | Securities | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | 233 | 4,400 | 519 | 4,900 | |
Resecuritization Trusts | Trading account assets | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | 654 | 1,200 | |||
Resecuritization Trusts | Debt securities | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | 2,100 | 2,100 | |||
Resecuritization Trusts | Held-to-maturity Securities | |||||
Variable Interest Entity [Line Items] | |||||
Cash proceeds from new securitizations | $ 1,700 | $ 1,700 | |||
Municipal Bond Trusts | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Liquidity commitments to unconsolidated securitization trusts | $ 3,700 | $ 3,700 | $ 3,500 | ||
Weighted average remaining life of bonds held in the trusts in years | 6 years 6 months |
Securitizations and Other Var_8
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
On-balance sheet assets | ||||||
Trading account assets | $ 291,733 | $ 198,854 | ||||
Debt securities carried at fair value | 288,913 | 246,601 | ||||
Loans and leases | 918,928 | 927,861 | ||||
Allowance for loan and lease losses | (14,095) | $ (16,168) | (18,802) | $ (19,389) | $ (15,766) | $ (12,358) |
Other assets | 159,522 | 135,203 | ||||
Total assets | 3,029,894 | 2,819,627 | $ 2,741,688 | |||
On-balance sheet liabilities | ||||||
Long-term debt | 274,604 | 262,934 | ||||
Total liabilities | 2,752,775 | 2,546,703 | ||||
Consolidated VIEs | ||||||
On-balance sheet assets | ||||||
Trading account assets | 4,418 | 5,225 | ||||
Loans and leases | 16,970 | 23,636 | ||||
Allowance for loan and lease losses | (1,047) | (1,693) | ||||
Other assets | 1,134 | 1,387 | ||||
Total assets | 21,475 | 28,555 | ||||
On-balance sheet liabilities | ||||||
Long-term debt | 5,137 | 7,053 | ||||
All other liabilities | 15 | 16 | ||||
Total liabilities | 5,476 | 7,523 | ||||
Other Variable Interest Entities | ||||||
On-balance sheet liabilities | ||||||
Total assets of VIEs, Unconsolidated | 83,221 | 77,984 | ||||
Total assets of VIEs | 88,002 | 82,223 | ||||
Other Variable Interest Entities | Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 4,565 | 4,106 | ||||
On-balance sheet assets | ||||||
Trading account assets | 2,437 | 2,080 | ||||
Debt securities carried at fair value | 0 | 0 | ||||
Loans and leases | 2,319 | 2,108 | ||||
Allowance for loan and lease losses | (3) | (3) | ||||
Other assets | 28 | 54 | ||||
Total assets | 4,781 | 4,239 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 37 | 22 | ||||
Long-term debt | 179 | 111 | ||||
All other liabilities | 0 | 0 | ||||
Total liabilities | 216 | 133 | ||||
Other Variable Interest Entities | Unconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 24,829 | 23,870 | ||||
On-balance sheet assets | ||||||
Trading account assets | 606 | 623 | ||||
Debt securities carried at fair value | 8 | 9 | ||||
Loans and leases | 182 | 184 | ||||
Allowance for loan and lease losses | (8) | (3) | ||||
Other assets | 23,541 | 22,553 | ||||
Total assets | 24,329 | 23,366 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
All other liabilities | 5,972 | 5,658 | ||||
Total liabilities | 5,972 | 5,658 | ||||
Other Variable Interest Entities | Variable Interest Entity | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum loss exposure | 29,394 | 27,976 | ||||
On-balance sheet assets | ||||||
Trading account assets | 3,043 | 2,703 | ||||
Debt securities carried at fair value | 8 | 9 | ||||
Loans and leases | 2,501 | 2,292 | ||||
Allowance for loan and lease losses | (11) | (6) | ||||
Other assets | 23,569 | 22,607 | ||||
Total assets | 29,110 | 27,605 | ||||
On-balance sheet liabilities | ||||||
Short-term borrowings | 37 | 22 | ||||
Long-term debt | 179 | 111 | ||||
All other liabilities | 5,972 | 5,658 | ||||
Total liabilities | $ 6,188 | $ 5,791 |
Securitizations and Other Var_9
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities, Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||||
Total assets | $ 3,029,894 | $ 2,741,688 | $ 3,029,894 | $ 2,741,688 | $ 2,819,627 |
Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 21,475 | 21,475 | 28,555 | ||
Customer Vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 2,700 | 2,700 | 2,300 | ||
Collateralized Debt Obligations | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 256 | 256 | 298 | ||
Investment Vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | 1,900 | 1,900 | 1,500 | ||
Investment Vehicles | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 764 | 764 | 494 | ||
Investment Vehicles | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 6,600 | 6,600 | 5,400 | ||
Leveraged Lease Trusts | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 1,600 | 1,600 | 1,700 | ||
Tax Credit Vehicles | |||||
Investments in Affordable Housing Projects [Abstract] | |||||
Investments in affordable housing project investments | 11,700 | 11,700 | 11,200 | ||
Unfunded commitments | 5,300 | $ 5,300 | 5,000 | ||
Unfunded commitment payment period | 5 years | ||||
Tax credits and other benefits | 334 | 342 | $ 727 | 610 | |
Pretax losses | 279 | $ 255 | 555 | $ 527 | |
Tax Credit Vehicles | Unconsolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Maximum loss exposure | $ 22,800 | $ 22,800 | $ 22,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill impairment loss | $ 0 | ||||
Intangible assets, net (excluding goodwill) | $ 2,200,000,000 | 2,200,000,000 | $ 2,200,000,000 | ||
Amortization of intangibles | 20,000,000 | $ 16,000,000 | 37,000,000 | $ 32,000,000 | |
Trade Names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net (excluding goodwill) | $ 1,600,000,000 | $ 1,600,000,000 | $ 1,600,000,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Total goodwill | $ 69,023 | $ 68,951 |
Operating Segments | Consumer Banking | ||
Goodwill [Line Items] | ||
Total goodwill | 30,137 | 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 | 24,027 | 23,969 |
Operating Segments | Global Markets | ||
Goodwill [Line Items] | ||
Total goodwill | $ 5,182 | $ 5,182 |
Leases - Lessor Arrangements (D
Leases - Lessor Arrangements (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Lease receivables | $ 16,852 | $ 17,627 |
Unguaranteed residuals | 2,191 | 2,303 |
Total net investment in sales-type and direct financing leases | 19,043 | 19,930 |
Unguaranteed residual asset with third-party residual value insurance | $ 7,200 | $ 6,900 |
Leases - Lease Income (Details)
Leases - Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Sales-type and direct financing leases | $ 152 | $ 175 | $ 316 | $ 372 |
Operating leases | 223 | 236 | 454 | 479 |
Total lease income | $ 375 | $ 411 | $ 770 | $ 851 |
Leases - Lease Cost and Supplem
Leases - Lease Cost and Supplemental Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right-of-use asset | $ 10,030 | $ 10,000 |
Lease liabilities | $ 10,653 | $ 10,474 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Amount | ||||
Average during period | $ 218,535 | $ 187,180 | $ 207,880 | $ 193,359 |
Maximum month-end balance during period | $ 218,628 | $ 194,870 | $ 218,628 | $ 206,493 |
Rate | ||||
Average during period | 0.25% | 0.38% | 0.25% | 1.01% |
Short-term borrowings | ||||
Amount | ||||
Average during period | $ 21,600 | $ 25,901 | $ 20,639 | $ 26,166 |
Maximum month-end balance during period | $ 23,333 | $ 27,315 | $ 23,333 | $ 30,118 |
Rate | ||||
Average during period | (0.11%) | 0.12% | (0.12%) | 0.88% |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Amount | ||||
Average during period | $ 270,443 | $ 312,404 | $ 260,271 | $ 295,599 |
Maximum month-end balance during period | $ 278,300 | $ 451,179 | $ 278,300 | $ 451,179 |
Rate | ||||
Average during period | (0.06%) | 0.03% | (0.04%) | 0.57% |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Securities borrowed or purchased under agreements to resell | ||
Gross Assets | $ 524,946 | $ 492,387 |
Amounts Offset | (256,352) | (188,329) |
Net Balance Sheet Amount | 268,594 | 304,058 |
Financial Instruments | (241,909) | (272,351) |
Net Assets | 26,685 | 31,707 |
Securities loaned or sold under agreements to repurchase | ||
Gross Liabilities | 470,139 | 358,652 |
Amounts Offset | (256,352) | (188,329) |
Net Balance Sheet Amount | 213,787 | 170,323 |
Financial Instruments | (202,435) | (158,867) |
Net Liabilities | 11,352 | 11,456 |
Other | ||
Gross Liabilities | 15,071 | 16,210 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 15,071 | 16,210 |
Financial Instruments | (15,071) | (16,210) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability | ||
Gross Liabilities | 485,210 | 374,862 |
Amounts Offset | (256,352) | (188,329) |
Net Balance Sheet Amount | 228,858 | 186,533 |
Financial Instruments | (217,506) | (175,077) |
Net Liabilities | 11,352 | 11,456 |
Loans and leases repurchase activity | $ 20,100 | $ 14,700 |
Federal Funds Sold or Purchas_5
Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Remaining Contractual Maturity (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)agreement | Dec. 31, 2020USD ($)agreement | |
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 430,602 | $ 335,681 |
Securities loaned | 39,537 | 22,971 |
Other | 15,071 | 16,210 |
Total | $ 485,210 | $ 374,862 |
Number of contractual agreements | agreement | 0 | 0 |
Maximum agreement maturity period (less than) | 3 years | 3 years |
Overnight and Continuous | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 187,994 | $ 158,400 |
Securities loaned | 34,167 | 19,140 |
Other | 15,071 | 16,210 |
Total | 237,232 | 193,750 |
30 Days or Less | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 164,693 | 122,448 |
Securities loaned | 11 | 271 |
Other | 0 | 0 |
Total | 164,704 | 122,719 |
After 30 Days Through 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 33,069 | 32,149 |
Securities loaned | 1,226 | 1,029 |
Other | 0 | 0 |
Total | 34,295 | 33,178 |
Greater than 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 44,846 | 22,684 |
Securities loaned | 4,133 | 2,531 |
Other | 0 | 0 |
Total | $ 48,979 | $ 25,215 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | $ 430,602 | $ 335,681 |
Securities Loaned | 39,537 | 22,971 |
Other | 15,071 | 16,210 |
Total | 485,210 | 374,862 |
U.S. government and agency securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 231,210 | 195,167 |
Securities Loaned | 0 | 5 |
Other | 0 | 0 |
Total | 231,210 | 195,172 |
Corporate securities, trading loans and other | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 15,674 | 8,633 |
Securities Loaned | 2,843 | 1,628 |
Other | 1,160 | 1,217 |
Total | 19,677 | 11,478 |
Equity securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 20,633 | 14,752 |
Securities Loaned | 36,121 | 21,125 |
Other | 13,852 | 14,931 |
Total | 70,606 | 50,808 |
Non-U.S. sovereign debt | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 161,345 | 113,142 |
Securities Loaned | 573 | 213 |
Other | 59 | 62 |
Total | 161,977 | 113,417 |
Mortgage trading loans and ABS | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 1,740 | 3,987 |
Securities Loaned | 0 | 0 |
Other | 0 | 0 |
Total | $ 1,740 | $ 3,987 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] | ||
Restricted cash | $ 6 | $ 7 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Legally binding unfunded commitments syndicated | $ 10,900 | $ 10,500 |
Carrying amount credit extension commitments syndicated | 1,700 | 1,900 |
Notional amount of credit extension commitments under fair value option | 5,300 | 4,000 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair value carrying amount, liabilities | $ 103 | $ 99 |
Commitments and Contingencies_2
Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 520,637 | $ 515,919 |
Expire After One Year Through Three Years | 209,406 | 187,114 |
Expire After Three Years Through Five Years | 167,749 | 150,668 |
Expire After Five Years | 54,101 | 47,267 |
Total | 951,893 | 900,968 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 126,585 | 130,964 |
Expire After One Year Through Three Years | 209,406 | 187,114 |
Expire After Three Years Through Five Years | 167,749 | 150,668 |
Expire After Five Years | 54,101 | 47,267 |
Total | 557,841 | 516,013 |
Loan commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 103,361 | 109,406 |
Expire After One Year Through Three Years | 193,656 | 171,887 |
Expire After Three Years Through Five Years | 155,834 | 139,508 |
Expire After Five Years | 27,247 | 16,091 |
Total | 480,098 | 436,892 |
Unfunded loan commitment, held as a security | ||
Other Commitments [Line Items] | ||
Total | 5,500 | 4,800 |
Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 762 | 710 |
Expire After One Year Through Three Years | 3,807 | 2,992 |
Expire After Three Years Through Five Years | 10,119 | 8,738 |
Expire After Five Years | 26,286 | 29,892 |
Total | 40,974 | 42,332 |
Standby letters of credit and financial guarantees | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 20,853 | 19,962 |
Expire After One Year Through Three Years | 11,634 | 12,038 |
Expire After Three Years Through Five Years | 1,766 | 2,397 |
Expire After Five Years | 539 | 1,257 |
Total | 34,792 | 35,654 |
Standby letters of credit and financial guarantees | Credit Card and Other Consumer | ||
Other Commitments [Line Items] | ||
Total | 476 | 500 |
Standby letters of credit and financial guarantees | Investment grade | ||
Other Commitments [Line Items] | ||
Total | 25,300 | 25,000 |
Standby letters of credit and financial guarantees | Non-investment grade | ||
Other Commitments [Line Items] | ||
Total | 9,100 | 10,200 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,609 | 886 |
Expire After One Year Through Three Years | 309 | 197 |
Expire After Three Years Through Five Years | 30 | 25 |
Expire After Five Years | 29 | 27 |
Total | 1,977 | 1,135 |
Letters of credit | Consolidated VIEs | ||
Other Commitments [Line Items] | ||
Total | 1,900 | 1,800 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 394,052 | 384,955 |
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 | $ 394,052 | $ 384,955 |
Commitments and Contingencies_3
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Liquefied Natural Gas Commodities | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 616 | $ 582 |
Resale and Forward-Dated Resale and Securities Borrowing Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 127,800 | 66,500 |
Forward-Dated Repurchase and Securities Lending Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 67,500 | 32,100 |
Auto Loans and Leases | ||
Loss Contingencies [Line Items] | ||
Other commitment, due in next twelve months | $ 4,000 | 3,900 |
Other commitment, termination prior notice period | 12 months | |
Residential and Commercial Portfolio Segments | Residential and Commercial Financing Receivable | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 64 | 93 |
Commercial | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 430 | $ 645 |
Commitments and Contingencies_4
Commitments and Contingencies - Other Guarantees (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Subsidiary, ownership interest, percentage | 100.00% | |
Merchant Processing Servicers, Sponsored Entities | ||
Loss Contingencies [Line Items] | ||
Transactions processed by sponsored entities | $ 411,800 | |
Life Insurance Book Value Protection | ||
Loss Contingencies [Line Items] | ||
Notional amount of derivatives | 6,300 | $ 7,100 |
Maximum potential exposure | 934 | 1,100 |
FICC Repo Program | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure | 13,600 | 22,500 |
Other Guarantee | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure | 9,200 | 8,800 |
Representations and Warranties Obligations and Corporate Guarantees | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 1,200 | $ 1,300 |
Commitments and Contingencies_5
Commitments and Contingencies - Litigation and Regulatory Matters (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loss Contingencies [Line Items] | ||||
Litigation settlement expense | $ 55,000,000 | $ 57,000,000 | $ 89,000,000 | $ 81,000,000 |
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Estimated range of possible loss | 0 | 0 | ||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Estimated range of possible loss | $ 1,300,000,000 | $ 1,300,000,000 |
Shareholders' Equity - Declared
Shareholders' Equity - Declared Quarterly Cash Dividends on Common Stock (Details) - $ / shares | Jul. 21, 2021 | Apr. 22, 2021 | Jan. 19, 2021 |
Dividends Payable [Line Items] | |||
Dividends per share (in dollars per share) | $ 0.18 | $ 0.18 | |
Subsequent Event | |||
Dividends Payable [Line Items] | |||
Dividends per share (in dollars per share) | $ 0.21 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Repurchase Summary (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Class of Stock [Line Items] | ||||
Total purchase price of shares repurchased and retired | $ 4,209 | $ 286 | $ 7,679 | $ 6,648 |
Common Stock | ||||
Class of Stock [Line Items] | ||||
Total number of shares repurchased and retired (in shares) | 103 | 204 | ||
Total purchase price of shares repurchased and retired | $ 4,200 | |||
Common Stock | CCAR capital plan repurchases | ||||
Class of Stock [Line Items] | ||||
Total purchase price of shares repurchased and retired | $ 7,700 |
Shareholders' Equity - Common_2
Shareholders' Equity - Common Stock Narrative (Details) - $ / shares shares in Millions | Jul. 21, 2021 | Apr. 22, 2021 | Jan. 19, 2021 | Jun. 30, 2021 |
Common Stock | ||||
Dividends per share (in dollars per share) | $ 0.18 | $ 0.18 | ||
Subsequent Event | ||||
Common Stock | ||||
Dividends per share (in dollars per share) | $ 0.21 | |||
Common Stock | ||||
Common Stock | ||||
Stock issued (in shares) | 63 | |||
Shares paid for tax withholding for share based compensation (in shares) | 24 | |||
Share-based compensation, number of shares authorized (in shares) | 566 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - USD ($) $ in Millions | Apr. 25, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Class of Stock [Line Items] | ||||||
Preferred stock dividends | $ 260 | $ 490 | $ 249 | $ 750 | $ 718 | |
Series EE Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Redeemed preferred stock | $ 900 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 274,000 | $ 264,918 | $ 272,924 | $ 264,810 |
Net change | 409 | (1,042) | (1,407) | 5,471 |
Ending balance | 277,119 | 265,637 | 277,119 | 265,637 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (3,472) | (120) | (1,656) | (6,633) |
Ending balance | (3,063) | (1,162) | (3,063) | (1,162) |
Debt Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 5,122 | 323 | ||
Net change | (1,090) | 4,693 | ||
Ending balance | 4,032 | 5,016 | 4,032 | 5,016 |
Debit Valuation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (1,992) | (1,494) | ||
Net change | 265 | 53 | ||
Ending balance | (1,727) | (1,441) | (1,727) | (1,441) |
Derivatives | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 426 | (400) | ||
Net change | (699) | 732 | ||
Ending balance | (273) | 332 | (273) | 332 |
Employee Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (4,266) | (4,168) | ||
Net change | 120 | 100 | ||
Ending balance | (4,146) | (4,068) | (4,146) | (4,068) |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (946) | (894) | ||
Net change | (3) | (107) | ||
Ending balance | $ (949) | $ (1,001) | $ (949) | $ (1,001) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Pre- and After-tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
After- tax | ||||
Comprehensive income | $ 9,633 | $ 2,491 | $ 15,867 | $ 13,014 |
Total other comprehensive income (loss) | ||||
Pretax | ||||
Net change | (1,774) | 7,533 | ||
Tax effect | ||||
Net change | 367 | (2,062) | ||
After- tax | ||||
Comprehensive income | (1,407) | 5,471 | ||
Debt Securities | ||||
Pretax | ||||
Net increase (decrease) in fair value | (1,445) | 6,628 | ||
Net realized (gains) losses reclassified into earnings | 0 | (377) | ||
Net change | (1,445) | 6,251 | ||
Tax effect | ||||
Net increase in fair value | 355 | (1,652) | ||
Net realized (gains) losses reclassified into earnings | 0 | 94 | ||
Net change | 355 | (1,558) | ||
After- tax | ||||
Net increase (decrease) in fair value | (1,090) | 4,976 | ||
Net realized (gains) losses reclassified into earnings | 0 | (283) | ||
Comprehensive income | (1,090) | 4,693 | ||
Debit Valuation Adjustments | ||||
Pretax | ||||
Net increase (decrease) in fair value | 336 | 63 | ||
Net realized (gains) losses reclassified into earnings | 7 | 4 | ||
Net change | 343 | 67 | ||
Tax effect | ||||
Net increase in fair value | (76) | (13) | ||
Net realized (gains) losses reclassified into earnings | (2) | (1) | ||
Net change | (78) | (14) | ||
After- tax | ||||
Net increase (decrease) in fair value | 260 | 50 | ||
Net realized (gains) losses reclassified into earnings | 5 | 3 | ||
Comprehensive income | 265 | 53 | ||
Derivatives | ||||
Pretax | ||||
Net increase (decrease) in fair value | (820) | 914 | ||
Net realized (gains) losses reclassified into earnings | (110) | 53 | ||
Net change | (930) | 967 | ||
Tax effect | ||||
Net increase in fair value | 205 | (222) | ||
Net realized (gains) losses reclassified into earnings | 26 | (13) | ||
Net change | 231 | (235) | ||
After- tax | ||||
Net increase (decrease) in fair value | (615) | 692 | ||
Net realized (gains) losses reclassified into earnings | (84) | 40 | ||
Comprehensive income | (699) | 732 | ||
Derivatives | Net interest income | ||||
Pretax | ||||
Net realized (gains) losses reclassified into earnings | (84) | 53 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | 20 | (13) | ||
After- tax | ||||
Net realized (gains) losses reclassified into earnings | (64) | 40 | ||
Derivatives | Compensation and benefits expense | ||||
Pretax | ||||
Net realized (gains) losses reclassified into earnings | (26) | 0 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | 6 | 0 | ||
After- tax | ||||
Net realized (gains) losses reclassified into earnings | (20) | 0 | ||
Employee Benefit Plans | ||||
Pretax | ||||
Net realized (gains) losses reclassified into earnings | 142 | 133 | ||
Net change | 142 | 133 | ||
Tax effect | ||||
Net realized (gains) losses reclassified into earnings | (22) | (33) | ||
Net change | (22) | (33) | ||
After- tax | ||||
Net realized (gains) losses reclassified into earnings | 120 | 100 | ||
Comprehensive income | 120 | 100 | ||
Foreign Currency | ||||
Pretax | ||||
Net increase (decrease) in fair value | 116 | 115 | ||
Net change | 116 | 115 | ||
Tax effect | ||||
Net increase in fair value | (119) | (222) | ||
Net change | (119) | (222) | ||
After- tax | ||||
Net increase (decrease) in fair value | (3) | (107) | ||
Comprehensive income | $ (3) | $ (107) |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings per common share | ||||
Net income | $ 9,224 | $ 3,533 | $ 17,274 | $ 7,543 |
Preferred stock dividends | (260) | (249) | (750) | (718) |
Net income applicable to common shareholders | $ 8,964 | $ 3,284 | $ 16,524 | $ 6,825 |
Average common shares issued and outstanding (in shares) | 8,620.8 | 8,739.9 | 8,660.4 | 8,777.6 |
Earnings per common share (in dollars per share) | $ 1.04 | $ 0.38 | $ 1.91 | $ 0.78 |
Diluted earnings per common share | ||||
Net income applicable to common shareholders | $ 8,964 | $ 3,284 | $ 16,524 | $ 6,825 |
Add preferred stock dividends due to assumed conversions | 56 | 0 | 112 | 0 |
Net income allocated to common shareholders | $ 9,020 | $ 3,284 | $ 16,636 | $ 6,825 |
Average common shares issued and outstanding (in shares) | 8,620.8 | 8,739.9 | 8,660.4 | 8,777.6 |
Dilutive potential common shares (in shares) | 114.7 | 28.2 | 115.8 | 35.7 |
Total diluted average common shares issued and outstanding (in shares) | 8,735.5 | 8,768.1 | 8,776.2 | 8,813.3 |
Diluted earnings per common share (in dollars per share) | $ 1.03 | $ 0.37 | $ 1.90 | $ 0.77 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Series L Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share (in shares) | 62 | 62 | 62 | 62 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 163,344 | $ 108,856 | |
Trading account assets | 291,733 | 198,854 | |
Derivative assets | 352,100 | 434,600 | |
Derivative assets | 41,498 | 47,179 | |
Total available-for-sale debt securities | 278,181 | 234,491 | |
Other debt securities carried at fair value | 10,732 | 12,110 | |
Loans and leases | 6,950 | 6,681 | |
Loans held-for-sale | 2,207 | 1,585 | |
Other assets, measured at fair value | 14,928 | 15,718 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 515 | 481 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 165,781 | 135,391 | |
Derivative liabilities | 353,200 | 434,000 | |
Derivative liabilities | 38,916 | 45,526 | |
Short-term borrowings | 4,490 | 5,874 | |
Long-term debt | 30,361 | 32,200 | |
U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 160,333 | 116,380 | |
Agency | |||
Assets | |||
Total available-for-sale debt securities | 57,889 | 61,849 | |
Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 4,226 | 5,260 | |
Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 852 | 1,009 | |
Commercial | |||
Assets | |||
Total available-for-sale debt securities | 18,919 | 16,491 | |
Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 2,921 | 2,711 | |
Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 15,874 | 16,774 | |
Recurring | |||
Assets | |||
Time deposits placed and other short-term investments | 1,450 | 1,649 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 163,344 | 108,856 | |
Trading account assets | 291,733 | 198,854 | |
Netting adjustments | (310,603) | (387,371) | |
Derivative assets | 41,498 | 47,179 | |
Total available-for-sale debt securities | 278,181 | 234,491 | |
Other debt securities carried at fair value | 10,732 | 12,110 | |
Loans and leases | 6,950 | 6,681 | |
Loans held-for-sale | 2,207 | 1,585 | |
Other assets, measured at fair value | 14,928 | 15,718 | |
Total assets | 811,023 | 627,123 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 515 | 481 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 165,781 | 135,391 | |
Total trading account liabilities | 110,084 | 71,320 | |
Netting adjustment | (314,287) | (388,481) | |
Derivative liabilities | 38,916 | 45,526 | |
Short-term borrowings | 4,490 | 5,874 | |
Accrued expenses and other liabilities | 15,174 | 16,311 | |
Long-term debt | 30,361 | 32,200 | |
Total liabilities | 365,321 | 307,103 | |
Mortgage servicing rights | $ 976 | $ 1,000 | |
Level 3 recurring assets, as a percent of total assets | 0.36% | 0.35% | |
Level 3 recurring liabilities, as a percent of total liabilities | 0.26% | 0.29% | |
Recurring | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | $ 42,032 | $ 48,270 | |
Liabilities | |||
Total trading account liabilities | 23,177 | 9,564 | |
Recurring | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 38,471 | 24,176 | |
Liabilities | |||
Total trading account liabilities | 8,783 | 5,436 | |
Recurring | Equity securities | |||
Assets | |||
Trading account assets | 143,794 | 67,971 | |
Liabilities | |||
Total trading account liabilities | 51,646 | 42,424 | |
Recurring | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 31,954 | 26,991 | |
Liabilities | |||
Total trading account liabilities | 26,478 | 13,896 | |
Recurring | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 23,664 | 21,641 | |
Recurring | Mortgage trading loans, MBS and ABS | |||
Assets | |||
Trading account assets | 11,818 | 9,805 | |
Recurring | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 160,333 | 116,380 | |
Other debt securities carried at fair value | 518 | 93 | |
Recurring | Agency | |||
Assets | |||
Total available-for-sale debt securities | 57,889 | 61,849 | |
Recurring | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 4,226 | 5,260 | |
Recurring | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 852 | 1,009 | |
Other debt securities carried at fair value | 732 | 773 | |
Recurring | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 18,919 | 16,491 | |
Recurring | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 17,167 | 14,017 | |
Recurring | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 2,921 | 2,711 | |
Recurring | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 15,874 | 16,774 | |
Recurring | Non-U.S. and other securities | |||
Assets | |||
Other debt securities carried at fair value | 9,482 | 11,244 | |
Recurring | US Government-sponsored enterprises debt securities | |||
Assets | |||
Trading account assets | 23,700 | 22,200 | |
Recurring | Securities gegregated for compliance or deposited with clearing organizations | |||
Assets | |||
Trading account assets | 8,600 | 16,800 | |
Recurring | Commodities Investment | |||
Assets | |||
Trading account assets | 2,100 | 576 | |
Recurring | Level 1 | |||
Assets | |||
Time deposits placed and other short-term investments | 1,450 | 1,649 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 155,572 | 87,344 | |
Derivative assets | 17,487 | 15,624 | |
Total available-for-sale debt securities | 159,245 | 115,266 | |
Other debt securities carried at fair value | 4,009 | 2,712 | |
Loans and leases | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Other assets, measured at fair value | 10,034 | 9,898 | |
Total assets | 347,797 | 232,493 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 0 | 0 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 | |
Total trading account liabilities | 87,580 | 53,467 | |
Derivative liabilities | 16,945 | 14,907 | |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 11,899 | 12,297 | |
Long-term debt | 0 | 0 | |
Total liabilities | 116,424 | 80,671 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 40,733 | 45,219 | |
Liabilities | |||
Total trading account liabilities | 22,888 | 9,425 | |
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 | 104,218 | 36,372 | |
Liabilities | |||
Total trading account liabilities | 47,288 | 38,189 | |
Recurring | Level 1 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 10,621 | 5,753 | |
Liabilities | |||
Total trading account liabilities | 17,404 | 5,853 | |
Recurring | Level 1 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 1 | Mortgage trading loans, MBS and ABS | |||
Assets | |||
Trading account assets | 0 | 0 | |
Recurring | Level 1 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 159,245 | 115,266 | |
Other debt securities carried at fair value | 518 | 93 | |
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 | 0 | 0 | |
Recurring | Level 1 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Recurring | Level 1 | Non-U.S. and other securities | |||
Assets | |||
Other debt securities carried at fair value | 3,491 | 2,619 | |
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 | 163,344 | 108,856 | |
Trading account assets | 132,225 | 108,130 | |
Derivative assets | 331,302 | 416,175 | |
Total available-for-sale debt securities | 118,595 | 118,582 | |
Other debt securities carried at fair value | 6,442 | 9,131 | |
Loans and leases | 6,093 | 5,964 | |
Loans held-for-sale | 1,944 | 1,349 | |
Other assets, measured at fair value | 3,119 | 3,850 | |
Total assets | 763,064 | 772,037 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 515 | 481 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 165,781 | 135,391 | |
Total trading account liabilities | 22,487 | 17,837 | |
Derivative liabilities | 330,062 | 412,881 | |
Short-term borrowings | 4,490 | 5,874 | |
Accrued expenses and other liabilities | 3,275 | 4,014 | |
Long-term debt | 29,301 | 31,036 | |
Total liabilities | 555,911 | 607,514 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Assets | |||
Trading account assets | 1,299 | 3,051 | |
Liabilities | |||
Total trading account liabilities | 289 | 139 | |
Recurring | Level 2 | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 36,707 | 22,817 | |
Liabilities | |||
Total trading account liabilities | 8,766 | 5,420 | |
Recurring | Level 2 | Equity securities | |||
Assets | |||
Trading account assets | 39,316 | 31,372 | |
Liabilities | |||
Total trading account liabilities | 4,358 | 4,235 | |
Recurring | Level 2 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 20,919 | 20,884 | |
Liabilities | |||
Total trading account liabilities | 9,074 | 8,043 | |
Recurring | Level 2 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 23,567 | 21,566 | |
Recurring | Level 2 | Mortgage trading loans, MBS and ABS | |||
Assets | |||
Trading account assets | 10,417 | 8,440 | |
Recurring | Level 2 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 1,088 | 1,114 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 2 | Agency | |||
Assets | |||
Total available-for-sale debt securities | 57,889 | 61,849 | |
Recurring | Level 2 | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 4,226 | 5,260 | |
Recurring | Level 2 | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 647 | 631 | |
Other debt securities carried at fair value | 451 | 506 | |
Recurring | Level 2 | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 18,919 | 16,491 | |
Recurring | Level 2 | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 17,156 | 13,999 | |
Recurring | Level 2 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 2,847 | 2,640 | |
Recurring | Level 2 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 15,823 | 16,598 | |
Recurring | Level 2 | Non-U.S. and other securities | |||
Assets | |||
Other debt securities carried at fair value | 5,991 | 8,625 | |
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 | 3,936 | 3,380 | |
Derivative assets | 3,312 | 2,751 | $ 2,600 |
Total available-for-sale debt securities | 341 | 643 | |
Other debt securities carried at fair value | 281 | 267 | |
Loans and leases | 857 | 717 | |
Loans held-for-sale | 263 | 236 | |
Other assets, measured at fair value | 1,775 | 1,970 | |
Total assets | 10,765 | 9,964 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 0 | 0 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 | |
Total trading account liabilities | 17 | 16 | |
Derivative liabilities | 6,196 | 6,219 | $ 5,900 |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 0 | 0 | |
Long-term debt | 1,060 | 1,164 | |
Total liabilities | 7,273 | 7,399 | |
Mortgage servicing rights | 976 | 1,033 | |
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 | 1,764 | 1,359 | |
Liabilities | |||
Total trading account liabilities | 17 | 16 | |
Recurring | Level 3 | Equity securities | |||
Assets | |||
Trading account assets | 260 | 227 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 414 | 354 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 97 | 75 | |
Recurring | Level 3 | Mortgage trading loans, MBS and ABS | |||
Assets | |||
Trading account assets | 1,401 | 1,365 | |
Recurring | Level 3 | U.S. Treasury and agency securities | |||
Assets | |||
Total available-for-sale debt securities | 0 | 0 | |
Other debt securities carried at fair value | 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 | 205 | 378 | |
Other debt securities carried at fair value | 281 | 267 | |
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 | 11 | 18 | |
Recurring | Level 3 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 74 | 71 | |
Recurring | Level 3 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 51 | 176 | |
Recurring | Level 3 | Non-U.S. and other securities | |||
Assets | |||
Other debt securities carried at fair value | $ 0 | $ 0 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | $ 67 | $ (126) | $ (5) | $ (40) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Balance, beginning | (3,206) | (2,909) | (3,468) | (2,538) | |
Total realized and unrealized gains (losses) included in Net Income | 5 | (463) | 291 | (117) | |
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 211 | 137 | 349 | 177 | |
Sales | (88) | (233) | (349) | (381) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 36 | (178) | 183 | (166) | |
Gross Transfers into Level 3 | (83) | 252 | (191) | (276) | |
Gross Transfers out of Level 3 | 241 | 51 | 301 | (42) | |
Balance, ending | (2,884) | (3,343) | (2,884) | (3,343) | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (19) | (558) | 192 | (500) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 67 | (126) | (5) | (40) | |
Derivative assets | 352,100 | 352,100 | $ 434,600 | ||
Derivative liabilities | 353,200 | 353,200 | 434,000 | ||
Level 3 | Recurring | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Derivative assets | 3,312 | 2,600 | 3,312 | 2,600 | 2,751 |
Derivative liabilities | 6,196 | 5,900 | 6,196 | 5,900 | $ 6,219 |
Trading account liabilities – Equity securities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (1) | (2) | |||
Total realized and unrealized gains (losses) included in Net Income | 0 | 1 | |||
Gains (losses) in OCI | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances | 0 | 0 | |||
Settlements | 0 | 0 | |||
Gross Transfers into Level 3 | 0 | 0 | |||
Gross Transfers out of Level 3 | 0 | 0 | |||
Balance, ending | (1) | (1) | |||
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | 1 | |||
Trading account liabilities – Corporate securities and other | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (16) | (20) | (16) | (15) | |
Total realized and unrealized gains (losses) included in Net Income | 0 | 4 | 0 | 5 | |
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | (1) | 0 | (7) | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (1) | 0 | (1) | 0 | |
Settlements | 0 | 1 | 0 | 1 | |
Gross Transfers into Level 3 | 0 | 0 | 0 | 0 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | (17) | (16) | (17) | (16) | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | 0 | 1 | 1 | |
Long-term debt | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | (1,028) | (721) | (1,164) | (1,149) | |
Total realized and unrealized gains (losses) included in Net Income | (67) | (72) | (18) | 55 | |
Gains (losses) in OCI | 15 | (127) | 2 | 60 | |
Purchases | 2 | 0 | 2 | 8 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (2) | (32) | (2) | (45) | |
Settlements | 19 | 14 | 37 | 155 | |
Gross Transfers into Level 3 | 0 | (29) | (32) | (52) | |
Gross Transfers out of Level 3 | 1 | 11 | 115 | 12 | |
Balance, ending | (1,060) | (956) | (1,060) | (956) | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (66) | (74) | (34) | 37 | |
Corporate securities, trading loans and other | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,516 | 1,640 | 1,359 | 1,507 | |
Total realized and unrealized gains (losses) included in Net Income | 38 | (27) | 25 | (130) | |
Gains (losses) in OCI | 0 | 0 | 0 | (1) | |
Purchases | 185 | 64 | 426 | 280 | |
Sales | (110) | (42) | (257) | (132) | |
Issuances | 0 | 0 | 0 | 8 | |
Settlements | (116) | (42) | (133) | (74) | |
Gross Transfers into Level 3 | 306 | 147 | 458 | 384 | |
Gross Transfers out of Level 3 | (55) | (192) | (114) | (294) | |
Balance, ending | 1,764 | 1,548 | 1,764 | 1,548 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 16 | (27) | (5) | (122) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 0 | 0 | 0 | (1) | |
Equity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 273 | 249 | 227 | 239 | |
Total realized and unrealized gains (losses) included in Net Income | 32 | 1 | 22 | (25) | |
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 8 | 3 | 53 | 29 | |
Sales | (26) | (23) | (49) | (34) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Gross Transfers into Level 3 | 26 | 0 | 78 | 25 | |
Gross Transfers out of Level 3 | (53) | (36) | (71) | (40) | |
Balance, ending | 260 | 194 | 260 | 194 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 23 | 0 | 14 | (23) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Non-U.S. sovereign debt | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 334 | 250 | 354 | 482 | |
Total realized and unrealized gains (losses) included in Net Income | 20 | 26 | 20 | 28 | |
Gains (losses) in OCI | 34 | (10) | 12 | (63) | |
Purchases | 0 | 2 | 2 | 75 | |
Sales | 0 | (11) | 0 | (59) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (9) | 0 | (19) | |
Gross Transfers into Level 3 | 26 | 0 | 26 | 17 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | (213) | |
Balance, ending | 414 | 248 | 414 | 248 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 20 | 26 | 23 | 28 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 34 | (10) | 12 | (63) | |
Mortgage trading loans, MBS and ABS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 1,561 | 1,733 | 1,440 | 1,553 | |
Total realized and unrealized gains (losses) included in Net Income | (10) | (22) | 39 | (147) | |
Gains (losses) in OCI | 0 | (1) | 0 | (3) | |
Purchases | 119 | 104 | 247 | 466 | |
Sales | (274) | (229) | (495) | (474) | |
Issuances | 0 | 0 | 1 | 0 | |
Settlements | (28) | (21) | (64) | (40) | |
Gross Transfers into Level 3 | 188 | 259 | 444 | 492 | |
Gross Transfers out of Level 3 | (58) | (87) | (114) | (111) | |
Balance, ending | 1,498 | 1,736 | 1,498 | 1,736 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (10) | (36) | 16 | (139) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 0 | (1) | 0 | (3) | |
Total trading account assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 3,684 | 3,872 | 3,380 | 3,781 | |
Total realized and unrealized gains (losses) included in Net Income | 80 | (22) | 106 | (274) | |
Gains (losses) in OCI | 34 | (11) | 12 | (67) | |
Purchases | 312 | 173 | 728 | 850 | |
Sales | (410) | (305) | (801) | (699) | |
Issuances | 0 | 0 | 1 | 8 | |
Settlements | (144) | (72) | (197) | (133) | |
Gross Transfers into Level 3 | 546 | 406 | 1,006 | 918 | |
Gross Transfers out of Level 3 | (166) | (315) | (299) | (658) | |
Balance, ending | 3,936 | 3,726 | 3,936 | 3,726 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 49 | (37) | 48 | (256) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 34 | (11) | 12 | (67) | |
Non-agency residential MBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 284 | 524 | 378 | 424 | |
Total realized and unrealized gains (losses) included in Net Income | 1 | (2) | (15) | (5) | |
Gains (losses) in OCI | 3 | 4 | (94) | (9) | |
Purchases | 0 | 23 | 0 | 23 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (8) | (10) | (25) | (22) | |
Gross Transfers into Level 3 | 0 | 5 | 36 | 133 | |
Gross Transfers out of Level 3 | (75) | (82) | (75) | (82) | |
Balance, ending | 205 | 462 | 205 | 462 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | (2) | (2) | (5) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 3 | 4 | (94) | (9) | |
Non-U.S. securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 13 | 1 | 18 | 2 | |
Total realized and unrealized gains (losses) included in Net Income | (1) | 0 | (1) | 0 | |
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | (1) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | 0 | (6) | 0 | |
Gross Transfers into Level 3 | 0 | 4 | 0 | 4 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 11 | 5 | 11 | 5 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | 0 | 0 | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Other taxable securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 73 | 68 | 71 | 65 | |
Total realized and unrealized gains (losses) included in Net Income | 0 | 0 | 0 | 0 | |
Gains (losses) in OCI | 1 | 0 | (5) | 0 | |
Purchases | 0 | 0 | 8 | 3 | |
Sales | 0 | (4) | 0 | (4) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Gross Transfers into Level 3 | 0 | 1 | 0 | 1 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 74 | 65 | 74 | 65 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | 0 | 0 | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 1 | 0 | (5) | 0 | |
Tax-exempt securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 98 | 100 | 176 | 108 | |
Total realized and unrealized gains (losses) included in Net Income | 3 | (24) | 17 | (34) | |
Gains (losses) in OCI | 0 | 1 | 0 | 3 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Gross Transfers into Level 3 | 0 | 265 | 0 | 265 | |
Gross Transfers out of Level 3 | (50) | (5) | (142) | (5) | |
Balance, ending | 51 | 337 | 51 | 337 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 3 | (24) | 16 | (33) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 0 | 1 | 0 | 3 | |
Total AFS debt securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 468 | 693 | 643 | 599 | |
Total realized and unrealized gains (losses) included in Net Income | 3 | (26) | 1 | (39) | |
Gains (losses) in OCI | 4 | 5 | (99) | (6) | |
Purchases | 0 | 23 | 8 | 26 | |
Sales | 0 | (4) | 0 | (5) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (9) | (10) | (31) | (22) | |
Gross Transfers into Level 3 | 0 | 275 | 36 | 403 | |
Gross Transfers out of Level 3 | (125) | (87) | (217) | (87) | |
Balance, ending | 341 | 869 | 341 | 869 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 3 | (26) | 14 | (38) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 4 | 5 | (99) | (6) | |
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 | 260 | 269 | 267 | 299 | |
Total realized and unrealized gains (losses) included in Net Income | 3 | 43 | 2 | (6) | |
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (14) | (4) | (20) | (8) | |
Gross Transfers into Level 3 | 32 | 150 | 32 | 176 | |
Gross Transfers out of Level 3 | 0 | (9) | 0 | (12) | |
Balance, ending | 281 | 449 | 281 | 449 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 3 | 43 | 2 | (29) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Loans and leases | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 793 | 558 | 717 | 693 | |
Total realized and unrealized gains (losses) included in Net Income | 34 | 47 | 104 | (72) | |
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Purchases | 0 | 32 | 0 | 32 | |
Sales | 0 | (1) | 0 | (1) | |
Issuances | 60 | 22 | 70 | 22 | |
Settlements | (46) | (15) | (80) | (31) | |
Gross Transfers into Level 3 | 16 | 98 | 46 | 98 | |
Gross Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Balance, ending | 857 | 741 | 857 | 741 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 34 | 46 | 111 | (36) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 0 | 0 | 0 | 0 | |
Loans held-for-sale | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 220 | 1,077 | 236 | 375 | |
Total realized and unrealized gains (losses) included in Net Income | 10 | 9 | 4 | 0 | |
Gains (losses) in OCI | 11 | (5) | 3 | (33) | |
Purchases | 38 | 0 | 38 | 0 | |
Sales | 0 | (81) | 0 | (81) | |
Issuances | 0 | 0 | 0 | 691 | |
Settlements | (23) | (30) | (40) | (75) | |
Gross Transfers into Level 3 | 7 | 0 | 26 | 93 | |
Gross Transfers out of Level 3 | 0 | 0 | (4) | 0 | |
Balance, ending | 263 | 970 | 263 | 970 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 4 | 5 | (5) | (10) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | 11 | (5) | 3 | (33) | |
Other assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning | 2,090 | 1,960 | 1,970 | 2,360 | |
Total realized and unrealized gains (losses) included in Net Income | (153) | (68) | 21 | (319) | |
Gains (losses) in OCI | 4 | 13 | 8 | (17) | |
Purchases | 55 | 0 | 55 | 0 | |
Sales | (144) | 0 | (145) | 1 | |
Issuances | 23 | 133 | 64 | 153 | |
Settlements | (100) | (128) | (205) | (270) | |
Gross Transfers into Level 3 | 0 | 3 | 7 | 5 | |
Gross Transfers out of Level 3 | 0 | (2) | 0 | (2) | |
Balance, ending | 1,775 | 1,911 | 1,775 | 1,911 | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (117) | (91) | 46 | (376) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Gains (losses) in OCI | $ 4 | $ 13 | $ 8 | $ (17) |
Fair Value Measurements - Rec_2
Fair Value Measurements - Recurring Fair Value Inputs (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / security$ / MMBTU | Dec. 31, 2020USD ($)$ / security$ / MMBTU | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | $ 14,928,000,000 | $ 15,718,000,000 |
Long-term debt | (30,361,000,000) | (32,200,000,000) |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | 14,928,000,000 | 15,718,000,000 |
MSRs | 976,000,000 | 1,000,000,000 |
Long-term debt | (30,361,000,000) | (32,200,000,000) |
Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 1,237,000,000 | 1,543,000,000 |
Instruments backed by commercial real estate assets | 440,000,000 | 407,000,000 |
Commercial loans, debt securities and other | 3,741,000,000 | 3,066,000,000 |
Other assets, primarily auction rate securities | 1,775,000,000 | 1,970,000,000 |
MSRs | 976,000,000 | 1,033,000,000 |
Long-term debt | (1,060,000,000) | (1,164,000,000) |
Net derivative asset (liability) | $ (2,884,000,000) | $ (3,468,000,000) |
Recurring | Level 3 | Yield | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0 | (0.03) |
Commercial loans, debt securities and other | 0 | 0 |
Recurring | Level 3 | Yield | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | 0 | 0 |
Recurring | Level 3 | Yield | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0 | 0 |
Recurring | Level 3 | Yield | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.25 | 0.25 |
Commercial loans, debt securities and other | 0.17 | 0.26 |
Recurring | Level 3 | Yield | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | 0.25 | 0.25 |
Recurring | Level 3 | Yield | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.14 | 0.11 |
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.06 | 0.06 |
Commercial loans, debt securities and other | 0.09 | 0.09 |
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | 0.04 | 0.04 |
Recurring | Level 3 | Yield | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.12 | 0.09 |
Recurring | Level 3 | Prepayment speed | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.01 | 0.01 |
Commercial loans, debt securities and other | 0.10 | 0.10 |
Recurring | Level 3 | Prepayment speed | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.37 | 0.56 |
Commercial loans, debt securities and other | 0.20 | 0.20 |
Recurring | Level 3 | Prepayment speed | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.18 | 0.20 |
Commercial loans, debt securities and other | 0.13 | 0.14 |
Recurring | Level 3 | Default rate | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0 | 0 |
Commercial loans, debt securities and other | 0.03 | 0.03 |
Recurring | Level 3 | Default rate | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.03 | 0.03 |
Commercial loans, debt securities and other | 0.04 | 0.04 |
Recurring | Level 3 | Default rate | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.01 | 0.01 |
Commercial loans, debt securities and other | 0.04 | 0.04 |
Recurring | Level 3 | Price | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | $ / security | 0 | 0 |
Commercial loans, debt securities and other | 0 | 0 |
Other assets, primarily auction rate securities | $ / security | 10 | 10 |
Recurring | Level 3 | Price | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | $ / security | 0 | 0 |
Recurring | Level 3 | Price | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / security | 0 | 0 |
Recurring | Level 3 | Price | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | $ / security | 155 | 168 |
Commercial loans, debt securities and other | 156 | 142 |
Other assets, primarily auction rate securities | $ / security | 96 | 97 |
Recurring | Level 3 | Price | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | $ / security | 101 | 100 |
Recurring | Level 3 | Price | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / security | 124 | 124 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | $ / security | 96 | 110 |
Commercial loans, debt securities and other | $ / security | 71 | 66 |
Other assets, primarily auction rate securities | $ / security | 93 | 91 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | $ / security | 60 | 52 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / security | 87 | 86 |
Recurring | Level 3 | Loss severity | Minimum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0 | 0 |
Commercial loans, debt securities and other | 0.35 | 0.35 |
Recurring | Level 3 | Loss severity | Maximum | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.42 | 0.47 |
Commercial loans, debt securities and other | 0.40 | 0.40 |
Recurring | Level 3 | Loss severity | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | 0.14 | 0.18 |
Commercial loans, debt securities and other | 0.38 | 0.38 |
Recurring | Level 3 | Discount rate | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Other assets, primarily auction rate securities | 0.08 | 0.08 |
Recurring | Level 3 | Weighted-Average Life, Fixed Rate | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0 years | 0 years |
Recurring | Level 3 | Weighted-Average Life, Fixed Rate | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 14 years | 13 years |
Recurring | Level 3 | Weighted-Average Life, Fixed Rate | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 4 years | 4 years |
Recurring | Level 3 | Weighted-Average Life, Variable Rate | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0 years | 0 years |
Recurring | Level 3 | Weighted-Average Life, Variable Rate | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 10 years | 10 years |
Recurring | Level 3 | Weighted-Average Life, Variable Rate | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 3 years | 3 years |
Recurring | Level 3 | Option-adjusted spread, fixed rate | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.07 | 0.07 |
Recurring | Level 3 | Option-adjusted spread, fixed rate | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.14 | 0.14 |
Recurring | Level 3 | Option-adjusted spread, fixed rate | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.09 | 0.09 |
Recurring | Level 3 | Option-adjusted spread, variable rate | Minimum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.09 | 0.09 |
Recurring | Level 3 | Option-adjusted spread, variable rate | Maximum | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.15 | 0.15 |
Recurring | Level 3 | Option-adjusted spread, variable rate | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
MSRs | 0.12 | 0.12 |
Recurring | Level 3 | Equity correlation | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.03 | 0.02 |
Recurring | Level 3 | Equity correlation | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.99 | 1 |
Recurring | Level 3 | Equity correlation | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.74 | 0.64 |
Recurring | Level 3 | Long-dated equity volatilities | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Commercial loans, debt securities and other | 0.44 | 0.77 |
Recurring | Level 3 | Long-dated equity volatilities | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.04 | 0.07 |
Recurring | Level 3 | Long-dated equity volatilities | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.61 | 0.64 |
Recurring | Level 3 | Long-dated equity volatilities | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.37 | 0.32 |
Recurring | Level 3 | Natural gas forward price | Minimum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / MMBTU | 2 | 1 |
Recurring | Level 3 | Natural gas forward price | Maximum | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / MMBTU | 6 | 4 |
Recurring | Level 3 | Natural gas forward price | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / MMBTU | 3 | 3 |
Recurring | Level 3 | Credit derivatives | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (108,000,000) | $ (112,000,000) |
Recurring | Level 3 | Credit derivatives | Yield | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.05 | |
Recurring | Level 3 | Credit derivatives | Prepayment speed | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.15 | |
Recurring | Level 3 | Credit derivatives | Prepayment speed | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.15 | |
Recurring | Level 3 | Credit derivatives | Prepayment speed | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 1 | |
Recurring | Level 3 | Credit derivatives | Prepayment speed | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.22 | |
Recurring | Level 3 | Credit derivatives | Default rate | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.02 | 0.02 |
Recurring | Level 3 | Credit derivatives | Price | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | $ / security | 0 | 0 |
Recurring | Level 3 | Credit derivatives | Price | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | $ / security | 122 | 122 |
Recurring | Level 3 | Credit derivatives | Price | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | $ / security | 63 | 69 |
Recurring | Level 3 | Credit derivatives | Credit spreads | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0001 | |
Recurring | Level 3 | Credit derivatives | Credit spreads | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0375 | |
Recurring | Level 3 | Credit derivatives | Credit spreads | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0085 | |
Recurring | Level 3 | Credit derivatives | Upfront points | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0016 | 0 |
Recurring | Level 3 | Credit derivatives | Upfront points | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0100 | 0.0100 |
Recurring | Level 3 | Credit derivatives | Upfront points | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0074 | 0.0075 |
Recurring | Level 3 | Credit derivatives | Credit correlation | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.21 | 0.21 |
Recurring | Level 3 | Credit derivatives | Credit correlation | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.60 | 0.64 |
Recurring | Level 3 | Credit derivatives | Credit correlation | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.55 | 0.57 |
Recurring | Level 3 | Equity contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (1,440,000,000) | $ (1,904,000,000) |
Recurring | Level 3 | Equity contracts | Equity correlation | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.03 | 0.02 |
Recurring | Level 3 | Equity contracts | Equity correlation | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.99 | 1 |
Recurring | Level 3 | Equity contracts | Equity correlation | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.74 | 0.64 |
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.04 | 0.07 |
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.60 | 0.64 |
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.37 | 0.32 |
Recurring | Level 3 | Commodity contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (1,259,000,000) | $ (1,426,000,000) |
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 2 | 1 |
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Maximum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 6 | 4 |
Recurring | Level 3 | Commodity contracts | Natural gas forward price | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 3 | 3 |
Recurring | Level 3 | Commodity contracts | Correlation | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.54 | 0.39 |
Recurring | Level 3 | Commodity contracts | Correlation | Maximum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.85 | 0.85 |
Recurring | Level 3 | Commodity contracts | Correlation | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.74 | 0.73 |
Recurring | Level 3 | Commodity contracts | Volatilities | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.27 | 0.23 |
Recurring | Level 3 | Commodity contracts | Volatilities | Maximum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.51 | 0.70 |
Recurring | Level 3 | Commodity contracts | Volatilities | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.41 | 0.39 |
Recurring | Level 3 | Interest rate contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (77,000,000) | $ (26,000,000) |
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | (0.01) | 0.15 |
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.90 | 0.96 |
Recurring | Level 3 | Interest rate contracts | Correlation (IR/IR) | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.52 | 0.34 |
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.58 | 0.46 |
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.19 | 0.03 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | (0.08) | (0.07) |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.15 | 0.84 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation rates | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.06 | 0.14 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.01 | 0.01 |
Recurring | Level 3 | Interest rate contracts | Long-dated inflation volatilities | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.01 | 0.01 |
Recurring | Level 3 | Interest rate contracts | Interest rate volatilities | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | Interest rate volatilities | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.02 | 0.02 |
Recurring | Level 3 | Interest rate contracts | Interest rate volatilities | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.01 | 0.01 |
Recurring | Level 3 | Mortgage trading loans, MBS and ABS | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | $ 368,000,000 | $ 467,000,000 |
Instruments backed by commercial real estate assets | 80,000,000 | 43,000,000 |
Commercial loans, debt securities and other | 1,050,000,000 | 930,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 1,500,000,000 | 1,400,000,000 |
Recurring | Level 3 | Loans and leases | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 383,000,000 | 431,000,000 |
Commercial loans, debt securities and other | 474,000,000 | 286,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 857,000,000 | 717,000,000 |
Recurring | Level 3 | AFS debt securities – Non-agency residential | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 205,000,000 | 378,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 341,000,000 | 643,000,000 |
Recurring | Level 3 | Other debt securities carried at fair value – Non-agency residential | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 281,000,000 | 267,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 281,000,000 | 267,000,000 |
Recurring | Level 3 | Corporate securities, trading loans and other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by commercial real estate assets | 266,000,000 | 262,000,000 |
Commercial loans, debt securities and other | 1,498,000,000 | 1,097,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 1,800,000,000 | 1,400,000,000 |
Recurring | Level 3 | AFS debt securities, primarily other taxable securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by commercial real estate assets | 85,000,000 | 89,000,000 |
Recurring | Level 3 | Loans held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by commercial real estate assets | 9,000,000 | 13,000,000 |
Commercial loans, debt securities and other | 254,000,000 | 223,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 263,000,000 | 236,000,000 |
Recurring | Level 3 | Non-U.S. sovereign debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Commercial loans, debt securities and other | 414,000,000 | 354,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 414,000,000 | 354,000,000 |
Recurring | Level 3 | Tax-exempt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Commercial loans, debt securities and other | 51,000,000 | 176,000,000 |
Recurring | Level 3 | Other assets, primarily auction rate securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | 799,000,000 | 937,000,000 |
Recurring | Level 3 | Other Assets | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | $ 1,800,000,000 | $ 2,000,000,000 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | $ 2,207 | $ 2,207 | $ 1,585 | ||
Loans and leases | 6,950 | 6,950 | 6,681 | ||
Other assets | 14,928 | 14,928 | 15,718 | ||
Nonrecurring | |||||
Gains (Losses) | |||||
Loans held-for-sale | 9 | $ (37) | 9 | $ (113) | |
Loans and leases | (24) | (22) | (37) | (45) | |
Foreclosed properties | 0 | (5) | (1) | (8) | |
Other assets | (67) | (26) | (470) | (27) | |
Loss on loans and leases written down to zero | 15 | 9 | 18 | 18 | |
Nonrecurring | Government Guaranteed Mortgage Loans upon Foreclosure Receivable | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Foreclosed properties | 66 | 124 | 66 | 124 | |
Nonrecurring | Level 2 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | 1,105 | 505 | 1,105 | 505 | |
Loans and leases | 0 | 0 | 0 | 0 | |
Foreclosed properties | 0 | 0 | 0 | 0 | |
Other assets | 322 | 187 | 322 | 187 | |
Nonrecurring | Level 3 | |||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||
Loans held-for-sale | 52 | 1,119 | 52 | 1,119 | 792 |
Loans and leases | 142 | 186 | 142 | 186 | 301 |
Foreclosed properties | 3 | 16 | 3 | 16 | |
Other assets | $ 2,172 | $ 6 | $ 2,172 | $ 6 | $ 576 |
Fair Value Measurements - Non_2
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) $ in Millions | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($)$ / security | Jun. 30, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measured at fair value | $ 6,950 | $ 6,681 | |
Other assets, measured at fair value | 14,928 | 15,718 | |
Loans held for sale, measured at fair value | 2,207 | 1,585 | |
Nonrecurring | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measured at fair value | 142 | 301 | $ 186 |
Other assets, measured at fair value | 2,172 | 576 | 6 |
Loans held for sale, measured at fair value | 52 | $ 792 | $ 1,119 |
Nonrecurring | Level 3 | Market comparables | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measured at fair value | 211 | ||
Nonrecurring | Level 3 | Discounted cash flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measured at fair value | $ 1,955 | ||
Price | Nonrecurring | Level 3 | Discounted cash flow | Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans held-for-sale, measurement input | 8 | ||
Price | Nonrecurring | Level 3 | Discounted cash flow | Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans held-for-sale, measurement input | 99 | ||
Price | Nonrecurring | Level 3 | Discounted cash flow | Weighted Average | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans held-for-sale, measurement input | $ / security | 95 | ||
OREO discount | Nonrecurring | Level 3 | Market comparables | Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measurement input | 0.13 | 0.13 | |
OREO discount | Nonrecurring | Level 3 | Market comparables | Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measurement input | 0.59 | 0.59 | |
OREO discount | Nonrecurring | Level 3 | Market comparables | Weighted Average | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measurement input | 0.24 | 0.24 | |
Costs to sell | Nonrecurring | Level 3 | Market comparables | Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measurement input | 0.08 | 0.08 | |
Costs to sell | Nonrecurring | Level 3 | Market comparables | Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measurement input | 0.26 | 0.26 | |
Costs to sell | Nonrecurring | Level 3 | Market comparables | Weighted Average | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measurement input | 0.09 | 0.09 | |
Revenue attrition | Nonrecurring | Level 3 | Discounted cash flow | Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measurement input | 0.02 | ||
Revenue attrition | Nonrecurring | Level 3 | Discounted cash flow | Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measurement input | 0.19 | ||
Revenue attrition | Nonrecurring | Level 3 | Discounted cash flow | Weighted Average | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measurement input | 0.07 | ||
Discount rate | Nonrecurring | Level 3 | Discounted cash flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measurement input | 0.07 | ||
Discount rate | Nonrecurring | Level 3 | Discounted cash flow | Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measurement input | 0.11 | ||
Discount rate | Nonrecurring | Level 3 | Discounted cash flow | Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measurement input | 0.14 | ||
Discount rate | Nonrecurring | Level 3 | Discounted cash flow | Weighted Average | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other assets, measurement input | 0.12 |
Fair Value Option - Elections (
Fair Value Option - Elections (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value Carrying Amount | ||
Assets | $ 163,344 | $ 108,856 |
Contractual Principal Outstanding | ||
Assets | 163,314 | 108,811 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | 30 | 45 |
Loans reported as trading account assets | ||
Fair Value Carrying Amount | ||
Assets | 9,818 | 7,967 |
Contractual Principal Outstanding | ||
Assets | 18,392 | 17,372 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (8,574) | (9,405) |
Trading inventory – other | ||
Fair Value Carrying Amount | ||
Assets | 24,322 | 22,790 |
Consumer and commercial loans | ||
Fair Value Carrying Amount | ||
Assets | 6,950 | 6,681 |
Contractual Principal Outstanding | ||
Assets | 7,000 | 6,778 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (50) | (97) |
Loans held-for-sale | ||
Fair Value Carrying Amount | ||
Assets | 2,207 | 1,585 |
Contractual Principal Outstanding | ||
Assets | 3,128 | 2,521 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (921) | (936) |
Other assets | ||
Fair Value Carrying Amount | ||
Assets | 183 | 200 |
Long-term deposits | ||
Fair Value Carrying Amount | ||
Liabilities | 515 | 481 |
Contractual Principal Outstanding | ||
Liabilities | 501 | 448 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 14 | 33 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value Carrying Amount | ||
Liabilities | 165,781 | 135,391 |
Contractual Principal Outstanding | ||
Liabilities | 165,790 | 135,390 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | (9) | 1 |
Short-term borrowings | ||
Fair Value Carrying Amount | ||
Liabilities | 4,490 | 5,874 |
Contractual Principal Outstanding | ||
Liabilities | 4,497 | 5,178 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | (7) | 696 |
Unfunded loan commitments | ||
Fair Value Carrying Amount | ||
Liabilities | 103 | 99 |
Long-term debt | ||
Fair Value Carrying Amount | ||
Liabilities | 30,361 | 32,200 |
Contractual Principal Outstanding | ||
Liabilities | 31,436 | 33,470 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | $ (1,075) | $ (1,270) |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Related to Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | $ 1,515 | $ 1,803 | $ 1,797 | $ (555) |
Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 171 | 314 | 283 | (73) |
Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 2,304 | 3,343 | 1,574 | 550 |
Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 69 | 207 | 159 | (234) |
Loans held-for-sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 23 | 58 | 11 | 45 |
Short-term borrowings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 61 | (283) | 474 | 234 |
Unfunded loan commitments | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (11) | 46 | (6) | (70) |
Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (1,055) | (1,878) | (685) | (978) |
Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (47) | (4) | (13) | (29) |
Market making and similar activities | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 1,531 | 1,537 | 1,795 | (280) |
Market making and similar activities | Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 171 | 314 | 283 | (73) |
Market making and similar activities | Trading inventory – other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 2,304 | 3,343 | 1,574 | 550 |
Market making and similar activities | Consumer and commercial loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 43 | 36 | 114 | (47) |
Market making and similar activities | Loans held-for-sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 0 | 0 | 0 | 0 |
Market making and similar activities | Short-term borrowings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 61 | (283) | 474 | 234 |
Market making and similar activities | Unfunded loan commitments | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 0 | 0 | 0 | 0 |
Market making and similar activities | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (1,047) | (1,869) | (661) | (953) |
Market making and similar activities | Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (1) | (4) | 11 | 9 |
Other Income | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (16) | 266 | 2 | (275) |
Other Income | Loans reported as trading account assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related 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) Related 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) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 26 | 171 | 45 | (187) |
Other Income | Loans held-for-sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 23 | 58 | 11 | 45 |
Other Income | Short-term borrowings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 0 | 0 | 0 | 0 |
Other Income | Unfunded loan commitments | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (11) | 46 | (6) | (70) |
Other Income | Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (8) | (9) | (24) | (25) |
Other Income | Other | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | $ (46) | $ 0 | $ (24) | $ (38) |
Fair Value Option - Gains (Lo_2
Fair Value Option - Gains (Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loans reported as trading account assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option | $ 121 | $ 153 | $ 187 | $ (236) |
Consumer and commercial loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option | 19 | 153 | 32 | (196) |
Loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option | 4 | (19) | (2) | (93) |
Unfunded loan commitments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option | $ (11) | $ 46 | $ (6) | $ (70) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets | ||
Loans held-for-sale | $ 2,207,000,000 | $ 1,585,000,000 |
Financial liabilities | ||
Long-term debt | 30,361,000,000 | 32,200,000,000 |
Demand deposits | 936,200,000,000 | 799,000,000,000 |
Stated maturities | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Loans | 883,938,000,000 | 887,289,000,000 |
Loans held-for-sale | 8,277,000,000 | 9,243,000,000 |
Financial liabilities | ||
Deposits | 1,909,142,000,000 | 1,795,480,000,000 |
Long-term debt | 274,604,000,000 | 262,934,000,000 |
Commercial unfunded lending commitments | 1,790,000,000 | 1,977,000,000 |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 925,747,000,000 | 927,054,000,000 |
Loans held-for-sale | 8,277,000,000 | 9,243,000,000 |
Financial liabilities | ||
Deposits | 1,909,132,000,000 | 1,795,545,000,000 |
Long-term debt | 283,963,000,000 | 272,479,000,000 |
Commercial unfunded lending commitments | 6,362,000,000 | 5,258,000,000 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial assets | ||
Loans | 50,383,000,000 | 49,372,000,000 |
Loans held-for-sale | 7,489,000,000 | 7,864,000,000 |
Financial liabilities | ||
Deposits | 1,909,132,000,000 | 1,795,545,000,000 |
Long-term debt | 282,903,000,000 | 271,315,000,000 |
Commercial unfunded lending commitments | 103,000,000 | 99,000,000 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial assets | ||
Loans | 875,364,000,000 | 877,682,000,000 |
Loans held-for-sale | 788,000,000 | 1,379,000,000 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | 1,060,000,000 | 1,164,000,000 |
Commercial unfunded lending commitments | $ 6,259,000,000 | $ 5,159,000,000 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021businessSegment | |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 10,343 | $ 10,976 | $ 20,651 | $ 23,250 | |
Noninterest income | 11,233 | 11,478 | 23,857 | 22,115 | |
Total revenue, net of interest expense | 21,576 | 22,454 | 44,508 | 45,365 | |
Provision for credit losses | (1,621) | 5,117 | (3,481) | 9,878 | |
Noninterest expense | 15,045 | 13,410 | 30,560 | 26,885 | |
Income before income taxes | 8,152 | 3,927 | 17,429 | 8,602 | |
Income tax expense | (1,072) | 394 | 155 | 1,059 | |
Net income | 9,224 | 3,533 | 17,274 | 7,543 | |
Period-end total assets | 3,029,894 | 2,741,688 | 3,029,894 | 2,741,688 | $ 2,819,627 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue, net of interest expense | 23,060 | 22,718 | 46,931 | 46,607 | |
Net income | 7,361 | 3,315 | 15,155 | 7,817 | |
Period-end total assets | 2,823,553 | 2,501,529 | 2,823,553 | 2,501,529 | |
Operating Segments | Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 5,973 | 5,991 | 11,893 | 12,853 | |
Noninterest income | 2,213 | 1,861 | 4,362 | 4,127 | |
Total revenue, net of interest expense | 8,186 | 7,852 | 16,255 | 16,980 | |
Provision for credit losses | (697) | 3,024 | (1,314) | 5,282 | |
Noninterest expense | 4,859 | 4,735 | 9,990 | 9,230 | |
Income before income taxes | 4,024 | 93 | 7,579 | 2,468 | |
Income tax expense | 986 | 23 | 1,857 | 605 | |
Net income | 3,038 | 70 | 5,722 | 1,863 | |
Period-end total assets | 1,063,650 | 929,193 | 1,063,650 | 929,193 | |
Operating Segments | Global Wealth & Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,354 | 1,378 | 2,685 | 2,949 | |
Noninterest income | 3,711 | 3,047 | 7,351 | 6,412 | |
Total revenue, net of interest expense | 5,065 | 4,425 | 10,036 | 9,361 | |
Provision for credit losses | (62) | 136 | (127) | 325 | |
Noninterest expense | 3,814 | 3,464 | 7,682 | 7,064 | |
Income before income taxes | 1,313 | 825 | 2,481 | 1,972 | |
Income tax expense | 322 | 202 | 608 | 483 | |
Net income | 991 | 623 | 1,873 | 1,489 | |
Period-end total assets | 378,220 | 334,190 | 378,220 | 334,190 | |
Operating Segments | Global Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,984 | 2,363 | 3,964 | 4,975 | |
Noninterest income | 3,105 | 2,728 | 5,758 | 4,716 | |
Total revenue, net of interest expense | 5,089 | 5,091 | 9,722 | 9,691 | |
Provision for credit losses | (831) | 1,873 | (1,957) | 3,966 | |
Noninterest expense | 2,599 | 2,222 | 5,380 | 4,540 | |
Income before income taxes | 3,321 | 996 | 6,299 | 1,185 | |
Income tax expense | 897 | 269 | 1,701 | 320 | |
Net income | 2,424 | 727 | 4,598 | 865 | |
Period-end total assets | 607,969 | 586,078 | 607,969 | 586,078 | |
Operating Segments | Global Markets | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 991 | 1,297 | 1,981 | 2,449 | |
Noninterest income | 3,729 | 4,053 | 8,937 | 8,126 | |
Total revenue, net of interest expense | 4,720 | 5,350 | 10,918 | 10,575 | |
Provision for credit losses | 22 | 105 | 17 | 212 | |
Noninterest expense | 3,471 | 2,684 | 6,898 | 5,498 | |
Income before income taxes | 1,227 | 2,561 | 4,003 | 4,865 | |
Income tax expense | 319 | 666 | 1,041 | 1,265 | |
Net income | 908 | 1,895 | 2,962 | 3,600 | |
Period-end total assets | 773,714 | 652,068 | 773,714 | 652,068 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 41 | (53) | 128 | 24 | |
Noninterest income | (1,525) | (211) | (2,551) | (1,266) | |
Total revenue, net of interest expense | (1,484) | (264) | (2,423) | (1,242) | |
Provision for credit losses | (53) | (21) | (100) | 93 | |
Noninterest expense | 302 | 305 | 610 | 553 | |
Income before income taxes | (1,733) | (548) | (2,933) | (1,888) | |
Income tax expense | (3,596) | (766) | (5,052) | (1,614) | |
Net income | 1,863 | 218 | 2,119 | (274) | |
Period-end total assets | $ 206,341 | $ 240,159 | $ 206,341 | $ 240,159 |
Business Segment Information _3
Business Segment Information - Noninterest Income by Business Segment and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | $ 9,705 | $ 8,392 | $ 19,241 | $ 16,713 |
Market making and similar activities | 1,826 | 2,487 | 5,355 | 5,294 |
Other income (loss) | (298) | 599 | (739) | 108 |
Total noninterest income | 11,233 | 11,478 | 23,857 | 22,115 |
Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,586 | 1,249 | 3,021 | 2,521 |
Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,210 | 830 | 2,277 | 1,622 |
Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 376 | 419 | 744 | 899 |
Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,874 | 1,562 | 3,666 | 3,465 |
Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,557 | 1,299 | 3,052 | 2,926 |
Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 317 | 263 | 614 | 539 |
Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 4,123 | 3,422 | 8,186 | 7,180 |
Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 3,156 | 2,483 | 6,158 | 5,165 |
Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 967 | 939 | 2,028 | 2,015 |
Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 2,122 | 2,159 | 4,368 | 3,547 |
Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 1,314 | 1,523 | 2,860 | 2,371 |
Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 401 | 230 | 701 | 501 |
Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 407 | 406 | 807 | 675 |
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | 2,241 | 1,825 | 4,338 | 4,001 |
Market making and similar activities | 0 | 1 | 0 | 2 |
Other income (loss) | (28) | 35 | 24 | 124 |
Total noninterest income | 2,213 | 1,861 | 4,362 | 4,127 |
Operating Segments | Consumer Banking | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1,312 | 1,053 | 2,501 | 2,163 |
Operating Segments | Consumer Banking | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 945 | 645 | 1,781 | 1,289 |
Operating Segments | Consumer Banking | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 367 | 408 | 720 | 874 |
Operating Segments | Consumer Banking | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 851 | 706 | 1,682 | 1,701 |
Operating Segments | Consumer Banking | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 851 | 706 | 1,682 | 1,701 |
Operating Segments | Consumer Banking | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 78 | 66 | 155 | 137 |
Operating Segments | Consumer Banking | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 45 | 34 | 87 | 72 |
Operating Segments | Consumer Banking | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 33 | 32 | 68 | 65 |
Operating Segments | Consumer Banking | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | 3,664 | 2,970 | 7,227 | 6,242 |
Market making and similar activities | 11 | 18 | 22 | 39 |
Other income (loss) | 36 | 59 | 102 | 131 |
Total noninterest income | 3,711 | 3,047 | 7,351 | 6,412 |
Operating Segments | Global Wealth & Investment Management | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 21 | 18 | 40 | 35 |
Operating Segments | Global Wealth & Investment Management | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 12 | 8 | 22 | 16 |
Operating Segments | Global Wealth & Investment Management | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 9 | 10 | 18 | 19 |
Operating Segments | Global Wealth & Investment Management | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 18 | 14 | 36 | 32 |
Operating Segments | Global Wealth & Investment Management | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 18 | 14 | 36 | 32 |
Operating Segments | Global Wealth & Investment Management | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 3,537 | 2,854 | 6,928 | 5,976 |
Operating Segments | Global Wealth & Investment Management | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 3,110 | 2,454 | 6,071 | 5,106 |
Operating Segments | Global Wealth & Investment Management | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 427 | 400 | 857 | 870 |
Operating Segments | Global Wealth & Investment Management | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 88 | 84 | 223 | 199 |
Operating Segments | Global Wealth & Investment Management | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 88 | 84 | 223 | 199 |
Operating Segments | Global Wealth & Investment Management | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
Operating Segments | Global Banking | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | 2,293 | 2,010 | 4,503 | 3,697 |
Market making and similar activities | 28 | (15) | 59 | 72 |
Other income (loss) | 784 | 733 | 1,196 | 947 |
Total noninterest income | 3,105 | 2,728 | 5,758 | 4,716 |
Operating Segments | Global Banking | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 180 | 68 | 330 | 191 |
Operating Segments | Global Banking | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 178 | 65 | 324 | 184 |
Operating Segments | Global Banking | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 2 | 3 | 6 | 7 |
Operating Segments | Global Banking | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 900 | 738 | 1,747 | 1,533 |
Operating Segments | Global Banking | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 641 | 524 | 1,243 | 1,095 |
Operating Segments | Global Banking | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 259 | 214 | 504 | 438 |
Operating Segments | Global Banking | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 40 | 23 | 81 | 31 |
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 | 40 | 23 | 81 | 31 |
Operating Segments | Global Banking | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 1,173 | 1,181 | 2,345 | 1,942 |
Operating Segments | Global Banking | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 587 | 703 | 1,241 | 1,071 |
Operating Segments | Global Banking | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 210 | 133 | 371 | 279 |
Operating Segments | Global Banking | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 376 | 345 | 733 | 592 |
Operating Segments | Global Markets | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | 1,609 | 1,625 | 3,320 | 2,904 |
Market making and similar activities | 1,964 | 2,360 | 5,434 | 5,334 |
Other income (loss) | 156 | 68 | 183 | (112) |
Total noninterest income | 3,729 | 4,053 | 8,937 | 8,126 |
Operating Segments | Global Markets | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 74 | 111 | 150 | 132 |
Operating Segments | Global Markets | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 74 | 111 | 150 | 132 |
Operating Segments | Global Markets | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 0 | 0 | 0 | 0 |
Operating Segments | Global Markets | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 103 | 95 | 197 | 182 |
Operating Segments | Global Markets | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 45 | 45 | 87 | 80 |
Operating Segments | Global Markets | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 58 | 50 | 110 | 102 |
Operating Segments | Global Markets | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 473 | 480 | 1,033 | 1,048 |
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 | 473 | 480 | 1,033 | 1,048 |
Operating Segments | Global Markets | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 959 | 939 | 1,940 | 1,542 |
Operating Segments | Global Markets | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 737 | 781 | 1,536 | 1,237 |
Operating Segments | Global Markets | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 191 | 97 | 330 | 222 |
Operating Segments | Global Markets | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 31 | 61 | 74 | 83 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Total fees and commissions | (102) | (38) | (147) | (131) |
Market making and similar activities | (177) | 123 | (160) | (153) |
Other income (loss) | (1,246) | (296) | (2,244) | (982) |
Total noninterest income | (1,525) | (211) | (2,551) | (1,266) |
All Other | Card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | (1) | (1) | 0 | 0 |
All Other | Interchange fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 1 | 1 | 0 | 1 |
All Other | Other card income | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | (2) | (2) | 0 | (1) |
All Other | Service charges | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 2 | 9 | 4 | 17 |
All Other | Deposit-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 2 | 10 | 4 | 18 |
All Other | Lending-related fees | ||||
Segment Reporting Information [Line Items] | ||||
Card income and service charges | 0 | (1) | 0 | (1) |
All Other | Investment and brokerage services | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | (5) | (1) | (11) | (12) |
All Other | Asset management fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | 1 | (5) | 0 | (13) |
All Other | Brokerage fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment and brokerage services | (6) | 4 | (11) | 1 |
All Other | Total investment banking fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | (98) | (45) | (140) | (136) |
All Other | Underwriting income | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | (98) | (45) | (140) | (136) |
All Other | Syndication fees | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | 0 | 0 | 0 | 0 |
All Other | Financial advisory services | ||||
Segment Reporting Information [Line Items] | ||||
Investment banking fees | $ 0 | $ 0 | $ 0 | $ 0 |
Business Segment Information _4
Business Segment Information - Business Segment Reconciliations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Segments’ total revenue, net of interest expense | $ 21,576 | $ 22,454 | $ 44,508 | $ 45,365 |
Total revenue, net of interest expense | 21,466 | 22,326 | 44,287 | 45,093 |
Net income | 9,224 | 3,533 | 17,274 | 7,543 |
Operating Segments | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Segments’ total revenue, net of interest expense | 23,060 | 22,718 | 46,931 | 46,607 |
Total revenue, net of interest expense | 21,466 | 22,326 | 44,287 | 45,093 |
Net income | 7,361 | 3,315 | 15,155 | 7,817 |
Asset and liability management activities | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | (154) | 677 | (44) | 592 |
Net income | (113) | 521 | (30) | 444 |
Liquidating businesses, eliminations and other | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | (1,330) | (941) | (2,379) | (1,834) |
Net income | 1,976 | (303) | 2,149 | (718) |
FTE basis adjustment | ||||
Segments’ total revenue, net of interest expense (FTE basis) | ||||
Total revenue, net of interest expense | $ (110) | $ (128) | $ (221) | $ (272) |
Business Segment Information _5
Business Segment Information - Segments' Total Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Segments’ total assets | |||
Total assets | $ 3,029,894 | $ 2,819,627 | $ 2,741,688 |
Operating Segments | |||
Segments’ total assets | |||
Total assets | 2,823,553 | 2,501,529 | |
Asset and liability management activities | |||
Segments’ total assets | |||
Total assets | 1,250,633 | 1,002,652 | |
Other | |||
Segments’ total assets | |||
Total assets | 67,208 | 66,636 | |
Elimination of segment asset allocations to match liabilities | |||
Segments’ total assets | |||
Total assets | $ (1,111,500) | $ (829,129) |
Uncategorized Items - bac-20210
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |