Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 349,925,254,902 | ||
Entity Common Stock, Shares Outstanding | 8,069,801,301 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement relating to the registrant’s 2022 annual meeting of shareholders are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. | ||
Entity Central Index Key | 0000070858 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
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 | ||
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 | ||
Trading Symbol | BAC PrP | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | ||
Trading Symbol | BAC PrQ | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share | ||
Trading Symbol | BAC PrS | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers, LLP |
Auditor Location | Charlotte, North Carolina |
Auditor Firm ID | 238 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net interest income | |||
Interest income | $ 47,672 | $ 51,585 | $ 71,236 |
Interest expense | 4,738 | 8,225 | 22,345 |
Net interest income | 42,934 | 43,360 | 48,891 |
Noninterest income | |||
Fees and commissions | 39,299 | 34,551 | 33,015 |
Market making and similar activities | 8,691 | 8,355 | 9,034 |
Other income | (1,811) | (738) | 304 |
Total noninterest income | 46,179 | 42,168 | 42,353 |
Total revenue, net of interest expense | 89,113 | 85,528 | 91,244 |
Provision for credit losses | (4,594) | 11,320 | 3,590 |
Noninterest expense | |||
Compensation and benefits | 36,140 | 32,725 | 31,977 |
Occupancy and equipment | 7,138 | 7,141 | 6,588 |
Information processing and communications | 5,769 | 5,222 | 4,646 |
Product delivery and transaction related | 3,881 | 3,433 | 2,762 |
Marketing | 1,939 | 1,701 | 1,934 |
Professional fees | 1,775 | 1,694 | 1,597 |
Other general operating | 3,089 | 3,297 | 5,396 |
Total noninterest expense | 59,731 | 55,213 | 54,900 |
Income before income taxes | 33,976 | 18,995 | 32,754 |
Income tax expense | 1,998 | 1,101 | 5,324 |
Net income | 31,978 | 17,894 | 27,430 |
Preferred stock dividends | 1,421 | 1,421 | 1,432 |
Net income applicable to common shareholders | $ 30,557 | $ 16,473 | $ 25,998 |
Per common share information | |||
Earnings (in dollars per share) | $ 3.60 | $ 1.88 | $ 2.77 |
Diluted earnings (in dollars per share) | $ 3.57 | $ 1.87 | $ 2.75 |
Average common shares issued and outstanding (in shares) | 8,493.3 | 8,753.2 | 9,390.5 |
Average diluted common shares issued and outstanding (in shares) | 8,558.4 | 8,796.9 | 9,442.9 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 31,978 | $ 17,894 | $ 27,430 |
Other comprehensive income (loss), net-of-tax: | |||
Net change in debt securities | (2,077) | 4,799 | 5,875 |
Net change in debit valuation adjustments | 356 | (498) | (963) |
Net change in derivatives | (2,306) | 826 | 616 |
Employee benefit plan adjustments | 624 | (98) | 136 |
Net change in foreign currency translation adjustments | (45) | (52) | (86) |
Other comprehensive income (loss) | (3,448) | 4,977 | 5,578 |
Comprehensive income | $ 28,530 | $ 22,871 | $ 33,008 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 29,222 | $ 36,430 |
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 318,999 | 344,033 |
Cash and cash equivalents | 348,221 | 380,463 |
Time deposits placed and other short-term investments | 7,144 | 6,546 |
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $150,665 and $108,856 measured at fair value) | 250,720 | 304,058 |
Trading account assets (includes $103,434 and $91,510 pledged as collateral) | 247,080 | 198,854 |
Derivative assets | 35,344 | 47,179 |
Debt securities: | ||
Carried at fair value | 308,073 | 246,601 |
Held-to-maturity, at cost (fair value – $665,890 and $448,180) | 674,554 | 438,249 |
Total debt securities | 982,627 | 684,850 |
Loans and leases (includes $7,819 and $6,681 measured at fair value) | 979,124 | 927,861 |
Allowance for loan and lease losses | (12,387) | (18,802) |
Loans and leases, net of allowance | 966,737 | 909,059 |
Premises and equipment, net | 10,833 | 11,000 |
Goodwill | 69,022 | 68,951 |
Loans held-for-sale (includes $4,455 and $1,585 measured at fair value) | 15,635 | 9,243 |
Customer and other receivables | 72,263 | 64,221 |
Other assets (includes $12,144 and $15,718 measured at fair value) | 163,869 | 135,203 |
Total assets | 3,169,495 | 2,819,627 |
Deposits in U.S. offices: | ||
Noninterest-bearing | 784,189 | 650,674 |
Interest-bearing (includes $408 and $481 measured at fair value) | 1,165,914 | 1,038,341 |
Deposits in non-U.S. offices: | ||
Noninterest-bearing | 27,457 | 17,698 |
Interest-bearing | 86,886 | 88,767 |
Total deposits | 2,064,446 | 1,795,480 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $139,641 and $135,391 measured at fair value) | 192,329 | 170,323 |
Trading account liabilities | 100,690 | 71,320 |
Derivative liabilities | 37,675 | 45,526 |
Short-term borrowings (includes $4,279 and $5,874 measured at fair value) | 23,753 | 19,321 |
Accrued expenses and other liabilities (includes $11,489 and $16,311 measured at fair value and $1,456 and $1,878 of reserve for unfunded lending commitments) | 200,419 | 181,799 |
Long-term debt (includes $29,708 and $32,200 measured at fair value) | 280,117 | 262,934 |
Total liabilities | 2,899,429 | 2,546,703 |
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities and Note 12 – Commitments and Contingencies) | ||
Shareholders’ equity | ||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,939,686 and 3,931,440 shares | 24,708 | 24,510 |
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,077,831,463 and 8,650,814,105 shares | 62,398 | 85,982 |
Retained earnings | 188,064 | 164,088 |
Accumulated other comprehensive income (loss) | (5,104) | (1,656) |
Total shareholders’ equity | 270,066 | 272,924 |
Total liabilities and shareholders’ equity | 3,169,495 | 2,819,627 |
Consolidated VIEs | ||
Assets | ||
Trading account assets (includes $103,434 and $91,510 pledged as collateral) | 5,004 | 5,225 |
Debt securities: | ||
Loans and leases (includes $7,819 and $6,681 measured at fair value) | 17,135 | 23,636 |
Allowance for loan and lease losses | (958) | (1,693) |
Loans and leases, net of allowance | 16,177 | 21,943 |
Other assets (includes $12,144 and $15,718 measured at fair value) | 189 | 1,387 |
Total assets | 21,370 | 28,555 |
Deposits in non-U.S. offices: | ||
Short-term borrowings (includes $4,279 and $5,874 measured at fair value) | 247 | 454 |
Long-term debt (includes $29,708 and $32,200 measured at fair value) | 3,587 | 7,053 |
All other liabilities (includes $7 and $16 of non-recourse liabilities) | 7 | 16 |
Total liabilities | $ 3,841 | $ 7,523 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value | $ 150,665 | $ 108,856 |
Trading account assets, pledged as collateral | 103,434 | 91,510 |
Debt securities: | ||
Fair Value | 665,890 | 448,180 |
Loans and leases, measured at fair value | 7,819 | 6,681 |
Loans held for sale, measured at fair value | 4,455 | 1,585 |
Other assets, measured at fair value | 12,144 | 15,718 |
Deposits in U.S. offices: | ||
Interest bearing, measured at fair value | 408 | 481 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 139,641 | 135,391 |
Short-term borrowings, measured at fair value | 4,279 | 5,874 |
Accrued expenses and other liabilities, measured at fair value | 11,489 | 16,311 |
Accrued expenses and other liabilities, reserve for unfunded lending commitments | 1,456 | 1,878 |
Long-term debt, measured at fair value | $ 29,708 | $ 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) | 3,939,686 | 3,931,440 |
Preferred stock outstanding (in shares) | 3,939,686 | 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) | 8,077,831,463 | 8,650,814,105 |
Common stock outstanding (in shares) | 8,077,831,463 | 8,650,814,105 |
Short-term borrowings | Consolidated VIEs | ||
Shareholders’ equity | ||
Non-recourse debt | $ 51 | $ 22 |
Long-term debt | Consolidated VIEs | ||
Shareholders’ equity | ||
Non-recourse debt | 3,587 | 7,053 |
Other liabilities | Consolidated VIEs | ||
Shareholders’ equity | ||
Non-recourse debt | $ 7 | $ 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, 2018 | $ 265,325 | $ 22,326 | $ 118,896 | $ 136,314 | $ (12,211) | $ 165 | $ 165 |
Beginning Balance (in shares) at Dec. 31, 2018 | 9,669.3 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accounting standards update | Accounting Standards Update 2016-02 [Member] | ||||||
Net income | $ 27,430 | 27,430 | |||||
Net change in debt securities | 5,875 | 5,875 | |||||
Net change in debit valuation adjustments | (963) | (963) | |||||
Net change in derivatives | 616 | 616 | |||||
Employee benefit plan adjustments | 136 | 136 | |||||
Net change in foreign currency translation adjustments | (86) | (86) | |||||
Dividends declared: | |||||||
Common | (6,146) | (6,146) | |||||
Preferred | (1,432) | (1,432) | |||||
Issuance of preferred stock | 3,643 | 3,643 | |||||
Redemption of preferred stock | (2,568) | (2,568) | |||||
Common stock issued under employee plans, net, and other | 959 | $ 971 | (12) | ||||
Common stock issued under employee plans, net, and other (in shares) | 123.3 | ||||||
Common stock repurchased | (28,144) | $ (28,144) | |||||
Common stock repurchased (in shares) | (956.5) | ||||||
Ending balance at Dec. 31, 2019 | $ 264,810 | 23,401 | $ 91,723 | 156,319 | (6,633) | $ (2,406) | $ (2,406) |
Ending Balance (in shares) at Dec. 31, 2019 | 8,836.1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accounting standards update | Accounting Standards Update 2016-13 [Member] | ||||||
Net income | $ 17,894 | 17,894 | |||||
Net change in debt securities | 4,799 | 4,799 | |||||
Net change in debit valuation adjustments | (498) | (498) | |||||
Net change in derivatives | 826 | 826 | |||||
Employee benefit plan adjustments | (98) | (98) | |||||
Net change in foreign currency translation adjustments | (52) | (52) | |||||
Dividends declared: | |||||||
Common | (6,289) | (6,289) | |||||
Preferred | (1,421) | (1,421) | |||||
Issuance of preferred stock | 2,181 | 2,181 | |||||
Redemption of preferred stock | (1,072) | (1,072) | |||||
Common stock issued under employee plans, net, and other | 1,275 | $ 1,284 | (9) | ||||
Common stock issued under employee plans, net, and other (in shares) | 41.7 | ||||||
Common stock repurchased | (7,025) | $ (7,025) | |||||
Common stock repurchased (in shares) | (227) | ||||||
Ending balance at Dec. 31, 2020 | 272,924 | 24,510 | $ 85,982 | 164,088 | (1,656) | ||
Ending Balance (in shares) at Dec. 31, 2020 | 8,650.8 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 31,978 | 31,978 | |||||
Net change in debt securities | (2,077) | (2,077) | |||||
Net change in debit valuation adjustments | 356 | 356 | |||||
Net change in derivatives | (2,306) | (2,306) | |||||
Employee benefit plan adjustments | 624 | 624 | |||||
Net change in foreign currency translation adjustments | (45) | (45) | |||||
Dividends declared: | |||||||
Common | (6,575) | (6,575) | |||||
Preferred | (1,421) | (1,421) | |||||
Issuance of preferred stock | 2,169 | 2,169 | |||||
Redemption of preferred stock | (1,971) | (1,971) | |||||
Common stock issued under employee plans, net, and other | 1,536 | $ 1,542 | (6) | ||||
Common stock issued under employee plans, net, and other (in shares) | 42.3 | ||||||
Common stock repurchased | (25,126) | $ (25,126) | |||||
Common stock repurchased (in shares) | (615.3) | ||||||
Ending balance at Dec. 31, 2021 | $ 270,066 | $ 24,708 | $ 62,398 | $ 188,064 | $ (5,104) | ||
Ending Balance (in shares) at Dec. 31, 2021 | 8,077.8 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 31,978 | $ 17,894 | $ 27,430 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | (4,594) | 11,320 | 3,590 |
Gains on sales of debt securities | (22) | (411) | (217) |
Depreciation and amortization | 1,898 | 1,843 | 1,729 |
Net amortization of premium/discount on debt securities | 5,837 | 4,101 | 2,066 |
Deferred income taxes | (838) | (1,737) | 2,435 |
Stock-based compensation | 2,768 | 2,031 | 1,974 |
Impairment of equity method investment | 0 | 0 | 2,072 |
Loans held-for-sale: | |||
Originations and purchases | (43,635) | (19,657) | (28,874) |
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities | 34,684 | 19,049 | 30,191 |
Net change in: | |||
Trading and derivative assets/liabilities | (22,104) | 16,942 | 7,920 |
Other assets | (34,455) | (12,883) | (11,113) |
Accrued expenses and other liabilities | 16,639 | (4,385) | 16,363 |
Other operating activities, net | 4,651 | 3,886 | 6,211 |
Net cash provided by (used in) operating activities | (7,193) | 37,993 | 61,777 |
Investing activities | |||
Time deposits placed and other short-term investments | (598) | 561 | 387 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 53,338 | (29,461) | (13,466) |
Debt securities carried at fair value: | |||
Proceeds from sales | 6,893 | 77,524 | 52,006 |
Proceeds from paydowns and maturities | 159,616 | 91,084 | 79,114 |
Purchases | (238,398) | (194,877) | (152,782) |
Held-to-maturity debt securities: | |||
Proceeds from paydowns and maturities | 124,880 | 93,835 | 34,770 |
Purchases | (362,736) | (257,535) | (37,115) |
Loans and leases: | |||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | 10,396 | 13,351 | 12,201 |
Purchases | (5,164) | (5,229) | (5,963) |
Other changes in loans and leases, net | (58,039) | 36,571 | (46,808) |
Other investing activities, net | (3,479) | (3,489) | (2,974) |
Net cash used in investing activities | (313,291) | (177,665) | (80,630) |
Financing activities | |||
Deposits | 268,966 | 360,677 | 53,327 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 22,006 | 5,214 | (21,879) |
Short-term borrowings | 4,432 | (4,893) | 4,004 |
Long-term debt: | |||
Proceeds from issuance | 76,675 | 57,013 | 52,420 |
Retirement | (46,826) | (47,948) | (50,794) |
Preferred stock: | |||
Proceeds from issuance | 2,169 | 2,181 | 3,643 |
Redemption | (1,971) | (1,072) | (2,568) |
Common stock repurchased | (25,126) | (7,025) | (28,144) |
Cash dividends paid | (8,055) | (7,727) | (5,934) |
Other financing activities, net | (620) | (601) | (698) |
Net cash provided by financing activities | 291,650 | 355,819 | 3,377 |
Effect of exchange rate changes on cash and cash equivalents | (3,408) | 2,756 | (368) |
Net increase (decrease) in cash and cash equivalents | (32,242) | 218,903 | (15,844) |
Cash and cash equivalents at January 1 | 380,463 | 161,560 | 177,404 |
Cash and cash equivalents at December 31 | 348,221 | 380,463 | 161,560 |
Supplemental cash flow disclosures | |||
Interest paid | 4,506 | 8,662 | 22,196 |
Income taxes paid, net | $ 2,760 | $ 2,894 | $ 4,359 |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 12 Months Ended |
Dec. 31, 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, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded 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. Certain prior-period amounts have been reclassified to conform to current period presentation. Significant Accounting Principles Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in the process of collection, cash segregated under federal and other brokerage regulations, and amounts due from correspondent banks, the Federal Reserve Bank and certain non-U.S. central banks. Certain cash balances are restricted as to withdrawal or usage by legally binding contractual agreements or regulatory requirements. Securities Financing Agreements Securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase (securities financing agreements) are treated as collateralized financing transactions except in instances where the transaction is required to be accounted for as individual sale and purchase transactions. Generally, these agreements are recorded at acquisition or sale price plus accrued interest. In instances where the interest is negative, the Corporation’s policy is to present negative interest on financial assets as interest income and negative interest on financial liabilities as interest expense. For securities financing agreements that are accounted for under the fair value option, the changes in the fair value of these securities financing agreements are recorded in market making and similar activities in the Consolidated Statement of Income. The Corporation’s policy is to monitor the market value of the principal amount loaned under resale agreements and obtain collateral from or return collateral pledged to counterparties when appropriate. Securities financing agreements do not create material credit risk due to these collateral provisions; therefore, an allowance for loan losses is not necessary. In transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral, it recognizes an asset on the Consolidated Balance Sheet at fair value, representing the securities received, and a liability, representing the obligation to return those securities. Collateral The Corporation accepts securities and loans as collateral that it is permitted by contract or practice to sell or repledge. At December 31, 2021 and 2020, the fair value of this collateral was $854.8 billion and $812.4 billion, of which $782.7 billion and $758.5 billion were sold or repledged. The primary source of this collateral is securities borrowed or purchased under agreements to resell. The Corporation also pledges company-owned securities and loans as collateral in transactions that include repurchase agreements, securities loaned, public and trust deposits, U.S. Treasury tax and loan notes, and short-term borrowings. This collateral, which in some cases can be sold or repledged by the counterparties to the transactions, is parenthetically disclosed on the Consolidated Balance Sheet. In certain cases, the Corporation has transferred assets to consolidated VIEs where those restricted assets serve as collateral for the interests issued by the VIEs. These assets are included on the Consolidated Balance Sheet in Assets of Consolidated VIEs. In addition, the Corporation obtains collateral in connection with its derivative contracts. Required collateral levels vary depending on the credit risk rating and the type of counterparty. Generally, the Corporation accepts collateral in the form of cash, U.S. Treasury securities and other marketable securities. Based on provisions contained in master netting agreements, the Corporation nets cash collateral received against derivative assets. The Corporation also pledges collateral on its own derivative positions which can be applied against derivative liabilities. Trading Instruments Financial instruments utilized in trading activities are carried at fair value. Fair value is generally based on quoted market prices for the same or similar assets and liabilities. If these market prices are not available, fair values are estimated based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques where the determination of fair value may require significant management judgment or estimation. Realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in market making and similar activities. Derivatives and Hedging Activities Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that are both designated in qualifying accounting hedge relationships and derivatives used to hedge market risks in relationships that are not designated in qualifying accounting hedge relationships (referred to as other risk management activities). The Corporation manages interest rate and foreign currency exchange rate sensitivity predominantly through the use of derivatives. Derivatives utilized by the Corporation include swaps, futures and forward settlement contracts, and option contracts. All derivatives are recorded on the Consolidated Balance Sheet at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow the Corporation to settle positive and negative positions and offset cash collateral held with the same counterparty on a net basis. For exchange-traded contracts, fair value is based on quoted market prices in active or inactive markets or is derived from observable market-based pricing parameters, similar to those applied to over-the-counter (OTC) derivatives. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies or similar techniques for which the determination of fair value may require significant management judgment or estimation. Valuations of derivative assets and liabilities reflect the value of the instrument including counterparty credit risk. These values also take into account the Corporation’s own credit standing. Trading Derivatives and Other Risk Management Activities Derivatives held for trading purposes are included in derivative assets or derivative liabilities on the Consolidated Balance Sheet with changes in fair value included in market making and similar activities. Derivatives used for other risk management activities are included in derivative assets or derivative liabilities. Derivatives used in other risk management activities have not been designated in qualifying accounting hedge relationships because they did not qualify or the risk that is being mitigated pertains to an item that is reported at fair value through earnings so that the effect of measuring the derivative instrument and the asset or liability to which the risk exposure pertains will offset in the Consolidated Statement of Income to the extent effective. The changes in the fair value of derivatives that serve to mitigate certain risks associated with mortgage servicing rights (MSRs), interest rate lock commitments (IRLCs) and first-lien mortgage loans held-for-sale (LHFS) that are originated by the Corporation are recorded in other income. Changes in the fair value of derivatives that serve to mitigate interest rate risk and foreign currency risk are included in market making and similar activities. Credit derivatives are also used by the Corporation to mitigate the risk associated with various credit exposures. The changes in the fair value of these derivatives are included in market making and similar activities and other income. Derivatives Used For Hedge Accounting Purposes (Accounting Hedges) For accounting hedges, the Corporation formally documents at inception all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategies for undertaking various accounting hedges. Additionally, the Corporation primarily uses regression analysis at the inception of a hedge and for each reporting period thereafter to assess whether the derivative used in an accounting hedge transaction is expected to be and has been highly effective in offsetting changes in the fair value or cash flows of a hedged item or forecasted transaction. The Corporation discontinues hedge accounting when it is determined that a derivative is not expected to be or has ceased to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship. Fair value hedges are used to protect against changes in the fair value of the Corporation’s assets and liabilities that are attributable to interest rate or foreign exchange volatility. Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings, together and in the same income statement line item with changes in the fair value of the related hedged item. If a derivative instrument in a fair value hedge is terminated or the hedge designation removed, the previous adjustments to the carrying value of the hedged asset or liability are subsequently accounted for in the same manner as other components of the carrying value of that asset or liability. For interest-earning assets and interest-bearing liabilities, such adjustments are amortized to earnings over the remaining life of the respective asset or liability. Cash flow hedges are used primarily to minimize the variability in cash flows of assets and liabilities or forecasted transactions caused by interest rate or foreign exchange rate fluctuations. The Corporation also uses cash flow hedges to hedge the price risk associated with deferred compensation. Changes in the fair value of derivatives used in cash flow hedges are recorded in accumulated other comprehensive income (OCI) and are reclassified into the line item in the income statement in which the hedged item is recorded in the same period the hedged item affects earnings. Components of a derivative that are excluded in assessing hedge effectiveness are recorded in the same income statement line item as the hedged item. Net investment hedges are used to manage the foreign exchange rate sensitivity arising from a net investment in a foreign operation. Changes in the spot prices of derivatives that are designated as net investment hedges of foreign operations are recorded as a component of accumulated OCI. The remaining components of these derivatives are excluded in assessing hedge effectiveness and are recorded in market making and similar activities. Securities Debt securities are reported on the Consolidated Balance Sheet at their trade date. Their classification is dependent on the purpose for which the securities were acquired. Debt securities purchased for use in the Corporation’s trading activities are reported in trading account assets at fair value with unrealized gains and losses included in market making and similar activities. Substantially all other debt securities purchased are used in the Corporation’s asset and liability management (ALM) activities and are reported on the Consolidated Balance Sheet as either debt securities carried at fair value or as held-to-maturity (HTM) debt securities. Debt securities carried at fair value are either available-for-sale (AFS) securities with unrealized gains and losses net-of-tax included in accumulated OCI or carried at fair value with unrealized gains and losses reported in market making and similar activities. HTM debt securities are debt securities that management has the intent and ability to hold to maturity and are reported at amortized cost. The Corporation evaluates each AFS security where the value has declined below amortized cost. If the Corporation intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. For AFS debt securities the Corporation intends to hold, the Corporation evaluates the debt securities for expected credit losses (ECL), except for debt securities that are guaranteed by the U.S. Treasury, U.S. government agencies or sovereign entities of high credit quality where the Corporation applies a zero credit loss assumption. For the remaining AFS debt securities, the Corporation considers qualitative parameters such as internal and external credit ratings and the value of underlying collateral. If an AFS debt security fails any of the qualitative parameters, a discounted cash flow analysis is used by the Corporation to determine if a portion of the unrealized loss is a result of an expected credit loss. The Corporation will then recognize either credit loss expense or a reversal of credit loss expense in other income for the amount necessary to adjust the debt securities valuation allowance to its current estimate of excepted credit losses. Cash flows expected to be collected are estimated using all relevant information available such as remaining payment terms, prepayment speeds, the financial condition of the issuer, expected defaults and the value of the underlying collateral. If any of the decline in fair value is related to market factors, that amount is recognized in accumulated OCI. In certain instances, the credit loss may exceed the total decline in fair value, in which case, the allowance recorded is limited to the difference between the amortized cost and the fair value of the asset. The Corporation separately evaluates its HTM debt securities for any credit losses, of which substantially all qualify for the zero loss assumption. For the remaining securities, the Corporation performs a discounted cash flow analysis to estimate any credit losses which are then recognized as part of the allowance for credit losses. Interest on debt securities, including amortization of premiums and accretion of discounts, is included in interest income. Premiums and discounts are amortized or accreted to interest income at a constant effective yield over the contractual lives of the securities. Realized gains and losses from the sales of debt securities are determined using the specific identification method. Equity securities with readily determinable fair values that are not held for trading purposes are carried at fair value with unrealized gains and losses included in other income. Equity securities that do not have readily determinable fair values are recorded at cost less impairment, if any, plus or minus qualifying observable price changes. These securities are reported in other assets. Loans and Leases Loans, with the exception of loans accounted for under the fair value option, are measured at historical cost and reported at their outstanding principal balances net of any unearned income, charge-offs, unamortized deferred fees and costs on originated loans, and for purchased loans, net of any unamortized premiums or discounts. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to interest income over the lives of the related loans. Unearned income, discounts and premiums are amortized to interest income using a level yield methodology. The Corporation elects to account for certain consumer and commercial loans under the fair value option with interest reported in interest income and changes in fair value reported in market making and similar activities or other income. Under applicable accounting guidance, for reporting purposes, the loan and lease portfolio is categorized by portfolio segment and, within each portfolio segment, by class of financing receivables. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the allowance for credit losses, and a class of financing receivables is defined as the level of disaggregation of portfolio segments based on the initial measurement attribute, risk characteristics and methods for assessing risk. The Corporation’s three portfolio segments are Consumer Real Estate, Credit Card and Other Consumer, and Commercial. The classes within the Consumer Real Estate portfolio segment are residential mortgage and home equity . The classes within the Credit Card and Other Consumer portfolio segment are credit card, direct/indirect consumer and other consumer. The classes within the Commercial portfolio segment are U.S. commercial, non-U.S. commercial, commercial real estate, commercial lease financing and U.S. small business commercial. Leases The Corporation provides equipment financing to its customers through a variety of lessor arrangements. Direct financing leases and sales-type leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted to interest income over the lease terms using methods that approximate the interest method. Operating lease income is recognized on a straight-line basis. The Corporation's lease arrangements generally do not contain non-lease components. Allowance for Credit Losses The allowance for credit losses includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments and represents management’s estimate of the ECL in the Corporation’s loan and lease portfolio, excluding loans and unfunded lending commitments accounted for under the fair value option. The ECL on funded consumer and commercial loans and leases is referred to as the allowance for loan and lease losses and is reported separately as a contra-asset to loans and leases on the Consolidated Balance Sheet. The ECL for unfunded lending commitments, including home equity lines of credit (HELOCs), standby letters of credit (SBLCs) and binding unfunded loan commitments is reported on the Consolidated Balance Sheet in accrued expenses and other liabilities. The provision for credit losses related to the loan and lease portfolio and unfunded lending commitments is reported in the Consolidated Statement of Income at the amount necessary to adjust the allowance for credit losses to the current estimate of ECL. For loans and leases, the ECL is typically estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio as well as an economic outlook over the life of the loan. The life of the loan for closed-ended products is based on the contractual maturity of the loan adjusted for any expected prepayments. The contractual maturity includes any extension options that are at the sole discretion of the borrower. For open-ended products (e.g., lines of credit), the ECL is determined based on the maximum repayment term associated with future draws from credit lines unless those lines of credit are unconditionally cancellable (e.g., credit cards) in which case the Corporation does not record any allowance. In its loss forecasting framework, the Corporation incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads. As any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios. The scenarios that are chosen each quarter and the weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal and third-party economists and industry trends. The estimate of credit losses includes expected recoveries of amounts previously charged off (i.e., negative allowance). If a loan has been charged off, the expected cash flows on the loan are not limited by the current amortized cost balance. Instead, expected cash flows can be assumed up to the unpaid principal balance immediately prior to the charge-off. The allowance for loan and lease losses for troubled debt restructurings (TDR) is measured based on the present value of projected future lifetime principal and interest cash flows discounted at the loan’s original effective interest rate, or in cases where foreclosure is probable or the loan is collateral dependent, at the loan’s collateral value or its observable market price, if available. The measurement of ECL for the renegotiated consumer credit card TDR portfolio is based on the present value of projected cash flows discounted using the average TDR portfolio contractual interest rate, excluding promotionally priced loans, in effect prior to restructuring. Projected cash flows for TDRs use the same economic outlook as discussed above. For purposes of computing this specific loss component of the allowance, larger impaired loans are evaluated individually and smaller impaired loans are evaluated as a pool. Also included in the allowance for loan and lease losses are qualitative reserves to cover losses that are expected but, in the Corporation's assessment, may not be adequately reflected in the quantitative methods or the economic assumptions described above. For example, factors that the Corporation considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. Further, the Corporation considers the inherent uncertainty in quantitative models that are built on historical data. With the exception of the Corporation's credit card portfolio, the Corporation does not include reserves for interest receivable in the measurement of the allowance for credit losses as the Corporation generally classifies consumer loans as nonperforming at 90 days past due and reverses interest income for these loans at that time. For credit card loans, the Corporation reserves for interest and fees as part of the allowance for loan and lease losses. Upon charge-off of a credit card loan, the Corporation reverses the interest and fee income against the income statement line item where it was originally recorded. The Corporation has identified the following three portfolio segments and measures the allowance for credit losses using the following methods. Consumer Real Estate To estimate ECL for consumer loans secured by residential real estate, the Corporation estimates the number of loans that will default over the life of the existing portfolio, after factoring in estimated prepayments, using quantitative modeling methodologies. The attributes that are most significant in estimating the Corporation’s ECL include refreshed loan-to-value (LTV) or, in the case of a subordinated lien, refreshed combined LTV (CLTV), borrower credit score, months since origination and geography, all of which are further broken down by present collection status (whether the loan is current, delinquent, in default, or in bankruptcy). The estimates are based on the Corporation’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the unemployment rate and consumer real estate prices are key factors that impact the frequency and severity of loss estimates. The Corporation does not reserve for credit losses on the unpaid principal balance of loans insured by the Federal Housing Administration (FHA) and long-term standby loans, as these loans are fully insured. The Corporation records a reserve for unfunded lending commitments for the ECL associated with the undrawn portion of the Corporation’s HELOCs, which can only be canceled by the Corporation if certain criteria are met. The ECL associated with these unfunded lending commitments is calculated using the same models and methodologies noted above and incorporate utilization assumptions at time of default. For loans that are more than 180 days past due and collateral-dependent TDRs, the Corporation bases the allowance on the estimated fair value of the underlying collateral as of the reporting date less costs to sell. The fair value of the collateral securing these loans is generally determined using an automated valuation model (AVM) that estimates the value of a property by reference to market data including sales of comparable properties and price trends specific to the Metropolitan Statistical Area in which the property being valued is located. In the event that an AVM value is not available, the Corporation utilizes publicized indices or if these methods provide less reliable valuations, the Corporation uses appraisals or broker price opinions to estimate the fair value of the collateral. While there is inherent imprecision in these valuations, the Corporation believes that they are representative of this portfolio in the aggregate. For loans that are more than 180 days past due and collateral-dependent TDRs, with the exception of the Corporation’s fully insured portfolio, the outstanding balance of loans that is in excess of the estimated property value after adjusting for costs to sell is charged off. If the estimated property value decreases in periods subsequent to the initial charge-off, the Corporation will record an additional charge-off; however, if the value increases in periods subsequent to the charge-off, the Corporation will adjust the allowance to account for the increase but not to a level above the cumulative charge-off amount. Credit Cards and Other Consumer Credit cards are revolving lines of credit without a defined maturity date. The estimated life of a credit card receivable is determined by estimating the amount and timing of expected future payments (e.g., borrowers making full payments, minimum payments or somewhere in between) that it will take for a receivable balance to pay off. The ECL on the future payments incorporates the spending behavior of a borrower through time using key borrower-specific factors and the economic outlook described above. The Corporation applies all expected payments in accordance with the Credit Card Accountability Responsibility and Disclosure Act of 2009 (i.e., paying down the highest interest rate bucket first). Then forecasted future payments are prioritized to pay off the oldest balance until it is brought to zero or an expected charge-off amount. Unemployment rate outlook, borrower credit score, delinquency status and historical payment behavior are all key inputs into the credit card receivable loss forecasting model. Future draws on the credit card lines are excluded from the ECL as they are unconditionally cancellable. The ECL for the consumer vehicle lending portfolio is also determined using quantitative methods supplemented with qualitative analysis. The quantitative model estimates ECL giving consideration to key borrower and loan characteristics such as delinquency status, borrower credit score, LTV ratio, underlying collateral type and collateral value. Commercial The ECL on commercial loans is forecasted using models that estimate credit losses over the loan’s contractual life at an individual loan level. The models use the contractual terms to forecast future principal cash flows while also considering expected prepayments. For open-ended commitments such as revolving lines of credit, changes in funded balance are captured by forecasting a borrower’s draw and payment behavior over the remaining life of the commitment. For loans collateralized with commercial real estate and for which the underlying asset is the primary source of repayment, the loss forecasting models consider key loan and customer attributes such as LTV ratio, net operating income and debt service coverage, and captures variations in behavior according to property type and region. The outlook on the unemployment rate, gross domestic product, and forecasted real estate prices are utilized to determine indicators such as rent levels and vacancy rates, which impact the ECL estimate. For all other commercial loans and leases, the loss forecasting model determines the probabilities of transition to different credit risk ratings or default at each point over the life of the asset based on the borrower’s current credit risk rating, industry sector, size of the exposure and the geographic market. The severity of loss is determined based on the type of collateral securing the exposure, the size of the exposure, the borrower’s industry sector, any guarantors and the geographic market. Assumptions of expected loss are conditioned to the economic outlook, and the model considers key economic variables such as unemployment rate, gross domestic product, corporate bond spreads, real estate and other asset prices and equity market returns. In addition to the allowance for loan and lease losses, the Corporation also estimates ECL related to unfunded lending commitments such as letters of credit, financial guarantees, unfunded bankers acceptances and binding loan commitments, excluding commitments accounted for under the fair value option. Reserves are estimated for the unfunded exposure using the same models and methodologies as the funded exposure and are reported as reserves for unfunded lending commitments. Nonperforming Loans and Leases, Charge-offs and Delinquencies Nonperforming loans and leases generally include loans and leases that have been placed on nonaccrual status. Loans accounted for under the fair value option and LHFS are not reported as nonperforming. When a nonaccrual loan is deemed uncollectible, it is charged off against the allowance for credit losses. If the charged-off amount is later recovered, the amount is reversed through the allowance for credit losses at the recovery date. Charge-offs are reported net of recoveries (net charge-offs). If recoveries for the period are greater than charge-offs, net charge-offs are reported as a negative amount. In accordance with the Corporation’s policies, consumer real estate-secured loans, including residential mortgages and home equity loans, are generally placed on nonaccrual status and classified as nonperforming at 90 days past due unless repayment of the loan is insured by the FHA or through individually insured long-term standby agreements with Fannie Mae (FNMA) or Freddie Mac (FHLMC) (the fully-insured portfolio). Residential mortgage loans in the fully-insured portfolio are not placed on nonaccrual status and, therefore, are not reported as nonperforming. Junior-lien home equity loans are placed on nonaccrual status and classified as nonperforming when the underlying first-lien mortgage loan becomes 90 days past due even |
Net Interest Income and Noninte
Net Interest Income and Noninterest Income | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Net Interest Income and Noninterest Income | Net Interest Income and Noninterest Income The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for 2021, 2020 and 2019. For more information, see Note 1 – Summary of Significant Accounting Principles. For a disaggregation of noninterest income by business segment and All Other , see Note 23 – Business Segment Information . (Dollars in millions) 2021 2020 2019 Net interest income Interest income Loans and leases $ 29,282 $ 34,029 $ 43,086 Debt securities 12,376 9,790 11,806 Federal funds sold and securities borrowed or purchased under agreements to resell (1) (90) 903 4,843 Trading account assets 3,770 4,128 5,196 Other interest income 2,334 2,735 6,305 Total interest income 47,672 51,585 71,236 Interest expense Deposits 537 1,943 7,188 Short-term borrowings (1) (358) 987 7,208 Trading account liabilities 1,128 974 1,249 Long-term debt 3,431 4,321 6,700 Total interest expense 4,738 8,225 22,345 Net interest income $ 42,934 $ 43,360 $ 48,891 Noninterest income Fees and commissions Card income Interchange fees (2) $ 4,560 $ 3,954 $ 3,834 Other card income 1,658 1,702 1,963 Total card income 6,218 5,656 5,797 Service charges Deposit-related fees 6,271 5,991 6,588 Lending-related fees 1,233 1,150 1,086 Total service charges 7,504 7,141 7,674 Investment and brokerage services Asset management fees 12,729 10,708 10,241 Brokerage fees 3,961 3,866 3,661 Total investment and brokerage services 16,690 14,574 13,902 Investment banking fees Underwriting income 5,077 4,698 2,998 Syndication fees 1,499 861 1,184 Financial advisory services 2,311 1,621 1,460 Total investment banking fees 8,887 7,180 5,642 Total fees and commissions 39,299 34,551 33,015 Market making and similar activities 8,691 8,355 9,034 Other income (loss) (1,811) (738) 304 Total noninterest income $ 46,179 $ 42,168 $ 42,353 (1) For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles. (2) Gross interchange fees and merchant income were $11.5 billion, $9.2 billion and $10.0 billion for 2021, 2020 and 2019, respectively, and are presented net of $6.9 billion, $5.5 billion and $6.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 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. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at December 31, 2021 and 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. December 31, 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 $ 18,068.1 $ 150.5 $ 8.9 $ 159.4 $ 156.4 $ 4.4 $ 160.8 Futures and forwards 2,243.2 1.1 — 1.1 1.0 — 1.0 Written options 1,616.1 — — — 28.8 — 28.8 Purchased options 1,673.6 33.1 — 33.1 — — — Foreign exchange contracts Swaps 1,420.9 28.6 0.2 28.8 30.5 0.2 30.7 Spot, futures and forwards 4,087.2 37.1 0.3 37.4 37.7 0.2 37.9 Written options 287.2 — — — 4.1 — 4.1 Purchased options 267.6 4.1 — 4.1 — — — Equity contracts Swaps 443.8 12.3 — 12.3 14.5 — 14.5 Futures and forwards 113.3 0.5 — 0.5 1.7 — 1.7 Written options 737.7 — — — 58.5 — 58.5 Purchased options 657.0 55.9 — 55.9 — — — Commodity contracts Swaps 47.7 3.1 — 3.1 6.0 — 6.0 Futures and forwards 101.5 2.3 — 2.3 0.3 1.1 1.4 Written options 44.4 — — — 2.6 — 2.6 Purchased options 38.3 3.2 — 3.2 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 297.0 1.9 — 1.9 4.3 — 4.3 Total return swaps/options 85.3 0.2 — 0.2 1.1 — 1.1 Written credit derivatives: Credit default swaps 279.8 4.2 — 4.2 1.6 — 1.6 Total return swaps/options 85.3 0.9 — 0.9 0.5 — 0.5 Gross derivative assets/liabilities $ 339.0 $ 9.4 $ 348.4 $ 349.6 $ 5.9 $ 355.5 Less: Legally enforceable master netting agreements (282.3) (282.3) Less: Cash collateral received/paid (30.8) (35.5) Total derivative assets/liabilities $ 35.3 $ 37.7 (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 $2.3 billion and $258.4 billion at December 31, 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. Where legally enforceable, these master netting agreements give the Corporation, in the event of default by the counterparty, the right to liquidate securities held as collateral and to offset receivables and payables with the same counterparty. For purposes of the Consolidated Balance Sheet, the Corporation offsets derivative assets and liabilities and cash collateral held with the same counterparty where it has such a legally enforceable master netting agreement. The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at December 31, 2021 and 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 10 – Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Derivative Derivative Derivative (Dollars in billions) December 31, 2021 December 31, 2020 Interest rate contracts Over-the-counter $ 171.3 $ 166.3 $ 247.7 $ 243.5 Exchange-traded 0.2 — — — Over-the-counter cleared 22.6 22.5 10.2 9.1 Foreign exchange contracts Over-the-counter 67.9 70.5 92.2 96.5 Over-the-counter cleared 1.1 1.1 1.4 1.3 Equity contracts Over-the-counter 29.2 32.9 31.3 28.3 Exchange-traded 38.3 38.4 32.3 31.0 Commodity contracts Over-the-counter 6.1 7.6 3.5 5.0 Exchange-traded 1.4 1.3 0.7 0.7 Over-the-counter cleared 0.1 0.1 — — Credit derivatives Over-the-counter 5.2 5.3 5.2 5.6 Over-the-counter cleared 1.8 1.8 2.2 1.9 Total gross derivative assets/liabilities, before netting Over-the-counter 279.7 282.6 379.9 378.9 Exchange-traded 39.9 39.7 33.0 31.7 Over-the-counter cleared 25.6 25.5 13.8 12.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (250.3) (254.6) (345.7) (347.2) Exchange-traded (37.8) (37.8) (29.5) (29.5) Over-the-counter cleared (25.0) (25.4) (12.2) (11.8) Derivative assets/liabilities, after netting 32.1 30.0 39.3 34.4 Other gross derivative assets/liabilities (2) 3.2 7.7 7.9 11.1 Total derivative assets/liabilities 35.3 37.7 47.2 45.5 Less: Financial instruments collateral (3) (11.8) (10.6) (16.1) (16.6) Total net derivative assets/liabilities $ 23.5 $ 27.1 $ 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. ALM and Risk Management Derivatives The Corporation’s ALM and risk management activities include the use of derivatives to mitigate risk to the Corporation including derivatives designated in qualifying hedge accounting relationships and derivatives used in other risk management activities. Interest rate, foreign exchange, equity, commodity and credit contracts are utilized in the Corporation's ALM and risk management activities. The Corporation maintains an overall interest rate risk management strategy that incorporates the use of interest rate contracts, which are generally non-leveraged generic interest rate and basis swaps, options, futures and forwards, to minimize significant fluctuations in earnings caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity and volatility so that movements in interest rates do not significantly adversely affect earnings or capital. As a result of interest rate fluctuations, hedged fixed-rate assets and liabilities appreciate or depreciate in fair value. Gains or losses on the derivative instruments that are linked to the hedged fixed-rate assets and liabilities are expected to substantially offset this unrealized appreciation or depreciation. Market risk, including interest rate risk, can be substantial in the mortgage business. Market risk in the mortgage business is the risk that values of mortgage assets or revenues will be adversely affected by changes in market conditions such as interest rate movements. To mitigate the interest rate risk in mortgage banking production income, the Corporation utilizes forward loan sale commitments and other derivative instruments, including purchased options, and certain debt securities. The Corporation also utilizes derivatives such as interest rate options, interest rate swaps, forward settlement contracts and eurodollar futures to hedge certain market risks of MSRs. The Corporation uses foreign exchange contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities, as well as the Corporation’s investments in non-U.S. subsidiaries. Exposure to loss on these contracts will increase or decrease over their respective lives as currency exchange and interest rates fluctuate. The Corporation purchases credit derivatives to manage credit risk related to certain funded and unfunded credit exposures. Credit derivatives include credit default swaps (CDS), total return swaps and swaptions. These derivatives are recorded on the Consolidated Balance Sheet at fair value with changes in fair value recorded in other income. Derivatives Designated as Accounting Hedges The Corporation uses various types of interest rate 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 2021, 2020 and 2019. Gains and Losses on Derivatives Designated as Fair Value Hedges Derivative Hedged Item (Dollars in millions) 2021 2020 2019 2021 2020 2019 Interest rate risk on long-term debt (1) $ (7,018) $ 7,091 $ 6,113 $ 6,838 $ (7,220) $ (6,110) Interest rate and foreign currency risk on long-term debt (2) (90) 783 119 79 (783) (101) Interest rate risk on available-for-sale securities (3) 5,203 (44) (102) (5,167) 49 98 Total $ (1,905) $ 7,830 $ 6,130 $ 1,750 $ (7,954) $ (6,113) (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For 2021, 2020 and 2019, the derivative amount includes gains (losses) of $(73) million, $701 million and $73 million in interest expense, $0, $73 million and $28 million in market making and similar activities, and $(17) million, $9 million and $18 million in accumulated OCI, respectively. 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 December 31, 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) $ 181,745 $ 3,987 $ 150,556 $ 8,910 Available-for-sale debt securities (2, 3, 4) 209,038 (2,294) 116,252 114 Trading account assets (5) 2,067 32 427 15 (1) Increase (decrease) to carrying value. (2) At December 31, 2021 and 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 $1.5 billion and $3.7 billion and a decrease in the related asset of $1.0 billion 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 December 31, 2021 and 2020, the amortized cost of the closed portfolios used in these hedging relationships was $21.1 billion and $34.6 billion, of which $6.9 billion and $7.0 billion was designated in the last-of-layer hedging relationship. At December 31, 2021, the cumulative adjustment associated with these hedging relationships was a decrease of $172 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 2021, 2020 and 2019. Of the $1.9 billion after-tax net loss ($2.5 billion pretax) on derivatives in accumulated OCI at December 31, 2021, gains of $477 million after-tax ($630 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) Recognized in Gains (Losses) in Income (Dollars in millions, amounts pretax) 2021 2020 2019 2021 2020 2019 Cash flow hedges Interest rate risk on variable-rate assets (1) $ (2,686) $ 763 $ 671 $ 148 $ (7) $ (104) Price risk on forecasted MBS purchases (1) (249) 241 — 26 9 — Price risk on certain compensation plans (2) 93 85 34 55 12 (2) Total $ (2,842) $ 1,089 $ 705 $ 229 $ 14 $ (106) Net investment hedges Foreign exchange risk (3) $ 1,451 $ (834) $ 22 $ 23 $ 4 $ 366 (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. Amounts excluded from effectiveness testing and recognized in market making and similar activities were gains (losses) of $(123) million, $(11) million and $154 million in 2021, 2020 and 2019, respectively. 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 2021, 2020 and 2019. These gains (losses) are largely offset by the income or expense recorded on the hedged item. Gains and Losses on Other Risk Management Derivatives (Dollars in millions) 2021 2020 2019 Interest rate risk on mortgage activities (1, 2) $ (18) $ 611 $ 388 Credit risk on loans (2) (25) (68) (58) Interest rate and foreign currency risk on asset and liability management activities (3) 1,757 (2,971) 1,112 Price risk on certain compensation plans (4) 917 700 943 (1) Includes hedges of interest rate risk on MSRs and IRLCs to originate mortgage loans that will be held for sale. (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 December 31, 2021 and 2020, the Corporation had transferred $4.8 billion and $5.2 billion of non-U.S. government-guaranteed mortgage-backed securities 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 $4.8 billion and $5.2 billion at the transfer dates. At December 31, 2021 and 2020, the fair value of the transferred securities was $5.0 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. The related sales and trading revenue generated within Global Markets is recorded in various income statement line items, including market making and similar activities and net interest income as well as other revenue categories. Sales and trading revenue includes changes in the fair value and realized gains and losses on the sales of trading and other assets, net interest income, and fees primarily from commissions on equity securities. Revenue is generated by the difference in the client price for an instrument and the price at which the trading desk can execute the trade in the dealer market. For equity securities, commissions related to purchases and sales are recorded in the “Other” column in the Sales and Trading Revenue table. Changes in the fair value of these securities are included in market making and similar activities. For debt securities, revenue, with the exception of interest associated with the debt securities, is typically included in market making and similar activities. Unlike commissions for equity securities, the initial revenue related to broker-dealer services for debt securities is typically included in the pricing of the instrument rather than being charged through separate fee arrangements. Therefore, this revenue is recorded in market making and similar activities as part of the initial mark to fair value. For derivatives, the majority of revenue is included in market making and similar activities. In transactions where the Corporation acts as agent, which include exchange-traded futures and options, fees are recorded in other income. 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 2021, 2020 and 2019. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 23 – 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 (Dollars in millions) 2021 Interest rate risk $ 523 $ 1,794 $ 217 $ 2,534 Foreign exchange risk 1,505 (80) 14 1,439 Equity risk 4,581 (5) 1,834 6,410 Credit risk 1,390 1,684 556 3,630 Other risk (2) 759 (128) 124 755 Total sales and trading revenue $ 8,758 $ 3,265 $ 2,745 $ 14,768 2020 Interest rate risk $ 2,236 $ 2,279 $ 229 $ 4,744 Foreign exchange risk 1,486 (19) 2 1,469 Equity risk 3,656 (77) 1,801 5,380 Credit risk 783 1,758 331 2,872 Other risk (2) 308 4 44 356 Total sales and trading revenue $ 8,469 $ 3,945 $ 2,407 $ 14,821 2019 Interest rate risk $ 1,046 $ 1,697 $ 113 $ 2,856 Foreign exchange risk 1,293 61 56 1,410 Equity risk 3,563 (634) 1,569 4,498 Credit risk 1,040 1,928 519 3,487 Other risk (2) 120 70 54 244 Total sales and trading revenue $ 7,062 $ 3,122 $ 2,311 $ 12,495 (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 $1.9 billion, $1.9 billion and $1.7 billion in 2021, 2020 and 2019, respectively. (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 derive value based on an underlying third-party referenced obligation or a portfolio of referenced obligations and generally require the Corporation, as the seller of credit protection, to make payments to a buyer upon the occurrence of a predefined credit event. Such credit events generally include bankruptcy of the referenced credit entity and failure to pay under the obligation, as well as acceleration of indebtedness and payment repudiation or moratorium. For credit derivatives based on a portfolio of referenced credits or credit indices, the Corporation may not be required to make payment until a specified amount of loss has occurred and/or may only be required to make payment up to a specified amount. Credit 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. Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at December 31, 2021 and 2020 are summarized in the table below. Credit Derivative Instruments Less than One to Three to Over Five Total December 31, 2021 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ — $ 5 $ 79 $ 49 $ 133 Non-investment grade 34 250 453 769 1,506 Total 34 255 532 818 1,639 Total return swaps/options: Investment grade 35 388 — — 423 Non-investment grade 105 — 16 — 121 Total 140 388 16 — 544 Total credit derivatives $ 174 $ 643 $ 548 $ 818 $ 2,183 Credit-related notes: Investment grade $ — $ — $ 36 $ 412 $ 448 Non-investment grade 5 — 9 1,334 1,348 Total credit-related notes $ 5 $ — $ 45 $ 1,746 $ 1,796 Maximum Payout/Notional Credit default swaps: Investment grade $ 34,503 $ 66,334 $ 73,444 $ 17,844 $ 192,125 Non-investment grade 16,119 29,233 34,356 7,961 87,669 Total 50,622 95,567 107,800 25,805 279,794 Total return swaps/options: Investment grade 49,626 11,494 78 — 61,198 Non-investment grade 22,621 717 642 73 24,053 Total 72,247 12,211 720 73 85,251 Total credit derivatives $ 122,869 $ 107,778 $ 108,520 $ 25,878 $ 365,045 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 CDO, collateralized loan obligation (CLO) and credit-linked note vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned. Credit-related Contingent Features and Collateral The Corporation executes the majority of its derivative contracts in the OTC market with large, international financial institutions, including broker-dealers and, to a lesser degree, with a variety of non-financial companies. A significant majority of the derivative transactions are executed on a daily margin basis. Therefore, events such as a credit rating downgrade (depending on the ultimate rating level) or a breach of credit covenants would typically require an increase in the amount of collateral required of the counterparty, where applicable, and/or allow the Corporation to take additional protective measures such as early termination of all trades. Further, as previously discussed on page 105, the Corporation enters into legally enforceable master netting agreements that reduce risk by permitting closeout and netting of transactions with the same counterparty upon the occurrence of certain events. 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 December 31, 2021 and 2020, the Corporation held cash and securities collateral of $91.4 billion and $96.5 billion and posted cash and securities collateral of $79.3 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 OTC derivative contracts and other trading agreements, the Corporation can be required to provide additional collateral or to terminate transactions with certain counterparties in the event of a downgrade of the senior debt ratings of the Corporation or certain subsidiaries. The amount of additional collateral required depends on the contract and is usually a fixed incremental amount and/or the market value of the exposure. At December 31, 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 $2.3 billion, including $1.4 billion for Bank of America, National Association (BANA). Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At December 31, 2021 and 2020, the liability recorded for these derivative contracts was not significant. The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at December 31, 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 $ 316 $ 823 Bank of America, N.A. and subsidiaries (1) 75 646 Derivative liabilities subject to unilateral termination upon downgrade Derivative liabilities $ 32 $ 994 Collateral posted 25 634 (1) Included in Bank of America Corporation collateral requirements in this table. Valuation Adjustments on Derivatives The Corporation records credit risk valuation adjustments on derivatives in order to properly reflect the credit quality of the counterparties and its own credit quality. The Corporation calculates valuation adjustments on derivatives based on a modeled expected exposure that incorporates current market risk factors. The exposure also takes into consideration credit mitigants such as enforceable master netting agreements and collateral. CDS spread data is used to estimate the default probabilities and severities that are applied to the exposures. Where no observable credit default data is available for counterparties, the Corporation uses proxies and other market data to estimate default probabilities and severity. The table below presents credit valuation adjustment (CVA), DVA and FVA gains (loss |
Securities
Securities | 12 Months Ended |
Dec. 31, 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 AFS debt securities, other debt securities carried at fair value and HTM debt securities at December 31, 2021 and 2020. Debt Securities Amortized Gross Gross Fair Amortized Gross Gross Fair (Dollars in millions) December 31, 2021 December 31, 2020 Available-for-sale debt securities Mortgage-backed securities: Agency $ 45,268 $ 1,257 $ (186) $ 46,339 $ 59,518 $ 2,370 $ (39) $ 61,849 Agency-collateralized mortgage obligations 3,331 74 (25) 3,380 5,112 161 (13) 5,260 Commercial 19,036 647 (79) 19,604 15,470 1,025 (4) 16,491 Non-agency residential (1) 591 25 (33) 583 899 127 (17) 1,009 Total mortgage-backed securities 68,226 2,003 (323) 69,906 80,999 3,683 (73) 84,609 U.S. Treasury and government agencies 197,853 1,610 (318) 199,145 114,157 2,236 (13) 116,380 Non-U.S. securities 11,933 — — 11,933 14,009 15 (7) 14,017 Other taxable securities 2,725 39 (3) 2,761 2,656 61 (6) 2,711 Tax-exempt securities 15,155 317 (39) 15,433 16,417 389 (32) 16,774 Total available-for-sale debt securities 295,892 3,969 (683) 299,178 228,238 6,384 (131) 234,491 Other debt securities carried at fair value (2) 8,873 105 (83) 8,895 11,720 429 (39) 12,110 Total debt securities carried at fair value 304,765 4,074 (766) 308,073 239,958 6,813 (170) 246,601 Held-to-maturity debt securities Agency mortgage-backed securities 553,721 3,855 (10,366) 547,210 414,289 9,768 (36) 424,021 U.S. Treasury and government agencies 111,859 254 (2,395) 109,718 16,084 — (71) 16,013 Other taxable securities 9,011 147 (196) 8,962 7,906 327 (87) 8,146 Total held-to-maturity debt securities 674,591 4,256 (12,957) 665,890 438,279 10,095 (194) 448,180 Total debt securities (3,4) $ 979,356 $ 8,330 $ (13,723) $ 973,963 $ 678,237 $ 16,908 $ (364) $ 694,781 (1) At December 31, 2021 and 2020, the underlying collateral type included approximately 21 percent and 37 percent prime, 0 percent and 2 percent Alt-A and 79 percent 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 20 – Fair Value Measurements . (3) Includes securities pledged as collateral of $111.9 billion and $65.5 billion at December 31, 2021 and 2020. (4) The Corporation held debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $345.3 billion and $205.3 billion, and a fair value of $342.5 billion and $202.4 billion at December 31, 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 December 31, 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 $2.5 billion, net of the related income tax expense of $817 million. At December 31, 2021 and 2020, nonperforming AFS debt securities held by the Corporation were insignificant. At December 31, 2021 and 2020, the Corporation had $268.5 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 $30.7 billion and $34.5 billion in AFS debt securities at December 31, 2021 and 2020, the amount of ECL 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 December 31, 2021 and 2020, the Corporation held equity securities at an aggregate fair value of $513 million and $769 million and other equity securities, as valued under the measurement alternative, at a carrying value of $266 million and $240 million, both of which are included in other assets. At December 31, 2021 and 2020, the Corporation also held money market investments at a fair value of $707 million and $1.6 billion, which are included in time deposits placed and other short-term investments. The gross realized gains and losses on sales of AFS debt securities for 2021, 2020 and 2019 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities (Dollars in millions) 2021 2020 2019 Gross gains $ 49 $ 423 $ 336 Gross losses (27) (12) (119) Net gains on sales of AFS debt securities $ 22 $ 411 $ 217 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 5 $ 103 $ 54 The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at December 31, 2021 and 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) December 31, 2021 Continuously unrealized loss-positioned AFS debt securities Mortgage-backed securities: Agency $ 11,733 $ (166) $ 815 $ (20) $ 12,548 $ (186) Agency-collateralized mortgage obligations 1,427 (22) 122 (3) 1,549 (25) Commercial 3,451 (41) 776 (38) 4,227 (79) Non-agency residential 241 (13) 174 (20) 415 (33) Total mortgage-backed securities 16,852 (242) 1,887 (81) 18,739 (323) U.S. Treasury and government agencies 103,307 (272) 4,850 (46) 108,157 (318) Other taxable securities — — 82 (3) 82 (3) Tax-exempt securities 502 (16) 109 (23) 611 (39) Total AFS debt securities in a continuous $ 120,661 $ (530) $ 6,928 $ (153) $ 127,589 $ (683) 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 government agencies 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) 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 December 31, 2021 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other 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 $ — — % $ 5 5.00 % $ 49 4.63 % $ 45,214 3.11 % $ 45,268 3.11 % Agency-collateralized mortgage obligations — — — — 20 2.50 3,311 2.91 3,331 2.91 Commercial 363 2.30 10,123 2.48 6,285 1.79 2,278 1.87 19,049 2.18 Non-agency residential — — — — — — 1,112 6.43 1,112 6.43 Total mortgage-backed securities 363 2.30 10,128 2.48 6,354 1.81 51,915 3.11 68,760 2.89 U.S. Treasury and government agencies 6,564 1.22 39,875 1.80 151,962 1.20 27 2.61 198,428 1.32 Non-U.S. securities 18,645 0.20 1,045 3.61 — — 7 9.15 19,697 0.38 Other taxable securities 562 1.49 1,646 1.97 308 2.04 209 1.76 2,725 1.86 Tax-exempt securities 2,485 1.06 6,520 1.42 3,105 1.81 3,045 1.46 15,155 1.45 Total amortized cost of debt securities carried at fair value $ 28,619 0.56 $ 59,214 1.89 $ 161,729 1.23 $ 55,203 3.02 $ 304,765 1.62 Amortized cost of HTM debt securities Agency mortgage-backed securities $ — — % $ — — % $ 4 2.00 % $ 553,717 2.13 % $ 553,721 2.13 % U.S. Treasury and government agencies — — — — 111,859 1.35 — — 111,859 1.35 Other taxable securities 37 5.31 1,035 2.21 473 2.66 7,466 2.51 9,011 2.50 Total amortized cost of HTM debt securities $ 37 5.31 $ 1,035 2.21 $ 112,336 1.35 $ 561,183 2.13 $ 674,591 2.00 Debt securities carried at fair value Mortgage-backed securities: Agency $ — $ 5 $ 53 $ 46,281 $ 46,339 Agency-collateralized mortgage obligations — — 20 3,360 3,380 Commercial 366 10,562 6,379 2,310 19,617 Non-agency residential — 4 — 1,164 1,168 Total mortgage-backed securities 366 10,571 6,452 53,115 70,504 U.S. Treasury and government agencies 6,614 40,912 152,168 26 199,720 Non-U.S. securities 18,599 1,046 — 7 19,652 Other taxable securities 566 1,676 310 212 2,764 Tax-exempt securities 2,489 6,660 3,223 3,061 15,433 Total debt securities carried at fair value $ 28,634 $ 60,865 $ 162,153 $ 56,421 $ 308,073 Fair value of HTM debt securities Agency mortgage-backed securities $ — $ — $ 4 $ 547,206 $ 547,210 U.S. Treasury and government agencies — — 109,718 — 109,718 Other taxable securities 37 1,060 483 7,382 8,962 Total fair value of HTM debt securities $ 37 $ 1,060 $ 110,205 $ 554,588 $ 665,890 (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 | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 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) December 31, 2021 Consumer real estate Residential mortgage $ 1,005 $ 297 $ 1,571 $ 2,873 $ 219,090 $ 221,963 Home equity 123 69 369 561 27,374 27,935 Credit card and other consumer Credit card 298 212 487 997 80,441 81,438 Direct/Indirect consumer (2) 147 52 18 217 103,343 103,560 Other consumer — — — — 190 190 Total consumer 1,573 630 2,445 4,648 430,438 435,086 Consumer loans accounted for under the fair value option (3) $ 618 618 Total consumer loans and leases 1,573 630 2,445 4,648 430,438 618 435,704 Commercial U.S. commercial 815 308 396 1,519 324,417 325,936 Non-U.S. commercial 148 20 83 251 113,015 113,266 Commercial real estate (4) 115 34 285 434 62,575 63,009 Commercial lease financing 104 28 13 145 14,680 14,825 U.S. small business commercial (5) 129 259 89 477 18,706 19,183 Total commercial 1,311 649 866 2,826 533,393 536,219 Commercial loans accounted for under the fair value option (3) 7,201 7,201 Total commercial loans and leases 1,311 649 866 2,826 533,393 7,201 543,420 Total loans and leases (6) $ 2,884 $ 1,279 $ 3,311 $ 7,474 $ 963,831 $ 7,819 $ 979,124 Percentage of outstandings 0.29 % 0.13 % 0.34 % 0.76 % 98.44 % 0.80 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $164 million and nonperforming loans of $118 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $89 million and nonperforming loans of $100 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $633 million. Consumer real estate loans current or less than 30 days past due includes $1.4 billion and direct/indirect consumer includes $55 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 . (2) Total outstandings primarily includes auto and specialty lending loans and leases of $48.5 billion, U.S. securities-based lending loans of $51.1 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 $279 million and home equity loans of $339 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.6 billion and non-U.S. commercial loans of $2.6 billion. For more information, see Note 20 – Fair Value Measurements and Note 21 – Fair Value Option . (4) Total outstandings includes U.S. commercial real estate loans of $58.2 billion and non-U.S. commercial real estate loans of $4.8 billion. (5) Includes Paycheck Protection Program loans. (6) Total outstandings includes loans and leases pledged as collateral of $13.0 billion. The Corporation also pledged $146.6 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. (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 20 – Fair Value Measurements and Note 21 – 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 $10.5 billion and $9.0 billion at December 31, 2021 and 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 $1.6 billion at December 31, 2021 from $2.2 billion at December 31, 2020. Consumer nonperforming loans increased to $3.0 billion at December 31, 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 TDRs, and loans accruing past due 90 days or more at December 31, 2021 and 2020. Nonperforming LHFS are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles. Credit Quality Nonperforming Loans Accruing Past Due 90 Days or More (1) December 31 (Dollars in millions) 2021 2020 2021 2020 Residential mortgage (2) $ 2,284 $ 2,005 $ 634 $ 762 With no related allowance (3) 1,950 1,378 — — Home equity (2) 630 649 — — With no related allowance (3) 414 347 — — Credit Card n/a n/a 487 903 Direct/indirect consumer 75 71 11 33 Total consumer 2,989 2,725 1,132 1,698 U.S. commercial 825 1,243 171 228 Non-U.S. commercial 268 418 19 10 Commercial real estate 382 404 40 6 Commercial lease financing 80 87 8 25 U.S. small business commercial 23 75 87 115 Total commercial 1,578 2,227 325 384 Total nonperforming loans $ 4,567 $ 4,952 $ 1,457 $ 2,082 Percentage of outstanding loans and leases 0.47 % 0.54 % 0.15 % 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.. (2) Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At December 31, 2021 and 2020 residential mortgage includes $444 million and $537 million of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $190 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 . Within the Consumer Real Estate portfolio segment, the primary credit quality indicators are refreshed 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 December 31, 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 $ 206,562 $ 87,051 $ 43,597 $ 23,205 $ 7,392 $ 10,956 $ 34,361 Greater than 90 percent but less than or equal to 100 percent 1,938 1,401 331 81 17 14 94 Greater than 100 percent 759 520 112 29 11 12 75 Fully-insured loans 12,704 3,845 3,486 1,150 216 235 3,772 Total Residential Mortgage $ 221,963 $ 92,817 $ 47,526 $ 24,465 $ 7,636 $ 11,217 $ 38,302 Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,451 $ 636 $ 442 $ 140 $ 120 $ 104 $ 1,009 Greater than or equal to 620 and less than 680 5,199 1,511 1,123 477 294 307 1,487 Greater than or equal to 680 and less than 740 24,532 8,822 5,454 2,785 1,057 1,434 4,980 Greater than or equal to 740 177,077 78,003 37,021 19,913 5,949 9,137 27,054 Fully-insured loans 12,704 3,845 3,486 1,150 216 235 3,772 Total Residential Mortgage $ 221,963 $ 92,817 $ 47,526 $ 24,465 $ 7,636 $ 11,217 $ 38,302 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, 2021 Total Home Equity Refreshed LTV Less than or equal to 90 percent $ 27,594 $ 1,773 $ 19,095 $ 6,726 Greater than 90 percent but less than or equal to 100 percent 130 55 34 41 Greater than 100 percent 211 85 54 72 Total Home Equity $ 27,935 $ 1,913 $ 19,183 $ 6,839 Total Home Equity Refreshed FICO score Less than 620 $ 893 $ 244 $ 209 $ 440 Greater than or equal to 620 and less than 680 1,434 222 495 717 Greater than or equal to 680 and less than 740 4,625 468 2,493 1,664 Greater than or equal to 740 20,983 979 15,986 4,018 Total Home Equity $ 27,935 $ 1,913 $ 19,183 $ 6,839 (1) Includes reverse mortgages of $1.3 billion and home equity loans of $582 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 December 31, Revolving Loans Revolving Loans Converted to Term Loans (1) Refreshed FICO score Less than 620 $ 685 $ 13 $ 179 $ 115 $ 129 $ 79 $ 101 $ 69 $ 3,017 $ 2,857 $ 160 Greater than or equal to 620 and less than 680 2,313 14 1,170 414 313 148 134 120 9,264 9,064 200 Greater than or equal to 680 and less than 740 8,530 60 4,552 1,659 1,126 466 314 353 28,347 28,155 192 Greater than or equal to 740 37,164 94 15,876 8,642 6,465 2,679 1,573 1,835 40,810 40,762 48 Other internal credit metrics (2,3) 54,868 54,173 283 53 77 75 63 144 — — — Total credit card and other $ 103,560 $ 54,354 $ 22,060 $ 10,883 $ 8,110 $ 3,447 $ 2,185 $ 2,521 $ 81,438 $ 80,838 $ 600 (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 $54.2 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, 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 $ 315,618 $ 55,862 $ 25,012 $ 23,373 $ 11,439 $ 10,426 $ 23,877 $ 165,629 Reservable criticized 10,318 598 687 1,308 1,615 514 1,072 4,524 Total U.S. Commercial $ 325,936 $ 56,460 $ 25,699 $ 24,681 $ 13,054 $ 10,940 $ 24,949 $ 170,153 Non-U.S. Commercial Risk ratings Pass rated $ 110,787 $ 25,749 $ 8,703 $ 7,133 $ 4,521 $ 3,016 $ 3,062 $ 58,603 Reservable criticized 2,479 223 324 487 275 257 216 697 Total Non-U.S. Commercial $ 113,266 $ 25,972 $ 9,027 $ 7,620 $ 4,796 $ 3,273 $ 3,278 $ 59,300 Commercial Real Estate Risk ratings Pass rated $ 55,511 $ 14,402 $ 7,244 $ 11,237 $ 5,710 $ 3,326 $ 6,831 $ 6,761 Reservable criticized 7,498 277 990 2,237 1,710 596 1,464 224 Total Commercial Real Estate $ 63,009 $ 14,679 $ 8,234 $ 13,474 $ 7,420 $ 3,922 $ 8,295 $ 6,985 Commercial Lease Financing Risk ratings Pass rated $ 14,438 $ 3,280 $ 2,485 $ 2,427 $ 2,030 $ 1,741 $ 2,475 $ — Reservable criticized 387 25 18 91 67 48 138 — Total Commercial Lease Financing $ 14,825 $ 3,305 $ 2,503 $ 2,518 $ 2,097 $ 1,789 $ 2,613 $ — U.S. Small Business Commercial (3) Risk ratings Pass rated $ 11,618 $ 4,257 $ 2,922 $ 1,059 $ 763 $ 623 $ 1,853 $ 141 Reservable criticized 433 12 29 91 87 64 147 3 Total U.S. Small Business Commercial $ 12,051 $ 4,269 $ 2,951 $ 1,150 $ 850 $ 687 $ 2,000 $ 144 Total $ 529,087 $ 104,685 $ 48,414 $ 49,443 $ 28,217 $ 20,611 $ 41,135 $ 236,582 (1) Excludes $7.2 billion of loans accounted for under the fair value option at December 31, 2021. (2) Includes $16 million of loans that converted from revolving to term loans. (3) Excludes U.S. Small Business Card loans of $7.1 billion. Refreshed FICO scores for this portfolio are $192 million for less than 620; $618 million for greater than or equal to 620 and less than 680; $1.9 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. 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 $306 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 December 31, 2021, of which $87 million were classified as nonperforming and $55 million were loans fully insured. At December 31, 2021 and 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 $101 million and $123 million at December 31, 2021 and 2020. The carrying value of consumer real estate loans, including fully-insured loans, for which formal foreclosure proceedings were in process at December 31, 2021 and 2020 was $1.1 billion and $1.2 billion. During 2021 and 2020, the Corporation reclassified $64 million and $182 million of consumer real estate loans, to foreclosed properties or, for properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans), to other assets. The reclassifications represent non-cash investing activities and, accordingly, are not reflected in the Consolidated Statement of Cash Flows. The table below presents the December 31, 2021, 2020 and 2019 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during 2021, 2020 and 2019. 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 2021, 2020 and 2019 Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) (Dollars in millions) December 31, 2021 Residential mortgage $ 891 $ 788 3.48 % 3.38 % Home equity 107 77 3.60 3.59 Total $ 998 $ 865 3.49 3.41 December 31, 2020 Residential mortgage $ 732 $ 646 3.66 % 3.59 % Home equity 87 69 3.67 3.61 Total $ 819 $ 715 3.66 3.59 December 31, 2019 Residential mortgage $ 464 $ 377 4.19 % 4.13 % Home equity 141 101 5.04 4.31 Total $ 605 $ 478 4.39 4.17 (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 December 31, 2021, 2020 and 2019 carrying value for consumer real estate loans that were modified in a TDR during 2021, 2020 and 2019, by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During (Dollars in millions) 2021 2020 2019 Modifications under government programs $ 4 $ 13 $ 35 Modifications under proprietary programs 774 570 174 Loans discharged in Chapter 7 bankruptcy (1) 33 53 68 Trial modifications 54 79 201 Total modifications $ 865 $ 715 $ 478 (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 2021, 2020 and 2019 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 (Dollars in millions) 2021 2020 2019 Modifications under government programs $ 4 $ 16 $ 26 Modifications under proprietary programs 128 51 88 Loans discharged in Chapter 7 bankruptcy (1) 9 19 30 Trial modifications (2) 19 54 57 Total modifications $ 160 $ 140 $ 201 (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 who 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 December 31, 2021, 2020 and 2019 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during 2021, 2020 and 2019. Credit Card and Other Consumer – TDRs Entered into During 2021, 2020 and 2019 Unpaid Principal Balance Carrying (1) Pre-Modification Interest Rate Post-Modification Interest Rate (Dollars in millions) December 31, 2021 Credit card $ 237 $ 248 18.45 % 4.09 % Direct/Indirect consumer 23 16 5.88 5.88 Total $ 260 $ 264 17.68 4.20 December 31, 2020 Credit card $ 269 $ 277 18.16 % 5.63 % Direct/Indirect consumer 52 37 5.83 5.83 Total $ 321 $ 314 16.70 5.65 December 31, 2019 Credit card $ 340 $ 355 19.18 % 5.35 % Direct/Indirect consumer 40 21 5.23 5.21 Total $ 380 $ 376 18.42 5.34 (1) Includes accrued interest and fees. The table below presents the December 31, 2021, 2020 and 2019 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during 2021, 2020 and 2019, by program type. Credit Card and Other Consumer – TDRs by Program Type at December 31 (1) (Dollars in millions) 2021 2020 2019 Internal programs $ 214 $ 225 $ 247 External programs 44 73 108 Other 6 16 21 Total $ 264 $ 314 $ 376 (1) Includes accrued interest and fees. Commercial Loans Modifications of loans to commercial borrowers that are experiencing financial difficulty are designed to reduce the Corporation’s loss exposure while providing the borrower with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy. Each modification is unique and reflects the individual circumstances of the borrower. Modifications that result in a TDR may include extensions of maturity at a concessionary (below market) rate of interest, payment forbearances or other actions designed to benefit the borrower while mitigating the Corporation’s risk exposure. Reductions in interest rates are rare. Instead, the interest rates are typically increased, although the increased rate may not represent a market rate of interest. Infrequently, concessions may also include principal forgiveness in connection with foreclosure, short sale or other settlement agreements leading to termination or sale of the loan. At the time of restructuring, the loans are remeasured to reflect the impact, if any, on projected cash flows resulting from the modified terms. If a portion of the loan is deemed to be uncollectible, a charge-off may be recorded at the time of restructuring. Alternatively, a charge-off may have already been recorded in a previous period such that no charge-off is required at the time of modification. During 2021, the carrying value of the Corporation’s commercial loans that were modified as TDRs was $1.3 billion compared to $1.2 billion and $1.7 billion for 2020 and 2019. At December 31, 2021, 2020 and 2019, the Corporation had commitments to lend $283 million, $402 million and $445 million to commercial borrowers whose loans were classified as TDRs. The balance of commercial TDRs in payment default was $262 million, $218 million and $207 million at December 31, 2021, 2020 and 2019. Loans Held-for-sale The Corporation had LHFS of $15.6 billion and $9.2 billion at December 31, 2021 and 2020. Cash and non-cash proceeds from sales and paydowns of loans originally classified as LHFS were $43.6 billion, $20.1 billion and $30.6 billion for 2021, 2020 and 2019, respectively. Cash used for originations and purchases of LH |
Securitizations and Other Varia
Securitizations and Other Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Securitizations and Other Variable Interest Entities | Securitizations and Other Variable Interest Entities The Corporation utilizes VIEs in the ordinary course of business to support its own and its customers’ financing and investing needs. The Corporation routinely securitizes loans and debt securities using VIEs as a source of funding for the Corporation and as a means of transferring the economic risk of the loans or debt securities to third parties. The assets are transferred into a trust or other securitization vehicle such that the assets are legally isolated from the creditors of the Corporation and are not available to satisfy its obligations. These assets can only be used to settle obligations of the trust or other securitization vehicle. The Corporation also administers, structures or invests in other VIEs including CDOs, investment vehicles and other entities. For more information on the Corporation’s use of VIEs, see Note 1 – Summary of Significant Accounting Principles. The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at December 31, 2021 and 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 December 31, 2021 and 2020 resulting from its involvement with consolidated VIEs and unconsolidated VIEs in which the Corporation holds a variable interest. The Corporation’s maximum loss exposure is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments, such as unfunded liquidity commitments and other contractual arrangements. The Corporation’s maximum loss exposure does not include losses previously recognized through write-downs of assets. The Corporation invests in ABS issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs, 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 2021, 2020 and 2019 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 December 31, 2021 and 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, generally in the form of residential mortgage-backed securities (RMBS) guaranteed by government-sponsored enterprises, FNMA and FHLMC (collectively the GSEs), or the Government National Mortgage Association (GNMA) primarily in the case of FHA-insured and U.S. Department of Veterans Affairs (VA)-guaranteed mortgage loans. Securitization usually occurs in conjunction with or shortly after origination or purchase, and the Corporation may also securitize loans held in its residential mortgage portfolio. In addition, the Corporation may, from time to time, securitize commercial mortgages it originates or purchases from other entities. The Corporation typically services the loans it securitizes. Further, the Corporation may retain beneficial interests in the securitization trusts including senior and subordinate securities and equity tranches issued by the trusts. Except as described in Note 12 – 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 2021, 2020 and 2019. First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage (Dollars in millions) 2021 2020 2019 2021 2020 2019 Proceeds from loan sales (1) $ 6,664 $ 15,823 $ 6,858 $ 10,874 $ 5,084 $ 8,661 Gains on securitizations (2) 9 728 27 156 61 103 Repurchases from securitization trusts (3) 756 436 881 — — — (1) The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or 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 $121 million, $160 million and $64 million net of hedges, during 2021, 2020 and 2019, respectively, are not included in the table above. (3) The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. 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 $115.4 billion and $160.4 billion at December 31, 2021 and 2020. Servicing fee and ancillary fee income on serviced loans was $392 million, $474 million and $585 million during 2021, 2020 and 2019, respectively. Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $2.0 billion and $2.2 billion at December 31, 2021 and 2020. For more information on MSRs, see Note 20 – Fair Value Measurements . During 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 MBS, 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 December 31, 2021 and 2020. First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage December 31 (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Unconsolidated VIEs Maximum loss exposure (1) $ 11,600 $ 13,477 $ 121 $ 250 $ 908 $ 1,031 $ 14 $ 46 $ 1,445 $ 1,169 On-balance sheet assets Senior securities: Trading account assets $ 175 $ 152 $ 8 $ 2 $ 44 $ 8 $ 12 $ 12 $ 21 $ 60 Debt securities carried at fair value 5,009 7,588 — 103 537 676 — 33 — — Held-to-maturity securities 6,416 5,737 — — — — — — 1,157 925 All other assets — — 3 6 29 26 2 1 93 50 Total retained positions $ 11,600 $ 13,477 $ 11 $ 111 $ 610 $ 710 $ 14 $ 46 $ 1,271 $ 1,035 Principal balance outstanding (2) $ 93,142 $ 133,497 $ 4,710 $ 6,081 $ 6,179 $ 6,691 $ 13,627 $ 16,554 $ 85,540 $ 59,268 Consolidated VIEs Maximum loss exposure (1) $ 1,644 $ 1,328 $ 49 $ 66 $ — $ 53 $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 1,644 $ 1,328 $ — $ 350 $ — $ 260 $ — $ — $ — $ — Loans and leases, net — — 58 — — — — — — — Total assets $ 1,644 $ 1,328 $ 58 $ 350 $ — $ 260 $ — $ — $ — $ — Total liabilities $ — $ — $ 9 $ 284 $ — $ 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 12 – Commitments and Contingencies and Note 20 – 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 December 31, 2021 and 2020. Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity (1) Credit Card (2) Resecuritization Trusts Municipal Bond Trusts December 31 (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Unconsolidated VIEs Maximum loss exposure $ 152 $ 206 $ — $ — $ 6,089 $ 8,543 $ 4,094 $ 3,507 On-balance sheet assets Securities (3) : Trading account assets $ — $ — $ — $ — $ 1,030 $ 948 $ — $ — Debt securities carried at fair value 1 2 — — 1,903 2,727 — — Held-to-maturity securities — — — — 3,156 4,868 — — Total retained positions $ 1 $ 2 $ — $ — $ 6,089 $ 8,543 $ — $ — Total assets of VIEs $ 430 $ 609 $ — $ — $ 18,633 $ 17,250 $ 4,655 $ 4,042 Consolidated VIEs Maximum loss exposure $ 45 $ 58 $ 10,279 $ 14,606 $ 680 $ 217 $ 210 $ 1,030 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 686 $ 217 $ 122 $ 990 Loans and leases 140 218 14,434 21,310 — — — — Allowance for loan and lease losses 14 14 (970) (1,704) — — — — All other assets 3 4 70 1,289 — — 88 40 Total assets $ 157 $ 236 $ 13,534 $ 20,895 $ 686 $ 217 $ 210 $ 1,030 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 196 $ 432 Long-term debt 113 178 3,248 6,273 6 — — — All other liabilities — — 7 16 — — — — Total liabilities $ 113 $ 178 $ 3,255 $ 6,289 $ 6 $ — $ 196 $ 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 12 – Commitments and Contingencies . (2) At December 31, 2021 and 2020, loans and leases in the consolidated credit card trust included $4.3 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 2021, 2020 and 2019, the Corporation issued new senior debt securities issued to third-party investors from the credit card securitization trust of $1.0 billion, $1.0 billion and $1.3 billion, respectively. At December 31, 2021 and 2020, the Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $6.5 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. During 2021, 2020 and 2019, the credit card securitization trust issued $161 million, $161 million and $202 million, respectively, of these subordinate securities. 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 $28.9 billion, $39.0 billion and $24.4 billion of securities during 2021, 2020 and 2019, respectively. 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. Securities received from the resecuritization VIEs were recognized at their fair value of $2.2 billion, $6.1 billion and $5.2 billion during 2021, 2020 and 2019, respectively. In 2021 and 2019, substantially all of the securities were classified as trading account assets. All of the securities received as resecuritization proceeds during 2020 were classified as trading account assets. Of the securities received as resecuritization proceeds during 2020, $2.4 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 $4.1 billion and $3.5 billion at December 31, 2021 and 2020. The weighted-average remaining life of bonds held in the trusts at December 31, 2021 was 6.3 years. There were no significant write-downs or downgrades of assets or issuers during 2021, 2020 and 2019. Other Variable Interest Entities The table below summarizes select information related to other VIEs in which the Corporation held a variable interest at December 31, 2021 and 2020. Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) December 31, 2021 December 31, 2020 Maximum loss exposure $ 4,819 $ 27,790 $ 32,609 $ 4,106 $ 23,870 $ 27,976 On-balance sheet assets Trading account assets $ 2,552 $ 626 $ 3,178 $ 2,080 $ 623 $ 2,703 Debt securities carried at fair value — 7 7 — 9 9 Loans and leases 2,503 47 2,550 2,108 184 2,292 Allowance for loan and lease losses (2) (12) (14) (3) (3) (6) All other assets 28 26,628 26,656 54 22,553 22,607 Total $ 5,081 $ 27,296 $ 32,377 $ 4,239 $ 23,366 $ 27,605 On-balance sheet liabilities Short-term borrowings $ 51 $ — $ 51 $ 22 $ — $ 22 Long-term debt 211 — 211 111 — 111 All other liabilities — 6,548 6,548 — 5,658 5,658 Total $ 262 $ 6,548 $ 6,810 $ 133 $ 5,658 $ 5,791 Total assets of VIEs $ 5,081 $ 92,249 $ 97,330 $ 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 $2.9 billion and $2.3 billion at December 31, 2021 and 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 $235 million and $298 million at December 31, 2021 and 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 December 31, 2021 and 2020, the Corporation’s consolidated investment VIEs had total assets of $1.0 billion and $494 million. The Corporation also held investments in unconsolidated VIEs with total assets of $7.1 billion and $5.4 billion at December 31, 2021 and 2020. The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $2.0 billion and $1.5 billion at December 31, 2021 and 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 $1.5 billion and $1.7 billion at December 31, 2021 and 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 $25.7 billion and $22.0 billion at December 31, 2021 and 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 $12.6 billion and $11.2 billion, including unfunded commitments to provide capital contributions of $5.8 billion and $5.0 billion, at December 31, 2021 and 2020. The unfunded commitments are expected to be paid over the next five years. During 2021, 2020 and 2019, the Corporation recognized tax credits and other tax benefits from investments in affordable housing partnerships of $1.3 billion, $1.2 billion and $1.0 billion and reported pretax losses in other income of $1.1 billion, $1.0 billion and $882 million, respectively. These tax credits are recognized as part of the Corporation’s annual effective tax rate used to determine tax expense in a given quarter. The Corporation may be asked to invest additional amounts to support a troubled affordable housing project. Such additional investments have not been and are not expected to be significant. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020. The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill December 31 (Dollars in millions) 2021 2020 Consumer Banking $ 30,137 $ 30,123 Global Wealth & Investment Management 9,677 9,677 Global Banking (1) 24,026 23,969 Global Markets 5,182 5,182 Total goodwill $ 69,022 $ 68,951 (1) Prior period has been revised to conform to current-period presentation. During 2021, the Corporation completed its annual goodwill impairment test as of June 30, 2021 using qualitative assessments for all applicable reporting units. Based on the results of the annual goodwill impairment test, the Corporation determined there was no impairment. For more information on the use of qualitative assessments, see Note 1 – Summary of Significant Accounting Principles. Intangible Assets At both December 31, 2021 and 2020, the net carrying value of intangible assets was $2.2 billion. At both December 31, 2021 and 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 $76 million, $95 million and $112 million for 2021, 2020 and 2019. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 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 December 31, 2021 and 2020. Net Investment (1) December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,806 $ 17,627 Unguaranteed residuals 2,078 2,303 Total net investment in sales-type and direct $ 18,884 $ 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 $7.1 billion and $6.9 billion at December 31, 2021 and 2020. The table below presents lease income at December 31, 2021 and 2020. Lease Income December 31 (Dollars in millions) 2021 2020 Sales-type and direct financing leases $ 613 $ 707 Operating leases 930 931 Total lease income $ 1,543 $ 1,638 Lessee Arrangements The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant. Lease terms may contain renewal and extension options and early termination features. Generally, these options do not impact the lease term because the Corporation is not reasonably certain that it will exercise the options. The following table provides information on the right-of-use assets, lease liabilities and weighted-average discount rates and lease terms at December 31, 2021 and 2020. Lessee Arrangements December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,233 $ 10,000 Lease liabilities 10,858 10,474 Weighted-average discount rate used to calculate present value of future minimum lease payments 2.91 % 3.38 % Weighted-average lease term (in years) 9.0 8.4 Lease Cost and Supplemental Information: Operating lease cost $ 2,025 $ 2,149 Variable lease cost (1) 462 474 Total lease cost (2) $ 2,487 $ 2,623 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 1,713 $ 851 Operating cash flows from operating leases (4) 1,964 2,039 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurements of lease liabilities. Maturity Analysis The maturities of lessor and lessee arrangements outstanding at December 31, 2021 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Sales-type and Direct Financing Leases (2) Operating (Dollars in millions) December 31, 2021 2022 $ 848 $ 5,208 $ 1,917 2023 742 4,617 1,716 2024 591 3,888 1,550 2025 412 1,318 1,309 2026 296 1,634 1,153 Thereafter 696 1,358 4,758 Total undiscounted cash flows $ 3,585 18,023 12,403 Less: Net present value adjustment 1,217 1,545 Total (3) $ 16,806 $ 10,858 (1) Excludes $179 million in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2022. (2) Includes $10.9 billion in commercial lease financing receivables and $5.9 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
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 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 December 31, 2021 and 2020. Net Investment (1) December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,806 $ 17,627 Unguaranteed residuals 2,078 2,303 Total net investment in sales-type and direct $ 18,884 $ 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 $7.1 billion and $6.9 billion at December 31, 2021 and 2020. The table below presents lease income at December 31, 2021 and 2020. Lease Income December 31 (Dollars in millions) 2021 2020 Sales-type and direct financing leases $ 613 $ 707 Operating leases 930 931 Total lease income $ 1,543 $ 1,638 Lessee Arrangements The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant. Lease terms may contain renewal and extension options and early termination features. Generally, these options do not impact the lease term because the Corporation is not reasonably certain that it will exercise the options. The following table provides information on the right-of-use assets, lease liabilities and weighted-average discount rates and lease terms at December 31, 2021 and 2020. Lessee Arrangements December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,233 $ 10,000 Lease liabilities 10,858 10,474 Weighted-average discount rate used to calculate present value of future minimum lease payments 2.91 % 3.38 % Weighted-average lease term (in years) 9.0 8.4 Lease Cost and Supplemental Information: Operating lease cost $ 2,025 $ 2,149 Variable lease cost (1) 462 474 Total lease cost (2) $ 2,487 $ 2,623 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 1,713 $ 851 Operating cash flows from operating leases (4) 1,964 2,039 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurements of lease liabilities. Maturity Analysis The maturities of lessor and lessee arrangements outstanding at December 31, 2021 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Sales-type and Direct Financing Leases (2) Operating (Dollars in millions) December 31, 2021 2022 $ 848 $ 5,208 $ 1,917 2023 742 4,617 1,716 2024 591 3,888 1,550 2025 412 1,318 1,309 2026 296 1,634 1,153 Thereafter 696 1,358 4,758 Total undiscounted cash flows $ 3,585 18,023 12,403 Less: Net present value adjustment 1,217 1,545 Total (3) $ 16,806 $ 10,858 (1) Excludes $179 million in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2022. (2) Includes $10.9 billion in commercial lease financing receivables and $5.9 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
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 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 December 31, 2021 and 2020. Net Investment (1) December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,806 $ 17,627 Unguaranteed residuals 2,078 2,303 Total net investment in sales-type and direct $ 18,884 $ 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 $7.1 billion and $6.9 billion at December 31, 2021 and 2020. The table below presents lease income at December 31, 2021 and 2020. Lease Income December 31 (Dollars in millions) 2021 2020 Sales-type and direct financing leases $ 613 $ 707 Operating leases 930 931 Total lease income $ 1,543 $ 1,638 Lessee Arrangements The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant. Lease terms may contain renewal and extension options and early termination features. Generally, these options do not impact the lease term because the Corporation is not reasonably certain that it will exercise the options. The following table provides information on the right-of-use assets, lease liabilities and weighted-average discount rates and lease terms at December 31, 2021 and 2020. Lessee Arrangements December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,233 $ 10,000 Lease liabilities 10,858 10,474 Weighted-average discount rate used to calculate present value of future minimum lease payments 2.91 % 3.38 % Weighted-average lease term (in years) 9.0 8.4 Lease Cost and Supplemental Information: Operating lease cost $ 2,025 $ 2,149 Variable lease cost (1) 462 474 Total lease cost (2) $ 2,487 $ 2,623 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 1,713 $ 851 Operating cash flows from operating leases (4) 1,964 2,039 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurements of lease liabilities. Maturity Analysis The maturities of lessor and lessee arrangements outstanding at December 31, 2021 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Sales-type and Direct Financing Leases (2) Operating (Dollars in millions) December 31, 2021 2022 $ 848 $ 5,208 $ 1,917 2023 742 4,617 1,716 2024 591 3,888 1,550 2025 412 1,318 1,309 2026 296 1,634 1,153 Thereafter 696 1,358 4,758 Total undiscounted cash flows $ 3,585 18,023 12,403 Less: Net present value adjustment 1,217 1,545 Total (3) $ 16,806 $ 10,858 (1) Excludes $179 million in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2022. (2) Includes $10.9 billion in commercial lease financing receivables and $5.9 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
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 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 December 31, 2021 and 2020. Net Investment (1) December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,806 $ 17,627 Unguaranteed residuals 2,078 2,303 Total net investment in sales-type and direct $ 18,884 $ 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 $7.1 billion and $6.9 billion at December 31, 2021 and 2020. The table below presents lease income at December 31, 2021 and 2020. Lease Income December 31 (Dollars in millions) 2021 2020 Sales-type and direct financing leases $ 613 $ 707 Operating leases 930 931 Total lease income $ 1,543 $ 1,638 Lessee Arrangements The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant. Lease terms may contain renewal and extension options and early termination features. Generally, these options do not impact the lease term because the Corporation is not reasonably certain that it will exercise the options. The following table provides information on the right-of-use assets, lease liabilities and weighted-average discount rates and lease terms at December 31, 2021 and 2020. Lessee Arrangements December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,233 $ 10,000 Lease liabilities 10,858 10,474 Weighted-average discount rate used to calculate present value of future minimum lease payments 2.91 % 3.38 % Weighted-average lease term (in years) 9.0 8.4 Lease Cost and Supplemental Information: Operating lease cost $ 2,025 $ 2,149 Variable lease cost (1) 462 474 Total lease cost (2) $ 2,487 $ 2,623 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 1,713 $ 851 Operating cash flows from operating leases (4) 1,964 2,039 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurements of lease liabilities. Maturity Analysis The maturities of lessor and lessee arrangements outstanding at December 31, 2021 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Sales-type and Direct Financing Leases (2) Operating (Dollars in millions) December 31, 2021 2022 $ 848 $ 5,208 $ 1,917 2023 742 4,617 1,716 2024 591 3,888 1,550 2025 412 1,318 1,309 2026 296 1,634 1,153 Thereafter 696 1,358 4,758 Total undiscounted cash flows $ 3,585 18,023 12,403 Less: Net present value adjustment 1,217 1,545 Total (3) $ 16,806 $ 10,858 (1) Excludes $179 million in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2022. (2) Includes $10.9 billion in commercial lease financing receivables and $5.9 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits The scheduled contractual maturities for total time deposits at December 31, 2021 are presented in the table below. Contractual Maturities of Total Time Deposits (Dollars in millions) U.S. Non-U.S. Total Due in 2022 $ 34,555 $ 9,193 $ 43,748 Due in 2023 1,934 75 2,009 Due in 2024 350 5 355 Due in 2025 230 11 241 Due in 2026 120 1,361 1,481 Thereafter 248 29 277 Total time deposits $ 37,437 $ 10,674 $ 48,111 |
Securities Financing Agreements
Securities Financing Agreements, Short-term Borrowings and Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Securities Financing Agreements, Short-term Borrowings and Restricted Cash [Abstract] | |
Securities Financing Agreements, Short-term Borrowings and Restricted Cash | Securities Financing Agreements, Short-term Borrowings and Restricted Cash 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. 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 21 – Fair Value Option . Offsetting of Securities Financing Agreements Substantially all of the Corporation’s securities financing activities are transacted under legally enforceable master repurchase agreements or legally enforceable master securities lending agreements that give the Corporation, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Corporation offsets securities financing transactions with the same counterparty on the Consolidated Balance Sheet where it has such a legally enforceable master netting agreement and the transactions have the same maturity date. The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at December 31, 2021 and 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) December 31, 2021 Securities borrowed or purchased under agreements to resell (3) $ 527,054 $ (276,334) $ 250,720 $ (229,525) $ 21,195 Securities loaned or sold under agreements to repurchase $ 468,663 $ (276,334) $ 192,329 $ (181,860) $ 10,469 Other (4) 11,391 — 11,391 (11,391) — Total $ 480,054 $ (276,334) $ 203,720 $ (193,251) $ 10,469 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 December 31, 2021 and 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. 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) December 31, 2021 Securities sold under agreements to repurchase $ 148,023 $ 194,964 $ 36,939 $ 36,501 $ 416,427 Securities loaned 46,231 466 1,428 4,111 52,236 Other 11,391 — — — 11,391 Total $ 205,645 $ 195,430 $ 38,367 $ 40,612 $ 480,054 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) December 31, 2021 U.S. government and agency securities $ 201,546 $ 27 $ — $ 201,573 Corporate securities, trading loans and other 12,838 3,440 1,148 17,426 Equity securities 19,907 48,650 10,192 78,749 Non-U.S. sovereign debt 178,019 119 51 178,189 Mortgage trading loans and ABS 4,117 — — 4,117 Total $ 416,427 $ 52,236 $ 11,391 $ 480,054 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 Under repurchase agreements, the Corporation is required to post collateral with a market value equal to or in excess of the principal amount borrowed. For securities loaned transactions, the Corporation receives collateral in the form of cash, letters of credit or other securities. To determine whether the market value of the underlying collateral remains sufficient, collateral is generally valued daily, and the Corporation may be required to deposit additional collateral or may receive or return collateral pledged when appropriate. Repurchase agreements and securities loaned transactions are generally either overnight, continuous (i.e., no stated term) or short-term. The Corporation manages liquidity risks related to these agreements by sourcing funding from a diverse group of counterparties, providing a range of securities collateral and pursuing longer durations, when appropriate. Short-term Bank Notes Bank of America, N.A. maintains a global program to offer up to a maximum of $75.0 billion outstanding at any one time, of bank notes with fixed or floating rates and maturities of at least seven days from the date of issue. Short-term bank notes outstanding under this program totaled $1.8 billion and $3.9 billion at December 31, 2021 and 2020. These short-term bank notes, along with Federal Home Loan Bank advances, U.S. Treasury tax and loan notes, and term federal funds purchased, are included in short-term borrowings on the Consolidated Balance Sheet. Restricted Cash At December 31, 2021 and 2020, the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $5.9 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. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consists of borrowings having an original maturity of one year or more. The table below presents the balance of long-term debt at December 31, 2021 and 2020, and the related contractual rates and maturity dates as of December 31, 2021. Weighted-average Rate December 31 (Dollars in millions) Interest Rates Maturity Dates 2021 2020 Notes issued by Bank of America Corporation (1) Senior notes: Fixed 2.85 % 0.25 - 8.05 % 2022 - 2052 $ 194,191 $ 174,385 Floating 0.64 0.02 - 4.88 2023 - 2044 18,753 16,788 Senior structured notes 15,086 17,033 Subordinated notes: Fixed 4.88 2.94 - 8.57 2024 - 2045 22,311 23,337 Floating 2.18 0.82 - 2.48 2026 - 2036 2,371 799 Junior subordinated notes: Fixed 6.71 6.45 - 8.05 2027 - 2066 741 738 Floating 0.97 0.97 2056 1 1 Total notes issued by Bank of America Corporation 253,454 233,081 Notes issued by Bank of America, N.A. Senior notes: Fixed 3.34 3.34 2023 501 511 Floating 0.26 0.20 - 0.33 2022 - 2023 3,173 2,323 Subordinated notes 6.00 6.00 2036 1,780 1,883 Advances from Federal Home Loan Banks: Fixed 1.54 0.01 - 7.72 2022 - 2034 290 599 Securitizations and other BANA VIEs (2) 3,338 6,296 Other 680 683 Total notes issued by Bank of America, N.A. 9,762 12,295 Other debt Structured liabilities (3) 16,599 16,792 Nonbank VIEs (2) 249 757 Other 53 9 Total notes issued by nonbank and other entities 16,901 17,558 Total long-term debt $ 280,117 $ 262,934 (1) Includes total loss-absorbing capacity compliant debt. (2) Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet. Long-term debt of VIEs is collateralized by the assets of the VIEs. At December 31, 2021, amount includes debt predominantly from credit card securitization and other VIEs of $3.2 billion and $211 million. For more information, see Note 6 – Securitizations and Other Variable Interest Entities. (3) Includes debt outstanding of $5.4 billion and $4.8 billion at December 31, 2021 and 2020 that was issued by BofA Finance LLC, a consolidated finance subsidiary of Bank of America Corporation, the parent company, and is fully and unconditionally guaranteed by the parent company. During 2021, the Corporation issued $76.7 billion of long-term debt consisting of $56.2 billion of notes issued by Bank of America Corporation, $8.0 billion of notes issued by Bank of America, N.A. and $12.5 billion of other debt. During 2020, the Corporation issued $56.9 billion of long-term debt consisting of $43.8 billion of notes issued by Bank of America Corporation, $4.8 billion of notes issued by Bank of America, N.A. and $8.3 billion of other debt. During 2021, the Corporation had total long-term debt maturities and redemptions in the aggregate of $46.4 billion consisting of $24.4 billion for Bank of America Corporation, $10.4 billion for Bank of America, N.A. and $11.6 billion of other debt. During 2020, the Corporation had total long-term debt maturities and redemptions in the aggregate of $47.1 billion consisting of $22.6 billion for Bank of America Corporation, $11.5 billion for Bank of America, N.A. and $13.0 billion of other debt. Bank of America Corporation and Bank of America, N.A. maintain various U.S. and non-U.S. debt programs to offer both senior and subordinated notes. The notes may be denominated in U.S. dollars or foreign currencies. At December 31, 2021 and 2020, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $53.1 billion and $54.6 billion. Foreign currency contracts may be used to convert certain foreign currency-denominated debt into U.S. dollars. The weighted-average effective interest rates for total long-term debt (excluding senior structured notes), total fixed-rate debt and total floating-rate debt were 2.83 percent, 3.08 percent and 0.75 percent, respectively, at December 31, 2021, and 3.02 percent, 3.29 percent and 0.71 percent, respectively, at December 31, 2020. The Corporation’s ALM activities maintain an overall interest rate risk management strategy that incorporates the use of interest rate contracts to manage fluctuations in earnings caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not have a significantly adverse effect on earnings and capital. The weighted-average rates are the contractual interest rates on the debt and do not reflect the impacts of derivative transactions. The following table shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2021. Included in the table are certain structured notes issued by the Corporation that contain provisions whereby the borrowings are redeemable at the option of the holder (put options) at specified dates prior to maturity. Other structured notes have coupon or repayment terms linked to the performance of debt or equity securities, indices, currencies or commodities, and the maturity may be accelerated based on the value of a referenced index or security. In both cases, the Corporation or a subsidiary may be required to settle the obligation for cash or other securities prior to the contractual maturity date. These borrowings are reflected in the table as maturing at their contractual maturity date. Long-term Debt by Maturity (Dollars in millions) 2022 2023 2024 2025 2026 Thereafter Total Bank of America Corporation Senior notes $ 3,217 $ 23,326 $ 23,462 $ 21,534 $ 17,968 $ 123,437 $ 212,944 Senior structured notes 1,937 572 396 398 819 10,964 15,086 Subordinated notes — — 3,283 5,379 5,171 10,849 24,682 Junior subordinated notes — — — — — 742 742 Total Bank of America Corporation 5,154 23,898 27,141 27,311 23,958 145,992 253,454 Bank of America, N.A. Senior notes 1,600 2,074 — — — — 3,674 Subordinated notes — — — — — 1,780 1,780 Advances from Federal Home Loan Banks 202 1 — 16 10 61 290 Securitizations and other Bank VIEs (1) 1,259 988 1,000 1 — 90 3,338 Other 102 386 32 143 7 10 680 Total Bank of America, N.A. 3,163 3,449 1,032 160 17 1,941 9,762 Other debt Structured Liabilities 3,586 2,823 1,996 668 1,621 5,905 16,599 Nonbank VIEs (1) 2 51 — — — 196 249 Other — — — — — 53 53 Total other debt 3,588 2,874 1,996 668 1,621 6,154 16,901 Total long-term debt $ 11,905 $ 30,221 $ 30,169 $ 28,139 $ 25,596 $ 154,087 $ 280,117 (1) Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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. Credit Extension Commitments The Corporation enters into commitments to extend credit such as loan commitments, SBLCs and commercial letters of credit to meet the financing needs of its customers. The following table includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.7 billion and $10.5 billion at December 31, 2021 and 2020. The carrying value of the Corporation’s credit extension commitments at December 31, 2021 and 2020, excluding commitments accounted for under the fair value option, was $1.5 billion and $1.9 billion, which predominantly 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 $4.8 billion and $4.0 billion at December 31, 2021 and 2020 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $97 million and $99 million at December 31, 2021 and 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 21 – Fair Value Option. Credit Extension Commitments Expire in One Expire After One Expire After Three Years Through Expire After Total (Dollars in millions) December 31, 2021 Notional amount of credit extension commitments Loan commitments (1) $ 102,464 $ 190,687 $ 174,978 $ 26,635 $ 494,764 Home equity lines of credit 890 5,097 10,268 24,276 40,531 Standby letters of credit and financial guarantees (2) 22,359 10,742 2,017 422 35,540 Letters of credit 1,145 124 56 98 1,423 Other commitments (3) 18 59 81 1,233 1,391 Legally binding commitments 126,876 206,709 187,400 52,664 573,649 Credit card lines (4) 406,169 — — — 406,169 Total credit extension commitments $ 533,045 $ 206,709 $ 187,400 $ 52,664 $ 979,818 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 886 197 25 27 1,135 Other commitments (3) 22 132 125 1,219 1,498 Legally binding commitments 130,986 187,246 150,793 48,486 517,511 Credit card lines (4) 384,955 — — — 384,955 Total credit extension commitments $ 515,941 $ 187,246 $ 150,793 $ 48,486 $ 902,466 (1) At December 31, 2021 and 2020, $4.6 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 $26.3 billion and $8.7 billion at December 31, 2021, and $25.0 billion and $10.2 billion at December 31, 2020. Amounts in the table include consumer SBLCs of $512 million and $500 million at December 31, 2021 and 2020. (3) Primarily includes second-loss positions on lease-end residual value guarantees. (4) Includes business card unused lines of credit. Other Commitments At December 31, 2021 and 2020, the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $181 million and $93 million, which upon settlement will be included in trading account assets, loans or LHFS, and commitments to purchase commercial loans of $518 million and $645 million, which upon settlement will be included in trading account assets. At December 31, 2021 and 2020, the Corporation had commitments to purchase commodities, primarily liquefied natural gas, of $949 million and $582 million, which upon settlement will be included in trading account assets. At December 31, 2021 and 2020, the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $92.0 billion and $66.5 billion, and commitments to enter into forward-dated repurchase and securities lending agreements of $32.6 billion and $32.1 billion. These commitments generally expire within the next 12 months. At December 31, 2021 and 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 2026 and can be terminated with 12 months prior notice. At December 31, 2021 and 2020, the Corporation had unfunded equity investment commitments of $395 million and $213 million. 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 December 31, 2021 and 2020, the notional amount of these guarantees totaled $6.3 billion and $7.1 billion. At December 31, 2021 and 2020, the Corporation’s maximum exposure related to these guarantees totaled $928 million and $1.1 billion, with estimated maturity dates between 2033 and 2039. Indemnifications In the ordinary course of business, the Corporation enters into various agreements that contain indemnifications, such as tax indemnifications, whereupon payment may become due if certain external events occur, such as a change in tax law. The indemnification clauses are often standard contractual terms and were entered into in the normal course of business based on an assessment that the risk of loss would be remote. These agreements typically contain an early termination clause that permits the Corporation to exit the agreement upon these events. The maximum potential future payment under indemnification agreements is difficult to assess for several reasons, including the occurrence of an external event, the inability to predict future changes in tax and other laws, the difficulty in determining how such laws would apply to parties in contracts, the absence of exposure limits contained in standard contract language and the timing of any early termination clauses. Historically, any payments made under these guarantees have been de minimis. The Corporation has assessed the probability of making such payments in the future as remote. Merchant Services Prior to July 1, 2020, a significant portion of the Corporation's merchant processing activity was performed by a joint venture in which the Corporation held a 49 percent ownership interest. Effective July 1, 2020, the Corporation received its share of the joint venture's merchant contracts and began performing merchant processing services for these merchants. 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. The total amount of transactions processed for the preceding six-month period, which was $476.2 billion, is an estimate of the Corporation’s maximum potential exposure as of December 31, 2021. 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. Exchange and Clearing House Member Guarantees The Corporation is a member of various securities and derivative exchanges and clearinghouses, both in the U.S. and other countries. As a member, the Corporation may be required to pay a pro-rata share of the losses incurred by some of these organizations as a result of another member default and under other loss scenarios. The Corporation’s potential obligations may be limited to its membership interests in such exchanges and clearinghouses, to the amount (or multiple) of the Corporation’s contribution to the guarantee fund or, in limited instances, to the full pro-rata share of the residual losses after applying the guarantee fund. The Corporation’s maximum potential exposure under these membership agreements is difficult to estimate; however, the Corporation has assessed the probability of making any such payments as remote. Prime Brokerage and Securities Clearing Services In connection with its prime brokerage and clearing businesses, the Corporation performs securities clearance and settlement services with other brokerage firms and clearinghouses on behalf of its clients. Under these arrangements, the Corporation stands ready to meet the obligations of its clients with respect to securities transactions. The Corporation’s obligations in this respect are secured by the assets in the clients’ accounts and the accounts of their customers as well as by any proceeds received from the transactions cleared and settled by the Corporation on behalf of clients or their customers. The Corporation’s maximum potential exposure under these arrangements is difficult to estimate; however, the potential for the Corporation to incur material losses pursuant to these arrangements is remote. 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 $42.0 billion and $22.5 billion at December 31, 2021 and 2020. Other Guarantees In the normal course of business, the Corporation periodically guarantees the obligations of its affiliates in a variety of transactions including ISDA-related transactions and non-ISDA related transactions such as commodities trading, repurchase agreements, prime brokerage agreements and other transactions. 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. Representations and Warranties Obligations and Corporate Guarantees The Corporation securitizes first-lien residential mortgage loans generally in the form of RMBS guaranteed by the GSEs or by GNMA in the case of FHA-insured, VA-guaranteed and Rural Housing Service-guaranteed mortgage loans, and sells pools of first-lien residential mortgage loans in the form of whole loans. In addition, in prior years, legacy companies and certain subsidiaries sold pools of first-lien residential mortgage loans and home equity loans as private-label securitizations or in the form of whole loans. In connection with these transactions, the Corporation or certain of its subsidiaries or legacy companies make and have made various representations and warranties. Breaches of these representations and warranties have resulted in and may continue to result in the requirement to repurchase mortgage loans or to otherwise make whole or provide indemnification or other remedies to sponsors, investors, securitization trusts, guarantors, insurers or other parties (collectively, repurchases). Unresolved Repurchase Claims Unresolved representations and warranties repurchase claims represent the notional amount of repurchase claims made by counterparties, typically the outstanding principal balance or the unpaid principal balance at the time of default. In the case of first-lien mortgages, the claim amount is often significantly greater than the expected loss amount due to the benefit of collateral and, in some cases, mortgage insurance or mortgage guarantee payments. The notional amount of unresolved repurchase claims at December 31, 2021 and 2020 was $8.4 billion and $8.5 billion. These balances included $2.8 billion and $2.9 billion at December 31, 2021 and 2020 of claims related to loans in specific private-label securitization groups or tranches where the Corporation owns substantially all of the outstanding securities or will otherwise realize the benefit of any repurchase claims paid. During 2021, the Corporation received $49 million in new repurchase claims that were not time-barred. During 2021, $141 million in claims were resolved. Reserve and Related Provision The reserve for representations and warranties obligations and corporate guarantees was $1.2 billion and $1.3 billion at December 31, 2021 and 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. Litigation and Regulatory Matters In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, regulatory and governmental actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Corporation generally cannot predict 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 matters described below 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 $164 million and $823 million was recognized in 2021 and 2020. For any matter disclosed in this Note 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 $1.0 billion in excess of the accrued liability, if any, as of December 31, 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 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, 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 these matters, some of which are beyond the Corporation’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Corporation’s business or results of operations for any particular reporting period, or cause significant reputational harm. Ambac Bond Insurance Litigation Ambac Assurance Corporation and the Segregated Account of Ambac Assurance Corporation (together, Ambac) have filed four separate lawsuits against the Corporation and its subsidiaries relating to bond insurance policies Ambac provided on certain securitized pools of HELOCs, first-lien subprime home equity loans, fixed-rate second-lien mortgage loans and negative amortization pay-option adjustable-rate mortgage loans. Ambac alleges that they have paid or will pay claims as a result of defaults in the underlying loans and asserts that the defendants misrepresented the characteristics of the underlying loans and/or breached certain contractual representations and warranties regarding the underwriting and servicing of the loans. In those actions where the Corporation is named as a defendant, Ambac contends the Corporation is liable on successor and vicarious liability theories. These actions are at various procedural stages with material developments provided below. Ambac v. Countrywide I Ambac named the Corporation and several Countrywide entities as defendants in an action filed on September 28, 2010 in New York Supreme Court asserting claims for fraudulent inducement as well as breach of contract and seeking damages in excess of $2.2 billion, plus punitive damages. The Supreme Court dismissed Ambac’s fraudulent inducement claim, and on May 11, 2021, the First Department, a New York State appellate court (First Department), affirmed the dismissal. The Supreme Court has scheduled a non-jury trial for September 7, 2022 on the contract claim that remains. Ambac v. Countrywide II On December 30, 2014, Ambac filed a complaint in New York Supreme Court against the same defendants, claiming fraudulent inducement against Countrywide, and successor and vicarious liability against the Corporation, while seeking damages in excess of $600 million, plus punitive damages. Ambac v. Countrywide IV On July 21, 2015, Ambac filed an action in New York Supreme Court against Countrywide asserting the same claims for fraudulent inducement that Ambac asserted in the now dismissed Ambac v. Countrywide III. The complaint seeks damages in excess of $350 million, plus punitive damages. On December 8, 2020, the New York Supreme Court dismissed Ambac’s complaint. On February 8, 2022, the First Department affirmed the dismissal. Ambac v. First Franklin On April 16, 2012, Ambac filed an action against BANA, First Franklin and various Merrill Lynch entities, including Merrill Lynch, Pierce, Fenner & Smith Incorporated, in New York Supreme Court relating to guaranty insurance Ambac provided on a First Franklin securitization sponsored by Merrill Lynch. The complaint alleges fraudulent inducement and breach of contract, including breach of contract claims against BANA based upon its servicing of the loans in the securitization. Ambac seeks as damages hundreds of millions of dollars that Ambac alleges it has paid or will pay in claims. Deposit Insurance Assessment On January 9, 2017, the Federal Deposit Insurance Corporation (FDIC) filed suit against BANA in the U.S. District Court for the District of Columbia alleging failure to pay a December 15, 2016 invoice for additional deposit insurance assessments and interest in the amount of $542 million for the quarters ending June 30, 2013 through December 31, 2014. On April 7, 2017, the FDIC amended its complaint to add a claim for additional deposit insurance and interest in the amount of $583 million for the quarters ending March 31, 2012 through March 31, 2013. The FDIC asserts these claims based on BANA’s alleged underreporting of counterparty exposures that resulted in underpayment of assessments for those quarters and its Enforcement Section is also conducting a parallel investigation related to the same alleged reporting error. BANA disagrees with the FDIC’s interpretation of the regulations as they existed during the relevant time period and is defending itself against the FDIC’s claims. Pending final resolution, BANA has pledged security satisfactory to the FDIC related to the disputed additional assessment amounts. On March 27, 2018, the U.S. District Court for the District of Columbia denied BANA’s partial motion to dismiss certain of the FDIC’s claims. LIBOR The Corporation, BANA and certain Merrill Lynch entities have been named as defendants along with most of the other LIBOR panel banks in a number of individual and putative class actions by persons alleging they sustained losses on U.S. dollar LIBOR-based financial instruments as a result of collusion or manipulation by defendants regarding the setting of U.S. dollar LIBOR. Plaintiffs assert a variety of claims, including antitrust, Commodity Exchange Act, Racketeer Influenced and Corrupt Organizations (RICO), Securities Exchange Act of 1934, common law fraud and breach of contract claims, and seek compensatory, treble and punitive damages, and injunctive relief. All but one of the cases naming the Corporation and its affiliates relating to U.S. dollar LIBOR are pending in the U.S. District Court for the Southern District of New York (“District Court”). The District Court has dismissed all RICO claims, and dismissed all manipulation claims against Bank of America entities based on alleged trader conduct. The District Court has also substantially limited the scope of antitrust, Commodity Exchange Act and various other claims, including by dismissing in their entirety certain individual and putative class plaintiffs’ antitrust claims for lack of standing. On December 30, 2021, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of these antitrust claims for lack of standing. Certain individual and putative class actions remain pending against the Corporation, BANA and certain Merrill Lynch entities. On February 28, 2018, the District Court granted certification of a class of persons that purchased OTC swaps and notes that referenced U.S. dollar LIBOR from one of the U.S. dollar LIBOR panel banks, limited to claims under Section 1 of the Sherman Act. U.S. Bank - Harborview and SURF/OWNIT Repurchase Litigation Beginning in 2011, U.S. Bank, National Association (U.S. Bank), as trustee for the HarborView Mortgage Loan Trust 2005-10 and various SURF/OWNIT RMBS trusts filed complaints against the Corporation, Countrywide entities, Merrill Lynch entities and other affiliates in New York Supreme Court alleging breaches of representations and warranties. The defendants and certain certificate-holders in the trusts agreed to settle the respective matters in amounts not material to the Corporation, subject to acceptance by U.S. Bank. The litigations have been stayed pending finalization of the settlements. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 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 February 2, 2022 March 4, 2022 March 25, 2022 $ 0.21 October 20, 2021 December 3, 2021 December 31, 2021 0.21 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 February 22, 2022. The cash dividends paid per share of common stock were $0.78 $0.72 and $0.66 for 2021, 2020 and 2019, respectively. The table below summarizes common stock repurchases during 2021, 2020 and 2019. Common Stock Repurchase Summary (in millions) 2021 2020 2019 Total share repurchases, including CCAR capital plan repurchases 615 227 956 Purchase price of shares repurchased and retired CCAR capital plan repurchases $ 25,126 $ 7,025 $ 25,644 Other authorized repurchases — — 2,500 Total shares repurchased $ 25,126 $ 7,025 $ 28,144 Due to uncertainty resulting from the pandemic, the Federal Reserve imposed various restrictions on share repurchase programs and dividends during 2020 and the first half of 2021. Those restrictions ended as of July 1, 2021 for large banks, including the Corporation, and large banks returned to the normal restrictions under the Federal Reserve’s stress capital buffer (SCB) framework. During 2021, in connection with employee stock plans, the Corporation issued 68 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 26 million shares of its common stock. At December 31, 2021, the Corporation had reserved 562 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock. Preferred Stock The cash dividends declared on preferred stock were $1.4 billion in each of 2021, 2020 and 2019. On January 28, 2021, the Corporation issued approximately 37,000 shares of 4.125% Non-Cumulative Preferred Stock, Series PP for $915 million, with quarterly dividends commencing in May 2021. The Series PP preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends. On October 26, 2021, the Corporation issued 52,000 shares of 4.250% Non-Cumulative Preferred Stock, Series QQ for $1.3 billion, with quarterly dividends commencing in February 2022. The Series QQ preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends. On January 25, 2022, the Corporation issued 70,000 shares of 4.375% Non-Cumulative Preferred Stock, Series RR for $1.8 billion. The Series RR preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends. On January 31, 2022, the Corporation issued 28,000 shares of 4.75% Non-Cumulative Preferred Stock, Series SS for $700 million. The Series SS preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends. In 2021, the Corporation fully redeemed Series CC, Series EE and Series T preferred stock at their liquidation preference values for a total of $2.0 billion. All series of preferred stock in the Preferred Stock Summary table have a par value of $0.01 per share, are not subject to the operation of a sinking fund, have no participation rights, and with the exception of the Series L Preferred Stock, are not convertible. The holders of the Series B Preferred Stock and Series 1 through 5 Preferred Stock have general voting rights and vote together with the common stock. The holders of the other series included in the table have no general voting rights. All outstanding series of preferred stock of the Corporation have preference over the Corporation’s common stock with respect to the payment of dividends and distribution of the Corporation’s assets in the event of a liquidation or dissolution. With the exception of the Series B, F and G Preferred Stock, if any dividend payable on these series is in arrears for three or more semi-annual or six or more quarterly dividend periods, as applicable (whether consecutive or not), the holders of these series and any other class or series of preferred stock ranking equally as to payment of dividends and upon which equivalent voting rights have been conferred and are exercisable (voting as a single class) will be entitled to vote for the election of two additional directors. These voting rights terminate when the Corporation has paid in full dividends on these series for at least two semi-annual or four quarterly dividend periods, as applicable, following the dividend arrearage. The 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (Series L Preferred Stock) does not have early redemption/call rights. Each share of the Series L Preferred Stock may be converted at any time, at the option of the holder, into 20 shares of the Corporation’s common stock plus cash in lieu of fractional shares. The Corporation may cause some or all of the Series L Preferred Stock, at its option, at any time or from time to time, to be converted into shares of common stock at the then-applicable conversion rate if, for 20 trading days during any period of 30 consecutive trading days, the closing price of common stock exceeds 130 percent of the then-applicable conversion price of the Series L Preferred Stock. If a conversion of Series L Preferred Stock occurs at the option of the holder, subsequent to a dividend record date but prior to the dividend payment date, the Corporation will still pay any accrued dividends payable. The table below presents a summary of perpetual preferred stock outstanding at December 31, 2021 . Preferred Stock Summary (Dollars in millions, except as noted) Series Description Initial Total Liquidation Carrying Per Annum Dividend per Share Annual Dividend Redemption Period (1) Series B 7% Cumulative Redeemable June 7,110 $ 100 $ 1 7.00 % $ 7 $ — n/a Series E (2) Floating Rate Non-Cumulative November 12,691 25,000 317 3-mo. LIBOR + 35 bps (3) 1.01 13 On or after Series F Floating Rate Non-Cumulative March 1,409 100,000 141 3-mo. LIBOR + 40 bps (3) 4,055.55 6 On or after Series G Adjustable Rate Non-Cumulative March 4,926 100,000 493 3-mo. LIBOR + 40 bps (3) 4,055.55 20 On or after Series L 7.25% Non-Cumulative Perpetual Convertible January 3,080,182 1,000 3,080 7.25 % 72.50 223 n/a Series U (4) Fixed-to-Floating Rate Non-Cumulative May 40,000 25,000 1,000 5.2% to, but excluding, 6/1/23; 3-mo. LIBOR + 313.5 bps thereafter 52.00 52 On or after Series X (4) Fixed-to-Floating Rate Non-Cumulative September 80,000 25,000 2,000 6.250% to, but excluding, 9/5/24; 3-mo. LIBOR + 370.5 bps thereafter 62.50 125 On or after Series Z (4) Fixed-to-Floating Rate Non-Cumulative October 56,000 25,000 1,400 6.500% to, but excluding, 10/23/24; 3-mo. LIBOR + 417.4 bps thereafter 65.00 91 On or after Series AA (4) Fixed-to-Floating Rate Non-Cumulative March 76,000 25,000 1,900 6.100% to, but excluding, 3/17/25; 3-mo. LIBOR + 389.8 bps thereafter 61.00 116 On or after Series DD (4) Fixed-to-Floating Rate Non-Cumulative March 40,000 25,000 1,000 6.300% to, but excluding, 3/10/26; 3-mo. LIBOR + 455.3 bps thereafter 63.00 63 On or after Series FF (4) Fixed-to-Floating Rate Non-Cumulative March 94,000 25,000 2,350 5.875% to, but excluding, 3/15/28; 3-mo. LIBOR + 293.1 bps thereafter 58.75 138 On or after Series GG (2) 6.000% Non-Cumulative May 54,000 25,000 1,350 6.000 % 1.50 81 On or after Series HH (2) 5.875% Non-Cumulative July 34,160 25,000 854 5.875 % 1.47 50 On or after Series JJ (4) Fixed-to-Floating Rate Non-Cumulative June 40,000 25,000 1,000 5.125% to, but excluding, 6/20/24; 3-mo. LIBOR + 329.2 bps thereafter 51.25 51 On or after Series KK (2) 5.375% Non-Cumulative June 55,900 25,000 1,398 5.375 % 1.34 75 On or after Series LL (2) 5.000% Non-Cumulative September 52,400 25,000 1,310 5.000 % 1.25 66 On or after Series MM (4) Fixed-to-Floating Rate Non-Cumulative January 44,000 25,000 1,100 4.300 % 43.00 47 On or after Series NN (2) 4.375% Non-Cumulative October 44,000 25,000 1,100 4.375 % 1.09 48 On or after Series PP (2) 4.125% Non-Cumulative 4.125% January 2021 36,600 25,000 915 4.125 % 1.04 38 On or after Series QQ (2) 4.250% Non-Cumulative 4.250% October 2021 52,000 25,000 1,300 4.250 % — — On or after Series 1 (5) Floating Rate Non-Cumulative November 3,275 30,000 98 3-mo. LIBOR + 75 bps (6) 0.75 3 On or after Series 2 (5) Floating Rate Non-Cumulative March 9,967 30,000 299 3-mo. LIBOR + 65 bps (6) 0.76 9 On or after Series 4 (5) Floating Rate Non-Cumulative November 7,010 30,000 210 3-mo. LIBOR + 75 bps (3) 1.01 9 On or after Series 5 (5) Floating Rate Non-Cumulative March 14,056 30,000 422 3-mo. LIBOR + 50 bps (3) 1.01 17 On or after Issuance costs and certain adjustments (330) Total 3,939,686 $ 24,708 (1) The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends. Series B and Series L Preferred Stock do not have early redemption/call rights. (2) Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. (3) Subject to 4.00% minimum rate per annum. (4) Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the first redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter. (5) Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. (6) Subject to 3.00% minimum rate per annum. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 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 2021, 2020 and 2019. (Dollars in millions) Debt Securities Debit Valuation Adjustments Derivatives Employee Foreign Total Balance, December 31, 2018 $ (5,552) $ (531) $ (1,016) $ (4,304) $ (808) $ (12,211) Net change 5,875 (963) 616 136 (86) 5,578 Balance, December 31, 2019 $ 323 $ (1,494) $ (400) $ (4,168) $ (894) $ (6,633) Net change 4,799 (498) 826 (98) (52) 4,977 Balance, December 31, 2020 $ 5,122 $ (1,992) $ 426 $ (4,266) $ (946) $ (1,656) Net change (2,077) 356 (2,306) 624 (45) (3,448) Balance, December 31, 2021 $ 3,045 $ (1,636) $ (1,880) $ (3,642) $ (991) $ (5,104) The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for 2021, 2020 and 2019. Pretax Tax After- Pretax Tax After- Pretax Tax effect After- (Dollars in millions) 2021 2020 2019 Debt securities: Net increase (decrease) in fair value $ (2,749) $ 689 $ (2,060) $ 6,819 $ (1,712) $ 5,107 $ 8,020 $ (2,000) $ 6,020 Net realized gains reclassified into earnings (1) (22) 5 (17) (411) 103 (308) (193) 48 (145) Net change (2,771) 694 (2,077) 6,408 (1,609) 4,799 7,827 (1,952) 5,875 Debit valuation adjustments: Net increase (decrease) in fair value 449 (103) 346 (669) 156 (513) (1,276) 289 (987) Net realized losses reclassified into earnings (1) 13 (3) 10 19 (4) 15 18 6 24 Net change 462 (106) 356 (650) 152 (498) (1,258) 295 (963) Derivatives: Net increase (decrease) in fair value (2,849) 703 (2,146) 1,098 (268) 830 692 (156) 536 Reclassifications into earnings: Net interest income (166) 48 (118) 6 (1) 5 104 (26) 78 Compensation and benefits expense (55) 13 (42) (12) 3 (9) 2 — 2 Net realized (gains) losses reclassified into earnings (221) 61 (160) (6) 2 (4) 106 (26) 80 Net change (3,070) 764 (2,306) 1,092 (266) 826 798 (182) 616 Employee benefit plans: Net increase (decrease) in fair value 463 (72) 391 (381) 80 (301) 41 (21) 20 Net actuarial losses and other reclassified into earnings (2) 295 (67) 228 261 (63) 198 150 (36) 114 Settlements, curtailments and other 5 — 5 5 — 5 3 (1) 2 Net change 763 (139) 624 (115) 17 (98) 194 (58) 136 Foreign currency: Net increase (decrease) in fair value 296 (341) (45) (251) 199 (52) (13) (52) (65) Net realized (gains) reclassified into earnings (1) (5) 5 — (1) 1 — (110) 89 (21) Net change 291 (336) (45) (252) 200 (52) (123) 37 (86) Total other comprehensive income (loss) $ (4,325) $ 877 $ (3,448) $ 6,483 $ (1,506) $ 4,977 $ 7,438 $ (1,860) $ 5,578 (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 | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculation of EPS and diluted EPS for 2021, 2020 and 2019 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles . (In millions, except per share information) 2021 2020 2019 Earnings per common share Net income $ 31,978 $ 17,894 $ 27,430 Preferred stock dividends (1,421) (1,421) (1,432) Net income applicable to common shareholders $ 30,557 $ 16,473 $ 25,998 Average common shares issued and outstanding 8,493.3 8,753.2 9,390.5 Earnings per common share $ 3.60 $ 1.88 $ 2.77 Diluted earnings per common share Net income applicable to common shareholders $ 30,557 $ 16,473 $ 25,998 Average common shares issued and outstanding 8,493.3 8,753.2 9,390.5 Dilutive potential common shares (1) 65.1 43.7 52.4 Total diluted average common shares issued and outstanding 8,558.4 8,796.9 9,442.9 Diluted earnings per common share $ 3.57 $ 1.87 $ 2.75 (1) Includes incremental dilutive shares from preferred stock, RSUs, restricted stock and warrants. |
Regulatory Requirements and Res
Regulatory Requirements and Restrictions | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Regulatory Requirements and Restrictions | Regulatory Requirements and Restrictions The Corporation and its primary banking entity affiliate, BANA, are Advanced approaches institutions under Basel 3. As Advanced approaches institutions, the Corporation and its banking entity affiliates are required to report regulatory risk-based capital ratios and risk-weighted assets under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, including under the Prompt Corrective Action (PCA) framework. The Corporation is required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments. The Corporation’s insured depository institution subsidiaries are required to maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework. The table below presents capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at December 31, 2021 and 2020 for the Corporation and BANA. Regulatory Capital under Basel 3 Bank of America Corporation Bank of America, N.A. Standardized Approach (1) Advanced Approaches (1) Regulatory Minimum (2) Standardized Approach (1) Advanced Approaches (1) Regulatory Minimum (3) (Dollars in millions, except as noted) December 31, 2021 Risk-based capital metrics: Common equity tier 1 capital $ 171,759 $ 171,759 $ 182,526 $ 182,526 Tier 1 capital 196,465 196,465 182,526 182,526 Total capital (4) 227,592 220,616 194,773 188,091 Risk-weighted assets (in billions) 1,618 1,399 1,352 1,048 Common equity tier 1 capital ratio 10.6 % 12.3 % 9.5 % 13.5 % 17.4 % 7.0 % Tier 1 capital ratio 12.1 14.0 11.0 13.5 17.4 8.5 Total capital ratio 14.1 15.8 13.0 14.4 17.9 10.5 Leverage-based metrics: Adjusted quarterly average assets (in billions) (5) $ 3,087 $ 3,087 $ 2,414 $ 2,414 Tier 1 leverage ratio 6.4 % 6.4 % 4.0 7.6 % 7.6 % 5.0 Supplementary leverage exposure (in billions) (6) $ 3,604 $ 2,824 Supplementary leverage ratio 5.5 % 5.0 6.5 % 6.0 December 31, 2020 Risk-based capital metrics: Common equity tier 1 capital $ 176,660 $ 176,660 $ 164,593 $ 164,593 Tier 1 capital 200,096 200,096 164,593 164,593 Total capital (4) 237,936 227,685 181,370 170,922 Risk-weighted assets (in billions) 1,480 1,371 1,221 1,014 Common equity tier 1 capital ratio 11.9 % 12.9 % 9.5 % 13.5 % 16.2 % 7.0 % Tier 1 capital ratio 13.5 14.6 11.0 13.5 16.2 8.5 Total capital ratio 16.1 16.6 13.0 14.9 16.9 10.5 Leverage-based metrics: Adjusted quarterly average assets (in billions) (5) $ 2,719 $ 2,719 $ 2,143 $ 2,143 Tier 1 leverage ratio 7.4 % 7.4 % 4.0 7.7 % 7.7 % 5.0 Supplementary leverage exposure (in billions) (6) $ 2,786 $ 2,525 Supplementary leverage ratio 7.2 % 5.0 6.5 % 6.0 (1) As of December 31, 2021 and 2020, capital ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard. (2) The capital conservation buffer and global systemically important bank (G-SIB) surcharge were 2.5 percent at both December 31, 2021 and 2020. At December 31, 2021 and 2020 the Corporation's stress capital buffer of 2.5 percent was applied in place of the capital conservation buffer under the Standardized approach. The countercyclical capital buffer for both periods was zero. The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, the Corporation’s G-SIB surcharge of 2.5 percent and the Corporation’s SCB or the capital conservation buffer, as applicable, of 2.5 percent. The SLR regulatory minimum includes a leverage buffer of 2.0 percent. (3) Risk-based capital regulatory minimums at December 31, 2021 and 2020 are the minimum ratios under Basel 3, including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends are the percent required to be considered well capitalized under the PCA framework. (4) Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses. (5) Reflects total average assets adjusted for certain Tier 1 capital deductions. (6) Supplementary leverage exposure for the Corporation at December 31, 2020 reflects the temporary exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks. The temporary relief expired after March 31, 2021 and is not reflected in supplementary leverage exposure at December 31, 2021. The capital adequacy rules issued by the U.S. banking regulators require institutions to meet the established minimums outlined in the table above. Failure to meet the minimum requirements can lead to certain mandatory and discretionary actions by regulators that could have a material adverse impact on the Corporation’s financial position. At December 31, 2021 and 2020, the Corporation and its banking entity affiliates were well capitalized. Due to uncertainty from the pandemic, the Federal Reserve imposed various restrictions on share repurchase programs and dividends during 2020 and the first half of 2021. In conjunction with its release of 2021 CCAR supervisory stress test results, the Federal Reserve announced those restrictions would end as of July 1, 2021 for large banks, including the Corporation, and large banks would be subject to the normal restrictions under the Federal Reserve’s SCB framework. For more information, see Note 13 – Shareholders’ Equity . Other Regulatory Matters The Federal Reserve requires the Corporation’s bank subsidiaries to maintain reserve requirements based on a percentage of certain deposit liabilities. The average daily reserve balance requirements, in excess of vault cash, maintained by the Corporation with the Federal Reserve Bank were $0 for 2021 and $3.8 billion for 2020. At December 31, 2021 and 2020, the Corporation had cash and cash equivalents in the amount of $4.0 billion and $4.9 billion, and securities with a fair value of $10.6 billion and $16.8 billion that were segregated in compliance with securities regulations. Cash held on deposit with the Federal Reserve Bank to meet reserve requirements and cash and cash equivalents segregated in compliance with securities regulations are components of restricted cash. For more information, see Note 10 – Securities Financing Agreements, Short-term Borrowings and Restricted Cash . In addition, at December 31, 2021 and 2020, the Corporation had cash deposited with clearing organizations of $28.6 billion and $10.9 billion primarily recorded in other assets on the Consolidated Balance Sheet. Bank Subsidiary Distributions The primary sources of funds for cash distributions by the Corporation to its shareholders are capital distributions received from its bank subsidiaries, BANA and Bank of America California, N.A. In 2021, the Corporation received dividends of $15.6 billion from BANA and $29 million from Bank of America California, N.A. The amount of dividends that a subsidiary bank may declare in a calendar year without OCC approval is the subsidiary bank’s net profits for that year combined with its retained net profits for the preceding two years. Retained net profits, as defined by the OCC, consist of net income less dividends declared during the period. In 2022, BANA can declare and pay dividends of approximately $14.7 billion to the Corporation plus an additional amount equal to its retained net profits for 2022 up to the date of any such dividend declaration. Bank of America California, N.A. can pay dividends of $234 million in 2022 plus an additional amount equal to its retained net profits for 2022 up to the date of any such dividend declaration. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension and Postretirement Plans The Corporation sponsors a qualified noncontributory trusteed pension plan (Qualified Pension Plan), a number of noncontributory nonqualified pension plans and postretirement health and life plans that cover eligible employees. Non-U.S. pension plans sponsored by the Corporation vary based on the country and local practices. The Qualified Pension Plan has a balance guarantee feature for account balances with participant-selected investments, applied at the time a benefit payment is made from the plan that effectively provides principal protection for participant balances transferred and certain compensation credits. The Corporation is responsible for funding any shortfall on the guarantee feature. Benefits earned under the Qualified Pension Plan have been frozen. Thereafter, the cash balance accounts continue to earn investment credits or interest credits in accordance with the terms of the plan document. The Corporation has an annuity contract that guarantees the payment of benefits vested under a terminated U.S. pension plan (Other Pension Plan). The Corporation, under a supplemental agreement, may be responsible for or benefit from actual experience and investment performance of the annuity assets. The Corporation made no contribution under this agreement in 2021 or 2020. Contributions may be required in the future under this agreement. The Corporation’s noncontributory, nonqualified pension plans are unfunded and provide supplemental defined pension benefits to certain eligible employees. In addition to retirement pension benefits, certain benefits-eligible employees may become eligible to continue participation as retirees in health care and/or life insurance plans sponsored by the Corporation. These plans are referred to as the Postretirement Health and Life Plans. The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2021 and 2020. The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. The discount rate assumptions are derived from a cash flow matching technique that utilizes rates that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans. The increases in the weighted-average discount rates in 2021 resulted in a decrease to the PBO of $895 million at December 31, 2021. The decreases in the weighted-average discount rates in 2020 resulted in an increase to the PBO of approximately $1.9 billion at December 31, 2020. Significant gains and losses related to changes in the PBO for 2021 and 2020 primarily resulted from changes in the discount rate. Pension and Postretirement Plans (1) Qualified Non-U.S. Nonqualified and Other Postretirement (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Fair value, January 1 $ 21,776 $ 20,275 $ 3,078 $ 2,696 $ 2,789 $ 2,666 $ 143 $ 199 Actual return on plan assets 1,215 2,468 62 379 (55) 285 — 1 Company contributions — — 24 23 87 86 38 6 Plan participant contributions — — 1 1 — — 107 110 Settlements and curtailments — — (11) (61) — — — — Benefits paid (913) (967) (84) (57) (236) (248) (171) (174) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a — 1 Foreign currency exchange rate changes n/a n/a (39) 97 n/a n/a n/a n/a Fair value, December 31 $ 22,078 $ 21,776 $ 3,031 $ 3,078 $ 2,585 $ 2,789 $ 117 $ 143 Change in projected benefit obligation Projected benefit obligation, January 1 $ 16,427 $ 15,361 $ 3,340 $ 2,887 $ 3,005 $ 2,919 $ 1,007 $ 989 Service cost — — 28 20 — 1 5 5 Interest cost 414 500 45 49 67 90 24 32 Plan participant contributions — — 1 1 — — 107 110 Plan amendments — — — 3 — — — — Settlements and curtailments — — (11) (61) — — — — Actuarial loss (gain) (252) 1,533 (152) 396 (83) 243 (44) 43 Benefits paid (913) (967) (84) (57) (236) (248) (171) (173) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a — 1 Foreign currency exchange rate changes n/a n/a (51) 102 n/a n/a — — Projected benefit obligation, December 31 $ 15,676 $ 16,427 $ 3,116 $ 3,340 $ 2,753 $ 3,005 $ 928 $ 1,007 Amounts recognized on Consolidated Balance Sheet Other assets $ 6,402 $ 5,349 $ 550 $ 428 $ 777 $ 812 $ — $ — Accrued expenses and other liabilities — — (635) (690) (945) (1,028) (811) (864) Net amount recognized, December 31 $ 6,402 $ 5,349 $ (85) $ (262) $ (168) $ (216) $ (811) $ (864) Funded status, December 31 Accumulated benefit obligation $ 15,676 $ 16,427 $ 3,031 $ 3,253 $ 2,753 $ 3,005 n/a n/a Overfunded (unfunded) status of ABO 6,402 5,349 — (175) (168) (216) n/a n/a Provision for future salaries — — 85 87 — — n/a n/a Projected benefit obligation 15,676 16,427 3,116 3,340 2,753 3,005 $ 928 $ 1,007 Weighted-average assumptions, December 31 Discount rate 2.86 % 2.57 % 1.85 % 1.37 % 2.80 % 2.33 % 2.85 % 2.48 % Rate of compensation increase n/a n/a 4.46 4.11 4.00 4.00 n/a n/a Interest-crediting rate 4.83 % 5.02 % 1.90 1.58 4.22 4.49 n/a n/a (1) The measurement date for all of the above plans was December 31 of each year reported. n/a = not applicable The Corporation’s estimate of its contributions to be made to the Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans in 2022 is $30 million, $91 million and $42 million, respectively. The Corporation does not expect to make a contribution to the Qualified Pension Plan in 2022. It is the policy of the Corporation to fund no less than the minimum funding amount required by the Employee Retirement Income Security Act of 1974 (ERISA). Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2021 and 2020 are presented in the table below. For these plans, funding strategies vary due to legal requirements and local practices. Plans with ABO and PBO in Excess of Plan Assets Non-U.S. Nonqualified (Dollars in millions) 2021 2020 2021 2020 PBO $ 841 $ 900 $ 945 $ 1,028 ABO 780 841 945 1,028 Fair value of plan assets 207 211 1 1 Components of Net Periodic Benefit Cost Qualified Pension Plan Non-U.S. Pension Plans (Dollars in millions) 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost (income) Service cost $ — $ — $ — $ 28 $ 20 $ 17 Interest cost 414 500 593 45 49 65 Expected return on plan assets (1,173) (1,154) (1,088) (70) (66) (99) Amortization of net actuarial loss 193 173 135 19 9 6 Other — — — 5 8 4 Net periodic benefit cost (income) $ (566) $ (481) $ (360) $ 27 $ 20 $ (7) Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 2.57 % 3.32 % 4.32 % 1.35 % 1.81 % 2.60 % Expected return on plan assets 5.75 6.00 6.00 2.30 2.57 4.13 Rate of compensation increase n/a n/a n/a 4.11 4.10 4.49 Nonqualified and Postretirement Health (Dollars in millions) 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost (income) Service cost $ — $ 1 $ 1 $ 5 $ 5 $ 5 Interest cost 67 90 113 24 32 38 Expected return on plan assets (49) (71) (95) (3) (4) (5) Amortization of net actuarial loss (gain) 63 50 34 20 29 (24) Other — — — — (2) (2) Net periodic benefit cost (income) $ 81 $ 70 $ 53 $ 46 $ 60 $ 12 Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 2.33 % 3.20 % 4.26 % 2.48 % 3.27 % 4.25 % Expected return on plan assets 1.88 2.77 3.73 2.00 2.00 2.00 Rate of compensation increase 4.00 4.00 4.00 n/a n/a n/a n/a = not applicable The asset valuation method used to calculate the expected return on plan assets component of net periodic benefit cost for the Qualified Pension Plan recognizes 60 percent of the prior year’s market gains or losses at the next measurement date with the remaining 40 percent spread equally over the subsequent four years. Gains and losses for all benefit plans except postretirement health care are recognized in accordance with the standard amortization provisions of the applicable accounting guidance. Net periodic postretirement health and life expense was determined using the “projected unit credit” actuarial method. For the Postretirement Health and Life Plans, 50 percent of the unrecognized gain or loss at the beginning of the year (or at subsequent remeasurement) is recognized on a level basis during the year. Assumed health care cost trend rates affect the postretirement benefit obligation and benefit cost reported for the Postretirement Health and Life Plans. The assumed health care cost trend rate used to measure the expected cost of benefits covered by the Postretirement Health and Life Plans is 6.25 percent for 2022, reducing in steps to 5.00 percent in 2027 and later years. The Corporation’s net periodic benefit cost (income) recognized for the plans is sensitive to the discount rate and expected return on plan assets. For the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans, a 25 bp decline in discount rates and expected return on assets would not have had a significant impact on the net periodic benefit cost for 2021. Pretax Amounts included in Accumulated OCI and OCI Qualified Non-U.S. Nonqualified Postretirement Total (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net actuarial loss (gain) $ 3,425 $ 3,912 $ 456 $ 628 $ 945 $ 987 $ 4 $ 66 $ 4,830 $ 5,593 Prior service cost (credits) — — 17 18 — — (3) (4) 14 14 Amounts recognized in accumulated OCI $ 3,425 $ 3,912 $ 473 $ 646 $ 945 $ 987 $ 1 $ 62 $ 4,844 $ 5,607 Current year actuarial loss (gain) $ (294) $ 219 $ (154) $ 79 $ 21 $ 29 $ (41) $ 47 $ (468) $ 374 Amortization of actuarial gain (loss) and prior service cost (193) (173) (19) (12) (63) (50) (20) (27) (295) (262) Current year prior service cost (credit) — — — 3 — — — — — 3 Amounts recognized in OCI $ (487) $ 46 $ (173) $ 70 $ (42) $ (21) $ (61) $ 20 $ (763) $ 115 Plan Assets The Qualified Pension Plan has been established as a retirement vehicle for participants, and trusts have been established to secure benefits promised under the Qualified Pension Plan. The Corporation’s policy is to invest the trust assets in a prudent manner for the exclusive purpose of providing benefits to participants and defraying reasonable expenses of administration. The Corporation’s investment strategy is designed to provide a total return that, over the long term, increases the ratio of assets to liabilities. The strategy attempts to maximize the investment return on assets at a level of risk deemed appropriate by the Corporation while complying with ERISA and any applicable regulations and laws. The investment strategy utilizes asset allocation as a principal determinant for establishing the risk/return profile of the assets. Asset allocation ranges are established, periodically reviewed and adjusted as funding levels and liability characteristics change. Active and passive investment managers are employed to help enhance the risk/return profile of the assets. An additional aspect of the investment strategy used to minimize risk (part of the asset allocation plan) includes matching the exposure of participant-selected investment measures. The assets of the Non-U.S. Pension Plans are primarily attributable to a U.K. pension plan. This U.K. pension plan’s assets are invested prudently so that the benefits promised to members are provided with consideration given to the nature and the duration of the plans' liabilities. The selected asset allocation strategy is designed to achieve a higher return than the lowest risk strategy. The expected rate of return on plan assets assumption was developed through analysis of historical market returns, historical asset class volatility and correlations, current market conditions, anticipated future asset allocations, the funds’ past experience and expectations on potential future market returns. The expected return on plan assets assumption is determined using the calculated market-related value for the Qualified Pension Plan and the Other Pension Plan and the fair value for the Non-U.S. Pension Plans and Postretirement Health and Life Plans. The expected return on plan assets assumption represents a long-term average view of the performance of the assets in the Qualified Pension Plan, the Non-U.S. Pension Plans, the Other Pension Plan, and Postretirement Health and Life Plans, a return that may or may not be achieved during any one calendar year. The Other Pension Plan is invested solely in an annuity contract, which is primarily invested in fixed-income securities structured such that asset maturities match the duration of the plan’s obligations. The target allocations for 2022 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, and Nonqualified and Other Pension Plans are presented in the table below. Equity securities for the Qualified Pension Plan include common stock of the Corporation in the amounts of $398 million (1.80 percent of total plan assets) and $274 million (1.26 percent of total plan assets) at December 31, 2021 and 2020. 2022 Target Allocation Percentage Asset Category Qualified Non-U.S. Nonqualified Equity securities 15 - 50% 0 - 25% 0 - 5% Debt securities 45 - 80% 40 - 70% 95 - 100% Real estate 0 - 10% 0 - 15% 0 - 5% Other 0 - 5% 10 - 40% 0 - 5% Fair Value Measurements For more information on fair value measurements, including descriptions of Level 1, 2 and 3 of the fair value hierarchy and the valuation methods employed by the Corporation, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements . Combined plan investment assets measured at fair value by level and in total at December 31, 2021 and 2020 are summarized in the Fair Value Measurements table. Fair Value Measurements Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (Dollars in millions) December 31, 2021 December 31, 2020 Money market and interest-bearing cash $ 1,339 $ — $ — $ 1,339 $ 1,380 $ — $ — $ 1,380 U.S. government and government agency obligations 4,948 934 6 5,888 4,590 1,238 7 5,835 Corporate debt — 4,900 — 4,900 — 5,021 — 5,021 Non-U.S. debt securities 925 1,165 — 2,090 1,021 1,122 — 2,143 Asset-backed securities — 1,485 — 1,485 — 1,967 — 1,967 Mutual and exchange traded funds 1,395 — — 1,395 1,362 — — 1,362 Collective investment funds — 3,419 — 3,419 — 3,199 — 3,199 Common and preferred stocks 4,826 — — 4,826 4,438 — — 4,438 Real estate investment trusts 87 — — 87 73 — — 73 Participant loans — — 7 7 — — 7 7 Other investments (1) 1 29 630 660 1 29 684 714 Total plan investment assets, at fair value (2) $ 13,521 $ 11,932 $ 643 $ 26,096 $ 12,865 $ 12,576 $ 698 $ 26,139 (1) Other investments includes insurance annuity contracts of $612 million and $664 million and other various investments of $48 million and $50 million at December 31, 2021 and 2020. (2) At December 31, 2021 and 2020, excludes $1.7 billion and $1.6 billion of certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not required to be classified in the fair value hierarchy. Prior period has been revised to conform to current-period presentation. The Level 3 Fair Value Measurements table presents a reconciliation of all plan investment assets measured at fair value using significant unobservable inputs (Level 3) during 2021, 2020 and 2019. Level 3 Fair Value Measurements Balance Actual Return on Purchases, Sales and Settlements Balance (Dollars in millions) 2021 U.S. government and government agency obligations $ 7 $ — $ (1) $ 6 Participant Loans 7 — — 7 Other investments 684 (5) (49) 630 Total $ 698 $ (5) $ (50) $ 643 2020 U.S. government and government agency obligations $ 8 $ — $ (1) $ 7 Participant Loans 8 — (1) 7 Other investments 628 6 50 684 Total $ 644 $ 6 $ 48 $ 698 2019 U.S. government and government agency obligations $ 9 $ — $ (1) $ 8 Private real estate 5 — (5) — Participant loans 12 — (4) 8 Other investments 576 6 46 628 Total $ 602 $ 6 $ 36 $ 644 Projected Benefit Payments Benefit payments projected to be made from the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below. Projected Benefit Payments (Dollars in millions) Qualified Pension Plan (1) Non-U.S. Pension Plans (2) Nonqualified and Other Pension Plans (2) Postretirement Health and Life Plans (3) 2022 $ 948 $ 134 $ 239 $ 78 2023 938 142 244 74 2024 949 135 225 71 2025 936 142 223 67 2026 941 140 218 64 2027 - 2031 4,395 668 940 275 (1) Benefit payments expected to be made from the plan’s assets. (2) Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets. (3) Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets. Defined Contribution Plans The Corporation maintains qualified and non-qualified defined contribution retirement plans. The Corporation recorded expense of $1.2 billion in both 2021 and 2020 and $1.0 billion in 2019 related to the qualified defined contribution plans. At December 31, 2021 and 2020, 173 million and 189 million shares of the Corporation’s common stock were held by these plans. Payments to the plans for dividends on common stock were $139 million, $138 million and $133 million in 2021, 2020 and 2019, respectively. Certain non-U.S. employees are covered under defined contribution pension plans that are separately administered in accordance with local laws. |
Stock-based Compensation Plans
Stock-based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation Plans | Stock-based Compensation Plans The Corporation administers a number of equity compensation plans, with awards being granted predominantly from the Bank of America Key Employee Equity Plan (KEEP). On April 20, 2021, Bank of America’s shareholders approved the amendment and restatement of the KEEP, changing its name to the “Bank of America Corporation Equity Plan” and increasing the number of shares available for grant by 115 million. Subsequent to the amendment and restatement, 715 million shares of the Corporation’s common stock are authorized to be used for grants of awards under this plan. During 2021 and 2020, the Corporation granted 99 million and 86 million RSU awards to certain employees under the KEEP. These RSUs were authorized to settle predominantly in shares of common stock of the Corporation. Certain RSUs will be settled in cash or contain settlement provisions that subject these awards to variable accounting whereby compensation expense is adjusted to fair value based on changes in the share price of the Corporation’s common stock up to the settlement date. Of the RSUs granted in 2021 and 2020, 81 million and 29 million will generally vest over four years and 18 million and 57 million will vest over three years. The four-year awards vest primarily in one-fourth increments on each of the first four anniversaries of the grant date while the three-year awards vest primarily in one-third increments on each of the first three anniversaries of the grant date, provided that the employee remains continuously employed with the Corporation during that time, and will be expensed ratably over the vesting period, net of estimated forfeitures, for non-retirement eligible employees based on the grant-date fair value of the shares. Of the RSUs granted in 2021 and 2020 that vest over four years, 27 million and 25 million do not include retirement eligibility. For all other RSUs granted to employees who are retirement eligible, they are deemed authorized as of the beginning of the year preceding the grant date when the incentive award plans are generally approved. As a result, the estimated value is expensed ratably over the year preceding the grant date. The compensation cost for the stock-based plans was $3.0 billion, $2.1 billion and $2.1 billion, and the related income tax benefit was $723 million, $505 million and $511 million for 2021, 2020 and 2019, respectively. At December 31, 2021, there was an estimated $2.3 billion of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to four years, with a weighted-average period of 2.4 years. Restricted Stock and Restricted Stock Units The total fair value of restricted stock and restricted stock units vested in 2021, 2020 and 2019 was $2.3 billion, $2.3 billion and $2.6 billion, respectively. The table below presents the status at December 31, 2021 of the share-settled restricted stock and restricted stock units and changes during 2021. Stock-settled Restricted Stock and Restricted Stock Units Shares/Units Weighted- Outstanding at January 1, 2021 167,953,229 $ 30.60 Granted 96,804,487 32.32 Vested (69,337,350) 30.19 Canceled (10,369,524) 32.58 Outstanding at December 31, 2021 185,050,842 31.54 Cash-settled Restricted Units At December 31, 2021, approximately two million cash-settled restricted units remain outstanding. In 2021, 2020 and 2019, the amount of cash paid to settle the RSUs that vested was $72 million, $81 million and $84 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense for 2021, 2020 and 2019 are presented in the table below. Income Tax Expense (Dollars in millions) 2021 2020 2019 Current income tax expense U.S. federal $ 1,076 $ 1,092 $ 1,136 U.S. state and local 775 1,076 901 Non-U.S. 985 670 852 Total current expense 2,836 2,838 2,889 Deferred income tax expense U.S. federal 962 (799) 2,001 U.S. state and local 491 (233) 223 Non-U.S. (2,291) (705) 211 Total deferred expense (838) (1,737) 2,435 Total income tax expense $ 1,998 $ 1,101 $ 5,324 Total income tax expense does not reflect the tax effects of items that are included in OCI each period. For more information, see Note 14 – Accumulated Other Comprehensive Income (Loss) . Other tax effects included in OCI each period resulted in a benefit of $877 million in 2021 and expense of $1.5 billion, and $1.9 billion in 2020 and 2019. Income tax expense for 2021, 2020 and 2019 varied from the amount computed by applying the statutory income tax rate to income before income taxes. The Corporation’s federal statutory tax rate was 21 percent for 2021, 2020 and 2019. A reconciliation of the expected U.S. federal income tax expense, calculated by applying the federal statutory tax rate, to the Corporation’s actual income tax expense, and the effective tax rates for 2021, 2020 and 2019 are presented in the following table. Reconciliation of Income Tax Expense Amount Percent Amount Percent Amount Percent (Dollars in millions) 2021 2020 2019 Expected U.S. federal income tax expense $ 7,135 21.0 % $ 3,989 21.0 % $ 6,878 21.0 % Increase (decrease) in taxes resulting from: State tax expense, net of federal benefit 1,087 3.2 728 3.8 1,283 3.9 Affordable housing/energy/other credits (3,795) (11.2) (2,869) (15.1) (2,365) (7.2) Tax law changes (2,050) (6.0) (699) (3.7) — — Tax-exempt income, including dividends (352) (1.0) (346) (1.8) (433) (1.3) Changes in prior-period UTBs, including interest (155) (0.5) (41) (0.2) (613) (1.9) Nondeductible expenses 206 0.6 324 1.7 290 0.9 Rate differential on non-U.S. earnings 45 0.1 218 1.1 504 1.5 Other (123) (0.3) (203) (1.0) (220) (0.6) Total income tax expense $ 1,998 5.9 % $ 1,101 5.8 % $ 5,324 16.3 % The reconciliation of the beginning unrecognized tax benefits (UTB) balance to the ending balance is presented in the table below. Reconciliation of the Change in Unrecognized Tax Benefits (Dollars in millions) 2021 2020 2019 Balance, January 1 $ 1,340 $ 1,175 $ 2,197 Increases related to positions taken during the current year 208 238 238 Increases related to positions taken during prior years (1) 265 99 401 Decreases related to positions taken during prior years (1) (413) (172) (1,102) Settlements (23) — (541) Expiration of statute of limitations (55) — (18) Balance, December 31 $ 1,322 $ 1,340 $ 1,175 (1) The sum of the positions taken during prior years differs from the $(155) million, $(41) million and $(613) million in the Reconciliation of Income Tax Expense table due to temporary items, state items and jurisdictional offsets, as well as the inclusion of interest in the Reconciliation of Income Tax Expense table. At December 31, 2021, 2020 and 2019, the balance of the Corporation’s UTBs which would, if recognized, affect the Corporation’s effective tax rate was $959 million, $976 million and $814 million, respectively. Included in the UTB balance are some items the recognition of which would not affect the effective tax rate, such as the tax effect of certain temporary differences, the portion of gross state UTBs that would be offset by the tax benefit of the associated federal deduction and the portion of gross non-U.S. UTBs that would be offset by tax reductions in other jurisdictions. It is reasonably possible that the UTB balance may decrease by as much as $398 million during the next 12 months, since resolved items will be removed from the balance whether their resolution results in payment or recognition. The Corporation recognized interest expense of $32 million and $9 million in 2021 and 2020 and an interest benefit of $19 million in 2019. At December 31, 2021 and 2020, the Corporation’s accrual for interest and penalties that related to income taxes, net of taxes and remittances, was $167 million and $130 million. The Corporation files income tax returns in more than 100 state and non-U.S. jurisdictions each year. The IRS and other tax authorities in countries and states in which the Corporation has significant business operations examine tax returns periodically (continuously in some jurisdictions). The table below summarizes the status of examinations by major jurisdiction for the Corporation and various subsidiaries at December 31, 2021. Tax Examination Status Years under Examination (1) Status at December 31 2021 United States 2017-2021 Field Examination California 2012-2014 Appeals California 2015-2017 Field Examination New York 2016-2018 Field Examination United Kingdom (2) 2019 Field Examination (1) All tax years subsequent to the years shown remain subject to examination. (2) Field examination for tax year 2020 to begin in 2022. Significant components of the Corporation’s net deferred tax assets and liabilities at December 31, 2021 and 2020 are presented in the table below. Deferred Tax Assets and Liabilities December 31 (Dollars in millions) 2021 2020 Deferred tax assets Net operating loss carryforwards $ 9,360 $ 7,717 Allowance for credit losses 3,097 4,701 Security, loan and debt valuations 2,746 2,571 Lease liability 2,508 2,400 Accrued expenses 1,626 1,481 Employee compensation and retirement benefits 1,392 1,582 Credit carryforwards 705 484 Other 1,160 1,412 Gross deferred tax assets 22,594 22,348 Valuation allowance (1,988) (2,346) Total deferred tax assets, net of valuation 20,606 20,002 Deferred tax liabilities Equipment lease financing 3,083 3,101 Right-to-use asset 2,358 2,296 Fixed assets 2,082 1,957 ESG-related tax credit investments 1,387 1,930 Available-for-sale securities 1,016 1,701 Other 1,527 1,570 Gross deferred tax liabilities 11,453 12,555 Net deferred tax assets $ 9,153 $ 7,447 The table below summarizes the deferred tax assets and related valuation allowances recognized for the net operating loss (NOL) and tax credit carryforwards at December 31, 2021. Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets (Dollars in millions) Deferred Valuation Net First Year Net operating losses - U.K. (1) $ 7,713 $ — $ 7,713 None Net operating losses - other non-U.S. 494 (253) 241 Various Net operating losses - U.S. states (2) 1,153 (610) 543 Various Foreign tax credits 705 (705) — After 2028 (1) Represents U.K. broker-dealer net operating losses that may be carried forward indefinitely. (2) The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.5 billion and $772 million. Management concluded that no valuation allowance was necessary to reduce the deferred tax assets related to the U.K. NOL carryforwards and U.S. federal and certain state NOL carryforwards since estimated future taxable income will be sufficient to utilize these assets prior to their expiration. The majority of the Corporation’s U.K. net deferred tax assets, which consist primarily of NOLs, are expected to be realized by certain subsidiaries over an extended number of years. Management’s conclusion is supported by financial results, profit forecasts for the relevant entities and the indefinite period to carry forward NOLs. However, a material change in those estimates could lead management to reassess such valuation allowance conclusions. At December 31, 2021, U.S. federal income taxes had not been provided on approximately $5.0 billion of temporary differences associated with investments in non-U.S. subsidiaries that are essentially permanent in duration. If the Corporation were to record the associated deferred tax liability, the amount would be approximately $1.0 billion. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Under applicable accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Corporation determines the fair values of its financial instruments under applicable accounting standards that require an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The Corporation categorizes its financial instruments into three levels based on the established fair value hierarchy 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. For more information regarding the fair value hierarchy and how the Corporation measures fair value, see Note 1 – Summary of Significant Accounting Principles . The Corporation accounts for certain financial instruments under the fair value option. For more information, see Note 21 – Fair Value Option. Valuation Techniques The following sections outline the valuation methodologies for the Corporation’s assets and liabilities. While the Corporation believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. During 2021, there were no significant 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. Trading Account Assets and Liabilities and Debt Securities The fair values of trading account assets and liabilities are primarily based on actively traded markets where prices are based on either direct market quotes or observed transactions. The fair values of debt securities are generally based on quoted market prices or market prices for similar assets. Liquidity is a significant factor in the determination of the fair values of trading account assets and liabilities and debt securities. Market price quotes may not be readily available for some positions such as positions within a market sector where trading activity has slowed significantly or ceased. Some of these instruments are valued using a discounted cash flow model, which estimates the fair value of the securities using internal credit risk, and interest rate and prepayment risk models that incorporate management’s best estimate of current key assumptions such as default rates, loss severity and prepayment rates. Principal and interest cash flows are discounted using an observable discount rate for similar instruments with adjustments that management believes a market participant would consider in determining fair value for the specific security. Other instruments are valued using a net asset value approach which considers the value of the underlying securities. Underlying assets are valued using external pricing services, where available, or matrix pricing based on the vintages and ratings. Situations of illiquidity generally are triggered by the market’s perception of credit uncertainty regarding a single company or a specific market sector. In these instances, fair value is determined based on limited available market information and other factors, principally from reviewing the issuer’s financial statements and changes in credit ratings made by one or more rating agencies. Derivative Assets and Liabilities The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that utilize multiple market inputs including interest rates, prices and indices to generate continuous yield or pricing curves and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. When third-party pricing services are used, the methods and assumptions are reviewed by the Corporation. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available, or are unobservable, in which case, quantitative-based extrapolations of rate, price or index scenarios are used in determining fair values. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality and other instrument-specific factors, where appropriate. In addition, the Corporation incorporates within its fair value measurements of OTC derivatives a valuation adjustment to reflect the credit risk associated with the net position. Positions are netted by counterparty, and fair value for net long exposures is adjusted for counterparty credit risk while the fair value for net short exposures is adjusted for the Corporation’s own credit risk. The Corporation also incorporates FVA within its fair value measurements to include funding costs on uncollateralized derivatives and derivatives where the Corporation is not permitted to use the collateral it receives. An estimate of severity of loss is also used in the determination of fair value, primarily based on market data. Loans and Loan Commitments The fair values of loans and loan commitments are based on market prices, where available, or discounted cash flow analyses using market-based credit spreads of comparable debt instruments or credit derivatives of the specific borrower or comparable borrowers. Results of discounted cash flow analyses may be adjusted, as appropriate, to reflect other market conditions or the perceived credit risk of the borrower. Mortgage Servicing Rights The fair values of MSRs are primarily determined using an option-adjusted spread valuation approach, which factors in prepayment risk to determine the fair value of MSRs. This approach consists of projecting servicing cash flows under multiple interest rate scenarios and discounting these cash flows using risk-adjusted discount rates. Loans Held-for-sale The fair values of LHFS are based on quoted market prices, where available, or are determined by discounting estimated cash flows using interest rates approximating the Corporation’s current origination rates for similar loans adjusted to reflect the inherent credit risk. The borrower-specific credit risk is embedded within the quoted market prices or is implied by considering loan performance when selecting comparables. Short-term Borrowings and Long-term Debt The Corporation issues structured liabilities that have coupons or repayment terms linked to the performance of debt or equity securities, interest rates, indices, currencies or commodities. The fair values of these structured liabilities are estimated using quantitative models for the combined derivative and debt portions of the notes. These models incorporate observable and, in some instances, unobservable inputs including security prices, interest rate yield curves, option volatility, currency, commodity or equity rates and correlations among these inputs. The Corporation also considers the impact of its own credit spread in determining the discount rate used to value these liabilities. The credit spread is determined by reference to observable spreads in the secondary bond market. Securities Financing Agreements The fair values of certain reverse repurchase agreements, repurchase agreements and securities borrowed transactions are determined using quantitative models, including discounted cash flow models that require the use of multiple market inputs including interest rates and spreads to generate continuous yield or pricing curves, and volatility factors. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Deposits The fair values of deposits are determined using quantitative models, including discounted cash flow models that require the use of multiple market inputs including interest rates and spreads to generate continuous yield or pricing curves, and volatility factors. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. The Corporation considers the impact of its own credit spread in the valuation of these liabilities. The credit risk is determined by reference to observable credit spreads in the secondary cash market. Asset-backed Secured Financings The fair values of asset-backed secured financings are based on external broker bids, where available, or are determined by discounting estimated cash flows using interest rates approximating the Corporation’s current origination rates for similar loans adjusted to reflect the inherent credit risk. Recurring Fair Value Assets and liabilities carried at fair value on a recurring basis at December 31, 2021 and 2020, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables. December 31, 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 $ 707 $ — $ — $ — $ 707 Federal funds sold and securities borrowed or purchased under agreements to resell — 150,665 — — 150,665 Trading account assets: U.S. Treasury and government agencies 44,599 803 — — 45,402 Corporate securities, trading loans and other — 31,601 2,110 — 33,711 Equity securities 61,425 38,383 190 — 99,998 Non-U.S. sovereign debt 3,822 25,612 396 — 29,830 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed — 25,645 109 — 25,754 Mortgage trading loans, ABS and other MBS — 10,967 1,418 — 12,385 Total trading account assets (2) 109,846 133,011 4,223 — 247,080 Derivative assets 34,748 310,581 3,133 (313,118) 35,344 AFS debt securities: U.S. Treasury and government agencies 198,071 1,074 — — 199,145 Mortgage-backed securities: Agency — 46,339 — — 46,339 Agency-collateralized mortgage obligations — 3,380 — — 3,380 Non-agency residential — 267 316 — 583 Commercial — 19,604 — — 19,604 Non-U.S. securities — 11,933 — — 11,933 Other taxable securities — 2,690 71 — 2,761 Tax-exempt securities — 15,381 52 — 15,433 Total AFS debt securities 198,071 100,668 439 — 299,178 Other debt securities carried at fair value: U.S. Treasury and government agencies 575 — — — 575 Non-agency residential MBS — 343 242 — 585 Non-U.S. and other securities 2,580 5,155 — — 7,735 Total other debt securities carried at fair value 3,155 5,498 242 — 8,895 Loans and leases — 7,071 748 — 7,819 Loans held-for-sale — 4,138 317 — 4,455 Other assets (3) 7,657 2,915 1,572 — 12,144 Total assets (4) $ 354,184 $ 714,547 $ 10,674 $ (313,118) $ 766,287 Liabilities Interest-bearing deposits in U.S. offices $ — $ 408 $ — $ — $ 408 Federal funds purchased and securities loaned or sold under agreements to repurchase — 139,641 — — 139,641 Trading account liabilities: U.S. Treasury and government agencies 19,826 313 — — 20,139 Equity securities 41,744 6,491 — — 48,235 Non-U.S. sovereign debt 10,400 13,781 — — 24,181 Corporate securities and other — 8,124 11 — 8,135 Total trading account liabilities 71,970 28,709 11 — 100,690 Derivative liabilities 35,282 314,380 5,795 (317,782) 37,675 Short-term borrowings — 4,279 — — 4,279 Accrued expenses and other liabilities 8,359 3,130 — — 11,489 Long-term debt — 28,633 1,075 — 29,708 Total liabilities (4) $ 115,611 $ 519,180 $ 6,881 $ (317,782) $ 323,890 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes securities with a fair value of $10.6 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 $752 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell. (3) Includes MSRs of $818 million which are classified as Level 3 assets. (4) Total recurring Level 3 assets were 0.34 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.24 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 government agencies 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 — 21,566 75 — 21,641 Mortgage trading loans, ABS and other MBS — 8,440 1,365 — 9,805 Total trading account assets (2) 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 government agencies 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 government agencies 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 (3) 9,898 3,850 1,970 — 15,718 Total assets (4) $ 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 government agencies 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 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 is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell. (3) Includes MSRs of $1.0 billion which are classified as Level 3 assets. (4) 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 2021, 2020 and 2019, 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 Year Ended December 31, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,359 $ (17) $ — $ 765 $ (437) $ — $ (327) $ 1,218 $ (451) $ 2,110 $ (79) Equity securities 227 (18) — 103 (68) — — 112 (166) 190 (44) Non-U.S. sovereign debt 354 31 (20) 18 — — (13) 26 — 396 34 Mortgage trading loans, ABS and other MBS 1,440 (58) — 518 (721) 7 (167) 771 (263) 1,527 (91) Total trading account assets 3,380 (62) (20) 1,404 (1,226) 7 (507) 2,127 (880) 4,223 (180) Net derivative assets (liabilities) (4) (3,468) 927 — 521 (653) — 293 (74) (208) (2,662) 800 AFS debt securities: Non-agency residential MBS 378 (11) (111) — (98) — (45) 304 (101) 316 8 Non-U.S. securities 18 (4) — — (10) — (4) — — — — Other taxable securities 71 — (7) 8 — — — — (1) 71 — Tax-exempt securities 176 20 — — — — (2) — (142) 52 (19) Total AFS debt securities 643 5 (118) 8 (108) — (51) 304 (244) 439 (11) Other debt securities carried at fair value – Non-agency residential MBS 267 1 — — (45) — (37) 101 (45) 242 10 Loans and leases (5,6) 717 62 — 59 (13) 70 (180) 46 (13) 748 65 Loans held-for-sale (5,6) 236 13 (6) 132 (1) — (79) 26 (4) 317 18 Other assets (6,7) 1,970 7 3 26 (202) 144 (383) 9 (2) 1,572 3 Trading account liabilities – Corporate securities and other (16) 6 — — — (1) — — — (11) — Long-term debt (5) (1,164) (92) 13 (6) 15 (12) 98 (65) 138 (1,075) (113) Year Ended December 31, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,507 $ (138) $ (1) $ 430 $ (242) $ 10 $ (282) $ 639 $ (564) $ 1,359 $ (102) Equity securities 239 (43) — 78 (53) — (3) 58 (49) 227 (31) Non-U.S. sovereign debt 482 45 (46) 76 (61) — (39) 150 (253) 354 47 Mortgage trading loans, ABS and other MBS 1,553 (120) (3) 577 (746) 11 (96) 757 (493) 1,440 (92) Total trading account assets 3,781 (256) (50) 1,161 (1,102) 21 (420) 1,604 (1,359) 3,380 (178) Net derivative assets (liabilities) (4) (2,538) (235) — 120 (646) — (112) (235) 178 (3,468) (953) AFS debt securities: Non-agency residential MBS 424 (2) 3 23 (54) — (44) 158 (130) 378 (2) Non-U.S. securities 2 1 — — (1) — (1) 17 — 18 1 Other taxable securities 65 — — 9 (4) — — 1 — 71 — Tax-exempt securities 108 (21) 3 — — — (169) 265 (10) 176 (20) Total AFS debt securities 599 (22) 6 32 (59) — (214) 441 (140) 643 (21) Other debt securities carried at fair value – Non-agency residential MBS 299 26 — — (180) — (24) 190 (44) 267 3 Loans and leases (5,6) 693 (4) — 145 (76) 22 (161) 98 — 717 9 Loans held-for-sale (5,6) 375 26 (28) — (489) 691 (119) 93 (313) 236 (5) Other assets (6,7) 2,360 (288) 3 178 (4) 224 (506) 5 (2) 1,970 (374) Trading account liabilities – Equity securities (2) 1 — — — — — — 1 — — Trading account liabilities – Corporate securities and other (15) 8 — (7) (3) — 1 — — (16) — Long-term debt (5) (1,149) (46) 2 (104) — (47) 218 (52) 14 (1,164) (5) (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 market making and similar activities and 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 losses of $19 million and $41 million related to financial instruments still held at December 31, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.1 billion and $2.8 billion and derivative liabilities of $5.8 billion and $6.2 billion at December 31, 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) (Dollars in millions) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (Losses) in OCI (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) Purchases Sales Issuances Settlements Year Ended December 31, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,558 $ 105 $ — $ 534 $ (390) $ 18 $ (578) $ 699 $ (439) $ 1,507 $ 29 Equity securities 276 (12) — 38 (87) — (9) 79 (46) 239 (18) Non-U.S. sovereign debt 465 46 (12) 1 — — (51) 39 (6) 482 47 Mortgage trading loans, ABS and other MBS 1,635 99 (2) 662 (899) — (175) 738 (505) 1,553 26 Total trading account assets 3,934 238 (14) 1,235 (1,376) 18 (813) 1,555 (996) 3,781 84 Net derivative assets (liabilities) (4,8) (935) (37) — 298 (837) — (97) 147 (1,077) (2,538) 228 AFS debt securities: Non-agency residential MBS 597 13 64 — (73) — (40) 206 (343) 424 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 7 2 — — — — (5) 61 — 65 — Tax-exempt securities — — — — — — — 108 — 108 — Total AFS debt securities 606 15 64 — (73) — (45) 375 (343) 599 — Other debt securities carried at fair value - Non-agency residential MBS 172 36 — — — — (17) 155 (47) 299 38 Loans and leases (5,6) 338 — — 230 (35) 217 (57) — — 693 (1) Loans held-for-sale (5,6) 542 48 (6) 12 (71) 36 (245) 59 — 375 22 Other assets (6,7) 2,932 (81) 19 — (10) 179 (683) 5 (1) 2,360 (267) Trading account liabilities – Equity securities — (2) — — — — — — — (2) (2) Trading account liabilities – Corporate securities and other (18) 8 — (1) (3) (1) — — — (15) — Long-term debt (5,8) (817) (59) (64) — — (40) 180 (350) 1 (1,149) (55) (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 - predominantly 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 of $3 million related to financial instruments still held at December 31, 2019. (4) Net derivative assets (liabilities) include derivative assets of $2.2 billion and derivative liabilities of $4.8 billion at December 31, 2019. (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. (8) Transfers into long-term debt include a $1.4 billion transfer in of Level 3 derivative assets to reflect the Corporation's change to present bifurcated embedded derivatives with their respective host instruments. The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at December 31, 2021 and 2020. Quantitative Information about Level 3 Fair Value Measurements at December 31, 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 $ 1,269 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans, ABS and other MBS 338 Prepayment speed 1% to 40% CPR 19% CPR Loans and leases 373 Default rate 0% to 3% CDR 1% CDR AFS debt securities – Non-agency residential 316 Price $0 to $168 $92 Other debt securities carried at fair value – Non-agency residential 242 Loss severity 0% to 43% 13 % Instruments backed by commercial real estate assets $ 298 Discounted cash Yield 0% to 25% 4 % Trading account assets – Corporate securities, trading loans and other 138 Price $0 to $101 $57 Trading account assets – Mortgage trading loans, ABS and other MBS 77 AFS debt securities – Other taxable securities 71 Loans held-for-sale 12 Commercial loans, debt securities and other $ 4,212 Discounted cash flow, Market comparables Yield 0% to 19% 10 % Trading account assets – Corporate securities, trading loans and other 1,972 Prepayment speed 10% to 20% 16 % Trading account assets – Non-U.S. sovereign debt 396 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 1,112 Loss severity 35% to 40% 37 % AFS debt securities – Tax-exempt securities 52 Price $0 to $189 $73 Loans and leases 375 Long-dated equity volatilities 45% n/a Loans held-for-sale 305 Other assets, primarily auction rate securities $ 754 Discounted cash flow, Market comparables Price $10 to $96 $91 Discount rate 9 % n/a MSRs $ 818 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 $ (1,075) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Yield 0% to 19% 18 % Equity correlation 3% to 100% 80 % Long-dated equity volatilities 5% to 78% 36 % Price $0 to $125 $82 Natural gas forward price $2/MMBtu to $8/MMBtu $4 /MMBtu Net derivative assets (liabilities) Credit derivatives $ (104) Discounted cash flow, Stochastic recovery correlation model Credit spreads 7 to 155 bps 61 bps Upfront points 16 to 100 points 68 points Prepayment speed 15% CPR n/a Default rate 2% CDR n/a Credit correlation 20% to 60% 55 % Price $0 to $120 $53 Equity derivatives $ (1,710) Industry standard derivative pricing (3) Equity correlation 3% to 100% 80 % Long-dated equity volatilities 5% to 78% 36 % Commodity derivatives $ (976) Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $2/MMBtu to $8/MMBtu $4 /MMBtu Correlation 65% to 85% 76 % Power forward price $11 to $103 $32 Volatilities 41% to 69% 63 % Interest rate derivatives $ 128 Industry standard derivative pricing (4) Correlation (IR/IR) (1)% to 90% 54 % Correlation (FX/IR) (1)% to 58% 44 % Long-dated inflation rates (10)% to 11% 3 % Long-dated inflation volatilities 0% to 2% 2 % Interest rate volatilities 0% to 2% 1 % Total net derivative assets (liabilities) $ (2,662) (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 152: Trading account assets – Corporate securities, trading loans and other of $2.1 billion, Trading account assets – Non-U.S. sovereign debt of $396 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.5 billion, AFS debt securities of $439 million, Other debt securities carried at fair value - Non-agency residential of $242 million, Other assets, including MSRs, of $1.6 billion, Loans and leases of $748 million and LHFS of $317 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 Equ |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair Value Option Loans and Loan Commitments The Corporation elects to account for certain loans and loan commitments that exceed the Corporation’s single-name credit risk concentration guidelines under the fair value option. Lending commitments are actively managed and, as appropriate, credit risk for these lending relationships may be mitigated through the use of credit derivatives, with the Corporation’s public side credit view and market perspectives determining the size and timing of the hedging activity. These credit derivatives do not meet the requirements for designation as accounting hedges and are carried at fair value. The fair value option allows the Corporation to carry these loans and loan commitments at fair value, which is more consistent with management’s view of the underlying economics and the manner in which they are managed. In addition, the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at historical cost and the credit derivatives at fair value. Loans Held-for-sale The Corporation elects to account for residential mortgage LHFS, commercial mortgage LHFS and certain other LHFS under the fair value option. These loans are actively managed and monitored and, as appropriate, certain market risks of the loans may be mitigated through the use of derivatives. The Corporation has elected not to designate the derivatives as qualifying accounting hedges, and therefore, they are carried at fair value. The changes in fair value of the loans are largely offset by changes in the fair value of the derivatives. The fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. The Corporation has not elected to account for certain other LHFS under the fair value option primarily because these loans are floating-rate loans that are not hedged using derivative instruments. Loans Reported as Trading Account Assets The Corporation elects to account for certain loans that are held for the purpose of trading and are risk-managed on a fair value basis under the fair value option. Other Assets The Corporation elects to account for certain long-term fixed-rate margin loans that are hedged with derivatives under the fair value option. Election of the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at historical cost and the derivatives at fair value. Securities Financing Agreements The Corporation elects to account for certain securities financing agreements, including resale and repurchase agreements, under the fair value option. These elections include certain agreements collateralized by the U.S. government and its agencies, which are generally short-dated and have minimal interest rate risk. Long-term Deposits The Corporation elects to account for certain long-term fixed-rate and rate-linked deposits that are hedged with derivatives that do not qualify for hedge accounting. Election of the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at historical cost and the derivatives at fair value. The Corporation has not elected to carry other long-term deposits at fair value because they are not hedged using derivatives. Short-term Borrowings The Corporation elects to account for certain short-term borrowings, primarily short-term structured liabilities, under the fair value option because this debt is risk-managed on a fair value basis. The Corporation also elects to account for certain asset-backed secured financings, which are also classified in short-term borrowings, under the fair value option. Election of the fair value option allows the Corporation to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the asset-backed secured financings at historical cost and the corresponding mortgage LHFS securing these financings at fair value. Long-term Debt The Corporation elects to account for certain long-term debt, primarily structured liabilities, under the fair value option. This long-term debt is either risk-managed on a fair value basis or the related hedges do not qualify for hedge accounting. 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 December 31, 2021 and 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 2021, 2020 and 2019. Fair Value Option Elections December 31, 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 $ 150,665 $ 150,677 $ (12) $ 108,856 $ 108,811 $ 45 Loans reported as trading account assets (1) 10,864 18,895 (8,031) 7,967 17,372 (9,405) Trading inventory – other 21,986 n/a n/a 22,790 n/a n/a Consumer and commercial loans 7,819 7,888 (69) 6,681 6,778 (97) Loans held-for-sale (1) 4,455 5,343 (888) 1,585 2,521 (936) Other assets 544 n/a n/a 200 n/a n/a Long-term deposits 408 401 7 481 448 33 Federal funds purchased and securities loaned or sold under agreements to repurchase 139,641 139,682 (41) 135,391 135,390 1 Short-term borrowings 4,279 4,127 152 5,874 5,178 696 Unfunded loan commitments 97 n/a n/a 99 n/a n/a Long-term debt 29,708 30,903 (1,195) 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 Market making Other Total (Dollars in millions) 2021 Loans reported as trading account assets $ 275 $ — $ 275 Trading inventory – other (1) (211) — (211) Consumer and commercial loans 78 40 118 Loans held-for-sale (2) — 58 58 Short-term borrowings 883 — 883 Long-term debt (3) (604) (41) (645) Other (4) 18 (23) (5) Total (5) $ 439 $ 34 $ 473 2020 Loans reported as trading account assets $ 107 $ — $ 107 Trading inventory – other (1) 3,216 — 3,216 Consumer and commercial loans 22 (3) 19 Loans held-for-sale (2) — 103 103 Short-term borrowings (170) — (170) Unfunded loan commitments — (65) (65) Long-term debt (3) (2,175) (53) (2,228) Other (4) 35 (22) 13 Total (5) $ 1,035 $ (40) $ 995 2019 Loans reported as trading account assets $ 203 $ — $ 203 Trading inventory – other (1) 5,795 — 5,795 Consumer and commercial loans 92 12 104 Loans held-for-sale (2) — 98 98 Short-term borrowings (24) — (24) Unfunded loan commitments — 79 79 Long-term debt (3) (1,098) (78) (1,176) Other (4) 9 (27) (18) Total (5) $ 4,977 $ 84 $ 5,061 (1) The gains (losses) in market making and similar activities are primarily offset by (losses) gains 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 14 – Accumulated Other Comprehensive Income (Loss) . For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements. (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. (5) Gains (losses) related to borrower-specific credit risk were $162 million, $(361) million and $194 million in 2021, 2020 and 2019, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 20 – Fair Value Measurements . 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 . The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance is carried at fair value on the Consolidated Balance Sheet. Short-term Financial Instruments The carrying value of short-term financial instruments, including cash and cash equivalents, certain time deposits placed and other short-term investments, federal funds sold and purchased, certain resale and repurchase agreements and short-term borrowings, approximates the fair value of these instruments. These financial instruments generally expose the Corporation to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The Corporation accounts for certain resale and repurchase agreements under the fair value option. Under the fair value hierarchy, cash and cash equivalents are classified as Level 1. Time deposits placed and other short-term investments, such as U.S. government securities and short-term commercial paper, are classified as Level 1 or Level 2. Federal funds sold and purchased are classified as Level 2. Resale and repurchase agreements are classified as Level 2 because they are generally short-dated and/or variable-rate instruments collateralized by U.S. government or agency securities. Short-term borrowings are classified as Level 2. Fair Value of Financial Instruments The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at December 31, 2021 and 2020 are presented in the following table. Fair Value of Financial Instruments Fair Value Carrying Value Level 2 Level 3 Total (Dollars in millions) December 31, 2021 Financial assets Loans $ 946,142 $ 53,544 $ 919,980 $ 973,524 Loans held-for-sale 15,635 15,016 627 15,643 Financial liabilities Deposits (1) 2,064,446 2,064,438 — 2,064,438 Long-term debt 280,117 286,802 1,288 288,090 Commercial unfunded lending commitments (2) 1,554 97 6,384 6,481 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 $1.0 trillion and $799.0 billion with no stated maturities at December 31, 2021 and 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 12 – Commitments and Contingencies . |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 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 , GWIM Global Banking and Global Markets , with the remaining operations recorded in All Other . Consumer Banking Consumer Banking offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Consumer Banking product offerings include traditional savings accounts, money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans to consumers and small businesses in the U.S. Consumer Banking includes the impact of servicing residential mortgages and home equity loans. Global Wealth & Investment Management GWIM provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets, including tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products. GWIM also provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, trust and banking needs, including specialty asset management services. Global Banking Global Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through the Corporation’s network of offices and client relationship teams. Global Banking also provides investment banking products to clients. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking clients generally include middle-market companies, commercial real estate firms, not-for-profit companies, large global corporations, financial institutions, leasing clients, and mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions. Global Markets Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets also works with commercial and corporate clients to provide risk management products. As a result of market-making activities, Global Markets may be required to manage risk in a broad range of financial products. In addition, the economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement. All Other All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to the business segments. Basis of Presentation The management accounting and reporting process derives segment and business results by utilizing allocation methodologies for revenue and expense. The net income derived for the businesses is dependent upon revenue and cost allocations using an activity-based costing model, funds transfer pricing, and other methodologies and assumptions management believes are appropriate to reflect the results of the business. Total revenue, net of interest expense, includes net interest income on an FTE basis and noninterest income. The adjustment of net interest income to an FTE basis results in a corresponding increase in income tax expense. The segment results also reflect certain revenue and expense methodologies that are utilized to determine net income. The net interest income of the businesses includes the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, the Corporation allocates assets to match liabilities. Net interest income of the business segments also includes an allocation of net interest income generated by certain of the Corporation’s ALM activities. The Corporation’s ALM activities include an overall interest rate risk management strategy that incorporates the use of various derivatives and cash instruments to manage fluctuations in earnings and capital that are caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not significantly adversely affect earnings and capital. The results of substantially all of the Corporation’s ALM activities are allocated to the business segments and fluctuate based on the performance of the ALM activities. ALM activities include external product pricing decisions including deposit pricing strategies, the effects of the Corporation’s internal funds transfer pricing process and the net effects of other ALM activities. Certain expenses not directly attributable to a specific business segment are allocated to the segments. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization. Effective October 1, 2021, a business activity previously included in the Global Markets segment is being reported as a liquidating business in All Other , consistent with a realignment in performance reporting to senior management. While this activity was not material to Global Markets’ results of operations and historical results have not been restated, this activity’s noninterest expense of $309 million and $473 million for the three months ended September 30, 2021 and June 30, 2021 was elevated and would have been excluded from Global Markets’ results of operations for those periods under the new basis of presentation. The table below presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for 2021, 2020 and 2019, and total assets at December 31, 2021 and 2020 for each business segment, as well as All Other. Results of Business Segments and All Other At and for the year ended December 31 Total Corporation (1) Consumer Banking (Dollars in millions) 2021 2020 2019 2021 2020 2019 Net interest income $ 43,361 $ 43,859 $ 49,486 $ 24,929 $ 24,698 $ 28,158 Noninterest income 46,179 42,168 42,353 9,076 8,564 10,429 Total revenue, net of interest expense 89,540 86,027 91,839 34,005 33,262 38,587 Provision for credit losses (4,594) 11,320 3,590 (1,035) 5,765 3,772 Noninterest expense 59,731 55,213 54,900 19,290 18,882 17,646 Income before income taxes 34,403 19,494 33,349 15,750 8,615 17,169 Income tax expense 2,425 1,600 5,919 3,859 2,111 4,207 Net income $ 31,978 $ 17,894 $ 27,430 $ 11,891 $ 6,504 $ 12,962 Period-end total assets $ 3,169,495 $ 2,819,627 $ 1,131,142 $ 988,580 Global Wealth & Investment Management Global Banking 2021 2020 2019 2021 2020 2019 Net interest income $ 5,664 $ 5,468 $ 6,504 $ 8,511 $ 9,013 $ 10,675 Noninterest income 15,084 13,116 13,034 12,364 9,974 9,808 Total revenue, net of interest expense 20,748 18,584 19,538 20,875 18,987 20,483 Provision for credit losses (241) 357 82 (3,201) 4,897 414 Noninterest expense 15,258 14,160 13,825 10,632 9,342 9,011 Income before income taxes 5,731 4,067 5,631 13,444 4,748 11,058 Income tax expense 1,404 996 1,380 3,630 1,282 2,985 Net income $ 4,327 $ 3,071 $ 4,251 $ 9,814 $ 3,466 $ 8,073 Period-end total assets $ 438,275 $ 369,736 $ 638,131 $ 580,561 Global Markets All Other 2021 2020 2019 2021 2020 2019 Net interest income $ 4,011 $ 4,646 $ 3,915 $ 246 $ 34 $ 234 Noninterest income 15,244 14,119 11,699 (5,589) (3,605) (2,617) Total revenue, net of interest expense 19,255 18,765 15,614 (5,343) (3,571) (2,383) Provision for credit losses 65 251 (9) (182) 50 (669) Noninterest expense 13,032 11,417 10,728 1,519 1,412 3,690 Income (loss) before income taxes 6,158 7,097 4,895 (6,680) (5,033) (5,404) Income tax expense (benefit) 1,601 1,845 1,395 (8,069) (4,634) (4,048) Net income (loss) $ 4,557 $ 5,252 $ 3,500 $ 1,389 $ (399) $ (1,356) Period-end total assets $ 747,794 $ 616,609 $ 214,153 $ 264,141 (1) There were no material intersegment revenues The tables below present noninterest income and the associated components for 2021, 2020 and 2019 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 & (Dollars in millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Fees and commissions: Card income Interchange fees $ 4,560 $ 3,954 $ 3,834 $ 3,597 $ 3,027 $ 3,174 $ 43 $ 36 $ 59 Other card income 1,658 1,702 1,963 1,575 1,646 1,910 42 42 42 Total card income 6,218 5,656 5,797 5,172 4,673 5,084 85 78 101 Service charges Deposit-related fees 6,271 5,991 6,588 3,538 3,417 4,218 72 67 68 Lending-related fees 1,233 1,150 1,086 — — — — — — Total service charges 7,504 7,141 7,674 3,538 3,417 4,218 72 67 68 Investment and brokerage services Asset management fees 12,729 10,708 10,241 188 146 144 12,541 10,578 10,130 Brokerage fees 3,961 3,866 3,661 132 127 149 1,771 1,692 1,740 Total investment and brokerage services 16,690 14,574 13,902 320 273 293 14,312 12,270 11,870 Investment banking fees Underwriting income 5,077 4,698 2,998 — — — 388 391 401 Syndication fees 1,499 861 1,184 — — — — — — Financial advisory services 2,311 1,621 1,460 — — — — — — Total investment banking fees 8,887 7,180 5,642 — — — 388 391 401 Total fees and commissions 39,299 34,551 33,015 9,030 8,363 9,595 14,857 12,806 12,440 Market making and similar activities 8,691 8,355 9,034 1 2 6 40 63 113 Other income (loss) (1,811) (738) 304 45 199 828 187 247 481 Total noninterest income $ 46,179 $ 42,168 $ 42,353 $ 9,076 $ 8,564 $ 10,429 $ 15,084 $ 13,116 $ 13,034 Global Banking Global Markets All Other (1) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Fees and commissions: Card income Interchange fees $ 700 $ 499 $ 519 $ 220 $ 391 $ 81 $ — $ 1 $ 1 Other card income 13 14 13 — — (1) 28 — (1) Total card income 713 513 532 220 391 80 28 1 — Service charges Deposit-related fees 2,508 2,298 2,121 146 177 156 7 32 25 Lending-related fees 1,015 940 894 218 210 192 — — — Total service charges 3,523 3,238 3,015 364 387 348 7 32 25 Investment and brokerage services Asset management fees — — — — — — — (16) (33) Brokerage fees 104 74 34 1,979 1,973 1,738 (25) — — Total investment and brokerage services 104 74 34 1,979 1,973 1,738 (25) (16) (33) Investment banking fees Underwriting income 2,187 2,070 1,227 2,725 2,449 1,555 (223) (212) (185) Syndication fees 781 482 574 718 379 610 — — — Financial advisory services 2,139 1,458 1,336 173 163 123 (1) — 1 Total investment banking fees 5,107 4,010 3,137 3,616 2,991 2,288 (224) (212) (184) Total fees and commissions 9,447 7,835 6,718 6,179 5,742 4,454 (214) (195) (192) Market making and similar activities 145 103 235 8,760 8,471 7,065 (255) (284) 1,615 Other income (loss) 2,772 2,036 2,855 305 (94) 180 (5,120) (3,126) (4,040) Total noninterest income $ 12,364 $ 9,974 $ 9,808 $ 15,244 $ 14,119 $ 11,699 $ (5,589) $ (3,605) $ (2,617) (1) All Other includes eliminations of intercompany transactions. Business Segment Reconciliations (Dollars in millions) 2021 2020 2019 Segments’ total revenue, net of interest expense $ 94,883 $ 89,598 $ 94,222 Adjustments (1) : Asset and liability management activities (4) 375 241 Liquidating businesses, eliminations and other (5,339) (3,946) (2,624) FTE basis adjustment (427) (499) (595) Consolidated revenue, net of interest expense $ 89,113 $ 85,528 $ 91,244 Segments’ total net income 30,589 18,293 28,786 Adjustments, net-of-tax (1) : Asset and liability management activities 11 279 202 Liquidating businesses, eliminations and other 1,378 (678) (1,558) Consolidated net income $ 31,978 $ 17,894 $ 27,430 December 31 2021 2020 Segments’ total assets $ 2,955,342 $ 2,555,486 Adjustments (1) : Asset and liability management activities, including securities portfolio 1,363,626 1,176,071 Elimination of segment asset allocations to match liabilities (1,216,891) (977,685) Other 67,418 65,755 Consolidated total assets $ 3,169,495 $ 2,819,627 (1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. |
Parent Company Information
Parent Company Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Information | Parent Company Information The following tables present the Parent Company-only financial information. Condensed Statement of Income (Dollars in millions) 2021 2020 2019 Income Dividends from subsidiaries: Bank holding companies and related subsidiaries $ 15,621 $ 10,352 $ 27,820 Interest from subsidiaries 8,362 8,825 9,502 Other income (loss) (114) (138) 74 Total income 23,869 19,039 37,396 Expense Interest on borrowed funds from subsidiaries 54 136 451 Other interest expense 3,383 4,119 5,899 Noninterest expense 1,531 1,651 1,641 Total expense 4,968 5,906 7,991 Income before income taxes and equity in undistributed earnings of subsidiaries 18,901 13,133 29,405 Income tax expense 886 649 341 Income before equity in undistributed earnings of subsidiaries 18,015 12,484 29,064 Equity in undistributed earnings (losses) of subsidiaries: Bank holding companies and related subsidiaries 14,078 5,372 (1,717) Nonbank companies and related subsidiaries (115) 38 83 Total equity in undistributed earnings (losses) of subsidiaries 13,963 5,410 (1,634) Net income $ 31,978 $ 17,894 $ 27,430 Condensed Balance Sheet December 31 (Dollars in millions) 2021 2020 Assets Cash held at bank subsidiaries $ 5,011 $ 5,893 Securities 671 701 Receivables from subsidiaries: Bank holding companies and related subsidiaries 217,447 206,566 Banks and related subsidiaries 347 213 Nonbank companies and related subsidiaries 368 410 Investments in subsidiaries: Bank holding companies and related subsidiaries 316,497 305,818 Nonbank companies and related subsidiaries 3,645 3,715 Other assets 8,602 9,850 Total assets $ 552,588 $ 533,166 Liabilities and shareholders’ equity Accrued expenses and other liabilities $ 17,394 $ 15,965 Payables to subsidiaries: Banks and related subsidiaries 107 129 Bank holding companies and related subsidiaries 3 — Nonbank companies and related subsidiaries 11,564 11,067 Long-term debt 253,454 233,081 Total liabilities 282,522 260,242 Shareholders’ equity 270,066 272,924 Total liabilities and shareholders’ equity $ 552,588 $ 533,166 Condensed Statement of Cash Flows (Dollars in millions) 2021 2020 2019 Operating activities Net income $ 31,978 $ 17,894 $ 27,430 Reconciliation of net income (loss) to net cash provided by (used in) operating activities: Equity in undistributed (earnings) losses of subsidiaries (13,963) (5,410) 1,634 Other operating activities, net (7,144) 14,303 16,973 Net cash provided by operating activities 10,871 26,787 46,037 Investing activities Net purchases of securities (14) (4) (17) Net payments to subsidiaries (10,796) (33,111) (19,121) Other investing activities, net (26) (7) 7 Net cash used in investing activities (10,836) (33,122) (19,131) Financing activities Net increase (decrease) in other advances 503 (422) (1,625) Proceeds from issuance of long-term debt 56,106 43,766 29,315 Retirement of long-term debt (24,544) (23,168) (21,039) Proceeds from issuance of preferred stock and warrants 2,170 2,181 3,643 Redemption of preferred stock (1,971) (1,072) (2,568) Common stock repurchased (25,126) (7,025) (28,144) Cash dividends paid (8,055) (7,727) (5,934) Net cash provided by (used in) financing activities (917) 6,533 (26,352) Net increase (decrease) in cash held at bank subsidiaries (882) 198 554 Cash held at bank subsidiaries at January 1 5,893 5,695 5,141 Cash held at bank subsidiaries at December 31 $ 5,011 $ 5,893 $ 5,695 |
Performance by Geographical Are
Performance by Geographical Area | 12 Months Ended |
Dec. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
Performance by Geographical Area | Performance by Geographical AreaThe Corporation’s operations are highly integrated with operations in both U.S. and non-U.S. markets. The non-U.S. business activities are largely conducted in Europe, the Middle East and Africa and in Asia. The Corporation identifies its geographic performance based on the business unit structure used to manage the capital or expense deployed in the region as applicable. This requires certain judgments related to the allocation of revenue so that revenue can be appropriately matched with the related capital or expense deployed in the region. Certain asset, liability, income and expense amounts have been allocated to arrive at total assets, total revenue, net of interest expense, income before income taxes and net income by geographic area as presented below. (Dollars in millions) Total Assets at Year End (1) Total Revenue, Net of Interest Expense (2) Income Before Income Taxes Net Income U.S. (3) 2021 $ 2,789,862 $ 78,012 $ 31,392 $ 27,781 2020 2,490,247 75,576 18,247 16,692 2019 81,236 30,699 25,937 Asia 2021 117,085 4,439 988 733 2020 99,283 4,232 1,051 788 2019 3,491 765 570 Europe, Middle East and Africa 2021 233,356 5,423 1,097 3,134 2020 202,701 4,491 (596) 264 2019 5,310 921 672 Latin America and the Caribbean 2021 29,192 1,239 499 330 2020 27,396 1,229 293 150 2019 1,207 369 251 Total Non-U.S. 2021 379,633 11,101 2,584 4,197 2020 329,380 9,952 748 1,202 2019 10,008 2,055 1,493 Total Consolidated 2021 $ 3,169,495 $ 89,113 $ 33,976 $ 31,978 2020 2,819,627 85,528 18,995 17,894 2019 91,244 32,754 27,430 (1) Total assets include long-lived assets, which are primarily located in the U.S. (2) There were no material intercompany revenues between geographic regions for any of the periods presented. (3) Substantially reflects the U.S. |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded 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. Certain prior-period amounts have been reclassified to conform to current period presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in the process of collection, cash segregated under federal and other brokerage regulations, and amounts due from correspondent banks, the Federal Reserve Bank and certain non-U.S. central banks. Certain cash balances are restricted as to withdrawal or usage by legally binding contractual agreements or regulatory requirements. |
Securities Financing Agreements | Securities Financing Agreements Securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase (securities financing agreements) are treated as collateralized financing transactions except in instances where the transaction is required to be accounted for as individual sale and purchase transactions. Generally, these agreements are recorded at acquisition or sale price plus accrued interest. In instances where the interest is negative, the Corporation’s policy is to present negative interest on financial assets as interest income and negative interest on financial liabilities as interest expense. For securities financing agreements that are accounted for under the fair value option, the changes in the fair value of these securities financing agreements are recorded in market making and similar activities in the Consolidated Statement of Income. The Corporation’s policy is to monitor the market value of the principal amount loaned under resale agreements and obtain collateral from or return collateral pledged to counterparties when appropriate. Securities financing agreements do not create material credit risk due to these collateral provisions; therefore, an allowance for loan losses is not necessary. In transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral, it recognizes an asset on the Consolidated Balance Sheet at fair value, representing the securities received, and a liability, representing the obligation to return those securities. |
Collateral | Collateral The Corporation accepts securities and loans as collateral that it is permitted by contract or practice to sell or repledge. At December 31, 2021 and 2020, the fair value of this collateral was $854.8 billion and $812.4 billion, of which $782.7 billion and $758.5 billion were sold or repledged. The primary source of this collateral is securities borrowed or purchased under agreements to resell. The Corporation also pledges company-owned securities and loans as collateral in transactions that include repurchase agreements, securities loaned, public and trust deposits, U.S. Treasury tax and loan notes, and short-term borrowings. This collateral, which in some cases can be sold or repledged by the counterparties to the transactions, is parenthetically disclosed on the Consolidated Balance Sheet. In certain cases, the Corporation has transferred assets to consolidated VIEs where those restricted assets serve as collateral for the interests issued by the VIEs. These assets are included on the Consolidated Balance Sheet in Assets of Consolidated VIEs. In addition, the Corporation obtains collateral in connection with its derivative contracts. Required collateral levels vary depending on the credit risk rating and the type of counterparty. Generally, the Corporation accepts collateral in the form of cash, U.S. Treasury securities and other marketable securities. Based on provisions contained in master netting agreements, the Corporation nets cash collateral received against derivative assets. The Corporation also pledges collateral on its own derivative positions which can be applied against derivative liabilities. |
Trading Instruments | Trading Instruments Financial instruments utilized in trading activities are carried at fair value. Fair value is generally based on quoted market prices for the same or similar assets and liabilities. If these market prices are not available, fair values are estimated based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques where the determination of fair value may require significant management judgment or estimation. Realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in market making and similar activities. |
Derivatives and Hedging Activities, Trading Derivatives and Other Risk Management Activities, and Derivatives Used for Hedge Accounting Purposes (Accounting Hedges) | Derivatives and Hedging Activities Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that are both designated in qualifying accounting hedge relationships and derivatives used to hedge market risks in relationships that are not designated in qualifying accounting hedge relationships (referred to as other risk management activities). The Corporation manages interest rate and foreign currency exchange rate sensitivity predominantly through the use of derivatives. Derivatives utilized by the Corporation include swaps, futures and forward settlement contracts, and option contracts. All derivatives are recorded on the Consolidated Balance Sheet at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow the Corporation to settle positive and negative positions and offset cash collateral held with the same counterparty on a net basis. For exchange-traded contracts, fair value is based on quoted market prices in active or inactive markets or is derived from observable market-based pricing parameters, similar to those applied to over-the-counter (OTC) derivatives. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies or similar techniques for which the determination of fair value may require significant management judgment or estimation. Valuations of derivative assets and liabilities reflect the value of the instrument including counterparty credit risk. These values also take into account the Corporation’s own credit standing. Trading Derivatives and Other Risk Management Activities Derivatives held for trading purposes are included in derivative assets or derivative liabilities on the Consolidated Balance Sheet with changes in fair value included in market making and similar activities. Derivatives used for other risk management activities are included in derivative assets or derivative liabilities. Derivatives used in other risk management activities have not been designated in qualifying accounting hedge relationships because they did not qualify or the risk that is being mitigated pertains to an item that is reported at fair value through earnings so that the effect of measuring the derivative instrument and the asset or liability to which the risk exposure pertains will offset in the Consolidated Statement of Income to the extent effective. The changes in the fair value of derivatives that serve to mitigate certain risks associated with mortgage servicing rights (MSRs), interest rate lock commitments (IRLCs) and first-lien mortgage loans held-for-sale (LHFS) that are originated by the Corporation are recorded in other income. Changes in the fair value of derivatives that serve to mitigate interest rate risk and foreign currency risk are included in market making and similar activities. Credit derivatives are also used by the Corporation to mitigate the risk associated with various credit exposures. The changes in the fair value of these derivatives are included in market making and similar activities and other income. Derivatives Used For Hedge Accounting Purposes (Accounting Hedges) For accounting hedges, the Corporation formally documents at inception all relationships between hedging instruments and hedged items, as well as the risk management objectives and strategies for undertaking various accounting hedges. Additionally, the Corporation primarily uses regression analysis at the inception of a hedge and for each reporting period thereafter to assess whether the derivative used in an accounting hedge transaction is expected to be and has been highly effective in offsetting changes in the fair value or cash flows of a hedged item or forecasted transaction. The Corporation discontinues hedge accounting when it is determined that a derivative is not expected to be or has ceased to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship. Fair value hedges are used to protect against changes in the fair value of the Corporation’s assets and liabilities that are attributable to interest rate or foreign exchange volatility. Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings, together and in the same income statement line item with changes in the fair value of the related hedged item. If a derivative instrument in a fair value hedge is terminated or the hedge designation removed, the previous adjustments to the carrying value of the hedged asset or liability are subsequently accounted for in the same manner as other components of the carrying value of that asset or liability. For interest-earning assets and interest-bearing liabilities, such adjustments are amortized to earnings over the remaining life of the respective asset or liability. Cash flow hedges are used primarily to minimize the variability in cash flows of assets and liabilities or forecasted transactions caused by interest rate or foreign exchange rate fluctuations. The Corporation also uses cash flow hedges to hedge the price risk associated with deferred compensation. Changes in the fair value of derivatives used in cash flow hedges are recorded in accumulated other comprehensive income (OCI) and are reclassified into the line item in the income statement in which the hedged item is recorded in the same period the hedged item affects earnings. Components of a derivative that are excluded in assessing hedge effectiveness are recorded in the same income statement line item as the hedged item. Net investment hedges are used to manage the foreign exchange rate sensitivity arising from a net investment in a foreign operation. Changes in the spot prices of derivatives that are designated as net investment hedges of foreign operations are recorded as a component of accumulated OCI. The remaining components of these derivatives are excluded in assessing hedge effectiveness and are recorded in market making and similar activities. |
Securities | Securities Debt securities are reported on the Consolidated Balance Sheet at their trade date. Their classification is dependent on the purpose for which the securities were acquired. Debt securities purchased for use in the Corporation’s trading activities are reported in trading account assets at fair value with unrealized gains and losses included in market making and similar activities. Substantially all other debt securities purchased are used in the Corporation’s asset and liability management (ALM) activities and are reported on the Consolidated Balance Sheet as either debt securities carried at fair value or as held-to-maturity (HTM) debt securities. Debt securities carried at fair value are either available-for-sale (AFS) securities with unrealized gains and losses net-of-tax included in accumulated OCI or carried at fair value with unrealized gains and losses reported in market making and similar activities. HTM debt securities are debt securities that management has the intent and ability to hold to maturity and are reported at amortized cost. The Corporation evaluates each AFS security where the value has declined below amortized cost. If the Corporation intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. For AFS debt securities the Corporation intends to hold, the Corporation evaluates the debt securities for expected credit losses (ECL), except for debt securities that are guaranteed by the U.S. Treasury, U.S. government agencies or sovereign entities of high credit quality where the Corporation applies a zero credit loss assumption. For the remaining AFS debt securities, the Corporation considers qualitative parameters such as internal and external credit ratings and the value of underlying collateral. If an AFS debt security fails any of the qualitative parameters, a discounted cash flow analysis is used by the Corporation to determine if a portion of the unrealized loss is a result of an expected credit loss. The Corporation will then recognize either credit loss expense or a reversal of credit loss expense in other income for the amount necessary to adjust the debt securities valuation allowance to its current estimate of excepted credit losses. Cash flows expected to be collected are estimated using all relevant information available such as remaining payment terms, prepayment speeds, the financial condition of the issuer, expected defaults and the value of the underlying collateral. If any of the decline in fair value is related to market factors, that amount is recognized in accumulated OCI. In certain instances, the credit loss may exceed the total decline in fair value, in which case, the allowance recorded is limited to the difference between the amortized cost and the fair value of the asset. The Corporation separately evaluates its HTM debt securities for any credit losses, of which substantially all qualify for the zero loss assumption. For the remaining securities, the Corporation performs a discounted cash flow analysis to estimate any credit losses which are then recognized as part of the allowance for credit losses. Interest on debt securities, including amortization of premiums and accretion of discounts, is included in interest income. Premiums and discounts are amortized or accreted to interest income at a constant effective yield over the contractual lives of the securities. Realized gains and losses from the sales of debt securities are determined using the specific identification method. Equity securities with readily determinable fair values that are not held for trading purposes are carried at fair value with unrealized gains and losses included in other income. Equity securities that do not have readily determinable fair values are recorded at cost less impairment, if any, plus or minus qualifying observable price changes. These securities are reported in other assets. |
Loans and Leases | Loans and Leases Loans, with the exception of loans accounted for under the fair value option, are measured at historical cost and reported at their outstanding principal balances net of any unearned income, charge-offs, unamortized deferred fees and costs on originated loans, and for purchased loans, net of any unamortized premiums or discounts. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to interest income over the lives of the related loans. Unearned income, discounts and premiums are amortized to interest income using a level yield methodology. The Corporation elects to account for certain consumer and commercial loans under the fair value option with interest reported in interest income and changes in fair value reported in market making and similar activities or other income. Under applicable accounting guidance, for reporting purposes, the loan and lease portfolio is categorized by portfolio segment and, within each portfolio segment, by class of financing receivables. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the allowance for credit losses, and a class of financing receivables is defined as the level of disaggregation of portfolio segments based on the initial measurement attribute, risk characteristics and methods for assessing risk. The Corporation’s three portfolio segments are Consumer Real Estate, Credit Card and Other Consumer, and Commercial. The classes within the Consumer Real Estate portfolio segment are residential mortgage and home equity . The classes within the Credit Card and Other Consumer portfolio segment are credit card, direct/indirect consumer and other consumer. The classes within the Commercial portfolio segment are U.S. commercial, non-U.S. commercial, commercial real estate, commercial lease financing and U.S. small business commercial. Leases The Corporation provides equipment financing to its customers through a variety of lessor arrangements. Direct financing leases and sales-type leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted to interest income over the lease terms using methods that approximate the interest method. Operating lease income is recognized on a straight-line basis. The Corporation's lease arrangements generally do not contain non-lease components. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments and represents management’s estimate of the ECL in the Corporation’s loan and lease portfolio, excluding loans and unfunded lending commitments accounted for under the fair value option. The ECL on funded consumer and commercial loans and leases is referred to as the allowance for loan and lease losses and is reported separately as a contra-asset to loans and leases on the Consolidated Balance Sheet. The ECL for unfunded lending commitments, including home equity lines of credit (HELOCs), standby letters of credit (SBLCs) and binding unfunded loan commitments is reported on the Consolidated Balance Sheet in accrued expenses and other liabilities. The provision for credit losses related to the loan and lease portfolio and unfunded lending commitments is reported in the Consolidated Statement of Income at the amount necessary to adjust the allowance for credit losses to the current estimate of ECL. For loans and leases, the ECL is typically estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio as well as an economic outlook over the life of the loan. The life of the loan for closed-ended products is based on the contractual maturity of the loan adjusted for any expected prepayments. The contractual maturity includes any extension options that are at the sole discretion of the borrower. For open-ended products (e.g., lines of credit), the ECL is determined based on the maximum repayment term associated with future draws from credit lines unless those lines of credit are unconditionally cancellable (e.g., credit cards) in which case the Corporation does not record any allowance. In its loss forecasting framework, the Corporation incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads. As any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios. The scenarios that are chosen each quarter and the weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal and third-party economists and industry trends. The estimate of credit losses includes expected recoveries of amounts previously charged off (i.e., negative allowance). If a loan has been charged off, the expected cash flows on the loan are not limited by the current amortized cost balance. Instead, expected cash flows can be assumed up to the unpaid principal balance immediately prior to the charge-off. The allowance for loan and lease losses for troubled debt restructurings (TDR) is measured based on the present value of projected future lifetime principal and interest cash flows discounted at the loan’s original effective interest rate, or in cases where foreclosure is probable or the loan is collateral dependent, at the loan’s collateral value or its observable market price, if available. The measurement of ECL for the renegotiated consumer credit card TDR portfolio is based on the present value of projected cash flows discounted using the average TDR portfolio contractual interest rate, excluding promotionally priced loans, in effect prior to restructuring. Projected cash flows for TDRs use the same economic outlook as discussed above. For purposes of computing this specific loss component of the allowance, larger impaired loans are evaluated individually and smaller impaired loans are evaluated as a pool. Also included in the allowance for loan and lease losses are qualitative reserves to cover losses that are expected but, in the Corporation's assessment, may not be adequately reflected in the quantitative methods or the economic assumptions described above. For example, factors that the Corporation considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. Further, the Corporation considers the inherent uncertainty in quantitative models that are built on historical data. With the exception of the Corporation's credit card portfolio, the Corporation does not include reserves for interest receivable in the measurement of the allowance for credit losses as the Corporation generally classifies consumer loans as nonperforming at 90 days past due and reverses interest income for these loans at that time. For credit card loans, the Corporation reserves for interest and fees as part of the allowance for loan and lease losses. Upon charge-off of a credit card loan, the Corporation reverses the interest and fee income against the income statement line item where it was originally recorded. The Corporation has identified the following three portfolio segments and measures the allowance for credit losses using the following methods. Consumer Real Estate To estimate ECL for consumer loans secured by residential real estate, the Corporation estimates the number of loans that will default over the life of the existing portfolio, after factoring in estimated prepayments, using quantitative modeling methodologies. The attributes that are most significant in estimating the Corporation’s ECL include refreshed loan-to-value (LTV) or, in the case of a subordinated lien, refreshed combined LTV (CLTV), borrower credit score, months since origination and geography, all of which are further broken down by present collection status (whether the loan is current, delinquent, in default, or in bankruptcy). The estimates are based on the Corporation’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the unemployment rate and consumer real estate prices are key factors that impact the frequency and severity of loss estimates. The Corporation does not reserve for credit losses on the unpaid principal balance of loans insured by the Federal Housing Administration (FHA) and long-term standby loans, as these loans are fully insured. The Corporation records a reserve for unfunded lending commitments for the ECL associated with the undrawn portion of the Corporation’s HELOCs, which can only be canceled by the Corporation if certain criteria are met. The ECL associated with these unfunded lending commitments is calculated using the same models and methodologies noted above and incorporate utilization assumptions at time of default. For loans that are more than 180 days past due and collateral-dependent TDRs, the Corporation bases the allowance on the estimated fair value of the underlying collateral as of the reporting date less costs to sell. The fair value of the collateral securing these loans is generally determined using an automated valuation model (AVM) that estimates the value of a property by reference to market data including sales of comparable properties and price trends specific to the Metropolitan Statistical Area in which the property being valued is located. In the event that an AVM value is not available, the Corporation utilizes publicized indices or if these methods provide less reliable valuations, the Corporation uses appraisals or broker price opinions to estimate the fair value of the collateral. While there is inherent imprecision in these valuations, the Corporation believes that they are representative of this portfolio in the aggregate. For loans that are more than 180 days past due and collateral-dependent TDRs, with the exception of the Corporation’s fully insured portfolio, the outstanding balance of loans that is in excess of the estimated property value after adjusting for costs to sell is charged off. If the estimated property value decreases in periods subsequent to the initial charge-off, the Corporation will record an additional charge-off; however, if the value increases in periods subsequent to the charge-off, the Corporation will adjust the allowance to account for the increase but not to a level above the cumulative charge-off amount. Credit Cards and Other Consumer Credit cards are revolving lines of credit without a defined maturity date. The estimated life of a credit card receivable is determined by estimating the amount and timing of expected future payments (e.g., borrowers making full payments, minimum payments or somewhere in between) that it will take for a receivable balance to pay off. The ECL on the future payments incorporates the spending behavior of a borrower through time using key borrower-specific factors and the economic outlook described above. The Corporation applies all expected payments in accordance with the Credit Card Accountability Responsibility and Disclosure Act of 2009 (i.e., paying down the highest interest rate bucket first). Then forecasted future payments are prioritized to pay off the oldest balance until it is brought to zero or an expected charge-off amount. Unemployment rate outlook, borrower credit score, delinquency status and historical payment behavior are all key inputs into the credit card receivable loss forecasting model. Future draws on the credit card lines are excluded from the ECL as they are unconditionally cancellable. The ECL for the consumer vehicle lending portfolio is also determined using quantitative methods supplemented with qualitative analysis. The quantitative model estimates ECL giving consideration to key borrower and loan characteristics such as delinquency status, borrower credit score, LTV ratio, underlying collateral type and collateral value. Commercial The ECL on commercial loans is forecasted using models that estimate credit losses over the loan’s contractual life at an individual loan level. The models use the contractual terms to forecast future principal cash flows while also considering expected prepayments. For open-ended commitments such as revolving lines of credit, changes in funded balance are captured by forecasting a borrower’s draw and payment behavior over the remaining life of the commitment. For loans collateralized with commercial real estate and for which the underlying asset is the primary source of repayment, the loss forecasting models consider key loan and customer attributes such as LTV ratio, net operating income and debt service coverage, and captures variations in behavior according to property type and region. The outlook on the unemployment rate, gross domestic product, and forecasted real estate prices are utilized to determine indicators such as rent levels and vacancy rates, which impact the ECL estimate. For all other commercial loans and leases, the loss forecasting model determines the probabilities of transition to different credit risk ratings or default at each point over the life of the asset based on the borrower’s current credit risk rating, industry sector, size of the exposure and the geographic market. The severity of loss is determined based on the type of collateral securing the exposure, the size of the exposure, the borrower’s industry sector, any guarantors and the geographic market. Assumptions of expected loss are conditioned to the economic outlook, and the model considers key economic variables such as unemployment rate, gross domestic product, corporate bond spreads, real estate and other asset prices and equity market returns. In addition to the allowance for loan and lease losses, the Corporation also estimates ECL related to unfunded lending commitments such as letters of credit, financial guarantees, unfunded bankers acceptances and binding loan commitments, excluding commitments accounted for under the fair value option. Reserves are estimated for the unfunded exposure using the same models and methodologies as the funded exposure and are reported as reserves for unfunded lending commitments. |
Nonperforming Loans and Leases, Charge-offs and Delinquencies | Nonperforming Loans and Leases, Charge-offs and Delinquencies Nonperforming loans and leases generally include loans and leases that have been placed on nonaccrual status. Loans accounted for under the fair value option and LHFS are not reported as nonperforming. When a nonaccrual loan is deemed uncollectible, it is charged off against the allowance for credit losses. If the charged-off amount is later recovered, the amount is reversed through the allowance for credit losses at the recovery date. Charge-offs are reported net of recoveries (net charge-offs). If recoveries for the period are greater than charge-offs, net charge-offs are reported as a negative amount. In accordance with the Corporation’s policies, consumer real estate-secured loans, including residential mortgages and home equity loans, are generally placed on nonaccrual status and classified as nonperforming at 90 days past due unless repayment of the loan is insured by the FHA or through individually insured long-term standby agreements with Fannie Mae (FNMA) or Freddie Mac (FHLMC) (the fully-insured portfolio). Residential mortgage loans in the fully-insured portfolio are not placed on nonaccrual status and, therefore, are not reported as nonperforming. Junior-lien home equity loans are placed on nonaccrual status and classified as nonperforming when the underlying first-lien mortgage loan becomes 90 days past due even if the junior-lien loan is current. The outstanding balance of real estate-secured loans that is in excess of the estimated property value less costs to sell is charged off no later than the end of the month in which the loan becomes 180 days past due unless the loan is fully insured, or for loans in bankruptcy, within 60 days of receipt of notification of filing, with the remaining balance classified as nonperforming. Consumer loans secured by personal property, credit card loans and other unsecured consumer loans are not placed on nonaccrual status prior to charge-off and, therefore, are not reported as nonperforming loans, except for certain secured consumer loans, including those that have been modified in a TDR. Personal property-secured loans (including auto loans) are charged off to collateral value no later than the end of the month in which the account becomes 120 days past due, or upon repossession of an auto or, for loans in bankruptcy, within 60 days of receipt of notification of filing. Credit card and other unsecured customer loans are charged off no later than the end of the month in which the account becomes 180 days past due, within 60 days after receipt of notification of death or bankruptcy, or upon confirmation of fraud. Commercial loans and leases, excluding business card loans, that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status and classified as nonperforming unless well-secured and in the process of collection. Business card loans are charged off in the same manner as consumer credit card loans. Other commercial loans and leases are generally charged off when all or a portion of the principal amount is determined to be uncollectible. The entire balance of a consumer loan or commercial loan or lease is contractually delinquent if the minimum payment is not received by the specified due date on the customer’s billing statement. Interest and fees continue to accrue on past due loans and leases until the date the loan is placed on nonaccrual status, if applicable. Accrued interest receivable is reversed when loans and leases are placed on nonaccrual status. Interest collections on nonaccruing loans and leases for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Loans and leases may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected. |
Troubled Debt Restructurings | Troubled Debt Restructurings Consumer and commercial loans and leases whose contractual terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties are classified as TDRs. Concessions could include a reduction in the interest rate to a rate that is below market on the loan, payment extensions, forgiveness of principal, forbearance or other actions designed to maximize collections. Loans that are carried at fair value and LHFS are not classified as TDRs. Loans and leases whose contractual terms have been modified in a TDR and are current at the time of restructuring may remain on accrual status if there is demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise, the loans are placed on nonaccrual status and reported as nonperforming, except for fully-insured consumer real estate loans, until there is sustained repayment performance for a reasonable period, generally six months. If accruing TDRs cease to perform in accordance with their modified contractual terms, they are placed on nonaccrual status and reported as nonperforming TDRs. Secured consumer loans that have been discharged in Chapter 7 bankruptcy and have not been reaffirmed by the borrower are classified as TDRs at the time of discharge. Such loans are placed on nonaccrual status and written down to the estimated collateral value less costs to sell no later than at the time of discharge. If these loans are contractually current, interest collections are generally recorded in interest income on a cash basis. Consumer real estate-secured loans for which a binding offer to restructure has been extended are also classified as TDRs. Credit card and other unsecured consumer loans that have been renegotiated in a TDR generally remain on accrual status until the loan is either paid in full or charged off, which occurs no later than the end of the month in which the loan becomes 180 days past due or, for loans that have been placed on a fixed payment plan, 120 days past due. A loan that had previously been modified in a TDR and is subsequently refinanced under current underwriting standards at a market rate with no concessionary terms is accounted for as a new loan and is no longer reported as a TDR. |
COVID-19 Programs | COVID-19 Programs The Corporation has implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of the Coronavirus Disease 2019 (COVID-19) pandemic (the pandemic). In accordance with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Corporation has elected to not apply TDR classification to eligible COVID-19 related loan modifications that were performed after March 1, 2020 to loans that were current as of December 31, 2019. Accordingly, these restructurings are not classified as TDRs. The availability of this election expired on January 1, 2022. In addition, for loans modified in response to the pandemic that do not meet the above criteria (e.g., current payment status at December 31, 2019), the Corporation is applying the guidance included in an interagency statement issued by the bank regulatory agencies. This guidance states that loan modifications performed in light of the pandemic, including loan payment deferrals that are up to six months in duration, that were granted to borrowers who were current as of the implementation date of a loan modification program or modifications granted under government mandated modification programs, are not TDRs. For loan modifications that include a payment deferral and are not TDRs, the borrowers' past due and nonaccrual status have not been impacted during the deferral period. The Corporation has continued to accrue interest during the deferral period using a constant effective yield method. For most mortgage, HELOC and commercial loan modifications, the contractual interest that accrued during the deferral period is payable at the maturity of the loan. The Corporation includes these amounts with the unpaid principal balance when computing its allowance for credit losses. Amounts that are subsequently deemed uncollectible are written off against the allowance for credit losses. |
Loans Held-for-sale | Loans Held-for-sale Loans that the Corporation intends to sell in the foreseeable future, including residential mortgages, loan syndications, and to a lesser degree, commercial real estate, consumer finance and other loans, are reported as LHFS and are carried at the lower of aggregate cost or fair value. The Corporation accounts for certain LHFS, including residential mortgage LHFS, under the fair value option. Loan origination costs for LHFS carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and, upon the sale of a loan, are recognized as part of the gain or loss in noninterest income. LHFS that are on nonaccrual status and are reported as nonperforming, as defined in the policy herein, are reported separately from nonperforming loans and leases. |
Premises and Equipment | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method over the estimated useful lives of the assets. Estimated lives range up to 40 years for buildings, up to 12 years for furniture and equipment, and the shorter of lease term or estimated useful life for leasehold improvements. |
Other Assets | Other Assets For the Corporation’s financial assets that are measured at amortized cost and are not included in debt securities or loans and leases on the Consolidated Balance Sheet, the Corporation evaluates these assets for ECL using various techniques. For assets that are subject to collateral maintenance provisions, including federal funds sold and securities borrowed or purchased under agreements to resell, where the collateral consists of daily margining of liquid and marketable assets where the margining is expected to be maintained into the foreseeable future, the expected losses are assumed to be zero. For all other assets, the Corporation performs qualitative analyses, including consideration of historical losses and current economic conditions, to estimate any ECL which are then included in a valuation account that is recorded as a contra-asset against the amortized cost basis of the financial asset. |
Lessee Arrangements | Lessee Arrangements Substantially all of the Corporation’s lessee arrangements are operating leases. Under these arrangements, the Corporation records right-of-use assets and lease liabilities at lease commencement. Right-of-use assets are reported in other assets accrued expenses and other liabilities The Corporation made an accounting policy election not to separate lease and non-lease components of a contract that is or contains a lease for its real estate and equipment leases. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Corporation’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is the purchase premium after adjusting for the fair value of net assets acquired. Goodwill is not amortized but is reviewed for potential impairment on an annual basis, or when events or circumstances indicate a potential impairment, at the reporting unit level. A reporting unit is a business segment or one level below a business segment. The Corporation assesses the fair value of each reporting unit against its carrying value, including goodwill, as measured by allocated equity. For purposes of goodwill impairment testing, the Corporation utilizes allocated equity as a proxy for the carrying value of its reporting units. Allocated equity in the reporting units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. In performing its goodwill impairment testing, the Corporation first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors include, among other things, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit and other relevant entity- and reporting-unit specific considerations. If the Corporation concludes it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. The Corporation has an unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. The Corporation may resume performing the qualitative assessment in any subsequent period. When performing the quantitative assessment, if the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit would not be considered impaired. If the carrying value of the reporting unit exceeds its fair value, a goodwill impairment loss would be recognized for the amount by which the reporting unit’s allocated equity exceeds its fair value. An impairment loss recognized cannot exceed the amount of goodwill assigned to a reporting unit. An impairment loss establishes a new basis in the goodwill, and subsequent reversals of goodwill impairment losses are not permitted under applicable accounting guidance. For intangible assets subject to amortization, an impairment loss is recognized if the carrying value of the intangible asset is not recoverable and exceeds fair value. The carrying value of the intangible asset is considered not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. Intangible assets deemed to have indefinite useful lives are not subject to amortization. An impairment loss is recognized if the carrying value of the intangible asset with an indefinite life exceeds its fair value. |
Variable Interest Entities | Variable Interest Entities A VIE is an entity that lacks equity investors or whose equity investors do not have a controlling financial interest in the entity through their equity investments. The Corporation consolidates a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. On a quarterly basis, the Corporation reassesses its involvement with the VIE and evaluates the impact of changes in governing documents and its financial interests in the VIE. The consolidation status of the VIEs with which the Corporation is involved may change as a result of such reassessments. The Corporation primarily uses VIEs for its securitization activities, in which the Corporation transfers whole loans or debt securities into a trust or other vehicle. When the Corporation is the servicer of whole loans held in a securitization trust, including non-agency residential mortgages, home equity loans, credit cards, and other loans, the Corporation has the power to direct the most significant activities of the trust. The Corporation generally does not have the power to direct the most significant activities of a residential mortgage agency trust except in certain circumstances in which the Corporation holds substantially all of the issued securities and has the unilateral right to liquidate the trust. The power to direct the most significant activities of a commercial mortgage securitization trust is typically held by the special servicer or by the party holding specific subordinate securities which embody certain controlling rights. The Corporation consolidates a whole-loan securitization trust if it has the power to direct the most significant activities and also holds securities issued by the trust or has other contractual arrangements, other than standard representations and warranties, that could potentially be significant to the trust. The Corporation may also transfer trading account securities and AFS securities into municipal bond or resecuritization trusts. The Corporation consolidates a municipal bond or resecuritization trust if it has control over the ongoing activities of the trust such as the remarketing of the trust’s liabilities or, if there are no ongoing activities, sole discretion over the design of the trust, including the identification of securities to be transferred in and the structure of securities to be issued, and also retains securities or has liquidity or other commitments that could potentially be significant to the trust. The Corporation does not consolidate a municipal bond or resecuritization trust if one or a limited number of third-party investors share responsibility for the design of the trust or have control over the significant activities of the trust through liquidation or other substantive rights. Other VIEs used by the Corporation include collateralized debt obligations (CDOs), investment vehicles created on behalf of customers and other investment vehicles. The Corporation does not routinely serve as collateral manager for CDOs and, therefore, does not typically have the power to direct the activities that most significantly impact the economic performance of a CDO. However, following an event of default, if the Corporation is a majority holder of senior securities issued by a CDO and acquires the power to manage its assets, the Corporation consolidates the CDO. The Corporation consolidates a customer or other investment vehicle if it has control over the initial design of the vehicle or manages the assets in the vehicle and also absorbs potentially significant gains or losses through an investment in the vehicle, derivative contracts or other arrangements. The Corporation does not consolidate an investment vehicle if a single investor controlled the initial design of the vehicle or manages the assets in the vehicles or if the Corporation does not have a variable interest that could potentially be significant to the vehicle. Retained interests in securitized assets are initially recorded at fair value. In addition, the Corporation may invest in debt securities issued by unconsolidated VIEs. Fair values of these debt securities, which are classified as trading account assets, debt securities carried at fair value or HTM securities, are based primarily on quoted market prices in active or inactive markets. Generally, quoted market prices for retained residual interests |
Fair Value | Fair Value The Corporation measures the fair values of its assets and liabilities, where applicable, in accordance with accounting guidance that requires an entity to base fair value on exit price. Under this guidance, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. Under applicable accounting standards, fair value measurements are categorized into one of three levels based on the inputs to the valuation technique with the highest priority given to unadjusted quoted prices in active markets and the lowest priority given to unobservable inputs. The Corporation categorizes its fair value measurements of financial instruments based on this three-level hierarchy. Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in OTC markets. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts where fair value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes U.S. government and agency mortgage-backed (MBS) and asset-backed securities (ABS), corporate debt securities, derivative contracts, certain loans and LHFS. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the overall fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments for which the determination of fair value requires significant management judgment or estimation. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. This category generally includes retained residual interests in securitizations, consumer MSRs, certain ABS, highly structured, complex or long-dated derivative contracts, certain loans and LHFS, IRLCs and certain CDOs where independent pricing information cannot be obtained for a significant portion of the underlying assets. |
Income Taxes | Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. These gross deferred tax assets and liabilities represent decreases or increases in taxes expected to be paid in the future because of future reversals of temporary differences in the bases of assets and liabilities as measured by tax laws and their bases as reported in the financial statements. Deferred tax assets are also recognized for tax attributes such as net operating loss carryforwards and tax credit carryforwards. Valuation allowances are recorded to reduce deferred tax assets to the amounts management concludes are more likely than not to be realized. Income tax benefits are recognized and measured based upon a two-step model: first, a tax position must be more likely than not to be sustained based solely on its technical merits in order to be recognized, and second, the benefit is measured as the largest dollar amount of that position that is more likely than not to be sustained upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit. The Corporation records income tax-related interest and penalties, if applicable, within income tax expense. |
Revenue Recognition | Revenue Recognition The following summarizes the Corporation’s revenue recognition accounting policies for certain noninterest income activities. Card Income Card income includes annual, late and over-limit fees as well as interchange, cash advances and other miscellaneous items from credit and debit card transactions and from processing card transactions for merchants. Card income is presented net of direct costs. Interchange fees are recognized upon settlement of the credit and debit card payment transactions and are generally determined on a percentage basis for credit cards and fixed rates for debit cards based on the corresponding payment network’s rates. Substantially all card fees are recognized at the transaction date, except for certain time-based fees such as annual fees, which are recognized over 12 months. Fees charged to cardholders and merchants that are estimated to be uncollectible are reserved in the allowance for loan and lease losses. Included in direct cost are rewards and credit card partner payments. Rewards paid to cardholders are related to points earned by the cardholder that can be redeemed for a broad range of rewards including cash, travel and gift cards. The points to be redeemed are estimated based on past redemption behavior, card product type, account transaction activity and other historical card performance. The liability is reduced as the points are redeemed. The Corporation also makes payments to credit card partners. The payments are based on revenue-sharing agreements that are generally driven by cardholder transactions and partner sales volumes. As part of the revenue-sharing agreements, the credit card partner provides the Corporation exclusive rights to market to the credit card partner’s members or customers on behalf of the Corporation. Service Charges Service charges include deposit and lending-related fees. Deposit-related fees consist of fees earned on consumer and commercial deposit activities and are generally recognized when the transactions occur or as the service is performed. Consumer fees are earned on consumer deposit accounts for account maintenance and various transaction-based services, such as ATM transactions, wire transfer activities, check and money order processing and insufficient funds/overdraft transactions. Commercial deposit-related fees are from the Corporation’s Global Transaction Services business and consist of commercial deposit and treasury management services, including account maintenance and other services, such as payroll, sweep account and other cash management services. Lending-related fees generally represent transactional fees earned from certain loan commitments, financial guarantees and SBLCs. Investment and Brokerage Services Investment and brokerage services consist of asset management and brokerage fees. Asset management fees are earned from the management of client assets under advisory agreements or the full discretion of the Corporation’s financial advisors (collectively referred to as assets under management (AUM)). Asset management fees are earned as a percentage of the client’s AUM and generally range from 50 basis points (bps) to 150 bps of the AUM. In cases where a third party is used to obtain a client’s investment allocation, the fee remitted to the third party is recorded net and is not reflected in the transaction price, as the Corporation is an agent for those services. Brokerage fees include income earned from transaction-based services that are performed as part of investment management services and are based on a fixed price per unit or as a percentage of the total transaction amount. Brokerage fees also include distribution fees and sales commissions that are primarily in the Global Wealth & Investment Management ( GWIM ) segment and are earned over time. In addition, primarily in the Global Markets segment, brokerage fees are earned when the Corporation fills customer orders to buy or sell various financial products or when it acknowledges, affirms, settles and clears transactions and/or submits trade information to the appropriate clearing broker. Certain customers pay brokerage, clearing and/or exchange fees imposed by relevant regulatory bodies or exchanges in order to execute or clear trades. These fees are recorded net and are not reflected in the transaction price, as the Corporation is an agent for those services. Investment Banking Income Investment banking income includes underwriting income and financial advisory services income. Underwriting consists of fees earned for the placement of a customer’s debt or equity securities. The revenue is generally earned based on a percentage of the fixed number of shares or principal placed. Once the number of shares or notes is determined and the service is completed, the underwriting fees are recognized. The Corporation incurs certain out-of-pocket expenses, such as legal costs, in performing these services. These expenses are recovered through the revenue the Corporation earns from the customer and are included in operating expenses. Syndication fees represent fees earned as the agent or lead lender responsible for structuring, arranging and administering a loan syndication. Financial advisory services consist of fees earned for assisting clients with transactions related to mergers and acquisitions and financial restructurings. Revenue varies depending on the size of the transaction and scope of services performed and is generally contingent on successful completion of the transaction. Revenue is typically recognized once the transaction is completed and all services have been rendered. Additionally, the Corporation may earn a fixed fee in merger and acquisition transactions to provide a fairness opinion, with the fees recognized when the opinion is delivered to the client. Other Revenue Measurement and Recognition Policies The Corporation did not disclose the value of any open performance obligations at December 31, 2021, as its contracts with customers generally have a fixed term that is less than one year, an open term with a cancellation period that is less than one year, or provisions that allow the Corporation to recognize revenue at the amount it has the right to invoice. |
Earnings Per Common Share | Earnings Per Common Share Earnings per common share (EPS) is computed by dividing net income allocated to common shareholders by the weighted-average common shares outstanding, excluding unvested common shares subject to repurchase or cancellation. Net income allocated to common shareholders is net income adjusted for preferred stock dividends including dividends declared, accretion of discounts on preferred stock including accelerated accretion when preferred stock is repaid early, and cumulative dividends related to the current dividend period that have not been declared as of period end, less income allocated to participating securities. Diluted EPS is computed by dividing income allocated to common shareholders plus dividends on dilutive convertible preferred stock and preferred stock that can be tendered to exercise warrants, by the weighted-average common shares outstanding plus amounts representing the dilutive effect of stock options outstanding, restricted stock, restricted stock units (RSUs), outstanding warrants and the dilution resulting from the conversion of convertible preferred stock, if applicable. |
Foreign Currency Translation | Foreign Currency Translation Assets, liabilities and operations of foreign branches and subsidiaries are recorded based on the functional currency of each entity. When the functional currency of a foreign operation is the local currency, the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains and losses are reported as a component of accumulated OCI, net-of-tax. When the foreign entity’s functional currency is the U.S. dollar, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings. |
Paycheck Protection Program | Paycheck Protection Program The Corporation is participating in the Paycheck Protection Program (PPP), which is a loan program that originated from the CARES Act and was subsequently expanded by the Paycheck Protection Program and Health Care Enhancement Act. The PPP is designed to provide U.S. small businesses with cash-flow assistance through loans fully guaranteed by the Small Business Administration (SBA). If the borrower meets certain criteria and uses the proceeds towards certain eligible expenses, the borrower’s obligation to repay the loan can be forgiven up to the full principal amount of the loan and any accrued interest. Upon borrower forgiveness, the SBA pays the Corporation for the principal and accrued interest owed on the loan. If the full principal of the loan is not forgiven, the loan will operate according to the original loan terms with the 100 percent SBA guaranty remaining. At December 31, 2021 and 2020, the Corporation had approximately 67,000 and 332,000 PPP loans with a carrying value of $4.7 billion and $22.7 billion. As compensation for originating the loans, the Corporation received lender processing fees from the SBA, which were capitalized, along with the loan origination costs, and are being amortized over the loans’ contractual lives and recognized as interest income. Upon forgiveness of a loan and repayment by the SBA, any unrecognized net capitalized fees and costs related to the loan are recognized as interest income in that period. |
Net Interest Income and Nonin_2
Net Interest Income and Noninterest Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for 2021, 2020 and 2019. For more information, see Note 1 – Summary of Significant Accounting Principles. For a disaggregation of noninterest income by business segment and All Other , see Note 23 – Business Segment Information . (Dollars in millions) 2021 2020 2019 Net interest income Interest income Loans and leases $ 29,282 $ 34,029 $ 43,086 Debt securities 12,376 9,790 11,806 Federal funds sold and securities borrowed or purchased under agreements to resell (1) (90) 903 4,843 Trading account assets 3,770 4,128 5,196 Other interest income 2,334 2,735 6,305 Total interest income 47,672 51,585 71,236 Interest expense Deposits 537 1,943 7,188 Short-term borrowings (1) (358) 987 7,208 Trading account liabilities 1,128 974 1,249 Long-term debt 3,431 4,321 6,700 Total interest expense 4,738 8,225 22,345 Net interest income $ 42,934 $ 43,360 $ 48,891 Noninterest income Fees and commissions Card income Interchange fees (2) $ 4,560 $ 3,954 $ 3,834 Other card income 1,658 1,702 1,963 Total card income 6,218 5,656 5,797 Service charges Deposit-related fees 6,271 5,991 6,588 Lending-related fees 1,233 1,150 1,086 Total service charges 7,504 7,141 7,674 Investment and brokerage services Asset management fees 12,729 10,708 10,241 Brokerage fees 3,961 3,866 3,661 Total investment and brokerage services 16,690 14,574 13,902 Investment banking fees Underwriting income 5,077 4,698 2,998 Syndication fees 1,499 861 1,184 Financial advisory services 2,311 1,621 1,460 Total investment banking fees 8,887 7,180 5,642 Total fees and commissions 39,299 34,551 33,015 Market making and similar activities 8,691 8,355 9,034 Other income (loss) (1,811) (738) 304 Total noninterest income $ 46,179 $ 42,168 $ 42,353 (1) For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles. (2) Gross interchange fees and merchant income were $11.5 billion, $9.2 billion and $10.0 billion for 2021, 2020 and 2019, respectively, and are presented net of $6.9 billion, $5.5 billion and $6.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 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. December 31, 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 $ 18,068.1 $ 150.5 $ 8.9 $ 159.4 $ 156.4 $ 4.4 $ 160.8 Futures and forwards 2,243.2 1.1 — 1.1 1.0 — 1.0 Written options 1,616.1 — — — 28.8 — 28.8 Purchased options 1,673.6 33.1 — 33.1 — — — Foreign exchange contracts Swaps 1,420.9 28.6 0.2 28.8 30.5 0.2 30.7 Spot, futures and forwards 4,087.2 37.1 0.3 37.4 37.7 0.2 37.9 Written options 287.2 — — — 4.1 — 4.1 Purchased options 267.6 4.1 — 4.1 — — — Equity contracts Swaps 443.8 12.3 — 12.3 14.5 — 14.5 Futures and forwards 113.3 0.5 — 0.5 1.7 — 1.7 Written options 737.7 — — — 58.5 — 58.5 Purchased options 657.0 55.9 — 55.9 — — — Commodity contracts Swaps 47.7 3.1 — 3.1 6.0 — 6.0 Futures and forwards 101.5 2.3 — 2.3 0.3 1.1 1.4 Written options 44.4 — — — 2.6 — 2.6 Purchased options 38.3 3.2 — 3.2 — — — Credit derivatives (2) Purchased credit derivatives: Credit default swaps 297.0 1.9 — 1.9 4.3 — 4.3 Total return swaps/options 85.3 0.2 — 0.2 1.1 — 1.1 Written credit derivatives: Credit default swaps 279.8 4.2 — 4.2 1.6 — 1.6 Total return swaps/options 85.3 0.9 — 0.9 0.5 — 0.5 Gross derivative assets/liabilities $ 339.0 $ 9.4 $ 348.4 $ 349.6 $ 5.9 $ 355.5 Less: Legally enforceable master netting agreements (282.3) (282.3) Less: Cash collateral received/paid (30.8) (35.5) Total derivative assets/liabilities $ 35.3 $ 37.7 (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 $2.3 billion and $258.4 billion at December 31, 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 2021, 2020 and 2019. Gains and Losses on Derivatives Designated as Fair Value Hedges Derivative Hedged Item (Dollars in millions) 2021 2020 2019 2021 2020 2019 Interest rate risk on long-term debt (1) $ (7,018) $ 7,091 $ 6,113 $ 6,838 $ (7,220) $ (6,110) Interest rate and foreign currency risk on long-term debt (2) (90) 783 119 79 (783) (101) Interest rate risk on available-for-sale securities (3) 5,203 (44) (102) (5,167) 49 98 Total $ (1,905) $ 7,830 $ 6,130 $ 1,750 $ (7,954) $ (6,113) (1) Amounts are recorded in interest expense in the Consolidated Statement of Income. (2) For 2021, 2020 and 2019, the derivative amount includes gains (losses) of $(73) million, $701 million and $73 million in interest expense, $0, $73 million and $28 million in market making and similar activities, and $(17) million, $9 million and $18 million in accumulated OCI, respectively. 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 December 31, 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) $ 181,745 $ 3,987 $ 150,556 $ 8,910 Available-for-sale debt securities (2, 3, 4) 209,038 (2,294) 116,252 114 Trading account assets (5) 2,067 32 427 15 (1) Increase (decrease) to carrying value. (2) At December 31, 2021 and 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 $1.5 billion and $3.7 billion and a decrease in the related asset of $1.0 billion 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 December 31, 2021 and 2020, the amortized cost of the closed portfolios used in these hedging relationships was $21.1 billion and $34.6 billion, of which $6.9 billion and $7.0 billion was designated in the last-of-layer hedging relationship. At December 31, 2021, the cumulative adjustment associated with these hedging relationships was a decrease of $172 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 2021, 2020 and 2019. Of the $1.9 billion after-tax net loss ($2.5 billion pretax) on derivatives in accumulated OCI at December 31, 2021, gains of $477 million after-tax ($630 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) Recognized in Gains (Losses) in Income (Dollars in millions, amounts pretax) 2021 2020 2019 2021 2020 2019 Cash flow hedges Interest rate risk on variable-rate assets (1) $ (2,686) $ 763 $ 671 $ 148 $ (7) $ (104) Price risk on forecasted MBS purchases (1) (249) 241 — 26 9 — Price risk on certain compensation plans (2) 93 85 34 55 12 (2) Total $ (2,842) $ 1,089 $ 705 $ 229 $ 14 $ (106) Net investment hedges Foreign exchange risk (3) $ 1,451 $ (834) $ 22 $ 23 $ 4 $ 366 (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. Amounts excluded from effectiveness testing and recognized in market making and similar activities were gains (losses) of $(123) million, $(11) million and $154 million in 2021, 2020 and 2019, respectively. |
Other Risk Management Derivatives | The table below presents gains (losses) on these derivatives for 2021, 2020 and 2019. These gains (losses) are largely offset by the income or expense recorded on the hedged item. Gains and Losses on Other Risk Management Derivatives (Dollars in millions) 2021 2020 2019 Interest rate risk on mortgage activities (1, 2) $ (18) $ 611 $ 388 Credit risk on loans (2) (25) (68) (58) Interest rate and foreign currency risk on asset and liability management activities (3) 1,757 (2,971) 1,112 Price risk on certain compensation plans (4) 917 700 943 (1) Includes hedges of interest rate risk on MSRs and IRLCs to originate mortgage loans that will be held for sale. (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 | 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 2021, 2020 and 2019. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 23 – 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 (Dollars in millions) 2021 Interest rate risk $ 523 $ 1,794 $ 217 $ 2,534 Foreign exchange risk 1,505 (80) 14 1,439 Equity risk 4,581 (5) 1,834 6,410 Credit risk 1,390 1,684 556 3,630 Other risk (2) 759 (128) 124 755 Total sales and trading revenue $ 8,758 $ 3,265 $ 2,745 $ 14,768 2020 Interest rate risk $ 2,236 $ 2,279 $ 229 $ 4,744 Foreign exchange risk 1,486 (19) 2 1,469 Equity risk 3,656 (77) 1,801 5,380 Credit risk 783 1,758 331 2,872 Other risk (2) 308 4 44 356 Total sales and trading revenue $ 8,469 $ 3,945 $ 2,407 $ 14,821 2019 Interest rate risk $ 1,046 $ 1,697 $ 113 $ 2,856 Foreign exchange risk 1,293 61 56 1,410 Equity risk 3,563 (634) 1,569 4,498 Credit risk 1,040 1,928 519 3,487 Other risk (2) 120 70 54 244 Total sales and trading revenue $ 7,062 $ 3,122 $ 2,311 $ 12,495 (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 $1.9 billion, $1.9 billion and $1.7 billion in 2021, 2020 and 2019, respectively. (2) Includes commodity risk. |
Disclosure of Credit Derivatives | Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at December 31, 2021 and 2020 are summarized in the table below. Credit Derivative Instruments Less than One to Three to Over Five Total December 31, 2021 (Dollars in millions) Carrying Value Credit default swaps: Investment grade $ — $ 5 $ 79 $ 49 $ 133 Non-investment grade 34 250 453 769 1,506 Total 34 255 532 818 1,639 Total return swaps/options: Investment grade 35 388 — — 423 Non-investment grade 105 — 16 — 121 Total 140 388 16 — 544 Total credit derivatives $ 174 $ 643 $ 548 $ 818 $ 2,183 Credit-related notes: Investment grade $ — $ — $ 36 $ 412 $ 448 Non-investment grade 5 — 9 1,334 1,348 Total credit-related notes $ 5 $ — $ 45 $ 1,746 $ 1,796 Maximum Payout/Notional Credit default swaps: Investment grade $ 34,503 $ 66,334 $ 73,444 $ 17,844 $ 192,125 Non-investment grade 16,119 29,233 34,356 7,961 87,669 Total 50,622 95,567 107,800 25,805 279,794 Total return swaps/options: Investment grade 49,626 11,494 78 — 61,198 Non-investment grade 22,621 717 642 73 24,053 Total 72,247 12,211 720 73 85,251 Total credit derivatives $ 122,869 $ 107,778 $ 108,520 $ 25,878 $ 365,045 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 following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at December 31, 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 $ 316 $ 823 Bank of America, N.A. and subsidiaries (1) 75 646 Derivative liabilities subject to unilateral termination upon downgrade Derivative liabilities $ 32 $ 994 Collateral posted 25 634 (1) Included in Bank of America Corporation collateral requirements in this table. |
Derivative Liability Subject to Unilateral Termination Upon Downgrade | The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at December 31, 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 $ 316 $ 823 Bank of America, N.A. and subsidiaries (1) 75 646 Derivative liabilities subject to unilateral termination upon downgrade Derivative liabilities $ 32 $ 994 Collateral posted 25 634 (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 2021, 2020 and 2019. CVA gains reduce the cumulative CVA thereby increasing the derivative assets balance. DVA gains increase the cumulative DVA thereby decreasing the derivative liabilities balance. CVA and DVA losses have the opposite impact. FVA gains related to derivative assets reduce the cumulative FVA thereby increasing the derivative assets balance. FVA gains related to derivative liabilities increase the cumulative FVA thereby decreasing the derivative liabilities balance. FVA losses have the opposite impact. Valuation Adjustments Gains (Losses) on Derivatives (1) (Dollars in millions) 2021 2020 2019 Derivative assets (CVA) $ 208 $ (118) $ 72 Derivative assets/liabilities (FVA) (2) (24) (2) Derivative liabilities (DVA) 3 24 (147) (1) At December 31, 2021, 2020 and 2019, cumulative CVA reduced the derivative assets balance by $438 million, $646 million, and $528 million cumulative FVA reduced the net derivatives balance by $179 million, $177 million and $153 million, and cumulative DVA reduced the derivative liabilities balance by $312 million, $309 million and $285 million, respectively. |
Derivative | |
Derivative [Line Items] | |
Offsetting Assets | The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at December 31, 2021 and 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 10 – Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Derivative Derivative Derivative (Dollars in billions) December 31, 2021 December 31, 2020 Interest rate contracts Over-the-counter $ 171.3 $ 166.3 $ 247.7 $ 243.5 Exchange-traded 0.2 — — — Over-the-counter cleared 22.6 22.5 10.2 9.1 Foreign exchange contracts Over-the-counter 67.9 70.5 92.2 96.5 Over-the-counter cleared 1.1 1.1 1.4 1.3 Equity contracts Over-the-counter 29.2 32.9 31.3 28.3 Exchange-traded 38.3 38.4 32.3 31.0 Commodity contracts Over-the-counter 6.1 7.6 3.5 5.0 Exchange-traded 1.4 1.3 0.7 0.7 Over-the-counter cleared 0.1 0.1 — — Credit derivatives Over-the-counter 5.2 5.3 5.2 5.6 Over-the-counter cleared 1.8 1.8 2.2 1.9 Total gross derivative assets/liabilities, before netting Over-the-counter 279.7 282.6 379.9 378.9 Exchange-traded 39.9 39.7 33.0 31.7 Over-the-counter cleared 25.6 25.5 13.8 12.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (250.3) (254.6) (345.7) (347.2) Exchange-traded (37.8) (37.8) (29.5) (29.5) Over-the-counter cleared (25.0) (25.4) (12.2) (11.8) Derivative assets/liabilities, after netting 32.1 30.0 39.3 34.4 Other gross derivative assets/liabilities (2) 3.2 7.7 7.9 11.1 Total derivative assets/liabilities 35.3 37.7 47.2 45.5 Less: Financial instruments collateral (3) (11.8) (10.6) (16.1) (16.6) Total net derivative assets/liabilities $ 23.5 $ 27.1 $ 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 December 31, 2021 and 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 10 – Securities Financing Agreements, Short-term Borrowings and Restricted Cash . Offsetting of Derivatives (1) Derivative Derivative Derivative Derivative (Dollars in billions) December 31, 2021 December 31, 2020 Interest rate contracts Over-the-counter $ 171.3 $ 166.3 $ 247.7 $ 243.5 Exchange-traded 0.2 — — — Over-the-counter cleared 22.6 22.5 10.2 9.1 Foreign exchange contracts Over-the-counter 67.9 70.5 92.2 96.5 Over-the-counter cleared 1.1 1.1 1.4 1.3 Equity contracts Over-the-counter 29.2 32.9 31.3 28.3 Exchange-traded 38.3 38.4 32.3 31.0 Commodity contracts Over-the-counter 6.1 7.6 3.5 5.0 Exchange-traded 1.4 1.3 0.7 0.7 Over-the-counter cleared 0.1 0.1 — — Credit derivatives Over-the-counter 5.2 5.3 5.2 5.6 Over-the-counter cleared 1.8 1.8 2.2 1.9 Total gross derivative assets/liabilities, before netting Over-the-counter 279.7 282.6 379.9 378.9 Exchange-traded 39.9 39.7 33.0 31.7 Over-the-counter cleared 25.6 25.5 13.8 12.3 Less: Legally enforceable master netting agreements and cash collateral received/paid Over-the-counter (250.3) (254.6) (345.7) (347.2) Exchange-traded (37.8) (37.8) (29.5) (29.5) Over-the-counter cleared (25.0) (25.4) (12.2) (11.8) Derivative assets/liabilities, after netting 32.1 30.0 39.3 34.4 Other gross derivative assets/liabilities (2) 3.2 7.7 7.9 11.1 Total derivative assets/liabilities 35.3 37.7 47.2 45.5 Less: Financial instruments collateral (3) (11.8) (10.6) (16.1) (16.6) Total net derivative assets/liabilities $ 23.5 $ 27.1 $ 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) | 12 Months Ended |
Dec. 31, 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 AFS debt securities, other debt securities carried at fair value and HTM debt securities at December 31, 2021 and 2020. Debt Securities Amortized Gross Gross Fair Amortized Gross Gross Fair (Dollars in millions) December 31, 2021 December 31, 2020 Available-for-sale debt securities Mortgage-backed securities: Agency $ 45,268 $ 1,257 $ (186) $ 46,339 $ 59,518 $ 2,370 $ (39) $ 61,849 Agency-collateralized mortgage obligations 3,331 74 (25) 3,380 5,112 161 (13) 5,260 Commercial 19,036 647 (79) 19,604 15,470 1,025 (4) 16,491 Non-agency residential (1) 591 25 (33) 583 899 127 (17) 1,009 Total mortgage-backed securities 68,226 2,003 (323) 69,906 80,999 3,683 (73) 84,609 U.S. Treasury and government agencies 197,853 1,610 (318) 199,145 114,157 2,236 (13) 116,380 Non-U.S. securities 11,933 — — 11,933 14,009 15 (7) 14,017 Other taxable securities 2,725 39 (3) 2,761 2,656 61 (6) 2,711 Tax-exempt securities 15,155 317 (39) 15,433 16,417 389 (32) 16,774 Total available-for-sale debt securities 295,892 3,969 (683) 299,178 228,238 6,384 (131) 234,491 Other debt securities carried at fair value (2) 8,873 105 (83) 8,895 11,720 429 (39) 12,110 Total debt securities carried at fair value 304,765 4,074 (766) 308,073 239,958 6,813 (170) 246,601 Held-to-maturity debt securities Agency mortgage-backed securities 553,721 3,855 (10,366) 547,210 414,289 9,768 (36) 424,021 U.S. Treasury and government agencies 111,859 254 (2,395) 109,718 16,084 — (71) 16,013 Other taxable securities 9,011 147 (196) 8,962 7,906 327 (87) 8,146 Total held-to-maturity debt securities 674,591 4,256 (12,957) 665,890 438,279 10,095 (194) 448,180 Total debt securities (3,4) $ 979,356 $ 8,330 $ (13,723) $ 973,963 $ 678,237 $ 16,908 $ (364) $ 694,781 (1) At December 31, 2021 and 2020, the underlying collateral type included approximately 21 percent and 37 percent prime, 0 percent and 2 percent Alt-A and 79 percent 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 20 – Fair Value Measurements . (3) Includes securities pledged as collateral of $111.9 billion and $65.5 billion at December 31, 2021 and 2020. (4) The Corporation held debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $345.3 billion and $205.3 billion, and a fair value of $342.5 billion and $202.4 billion at December 31, 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. |
Gains and Losses on Sales of AFS Debt Securities | The gross realized gains and losses on sales of AFS debt securities for 2021, 2020 and 2019 are presented in the table below. Gains and Losses on Sales of AFS Debt Securities (Dollars in millions) 2021 2020 2019 Gross gains $ 49 $ 423 $ 336 Gross losses (27) (12) (119) Net gains on sales of AFS debt securities $ 22 $ 411 $ 217 Income tax expense attributable to realized net gains on sales of AFS debt securities $ 5 $ 103 $ 54 |
Amortized Cost and Fair Value of Corporations Investment | The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at December 31, 2021 and 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) December 31, 2021 Continuously unrealized loss-positioned AFS debt securities Mortgage-backed securities: Agency $ 11,733 $ (166) $ 815 $ (20) $ 12,548 $ (186) Agency-collateralized mortgage obligations 1,427 (22) 122 (3) 1,549 (25) Commercial 3,451 (41) 776 (38) 4,227 (79) Non-agency residential 241 (13) 174 (20) 415 (33) Total mortgage-backed securities 16,852 (242) 1,887 (81) 18,739 (323) U.S. Treasury and government agencies 103,307 (272) 4,850 (46) 108,157 (318) Other taxable securities — — 82 (3) 82 (3) Tax-exempt securities 502 (16) 109 (23) 611 (39) Total AFS debt securities in a continuous $ 120,661 $ (530) $ 6,928 $ (153) $ 127,589 $ (683) 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 government agencies 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) 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 December 31, 2021 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other 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 $ — — % $ 5 5.00 % $ 49 4.63 % $ 45,214 3.11 % $ 45,268 3.11 % Agency-collateralized mortgage obligations — — — — 20 2.50 3,311 2.91 3,331 2.91 Commercial 363 2.30 10,123 2.48 6,285 1.79 2,278 1.87 19,049 2.18 Non-agency residential — — — — — — 1,112 6.43 1,112 6.43 Total mortgage-backed securities 363 2.30 10,128 2.48 6,354 1.81 51,915 3.11 68,760 2.89 U.S. Treasury and government agencies 6,564 1.22 39,875 1.80 151,962 1.20 27 2.61 198,428 1.32 Non-U.S. securities 18,645 0.20 1,045 3.61 — — 7 9.15 19,697 0.38 Other taxable securities 562 1.49 1,646 1.97 308 2.04 209 1.76 2,725 1.86 Tax-exempt securities 2,485 1.06 6,520 1.42 3,105 1.81 3,045 1.46 15,155 1.45 Total amortized cost of debt securities carried at fair value $ 28,619 0.56 $ 59,214 1.89 $ 161,729 1.23 $ 55,203 3.02 $ 304,765 1.62 Amortized cost of HTM debt securities Agency mortgage-backed securities $ — — % $ — — % $ 4 2.00 % $ 553,717 2.13 % $ 553,721 2.13 % U.S. Treasury and government agencies — — — — 111,859 1.35 — — 111,859 1.35 Other taxable securities 37 5.31 1,035 2.21 473 2.66 7,466 2.51 9,011 2.50 Total amortized cost of HTM debt securities $ 37 5.31 $ 1,035 2.21 $ 112,336 1.35 $ 561,183 2.13 $ 674,591 2.00 Debt securities carried at fair value Mortgage-backed securities: Agency $ — $ 5 $ 53 $ 46,281 $ 46,339 Agency-collateralized mortgage obligations — — 20 3,360 3,380 Commercial 366 10,562 6,379 2,310 19,617 Non-agency residential — 4 — 1,164 1,168 Total mortgage-backed securities 366 10,571 6,452 53,115 70,504 U.S. Treasury and government agencies 6,614 40,912 152,168 26 199,720 Non-U.S. securities 18,599 1,046 — 7 19,652 Other taxable securities 566 1,676 310 212 2,764 Tax-exempt securities 2,489 6,660 3,223 3,061 15,433 Total debt securities carried at fair value $ 28,634 $ 60,865 $ 162,153 $ 56,421 $ 308,073 Fair value of HTM debt securities Agency mortgage-backed securities $ — $ — $ 4 $ 547,206 $ 547,210 U.S. Treasury and government agencies — — 109,718 — 109,718 Other taxable securities 37 1,060 483 7,382 8,962 Total fair value of HTM debt securities $ 37 $ 1,060 $ 110,205 $ 554,588 $ 665,890 (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) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 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) December 31, 2021 Consumer real estate Residential mortgage $ 1,005 $ 297 $ 1,571 $ 2,873 $ 219,090 $ 221,963 Home equity 123 69 369 561 27,374 27,935 Credit card and other consumer Credit card 298 212 487 997 80,441 81,438 Direct/Indirect consumer (2) 147 52 18 217 103,343 103,560 Other consumer — — — — 190 190 Total consumer 1,573 630 2,445 4,648 430,438 435,086 Consumer loans accounted for under the fair value option (3) $ 618 618 Total consumer loans and leases 1,573 630 2,445 4,648 430,438 618 435,704 Commercial U.S. commercial 815 308 396 1,519 324,417 325,936 Non-U.S. commercial 148 20 83 251 113,015 113,266 Commercial real estate (4) 115 34 285 434 62,575 63,009 Commercial lease financing 104 28 13 145 14,680 14,825 U.S. small business commercial (5) 129 259 89 477 18,706 19,183 Total commercial 1,311 649 866 2,826 533,393 536,219 Commercial loans accounted for under the fair value option (3) 7,201 7,201 Total commercial loans and leases 1,311 649 866 2,826 533,393 7,201 543,420 Total loans and leases (6) $ 2,884 $ 1,279 $ 3,311 $ 7,474 $ 963,831 $ 7,819 $ 979,124 Percentage of outstandings 0.29 % 0.13 % 0.34 % 0.76 % 98.44 % 0.80 % 100.00 % (1) Consumer real estate loans 30-59 days past due includes fully-insured loans of $164 million and nonperforming loans of $118 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $89 million and nonperforming loans of $100 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $633 million. Consumer real estate loans current or less than 30 days past due includes $1.4 billion and direct/indirect consumer includes $55 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 . (2) Total outstandings primarily includes auto and specialty lending loans and leases of $48.5 billion, U.S. securities-based lending loans of $51.1 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 $279 million and home equity loans of $339 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.6 billion and non-U.S. commercial loans of $2.6 billion. For more information, see Note 20 – Fair Value Measurements and Note 21 – Fair Value Option . (4) Total outstandings includes U.S. commercial real estate loans of $58.2 billion and non-U.S. commercial real estate loans of $4.8 billion. (5) Includes Paycheck Protection Program loans. (6) Total outstandings includes loans and leases pledged as collateral of $13.0 billion. The Corporation also pledged $146.6 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. (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 20 – Fair Value Measurements and Note 21 – 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 TDRs, and loans accruing past due 90 days or more at December 31, 2021 and 2020. Nonperforming LHFS are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles. Credit Quality Nonperforming Loans Accruing Past Due 90 Days or More (1) December 31 (Dollars in millions) 2021 2020 2021 2020 Residential mortgage (2) $ 2,284 $ 2,005 $ 634 $ 762 With no related allowance (3) 1,950 1,378 — — Home equity (2) 630 649 — — With no related allowance (3) 414 347 — — Credit Card n/a n/a 487 903 Direct/indirect consumer 75 71 11 33 Total consumer 2,989 2,725 1,132 1,698 U.S. commercial 825 1,243 171 228 Non-U.S. commercial 268 418 19 10 Commercial real estate 382 404 40 6 Commercial lease financing 80 87 8 25 U.S. small business commercial 23 75 87 115 Total commercial 1,578 2,227 325 384 Total nonperforming loans $ 4,567 $ 4,952 $ 1,457 $ 2,082 Percentage of outstanding loans and leases 0.47 % 0.54 % 0.15 % 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.. (2) Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At December 31, 2021 and 2020 residential mortgage includes $444 million and $537 million of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $190 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 December 31, 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 $ 206,562 $ 87,051 $ 43,597 $ 23,205 $ 7,392 $ 10,956 $ 34,361 Greater than 90 percent but less than or equal to 100 percent 1,938 1,401 331 81 17 14 94 Greater than 100 percent 759 520 112 29 11 12 75 Fully-insured loans 12,704 3,845 3,486 1,150 216 235 3,772 Total Residential Mortgage $ 221,963 $ 92,817 $ 47,526 $ 24,465 $ 7,636 $ 11,217 $ 38,302 Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,451 $ 636 $ 442 $ 140 $ 120 $ 104 $ 1,009 Greater than or equal to 620 and less than 680 5,199 1,511 1,123 477 294 307 1,487 Greater than or equal to 680 and less than 740 24,532 8,822 5,454 2,785 1,057 1,434 4,980 Greater than or equal to 740 177,077 78,003 37,021 19,913 5,949 9,137 27,054 Fully-insured loans 12,704 3,845 3,486 1,150 216 235 3,772 Total Residential Mortgage $ 221,963 $ 92,817 $ 47,526 $ 24,465 $ 7,636 $ 11,217 $ 38,302 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, 2021 Total Home Equity Refreshed LTV Less than or equal to 90 percent $ 27,594 $ 1,773 $ 19,095 $ 6,726 Greater than 90 percent but less than or equal to 100 percent 130 55 34 41 Greater than 100 percent 211 85 54 72 Total Home Equity $ 27,935 $ 1,913 $ 19,183 $ 6,839 Total Home Equity Refreshed FICO score Less than 620 $ 893 $ 244 $ 209 $ 440 Greater than or equal to 620 and less than 680 1,434 222 495 717 Greater than or equal to 680 and less than 740 4,625 468 2,493 1,664 Greater than or equal to 740 20,983 979 15,986 4,018 Total Home Equity $ 27,935 $ 1,913 $ 19,183 $ 6,839 (1) Includes reverse mortgages of $1.3 billion and home equity loans of $582 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 December 31, Revolving Loans Revolving Loans Converted to Term Loans (1) Refreshed FICO score Less than 620 $ 685 $ 13 $ 179 $ 115 $ 129 $ 79 $ 101 $ 69 $ 3,017 $ 2,857 $ 160 Greater than or equal to 620 and less than 680 2,313 14 1,170 414 313 148 134 120 9,264 9,064 200 Greater than or equal to 680 and less than 740 8,530 60 4,552 1,659 1,126 466 314 353 28,347 28,155 192 Greater than or equal to 740 37,164 94 15,876 8,642 6,465 2,679 1,573 1,835 40,810 40,762 48 Other internal credit metrics (2,3) 54,868 54,173 283 53 77 75 63 144 — — — Total credit card and other $ 103,560 $ 54,354 $ 22,060 $ 10,883 $ 8,110 $ 3,447 $ 2,185 $ 2,521 $ 81,438 $ 80,838 $ 600 (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 $54.2 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, 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 $ 315,618 $ 55,862 $ 25,012 $ 23,373 $ 11,439 $ 10,426 $ 23,877 $ 165,629 Reservable criticized 10,318 598 687 1,308 1,615 514 1,072 4,524 Total U.S. Commercial $ 325,936 $ 56,460 $ 25,699 $ 24,681 $ 13,054 $ 10,940 $ 24,949 $ 170,153 Non-U.S. Commercial Risk ratings Pass rated $ 110,787 $ 25,749 $ 8,703 $ 7,133 $ 4,521 $ 3,016 $ 3,062 $ 58,603 Reservable criticized 2,479 223 324 487 275 257 216 697 Total Non-U.S. Commercial $ 113,266 $ 25,972 $ 9,027 $ 7,620 $ 4,796 $ 3,273 $ 3,278 $ 59,300 Commercial Real Estate Risk ratings Pass rated $ 55,511 $ 14,402 $ 7,244 $ 11,237 $ 5,710 $ 3,326 $ 6,831 $ 6,761 Reservable criticized 7,498 277 990 2,237 1,710 596 1,464 224 Total Commercial Real Estate $ 63,009 $ 14,679 $ 8,234 $ 13,474 $ 7,420 $ 3,922 $ 8,295 $ 6,985 Commercial Lease Financing Risk ratings Pass rated $ 14,438 $ 3,280 $ 2,485 $ 2,427 $ 2,030 $ 1,741 $ 2,475 $ — Reservable criticized 387 25 18 91 67 48 138 — Total Commercial Lease Financing $ 14,825 $ 3,305 $ 2,503 $ 2,518 $ 2,097 $ 1,789 $ 2,613 $ — U.S. Small Business Commercial (3) Risk ratings Pass rated $ 11,618 $ 4,257 $ 2,922 $ 1,059 $ 763 $ 623 $ 1,853 $ 141 Reservable criticized 433 12 29 91 87 64 147 3 Total U.S. Small Business Commercial $ 12,051 $ 4,269 $ 2,951 $ 1,150 $ 850 $ 687 $ 2,000 $ 144 Total $ 529,087 $ 104,685 $ 48,414 $ 49,443 $ 28,217 $ 20,611 $ 41,135 $ 236,582 (1) Excludes $7.2 billion of loans accounted for under the fair value option at December 31, 2021. (2) Includes $16 million of loans that converted from revolving to term loans. (3) Excludes U.S. Small Business Card loans of $7.1 billion. Refreshed FICO scores for this portfolio are $192 million for less than 620; $618 million for greater than or equal to 620 and less than 680; $1.9 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 December 31, 2021, 2020 and 2019 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during 2021, 2020 and 2019. 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 2021, 2020 and 2019 Unpaid Principal Balance Carrying Pre-Modification Interest Rate Post-Modification Interest Rate (1) (Dollars in millions) December 31, 2021 Residential mortgage $ 891 $ 788 3.48 % 3.38 % Home equity 107 77 3.60 3.59 Total $ 998 $ 865 3.49 3.41 December 31, 2020 Residential mortgage $ 732 $ 646 3.66 % 3.59 % Home equity 87 69 3.67 3.61 Total $ 819 $ 715 3.66 3.59 December 31, 2019 Residential mortgage $ 464 $ 377 4.19 % 4.13 % Home equity 141 101 5.04 4.31 Total $ 605 $ 478 4.39 4.17 (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 December 31, 2021, 2020 and 2019 carrying value for consumer real estate loans that were modified in a TDR during 2021, 2020 and 2019, by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During (Dollars in millions) 2021 2020 2019 Modifications under government programs $ 4 $ 13 $ 35 Modifications under proprietary programs 774 570 174 Loans discharged in Chapter 7 bankruptcy (1) 33 53 68 Trial modifications 54 79 201 Total modifications $ 865 $ 715 $ 478 (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 2021, 2020 and 2019 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 (Dollars in millions) 2021 2020 2019 Modifications under government programs $ 4 $ 16 $ 26 Modifications under proprietary programs 128 51 88 Loans discharged in Chapter 7 bankruptcy (1) 9 19 30 Trial modifications (2) 19 54 57 Total modifications $ 160 $ 140 $ 201 (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 2021, 2020 and 2019 Unpaid Principal Balance Carrying (1) Pre-Modification Interest Rate Post-Modification Interest Rate (Dollars in millions) December 31, 2021 Credit card $ 237 $ 248 18.45 % 4.09 % Direct/Indirect consumer 23 16 5.88 5.88 Total $ 260 $ 264 17.68 4.20 December 31, 2020 Credit card $ 269 $ 277 18.16 % 5.63 % Direct/Indirect consumer 52 37 5.83 5.83 Total $ 321 $ 314 16.70 5.65 December 31, 2019 Credit card $ 340 $ 355 19.18 % 5.35 % Direct/Indirect consumer 40 21 5.23 5.21 Total $ 380 $ 376 18.42 5.34 (1) Includes accrued interest and fees. The table below presents the December 31, 2021, 2020 and 2019 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during 2021, 2020 and 2019, by program type. Credit Card and Other Consumer – TDRs by Program Type at December 31 (1) (Dollars in millions) 2021 2020 2019 Internal programs $ 214 $ 225 $ 247 External programs 44 73 108 Other 6 16 21 Total $ 264 $ 314 $ 376 (1) Includes accrued interest and fees. |
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) 2021 Allowance for loan and lease losses, January 1 $ 858 $ 9,213 $ 8,731 $ 18,802 Loans and leases charged off (78) (3,000) (719) (3,797) Recoveries of loans and leases previously charged off 225 1,006 323 1,554 Net charge-offs 147 (1,994) (396) (2,243) Provision for loan and lease losses (449) (744) (2,980) (4,173) Other 1 1 (1) 1 Allowance for loan and lease losses, December 31 557 6,476 5,354 12,387 Reserve for unfunded lending commitments, January 1 137 — 1,741 1,878 Provision for unfunded lending commitments (41) — (380) (421) Other — — (1) (1) Reserve for unfunded lending commitments, December 31 96 — 1,360 1,456 Allowance for credit losses, December 31 $ 653 $ 6,476 $ 6,714 $ 13,843 2020 Allowance for loan and lease losses, January 1 $ 440 $ 7,430 $ 4,488 $ 12,358 Loans and leases charged off (98) (3,646) (1,675) (5,419) Recoveries of loans and leases previously charged off 201 891 206 1,298 Net charge-offs 103 (2,755) (1,469) (4,121) Provision for loan and lease losses 307 4,538 5,720 10,565 Other 8 — (8) — Allowance for loan and lease losses, December 31 858 9,213 8,731 18,802 Reserve for unfunded lending commitments, January 1 119 — 1,004 1,123 Provision for unfunded lending commitments 18 — 737 755 Reserve for unfunded lending commitments, December 31 137 — 1,741 1,878 Allowance for credit losses, December 31 $ 995 $ 9,213 $ 10,472 $ 20,680 2019 Allowance for loan and lease losses, January 1 $ 928 $ 3,874 $ 4,799 $ 9,601 Loans and leases charged off (522) (4,302) (822) (5,646) Recoveries of loans and leases previously charged off 927 911 160 1,998 Net charge-offs 405 (3,391) (662) (3,648) Provision for loan and lease losses (680) 3,512 742 3,574 Other (1) (107) 1 (5) (111) Allowance for loan and lease losses, December 31 546 3,996 4,874 9,416 Reserve for unfunded lending commitments, January 1 — — 797 797 Provision for unfunded lending commitments — — 16 16 Reserve for unfunded lending commitments, December 31 — — 813 813 Allowance for credit losses, December 31 $ 546 $ 3,996 $ 5,687 $ 10,229 (1) Primarily represents write-offs of purchased credit-impaired loans in 2019. |
Securitizations and Other Var_2
Securitizations and Other Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 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 2021, 2020 and 2019. First-lien Mortgage Securitizations Residential Mortgage - Agency Commercial Mortgage (Dollars in millions) 2021 2020 2019 2021 2020 2019 Proceeds from loan sales (1) $ 6,664 $ 15,823 $ 6,858 $ 10,874 $ 5,084 $ 8,661 Gains on securitizations (2) 9 728 27 156 61 103 Repurchases from securitization trusts (3) 756 436 881 — — — (1) The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or 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 $121 million, $160 million and $64 million net of hedges, during 2021, 2020 and 2019, respectively, are not included in the table above. (3) The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. 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 December 31, 2021 and 2020. Home Equity Loan, Credit Card and Other Asset-backed VIEs Home Equity (1) Credit Card (2) Resecuritization Trusts Municipal Bond Trusts December 31 (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Unconsolidated VIEs Maximum loss exposure $ 152 $ 206 $ — $ — $ 6,089 $ 8,543 $ 4,094 $ 3,507 On-balance sheet assets Securities (3) : Trading account assets $ — $ — $ — $ — $ 1,030 $ 948 $ — $ — Debt securities carried at fair value 1 2 — — 1,903 2,727 — — Held-to-maturity securities — — — — 3,156 4,868 — — Total retained positions $ 1 $ 2 $ — $ — $ 6,089 $ 8,543 $ — $ — Total assets of VIEs $ 430 $ 609 $ — $ — $ 18,633 $ 17,250 $ 4,655 $ 4,042 Consolidated VIEs Maximum loss exposure $ 45 $ 58 $ 10,279 $ 14,606 $ 680 $ 217 $ 210 $ 1,030 On-balance sheet assets Trading account assets $ — $ — $ — $ — $ 686 $ 217 $ 122 $ 990 Loans and leases 140 218 14,434 21,310 — — — — Allowance for loan and lease losses 14 14 (970) (1,704) — — — — All other assets 3 4 70 1,289 — — 88 40 Total assets $ 157 $ 236 $ 13,534 $ 20,895 $ 686 $ 217 $ 210 $ 1,030 On-balance sheet liabilities Short-term borrowings $ — $ — $ — $ — $ — $ — $ 196 $ 432 Long-term debt 113 178 3,248 6,273 6 — — — All other liabilities — — 7 16 — — — — Total liabilities $ 113 $ 178 $ 3,255 $ 6,289 $ 6 $ — $ 196 $ 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 12 – Commitments and Contingencies . (2) At December 31, 2021 and 2020, loans and leases in the consolidated credit card trust included $4.3 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 December 31, 2021 and 2020. First-lien Mortgage VIEs Residential Mortgage Non-agency Agency Prime Subprime Alt-A Commercial Mortgage December 31 (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Unconsolidated VIEs Maximum loss exposure (1) $ 11,600 $ 13,477 $ 121 $ 250 $ 908 $ 1,031 $ 14 $ 46 $ 1,445 $ 1,169 On-balance sheet assets Senior securities: Trading account assets $ 175 $ 152 $ 8 $ 2 $ 44 $ 8 $ 12 $ 12 $ 21 $ 60 Debt securities carried at fair value 5,009 7,588 — 103 537 676 — 33 — — Held-to-maturity securities 6,416 5,737 — — — — — — 1,157 925 All other assets — — 3 6 29 26 2 1 93 50 Total retained positions $ 11,600 $ 13,477 $ 11 $ 111 $ 610 $ 710 $ 14 $ 46 $ 1,271 $ 1,035 Principal balance outstanding (2) $ 93,142 $ 133,497 $ 4,710 $ 6,081 $ 6,179 $ 6,691 $ 13,627 $ 16,554 $ 85,540 $ 59,268 Consolidated VIEs Maximum loss exposure (1) $ 1,644 $ 1,328 $ 49 $ 66 $ — $ 53 $ — $ — $ — $ — On-balance sheet assets Trading account assets $ 1,644 $ 1,328 $ — $ 350 $ — $ 260 $ — $ — $ — $ — Loans and leases, net — — 58 — — — — — — — Total assets $ 1,644 $ 1,328 $ 58 $ 350 $ — $ 260 $ — $ — $ — $ — Total liabilities $ — $ — $ 9 $ 284 $ — $ 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 12 – Commitments and Contingencies and Note 20 – 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 December 31, 2021 and 2020. Other VIEs Consolidated Unconsolidated Total Consolidated Unconsolidated Total (Dollars in millions) December 31, 2021 December 31, 2020 Maximum loss exposure $ 4,819 $ 27,790 $ 32,609 $ 4,106 $ 23,870 $ 27,976 On-balance sheet assets Trading account assets $ 2,552 $ 626 $ 3,178 $ 2,080 $ 623 $ 2,703 Debt securities carried at fair value — 7 7 — 9 9 Loans and leases 2,503 47 2,550 2,108 184 2,292 Allowance for loan and lease losses (2) (12) (14) (3) (3) (6) All other assets 28 26,628 26,656 54 22,553 22,607 Total $ 5,081 $ 27,296 $ 32,377 $ 4,239 $ 23,366 $ 27,605 On-balance sheet liabilities Short-term borrowings $ 51 $ — $ 51 $ 22 $ — $ 22 Long-term debt 211 — 211 111 — 111 All other liabilities — 6,548 6,548 — 5,658 5,658 Total $ 262 $ 6,548 $ 6,810 $ 133 $ 5,658 $ 5,791 Total assets of VIEs $ 5,081 $ 92,249 $ 97,330 $ 4,239 $ 77,984 $ 82,223 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The table below presents goodwill balances by business segment at December 31, 2021 and 2020. The reporting units utilized for goodwill impairment testing are the operating segments or one level below. Goodwill December 31 (Dollars in millions) 2021 2020 Consumer Banking $ 30,137 $ 30,123 Global Wealth & Investment Management 9,677 9,677 Global Banking (1) 24,026 23,969 Global Markets 5,182 5,182 Total goodwill $ 69,022 $ 68,951 (1) Prior period has been revised to conform to current-period presentation. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020. Net Investment (1) December 31 (Dollars in millions) 2021 2020 Lease receivables $ 16,806 $ 17,627 Unguaranteed residuals 2,078 2,303 Total net investment in sales-type and direct $ 18,884 $ 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 $7.1 billion and $6.9 billion at December 31, 2021 and 2020. |
Sales-type Lease, Lease Income | The table below presents lease income at December 31, 2021 and 2020. Lease Income December 31 (Dollars in millions) 2021 2020 Sales-type and direct financing leases $ 613 $ 707 Operating leases 930 931 Total lease income $ 1,543 $ 1,638 |
Operating Lease, Lease Income | The table below presents lease income at December 31, 2021 and 2020. Lease Income December 31 (Dollars in millions) 2021 2020 Sales-type and direct financing leases $ 613 $ 707 Operating leases 930 931 Total lease income $ 1,543 $ 1,638 |
Direct Financing Lease, Lease Income | The table below presents lease income at December 31, 2021 and 2020. Lease Income December 31 (Dollars in millions) 2021 2020 Sales-type and direct financing leases $ 613 $ 707 Operating leases 930 931 Total lease income $ 1,543 $ 1,638 |
Lease, Cost | The following table provides information on the right-of-use assets, lease liabilities and weighted-average discount rates and lease terms at December 31, 2021 and 2020. Lessee Arrangements December 31 (Dollars in millions) 2021 2020 Right-of-use asset $ 10,233 $ 10,000 Lease liabilities 10,858 10,474 Weighted-average discount rate used to calculate present value of future minimum lease payments 2.91 % 3.38 % Weighted-average lease term (in years) 9.0 8.4 Lease Cost and Supplemental Information: Operating lease cost $ 2,025 $ 2,149 Variable lease cost (1) 462 474 Total lease cost (2) $ 2,487 $ 2,623 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ 1,713 $ 851 Operating cash flows from operating leases (4) 1,964 2,039 (1) Primarily consists of payments for common area maintenance and property taxes. (2) Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. (3) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (4) Represents cash paid for amounts included in the measurements of lease liabilities. |
Lessor, Maturities of Operating Lease Payments to be Received | The maturities of lessor and lessee arrangements outstanding at December 31, 2021 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Sales-type and Direct Financing Leases (2) Operating (Dollars in millions) December 31, 2021 2022 $ 848 $ 5,208 $ 1,917 2023 742 4,617 1,716 2024 591 3,888 1,550 2025 412 1,318 1,309 2026 296 1,634 1,153 Thereafter 696 1,358 4,758 Total undiscounted cash flows $ 3,585 18,023 12,403 Less: Net present value adjustment 1,217 1,545 Total (3) $ 16,806 $ 10,858 (1) Excludes $179 million in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2022. (2) Includes $10.9 billion in commercial lease financing receivables and $5.9 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
Lessor, Maturity of Lease Receivable of Sales-type of and Direct Financing Lease | The maturities of lessor and lessee arrangements outstanding at December 31, 2021 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Sales-type and Direct Financing Leases (2) Operating (Dollars in millions) December 31, 2021 2022 $ 848 $ 5,208 $ 1,917 2023 742 4,617 1,716 2024 591 3,888 1,550 2025 412 1,318 1,309 2026 296 1,634 1,153 Thereafter 696 1,358 4,758 Total undiscounted cash flows $ 3,585 18,023 12,403 Less: Net present value adjustment 1,217 1,545 Total (3) $ 16,806 $ 10,858 (1) Excludes $179 million in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2022. (2) Includes $10.9 billion in commercial lease financing receivables and $5.9 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
Lessee, Maturity of Operating Lease Liability | The maturities of lessor and lessee arrangements outstanding at December 31, 2021 are presented in the table below based on undiscounted cash flows. Maturities of Lessor and Lessee Arrangements Lessor Lessee (1) Operating Sales-type and Direct Financing Leases (2) Operating (Dollars in millions) December 31, 2021 2022 $ 848 $ 5,208 $ 1,917 2023 742 4,617 1,716 2024 591 3,888 1,550 2025 412 1,318 1,309 2026 296 1,634 1,153 Thereafter 696 1,358 4,758 Total undiscounted cash flows $ 3,585 18,023 12,403 Less: Net present value adjustment 1,217 1,545 Total (3) $ 16,806 $ 10,858 (1) Excludes $179 million in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2022. (2) Includes $10.9 billion in commercial lease financing receivables and $5.9 billion in direct/indirect consumer lease financing receivables. (3) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of Time Deposits | The scheduled contractual maturities for total time deposits at December 31, 2021 are presented in the table below. Contractual Maturities of Total Time Deposits (Dollars in millions) U.S. Non-U.S. Total Due in 2022 $ 34,555 $ 9,193 $ 43,748 Due in 2023 1,934 75 2,009 Due in 2024 350 5 355 Due in 2025 230 11 241 Due in 2026 120 1,361 1,481 Thereafter 248 29 277 Total time deposits $ 37,437 $ 10,674 $ 48,111 |
Securities Financing Agreemen_2
Securities Financing Agreements, Short-term Borrowings and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. 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) December 31, 2021 Securities sold under agreements to repurchase $ 148,023 $ 194,964 $ 36,939 $ 36,501 $ 416,427 Securities loaned 46,231 466 1,428 4,111 52,236 Other 11,391 — — — 11,391 Total $ 205,645 $ 195,430 $ 38,367 $ 40,612 $ 480,054 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) December 31, 2021 U.S. government and agency securities $ 201,546 $ 27 $ — $ 201,573 Corporate securities, trading loans and other 12,838 3,440 1,148 17,426 Equity securities 19,907 48,650 10,192 78,749 Non-U.S. sovereign debt 178,019 119 51 178,189 Mortgage trading loans and ABS 4,117 — — 4,117 Total $ 416,427 $ 52,236 $ 11,391 $ 480,054 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 December 31, 2021 and 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) December 31, 2021 Securities borrowed or purchased under agreements to resell (3) $ 527,054 $ (276,334) $ 250,720 $ (229,525) $ 21,195 Securities loaned or sold under agreements to repurchase $ 468,663 $ (276,334) $ 192,329 $ (181,860) $ 10,469 Other (4) 11,391 — 11,391 (11,391) — Total $ 480,054 $ (276,334) $ 203,720 $ (193,251) $ 10,469 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 December 31, 2021 and 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 December 31, 2021 and 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) December 31, 2021 Securities borrowed or purchased under agreements to resell (3) $ 527,054 $ (276,334) $ 250,720 $ (229,525) $ 21,195 Securities loaned or sold under agreements to repurchase $ 468,663 $ (276,334) $ 192,329 $ (181,860) $ 10,469 Other (4) 11,391 — 11,391 (11,391) — Total $ 480,054 $ (276,334) $ 203,720 $ (193,251) $ 10,469 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 December 31, 2021 and 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. |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Balance of Long-term Debt | Long-term debt consists of borrowings having an original maturity of one year or more. The table below presents the balance of long-term debt at December 31, 2021 and 2020, and the related contractual rates and maturity dates as of December 31, 2021. Weighted-average Rate December 31 (Dollars in millions) Interest Rates Maturity Dates 2021 2020 Notes issued by Bank of America Corporation (1) Senior notes: Fixed 2.85 % 0.25 - 8.05 % 2022 - 2052 $ 194,191 $ 174,385 Floating 0.64 0.02 - 4.88 2023 - 2044 18,753 16,788 Senior structured notes 15,086 17,033 Subordinated notes: Fixed 4.88 2.94 - 8.57 2024 - 2045 22,311 23,337 Floating 2.18 0.82 - 2.48 2026 - 2036 2,371 799 Junior subordinated notes: Fixed 6.71 6.45 - 8.05 2027 - 2066 741 738 Floating 0.97 0.97 2056 1 1 Total notes issued by Bank of America Corporation 253,454 233,081 Notes issued by Bank of America, N.A. Senior notes: Fixed 3.34 3.34 2023 501 511 Floating 0.26 0.20 - 0.33 2022 - 2023 3,173 2,323 Subordinated notes 6.00 6.00 2036 1,780 1,883 Advances from Federal Home Loan Banks: Fixed 1.54 0.01 - 7.72 2022 - 2034 290 599 Securitizations and other BANA VIEs (2) 3,338 6,296 Other 680 683 Total notes issued by Bank of America, N.A. 9,762 12,295 Other debt Structured liabilities (3) 16,599 16,792 Nonbank VIEs (2) 249 757 Other 53 9 Total notes issued by nonbank and other entities 16,901 17,558 Total long-term debt $ 280,117 $ 262,934 (1) Includes total loss-absorbing capacity compliant debt. (2) Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet. Long-term debt of VIEs is collateralized by the assets of the VIEs. At December 31, 2021, amount includes debt predominantly from credit card securitization and other VIEs of $3.2 billion and $211 million. For more information, see Note 6 – Securitizations and Other Variable Interest Entities. (3) Includes debt outstanding of $5.4 billion and $4.8 billion at December 31, 2021 and 2020 that was issued by BofA Finance LLC, a consolidated finance subsidiary of Bank of America Corporation, the parent company, and is fully and unconditionally guaranteed by the parent company. |
Schedule of Maturities of Long-term Debt | The following table shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2021. Included in the table are certain structured notes issued by the Corporation that contain provisions whereby the borrowings are redeemable at the option of the holder (put options) at specified dates prior to maturity. Other structured notes have coupon or repayment terms linked to the performance of debt or equity securities, indices, currencies or commodities, and the maturity may be accelerated based on the value of a referenced index or security. In both cases, the Corporation or a subsidiary may be required to settle the obligation for cash or other securities prior to the contractual maturity date. These borrowings are reflected in the table as maturing at their contractual maturity date. Long-term Debt by Maturity (Dollars in millions) 2022 2023 2024 2025 2026 Thereafter Total Bank of America Corporation Senior notes $ 3,217 $ 23,326 $ 23,462 $ 21,534 $ 17,968 $ 123,437 $ 212,944 Senior structured notes 1,937 572 396 398 819 10,964 15,086 Subordinated notes — — 3,283 5,379 5,171 10,849 24,682 Junior subordinated notes — — — — — 742 742 Total Bank of America Corporation 5,154 23,898 27,141 27,311 23,958 145,992 253,454 Bank of America, N.A. Senior notes 1,600 2,074 — — — — 3,674 Subordinated notes — — — — — 1,780 1,780 Advances from Federal Home Loan Banks 202 1 — 16 10 61 290 Securitizations and other Bank VIEs (1) 1,259 988 1,000 1 — 90 3,338 Other 102 386 32 143 7 10 680 Total Bank of America, N.A. 3,163 3,449 1,032 160 17 1,941 9,762 Other debt Structured Liabilities 3,586 2,823 1,996 668 1,621 5,905 16,599 Nonbank VIEs (1) 2 51 — — — 196 249 Other — — — — — 53 53 Total other debt 3,588 2,874 1,996 668 1,621 6,154 16,901 Total long-term debt $ 11,905 $ 30,221 $ 30,169 $ 28,139 $ 25,596 $ 154,087 $ 280,117 (1) Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Extension Commitment Expirations | The following table includes the notional amount of commitments of $4.8 billion and $4.0 billion at December 31, 2021 and 2020 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $97 million and $99 million at December 31, 2021 and 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 21 – Fair Value Option. Credit Extension Commitments Expire in One Expire After One Expire After Three Years Through Expire After Total (Dollars in millions) December 31, 2021 Notional amount of credit extension commitments Loan commitments (1) $ 102,464 $ 190,687 $ 174,978 $ 26,635 $ 494,764 Home equity lines of credit 890 5,097 10,268 24,276 40,531 Standby letters of credit and financial guarantees (2) 22,359 10,742 2,017 422 35,540 Letters of credit 1,145 124 56 98 1,423 Other commitments (3) 18 59 81 1,233 1,391 Legally binding commitments 126,876 206,709 187,400 52,664 573,649 Credit card lines (4) 406,169 — — — 406,169 Total credit extension commitments $ 533,045 $ 206,709 $ 187,400 $ 52,664 $ 979,818 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 886 197 25 27 1,135 Other commitments (3) 22 132 125 1,219 1,498 Legally binding commitments 130,986 187,246 150,793 48,486 517,511 Credit card lines (4) 384,955 — — — 384,955 Total credit extension commitments $ 515,941 $ 187,246 $ 150,793 $ 48,486 $ 902,466 (1) At December 31, 2021 and 2020, $4.6 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 $26.3 billion and $8.7 billion at December 31, 2021, and $25.0 billion and $10.2 billion at December 31, 2020. Amounts in the table include consumer SBLCs of $512 million and $500 million at December 31, 2021 and 2020. (3) Primarily includes second-loss positions on lease-end residual value guarantees. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Dividends | Declared Quarterly Cash Dividends on Common Stock (1) Declaration Date Record Date Payment Date Dividend Per Share February 2, 2022 March 4, 2022 March 25, 2022 $ 0.21 October 20, 2021 December 3, 2021 December 31, 2021 0.21 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 February 22, 2022. |
Schedule of Stockholders Equity | The table below summarizes common stock repurchases during 2021, 2020 and 2019. Common Stock Repurchase Summary (in millions) 2021 2020 2019 Total share repurchases, including CCAR capital plan repurchases 615 227 956 Purchase price of shares repurchased and retired CCAR capital plan repurchases $ 25,126 $ 7,025 $ 25,644 Other authorized repurchases — — 2,500 Total shares repurchased $ 25,126 $ 7,025 $ 28,144 The table below presents a summary of perpetual preferred stock outstanding at December 31, 2021 . Preferred Stock Summary (Dollars in millions, except as noted) Series Description Initial Total Liquidation Carrying Per Annum Dividend per Share Annual Dividend Redemption Period (1) Series B 7% Cumulative Redeemable June 7,110 $ 100 $ 1 7.00 % $ 7 $ — n/a Series E (2) Floating Rate Non-Cumulative November 12,691 25,000 317 3-mo. LIBOR + 35 bps (3) 1.01 13 On or after Series F Floating Rate Non-Cumulative March 1,409 100,000 141 3-mo. LIBOR + 40 bps (3) 4,055.55 6 On or after Series G Adjustable Rate Non-Cumulative March 4,926 100,000 493 3-mo. LIBOR + 40 bps (3) 4,055.55 20 On or after Series L 7.25% Non-Cumulative Perpetual Convertible January 3,080,182 1,000 3,080 7.25 % 72.50 223 n/a Series U (4) Fixed-to-Floating Rate Non-Cumulative May 40,000 25,000 1,000 5.2% to, but excluding, 6/1/23; 3-mo. LIBOR + 313.5 bps thereafter 52.00 52 On or after Series X (4) Fixed-to-Floating Rate Non-Cumulative September 80,000 25,000 2,000 6.250% to, but excluding, 9/5/24; 3-mo. LIBOR + 370.5 bps thereafter 62.50 125 On or after Series Z (4) Fixed-to-Floating Rate Non-Cumulative October 56,000 25,000 1,400 6.500% to, but excluding, 10/23/24; 3-mo. LIBOR + 417.4 bps thereafter 65.00 91 On or after Series AA (4) Fixed-to-Floating Rate Non-Cumulative March 76,000 25,000 1,900 6.100% to, but excluding, 3/17/25; 3-mo. LIBOR + 389.8 bps thereafter 61.00 116 On or after Series DD (4) Fixed-to-Floating Rate Non-Cumulative March 40,000 25,000 1,000 6.300% to, but excluding, 3/10/26; 3-mo. LIBOR + 455.3 bps thereafter 63.00 63 On or after Series FF (4) Fixed-to-Floating Rate Non-Cumulative March 94,000 25,000 2,350 5.875% to, but excluding, 3/15/28; 3-mo. LIBOR + 293.1 bps thereafter 58.75 138 On or after Series GG (2) 6.000% Non-Cumulative May 54,000 25,000 1,350 6.000 % 1.50 81 On or after Series HH (2) 5.875% Non-Cumulative July 34,160 25,000 854 5.875 % 1.47 50 On or after Series JJ (4) Fixed-to-Floating Rate Non-Cumulative June 40,000 25,000 1,000 5.125% to, but excluding, 6/20/24; 3-mo. LIBOR + 329.2 bps thereafter 51.25 51 On or after Series KK (2) 5.375% Non-Cumulative June 55,900 25,000 1,398 5.375 % 1.34 75 On or after Series LL (2) 5.000% Non-Cumulative September 52,400 25,000 1,310 5.000 % 1.25 66 On or after Series MM (4) Fixed-to-Floating Rate Non-Cumulative January 44,000 25,000 1,100 4.300 % 43.00 47 On or after Series NN (2) 4.375% Non-Cumulative October 44,000 25,000 1,100 4.375 % 1.09 48 On or after Series PP (2) 4.125% Non-Cumulative 4.125% January 2021 36,600 25,000 915 4.125 % 1.04 38 On or after Series QQ (2) 4.250% Non-Cumulative 4.250% October 2021 52,000 25,000 1,300 4.250 % — — On or after Series 1 (5) Floating Rate Non-Cumulative November 3,275 30,000 98 3-mo. LIBOR + 75 bps (6) 0.75 3 On or after Series 2 (5) Floating Rate Non-Cumulative March 9,967 30,000 299 3-mo. LIBOR + 65 bps (6) 0.76 9 On or after Series 4 (5) Floating Rate Non-Cumulative November 7,010 30,000 210 3-mo. LIBOR + 75 bps (3) 1.01 9 On or after Series 5 (5) Floating Rate Non-Cumulative March 14,056 30,000 422 3-mo. LIBOR + 50 bps (3) 1.01 17 On or after Issuance costs and certain adjustments (330) Total 3,939,686 $ 24,708 (1) The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends. Series B and Series L Preferred Stock do not have early redemption/call rights. (2) Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. (3) Subject to 4.00% minimum rate per annum. (4) Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the first redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter. (5) Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. (6) Subject to 3.00% minimum rate per annum. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated OCI | The table below presents the changes in accumulated OCI after-tax for 2021, 2020 and 2019. (Dollars in millions) Debt Securities Debit Valuation Adjustments Derivatives Employee Foreign Total Balance, December 31, 2018 $ (5,552) $ (531) $ (1,016) $ (4,304) $ (808) $ (12,211) Net change 5,875 (963) 616 136 (86) 5,578 Balance, December 31, 2019 $ 323 $ (1,494) $ (400) $ (4,168) $ (894) $ (6,633) Net change 4,799 (498) 826 (98) (52) 4,977 Balance, December 31, 2020 $ 5,122 $ (1,992) $ 426 $ (4,266) $ (946) $ (1,656) Net change (2,077) 356 (2,306) 624 (45) (3,448) Balance, December 31, 2021 $ 3,045 $ (1,636) $ (1,880) $ (3,642) $ (991) $ (5,104) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for 2021, 2020 and 2019. Pretax Tax After- Pretax Tax After- Pretax Tax effect After- (Dollars in millions) 2021 2020 2019 Debt securities: Net increase (decrease) in fair value $ (2,749) $ 689 $ (2,060) $ 6,819 $ (1,712) $ 5,107 $ 8,020 $ (2,000) $ 6,020 Net realized gains reclassified into earnings (1) (22) 5 (17) (411) 103 (308) (193) 48 (145) Net change (2,771) 694 (2,077) 6,408 (1,609) 4,799 7,827 (1,952) 5,875 Debit valuation adjustments: Net increase (decrease) in fair value 449 (103) 346 (669) 156 (513) (1,276) 289 (987) Net realized losses reclassified into earnings (1) 13 (3) 10 19 (4) 15 18 6 24 Net change 462 (106) 356 (650) 152 (498) (1,258) 295 (963) Derivatives: Net increase (decrease) in fair value (2,849) 703 (2,146) 1,098 (268) 830 692 (156) 536 Reclassifications into earnings: Net interest income (166) 48 (118) 6 (1) 5 104 (26) 78 Compensation and benefits expense (55) 13 (42) (12) 3 (9) 2 — 2 Net realized (gains) losses reclassified into earnings (221) 61 (160) (6) 2 (4) 106 (26) 80 Net change (3,070) 764 (2,306) 1,092 (266) 826 798 (182) 616 Employee benefit plans: Net increase (decrease) in fair value 463 (72) 391 (381) 80 (301) 41 (21) 20 Net actuarial losses and other reclassified into earnings (2) 295 (67) 228 261 (63) 198 150 (36) 114 Settlements, curtailments and other 5 — 5 5 — 5 3 (1) 2 Net change 763 (139) 624 (115) 17 (98) 194 (58) 136 Foreign currency: Net increase (decrease) in fair value 296 (341) (45) (251) 199 (52) (13) (52) (65) Net realized (gains) reclassified into earnings (1) (5) 5 — (1) 1 — (110) 89 (21) Net change 291 (336) (45) (252) 200 (52) (123) 37 (86) Total other comprehensive income (loss) $ (4,325) $ 877 $ (3,448) $ 6,483 $ (1,506) $ 4,977 $ 7,438 $ (1,860) $ 5,578 (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) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per common share and diluted earnings per common share | The calculation of EPS and diluted EPS for 2021, 2020 and 2019 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles . (In millions, except per share information) 2021 2020 2019 Earnings per common share Net income $ 31,978 $ 17,894 $ 27,430 Preferred stock dividends (1,421) (1,421) (1,432) Net income applicable to common shareholders $ 30,557 $ 16,473 $ 25,998 Average common shares issued and outstanding 8,493.3 8,753.2 9,390.5 Earnings per common share $ 3.60 $ 1.88 $ 2.77 Diluted earnings per common share Net income applicable to common shareholders $ 30,557 $ 16,473 $ 25,998 Average common shares issued and outstanding 8,493.3 8,753.2 9,390.5 Dilutive potential common shares (1) 65.1 43.7 52.4 Total diluted average common shares issued and outstanding 8,558.4 8,796.9 9,442.9 Diluted earnings per common share $ 3.57 $ 1.87 $ 2.75 (1) Includes incremental dilutive shares from preferred stock, RSUs, restricted stock and warrants. |
Regulatory Requirements and R_2
Regulatory Requirements and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The table below presents capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at December 31, 2021 and 2020 for the Corporation and BANA. Regulatory Capital under Basel 3 Bank of America Corporation Bank of America, N.A. Standardized Approach (1) Advanced Approaches (1) Regulatory Minimum (2) Standardized Approach (1) Advanced Approaches (1) Regulatory Minimum (3) (Dollars in millions, except as noted) December 31, 2021 Risk-based capital metrics: Common equity tier 1 capital $ 171,759 $ 171,759 $ 182,526 $ 182,526 Tier 1 capital 196,465 196,465 182,526 182,526 Total capital (4) 227,592 220,616 194,773 188,091 Risk-weighted assets (in billions) 1,618 1,399 1,352 1,048 Common equity tier 1 capital ratio 10.6 % 12.3 % 9.5 % 13.5 % 17.4 % 7.0 % Tier 1 capital ratio 12.1 14.0 11.0 13.5 17.4 8.5 Total capital ratio 14.1 15.8 13.0 14.4 17.9 10.5 Leverage-based metrics: Adjusted quarterly average assets (in billions) (5) $ 3,087 $ 3,087 $ 2,414 $ 2,414 Tier 1 leverage ratio 6.4 % 6.4 % 4.0 7.6 % 7.6 % 5.0 Supplementary leverage exposure (in billions) (6) $ 3,604 $ 2,824 Supplementary leverage ratio 5.5 % 5.0 6.5 % 6.0 December 31, 2020 Risk-based capital metrics: Common equity tier 1 capital $ 176,660 $ 176,660 $ 164,593 $ 164,593 Tier 1 capital 200,096 200,096 164,593 164,593 Total capital (4) 237,936 227,685 181,370 170,922 Risk-weighted assets (in billions) 1,480 1,371 1,221 1,014 Common equity tier 1 capital ratio 11.9 % 12.9 % 9.5 % 13.5 % 16.2 % 7.0 % Tier 1 capital ratio 13.5 14.6 11.0 13.5 16.2 8.5 Total capital ratio 16.1 16.6 13.0 14.9 16.9 10.5 Leverage-based metrics: Adjusted quarterly average assets (in billions) (5) $ 2,719 $ 2,719 $ 2,143 $ 2,143 Tier 1 leverage ratio 7.4 % 7.4 % 4.0 7.7 % 7.7 % 5.0 Supplementary leverage exposure (in billions) (6) $ 2,786 $ 2,525 Supplementary leverage ratio 7.2 % 5.0 6.5 % 6.0 (1) As of December 31, 2021 and 2020, capital ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard. (2) The capital conservation buffer and global systemically important bank (G-SIB) surcharge were 2.5 percent at both December 31, 2021 and 2020. At December 31, 2021 and 2020 the Corporation's stress capital buffer of 2.5 percent was applied in place of the capital conservation buffer under the Standardized approach. The countercyclical capital buffer for both periods was zero. The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, the Corporation’s G-SIB surcharge of 2.5 percent and the Corporation’s SCB or the capital conservation buffer, as applicable, of 2.5 percent. The SLR regulatory minimum includes a leverage buffer of 2.0 percent. (3) Risk-based capital regulatory minimums at December 31, 2021 and 2020 are the minimum ratios under Basel 3, including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends are the percent required to be considered well capitalized under the PCA framework. (4) Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses. (5) Reflects total average assets adjusted for certain Tier 1 capital deductions. (6) Supplementary leverage exposure for the Corporation at December 31, 2020 reflects the temporary exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks. The temporary relief expired after March 31, 2021 and is not reflected in supplementary leverage exposure at December 31, 2021. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2021 and 2020. The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. The discount rate assumptions are derived from a cash flow matching technique that utilizes rates that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans. The increases in the weighted-average discount rates in 2021 resulted in a decrease to the PBO of $895 million at December 31, 2021. The decreases in the weighted-average discount rates in 2020 resulted in an increase to the PBO of approximately $1.9 billion at December 31, 2020. Significant gains and losses related to changes in the PBO for 2021 and 2020 primarily resulted from changes in the discount rate. Pension and Postretirement Plans (1) Qualified Non-U.S. Nonqualified and Other Postretirement (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Fair value, January 1 $ 21,776 $ 20,275 $ 3,078 $ 2,696 $ 2,789 $ 2,666 $ 143 $ 199 Actual return on plan assets 1,215 2,468 62 379 (55) 285 — 1 Company contributions — — 24 23 87 86 38 6 Plan participant contributions — — 1 1 — — 107 110 Settlements and curtailments — — (11) (61) — — — — Benefits paid (913) (967) (84) (57) (236) (248) (171) (174) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a — 1 Foreign currency exchange rate changes n/a n/a (39) 97 n/a n/a n/a n/a Fair value, December 31 $ 22,078 $ 21,776 $ 3,031 $ 3,078 $ 2,585 $ 2,789 $ 117 $ 143 Change in projected benefit obligation Projected benefit obligation, January 1 $ 16,427 $ 15,361 $ 3,340 $ 2,887 $ 3,005 $ 2,919 $ 1,007 $ 989 Service cost — — 28 20 — 1 5 5 Interest cost 414 500 45 49 67 90 24 32 Plan participant contributions — — 1 1 — — 107 110 Plan amendments — — — 3 — — — — Settlements and curtailments — — (11) (61) — — — — Actuarial loss (gain) (252) 1,533 (152) 396 (83) 243 (44) 43 Benefits paid (913) (967) (84) (57) (236) (248) (171) (173) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a — 1 Foreign currency exchange rate changes n/a n/a (51) 102 n/a n/a — — Projected benefit obligation, December 31 $ 15,676 $ 16,427 $ 3,116 $ 3,340 $ 2,753 $ 3,005 $ 928 $ 1,007 Amounts recognized on Consolidated Balance Sheet Other assets $ 6,402 $ 5,349 $ 550 $ 428 $ 777 $ 812 $ — $ — Accrued expenses and other liabilities — — (635) (690) (945) (1,028) (811) (864) Net amount recognized, December 31 $ 6,402 $ 5,349 $ (85) $ (262) $ (168) $ (216) $ (811) $ (864) Funded status, December 31 Accumulated benefit obligation $ 15,676 $ 16,427 $ 3,031 $ 3,253 $ 2,753 $ 3,005 n/a n/a Overfunded (unfunded) status of ABO 6,402 5,349 — (175) (168) (216) n/a n/a Provision for future salaries — — 85 87 — — n/a n/a Projected benefit obligation 15,676 16,427 3,116 3,340 2,753 3,005 $ 928 $ 1,007 Weighted-average assumptions, December 31 Discount rate 2.86 % 2.57 % 1.85 % 1.37 % 2.80 % 2.33 % 2.85 % 2.48 % Rate of compensation increase n/a n/a 4.46 4.11 4.00 4.00 n/a n/a Interest-crediting rate 4.83 % 5.02 % 1.90 1.58 4.22 4.49 n/a n/a (1) The measurement date for all of the above plans was December 31 of each year reported. n/a = not applicable |
Schedule of Amounts Recognized in Balance Sheet | The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2021 and 2020. The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. The discount rate assumptions are derived from a cash flow matching technique that utilizes rates that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans. The increases in the weighted-average discount rates in 2021 resulted in a decrease to the PBO of $895 million at December 31, 2021. The decreases in the weighted-average discount rates in 2020 resulted in an increase to the PBO of approximately $1.9 billion at December 31, 2020. Significant gains and losses related to changes in the PBO for 2021 and 2020 primarily resulted from changes in the discount rate. Pension and Postretirement Plans (1) Qualified Non-U.S. Nonqualified and Other Postretirement (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Fair value, January 1 $ 21,776 $ 20,275 $ 3,078 $ 2,696 $ 2,789 $ 2,666 $ 143 $ 199 Actual return on plan assets 1,215 2,468 62 379 (55) 285 — 1 Company contributions — — 24 23 87 86 38 6 Plan participant contributions — — 1 1 — — 107 110 Settlements and curtailments — — (11) (61) — — — — Benefits paid (913) (967) (84) (57) (236) (248) (171) (174) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a — 1 Foreign currency exchange rate changes n/a n/a (39) 97 n/a n/a n/a n/a Fair value, December 31 $ 22,078 $ 21,776 $ 3,031 $ 3,078 $ 2,585 $ 2,789 $ 117 $ 143 Change in projected benefit obligation Projected benefit obligation, January 1 $ 16,427 $ 15,361 $ 3,340 $ 2,887 $ 3,005 $ 2,919 $ 1,007 $ 989 Service cost — — 28 20 — 1 5 5 Interest cost 414 500 45 49 67 90 24 32 Plan participant contributions — — 1 1 — — 107 110 Plan amendments — — — 3 — — — — Settlements and curtailments — — (11) (61) — — — — Actuarial loss (gain) (252) 1,533 (152) 396 (83) 243 (44) 43 Benefits paid (913) (967) (84) (57) (236) (248) (171) (173) Federal subsidy on benefits paid n/a n/a n/a n/a n/a n/a — 1 Foreign currency exchange rate changes n/a n/a (51) 102 n/a n/a — — Projected benefit obligation, December 31 $ 15,676 $ 16,427 $ 3,116 $ 3,340 $ 2,753 $ 3,005 $ 928 $ 1,007 Amounts recognized on Consolidated Balance Sheet Other assets $ 6,402 $ 5,349 $ 550 $ 428 $ 777 $ 812 $ — $ — Accrued expenses and other liabilities — — (635) (690) (945) (1,028) (811) (864) Net amount recognized, December 31 $ 6,402 $ 5,349 $ (85) $ (262) $ (168) $ (216) $ (811) $ (864) Funded status, December 31 Accumulated benefit obligation $ 15,676 $ 16,427 $ 3,031 $ 3,253 $ 2,753 $ 3,005 n/a n/a Overfunded (unfunded) status of ABO 6,402 5,349 — (175) (168) (216) n/a n/a Provision for future salaries — — 85 87 — — n/a n/a Projected benefit obligation 15,676 16,427 3,116 3,340 2,753 3,005 $ 928 $ 1,007 Weighted-average assumptions, December 31 Discount rate 2.86 % 2.57 % 1.85 % 1.37 % 2.80 % 2.33 % 2.85 % 2.48 % Rate of compensation increase n/a n/a 4.46 4.11 4.00 4.00 n/a n/a Interest-crediting rate 4.83 % 5.02 % 1.90 1.58 4.22 4.49 n/a n/a (1) The measurement date for all of the above plans was December 31 of each year reported. n/a = not applicable |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2021 and 2020 are presented in the table below. For these plans, funding strategies vary due to legal requirements and local practices. Plans with ABO and PBO in Excess of Plan Assets Non-U.S. Nonqualified (Dollars in millions) 2021 2020 2021 2020 PBO $ 841 $ 900 $ 945 $ 1,028 ABO 780 841 945 1,028 Fair value of plan assets 207 211 1 1 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2021 and 2020 are presented in the table below. For these plans, funding strategies vary due to legal requirements and local practices. Plans with ABO and PBO in Excess of Plan Assets Non-U.S. Nonqualified (Dollars in millions) 2021 2020 2021 2020 PBO $ 841 $ 900 $ 945 $ 1,028 ABO 780 841 945 1,028 Fair value of plan assets 207 211 1 1 |
Schedule of Net Benefit Costs | Components of Net Periodic Benefit Cost Qualified Pension Plan Non-U.S. Pension Plans (Dollars in millions) 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost (income) Service cost $ — $ — $ — $ 28 $ 20 $ 17 Interest cost 414 500 593 45 49 65 Expected return on plan assets (1,173) (1,154) (1,088) (70) (66) (99) Amortization of net actuarial loss 193 173 135 19 9 6 Other — — — 5 8 4 Net periodic benefit cost (income) $ (566) $ (481) $ (360) $ 27 $ 20 $ (7) Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 2.57 % 3.32 % 4.32 % 1.35 % 1.81 % 2.60 % Expected return on plan assets 5.75 6.00 6.00 2.30 2.57 4.13 Rate of compensation increase n/a n/a n/a 4.11 4.10 4.49 Nonqualified and Postretirement Health (Dollars in millions) 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost (income) Service cost $ — $ 1 $ 1 $ 5 $ 5 $ 5 Interest cost 67 90 113 24 32 38 Expected return on plan assets (49) (71) (95) (3) (4) (5) Amortization of net actuarial loss (gain) 63 50 34 20 29 (24) Other — — — — (2) (2) Net periodic benefit cost (income) $ 81 $ 70 $ 53 $ 46 $ 60 $ 12 Weighted-average assumptions used to determine net cost for years ended December 31 Discount rate 2.33 % 3.20 % 4.26 % 2.48 % 3.27 % 4.25 % Expected return on plan assets 1.88 2.77 3.73 2.00 2.00 2.00 Rate of compensation increase 4.00 4.00 4.00 n/a n/a n/a n/a = not applicable |
Schedule of Pretax Amounts Included in Accumulated OCI | Pretax Amounts included in Accumulated OCI and OCI Qualified Non-U.S. Nonqualified Postretirement Total (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net actuarial loss (gain) $ 3,425 $ 3,912 $ 456 $ 628 $ 945 $ 987 $ 4 $ 66 $ 4,830 $ 5,593 Prior service cost (credits) — — 17 18 — — (3) (4) 14 14 Amounts recognized in accumulated OCI $ 3,425 $ 3,912 $ 473 $ 646 $ 945 $ 987 $ 1 $ 62 $ 4,844 $ 5,607 Current year actuarial loss (gain) $ (294) $ 219 $ (154) $ 79 $ 21 $ 29 $ (41) $ 47 $ (468) $ 374 Amortization of actuarial gain (loss) and prior service cost (193) (173) (19) (12) (63) (50) (20) (27) (295) (262) Current year prior service cost (credit) — — — 3 — — — — — 3 Amounts recognized in OCI $ (487) $ 46 $ (173) $ 70 $ (42) $ (21) $ (61) $ 20 $ (763) $ 115 |
Schedule of Pretax Amounts Recognized in OCI | Pretax Amounts included in Accumulated OCI and OCI Qualified Non-U.S. Nonqualified Postretirement Total (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net actuarial loss (gain) $ 3,425 $ 3,912 $ 456 $ 628 $ 945 $ 987 $ 4 $ 66 $ 4,830 $ 5,593 Prior service cost (credits) — — 17 18 — — (3) (4) 14 14 Amounts recognized in accumulated OCI $ 3,425 $ 3,912 $ 473 $ 646 $ 945 $ 987 $ 1 $ 62 $ 4,844 $ 5,607 Current year actuarial loss (gain) $ (294) $ 219 $ (154) $ 79 $ 21 $ 29 $ (41) $ 47 $ (468) $ 374 Amortization of actuarial gain (loss) and prior service cost (193) (173) (19) (12) (63) (50) (20) (27) (295) (262) Current year prior service cost (credit) — — — 3 — — — — — 3 Amounts recognized in OCI $ (487) $ 46 $ (173) $ 70 $ (42) $ (21) $ (61) $ 20 $ (763) $ 115 |
Schedule of Allocation of Plan Assets | The target allocations for 2022 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, and Nonqualified and Other Pension Plans are presented in the table below. Equity securities for the Qualified Pension Plan include common stock of the Corporation in the amounts of $398 million (1.80 percent of total plan assets) and $274 million (1.26 percent of total plan assets) at December 31, 2021 and 2020. 2022 Target Allocation Percentage Asset Category Qualified Non-U.S. Nonqualified Equity securities 15 - 50% 0 - 25% 0 - 5% Debt securities 45 - 80% 40 - 70% 95 - 100% Real estate 0 - 10% 0 - 15% 0 - 5% Other 0 - 5% 10 - 40% 0 - 5% |
Schedule of Changes in Fair Value of Plan Assets | Combined plan investment assets measured at fair value by level and in total at December 31, 2021 and 2020 are summarized in the Fair Value Measurements table. Fair Value Measurements Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (Dollars in millions) December 31, 2021 December 31, 2020 Money market and interest-bearing cash $ 1,339 $ — $ — $ 1,339 $ 1,380 $ — $ — $ 1,380 U.S. government and government agency obligations 4,948 934 6 5,888 4,590 1,238 7 5,835 Corporate debt — 4,900 — 4,900 — 5,021 — 5,021 Non-U.S. debt securities 925 1,165 — 2,090 1,021 1,122 — 2,143 Asset-backed securities — 1,485 — 1,485 — 1,967 — 1,967 Mutual and exchange traded funds 1,395 — — 1,395 1,362 — — 1,362 Collective investment funds — 3,419 — 3,419 — 3,199 — 3,199 Common and preferred stocks 4,826 — — 4,826 4,438 — — 4,438 Real estate investment trusts 87 — — 87 73 — — 73 Participant loans — — 7 7 — — 7 7 Other investments (1) 1 29 630 660 1 29 684 714 Total plan investment assets, at fair value (2) $ 13,521 $ 11,932 $ 643 $ 26,096 $ 12,865 $ 12,576 $ 698 $ 26,139 (1) Other investments includes insurance annuity contracts of $612 million and $664 million and other various investments of $48 million and $50 million at December 31, 2021 and 2020. (2) At December 31, 2021 and 2020, excludes $1.7 billion and $1.6 billion of certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not required to be classified in the fair value hierarchy. Prior period has been revised to conform to current-period presentation. The Level 3 Fair Value Measurements table presents a reconciliation of all plan investment assets measured at fair value using significant unobservable inputs (Level 3) during 2021, 2020 and 2019. Level 3 Fair Value Measurements Balance Actual Return on Purchases, Sales and Settlements Balance (Dollars in millions) 2021 U.S. government and government agency obligations $ 7 $ — $ (1) $ 6 Participant Loans 7 — — 7 Other investments 684 (5) (49) 630 Total $ 698 $ (5) $ (50) $ 643 2020 U.S. government and government agency obligations $ 8 $ — $ (1) $ 7 Participant Loans 8 — (1) 7 Other investments 628 6 50 684 Total $ 644 $ 6 $ 48 $ 698 2019 U.S. government and government agency obligations $ 9 $ — $ (1) $ 8 Private real estate 5 — (5) — Participant loans 12 — (4) 8 Other investments 576 6 46 628 Total $ 602 $ 6 $ 36 $ 644 |
Schedule of Expected Benefit Payments | Benefit payments projected to be made from the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below. Projected Benefit Payments (Dollars in millions) Qualified Pension Plan (1) Non-U.S. Pension Plans (2) Nonqualified and Other Pension Plans (2) Postretirement Health and Life Plans (3) 2022 $ 948 $ 134 $ 239 $ 78 2023 938 142 244 74 2024 949 135 225 71 2025 936 142 223 67 2026 941 140 218 64 2027 - 2031 4,395 668 940 275 (1) Benefit payments expected to be made from the plan’s assets. (2) Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets. (3) Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets. |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The table below presents the status at December 31, 2021 of the share-settled restricted stock and restricted stock units and changes during 2021. Stock-settled Restricted Stock and Restricted Stock Units Shares/Units Weighted- Outstanding at January 1, 2021 167,953,229 $ 30.60 Granted 96,804,487 32.32 Vested (69,337,350) 30.19 Canceled (10,369,524) 32.58 Outstanding at December 31, 2021 185,050,842 31.54 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for 2021, 2020 and 2019 are presented in the table below. Income Tax Expense (Dollars in millions) 2021 2020 2019 Current income tax expense U.S. federal $ 1,076 $ 1,092 $ 1,136 U.S. state and local 775 1,076 901 Non-U.S. 985 670 852 Total current expense 2,836 2,838 2,889 Deferred income tax expense U.S. federal 962 (799) 2,001 U.S. state and local 491 (233) 223 Non-U.S. (2,291) (705) 211 Total deferred expense (838) (1,737) 2,435 Total income tax expense $ 1,998 $ 1,101 $ 5,324 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the expected U.S. federal income tax expense, calculated by applying the federal statutory tax rate, to the Corporation’s actual income tax expense, and the effective tax rates for 2021, 2020 and 2019 are presented in the following table. Reconciliation of Income Tax Expense Amount Percent Amount Percent Amount Percent (Dollars in millions) 2021 2020 2019 Expected U.S. federal income tax expense $ 7,135 21.0 % $ 3,989 21.0 % $ 6,878 21.0 % Increase (decrease) in taxes resulting from: State tax expense, net of federal benefit 1,087 3.2 728 3.8 1,283 3.9 Affordable housing/energy/other credits (3,795) (11.2) (2,869) (15.1) (2,365) (7.2) Tax law changes (2,050) (6.0) (699) (3.7) — — Tax-exempt income, including dividends (352) (1.0) (346) (1.8) (433) (1.3) Changes in prior-period UTBs, including interest (155) (0.5) (41) (0.2) (613) (1.9) Nondeductible expenses 206 0.6 324 1.7 290 0.9 Rate differential on non-U.S. earnings 45 0.1 218 1.1 504 1.5 Other (123) (0.3) (203) (1.0) (220) (0.6) Total income tax expense $ 1,998 5.9 % $ 1,101 5.8 % $ 5,324 16.3 % |
Reconciliation of Change in Unrecognized Tax Benefits | The reconciliation of the beginning unrecognized tax benefits (UTB) balance to the ending balance is presented in the table below. Reconciliation of the Change in Unrecognized Tax Benefits (Dollars in millions) 2021 2020 2019 Balance, January 1 $ 1,340 $ 1,175 $ 2,197 Increases related to positions taken during the current year 208 238 238 Increases related to positions taken during prior years (1) 265 99 401 Decreases related to positions taken during prior years (1) (413) (172) (1,102) Settlements (23) — (541) Expiration of statute of limitations (55) — (18) Balance, December 31 $ 1,322 $ 1,340 $ 1,175 (1) The sum of the positions taken during prior years differs from the $(155) million, $(41) million and $(613) million in the Reconciliation of Income Tax Expense table due to temporary items, state items and jurisdictional offsets, as well as the inclusion of interest in the Reconciliation of Income Tax Expense table. |
Summary of Income Tax Examinations | The table below summarizes the status of examinations by major jurisdiction for the Corporation and various subsidiaries at December 31, 2021. Tax Examination Status Years under Examination (1) Status at December 31 2021 United States 2017-2021 Field Examination California 2012-2014 Appeals California 2015-2017 Field Examination New York 2016-2018 Field Examination United Kingdom (2) 2019 Field Examination (1) All tax years subsequent to the years shown remain subject to examination. (2) Field examination for tax year 2020 to begin in 2022. |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Corporation’s net deferred tax assets and liabilities at December 31, 2021 and 2020 are presented in the table below. Deferred Tax Assets and Liabilities December 31 (Dollars in millions) 2021 2020 Deferred tax assets Net operating loss carryforwards $ 9,360 $ 7,717 Allowance for credit losses 3,097 4,701 Security, loan and debt valuations 2,746 2,571 Lease liability 2,508 2,400 Accrued expenses 1,626 1,481 Employee compensation and retirement benefits 1,392 1,582 Credit carryforwards 705 484 Other 1,160 1,412 Gross deferred tax assets 22,594 22,348 Valuation allowance (1,988) (2,346) Total deferred tax assets, net of valuation 20,606 20,002 Deferred tax liabilities Equipment lease financing 3,083 3,101 Right-to-use asset 2,358 2,296 Fixed assets 2,082 1,957 ESG-related tax credit investments 1,387 1,930 Available-for-sale securities 1,016 1,701 Other 1,527 1,570 Gross deferred tax liabilities 11,453 12,555 Net deferred tax assets $ 9,153 $ 7,447 |
Schedule of Operating Loss Carryforwards | The table below summarizes the deferred tax assets and related valuation allowances recognized for the net operating loss (NOL) and tax credit carryforwards at December 31, 2021. Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets (Dollars in millions) Deferred Valuation Net First Year Net operating losses - U.K. (1) $ 7,713 $ — $ 7,713 None Net operating losses - other non-U.S. 494 (253) 241 Various Net operating losses - U.S. states (2) 1,153 (610) 543 Various Foreign tax credits 705 (705) — After 2028 (1) Represents U.K. broker-dealer net operating losses that may be carried forward indefinitely. (2) The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.5 billion and $772 million. |
Summary of Tax Credit Carryforwards | The table below summarizes the deferred tax assets and related valuation allowances recognized for the net operating loss (NOL) and tax credit carryforwards at December 31, 2021. Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets (Dollars in millions) Deferred Valuation Net First Year Net operating losses - U.K. (1) $ 7,713 $ — $ 7,713 None Net operating losses - other non-U.S. 494 (253) 241 Various Net operating losses - U.S. states (2) 1,153 (610) 543 Various Foreign tax credits 705 (705) — After 2028 (1) Represents U.K. broker-dealer net operating losses that may be carried forward indefinitely. (2) The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.5 billion and $772 million. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables. December 31, 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 $ 707 $ — $ — $ — $ 707 Federal funds sold and securities borrowed or purchased under agreements to resell — 150,665 — — 150,665 Trading account assets: U.S. Treasury and government agencies 44,599 803 — — 45,402 Corporate securities, trading loans and other — 31,601 2,110 — 33,711 Equity securities 61,425 38,383 190 — 99,998 Non-U.S. sovereign debt 3,822 25,612 396 — 29,830 Mortgage trading loans, MBS and ABS: U.S. government-sponsored agency guaranteed — 25,645 109 — 25,754 Mortgage trading loans, ABS and other MBS — 10,967 1,418 — 12,385 Total trading account assets (2) 109,846 133,011 4,223 — 247,080 Derivative assets 34,748 310,581 3,133 (313,118) 35,344 AFS debt securities: U.S. Treasury and government agencies 198,071 1,074 — — 199,145 Mortgage-backed securities: Agency — 46,339 — — 46,339 Agency-collateralized mortgage obligations — 3,380 — — 3,380 Non-agency residential — 267 316 — 583 Commercial — 19,604 — — 19,604 Non-U.S. securities — 11,933 — — 11,933 Other taxable securities — 2,690 71 — 2,761 Tax-exempt securities — 15,381 52 — 15,433 Total AFS debt securities 198,071 100,668 439 — 299,178 Other debt securities carried at fair value: U.S. Treasury and government agencies 575 — — — 575 Non-agency residential MBS — 343 242 — 585 Non-U.S. and other securities 2,580 5,155 — — 7,735 Total other debt securities carried at fair value 3,155 5,498 242 — 8,895 Loans and leases — 7,071 748 — 7,819 Loans held-for-sale — 4,138 317 — 4,455 Other assets (3) 7,657 2,915 1,572 — 12,144 Total assets (4) $ 354,184 $ 714,547 $ 10,674 $ (313,118) $ 766,287 Liabilities Interest-bearing deposits in U.S. offices $ — $ 408 $ — $ — $ 408 Federal funds purchased and securities loaned or sold under agreements to repurchase — 139,641 — — 139,641 Trading account liabilities: U.S. Treasury and government agencies 19,826 313 — — 20,139 Equity securities 41,744 6,491 — — 48,235 Non-U.S. sovereign debt 10,400 13,781 — — 24,181 Corporate securities and other — 8,124 11 — 8,135 Total trading account liabilities 71,970 28,709 11 — 100,690 Derivative liabilities 35,282 314,380 5,795 (317,782) 37,675 Short-term borrowings — 4,279 — — 4,279 Accrued expenses and other liabilities 8,359 3,130 — — 11,489 Long-term debt — 28,633 1,075 — 29,708 Total liabilities (4) $ 115,611 $ 519,180 $ 6,881 $ (317,782) $ 323,890 (1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties. (2) Includes securities with a fair value of $10.6 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 $752 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell. (3) Includes MSRs of $818 million which are classified as Level 3 assets. (4) Total recurring Level 3 assets were 0.34 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.24 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 government agencies 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 — 21,566 75 — 21,641 Mortgage trading loans, ABS and other MBS — 8,440 1,365 — 9,805 Total trading account assets (2) 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 government agencies 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 government agencies 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 (3) 9,898 3,850 1,970 — 15,718 Total assets (4) $ 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 government agencies 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 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 is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell. (3) Includes MSRs of $1.0 billion which are classified as Level 3 assets. (4) 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 2021, 2020 and 2019, 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 Year Ended December 31, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,359 $ (17) $ — $ 765 $ (437) $ — $ (327) $ 1,218 $ (451) $ 2,110 $ (79) Equity securities 227 (18) — 103 (68) — — 112 (166) 190 (44) Non-U.S. sovereign debt 354 31 (20) 18 — — (13) 26 — 396 34 Mortgage trading loans, ABS and other MBS 1,440 (58) — 518 (721) 7 (167) 771 (263) 1,527 (91) Total trading account assets 3,380 (62) (20) 1,404 (1,226) 7 (507) 2,127 (880) 4,223 (180) Net derivative assets (liabilities) (4) (3,468) 927 — 521 (653) — 293 (74) (208) (2,662) 800 AFS debt securities: Non-agency residential MBS 378 (11) (111) — (98) — (45) 304 (101) 316 8 Non-U.S. securities 18 (4) — — (10) — (4) — — — — Other taxable securities 71 — (7) 8 — — — — (1) 71 — Tax-exempt securities 176 20 — — — — (2) — (142) 52 (19) Total AFS debt securities 643 5 (118) 8 (108) — (51) 304 (244) 439 (11) Other debt securities carried at fair value – Non-agency residential MBS 267 1 — — (45) — (37) 101 (45) 242 10 Loans and leases (5,6) 717 62 — 59 (13) 70 (180) 46 (13) 748 65 Loans held-for-sale (5,6) 236 13 (6) 132 (1) — (79) 26 (4) 317 18 Other assets (6,7) 1,970 7 3 26 (202) 144 (383) 9 (2) 1,572 3 Trading account liabilities – Corporate securities and other (16) 6 — — — (1) — — — (11) — Long-term debt (5) (1,164) (92) 13 (6) 15 (12) 98 (65) 138 (1,075) (113) Year Ended December 31, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,507 $ (138) $ (1) $ 430 $ (242) $ 10 $ (282) $ 639 $ (564) $ 1,359 $ (102) Equity securities 239 (43) — 78 (53) — (3) 58 (49) 227 (31) Non-U.S. sovereign debt 482 45 (46) 76 (61) — (39) 150 (253) 354 47 Mortgage trading loans, ABS and other MBS 1,553 (120) (3) 577 (746) 11 (96) 757 (493) 1,440 (92) Total trading account assets 3,781 (256) (50) 1,161 (1,102) 21 (420) 1,604 (1,359) 3,380 (178) Net derivative assets (liabilities) (4) (2,538) (235) — 120 (646) — (112) (235) 178 (3,468) (953) AFS debt securities: Non-agency residential MBS 424 (2) 3 23 (54) — (44) 158 (130) 378 (2) Non-U.S. securities 2 1 — — (1) — (1) 17 — 18 1 Other taxable securities 65 — — 9 (4) — — 1 — 71 — Tax-exempt securities 108 (21) 3 — — — (169) 265 (10) 176 (20) Total AFS debt securities 599 (22) 6 32 (59) — (214) 441 (140) 643 (21) Other debt securities carried at fair value – Non-agency residential MBS 299 26 — — (180) — (24) 190 (44) 267 3 Loans and leases (5,6) 693 (4) — 145 (76) 22 (161) 98 — 717 9 Loans held-for-sale (5,6) 375 26 (28) — (489) 691 (119) 93 (313) 236 (5) Other assets (6,7) 2,360 (288) 3 178 (4) 224 (506) 5 (2) 1,970 (374) Trading account liabilities – Equity securities (2) 1 — — — — — — 1 — — Trading account liabilities – Corporate securities and other (15) 8 — (7) (3) — 1 — — (16) — Long-term debt (5) (1,149) (46) 2 (104) — (47) 218 (52) 14 (1,164) (5) (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 market making and similar activities and 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 losses of $19 million and $41 million related to financial instruments still held at December 31, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.1 billion and $2.8 billion and derivative liabilities of $5.8 billion and $6.2 billion at December 31, 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) (Dollars in millions) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (Losses) in OCI (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) Purchases Sales Issuances Settlements Year Ended December 31, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,558 $ 105 $ — $ 534 $ (390) $ 18 $ (578) $ 699 $ (439) $ 1,507 $ 29 Equity securities 276 (12) — 38 (87) — (9) 79 (46) 239 (18) Non-U.S. sovereign debt 465 46 (12) 1 — — (51) 39 (6) 482 47 Mortgage trading loans, ABS and other MBS 1,635 99 (2) 662 (899) — (175) 738 (505) 1,553 26 Total trading account assets 3,934 238 (14) 1,235 (1,376) 18 (813) 1,555 (996) 3,781 84 Net derivative assets (liabilities) (4,8) (935) (37) — 298 (837) — (97) 147 (1,077) (2,538) 228 AFS debt securities: Non-agency residential MBS 597 13 64 — (73) — (40) 206 (343) 424 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 7 2 — — — — (5) 61 — 65 — Tax-exempt securities — — — — — — — 108 — 108 — Total AFS debt securities 606 15 64 — (73) — (45) 375 (343) 599 — Other debt securities carried at fair value - Non-agency residential MBS 172 36 — — — — (17) 155 (47) 299 38 Loans and leases (5,6) 338 — — 230 (35) 217 (57) — — 693 (1) Loans held-for-sale (5,6) 542 48 (6) 12 (71) 36 (245) 59 — 375 22 Other assets (6,7) 2,932 (81) 19 — (10) 179 (683) 5 (1) 2,360 (267) Trading account liabilities – Equity securities — (2) — — — — — — — (2) (2) Trading account liabilities – Corporate securities and other (18) 8 — (1) (3) (1) — — — (15) — Long-term debt (5,8) (817) (59) (64) — — (40) 180 (350) 1 (1,149) (55) (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 - predominantly 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 of $3 million related to financial instruments still held at December 31, 2019. (4) Net derivative assets (liabilities) include derivative assets of $2.2 billion and derivative liabilities of $4.8 billion at December 31, 2019. (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. (8) Transfers into long-term debt include a $1.4 billion transfer in of Level 3 derivative assets to reflect the Corporation's change to present bifurcated embedded derivatives with their respective host instruments. |
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 2021, 2020 and 2019, 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 Year Ended December 31, 2021 Trading account assets: Corporate securities, trading loans and other $ 1,359 $ (17) $ — $ 765 $ (437) $ — $ (327) $ 1,218 $ (451) $ 2,110 $ (79) Equity securities 227 (18) — 103 (68) — — 112 (166) 190 (44) Non-U.S. sovereign debt 354 31 (20) 18 — — (13) 26 — 396 34 Mortgage trading loans, ABS and other MBS 1,440 (58) — 518 (721) 7 (167) 771 (263) 1,527 (91) Total trading account assets 3,380 (62) (20) 1,404 (1,226) 7 (507) 2,127 (880) 4,223 (180) Net derivative assets (liabilities) (4) (3,468) 927 — 521 (653) — 293 (74) (208) (2,662) 800 AFS debt securities: Non-agency residential MBS 378 (11) (111) — (98) — (45) 304 (101) 316 8 Non-U.S. securities 18 (4) — — (10) — (4) — — — — Other taxable securities 71 — (7) 8 — — — — (1) 71 — Tax-exempt securities 176 20 — — — — (2) — (142) 52 (19) Total AFS debt securities 643 5 (118) 8 (108) — (51) 304 (244) 439 (11) Other debt securities carried at fair value – Non-agency residential MBS 267 1 — — (45) — (37) 101 (45) 242 10 Loans and leases (5,6) 717 62 — 59 (13) 70 (180) 46 (13) 748 65 Loans held-for-sale (5,6) 236 13 (6) 132 (1) — (79) 26 (4) 317 18 Other assets (6,7) 1,970 7 3 26 (202) 144 (383) 9 (2) 1,572 3 Trading account liabilities – Corporate securities and other (16) 6 — — — (1) — — — (11) — Long-term debt (5) (1,164) (92) 13 (6) 15 (12) 98 (65) 138 (1,075) (113) Year Ended December 31, 2020 Trading account assets: Corporate securities, trading loans and other $ 1,507 $ (138) $ (1) $ 430 $ (242) $ 10 $ (282) $ 639 $ (564) $ 1,359 $ (102) Equity securities 239 (43) — 78 (53) — (3) 58 (49) 227 (31) Non-U.S. sovereign debt 482 45 (46) 76 (61) — (39) 150 (253) 354 47 Mortgage trading loans, ABS and other MBS 1,553 (120) (3) 577 (746) 11 (96) 757 (493) 1,440 (92) Total trading account assets 3,781 (256) (50) 1,161 (1,102) 21 (420) 1,604 (1,359) 3,380 (178) Net derivative assets (liabilities) (4) (2,538) (235) — 120 (646) — (112) (235) 178 (3,468) (953) AFS debt securities: Non-agency residential MBS 424 (2) 3 23 (54) — (44) 158 (130) 378 (2) Non-U.S. securities 2 1 — — (1) — (1) 17 — 18 1 Other taxable securities 65 — — 9 (4) — — 1 — 71 — Tax-exempt securities 108 (21) 3 — — — (169) 265 (10) 176 (20) Total AFS debt securities 599 (22) 6 32 (59) — (214) 441 (140) 643 (21) Other debt securities carried at fair value – Non-agency residential MBS 299 26 — — (180) — (24) 190 (44) 267 3 Loans and leases (5,6) 693 (4) — 145 (76) 22 (161) 98 — 717 9 Loans held-for-sale (5,6) 375 26 (28) — (489) 691 (119) 93 (313) 236 (5) Other assets (6,7) 2,360 (288) 3 178 (4) 224 (506) 5 (2) 1,970 (374) Trading account liabilities – Equity securities (2) 1 — — — — — — 1 — — Trading account liabilities – Corporate securities and other (15) 8 — (7) (3) — 1 — — (16) — Long-term debt (5) (1,149) (46) 2 (104) — (47) 218 (52) 14 (1,164) (5) (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 market making and similar activities and 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 losses of $19 million and $41 million related to financial instruments still held at December 31, 2021 and 2020. (4) Net derivative assets (liabilities) include derivative assets of $3.1 billion and $2.8 billion and derivative liabilities of $5.8 billion and $6.2 billion at December 31, 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) (Dollars in millions) Balance Total Realized/Unrealized Gains (Losses) in Net Income (2) Gains (Losses) in OCI (3) Gross Gross Gross Balance Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2) Purchases Sales Issuances Settlements Year Ended December 31, 2019 Trading account assets: Corporate securities, trading loans and other $ 1,558 $ 105 $ — $ 534 $ (390) $ 18 $ (578) $ 699 $ (439) $ 1,507 $ 29 Equity securities 276 (12) — 38 (87) — (9) 79 (46) 239 (18) Non-U.S. sovereign debt 465 46 (12) 1 — — (51) 39 (6) 482 47 Mortgage trading loans, ABS and other MBS 1,635 99 (2) 662 (899) — (175) 738 (505) 1,553 26 Total trading account assets 3,934 238 (14) 1,235 (1,376) 18 (813) 1,555 (996) 3,781 84 Net derivative assets (liabilities) (4,8) (935) (37) — 298 (837) — (97) 147 (1,077) (2,538) 228 AFS debt securities: Non-agency residential MBS 597 13 64 — (73) — (40) 206 (343) 424 — Non-U.S. securities 2 — — — — — — — — 2 — Other taxable securities 7 2 — — — — (5) 61 — 65 — Tax-exempt securities — — — — — — — 108 — 108 — Total AFS debt securities 606 15 64 — (73) — (45) 375 (343) 599 — Other debt securities carried at fair value - Non-agency residential MBS 172 36 — — — — (17) 155 (47) 299 38 Loans and leases (5,6) 338 — — 230 (35) 217 (57) — — 693 (1) Loans held-for-sale (5,6) 542 48 (6) 12 (71) 36 (245) 59 — 375 22 Other assets (6,7) 2,932 (81) 19 — (10) 179 (683) 5 (1) 2,360 (267) Trading account liabilities – Equity securities — (2) — — — — — — — (2) (2) Trading account liabilities – Corporate securities and other (18) 8 — (1) (3) (1) — — — (15) — Long-term debt (5,8) (817) (59) (64) — — (40) 180 (350) 1 (1,149) (55) (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 - predominantly 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 of $3 million related to financial instruments still held at December 31, 2019. (4) Net derivative assets (liabilities) include derivative assets of $2.2 billion and derivative liabilities of $4.8 billion at December 31, 2019. (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. (8) Transfers into long-term debt include a $1.4 billion transfer in of Level 3 derivative assets to reflect the Corporation's change to present bifurcated embedded derivatives with their respective host instruments. |
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 December 31, 2021 and 2020. Quantitative Information about Level 3 Fair Value Measurements at December 31, 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 $ 1,269 Discounted cash flow, Market comparables Yield 0% to 25% 6 % Trading account assets – Mortgage trading loans, ABS and other MBS 338 Prepayment speed 1% to 40% CPR 19% CPR Loans and leases 373 Default rate 0% to 3% CDR 1% CDR AFS debt securities – Non-agency residential 316 Price $0 to $168 $92 Other debt securities carried at fair value – Non-agency residential 242 Loss severity 0% to 43% 13 % Instruments backed by commercial real estate assets $ 298 Discounted cash Yield 0% to 25% 4 % Trading account assets – Corporate securities, trading loans and other 138 Price $0 to $101 $57 Trading account assets – Mortgage trading loans, ABS and other MBS 77 AFS debt securities – Other taxable securities 71 Loans held-for-sale 12 Commercial loans, debt securities and other $ 4,212 Discounted cash flow, Market comparables Yield 0% to 19% 10 % Trading account assets – Corporate securities, trading loans and other 1,972 Prepayment speed 10% to 20% 16 % Trading account assets – Non-U.S. sovereign debt 396 Default rate 3% to 4% 4 % Trading account assets – Mortgage trading loans, ABS and other MBS 1,112 Loss severity 35% to 40% 37 % AFS debt securities – Tax-exempt securities 52 Price $0 to $189 $73 Loans and leases 375 Long-dated equity volatilities 45% n/a Loans held-for-sale 305 Other assets, primarily auction rate securities $ 754 Discounted cash flow, Market comparables Price $10 to $96 $91 Discount rate 9 % n/a MSRs $ 818 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 $ (1,075) Discounted cash flow, Market comparables, Industry standard derivative pricing (3) Yield 0% to 19% 18 % Equity correlation 3% to 100% 80 % Long-dated equity volatilities 5% to 78% 36 % Price $0 to $125 $82 Natural gas forward price $2/MMBtu to $8/MMBtu $4 /MMBtu Net derivative assets (liabilities) Credit derivatives $ (104) Discounted cash flow, Stochastic recovery correlation model Credit spreads 7 to 155 bps 61 bps Upfront points 16 to 100 points 68 points Prepayment speed 15% CPR n/a Default rate 2% CDR n/a Credit correlation 20% to 60% 55 % Price $0 to $120 $53 Equity derivatives $ (1,710) Industry standard derivative pricing (3) Equity correlation 3% to 100% 80 % Long-dated equity volatilities 5% to 78% 36 % Commodity derivatives $ (976) Discounted cash flow, Industry standard derivative pricing (3) Natural gas forward price $2/MMBtu to $8/MMBtu $4 /MMBtu Correlation 65% to 85% 76 % Power forward price $11 to $103 $32 Volatilities 41% to 69% 63 % Interest rate derivatives $ 128 Industry standard derivative pricing (4) Correlation (IR/IR) (1)% to 90% 54 % Correlation (FX/IR) (1)% to 58% 44 % Long-dated inflation rates (10)% to 11% 3 % Long-dated inflation volatilities 0% to 2% 2 % Interest rate volatilities 0% to 2% 1 % Total net derivative assets (liabilities) $ (2,662) (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 152: Trading account assets – Corporate securities, trading loans and other of $2.1 billion, Trading account assets – Non-U.S. sovereign debt of $396 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.5 billion, AFS debt securities of $439 million, Other debt securities carried at fair value - Non-agency residential of $242 million, Other assets, including MSRs, of $1.6 billion, Loans and leases of $748 million and LHFS of $317 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 153: 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 | Assets Measured at Fair Value on a Nonrecurring Basis December 31, 2021 December 31, 2020 (Dollars in millions) Level 2 Level 3 Level 2 Level 3 Assets Loans held-for-sale $ 634 $ 24 $ 1,020 $ 792 Loans and leases (1) — 213 — 301 Foreclosed properties (2, 3) — 5 — 17 Other assets 256 2,046 323 576 Gains (Losses) 2021 2020 2019 Assets Loans held-for-sale $ (44) $ (79) $ (14) Loans and leases (1) (60) (73) (81) Foreclosed properties (2) (6) (9) Other assets (492) (98) (2,145) (1) Includes $24 million, $30 million and $36 million of losses on loans that were written down to a collateral value of zero during 2021, 2020 and 2019, respectively. (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 $52 million and $119 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at December 31, 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 December 31, 2021 and 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) Year Ended December 31, 2021 Loans and leases (2) $ 213 Market comparables OREO discount 13% to 59% 24 % Costs to sell 8% to 26% 9 % Other assets (3) 1,875 Discounted cash flow Discount rate 7 % n/a 166 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 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 2021, 2020 and 2019. Fair Value Option Elections December 31, 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 $ 150,665 $ 150,677 $ (12) $ 108,856 $ 108,811 $ 45 Loans reported as trading account assets (1) 10,864 18,895 (8,031) 7,967 17,372 (9,405) Trading inventory – other 21,986 n/a n/a 22,790 n/a n/a Consumer and commercial loans 7,819 7,888 (69) 6,681 6,778 (97) Loans held-for-sale (1) 4,455 5,343 (888) 1,585 2,521 (936) Other assets 544 n/a n/a 200 n/a n/a Long-term deposits 408 401 7 481 448 33 Federal funds purchased and securities loaned or sold under agreements to repurchase 139,641 139,682 (41) 135,391 135,390 1 Short-term borrowings 4,279 4,127 152 5,874 5,178 696 Unfunded loan commitments 97 n/a n/a 99 n/a n/a Long-term debt 29,708 30,903 (1,195) 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 Market making Other Total (Dollars in millions) 2021 Loans reported as trading account assets $ 275 $ — $ 275 Trading inventory – other (1) (211) — (211) Consumer and commercial loans 78 40 118 Loans held-for-sale (2) — 58 58 Short-term borrowings 883 — 883 Long-term debt (3) (604) (41) (645) Other (4) 18 (23) (5) Total (5) $ 439 $ 34 $ 473 2020 Loans reported as trading account assets $ 107 $ — $ 107 Trading inventory – other (1) 3,216 — 3,216 Consumer and commercial loans 22 (3) 19 Loans held-for-sale (2) — 103 103 Short-term borrowings (170) — (170) Unfunded loan commitments — (65) (65) Long-term debt (3) (2,175) (53) (2,228) Other (4) 35 (22) 13 Total (5) $ 1,035 $ (40) $ 995 2019 Loans reported as trading account assets $ 203 $ — $ 203 Trading inventory – other (1) 5,795 — 5,795 Consumer and commercial loans 92 12 104 Loans held-for-sale (2) — 98 98 Short-term borrowings (24) — (24) Unfunded loan commitments — 79 79 Long-term debt (3) (1,098) (78) (1,176) Other (4) 9 (27) (18) Total (5) $ 4,977 $ 84 $ 5,061 (1) The gains (losses) in market making and similar activities are primarily offset by (losses) gains 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 14 – Accumulated Other Comprehensive Income (Loss) . For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements. (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. (5) Gains (losses) related to borrower-specific credit risk were $162 million, $(361) million and $194 million in 2021, 2020 and 2019, respectively. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 are presented in the following table. Fair Value of Financial Instruments Fair Value Carrying Value Level 2 Level 3 Total (Dollars in millions) December 31, 2021 Financial assets Loans $ 946,142 $ 53,544 $ 919,980 $ 973,524 Loans held-for-sale 15,635 15,016 627 15,643 Financial liabilities Deposits (1) 2,064,446 2,064,438 — 2,064,438 Long-term debt 280,117 286,802 1,288 288,090 Commercial unfunded lending commitments (2) 1,554 97 6,384 6,481 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 $1.0 trillion and $799.0 billion with no stated maturities at December 31, 2021 and 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 12 – Commitments and Contingencies . |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table below presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for 2021, 2020 and 2019, and total assets at December 31, 2021 and 2020 for each business segment, as well as All Other. Results of Business Segments and All Other At and for the year ended December 31 Total Corporation (1) Consumer Banking (Dollars in millions) 2021 2020 2019 2021 2020 2019 Net interest income $ 43,361 $ 43,859 $ 49,486 $ 24,929 $ 24,698 $ 28,158 Noninterest income 46,179 42,168 42,353 9,076 8,564 10,429 Total revenue, net of interest expense 89,540 86,027 91,839 34,005 33,262 38,587 Provision for credit losses (4,594) 11,320 3,590 (1,035) 5,765 3,772 Noninterest expense 59,731 55,213 54,900 19,290 18,882 17,646 Income before income taxes 34,403 19,494 33,349 15,750 8,615 17,169 Income tax expense 2,425 1,600 5,919 3,859 2,111 4,207 Net income $ 31,978 $ 17,894 $ 27,430 $ 11,891 $ 6,504 $ 12,962 Period-end total assets $ 3,169,495 $ 2,819,627 $ 1,131,142 $ 988,580 Global Wealth & Investment Management Global Banking 2021 2020 2019 2021 2020 2019 Net interest income $ 5,664 $ 5,468 $ 6,504 $ 8,511 $ 9,013 $ 10,675 Noninterest income 15,084 13,116 13,034 12,364 9,974 9,808 Total revenue, net of interest expense 20,748 18,584 19,538 20,875 18,987 20,483 Provision for credit losses (241) 357 82 (3,201) 4,897 414 Noninterest expense 15,258 14,160 13,825 10,632 9,342 9,011 Income before income taxes 5,731 4,067 5,631 13,444 4,748 11,058 Income tax expense 1,404 996 1,380 3,630 1,282 2,985 Net income $ 4,327 $ 3,071 $ 4,251 $ 9,814 $ 3,466 $ 8,073 Period-end total assets $ 438,275 $ 369,736 $ 638,131 $ 580,561 Global Markets All Other 2021 2020 2019 2021 2020 2019 Net interest income $ 4,011 $ 4,646 $ 3,915 $ 246 $ 34 $ 234 Noninterest income 15,244 14,119 11,699 (5,589) (3,605) (2,617) Total revenue, net of interest expense 19,255 18,765 15,614 (5,343) (3,571) (2,383) Provision for credit losses 65 251 (9) (182) 50 (669) Noninterest expense 13,032 11,417 10,728 1,519 1,412 3,690 Income (loss) before income taxes 6,158 7,097 4,895 (6,680) (5,033) (5,404) Income tax expense (benefit) 1,601 1,845 1,395 (8,069) (4,634) (4,048) Net income (loss) $ 4,557 $ 5,252 $ 3,500 $ 1,389 $ (399) $ (1,356) Period-end total assets $ 747,794 $ 616,609 $ 214,153 $ 264,141 (1) There were no material intersegment revenues The tables below present noninterest income and the associated components for 2021, 2020 and 2019 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 & (Dollars in millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Fees and commissions: Card income Interchange fees $ 4,560 $ 3,954 $ 3,834 $ 3,597 $ 3,027 $ 3,174 $ 43 $ 36 $ 59 Other card income 1,658 1,702 1,963 1,575 1,646 1,910 42 42 42 Total card income 6,218 5,656 5,797 5,172 4,673 5,084 85 78 101 Service charges Deposit-related fees 6,271 5,991 6,588 3,538 3,417 4,218 72 67 68 Lending-related fees 1,233 1,150 1,086 — — — — — — Total service charges 7,504 7,141 7,674 3,538 3,417 4,218 72 67 68 Investment and brokerage services Asset management fees 12,729 10,708 10,241 188 146 144 12,541 10,578 10,130 Brokerage fees 3,961 3,866 3,661 132 127 149 1,771 1,692 1,740 Total investment and brokerage services 16,690 14,574 13,902 320 273 293 14,312 12,270 11,870 Investment banking fees Underwriting income 5,077 4,698 2,998 — — — 388 391 401 Syndication fees 1,499 861 1,184 — — — — — — Financial advisory services 2,311 1,621 1,460 — — — — — — Total investment banking fees 8,887 7,180 5,642 — — — 388 391 401 Total fees and commissions 39,299 34,551 33,015 9,030 8,363 9,595 14,857 12,806 12,440 Market making and similar activities 8,691 8,355 9,034 1 2 6 40 63 113 Other income (loss) (1,811) (738) 304 45 199 828 187 247 481 Total noninterest income $ 46,179 $ 42,168 $ 42,353 $ 9,076 $ 8,564 $ 10,429 $ 15,084 $ 13,116 $ 13,034 Global Banking Global Markets All Other (1) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Fees and commissions: Card income Interchange fees $ 700 $ 499 $ 519 $ 220 $ 391 $ 81 $ — $ 1 $ 1 Other card income 13 14 13 — — (1) 28 — (1) Total card income 713 513 532 220 391 80 28 1 — Service charges Deposit-related fees 2,508 2,298 2,121 146 177 156 7 32 25 Lending-related fees 1,015 940 894 218 210 192 — — — Total service charges 3,523 3,238 3,015 364 387 348 7 32 25 Investment and brokerage services Asset management fees — — — — — — — (16) (33) Brokerage fees 104 74 34 1,979 1,973 1,738 (25) — — Total investment and brokerage services 104 74 34 1,979 1,973 1,738 (25) (16) (33) Investment banking fees Underwriting income 2,187 2,070 1,227 2,725 2,449 1,555 (223) (212) (185) Syndication fees 781 482 574 718 379 610 — — — Financial advisory services 2,139 1,458 1,336 173 163 123 (1) — 1 Total investment banking fees 5,107 4,010 3,137 3,616 2,991 2,288 (224) (212) (184) Total fees and commissions 9,447 7,835 6,718 6,179 5,742 4,454 (214) (195) (192) Market making and similar activities 145 103 235 8,760 8,471 7,065 (255) (284) 1,615 Other income (loss) 2,772 2,036 2,855 305 (94) 180 (5,120) (3,126) (4,040) Total noninterest income $ 12,364 $ 9,974 $ 9,808 $ 15,244 $ 14,119 $ 11,699 $ (5,589) $ (3,605) $ (2,617) (1) All Other includes eliminations of intercompany transactions. Business Segment Reconciliations (Dollars in millions) 2021 2020 2019 Segments’ total revenue, net of interest expense $ 94,883 $ 89,598 $ 94,222 Adjustments (1) : Asset and liability management activities (4) 375 241 Liquidating businesses, eliminations and other (5,339) (3,946) (2,624) FTE basis adjustment (427) (499) (595) Consolidated revenue, net of interest expense $ 89,113 $ 85,528 $ 91,244 Segments’ total net income 30,589 18,293 28,786 Adjustments, net-of-tax (1) : Asset and liability management activities 11 279 202 Liquidating businesses, eliminations and other 1,378 (678) (1,558) Consolidated net income $ 31,978 $ 17,894 $ 27,430 December 31 2021 2020 Segments’ total assets $ 2,955,342 $ 2,555,486 Adjustments (1) : Asset and liability management activities, including securities portfolio 1,363,626 1,176,071 Elimination of segment asset allocations to match liabilities (1,216,891) (977,685) Other 67,418 65,755 Consolidated total assets $ 3,169,495 $ 2,819,627 (1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. |
Parent Company Information (Tab
Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Statement of Income | The following tables present the Parent Company-only financial information. Condensed Statement of Income (Dollars in millions) 2021 2020 2019 Income Dividends from subsidiaries: Bank holding companies and related subsidiaries $ 15,621 $ 10,352 $ 27,820 Interest from subsidiaries 8,362 8,825 9,502 Other income (loss) (114) (138) 74 Total income 23,869 19,039 37,396 Expense Interest on borrowed funds from subsidiaries 54 136 451 Other interest expense 3,383 4,119 5,899 Noninterest expense 1,531 1,651 1,641 Total expense 4,968 5,906 7,991 Income before income taxes and equity in undistributed earnings of subsidiaries 18,901 13,133 29,405 Income tax expense 886 649 341 Income before equity in undistributed earnings of subsidiaries 18,015 12,484 29,064 Equity in undistributed earnings (losses) of subsidiaries: Bank holding companies and related subsidiaries 14,078 5,372 (1,717) Nonbank companies and related subsidiaries (115) 38 83 Total equity in undistributed earnings (losses) of subsidiaries 13,963 5,410 (1,634) Net income $ 31,978 $ 17,894 $ 27,430 |
Balance Sheet | Condensed Balance Sheet December 31 (Dollars in millions) 2021 2020 Assets Cash held at bank subsidiaries $ 5,011 $ 5,893 Securities 671 701 Receivables from subsidiaries: Bank holding companies and related subsidiaries 217,447 206,566 Banks and related subsidiaries 347 213 Nonbank companies and related subsidiaries 368 410 Investments in subsidiaries: Bank holding companies and related subsidiaries 316,497 305,818 Nonbank companies and related subsidiaries 3,645 3,715 Other assets 8,602 9,850 Total assets $ 552,588 $ 533,166 Liabilities and shareholders’ equity Accrued expenses and other liabilities $ 17,394 $ 15,965 Payables to subsidiaries: Banks and related subsidiaries 107 129 Bank holding companies and related subsidiaries 3 — Nonbank companies and related subsidiaries 11,564 11,067 Long-term debt 253,454 233,081 Total liabilities 282,522 260,242 Shareholders’ equity 270,066 272,924 Total liabilities and shareholders’ equity $ 552,588 $ 533,166 |
Statement of Cash Flows | Condensed Statement of Cash Flows (Dollars in millions) 2021 2020 2019 Operating activities Net income $ 31,978 $ 17,894 $ 27,430 Reconciliation of net income (loss) to net cash provided by (used in) operating activities: Equity in undistributed (earnings) losses of subsidiaries (13,963) (5,410) 1,634 Other operating activities, net (7,144) 14,303 16,973 Net cash provided by operating activities 10,871 26,787 46,037 Investing activities Net purchases of securities (14) (4) (17) Net payments to subsidiaries (10,796) (33,111) (19,121) Other investing activities, net (26) (7) 7 Net cash used in investing activities (10,836) (33,122) (19,131) Financing activities Net increase (decrease) in other advances 503 (422) (1,625) Proceeds from issuance of long-term debt 56,106 43,766 29,315 Retirement of long-term debt (24,544) (23,168) (21,039) Proceeds from issuance of preferred stock and warrants 2,170 2,181 3,643 Redemption of preferred stock (1,971) (1,072) (2,568) Common stock repurchased (25,126) (7,025) (28,144) Cash dividends paid (8,055) (7,727) (5,934) Net cash provided by (used in) financing activities (917) 6,533 (26,352) Net increase (decrease) in cash held at bank subsidiaries (882) 198 554 Cash held at bank subsidiaries at January 1 5,893 5,695 5,141 Cash held at bank subsidiaries at December 31 $ 5,011 $ 5,893 $ 5,695 |
Performance by Geographical A_2
Performance by Geographical Area (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Certain asset, liability, income and expense amounts have been allocated to arrive at total assets, total revenue, net of interest expense, income before income taxes and net income by geographic area as presented below. (Dollars in millions) Total Assets at Year End (1) Total Revenue, Net of Interest Expense (2) Income Before Income Taxes Net Income U.S. (3) 2021 $ 2,789,862 $ 78,012 $ 31,392 $ 27,781 2020 2,490,247 75,576 18,247 16,692 2019 81,236 30,699 25,937 Asia 2021 117,085 4,439 988 733 2020 99,283 4,232 1,051 788 2019 3,491 765 570 Europe, Middle East and Africa 2021 233,356 5,423 1,097 3,134 2020 202,701 4,491 (596) 264 2019 5,310 921 672 Latin America and the Caribbean 2021 29,192 1,239 499 330 2020 27,396 1,229 293 150 2019 1,207 369 251 Total Non-U.S. 2021 379,633 11,101 2,584 4,197 2020 329,380 9,952 748 1,202 2019 10,008 2,055 1,493 Total Consolidated 2021 $ 3,169,495 $ 89,113 $ 33,976 $ 31,978 2020 2,819,627 85,528 18,995 17,894 2019 91,244 32,754 27,430 (1) Total assets include long-lived assets, which are primarily located in the U.S. (2) There were no material intercompany revenues between geographic regions for any of the periods presented. (3) Substantially reflects the U.S. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles - Significant Accounting Principles: Collateral (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Securities held as collateral, fair value | $ 854.8 | $ 812.4 |
Securities received as collateral, amount re-pledged and sold | $ 782.7 | $ 758.5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Principles - Significant Accounting Principles: Loans and Leases (Details) | 12 Months Ended |
Dec. 31, 2021portfolioSegment | |
Accounting Policies [Abstract] | |
Number of portfolio segments | 3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Significant Accounting Principles: Nonperforming Loans and Leases, Charge-offs and Delinquencies, TDRs (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for nonperforming status of financing receivables | 90 days | 90 days |
Consumer Portfolio Segment | Personal Property Secured Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 120 days | |
Consumer Portfolio Segment | Personal Property Secured Loans | Chapter Seven Bankruptcy | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 60 days | |
Consumer Portfolio Segment | Credit Card and Other Unsecured Consumer Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 180 days | |
Consumer Portfolio Segment | Credit Card and Other Unsecured Consumer Loans | Death, Bankruptcy or Fraud | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 60 days | |
Consumer real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 180 days | |
Consumer real estate | Death, Bankruptcy or Fraud | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 60 days | |
Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for nonperforming status of financing receivables | 90 days | |
Consumer real estate | Junior Lien Home Equity Financing Receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for nonperforming status of financing receivables | 90 days | |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for nonperforming status of financing receivables | 90 days | |
Credit card and other consumer | Credit Card and Other Unsecured Consumer Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due for write-off of financing receivable | 180 days | |
Threshold period past due for write-off of renegotiated financing receivable placed on a fixed payment plan | 120 days |
Summary of Significant Accoun_6
Summary of Significant Accounting Principles - Significant Accounting Principles: Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 40 years |
Furniture and Equipment | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 12 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Principles - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Fee percentage of assets under management | 0.50% |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Fee percentage of assets under management | 1.50% |
Summary of Significant Accoun_8
Summary of Significant Accounting Principles - Paycheck Protection Program (Details) loan in Thousands, $ in Millions | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of loans funded under Paycheck Protection Program, CARES Act | loan | 67 | 332 |
Loans and leases | $ 979,124 | $ 927,861 |
Smalll Business Administration (SBA), CARES Act, Paycheck Protection Program | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 4,700 | $ 22,700 |
Summary of Significant Accoun_9
Summary of Significant Accounting Principles - Other Assets (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Accounting Policies [Abstract] | |
Expected credit losses, other assets | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Principles - Lease Arrangements (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Operating lease, right-of-use asset, extensible enumeration | Other assets | Other assets |
Operating lease, liability, extensible enumeration | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Net Interest Income and Nonin_3
Net Interest Income and Noninterest Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income | |||
Loans and leases | $ 29,282 | $ 34,029 | $ 43,086 |
Debt securities | 12,376 | 9,790 | 11,806 |
Federal funds sold and securities borrowed or purchased under agreements to resell | (90) | 903 | 4,843 |
Trading account assets | 3,770 | 4,128 | 5,196 |
Other interest income | 2,334 | 2,735 | 6,305 |
Total interest income | 47,672 | 51,585 | 71,236 |
Interest expense | |||
Deposits | 537 | 1,943 | 7,188 |
Short-term borrowings | (358) | 987 | 7,208 |
Trading account liabilities | 1,128 | 974 | 1,249 |
Long-term debt | 3,431 | 4,321 | 6,700 |
Total interest expense | 4,738 | 8,225 | 22,345 |
Net interest income | 42,934 | 43,360 | 48,891 |
Noninterest income | |||
Total fees and commissions | 39,299 | 34,551 | 33,015 |
Market making and similar activities | 8,691 | 8,355 | 9,034 |
Other income | (1,811) | (738) | 304 |
Total noninterest income | 46,179 | 42,168 | 42,353 |
Rewards, rebates and compensation expense | 6,900 | 5,500 | 6,200 |
Card income | |||
Noninterest income | |||
Card income and service charges | 6,218 | 5,656 | 5,797 |
Interchange fees | |||
Noninterest income | |||
Card income and service charges | 4,560 | 3,954 | 3,834 |
Other card income | |||
Noninterest income | |||
Card income and service charges | 1,658 | 1,702 | 1,963 |
Card Income, Interchange Fees and Merchant Income | |||
Noninterest income | |||
Interchange fees, gross and merchant income | 11,500 | 9,200 | 10,000 |
Service charges | |||
Noninterest income | |||
Card income and service charges | 7,504 | 7,141 | 7,674 |
Deposit-related fees | |||
Noninterest income | |||
Card income and service charges | 6,271 | 5,991 | 6,588 |
Lending-related fees | |||
Noninterest income | |||
Card income and service charges | 1,233 | 1,150 | 1,086 |
Investment and brokerage services | |||
Noninterest income | |||
Investment and brokerage services | 16,690 | 14,574 | 13,902 |
Asset management fees | |||
Noninterest income | |||
Investment and brokerage services | 12,729 | 10,708 | 10,241 |
Brokerage fees | |||
Noninterest income | |||
Investment and brokerage services | 3,961 | 3,866 | 3,661 |
Total investment banking fees | |||
Noninterest income | |||
Investment banking fees | 8,887 | 7,180 | 5,642 |
Underwriting income | |||
Noninterest income | |||
Investment banking fees | 5,077 | 4,698 | 2,998 |
Syndication fees | |||
Noninterest income | |||
Investment banking fees | 1,499 | 861 | 1,184 |
Financial advisory services | |||
Noninterest income | |||
Investment banking fees | $ 2,311 | $ 1,621 | $ 1,460 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Gross Derivative Assets | ||
Gross Derivative Assets | $ 348,400 | $ 434,600 |
Less: Legally enforceable master netting agreements | (282,300) | (344,900) |
Less: Cash collateral received/paid | (30,800) | (42,500) |
Derivative assets | 35,344 | 47,179 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 355,500 | 434,000 |
Less: Legally enforceable master netting agreements | (282,300) | (344,900) |
Less: Cash collateral received/paid | (35,500) | (43,600) |
Derivative liabilities | 37,675 | 45,526 |
Interest Rate Swap | ||
Maximum Payout/Notional | ||
Contract/Notional | 18,068,100 | 13,242,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 159,400 | 210,800 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 160,800 | 210,600 |
Interest Rate Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 2,243,200 | 3,222,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,100 | 3,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,000 | 3,600 |
Interest Rate Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,616,100 | 1,530,500 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 28,800 | 40,500 |
Interest Rate Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,673,600 | 1,545,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 33,100 | 45,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Foreign Exchange Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 1,420,900 | 1,475,800 |
Gross Derivative Assets | ||
Gross Derivative Assets | 28,800 | 37,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 30,700 | 40,300 |
Foreign Exchange Spot, Futures, and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 4,087,200 | 3,710,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 37,400 | 53,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 37,900 | 55,000 |
Foreign Exchange Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 287,200 | 289,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,100 | 4,800 |
Foreign Exchange Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 267,600 | 279,300 |
Gross Derivative Assets | ||
Gross Derivative Assets | 4,100 | 5,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Equity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 443,800 | 320,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 12,300 | 13,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 14,500 | 14,500 |
Equity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 113,300 | 106,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 500 | 300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,700 | 1,400 |
Equity Options | Written options | ||
Maximum Payout/Notional | ||
Contract/Notional | 737,700 | 599,100 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 58,500 | 48,800 |
Equity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 657,000 | 541,200 |
Gross Derivative Assets | ||
Gross Derivative Assets | 55,900 | 52,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Commodity Swaps | ||
Maximum Payout/Notional | ||
Contract/Notional | 47,700 | 36,400 |
Gross Derivative Assets | ||
Gross Derivative Assets | 3,100 | 1,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 6,000 | 4,400 |
Commodity Futures and Forwards | ||
Maximum Payout/Notional | ||
Contract/Notional | 101,500 | 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 | 44,400 | 24,600 |
Gross Derivative Assets | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,600 | 1,400 |
Commodity Options | Purchased options | ||
Maximum Payout/Notional | ||
Contract/Notional | 38,300 | 24,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 3,200 | 1,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Credit default swaps: | Purchased credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 297,000 | 322,700 |
Gross Derivative Assets | ||
Gross Derivative Assets | 1,900 | 2,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,300 | 4,400 |
Credit default swaps: | Written credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 279,794 | 301,509 |
Gross Derivative Assets | ||
Gross Derivative Assets | 4,200 | 4,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,639 | 1,916 |
Total return swaps/options: | Purchased credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 85,300 | 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 | 85,251 | 68,623 |
Gross Derivative Assets | ||
Gross Derivative Assets | 900 | 600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 544 | 370 |
Credit derivatives | Purchased credit derivatives: | ||
Gross Derivative Liabilities | ||
Fair value asset (liability), with identical underlying referenced names and terms | 2,300 | 2,200 |
Notional amount, with identical underlying referenced names and terms | 258,400 | 269,800 |
Credit derivatives | Written credit derivatives: | ||
Maximum Payout/Notional | ||
Contract/Notional | 365,045 | 370,132 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 2,183 | 2,286 |
Trading and Other Risk Management Derivatives | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 339,000 | 423,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 349,600 | 431,600 |
Trading and Other Risk Management Derivatives | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 150,500 | 199,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 156,400 | 209,300 |
Trading and Other Risk Management Derivatives | Interest Rate Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 1,100 | 3,500 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,000 | 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 | 28,800 | 40,500 |
Trading and Other Risk Management Derivatives | Interest Rate Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 33,100 | 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 | 28,600 | 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 | 37,100 | 53,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 37,700 | 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 | 4,100 | 4,800 |
Trading and Other Risk Management Derivatives | Foreign Exchange Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 4,100 | 5,000 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Equity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 12,300 | 13,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 14,500 | 14,500 |
Trading and Other Risk Management Derivatives | Equity Futures and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 500 | 300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,700 | 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 | 58,500 | 48,800 |
Trading and Other Risk Management Derivatives | Equity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 55,900 | 52,600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 0 | 0 |
Trading and Other Risk Management Derivatives | Commodity Swaps | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 3,100 | 1,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 6,000 | 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 | 300 | 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 | 2,600 | 1,400 |
Trading and Other Risk Management Derivatives | Commodity Options | Purchased options | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 3,200 | 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 | 1,900 | 2,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,300 | 4,400 |
Trading and Other Risk Management Derivatives | Credit default swaps: | Written credit derivatives: | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 4,200 | 4,400 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 1,600 | 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 | 900 | 600 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 500 | 400 |
Qualifying Accounting Hedges | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 9,400 | 11,300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 5,900 | 2,400 |
Qualifying Accounting Hedges | Interest Rate Swap | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 8,900 | 10,900 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 4,400 | 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 | 200 | 300 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 200 | 600 |
Qualifying Accounting Hedges | Foreign Exchange Spot, Futures, and Forwards | ||
Gross Derivative Assets | ||
Gross Derivative Assets | 300 | 0 |
Gross Derivative Liabilities | ||
Gross Derivative Liabilities | 200 | 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 | 1,100 | 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Derivative assets, after netting | $ 32,100 | $ 39,300 |
Other gross derivative assets | 3,200 | 7,900 |
Derivative assets | 35,344 | 47,179 |
Less: Financial instruments collateral | (11,800) | (16,100) |
Total net derivative assets | 23,500 | 31,100 |
Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 279,700 | 379,900 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (250,300) | (345,700) |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 39,900 | 33,000 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (37,800) | (29,500) |
Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 25,600 | 13,800 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (25,000) | (12,200) |
Interest rate contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 171,300 | 247,700 |
Interest rate contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 200 | 0 |
Interest rate contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 22,600 | 10,200 |
Foreign exchange contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 67,900 | 92,200 |
Foreign exchange contracts | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 1,100 | 1,400 |
Equity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 29,200 | 31,300 |
Equity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 38,300 | 32,300 |
Commodity contracts | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 6,100 | 3,500 |
Commodity contracts | Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | 1,400 | 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 | 5,200 | 5,200 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Assets [Line Items] | ||
Total gross derivative assets, before netting | $ 1,800 | $ 2,200 |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, after netting | $ 30,000 | $ 34,400 |
Other gross derivative liabilities | 7,700 | 11,100 |
Derivative liabilities | 37,675 | 45,526 |
Less: Financial instruments collateral | (10,600) | (16,600) |
Total net derivative liabilities | 27,100 | 28,900 |
Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 282,600 | 378,900 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (254,600) | (347,200) |
Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 39,700 | 31,700 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (37,800) | (29,500) |
Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 25,500 | 12,300 |
Less: Legally enforceable master netting agreements and cash collateral received/paid | (25,400) | (11,800) |
Interest rate contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 166,300 | 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 | 22,500 | 9,100 |
Foreign exchange contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 70,500 | 96,500 |
Foreign exchange contracts | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1,100 | 1,300 |
Equity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 32,900 | 28,300 |
Equity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 38,400 | 31,000 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 7,600 | 5,000 |
Commodity contracts | Exchange-traded | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | 1,300 | 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 | 5,300 | 5,600 |
Credit derivatives | Over-the-counter cleared | ||
Offsetting Liabilities [Line Items] | ||
Total gross derivative liabilities, before netting | $ 1,800 | $ 1,900 |
Derivatives - Gains and Losses
Derivatives - Gains and Losses on Derivatives Designated as Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | $ (1,905) | $ 7,830 | $ 6,130 |
Hedged Item | 1,750 | (7,954) | (6,113) |
Interest rate risk on long-term debt | Interest expense | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | (7,018) | 7,091 | 6,113 |
Hedged Item | 6,838 | (7,220) | (6,110) |
Interest rate and foreign currency risk on long-term debt | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | (90) | 783 | 119 |
Hedged Item | 79 | (783) | (101) |
Interest rate and foreign currency risk on long-term debt | Interest expense | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | (73) | 701 | 73 |
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 | 0 | 73 | 28 |
Interest rate risk on AFS securities | Interest Income | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Derivative | 5,203 | (44) | (102) |
Hedged Item | (5,167) | 49 | 98 |
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 | $ (17) | $ 9 | $ 18 |
Derivatives - Designated Fair V
Derivatives - Designated Fair Value Hedged Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Hedged liability, long-term debt, carrying value | $ 181,745 | $ 150,556 |
Hedged liability, long-term debt, cumulative fair value adjustments | 3,987 | 8,910 |
Amortized cost basis of portfolios used in hedging relationships | 21,100 | 34,600 |
Hedged asset, fair value edge, last-of-layer, amount | 6,900 | 7,000 |
Cumulative basis adjustments, hedging relationships | (172) | |
Total AFS debt securities | ||
Derivative [Line Items] | ||
Hedged asset, available-for-sale debt securities, carrying value | 209,038 | 116,252 |
Hedged asset, available-for-sale debt securities, cumulative fair value adjustments | (2,294) | 114 |
Total trading account assets | ||
Derivative [Line Items] | ||
Hedged asset, available-for-sale debt securities, carrying value | 2,067 | 427 |
Hedged asset, available-for-sale debt securities, cumulative fair value adjustments | 32 | 15 |
Interest rate risk on long-term debt | ||
Derivative [Line Items] | ||
Increase (decrease) in liability | 1,500 | 3,700 |
Interest rate risk on AFS securities | ||
Derivative [Line Items] | ||
Available-for-sale securities from discontinued hedging relationships cumulative increase (decrease) | $ (1,000) | $ (69) |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||||
Shareholders’ equity | $ 270,066 | $ 272,924 | $ 264,810 | $ 265,325 |
Net income (loss) in AOCI expected to be reclassified, after tax | 477 | |||
Net income (loss) in AOCI expected to be reclassified | $ 630 | |||
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 | 91,400 | 96,500 | ||
Cash and securities collateral posted | 79,300 | 88,600 | ||
Collateral not yet posted | 2,300 | |||
Foreign Mortgage-backed Securities and Foreign Securities | ||||
Derivative [Line Items] | ||||
Transfer of mortgage-backed securities to third-party trust | 4,800 | 5,200 | ||
Gross cash proceeds from transfer of securities | 4,800 | 5,200 | ||
Fair value of derecognized assets | 5,000 | $ 5,500 | ||
Derivatives | ||||
Derivative [Line Items] | ||||
Shareholders’ equity | (1,900) | |||
Pretax income (loss) in accumulated OCI | $ (2,500) |
Derivatives - Derivatives Desig
Derivatives - Derivatives Designated as Cash Flow and Net Investment Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow hedges | |||
Amounts excluded from effectiveness testing and recognized in other income | $ (123) | $ (11) | $ 154 |
Cash flow hedges | |||
Cash flow hedges | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (2,842) | 1,089 | 705 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 229 | 14 | (106) |
Interest rate risk on variable-rate assets | Cash flow hedges | |||
Cash flow hedges | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (2,686) | 763 | 671 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 148 | (7) | (104) |
Price risk on forecasted MBS purchases | Cash flow hedges | |||
Cash flow hedges | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | (249) | 241 | 0 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 26 | 9 | 0 |
Price risk on certain compensation plans | Cash flow hedges | |||
Cash flow hedges | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 93 | 85 | 34 |
Gains (Losses) in Income Reclassified from Accumulated OCI | 55 | 12 | (2) |
Foreign exchange contracts | Net investment hedges | |||
Cash flow hedges | |||
Gains (Losses) Recognized in Accumulated OCI on Derivatives | 1,451 | (834) | 22 |
Gains (Losses) in Income Reclassified from Accumulated OCI | $ 23 | $ 4 | $ 366 |
Derivatives - Other Risk Manage
Derivatives - Other Risk Management Derivatives (Details) - Other income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest rate risk on mortgage activities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | $ (18) | $ 611 | $ 388 |
Credit risk on loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | (25) | (68) | (58) |
Interest rate and foreign currency risk on ALM activities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | 1,757 | (2,971) | 1,112 |
Price risk on deferred compensation hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging | $ 917 | $ 700 | $ 943 |
Derivatives - Sales and Trading
Derivatives - Sales and Trading Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | $ 8,691 | $ 8,355 | $ 9,034 |
Brokerage commissions and asset management fee revenue | Global Markets | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,900 | 1,900 | 1,700 |
Trading Derivatives and Securities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 14,768 | 14,821 | 12,495 |
Trading Derivatives and Securities | Market making and similar activities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 8,758 | 8,469 | 7,062 |
Trading Derivatives and Securities | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 3,265 | 3,945 | 3,122 |
Trading Derivatives and Securities | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 2,745 | 2,407 | 2,311 |
Trading Derivatives and Securities | Interest rate risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 2,534 | 4,744 | 2,856 |
Trading Derivatives and Securities | Interest rate risk | Market making and similar activities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 523 | 2,236 | 1,046 |
Trading Derivatives and Securities | Interest rate risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,794 | 2,279 | 1,697 |
Trading Derivatives and Securities | Interest rate risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 217 | 229 | 113 |
Trading Derivatives and Securities | Foreign exchange risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,439 | 1,469 | 1,410 |
Trading Derivatives and Securities | Foreign exchange risk | Market making and similar activities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,505 | 1,486 | 1,293 |
Trading Derivatives and Securities | Foreign exchange risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | (80) | (19) | 61 |
Trading Derivatives and Securities | Foreign exchange risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 14 | 2 | 56 |
Trading Derivatives and Securities | Equity risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 6,410 | 5,380 | 4,498 |
Trading Derivatives and Securities | Equity risk | Market making and similar activities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 4,581 | 3,656 | 3,563 |
Trading Derivatives and Securities | Equity risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | (5) | (77) | (634) |
Trading Derivatives and Securities | Equity risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,834 | 1,801 | 1,569 |
Trading Derivatives and Securities | Credit risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 3,630 | 2,872 | 3,487 |
Trading Derivatives and Securities | Credit risk | Market making and similar activities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,390 | 783 | 1,040 |
Trading Derivatives and Securities | Credit risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 1,684 | 1,758 | 1,928 |
Trading Derivatives and Securities | Credit risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 556 | 331 | 519 |
Trading Derivatives and Securities | Other risk | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 755 | 356 | 244 |
Trading Derivatives and Securities | Other risk | Market making and similar activities | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | 759 | 308 | 120 |
Trading Derivatives and Securities | Other risk | Net Interest Income | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | (128) | 4 | 70 |
Trading Derivatives and Securities | Other risk | Other | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Sales and trading revenue | $ 124 | $ 44 | $ 54 |
Derivatives - Credit Derivative
Derivatives - Credit Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Value of Credit Derivatives | ||
Total | $ 355,500 | $ 434,000 |
Carrying Value of Credit-related Notes | ||
Less than One Year | 5 | 64 |
One to Three Years | 0 | 2 |
Three to Five Years | 45 | 10 |
Over Five Years | 1,746 | 1,519 |
Total | 1,796 | 1,595 |
Credit default swaps: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 34 | 26 |
One to Three Years | 255 | 234 |
Three to Five Years | 532 | 399 |
Over Five Years | 818 | 1,257 |
Total | 1,639 | 1,916 |
Maximum Payout/Notional | ||
Less than One Year | 50,622 | 47,138 |
One to Three Years | 95,567 | 104,501 |
Three to Five Years | 107,800 | 123,196 |
Over Five Years | 25,805 | 26,674 |
Total | 279,794 | 301,509 |
Total return swaps/options: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 140 | 366 |
One to Three Years | 388 | 4 |
Three to Five Years | 16 | 0 |
Over Five Years | 0 | 0 |
Total | 544 | 370 |
Maximum Payout/Notional | ||
Less than One Year | 72,247 | 67,089 |
One to Three Years | 12,211 | 1,425 |
Three to Five Years | 720 | 104 |
Over Five Years | 73 | 5 |
Total | 85,251 | 68,623 |
Credit derivatives | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 174 | 392 |
One to Three Years | 643 | 238 |
Three to Five Years | 548 | 399 |
Over Five Years | 818 | 1,257 |
Total | 2,183 | 2,286 |
Maximum Payout/Notional | ||
Less than One Year | 122,869 | 114,227 |
One to Three Years | 107,778 | 105,926 |
Three to Five Years | 108,520 | 123,300 |
Over Five Years | 25,878 | 26,679 |
Total | 365,045 | 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 | 36 | 0 |
Over Five Years | 412 | 572 |
Total | 448 | 572 |
Investment grade | Credit default swaps: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 0 | 0 |
One to Three Years | 5 | 1 |
Three to Five Years | 79 | 35 |
Over Five Years | 49 | 94 |
Total | 133 | 130 |
Maximum Payout/Notional | ||
Less than One Year | 34,503 | 33,474 |
One to Three Years | 66,334 | 75,731 |
Three to Five Years | 73,444 | 87,218 |
Over Five Years | 17,844 | 16,822 |
Total | 192,125 | 213,245 |
Investment grade | Total return swaps/options: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 35 | 21 |
One to Three Years | 388 | 4 |
Three to Five Years | 0 | 0 |
Over Five Years | 0 | 0 |
Total | 423 | 25 |
Maximum Payout/Notional | ||
Less than One Year | 49,626 | 30,961 |
One to Three Years | 11,494 | 1,061 |
Three to Five Years | 78 | 77 |
Over Five Years | 0 | 0 |
Total | 61,198 | 32,099 |
Non-investment grade | ||
Carrying Value of Credit-related Notes | ||
Less than One Year | 5 | 64 |
One to Three Years | 0 | 2 |
Three to Five Years | 9 | 10 |
Over Five Years | 1,334 | 947 |
Total | 1,348 | 1,023 |
Non-investment grade | Credit default swaps: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 34 | 26 |
One to Three Years | 250 | 233 |
Three to Five Years | 453 | 364 |
Over Five Years | 769 | 1,163 |
Total | 1,506 | 1,786 |
Maximum Payout/Notional | ||
Less than One Year | 16,119 | 13,664 |
One to Three Years | 29,233 | 28,770 |
Three to Five Years | 34,356 | 35,978 |
Over Five Years | 7,961 | 9,852 |
Total | 87,669 | 88,264 |
Non-investment grade | Total return swaps/options: | Written credit derivatives: | ||
Carrying Value of Credit Derivatives | ||
Less than One Year | 105 | 345 |
One to Three Years | 0 | 0 |
Three to Five Years | 16 | 0 |
Over Five Years | 0 | 0 |
Total | 121 | 345 |
Maximum Payout/Notional | ||
Less than One Year | 22,621 | 36,128 |
One to Three Years | 717 | 364 |
Three to Five Years | 642 | 27 |
Over Five Years | 73 | 5 |
Total | $ 24,053 | $ 36,524 |
Derivatives - Credit-related Co
Derivatives - Credit-related Contingent Features and Collateral (Details) $ in Millions | Dec. 31, 2021USD ($) |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | $ 316 |
Additional collateral required to be posted upon downgrade, second incremental notch | 823 |
Credit derivatives | |
Derivative [Line Items] | |
Derivative liability subject to unilateral termination upon downgrade, one incremental notch | 32 |
Derivative liability subject to unilateral termination upon downgrade, second incremental notch | 994 |
Collateral posted subject to unilateral termination upon downgrade, one incremental notch | 25 |
Collateral posted subject to unilateral termination upon downgrade, second incremental notch | 634 |
Bank of America, N.A. | |
Derivative [Line Items] | |
Additional collateral required to be posted upon downgrade, one incremental notch | 75 |
Additional collateral required to be posted upon downgrade, second incremental notch | $ 646 |
Derivatives - Valuation Adjustm
Derivatives - Valuation Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Gain Loss on Derivatives, Gross [Abstract] | |||
Derivative assets (CVA) | $ 208 | $ (118) | $ 72 |
Derivative assets/liabilities (FVA) | (2) | (24) | (2) |
Derivative liabilities (DVA) | 3 | 24 | (147) |
Cumulative credit valuation adjustment | 438 | 646 | 528 |
Cumulative funding valuation adjustment | 179 | 177 | 153 |
Cumulative debit valuation adjustment | $ 312 | $ 309 | $ 285 |
Securities - Debt Securities (D
Securities - Debt Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale debt securities | ||
Amortized Cost | $ 295,892 | $ 228,238 |
Gross Unrealized Gains | 3,969 | 6,384 |
Gross Unrealized Losses | (683) | (131) |
Fair Value | 299,178 | 234,491 |
Other Debt Securities, Carried at Fair Value: | ||
Amortized Cost | 8,873 | 11,720 |
Gross Unrealized Gains | 105 | 429 |
Gross Unrealized Losses | (83) | (39) |
Fair Value | 8,895 | 12,110 |
Debt securities carried at fair value: | ||
Amortized Cost | 304,765 | 239,958 |
Gross Unrealized Gains | 4,074 | 6,813 |
Gross Unrealized Losses | (766) | (170) |
Fair Value | 308,073 | 246,601 |
Held-to-maturity Securities: | ||
Amortized Cost | 674,591 | 438,279 |
Gross Unrealized Gains | 4,256 | 10,095 |
Gross Unrealized Losses | (12,957) | (194) |
Fair Value | 665,890 | 448,180 |
Debt securities: | ||
Amortized Cost | 979,356 | 678,237 |
Gross Unrealized Gains | 8,330 | 16,908 |
Gross Unrealized Losses | (13,723) | (364) |
Fair Value | 973,963 | 694,781 |
Securities, pledged as collateral | 111,900 | 65,500 |
FNMA | ||
Debt securities carried at fair value: | ||
Amortized Cost | 345,300 | 260,100 |
Fair Value | 342,500 | 267,500 |
FHLMC | ||
Debt securities carried at fair value: | ||
Amortized Cost | 205,300 | 118,100 |
Fair Value | 202,400 | 120,700 |
Mortgage-backed securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 68,226 | 80,999 |
Gross Unrealized Gains | 2,003 | 3,683 |
Gross Unrealized Losses | (323) | (73) |
Fair Value | 69,906 | 84,609 |
Debt securities carried at fair value: | ||
Fair Value | 70,504 | |
Agency | ||
Available-for-sale debt securities | ||
Amortized Cost | 45,268 | 59,518 |
Gross Unrealized Gains | 1,257 | 2,370 |
Gross Unrealized Losses | (186) | (39) |
Fair Value | 46,339 | 61,849 |
Debt securities carried at fair value: | ||
Fair Value | 46,339 | |
Held-to-maturity Securities: | ||
Amortized Cost | 553,721 | 414,289 |
Gross Unrealized Gains | 3,855 | 9,768 |
Gross Unrealized Losses | (10,366) | (36) |
Fair Value | 547,210 | 424,021 |
Agency-collateralized mortgage obligations | ||
Available-for-sale debt securities | ||
Amortized Cost | 3,331 | 5,112 |
Gross Unrealized Gains | 74 | 161 |
Gross Unrealized Losses | (25) | (13) |
Fair Value | 3,380 | 5,260 |
Debt securities carried at fair value: | ||
Fair Value | 3,380 | |
Commercial | ||
Available-for-sale debt securities | ||
Amortized Cost | 19,036 | 15,470 |
Gross Unrealized Gains | 647 | 1,025 |
Gross Unrealized Losses | (79) | (4) |
Fair Value | 19,604 | 16,491 |
Debt securities carried at fair value: | ||
Fair Value | 19,617 | |
Non-agency residential | ||
Available-for-sale debt securities | ||
Amortized Cost | 591 | 899 |
Gross Unrealized Gains | 25 | 127 |
Gross Unrealized Losses | (33) | (17) |
Fair Value | 583 | $ 1,009 |
Debt securities carried at fair value: | ||
Fair Value | $ 1,168 | |
Non-agency residential | Prime | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 21.00% | 37.00% |
Non-agency residential | Subprime | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 79.00% | 61.00% |
Non-agency residential | Alt-A | ||
Debt securities: | ||
Available-for-sale securities, percent held by rating | 0.00% | 2.00% |
U.S. Treasury and government agencies | ||
Available-for-sale debt securities | ||
Amortized Cost | $ 197,853 | $ 114,157 |
Gross Unrealized Gains | 1,610 | 2,236 |
Gross Unrealized Losses | (318) | (13) |
Fair Value | 199,145 | 116,380 |
Debt securities carried at fair value: | ||
Fair Value | 199,720 | |
Held-to-maturity Securities: | ||
Amortized Cost | 111,859 | 16,084 |
Gross Unrealized Gains | 254 | 0 |
Gross Unrealized Losses | (2,395) | (71) |
Fair Value | 109,718 | 16,013 |
Non-U.S. securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 11,933 | 14,009 |
Gross Unrealized Gains | 0 | 15 |
Gross Unrealized Losses | 0 | (7) |
Fair Value | 11,933 | 14,017 |
Debt securities carried at fair value: | ||
Fair Value | 19,652 | |
Other taxable securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 2,725 | 2,656 |
Gross Unrealized Gains | 39 | 61 |
Gross Unrealized Losses | (3) | (6) |
Fair Value | 2,761 | 2,711 |
Debt securities carried at fair value: | ||
Fair Value | 2,764 | |
Held-to-maturity Securities: | ||
Amortized Cost | 9,011 | 7,906 |
Gross Unrealized Gains | 147 | 327 |
Gross Unrealized Losses | (196) | (87) |
Fair Value | 8,962 | 8,146 |
Tax-exempt securities | ||
Available-for-sale debt securities | ||
Amortized Cost | 15,155 | 16,417 |
Gross Unrealized Gains | 317 | 389 |
Gross Unrealized Losses | (39) | (32) |
Fair Value | 15,433 | $ 16,774 |
Debt securities carried at fair value: | ||
Fair Value | $ 15,433 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 299,178 | $ 234,491 |
Other assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, fair value | 513 | 769 |
Equity securities, cost | 266 | 240 |
Time Deposits Placed and Other Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Time deposits placed and other short-term investments | 707 | 1,600 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accumulated net unrealized gain (loss) on AFS debt securities | 2,500 | |
Accumulated other comprehensive income tax expense (benefit) | 817 | |
U.S. Agency And U.S. Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 268,500 | 200,000 |
All Non U.S. Agency And Non U.S. Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 30,700 | $ 34,500 |
Securities - Gains and Losses o
Securities - Gains and Losses on Sales of AFS Debt Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Gross gains | $ 49 | $ 423 | $ 336 |
Gross losses | (27) | (12) | (119) |
Net gains on sales of AFS debt securities | 22 | 411 | 217 |
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ 5 | $ 103 | $ 54 |
Securities - AFS Debt Securitie
Securities - AFS Debt Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than Twelve Months | $ 120,661 | $ 18,763 |
Twelve Months or Longer | 6,928 | 2,077 |
Total | 127,589 | 20,840 |
Gross Unrealized Losses | ||
Less than Twelve Months | (530) | (100) |
Twelve Months or Longer | (153) | (31) |
Total | (683) | (131) |
Mortgage-backed securities | ||
Fair Value | ||
Less than Twelve Months | 16,852 | 3,936 |
Twelve Months or Longer | 1,887 | 431 |
Total | 18,739 | 4,367 |
Gross Unrealized Losses | ||
Less than Twelve Months | (242) | (54) |
Twelve Months or Longer | (81) | (19) |
Total | (323) | (73) |
Agency | ||
Fair Value | ||
Less than Twelve Months | 11,733 | 2,841 |
Twelve Months or Longer | 815 | 2 |
Total | 12,548 | 2,843 |
Gross Unrealized Losses | ||
Less than Twelve Months | (166) | (39) |
Twelve Months or Longer | (20) | 0 |
Total | (186) | (39) |
Agency-collateralized mortgage obligations | ||
Fair Value | ||
Less than Twelve Months | 1,427 | 187 |
Twelve Months or Longer | 122 | 364 |
Total | 1,549 | 551 |
Gross Unrealized Losses | ||
Less than Twelve Months | (22) | (2) |
Twelve Months or Longer | (3) | (11) |
Total | (25) | (13) |
Commercial | ||
Fair Value | ||
Less than Twelve Months | 3,451 | 566 |
Twelve Months or Longer | 776 | 9 |
Total | 4,227 | 575 |
Gross Unrealized Losses | ||
Less than Twelve Months | (41) | (4) |
Twelve Months or Longer | (38) | 0 |
Total | (79) | (4) |
Non-agency residential | ||
Fair Value | ||
Less than Twelve Months | 241 | 342 |
Twelve Months or Longer | 174 | 56 |
Total | 415 | 398 |
Gross Unrealized Losses | ||
Less than Twelve Months | (13) | (9) |
Twelve Months or Longer | (20) | (8) |
Total | (33) | (17) |
U.S. Treasury and government agencies | ||
Fair Value | ||
Less than Twelve Months | 103,307 | 8,282 |
Twelve Months or Longer | 4,850 | 498 |
Total | 108,157 | 8,780 |
Gross Unrealized Losses | ||
Less than Twelve Months | (272) | (9) |
Twelve Months or Longer | (46) | (4) |
Total | (318) | (13) |
Non-U.S. securities | ||
Fair Value | ||
Less than Twelve Months | 1,861 | |
Twelve Months or Longer | 135 | |
Total | 1,996 | |
Gross Unrealized Losses | ||
Less than Twelve Months | (6) | |
Twelve Months or Longer | (1) | |
Total | (7) | |
Other taxable securities | ||
Fair Value | ||
Less than Twelve Months | 0 | 576 |
Twelve Months or Longer | 82 | 396 |
Total | 82 | 972 |
Gross Unrealized Losses | ||
Less than Twelve Months | 0 | (2) |
Twelve Months or Longer | (3) | (4) |
Total | (3) | (6) |
Tax-exempt securities | ||
Fair Value | ||
Less than Twelve Months | 502 | 4,108 |
Twelve Months or Longer | 109 | 617 |
Total | 611 | 4,725 |
Gross Unrealized Losses | ||
Less than Twelve Months | (16) | (29) |
Twelve Months or Longer | (23) | (3) |
Total | $ (39) | $ (32) |
Securities - Maturities of Debt
Securities - Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Due in one year or less, amount | $ 37 | |
Due in one year or less, yield | 5.31% | |
Due after one year through five years, amount | $ 1,035 | |
Due after one year through five years, yield | 2.21% | |
Due after five years through ten years, amount | $ 112,336 | |
Due after five years though ten years, yield | 1.35% | |
Due after ten years, amount | $ 561,183 | |
Due after ten years, yield | 2.13% | |
Amortized cost | $ 674,591 | $ 438,279 |
Total, yield | 2.00% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value | $ 308,073 | 246,601 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in one year or less, amount | 37 | |
Due after one year through five years, amount | 1,060 | |
Due after five years though ten years, amount | 110,205 | |
Due after ten years, amount | 554,588 | |
Held-to-maturity, fair value | 665,890 | 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 | $ 363 | |
Due in one year or less, yield | 2.30% | |
Due after one year through five years, amount | $ 10,128 | |
Due after one year through five years, yield | 2.48% | |
Due after five years through ten years, amount | $ 6,354 | |
Due after five years through ten years, yield | 1.81% | |
Due after ten years, amount | $ 51,915 | |
Due after ten years, yield | 3.11% | |
Total, amount | $ 68,760 | |
Total, yield | 2.89% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 366 | |
Due after one year through five years, amount | 10,571 | |
Due after five years though ten years, amount | 6,452 | |
Due after ten years, amount | 53,115 | |
Fair Value | 70,504 | |
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 | $ 5 | |
Due after one year through five years, yield | 5.00% | |
Due after five years through ten years, amount | $ 49 | |
Due after five years through ten years, yield | 4.63% | |
Due after ten years, amount | $ 45,214 | |
Due after ten years, yield | 3.11% | |
Total, amount | $ 45,268 | |
Total, yield | 3.11% | |
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 | $ 4 | |
Due after five years though ten years, yield | 2.00% | |
Due after ten years, amount | $ 553,717 | |
Due after ten years, yield | 2.13% | |
Amortized cost | $ 553,721 | 414,289 |
Total, yield | 2.13% | |
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 | 5 | |
Due after five years though ten years, amount | 53 | |
Due after ten years, amount | 46,281 | |
Fair Value | 46,339 | |
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 | 4 | |
Due after ten years, amount | 547,206 | |
Held-to-maturity, fair value | 547,210 | 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 | $ 20 | |
Due after five years through ten years, yield | 2.50% | |
Due after ten years, amount | $ 3,311 | |
Due after ten years, yield | 2.91% | |
Total, amount | $ 3,331 | |
Total, yield | 2.91% | |
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 | 20 | |
Due after ten years, amount | 3,360 | |
Fair Value | 3,380 | |
Commercial | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 363 | |
Due in one year or less, yield | 2.30% | |
Due after one year through five years, amount | $ 10,123 | |
Due after one year through five years, yield | 2.48% | |
Due after five years through ten years, amount | $ 6,285 | |
Due after five years through ten years, yield | 1.79% | |
Due after ten years, amount | $ 2,278 | |
Due after ten years, yield | 1.87% | |
Total, amount | $ 19,049 | |
Total, yield | 2.18% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 366 | |
Due after one year through five years, amount | 10,562 | |
Due after five years though ten years, amount | 6,379 | |
Due after ten years, amount | 2,310 | |
Fair Value | 19,617 | |
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 | $ 1,112 | |
Due after ten years, yield | 6.43% | |
Total, amount | $ 1,112 | |
Total, yield | 6.43% | |
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 | 4 | |
Due after five years though ten years, amount | 0 | |
Due after ten years, amount | 1,164 | |
Fair Value | 1,168 | |
U.S. Treasury and government agencies | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 6,564 | |
Due in one year or less, yield | 1.22% | |
Due after one year through five years, amount | $ 39,875 | |
Due after one year through five years, yield | 1.80% | |
Due after five years through ten years, amount | $ 151,962 | |
Due after five years through ten years, yield | 1.20% | |
Due after ten years, amount | $ 27 | |
Due after ten years, yield | 2.61% | |
Total, amount | $ 198,428 | |
Total, yield | 1.32% | |
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 | $ 111,859 | |
Due after five years though ten years, yield | 1.35% | |
Due after ten years, amount | $ 0 | |
Due after ten years, yield | 0.00% | |
Amortized cost | $ 111,859 | 16,084 |
Total, yield | 1.35% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 6,614 | |
Due after one year through five years, amount | 40,912 | |
Due after five years though ten years, amount | 152,168 | |
Due after ten years, amount | 26 | |
Fair Value | 199,720 | |
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 | 109,718 | |
Due after ten years, amount | 0 | |
Held-to-maturity, fair value | 109,718 | 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 | $ 18,645 | |
Due in one year or less, yield | 0.20% | |
Due after one year through five years, amount | $ 1,045 | |
Due after one year through five years, yield | 3.61% | |
Due after five years through ten years, amount | $ 0 | |
Due after five years through ten years, yield | 0.00% | |
Due after ten years, amount | $ 7 | |
Due after ten years, yield | 9.15% | |
Total, amount | $ 19,697 | |
Total, yield | 0.38% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 18,599 | |
Due after one year through five years, amount | 1,046 | |
Due after five years though ten years, amount | 0 | |
Due after ten years, amount | 7 | |
Fair Value | 19,652 | |
Other taxable securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 562 | |
Due in one year or less, yield | 1.49% | |
Due after one year through five years, amount | $ 1,646 | |
Due after one year through five years, yield | 1.97% | |
Due after five years through ten years, amount | $ 308 | |
Due after five years through ten years, yield | 2.04% | |
Due after ten years, amount | $ 209 | |
Due after ten years, yield | 1.76% | |
Total, amount | $ 2,725 | |
Total, yield | 1.86% | |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Due in one year or less, amount | $ 37 | |
Due in one year or less, yield | 5.31% | |
Due after one year through five years, amount | $ 1,035 | |
Due after one year through five years, yield | 2.21% | |
Due after five years through ten years, amount | $ 473 | |
Due after five years though ten years, yield | 2.66% | |
Due after ten years, amount | $ 7,466 | |
Due after ten years, yield | 2.51% | |
Amortized cost | $ 9,011 | 7,906 |
Total, yield | 2.50% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 566 | |
Due after one year through five years, amount | 1,676 | |
Due after five years though ten years, amount | 310 | |
Due after ten years, amount | 212 | |
Fair Value | 2,764 | |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Due in one year or less, amount | 37 | |
Due after one year through five years, amount | 1,060 | |
Due after five years though ten years, amount | 483 | |
Due after ten years, amount | 7,382 | |
Held-to-maturity, fair value | 8,962 | $ 8,146 |
Tax-exempt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 2,485 | |
Due in one year or less, yield | 1.06% | |
Due after one year through five years, amount | $ 6,520 | |
Due after one year through five years, yield | 1.42% | |
Due after five years through ten years, amount | $ 3,105 | |
Due after five years through ten years, yield | 1.81% | |
Due after ten years, amount | $ 3,045 | |
Due after ten years, yield | 1.46% | |
Total, amount | $ 15,155 | |
Total, yield | 1.45% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 2,489 | |
Due after one year through five years, amount | 6,660 | |
Due after five years though ten years, amount | 3,223 | |
Due after ten years, amount | 3,061 | |
Fair Value | 15,433 | |
Debt securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 28,619 | |
Due in one year or less, yield | 0.56% | |
Due after one year through five years, amount | $ 59,214 | |
Due after one year through five years, yield | 1.89% | |
Due after five years through ten years, amount | $ 161,729 | |
Due after five years through ten years, yield | 1.23% | |
Due after ten years, amount | $ 55,203 | |
Due after ten years, yield | 3.02% | |
Total, amount | $ 304,765 | |
Total, yield | 1.62% | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amount | $ 28,634 | |
Due after one year through five years, amount | 60,865 | |
Due after five years though ten years, amount | 162,153 | |
Due after ten years, amount | 56,421 | |
Fair Value | $ 308,073 |
Outstanding Loans and Leases _3
Outstanding Loans and Leases and Allowance for Credit Losses - Past Due (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 979,124 | $ 927,861 |
Percentage of outstandings, total outstanding | 100.00% | 100.00% |
Loans and leases, measured at fair value | $ 7,819 | $ 6,681 |
Loans and leases, pledged as collateral | 13,000 | 15,500 |
Loans pledged to secure borrowings | 146,600 | 153,100 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 7,819 | $ 6,681 |
Percentage of outstandings, total outstanding | 0.80% | 0.72% |
Direct/indirect consumer | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans | $ 55 | $ 66 |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 435,704 | 428,796 |
Consumer Portfolio Segment | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 435,086 | 428,061 |
Consumer Portfolio Segment | Estimate of Fair Value Measurement | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 618 | 735 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 279 | 298 |
Consumer Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, measured at fair value | 339 | 437 |
Consumer real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 27,935 | 34,311 |
Consumer real estate | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans | 1,400 | 1,200 |
Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 221,963 | 223,555 |
Consumer real estate | Residential Mortgage | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 221,963 | 223,555 |
Consumer real estate | Home Equity Loan | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 27,935 | 34,311 |
Credit card and other consumer | Credit card | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 81,438 | 78,708 |
Credit card and other consumer | Direct/indirect consumer | Dealer Financial Services Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 48,500 | 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 | 51,100 | 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 | 103,560 | 91,363 |
Credit card and other consumer | Other consumer | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 190 | 124 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 543,420 | 499,065 |
Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 325,936 | 288,728 |
Loans and leases, measured at fair value | 4,600 | 2,900 |
Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 113,266 | 90,460 |
Loans and leases, measured at fair value | 2,600 | 3,000 |
Commercial | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 536,219 | 493,119 |
Commercial | Carrying Value | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 325,936 | 288,728 |
Commercial | Carrying Value | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 113,266 | 90,460 |
Commercial | Estimate of Fair Value Measurement | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 7,201 | 5,946 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 63,009 | 60,364 |
Commercial | Commercial real estate | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 58,200 | 57,200 |
Commercial | Commercial real estate | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 4,800 | 3,200 |
Commercial | Commercial real estate | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 63,009 | 60,364 |
Commercial | Commercial lease financing | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,825 | 17,098 |
Commercial | U.S. small business commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 12,051 | 29,934 |
Commercial | U.S. small business commercial | Carrying Value | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 19,183 | 36,469 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 2,884 | $ 3,158 |
Percentage of outstandings | 0.29% | 0.34% |
30 to 59 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 1,573 | $ 2,238 |
30 to 59 Days Past Due | Consumer real estate | US Government Agency Insured Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 164 | 225 |
30 to 59 Days Past Due | Consumer real estate | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 118 | 126 |
30 to 59 Days Past Due | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,005 | 1,430 |
30 to 59 Days Past Due | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 123 | 154 |
30 to 59 Days Past Due | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 298 | 445 |
30 to 59 Days Past Due | Credit card and other consumer | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 147 | 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 | 1,311 | 920 |
30 to 59 Days Past Due | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 815 | 561 |
30 to 59 Days Past Due | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 148 | 61 |
30 to 59 Days Past Due | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 115 | 128 |
30 to 59 Days Past Due | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 104 | 86 |
30 to 59 Days Past Due | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 129 | 84 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 1,279 | $ 1,230 |
Percentage of outstandings | 0.13% | 0.13% |
60 to 89 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 630 | $ 783 |
60 to 89 Days Past Due | Consumer real estate | US Government Agency Insured Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 89 | 103 |
60 to 89 Days Past Due | Consumer real estate | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 100 | 95 |
60 to 89 Days Past Due | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 297 | 297 |
60 to 89 Days Past Due | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 69 | 78 |
60 to 89 Days Past Due | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 212 | 341 |
60 to 89 Days Past Due | Credit card and other consumer | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 52 | 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 | 649 | 447 |
60 to 89 Days Past Due | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 308 | 214 |
60 to 89 Days Past Due | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 20 | 44 |
60 to 89 Days Past Due | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 34 | 113 |
60 to 89 Days Past Due | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 28 | 20 |
60 to 89 Days Past Due | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 259 | 56 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 3,311 | $ 3,913 |
Percentage of outstandings | 0.34% | 0.42% |
90 Days or More Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 2,445 | $ 2,984 |
90 Days or More Past Due | Consumer real estate | US Government Agency Insured Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 633 | 762 |
90 Days or More Past Due | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,571 | 1,699 |
90 Days or More Past Due | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 369 | 345 |
90 Days or More Past Due | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 487 | 903 |
90 Days or More Past Due | Credit card and other consumer | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 18 | 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 | 866 | 929 |
90 Days or More Past Due | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 396 | 512 |
90 Days or More Past Due | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 83 | 11 |
90 Days or More Past Due | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 285 | 226 |
90 Days or More Past Due | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13 | 57 |
90 Days or More Past Due | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 89 | 123 |
Total Past Due 30 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 7,474 | $ 8,301 |
Percentage of outstandings | 0.76% | 0.89% |
Total Past Due 30 Days or More | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 4,648 | $ 6,005 |
Total Past Due 30 Days or More | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 2,873 | 3,426 |
Total Past Due 30 Days or More | Consumer real estate | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 561 | 577 |
Total Past Due 30 Days or More | Credit card and other consumer | Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 997 | 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 | 217 | 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 | 2,826 | 2,296 |
Total Past Due 30 Days or More | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,519 | 1,287 |
Total Past Due 30 Days or More | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 251 | 116 |
Total Past Due 30 Days or More | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 434 | 467 |
Total Past Due 30 Days or More | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 145 | 163 |
Total Past Due 30 Days or More | Commercial | U.S. small business commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 477 | 263 |
Total Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 963,831 | $ 912,879 |
Percentage of outstandings, total outstanding | 98.44% | 98.39% |
Total Current or Less Than 30 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 430,438 | $ 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 | 219,090 | 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 | 27,374 | 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 | 80,441 | 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 | 103,343 | 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 | 190 | 124 |
Total Current or Less Than 30 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 533,393 | 490,823 |
Total Current or Less Than 30 Days Past Due | Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 324,417 | 287,441 |
Total Current or Less Than 30 Days Past Due | Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 113,015 | 90,344 |
Total Current or Less Than 30 Days Past Due | Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 62,575 | 59,897 |
Total Current or Less Than 30 Days Past Due | Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,680 | 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 | $ 18,706 | $ 36,206 |
Outstanding Loans and Leases _4
Outstanding Loans and Leases and Allowance for Credit Losses - Nonperforming, Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 4,567 | $ 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 | $ 1,578 | $ 2,227 |
Threshold period past due for nonperforming status of financing receivables | 90 days | |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans and leases | $ 2,989 | 2,725 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming loans and leases | 2,284 | 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 | $ 10,500 | $ 9,000 |
Outstanding Loans and Leases _5
Outstanding Loans and Leases and Allowance for Credit Losses - Nonperforming, Credit Quality (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | $ 4,567 | $ 4,952 |
Accruing past due 90 days or more | $ 1,457 | $ 2,082 |
Nonperforming loans and leases, percent outstanding | 0.47% | 0.54% |
Accruing past due 90 days or more, percent outstanding | 0.15% | 0.23% |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | $ 2,989 | $ 2,725 |
Accruing past due 90 days or more | 1,132 | 1,698 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 2,284 | 2,005 |
Accruing past due 90 days or more | 634 | 762 |
Consumer Portfolio Segment | Residential Mortgage With Negative Allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 1,950 | 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 | 630 | 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 | 414 | 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 | 487 | 903 |
Consumer Portfolio Segment | Direct/indirect consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 75 | 71 |
Accruing past due 90 days or more | 11 | 33 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 1,578 | 2,227 |
Accruing past due 90 days or more | 325 | 384 |
Commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 825 | 1,243 |
Accruing past due 90 days or more | 171 | 228 |
Commercial | Non United States | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 268 | 418 |
Accruing past due 90 days or more | 19 | 10 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 382 | 404 |
Accruing past due 90 days or more | 40 | 6 |
Commercial | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 80 | 87 |
Accruing past due 90 days or more | 8 | 25 |
Commercial | U.S. small business commercial | United States | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 23 | 75 |
Accruing past due 90 days or more | 87 | 115 |
Nonperforming Loans | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonperforming Loans and Leases | 444 | 537 |
Accruing past due 90 days or more | $ 190 | $ 225 |
Outstanding Loans and Leases _6
Outstanding Loans and Leases and Allowance for Credit Losses - Residential Mortgage - Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | $ 979,124 | $ 927,861 |
Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 27,935 | 34,311 |
Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 221,963 | 223,555 |
Originated in current fiscal year | 92,817 | 75,405 |
Originated in fiscal year before current fiscal year | 47,526 | 46,643 |
Originated two years before current fiscal year | 24,465 | 15,203 |
Originated three years before current fiscal year | 7,636 | 22,040 |
Originated four years before current fiscal year | 11,217 | 25,070 |
Prior | 38,302 | 39,194 |
Consumer real estate | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 893 | 1,082 |
Consumer real estate | Less than 620 | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 2,451 | 2,717 |
Originated in current fiscal year | 636 | 823 |
Originated in fiscal year before current fiscal year | 442 | 177 |
Originated two years before current fiscal year | 140 | 139 |
Originated three years before current fiscal year | 120 | 170 |
Originated four years before current fiscal year | 104 | 150 |
Prior | 1,009 | 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 December 31, 2021 | 1,434 | 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 December 31, 2021 | 5,199 | 5,462 |
Originated in current fiscal year | 1,511 | 1,804 |
Originated in fiscal year before current fiscal year | 1,123 | 666 |
Originated two years before current fiscal year | 477 | 468 |
Originated three years before current fiscal year | 294 | 385 |
Originated four years before current fiscal year | 307 | 368 |
Prior | 1,487 | 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 December 31, 2021 | 4,625 | 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 December 31, 2021 | 24,532 | 25,349 |
Originated in current fiscal year | 8,822 | 8,533 |
Originated in fiscal year before current fiscal year | 5,454 | 4,679 |
Originated two years before current fiscal year | 2,785 | 1,972 |
Originated three years before current fiscal year | 1,057 | 2,427 |
Originated four years before current fiscal year | 1,434 | 2,307 |
Prior | 4,980 | 5,431 |
Consumer real estate | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 20,983 | 25,669 |
Consumer real estate | Greater than or equal to 740 | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 177,077 | 178,209 |
Originated in current fiscal year | 78,003 | 60,419 |
Originated in fiscal year before current fiscal year | 37,021 | 39,107 |
Originated two years before current fiscal year | 19,913 | 12,254 |
Originated three years before current fiscal year | 5,949 | 18,716 |
Originated four years before current fiscal year | 9,137 | 20,275 |
Prior | 27,054 | 27,438 |
Less than or equal to 90 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 27,594 | 33,447 |
Less than or equal to 90 percent | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 206,562 | 207,389 |
Originated in current fiscal year | 87,051 | 68,907 |
Originated in fiscal year before current fiscal year | 43,597 | 43,771 |
Originated two years before current fiscal year | 23,205 | 14,658 |
Originated three years before current fiscal year | 7,392 | 21,589 |
Originated four years before current fiscal year | 10,956 | 22,967 |
Prior | 34,361 | 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 December 31, 2021 | 130 | 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 December 31, 2021 | 1,938 | 3,138 |
Originated in current fiscal year | 1,401 | 1,970 |
Originated in fiscal year before current fiscal year | 331 | 684 |
Originated two years before current fiscal year | 81 | 128 |
Originated three years before current fiscal year | 17 | 70 |
Originated four years before current fiscal year | 14 | 96 |
Prior | 94 | 190 |
Greater than 100 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 211 | 513 |
Greater than 100 percent | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 759 | 1,210 |
Originated in current fiscal year | 520 | 702 |
Originated in fiscal year before current fiscal year | 112 | 174 |
Originated two years before current fiscal year | 29 | 47 |
Originated three years before current fiscal year | 11 | 39 |
Originated four years before current fiscal year | 12 | 37 |
Prior | 75 | 211 |
Fully-insured loans | Consumer real estate | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 12,704 | 11,818 |
Originated in current fiscal year | 3,845 | 3,826 |
Originated in fiscal year before current fiscal year | 3,486 | 2,014 |
Originated two years before current fiscal year | 1,150 | 370 |
Originated three years before current fiscal year | 216 | 342 |
Originated four years before current fiscal year | 235 | 1,970 |
Prior | $ 3,772 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 979,124 | $ 927,861 |
Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 27,935 | 34,311 |
Consumer real estate | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 893 | 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 | 1,434 | 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 | 4,625 | 5,762 |
Consumer real estate | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 20,983 | 25,669 |
Consumer real estate | Home Equity Loans and Reverse Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 1,913 | 2,217 |
Consumer real estate | Home Equity Loans and Reverse Mortgages | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 244 | 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 | 222 | 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 | 468 | 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 | 979 | 1,148 |
Consumer real estate | Reverse Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 1,300 | 1,300 |
Consumer real estate | Home Equity Loan no Longer Originated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 582 | 885 |
Consumer real estate | Revolving Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 19,183 | 22,851 |
Consumer real estate | Revolving Loans | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 209 | 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 | 495 | 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 | 2,493 | 2,905 |
Consumer real estate | Revolving Loans | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 15,986 | 19,134 |
Consumer real estate | Revolving Loans Converted to Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans Converted to Term Loans | 6,839 | 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 | 440 | 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 | 717 | 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 | 1,664 | 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 | 4,018 | 5,387 |
Less than or equal to 90 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 27,594 | 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 | 1,773 | 1,919 |
Less than or equal to 90 percent | Consumer real estate | Revolving Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 19,095 | 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 | 6,726 | 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 | 130 | 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 | 55 | 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 | 34 | 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 | 41 | 131 |
Greater than 100 percent | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 211 | 513 |
Greater than 100 percent | Consumer real estate | Home Equity Loans and Reverse Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 85 | 172 |
Greater than 100 percent | Consumer real estate | Revolving Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 54 | 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 | $ 72 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | $ 979,124 | $ 927,861 |
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 103,560 | 91,363 |
Revolving Loans | 54,354 | 44,337 |
Originated in current fiscal year | 22,060 | 16,226 |
Originated in fiscal year before current fiscal year | 10,883 | 13,477 |
Originated two years before current fiscal year | 8,110 | 7,490 |
Originated three years before current fiscal year | 3,447 | 4,845 |
Originated four years before current fiscal year | 2,185 | 2,557 |
Prior | 2,521 | 2,431 |
Loans and lease receivable, securities based lending | 54,200 | 44,100 |
Credit Card and Direct/ Indirect Consumer | Direct/indirect consumer | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total as of December 31, 2021 | 685 | 959 |
Revolving Loans | 13 | 19 |
Originated in current fiscal year | 179 | 111 |
Originated in fiscal year before current fiscal year | 115 | 200 |
Originated two years before current fiscal year | 129 | 175 |
Originated three years before current fiscal year | 79 | 243 |
Originated four years before current fiscal year | 101 | 148 |
Prior | 69 | 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 December 31, 2021 | 2,313 | 2,143 |
Revolving Loans | 14 | 20 |
Originated in current fiscal year | 1,170 | 653 |
Originated in fiscal year before current fiscal year | 414 | 559 |
Originated two years before current fiscal year | 313 | 329 |
Originated three years before current fiscal year | 148 | 301 |
Originated four years before current fiscal year | 134 | 176 |
Prior | 120 | 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 December 31, 2021 | 8,530 | 7,431 |
Revolving Loans | 60 | 80 |
Originated in current fiscal year | 4,552 | 2,848 |
Originated in fiscal year before current fiscal year | 1,659 | 2,015 |
Originated two years before current fiscal year | 1,126 | 1,033 |
Originated three years before current fiscal year | 466 | 739 |
Originated four years before current fiscal year | 314 | 400 |
Prior | 353 | 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 December 31, 2021 | 37,164 | 36,064 |
Revolving Loans | 94 | 120 |
Originated in current fiscal year | 15,876 | 12,540 |
Originated in fiscal year before current fiscal year | 8,642 | 10,588 |
Originated two years before current fiscal year | 6,465 | 5,869 |
Originated three years before current fiscal year | 2,679 | 3,495 |
Originated four years before current fiscal year | 1,573 | 1,781 |
Prior | 1,835 | 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 December 31, 2021 | 54,868 | 44,766 |
Revolving Loans | 54,173 | 44,098 |
Originated in current fiscal year | 283 | 74 |
Originated in fiscal year before current fiscal year | 53 | 115 |
Originated two years before current fiscal year | 77 | 84 |
Originated three years before current fiscal year | 75 | 67 |
Originated four years before current fiscal year | 63 | 52 |
Prior | 144 | 276 |
Credit Card and Direct/ Indirect Consumer | Credit card | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 80,838 | 78,067 |
Total Credit Card as of December 31, 2021 | 81,438 | 78,708 |
Revolving Loans Converted to Term Loans | 600 | 641 |
Credit Card and Direct/ Indirect Consumer | Credit card | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 2,857 | 3,832 |
Total Credit Card as of December 31, 2021 | 3,017 | 4,018 |
Revolving Loans Converted to Term Loans | 160 | 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 | 9,064 | 9,201 |
Total Credit Card as of December 31, 2021 | 9,264 | 9,419 |
Revolving Loans Converted to Term Loans | 200 | 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 | 28,155 | 27,392 |
Total Credit Card as of December 31, 2021 | 28,347 | 27,585 |
Revolving Loans Converted to Term Loans | 192 | 193 |
Credit Card and Direct/ Indirect Consumer | Credit card | Greater than or equal to 740 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 40,762 | 37,642 |
Total Credit Card as of December 31, 2021 | 40,810 | 37,686 |
Revolving Loans Converted to Term Loans | 48 | 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 December 31, 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 979,124 | $ 927,861 |
Estimate of Fair Value Measurement | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 7,819 | 6,681 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 543,420 | 499,065 |
Revolving Loans Converted to Term Loans | 16 | 58 |
Commercial | Estimate of Fair Value Measurement | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 7,201 | 5,946 |
Commercial | United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 325,936 | 288,728 |
Originated in current fiscal year | 56,460 | 35,980 |
Originated in fiscal year before current fiscal year | 25,699 | 35,847 |
Originated two years before current fiscal year | 24,681 | 20,052 |
Originated three years before current fiscal year | 13,054 | 14,956 |
Originated four years before current fiscal year | 10,940 | 8,118 |
Prior | 24,949 | 23,186 |
Revolving Loans | 170,153 | 150,589 |
Commercial | United States | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 315,618 | 268,812 |
Originated in current fiscal year | 55,862 | 33,456 |
Originated in fiscal year before current fiscal year | 25,012 | 33,305 |
Originated two years before current fiscal year | 23,373 | 17,363 |
Originated three years before current fiscal year | 11,439 | 14,102 |
Originated four years before current fiscal year | 10,426 | 7,420 |
Prior | 23,877 | 21,784 |
Revolving Loans | 165,629 | 141,382 |
Commercial | United States | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 10,318 | 19,916 |
Originated in current fiscal year | 598 | 2,524 |
Originated in fiscal year before current fiscal year | 687 | 2,542 |
Originated two years before current fiscal year | 1,308 | 2,689 |
Originated three years before current fiscal year | 1,615 | 854 |
Originated four years before current fiscal year | 514 | 698 |
Prior | 1,072 | 1,402 |
Revolving Loans | 4,524 | 9,207 |
Commercial | Non United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 113,266 | 90,460 |
Originated in current fiscal year | 25,972 | 17,215 |
Originated in fiscal year before current fiscal year | 9,027 | 11,968 |
Originated two years before current fiscal year | 7,620 | 7,943 |
Originated three years before current fiscal year | 4,796 | 5,473 |
Originated four years before current fiscal year | 3,273 | 1,812 |
Prior | 3,278 | 2,453 |
Revolving Loans | 59,300 | 43,596 |
Commercial | Non United States | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 110,787 | 85,914 |
Originated in current fiscal year | 25,749 | 16,301 |
Originated in fiscal year before current fiscal year | 8,703 | 11,396 |
Originated two years before current fiscal year | 7,133 | 7,451 |
Originated three years before current fiscal year | 4,521 | 5,037 |
Originated four years before current fiscal year | 3,016 | 1,674 |
Prior | 3,062 | 2,194 |
Revolving Loans | 58,603 | 41,861 |
Commercial | Non United States | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 2,479 | 4,546 |
Originated in current fiscal year | 223 | 914 |
Originated in fiscal year before current fiscal year | 324 | 572 |
Originated two years before current fiscal year | 487 | 492 |
Originated three years before current fiscal year | 275 | 436 |
Originated four years before current fiscal year | 257 | 138 |
Prior | 216 | 259 |
Revolving Loans | 697 | 1,735 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 63,009 | 60,364 |
Originated in current fiscal year | 14,679 | 9,362 |
Originated in fiscal year before current fiscal year | 8,234 | 16,684 |
Originated two years before current fiscal year | 13,474 | 10,343 |
Originated three years before current fiscal year | 7,420 | 6,181 |
Originated four years before current fiscal year | 3,922 | 3,905 |
Prior | 8,295 | 7,978 |
Revolving Loans | 6,985 | 5,911 |
Commercial | Commercial real estate | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 55,511 | 50,260 |
Originated in current fiscal year | 14,402 | 8,429 |
Originated in fiscal year before current fiscal year | 7,244 | 14,126 |
Originated two years before current fiscal year | 11,237 | 8,228 |
Originated three years before current fiscal year | 5,710 | 4,599 |
Originated four years before current fiscal year | 3,326 | 3,299 |
Prior | 6,831 | 6,542 |
Revolving Loans | 6,761 | 5,037 |
Commercial | Commercial real estate | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 7,498 | 10,104 |
Originated in current fiscal year | 277 | 933 |
Originated in fiscal year before current fiscal year | 990 | 2,558 |
Originated two years before current fiscal year | 2,237 | 2,115 |
Originated three years before current fiscal year | 1,710 | 1,582 |
Originated four years before current fiscal year | 596 | 606 |
Prior | 1,464 | 1,436 |
Revolving Loans | 224 | 874 |
Commercial | Commercial real estate | United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 58,200 | 57,200 |
Commercial | Commercial real estate | Non United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 4,800 | 3,200 |
Commercial | Commercial Lease Financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 14,825 | 17,098 |
Originated in current fiscal year | 3,305 | 3,200 |
Originated in fiscal year before current fiscal year | 2,503 | 3,359 |
Originated two years before current fiscal year | 2,518 | 3,088 |
Originated three years before current fiscal year | 2,097 | 2,613 |
Originated four years before current fiscal year | 1,789 | 1,791 |
Prior | 2,613 | 3,047 |
Revolving Loans | 0 | 0 |
Commercial | Commercial Lease Financing | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 14,438 | 16,384 |
Originated in current fiscal year | 3,280 | 3,083 |
Originated in fiscal year before current fiscal year | 2,485 | 3,242 |
Originated two years before current fiscal year | 2,427 | 2,956 |
Originated three years before current fiscal year | 2,030 | 2,532 |
Originated four years before current fiscal year | 1,741 | 1,703 |
Prior | 2,475 | 2,868 |
Revolving Loans | 0 | 0 |
Commercial | Commercial Lease Financing | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 387 | 714 |
Originated in current fiscal year | 25 | 117 |
Originated in fiscal year before current fiscal year | 18 | 117 |
Originated two years before current fiscal year | 91 | 132 |
Originated three years before current fiscal year | 67 | 81 |
Originated four years before current fiscal year | 48 | 88 |
Prior | 138 | 179 |
Revolving Loans | 0 | 0 |
Commercial | U.S. small business commercial | United States | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 12,051 | 29,934 |
Originated in current fiscal year | 4,269 | 24,615 |
Originated in fiscal year before current fiscal year | 2,951 | 1,360 |
Originated two years before current fiscal year | 1,150 | 1,047 |
Originated three years before current fiscal year | 850 | 910 |
Originated four years before current fiscal year | 687 | 640 |
Prior | 2,000 | 1,177 |
Revolving Loans | 144 | 185 |
Commercial | U.S. small business commercial | United States | Pass rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 11,618 | 28,786 |
Originated in current fiscal year | 4,257 | 24,539 |
Originated in fiscal year before current fiscal year | 2,922 | 1,121 |
Originated two years before current fiscal year | 1,059 | 837 |
Originated three years before current fiscal year | 763 | 735 |
Originated four years before current fiscal year | 623 | 527 |
Prior | 1,853 | 855 |
Revolving Loans | 141 | 172 |
Commercial | U.S. small business commercial | United States | Reservable criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 433 | 1,148 |
Originated in current fiscal year | 12 | 76 |
Originated in fiscal year before current fiscal year | 29 | 239 |
Originated two years before current fiscal year | 91 | 210 |
Originated three years before current fiscal year | 87 | 175 |
Originated four years before current fiscal year | 64 | 113 |
Prior | 147 | 322 |
Revolving Loans | 3 | 13 |
Commercial | Term Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 529,087 | 486,584 |
Originated in current fiscal year | 104,685 | 90,372 |
Originated in fiscal year before current fiscal year | 48,414 | 69,218 |
Originated two years before current fiscal year | 49,443 | 42,473 |
Originated three years before current fiscal year | 28,217 | 30,133 |
Originated four years before current fiscal year | 20,611 | 16,266 |
Prior | 41,135 | 37,841 |
Revolving Loans | 236,582 | 200,281 |
Commercial | Small Business Card Loans | Less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 192 | 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 | 618 | 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 | 1,900 | 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 | $ 7,100 | $ 6,500 |
Outstanding Loans and Leases_10
Outstanding Loans and Leases and Allowance for Credit Losses - Credit Quality Indicators, Narrative (Details) - USD ($) $ in Billions | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Commercial reservable criticized utilized exposure, amount | $ 22.4 | $ 38.7 |
Commercial reservable criticized utilized exposure, percent | 3.91% | 7.31% |
Outstanding Loans and Leases_11
Outstanding Loans and Leases and Allowance for Credit Losses - Troubled Debt Restructurings, Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)payment | Dec. 31, 2020USD ($) | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 979,124 | $ 927,861 |
Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 27,935 | 34,311 |
Real estate acquired through foreclosure | 101 | 123 |
Loans with formal foreclosure proceeding in process | 1,100 | 1,200 |
Reclassified consumer real estate loans | $ 64 | $ 182 |
Number of missing payments causing default | payment | 3 | |
Consumer real estate | Chapter Seven Bankruptcy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 306 | |
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 | 87 | |
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 | $ 55 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Unpaid Principal Balance | $ 998 | $ 819 | $ 605 |
Carrying Value | $ 865 | $ 715 | $ 478 |
Pre-Modification Interest Rate | 3.49% | 3.66% | 4.39% |
Post-Modification Interest Rate | 3.41% | 3.59% | 4.17% |
Residential Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Unpaid Principal Balance | $ 891 | $ 732 | $ 464 |
Carrying Value | $ 788 | $ 646 | $ 377 |
Pre-Modification Interest Rate | 3.48% | 3.66% | 4.19% |
Post-Modification Interest Rate | 3.38% | 3.59% | 4.13% |
Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Unpaid Principal Balance | $ 107 | $ 87 | $ 141 |
Carrying Value | $ 77 | $ 69 | $ 101 |
Pre-Modification Interest Rate | 3.60% | 3.67% | 5.04% |
Post-Modification Interest Rate | 3.59% | 3.61% | 4.31% |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total modifications | $ 865 | $ 715 | $ 478 |
Modifications under government programs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total modifications | 4 | 13 | 35 |
Modifications under proprietary programs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total modifications | 774 | 570 | 174 |
Loans discharged in Chapter 7 bankruptcy | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total modifications | 33 | 53 | 68 |
Trial modifications | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total modifications | $ 54 | $ 79 | $ 201 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 160 | $ 140 | $ 201 |
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 | 4 | 16 | 26 |
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 | 128 | 51 | 88 |
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 | 9 | 19 | 30 |
Trial modifications | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings entering payment default that were modified during the preceding twelve months | $ 19 | $ 54 | $ 57 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Unpaid Principal Balance | $ 260 | $ 321 | $ 380 |
Carrying Value | $ 264 | $ 314 | $ 376 |
Pre-Modification Interest Rate | 17.68% | 16.70% | 18.42% |
Post-Modification Interest Rate | 4.20% | 5.65% | 5.34% |
Credit card | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Unpaid Principal Balance | $ 237 | $ 269 | $ 340 |
Carrying Value | $ 248 | $ 277 | $ 355 |
Pre-Modification Interest Rate | 18.45% | 18.16% | 19.18% |
Post-Modification Interest Rate | 4.09% | 5.63% | 5.35% |
Direct/indirect consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Unpaid Principal Balance | $ 23 | $ 52 | $ 40 |
Carrying Value | $ 16 | $ 37 | $ 21 |
Pre-Modification Interest Rate | 5.88% | 5.83% | 5.23% |
Post-Modification Interest Rate | 5.88% | 5.83% | 5.21% |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying Value | $ 264 | $ 314 | $ 376 |
Internal programs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying Value | 214 | 225 | 247 |
External programs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying Value | 44 | 73 | 108 |
Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Carrying Value | $ 6 | $ 16 | $ 21 |
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 | 12 Months Ended |
Dec. 31, 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 | 10.00% |
Direct/indirect consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Percent expected to be in payment default within 12 months after modification | 18.00% |
Outstanding Loans and Leases_18
Outstanding Loans and Leases and Allowance for Credit Losses - Commercial Loans - Impaired Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Loans held-for-sale | $ 15,635 | $ 9,243 | |
Originations and purchases | 43,635 | 19,657 | $ 28,874 |
Accrued interest receivable | 2,200 | 2,400 | |
Credit card lines | |||
Financing Receivable, Impaired [Line Items] | |||
Interest and fee income reversed | 446 | 512 | |
Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying Value | 1,300 | 1,200 | 1,700 |
Lending commitments | 283 | 402 | 445 |
Commitments in payment default | 262 | 218 | 207 |
Loans held-for-sale | 15,600 | 9,200 | |
Proceeds from sales and paydowns of loans originally classified as LHFS | 43,600 | 20,100 | 30,600 |
Originations and purchases | $ 37,300 | $ 19,700 | $ 28,900 |
Outstanding Loans and Leases_19
Outstanding Loans and Leases and Allowance for Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | $ 13,843 | $ 13,843 | $ 20,680 | $ 10,229 | ||||
Allowance on nonperforming loans | 12,387 | 12,387 | 18,802 | 9,416 | $ 9,601 | |||
Reserve for unfunded lending commitments | $ 1,456 | 1,456 | 1,878 | 813 | 797 | |||
Unemployment rate, economic outlook, 2020 forecast | 6.60% | |||||||
U.S. gross domestic product, economic outlook, 2020 forecast | 2.50% | |||||||
Allowance for credit losses, period increase (decrease) | (6,800) | |||||||
Loan and leases receivable, allowance, period increase (decrease) | (6,400) | |||||||
Reserve for unfunded lending commitments, period increase (decrease) | (422) | |||||||
Increase in provision for credit losses | 15,900 | |||||||
Provision for credit losses | (4,594) | 11,320 | 3,590 | |||||
Outstanding loans and leases, period increase (decrease), excluding loans accounted for under the fair value option | 50,100 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 3,300 | |||||||
Loans and leases receivable, percentage increase in allowance | 32.00% | |||||||
Allowance on nonperforming loans | 2,900 | |||||||
Reserve for unfunded lending commitments | 310 | |||||||
Scenario, Forecast | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Unemployment rate, economic outlook | 5.00% | 5.00% | ||||||
U.S. gross domestic product, economic outlook | 1.90% | 2.10% | ||||||
Unemployment rate, economic outlook, 2020 forecast | 5.00% | 5.50% | ||||||
U.S. gross domestic product, economic outlook, 2020 forecast | 2.10% | 2.40% | ||||||
Consumer real estate | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | $ 653 | 653 | 995 | 546 | ||||
Allowance on nonperforming loans | 557 | 557 | 858 | 546 | 928 | |||
Reserve for unfunded lending commitments | 96 | 96 | 137 | 0 | 0 | |||
Loan and leases receivable, allowance, period increase (decrease) | (342) | |||||||
Outstanding loans and leases, period increase (decrease), excluding loans accounted for under the fair value option | 7,000 | |||||||
Commercial | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 6,714 | 6,714 | 10,472 | 5,687 | ||||
Allowance on nonperforming loans | 5,354 | 5,354 | 8,731 | 4,874 | 4,799 | |||
Reserve for unfunded lending commitments | 1,360 | 1,360 | 1,741 | 813 | 797 | |||
Loan and leases receivable, allowance, period increase (decrease) | (3,800) | |||||||
Outstanding loans and leases, period increase (decrease), excluding loans accounted for under the fair value option | 60,400 | |||||||
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Reserve for unfunded lending commitments | 191 | |||||||
Credit card and other consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 6,476 | 6,476 | 9,213 | 3,996 | ||||
Allowance on nonperforming loans | 6,476 | 6,476 | 9,213 | 3,996 | 3,874 | |||
Reserve for unfunded lending commitments | $ 0 | 0 | $ 0 | 0 | $ 0 | |||
Loan and leases receivable, allowance, period increase (decrease) | $ (2,700) | |||||||
Credit card and other consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance on nonperforming loans | $ 3,100 |
Outstanding Loans and Leases_20
Outstanding Loans and Leases and Allowance for Credit Losses - Allowance by Portfolio Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, beginning of the period | $ 18,802 | $ 9,416 | $ 9,601 |
Loans and leases charged off | (3,797) | (5,419) | (5,646) |
Recoveries of loans and leases previously charged off | 1,554 | 1,298 | 1,998 |
Net charge-offs | (2,243) | (4,121) | (3,648) |
Provision for loan and lease losses | (4,173) | 10,565 | 3,574 |
Other | 1 | 0 | (111) |
Allowance for loan and lease losses, end of the period | 12,387 | 18,802 | 9,416 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Reserve for unfunded lending commitments, beginning balance | 1,878 | 813 | 797 |
Provision for unfunded lending commitments | (421) | 755 | 16 |
Other | (1) | ||
Reserve for unfunded lending commitments, ending balance | 1,456 | 1,878 | 813 |
Allowance for credit losses | 13,843 | 20,680 | 10,229 |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, beginning of the period | 12,358 | ||
Allowance for loan and lease losses, end of the period | 12,358 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Reserve for unfunded lending commitments, beginning balance | 1,123 | ||
Reserve for unfunded lending commitments, ending balance | 1,123 | ||
Consumer real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, beginning of the period | 858 | 546 | 928 |
Loans and leases charged off | (78) | (98) | (522) |
Recoveries of loans and leases previously charged off | 225 | 201 | 927 |
Net charge-offs | 147 | 103 | 405 |
Provision for loan and lease losses | (449) | 307 | (680) |
Other | 1 | 8 | (107) |
Allowance for loan and lease losses, end of the period | 557 | 858 | 546 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Reserve for unfunded lending commitments, beginning balance | 137 | 0 | 0 |
Provision for unfunded lending commitments | (41) | 18 | 0 |
Other | 0 | ||
Reserve for unfunded lending commitments, ending balance | 96 | 137 | 0 |
Allowance for credit losses | 653 | 995 | 546 |
Consumer real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, beginning of the period | 440 | ||
Allowance for loan and lease losses, end of the period | 440 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Reserve for unfunded lending commitments, beginning balance | 119 | ||
Reserve for unfunded lending commitments, ending balance | 119 | ||
Credit card and other consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, beginning of the period | 9,213 | 3,996 | 3,874 |
Loans and leases charged off | (3,000) | (3,646) | (4,302) |
Recoveries of loans and leases previously charged off | 1,006 | 891 | 911 |
Net charge-offs | (1,994) | (2,755) | (3,391) |
Provision for loan and lease losses | (744) | 4,538 | 3,512 |
Other | 1 | 0 | 1 |
Allowance for loan and lease losses, end of the period | 6,476 | 9,213 | 3,996 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Reserve for unfunded lending commitments, beginning balance | 0 | 0 | 0 |
Provision for unfunded lending commitments | 0 | 0 | 0 |
Other | 0 | ||
Reserve for unfunded lending commitments, ending balance | 0 | 0 | 0 |
Allowance for credit losses | 6,476 | 9,213 | 3,996 |
Credit card and other consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, beginning of the period | 7,430 | ||
Allowance for loan and lease losses, end of the period | 7,430 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Reserve for unfunded lending commitments, beginning balance | 0 | ||
Reserve for unfunded lending commitments, ending balance | 0 | ||
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, beginning of the period | 8,731 | 4,874 | 4,799 |
Loans and leases charged off | (719) | (1,675) | (822) |
Recoveries of loans and leases previously charged off | 323 | 206 | 160 |
Net charge-offs | (396) | (1,469) | (662) |
Provision for loan and lease losses | (2,980) | 5,720 | 742 |
Other | (1) | (8) | (5) |
Allowance for loan and lease losses, end of the period | 5,354 | 8,731 | 4,874 |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Reserve for unfunded lending commitments, beginning balance | 1,741 | 813 | 797 |
Provision for unfunded lending commitments | (380) | 737 | 16 |
Other | (1) | ||
Reserve for unfunded lending commitments, ending balance | 1,360 | 1,741 | 813 |
Allowance for credit losses | $ 6,714 | 10,472 | 5,687 |
Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan and lease losses, beginning of the period | 4,488 | ||
Allowance for loan and lease losses, end of the period | 4,488 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Reserve for unfunded lending commitments, beginning balance | $ 1,004 | ||
Reserve for unfunded lending commitments, ending balance | $ 1,004 |
Securitizations and Other Var_3
Securitizations and Other Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Mortgage-backed securities, fair value | $ 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 | $ 6,664 | 15,823 | $ 6,858 |
Gains on securitizations | 9 | 728 | 27 |
Repurchases from securitization trusts | 756 | 436 | 881 |
Gain (loss) on loans securitized | 121 | 160 | 64 |
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 | 10,874 | 5,084 | 8,661 |
Gains on securitizations | 156 | 61 | 103 |
Repurchases from securitization trusts | 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 | 115,400 | 160,400 | |
Servicing fees | 392 | 474 | $ 585 |
Transfers continuing involvement servicing fee advances | $ 2,000 | $ 2,200 |
Securitizations and Other Var_5
Securitizations and Other Variable Interest Entities - First Lien Mortgages VIE (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
On-balance sheet assets | |||
Trading account assets | $ 247,080 | $ 198,854 | |
Loans and leases | 979,124 | 927,861 | |
Debt securities carried at fair value | 308,073 | 246,601 | |
Held-to-maturity securities | 674,591 | 438,279 | |
Other assets | 163,869 | 135,203 | |
Total assets | 3,169,495 | 2,819,627 | |
Total liabilities | 2,899,429 | 2,546,703 | |
Consolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 5,004 | 5,225 | |
Loans and leases | 17,135 | 23,636 | |
Other assets | 189 | 1,387 | |
Total assets | 21,370 | 28,555 | |
Total liabilities | 3,841 | 7,523 | |
Agency | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 11,600 | 13,477 | |
On-balance sheet assets | |||
Other assets | 0 | 0 | |
Total assets | 11,600 | 13,477 | |
Principal balance outstanding | 93,142 | 133,497 | |
Agency | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 1,644 | 1,328 | |
On-balance sheet assets | |||
Trading account assets | 1,644 | 1,328 | |
Loans and leases | 0 | 0 | |
Total assets | 1,644 | 1,328 | |
Total liabilities | 0 | 0 | |
Agency | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 175 | 152 | |
Debt securities carried at fair value | 5,009 | 7,588 | |
Held-to-maturity securities | 6,416 | 5,737 | |
Non-agency | Prime | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 121 | 250 | |
On-balance sheet assets | |||
Other assets | 3 | 6 | |
Total assets | 11 | 111 | |
Principal balance outstanding | 4,710 | 6,081 | |
Non-agency | Prime | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 49 | 66 | |
On-balance sheet assets | |||
Trading account assets | 0 | 350 | |
Loans and leases | 58 | 0 | |
Total assets | 58 | 350 | |
Total liabilities | 9 | 284 | |
Non-agency | Prime | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 8 | 2 | |
Debt securities carried at fair value | 0 | 103 | |
Held-to-maturity securities | 0 | 0 | |
Non-agency | Subprime | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 908 | 1,031 | |
On-balance sheet assets | |||
Other assets | 29 | 26 | |
Total assets | 610 | 710 | |
Principal balance outstanding | 6,179 | 6,691 | |
Non-agency | Subprime | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 0 | 53 | |
On-balance sheet assets | |||
Trading account assets | 0 | 260 | |
Loans and leases | 0 | 0 | |
Total assets | 0 | 260 | |
Total liabilities | 0 | 207 | |
Non-agency | Subprime | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 44 | 8 | |
Debt securities carried at fair value | 537 | 676 | |
Held-to-maturity securities | 0 | 0 | |
Non-agency | Alt-A | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 14 | 46 | |
On-balance sheet assets | |||
Other assets | 2 | 1 | |
Total assets | 14 | 46 | |
Principal balance outstanding | 13,627 | 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 | |
Loans and leases | 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 | 12 | 12 | |
Debt securities carried at fair value | 0 | 33 | |
Held-to-maturity securities | 0 | 0 | |
Commercial Mortgage | |||
On-balance sheet assets | |||
Debt securities carried at fair value | 19,617 | ||
Commercial Mortgage | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 1,445 | 1,169 | |
On-balance sheet assets | |||
Other assets | 93 | 50 | |
Total assets | 1,271 | 1,035 | |
Principal balance outstanding | 85,540 | 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 | |
Loans and leases | 0 | 0 | |
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Commercial Mortgage | Senior securities: | Unconsolidated VIEs | |||
On-balance sheet assets | |||
Trading account assets | 21 | 60 | |
Debt securities carried at fair value | 0 | 0 | |
Held-to-maturity securities | $ 1,157 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
On-balance sheet assets | ||||
Trading account assets | $ 247,080 | $ 198,854 | ||
Debt securities carried at fair value | 308,073 | 246,601 | ||
Held-to-maturity securities | 674,591 | 438,279 | ||
Total assets | 3,169,495 | 2,819,627 | ||
Loans and leases | 979,124 | 927,861 | ||
Allowance for loan and lease losses | (12,387) | (18,802) | $ (9,416) | $ (9,601) |
Other assets | 163,869 | 135,203 | ||
On-balance sheet liabilities | ||||
Long-term debt | 280,117 | 262,934 | ||
Total liabilities | 2,899,429 | 2,546,703 | ||
Consolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 5,004 | 5,225 | ||
Total assets | 21,370 | 28,555 | ||
Loans and leases | 17,135 | 23,636 | ||
Allowance for loan and lease losses | (958) | (1,693) | ||
Other assets | 189 | 1,387 | ||
On-balance sheet liabilities | ||||
Long-term debt | 3,587 | 7,053 | ||
All other liabilities | 7 | 16 | ||
Total liabilities | 3,841 | 7,523 | ||
Home equity | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 152 | 206 | ||
On-balance sheet assets | ||||
Total retained positions | 1 | 2 | ||
Total assets | 430 | 609 | ||
Home equity | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 45 | 58 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Total assets | 157 | 236 | ||
Loans and leases | 140 | 218 | ||
Allowance for loan and lease losses | 14 | 14 | ||
Other assets | 3 | 4 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 113 | 178 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 113 | 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 | 10,279 | 14,606 | ||
On-balance sheet assets | ||||
Trading account assets | 0 | 0 | ||
Total assets | 13,534 | 20,895 | ||
Loans and leases | 14,434 | 21,310 | ||
Allowance for loan and lease losses | (970) | (1,704) | ||
Other assets | 70 | 1,289 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 3,248 | 6,273 | ||
All other liabilities | 7 | 16 | ||
Total liabilities | 3,255 | 6,289 | ||
Residual interests | 4,300 | 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 | 6,089 | 8,543 | ||
On-balance sheet assets | ||||
Total retained positions | 6,089 | 8,543 | ||
Total assets | 18,633 | 17,250 | ||
Resecuritization Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 680 | 217 | ||
On-balance sheet assets | ||||
Trading account assets | 686 | 217 | ||
Total assets | 686 | 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 | 6 | 0 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 6 | 0 | ||
Resecuritization Trusts | Senior securities: | Unconsolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 1,030 | 948 | ||
Debt securities carried at fair value | 1,903 | 2,727 | ||
Held-to-maturity securities | 3,156 | 4,868 | ||
Municipal Bond Trusts | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 4,094 | 3,507 | ||
On-balance sheet assets | ||||
Total retained positions | 0 | 0 | ||
Total assets | 4,655 | 4,042 | ||
Municipal Bond Trusts | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 210 | 1,030 | ||
On-balance sheet assets | ||||
Trading account assets | 122 | 990 | ||
Total assets | 210 | 1,030 | ||
Loans and leases | 0 | 0 | ||
Allowance for loan and lease losses | 0 | 0 | ||
Other assets | 88 | 40 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 196 | 432 | ||
Long-term debt | 0 | 0 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 196 | 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Liquidity commitments to unconsolidated securitization trusts | $ 968 | $ 929 | |
Trading account assets | Level 2 | |||
Variable Interest Entity [Line Items] | |||
Securities received as resecuritization proceeds | 2,400 | ||
Debt securities | Level 2 | |||
Variable Interest Entity [Line Items] | |||
Securities received as resecuritization proceeds | 2,100 | ||
Held-to-maturity Securities | Level 2 | |||
Variable Interest Entity [Line Items] | |||
Securities received as resecuritization proceeds | 1,700 | ||
Credit card | |||
Variable Interest Entity [Line Items] | |||
Principal balance outstanding | $ 6,500 | $ 6,800 | |
Transferred financial assets, stated interest rate | 0.00% | 0.00% | |
Credit card | Senior securities: | |||
Variable Interest Entity [Line Items] | |||
Transferred financial assets, amount | $ 1,000 | $ 1,000 | $ 1,300 |
Credit card | Junior Lien | |||
Variable Interest Entity [Line Items] | |||
Transferred financial assets, amount | 161 | 161 | 202 |
Resecuritization Trusts | |||
Variable Interest Entity [Line Items] | |||
Cash proceeds from new securitizations | 28,900 | 39,000 | 24,400 |
Resecuritization Trusts | Securities | |||
Variable Interest Entity [Line Items] | |||
Cash proceeds from new securitizations | 2,200 | 6,100 | $ 5,200 |
Municipal Bond Trusts | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Liquidity commitments to unconsolidated securitization trusts | $ 4,100 | $ 3,500 | |
Weighted average remaining life of bonds held in the trusts in years | 6 years 3 months 18 days |
Securitizations and Other Var_8
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
On-balance sheet assets | ||||
Trading account assets | $ 247,080 | $ 198,854 | ||
Debt securities carried at fair value | 308,073 | 246,601 | ||
Loans and leases | 979,124 | 927,861 | ||
Allowance for loan and lease losses | (12,387) | (18,802) | $ (9,416) | $ (9,601) |
Other assets | 163,869 | 135,203 | ||
Total assets | 3,169,495 | 2,819,627 | ||
On-balance sheet liabilities | ||||
Long-term debt | 280,117 | 262,934 | ||
Total liabilities | 2,899,429 | 2,546,703 | ||
Consolidated VIEs | ||||
On-balance sheet assets | ||||
Trading account assets | 5,004 | 5,225 | ||
Loans and leases | 17,135 | 23,636 | ||
Allowance for loan and lease losses | (958) | (1,693) | ||
Other assets | 189 | 1,387 | ||
Total assets | 21,370 | 28,555 | ||
On-balance sheet liabilities | ||||
Long-term debt | 3,587 | 7,053 | ||
All other liabilities | 7 | 16 | ||
Total liabilities | 3,841 | 7,523 | ||
Other Variable Interest Entities | ||||
On-balance sheet liabilities | ||||
Total assets of VIEs, Unconsolidated | 92,249 | 77,984 | ||
Total assets of VIEs | 97,330 | 82,223 | ||
Other Variable Interest Entities | Consolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 4,819 | 4,106 | ||
On-balance sheet assets | ||||
Trading account assets | 2,552 | 2,080 | ||
Debt securities carried at fair value | 0 | 0 | ||
Loans and leases | 2,503 | 2,108 | ||
Allowance for loan and lease losses | (2) | (3) | ||
Other assets | 28 | 54 | ||
Total assets | 5,081 | 4,239 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 51 | 22 | ||
Long-term debt | 211 | 111 | ||
All other liabilities | 0 | 0 | ||
Total liabilities | 262 | 133 | ||
Other Variable Interest Entities | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 27,790 | 23,870 | ||
On-balance sheet assets | ||||
Trading account assets | 626 | 623 | ||
Debt securities carried at fair value | 7 | 9 | ||
Loans and leases | 47 | 184 | ||
Allowance for loan and lease losses | (12) | (3) | ||
Other assets | 26,628 | 22,553 | ||
Total assets | 27,296 | 23,366 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
All other liabilities | 6,548 | 5,658 | ||
Total liabilities | 6,548 | 5,658 | ||
Other Variable Interest Entities | Variable Interest Entity | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 32,609 | 27,976 | ||
On-balance sheet assets | ||||
Trading account assets | 3,178 | 2,703 | ||
Debt securities carried at fair value | 7 | 9 | ||
Loans and leases | 2,550 | 2,292 | ||
Allowance for loan and lease losses | (14) | (6) | ||
Other assets | 26,656 | 22,607 | ||
Total assets | 32,377 | 27,605 | ||
On-balance sheet liabilities | ||||
Short-term borrowings | 51 | 22 | ||
Long-term debt | 211 | 111 | ||
All other liabilities | 6,548 | 5,658 | ||
Total liabilities | $ 6,810 | $ 5,791 |
Securitizations and Other Var_9
Securitizations and Other Variable Interest Entities - Other Variable Interest Entities, Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Total assets | $ 3,169,495 | $ 2,819,627 | |
Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 21,370 | 28,555 | |
Customer Vehicles | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 2,900 | 2,300 | |
Collateralized Debt Obligations | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 235 | 298 | |
Investment Vehicles | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | 2,000 | 1,500 | |
Investment Vehicles | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 1,000 | 494 | |
Investment Vehicles | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 7,100 | 5,400 | |
Leveraged Lease Trusts | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 1,500 | 1,700 | |
Tax Credit Vehicles | |||
Investments in Affordable Housing Projects [Abstract] | |||
Investments in affordable housing project investments | 12,600 | 11,200 | |
Unfunded commitments | $ 5,800 | 5,000 | |
Unfunded commitment payment period | 5 years | ||
Tax credits and other benefits | $ 1,300 | 1,200 | 1,000 |
Pretax losses | 1,100 | 1,000 | $ 882 |
Tax Credit Vehicles | Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Maximum loss exposure | $ 25,700 | $ 22,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Total goodwill | $ 69,022 | $ 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 | 24,026 | 23,969 |
Operating Segments | Global Markets | ||
Goodwill [Line Items] | ||
Total goodwill | $ 5,182 | $ 5,182 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment loss | $ 0 | ||
Intangible assets, net (excluding goodwill) | 2,200,000,000 | $ 2,200,000,000 | |
Amortization of intangibles | 76,000,000 | 95,000,000 | $ 112,000,000 |
Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net (excluding goodwill) | $ 1,600,000,000 | $ 1,600,000,000 |
Leases - Lessor Arrangements (D
Leases - Lessor Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Lease receivables | $ 16,806 | $ 17,627 |
Unguaranteed residuals | 2,078 | 2,303 |
Total net investment in sales-type and direct financing leases | 18,884 | 19,930 |
Unguaranteed residual asset with third-party residual value insurance | $ 7,100 | $ 6,900 |
Leases - Lease Income (Details)
Leases - Lease Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Sales-type and direct financing leases | $ 613 | $ 707 |
Operating leases | 930 | 931 |
Total lease income | $ 1,543 | $ 1,638 |
Leases - Lease Cost and Supplem
Leases - Lease Cost and Supplemental Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Right-of-use asset | $ 10,233 | $ 10,000 |
Lease liabilities | $ 10,858 | $ 10,474 |
Weighted-average discount rate used to calculate present value of future minimum lease payments | 2.91% | 3.38% |
Weighted-average lease term (in years) | 9 years | 8 years 4 months 24 days |
Lease Cost and Supplemental Information: | ||
Operating lease cost | $ 2,025 | $ 2,149 |
Variable lease cost | 462 | 474 |
Total lease cost | 2,487 | 2,623 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 1,713 | 851 |
Operating cash flows from operating leases | $ 1,964 | $ 2,039 |
Leases - Maturity of Lessor and
Leases - Maturity of Lessor and Lessee Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leases | ||
2022 | $ 848 | |
2023 | 742 | |
2024 | 591 | |
2025 | 412 | |
2026 | 296 | |
Thereafter | 696 | |
Total undiscounted cash flows | 3,585 | |
Sales-type and Direct Financing Leases | ||
2022 | 5,208 | |
2023 | 4,617 | |
2024 | 3,888 | |
2025 | 1,318 | |
2026 | 1,634 | |
Thereafter | 1,358 | |
Total undiscounted cash flows | 18,023 | |
Less: Net present value adjustment | 1,217 | |
Total | 16,806 | $ 17,627 |
Operating Leases | ||
2022 | 1,917 | |
2023 | 1,716 | |
2024 | 1,550 | |
2025 | 1,309 | |
2026 | 1,153 | |
Thereafter | 4,758 | |
Total undiscounted cash flows | 12,403 | |
Less: Net present value adjustment | 1,545 | |
Total | 10,858 | $ 10,474 |
Lessee arrangements that have not yet commenced | 179 | |
Commercial | ||
Sales-type and Direct Financing Leases | ||
Total | 10,900 | |
Consumer Portfolio Segment | ||
Sales-type and Direct Financing Leases | ||
Total | $ 5,900 |
Deposits - Contractual Maturiti
Deposits - Contractual Maturities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Deposit Liability [Line Items] | |
Due in 2022 | $ 43,748 |
Due in 2023 | 2,009 |
Due in 2024 | 355 |
Due in 2025 | 241 |
Due in 2026 | 1,481 |
Thereafter | 277 |
Total time deposits | 48,111 |
U.S. | |
Deposit Liability [Line Items] | |
Due in 2022 | 34,555 |
Due in 2023 | 1,934 |
Due in 2024 | 350 |
Due in 2025 | 230 |
Due in 2026 | 120 |
Thereafter | 248 |
Total time deposits | 37,437 |
Non-U.S. | |
Deposit Liability [Line Items] | |
Due in 2022 | 9,193 |
Due in 2023 | 75 |
Due in 2024 | 5 |
Due in 2025 | 11 |
Due in 2026 | 1,361 |
Thereafter | 29 |
Total time deposits | $ 10,674 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Billions | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Deposit Liability [Line Items] | ||
Time deposits that met or exceeded local jurisdictional limit | $ 9.4 | $ 10.7 |
Non United States | ||
Deposit Liability [Line Items] | ||
Time deposits that met or exceeded local jurisdictional limit | $ 10.6 | $ 11.8 |
Securities Financing Agreemen_3
Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Securities Financing Agreements (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Securities borrowed or purchased under agreements to resell | ||
Gross Assets | $ 527,054 | $ 492,387 |
Amounts Offset | (276,334) | (188,329) |
Net Balance Sheet Amount | 250,720 | 304,058 |
Financial Instruments | (229,525) | (272,351) |
Net Assets | 21,195 | 31,707 |
Securities loaned or sold under agreements to repurchase | ||
Gross Liabilities | 468,663 | 358,652 |
Amounts Offset | (276,334) | (188,329) |
Net Balance Sheet Amount | 192,329 | 170,323 |
Financial Instruments | (181,860) | (158,867) |
Net Liabilities | 10,469 | 11,456 |
Other | ||
Gross Liabilities | 11,391 | 16,210 |
Amounts Offset | 0 | 0 |
Net Balance Sheet Amount | 11,391 | 16,210 |
Financial Instruments | (11,391) | (16,210) |
Net Liabilities | 0 | 0 |
Total Securities Financing Agreements Liability | ||
Gross Liabilities | 480,054 | 374,862 |
Amounts Offset | (276,334) | (188,329) |
Net Balance Sheet Amount | 203,720 | 186,533 |
Financial Instruments | (193,251) | (175,077) |
Net Liabilities | 10,469 | 11,456 |
Loans and leases repurchase activity | $ 20,100 | $ 14,700 |
Securities Financing Agreemen_4
Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Remaining Contractual Maturity (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)agreement | Dec. 31, 2020USD ($)agreement | |
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | $ 416,427 | $ 335,681 |
Securities loaned | 52,236 | 22,971 |
Other | 11,391 | 16,210 |
Total | $ 480,054 | $ 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 | $ 148,023 | $ 158,400 |
Securities loaned | 46,231 | 19,140 |
Other | 11,391 | 16,210 |
Total | 205,645 | 193,750 |
30 Days or Less | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 194,964 | 122,448 |
Securities loaned | 466 | 271 |
Other | 0 | 0 |
Total | 195,430 | 122,719 |
After 30 Days Through 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 36,939 | 32,149 |
Securities loaned | 1,428 | 1,029 |
Other | 0 | 0 |
Total | 38,367 | 33,178 |
Greater than 90 Days | ||
Remaining Contractual Maturity | ||
Securities sold under agreements to repurchase | 36,501 | 22,684 |
Securities loaned | 4,111 | 2,531 |
Other | 0 | 0 |
Total | $ 40,612 | $ 25,215 |
Securities Financing Agreemen_5
Securities Financing Agreements, Short-term Borrowings and Restricted Cash- Class of Collateral Pledged (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | $ 416,427 | $ 335,681 |
Securities Loaned | 52,236 | 22,971 |
Other | 11,391 | 16,210 |
Total | 480,054 | 374,862 |
U.S. government and agency securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 201,546 | 195,167 |
Securities Loaned | 27 | 5 |
Other | 0 | 0 |
Total | 201,573 | 195,172 |
Corporate securities, trading loans and other | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 12,838 | 8,633 |
Securities Loaned | 3,440 | 1,628 |
Other | 1,148 | 1,217 |
Total | 17,426 | 11,478 |
Equity securities | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 19,907 | 14,752 |
Securities Loaned | 48,650 | 21,125 |
Other | 10,192 | 14,931 |
Total | 78,749 | 50,808 |
Non-U.S. sovereign debt | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 178,019 | 113,142 |
Securities Loaned | 119 | 213 |
Other | 51 | 62 |
Total | 178,189 | 113,417 |
Mortgage trading loans and ABS | ||
Class of Collateral Pledged | ||
Securities Sold Under Agreements to Repurchase | 4,117 | 3,987 |
Securities Loaned | 0 | 0 |
Other | 0 | 0 |
Total | $ 4,117 | $ 3,987 |
Securities Financing Agreemen_6
Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Additional Information (Details) - Bank of America, N.A. - Subsidiaries - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Registration statement, minimum maturity period | 7 days | |
Registration statement, short-term debt outstanding under program | $ 1.8 | $ 3.9 |
Bank Notes | ||
Debt Instrument [Line Items] | ||
Registration statement, authorized | $ 75 |
Securities Financing Agreemen_7
Securities Financing Agreements, Short-term Borrowings and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Billions | Dec. 31, 2021 | Dec. 31, 2020 |
Securities Financing Agreements, Short-term Borrowings and Restricted Cash [Abstract] | ||
Restricted cash | $ 5.9 | $ 7 |
Long-term Debt - Balances (Deta
Long-term Debt - Balances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 280,117 | $ 262,934 |
Financial Guarantee | ||
Debt Instrument [Line Items] | ||
Debt outstanding, unconditionally guaranteed | 5,400 | 4,800 |
Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 253,454 | 233,081 |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,901 | 17,558 |
Subsidiaries | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,762 | 12,295 |
Consolidated VIEs | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,587 | 7,053 |
Consolidated VIEs | Credit Card Receivable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,248 | 6,273 |
Consolidated VIEs | Other Variable Interest Entities and Resecuritization Trusts | ||
Debt Instrument [Line Items] | ||
Long-term debt | 211 | |
Senior notes: | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 212,944 | |
Senior notes: | Bank of America Corporation | Fixed | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 2.85% | |
Long-term debt | $ 194,191 | 174,385 |
Senior notes: | Bank of America Corporation | Floating | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 0.64% | |
Long-term debt | $ 18,753 | 16,788 |
Senior notes: | Bank of America Corporation | Minimum | Fixed | ||
Debt Instrument [Line Items] | ||
Interest Rates | 0.25% | |
Senior notes: | Bank of America Corporation | Minimum | Floating | ||
Debt Instrument [Line Items] | ||
Interest Rates | 0.02% | |
Senior notes: | Bank of America Corporation | Maximum | Fixed | ||
Debt Instrument [Line Items] | ||
Interest Rates | 8.05% | |
Senior notes: | Bank of America Corporation | Maximum | Floating | ||
Debt Instrument [Line Items] | ||
Interest Rates | 4.88% | |
Senior notes: | Subsidiaries | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,674 | |
Senior notes: | Subsidiaries | Bank of America, N.A. | Fixed | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 3.34% | |
Interest Rates | 3.34% | |
Long-term debt | $ 501 | 511 |
Senior notes: | Subsidiaries | Bank of America, N.A. | Floating | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 0.26% | |
Long-term debt | $ 3,173 | 2,323 |
Senior notes: | Subsidiaries | Bank of America, N.A. | Minimum | Floating | ||
Debt Instrument [Line Items] | ||
Interest Rates | 0.20% | |
Senior notes: | Subsidiaries | Bank of America, N.A. | Maximum | Floating | ||
Debt Instrument [Line Items] | ||
Interest Rates | 0.33% | |
Senior structured notes | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 15,086 | 17,033 |
Subordinated notes: | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 24,682 | |
Subordinated notes: | Bank of America Corporation | Fixed | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 4.88% | |
Long-term debt | $ 22,311 | 23,337 |
Subordinated notes: | Bank of America Corporation | Floating | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 2.18% | |
Long-term debt | $ 2,371 | 799 |
Subordinated notes: | Bank of America Corporation | Minimum | Fixed | ||
Debt Instrument [Line Items] | ||
Interest Rates | 2.94% | |
Subordinated notes: | Bank of America Corporation | Minimum | Floating | ||
Debt Instrument [Line Items] | ||
Interest Rates | 0.82% | |
Subordinated notes: | Bank of America Corporation | Maximum | Fixed | ||
Debt Instrument [Line Items] | ||
Interest Rates | 8.57% | |
Subordinated notes: | Bank of America Corporation | Maximum | Floating | ||
Debt Instrument [Line Items] | ||
Interest Rates | 2.48% | |
Subordinated notes: | Subsidiaries | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,780 | |
Subordinated notes: | Subsidiaries | Bank of America, N.A. | Subordinated notes | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 6.00% | |
Interest Rates | 6.00% | |
Long-term debt | $ 1,780 | 1,883 |
Junior subordinated notes: | Bank of America Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 742 | |
Junior subordinated notes: | Bank of America Corporation | Fixed | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 6.71% | |
Long-term debt | $ 741 | 738 |
Junior subordinated notes: | Bank of America Corporation | Floating | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 0.97% | |
Interest Rates | 0.97% | |
Long-term debt | $ 1 | 1 |
Junior subordinated notes: | Bank of America Corporation | Minimum | Fixed | ||
Debt Instrument [Line Items] | ||
Interest Rates | 6.45% | |
Junior subordinated notes: | Bank of America Corporation | Maximum | Fixed | ||
Debt Instrument [Line Items] | ||
Interest Rates | 8.05% | |
Advances from Federal Home Loan Banks: | Subsidiaries | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 290 | |
Advances from Federal Home Loan Banks: | Subsidiaries | Bank of America, N.A. | Fixed | ||
Debt Instrument [Line Items] | ||
Weighted-average Rate | 1.54% | |
Long-term debt | $ 290 | 599 |
Advances from Federal Home Loan Banks: | Subsidiaries | Bank of America, N.A. | Minimum | Fixed | ||
Debt Instrument [Line Items] | ||
Interest Rates | 0.01% | |
Advances from Federal Home Loan Banks: | Subsidiaries | Bank of America, N.A. | Maximum | Fixed | ||
Debt Instrument [Line Items] | ||
Interest Rates | 7.72% | |
Securitizations and other BANA VIEs | Subsidiaries | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,338 | 6,296 |
Other | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 53 | 9 |
Other | Subsidiaries | Bank of America, N.A. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 680 | 683 |
Structured liabilities | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,599 | 16,792 |
Nonbank VIEs | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 249 | $ 757 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | $ 76,675 | $ 57,013 | $ 52,420 |
Repayments of long-term debt, net of adjustments | 46,400 | 47,100 | |
Long-term debt | 280,117 | 262,934 | |
Bank of America Corporation | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | 56,106 | 43,766 | $ 29,315 |
Repayments of long-term debt, net of adjustments | 24,400 | 22,600 | |
Long-term debt | 253,454 | 233,081 | |
Subsidiaries | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt, net of adjustments | 11,600 | 13,000 | |
Long-term debt | 16,901 | 17,558 | |
Subsidiaries | Bank of America, N.A. | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt, net of adjustments | 10,400 | 11,500 | |
Long-term debt | $ 9,762 | $ 12,295 | |
Long Term Debt, Excluding Senior Structured Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 2.83% | 3.02% | |
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 3.08% | 3.29% | |
Floating Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, weighted average interest rate | 0.75% | 0.71% | |
Long-Term Debt Notes | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | $ 76,700 | ||
Long-Term Debt Notes | Bank of America Corporation | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | 56,200 | ||
Long-Term Debt Notes | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | 12,500 | ||
Long-Term Debt Notes | Subsidiaries | Bank of America, N.A. | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | 8,000 | ||
Long-Term Debt Notes | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | $ 56,900 | ||
Long-Term Debt Notes | Bank of America Corporation | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | 43,800 | ||
Long-Term Debt Notes | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | 8,300 | ||
Long-Term Debt Notes | Subsidiaries | Bank of America, N.A. | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of long-term debt | 4,800 | ||
Foreign Currency - Dominated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 53,100 | $ 54,600 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt by Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | $ 11,905 | |
2023 | 30,221 | |
2024 | 30,169 | |
2025 | 28,139 | |
2026 | 25,596 | |
Thereafter | 154,087 | |
Total | 280,117 | $ 262,934 |
Bank of America Corporation | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 5,154 | |
2023 | 23,898 | |
2024 | 27,141 | |
2025 | 27,311 | |
2026 | 23,958 | |
Thereafter | 145,992 | |
Total | 253,454 | 233,081 |
Bank of America Corporation | Senior notes: | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 3,217 | |
2023 | 23,326 | |
2024 | 23,462 | |
2025 | 21,534 | |
2026 | 17,968 | |
Thereafter | 123,437 | |
Total | 212,944 | |
Bank of America Corporation | Senior structured notes | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 1,937 | |
2023 | 572 | |
2024 | 396 | |
2025 | 398 | |
2026 | 819 | |
Thereafter | 10,964 | |
Total | 15,086 | 17,033 |
Bank of America Corporation | Subordinated notes: | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 0 | |
2023 | 0 | |
2024 | 3,283 | |
2025 | 5,379 | |
2026 | 5,171 | |
Thereafter | 10,849 | |
Total | 24,682 | |
Bank of America Corporation | Junior subordinated notes: | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 742 | |
Total | 742 | |
Subsidiaries | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 3,588 | |
2023 | 2,874 | |
2024 | 1,996 | |
2025 | 668 | |
2026 | 1,621 | |
Thereafter | 6,154 | |
Total | 16,901 | 17,558 |
Subsidiaries | Other | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 53 | |
Total | 53 | 9 |
Subsidiaries | Structured liabilities | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 3,586 | |
2023 | 2,823 | |
2024 | 1,996 | |
2025 | 668 | |
2026 | 1,621 | |
Thereafter | 5,905 | |
Total | 16,599 | 16,792 |
Subsidiaries | Non-core/non-bank VIEs | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 2 | |
2023 | 51 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 196 | |
Total | 249 | |
Subsidiaries | Bank of America, N.A. | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 3,163 | |
2023 | 3,449 | |
2024 | 1,032 | |
2025 | 160 | |
2026 | 17 | |
Thereafter | 1,941 | |
Total | 9,762 | 12,295 |
Subsidiaries | Bank of America, N.A. | Senior notes: | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 1,600 | |
2023 | 2,074 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total | 3,674 | |
Subsidiaries | Bank of America, N.A. | Subordinated notes: | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 1,780 | |
Total | 1,780 | |
Subsidiaries | Bank of America, N.A. | Advances from Federal Home Loan Banks: | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 202 | |
2023 | 1 | |
2024 | 0 | |
2025 | 16 | |
2026 | 10 | |
Thereafter | 61 | |
Total | 290 | |
Subsidiaries | Bank of America, N.A. | Securitizations and other BANA VIEs | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 1,259 | |
2023 | 988 | |
2024 | 1,000 | |
2025 | 1 | |
2026 | 0 | |
Thereafter | 90 | |
Total | 3,338 | 6,296 |
Subsidiaries | Bank of America, N.A. | Other | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 102 | |
2023 | 386 | |
2024 | 32 | |
2025 | 143 | |
2026 | 7 | |
Thereafter | 10 | |
Total | $ 680 | $ 683 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Extension Commitments Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Legally binding unfunded commitments syndicated | $ 10,700 | $ 10,500 |
Credit extension commitments, carrying value | 1,500 | 1,900 |
Notional amount of credit extension commitments under fair value option | 4,800 | 4,000 |
Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Fair value carrying amount, liabilities | $ 97 | $ 99 |
Commitments and Contingencies_2
Commitments and Contingencies - Credit Extension Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Expire in One Year or Less | $ 533,045 | $ 515,941 |
Expire After One Year Through Three Years | 206,709 | 187,246 |
Expire After Three Years Through Five Years | 187,400 | 150,793 |
Expire After Five Years | 52,664 | 48,486 |
Total | 979,818 | 902,466 |
Legally binding commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 126,876 | 130,986 |
Expire After One Year Through Three Years | 206,709 | 187,246 |
Expire After Three Years Through Five Years | 187,400 | 150,793 |
Expire After Five Years | 52,664 | 48,486 |
Total | 573,649 | 517,511 |
Loan commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 102,464 | 109,406 |
Expire After One Year Through Three Years | 190,687 | 171,887 |
Expire After Three Years Through Five Years | 174,978 | 139,508 |
Expire After Five Years | 26,635 | 16,091 |
Total | 494,764 | 436,892 |
Unfunded loan commitment, held as a security | ||
Other Commitments [Line Items] | ||
Total | 4,600 | 4,800 |
Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 890 | 710 |
Expire After One Year Through Three Years | 5,097 | 2,992 |
Expire After Three Years Through Five Years | 10,268 | 8,738 |
Expire After Five Years | 24,276 | 29,892 |
Total | 40,531 | 42,332 |
Standby letters of credit and financial guarantees | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 22,359 | 19,962 |
Expire After One Year Through Three Years | 10,742 | 12,038 |
Expire After Three Years Through Five Years | 2,017 | 2,397 |
Expire After Five Years | 422 | 1,257 |
Total | 35,540 | 35,654 |
Standby letters of credit and financial guarantees | Credit Card and Other Consumer | ||
Other Commitments [Line Items] | ||
Total | 512 | 500 |
Standby letters of credit and financial guarantees | Investment grade | ||
Other Commitments [Line Items] | ||
Total | 26,300 | 25,000 |
Standby letters of credit and financial guarantees | Non-investment grade | ||
Other Commitments [Line Items] | ||
Total | 8,700 | 10,200 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 1,145 | 886 |
Expire After One Year Through Three Years | 124 | 197 |
Expire After Three Years Through Five Years | 56 | 25 |
Expire After Five Years | 98 | 27 |
Total | 1,423 | 1,135 |
Other commitments | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 18 | 22 |
Expire After One Year Through Three Years | 59 | 132 |
Expire After Three Years Through Five Years | 81 | 125 |
Expire After Five Years | 1,233 | 1,219 |
Total | 1,391 | 1,498 |
Credit card lines | ||
Other Commitments [Line Items] | ||
Expire in One Year or Less | 406,169 | 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 | $ 406,169 | $ 384,955 |
Commitments and Contingencies_3
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liquefied Natural Gas Commodities | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 949 | $ 582 |
Resale and Forward-Dated Resale and Securities Borrowing Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 92,000 | 66,500 |
Forward-Dated Repurchase and Securities Lending Agreements | ||
Loss Contingencies [Line Items] | ||
Other commitments | 32,600 | 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 | |
Equity Investment Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 395 | 213 |
Residential and Commercial Portfolio Segments | Residential and Commercial Financing Receivable | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | 181 | 93 |
Commercial | Loan Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Other commitments | $ 518 | $ 645 |
Commitments and Contingencies_4
Commitments and Contingencies - Other Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Loss Contingencies [Line Items] | |||
Subsidiary, ownership interest, percentage | 100.00% | ||
Claims related to loans in specific private-label securitization groups | $ 8,400 | $ 8,500 | |
New purchase claims | 49 | ||
Claims resolved | 141 | ||
Private Label Securitization Trustees | |||
Loss Contingencies [Line Items] | |||
Claims related to loans in specific private-label securitization groups | 2,800 | 2,900 | |
Merchant Servicing Joint Venture | |||
Loss Contingencies [Line Items] | |||
Equity method investment, ownership percentage | 49.00% | ||
Merchant Processing Servicers, Sponsored Entities | |||
Loss Contingencies [Line Items] | |||
Transactions processed by sponsored entities | 476,200 | ||
Life Insurance Book Value Protection | |||
Loss Contingencies [Line Items] | |||
Notional amount of derivatives | 6,300 | 7,100 | |
Maximum potential exposure | 928 | 1,100 | |
FICC Repo Program | |||
Loss Contingencies [Line Items] | |||
Maximum potential exposure | 42,000 | 22,500 | |
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) | Apr. 07, 2017USD ($) | Jan. 09, 2017USD ($) | Jul. 21, 2015USD ($) | Dec. 30, 2014USD ($) | Sep. 28, 2010USD ($) | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |||||||
Litigation settlement expense | $ 164,000,000 | $ 823,000,000 | |||||
Ambac Bond Insurance | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | claim | 4 | ||||||
Ambac v. Countrywide I | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, damages sought | $ 2,200,000,000 | ||||||
Ambac v. Countrywide II | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, damages sought | $ 600,000,000 | ||||||
Ambac v. Countrywide IV | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, damages sought | $ 350,000,000 | ||||||
FDIC Deposit Insurance Assessments | Bank of America, N.A. | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, damages sought | $ 583,000,000 | $ 542,000,000 | |||||
Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated range of possible loss | $ 0 | ||||||
Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated range of possible loss | $ 1,000,000,000 |
Shareholders' Equity - Declared
Shareholders' Equity - Declared Quarterly Cash Dividends on Common Stock (Details) - $ / shares | Feb. 02, 2022 | Oct. 20, 2021 | Jul. 21, 2021 | Apr. 22, 2021 | Jan. 19, 2021 |
Dividends Payable [Line Items] | |||||
Dividends per share (in dollars per share) | $ 0.21 | $ 0.21 | $ 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 Narrative (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock | |||
Cash dividends paid per share (in usd per share) | $ 0.78 | $ 0.72 | $ 0.66 |
Common Stock | |||
Common Stock | |||
Stock issued (in shares) | 68 | ||
Shares paid for tax withholding for share based compensation (in shares) | 26 | ||
Share-based compensation, number of shares authorized (in shares) | 562 |
Shareholders' Equity - Common_2
Shareholders' Equity - Common Stock Repurchase Summary (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Total purchase price of shares repurchased and retired | $ 25,126 | $ 7,025 | $ 28,144 |
Common Stock | |||
Class of Stock [Line Items] | |||
Total number of shares repurchased and retired (in shares) | 615 | 227 | 956 |
Common Stock | CCAR capital plan repurchases | |||
Class of Stock [Line Items] | |||
Total purchase price of shares repurchased and retired | $ 25,126 | $ 7,025 | $ 25,644 |
Common Stock | Other authorized repurchases | |||
Class of Stock [Line Items] | |||
Total purchase price of shares repurchased and retired | $ 0 | $ 0 | $ 2,500 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Narrative (Details) $ / shares in Units, $ in Millions | Jan. 31, 2022USD ($)$ / sharesshares | Jan. 25, 2022USD ($)$ / sharesshares | Oct. 26, 2021USD ($)$ / sharesshares | Jan. 28, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)dquarterly_perioddirectorsemi_annual_periodpayment$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) |
Class of Stock [Line Items] | |||||||
Preferred stock dividends | $ 1,421 | $ 1,421 | $ 1,432 | ||||
Issuance of preferred stock | $ 2,169 | $ 2,181 | $ 3,643 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Series PP Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock issued (in shares) | shares | 37,000 | ||||||
Per annum dividend rate | 4.125% | 4.125% | |||||
Issuance of preferred stock | $ 915 | ||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | |||||
Series QQ Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock issued (in shares) | shares | 52,000 | ||||||
Per annum dividend rate | 4.25% | 4.25% | |||||
Issuance of preferred stock | $ 1,300 | ||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | |||||
Series RR Preferred Stock | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock issued (in shares) | shares | 70,000 | ||||||
Per annum dividend rate | 4.375% | ||||||
Issuance of preferred stock | $ 1,800 | ||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | ||||||
Series SS Preferred Stock | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock issued (in shares) | shares | 28,000 | ||||||
Per annum dividend rate | 4.75% | ||||||
Issuance of preferred stock | $ 700 | ||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | ||||||
Series CC, EE And T Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Redeemed preferred stock | $ 2,000 | ||||||
Preferred Stock, Excluding Series B, F, G And T Preferred | |||||||
Class of Stock [Line Items] | |||||||
Number of semi annual periods in arrears (or more) | payment | 3 | ||||||
Number of quarterly periods in arrears (or more) | quarterly_period | 6 | ||||||
Number of additional directors to be elected | director | 2 | ||||||
Number of semi annual periods for termination (or more) | semi_annual_period | 2 | ||||||
Number of quarterly periods for termination (or more) | quarterly_period | 4 | ||||||
Series L Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Per annum dividend rate | 7.25% | ||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 1,000 | ||||||
Preferred stock to be convertible into common shares (in shares) | shares | 20 | ||||||
Number of trading days | d | 20 | ||||||
Period of consecutive trading days | d | 30 | ||||||
Threshold percentage of common stock closing price (exceeds) | 130.00% |
Shareholders' Equity - Prefer_2
Shareholders' Equity - Preferred Stock Summary (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 26, 2021 | Jan. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 3,939,686 | 3,931,440 | ||
Issuance costs and certain adjustments | $ (330) | |||
Carrying Value | $ 24,708 | |||
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 7,110 | |||
Liquidation Preference per Share (in dollars per share) | $ 100 | |||
Carrying value, before adjustments | $ 1 | |||
Per Annum Dividend Rate | 7.00% | |||
Dividend per Share (in dollars per share) | $ 7 | |||
Annual Dividend | $ 0 | |||
Series E Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 12,691 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 317 | |||
Minimum interest rate per annum | 4.00% | |||
Dividend per Share (in dollars per share) | $ 1.01 | |||
Annual Dividend | $ 13 | |||
Series F Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 1,409 | |||
Liquidation Preference per Share (in dollars per share) | $ 100,000 | |||
Carrying value, before adjustments | $ 141 | |||
Dividend per Share (in dollars per share) | $ 4,055.55 | |||
Annual Dividend | $ 6 | |||
Series G Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 4,926 | |||
Liquidation Preference per Share (in dollars per share) | $ 100,000 | |||
Carrying value, before adjustments | $ 493 | |||
Dividend per Share (in dollars per share) | $ 4,055.55 | |||
Annual Dividend | $ 20 | |||
Series L Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 3,080,182 | |||
Liquidation Preference per Share (in dollars per share) | $ 1,000 | |||
Carrying value, before adjustments | $ 3,080 | |||
Per Annum Dividend Rate | 7.25% | |||
Dividend per Share (in dollars per share) | $ 72.50 | |||
Annual Dividend | $ 223 | |||
Series U Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 40,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,000 | |||
Per Annum Dividend Rate | 5.20% | |||
Dividend per Share (in dollars per share) | $ 52 | |||
Annual Dividend | $ 52 | |||
Series X Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 80,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 2,000 | |||
Per Annum Dividend Rate | 6.25% | |||
Dividend per Share (in dollars per share) | $ 62.50 | |||
Annual Dividend | $ 125 | |||
Series Z Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 56,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,400 | |||
Per Annum Dividend Rate | 6.50% | |||
Dividend per Share (in dollars per share) | $ 65 | |||
Annual Dividend | $ 91 | |||
Series AA Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 76,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,900 | |||
Per Annum Dividend Rate | 6.10% | |||
Dividend per Share (in dollars per share) | $ 61 | |||
Annual Dividend | $ 116 | |||
Series DD Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 40,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,000 | |||
Per Annum Dividend Rate | 6.30% | |||
Dividend per Share (in dollars per share) | $ 63 | |||
Annual Dividend | $ 63 | |||
Series FF Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 94,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 2,350 | |||
Per Annum Dividend Rate | 5.875% | |||
Dividend per Share (in dollars per share) | $ 58.75 | |||
Annual Dividend | $ 138 | |||
Series GG Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 54,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,350 | |||
Per Annum Dividend Rate | 6.00% | |||
Dividend per Share (in dollars per share) | $ 1.50 | |||
Annual Dividend | $ 81 | |||
Series HH Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 34,160 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 854 | |||
Per Annum Dividend Rate | 5.875% | |||
Dividend per Share (in dollars per share) | $ 1.47 | |||
Annual Dividend | $ 50 | |||
Series JJ Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 40,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,000 | |||
Per Annum Dividend Rate | 5.125% | |||
Dividend per Share (in dollars per share) | $ 51.25 | |||
Annual Dividend | $ 51 | |||
Series KK Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 55,900 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,398 | |||
Per Annum Dividend Rate | 5.375% | |||
Dividend per Share (in dollars per share) | $ 1.34 | |||
Annual Dividend | $ 75 | |||
Series LL Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 52,400 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,310 | |||
Per Annum Dividend Rate | 5.00% | |||
Dividend per Share (in dollars per share) | $ 1.25 | |||
Annual Dividend | $ 66 | |||
Series MM Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 44,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,100 | |||
Per Annum Dividend Rate | 4.30% | |||
Dividend per Share (in dollars per share) | $ 43 | |||
Annual Dividend | $ 47 | |||
Series NN Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 44,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | |||
Carrying value, before adjustments | $ 1,100 | |||
Per Annum Dividend Rate | 4.375% | |||
Dividend per Share (in dollars per share) | $ 1.09 | |||
Annual Dividend | $ 48 | |||
Series PP Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 36,600 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | $ 25,000 | ||
Carrying value, before adjustments | $ 915 | |||
Per Annum Dividend Rate | 4.125% | 4.125% | ||
Dividend per Share (in dollars per share) | $ 1.04 | |||
Annual Dividend | $ 38 | |||
Series QQ Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 52,000 | |||
Liquidation Preference per Share (in dollars per share) | $ 25,000 | $ 25,000 | ||
Carrying value, before adjustments | $ 1,300 | |||
Per Annum Dividend Rate | 4.25% | 4.25% | ||
Dividend per Share (in dollars per share) | $ 0 | |||
Annual Dividend | $ 0 | |||
Series 1 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 3,275 | |||
Liquidation Preference per Share (in dollars per share) | $ 30,000 | |||
Carrying value, before adjustments | $ 98 | |||
Minimum interest rate per annum | 3.00% | |||
Dividend per Share (in dollars per share) | $ 0.75 | |||
Annual Dividend | $ 3 | |||
Series 2 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 9,967 | |||
Liquidation Preference per Share (in dollars per share) | $ 30,000 | |||
Carrying value, before adjustments | $ 299 | |||
Dividend per Share (in dollars per share) | $ 0.76 | |||
Annual Dividend | $ 9 | |||
Series 4 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 7,010 | |||
Liquidation Preference per Share (in dollars per share) | $ 30,000 | |||
Carrying value, before adjustments | $ 210 | |||
Dividend per Share (in dollars per share) | $ 1.01 | |||
Annual Dividend | $ 9 | |||
Series 5 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Total Shares Outstanding (in shares) | 14,056 | |||
Liquidation Preference per Share (in dollars per share) | $ 30,000 | |||
Carrying value, before adjustments | $ 422 | |||
Dividend per Share (in dollars per share) | $ 1.01 | |||
Annual Dividend | $ 17 | |||
3-Month London Interbank Offered Rate (LIBOR) | Series E Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 0.35% | |||
3-Month London Interbank Offered Rate (LIBOR) | Series F Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 0.40% | |||
3-Month London Interbank Offered Rate (LIBOR) | Series G Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 0.40% | |||
3-Month London Interbank Offered Rate (LIBOR) | Series 1 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 0.75% | |||
3-Month London Interbank Offered Rate (LIBOR) | Series 2 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 0.65% | |||
3-Month London Interbank Offered Rate (LIBOR) | Series 4 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 0.75% | |||
3-Month London Interbank Offered Rate (LIBOR) | Series 5 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 0.50% | |||
3-Month London Interbank Offered Rate (LIBOR) | June 1, 2023 | Series U Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 3.135% | |||
3-Month London Interbank Offered Rate (LIBOR) | September 5, 2024 | Series X Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 3.705% | |||
3-Month London Interbank Offered Rate (LIBOR) | October 23, 2024 | Series Z Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 4.174% | |||
3-Month London Interbank Offered Rate (LIBOR) | March 17, 2025 | Series AA Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 3.898% | |||
3-Month London Interbank Offered Rate (LIBOR) | March 10, 2026 | Series DD Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 4.553% | |||
3-Month London Interbank Offered Rate (LIBOR) | March 25, 2028 | Series FF Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 2.931% | |||
3-Month London Interbank Offered Rate (LIBOR) | June 20, 2024 | Series JJ Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Minimum interest rate per annum | 3.292% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 272,924 | $ 264,810 | $ 265,325 |
Net change | (3,448) | 4,977 | 5,578 |
Ending balance | 270,066 | 272,924 | 264,810 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,656) | (6,633) | (12,211) |
Ending balance | (5,104) | (1,656) | (6,633) |
Debt Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 5,122 | 323 | (5,552) |
Net change | (2,077) | 4,799 | 5,875 |
Ending balance | 3,045 | 5,122 | 323 |
Debit Valuation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,992) | (1,494) | (531) |
Net change | 356 | (498) | (963) |
Ending balance | (1,636) | (1,992) | (1,494) |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 426 | (400) | (1,016) |
Net change | (2,306) | 826 | 616 |
Ending balance | (1,880) | 426 | (400) |
Employee Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (4,266) | (4,168) | (4,304) |
Net change | 624 | (98) | 136 |
Ending balance | (3,642) | (4,266) | (4,168) |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (946) | (894) | (808) |
Net change | (45) | (52) | (86) |
Ending balance | $ (991) | $ (946) | $ (894) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in OCI Components Pre- and After-tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
After- tax | |||
Comprehensive income | $ 28,530 | $ 22,871 | $ 33,008 |
Total other comprehensive income (loss) | |||
Pretax | |||
Net change | (4,325) | 6,483 | 7,438 |
Tax effect | |||
Net change | 877 | (1,506) | (1,860) |
After- tax | |||
Comprehensive income | (3,448) | 4,977 | 5,578 |
Debt Securities | |||
Pretax | |||
Net increase (decrease) in fair value | (2,749) | 6,819 | 8,020 |
Net realized (gains) losses reclassified into earnings | (22) | (411) | (193) |
Net change | (2,771) | 6,408 | 7,827 |
Tax effect | |||
Net increase (decrease) in fair value | 689 | (1,712) | (2,000) |
Net realized (gains) losses reclassified into earnings | 5 | 103 | 48 |
Net change | 694 | (1,609) | (1,952) |
After- tax | |||
Net increase (decrease) in fair value | (2,060) | 5,107 | 6,020 |
Net realized (gains) losses reclassified into earnings | (17) | (308) | (145) |
Comprehensive income | (2,077) | 4,799 | 5,875 |
Debit Valuation Adjustments | |||
Pretax | |||
Net increase (decrease) in fair value | 449 | (669) | (1,276) |
Net realized (gains) losses reclassified into earnings | 13 | 19 | 18 |
Net change | 462 | (650) | (1,258) |
Tax effect | |||
Net increase (decrease) in fair value | (103) | 156 | 289 |
Net realized (gains) losses reclassified into earnings | (3) | (4) | 6 |
Net change | (106) | 152 | 295 |
After- tax | |||
Net increase (decrease) in fair value | 346 | (513) | (987) |
Net realized (gains) losses reclassified into earnings | 10 | 15 | 24 |
Comprehensive income | 356 | (498) | (963) |
Derivatives | |||
Pretax | |||
Net increase (decrease) in fair value | (2,849) | 1,098 | 692 |
Net realized (gains) losses reclassified into earnings | (221) | (6) | 106 |
Net change | (3,070) | 1,092 | 798 |
Tax effect | |||
Net increase (decrease) in fair value | 703 | (268) | (156) |
Net realized (gains) losses reclassified into earnings | 61 | 2 | (26) |
Net change | 764 | (266) | (182) |
After- tax | |||
Net increase (decrease) in fair value | (2,146) | 830 | 536 |
Net realized (gains) losses reclassified into earnings | (160) | (4) | 80 |
Comprehensive income | (2,306) | 826 | 616 |
Derivatives | Net interest income | |||
Pretax | |||
Net realized (gains) losses reclassified into earnings | (166) | 6 | 104 |
Tax effect | |||
Net realized (gains) losses reclassified into earnings | 48 | (1) | (26) |
After- tax | |||
Net realized (gains) losses reclassified into earnings | (118) | 5 | 78 |
Derivatives | Compensation and benefits expense | |||
Pretax | |||
Net realized (gains) losses reclassified into earnings | (55) | (12) | 2 |
Tax effect | |||
Net realized (gains) losses reclassified into earnings | 13 | 3 | 0 |
After- tax | |||
Net realized (gains) losses reclassified into earnings | (42) | (9) | 2 |
Employee Benefit Plans | |||
Pretax | |||
Net increase (decrease) in fair value | 463 | (381) | 41 |
Net realized (gains) losses reclassified into earnings | 295 | 261 | 150 |
Settlements, curtailments and other, pretax | 5 | 5 | 3 |
Net change | 763 | (115) | 194 |
Tax effect | |||
Net increase (decrease) in fair value | (72) | 80 | (21) |
Net realized (gains) losses reclassified into earnings | (67) | (63) | (36) |
Settlements, curtailments and other, tax effect | 0 | 0 | (1) |
Net change | (139) | 17 | (58) |
After- tax | |||
Net increase (decrease) in fair value | 391 | (301) | 20 |
Net realized (gains) losses reclassified into earnings | 228 | 198 | 114 |
Settlements, curtailments and other, after tax | 5 | 5 | 2 |
Comprehensive income | 624 | (98) | 136 |
Foreign Currency | |||
Pretax | |||
Net increase (decrease) in fair value | 296 | (251) | (13) |
Net realized (gains) losses reclassified into earnings | (5) | (1) | (110) |
Net change | 291 | (252) | (123) |
Tax effect | |||
Net increase (decrease) in fair value | (341) | 199 | (52) |
Net realized (gains) losses reclassified into earnings | 5 | 1 | 89 |
Net change | (336) | 200 | 37 |
After- tax | |||
Net increase (decrease) in fair value | (45) | (52) | (65) |
Net realized (gains) losses reclassified into earnings | 0 | 0 | (21) |
Comprehensive income | $ (45) | $ (52) | $ (86) |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per common share | |||
Net income | $ 31,978 | $ 17,894 | $ 27,430 |
Preferred stock dividends | (1,421) | (1,421) | (1,432) |
Net income applicable to common shareholders | $ 30,557 | $ 16,473 | $ 25,998 |
Average common shares issued and outstanding (in shares) | 8,493.3 | 8,753.2 | 9,390.5 |
Earnings per common share (in dollars per share) | $ 3.60 | $ 1.88 | $ 2.77 |
Diluted earnings per common share | |||
Net income applicable to common shareholders | $ 30,557 | $ 16,473 | $ 25,998 |
Average common shares issued and outstanding (in shares) | 8,493.3 | 8,753.2 | 9,390.5 |
Dilutive potential common shares (in shares) | 65.1 | 43.7 | 52.4 |
Total diluted average common shares issued and outstanding (in shares) | 8,558.4 | 8,796.9 | 9,442.9 |
Diluted earnings per common share (in dollars per share) | $ 3.57 | $ 1.87 | $ 2.75 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Warrant | Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Incremental common shares attributable to dilutive effect of call options and warrants (in shares) | 3,000,000 | ||
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 |
Regulatory Requirements and R_3
Regulatory Requirements and Restrictions - Schedule of Capital Under Basel 3 (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Regulatory Minimum | ||
G-SIB Surcharge | 0.025 | 0.025 |
Countercyclical capital buffer | 0 | 0 |
Bank of America Corporation | ||
Regulatory Minimum | ||
Common equity tier 1 capital ratio | 0.095 | 0.095 |
Tier 1 capital ratio | 0.110 | 0.110 |
Total capital ratio | 0.130 | 0.130 |
Regulatory Minimum | ||
Tier 1 leverage ratio | 0.040 | 0.040 |
Supplementary leverage ratio | 0.050 | 0.050 |
Subsidiaries | Bank of America, N.A. | ||
Regulatory Minimum | ||
Common equity tier 1 capital ratio | 0.070 | 0.070 |
Tier 1 capital ratio | 0.085 | 0.085 |
Total capital ratio | 0.105 | 0.105 |
Regulatory Minimum | ||
Tier 1 leverage ratio | 0.050 | 0.050 |
Supplementary leverage ratio | 0.060 | 0.060 |
Standardized Approach | Bank of America Corporation | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 171,759 | $ 176,660 |
Tier 1 capital | 196,465 | 200,096 |
Total capital | 227,592 | 237,936 |
Risk-weighted assets | $ 1,618,000 | $ 1,480,000 |
Common equity tier 1 capital ratio | 0.106 | 0.119 |
Tier 1 capital ratio | 0.121 | 0.135 |
Total capital ratio | 0.141 | 0.161 |
Leverage-based metrics: | ||
Adjusted quarterly average assets | $ 3,087,000 | $ 2,719,000 |
Tier 1 leverage ratio | 0.064 | 0.074 |
Standardized Approach | Subsidiaries | Bank of America, N.A. | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 182,526 | $ 164,593 |
Tier 1 capital | 182,526 | 164,593 |
Total capital | 194,773 | 181,370 |
Risk-weighted assets | $ 1,352,000 | $ 1,221,000 |
Common equity tier 1 capital ratio | 0.135 | 0.135 |
Tier 1 capital ratio | 0.135 | 0.135 |
Total capital ratio | 0.144 | 0.149 |
Leverage-based metrics: | ||
Adjusted quarterly average assets | $ 2,414,000 | $ 2,143,000 |
Tier 1 leverage ratio | 0.076 | 0.077 |
Advanced Approaches | Bank of America Corporation | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 171,759 | $ 176,660 |
Tier 1 capital | 196,465 | 200,096 |
Total capital | 220,616 | 227,685 |
Risk-weighted assets | $ 1,399,000 | $ 1,371,000 |
Common equity tier 1 capital ratio | 0.123 | 0.129 |
Tier 1 capital ratio | 0.140 | 0.146 |
Total capital ratio | 0.158 | 0.166 |
Leverage-based metrics: | ||
Adjusted quarterly average assets | $ 3,087,000 | $ 2,719,000 |
Tier 1 leverage ratio | 0.064 | 0.074 |
SLR leverage exposure | $ 3,604,000 | $ 2,786,000 |
Supplementary leverage ratio | 0.055 | 0.072 |
Advanced Approaches | Subsidiaries | Bank of America, N.A. | ||
Risk-based capital metrics: | ||
Common equity tier 1 capital | $ 182,526 | $ 164,593 |
Tier 1 capital | 182,526 | 164,593 |
Total capital | 188,091 | 170,922 |
Risk-weighted assets | $ 1,048,000 | $ 1,014,000 |
Common equity tier 1 capital ratio | 0.174 | 0.162 |
Tier 1 capital ratio | 0.174 | 0.162 |
Total capital ratio | 0.179 | 0.169 |
Leverage-based metrics: | ||
Adjusted quarterly average assets | $ 2,414,000 | $ 2,143,000 |
Tier 1 leverage ratio | 0.076 | 0.077 |
SLR leverage exposure | $ 2,824,000 | $ 2,525,000 |
Supplementary leverage ratio | 0.065 | 0.065 |
Regulatory Requirements and R_4
Regulatory Requirements and Restrictions - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Average daily reserve balance requirements, in excess of vault cash, maintained with the Federal Reserve | $ 0 | $ 3,800 |
Cash segregated under other regulations | 4,000 | 4,900 |
Securities segregated under other regulations | 10,600 | 16,800 |
Deposits with clearing organizations | $ 28,600 | $ 10,900 |
Bank of America, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Preceding period of net profits for dividends | 2 years | |
Cash dividends allowable to be declared and paid by consolidated subsidiaries to the parent company | $ 14,700 | |
Subsidiaries, Bank of America California, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cash dividends allowable to be declared and paid by consolidated subsidiaries to the parent company | 234 | |
Bank of America, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Proceeds from dividends received | 15,600 | |
Subsidiaries, Bank of America California, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Proceeds from dividends received | $ 29 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Increase (decrease) from change in weighted average discount rates | $ (895,000,000) | $ 1,900,000,000 | |
Cost recognized | $ 1,200,000,000 | $ 1,200,000,000 | $ 1,000,000,000 |
Number of common stock shares held in plan (in shares) | 173 | 189 | |
Dividend payments to the plan | $ 139,000,000 | $ 138,000,000 | $ 133,000,000 |
U.S. | Other Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 0 | 0 | |
U.S. | Other Pension Plan | Nonqualified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 87,000,000 | 86,000,000 | |
Estimated future employer contributions in next fiscal year | 91,000,000 | ||
U.S. | Pension Plan | Qualified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 0 | 0 | |
Percentage of prior years market gains (losses) recognized at next measurement date | 60.00% | ||
Percentage of prior years market gains (losses) recognized equally over four year period | 40.00% | ||
U.S. | Pension Plan | Qualified | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of employer and related party securities included in plan assets | $ 398,000,000 | $ 274,000,000 | |
Actual plan asset allocations | 1.80% | 1.26% | |
U.S. | Postretirement Health and Life Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 38,000,000 | $ 6,000,000 | |
Estimated future employer contributions in next fiscal year | $ 42,000,000 | ||
Percentage of unrecognized gain (loss) recognized during the period | 50.00% | ||
Health care cost trend rate assumed for next fiscal year | 6.25% | ||
Ultimate health care cost trend rate | 5.00% | ||
Non-U.S. | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 24,000,000 | $ 23,000,000 | |
Estimated future employer contributions in next fiscal year | $ 30,000,000 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension and Postretirement Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in fair value of plan assets | |||
Fair value, January 1 | $ 26,139,000,000 | ||
Fair value, December 31 | 26,096,000,000 | $ 26,139,000,000 | |
U.S. | Other Pension Plan | |||
Change in fair value of plan assets | |||
Company contributions | 0 | 0 | |
U.S. | Postretirement Health and Life Plans | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 143,000,000 | 199,000,000 | |
Actual return on plan assets | 0 | 1,000,000 | |
Company contributions | 38,000,000 | 6,000,000 | |
Plan participant contributions | 107,000,000 | 110,000,000 | |
Settlements and curtailments | 0 | 0 | |
Benefits paid | (171,000,000) | (174,000,000) | |
Federal subsidy on benefits paid | 0 | 1,000,000 | |
Fair value, December 31 | 117,000,000 | 143,000,000 | $ 199,000,000 |
Change in projected benefit obligation | |||
Projected benefit obligation, January 1 | 1,007,000,000 | 989,000,000 | |
Service cost | 5,000,000 | 5,000,000 | 5,000,000 |
Interest cost | 24,000,000 | 32,000,000 | 38,000,000 |
Plan participant contributions | 107,000,000 | 110,000,000 | |
Plan amendments | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Actuarial loss (gain) | (44,000,000) | 43,000,000 | |
Benefits paid | (171,000,000) | (173,000,000) | |
Federal subsidy on benefits paid | 0 | 1,000,000 | |
Foreign currency exchange rate changes | 0 | 0 | |
Projected benefit obligation, December 31 | 928,000,000 | 1,007,000,000 | 989,000,000 |
Amounts recognized on Consolidated Balance Sheet | |||
Other assets | 0 | 0 | |
Accrued expenses and other liabilities | (811,000,000) | (864,000,000) | |
Net amount recognized, December 31 | (811,000,000) | (864,000,000) | |
Funded status, December 31 | |||
Projected benefit obligation | $ 928,000,000 | $ 1,007,000,000 | 989,000,000 |
Weighted-average assumptions, December 31 | |||
Discount rate | 2.85% | 2.48% | |
U.S. | Qualified | Pension Plan | |||
Change in fair value of plan assets | |||
Fair value, January 1 | $ 21,776,000,000 | $ 20,275,000,000 | |
Actual return on plan assets | 1,215,000,000 | 2,468,000,000 | |
Company contributions | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Benefits paid | (913,000,000) | (967,000,000) | |
Fair value, December 31 | 22,078,000,000 | 21,776,000,000 | 20,275,000,000 |
Change in projected benefit obligation | |||
Projected benefit obligation, January 1 | 16,427,000,000 | 15,361,000,000 | |
Service cost | 0 | 0 | 0 |
Interest cost | 414,000,000 | 500,000,000 | 593,000,000 |
Plan participant contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Actuarial loss (gain) | (252,000,000) | 1,533,000,000 | |
Benefits paid | (913,000,000) | (967,000,000) | |
Projected benefit obligation, December 31 | 15,676,000,000 | 16,427,000,000 | 15,361,000,000 |
Amounts recognized on Consolidated Balance Sheet | |||
Other assets | 6,402,000,000 | 5,349,000,000 | |
Accrued expenses and other liabilities | 0 | 0 | |
Net amount recognized, December 31 | 6,402,000,000 | 5,349,000,000 | |
Funded status, December 31 | |||
Accumulated benefit obligation | 15,676,000,000 | 16,427,000,000 | |
Overfunded (unfunded) status of ABO | 6,402,000,000 | 5,349,000,000 | |
Provision for future salaries | 0 | 0 | |
Projected benefit obligation | $ 15,676,000,000 | $ 16,427,000,000 | 15,361,000,000 |
Weighted-average assumptions, December 31 | |||
Discount rate | 2.86% | 2.57% | |
Interest-crediting rate | 4.83% | 5.02% | |
U.S. | Nonqualified | Other Pension Plan | |||
Change in fair value of plan assets | |||
Fair value, January 1 | $ 2,789,000,000 | $ 2,666,000,000 | |
Actual return on plan assets | (55,000,000) | 285,000,000 | |
Company contributions | 87,000,000 | 86,000,000 | |
Plan participant contributions | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Benefits paid | (236,000,000) | (248,000,000) | |
Fair value, December 31 | 2,585,000,000 | 2,789,000,000 | 2,666,000,000 |
Change in projected benefit obligation | |||
Projected benefit obligation, January 1 | 3,005,000,000 | 2,919,000,000 | |
Service cost | 0 | 1,000,000 | 1,000,000 |
Interest cost | 67,000,000 | 90,000,000 | 113,000,000 |
Plan participant contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Actuarial loss (gain) | (83,000,000) | 243,000,000 | |
Benefits paid | (236,000,000) | (248,000,000) | |
Projected benefit obligation, December 31 | 2,753,000,000 | 3,005,000,000 | 2,919,000,000 |
Amounts recognized on Consolidated Balance Sheet | |||
Other assets | 777,000,000 | 812,000,000 | |
Accrued expenses and other liabilities | (945,000,000) | (1,028,000,000) | |
Net amount recognized, December 31 | (168,000,000) | (216,000,000) | |
Funded status, December 31 | |||
Accumulated benefit obligation | 2,753,000,000 | 3,005,000,000 | |
Overfunded (unfunded) status of ABO | (168,000,000) | (216,000,000) | |
Provision for future salaries | 0 | 0 | |
Projected benefit obligation | $ 2,753,000,000 | $ 3,005,000,000 | 2,919,000,000 |
Weighted-average assumptions, December 31 | |||
Discount rate | 2.80% | 2.33% | |
Rate of compensation increase | 4.00% | 4.00% | |
Interest-crediting rate | 4.22% | 4.49% | |
Non-U.S. | Pension Plan | |||
Change in fair value of plan assets | |||
Fair value, January 1 | $ 3,078,000,000 | $ 2,696,000,000 | |
Actual return on plan assets | 62,000,000 | 379,000,000 | |
Company contributions | 24,000,000 | 23,000,000 | |
Plan participant contributions | 1,000,000 | 1,000,000 | |
Settlements and curtailments | (11,000,000) | (61,000,000) | |
Benefits paid | (84,000,000) | (57,000,000) | |
Foreign currency exchange rate changes | (39,000,000) | 97,000,000 | |
Fair value, December 31 | 3,031,000,000 | 3,078,000,000 | 2,696,000,000 |
Change in projected benefit obligation | |||
Projected benefit obligation, January 1 | 3,340,000,000 | 2,887,000,000 | |
Service cost | 28,000,000 | 20,000,000 | 17,000,000 |
Interest cost | 45,000,000 | 49,000,000 | 65,000,000 |
Plan participant contributions | 1,000,000 | 1,000,000 | |
Plan amendments | 0 | 3,000,000 | |
Settlements and curtailments | (11,000,000) | (61,000,000) | |
Actuarial loss (gain) | (152,000,000) | 396,000,000 | |
Benefits paid | (84,000,000) | (57,000,000) | |
Foreign currency exchange rate changes | (51,000,000) | 102,000,000 | |
Projected benefit obligation, December 31 | 3,116,000,000 | 3,340,000,000 | 2,887,000,000 |
Amounts recognized on Consolidated Balance Sheet | |||
Other assets | 550,000,000 | 428,000,000 | |
Accrued expenses and other liabilities | (635,000,000) | (690,000,000) | |
Net amount recognized, December 31 | (85,000,000) | (262,000,000) | |
Funded status, December 31 | |||
Accumulated benefit obligation | 3,031,000,000 | 3,253,000,000 | |
Overfunded (unfunded) status of ABO | 0 | (175,000,000) | |
Provision for future salaries | 85,000,000 | 87,000,000 | |
Projected benefit obligation | $ 3,116,000,000 | $ 3,340,000,000 | $ 2,887,000,000 |
Weighted-average assumptions, December 31 | |||
Discount rate | 1.85% | 1.37% | |
Rate of compensation increase | 4.46% | 4.11% | |
Interest-crediting rate | 1.90% | 1.58% |
Employee Benefit Plans - ABO an
Employee Benefit Plans - ABO and PBO in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Non-U.S. | Pension Plan | ||
Plans with PBO and ABO in Excess of Plan Assets | ||
PBO | $ 841 | $ 900 |
ABO | 780 | 841 |
Fair value of plan assets | 207 | 211 |
U.S. | Nonqualified | Other Pension Plan | ||
Plans with PBO and ABO in Excess of Plan Assets | ||
PBO | 945 | 1,028 |
ABO | 945 | 1,028 |
Fair value of plan assets | $ 1 | $ 1 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. | Postretirement Health and Life Plans | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 5 | $ 5 | $ 5 |
Interest cost | 24 | 32 | 38 |
Expected return on plan assets | (3) | (4) | (5) |
Amortization of net actuarial loss | 20 | 29 | (24) |
Other | 0 | (2) | (2) |
Net periodic benefit cost (income) | $ 46 | $ 60 | $ 12 |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 2.48% | 3.27% | 4.25% |
Expected return on plan assets | 2.00% | 2.00% | 2.00% |
U.S. | Qualified | Pension Plan | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 414 | 500 | 593 |
Expected return on plan assets | (1,173) | (1,154) | (1,088) |
Amortization of net actuarial loss | 193 | 173 | 135 |
Other | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ (566) | $ (481) | $ (360) |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 2.57% | 3.32% | 4.32% |
Expected return on plan assets | 5.75% | 6.00% | 6.00% |
U.S. | Nonqualified | Other Pension Plan | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 0 | $ 1 | $ 1 |
Interest cost | 67 | 90 | 113 |
Expected return on plan assets | (49) | (71) | (95) |
Amortization of net actuarial loss | 63 | 50 | 34 |
Other | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ 81 | $ 70 | $ 53 |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 2.33% | 3.20% | 4.26% |
Expected return on plan assets | 1.88% | 2.77% | 3.73% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Non-U.S. | Pension Plan | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 28 | $ 20 | $ 17 |
Interest cost | 45 | 49 | 65 |
Expected return on plan assets | (70) | (66) | (99) |
Amortization of net actuarial loss | 19 | 9 | 6 |
Other | 5 | 8 | 4 |
Net periodic benefit cost (income) | $ 27 | $ 20 | $ (7) |
Weighted-average assumptions used to determine net cost for years ended December 31 | |||
Discount rate | 1.35% | 1.81% | 2.60% |
Expected return on plan assets | 2.30% | 2.57% | 4.13% |
Rate of compensation increase | 4.11% | 4.10% | 4.49% |
Employee Benefit Plans - Pretax
Employee Benefit Plans - Pretax Amounts Included in Accumulated OCI (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 4,830 | $ 5,593 |
Prior service cost (credits) | 14 | 14 |
Amounts recognized in accumulated OCI | 4,844 | 5,607 |
U.S. | Postretirement Health and Life Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 4 | 66 |
Prior service cost (credits) | (3) | (4) |
Amounts recognized in accumulated OCI | 1 | 62 |
Non-U.S. | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 456 | 628 |
Prior service cost (credits) | 17 | 18 |
Amounts recognized in accumulated OCI | 473 | 646 |
Qualified | U.S. | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 3,425 | 3,912 |
Prior service cost (credits) | 0 | 0 |
Amounts recognized in accumulated OCI | 3,425 | 3,912 |
Nonqualified | U.S. | Other Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 945 | 987 |
Prior service cost (credits) | 0 | 0 |
Amounts recognized in accumulated OCI | $ 945 | $ 987 |
Employee Benefit Plans - Pret_2
Employee Benefit Plans - Pretax Amounts Recognized in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract] | ||
Current year actuarial loss (gain) | $ (468) | $ 374 |
Amortization of actuarial gain (loss) and prior service cost | (295) | (262) |
Current year prior service cost (credit) | 0 | 3 |
Amounts recognized in OCI | (763) | 115 |
U.S. | Postretirement Health and Life Plans | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract] | ||
Current year actuarial loss (gain) | (41) | 47 |
Amortization of actuarial gain (loss) and prior service cost | (20) | (27) |
Current year prior service cost (credit) | 0 | 0 |
Amounts recognized in OCI | (61) | 20 |
Non-U.S. | Pension Plan | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract] | ||
Current year actuarial loss (gain) | (154) | 79 |
Amortization of actuarial gain (loss) and prior service cost | (19) | (12) |
Current year prior service cost (credit) | 0 | 3 |
Amounts recognized in OCI | (173) | 70 |
Qualified | U.S. | Pension Plan | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract] | ||
Current year actuarial loss (gain) | (294) | 219 |
Amortization of actuarial gain (loss) and prior service cost | (193) | (173) |
Current year prior service cost (credit) | 0 | 0 |
Amounts recognized in OCI | (487) | 46 |
Nonqualified | U.S. | Other Pension Plan | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract] | ||
Current year actuarial loss (gain) | 21 | 29 |
Amortization of actuarial gain (loss) and prior service cost | (63) | (50) |
Current year prior service cost (credit) | 0 | 0 |
Amounts recognized in OCI | $ (42) | $ (21) |
Employee Benefit Plans - Target
Employee Benefit Plans - Target Allocation (Details) | Dec. 31, 2021 |
U.S. | Qualified | Minimum | Pension Plan | Equity securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 15.00% |
U.S. | Qualified | Minimum | Pension Plan | Debt securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 45.00% |
U.S. | Qualified | Minimum | Pension Plan | Real estate | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 0.00% |
U.S. | Qualified | Minimum | Pension Plan | Other | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 0.00% |
U.S. | Qualified | Maximum | Pension Plan | Equity securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 50.00% |
U.S. | Qualified | Maximum | Pension Plan | Debt securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 80.00% |
U.S. | Qualified | Maximum | Pension Plan | Real estate | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 10.00% |
U.S. | Qualified | Maximum | Pension Plan | Other | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 5.00% |
U.S. | Nonqualified | Minimum | Other Pension Plan | Equity securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 0.00% |
U.S. | Nonqualified | Minimum | Other Pension Plan | Debt securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 95.00% |
U.S. | Nonqualified | Minimum | Other Pension Plan | Real estate | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 0.00% |
U.S. | Nonqualified | Minimum | Other Pension Plan | Other | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 0.00% |
U.S. | Nonqualified | Maximum | Other Pension Plan | Equity securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 5.00% |
U.S. | Nonqualified | Maximum | Other Pension Plan | Debt securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 100.00% |
U.S. | Nonqualified | Maximum | Other Pension Plan | Real estate | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 5.00% |
U.S. | Nonqualified | Maximum | Other Pension Plan | Other | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 5.00% |
Non-U.S. | Minimum | Pension Plan | Equity securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 0.00% |
Non-U.S. | Minimum | Pension Plan | Debt securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 40.00% |
Non-U.S. | Minimum | Pension Plan | Real estate | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 0.00% |
Non-U.S. | Minimum | Pension Plan | Other | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 10.00% |
Non-U.S. | Maximum | Pension Plan | Equity securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 25.00% |
Non-U.S. | Maximum | Pension Plan | Debt securities | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 70.00% |
Non-U.S. | Maximum | Pension Plan | Real estate | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 15.00% |
Non-U.S. | Maximum | Pension Plan | Other | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target allocation, percentage | 40.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 26,096 | $ 26,139 | ||
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 13,521 | 12,865 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11,932 | 12,576 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 643 | 698 | $ 644 | $ 602 |
Fair Value Measured at Net Asset Value Per Share | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,700 | 1,600 | ||
Money market and interest-bearing cash | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,339 | 1,380 | ||
Money market and interest-bearing cash | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,339 | 1,380 | ||
Money market and interest-bearing cash | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Money market and interest-bearing cash | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. government and agency securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,888 | 5,835 | ||
U.S. government and agency securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,948 | 4,590 | ||
U.S. government and agency securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 934 | 1,238 | ||
U.S. government and agency securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6 | 7 | 8 | 9 |
Corporate debt | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,900 | 5,021 | ||
Corporate debt | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate debt | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,900 | 5,021 | ||
Corporate debt | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Non-U.S. debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,090 | 2,143 | ||
Non-U.S. debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 925 | 1,021 | ||
Non-U.S. debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,165 | 1,122 | ||
Non-U.S. debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,485 | 1,967 | ||
Asset-backed securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,485 | 1,967 | ||
Asset-backed securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Mutual and exchange traded funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,395 | 1,362 | ||
Mutual and exchange traded funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,395 | 1,362 | ||
Mutual and exchange traded funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Mutual and exchange traded funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Collective investment funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,419 | 3,199 | ||
Collective investment funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Collective investment funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,419 | 3,199 | ||
Collective investment funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Common and preferred stocks | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,826 | 4,438 | ||
Common and preferred stocks | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,826 | 4,438 | ||
Common and preferred stocks | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Common and preferred stocks | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Real estate investment trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 87 | 73 | ||
Real estate investment trusts | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 87 | 73 | ||
Real estate investment trusts | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Real estate investment trusts | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Participant loans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7 | 7 | ||
Participant loans | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Participant loans | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Participant loans | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7 | 7 | 8 | 12 |
Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 660 | 714 | ||
Other investments | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | 1 | ||
Other investments | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 29 | 29 | ||
Other investments | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 630 | 684 | $ 628 | $ 576 |
Insurance Annuity Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 612 | 664 | ||
Other Various Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 48 | $ 50 |
Employee Benefit Plans - Level
Employee Benefit Plans - Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in fair value of plan assets | |||
Fair value, January 1 | $ 26,139 | ||
Fair value, December 31 | 26,096 | $ 26,139 | |
U.S. government and agency securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 5,835 | ||
Fair value, December 31 | 5,888 | 5,835 | |
Participant loans | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 7 | ||
Fair value, December 31 | 7 | 7 | |
Other investments | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 714 | ||
Fair value, December 31 | 660 | 714 | |
Level 3 | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 698 | 644 | $ 602 |
Actual Return on Plan Assets Still Held at the Reporting Date | (5) | 6 | 6 |
Purchases, Sales and Settlements | (50) | 48 | 36 |
Fair value, December 31 | 643 | 698 | 644 |
Level 3 | U.S. government and agency securities | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 7 | 8 | 9 |
Actual Return on Plan Assets Still Held at the Reporting Date | 0 | 0 | 0 |
Purchases, Sales and Settlements | (1) | (1) | (1) |
Fair value, December 31 | 6 | 7 | 8 |
Level 3 | Private real estate | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 0 | 5 | |
Actual Return on Plan Assets Still Held at the Reporting Date | 0 | ||
Purchases, Sales and Settlements | (5) | ||
Fair value, December 31 | 0 | ||
Level 3 | Participant loans | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 7 | 8 | 12 |
Actual Return on Plan Assets Still Held at the Reporting Date | 0 | 0 | 0 |
Purchases, Sales and Settlements | 0 | (1) | (4) |
Fair value, December 31 | 7 | 7 | 8 |
Level 3 | Other investments | |||
Change in fair value of plan assets | |||
Fair value, January 1 | 684 | 628 | 576 |
Actual Return on Plan Assets Still Held at the Reporting Date | (5) | 6 | 6 |
Purchases, Sales and Settlements | (49) | 50 | 46 |
Fair value, December 31 | $ 630 | $ 684 | $ 628 |
Employee Benefit Plans - Projec
Employee Benefit Plans - Projected Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
U.S. | Postretirement Health and Life Plans | |
Projected Benefit Payments | |
2022 | $ 78 |
2023 | 74 |
2024 | 71 |
2025 | 67 |
2026 | 64 |
2027 - 2031 | 275 |
U.S. | Qualified | Pension Plan | |
Projected Benefit Payments | |
2022 | 948 |
2023 | 938 |
2024 | 949 |
2025 | 936 |
2026 | 941 |
2027 - 2031 | 4,395 |
U.S. | Nonqualified | Other Pension Plan | |
Projected Benefit Payments | |
2022 | 239 |
2023 | 244 |
2024 | 225 |
2025 | 223 |
2026 | 218 |
2027 - 2031 | 940 |
Non-U.S. | Pension Plan | |
Projected Benefit Payments | |
2022 | 134 |
2023 | 142 |
2024 | 135 |
2025 | 142 |
2026 | 140 |
2027 - 2031 | $ 668 |
Stock-based Compensation Plan_2
Stock-based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions | Apr. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation cost | $ 3,000 | $ 2,100 | $ 2,100 | |
Tax benefit from compensation expense | 723 | 505 | 511 | |
Cash used to settle awards | 72 | 81 | 84 | |
Restricted Stock and Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 2,300 | |||
Expected period of total unrecognized compensation cost | 4 years | |||
Total unrecognized compensation cost, period for recognition | 2 years 4 months 24 days | |||
Fair value of vested in period | $ 2,300 | $ 2,300 | $ 2,600 | |
Cash-settled Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash-settled RSUs outstanding (in shares) | 2,000,000 | |||
Bank of America Corporation Equity Plan (Key Employee Equity Plan) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of additional shares authorized (in shares) | 115,000,000 | |||
Number of shares authorized (in shares) | 715,000,000 | |||
Bank of America Corporation Equity Plan (Key Employee Equity Plan) | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units granted in period (in shares) | 99,000,000 | 86,000,000 | ||
Key Employee Equity Plan, Vesting In One-Third Increments | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units granted in period (in shares) | 18,000,000 | 57,000,000 | ||
Number of vesting installments | 3 years | |||
Key Employee Equity Plan, Vesting In One-Third Increments | Restricted Stock Units (RSUs) | Year 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Key Employee Equity Plan, Vesting In One-Third Increments | Restricted Stock Units (RSUs) | Year 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Key Employee Equity Plan, Vesting In One-Third Increments | Restricted Stock Units (RSUs) | Year 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Key Employee Equity Plan, Vesting In One-Fourth Increments | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units granted in period (in shares) | 81,000,000 | 29,000,000 | ||
Number of vesting installments | 4 years | |||
Key Employee Equity Plan, Vesting In One-Fourth Increments | Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units granted in period (in shares) | 27,000,000 | 25,000,000 | ||
Key Employee Equity Plan, Vesting In One-Fourth Increments | Restricted Stock Units (RSUs) | Year 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25.00% | |||
Key Employee Equity Plan, Vesting In One-Fourth Increments | Restricted Stock Units (RSUs) | Year 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25.00% | |||
Key Employee Equity Plan, Vesting In One-Fourth Increments | Restricted Stock Units (RSUs) | Year 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25.00% | |||
Key Employee Equity Plan, Vesting In One-Fourth Increments | Restricted Stock Units (RSUs) | Year 4 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25.00% |
Stock-based Compensation Plan_3
Stock-based Compensation Plans - Restricted Stock Units (Details) - Stock-settled Restricted Stock and Restricted Stock Units | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Shares/Units | |
Outstanding at beginning of period (in shares) | shares | 167,953,229 |
Granted (in shares) | shares | 96,804,487 |
Vested (in shares) | shares | (69,337,350) |
Canceled (in shares) | shares | (10,369,524) |
Outstanding at end of period (in shares) | shares | 185,050,842 |
Weighted-average Grant Date Fair Value | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 30.60 |
Granted (in dollars per share) | $ / shares | 32.32 |
Vested (in dollars per share) | $ / shares | 30.19 |
Canceled (in dollars per share) | $ / shares | 32.58 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 31.54 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax expense | |||
U.S. federal | $ 1,076 | $ 1,092 | $ 1,136 |
U.S. state and local | 775 | 1,076 | 901 |
Non-U.S. | 985 | 670 | 852 |
Total current expense | 2,836 | 2,838 | 2,889 |
Deferred income tax expense | |||
U.S. federal | 962 | (799) | 2,001 |
U.S. state and local | 491 | (233) | 223 |
Non-U.S. | (2,291) | (705) | 211 |
Total deferred expense | (838) | (1,737) | 2,435 |
Total income tax expense | $ 1,998 | $ 1,101 | $ 5,324 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Jurisdiction | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Line Items] | |||
Unrecognized tax benefits that would impact effective rate | $ 959,000,000 | $ 976,000,000 | $ 814,000,000 |
Decrease in unrecognized tax benefits, reasonably possible | 398,000,000 | ||
Penalties and interest expense (benefit) | 32,000,000 | 9,000,000 | (19,000,000) |
Penalties and interest accrued | $ 167,000,000 | 130,000,000 | |
Number of jurisdictions for filing income tax returns (more than) | Jurisdiction | 100 | ||
Temporary differences with investments in Non-US subsidiaries | $ 5,000,000,000 | ||
Deferred tax liability, temporary differences with investments in Non-US subsidiaries | 1,000,000,000 | ||
Accumulated Other Comprehensive Income (Loss) | |||
Income Tax Disclosure [Line Items] | |||
Other comprehensive income (loss), tax expense (benefit) | (877,000,000) | $ 1,506,000,000 | $ 1,860,000,000 |
Net operating losses – non-U.S. | |||
Income Tax Disclosure [Line Items] | |||
Valuation Allowance | (253,000,000) | ||
United Kingdom | Net operating losses – non-U.S. | |||
Income Tax Disclosure [Line Items] | |||
Valuation Allowance | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amount | |||
Expected U.S. federal income tax expense | $ 7,135 | $ 3,989 | $ 6,878 |
Increase (decrease) in taxes resulting from: | |||
State tax expense, net of federal benefit | 1,087 | 728 | 1,283 |
Affordable housing/energy/other credits | (3,795) | (2,869) | (2,365) |
Tax law changes | (2,050) | (699) | 0 |
Tax-exempt income, including dividends | (352) | (346) | (433) |
Changes in prior-period UTBs, including interest | (155) | (41) | (613) |
Nondeductible expenses | 206 | 324 | 290 |
Rate differential on non-U.S. earnings | 45 | 218 | 504 |
Other | (123) | (203) | (220) |
Total income tax expense | $ 1,998 | $ 1,101 | $ 5,324 |
Percent | |||
Expected U.S. federal income tax expense | 21.00% | 21.00% | 21.00% |
Increase (decrease) in taxes resulting from: | |||
State tax expense, net of federal benefit | 3.20% | 3.80% | 3.90% |
Affordable housing/energy/other credits | (11.20%) | (15.10%) | (7.20%) |
Tax law changes | (6.00%) | (3.70%) | 0.00% |
Tax-exempt income, including dividends | (1.00%) | (1.80%) | (1.30%) |
Changes in prior-period UTBs, including interest | (0.50%) | (0.20%) | (1.90%) |
Nondeductible expenses | 0.60% | 1.70% | 0.90% |
Rate differential on non-U.S. earnings | 0.10% | 1.10% | 1.50% |
Other | (0.30%) | (1.00%) | (0.60%) |
Total income tax expense | 5.90% | 5.80% | 16.30% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, January 1 | $ 1,340 | $ 1,175 | $ 2,197 |
Increases related to positions taken during the current year | 208 | 238 | 238 |
Increases related to positions taken during prior years | 265 | 99 | 401 |
Decreases related to positions taken during prior years | (413) | (172) | (1,102) |
Settlements | (23) | 0 | (541) |
Expiration of statute of limitations | (55) | 0 | (18) |
Balance, December 31 | 1,322 | 1,340 | 1,175 |
Changes in prior-period UTBs, including interest | $ (155) | $ (41) | $ (613) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 9,360 | $ 7,717 |
Allowance for credit losses | 3,097 | 4,701 |
Security, loan and debt valuations | 2,746 | 2,571 |
Lease liability | 2,508 | 2,400 |
Accrued expenses | 1,626 | 1,481 |
Employee compensation and retirement benefits | 1,392 | 1,582 |
Credit carryforwards | 705 | 484 |
Other | 1,160 | 1,412 |
Gross deferred tax assets | 22,594 | 22,348 |
Valuation allowance | (1,988) | (2,346) |
Total deferred tax assets, net of valuation allowance | 20,606 | 20,002 |
Deferred tax liabilities | ||
Equipment lease financing | 3,083 | 3,101 |
Right-to-use asset | 2,358 | 2,296 |
Fixed assets | 2,082 | 1,957 |
ESG-related tax credit investments | 1,387 | 1,930 |
Available-for-sale securities | 1,016 | 1,701 |
Other | 1,527 | 1,570 |
Gross deferred tax liabilities | 11,453 | 12,555 |
Net deferred tax assets | $ 9,153 | $ 7,447 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | $ 9,360,000,000 | $ 7,717,000,000 |
Deferred Tax Asset | 705,000,000 | $ 484,000,000 |
Net operating losses before benefit of federal deductions | 1,500,000,000 | |
Valuation allowance before considering benefit of federal deductions | 772,000,000 | |
Foreign tax credits | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | 705,000,000 | |
Valuation Allowance | (705,000,000) | |
Net Deferred Tax Asset | 0 | |
Net operating losses – non-U.S. | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | 494,000,000 | |
Valuation Allowance | (253,000,000) | |
Net Deferred Tax Asset | 241,000,000 | |
Net operating losses – non-U.S. | United Kingdom | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | 7,713,000,000 | |
Valuation Allowance | 0 | |
Net Deferred Tax Asset | 7,713,000,000 | |
Net operating losses – U.S. states | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Asset | 1,153,000,000 | |
Valuation Allowance | (610,000,000) | |
Net Deferred Tax Asset | $ 543,000,000 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | $ 150,665 | $ 108,856 | |
Trading account assets | 247,080 | 198,854 | |
Derivative assets | 348,400 | 434,600 | |
Derivative assets | 35,344 | 47,179 | |
Total available-for-sale debt securities | 299,178 | 234,491 | |
Other debt securities carried at fair value | 8,895 | 12,110 | |
Loans and leases | 7,819 | 6,681 | |
Loans held-for-sale | 4,455 | 1,585 | |
Other assets, measured at fair value | 12,144 | 15,718 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 408 | 481 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 139,641 | 135,391 | |
Derivative liabilities | 355,500 | 434,000 | |
Derivative liabilities | 37,675 | 45,526 | |
Short-term borrowings | 4,279 | 5,874 | |
Long-term debt | 29,708 | 32,200 | |
U.S. Treasury and government agencies | |||
Assets | |||
Total available-for-sale debt securities | 199,145 | 116,380 | |
Agency | |||
Assets | |||
Total available-for-sale debt securities | 46,339 | 61,849 | |
Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 3,380 | 5,260 | |
Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 583 | 1,009 | |
Commercial | |||
Assets | |||
Total available-for-sale debt securities | 19,604 | 16,491 | |
Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 2,761 | 2,711 | |
Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 15,433 | 16,774 | |
Recurring | |||
Assets | |||
Time deposits placed and other short-term investments | 707 | 1,649 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 150,665 | 108,856 | |
Trading account assets | 247,080 | 198,854 | |
Netting adjustments | (313,118) | (387,371) | |
Derivative assets | 35,344 | 47,179 | |
Total available-for-sale debt securities | 299,178 | 234,491 | |
Other debt securities carried at fair value | 8,895 | 12,110 | |
Loans and leases | 7,819 | 6,681 | |
Loans held-for-sale | 4,455 | 1,585 | |
Other assets, measured at fair value | 12,144 | 15,718 | |
Total assets | 766,287 | 627,123 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 408 | 481 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 139,641 | 135,391 | |
Total trading account liabilities | 100,690 | 71,320 | |
Netting adjustment | (317,782) | (388,481) | |
Derivative liabilities | 37,675 | 45,526 | |
Short-term borrowings | 4,279 | 5,874 | |
Accrued expenses and other liabilities | 11,489 | 16,311 | |
Long-term debt | 29,708 | 32,200 | |
Total liabilities | 323,890 | 307,103 | |
Mortgage servicing rights | $ 818 | $ 1,000 | |
Level 3 recurring assets, as a percent of total assets | 0.34% | 0.35% | |
Level 3 recurring liabilities, as a percent of total liabilities | 0.24% | 0.29% | |
Recurring | U.S. Treasury and government agencies | |||
Assets | |||
Trading account assets | $ 45,402 | $ 48,270 | |
Liabilities | |||
Total trading account liabilities | 20,139 | 9,564 | |
Recurring | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 33,711 | 24,176 | |
Liabilities | |||
Total trading account liabilities | 8,135 | 5,436 | |
Recurring | Equity securities | |||
Assets | |||
Trading account assets | 99,998 | 67,971 | |
Liabilities | |||
Total trading account liabilities | 48,235 | 42,424 | |
Recurring | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 29,830 | 26,991 | |
Liabilities | |||
Total trading account liabilities | 24,181 | 13,896 | |
Recurring | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 25,754 | 21,641 | |
Recurring | Mortgage trading loans, MBS and ABS | |||
Assets | |||
Trading account assets | 12,385 | 9,805 | |
Recurring | U.S. Treasury and government agencies | |||
Assets | |||
Total available-for-sale debt securities | 199,145 | 116,380 | |
Other debt securities carried at fair value | 575 | 93 | |
Recurring | Agency | |||
Assets | |||
Total available-for-sale debt securities | 46,339 | 61,849 | |
Recurring | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 3,380 | 5,260 | |
Recurring | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 583 | 1,009 | |
Other debt securities carried at fair value | 585 | 773 | |
Recurring | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 19,604 | 16,491 | |
Recurring | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 11,933 | 14,017 | |
Recurring | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 2,761 | 2,711 | |
Recurring | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 15,433 | 16,774 | |
Recurring | Non-U.S. and other securities | |||
Assets | |||
Other debt securities carried at fair value | 7,735 | 11,244 | |
Recurring | Securities gegregated for compliance or deposited with clearing organizations | |||
Assets | |||
Trading account assets | 10,600 | 16,800 | |
Recurring | Commodities Investment | |||
Assets | |||
Trading account assets | 752 | 576 | |
Recurring | Level 1 | |||
Assets | |||
Time deposits placed and other short-term investments | 707 | 1,649 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | |
Trading account assets | 109,846 | 87,344 | |
Derivative assets | 34,748 | 15,624 | |
Total available-for-sale debt securities | 198,071 | 115,266 | |
Other debt securities carried at fair value | 3,155 | 2,712 | |
Loans and leases | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Other assets, measured at fair value | 7,657 | 9,898 | |
Total assets | 354,184 | 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 | 71,970 | 53,467 | |
Derivative liabilities | 35,282 | 14,907 | |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 8,359 | 12,297 | |
Long-term debt | 0 | 0 | |
Total liabilities | 115,611 | 80,671 | |
Recurring | Level 1 | U.S. Treasury and government agencies | |||
Assets | |||
Trading account assets | 44,599 | 45,219 | |
Liabilities | |||
Total trading account liabilities | 19,826 | 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 | 61,425 | 36,372 | |
Liabilities | |||
Total trading account liabilities | 41,744 | 38,189 | |
Recurring | Level 1 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 3,822 | 5,753 | |
Liabilities | |||
Total trading account liabilities | 10,400 | 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 government agencies | |||
Assets | |||
Total available-for-sale debt securities | 198,071 | 115,266 | |
Other debt securities carried at fair value | 575 | 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 | 2,580 | 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 | 150,665 | 108,856 | |
Trading account assets | 133,011 | 108,130 | |
Derivative assets | 310,581 | 416,175 | |
Total available-for-sale debt securities | 100,668 | 118,582 | |
Other debt securities carried at fair value | 5,498 | 9,131 | |
Loans and leases | 7,071 | 5,964 | |
Loans held-for-sale | 4,138 | 1,349 | |
Other assets, measured at fair value | 2,915 | 3,850 | |
Total assets | 714,547 | 772,037 | |
Liabilities | |||
Interest-bearing deposits in U.S. offices | 408 | 481 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 139,641 | 135,391 | |
Total trading account liabilities | 28,709 | 17,837 | |
Derivative liabilities | 314,380 | 412,881 | |
Short-term borrowings | 4,279 | 5,874 | |
Accrued expenses and other liabilities | 3,130 | 4,014 | |
Long-term debt | 28,633 | 31,036 | |
Total liabilities | 519,180 | 607,514 | |
Recurring | Level 2 | U.S. Treasury and government agencies | |||
Assets | |||
Trading account assets | 803 | 3,051 | |
Liabilities | |||
Total trading account liabilities | 313 | 139 | |
Recurring | Level 2 | Corporate securities, trading loans and other | |||
Assets | |||
Trading account assets | 31,601 | 22,817 | |
Liabilities | |||
Total trading account liabilities | 8,124 | 5,420 | |
Recurring | Level 2 | Equity securities | |||
Assets | |||
Trading account assets | 38,383 | 31,372 | |
Liabilities | |||
Total trading account liabilities | 6,491 | 4,235 | |
Recurring | Level 2 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 25,612 | 20,884 | |
Liabilities | |||
Total trading account liabilities | 13,781 | 8,043 | |
Recurring | Level 2 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 25,645 | 21,566 | |
Recurring | Level 2 | Mortgage trading loans, MBS and ABS | |||
Assets | |||
Trading account assets | 10,967 | 8,440 | |
Recurring | Level 2 | U.S. Treasury and government agencies | |||
Assets | |||
Total available-for-sale debt securities | 1,074 | 1,114 | |
Other debt securities carried at fair value | 0 | 0 | |
Recurring | Level 2 | Agency | |||
Assets | |||
Total available-for-sale debt securities | 46,339 | 61,849 | |
Recurring | Level 2 | Agency-collateralized mortgage obligations | |||
Assets | |||
Total available-for-sale debt securities | 3,380 | 5,260 | |
Recurring | Level 2 | Non-agency residential | |||
Assets | |||
Total available-for-sale debt securities | 267 | 631 | |
Other debt securities carried at fair value | 343 | 506 | |
Recurring | Level 2 | Commercial | |||
Assets | |||
Total available-for-sale debt securities | 19,604 | 16,491 | |
Recurring | Level 2 | Non-U.S. securities | |||
Assets | |||
Total available-for-sale debt securities | 11,933 | 13,999 | |
Recurring | Level 2 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 2,690 | 2,640 | |
Recurring | Level 2 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 15,381 | 16,598 | |
Recurring | Level 2 | Non-U.S. and other securities | |||
Assets | |||
Other debt securities carried at fair value | 5,155 | 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 | 4,223 | 3,380 | |
Derivative assets | 3,133 | 2,751 | $ 2,200 |
Total available-for-sale debt securities | 439 | 643 | |
Other debt securities carried at fair value | 242 | 267 | |
Loans and leases | 748 | 717 | |
Loans held-for-sale | 317 | 236 | |
Other assets, measured at fair value | 1,572 | 1,970 | |
Total assets | 10,674 | 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 | 11 | 16 | |
Derivative liabilities | 5,795 | 6,219 | $ 4,800 |
Short-term borrowings | 0 | 0 | |
Accrued expenses and other liabilities | 0 | 0 | |
Long-term debt | 1,075 | 1,164 | |
Total liabilities | 6,881 | 7,399 | |
Mortgage servicing rights | 818 | 1,033 | |
Recurring | Level 3 | U.S. Treasury and government agencies | |||
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 | 2,110 | 1,359 | |
Liabilities | |||
Total trading account liabilities | 11 | 16 | |
Recurring | Level 3 | Equity securities | |||
Assets | |||
Trading account assets | 190 | 227 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | Non-U.S. sovereign debt | |||
Assets | |||
Trading account assets | 396 | 354 | |
Liabilities | |||
Total trading account liabilities | 0 | 0 | |
Recurring | Level 3 | U.S. government-sponsored agency guaranteed | |||
Assets | |||
Trading account assets | 109 | 75 | |
Recurring | Level 3 | Mortgage trading loans, MBS and ABS | |||
Assets | |||
Trading account assets | 1,418 | 1,365 | |
Recurring | Level 3 | U.S. Treasury and government agencies | |||
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 | 316 | 378 | |
Other debt securities carried at fair value | 242 | 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 | 0 | 18 | |
Recurring | Level 3 | Other taxable securities | |||
Assets | |||
Total available-for-sale debt securities | 71 | 71 | |
Recurring | Level 3 | Tax-exempt securities | |||
Assets | |||
Total available-for-sale debt securities | 52 | 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | $ (19) | $ (41) | $ 3 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance, beginning | (3,468) | (2,538) | (935) |
Total realized and unrealized gains (losses) included in Net Income | 927 | (235) | (37) |
Gains (losses) in OCI | 0 | 0 | 0 |
Purchases | 521 | 120 | 298 |
Sales | (653) | (646) | (837) |
Issuances | 0 | 0 | 0 |
Settlements | 293 | (112) | (97) |
Gross Transfers into Level 3 | (74) | (235) | 147 |
Gross Transfers out of Level 3 | (208) | 178 | (1,077) |
Balance, ending | (2,662) | (3,468) | (2,538) |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 800 | (953) | 228 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | (19) | (41) | 3 |
Derivative assets | 348,400 | 434,600 | |
Derivative liabilities | 355,500 | 434,000 | |
Level 3 | Recurring | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Derivative assets | 3,133 | 2,751 | 2,200 |
Derivative liabilities | 5,795 | 6,219 | 4,800 |
Trading account liabilities – Equity securities | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 0 | (2) | 0 |
Total realized and unrealized gains (losses) included in Net Income | 1 | (2) | |
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 | 1 | 0 | |
Balance, ending | 0 | (2) | |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | (2) | |
Trading account liabilities – Corporate securities and other | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (16) | (15) | (18) |
Total realized and unrealized gains (losses) included in Net Income | 6 | 8 | 8 |
Gains (losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | (7) | (1) |
Sales | 0 | (3) | (3) |
Issuances | (1) | 0 | (1) |
Settlements | 0 | 1 | 0 |
Gross Transfers into Level 3 | 0 | 0 | 0 |
Gross Transfers out of Level 3 | 0 | 0 | 0 |
Balance, ending | (11) | (16) | (15) |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | 0 | 0 |
Long-term debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | (1,164) | (1,149) | (817) |
Total realized and unrealized gains (losses) included in Net Income | (92) | (46) | (59) |
Gains (losses) in OCI | 13 | 2 | (64) |
Purchases | (6) | (104) | 0 |
Sales | 15 | 0 | 0 |
Issuances | (12) | (47) | (40) |
Settlements | 98 | 218 | 180 |
Gross Transfers into Level 3 | (65) | (52) | (350) |
Gross Transfers out of Level 3 | 138 | 14 | 1 |
Balance, ending | (1,075) | (1,164) | (1,149) |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (113) | (5) | (55) |
Transfers into long term debt | 1,400 | ||
Corporate securities, trading loans and other | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,359 | 1,507 | 1,558 |
Total realized and unrealized gains (losses) included in Net Income | (17) | (138) | 105 |
Gains (losses) in OCI | 0 | (1) | 0 |
Purchases | 765 | 430 | 534 |
Sales | (437) | (242) | (390) |
Issuances | 0 | 10 | 18 |
Settlements | (327) | (282) | (578) |
Gross Transfers into Level 3 | 1,218 | 639 | 699 |
Gross Transfers out of Level 3 | (451) | (564) | (439) |
Balance, ending | 2,110 | 1,359 | 1,507 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (79) | (102) | 29 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | 0 | (1) | 0 |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 227 | 239 | 276 |
Total realized and unrealized gains (losses) included in Net Income | (18) | (43) | (12) |
Gains (losses) in OCI | 0 | 0 | 0 |
Purchases | 103 | 78 | 38 |
Sales | (68) | (53) | (87) |
Issuances | 0 | 0 | 0 |
Settlements | 0 | (3) | (9) |
Gross Transfers into Level 3 | 112 | 58 | 79 |
Gross Transfers out of Level 3 | (166) | (49) | (46) |
Balance, ending | 190 | 227 | 239 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (44) | (31) | (18) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | 0 | 0 | 0 |
Non-U.S. sovereign debt | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 354 | 482 | 465 |
Total realized and unrealized gains (losses) included in Net Income | 31 | 45 | 46 |
Gains (losses) in OCI | (20) | (46) | (12) |
Purchases | 18 | 76 | 1 |
Sales | 0 | (61) | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (13) | (39) | (51) |
Gross Transfers into Level 3 | 26 | 150 | 39 |
Gross Transfers out of Level 3 | 0 | (253) | (6) |
Balance, ending | 396 | 354 | 482 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 34 | 47 | 47 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | (20) | (46) | (12) |
Mortgage trading loans, MBS and ABS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,440 | 1,553 | 1,635 |
Total realized and unrealized gains (losses) included in Net Income | (58) | (120) | 99 |
Gains (losses) in OCI | 0 | (3) | (2) |
Purchases | 518 | 577 | 662 |
Sales | (721) | (746) | (899) |
Issuances | 7 | 11 | 0 |
Settlements | (167) | (96) | (175) |
Gross Transfers into Level 3 | 771 | 757 | 738 |
Gross Transfers out of Level 3 | (263) | (493) | (505) |
Balance, ending | 1,527 | 1,440 | 1,553 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (91) | (92) | 26 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | 0 | (3) | (2) |
Total trading account assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 3,380 | 3,781 | 3,934 |
Total realized and unrealized gains (losses) included in Net Income | (62) | (256) | 238 |
Gains (losses) in OCI | (20) | (50) | (14) |
Purchases | 1,404 | 1,161 | 1,235 |
Sales | (1,226) | (1,102) | (1,376) |
Issuances | 7 | 21 | 18 |
Settlements | (507) | (420) | (813) |
Gross Transfers into Level 3 | 2,127 | 1,604 | 1,555 |
Gross Transfers out of Level 3 | (880) | (1,359) | (996) |
Balance, ending | 4,223 | 3,380 | 3,781 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (180) | (178) | 84 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | (20) | (50) | (14) |
Non-agency residential MBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 378 | 424 | 597 |
Total realized and unrealized gains (losses) included in Net Income | (11) | (2) | 13 |
Gains (losses) in OCI | (111) | 3 | 64 |
Purchases | 0 | 23 | 0 |
Sales | (98) | (54) | (73) |
Issuances | 0 | 0 | 0 |
Settlements | (45) | (44) | (40) |
Gross Transfers into Level 3 | 304 | 158 | 206 |
Gross Transfers out of Level 3 | (101) | (130) | (343) |
Balance, ending | 316 | 378 | 424 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 8 | (2) | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | (111) | 3 | 64 |
Non-U.S. securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 18 | 2 | 2 |
Total realized and unrealized gains (losses) included in Net Income | (4) | 1 | 0 |
Gains (losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | (10) | (1) | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (4) | (1) | 0 |
Gross Transfers into Level 3 | 0 | 17 | 0 |
Gross Transfers out of Level 3 | 0 | 0 | 0 |
Balance, ending | 0 | 18 | 2 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | 1 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | 0 | 0 | 0 |
Other taxable securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 71 | 65 | 7 |
Total realized and unrealized gains (losses) included in Net Income | 0 | 0 | 2 |
Gains (losses) in OCI | (7) | 0 | 0 |
Purchases | 8 | 9 | 0 |
Sales | 0 | (4) | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | (5) |
Gross Transfers into Level 3 | 0 | 1 | 61 |
Gross Transfers out of Level 3 | (1) | 0 | 0 |
Balance, ending | 71 | 71 | 65 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | (7) | 0 | 0 |
Tax-exempt securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 176 | 108 | 0 |
Total realized and unrealized gains (losses) included in Net Income | 20 | (21) | 0 |
Gains (losses) in OCI | 0 | 3 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (2) | (169) | 0 |
Gross Transfers into Level 3 | 0 | 265 | 108 |
Gross Transfers out of Level 3 | (142) | (10) | 0 |
Balance, ending | 52 | 176 | 108 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (19) | (20) | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | 0 | 3 | 0 |
Total AFS debt securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 643 | 599 | 606 |
Total realized and unrealized gains (losses) included in Net Income | 5 | (22) | 15 |
Gains (losses) in OCI | (118) | 6 | 64 |
Purchases | 8 | 32 | 0 |
Sales | (108) | (59) | (73) |
Issuances | 0 | 0 | 0 |
Settlements | (51) | (214) | (45) |
Gross Transfers into Level 3 | 304 | 441 | 375 |
Gross Transfers out of Level 3 | (244) | (140) | (343) |
Balance, ending | 439 | 643 | 599 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | (11) | (21) | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | (118) | 6 | 64 |
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 | 267 | 299 | 172 |
Total realized and unrealized gains (losses) included in Net Income | 1 | 26 | 36 |
Gains (losses) in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | (45) | (180) | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (37) | (24) | (17) |
Gross Transfers into Level 3 | 101 | 190 | 155 |
Gross Transfers out of Level 3 | (45) | (44) | (47) |
Balance, ending | 242 | 267 | 299 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 10 | 3 | 38 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | 0 | 0 | 0 |
Loans and leases | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 717 | 693 | 338 |
Total realized and unrealized gains (losses) included in Net Income | 62 | (4) | 0 |
Gains (losses) in OCI | 0 | 0 | 0 |
Purchases | 59 | 145 | 230 |
Sales | (13) | (76) | (35) |
Issuances | 70 | 22 | 217 |
Settlements | (180) | (161) | (57) |
Gross Transfers into Level 3 | 46 | 98 | 0 |
Gross Transfers out of Level 3 | (13) | 0 | 0 |
Balance, ending | 748 | 717 | 693 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 65 | 9 | (1) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | 0 | 0 | 0 |
Loans held-for-sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 236 | 375 | 542 |
Total realized and unrealized gains (losses) included in Net Income | 13 | 26 | 48 |
Gains (losses) in OCI | (6) | (28) | (6) |
Purchases | 132 | 0 | 12 |
Sales | (1) | (489) | (71) |
Issuances | 0 | 691 | 36 |
Settlements | (79) | (119) | (245) |
Gross Transfers into Level 3 | 26 | 93 | 59 |
Gross Transfers out of Level 3 | (4) | (313) | 0 |
Balance, ending | 317 | 236 | 375 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 18 | (5) | 22 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | (6) | (28) | (6) |
Other assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning | 1,970 | 2,360 | 2,932 |
Total realized and unrealized gains (losses) included in Net Income | 7 | (288) | (81) |
Gains (losses) in OCI | 3 | 3 | 19 |
Purchases | 26 | 178 | 0 |
Sales | (202) | (4) | (10) |
Issuances | 144 | 224 | 179 |
Settlements | (383) | (506) | (683) |
Gross Transfers into Level 3 | 9 | 5 | 5 |
Gross Transfers out of Level 3 | (2) | (2) | (1) |
Balance, ending | 1,572 | 1,970 | 2,360 |
Change in unrealized gains/(losses) In net income related to financial instruments still held | 3 | (374) | (267) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gains (losses) in OCI | $ 3 | $ 3 | $ 19 |
Fair Value Measurements - Rec_2
Fair Value Measurements - Recurring Fair Value Inputs (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / MMBTU$ / security | Dec. 31, 2020USD ($)$ / security$ / MMBTU | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | $ 12,144,000,000 | $ 15,718,000,000 |
Long-term debt | (29,708,000,000) | (32,200,000,000) |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | 12,144,000,000 | 15,718,000,000 |
MSRs | 818,000,000 | 1,000,000,000 |
Long-term debt | (29,708,000,000) | (32,200,000,000) |
Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by residential real estate assets | 1,269,000,000 | 1,543,000,000 |
Instruments backed by commercial real estate assets | 298,000,000 | 407,000,000 |
Commercial loans, debt securities and other | 4,212,000,000 | 3,066,000,000 |
Other assets, primarily auction rate securities | 1,572,000,000 | 1,970,000,000 |
MSRs | 818,000,000 | 1,033,000,000 |
Long-term debt | (1,075,000,000) | (1,164,000,000) |
Net derivative asset (liability) | $ (2,662,000,000) | $ (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 | 0.19 | 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 | 0.19 | 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 | 0.10 | 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 | 0.18 | 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 | 0.40 | 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 | 0.19 | 0.20 |
Commercial loans, debt securities and other | 0.16 | 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 | 168 | 168 |
Commercial loans, debt securities and other | 189 | 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 | 125 | 124 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by residential real estate assets | $ / security | 92 | 110 |
Commercial loans, debt securities and other | $ / security | 73 | 66 |
Other assets, primarily auction rate securities | $ / security | 91 | 91 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow | ||
Fair Value Inputs [Abstract] | ||
Instruments backed by commercial real estate assets | $ / security | 57 | 52 |
Recurring | Level 3 | Price | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | $ / security | 82 | 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 | 0.43 | 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 | 0.13 | 0.18 |
Commercial loans, debt securities and other | 0.37 | 0.38 |
Recurring | Level 3 | Discount rate | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Other assets, primarily auction rate securities | 0.09 | 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 | 1 | 1 |
Recurring | Level 3 | Equity correlation | Weighted Average | Discounted cash flow, Market comparables, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Long-term debt | 0.80 | 0.64 |
Recurring | Level 3 | Long-dated equity volatilities | Discounted cash flow, Market comparables | ||
Fair Value Inputs [Abstract] | ||
Commercial loans, debt securities and other | 0.45 | 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 | 0.05 | 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 | 0.78 | 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 | 0.36 | 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 | 8 | 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 | 4 | 3 |
Recurring | Level 3 | Credit derivatives | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (104,000,000) | $ (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 | 120 | 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 | 53 | 69 |
Recurring | Level 3 | Credit derivatives | Credit spreads | Minimum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0007 | |
Recurring | Level 3 | Credit derivatives | Credit spreads | Maximum | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0155 | |
Recurring | Level 3 | Credit derivatives | Credit spreads | Weighted Average | Discounted cash flow, Stochastic recovery correlation model | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.0061 | |
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) | 0.0068 | 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) | 0.20 | 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) | $ (1,710,000,000) | $ (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) | 1 | 1 |
Recurring | Level 3 | Equity contracts | Equity correlation | Weighted Average | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.80 | 0.64 |
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.05 | 0.07 |
Recurring | Level 3 | Equity contracts | Long-dated equity volatilities | Maximum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.78 | 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) | 0.36 | 0.32 |
Recurring | Level 3 | Commodity contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ (976,000,000) | $ (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) | 8 | 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) | 4 | 3 |
Recurring | Level 3 | Commodity contracts | Correlation | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.65 | 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) | 0.76 | 0.73 |
Recurring | Level 3 | Commodity contracts | Power forward price | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 11 | |
Recurring | Level 3 | Commodity contracts | Power forward price | Maximum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 103 | |
Recurring | Level 3 | Commodity contracts | Power forward price | Weighted Average | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 32 | |
Recurring | Level 3 | Commodity contracts | Volatilities | Minimum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.41 | 0.23 |
Recurring | Level 3 | Commodity contracts | Volatilities | Maximum | Discounted cash flow, Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | 0.69 | 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) | 0.63 | 0.39 |
Recurring | Level 3 | Interest rate contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net derivative asset (liability) | $ 128,000,000 | $ (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) | 0.54 | 0.34 |
Recurring | Level 3 | Interest rate contracts | Correlation (FX/IR) | Minimum | Industry standard derivative pricing | ||
Fair Value Inputs [Abstract] | ||
Net derivative assets (liabilities) | (0.01) | 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) | 0.44 | 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) | (0.10) | (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) | 0.11 | 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) | 0.03 | 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) | 0.02 | 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) | 0.02 | 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 | $ 338,000,000 | $ 467,000,000 |
Instruments backed by commercial real estate assets | 77,000,000 | 43,000,000 |
Commercial loans, debt securities and other | 1,112,000,000 | 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 | 373,000,000 | 431,000,000 |
Commercial loans, debt securities and other | 375,000,000 | 286,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 748,000,000 | 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 | 316,000,000 | 378,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 439,000,000 | 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 | 242,000,000 | 267,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 242,000,000 | 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 | 138,000,000 | 262,000,000 |
Commercial loans, debt securities and other | 1,972,000,000 | 1,097,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 2,100,000,000 | 1,400,000,000 |
Recurring | Level 3 | AFS debt securities – Other taxable securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Instruments backed by commercial real estate assets | 71,000,000 | 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 | 12,000,000 | 13,000,000 |
Commercial loans, debt securities and other | 305,000,000 | 223,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 317,000,000 | 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 | 396,000,000 | 354,000,000 |
Fair Value Inputs [Abstract] | ||
Loans and securities, fair value | 396,000,000 | 354,000,000 |
Recurring | Level 3 | Tax-exempt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Commercial loans, debt securities and other | 52,000,000 | 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 | 754,000,000 | 937,000,000 |
Recurring | Level 3 | Other Assets | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, primarily auction rate securities | $ 1,600,000,000 | $ 2,000,000,000 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale | $ 4,455 | $ 1,585 | |
Loans and leases | 7,819 | 6,681 | |
Other assets | 12,144 | 15,718 | |
Nonrecurring | |||
Gains (Losses) | |||
Loans held-for-sale | (44) | (79) | $ (14) |
Loans and leases | (60) | (73) | (81) |
Foreclosed properties | (2) | (6) | (9) |
Other assets | (492) | (98) | (2,145) |
Loss on loans and leases written down to zero | 24 | 30 | $ 36 |
Nonrecurring | Government Guaranteed Mortgage Loans upon Foreclosure Receivable | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Foreclosed properties | 52 | 119 | |
Nonrecurring | Level 2 | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale | 634 | 1,020 | |
Loans and leases | 0 | 0 | |
Foreclosed properties | 0 | 0 | |
Other assets | 256 | 323 | |
Nonrecurring | Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans held-for-sale | 24 | 792 | |
Loans and leases | 213 | 301 | |
Foreclosed properties | 5 | 17 | |
Other assets | $ 2,046 | $ 576 |
Fair Value Measurements - Non_2
Fair Value Measurements - Nonrecurring Fair Value Inputs (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)$ / security |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases, measured at fair value | $ 7,819 | $ 6,681 |
Other assets, measured at fair value | 12,144 | 15,718 |
Loans held for sale, measured at fair value | 4,455 | 1,585 |
Nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases, measured at fair value | 213 | 301 |
Other assets, measured at fair value | 2,046 | 576 |
Loans held for sale, measured at fair value | 24 | $ 792 |
Nonrecurring | Level 3 | Market comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, measured at fair value | 166 | |
Nonrecurring | Level 3 | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other assets, measured at fair value | $ 1,875 | |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value Carrying Amount | ||
Assets | $ 150,665 | $ 108,856 |
Contractual Principal Outstanding | ||
Assets | 150,677 | 108,811 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (12) | 45 |
Loans reported as trading account assets | ||
Fair Value Carrying Amount | ||
Assets | 10,864 | 7,967 |
Contractual Principal Outstanding | ||
Assets | 18,895 | 17,372 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (8,031) | (9,405) |
Trading inventory – other | ||
Fair Value Carrying Amount | ||
Assets | 21,986 | 22,790 |
Consumer and commercial loans | ||
Fair Value Carrying Amount | ||
Assets | 7,819 | 6,681 |
Contractual Principal Outstanding | ||
Assets | 7,888 | 6,778 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (69) | (97) |
Loans held-for-sale | ||
Fair Value Carrying Amount | ||
Assets | 4,455 | 1,585 |
Contractual Principal Outstanding | ||
Assets | 5,343 | 2,521 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Assets | (888) | (936) |
Other assets | ||
Fair Value Carrying Amount | ||
Assets | 544 | 200 |
Long-term deposits | ||
Fair Value Carrying Amount | ||
Liabilities | 408 | 481 |
Contractual Principal Outstanding | ||
Liabilities | 401 | 448 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 7 | 33 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair Value Carrying Amount | ||
Liabilities | 139,641 | 135,391 |
Contractual Principal Outstanding | ||
Liabilities | 139,682 | 135,390 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | (41) | 1 |
Short-term borrowings | ||
Fair Value Carrying Amount | ||
Liabilities | 4,279 | 5,874 |
Contractual Principal Outstanding | ||
Liabilities | 4,127 | 5,178 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | 152 | 696 |
Unfunded loan commitments | ||
Fair Value Carrying Amount | ||
Liabilities | 97 | 99 |
Long-term debt | ||
Fair Value Carrying Amount | ||
Liabilities | 29,708 | 32,200 |
Contractual Principal Outstanding | ||
Liabilities | 30,903 | 33,470 |
Fair Value Carrying Amount Less Unpaid Principal | ||
Liabilities | $ (1,195) | $ (1,270) |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Related to Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | $ 473 | $ 995 | $ 5,061 |
Gains (losses) related to borrower-specific credit risk | 162 | (361) | 194 |
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 | 275 | 107 | 203 |
Trading inventory – other | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (211) | 3,216 | 5,795 |
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 | 118 | 19 | 104 |
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 | 58 | 103 | 98 |
Short-term borrowings | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 883 | (170) | (24) |
Unfunded loan commitments | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (65) | 79 | |
Long-term debt | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (645) | (2,228) | (1,176) |
Other | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | (5) | 13 | (18) |
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 | 439 | 1,035 | 4,977 |
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 | 275 | 107 | 203 |
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 | (211) | 3,216 | 5,795 |
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 | 78 | 22 | 92 |
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 |
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 | 883 | (170) | (24) |
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 | |
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 | (604) | (2,175) | (1,098) |
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 | 18 | 35 | 9 |
Other Income | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | 34 | (40) | 84 |
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 |
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 |
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 | 40 | (3) | 12 |
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 | 58 | 103 | 98 |
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 |
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 | (65) | 79 | |
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 | (41) | (53) | (78) |
Other Income | Other | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option | $ (23) | $ (22) | $ (27) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Loans held-for-sale | $ 4,455,000,000 | $ 1,585,000,000 |
Financial liabilities | ||
Long-term debt | 29,708,000,000 | 32,200,000,000 |
Demand deposits | 1,000,000,000,000 | 799,000,000,000 |
Stated maturities | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Loans | 946,142,000,000 | 887,289,000,000 |
Loans held-for-sale | 15,635,000,000 | 9,243,000,000 |
Financial liabilities | ||
Deposits | 2,064,446,000,000 | 1,795,480,000,000 |
Long-term debt | 280,117,000,000 | 262,934,000,000 |
Commercial unfunded lending commitments | 1,554,000,000 | 1,977,000,000 |
Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans | 973,524,000,000 | 927,054,000,000 |
Loans held-for-sale | 15,643,000,000 | 9,243,000,000 |
Financial liabilities | ||
Deposits | 2,064,438,000,000 | 1,795,545,000,000 |
Long-term debt | 288,090,000,000 | 272,479,000,000 |
Commercial unfunded lending commitments | 6,481,000,000 | 5,258,000,000 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial assets | ||
Loans | 53,544,000,000 | 49,372,000,000 |
Loans held-for-sale | 15,016,000,000 | 7,864,000,000 |
Financial liabilities | ||
Deposits | 2,064,438,000,000 | 1,795,545,000,000 |
Long-term debt | 286,802,000,000 | 271,315,000,000 |
Commercial unfunded lending commitments | 97,000,000 | 99,000,000 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial assets | ||
Loans | 919,980,000,000 | 877,682,000,000 |
Loans held-for-sale | 627,000,000 | 1,379,000,000 |
Financial liabilities | ||
Deposits | 0 | 0 |
Long-term debt | 1,288,000,000 | 1,164,000,000 |
Commercial unfunded lending commitments | $ 6,384,000,000 | $ 5,159,000,000 |
Business Segment Information -
Business Segment Information - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)businessSegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | businessSegment | 4 | ||||
Noninterest expense | $ 59,731 | $ 55,213 | $ 54,900 | ||
Global Markets | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest expense | $ 309 | $ 473 |
Business Segment Information _2
Business Segment Information - Results of Business Segments and All Other (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 43,361 | $ 43,859 | $ 49,486 | ||
Noninterest income | 46,179 | 42,168 | 42,353 | ||
Total revenue, net of interest expense | 89,540 | 86,027 | 91,839 | ||
Provision for credit losses | (4,594) | 11,320 | 3,590 | ||
Noninterest expense | 59,731 | 55,213 | 54,900 | ||
Income before income taxes | 34,403 | 19,494 | 33,349 | ||
Income tax expense | 2,425 | 1,600 | 5,919 | ||
Net income | 31,978 | 17,894 | 27,430 | ||
Period-end total assets | 3,169,495 | 2,819,627 | |||
Global Markets | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest expense | $ 309 | $ 473 | |||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue, net of interest expense | 94,883 | 89,598 | 94,222 | ||
Net income | 30,589 | 18,293 | 28,786 | ||
Period-end total assets | 2,955,342 | 2,555,486 | |||
Operating Segments | Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 24,929 | 24,698 | 28,158 | ||
Noninterest income | 9,076 | 8,564 | 10,429 | ||
Total revenue, net of interest expense | 34,005 | 33,262 | 38,587 | ||
Provision for credit losses | (1,035) | 5,765 | 3,772 | ||
Noninterest expense | 19,290 | 18,882 | 17,646 | ||
Income before income taxes | 15,750 | 8,615 | 17,169 | ||
Income tax expense | 3,859 | 2,111 | 4,207 | ||
Net income | 11,891 | 6,504 | 12,962 | ||
Period-end total assets | 1,131,142 | 988,580 | |||
Operating Segments | Global Wealth & Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 5,664 | 5,468 | 6,504 | ||
Noninterest income | 15,084 | 13,116 | 13,034 | ||
Total revenue, net of interest expense | 20,748 | 18,584 | 19,538 | ||
Provision for credit losses | (241) | 357 | 82 | ||
Noninterest expense | 15,258 | 14,160 | 13,825 | ||
Income before income taxes | 5,731 | 4,067 | 5,631 | ||
Income tax expense | 1,404 | 996 | 1,380 | ||
Net income | 4,327 | 3,071 | 4,251 | ||
Period-end total assets | 438,275 | 369,736 | |||
Operating Segments | Global Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 8,511 | 9,013 | 10,675 | ||
Noninterest income | 12,364 | 9,974 | 9,808 | ||
Total revenue, net of interest expense | 20,875 | 18,987 | 20,483 | ||
Provision for credit losses | (3,201) | 4,897 | 414 | ||
Noninterest expense | 10,632 | 9,342 | 9,011 | ||
Income before income taxes | 13,444 | 4,748 | 11,058 | ||
Income tax expense | 3,630 | 1,282 | 2,985 | ||
Net income | 9,814 | 3,466 | 8,073 | ||
Period-end total assets | 638,131 | 580,561 | |||
Operating Segments | Global Markets | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 4,011 | 4,646 | 3,915 | ||
Noninterest income | 15,244 | 14,119 | 11,699 | ||
Total revenue, net of interest expense | 19,255 | 18,765 | 15,614 | ||
Provision for credit losses | 65 | 251 | (9) | ||
Noninterest expense | 13,032 | 11,417 | 10,728 | ||
Income before income taxes | 6,158 | 7,097 | 4,895 | ||
Income tax expense | 1,601 | 1,845 | 1,395 | ||
Net income | 4,557 | 5,252 | 3,500 | ||
Period-end total assets | 747,794 | 616,609 | |||
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 246 | 34 | 234 | ||
Noninterest income | (5,589) | (3,605) | (2,617) | ||
Total revenue, net of interest expense | (5,343) | (3,571) | (2,383) | ||
Provision for credit losses | (182) | 50 | (669) | ||
Noninterest expense | 1,519 | 1,412 | 3,690 | ||
Income before income taxes | (6,680) | (5,033) | (5,404) | ||
Income tax expense | (8,069) | (4,634) | (4,048) | ||
Net income | 1,389 | (399) | (1,356) | ||
Period-end total assets | $ 214,153 | $ 264,141 |
Business Segment Information _3
Business Segment Information - Noninterest Income by Business Segment and All Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total fees and commissions | $ 39,299 | $ 34,551 | $ 33,015 |
Market making and similar activities | 8,691 | 8,355 | 9,034 |
Other income (loss) | (1,811) | (738) | 304 |
Total noninterest income | 46,179 | 42,168 | 42,353 |
Card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 6,218 | 5,656 | 5,797 |
Interchange fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 4,560 | 3,954 | 3,834 |
Other card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 1,658 | 1,702 | 1,963 |
Service charges | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 7,504 | 7,141 | 7,674 |
Deposit-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 6,271 | 5,991 | 6,588 |
Lending-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 1,233 | 1,150 | 1,086 |
Investment and brokerage services | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 16,690 | 14,574 | 13,902 |
Asset management fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 12,729 | 10,708 | 10,241 |
Brokerage fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 3,961 | 3,866 | 3,661 |
Total investment banking fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 8,887 | 7,180 | 5,642 |
Underwriting income | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 5,077 | 4,698 | 2,998 |
Syndication fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 1,499 | 861 | 1,184 |
Financial advisory services | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 2,311 | 1,621 | 1,460 |
Operating Segments | Consumer Banking | |||
Segment Reporting Information [Line Items] | |||
Total fees and commissions | 9,030 | 8,363 | 9,595 |
Market making and similar activities | 1 | 2 | 6 |
Other income (loss) | 45 | 199 | 828 |
Total noninterest income | 9,076 | 8,564 | 10,429 |
Operating Segments | Consumer Banking | Card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 5,172 | 4,673 | 5,084 |
Operating Segments | Consumer Banking | Interchange fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 3,597 | 3,027 | 3,174 |
Operating Segments | Consumer Banking | Other card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 1,575 | 1,646 | 1,910 |
Operating Segments | Consumer Banking | Service charges | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 3,538 | 3,417 | 4,218 |
Operating Segments | Consumer Banking | Deposit-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 3,538 | 3,417 | 4,218 |
Operating Segments | Consumer Banking | Lending-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Investment and brokerage services | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 320 | 273 | 293 |
Operating Segments | Consumer Banking | Asset management fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 188 | 146 | 144 |
Operating Segments | Consumer Banking | Brokerage fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 132 | 127 | 149 |
Operating Segments | Consumer Banking | Total investment banking fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Underwriting income | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Syndication fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 0 | 0 | 0 |
Operating Segments | Consumer Banking | Financial advisory services | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | |||
Segment Reporting Information [Line Items] | |||
Total fees and commissions | 14,857 | 12,806 | 12,440 |
Market making and similar activities | 40 | 63 | 113 |
Other income (loss) | 187 | 247 | 481 |
Total noninterest income | 15,084 | 13,116 | 13,034 |
Operating Segments | Global Wealth & Investment Management | Card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 85 | 78 | 101 |
Operating Segments | Global Wealth & Investment Management | Interchange fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 43 | 36 | 59 |
Operating Segments | Global Wealth & Investment Management | Other card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 42 | 42 | 42 |
Operating Segments | Global Wealth & Investment Management | Service charges | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 72 | 67 | 68 |
Operating Segments | Global Wealth & Investment Management | Deposit-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 72 | 67 | 68 |
Operating Segments | Global Wealth & Investment Management | Lending-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | Investment and brokerage services | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 14,312 | 12,270 | 11,870 |
Operating Segments | Global Wealth & Investment Management | Asset management fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 12,541 | 10,578 | 10,130 |
Operating Segments | Global Wealth & Investment Management | Brokerage fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 1,771 | 1,692 | 1,740 |
Operating Segments | Global Wealth & Investment Management | Total investment banking fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 388 | 391 | 401 |
Operating Segments | Global Wealth & Investment Management | Underwriting income | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 388 | 391 | 401 |
Operating Segments | Global Wealth & Investment Management | Syndication fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 0 | 0 | 0 |
Operating Segments | Global Wealth & Investment Management | Financial advisory services | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 0 | 0 | 0 |
Operating Segments | Global Banking | |||
Segment Reporting Information [Line Items] | |||
Total fees and commissions | 9,447 | 7,835 | 6,718 |
Market making and similar activities | 145 | 103 | 235 |
Other income (loss) | 2,772 | 2,036 | 2,855 |
Total noninterest income | 12,364 | 9,974 | 9,808 |
Operating Segments | Global Banking | Card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 713 | 513 | 532 |
Operating Segments | Global Banking | Interchange fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 700 | 499 | 519 |
Operating Segments | Global Banking | Other card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 13 | 14 | 13 |
Operating Segments | Global Banking | Service charges | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 3,523 | 3,238 | 3,015 |
Operating Segments | Global Banking | Deposit-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 2,508 | 2,298 | 2,121 |
Operating Segments | Global Banking | Lending-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 1,015 | 940 | 894 |
Operating Segments | Global Banking | Investment and brokerage services | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 104 | 74 | 34 |
Operating Segments | Global Banking | Asset management fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 0 | 0 | 0 |
Operating Segments | Global Banking | Brokerage fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 104 | 74 | 34 |
Operating Segments | Global Banking | Total investment banking fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 5,107 | 4,010 | 3,137 |
Operating Segments | Global Banking | Underwriting income | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 2,187 | 2,070 | 1,227 |
Operating Segments | Global Banking | Syndication fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 781 | 482 | 574 |
Operating Segments | Global Banking | Financial advisory services | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 2,139 | 1,458 | 1,336 |
Operating Segments | Global Markets | |||
Segment Reporting Information [Line Items] | |||
Total fees and commissions | 6,179 | 5,742 | 4,454 |
Market making and similar activities | 8,760 | 8,471 | 7,065 |
Other income (loss) | 305 | (94) | 180 |
Total noninterest income | 15,244 | 14,119 | 11,699 |
Operating Segments | Global Markets | Card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 220 | 391 | 80 |
Operating Segments | Global Markets | Interchange fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 220 | 391 | 81 |
Operating Segments | Global Markets | Other card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 0 | 0 | (1) |
Operating Segments | Global Markets | Service charges | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 364 | 387 | 348 |
Operating Segments | Global Markets | Deposit-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 146 | 177 | 156 |
Operating Segments | Global Markets | Lending-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 218 | 210 | 192 |
Operating Segments | Global Markets | Investment and brokerage services | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 1,979 | 1,973 | 1,738 |
Operating Segments | Global Markets | Asset management fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 0 | 0 | 0 |
Operating Segments | Global Markets | Brokerage fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 1,979 | 1,973 | 1,738 |
Operating Segments | Global Markets | Total investment banking fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 3,616 | 2,991 | 2,288 |
Operating Segments | Global Markets | Underwriting income | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 2,725 | 2,449 | 1,555 |
Operating Segments | Global Markets | Syndication fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 718 | 379 | 610 |
Operating Segments | Global Markets | Financial advisory services | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 173 | 163 | 123 |
All Other | |||
Segment Reporting Information [Line Items] | |||
Total fees and commissions | (214) | (195) | (192) |
Market making and similar activities | (255) | (284) | 1,615 |
Other income (loss) | (5,120) | (3,126) | (4,040) |
Total noninterest income | (5,589) | (3,605) | (2,617) |
All Other | Card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 28 | 1 | 0 |
All Other | Interchange fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 0 | 1 | 1 |
All Other | Other card income | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 28 | 0 | (1) |
All Other | Service charges | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 7 | 32 | 25 |
All Other | Deposit-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 7 | 32 | 25 |
All Other | Lending-related fees | |||
Segment Reporting Information [Line Items] | |||
Card income and service charges | 0 | 0 | 0 |
All Other | Investment and brokerage services | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | (25) | (16) | (33) |
All Other | Asset management fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | 0 | (16) | (33) |
All Other | Brokerage fees | |||
Segment Reporting Information [Line Items] | |||
Investment and brokerage services | (25) | 0 | 0 |
All Other | Total investment banking fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | (224) | (212) | (184) |
All Other | Underwriting income | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | (223) | (212) | (185) |
All Other | Syndication fees | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | 0 | 0 | 0 |
All Other | Financial advisory services | |||
Segment Reporting Information [Line Items] | |||
Investment banking fees | $ (1) | $ 0 | $ 1 |
Business Segment Information _4
Business Segment Information - Business Segment Reconciliations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segments’ total revenue, net of interest expense (FTE basis) | |||
Segments’ total revenue, net of interest expense | $ 89,540 | $ 86,027 | $ 91,839 |
Total revenue, net of interest expense | 89,113 | 85,528 | 91,244 |
Net income | 31,978 | 17,894 | 27,430 |
Operating Segments | |||
Segments’ total revenue, net of interest expense (FTE basis) | |||
Segments’ total revenue, net of interest expense | 94,883 | 89,598 | 94,222 |
Total revenue, net of interest expense | 89,113 | 85,528 | 91,244 |
Net income | 30,589 | 18,293 | 28,786 |
Asset and liability management activities | |||
Segments’ total revenue, net of interest expense (FTE basis) | |||
Total revenue, net of interest expense | (4) | 375 | 241 |
Net income | 11 | 279 | 202 |
Liquidating businesses, eliminations and other | |||
Segments’ total revenue, net of interest expense (FTE basis) | |||
Total revenue, net of interest expense | (5,339) | (3,946) | (2,624) |
Net income | 1,378 | (678) | (1,558) |
FTE basis adjustment | |||
Segments’ total revenue, net of interest expense (FTE basis) | |||
Total revenue, net of interest expense | $ (427) | $ (499) | $ (595) |
Business Segment Information _5
Business Segment Information - Segments' Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segments’ total assets | |||
Total assets | $ 3,169,495 | $ 2,819,627 | |
Operating Segments | |||
Segments’ total assets | |||
Total assets | 2,955,342 | 2,555,486 | |
Asset and liability management activities | |||
Segments’ total assets | |||
Total assets | 1,363,626 | 1,176,071 | |
Other | |||
Segments’ total assets | |||
Total assets | 67,418 | 65,755 | |
Elimination of segment asset allocations to match liabilities | |||
Segments’ total assets | |||
Total assets | $ (1,216,891) | $ (977,685) |
Parent Company Information - In
Parent Company Information - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Other income | $ (1,811) | $ (738) | $ 304 |
Total income | 89,113 | 85,528 | 91,244 |
Noninterest expense | 59,731 | 55,213 | 54,900 |
Income tax expense | 1,998 | 1,101 | 5,324 |
Net income | 31,978 | 17,894 | 27,430 |
Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Interest from subsidiaries | 8,362 | 8,825 | 9,502 |
Other income | (114) | (138) | 74 |
Total income | 23,869 | 19,039 | 37,396 |
Interest on borrowed funds from subsidiaries | 54 | 136 | 451 |
Other interest expense | 3,383 | 4,119 | 5,899 |
Noninterest expense | 1,531 | 1,651 | 1,641 |
Total expense | 4,968 | 5,906 | 7,991 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 18,901 | 13,133 | 29,405 |
Income tax expense | 886 | 649 | 341 |
Income before equity in undistributed earnings of subsidiaries | 18,015 | 12,484 | 29,064 |
Equity in undistributed earnings (losses) of subsidiaries: | 13,963 | 5,410 | (1,634) |
Net income | 31,978 | 17,894 | 27,430 |
Bank holding companies and related subsidiaries | Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries: | 15,621 | 10,352 | 27,820 |
Equity in undistributed earnings (losses) of subsidiaries: | 14,078 | 5,372 | (1,717) |
Nonbank companies and related subsidiaries | Bank of America Corporation | |||
Condensed Income Statements, Captions [Line Items] | |||
Equity in undistributed earnings (losses) of subsidiaries: | $ (115) | $ 38 | $ 83 |
Parent Company Information - Ba
Parent Company Information - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Securities | $ 982,627 | $ 684,850 | ||
Other assets | 163,869 | 135,203 | ||
Total assets | 3,169,495 | 2,819,627 | ||
Liabilities and shareholders’ equity | ||||
Accrued expenses and other liabilities | 200,419 | 181,799 | ||
Total liabilities | 2,899,429 | 2,546,703 | ||
Shareholders’ equity | 270,066 | 272,924 | $ 264,810 | $ 265,325 |
Total liabilities and shareholders’ equity | 3,169,495 | 2,819,627 | ||
Bank of America Corporation | ||||
Assets | ||||
Cash held at bank subsidiaries | 5,011 | 5,893 | ||
Securities | 671 | 701 | ||
Other assets | 8,602 | 9,850 | ||
Total assets | 552,588 | 533,166 | ||
Liabilities and shareholders’ equity | ||||
Accrued expenses and other liabilities | 17,394 | 15,965 | ||
Long-term debt | 253,454 | 233,081 | ||
Total liabilities | 282,522 | 260,242 | ||
Shareholders’ equity | 270,066 | 272,924 | ||
Total liabilities and shareholders’ equity | 552,588 | 533,166 | ||
Bank of America Corporation | Bank holding companies and related subsidiaries | ||||
Assets | ||||
Receivables from subsidiaries: | 217,447 | 206,566 | ||
Investments in subsidiaries: | 316,497 | 305,818 | ||
Liabilities and shareholders’ equity | ||||
Payables to subsidiaries: | 3 | 0 | ||
Bank of America Corporation | Banks and related subsidiaries | ||||
Assets | ||||
Receivables from subsidiaries: | 347 | 213 | ||
Liabilities and shareholders’ equity | ||||
Payables to subsidiaries: | 107 | 129 | ||
Bank of America Corporation | Nonbank companies and related subsidiaries | ||||
Assets | ||||
Receivables from subsidiaries: | 368 | 410 | ||
Investments in subsidiaries: | 3,645 | 3,715 | ||
Liabilities and shareholders’ equity | ||||
Payables to subsidiaries: | $ 11,564 | $ 11,067 |
Parent Company Information - St
Parent Company Information - Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net income | $ 31,978 | $ 17,894 | $ 27,430 |
Operating activities | |||
Other operating activities, net | 4,651 | 3,886 | 6,211 |
Net cash provided by (used in) operating activities | (7,193) | 37,993 | 61,777 |
Investing activities | |||
Other investing activities, net | (3,479) | (3,489) | (2,974) |
Net cash used in investing activities | (313,291) | (177,665) | (80,630) |
Financing activities | |||
Proceeds from issuance of long-term debt | 76,675 | 57,013 | 52,420 |
Retirement of long-term debt | (46,826) | (47,948) | (50,794) |
Proceeds from issuance of preferred stock and warrants | 2,169 | 2,181 | 3,643 |
Common stock repurchased | (25,126) | (7,025) | (28,144) |
Cash dividends paid | (8,055) | (7,727) | (5,934) |
Net cash provided by financing activities | 291,650 | 355,819 | 3,377 |
Net increase (decrease) in cash and cash equivalents | (32,242) | 218,903 | (15,844) |
Cash and cash equivalents at January 1 | 380,463 | 161,560 | 177,404 |
Cash and cash equivalents at December 31 | 348,221 | 380,463 | 161,560 |
Bank of America Corporation | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net income | 31,978 | 17,894 | 27,430 |
Operating activities | |||
Equity in undistributed (earnings) losses of subsidiaries | (13,963) | (5,410) | 1,634 |
Other operating activities, net | (7,144) | 14,303 | 16,973 |
Net cash provided by (used in) operating activities | 10,871 | 26,787 | 46,037 |
Investing activities | |||
Net purchases of securities | (14) | (4) | (17) |
Net payments to subsidiaries | (10,796) | (33,111) | (19,121) |
Other investing activities, net | (26) | (7) | 7 |
Net cash used in investing activities | (10,836) | (33,122) | (19,131) |
Financing activities | |||
Net increase (decrease) in other advances | 503 | (422) | (1,625) |
Proceeds from issuance of long-term debt | 56,106 | 43,766 | 29,315 |
Retirement of long-term debt | (24,544) | (23,168) | (21,039) |
Proceeds from issuance of preferred stock and warrants | 2,170 | 2,181 | 3,643 |
Redemption of preferred stock | (1,971) | (1,072) | (2,568) |
Common stock repurchased | (25,126) | (7,025) | (28,144) |
Cash dividends paid | (8,055) | (7,727) | (5,934) |
Net cash provided by financing activities | (917) | 6,533 | (26,352) |
Net increase (decrease) in cash and cash equivalents | (882) | 198 | 554 |
Cash and cash equivalents at January 1 | 5,893 | 5,695 | 5,141 |
Cash and cash equivalents at December 31 | $ 5,011 | $ 5,893 | $ 5,695 |
Performance by Geographical A_3
Performance by Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | $ 3,169,495 | $ 2,819,627 | |
Total revenue, net of interest expense | 89,113 | 85,528 | 91,244 |
Income Before Income Taxes | 33,976 | 18,995 | 32,754 |
Net income | 31,978 | 17,894 | 27,430 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 2,789,862 | 2,490,247 | |
Total revenue, net of interest expense | 78,012 | 75,576 | 81,236 |
Income Before Income Taxes | 31,392 | 18,247 | 30,699 |
Net income | 27,781 | 16,692 | 25,937 |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 117,085 | 99,283 | |
Total revenue, net of interest expense | 4,439 | 4,232 | 3,491 |
Income Before Income Taxes | 988 | 1,051 | 765 |
Net income | 733 | 788 | 570 |
Europe, Middle East and Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 233,356 | 202,701 | |
Total revenue, net of interest expense | 5,423 | 4,491 | 5,310 |
Income Before Income Taxes | 1,097 | (596) | 921 |
Net income | 3,134 | 264 | 672 |
Latin America and the Caribbean | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 29,192 | 27,396 | |
Total revenue, net of interest expense | 1,239 | 1,229 | 1,207 |
Income Before Income Taxes | 499 | 293 | 369 |
Net income | 330 | 150 | 251 |
Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 379,633 | 329,380 | |
Total revenue, net of interest expense | 11,101 | 9,952 | 10,008 |
Income Before Income Taxes | 2,584 | 748 | 2,055 |
Net income | $ 4,197 | $ 1,202 | $ 1,493 |