Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | WELLS FARGO & COMPANY/MN | ||
Entity Central Index Key | 72971 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 5,152,280,886 | ||
Entity Public Float | $274.80 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Interest income | ||||||
Trading assets | $1,685 | $1,376 | $1,358 | |||
Investment securities | 8,438 | 8,116 | 8,098 | |||
Mortgages held for sale | 767 | 1,290 | 1,825 | |||
Loans held for sale | 78 | 13 | 41 | |||
Loans | 35,652 | 35,571 | 36,482 | |||
Other interest income | 932 | 723 | 587 | |||
Total interest income | 47,552 | 47,089 | 48,391 | |||
Interest expense | ||||||
Deposits | 1,096 | 1,337 | 1,727 | |||
Short-term borrowings | 59 | 60 | 79 | |||
Long-term debt | 2,488 | 2,585 | 3,110 | |||
Other interest expense | 382 | 307 | 245 | |||
Total interest expense | 4,025 | 4,289 | 5,161 | |||
Net interest income | 43,527 | 42,800 | 43,230 | |||
Provision for credit losses | 1,395 | 2,309 | 7,217 | |||
Net interest income after provision for credit losses | 42,132 | 40,491 | 36,013 | |||
Noninterest income | ||||||
Service charges on deposit accounts | 5,050 | 5,023 | 4,683 | |||
Trust and investment fees | 14,280 | 13,430 | 11,890 | |||
Card fees | 3,431 | 3,191 | 2,838 | |||
Other fees | 4,349 | 4,340 | 4,519 | |||
Mortgage banking | 6,381 | 8,774 | 11,638 | |||
Insurance | 1,655 | 1,814 | 1,850 | |||
Net gains from trading activities | 1,161 | 1,623 | 1,707 | |||
Net gains (losses) on debt securities | 593 | [1] | -29 | [1] | -128 | [1] |
Net gains from equity investments | 2,380 | [2] | 1,472 | [2] | 1,485 | [2] |
Lease income | 526 | 663 | 567 | |||
Other | 1,014 | 679 | 1,807 | |||
Total noninterest income | 40,820 | 40,980 | 42,856 | |||
Noninterest expense | ||||||
Salaries | 15,375 | 15,152 | 14,689 | |||
Commission and incentive compensation | 9,970 | 9,951 | 9,504 | |||
Employee benefits | 4,597 | 5,033 | 4,611 | |||
Equipment | 1,973 | 1,984 | 2,068 | |||
Net occupancy | 2,925 | 2,895 | 2,857 | |||
Core deposit and other intangibles | 1,370 | 1,504 | 1,674 | |||
FDIC and other deposit assessments | 928 | 961 | 1,356 | |||
Other | 11,899 | 11,362 | 13,639 | |||
Total noninterest expense | 49,037 | 48,842 | 50,398 | |||
Income before income tax expense | 33,915 | 32,629 | 28,471 | |||
Income tax expense | 10,307 | 10,405 | 9,103 | |||
Net income before noncontrolling interests | 23,608 | 22,224 | 19,368 | |||
Less: Net income from noncontrolling interests | 551 | 346 | 471 | |||
Wells Fargo net income | 23,057 | 21,878 | 18,897 | |||
Less: Preferred stock dividends and other | 1,236 | 989 | 898 | |||
Wells Fargo net income applicable to common stock | $21,821 | $20,889 | $17,999 | |||
Per share information | ||||||
Earnings per common share (in dollars per share) | $4.17 | $3.95 | $3.40 | |||
Diluted earnings per common share (in dollars per share) | $4.10 | $3.89 | $3.36 | |||
Dividends declared per common share (in dollars per share) | $1.35 | $1.15 | $0.88 | |||
Average common shares outstanding | 5,237.20 | 5,287.30 | 5,287.60 | |||
Diluted average common shares outstanding | 5,324.40 | 5,371.20 | 5,351.50 | |||
[1] | Total other-than-temporary impairment (OTTI) losses were $18 million, $39 million and $3 million for the year ended December 31, 2014, 2013 and 2012, respectively. Of total OTTI, losses of $49 million, $158 million and $240 million were recognized in earnings, and reversal of losses of $(31) million, $(119) million and $(237) million were recognized as non-credit-related OTTI in other comprehensive income for the year ended December 31, 2014, 2013 and 2012, respectively. | |||||
[2] | Includes OTTI losses of $273 million, $186 million and $176 million for the year ended December 31, 2014, 2013 and 2012, respectively. |
Consolidated_Statement_of_Inco1
Consolidated Statement of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Noninterest income | |||
Total investment securities | $52 | $183 | $256 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Equity Securities and Nonmarketable Equity Securities | 273 | 186 | 176 |
Debt securities [Member] | |||
Noninterest income | |||
Total OTTI losses recorded on debt securities | 18 | 39 | 3 |
Total investment securities | 49 | 158 | 240 |
Total reversal of losses recognized in OCI as non-credit-related impairment | ($31) | ($119) | ($237) |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Wells Fargo net income | $23,057 | $21,878 | $18,897 |
Investment securities: | |||
Net unrealized gains (losses) arising during the period | 5,426 | -7,661 | 5,143 |
Reclassification of net gains to net income | -1,532 | -285 | -271 |
Derivatives and hedging activities: | |||
Net unrealized gains (losses) arising during the period | 952 | -32 | 52 |
Reclassification of net gains on cash flow hedges to net income | -545 | -296 | -388 |
Defined benefit plans adjustments: | |||
Net actuarial gains (losses) arising during the period | -1,116 | 1,533 | -775 |
Amortization of net actuarial loss, settlements and other to net income | 74 | 276 | 144 |
Foreign currency translation adjustments: | |||
Net unrealized losses arising during the period | -60 | -44 | -6 |
Reclassification of net (gains) losses to net income | 6 | -12 | -10 |
Other comprehensive income (loss), before tax | 3,205 | -6,521 | 3,889 |
Income tax (expense) benefit related to other comprehensive income | -1,300 | 2,524 | -1,442 |
Other comprehensive income (loss), net of tax | 1,905 | -3,997 | 2,447 |
Less: Other comprehensive income (loss) from noncontrolling interests | -227 | 267 | 4 |
Wells Fargo other comprehensive income (loss), net of tax | 2,132 | -4,264 | 2,443 |
Wells Fargo comprehensive income | 25,189 | 17,614 | 21,340 |
Comprehensive income from noncontrolling interests | 324 | 613 | 475 |
Total comprehensive income | $25,513 | $18,227 | $21,815 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and due from banks | $19,571 | $19,919 | ||
Federal funds sold, securities purchased under resale agreements and other short-term investments | 258,429 | 213,793 | ||
Trading assets | 78,255 | 62,813 | ||
Investment securities: | ||||
Available-for-sale, at fair value | 257,442 | 252,007 | ||
Held-to-maturity, at cost (fair value $56,359 and $12,247) | 55,483 | 12,346 | ||
Mortgages held for sale (includes $15,565 and $13,879 carried at fair value) | 19,536 | [1] | 16,763 | [1] |
Loans held for sale (includes $1 and $1 carried at fair value) | 722 | [1] | 133 | [1] |
Loans (includes $5,788 and $5,995 carried at fair value) | 862,551 | [1],[2] | 822,286 | [1],[2] |
Allowance for loan losses | -12,319 | -14,502 | ||
Net loans | 850,232 | [2] | 807,784 | [2] |
Mortgage servicing rights: | ||||
Measured at fair value | 12,738 | 15,580 | ||
Amortized | 1,242 | 1,229 | ||
Premises and equipment, net | 8,743 | 9,156 | ||
Goodwill | 25,705 | 25,637 | ||
Other assets (includes $2,512 and $1,386 carried at fair value) | 99,057 | [1] | 86,342 | [1] |
Total assets | 1,687,155 | [2],[3] | 1,523,502 | [2],[3] |
Liabilities | ||||
Noninterest-bearing deposits | 321,963 | 288,117 | ||
Interest-bearing deposits | 846,347 | 791,060 | ||
Total deposits | 1,168,310 | 1,079,177 | ||
Short-term borrowings | 63,518 | 53,883 | ||
Accrued expenses and other liabilities | 86,122 | [2] | 66,436 | [2] |
Long-term debt | 183,943 | 152,998 | ||
Total liabilities | 1,501,893 | [2],[4] | 1,352,494 | [2],[4] |
Wells Fargo stockholders' equity: | ||||
Preferred stock | 19,213 | 16,267 | ||
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares and 5,481,811,474 shares | 9,136 | 9,136 | ||
Additional paid-in capital | 60,537 | 60,296 | ||
Retained earnings | 107,040 | 92,361 | ||
Cumulative other comprehensive income | 3,518 | 1,386 | ||
Treasury stock – 311,462,276 shares and 224,648,769 shares | -13,690 | -8,104 | ||
Unearned ESOP shares | -1,360 | -1,200 | ||
Total Wells Fargo stockholders' equity | 184,394 | 170,142 | ||
Noncontrolling interests | 868 | 866 | ||
Total equity | 185,262 | 171,008 | ||
Total liabilities and equity | $1,687,155 | [2] | $1,523,502 | [2] |
[1] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. | |||
[2] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[3] | Our consolidated assets at December 31, 2014 and December 31, 2013, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $117 million and $165 million; Trading assets, $0 million and $162 million; Investment securities, $875 million and $1.4 billion; Mortgages held for sale, $0 million and $38 million; Net loans, $4.5 billion and $6.1 billion; Other assets, $316 million and $347 million, and Total assets, $5.8 billion and $8.1 billion, respectively. | |||
[4] | Our consolidated liabilities at December 31, 2014 and December 31, 2013, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $0 million and $29 million; Accrued expenses and other liabilities, $49 million and $90 million; Long-term debt, $1.6 billion and $2.3 billion; and Total liabilities, $1.7 billion and $2.4 billion, respectively. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, except Share data, unless otherwise specified | ||||
Assets | ||||
Cash and due from banks | $19,571 | $19,919 | ||
Trading assets | 78,255 | 62,813 | ||
Investment securities | 313,801 | 264,254 | ||
Held-to-maturity, at fair value | 56,359 | 12,247 | ||
Mortgages held for sale, carried at fair value | 15,565 | 13,879 | ||
Mortgages held for sale | 19,536 | [1] | 16,763 | [1] |
Loans held for sale, carried at fair value | 1 | 1 | ||
Loans, carried at fair value | 5,788 | 5,995 | ||
Net loans | 850,232 | [2] | 807,784 | [2] |
Other assets, carried at fair value | 2,512 | 1,386 | ||
Total other assets | 99,057 | [1] | 86,342 | [1] |
Total assets | 1,687,155 | [2],[3] | 1,523,502 | [2],[3] |
Liabilities | ||||
Short-term borrowings | 63,518 | 53,883 | ||
Accrued expenses and other liabilities | 86,122 | [2] | 66,436 | [2] |
Long-term debt | 183,943 | 152,998 | ||
Total liabilities | 1,501,893 | [2],[4] | 1,352,494 | [2],[4] |
Wells Fargo stockholders' equity: | ||||
Common stock, par value | $1.67 | $1.67 | ||
Common stock, shares issued | 5,481,811,474 | 5,481,811,474 | ||
Common stock, shares authorized | 9,000,000,000 | 9,000,000,000 | ||
Treasury stock, shares | 311,462,276 | 224,648,769 | ||
VIEs that we consolidate [Member] | ||||
Assets | ||||
Cash and due from banks | 117 | 165 | ||
Trading assets | 0 | 162 | ||
Investment securities | 875 | 1,352 | ||
Mortgages held for sale | 0 | 38 | ||
Net loans | 4,500 | 6,100 | ||
Total other assets | 316 | 347 | ||
Total assets | 5,817 | 8,122 | ||
Liabilities | ||||
Short-term borrowings | 0 | 29 | ||
Accrued expenses and other liabilities | 49 | 99 | ||
Long-term debt | 1,628 | 2,356 | ||
Total liabilities | 1,677 | 2,484 | ||
Vies That We Consolidate No Recourse [Member] | ||||
Liabilities | ||||
Short-term borrowings | 0 | 29 | ||
Accrued expenses and other liabilities | 49 | 90 | ||
Long-term debt | 1,600 | 2,300 | ||
Total liabilities | $1,700 | $2,400 | ||
[1] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. | |||
[2] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[3] | Our consolidated assets at December 31, 2014 and December 31, 2013, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $117 million and $165 million; Trading assets, $0 million and $162 million; Investment securities, $875 million and $1.4 billion; Mortgages held for sale, $0 million and $38 million; Net loans, $4.5 billion and $6.1 billion; Other assets, $316 million and $347 million, and Total assets, $5.8 billion and $8.1 billion, respectively. | |||
[4] | Our consolidated liabilities at December 31, 2014 and December 31, 2013, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $0 million and $29 million; Accrued expenses and other liabilities, $49 million and $90 million; Long-term debt, $1.6 billion and $2.3 billion; and Total liabilities, $1.7 billion and $2.4 billion, respectively. |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Total Wells Fargo stockholders' equity [Member] | Preferred stock [Member] | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Cumulative other comprehensive income [Member] | Treasury stock [Member] | Unearned ESOP Shares [Member] | Noncontrolling interests [Member] | |
In Millions, except Share data, unless otherwise specified | |||||||||||
Adjusted beginning balance at Dec. 31, 2011 | $141,689 | $140,243 | $11,431 | $8,931 | $55,957 | $64,387 | $3,207 | ($2,744) | ($926) | $1,446 | |
Beginning balance at Dec. 31, 2011 | 141,687 | 140,241 | 11,431 | 8,931 | 55,957 | 64,385 | 3,207 | -2,744 | -926 | 1,446 | |
Beginning balance, shares at Dec. 31, 2011 | 10,450,690 | 5,262,611,636 | |||||||||
Cumulative effect of fair value election for certain residential mortgage servicing rights at Dec. 31, 2011 | 2 | 2 | 2 | ||||||||
Stockholders' Equity Period Increase (Decrease) | |||||||||||
Net income | 18,897 | 18,897 | 18,897 | ||||||||
Net income attributable to noncontrolling interests | 471 | 471 | |||||||||
Net income | 19,368 | ||||||||||
Other comprehensive income (loss) attributable to parent, net of tax | 2,443 | 2,443 | 2,443 | ||||||||
Other comprehensive income (loss) attributable to noncontrolling interest, net of tax | 4 | 4 | |||||||||
Other comprehensive income (loss), net of tax | 2,447 | ||||||||||
Noncontrolling interests, adjustments to Additional Paid in Capital | -16 | -16 | |||||||||
Noncontrolling interests | -564 | ||||||||||
Total change in noncontrolling interests | -580 | ||||||||||
Common stock issued | 2,488 | 2,488 | 162 | 2,326 | |||||||
Common stock, shares issued | 97,267,538 | ||||||||||
Common stock repurchased | [1] | -3,918 | -3,918 | -50 | -3,868 | ||||||
Common stock repurchased, shares | [1] | -119,586,873 | |||||||||
Preferred stock issued to ESOP | 0 | 0 | 940 | 88 | -1,028 | ||||||
Preferred stock issued to ESOP, shares | 940,000 | ||||||||||
Preferred stock released by ESOP | 888 | 888 | -80 | 968 | |||||||
Preferred stock converted to common shares | 0 | 0 | -888 | 43 | 845 | ||||||
Preferred stock converted to common shares, shares | -887,825 | 26,021,875 | |||||||||
Common stock warrants repurchased | -1 | -1 | -1 | ||||||||
Preferred stock issued | 1,377 | 1,377 | 1,400 | -23 | |||||||
Preferred stock, shares issued | 56,000 | ||||||||||
Common stock dividends | -4,658 | -4,658 | 55 | -4,713 | |||||||
Preferred stock dividends | -892 | -892 | -892 | ||||||||
Tax benefit from stock incentive compensation | 230 | 230 | 230 | ||||||||
Stock incentive compensation expense | 560 | 560 | 560 | ||||||||
Net change in deferred compensation and related plans | -87 | -87 | -89 | 2 | |||||||
Net change | 17,222 | 17,311 | 1,452 | 205 | 3,845 | 13,292 | 2,443 | -3,866 | -60 | -89 | |
Net change, shares | 108,175 | 3,702,540 | |||||||||
Ending balance at Dec. 31, 2012 | 158,911 | 157,554 | 12,883 | 9,136 | 59,802 | 77,679 | 5,650 | -6,610 | -986 | 1,357 | |
Ending balance, shares at Dec. 31, 2012 | 10,558,865 | 5,266,314,176 | |||||||||
Stockholders' Equity Period Increase (Decrease) | |||||||||||
Net income | 21,878 | 21,878 | 21,878 | ||||||||
Net income attributable to noncontrolling interests | 346 | 346 | |||||||||
Net income | 22,224 | ||||||||||
Other comprehensive income (loss) attributable to parent, net of tax | -4,264 | -4,264 | -4,264 | ||||||||
Other comprehensive income (loss) attributable to noncontrolling interest, net of tax | 267 | 267 | |||||||||
Other comprehensive income (loss), net of tax | -3,997 | ||||||||||
Noncontrolling interests, adjustments to Additional Paid in Capital | 28 | 28 | |||||||||
Noncontrolling interests | -1,104 | ||||||||||
Total change in noncontrolling interests | -1,076 | ||||||||||
Common stock issued | 2,733 | 2,733 | -2 | -10 | 2,745 | ||||||
Common stock, shares issued | 89,392,517 | ||||||||||
Common stock repurchased | [1] | -5,356 | -5,356 | -300 | -5,056 | ||||||
Common stock repurchased, shares | [1] | -124,179,383 | |||||||||
Preferred stock issued to ESOP | 0 | 0 | 1,200 | 108 | -1,308 | ||||||
Preferred stock issued to ESOP, shares | 1,200,000 | ||||||||||
Preferred stock released by ESOP | 1,006 | 1,006 | -88 | 1,094 | |||||||
Preferred stock converted to common shares | 0 | 0 | -1,006 | 191 | 815 | ||||||
Preferred stock converted to common shares, shares | -1,005,270 | 25,635,395 | |||||||||
Common stock warrants repurchased | 0 | 0 | |||||||||
Preferred stock issued | 3,145 | 3,145 | 3,190 | -45 | |||||||
Preferred stock, shares issued | 127,600 | ||||||||||
Common stock dividends | -6,086 | -6,086 | 83 | -6,169 | |||||||
Preferred stock dividends | -1,017 | -1,017 | -1,017 | ||||||||
Tax benefit from stock incentive compensation | 269 | 269 | 269 | ||||||||
Stock incentive compensation expense | 725 | 725 | 725 | ||||||||
Net change in deferred compensation and related plans | -473 | -473 | -475 | 2 | |||||||
Net change | 12,097 | 12,588 | 3,384 | 0 | 494 | 14,682 | -4,264 | -1,494 | -214 | -491 | |
Net change, shares | 322,330 | -9,151,471 | |||||||||
Ending balance at Dec. 31, 2013 | 171,008 | 170,142 | 16,267 | 9,136 | 60,296 | 92,361 | 1,386 | -8,104 | -1,200 | 866 | |
Ending balance, shares at Dec. 31, 2013 | 10,881,195 | 5,257,162,705 | |||||||||
Stockholders' Equity Period Increase (Decrease) | |||||||||||
Net income | 23,057 | 23,057 | 23,057 | ||||||||
Net income attributable to noncontrolling interests | 551 | 551 | |||||||||
Net income | 23,608 | ||||||||||
Other comprehensive income (loss) attributable to parent, net of tax | 2,132 | 2,132 | 2,132 | ||||||||
Other comprehensive income (loss) attributable to noncontrolling interest, net of tax | -227 | -227 | |||||||||
Other comprehensive income (loss), net of tax | 1,905 | ||||||||||
Noncontrolling interests, adjustments to Additional Paid in Capital | -7 | -7 | |||||||||
Noncontrolling interests | -322 | ||||||||||
Total change in noncontrolling interests | -329 | ||||||||||
Common stock issued | 2,483 | 2,483 | -273 | 2,756 | |||||||
Common stock, shares issued | 75,340,898 | ||||||||||
Common stock repurchased | [2] | -9,414 | -9,414 | -250 | -9,164 | ||||||
Common stock repurchased, shares | [2] | -183,146,803 | |||||||||
Preferred stock issued to ESOP | 0 | 0 | 1,217 | 108 | -1,325 | ||||||
Preferred stock issued to ESOP, shares | 1,217,000 | ||||||||||
Preferred stock released by ESOP | 1,071 | 1,071 | -94 | 1,165 | |||||||
Preferred stock converted to common shares | 0 | 0 | -1,071 | 251 | 820 | ||||||
Preferred stock converted to common shares, shares | -1,071,377 | 20,992,398 | |||||||||
Common stock warrants repurchased | -9 | -9 | -9 | ||||||||
Preferred stock issued | 2,775 | 2,775 | 2,800 | -25 | |||||||
Preferred stock, shares issued | 112,000 | ||||||||||
Common stock dividends | -7,067 | -7,067 | 76 | -7,143 | |||||||
Preferred stock dividends | -1,235 | -1,235 | -1,235 | ||||||||
Tax benefit from stock incentive compensation | 453 | 453 | 453 | ||||||||
Stock incentive compensation expense | 858 | 858 | 858 | ||||||||
Net change in deferred compensation and related plans | -845 | -845 | -847 | 2 | |||||||
Net change | 14,254 | 14,252 | 2,946 | 0 | 241 | 14,679 | 2,132 | -5,586 | -160 | 2 | |
Net change, shares | 257,623 | -86,813,507 | |||||||||
Ending balance at Dec. 31, 2014 | $185,262 | $184,394 | $19,213 | $9,136 | $60,537 | $107,040 | $3,518 | ($13,690) | ($1,360) | $868 | |
Ending balance, shares at Dec. 31, 2014 | 11,138,818 | 5,170,349,198 | |||||||||
[1] | For the year ended December 31, 2012, includes $200 million related to a private forward repurchase transaction entered into in fourth quarter 2012 that settled in first quarter 2013 for 6 million shares of common stock. For the year ended December 31, 2013, includes $500 million related to a private forward repurchase transaction entered into in fourth quarter 2013 that settled in first quarter 2014 for 11.1 million shares of common stock. See Note 1 (Summary of Significant Accounting Policies) for additional information. | ||||||||||
[2] | For the year ended December 31, 2014, includes $750 million related to a private forward repurchase transaction that settled in first quarter 2015 for 14.3 million shares of common stock. See Note 1 (Summary of Significant Accounting Policies) for additional information. |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (Private Forward Repurchase Transaction [Member], USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2012 |
Consolidated Statement of Changes in Equity (Textuals) [Abstract] | ||||||
Private forward repurchase contract | $750 | $500 | $200 | |||
Common stock repurchased, shares | 11,100,000 | 6,000,000 | 66,000,000 | 40,000,000 | ||
Scenario, Forecast [Member] | ||||||
Consolidated Statement of Changes in Equity (Textuals) [Abstract] | ||||||
Common stock repurchased, shares | 14,300,000 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Cash flows from operating activities: | ||||||
Net income before noncontrolling interests | $23,608 | $22,224 | $19,368 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for credit losses | 1,395 | 2,309 | 7,217 | |||
Changes in fair value of MSRs, MHFS and LHFS carried at fair value | 1,820 | -3,229 | -2,307 | |||
Depreciation, amortization and accretion | 2,515 | 3,293 | 2,807 | |||
Other net gains | -3,760 | -9,384 | -3,661 | |||
Stock-based compensation | 1,912 | 1,920 | 1,698 | |||
Excess tax benefits related to stock incentive compensation | -453 | -271 | -226 | |||
Originations of MHFS | -144,812 | -317,054 | -483,835 | |||
Proceeds from sales of and principal collected on mortgages originated for sale | 117,097 | 311,431 | 421,623 | |||
Originations of LHFS | 0 | 0 | -15 | |||
Proceeds from sales of and principal collected on LHFS | 207 | 575 | 9,383 | |||
Purchases of LHFS | -154 | -291 | -7,975 | |||
Net change in: | ||||||
Trading assets | 11,186 | 43,638 | 105,440 | |||
Deferred income taxes | 2,354 | 4,977 | -1,297 | |||
Accrued interest receivable | -372 | -13 | 293 | |||
Accrued interest payable | 119 | -32 | -84 | |||
Other assets | -10,681 | 4,693 | 2,064 | |||
Other accrued expenses and liabilities | 15,548 | -7,145 | -11,953 | |||
Net cash provided by operating activities | 17,529 | 57,641 | 58,540 | |||
Net change in: | ||||||
Federal funds sold, securities purchased under resale agreements and other short-term investments | -41,778 | -78,184 | -92,946 | |||
Available-for-sale securities: | ||||||
Sales proceeds | 6,089 | 2,837 | 5,210 | |||
Prepayments and maturities | 37,257 | 50,737 | 59,712 | |||
Purchases | -44,807 | -89,474 | -64,756 | |||
Held-to-maturity securities: | ||||||
Paydowns and maturities | 5,168 | 30 | 0 | |||
Purchases | -47,012 | -5,782 | 0 | |||
Nonmarketable equity investments: | ||||||
Sales proceeds | 3,161 | 2,577 | 2,279 | |||
Purchases | -3,087 | -3,273 | -2,619 | |||
Loans: | ||||||
Loans originated by banking subsidiaries, net of principal collected | -65,162 | -43,744 | -53,381 | |||
Proceeds from sales (including participations) of loans originated for investment | 21,564 | 7,694 | 6,811 | |||
Purchases (including participations) of loans | -6,424 | -11,563 | -9,040 | |||
Principal collected on nonbank entities' loans | 13,589 | 19,955 | 25,080 | |||
Loans originated by nonbank entities | -13,570 | -17,311 | -23,555 | |||
Net cash paid for acquisitions | -174 | 0 | -4,322 | |||
Proceeds from sales of foreclosed assets and short sales | 7,697 | [1] | 11,021 | [1] | 12,690 | [1] |
Net cash from purchases and sales of MSRs | -150 | 407 | 116 | |||
Other, net | -741 | 581 | -1,169 | |||
Net cash used by investing activities | -128,380 | -153,492 | -139,890 | |||
Net change in: | ||||||
Deposits | 89,133 | 76,342 | 82,762 | |||
Short-term borrowings | 8,035 | -3,390 | 7,699 | |||
Long-term debt: | ||||||
Proceeds from issuance | 42,154 | 53,227 | 27,695 | |||
Repayment | -15,829 | -25,423 | -28,093 | |||
Preferred stock: | ||||||
Proceeds from issuance | 2,775 | 3,145 | 1,377 | |||
Cash dividends paid | -1,235 | -1,017 | -892 | |||
Common stock: | ||||||
Proceeds from issuance | 1,840 | 2,224 | 2,091 | |||
Repurchased | -9,414 | -5,356 | -3,918 | |||
Cash dividends paid | -6,908 | -5,953 | -4,565 | |||
Common stock warrants repurchased | 0 | 0 | -1 | |||
Excess tax benefits related to stock incentive compensation | 453 | 271 | 226 | |||
Net change in noncontrolling interests | -552 | -296 | -611 | |||
Other, net | 51 | 136 | 0 | |||
Net cash provided by financing activities | 110,503 | 93,910 | 83,770 | |||
Net change in cash due from banks | -348 | -1,941 | 2,420 | |||
Cash and due from banks at beginning of year | 19,919 | 21,860 | 19,440 | |||
Cash and due from banks at end of year | 19,571 | 19,919 | 21,860 | |||
Supplemental cash flow disclosures: | ||||||
Cash paid for interest | 3,906 | 4,321 | 5,245 | |||
Cash paid for income taxes | $8,808 | $7,132 | $8,024 | |||
[1] | Includes proceeds received for the settlement of claims on certain government guaranteed residential real estate mortgage loans in foreclosure that are reported as accounts receivables. During fourth quarter 2014, we adopted Accounting Standards Update (ASU) 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure, effective as of January 1, 2014. This ASU requires that certain government guaranteed residential real estate mortgage loans be recognized as other receivables upon foreclosure; previously, these were included in foreclosed assets. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Summary of Significant Accounting Policies | ||||||||||
Note 1: Summary of Significant Accounting Policies | ||||||||||
Wells Fargo & Company is a diversified financial services company. We provide banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance through banking stores, the internet and other distribution channels to consumers, businesses and institutions in all 50 states, the District of Columbia, and in foreign countries. When we refer to “Wells Fargo,” “the Company,” “we,” “our” or “us,” we mean Wells Fargo & Company and Subsidiaries (consolidated). Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. We also hold a majority interest in a real estate investment trust, which has publicly traded preferred stock outstanding. | ||||||||||
Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including allowance for credit losses and purchased credit-impaired (PCI) loans (Note 6 (Loans and Allowance for Credit Losses)), valuations of residential mortgage servicing rights (MSRs) (Note 8 (Securitizations and Variable Interest Entities) and Note 9 (Mortgage Banking Activities)) and financial instruments (Note 17 (Fair Values of Assets and Liabilities)) and income taxes (Note 21 (Income Taxes)). Actual results could differ from those estimates. | ||||||||||
Accounting for Certain Factored Loan Receivable Arrangements | ||||||||||
The Company determined that certain factoring arrangements previously included within commercial loans, which were recorded with a corresponding obligation in other liabilities, did not qualify as loan purchases under Accounting Standard Codification (ASC) Topic 860 (Transfers and Servicing of Financial Assets) based on interpretations of the specific arrangements. Accordingly, we revised our commercial loan balances for year-end 2012 and each of the quarters in 2013 in order to present the Company’s lending trends on a comparable basis over this period. This revision, which resulted in a reduction to total commercial loans and a corresponding decrease to other liabilities, did not impact the Company’s consolidated net income or total cash flows. We reduced our commercial loans by $3.5 billion, $3.2 billion, $2.1 billion, $1.6 billion, and $1.2 billion at December 31, September 30, June 30 and March 31, 2013, and December 31, 2012, respectively, which represented less than 1% of total commercial loans and less than 0.5% of our total loan portfolio. We also appropriately revised other affected financial information, including financial guarantees and financial ratios, to reflect this revision. | ||||||||||
Accounting Standards Adopted in 2014 | ||||||||||
In 2014, we adopted the following new accounting guidance: | ||||||||||
• | Accounting Standards Update (ASU) 2014-17, Business Combinations (Topic 805): Pushdown Accounting; | |||||||||
• | ASU 2014-14, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure; | |||||||||
• | ASU 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure; | |||||||||
• | ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists; and | |||||||||
• | ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements. | |||||||||
ASU 2014-17 provides an acquired entity with the option to apply pushdown accounting in its separate financial statements. We adopted the guidance in fourth quarter 2014 with prospective application. This Update did not have a material effect on our consolidated financial statements. | ||||||||||
ASU 2014-14 requires certain government-guaranteed mortgage loans to be classified as other receivables upon foreclosure and measured based on the loan balance expected to be recovered from the guarantor. We early adopted this guidance in fourth quarter 2014, effective as of January 1, 2014, through a modified retrospective transition. Our adoption of this Update did not have a material effect on our consolidated financial statements. See Note 7 (Premises, Equipment, Lease Commitments and Other Assets). | ||||||||||
ASU 2014-04 clarifies the timing of when a creditor has taken physical possession of residential real estate collateral for a consumer mortgage loan, resulting in the reclassification of the loan receivable to real estate owned. The guidance also requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in residential real estate mortgage loans that are in process of foreclosure. We adopted this guidance in first quarter 2014. This Update did not have a material effect on our consolidated financial statements as this guidance was consistent with our prior practice. See Note 6 (Loans and Allowance for Credit Losses). | ||||||||||
ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss (NOL) carryforward, a similar tax loss, or a tax credit carryforward exists. We adopted this guidance in first quarter 2014 with prospective application to all existing unrecognized tax benefits at the effective date. This Update did not have a material effect on our consolidated financial statements. | ||||||||||
ASU 2013-08 changes the criteria companies use to assess whether an entity is an investment company and requires new disclosures for investment companies. We adopted this guidance in first quarter 2014. This Update did not have a material effect on our consolidated financial statements. | ||||||||||
Consolidation | ||||||||||
Our consolidated financial statements include the accounts of the Parent and our majority-owned subsidiaries and variable interest entities (VIEs) (defined below) in which we are the primary beneficiary. Significant intercompany accounts and transactions are eliminated in consolidation. When we have significant influence over operating and financing decisions for a company but do not own a majority of the voting equity interests, we account for the investment using the equity method of accounting, which requires us to recognize our proportionate share of the company’s earnings. If we do not have significant influence, we recognize the equity investment at cost except for (1) marketable equity securities, which we recognize at fair value with changes in fair value included in OCI, and (2) nonmarketable equity investments for which we have elected the fair value option. Investments accounted for under the equity or cost method are included in Other Assets. | ||||||||||
We are a variable interest holder in certain entities in which equity investors do not have the characteristics of a controlling financial interest or where the entity does not have enough equity at risk to finance its activities without additional subordinated financial support from other parties (referred to as VIEs). Our variable interest arises from contractual, ownership or other monetary interests in the entity, which change with fluctuations in the fair value of the entity's net assets. We consolidate a VIE if we are the primary beneficiary, defined as the party that has both the power to direct the activities that most significantly impact the VIE and a variable interest that potentially could be significant to the VIE. To determine whether or not a variable interest we hold could potentially be significant to the VIE, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIE. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. | ||||||||||
Cash and Due From Banks | ||||||||||
Cash and cash equivalents include cash on hand, cash items in transit, and amounts due from the Federal Reserve Bank and other depository institutions. | ||||||||||
Trading Assets | ||||||||||
Trading assets are predominantly securities, including corporate debt, U.S. government agency obligations and other securities that we acquire for short-term appreciation or other trading purposes, certain loans held for market-making purposes to support the buying and selling demands of our customers | ||||||||||
and derivatives primarily held for customer accommodation purposes or risk mitigation and hedging. Interest-only strips and other retained interests in securitizations that can be contractually prepaid or otherwise settled in a way that the holder would not recover substantially all of its recorded investment are classified as trading assets. Trading assets are carried at fair value, with changes in fair value recorded in earnings. For securities and loans in trading assets, interest and dividend income are recorded in interest income, and realized and unrealized gains and losses recorded in noninterest income. For other trading assets, including derivatives, the entire change in fair value is recorded in noninterest income. | ||||||||||
Investments | ||||||||||
Our investments include various debt and marketable equity securities and nonmarketable equity investments. We classify debt and marketable equity securities as available-for-sale or held-to-maturity securities based on our intent to hold to maturity. Our nonmarketable equity investments are reported in Other Assets. | ||||||||||
AVAILABLE-FOR-SALE SECURITIES Debt securities that we might not hold until maturity and marketable equity securities are classified as available-for-sale securities and reported at fair value. Unrealized gains and losses, after applicable income taxes, are reported in cumulative OCI. | ||||||||||
We conduct other-than-temporary impairment (OTTI) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. The initial indicator of OTTI for both debt and equity securities is a decline in fair value below the amount recorded for an investment and the severity and duration of the decline. | ||||||||||
For a debt security for which there has been a decline in the fair value below amortized cost basis, we recognize OTTI if we (1) have the intent to sell the security, (2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, or (3) we do not expect to recover the entire amortized cost basis of the security. | ||||||||||
Estimating recovery of the amortized cost basis of a debt security is based upon an assessment of the cash flows expected to be collected. If the present value of cash flows expected to be collected, discounted at the security’s effective yield, is less than amortized cost, OTTI is considered to have occurred. In performing an assessment of the cash flows expected to be collected, we consider all relevant information including: | ||||||||||
• | the length of time and the extent to which the fair value has been less than the amortized cost basis; | |||||||||
• | the historical and implied volatility of the fair value of the security; | |||||||||
• | the cause of the price decline, such as the general level of interest rates or adverse conditions specifically related to the security, an industry or a geographic area; | |||||||||
• | the issuer's financial condition, near-term prospects and ability to service the debt; | |||||||||
• | the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; | |||||||||
• | for asset-backed securities, the credit performance of the underlying collateral, including delinquency rates, level of non-performing assets, cumulative losses to date, collateral value and the remaining credit enhancement compared with expected credit losses; | |||||||||
• | any change in rating agencies' credit ratings at evaluation date from acquisition date and any likely imminent action; | |||||||||
• | independent analyst reports and forecasts, sector credit ratings and other independent market data; and | |||||||||
• | recoveries or additional declines in fair value subsequent to the balance sheet date. | |||||||||
If we intend to sell the security, or if it is more likely than not we will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the amortized cost basis and fair value of the security. For debt securities that are considered other-than-temporarily impaired that we do not intend to sell or it is more likely than not that we will not be required to sell before recovery, the OTTI write-down is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors, which is recognized in OCI. The measurement of the credit loss component is equal to the difference between the debt security's amortized cost basis and the present value of its expected future cash flows discounted at the security's effective yield. The remaining difference between the security’s fair value and the present value of future expected cash flows is due to factors that are not credit-related and, therefore, is recognized in OCI. We believe that we will fully collect the carrying value of securities on which we have recorded a non-credit-related impairment in OCI. | ||||||||||
We hold investments in perpetual preferred securities (PPS) that are structured in equity form, but have many of the characteristics of debt instruments, including periodic cash flows in the form of dividends, call features, ratings that are similar to debt securities and pricing like long-term callable bonds. | ||||||||||
Because of the hybrid nature of these securities, we evaluate PPS for OTTI using a model similar to the model we use for debt securities as described above. Among the factors we consider in our evaluation of PPS are whether there is any evidence of deterioration in the credit of the issuer as indicated by a decline in cash flows or a rating agency downgrade to below investment grade and the estimated recovery period. Additionally, in determining if there was evidence of credit deterioration, we evaluate: (1) the severity of decline in market value below cost, (2) the period of time for which the decline in fair value has existed, and (3) the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer. We consider PPS to be other-than-temporarily impaired if cash flows expected to be collected are insufficient to recover our investment or if we no longer believe the security will recover within the estimated recovery period. OTTI write-downs of PPS are recognized in earnings equal to the difference between the cost basis and fair value of the security. Based upon the factors considered in our OTTI evaluation, we believe our investments in PPS currently rated investment grade will be fully realized and, accordingly, have not recognized OTTI on such securities. | ||||||||||
For marketable equity securities other than PPS, OTTI evaluations focus on whether evidence exists that supports recovery of the unrealized loss within a timeframe consistent with temporary impairment. This evaluation considers the severity of and length of time fair value is below cost, our intent and ability to hold the security until forecasted recovery of the fair value of the security, and the investee's financial condition, capital strength, and near-term prospects. | ||||||||||
We recognize realized gains and losses on the sale of investment securities in noninterest income using the specific identification method. | ||||||||||
Unamortized premiums and discounts are recognized in interest income over the contractual life of the security using the interest method. As principal repayments are received on securities (i.e., primarily mortgage-backed securities (MBS)) a proportionate amount of the related premium or discount is recognized in income so that the effective interest rate on the remaining portion of the security continues unchanged. | ||||||||||
HELD-TO-MATURITY SECURITIES Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at historical cost adjusted for amortization of premiums and accretion of discounts. We recognize OTTI when there is a decline in fair value and we do not expect to recover the entire amortized cost basis of the debt security. The amortized cost is written-down to fair value with the credit loss component recorded to earnings and the remaining component recognized in OCI. The OTTI assessment related to whether we expect recovery of the amortized cost basis and determination of any credit loss component recognized in earnings for held-to-maturity securities is the same as described for available-for-sale securities. Security transfers to the held-to-maturity classification are recorded at fair value. Unrealized gains or losses from the transfer of available-for-sale securities continue to be reported in cumulative OCI and are amortized into earnings over the remaining life of the security using the effective interest method. | ||||||||||
NONMARKETABLE EQUITY INVESTMENTS Nonmarketable equity investments include low income housing tax credit investments, equity securities that are not publicly traded and securities acquired for various purposes, such as to meet regulatory requirements (for example, Federal Reserve Bank and Federal Home Loan Bank (FHLB) stock). We have elected the fair value option for some of these investments with the remainder of these investments accounted for under the cost or equity method, which we review at least quarterly for possible OTTI. Our review typically includes an analysis of the facts and circumstances of each investment, the expectations for the investment's cash flows and capital needs, the viability of its business model and our exit strategy. We reduce the asset value when we consider declines in value to be other than temporary. We recognize the estimated loss as a loss from equity investments in noninterest income. | ||||||||||
Securities Purchased and Sold Agreements | ||||||||||
Securities purchased under resale agreements and securities sold under repurchase agreements are accounted for as collateralized financing transactions and are recorded at the acquisition or sale price plus accrued interest. We monitor the fair value of securities purchased and sold, and obtain collateral from or return it to counterparties when appropriate. These financing transactions do not create material credit risk given the collateral provided and the related monitoring process. | ||||||||||
Mortgages and Loans Held for Sale | ||||||||||
Mortgages held for sale (MHFS) include commercial and residential mortgages originated for sale and securitization in the secondary market, which is our principal market, or for sale as whole loans. We elect the fair value option for substantially all residential MHFS (see Note 17 (Fair Values of Assets and Liabilities)). The remaining residential MHFS are held at the lower of cost or fair value (LOCOM), and are valued on an aggregate portfolio basis. Commercial MHFS are held at LOCOM and are valued on an individual loan basis. | ||||||||||
Loans held for sale (LHFS) are carried at LOCOM. Generally, consumer loans are valued on an aggregate portfolio basis, and commercial loans are valued on an individual loan basis. | ||||||||||
Gains and losses on MHFS are recorded in mortgage banking noninterest income. Gains and losses on LHFS are recorded in other noninterest income. Direct loan origination costs and fees for MHFS and LHFS under the fair value option are recognized in income at origination. For MHFS and LHFS recorded at LOCOM, loan costs and fees are deferred at origination and are recognized in income at time of sale. Interest income on MHFS and LHFS is calculated based upon the note rate of the loan and is recorded to interest income. | ||||||||||
Our lines of business are authorized to originate held-for-investment loans that meet or exceed established loan product profitability criteria, including minimum positive net interest margin spreads in excess of funding costs. When a determination is made at the time of commitment to originate loans as held for investment, it is our intent to hold these loans to maturity or for the “foreseeable future,” subject to periodic review under our management evaluation processes, including corporate asset/liability management. In determining the “foreseeable future” for loans, management considers (1) the current economic environment and market conditions, (2) our business strategy and current business plans, (3) the nature and type of the loan receivable, including its expected life, and (4) our current financial condition and liquidity demands. If subsequent changes, including changes in interest rates significantly impact the ongoing profitability of certain loan products, we may subsequently change our intent to hold these loans, and we would take actions to sell such loans. Upon such management determination, we immediately transfer these loans to the MHFS or LHFS portfolio at LOCOM. | ||||||||||
Loans | ||||||||||
Loans are reported at their outstanding principal balances net of any unearned income, cumulative charge-offs, unamortized deferred fees and costs on originated loans and unamortized premiums or discounts on purchased loans. PCI loans are reported net of any remaining purchase accounting adjustments. See the “Purchased Credit-Impaired Loans” section in this Note for our accounting policy for PCI loans. | ||||||||||
Unearned income, deferred fees and costs, and discounts and premiums are amortized to interest income over the contractual life of the loan using the interest method. Loan commitment fees are generally deferred and amortized into noninterest income on a straight-line basis over the commitment period. | ||||||||||
We have private label and co-brand credit card loans through a program agreement that involves our active participation in the operating activity of the program with a third party. We share in the economic results of the loans subject to this agreement. We consider the program to be a collaborative arrangement and therefore report our share of revenue and losses on a net basis in interest income for loans, other noninterest income and provision for credit losses as applicable. Our net share of revenue from this activity represented less than 1% of our total revenues for 2014. | ||||||||||
Loans also include direct financing leases that are recorded at the aggregate of minimum lease payments receivable plus the estimated residual value of the leased property, less unearned income. Leveraged leases, which are a form of direct financing leases, are recorded net of related non-recourse debt. Leasing income is recognized as a constant percentage of outstanding lease financing balances over the lease terms in interest income. | ||||||||||
NONACCRUAL AND PAST DUE LOANS We generally place loans on nonaccrual status when: | ||||||||||
• | the full and timely collection of interest or principal becomes uncertain (generally based on an assessment of the borrower’s financial condition and the adequacy of collateral, if any); | |||||||||
• | they are 90 days (120 days with respect to real estate 1-4 family first and junior lien mortgages) past due for interest or principal, unless both well-secured and in the process of collection; | |||||||||
• | part of the principal balance has been charged off (including loans discharged in bankruptcy); | |||||||||
• | for junior lien mortgages, we have evidence that the related first lien mortgage may be 120 days past due or in the process of foreclosure regardless of the junior lien delinquency status; or | |||||||||
• | performing consumer loans are discharged in bankruptcy, regardless of their delinquency status. | |||||||||
PCI loans are written down at acquisition to fair value using an estimate of cash flows deemed to be collectible. Accordingly, such loans are no longer classified as nonaccrual even though they may be contractually past due because we expect to fully collect the new carrying values of such loans (that is, the new cost basis arising out of purchase accounting). | ||||||||||
When we place a loan on nonaccrual status, we reverse the accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. If the ultimate collectability of the recorded loan balance is in doubt on a nonaccrual loan, the cost recovery method is used and cash collected is applied to first reduce the carrying value of the loan. Otherwise, interest income may be recognized to the extent cash is received. Generally, we return a loan to accrual status when all delinquent interest and principal become current under the terms of the loan agreement and collectability of remaining principal and interest is no longer doubtful. | ||||||||||
For modified loans, we re-underwrite at the time of a restructuring to determine if there is sufficient evidence of sustained repayment capacity based on the borrower’s financial strength, including documented income, debt to income ratios and other factors. If the borrower has demonstrated performance under the previous terms and the underwriting process shows the capacity to continue to perform under the restructured terms, the loan will generally remain in accruing status. When a loan classified as a troubled debt restructuring (TDR) performs in accordance with its modified terms, the loan either continues to accrue interest (for performing loans) or will return to accrual status after the borrower demonstrates a sustained period of performance (generally six consecutive months of payments, or equivalent, inclusive of consecutive payments made prior to the modification). Loans will be placed on nonaccrual status and a corresponding charge-off is recorded if we believe it is probable that principal and interest contractually due under the modified terms of the agreement will not be collectible. | ||||||||||
Our loans are considered past due when contractually required principal or interest payments have not been made on the due dates. | ||||||||||
LOAN CHARGE-OFF POLICIES For commercial loans, we generally fully charge off or charge down to net realizable value (fair value of collateral, less estimated costs to sell) for loans secured by collateral when: | ||||||||||
• | management judges the loan to be uncollectible; | |||||||||
• | repayment is deemed to be protracted beyond reasonable time frames; | |||||||||
• | the loan has been classified as a loss by either our internal loan review process or our banking regulatory agencies; | |||||||||
• | the customer has filed bankruptcy and the loss becomes evident owing to a lack of assets; or | |||||||||
• | the loan is 180 days past due unless both well-secured and in the process of collection. | |||||||||
For consumer loans, we fully charge off or charge down to net realizable value when deemed uncollectible due to bankruptcy discharge or other factors, or no later than reaching a defined number of days past due, as follows: | ||||||||||
• | 1-4 family first and junior lien mortgages – We generally charge down to net realizable value when the loan is 180 days past due. | |||||||||
• | Auto loans – We generally fully charge off when the loan is 120 days past due. | |||||||||
• | Credit card loans – We generally fully charge off when the loan is 180 days past due. | |||||||||
• | Unsecured loans (closed end) – We generally fully charge off when the loan is 120 days past due. | |||||||||
• | Unsecured loans (open end) – We generally fully charge off when the loan is 180 days past due. | |||||||||
• | Other secured loans – We generally fully or partially charge down to net realizable value when the loan is 120 days past due. | |||||||||
IMPAIRED LOANS We consider a loan to be impaired when, based on current information and events, we determine that we will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. Our impaired loans predominantly include loans on nonaccrual status for commercial and industrial, commercial real estate (CRE) and any loans modified in a TDR, on both accrual and nonaccrual status. | ||||||||||
When we identify a loan as impaired, we generally measure the impairment, if any, based on the difference between the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount) and the present value of expected future cash flows, discounted at the loan’s effective interest rate. When the value of an impaired loan is calculated by discounting expected cash flows, interest income is recognized using the loan’s effective interest rate over the remaining life of the loan. When collateral is the sole source of repayment for the impaired loan, rather than the borrower’s income or other sources of repayment, we charge down to net realizable value. | ||||||||||
TROUBLED DEBT RESTRUCTURINGS In situations where, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to the borrower that we would not otherwise consider, the related loan is classified as a TDR. These modified terms may include rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize our economic loss and to avoid foreclosure or repossession of the collateral. For modifications where we forgive principal, the entire amount of such principal forgiveness is immediately charged off. Loans classified as TDRs, including loans in trial payment periods (trial modifications), are considered impaired loans. Other than resolutions such as foreclosures, sales and transfers to held-for-sale, we may remove loans held for investment from TDR classification, but only if they have been refinanced or restructured at market terms and qualify as a new loan. | ||||||||||
PURCHASED CREDIT-IMPAIRED LOANS Loans acquired with evidence of credit deterioration since their origination and where it is probable that we will not collect all contractually required principal and interest payments are PCI loans. PCI loans are recorded at fair value at the date of acquisition, and the historical allowance for credit losses related to these loans is not carried over. Some loans that otherwise meet the definition as credit-impaired are specifically excluded from the PCI loan portfolios, such as revolving loans where the borrower still has revolving privileges. | ||||||||||
Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, commercial risk ratings, recent borrower credit scores and recent loan-to-value percentages. Generally, acquired loans that meet our definition for nonaccrual status are considered to be credit-impaired. | ||||||||||
Substantially all commercial PCI loans are accounted for as individual loans. Conversely, consumer PCI loans have been aggregated into pools based on common risk characteristics. Each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | ||||||||||
Accounting for PCI loans involves estimating fair value, at acquisition, using the principal and interest cash flows expected to be collected discounted at the prevailing market rate of interest. The excess of cash flows expected to be collected over the carrying value (estimated fair value at acquisition date) is referred to as the accretable yield and is recognized in interest income using an effective yield method over the remaining life of the loan, or pool of loans, in situations where there is a reasonable expectation about the timing and amount of cash flows to be collected. The difference between contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference. | ||||||||||
Subsequent to acquisition, we regularly evaluate our estimates of cash flows expected to be collected. If we have probable decreases in cash flows expected to be collected (other than due to decreases in interest rate indices and changes in prepayment assumptions), we charge the provision for credit losses, resulting in an increase to the allowance for loan losses. If we have probable and significant increases in cash flows expected to be collected, we first reverse any previously established allowance for loan losses and then increase interest income as a prospective yield adjustment over the remaining life of the loan, or pool of loans. Estimates of cash flows are impacted by changes in interest rate indices for variable rate loans and prepayment assumptions, both of which are treated as prospective yield adjustments included in interest income. | ||||||||||
Resolutions of loans may include sales of loans to third parties, receipt of payments in settlement with the borrower, or foreclosure of the collateral. For individual PCI loans, gains or losses on sales to third parties are included in noninterest income, and gains or losses as a result of a settlement with the borrower are included in interest income. Our policy is to remove an individual loan from a pool based on comparing the amount received from its resolution with its contractual amount. Any difference between these amounts is absorbed by the nonaccretable difference for the entire pool. This removal method assumes that the amount received from resolution approximates pool performance expectations. The remaining accretable yield balance is unaffected and any material change in remaining effective yield caused by this removal method is addressed by our quarterly cash flow evaluation process for each pool. For loans that are resolved by payment in full, there is no release of the nonaccretable difference for the pool because there is no difference between the amount received at resolution and the contractual amount of the loan. Modified PCI loans are not removed from a pool even if those loans would otherwise be deemed TDRs. Modified PCI loans that are accounted for individually are considered TDRs, and removed from PCI accounting if there has been a concession granted in excess of the original nonaccretable difference. We include these TDRs in our impaired loans. | ||||||||||
FORECLOSED ASSETS Foreclosed assets obtained through our lending activities primarily include real estate. Generally, loans have been written down to their net realizable value prior to foreclosure. Any further reduction to their net realizable value is recorded with a charge to the allowance for credit losses at foreclosure. We allow up to 90 days after foreclosure to finalize determination of net realizable value. Thereafter, changes in net realizable value are recorded to noninterest expense. The net realizable value of these assets is reviewed and updated periodically depending on the type of property. See the discussion earlier in this Note about classification changes for certain government-guaranteed loan foreclosures that resulted from our adoption of ASU 2014-14 this year. | ||||||||||
ALLOWANCE FOR CREDIT LOSSES (ACL) The allowance for credit losses is management’s estimate of credit losses inherent in the loan portfolio, including unfunded credit commitments, at the balance sheet date. We have an established process to determine the appropriateness of the allowance for credit losses that assesses the losses inherent in our portfolio and related unfunded credit commitments. We develop and document our allowance methodology at the portfolio segment level - commercial loan portfolio and consumer loan portfolio. While we attribute portions of the allowance to our respective commercial and consumer portfolio segments, the entire allowance is available to absorb credit losses inherent in the total loan portfolio and unfunded credit commitments. | ||||||||||
Our process involves procedures to appropriately consider the unique risk characteristics of our commercial and consumer loan portfolio segments. For each portfolio segment, losses are estimated collectively for groups of loans with similar characteristics, individually or pooled for impaired loans or, for PCI loans, based on the changes in cash flows expected to be collected. | ||||||||||
Our allowance levels are influenced by loan volumes, loan grade migration or delinquency status, historic loss experience and other conditions influencing loss expectations, such as economic conditions. | ||||||||||
COMMERCIAL PORTFOLIO SEGMENT ACL METHODOLOGY Generally, commercial loans are assessed for estimated losses by grading each loan using various risk factors as identified through periodic reviews. Our estimation approach for the commercial portfolio reflects the estimated probability of default in accordance with the borrower’s financial strength, and the severity of loss in the event of default, considering the quality of any underlying collateral. Probability of default and severity at the time of default are statistically derived through historical observations of default and losses after default within each credit risk rating. These estimates are adjusted as appropriate based on additional analysis of long-term average loss experience compared to previously forecasted losses, external loss data or other risks identified from current economic conditions and credit quality trends. The estimated probability of default and severity at the time of default are applied to loan equivalent exposures to estimate losses for unfunded credit commitments. | ||||||||||
The allowance also includes an amount for the estimated impairment on nonaccrual commercial loans and commercial loans modified in a TDR, whether on accrual or nonaccrual status. | ||||||||||
CONSUMER PORTFOLIO SEGMENT ACL METHODOLOGY For consumer loans that are not identified as a TDR, we determine the allowance predominantly on a collective basis utilizing forecasted losses to represent our best estimate of inherent loss. We pool loans, generally by product types with similar risk characteristics, such as residential real estate mortgages and credit cards. As appropriate and to achieve greater accuracy, we may further stratify selected portfolios by sub-product, origination channel, vintage, loss type, geographic location and other predictive characteristics. Models designed for each pool are utilized to develop the loss estimates. We use assumptions for these pools in our forecast models, such as historic delinquency and default, loss severity, home price trends, unemployment trends, and other key economic variables that may influence the frequency and severity of losses in the pool. | ||||||||||
In determining the appropriate allowance attributable to our residential mortgage portfolio, we take into consideration portfolios determined to be at elevated risk, such as junior lien mortgages behind delinquent first lien mortgages and junior lien lines of credit subject to near term significant payment increases. We incorporate the default rates and high severity of loss for these higher risk portfolios, including the impact of our established loan modification programs. When modifications occur or are probable to occur, our allowance considers the impact of these modifications, taking into consideration the associated credit cost, including re-defaults of modified loans and projected loss severity. Accordingly, the loss content associated with the effects of existing and probable loan modifications and higher risk portfolios has been captured in our allowance methodology. | ||||||||||
We separately estimate impairment for consumer loans that have been modified in a TDR (including trial modifications), whether on accrual or nonaccrual status. | ||||||||||
OTHER ACL MATTERS The allowance for credit losses for both portfolio segments includes an amount for imprecision or uncertainty that may change from period to period. This amount represents management’s judgment of risks inherent in the processes and assumptions used in establishing the allowance. This imprecision considers economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments. | ||||||||||
Securitizations and Beneficial Interests | ||||||||||
In certain asset securitization transactions that meet the applicable criteria to be accounted for as a sale, assets are sold to an entity referred to as an SPE, which then issues beneficial interests in the form of senior and subordinated interests collateralized by the assets. In some cases, we may retain beneficial interests issued by the entity. Additionally, from time to time, we may also re-securitize certain assets in a new securitization transaction. | ||||||||||
The assets and liabilities transferred to an SPE are excluded from our consolidated balance sheet if the transfer qualifies as a sale and we are not required to consolidate the SPE. | ||||||||||
For transfers of financial assets recorded as sales, we recognize and initially measure at fair value all assets obtained (including beneficial interests) and liabilities incurred. We record a gain or loss in noninterest income for the difference between the carrying amount and the fair value of the assets sold. Fair values are based on quoted market prices, quoted market prices for similar assets, or if market prices are not available, then the fair value is estimated using discounted cash flow analyses with assumptions for credit losses, prepayments and discount rates that are corroborated by and verified against market observable data, where possible. Retained interests and liabilities incurred from securitizations with off-balance sheet entities, including SPEs and VIEs, where we are not the primary beneficiary, are classified as investment securities, trading account assets, loans, MSRs or other liabilities (including liabilities for mortgage repurchase losses) and are accounted for as described herein. | ||||||||||
Mortgage Servicing Rights (MSRs) | ||||||||||
We recognize the rights to service mortgage loans for others, or MSRs, as assets whether we purchase the MSRs or the MSRs result from a sale or securitization of loans we originate (asset transfers). We initially record all of our MSRs at fair value. Subsequently, residential loan MSRs are carried at fair value. All of our MSRs related to our commercial mortgage loans are subsequently measured at LOCOM. The valuation and sensitivity of MSRs is discussed further in Note 8 (Securitizations and Variable Interest Entities), Note 9 (Mortgage Banking Activities) and Note 17 (Fair Values of Assets and Liabilities). | ||||||||||
For MSRs carried at fair value, changes in fair value are reported in noninterest income in the period in which the change occurs. MSRs subsequently measured at LOCOM are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of MSRs is reported in noninterest income, analyzed monthly and adjusted to reflect changes in prepayment speeds, as well as other factors. | ||||||||||
MSRs accounted for at LOCOM are periodically evaluated for impairment based on the fair value of those assets. For purposes of impairment evaluation and measurement, we stratify MSRs based on the predominant risk characteristics of the underlying loans, including investor and product type. If, by individual stratum, the carrying amount of these MSRs exceeds fair value, a valuation allowance is established. The valuation reserve is adjusted as the fair value changes. | ||||||||||
Premises and Equipment | ||||||||||
Premises and equipment are carried at cost less accumulated depreciation and amortization. Capital leases, where we are the lessee, are included in premises and equipment at the capitalized amount less accumulated amortization. | ||||||||||
We primarily use the straight-line method of depreciation and amortization. Estimated useful lives range up to 40 years for buildings, up to 10 years for furniture and equipment, and the shorter of the estimated useful life (up to 8 years) or the lease term for leasehold improvements. We amortize capitalized leased assets on a straight-line basis over the lives of the respective leases. | ||||||||||
Goodwill and Identifiable Intangible Assets | ||||||||||
Goodwill is recorded in business combinations under the purchase method of accounting when the purchase price is higher than the fair value of net assets, including identifiable intangible assets. | ||||||||||
We assess goodwill for impairment at a reporting unit level on an annual basis or more frequently in certain circumstances. We have determined that our reporting units are one level below the operating segments. We have the option of performing a qualitative assessment of goodwill. We may also elect to bypass the qualitative test and proceed directly to a quantitative test. We initially perform a qualitative assessment of goodwill to test for impairment. If, based on our qualitative review, we conclude that more likely than not a reporting unit’s fair value is less than its carrying amount, then we complete quantitative steps as described below to determine if there is goodwill impairment. If we conclude that a reporting unit’s fair value is not less than its carrying amount, quantitative tests are not required. We assess goodwill for impairment on a reporting unit level and apply various quantitative valuation methodologies when required to compare the estimated fair value to the carrying value of each reporting unit. Valuation methodologies include discounted cash flow and earnings multiple approaches. If the fair value is less than the carrying amount, an additional test is required to measure the amount of impairment. We recognize impairment losses as a charge to noninterest expense (unless related to discontinued operations) and an adjustment to the carrying value of the goodwill asset. Subsequent reversals of goodwill impairment are prohibited. | ||||||||||
We amortize core deposit and other customer relationship intangibles on an accelerated basis over useful lives not exceeding 10 years. We review such intangibles for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated if the sum of undiscounted estimated future net cash flows is less than the carrying value of the asset. Impairment is permanently recognized by writing down the asset to the extent that the carrying value exceeds the estimated fair value. | ||||||||||
Operating Lease Assets | ||||||||||
Operating lease rental income for leased assets is recognized in other income on a straight-line basis over the lease term. Related depreciation expense is recorded on a straight-line basis over the estimated useful life, considering the estimated residual value of the leased asset. The useful life may be adjusted to the term of the lease depending on our plans for the asset after the lease term. On a periodic basis, leased assets are reviewed for impairment. Impairment loss is recognized if the carrying amount of leased assets exceeds fair value and is not recoverable. The carrying amount of leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. | ||||||||||
Liability for Mortgage Loan Repurchase Losses | ||||||||||
In connection with our sales and securitization of residential mortgage loans to various parties, we establish a mortgage repurchase liability, initially at fair value, related to various representations and warranties that reflect management’s estimate of losses for loans for which we could have a repurchase obligation, whether or not we currently service those loans, based on a combination of factors. Such factors include default expectations, expected investor repurchase demands (influenced by current and expected mortgage loan file requests and mortgage insurance rescission notices, as well as estimated levels of origination defects) and appeals success rates (where the investor rescinds the demand based on a cure of the defect or acknowledges that the loan satisfies the investor’s applicable representations and warranties), reimbursement by correspondent and other third party originators, and projected loss severity. We continually update our mortgage repurchase liability estimate during the life of the loans. | ||||||||||
The liability for mortgage loan repurchase losses is included in other liabilities. For additional information on our repurchase liability, see Note 9 (Mortgage Banking Activities). | ||||||||||
Pension Accounting | ||||||||||
We account for our defined benefit pension plans using an actuarial model. Two principal assumptions in determining net periodic pension cost are the discount rate and the expected long term rate of return on plan assets. | ||||||||||
A discount rate is used to estimate the present value of our future pension benefit obligations. We use a consistent methodology to determine the discount rate based upon the yields on multiple portfolios of bonds with maturity dates that closely match the estimated timing and amounts of the expected benefit payments for our plans. Such portfolios are derived from a broad-based universe of high quality corporate bonds as of the measurement date. | ||||||||||
Our determination of the reasonableness of our expected long-term rate of return on plan assets is highly quantitative by nature. We evaluate the current asset allocations and expected returns under two sets of conditions: projected returns using several forward-looking capital market assumptions, and historical returns for the main asset classes dating back to 1970 or the earliest period for which historical data was readily available for the asset classes included. Using long term historical data allows us to capture multiple economic environments, which we believe is relevant when using historical returns. We place greater emphasis on the forward-looking return and risk assumptions than on historical results. We use the resulting projections to derive a base line expected rate of return and risk level for the Cash Balance Plan’s prescribed asset mix. We evaluate the portfolio based on: (1) the established target asset allocations over short term (one-year) and longer term (ten-year) investment horizons, and (2) the range of potential outcomes over these horizons within specific standard deviations. We perform the above analyses to assess the reasonableness of our expected long-term rate of return on plan assets. We consider the expected rate of return to be a long-term average view of expected returns. The use of an expected long term rate of return on plan assets may cause us to recognize pension income returns that are greater or less than the actual returns of plan assets in any given year. Differences between expected and actual returns in each year, if any, are included in our net actuarial gain or loss amount, which is recognized in OCI. We generally amortize net actuarial gain or loss in excess of a 5% corridor from accumulated OCI into net periodic pension cost over the estimated average remaining participation period, which at December 31, 2014, is 21 years. See Note 20 (Employee Benefits and Other Expenses) for additional information on our pension accounting. | ||||||||||
Income Taxes | ||||||||||
We file consolidated and separate company federal income tax returns, foreign tax returns and various combined and separate company state tax returns. | ||||||||||
We evaluate two components of income tax expense: current and deferred. Current income tax expense represents our estimated taxes to be paid or refunded for the current period and includes income tax expense related to our uncertain tax positions. We determine deferred income taxes using the balance sheet method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and recognizes enacted changes in tax rates and laws in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized subject to management's judgment that realization is “more likely than not.” Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Tax benefits not meeting our realization criteria represent unrecognized tax benefits. Foreign taxes paid are generally applied as credits to reduce federal income taxes payable. We account for interest and penalties as a component of income tax expense. | ||||||||||
Stock-Based Compensation | ||||||||||
We have stock-based employee compensation plans as more fully discussed in Note 19 (Common Stock and Stock Plan). Our Long-Term Incentive Compensation Plan provides for awards of incentive and nonqualified stock options, stock appreciation rights, restricted shares, restricted share rights (RSRs), performance share awards (PSAs) and stock awards without restrictions. For most awards, we measure the cost of employee services received in exchange for an award of equity instruments, such as stock options, RSRs or PSAs, based on the fair value of the award on the grant date. The cost is normally recognized in our income statement over the vesting period of the award; awards with graded vesting are expensed on a straight line method. Awards that continue to vest after retirement are expensed over the shorter of the period of time between the grant date and the final vesting period or between the grant date and when a team member becomes retirement eligible; awards to team members who are retirement eligible at the grant date are subject to immediate expensing upon grant. | ||||||||||
Beginning in 2013, certain RSRs and all PSAs granted include discretionary performance based vesting conditions and are subject to variable accounting. For these awards, the associated compensation expense fluctuates with changes in our stock price. For PSAs, compensation expense also fluctuates based on the estimated outcome of meeting the performance conditions. | ||||||||||
Earnings Per Common Share | ||||||||||
We compute earnings per common share by dividing net income (after deducting dividends on preferred stock) by the average number of common shares outstanding during the year. We compute diluted earnings per common share by dividing net income (after deducting dividends and related accretion on preferred stock) by the average number of common shares outstanding during the year, plus the effect of common stock equivalents (for example, stock options, restricted share rights, convertible debentures and warrants) that are dilutive. | ||||||||||
Fair Value of Financial Instruments | ||||||||||
We use fair value measurements in our fair value disclosures and to record certain assets and liabilities at fair value on a recurring basis, such as trading assets, or on a nonrecurring basis such as measuring impairment on assets carried at amortized cost. | ||||||||||
DETERMINATION OF FAIR VALUE We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These fair value measurements are based on exit prices and determined by maximizing the use of observable inputs. However, for certain instruments we must utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in measuring fair value. | ||||||||||
In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon our own estimates or combination of our own estimates and third-party vendor or broker pricing, and the measurements are often calculated based on current pricing for products we offer or issue, the economic and competitive environment, the characteristics of the asset or liability and other such factors. As with any valuation technique used to estimate fair value, changes in underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. Accordingly, these fair value estimates may not be realized in an actual sale or immediate settlement of the asset or liability. | ||||||||||
We incorporate lack of liquidity into our fair value measurement based on the type of asset or liability measured and the valuation methodology used. For example, for certain residential MHFS and certain securities where the significant inputs have become unobservable due to illiquid markets and vendor or broker pricing is not used, we use a discounted cash flow technique to measure fair value. This technique incorporates forecasting of expected cash flows (adjusted for credit loss assumptions and estimated prepayment speeds) discounted at an appropriate market discount rate to reflect the lack of liquidity in the market that a market participant would consider. For other securities where vendor or broker pricing is used, we use either unadjusted broker quotes or vendor prices or vendor or broker prices adjusted by weighting them with internal discounted cash flow techniques to measure fair value. These unadjusted vendor or broker prices inherently reflect any lack of liquidity in the market, as the fair value measurement represents an exit price from a market participant viewpoint. | ||||||||||
Where markets are inactive and transactions are not orderly, transaction or quoted prices for assets or liabilities in inactive markets may require adjustment due to the uncertainty of whether the underlying transactions are orderly. For items that use price quotes in inactive markets, we analyze the degree of market inactivity and distressed transactions to determine the appropriate adjustment to the price quotes. | ||||||||||
We continually assess the level and volume of market activity in our investment security classes in determining adjustments, if any, to price quotes. Given market conditions can change over time, our determination of which securities markets are considered active or inactive can change. If we determine a market to be inactive, the degree to which price quotes require adjustment, can also change. See Note 17 (Fair Values of Assets and Liabilities) for discussion of the fair value hierarchy and valuation methodologies applied to financial instruments to determine fair value. | ||||||||||
Derivatives and Hedging Activities | ||||||||||
We recognize all derivatives on the balance sheet at fair value. On the date we enter into a derivative contract, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability, including hedges of foreign currency exposure (“fair value hedge”), (2) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) held for trading, customer accommodation or asset/liability risk management purposes, including economic hedges not qualifying for hedge accounting. For a fair value hedge, we record changes in the fair value of the derivative and, to the extent that it is effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in the same financial statement category as the hedged item. For a cash flow hedge, we record changes in the fair value of the derivative to the extent that it is effective in OCI, with any ineffectiveness recorded in current period earnings. We subsequently reclassify these changes in fair value to net income in the same period(s) that the hedged transaction affects net income in the same financial statement category as the hedged item. For derivatives not designated as a fair value or cash flow hedge, we report changes in the fair values in current period noninterest income. | ||||||||||
For fair value and cash flow hedges qualifying for hedge accounting, we formally document at inception the relationship between hedging instruments and hedged items, our risk management objective, strategy and our evaluation of effectiveness for our hedge transactions. This includes linking all derivatives designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. Periodically, as required, we also formally assess whether the derivative we designated in each hedging relationship is expected to be and has been highly effective in offsetting changes in fair values or cash flows of the hedged item using the regression analysis method. | ||||||||||
We discontinue hedge accounting prospectively when (1) a derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item, (2) a derivative expires or is sold, terminated or exercised, (3) we elect to discontinue the designation of a derivative as a hedge, or (4) in a cash flow hedge, a derivative is de-designated because it is not probable that a forecasted transaction will occur. | ||||||||||
When we discontinue fair value hedge accounting, we no longer adjust the previously hedged asset or liability for changes in fair value, and cumulative adjustments to the hedged item are accounted for in the same manner as other components of the carrying amount of the asset or liability. If the derivative continues to be held after fair value hedge accounting ceases, we carry the derivative on the balance sheet at its fair value with changes in fair value included in earnings. | ||||||||||
When we discontinue cash flow hedge accounting and it is not probable that the forecasted transaction will not occur, the accumulated amount reported in OCI at the de-designation date continues to be reported in OCI until the forecasted transaction affects earnings. If cash flow hedge accounting is discontinued and it is probable the forecasted transaction will not occur, the accumulated amount reported in OCI at the de-designation date is immediately recognized in earnings. If the derivative continues to be held after cash flow hedge accounting ceases, we carry the derivative on the balance sheet at its fair value with future changes in fair value included in earnings. | ||||||||||
We may purchase or originate financial instruments that contain an embedded derivative. At inception of the financial instrument, we assess (1) if the economic characteristics of the embedded derivative are not clearly and closely related to the economic characteristics of the financial instrument (host contract), (2) if the financial instrument that embodies both the embedded derivative and the host contract is not measured at fair value with changes in fair value reported in earnings, and (3) if a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative. If the embedded derivative meets all of these conditions, we separate it from the host contract by recording the bifurcated derivative at fair value and the remaining host contract at the difference between the basis of the hybrid instrument and the fair value of the bifurcated derivative. The bifurcated derivative is carried at fair value with changes recorded in current period earnings. | ||||||||||
By using derivatives, we are exposed to counterparty credit risk, which is the risk that counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, our counterparty credit risk is equal to the amount reported as a derivative asset on our balance sheet. The amounts reported as a derivative asset are derivative contracts in a gain position, and to the extent subject to legally enforceable master netting arrangements, net of derivatives in a loss position with the same counterparty and cash collateral received. We minimize counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent derivatives subject to master netting arrangements meet the applicable requirements, including determining the legal enforceability of the arrangement, it is our policy to present derivatives balances and related cash collateral amounts net on the balance sheet. Counterparty credit risk related to derivatives is considered in determining fair value and our assessment of hedge effectiveness. | ||||||||||
Private Share Repurchases | ||||||||||
During 2014 and 2013, we repurchased approximately 66 million shares and 40 million shares of our common stock, respectively, under private forward repurchase contracts. We enter into these transactions with unrelated third parties to complement our open-market common stock repurchase strategies, to allow us to manage our share repurchases in a manner consistent with our capital plans, currently submitted under the 2014 Comprehensive Capital Analysis and Review (CCAR), and to provide an economic benefit to the Company. | ||||||||||
Our payments to the counterparties for these private share repurchase contracts are recorded in permanent equity in the quarter paid and are not subject to re-measurement. The classification of the up-front payments as permanent equity assures that we have appropriate repurchase timing consistent with our 2014 capital plan, which contemplated a fixed dollar amount available per quarter for share repurchases pursuant to Federal Reserve Board (FRB) supervisory guidance. In return, the counterparty agrees to deliver a variable number of shares based on a per share discount to the volume-weighted average stock price over the contract period. There are no scenarios where the contracts would not either physically settle in shares or allow us to choose the settlement method. | ||||||||||
In fourth quarter 2014, we entered into a private forward repurchase contract and paid $750 million to an unrelated third party. This contract settled in first quarter 2015 for 14.3 million shares of common stock. At December 31, 2013, we had a $500 million private forward repurchase contract outstanding that settled in first quarter 2014 for 11.1 million shares of common stock. Our total number of outstanding shares of common stock is not reduced until settlement of the private share repurchase contract. | ||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION Noncash activities are presented below, including information on transfers affecting MHFS, LHFS, and MSRs. | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Trading assets retained from securitizations of MHFS | $ | 28,604 | 47,198 | 85,108 | ||||||
Capitalization of MSRs from sale of MHFS | 1,302 | 3,616 | 4,988 | |||||||
Transfers from loans to MHFS | 11,021 | 7,610 | 7,584 | |||||||
Transfers from loans to LHFS | 9,849 | 274 | 143 | |||||||
Transfers from loans to foreclosed and other assets (1) | 4,094 | 4,470 | 6,114 | |||||||
Transfers from available-for-sale to held-to-maturity securities | 1,810 | 6,042 | — | |||||||
-1 | Includes $2.5 billion, $2.7 billion and $3.5 billion in transfers of government insured/guaranteed loans for the years ended December 31, 2014, 2013 and 2012, respectively. During fourth quarter 2014, we adopted Accounting Standards Update (ASU) 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure, effective as of January 1, 2014, resulting in the transfer of these loans to accounts receivables for the year ended December 31, 2014. | |||||||||
SUBSEQUENT EVENTS We have evaluated the effects of events that have occurred subsequent to December 31, 2014, and there have been no material events that would require recognition in our 2014 consolidated financial statements or disclosure in the Notes to the consolidated financial statements. |
Business_Combinations
Business Combinations | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Business Combinations [Abstract] | ||||||
Business Combinations | ||||||
Note 2: Business Combinations | ||||||
We regularly explore opportunities to acquire financial services companies and businesses. Generally, we do not make a public announcement about an acquisition opportunity until a definitive agreement has been signed. For information on additional contingent consideration related to acquisitions, which is considered to be a guarantee, see Note 14 (Guarantees, Pledged Assets and Collateral). | ||||||
During 2014, we completed an acquisition of a railcar and locomotive leasing business with combined total assets of $422 million. We had no pending business combinations as of December 31, 2014. Additionally, no business combinations were completed in 2013. Business combinations completed in 2014 and 2012 are presented below. | ||||||
(in millions) | Date | Assets | ||||
2014 | ||||||
Helm Financial Corporation | April 15 | $ | 422 | |||
2012 | ||||||
EverKey Global Partners Limited / EverKey Global Management LLC / | ||||||
EverKey Global Partners (GP), LLC / EverKey Global Focus (GP), LLC – Bahamas/New York, New York | January 1 | $ | 7 | |||
Burdale Financial Holdings Limited / Certain Assets of Burdale Capital Finance, Inc. – England/Stamford, Connecticut | February 1 | 874 | ||||
Energy Lending Business of BNP Paribas, SA – Houston, Texas | April 20 | 3,639 | ||||
Merlin Securities, LLC / Merlin Canada LTD. / Certain Assets & Liabilities | ||||||
of Merlin Group Holdings, LLC – San Francisco, California/Toronto, Ontario | August 1 | 281 | ||||
$ | 4,801 | |||||
Cash_Loan_and_Dividend_Restric
Cash, Loan and Dividend Restrictions | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Cash, Loan and Dividend Restrictions | |
Note 3: Cash, Loan and Dividend Restrictions | |
Federal Reserve Board (FRB) regulations require that each of our subsidiary banks maintain reserve balances on deposit with the Federal Reserve Banks. The total daily average required reserve balance for all our subsidiary banks was $12.9 billion in 2014 and $11.8 billion in 2013. | |
Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. They may not exceed 10% of the bank's capital and surplus (which for this purpose represents Tier 1 and Tier 2 capital, as calculated under the risk-based capital (RBC) guidelines, plus the balance of the allowance for credit losses excluded from Tier 2 capital) with any single nonbank affiliate and 20% of the bank's capital and surplus with all its nonbank affiliates. Transactions that are extensions of credit may require collateral to be held to provide added security to the bank. For further discussion of RBC, see Note 26 (Regulatory and Agency Capital Requirements) in this Report. | |
Dividends paid by our subsidiary banks are subject to various federal and state regulatory limitations. Dividends that may be paid by a national bank without the express approval of the Office of the Comptroller of the Currency (OCC) are limited to that bank's retained net profits for the preceding two calendar years plus retained net profits up to the date of any dividend declaration in the current calendar year. Retained net profits, as defined by the OCC, consist of net income less dividends declared during the period. | |
We also have a state-chartered subsidiary bank that is subject to state regulations that limit dividends. Under these provisions and regulatory limitations, our national and state-chartered subsidiary banks could have declared additional dividends of $15.6 billion at December 31, 2014,without obtaining prior regulatory approval. We have elected to retain capital at our national and state-chartered subsidiary banks to meet internal capital policy minimums and regulatory requirements associated with the implementation of Basel III. Our nonbank subsidiaries are also limited by certain federal and state statutory provisions and regulations covering the amount of dividends that may be paid in any given year. Based on retained earnings at December 31, 2014, our nonbank subsidiaries could have declared additional dividends of $8.6 billion at December 31, 2014, without obtaining prior approval. | |
The FRB published clarifying supervisory guidance in first quarter 2009, SR 09-4 Applying Supervisory Guidance and Regulations on the Payment of Dividends, Stock Redemptions, and Stock Repurchases at Bank Holding Companies, pertaining to FRB's criteria, assessment and approval process for reductions in capital. The FRB supplemented this guidance with the Capital Plan Rule issued in fourth quarter 2011 (codified at 12 CFR 225.8 of Regulation Y) that establishes capital planning and prior notice and approval requirements for capital distributions including dividends by certain bank holding companies. The effect of this guidance is to require the approval of the FRB (or specifically under the Capital Plan Rule, a notice of non-objection) for the Company to repurchase or redeem common or perpetual preferred stock as well as to raise the per share quarterly dividend from its current level of $0.35 per share as declared by the Company’s Board of Directors on January 27, 2015, payable on March 1, 2015. |
Federal_Funds_Sold_Securities_
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments [Abstract] | |||||||
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments | |||||||
Note 4: Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments | |||||||
The following table provides the detail of federal funds sold, securities purchased under short-term resale agreements (generally less than one year) and other short-term investments. The majority of interest-earning deposits at December 31, 2014 and 2013, were held at the Federal Reserve. | |||||||
Dec. 31, | Dec. 31, | ||||||
(in millions) | 2014 | 2013 | |||||
Federal funds sold and securities purchased under resale agreements | $ | 36,856 | 25,801 | ||||
Interest-earning deposits | 219,220 | 186,249 | |||||
Other short-term investments | 2,353 | 1,743 | |||||
Total | $ | 258,429 | 213,793 | ||||
As part of maintaining our memberships in certain clearing organizations, we are required to stand ready to provide liquidity meant to sustain market clearing activity in the event unforeseen events occur or are deemed likely to occur. This includes commitments we have entered into to purchase securities under resale agreements from a central clearing organization that, at its option, require us to provide funding under such agreements. We do not have any outstanding amounts funded, and the amount of our unfunded contractual commitment was $2.6 billion and $3.1 billion as of December 31, 2014 and 2013, respectively. | |||||||
We have classified securities purchased under long-term resale agreements (generally one year or more), which totaled $14.9 billion and $10.1 billion at December 31, 2014 and 2013, respectively, in loans. For additional information on the collateral we receive from other entities under resale agreements and securities borrowings, see the “Offsetting of Resale and Repurchase Agreements and Securities Borrowing and Lending Agreements” section of Note 14 (Guarantees, Pledged Assets and Collateral). |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||||||||||||
Note 5: Investment Securities | |||||||||||||||||||||||||||||||||||
The following table provides the amortized cost and fair value by major categories of available-for-sale securities, which are carried at fair value, and held-to-maturity debt securities, which are carried at amortized cost. The net unrealized gains (losses) for available-for-sale securities are reported on an after-tax basis as a component of cumulative OCI. | |||||||||||||||||||||||||||||||||||
(in millions) | Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 25,898 | 44 | (138 | ) | 25,804 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 43,939 | 1,504 | (499 | ) | 44,944 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 107,850 | 2,990 | (751 | ) | 110,089 | ||||||||||||||||||||||||||||||
Residential | 8,213 | 1,080 | (24 | ) | 9,269 | ||||||||||||||||||||||||||||||
Commercial | 16,248 | 803 | (57 | ) | 16,994 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 132,311 | 4,873 | (832 | ) | 136,352 | ||||||||||||||||||||||||||||||
Corporate debt securities | 14,211 | 745 | (170 | ) | 14,786 | ||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations (1) | 25,137 | 408 | (184 | ) | 25,361 | ||||||||||||||||||||||||||||||
Other (2) | 6,251 | 295 | (27 | ) | 6,519 | ||||||||||||||||||||||||||||||
Total debt securities | 247,747 | 7,869 | (1,850 | ) | 253,766 | ||||||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | 1,622 | 148 | (70 | ) | 1,700 | ||||||||||||||||||||||||||||||
Other marketable equity securities | 284 | 1,694 | (2 | ) | 1,976 | ||||||||||||||||||||||||||||||
Total marketable equity securities | 1,906 | 1,842 | (72 | ) | 3,676 | ||||||||||||||||||||||||||||||
Total available-for-sale securities | 249,653 | 9,711 | (1,922 | ) | 257,442 | ||||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 40,886 | 670 | (8 | ) | 41,548 | ||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 1,962 | 27 | — | 1,989 | |||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 5,476 | 165 | — | 5,641 | |||||||||||||||||||||||||||||||
Collateralized loans and other debt obligations (1) | 1,404 | — | (13 | ) | 1,391 | ||||||||||||||||||||||||||||||
Other (2) | 5,755 | 35 | — | 5,790 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | 55,483 | 897 | (21 | ) | 56,359 | ||||||||||||||||||||||||||||||
Total (3) | $ | 305,136 | 10,608 | (1,943 | ) | 313,801 | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 6,592 | 17 | (329 | ) | 6,280 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 42,171 | 1,092 | (727 | ) | 42,536 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 119,303 | 1,902 | (3,614 | ) | 117,591 | ||||||||||||||||||||||||||||||
Residential | 11,060 | 1,433 | (40 | ) | 12,453 | ||||||||||||||||||||||||||||||
Commercial | 17,689 | 1,173 | (115 | ) | 18,747 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 148,052 | 4,508 | (3,769 | ) | 148,791 | ||||||||||||||||||||||||||||||
Corporate debt securities | 20,391 | 976 | (140 | ) | 21,227 | ||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations (1) | 19,610 | 642 | (93 | ) | 20,159 | ||||||||||||||||||||||||||||||
Other (2) | 9,232 | 426 | (29 | ) | 9,629 | ||||||||||||||||||||||||||||||
Total debt securities | 246,048 | 7,661 | (5,087 | ) | 248,622 | ||||||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | 1,703 | 222 | (60 | ) | 1,865 | ||||||||||||||||||||||||||||||
Other marketable equity securities | 336 | 1,188 | (4 | ) | 1,520 | ||||||||||||||||||||||||||||||
Total marketable equity securities | 2,039 | 1,410 | (64 | ) | 3,385 | ||||||||||||||||||||||||||||||
Total available-for-sale-securities | 248,087 | 9,071 | (5,151 | ) | 252,007 | ||||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 6,304 | — | (99 | ) | 6,205 | ||||||||||||||||||||||||||||||
Other (2) | 6,042 | — | — | 6,042 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | 12,346 | — | (99 | ) | 12,247 | ||||||||||||||||||||||||||||||
Total (3) | $ | 260,433 | 9,071 | (5,250 | ) | 264,254 | |||||||||||||||||||||||||||||
-1 | The available-for-sale portfolio includes collateralized debt obligations (CDOs) with a cost basis and fair value of $364 million and $500 million, respectively, at December 31, 2014, and $509 million and $693 million, respectively at December 31, 2013. The held-to-maturity portfolio only includes collateralized loan obligations. | ||||||||||||||||||||||||||||||||||
-2 | The “Other” category of available-for-sale securities predominantly includes asset-backed securities collateralized by credit cards, student loans, home equity loans and auto leases or loans and cash. Included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by auto leases or loans and cash with a cost basis and fair value of $3.8 billion each at December 31, 2014, and $4.3 billion each at December 31, 2013. Also included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by dealer floorplan loans with a cost basis of $1.9 billion and fair value of $2.0 billion at December 31, 2014, and $1.7 billion each at December 31, 2013. | ||||||||||||||||||||||||||||||||||
-3 | At December 31, 2014 and 2013, we held no securities of any single issuer (excluding the U.S. Treasury and federal agencies) with a book value that exceeded 10% of stockholders’ equity. | ||||||||||||||||||||||||||||||||||
Gross Unrealized Losses and Fair Value | |||||||||||||||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of securities in the investment securities portfolio by length of time that individual securities in each category had been in a continuous loss position. Debt securities on which we have taken credit-related OTTI write-downs are categorized as being "less than 12 months" or "12 months or more" in a continuous loss position based on the point in time that the fair value declined to below the cost basis and not the period of time since the credit-related OTTI write-down. | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in millions) | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (16 | ) | 7,138 | (122 | ) | 5,719 | (138 | ) | 12,857 | |||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (198 | ) | 10,228 | (301 | ) | 3,725 | (499 | ) | 13,953 | ||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (16 | ) | 1,706 | (735 | ) | 37,854 | (751 | ) | 39,560 | ||||||||||||||||||||||||||
Residential | (18 | ) | 946 | (6 | ) | 144 | (24 | ) | 1,090 | ||||||||||||||||||||||||||
Commercial | (9 | ) | 2,202 | (48 | ) | 1,532 | (57 | ) | 3,734 | ||||||||||||||||||||||||||
Total mortgage-backed securities | (43 | ) | 4,854 | (789 | ) | 39,530 | (832 | ) | 44,384 | ||||||||||||||||||||||||||
Corporate debt securities | (102 | ) | 1,674 | (68 | ) | 1,265 | (170 | ) | 2,939 | ||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (99 | ) | 12,755 | (85 | ) | 3,958 | (184 | ) | 16,713 | ||||||||||||||||||||||||||
Other | (23 | ) | 708 | (4 | ) | 277 | (27 | ) | 985 | ||||||||||||||||||||||||||
Total debt securities | (481 | ) | 37,357 | (1,369 | ) | 54,474 | (1,850 | ) | 91,831 | ||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | (2 | ) | 92 | (68 | ) | 633 | (70 | ) | 725 | ||||||||||||||||||||||||||
Other marketable equity securities | (2 | ) | 41 | — | — | (2 | ) | 41 | |||||||||||||||||||||||||||
Total marketable equity securities | (4 | ) | 133 | (68 | ) | 633 | (72 | ) | 766 | ||||||||||||||||||||||||||
Total available-for-sale securities | (485 | ) | 37,490 | (1,437 | ) | 55,107 | (1,922 | ) | 92,597 | ||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (8 | ) | 1,889 | — | — | (8 | ) | 1,889 | |||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (13 | ) | 1,391 | — | — | (13 | ) | 1,391 | |||||||||||||||||||||||||||
Total held-to-maturity securities | (21 | ) | 3,280 | — | — | (21 | ) | 3,280 | |||||||||||||||||||||||||||
Total | $ | (506 | ) | 40,770 | (1,437 | ) | 55,107 | (1,943 | ) | 95,877 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (329 | ) | 5,786 | — | — | (329 | ) | 5,786 | ||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (399 | ) | 9,238 | (328 | ) | 4,120 | (727 | ) | 13,358 | ||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (3,562 | ) | 67,045 | (52 | ) | 1,132 | (3,614 | ) | 68,177 | ||||||||||||||||||||||||||
Residential | (18 | ) | 1,242 | (22 | ) | 232 | (40 | ) | 1,474 | ||||||||||||||||||||||||||
Commercial | (15 | ) | 2,128 | (100 | ) | 2,027 | (115 | ) | 4,155 | ||||||||||||||||||||||||||
Total mortgage-backed securities | (3,595 | ) | 70,415 | (174 | ) | 3,391 | (3,769 | ) | 73,806 | ||||||||||||||||||||||||||
Corporate debt securities | (85 | ) | 2,542 | (55 | ) | 428 | (140 | ) | 2,970 | ||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (55 | ) | 7,202 | (38 | ) | 343 | (93 | ) | 7,545 | ||||||||||||||||||||||||||
Other | (11 | ) | 1,690 | (18 | ) | 365 | (29 | ) | 2,055 | ||||||||||||||||||||||||||
Total debt securities | (4,474 | ) | 96,873 | (613 | ) | 8,647 | (5,087 | ) | 105,520 | ||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | (28 | ) | 424 | (32 | ) | 308 | (60 | ) | 732 | ||||||||||||||||||||||||||
Other marketable equity securities | (4 | ) | 34 | — | — | (4 | ) | 34 | |||||||||||||||||||||||||||
Total marketable equity securities | (32 | ) | 458 | (32 | ) | 308 | (64 | ) | 766 | ||||||||||||||||||||||||||
Total available-for-sale securities | (4,506 | ) | 97,331 | (645 | ) | 8,955 | (5,151 | ) | 106,286 | ||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | (99 | ) | 6,153 | — | — | (99 | ) | 6,153 | |||||||||||||||||||||||||||
Total held-to-maturity securities | (99 | ) | 6,153 | — | — | (99 | ) | 6,153 | |||||||||||||||||||||||||||
Total | $ | (4,605 | ) | 103,484 | (645 | ) | 8,955 | (5,250 | ) | 112,439 | |||||||||||||||||||||||||
We have assessed each security with gross unrealized losses included in the previous table for credit impairment. As part of that assessment we evaluated and concluded that we do not intend to sell any of the securities and that it is more likely than not that we will not be required to sell prior to recovery of the amortized cost basis. For debt securities, we evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the securities’ amortized cost basis. For equity securities, we consider numerous factors in determining whether impairment exists, including our intent and ability to hold the securities for a period of time sufficient to recover the cost basis of the securities. | |||||||||||||||||||||||||||||||||||
For complete descriptions of the factors we consider when analyzing securities for impairment, see Note 1 (Summary of Significant Accounting Policies) and below. | |||||||||||||||||||||||||||||||||||
SECURITIES OF U.S. TREASURY AND FEDERAL AGENCIES AND FEDERAL AGENCY MORTGAGE-BACKED SECURITIES (MBS) The unrealized losses associated with U.S. Treasury and federal agency securities and federal agency MBS are primarily driven by changes in interest rates and not due to credit losses given the explicit or implicit guarantees provided by the U.S. government. | |||||||||||||||||||||||||||||||||||
SECURITIES OF U.S. STATES AND POLITICAL SUBDIVISIONS The unrealized losses associated with securities of U.S. states and political subdivisions are primarily driven by changes in the relationship between municipal and term funding credit curves rather than by changes to the credit quality of the underlying securities. Substantially all of these investments are investment grade. The securities were generally underwritten in accordance with our own investment standards prior to the decision to purchase. Some of these securities are guaranteed by a bond insurer, but we did not rely on this guarantee when making our investment decision. These investments will continue to be monitored as part of our ongoing impairment analysis but are expected to perform, even if the rating agencies reduce the credit rating of the bond insurers. As a result, we expect to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||||||||||||
RESIDENTIAL AND COMMERCIAL MBS The unrealized losses associated with private residential MBS and commercial MBS are primarily driven by changes in projected collateral losses, credit spreads and interest rates. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities and/or prepayment rates. We estimate losses to a security by forecasting the underlying mortgage loans in each transaction. We use forecasted loan performance to project cash flows to the various tranches in the structure. We also consider cash flow forecasts and, as applicable, independent industry analyst reports and forecasts, sector credit ratings, and other independent market data. Based upon our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||||||||||||
CORPORATE DEBT SECURITIES The unrealized losses associated with corporate debt securities are primarily related to unsecured debt obligations issued by various corporations. We evaluate the financial performance of each issuer on a quarterly basis to determine if the issuer can make all contractual principal and interest payments. Based upon this assessment, we expect to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||||||||||||
COLLATERALIZED LOAN AND OTHER DEBT OBLIGATIONS The unrealized losses associated with collateralized loan and other debt obligations relate to securities primarily backed by commercial, residential or other consumer collateral. The unrealized losses are primarily driven by changes in projected collateral losses, credit spreads and interest rates. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities and prepayment rates. We also consider cash flow forecasts and, as applicable, independent industry analyst reports and forecasts, sector credit ratings, and other independent market data. Based upon our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||||||||||||
OTHER DEBT SECURITIES The unrealized losses associated with other debt securities predominantly relate to other asset-backed securities. The losses are primarily driven by changes in projected collateral losses, credit spreads and interest rates. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities and prepayment rates. Based upon our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost basis of these securities. | |||||||||||||||||||||||||||||||||||
MARKETABLE EQUITY SECURITIES Our marketable equity securities include investments in perpetual preferred securities, which provide attractive tax-equivalent yields. We evaluate these hybrid financial instruments with investment-grade ratings for impairment using an evaluation methodology similar to that used for debt securities. Perpetual preferred securities are not considered to be other-than-temporarily impaired if there is no evidence of credit deterioration or investment rating downgrades of any issuers to below investment grade, and we expect to continue to receive full contractual payments. We will continue to evaluate the prospects for these securities for recovery in their market value in accordance with our policy for estimating OTTI. We have recorded impairment write-downs on perpetual preferred securities where there was evidence of credit deterioration. | |||||||||||||||||||||||||||||||||||
OTHER INVESTMENT SECURITIES MATTERS The fair values of our investment securities could decline in the future if the underlying performance of the collateral for the residential and commercial MBS or other securities deteriorate, and our credit enhancement levels do not provide sufficient protection to our contractual principal and interest. As a result, there is a risk that significant OTTI may occur in the future. | |||||||||||||||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of debt and perpetual preferred investment securities by those rated investment grade and those rated less than investment grade according to their lowest credit rating by Standard & Poor’s Rating Services (S&P) or Moody’s Investors Service (Moody’s). Credit ratings express opinions about the credit quality of a security. Securities rated investment grade, that is those rated BBB- or higher by S&P or Baa3 or higher by Moody’s, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, securities rated below investment grade, labeled as "speculative grade" by the rating agencies, are considered to be distinctively higher credit risk than investment grade securities. We have also included securities not rated by S&P or Moody’s in the table below based on our internal credit grade of the securities (used for credit risk management purposes) equivalent to the credit rating assigned by major credit agencies. The unrealized losses and fair value of unrated securities categorized as investment grade based on internal credit grades were $25 million and $1.6 billion, respectively, at December 31, 2014, and $18 million and $1.9 billion, respectively, at December 31, 2013. If an internal credit grade was not assigned, we categorized the security as non-investment grade. | |||||||||||||||||||||||||||||||||||
Investment grade | Non-investment grade | ||||||||||||||||||||||||||||||||||
(in millions) | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (138 | ) | 12,857 | — | — | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (459 | ) | 13,600 | (40 | ) | 353 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (751 | ) | 39,560 | — | — | ||||||||||||||||||||||||||||||
Residential | — | 139 | (24 | ) | 951 | ||||||||||||||||||||||||||||||
Commercial | (24 | ) | 3,366 | (33 | ) | 368 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | (775 | ) | 43,065 | (57 | ) | 1,319 | |||||||||||||||||||||||||||||
Corporate debt securities | (39 | ) | 1,807 | (131 | ) | 1,132 | |||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (172 | ) | 16,609 | (12 | ) | 104 | |||||||||||||||||||||||||||||
Other | (23 | ) | 782 | (4 | ) | 203 | |||||||||||||||||||||||||||||
Total debt securities | (1,606 | ) | 88,720 | (244 | ) | 3,111 | |||||||||||||||||||||||||||||
Perpetual preferred securities | (70 | ) | 725 | — | — | ||||||||||||||||||||||||||||||
Total available-for-sale securities | (1,676 | ) | 89,445 | (244 | ) | 3,111 | |||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (8 | ) | 1,889 | — | — | ||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (13 | ) | 1,391 | — | — | ||||||||||||||||||||||||||||||
Total held-to-maturity securities | (21 | ) | 3,280 | — | — | ||||||||||||||||||||||||||||||
Total | $ | (1,697 | ) | 92,725 | (244 | ) | 3,111 | ||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (329 | ) | 5,786 | — | — | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (671 | ) | 12,915 | (56 | ) | 443 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (3,614 | ) | 68,177 | — | — | ||||||||||||||||||||||||||||||
Residential | (2 | ) | 177 | (38 | ) | 1,297 | |||||||||||||||||||||||||||||
Commercial | (46 | ) | 3,364 | (69 | ) | 791 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | (3,662 | ) | 71,718 | (107 | ) | 2,088 | |||||||||||||||||||||||||||||
Corporate debt securities | (96 | ) | 2,343 | (44 | ) | 627 | |||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (72 | ) | 7,376 | (21 | ) | 169 | |||||||||||||||||||||||||||||
Other | (19 | ) | 1,874 | (10 | ) | 181 | |||||||||||||||||||||||||||||
Total debt securities | (4,849 | ) | 102,012 | (238 | ) | 3,508 | |||||||||||||||||||||||||||||
Perpetual preferred securities | (60 | ) | 732 | — | — | ||||||||||||||||||||||||||||||
Total available-for-sale securities | (4,909 | ) | 102,744 | (238 | ) | 3,508 | |||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | (99 | ) | 6,153 | — | — | ||||||||||||||||||||||||||||||
Total held-to-maturity securities | (99 | ) | 6,153 | — | — | ||||||||||||||||||||||||||||||
Total | $ | (5,008 | ) | 108,897 | (238 | ) | 3,508 | ||||||||||||||||||||||||||||
Contractual Maturities | |||||||||||||||||||||||||||||||||||
The following table shows the remaining contractual maturities and contractual weighted-average yields (taxable-equivalent basis) of available-for-sale debt securities. The remaining contractual principal maturities for MBS do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. | |||||||||||||||||||||||||||||||||||
Remaining contractual maturity | |||||||||||||||||||||||||||||||||||
After one year | After five years | ||||||||||||||||||||||||||||||||||
Total | Within one year | through five years | through ten years | After ten years | |||||||||||||||||||||||||||||||
(in millions) | amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities (1): | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 25,804 | 1.49 | % | $ | 181 | 1.47 | % | $ | 22,348 | 1.44 | % | $ | 3,275 | 1.83 | % | $ | — | — | % | |||||||||||||||
Securities of U.S. states and political subdivisions | 44,944 | 5.66 | 3,568 | 1.71 | 7,050 | 2.19 | 3,235 | 5.13 | 31,091 | 6.96 | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 110,089 | 3.27 | — | — | 276 | 2.86 | 1,011 | 3.38 | 108,802 | 3.27 | |||||||||||||||||||||||||
Residential | 9,269 | 4.5 | — | — | 9 | 4.81 | 83 | 5.63 | 9,177 | 4.49 | |||||||||||||||||||||||||
Commercial | 16,994 | 5.16 | 1 | 0.28 | 62 | 2.71 | 5 | 1.3 | 16,926 | 5.17 | |||||||||||||||||||||||||
Total mortgage-backed securities | 136,352 | 3.59 | 1 | 0.28 | 347 | 2.88 | 1,099 | 3.54 | 134,905 | 3.59 | |||||||||||||||||||||||||
Corporate debt securities | 14,786 | 4.9 | 600 | 4.32 | 7,634 | 4.54 | 5,209 | 5.3 | 1,343 | 5.7 | |||||||||||||||||||||||||
Collateralized loan and other debt obligations | 25,361 | 1.83 | 23 | 1.95 | 944 | 0.71 | 8,472 | 1.67 | 15,922 | 1.99 | |||||||||||||||||||||||||
Other | 6,519 | 1.79 | 274 | 1.55 | 1,452 | 2.56 | 1,020 | 1.32 | 3,773 | 1.64 | |||||||||||||||||||||||||
Total available-for-sale debt securities at fair value | $ | 253,766 | 3.6 | % | $ | 4,647 | 2.03 | % | $ | 39,775 | 2.2 | % | $ | 22,310 | 3.12 | % | $ | 187,034 | 3.99 | % | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities (1): | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 6,280 | 1.66 | % | $ | 86 | 0.54 | % | $ | 701 | 1.45 | % | $ | 5,493 | 1.71 | % | $ | — | — | % | |||||||||||||||
Securities of U.S. states and political subdivisions | 42,536 | 5.3 | 4,915 | 1.84 | 7,901 | 2.19 | 3,151 | 5.19 | 26,569 | 6.89 | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 117,591 | 3.33 | 1 | 7.14 | 398 | 2.71 | 956 | 3.46 | 116,236 | 3.33 | |||||||||||||||||||||||||
Residential | 12,453 | 4.31 | — | — | — | — | 113 | 5.43 | 12,340 | 4.3 | |||||||||||||||||||||||||
Commercial | 18,747 | 5.24 | — | — | 52 | 3.33 | 59 | 0.96 | 18,636 | 5.26 | |||||||||||||||||||||||||
Total mortgage-backed securities | 148,791 | 3.65 | 1 | 7.14 | 450 | 2.78 | 1,128 | 3.52 | 147,212 | 3.66 | |||||||||||||||||||||||||
Corporate debt securities | 21,227 | 4.18 | 6,136 | 2.06 | 7,255 | 4.22 | 6,528 | 5.8 | 1,308 | 5.77 | |||||||||||||||||||||||||
Collateralized loan and other debt obligations | 20,159 | 1.59 | 40 | 0.25 | 1,100 | 0.63 | 7,750 | 1.29 | 11,269 | 1.89 | |||||||||||||||||||||||||
Other | 9,629 | 1.8 | 906 | 2.53 | 2,977 | 1.74 | 1,243 | 1.64 | 4,503 | 1.73 | |||||||||||||||||||||||||
Total available-for-sale debt securities at fair value | $ | 248,622 | 3.69 | % | $ | 12,084 | 1.99 | % | $ | 20,384 | 2.75 | % | $ | 25,293 | 3.14 | % | $ | 190,861 | 3.97 | % | |||||||||||||||
-1 | Weighted-average yields displayed by maturity bucket are weighted based on fair value and predominantly represent contractual coupon rates without effect for any related hedging derivatives. | ||||||||||||||||||||||||||||||||||
The following table shows the amortized cost and weighted-average yields of held-to-maturity debt securities by contractual maturity. | |||||||||||||||||||||||||||||||||||
Remaining contractual maturity | |||||||||||||||||||||||||||||||||||
After one year | After five years | ||||||||||||||||||||||||||||||||||
Total | Within one year | through five years | through ten years | After ten years | |||||||||||||||||||||||||||||||
(in millions) | amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Held-to-maturity securities (1): | |||||||||||||||||||||||||||||||||||
Amortized cost: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 40,886 | 2.12 | % | $ | — | — | % | $ | — | — | % | $ | 40,886 | 2.12 | % | $ | — | — | % | |||||||||||||||
Securities of U.S. states and political subdivisions | 1,962 | 5.6 | — | — | — | — | 9 | 6.6 | 1,953 | 5.59 | |||||||||||||||||||||||||
Federal agency mortgage-backed securities | 5,476 | 3.89 | — | — | — | — | — | — | 5,476 | 3.89 | |||||||||||||||||||||||||
Collateralized loan and other debt obligations | 1,404 | 1.96 | — | — | — | — | — | — | 1,404 | 1.96 | |||||||||||||||||||||||||
Other | 5,755 | 1.64 | 192 | 1.61 | 4,214 | 1.72 | 1,349 | 1.41 | — | — | |||||||||||||||||||||||||
Total held-to-maturity debt securities at amortized cost | $ | 55,483 | 2.37 | % | $ | 192 | 1.61 | % | $ | 4,214 | 1.72 | % | $ | 42,244 | 2.1 | % | $ | 8,833 | 3.96 | % | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Held-to-maturity securities (1): | |||||||||||||||||||||||||||||||||||
Amortized cost: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | $ | 6,304 | 3.9 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 6,304 | 3.9 | % | |||||||||||||||
Other | 6,042 | 1.89 | 195 | 1.72 | 4,468 | 1.87 | 1,379 | 1.98 | — | — | |||||||||||||||||||||||||
Total held-to-maturity debt securities at amortized cost | $ | 12,346 | 2.92 | % | $ | 195 | 1.72 | % | $ | 4,468 | 1.87 | % | $ | 1,379 | 1.98 | % | $ | 6,304 | 3.9 | % | |||||||||||||||
-1 | Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and predominantly represent contractual coupon rates. | ||||||||||||||||||||||||||||||||||
The following table shows the fair value of held-to-maturity debt securities by contractual maturity. | |||||||||||||||||||||||||||||||||||
Remaining contractual maturity | |||||||||||||||||||||||||||||||||||
After one year | After five years | ||||||||||||||||||||||||||||||||||
Total | Within one year | through five years | through ten years | After ten years | |||||||||||||||||||||||||||||||
(in millions) | amount | Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Fair value: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 41,548 | $ | — | $ | — | $ | 41,548 | $ | — | |||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 1,989 | — | — | 9 | 1,980 | ||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 5,641 | — | — | — | 5,641 | ||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | 1,391 | — | — | — | 1,391 | ||||||||||||||||||||||||||||||
Other | 5,790 | 193 | 4,239 | 1,358 | — | ||||||||||||||||||||||||||||||
Total held-to-maturity debt securities at fair value | $ | 56,359 | $ | 193 | $ | 4,239 | $ | 42,915 | $ | 9,012 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Fair Value: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | $ | 6,205 | $ | — | $ | — | $ | — | $ | 6,205 | |||||||||||||||||||||||||
Other | 6,042 | 195 | 4,468 | 1,379 | — | ||||||||||||||||||||||||||||||
Total held-to-maturity debt securities at fair value | $ | 12,247 | $ | 195 | $ | 4,468 | $ | 1,379 | $ | 6,205 | |||||||||||||||||||||||||
Realized Gains and Losses | |||||||||||||||||||||||||||||||||||
The following table shows the gross realized gains and losses on sales and OTTI write-downs related to the available-for-sale securities portfolio, which includes marketable equity securities, as well as net realized gains and losses on nonmarketable equity investments (see Note 7 (Premises, Equipment, Lease Commitments and Other Assets)). | |||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Gross realized gains | $ | 1,560 | 492 | 600 | |||||||||||||||||||||||||||||||
Gross realized losses | (14 | ) | (24 | ) | (73 | ) | |||||||||||||||||||||||||||||
OTTI write-downs | (52 | ) | (183 | ) | (256 | ) | |||||||||||||||||||||||||||||
Net realized gains from available-for-sale securities | 1,494 | 285 | 271 | ||||||||||||||||||||||||||||||||
Net realized gains from nonmarketable equity investments | 1,479 | 1,158 | 1,086 | ||||||||||||||||||||||||||||||||
Net realized gains from debt securities and equity investments | $ | 2,973 | 1,443 | 1,357 | |||||||||||||||||||||||||||||||
Other-Than-Temporary Impairment | |||||||||||||||||||||||||||||||||||
The following table shows the detail of total OTTI write-downs included in earnings for available-for-sale debt securities, marketable equity securities and nonmarketable equity investments. There were no OTTI write-downs on held-to-maturity securities during the years ended December 31, 2014 and 2013. There were no held-to-maturity securities in our investment securities portfolio for the year ended December 31, 2012. | |||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
OTTI write-downs included in earnings | |||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 11 | 2 | 16 | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | — | 1 | — | ||||||||||||||||||||||||||||||||
Residential | 26 | 72 | 84 | ||||||||||||||||||||||||||||||||
Commercial | 9 | 53 | 86 | ||||||||||||||||||||||||||||||||
Corporate debt securities | 1 | 4 | 11 | ||||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | 2 | — | 1 | ||||||||||||||||||||||||||||||||
Other debt securities | — | 26 | 42 | ||||||||||||||||||||||||||||||||
Total debt securities | 49 | 158 | 240 | ||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | — | — | 12 | ||||||||||||||||||||||||||||||||
Other marketable equity securities | 3 | 25 | 4 | ||||||||||||||||||||||||||||||||
Total marketable equity securities | 3 | 25 | 16 | ||||||||||||||||||||||||||||||||
Total investment securities | 52 | 183 | 256 | ||||||||||||||||||||||||||||||||
Nonmarketable equity investments | 270 | 161 | 160 | ||||||||||||||||||||||||||||||||
Total OTTI write-downs included in earnings | $ | 322 | 344 | 416 | |||||||||||||||||||||||||||||||
Other-Than-Temporarily Impaired Debt Securities | |||||||||||||||||||||||||||||||||||
The following table shows the detail of OTTI write-downs on available-for-sale debt securities included in earnings and the related changes in OCI for the same securities. | |||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
OTTI on debt securities | |||||||||||||||||||||||||||||||||||
Recorded as part of gross realized losses: | |||||||||||||||||||||||||||||||||||
Credit-related OTTI | $ | 40 | 107 | 237 | |||||||||||||||||||||||||||||||
Intent-to-sell OTTI | 9 | 51 | 3 | ||||||||||||||||||||||||||||||||
Total recorded as part of gross realized losses | 49 | 158 | 240 | ||||||||||||||||||||||||||||||||
Changes to OCI for losses (reversal of losses) in non-credit-related OTTI (1): | |||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | (2 | ) | 1 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | (10 | ) | (27 | ) | (178 | ) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | (21 | ) | (90 | ) | (88 | ) | |||||||||||||||||||||||||||||
Corporate debt securities | — | — | 1 | ||||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | — | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||
Other debt securities | — | 1 | 28 | ||||||||||||||||||||||||||||||||
Total changes to OCI for non-credit-related OTTI | (31 | ) | (119 | ) | (237 | ) | |||||||||||||||||||||||||||||
Total OTTI losses recorded on debt securities | $ | 18 | 39 | 3 | |||||||||||||||||||||||||||||||
-1 | Represents amounts recorded to OCI for impairment, due to factors other than credit, on debt securities that have also had credit-related OTTI write-downs during the period. Increases represent initial or subsequent non-credit-related OTTI on debt securities. Decreases represent partial to full reversal of impairment due to recoveries in the fair value of securities due to non-credit factors. | ||||||||||||||||||||||||||||||||||
The following table presents a rollforward of the OTTI credit loss that has been recognized in earnings as a write-down of available-for-sale debt securities we still own (referred to as "credit-impaired" debt securities) and do not intend to sell. Recognized credit loss represents the difference between the present value of expected future cash flows discounted using the security’s current effective interest rate and the amortized cost basis of the security prior to considering credit loss. | |||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Credit loss recognized, beginning of year | $ | 1,171 | 1,289 | 1,272 | |||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||
For securities with initial credit impairments | 5 | 21 | 55 | ||||||||||||||||||||||||||||||||
For securities with previous credit impairments | 35 | 86 | 182 | ||||||||||||||||||||||||||||||||
Total additions | 40 | 107 | 237 | ||||||||||||||||||||||||||||||||
Reductions: | |||||||||||||||||||||||||||||||||||
For securities sold, matured, or intended/required to be sold | (169 | ) | (194 | ) | (194 | ) | |||||||||||||||||||||||||||||
For recoveries of previous credit impairments (1) | (17 | ) | (31 | ) | (26 | ) | |||||||||||||||||||||||||||||
Total reductions | (186 | ) | (225 | ) | (220 | ) | |||||||||||||||||||||||||||||
Credit loss recognized, end of year | $ | 1,025 | 1,171 | 1,289 | |||||||||||||||||||||||||||||||
-1 | Recoveries of previous credit impairments result from increases in expected cash flows subsequent to credit loss recognition. Such recoveries are reflected prospectively as interest yield adjustments using the effective interest method. |
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||
Loans and Allowance for Credit Losses | |||||||||||||||||||||||
Note 6: Loans and Allowance for Credit Losses | |||||||||||||||||||||||
The following table presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include a total net reduction of $4.5 billion and $6.4 billion at December 31, 2014 and December 31, 2013, respectively, for unearned income, net deferred loan fees, and unamortized discounts and premiums. | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 271,795 | 235,358 | 223,703 | 205,824 | 182,059 | |||||||||||||||||
Real estate mortgage | 111,996 | 112,427 | 106,392 | 106,028 | 99,490 | ||||||||||||||||||
Real estate construction | 18,728 | 16,934 | 16,983 | 19,470 | 25,371 | ||||||||||||||||||
Lease financing | 12,307 | 12,371 | 12,736 | 13,387 | 13,386 | ||||||||||||||||||
Total commercial | 414,826 | 377,090 | 359,814 | 344,709 | 320,306 | ||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 265,386 | 258,507 | 249,912 | 229,408 | 231,113 | ||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 59,717 | 65,950 | 75,503 | 86,041 | 96,205 | ||||||||||||||||||
Credit card | 31,119 | 26,882 | 24,651 | 22,905 | 22,384 | ||||||||||||||||||
Automobile | 55,740 | 50,808 | 45,998 | 43,508 | 43,754 | ||||||||||||||||||
Other revolving credit and installment | 35,763 | 43,049 | 42,473 | 43,060 | 43,505 | ||||||||||||||||||
Total consumer | 447,725 | 445,196 | 438,537 | 424,922 | 436,961 | ||||||||||||||||||
Total loans | $ | 862,551 | 822,286 | 798,351 | 769,631 | 757,267 | |||||||||||||||||
Our foreign loans are reported by respective class of financing receivable in the table above. Substantially all of our foreign loan portfolio is commercial loans. Loans are classified as foreign primarily based on whether the borrower’s primary address is outside of the United States. The following table presents total commercial foreign loans outstanding by class of financing receivable. | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Commercial foreign loans: | |||||||||||||||||||||||
Commercial and industrial | $ | 44,707 | 41,547 | 37,148 | 38,609 | 30,775 | |||||||||||||||||
Real estate mortgage | 4,776 | 5,328 | 52 | 53 | 55 | ||||||||||||||||||
Real estate construction | 218 | 187 | 79 | 88 | 39 | ||||||||||||||||||
Lease financing | 336 | 338 | 312 | 269 | 292 | ||||||||||||||||||
Total commercial foreign loans | $ | 50,037 | 47,400 | 37,591 | 39,019 | 31,161 | |||||||||||||||||
Loan Concentrations | |||||||||||||||||||||||
Loan concentrations may exist when there are amounts loaned to borrowers engaged in similar activities or similar types of loans extended to a diverse group of borrowers that would cause them to be similarly impacted by economic or other conditions. At December 31, 2014 and 2013, we did not have concentrations representing 10% or more of our total loan portfolio in domestic commercial and industrial loans and lease financing by industry or CRE loans (real estate mortgage and real estate construction) by state or property type. Our real estate 1-4 family mortgage loans to borrowers in the state of California represented approximately 13% of total loans at both December 31, 2014 and 2013, of which 2% were PCI loans in both years. These California loans are generally diversified among the larger metropolitan areas in California, with no single area consisting of more than 4% of total loans. We continuously monitor changes in real estate values and underlying economic or market conditions for all geographic areas of our real estate 1-4 family mortgage portfolio as part of our credit risk management process. | |||||||||||||||||||||||
Some of our real estate 1-4 family first and junior lien mortgage loans include an interest-only feature as part of the loan terms. These interest-only loans were approximately 12% of total loans at December 31, 2014, and 15% at December 31, 2013. Substantially all of these interest-only loans at origination were considered to be prime or near prime. We do not offer option adjustable-rate mortgage (ARM) products, nor do we offer variable-rate mortgage products with fixed payment amounts, commonly referred to within the financial services industry as negative amortizing mortgage loans. We acquired an option payment loan portfolio (Pick-a-Pay) from Wachovia at December 31, 2008. A majority of the portfolio was identified as PCI loans. Since the acquisition, we have reduced our exposure to the option payment portion of the portfolio through our modification efforts and loss mitigation actions. At December 31, 2014, approximately 2% of total loans remained with the payment option feature compared with 10% at December 31, 2008. | |||||||||||||||||||||||
Our first and junior lien lines of credit products generally have a draw period of 10 years (with some up to 15 or 20 years) with variable interest rate and payment options during the draw period of (1) interest only or (2) 1.5% of total outstanding balance plus accrued interest. During the draw period, the borrower has the option of converting all or a portion of the line from a variable interest rate to a fixed rate with terms including interest-only payments for a fixed period between three to seven years or a fully amortizing payment with a fixed period between five to 30 years. At the end of the draw period, a line of credit generally converts to an amortizing payment schedule with repayment terms of up to 30 years based on the balance at time of conversion. At December 31, 2014, our lines of credit portfolio had an outstanding balance of $69.7 billion, of which $6.2 billion, or 9%, is in its amortization period, another $13.3 billion, or 19%, of our total outstanding balance, will reach their end of draw period during 2015 through 2016, $14.2 billion, or 20%, during 2017 through 2019, and $36.0 billion, or 52%, will convert in subsequent years. This portfolio had unfunded credit commitments of $70.1 billion at December 31, 2014. The lines that enter their amortization period may experience higher delinquencies and higher loss rates than the ones in their draw period. At December 31, 2014, $425 million, or 7%, of outstanding lines of credit that are in their amortization period were 30 or more days past due, compared with $1.3 billion, or 2%, for lines in their draw period. We have considered this increased inherent risk in our allowance for credit loss estimate. In anticipation of our borrowers reaching the end of their contractual commitment, we have created a program to inform, educate and help these borrowers transition from interest-only to fully-amortizing payments or full repayment. We monitor the performance of the borrowers moving through the program in an effort to refine our ongoing program strategy. | |||||||||||||||||||||||
Loan Purchases, Sales, and Transfers | |||||||||||||||||||||||
The following table summarizes the proceeds paid or received for purchases and sales of loans and transfers from loans held for investment to mortgages/loans held for sale at lower of cost or fair value. This loan activity primarily includes loans purchased and sales of whole loan or participating interests, whereby we receive or transfer a portion of a loan after origination. The table excludes PCI loans and loans recorded at fair value, including loans originated for sale because their loan activity normally does not impact the allowance for credit losses. | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||
Purchases (1) | $ | 4,952 | 1,365 | 6,317 | 10,914 | 581 | 11,495 | ||||||||||||||||
Sales | (1,706 | ) | (152 | ) | (1,858 | ) | (6,740 | ) | (514 | ) | (7,254 | ) | |||||||||||
Transfers to MHFS/LHFS (1) | (99 | ) | (9,778 | ) | (9,877 | ) | (258 | ) | (11 | ) | (269 | ) | |||||||||||
-1 | The “Purchases” and “Transfers to MHFS/LHFS" categories exclude activity in government insured/guaranteed real estate 1-4 family first mortgage loans. As servicer, we are able to buy delinquent insured/guaranteed loans out of the Government National Mortgage Association (GNMA) pools. These loans have different risk characteristics from the rest of our consumer portfolio, whereby this activity does not impact the allowance for loan losses in the same manner because the loans are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Such purchases net of transfers to MHFS were $2.9 billion and $8.2 billion for the year ended 2014 and 2013, respectively. | ||||||||||||||||||||||
Commitments to Lend | |||||||||||||||||||||||
A commitment to lend is a legally binding agreement to lend funds to a customer, usually at a stated interest rate, if funded, and for specific purposes and time periods. We generally require a fee to extend such commitments. Certain commitments are subject to loan agreements with covenants regarding the financial performance of the customer or borrowing base formulas on an ongoing basis that must be met before we are required to fund the commitment. We may reduce or cancel consumer commitments, including home equity lines and credit card lines, in accordance with the contracts and applicable law. | |||||||||||||||||||||||
We may, as a representative for other lenders, advance funds or provide for the issuance of letters of credit under syndicated loan or letter of credit agreements. Any advances are generally repaid in less than a week and would normally require default of both the customer and another lender to expose us to loss. These temporary advance arrangements totaled approximately $87 billion at both December 31, 2014, and December 31, 2013. | |||||||||||||||||||||||
We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At both December 31, 2014 and 2013, we had $1.2 billion of outstanding issued commercial letters of credit. We also originate multipurpose lending commitments under which borrowers have the option to draw on the facility for different purposes in one of several forms, including a standby letter of credit. See Note 14 (Guarantees, Pledged Assets and Collateral) for additional information on standby letters of credit. | |||||||||||||||||||||||
When we make commitments, we are exposed to credit risk. The maximum credit risk for these commitments will generally be lower than the contractual amount because a significant portion of these commitments are expected to expire without being used by the customer. In addition, we manage the potential risk in commitments to lend by limiting the total amount of commitments, both by individual customer and in total, by monitoring the size and maturity structure of these commitments and by applying the same credit standards for these commitments as for all of our credit activities. | |||||||||||||||||||||||
For loans and commitments to lend, we may require collateral or a guarantee. We may require various types of collateral, including commercial and consumer real estate, automobiles, other short-term liquid assets such as accounts receivable or inventory and long-lived asset, such as equipment and other business assets. Collateral requirements for each loan or commitment may vary based on the loan product and our assessment of a customer's credit risk according to the specific credit underwriting, including terms and structure. | |||||||||||||||||||||||
The contractual amount of our unfunded credit commitments, including unissued standby and commercial letters of credit, is summarized by portfolio segment and class of financing receivable in the following table. The table excludes standby and commercial letters of credit issued under the terms of our commitments and temporary advance commitments on behalf of other lenders. | |||||||||||||||||||||||
Dec 31, | Dec 31, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 278,093 | 250,986 | ||||||||||||||||||||
Real estate mortgage | 6,134 | 5,993 | |||||||||||||||||||||
Real estate construction | 15,587 | 12,612 | |||||||||||||||||||||
Lease financing | 3 | — | |||||||||||||||||||||
Total commercial | 299,817 | 269,591 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 32,055 | 32,908 | |||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 45,492 | 47,667 | |||||||||||||||||||||
Credit card | 95,062 | 79,049 | |||||||||||||||||||||
Other revolving credit and installment | 24,816 | 24,216 | |||||||||||||||||||||
Total consumer | 197,425 | 183,840 | |||||||||||||||||||||
Total unfunded credit commitments | $ | 497,242 | 453,431 | ||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||
The allowance for credit losses consists of the allowance for loan losses and the allowance for unfunded credit commitments. Changes in the allowance for credit losses were: | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Balance, beginning of year | $ | 14,971 | 17,477 | 19,668 | 23,463 | 25,031 | |||||||||||||||||
Provision for credit losses | 1,395 | 2,309 | 7,217 | 7,899 | 15,753 | ||||||||||||||||||
Interest income on certain impaired loans (1) | (211 | ) | (264 | ) | (315 | ) | (332 | ) | (266 | ) | |||||||||||||
Loan charge-offs: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | (627 | ) | (739 | ) | (1,404 | ) | (1,681 | ) | (2,820 | ) | |||||||||||||
Real estate mortgage | (66 | ) | (190 | ) | (382 | ) | (636 | ) | (1,152 | ) | |||||||||||||
Real estate construction | (9 | ) | (28 | ) | (191 | ) | (351 | ) | (1,189 | ) | |||||||||||||
Lease financing | (15 | ) | (34 | ) | (24 | ) | (41 | ) | (124 | ) | |||||||||||||
Total commercial | (717 | ) | (991 | ) | (2,001 | ) | (2,709 | ) | (5,285 | ) | |||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | (721 | ) | (1,439 | ) | (3,020 | ) | (3,896 | ) | (4,916 | ) | |||||||||||||
Real estate 1-4 family junior lien mortgage | (864 | ) | (1,579 | ) | (3,437 | ) | (3,765 | ) | (4,936 | ) | |||||||||||||
Credit card | (1,025 | ) | (1,022 | ) | (1,105 | ) | (1,458 | ) | (2,415 | ) | |||||||||||||
Automobile | (729 | ) | (625 | ) | (651 | ) | (797 | ) | (1,295 | ) | |||||||||||||
Other revolving credit and installment | (668 | ) | (754 | ) | (759 | ) | (990 | ) | (1,253 | ) | |||||||||||||
Total consumer | (4,007 | ) | (5,419 | ) | (8,972 | ) | (10,906 | ) | (14,815 | ) | |||||||||||||
Total loan charge-offs | (4,724 | ) | (6,410 | ) | (10,973 | ) | (13,615 | ) | (20,100 | ) | |||||||||||||
Loan recoveries: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | 369 | 396 | 472 | 426 | 442 | ||||||||||||||||||
Real estate mortgage | 160 | 226 | 163 | 143 | 68 | ||||||||||||||||||
Real estate construction | 136 | 137 | 124 | 146 | 110 | ||||||||||||||||||
Lease financing | 8 | 17 | 20 | 25 | 21 | ||||||||||||||||||
Total commercial | 673 | 776 | 779 | 740 | 641 | ||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 212 | 246 | 157 | 405 | 523 | ||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 238 | 269 | 260 | 218 | 211 | ||||||||||||||||||
Credit card | 161 | 127 | 188 | 257 | 224 | ||||||||||||||||||
Automobile | 349 | 322 | 364 | 449 | 509 | ||||||||||||||||||
Other revolving credit and installment | 146 | 161 | 191 | 247 | 239 | ||||||||||||||||||
Total consumer | 1,106 | 1,125 | 1,160 | 1,576 | 1,706 | ||||||||||||||||||
Total loan recoveries | 1,779 | 1,901 | 1,939 | 2,316 | 2,347 | ||||||||||||||||||
Net loan charge-offs (2) | (2,945 | ) | (4,509 | ) | (9,034 | ) | (11,299 | ) | (17,753 | ) | |||||||||||||
Allowances related to business combinations/other (3) | (41 | ) | (42 | ) | (59 | ) | (63 | ) | 698 | ||||||||||||||
Balance, end of year | $ | 13,169 | 14,971 | 17,477 | 19,668 | 23,463 | |||||||||||||||||
Components: | |||||||||||||||||||||||
Allowance for loan losses | $ | 12,319 | 14,502 | 17,060 | 19,372 | 23,022 | |||||||||||||||||
Allowance for unfunded credit commitments | 850 | 469 | 417 | 296 | 441 | ||||||||||||||||||
Allowance for credit losses (4) | $ | 13,169 | 14,971 | 17,477 | 19,668 | 23,463 | |||||||||||||||||
Net loan charge-offs as a percentage of average total loans (2) | 0.35 | % | 0.56 | 1.17 | 1.49 | 2.3 | |||||||||||||||||
Allowance for loan losses as a percentage of total loans (4) | 1.43 | 1.76 | 2.13 | 2.52 | 3.04 | ||||||||||||||||||
Allowance for credit losses as a percentage of total loans (4) | 1.53 | 1.82 | 2.19 | 2.56 | 3.1 | ||||||||||||||||||
-1 | Certain impaired loans with an allowance calculated by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize reductions in the allowance as interest income. | ||||||||||||||||||||||
-2 | For PCI loans, charge-offs are only recorded to the extent that losses exceed the purchase accounting estimates. | ||||||||||||||||||||||
-3 | Includes $693 million for the year ended December 31, 2010, related to the adoption of consolidation accounting guidance on January 1, 2010. | ||||||||||||||||||||||
-4 | The allowance for credit losses includes $11 million, $30 million, $117 million, $231 million and $298 million at December 31, 2014, 2013, 2012, 2011, and 2010, respectively, related to PCI loans acquired from Wachovia. Loans acquired from Wachovia are included in total loans net of related purchase accounting net write-downs. | ||||||||||||||||||||||
The following table summarizes the activity in the allowance for credit losses by our commercial and consumer portfolio segments. | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||
Balance, beginning of period | $ | 6,103 | 8,868 | 14,971 | 5,714 | 11,763 | 17,477 | ||||||||||||||||
Provision for credit losses | 342 | 1,053 | 1,395 | 680 | 1,629 | 2,309 | |||||||||||||||||
Interest income on certain impaired loans | (20 | ) | (191 | ) | (211 | ) | (54 | ) | (210 | ) | (264 | ) | |||||||||||
Loan charge-offs | (717 | ) | (4,007 | ) | (4,724 | ) | (991 | ) | (5,419 | ) | (6,410 | ) | |||||||||||
Loan recoveries | 673 | 1,106 | 1,779 | 776 | 1,125 | 1,901 | |||||||||||||||||
Net loan charge-offs | (44 | ) | (2,901 | ) | (2,945 | ) | (215 | ) | (4,294 | ) | (4,509 | ) | |||||||||||
Allowance related to business combinations/other | (4 | ) | (37 | ) | (41 | ) | (22 | ) | (20 | ) | (42 | ) | |||||||||||
Balance, end of period | $ | 6,377 | 6,792 | 13,169 | 6,103 | 8,868 | 14,971 | ||||||||||||||||
The following table disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. | |||||||||||||||||||||||
Allowance for credit losses | Recorded investment in loans | ||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Collectively evaluated (1) | $ | 5,482 | 3,706 | 9,188 | 409,560 | 404,263 | 813,823 | ||||||||||||||||
Individually evaluated (2) | 884 | 3,086 | 3,970 | 3,759 | 21,649 | 25,408 | |||||||||||||||||
PCI (3) | 11 | — | 11 | 1,507 | 21,813 | 23,320 | |||||||||||||||||
Total | $ | 6,377 | 6,792 | 13,169 | 414,826 | 447,725 | 862,551 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Collectively evaluated (1) | $ | 4,921 | 5,011 | 9,932 | 369,252 | 398,237 | 767,489 | ||||||||||||||||
Individually evaluated (2) | 1,156 | 3,853 | 5,009 | 5,334 | 22,736 | 28,070 | |||||||||||||||||
PCI (3) | 26 | 4 | 30 | 2,504 | 24,223 | 26,727 | |||||||||||||||||
Total | $ | 6,103 | 8,868 | 14,971 | 377,090 | 445,196 | 822,286 | ||||||||||||||||
-1 | Represents loans collectively evaluated for impairment in accordance with Accounting Standards Codification (ASC) 450-20, Loss Contingencies (formerly FAS 5), and pursuant to amendments by ASU 2010-20 regarding allowance for non-impaired loans. | ||||||||||||||||||||||
-2 | Represents loans individually evaluated for impairment in accordance with ASC 310-10, Receivables (formerly FAS 114), and pursuant to amendments by ASU 2010-20 regarding allowance for impaired loans. | ||||||||||||||||||||||
-3 | Represents the allowance and related loan carrying value determined in accordance with ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality (formerly SOP 3-3) and pursuant to amendments by ASU 2010-20 regarding allowance for PCI loans. | ||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||
We monitor credit quality by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. The following sections provide the credit quality indicators we most closely monitor. The credit quality indicators are generally based on information as of our financial statement date, with the exception of updated Fair Isaac Corporation (FICO) scores and updated loan-to-value (LTV)/combined LTV (CLTV), which are obtained at least quarterly. Generally, these indicators are updated in the second month of each quarter, with updates no older than September 30, 2014. See the “Purchased Credit-Impaired Loans” section of this Note for credit quality information on our PCI portfolio. | |||||||||||||||||||||||
COMMERCIAL CREDIT QUALITY INDICATORS In addition to monitoring commercial loan concentration risk, we manage a consistent process for assessing commercial loan credit quality. Generally, commercial loans are subject to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to Pass and Criticized categories. The Criticized category includes Special Mention, Substandard, and Doubtful categories which are defined by bank regulatory agencies. | |||||||||||||||||||||||
The following table provides a breakdown of outstanding commercial loans by risk category. Of the $8.3 billion in criticized commercial real estate (CRE) loans at December 31, 2014, $1.7 billion has been placed on nonaccrual status and written down to net realizable collateral value. CRE loans have a high level of monitoring in place to manage these assets and mitigate loss exposure. | |||||||||||||||||||||||
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Lease financing | Total | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||
Pass | $ | 255,611 | 103,319 | 17,661 | 11,723 | 388,314 | |||||||||||||||||
Criticized | 16,109 | 7,416 | 896 | 584 | 25,005 | ||||||||||||||||||
Total commercial loans (excluding PCI) | 271,720 | 110,735 | 18,557 | 12,307 | 413,319 | ||||||||||||||||||
Total commercial PCI loans (carrying value) | 75 | 1,261 | 171 | — | 1,507 | ||||||||||||||||||
Total commercial loans | $ | 271,795 | 111,996 | 18,728 | 12,307 | 414,826 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||
Pass | $ | 218,231 | 98,984 | 14,669 | 11,894 | 343,778 | |||||||||||||||||
Criticized | 16,912 | 11,587 | 1,832 | 477 | 30,808 | ||||||||||||||||||
Total commercial loans (excluding PCI) | 235,143 | 110,571 | 16,501 | 12,371 | 374,586 | ||||||||||||||||||
Total commercial PCI loans (carrying value) | 215 | 1,856 | 433 | — | 2,504 | ||||||||||||||||||
Total commercial loans | $ | 235,358 | 112,427 | 16,934 | 12,371 | 377,090 | |||||||||||||||||
The following table provides past due information for commercial loans, which we monitor as part of our credit risk management practices. | |||||||||||||||||||||||
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Lease financing | Total | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 270,624 | 109,032 | 18,345 | 12,251 | 410,252 | |||||||||||||||||
30-89 DPD and still accruing | 527 | 197 | 25 | 32 | 781 | ||||||||||||||||||
90+ DPD and still accruing | 31 | 16 | — | — | 47 | ||||||||||||||||||
Nonaccrual loans | 538 | 1,490 | 187 | 24 | 2,239 | ||||||||||||||||||
Total commercial loans (excluding PCI) | 271,720 | 110,735 | 18,557 | 12,307 | 413,319 | ||||||||||||||||||
Total commercial PCI loans (carrying value) | 75 | 1,261 | 171 | — | 1,507 | ||||||||||||||||||
Total commercial loans | $ | 271,795 | 111,996 | 18,728 | 12,307 | 414,826 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 234,012 | 107,744 | 15,885 | 12,308 | 369,949 | |||||||||||||||||
30-89 DPD and still accruing | 345 | 538 | 103 | 33 | 1,019 | ||||||||||||||||||
90+ DPD and still accruing | 11 | 35 | 97 | — | 143 | ||||||||||||||||||
Nonaccrual loans | 775 | 2,254 | 416 | 30 | 3,475 | ||||||||||||||||||
Total commercial loans (excluding PCI) | 235,143 | 110,571 | 16,501 | 12,371 | 374,586 | ||||||||||||||||||
Total commercial PCI loans (carrying value) | 215 | 1,856 | 433 | — | 2,504 | ||||||||||||||||||
Total commercial loans | $ | 235,358 | 112,427 | 16,934 | 12,371 | 377,090 | |||||||||||||||||
CONSUMER CREDIT QUALITY INDICATORS We have various classes of consumer loans that present unique risks. Loan delinquency, FICO credit scores and LTV for loan types are common credit quality indicators that we monitor and utilize in our evaluation of the appropriateness of the allowance for credit losses for the consumer portfolio segment. | |||||||||||||||||||||||
Many of our loss estimation techniques used for the allowance for credit losses rely on delinquency-based models; therefore, delinquency is an important indicator of credit quality and the establishment of our allowance for credit losses. The following table provides the outstanding balances of our consumer portfolio by delinquency status. | |||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Credit card | Automobile | Other revolving credit and installment | Total | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD | $ | 208,642 | 58,182 | 30,356 | 54,365 | 35,356 | 386,901 | ||||||||||||||||
30-59 DPD | 2,415 | 398 | 239 | 1,056 | 180 | 4,288 | |||||||||||||||||
60-89 DPD | 993 | 220 | 160 | 235 | 111 | 1,719 | |||||||||||||||||
90-119 DPD | 488 | 158 | 136 | 78 | 82 | 942 | |||||||||||||||||
120-179 DPD | 610 | 194 | 227 | 5 | 21 | 1,057 | |||||||||||||||||
180+ DPD | 4,258 | 464 | 1 | 1 | 13 | 4,737 | |||||||||||||||||
Government insured/guaranteed loans (1) | 26,268 | — | — | — | — | 26,268 | |||||||||||||||||
Total consumer loans (excluding PCI) | 243,674 | 59,616 | 31,119 | 55,740 | 35,763 | 425,912 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 21,712 | 101 | — | — | — | 21,813 | |||||||||||||||||
Total consumer loans | $ | 265,386 | 59,717 | 31,119 | 55,740 | 35,763 | 447,725 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD | $ | 193,371 | 64,230 | 26,218 | 49,699 | 31,944 | 365,462 | ||||||||||||||||
30-59 DPD | 2,784 | 461 | 201 | 852 | 179 | 4,477 | |||||||||||||||||
60-89 DPD | 1,157 | 253 | 143 | 186 | 111 | 1,850 | |||||||||||||||||
90-119 DPD | 587 | 182 | 124 | 66 | 76 | 1,035 | |||||||||||||||||
120-179 DPD | 747 | 216 | 195 | 4 | 20 | 1,182 | |||||||||||||||||
180+ DPD | 5,024 | 485 | 1 | 1 | 7 | 5,518 | |||||||||||||||||
Government insured/guaranteed loans (1) | 30,737 | — | — | — | 10,712 | 41,449 | |||||||||||||||||
Total consumer loans (excluding PCI) | 234,407 | 65,827 | 26,882 | 50,808 | 43,049 | 420,973 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 24,100 | 123 | — | — | — | 24,223 | |||||||||||||||||
Total consumer loans | $ | 258,507 | 65,950 | 26,882 | 50,808 | 43,049 | 445,196 | ||||||||||||||||
-1 | Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA and student loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the Federal Family Education Loan Program (FFELP). Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $16.2 billion at December 31, 2014, compared with $20.8 billion at December 31, 2013. On June 30, 2014, we transferred all government guaranteed student loans to loans held for sale. Student loans 90+ DPD totaled $900 million at December 31, 2013. | ||||||||||||||||||||||
Of the $6.7 billion of consumer loans not government insured/guaranteed that are 90 days or more past due at December 31, 2014, $873 million was accruing, compared with $7.7 billion past due and $902 million accruing at December 31, 2013. | |||||||||||||||||||||||
Real estate 1-4 family first mortgage loans 180 days or more past due totaled $4.3 billion, or 1.7% of total first mortgages (excluding PCI), at December 31, 2014, compared with $5.0 billion, or 2.1%, at December 31, 2013. | |||||||||||||||||||||||
The following table provides a breakdown of our consumer portfolio by updated FICO. We obtain FICO scores at loan origination and the scores are updated at least quarterly. The majority of our portfolio is underwritten with a FICO score of 680 and above. FICO is not available for certain loan types and may not be obtained if we deem it unnecessary due to strong collateral and other borrower attributes, primarily security-based loans of $5.9 billion at December 31, 2014, and $5.0 billion at December 31, 2013. | |||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Credit card | Automobile | Other revolving credit and installment | Total | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By updated FICO: | |||||||||||||||||||||||
< 600 | $ | 11,166 | 4,001 | 2,639 | 8,825 | 894 | 27,525 | ||||||||||||||||
600-639 | 7,866 | 2,794 | 2,588 | 6,236 | 1,058 | 20,542 | |||||||||||||||||
640-679 | 13,894 | 5,324 | 4,931 | 9,352 | 2,366 | 35,867 | |||||||||||||||||
680-719 | 24,412 | 8,970 | 6,285 | 9,994 | 4,389 | 54,050 | |||||||||||||||||
720-759 | 35,490 | 12,171 | 6,407 | 7,475 | 5,896 | 67,439 | |||||||||||||||||
760-799 | 82,123 | 17,897 | 5,234 | 7,315 | 7,673 | 120,242 | |||||||||||||||||
800+ | 39,219 | 7,581 | 2,758 | 6,184 | 5,819 | 61,561 | |||||||||||||||||
No FICO available | 3,236 | 878 | 277 | 359 | 1,814 | 6,564 | |||||||||||||||||
FICO not required | — | — | — | — | 5,854 | 5,854 | |||||||||||||||||
Government insured/guaranteed loans (1) | 26,268 | — | — | — | — | 26,268 | |||||||||||||||||
Total consumer loans (excluding PCI) | 243,674 | 59,616 | 31,119 | 55,740 | 35,763 | 425,912 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 21,712 | 101 | — | — | — | 21,813 | |||||||||||||||||
Total consumer loans | $ | 265,386 | 59,717 | 31,119 | 55,740 | 35,763 | 447,725 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By updated FICO: | |||||||||||||||||||||||
< 600 | $ | 14,128 | 5,047 | 2,404 | 8,400 | 956 | 30,935 | ||||||||||||||||
600-639 | 9,029 | 3,247 | 2,175 | 5,925 | 1,015 | 21,391 | |||||||||||||||||
640-679 | 14,918 | 5,985 | 4,176 | 8,827 | 2,158 | 36,064 | |||||||||||||||||
680-719 | 24,336 | 10,043 | 5,398 | 8,992 | 3,917 | 52,686 | |||||||||||||||||
720-759 | 32,991 | 13,581 | 5,530 | 6,546 | 5,264 | 63,912 | |||||||||||||||||
760-799 | 72,062 | 19,238 | 4,535 | 6,313 | 6,836 | 108,984 | |||||||||||||||||
800+ | 33,310 | 7,707 | 2,409 | 5,397 | 5,130 | 53,953 | |||||||||||||||||
No FICO available | 2,896 | 979 | 255 | 408 | 2,054 | 6,592 | |||||||||||||||||
FICO not required | — | — | — | — | 5,007 | 5,007 | |||||||||||||||||
Government insured/guaranteed loans (1) | 30,737 | — | — | — | 10,712 | 41,449 | |||||||||||||||||
Total consumer loans (excluding PCI) | 234,407 | 65,827 | 26,882 | 50,808 | 43,049 | 420,973 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 24,100 | 123 | — | — | — | 24,223 | |||||||||||||||||
Total consumer loans | $ | 258,507 | 65,950 | 26,882 | 50,808 | 43,049 | 445,196 | ||||||||||||||||
-1 | Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA and student loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under FFELP. | ||||||||||||||||||||||
LTV refers to the ratio comparing the loan’s unpaid principal balance to the property’s collateral value. CLTV refers to the combination of first mortgage and junior lien mortgage (including unused line amounts for credit line products) ratios. LTVs and CLTVs are updated quarterly using a cascade approach which first uses values provided by automated valuation models (AVMs) for the property. If an AVM is not available, then the value is estimated using the original appraised value adjusted by the change in Home Price Index (HPI) for the property location. If an HPI is not available, the original appraised value is used. The HPI value is normally the only method considered for high value properties, generally with an original value of $1 million or more, as the AVM values have proven less accurate for these properties. | |||||||||||||||||||||||
The following table shows the most updated LTV and CLTV distribution of the real estate 1-4 family first and junior lien mortgage loan portfolios. We consider the trends in residential real estate markets as we monitor credit risk and establish our allowance for credit losses. In the event of a default, any loss should be limited to the portion of the loan amount in excess of the net realizable value of the underlying real estate collateral value. Certain loans do not have an LTV or CLTV primarily due to industry data availability and portfolios acquired from or serviced by other institutions. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage by LTV | Real estate 1-4 family junior lien mortgage by CLTV | Total | Real estate 1-4 family first mortgage by LTV | Real estate 1-4 family junior lien mortgage by CLTV | Total | |||||||||||||||||
By LTV/CLTV: | |||||||||||||||||||||||
0-60% | $ | 95,719 | 15,603 | 111,322 | 74,047 | 13,645 | 87,692 | ||||||||||||||||
60.01-80% | 86,112 | 17,651 | 103,763 | 80,187 | 17,154 | 97,341 | |||||||||||||||||
80.01-100% | 25,170 | 14,004 | 39,174 | 30,842 | 16,273 | 47,115 | |||||||||||||||||
100.01-120% (1) | 6,133 | 7,254 | 13,387 | 10,678 | 9,992 | 20,670 | |||||||||||||||||
> 120% (1) | 2,856 | 4,058 | 6,914 | 6,306 | 7,369 | 13,675 | |||||||||||||||||
No LTV/CLTV available | 1,416 | 1,046 | 2,462 | 1,610 | 1,394 | 3,004 | |||||||||||||||||
Government insured/guaranteed loans (2) | 26,268 | — | 26,268 | 30,737 | — | 30,737 | |||||||||||||||||
Total consumer loans (excluding PCI) | 243,674 | 59,616 | 303,290 | 234,407 | 65,827 | 300,234 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 21,712 | 101 | 21,813 | 24,100 | 123 | 24,223 | |||||||||||||||||
Total consumer loans | $ | 265,386 | 59,717 | 325,103 | 258,507 | 65,950 | 324,457 | ||||||||||||||||
-1 | Reflects total loan balances with LTV/CLTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV/CLTV. | ||||||||||||||||||||||
-2 | Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. | ||||||||||||||||||||||
NONACCRUAL LOANS The following table provides loans on nonaccrual status. PCI loans are excluded from this table because they continue to earn interest from accretable yield, independent of performance in accordance with their contractual terms. | |||||||||||||||||||||||
Dec 31, | Dec 31, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 538 | 775 | ||||||||||||||||||||
Real estate mortgage | 1,490 | 2,254 | |||||||||||||||||||||
Real estate construction | 187 | 416 | |||||||||||||||||||||
Lease financing | 24 | 30 | |||||||||||||||||||||
Total commercial (1) | 2,239 | 3,475 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage (2) | 8,583 | 9,799 | |||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 1,848 | 2,188 | |||||||||||||||||||||
Automobile | 137 | 173 | |||||||||||||||||||||
Other revolving credit and installment | 41 | 33 | |||||||||||||||||||||
Total consumer | 10,609 | 12,193 | |||||||||||||||||||||
Total nonaccrual loans | $ | 12,848 | 15,668 | ||||||||||||||||||||
(excluding PCI) | |||||||||||||||||||||||
-1 | Includes LHFS of $1 million at December 31, 2014 and December 31, 2013. | ||||||||||||||||||||||
-2 | Includes MHFS of $177 million and $227 million at December 31, 2014, and December 31, 2013, respectively. | ||||||||||||||||||||||
LOANS IN PROCESS OF FORECLOSURE Our recorded investment in consumer mortgage loans collateralized by residential real estate property that are in process of foreclosure was $12.7 billion and $17.3 billion at December 31, 2014 and December 31, 2013, respectively, which included $6.6 billion and $10.0 billion, respectively, of loans that are government insured/guaranteed. We commence the foreclosure process on consumer real estate loans when a borrower becomes 120 days delinquent in accordance with Consumer Finance Protection Bureau Guidelines. Foreclosure procedures and timelines vary depending on whether the property address resides in a judicial or non-judicial state. Judicial states require the foreclosure to be processed through the state's courts while non-judicial states are processed without court intervention. Foreclosure timelines vary according to state law. | |||||||||||||||||||||||
LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING Certain loans 90 days or more past due as to interest or principal are still accruing, because they are (1) well-secured and in the process of collection or (2) real estate 1‑4 family mortgage loans or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due. PCI loans of $3.7 billion at December 31, 2014, and $4.5 billion at December 31, 2013, are not included in these past due and still accruing loans even though they are 90 days or more contractually past due. These PCI loans are considered to be accruing because they continue to earn interest from accretable yield, independent of performance in accordance with their contractual terms. | |||||||||||||||||||||||
The following table shows non-PCI loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed. | |||||||||||||||||||||||
Dec 31, | Dec 31, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||
Loan 90 days or more past due and still accruing: | |||||||||||||||||||||||
Total (excluding PCI): | $ | 17,810 | 23,219 | ||||||||||||||||||||
Less: FHA insured/VA guaranteed (1)(2) | 16,827 | 21,274 | |||||||||||||||||||||
Less: Student loans guaranteed under the FFELP (3) | 63 | 900 | |||||||||||||||||||||
Total, not government insured/guaranteed | $ | 920 | 1,045 | ||||||||||||||||||||
By segment and class, not government insured/guaranteed: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 31 | 11 | ||||||||||||||||||||
Real estate mortgage | 16 | 35 | |||||||||||||||||||||
Real estate construction | — | 97 | |||||||||||||||||||||
Total commercial | 47 | 143 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage (2) | 260 | 354 | |||||||||||||||||||||
Real estate 1-4 family junior lien mortgage (2) | 83 | 86 | |||||||||||||||||||||
Credit card | 364 | 321 | |||||||||||||||||||||
Automobile | 73 | 55 | |||||||||||||||||||||
Other revolving credit and installment | 93 | 86 | |||||||||||||||||||||
Total consumer | 873 | 902 | |||||||||||||||||||||
Total, not government insured/guaranteed | $ | 920 | 1,045 | ||||||||||||||||||||
-1 | Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. | ||||||||||||||||||||||
-2 | Includes mortgage loans held for sale 90 days or more past due and still accruing. | ||||||||||||||||||||||
-3 | Represents loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the FFELP. At the end of second quarter 2014, all government guaranteed student loans were transferred to loans held for sale. | ||||||||||||||||||||||
IMPAIRED LOANS The table below summarizes key information for impaired loans. Our impaired loans predominantly include loans on nonaccrual status in the commercial portfolio segment and loans modified in a TDR, whether on accrual or nonaccrual status. These impaired loans generally have estimated losses which are included in the allowance for credit losses. We have impaired loans with no allowance for credit losses when loss content has been previously recognized through charge-offs and we do not anticipate additional charge-offs or losses, or certain loans are currently performing in accordance with their terms and for which no loss has been estimated. Impaired loans exclude PCI loans. The table below includes trial modifications that totaled $452 million at December 31, 2014, and $650 million at December 31, 2013. | |||||||||||||||||||||||
For additional information on our impaired loans and allowance for credit losses, see Note 1 (Summary of Significant Accounting Policies). | |||||||||||||||||||||||
Recorded investment | |||||||||||||||||||||||
(in millions) | Unpaid principal balance (1) | Impaired loans | Impaired loans with related allowance for credit losses | Related allowance for credit losses | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 1,524 | 926 | 757 | 240 | ||||||||||||||||||
Real estate mortgage | 3,190 | 2,483 | 2,405 | 591 | |||||||||||||||||||
Real estate construction | 491 | 331 | 308 | 45 | |||||||||||||||||||
Lease financing | 33 | 19 | 19 | 8 | |||||||||||||||||||
Total commercial | 5,238 | 3,759 | 3,489 | 884 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 21,324 | 18,600 | 12,433 | 2,322 | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 3,094 | 2,534 | 2,009 | 653 | |||||||||||||||||||
Credit card | 338 | 338 | 338 | 98 | |||||||||||||||||||
Automobile | 190 | 127 | 55 | 8 | |||||||||||||||||||
Other revolving credit and installment | 60 | 50 | 42 | 5 | |||||||||||||||||||
Total consumer (2) | 25,006 | 21,649 | 14,877 | 3,086 | |||||||||||||||||||
Total impaired loans (excluding PCI) | $ | 30,244 | 25,408 | 18,366 | 3,970 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 2,060 | 1,311 | 1,061 | 228 | ||||||||||||||||||
Real estate mortgage | 4,269 | 3,375 | 3,264 | 819 | |||||||||||||||||||
Real estate construction | 946 | 615 | 589 | 101 | |||||||||||||||||||
Lease financing | 71 | 33 | 33 | 8 | |||||||||||||||||||
Total commercial | 7,346 | 5,334 | 4,947 | 1,156 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 22,450 | 19,500 | 13,896 | 3,026 | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 3,130 | 2,582 | 2,092 | 681 | |||||||||||||||||||
Credit card | 431 | 431 | 431 | 132 | |||||||||||||||||||
Automobile | 245 | 189 | 95 | 11 | |||||||||||||||||||
Other revolving credit and installment | 44 | 34 | 27 | 3 | |||||||||||||||||||
Total consumer (2) | 26,300 | 22,736 | 16,541 | 3,853 | |||||||||||||||||||
Total impaired loans (excluding PCI) | $ | 33,646 | 28,070 | 21,488 | 5,009 | ||||||||||||||||||
-1 | Excludes the unpaid principal balance for loans that have been fully charged off or otherwise have zero recorded investment. | ||||||||||||||||||||||
-2 | Years ended December 31, 2014 and 2013, include the recorded investment of $2.1 billion and $2.5 billion, respectively, of government insured/guaranteed loans that are predominantly insured by the FHA or guaranteed by the VA and generally do not have an allowance. | ||||||||||||||||||||||
Commitments to lend additional funds on loans whose terms have been modified in a TDR amounted to $341 million and $407 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
The following tables provide the average recorded investment in impaired loans and the amount of interest income recognized on impaired loans by portfolio segment and class. | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
(in millions) | Average recorded investment | Recognized interest income | Average recorded investment | Recognized interest income | Average recorded investment | Recognized interest income | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 1,089 | 77 | 1,508 | 94 | 2,317 | 112 | ||||||||||||||||
Real estate mortgage | 2,924 | 150 | 3,842 | 141 | 4,821 | 119 | |||||||||||||||||
Real estate construction | 457 | 39 | 966 | 35 | 1,818 | 61 | |||||||||||||||||
Lease financing | 28 | — | 38 | 1 | 57 | 1 | |||||||||||||||||
Total commercial | 4,498 | 266 | 6,354 | 271 | 9,013 | 293 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 19,086 | 934 | 19,419 | 973 | 15,750 | 803 | |||||||||||||||||
Real estate 1-4 family junior lien mortgage | 2,547 | 142 | 2,498 | 143 | 2,193 | 80 | |||||||||||||||||
Credit card | 381 | 46 | 480 | 57 | 572 | 63 | |||||||||||||||||
Automobile | 154 | 18 | 232 | 29 | 299 | 42 | |||||||||||||||||
Other revolving credit and installment | 39 | 4 | 30 | 3 | 25 | 2 | |||||||||||||||||
Total consumer | 22,207 | 1,144 | 22,659 | 1,205 | 18,839 | 990 | |||||||||||||||||
Total impaired loans (excluding PCI) | $ | 26,705 | 1,410 | 29,013 | 1,476 | 27,852 | 1,283 | ||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||
Average recorded investment in impaired loans | $ | 26,705 | 29,013 | 27,852 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Cash basis of accounting | $ | 435 | 426 | 316 | |||||||||||||||||||
Other (1) | 975 | 1,050 | 967 | ||||||||||||||||||||
Total interest income | $ | 1,410 | 1,476 | 1,283 | |||||||||||||||||||
-1 | Includes interest recognized on accruing TDRs, interest recognized related to certain impaired loans which have an allowance calculated using discounting, and amortization of purchase accounting adjustments related to certain impaired loans. See footnote 1 to the table of changes in the allowance for credit losses. | ||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs) When, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to a borrower that we would not otherwise consider, the related loan is classified as a TDR. We do not consider any loans modified through a loan resolution such as foreclosure or short sale to be a TDR. | |||||||||||||||||||||||
We may require some consumer borrowers experiencing financial difficulty to make trial payments generally for a period of three to four months, according to the terms of a planned permanent modification, to determine if they can perform according to those terms. These arrangements represent trial modifications, which we classify and account for as TDRs. While loans are in trial payment programs, their original terms are not considered modified and they continue to advance through delinquency status and accrue interest according to their original terms. The planned modifications for these arrangements predominantly involve interest rate reductions or other interest rate concessions; however, the exact concession type and resulting financial effect are usually not finalized and do not take effect until the loan is permanently modified. The trial period terms are developed in accordance with our proprietary programs or the U.S. Treasury’s Making Homes Affordable programs for real estate 1-4 family first lien (i.e. Home Affordable Modification Program – HAMP) and junior lien (i.e. Second Lien Modification Program – 2MP) mortgage loans. | |||||||||||||||||||||||
At December 31, 2014, the loans in trial modification period were $149 million under HAMP, $34 million under 2MP and $269 million under proprietary programs, compared with $253 million, $45 million and $352 million at December 31, 2013, respectively. Trial modifications with a recorded investment of $167 million at December 31, 2014, and $286 million at December 31, 2013, were accruing loans and $285 million and $364 million, respectively, were nonaccruing loans. Our experience is that substantially all of the mortgages that enter a trial payment period program are successful in completing the program requirements and are then permanently modified at the end of the trial period. Our allowance process considers the impact of those modifications that are probable to occur. | |||||||||||||||||||||||
The following table summarizes our TDR modifications for the periods presented by primary modification type and includes the financial effects of these modifications. For those loans that modify more than once, the table reflects each modification that occurred during the period. | |||||||||||||||||||||||
Primary modification type (1) | Financial effects of modifications | ||||||||||||||||||||||
(in millions) | Principal (2) | Interest rate reduction | Other | Total | Charge- offs (4) | Weighted average interest rate reduction | Recorded investment related to interest rate reduction (5) | ||||||||||||||||
concessions (3) | |||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 4 | 51 | 914 | 969 | 36 | 1.53 | % | $ | 51 | |||||||||||||
Real estate mortgage | 7 | 182 | 929 | 1,118 | — | 1.21 | 182 | ||||||||||||||||
Real estate construction | — | 10 | 270 | 280 | — | 2.12 | 10 | ||||||||||||||||
Total commercial | 11 | 243 | 2,113 | 2,367 | 36 | 1.32 | 243 | ||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 571 | 401 | 2,690 | 3,662 | 92 | 2.5 | 833 | ||||||||||||||||
Real estate 1-4 family junior lien mortgage | 50 | 114 | 246 | 410 | 64 | 3.27 | 157 | ||||||||||||||||
Credit card | — | 155 | — | 155 | — | 11.4 | 155 | ||||||||||||||||
Automobile | 2 | 5 | 85 | 92 | 36 | 8.56 | 5 | ||||||||||||||||
Other revolving credit and installment | — | 12 | 16 | 28 | — | 5.26 | 12 | ||||||||||||||||
Trial modifications (6) | — | — | (74 | ) | (74 | ) | — | — | — | ||||||||||||||
Total consumer | 623 | 687 | 2,963 | 4,273 | 192 | 3.84 | 1,162 | ||||||||||||||||
Total | $ | 634 | 930 | 5,076 | 6,640 | 228 | 3.41 | % | $ | 1,405 | |||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 19 | 177 | 1,081 | 1,277 | 17 | 4.71 | % | $ | 177 | |||||||||||||
Real estate mortgage | 33 | 307 | 1,391 | 1,731 | 8 | 1.66 | 308 | ||||||||||||||||
Real estate construction | — | 12 | 381 | 393 | 4 | 1.07 | 12 | ||||||||||||||||
Total commercial | 52 | 496 | 2,853 | 3,401 | 29 | 2.72 | 497 | ||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 1,143 | 1,170 | 3,681 | 5,994 | 233 | 2.64 | 2,019 | ||||||||||||||||
Real estate 1-4 family junior lien mortgage | 103 | 181 | 472 | 756 | 42 | 3.33 | 276 | ||||||||||||||||
Credit card | — | 182 | — | 182 | — | 10.38 | 182 | ||||||||||||||||
Automobile | 3 | 12 | 97 | 112 | 34 | 7.66 | 12 | ||||||||||||||||
Other revolving credit and installment | — | 10 | 12 | 22 | — | 4.87 | 10 | ||||||||||||||||
Trial modifications (6) | — | — | 50 | 50 | — | — | — | ||||||||||||||||
Total consumer | 1,249 | 1,555 | 4,312 | 7,116 | 309 | 3.31 | 2,499 | ||||||||||||||||
Total | $ | 1,301 | 2,051 | 7,165 | 10,517 | 338 | 3.21 | % | $ | 2,996 | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 11 | 35 | 1,389 | 1,435 | 40 | 1.6 | % | $ | 38 | |||||||||||||
Real estate mortgage | 47 | 219 | 1,907 | 2,173 | 12 | 1.57 | 226 | ||||||||||||||||
Real estate construction | 12 | 19 | 531 | 562 | 10 | 1.69 | 19 | ||||||||||||||||
Lease financing | — | — | 4 | 4 | — | — | — | ||||||||||||||||
Total commercial | 70 | 273 | 3,831 | 4,174 | 62 | 1.58 | 283 | ||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 1,371 | 1,302 | 5,822 | 8,495 | 547 | 3 | 2,379 | ||||||||||||||||
Real estate 1-4 family junior lien mortgage | 79 | 244 | 756 | 1,079 | 512 | 3.7 | 313 | ||||||||||||||||
Credit card | — | 241 | — | 241 | — | 10.85 | 241 | ||||||||||||||||
Automobile | 5 | 54 | 265 | 324 | 50 | 6.9 | 56 | ||||||||||||||||
Other revolving credit and installment | — | 1 | 22 | 23 | 5 | 4.29 | 2 | ||||||||||||||||
Trial modifications (6) | — | — | 666 | 666 | — | — | — | ||||||||||||||||
Total consumer | 1,455 | 1,842 | 7,531 | 10,828 | 1,114 | 3.78 | 2,991 | ||||||||||||||||
Total | $ | 1,525 | 2,115 | 11,362 | 15,002 | 1,176 | 3.59 | % | $ | 3,274 | |||||||||||||
-1 | Amounts represent the recorded investment in loans after recognizing the effects of the TDR, if any. TDRs may have multiple types of concessions, but are presented only once in the first modification type based on the order presented in the table above. The reported amounts include loans remodified of $2.1 billion, $3.1 billion and $3.9 billion, for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||
-2 | Principal modifications include principal forgiveness at the time of the modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with a zero percent contractual interest rate. | ||||||||||||||||||||||
-3 | Other concessions include loan renewals, term extensions and other interest and noninterest adjustments, but exclude modifications that also forgive principal and/or reduce the contractual interest rate. | ||||||||||||||||||||||
-4 | Charge-offs include write-downs of the investment in the loan in the period it is contractually modified. The amount of charge-off will differ from the modification terms if the loan has been charged down prior to the modification based on our policies. In addition, there may be cases where we have a charge-off/down with no legal principal modification. Modifications resulted in legally forgiving principal (actual, contingent or deferred) of $149 million, $393 million and $495 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||
-5 | Reflects the effect of reduced interest rates on loans with principal or interest rate reduction primary modification type. | ||||||||||||||||||||||
-6 | Trial modifications are granted a delay in payments due under the original terms during the trial payment period. However, these loans continue to advance through delinquency status and accrue interest according to their original terms. Any subsequent permanent modification generally includes interest rate related concessions; however, the exact concession type and resulting financial effect are usually not known until the loan is permanently modified. Trial modifications for the period are presented net of previously reported trial modifications that became permanent in the current period. | ||||||||||||||||||||||
The table below summarizes permanent modification TDRs that have defaulted in the current period within 12 months of their permanent modification date. We are reporting these defaulted TDRs based on a payment default definition of 90 days past due for the commercial portfolio segment and 60 days past due for the consumer portfolio segment. | |||||||||||||||||||||||
Recorded investment of defaults | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 62 | 235 | 379 | |||||||||||||||||||
Real estate mortgage | 117 | 303 | 579 | ||||||||||||||||||||
Real estate construction | 4 | 70 | 261 | ||||||||||||||||||||
Lease financing | — | — | 1 | ||||||||||||||||||||
Total commercial | 183 | 608 | 1,220 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 334 | 370 | 567 | ||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 29 | 34 | 55 | ||||||||||||||||||||
Credit card | 51 | 59 | 94 | ||||||||||||||||||||
Automobile | 14 | 18 | 55 | ||||||||||||||||||||
Other revolving credit and installment | 2 | 1 | 1 | ||||||||||||||||||||
Total consumer | 430 | 482 | 772 | ||||||||||||||||||||
Total | $ | 613 | 1,090 | 1,992 | |||||||||||||||||||
Purchased Credit-Impaired Loans | |||||||||||||||||||||||
Substantially all of our PCI loans were acquired from Wachovia on December 31, 2008, at which time we acquired commercial and consumer loans with a carrying value of $18.7 billion and $40.1 billion, respectively. The unpaid principal balance on December 31, 2008 was $98.2 billion for the total of commercial and consumer PCI loans. The following table presents PCI loans net of any remaining purchase accounting adjustments. Real estate 1-4 family first mortgage PCI loans are predominantly Pick-a-Pay loans. | |||||||||||||||||||||||
Dec 31, | Dec 31, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 75 | 215 | ||||||||||||||||||||
Real estate mortgage | 1,261 | 1,856 | |||||||||||||||||||||
Real estate construction | 171 | 433 | |||||||||||||||||||||
Total commercial | 1,507 | 2,504 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 21,712 | 24,100 | |||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 101 | 123 | |||||||||||||||||||||
Total consumer | 21,813 | 24,223 | |||||||||||||||||||||
Total PCI loans (carrying value) | $ | 23,320 | 26,727 | ||||||||||||||||||||
Total PCI loans (unpaid principal balance) | $ | 32,924 | 38,229 | ||||||||||||||||||||
ACCRETABLE YIELD The excess of cash flows expected to be | |||||||||||||||||||||||
collected over the carrying value of PCI loans is referred to as the accretable yield and is recognized in interest income using an effective yield method over the remaining life of the loan, or pools of loans. The accretable yield is affected by: | |||||||||||||||||||||||
• | changes in interest rate indices for variable rate PCI loans – expected future cash flows are based on the variable rates in effect at the time of the regular evaluations of cash flows expected to be collected; | ||||||||||||||||||||||
• | changes in prepayment assumptions – prepayments affect the estimated life of PCI loans which may change the amount of interest income, and possibly principal, expected to be collected; and | ||||||||||||||||||||||
• | changes in the expected principal and interest payments over the estimated life – updates to expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in expected future cash flows from loan modifications are included in the regular evaluations of cash flows expected to be collected. | ||||||||||||||||||||||
The change in the accretable yield related to PCI loans since the merger with Wachovia is presented in the following table. | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2009-2011 | |||||||||||||||||||
Total, beginning of period | $ | 17,392 | 18,548 | 15,961 | 10,447 | ||||||||||||||||||
Addition of accretable yield due to acquisitions | — | 1 | 3 | 128 | |||||||||||||||||||
Accretion into interest income (1) | (1,599 | ) | (1,833 | ) | (2,152 | ) | (7,199 | ) | |||||||||||||||
Accretion into noninterest income due to sales (2) | (37 | ) | (151 | ) | (5 | ) | (237 | ) | |||||||||||||||
Reclassification from nonaccretable difference for loans with improving credit-related cash flows | 2,243 | 971 | 1,141 | 4,213 | |||||||||||||||||||
Changes in expected cash flows that do not affect nonaccretable difference (3) | (209 | ) | (144 | ) | 3,600 | 8,609 | |||||||||||||||||
Total, end of period | $ | 17,790 | 17,392 | 18,548 | 15,961 | ||||||||||||||||||
-1 | Includes accretable yield released as a result of settlements with borrowers, which is included in interest income. | ||||||||||||||||||||||
-2 | Includes accretable yield released as a result of sales to third parties, which is included in noninterest income. | ||||||||||||||||||||||
-3 | Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, changes in interest rates on variable rate PCI loans and sales to third parties. | ||||||||||||||||||||||
PCI ALLOWANCE Based on our regular evaluation of estimates of cash flows expected to be collected, we may establish an allowance for a PCI loan or pool of loans, with a charge to income though the provision for losses. The following table summarizes the changes in allowance for PCI loan losses since the merger with Wachovia. | |||||||||||||||||||||||
(in millions) | Commercial | Pick-a-Pay | Other consumer | Total | |||||||||||||||||||
Balance, December 31, 2008 | $ | — | — | — | — | ||||||||||||||||||
Provision for loan losses | 1,668 | — | 116 | 1,784 | |||||||||||||||||||
Charge-offs | (1,503 | ) | — | (50 | ) | (1,553 | ) | ||||||||||||||||
Balance, December 31, 2011 | 165 | — | 66 | 231 | |||||||||||||||||||
Provision for loan losses | 25 | — | 7 | 32 | |||||||||||||||||||
Charge-offs | (102 | ) | — | (44 | ) | (146 | ) | ||||||||||||||||
Balance, December 31, 2012 | 88 | — | 29 | 117 | |||||||||||||||||||
Reversal of provision for loan losses | (52 | ) | — | (16 | ) | (68 | ) | ||||||||||||||||
Charge-offs | (10 | ) | — | (9 | ) | (19 | ) | ||||||||||||||||
Balance, December 31, 2013 | 26 | — | 4 | 30 | |||||||||||||||||||
Reversal of provision for loan losses | (12 | ) | — | (3 | ) | (15 | ) | ||||||||||||||||
Charge-offs | (3 | ) | — | (1 | ) | (4 | ) | ||||||||||||||||
Balance, December 31, 2014 | $ | 11 | — | — | 11 | ||||||||||||||||||
COMMERCIAL PCI CREDIT QUALITY INDICATORS The following table provides a breakdown of commercial PCI loans by risk category. | |||||||||||||||||||||||
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Total | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||
Pass | $ | 21 | 783 | 118 | 922 | ||||||||||||||||||
Criticized | 54 | 478 | 53 | 585 | |||||||||||||||||||
Total commercial PCI loans | $ | 75 | 1,261 | 171 | 1,507 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||
Pass | $ | 118 | 324 | 160 | 602 | ||||||||||||||||||
Criticized | 97 | 1,532 | 273 | 1,902 | |||||||||||||||||||
Total commercial PCI loans | $ | 215 | 1,856 | 433 | 2,504 | ||||||||||||||||||
The following table provides past due information for commercial PCI loans. | |||||||||||||||||||||||
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Total | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 75 | 1,135 | 161 | 1,371 | ||||||||||||||||||
30-89 DPD and still accruing | — | 48 | 5 | 53 | |||||||||||||||||||
90+ DPD and still accruing | — | 78 | 5 | 83 | |||||||||||||||||||
Total commercial PCI loans | $ | 75 | 1,261 | 171 | 1,507 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 210 | 1,684 | 355 | 2,249 | ||||||||||||||||||
30-89 DPD and still accruing | 5 | 41 | 2 | 48 | |||||||||||||||||||
90+ DPD and still accruing | — | 131 | 76 | 207 | |||||||||||||||||||
Total commercial PCI loans | $ | 215 | 1,856 | 433 | 2,504 | ||||||||||||||||||
CONSUMER PCI CREDIT QUALITY INDICATORS Our consumer PCI loans were aggregated into several pools of loans at acquisition. Below, we have provided credit quality indicators based on the unpaid principal balance (adjusted for write-downs) of the individual loans included in the pool, but we have not allocated the remaining purchase accounting adjustments, which were established at a pool level. The following table provides the delinquency status of consumer PCI loans. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total | |||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 19,236 | 168 | 19,404 | 20,712 | 171 | 20,883 | ||||||||||||||||
30-59 DPD and still accruing | 1,987 | 7 | 1,994 | 2,185 | 8 | 2,193 | |||||||||||||||||
60-89 DPD and still accruing | 1,051 | 3 | 1,054 | 1,164 | 4 | 1,168 | |||||||||||||||||
90-119 DPD and still accruing | 402 | 2 | 404 | 457 | 2 | 459 | |||||||||||||||||
120-179 DPD and still accruing | 440 | 3 | 443 | 517 | 4 | 521 | |||||||||||||||||
180+ DPD and still accruing | 3,654 | 83 | 3,737 | 4,291 | 95 | 4,386 | |||||||||||||||||
Total consumer PCI loans (adjusted unpaid principal balance) | $ | 26,770 | 266 | 27,036 | 29,326 | 284 | 29,610 | ||||||||||||||||
Total consumer PCI loans (carrying value) | $ | 21,712 | 101 | 21,813 | 24,100 | 123 | 24,223 | ||||||||||||||||
The following table provides FICO scores for consumer PCI loans. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total | |||||||||||||||||
By FICO: | |||||||||||||||||||||||
< 600 | $ | 7,708 | 75 | 7,783 | 9,933 | 101 | 10,034 | ||||||||||||||||
600-639 | 5,416 | 53 | 5,469 | 6,029 | 60 | 6,089 | |||||||||||||||||
640-679 | 6,718 | 69 | 6,787 | 6,789 | 70 | 6,859 | |||||||||||||||||
680-719 | 4,008 | 39 | 4,047 | 3,732 | 35 | 3,767 | |||||||||||||||||
720-759 | 1,728 | 13 | 1,741 | 1,662 | 11 | 1,673 | |||||||||||||||||
760-799 | 875 | 6 | 881 | 865 | 5 | 870 | |||||||||||||||||
800+ | 220 | 1 | 221 | 198 | 1 | 199 | |||||||||||||||||
No FICO available | 97 | 10 | 107 | 118 | 1 | 119 | |||||||||||||||||
Total consumer PCI loans (adjusted unpaid principal balance) | $ | 26,770 | 266 | 27,036 | 29,326 | 284 | 29,610 | ||||||||||||||||
Total consumer PCI loans (carrying value) | $ | 21,712 | 101 | 21,813 | 24,100 | 123 | 24,223 | ||||||||||||||||
The following table shows the distribution of consumer PCI loans by LTV for real estate 1-4 family first mortgages and by CLTV for real estate 1-4 family junior lien mortgages. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(in millions) | Real | Real estate 1-4 family junior lien mortgage by CLTV | Total | Real estate 1-4 family first mortgage by LTV | Real estate 1-4 family junior lien mortgage by CLTV | Total | |||||||||||||||||
estate 1-4 family first mortgage by LTV | |||||||||||||||||||||||
By LTV/CLTV: | |||||||||||||||||||||||
0-60% | $ | 4,309 | 34 | 4,343 | 2,501 | 32 | 2,533 | ||||||||||||||||
60.01-80% | 11,264 | 71 | 11,335 | 8,541 | 42 | 8,583 | |||||||||||||||||
80.01-100% | 7,751 | 92 | 7,843 | 10,366 | 88 | 10,454 | |||||||||||||||||
100.01-120% (1) | 2,437 | 44 | 2,481 | 4,677 | 67 | 4,744 | |||||||||||||||||
> 120% (1) | 1,000 | 24 | 1,024 | 3,232 | 54 | 3,286 | |||||||||||||||||
No LTV/CLTV available | 9 | 1 | 10 | 9 | 1 | 10 | |||||||||||||||||
Total consumer PCI loans (adjusted unpaid principal balance) | $ | 26,770 | 266 | 27,036 | 29,326 | 284 | 29,610 | ||||||||||||||||
Total consumer PCI loans (carrying value) | $ | 21,712 | 101 | 21,813 | 24,100 | 123 | 24,223 | ||||||||||||||||
-1 | Reflects total loan balances with LTV/CLTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV/CLTV. |
Premises_Equipment_Lease_Commi
Premises, Equipment, Lease Commitments and Other Assets | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Premises, Equipment, Lease Commitments, And Other Assets [Abstract] | ||||||||||
Premises, Equipment, Lease Commitments and Other Assets | ||||||||||
Note 7: Premises, Equipment, Lease Commitments and Other Assets | ||||||||||
Dec 31, | Dec 31, | |||||||||
(in millions) | 2014 | 2013 | ||||||||
Land | $ | 1,748 | 1,759 | |||||||
Buildings | 8,155 | 7,931 | ||||||||
Furniture and equipment | 7,215 | 7,517 | ||||||||
Leasehold improvements | 2,009 | 1,939 | ||||||||
Premises and equipment leased under capital leases | 79 | 82 | ||||||||
Total premises and equipment | 19,206 | 19,228 | ||||||||
Less: Accumulated depreciation and amortization | 10,463 | 10,072 | ||||||||
Net book value, premises and equipment | $ | 8,743 | 9,156 | |||||||
Depreciation and amortization expense for premises and equipment was $1.2 billion, $1.2 billion and $1.3 billion in 2014, 2013 and 2012, respectively. | ||||||||||
Dispositions of premises and equipment, included in noninterest expense, resulted in a net gain of $28 million in 2014, a net loss of $15 million in 2013 and a net gain of $7 million in 2012. | ||||||||||
We have obligations under a number of noncancelable operating leases for premises and equipment. The leases predominantly expire over the next 15 years, with the longest expiring in 2105, and many provide for periodic adjustment of rentals based on changes in various economic indicators. Some leases also include a renewal option. The following table provides the future minimum payments under capital leases and noncancelable operating leases, net of sublease rentals, with terms greater than one year as of December 31, 2014. | ||||||||||
(in millions) | Operating leases | Capital leases | ||||||||
Year ended December 31, | ||||||||||
2015 | $ | 1,148 | 2 | |||||||
2016 | 1,033 | 2 | ||||||||
2017 | 904 | 3 | ||||||||
2018 | 777 | 3 | ||||||||
2019 | 672 | 3 | ||||||||
Thereafter | 2,521 | 9 | ||||||||
Total minimum lease payments | $ | 7,055 | 22 | |||||||
Executory costs | $ | (8 | ) | |||||||
Amounts representing interest | (5 | ) | ||||||||
Present value of net minimum lease payments | $ | 9 | ||||||||
Operating lease rental expense (predominantly for premises), net of rental income, was $1.3 billion, $1.3 billion and $1.1 billion in 2014, 2013 and 2012, respectively. | ||||||||||
The components of other assets were: | ||||||||||
Dec 31, | Dec 31, | |||||||||
(in millions) | 2014 | 2013 | ||||||||
Nonmarketable equity investments: | ||||||||||
Cost method: | ||||||||||
Private equity and other | $ | 2,300 | 2,308 | |||||||
Federal bank stock | 4,733 | 4,670 | ||||||||
Total cost method | 7,033 | 6,978 | ||||||||
Equity method: | ||||||||||
LIHTC investments (1) | 7,278 | 6,209 | ||||||||
Private equity and other | 5,132 | 5,782 | ||||||||
Total equity method | 12,410 | 11,991 | ||||||||
Fair value (2) | 2,512 | 1,386 | ||||||||
Total nonmarketable equity investments | 21,955 | 20,355 | ||||||||
Corporate/bank-owned life insurance | 18,982 | 18,738 | ||||||||
Accounts receivable (3) | 27,151 | 21,422 | ||||||||
Interest receivable | 4,871 | 5,019 | ||||||||
Core deposit intangibles | 3,561 | 4,674 | ||||||||
Customer relationship and other amortized intangibles | 857 | 1,084 | ||||||||
Foreclosed assets: | ||||||||||
Residential real estate: | ||||||||||
Government insured/guaranteed (3) | 982 | 2,093 | ||||||||
Non-government insured/guaranteed | 671 | 814 | ||||||||
Non-residential real estate | 956 | 1,030 | ||||||||
Operating lease assets | 2,714 | 2,047 | ||||||||
Due from customers on acceptances | 201 | 279 | ||||||||
Other (4) | 16,156 | 8,787 | ||||||||
Total other assets | $ | 99,057 | 86,342 | |||||||
-1 | Represents low income housing tax credit investments. | |||||||||
-2 | Represents nonmarketable equity investments for which we have elected the fair value option. See Note 17 (Fair Values of Assets and Liabilities) for additional information. | |||||||||
-3 | Upon adoption of ASU 2014-14, Classification of Certain Government-Guaranteed mortgage Loans Upon Foreclosure, certain government guaranteed residential real estate mortgage loans upon foreclosure are included in Accounts Receivable. Previously, these assets were included in government insured/guaranteed residential real estate foreclosed assets. This guidance was adopted during fourth quarter 2014, effective as of January 1, 2014. For more information on the classification of certain government-guaranteed mortgage loans upon foreclosure, see Note 1 (Summary of Significant Accounting Policies). | |||||||||
-4 | Includes derivatives designated as hedging instruments, free-standing derivatives (economic hedges), and derivative loan commitments, which are carried at fair value. See Note 16 (Derivatives) for additional information. | |||||||||
Income (expense) related to nonmarketable equity investments was: | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Net realized gains from nonmarketable equity investments | $ | 1,479 | 1,158 | 1,086 | ||||||
All other | (741 | ) | (287 | ) | (185 | ) | ||||
Total | $ | 738 | 871 | 901 | ||||||
Securitizations_and_Variable_I
Securitizations and Variable Interest Entities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Securitizations and Variable Interest Entities [Abstract] | ||||||||||||||||||||
Securitizations and Variable Interest Entities | ||||||||||||||||||||
Note 8: Securitizations and Variable Interest Entities | ||||||||||||||||||||
Involvement with SPEs | ||||||||||||||||||||
In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts or partnerships that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions. In a securitization transaction, assets from our balance sheet are transferred to an SPE, which then issues to investors various forms of interests in those assets and may also enter into derivative transactions. In a securitization transaction, we typically receive cash and/or other interests in an SPE as proceeds for the assets we transfer. Also, in certain transactions, we may retain the right to service the transferred receivables and to repurchase those receivables from the SPE if the outstanding balance of the receivables falls to a level where the cost exceeds the benefits of servicing such receivables. In addition, we may purchase the right to service loans in an SPE that were transferred to the SPE by a third party. | ||||||||||||||||||||
In connection with our securitization activities, we have various forms of ongoing involvement with SPEs, which may include: | ||||||||||||||||||||
• | underwriting securities issued by SPEs and subsequently making markets in those securities; | |||||||||||||||||||
• | providing liquidity facilities to support short-term obligations of SPEs issued to third party investors; | |||||||||||||||||||
• | providing credit enhancement on securities issued by SPEs or market value guarantees of assets held by SPEs through the use of letters of credit, financial guarantees, credit default swaps and total return swaps; | |||||||||||||||||||
• | entering into other derivative contracts with SPEs; | |||||||||||||||||||
• | holding senior or subordinated interests in SPEs; | |||||||||||||||||||
• | acting as servicer or investment manager for SPEs; and | |||||||||||||||||||
• | providing administrative or trustee services to SPEs. | |||||||||||||||||||
SPEs are generally considered variable interest entities (VIEs). A VIE is an entity that has either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the ability to control the entity’s activities or lack the ability to receive expected benefits or absorb obligations in a manner that’s consistent with their investment in the entity. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE and a variable interest that could potentially be significant to the VIE. A variable interest is a contractual, ownership or other interest that changes with changes in the fair value of the VIE’s net assets. To determine whether or not a variable interest we hold could potentially be significant to the VIE, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIE. We assess whether or not we are the primary beneficiary of a VIE on an on-going basis. | ||||||||||||||||||||
We have segregated our involvement with VIEs between those VIEs which we consolidate, those which we do not consolidate and those for which we account for the transfers of financial assets as secured borrowings. Secured borrowings are transactions involving transfers of our financial assets to third parties that are accounted for as financings with the assets pledged as collateral. Accordingly, the transferred assets remain recognized on our balance sheet. Subsequent tables within this Note further segregate these transactions by structure type. | ||||||||||||||||||||
The classifications of assets and liabilities in our balance sheet associated with our transactions with VIEs follow: | ||||||||||||||||||||
(in millions) | VIEs that we do not consolidate | VIEs that we consolidate | Transfers that we account for as secured borrowings | Total | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Cash | $ | — | 117 | 4 | 121 | |||||||||||||||
Trading assets | 2,165 | — | 204 | 2,369 | ||||||||||||||||
Investment securities (1) | 18,271 | 875 | 4,592 | 23,738 | ||||||||||||||||
Mortgages held for sale | — | — | — | — | ||||||||||||||||
Loans | 13,195 | 4,509 | 5,280 | 22,984 | ||||||||||||||||
Mortgage servicing rights | 12,562 | — | — | 12,562 | ||||||||||||||||
Other assets | 7,456 | 316 | 52 | 7,824 | ||||||||||||||||
Total assets | 53,649 | 5,817 | 10,132 | 69,598 | ||||||||||||||||
Short-term borrowings | — | — | 3,141 | 3,141 | ||||||||||||||||
Accrued expenses and other liabilities | 848 | 49 | (2) | 1 | 898 | |||||||||||||||
Long-term debt | 2,585 | 1,628 | (2) | 4,990 | 9,203 | |||||||||||||||
Total liabilities | 3,433 | 1,677 | 8,132 | 13,242 | ||||||||||||||||
Noncontrolling interests | — | 103 | — | 103 | ||||||||||||||||
Net assets | $ | 50,216 | 4,037 | 2,000 | 56,253 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Cash | $ | — | 165 | 7 | 172 | |||||||||||||||
Trading assets | 1,206 | 162 | 193 | 1,561 | ||||||||||||||||
Investment securities (1) | 18,795 | 1,352 | 8,976 | 29,123 | ||||||||||||||||
Mortgages held for sale | — | 38 | — | 38 | ||||||||||||||||
Loans | 7,652 | 6,058 | 6,021 | 19,731 | ||||||||||||||||
Mortgage servicing rights (3) | 15,281 | — | — | 15,281 | ||||||||||||||||
Other assets | 6,151 | 347 | 110 | 6,608 | ||||||||||||||||
Total assets | 49,085 | 8,122 | 15,307 | 72,514 | ||||||||||||||||
Short-term borrowings | — | 29 | 7,871 | 7,900 | ||||||||||||||||
Accrued expenses and other liabilities (3) | 1,395 | 99 | (2) | 3 | 1,497 | |||||||||||||||
Long-term debt (3) | 2,109 | 2,356 | (2) | 5,673 | 10,138 | |||||||||||||||
Total liabilities | 3,504 | 2,484 | 13,547 | 19,535 | ||||||||||||||||
Noncontrolling interests | — | 5 | — | 5 | ||||||||||||||||
Net assets | $ | 45,581 | 5,633 | 1,760 | 52,974 | |||||||||||||||
-1 | Excludes certain debt securities related to loans serviced for the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and GNMA. | |||||||||||||||||||
-2 | Includes the following VIE liabilities at December 31, 2014 and 2013, respectively, with recourse to the general credit of Wells Fargo: Accrued expenses and other liabilities, $0 million and $9 million; and Long-term debt, $0 million and $29 million. | |||||||||||||||||||
-3 | Amounts have been revised for "VIEs that we do not consolidate" to include assets and liabilities related to certain commercial mortgage securitizations and to conform to the current year presentation of long-term debt. | |||||||||||||||||||
Transactions with Unconsolidated VIEs | ||||||||||||||||||||
Our transactions with VIEs include securitizations of residential mortgage loans, CRE loans, student loans, auto loans and leases and dealer floorplan loans; investment and financing activities involving collateralized debt obligations (CDOs) backed by asset-backed and CRE securities, collateralized loan obligations (CLOs) backed by corporate loans, and other types of structured financing. We have various forms of involvement with VIEs, including servicing, holding senior or subordinated interests, entering into liquidity arrangements, credit default swaps and other derivative contracts. Involvements with these unconsolidated VIEs are recorded on our balance sheet primarily in trading assets, investment securities, loans, MSRs, other assets and other liabilities, as appropriate. | ||||||||||||||||||||
The following tables provide a summary of unconsolidated VIEs with which we have significant continuing involvement, but we are not the primary beneficiary. We do not consider our continuing involvement in an unconsolidated VIE to be significant when it relates to third-party sponsored VIEs for which we were not the transferor (unless we are servicer and have other significant forms of involvement) or if we were the sponsor only or sponsor and servicer but do not have any other forms of significant involvement. | ||||||||||||||||||||
Significant continuing involvement includes transactions where we were the sponsor or transferor and have other significant forms of involvement. Sponsorship includes transactions with unconsolidated VIEs where we solely or materially participated in the initial design or structuring of the entity or marketing of the transaction to investors. When we transfer assets to a VIE and account for the transfer as a sale, we are considered the transferor. We consider investments in securities (other than those held temporarily in trading), loans, guarantees, liquidity agreements, written options and servicing of collateral to be other forms of involvement that may be significant. We have excluded certain transactions with unconsolidated VIEs from the balances presented in the following table where we have determined that our continuing involvement is not significant due to the temporary nature and size of our variable interests, because we were not the transferor or because we were not involved in the design of the unconsolidated VIEs. We also exclude from the table secured borrowing transactions with unconsolidated VIEs (for information on these transactions, see the Transactions with Consolidated VIEs and Secured Borrowings section in this Note). | ||||||||||||||||||||
Carrying value - asset (liability) | ||||||||||||||||||||
(in millions) | Total | Debt and equity interests (1) | Servicing assets | Derivatives | Other commitments and guarantees | Net assets | ||||||||||||||
VIE | ||||||||||||||||||||
assets | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Residential mortgage loan securitizations: | ||||||||||||||||||||
Conforming (2) | $ | 1,268,200 | 2,846 | 11,684 | — | (581 | ) | 13,949 | ||||||||||||
Other/nonconforming | 32,213 | 1,644 | 209 | — | (8 | ) | 1,845 | |||||||||||||
Commercial mortgage securitizations | 196,510 | 8,756 | 650 | 251 | (32 | ) | 9,625 | |||||||||||||
Collateralized debt obligations: | ||||||||||||||||||||
Debt securities | 5,039 | 11 | — | 163 | (105 | ) | 69 | |||||||||||||
Loans (4) | 5,347 | 5,221 | — | — | — | 5,221 | ||||||||||||||
Asset-based finance structures | 18,954 | 13,044 | — | (71 | ) | — | 12,973 | |||||||||||||
Tax credit structures | 22,859 | 7,809 | — | — | (2,585 | ) | 5,224 | |||||||||||||
Collateralized loan obligations | 1,251 | 518 | — | — | — | 518 | ||||||||||||||
Investment funds | 2,764 | 49 | — | — | — | 49 | ||||||||||||||
Other (5) | 12,912 | 747 | 19 | (18 | ) | (5 | ) | 743 | ||||||||||||
Total | $ | 1,566,049 | 40,645 | 12,562 | 325 | (3,316 | ) | 50,216 | ||||||||||||
Maximum exposure to loss | ||||||||||||||||||||
Debt and equity interests (1) | Servicing assets | Derivatives | Other commitments and guarantees | Net assets | ||||||||||||||||
Residential mortgage loan securitizations: | ||||||||||||||||||||
Conforming | $ | 2,846 | 11,684 | — | 2,507 | 17,037 | ||||||||||||||
Other/nonconforming | 1,644 | 209 | — | 345 | 2,198 | |||||||||||||||
Commercial mortgage securitizations | 8,756 | 650 | 251 | 5,715 | 15,372 | |||||||||||||||
Collateralized debt obligations: | ||||||||||||||||||||
Debt securities | 11 | — | 163 | 105 | 279 | |||||||||||||||
Loans (4) | 5,221 | — | — | — | 5,221 | |||||||||||||||
Asset-based finance structures | 13,044 | — | 89 | 656 | 13,789 | |||||||||||||||
Tax credit structures | 7,809 | — | — | 725 | 8,534 | |||||||||||||||
Collateralized loan obligations | 518 | — | — | 38 | 556 | |||||||||||||||
Investment funds | 49 | — | — | — | 49 | |||||||||||||||
Other (5) | 747 | 19 | 150 | 156 | 1,072 | |||||||||||||||
Total | $ | 40,645 | 12,562 | 653 | 10,247 | 64,107 | ||||||||||||||
(continued on following page) | ||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||
Carrying value - asset (liability) | ||||||||||||||||||||
(in millions) | Total | Debt and equity interests (1) | Servicing assets | Derivatives | Other commitments and guarantees | Net assets | ||||||||||||||
VIE | ||||||||||||||||||||
assets | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Residential mortgage loan securitizations: | ||||||||||||||||||||
Conforming (2) | $ | 1,314,285 | 2,721 | 14,253 | — | (745 | ) | 16,229 | ||||||||||||
Other/nonconforming | 38,330 | 1,739 | 258 | — | (26 | ) | 1,971 | |||||||||||||
Commercial mortgage securitizations (3) | 202,700 | 7,627 | 747 | 209 | (40 | ) | 8,543 | |||||||||||||
Collateralized debt obligations: | ||||||||||||||||||||
Debt securities | 6,730 | 37 | — | 214 | (130 | ) | 121 | |||||||||||||
Loans (4) | 6,021 | 5,888 | — | — | — | 5,888 | ||||||||||||||
Asset-based finance structures | 11,415 | 6,857 | — | (84 | ) | — | 6,773 | |||||||||||||
Tax credit structures | 23,112 | 6,455 | — | — | (2,213 | ) | 4,242 | |||||||||||||
Collateralized loan obligations | 4,382 | 1,061 | — | — | — | 1,061 | ||||||||||||||
Investment funds | 3,464 | 54 | — | — | — | 54 | ||||||||||||||
Other (5) | 10,343 | 860 | 23 | 5 | (189 | ) | 699 | |||||||||||||
Total | $ | 1,620,782 | 33,299 | 15,281 | 344 | (3,343 | ) | 45,581 | ||||||||||||
Maximum exposure to loss | ||||||||||||||||||||
Debt and equity interests (1) | Servicing assets | Derivatives | Other commitments and guarantees | Net assets | ||||||||||||||||
Residential mortgage loan securitizations: | ||||||||||||||||||||
Conforming | $ | 2,721 | 14,253 | — | 2,287 | 19,261 | ||||||||||||||
Other/nonconforming | 1,739 | 258 | — | 346 | 2,343 | |||||||||||||||
Commercial mortgage securitizations (3) | 7,627 | 747 | 322 | 5,232 | 13,928 | |||||||||||||||
Collateralized debt obligations: | ||||||||||||||||||||
Debt securities | 37 | — | 214 | 130 | 381 | |||||||||||||||
Loans (4) | 5,888 | — | — | — | 5,888 | |||||||||||||||
Asset-based finance structures | 6,857 | — | 84 | 1,665 | 8,606 | |||||||||||||||
Tax credit structures | 6,455 | — | — | 626 | 7,081 | |||||||||||||||
Collateralized loan obligations | 1,061 | — | — | 159 | 1,220 | |||||||||||||||
Investment funds | 54 | — | — | 31 | 85 | |||||||||||||||
Other (5) | 860 | 23 | 178 | 188 | 1,249 | |||||||||||||||
Total | $ | 33,299 | 15,281 | 798 | 10,664 | 60,042 | ||||||||||||||
-1 | Includes total equity interests of $8.1 billion at December 31, 2014 and $6.9 billion at December 31, 2013. Also includes debt interests in the form of both loans and securities. Excludes certain debt securities held related to loans serviced for FNMA, FHLMC and GNMA. | |||||||||||||||||||
-2 | Excludes assets and related liabilities with a recorded carrying value on our balance sheet of $1.7 billion and $2.1 billion at December 31, 2014 and 2013, respectively, for certain delinquent loans that are eligible for repurchase primarily from GNMA loan securitizations. The recorded carrying value represents the amount that would be payable if the Company was to exercise the repurchase option. The carrying amounts are excluded from the table because the loans eligible for repurchase do not represent interests in the VIEs. | |||||||||||||||||||
-3 | December 31, 2013, has been revised to include certain commercial mortgage securitizations with FNMA and GNMA to conform with current period presentation. | |||||||||||||||||||
-4 | Represents senior loans to trusts that are collateralized by asset-backed securities. The trusts invest primarily in senior tranches from a diversified pool of primarily U.S. asset securitizations, of which all are current and 70% and 72% were rated as investment grade by the primary rating agencies at December 31, 2014 and 2013, respectively. These senior loans are accounted for at amortized cost and are subject to the Company’s allowance and credit charge-off policies. | |||||||||||||||||||
-5 | Includes structured financing and credit-linked note structures. Also contains investments in auction rate securities (ARS) issued by VIEs that we do not sponsor and, accordingly, are unable to obtain the total assets of the entity. | |||||||||||||||||||
In the two preceding tables, “Total VIE assets” represents the remaining principal balance of assets held by unconsolidated VIEs using the most current information available. For VIEs that obtain exposure to assets synthetically through derivative instruments, the remaining notional amount of the derivative is included in the asset balance. “Carrying value” is the amount in our consolidated balance sheet related to our involvement with the unconsolidated VIEs. “Maximum exposure to loss” from our involvement with off-balance sheet entities, which is a required disclosure under GAAP, is determined as the carrying value of our involvement with off-balance sheet (unconsolidated) VIEs plus the remaining undrawn liquidity and lending commitments, the notional amount of net written derivative contracts, and generally the notional amount of, or stressed loss estimate for, other commitments and guarantees. It represents estimated loss that would be incurred under severe, hypothetical circumstances, for which we believe the possibility is extremely remote, such as where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. Accordingly, this required disclosure is not an indication of expected loss. | ||||||||||||||||||||
RESIDENTIAL MORTGAGE LOANS Residential mortgage loan securitizations are financed through the issuance of fixed-rate or floating-rate asset-backed securities, which are collateralized by the loans transferred to a VIE. We typically transfer loans we originated to these VIEs, account for the transfers as sales, retain the right to service the loans and may hold other beneficial interests issued by the VIEs. We also may be exposed to limited liability related to recourse agreements and repurchase agreements we make to our issuers and purchasers, which are included in other commitments and guarantees. In certain instances, we may service residential mortgage loan securitizations structured by third parties whose loans we did not originate or transfer. Our residential mortgage loan securitizations consist of conforming and nonconforming securitizations. | ||||||||||||||||||||
Conforming residential mortgage loan securitizations are those that are guaranteed by the government-sponsored entities (GSEs), including GNMA. Because of the power of the GSEs over the VIEs that hold the assets from these conforming residential mortgage loan securitizations, we do not consolidate them. | ||||||||||||||||||||
The loans sold to the VIEs in nonconforming residential mortgage loan securitizations are those that do not qualify for a GSE guarantee. We may hold variable interests issued by the VIEs, primarily in the form of senior securities. We do not consolidate the nonconforming residential mortgage loan securitizations included in the table because we either do not hold any variable interests, hold variable interests that we do not consider potentially significant or are not the primary servicer for a majority of the VIE assets. | ||||||||||||||||||||
Other commitments and guarantees include amounts related to loans sold that we may be required to repurchase, or otherwise indemnify or reimburse the investor or insurer for losses incurred, due to material breach of contractual representations and warranties as well as other retained recourse arrangements. The maximum exposure to loss for material breach of contractual representations and warranties represents a stressed case estimate we utilize for determining stressed case regulatory capital needs and is considered to be a remote scenario. | ||||||||||||||||||||
COMMERCIAL MORTGAGE LOAN SECURITIZATIONS Commercial mortgage loan securitizations are financed through the issuance of fixed or floating-rate asset-backed securities, which are collateralized by the loans transferred to the VIE. In a typical securitization, we may transfer loans we originate to these VIEs, account for the transfers as sales, retain the right to service the loans and may hold other beneficial interests issued by the VIEs. In certain instances, we may service commercial mortgage loan securitizations structured by third parties whose loans we did not originate or transfer. We typically serve as primary or master servicer of these VIEs. The primary or master servicer in a commercial mortgage loan securitization typically cannot make the most significant decisions impacting the performance of the VIE and therefore does not have power over the VIE. We do not consolidate the commercial mortgage loan securitizations included in the disclosure because we either do not have power or do not have a variable interest that could potentially be significant to the VIE. | ||||||||||||||||||||
COLLATERALIZED DEBT OBLIGATIONS (CDOs) A CDO is a securitization where a VIE purchases a pool of assets consisting of asset-backed securities and issues multiple tranches of equity or notes to investors. In some CDOs, a portion of the assets are obtained synthetically through the use of derivatives such as credit default swaps or total return swaps. | ||||||||||||||||||||
In addition to our role as arranger we may have other forms of involvement with these CDOs. Such involvement may include acting as liquidity provider, derivative counterparty, secondary market maker or investor. For certain CDOs, we may also act as the collateral manager or servicer. We receive fees in connection with our role as collateral manager or servicer. | ||||||||||||||||||||
We assess whether we are the primary beneficiary of CDOs based on our role in them in combination with the variable interests we hold. Subsequently, we monitor our ongoing involvement to determine if the nature of our involvement has changed. We are not the primary beneficiary of these CDOs in most cases because we do not act as the collateral manager or servicer, which generally denotes power. In cases where we are the collateral manager or servicer, we are not the primary beneficiary because we do not hold interests that could potentially be significant to the VIE. | ||||||||||||||||||||
COLLATERALIZED LOAN OBLIGATIONS (CLOs) A CLO is a securitization where an SPE purchases a pool of assets consisting of loans and issues multiple tranches of equity or notes to investors. Generally, CLOs are structured on behalf of a third party asset manager that typically selects and manages the assets for the term of the CLO. Typically, the asset manager has the power over the significant decisions of the VIE through its discretion to manage the assets of the CLO. We assess whether we are the primary beneficiary of CLOs based on our role in them and the variable interests we hold. In most cases, we are not the primary beneficiary because we do not have the power to manage the collateral in the VIE. | ||||||||||||||||||||
In addition to our role as arranger, we may have other forms of involvement with these CLOs. Such involvement may include acting as underwriter, derivative counterparty, secondary market maker or investor. For certain CLOs, we may also act as the servicer, for which we receive fees in connection with that role. We also earn fees for arranging these CLOs and distributing the securities. | ||||||||||||||||||||
ASSET-BASED FINANCE STRUCTURES We engage in various forms of structured finance arrangements with VIEs that are collateralized by various asset classes including energy contracts, auto and other transportation leases, intellectual property, equipment and general corporate credit. We typically provide senior financing, and may act as an interest rate swap or commodity derivative counterparty when necessary. In most cases, we are not the primary beneficiary of these structures because we do not have power over the significant activities of the VIEs involved in them. | ||||||||||||||||||||
In fourth quarter 2014, we sold $8.3 billion of government guaranteed student loans, including the rights to service the loans, to a third party, resulting in a $217 million gain. In connection with the sale, we provided $6.5 billion in floating-rate loan financing to an asset backed financing entity (VIE) formed by the third party purchaser. Our financing, which is fully collateralized by government guaranteed student loans, is measured at amortized cost and classified in loans on the balance sheet. The collateral supporting our loan includes a portion of the student loans we sold. We are not the primary beneficiary of the VIE and, therefore, are not required to consolidate the entity as we do not have power over the significant activities of the entity. For information on the estimated fair value of the loan and related sensitivity analysis, see the Retained Interests from Unconsolidated VIEs section in this Note. | ||||||||||||||||||||
In addition, we also have investments in asset-backed securities that are collateralized by auto leases or loans and cash. These fixed-rate and variable-rate securities have been structured as single-tranche, fully amortizing, unrated bonds that are equivalent to investment-grade securities due to their significant overcollateralization. The securities are issued by VIEs that have been formed by third party auto financing institutions primarily because they require a source of liquidity to fund ongoing vehicle sales operations. The third party auto financing institutions manage the collateral in the VIEs, which is indicative of power in them and we therefore do not consolidate these VIEs. | ||||||||||||||||||||
TAX CREDIT STRUCTURES We co-sponsor and make investments in affordable housing and sustainable energy projects that are designed to generate a return primarily through the realization of federal tax credits. In some instances, our investments in these structures may require that we fund future capital commitments at the discretion of the project sponsors. While the size of our investment in a single entity may at times exceed 50% of the outstanding equity interests, we do not consolidate these structures due to the project sponsor’s ability to manage the projects, which is indicative of power in them. | ||||||||||||||||||||
INVESTMENT FUNDS We do not consolidate the investment funds because we do not absorb the majority of the expected future variability associated with the funds’ assets, including variability associated with credit, interest rate and liquidity risks. | ||||||||||||||||||||
OTHER TRANSACTIONS WITH VIEs Auction rate securities (ARS) are debt instruments with long-term maturities, which re-price more frequently, and preferred equities with no maturity. At December 31, 2014, we held in our available-for-sale securities portfolio $567 million of ARS issued by VIEs compared with $653 million at December 31, 2013. We acquired the ARS pursuant to agreements entered into in 2008 and 2009. | ||||||||||||||||||||
We do not consolidate the VIEs that issued the ARS because we do not have power over the activities of the VIEs. | ||||||||||||||||||||
TRUST PREFERRED SECURITIES VIEs that we wholly own issue debt securities or preferred equity to third party investors. All of the proceeds of the issuance are invested in debt securities or preferred equity that we issue to the VIEs. The VIEs’ operations and cash flows relate only to the issuance, administration and repayment of the securities held by third parties. We do not consolidate these VIEs because the sole assets of the VIEs are receivables from us, even though we own all of the voting equity shares of the VIEs, have fully guaranteed the obligations of the VIEs and may have the right to redeem the third party securities under certain circumstances. In our consolidated balance sheet at December 31, 2014 and December 31, 2013, we reported the debt securities issued to the VIEs as long-term junior subordinated debt with a carrying value of $2.1 billion and $1.9 billion, respectively, and the preferred equity securities issued to the VIEs as preferred stock with a carrying value of $2.5 billion at both dates. These amounts are in addition to the involvements in these VIEs included in the preceding table. | ||||||||||||||||||||
In 2013, we redeemed $2.8 billion of trust preferred securities that will no longer count as Tier 1 capital under the Dodd-Frank Act and the Basel Committee recommendations known as the Basel III standards. | ||||||||||||||||||||
Securitization Activity Related to Unconsolidated VIEs | ||||||||||||||||||||
We use VIEs to securitize consumer and CRE loans and other types of financial assets. We typically retain the servicing rights from these sales and may continue to hold other beneficial interests in the VIEs. We may also provide liquidity to investors in the beneficial interests and credit enhancements in the form of standby letters of credit. Through these securitizations we may be exposed to liability under limited amounts of recourse as well as standard representations and warranties we make to purchasers and issuers. The following table presents the cash flows with our securitization trusts that were involved in transfers accounted for as sales. | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | Mortgage loans | Other financial assets | Mortgage loans | Other financial assets | Mortgage loans | Other financial assets | ||||||||||||||
Sales proceeds from securitizations | $ | 164,331 | — | 357,807 | — | 535,372 | — | |||||||||||||
Fees from servicing rights retained | 4,062 | 8 | 4,240 | 10 | 4,433 | 10 | ||||||||||||||
Cash flows from other interests held (1) | 1,417 | 75 | 2,284 | 93 | 1,767 | 135 | ||||||||||||||
Purchases of delinquent assets | 6 | — | 18 | — | 62 | — | ||||||||||||||
Servicing advances, net of repayments | (170 | ) | — | (34 | ) | — | 226 | — | ||||||||||||
-1 | Cash flows from other interests held include principal and interest payments received on retained bonds and excess cash flows received on interest-only strips. | |||||||||||||||||||
In 2014, 2013, and 2012, we recognized net gains of $288 million, $149 million and $518 million, respectively, from transfers accounted for as sales of financial assets in securitizations. These net gains primarily relate to commercial mortgage securitizations and residential mortgage securitizations where the loans were not already carried at fair value. | ||||||||||||||||||||
Sales with continuing involvement during 2014, 2013 and 2012 predominantly related to securitizations of residential mortgages that are sold to the GSEs, including FNMA, FHLMC and GNMA (conforming residential mortgage securitizations). During 2014, 2013 and 2012 we transferred $155.8 billion, $343.9 billion and $517.3 billion respectively, in fair value of conforming residential mortgages to unconsolidated VIEs and recorded the transfers as sales. Substantially all of these transfers did not result in a gain or loss because the loans were already carried at fair value. In connection with all of these transfers, in 2014 we recorded a $1.2 billion servicing asset, measured at fair value using a Level 3 measurement technique, available-for-sale securities of $751 million, classified as Level 2, and a $44 million liability for repurchase losses which reflects management’s estimate of probable losses related to various representations and warranties for the loans transferred, initially measured at fair value. In 2013, we recorded a $3.5 billion servicing asset and a $143 million liability. In 2012, we recorded a $4.9 billion servicing asset and a $275 million liability. | ||||||||||||||||||||
We used the following key weighted-average assumptions to measure residential mortgage servicing rights at the date of securitization: | ||||||||||||||||||||
Residential mortgage servicing rights | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
Prepayment speed (1) | 12.4 | % | 11.2 | 13.4 | ||||||||||||||||
Discount rate | 7.6 | 7.3 | 7.3 | |||||||||||||||||
Cost to service ($ per loan) (2) | $ | 259 | 184 | 151 | ||||||||||||||||
-1 | The prepayment speed assumption for residential mortgage servicing rights includes a blend of prepayment speeds and default rates. Prepayment speed assumptions are influenced by mortgage interest rate inputs as well as our estimation of drivers of borrower behavior. | |||||||||||||||||||
-2 | Includes costs to service and unreimbursed foreclosure costs, which can vary period to period depending on the mix of modified government-guaranteed loans sold to GNMA. | |||||||||||||||||||
During 2014, 2013 and 2012, we transferred $10.3 billion, $5.6 billion and $3.4 billion, respectively, in fair value of commercial mortgages to unconsolidated VIEs and recorded the transfers as sales. These transfers resulted in a gain of $198 million in 2014, $152 million in 2013 and $178 million in 2012, respectively, because the loans were carried at LOCOM. In connection with these transfers, in 2014 we recorded a servicing asset of $99 million, initially measured at fair value using a Level 3 measurement technique, and available-for-sale securities of $100 million, classified as Level 2. In 2013, we recorded a servicing asset of $20 million and available-for-sale securities of $54 million. In 2012, we recorded a servicing asset of $13 million and available-for-sale securities of $116 million. | ||||||||||||||||||||
Retained Interests from Unconsolidated VIEs | ||||||||||||||||||||
The following table provides key economic assumptions and the sensitivity of the current fair value of residential mortgage servicing rights and other retained interests to immediate adverse changes in those assumptions. “Other interests held” relate predominantly to residential and commercial mortgage loan securitizations. Residential mortgage-backed securities retained in securitizations issued through GSEs, such as FNMA, FHLMC and GNMA, are excluded from the table because these securities have a remote risk of credit loss due to the GSE guarantee. These securities also have economic characteristics similar to GSE mortgage-backed securities that we purchase, which are not included in the table. Subordinated interests include only those bonds whose credit rating was below AAA by a major rating agency at issuance. Senior interests include only those bonds whose credit rating was AAA by a major rating agency at issuance. The information presented excludes trading positions held in inventory. | ||||||||||||||||||||
Other interests held | ||||||||||||||||||||
Residential mortgage servicing rights (1) | Interest-only strips | Consumer | Commercial (2) | |||||||||||||||||
($ in millions, except cost to service amounts) | Subordinated bonds | Subordinated bonds | Senior bonds | |||||||||||||||||
Fair value of interests held at December 31, 2014 | $ | 12,738 | 117 | 36 | 294 | 546 | ||||||||||||||
Expected weighted-average life (in years) | 5.7 | 3.9 | 5.5 | 2.9 | 6.2 | |||||||||||||||
Key economic assumptions: | ||||||||||||||||||||
Prepayment speed assumption (3) | 12.5 | % | 11.4 | 7.1 | ||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% adverse change | $ | 738 | 2 | — | ||||||||||||||||
25% adverse change | 1,754 | 6 | — | |||||||||||||||||
Discount rate assumption | 7.6 | % | 18.7 | 3.9 | 4.7 | 2.8 | ||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
100 basis point increase | $ | 617 | 2 | 2 | 8 | 29 | ||||||||||||||
200 basis point increase | 1,178 | 4 | 3 | 15 | 55 | |||||||||||||||
Cost to service assumption ($ per loan) | 179 | |||||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% adverse change | 579 | |||||||||||||||||||
25% adverse change | 1,433 | |||||||||||||||||||
Credit loss assumption | 0.4 | % | 4.1 | — | ||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% higher losses | $ | — | 3 | — | ||||||||||||||||
25% higher losses | — | 10 | — | |||||||||||||||||
Fair value of interests held at December 31, 2013 | $ | 15,580 | 135 | 39 | 283 | 587 | ||||||||||||||
Expected weighted-average life (in years) | 6.4 | 3.8 | 5.9 | 3.6 | 6.3 | |||||||||||||||
Key economic assumptions: | ||||||||||||||||||||
Prepayment speed assumption (3) | 10.7 | % | 10.7 | 6.7 | ||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% adverse change | $ | 864 | 3 | — | ||||||||||||||||
25% adverse change | 2,065 | 7 | — | |||||||||||||||||
Discount rate assumption | 7.8 | % | 18.3 | 4.4 | 4.5 | 3.6 | ||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
100 basis point increase | $ | 840 | 2 | 2 | 30 | 30 | ||||||||||||||
200 basis point increase | 1,607 | 5 | 4 | 38 | 58 | |||||||||||||||
Cost to service assumption ($ per loan) | 191 | |||||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% adverse change | 636 | |||||||||||||||||||
25% adverse change | 1,591 | |||||||||||||||||||
Credit loss assumption | 0.4 | % | 14.2 | — | ||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% higher losses | $ | — | 29 | — | ||||||||||||||||
25% higher losses | — | 39 | 1 | |||||||||||||||||
-1 | See narrative following this table for a discussion of commercial mortgage servicing rights. | |||||||||||||||||||
-2 | Prepayment speed assumptions do not significantly impact the value of commercial mortgage securitization bonds as the underlying commercial mortgage loans experience significantly lower prepayments due to certain contractual restrictions, impacting the borrower’s ability to prepay the mortgage. | |||||||||||||||||||
-3 | The prepayment speed assumption for residential mortgage servicing rights includes a blend of prepayment speeds and default rates. Prepayment speed assumptions are influenced by mortgage interest rate inputs as well as our estimation of drivers of borrower behavior. | |||||||||||||||||||
In addition to residential mortgage servicing rights (MSRs) included in the previous table, we have a small portfolio of commercial MSRs with a fair value of $1.6 billion at both December 31, 2014 and 2013. The nature of our commercial MSRs, which are carried at LOCOM, is different from our residential MSRs. Prepayment activity on serviced loans does not significantly impact the value of commercial MSRs because, unlike residential mortgages, commercial mortgages experience significantly lower prepayments due to certain contractual restrictions, impacting the borrower’s ability to prepay the mortgage. Additionally, for our commercial MSR portfolio, we are typically master/primary servicer, but not the special servicer, who is separately responsible for the servicing and workout of delinquent and foreclosed loans. It is the special servicer, similar to our role as servicer of residential mortgage loans, who is affected by higher servicing and foreclosure costs due to an increase in delinquent and foreclosed loans. Accordingly, prepayment speeds and costs to service are not key assumptions for commercial MSRs as they do not significantly impact the valuation. The primary economic driver impacting the fair value of our commercial MSRs is forward interest rates, which are derived from market observable yield curves used to price capital markets instruments. Market interest rates most significantly affect interest earned on custodial deposit balances. The sensitivity of the current fair value to an immediate adverse 25% change in the assumption about interest earned on deposit balances at December 31, 2014, and 2013, results in a decrease in fair value of $185 million and $175 million, respectively. See Note 9 (Mortgage Banking Activities) for further information on our commercial MSRs. | ||||||||||||||||||||
We also have a $6.5 billion loan to an unconsolidated third party VIE that we extended in fourth quarter 2014 in conjunction with our sale of government guaranteed student loans. The loan is carried at amortized cost and approximates fair value at December 31, 2014. The estimated fair value of the loan is considered a Level 3 measurement that is determined using discounted cash flows that are based on changes in the discount rate due to changes in the risk premium component (credit spreads). The primary economic assumption impacting the fair value of our loan is the discount rate. Changes in the credit loss assumption are not expected to affect the estimated fair value of the loan due to the government guarantee of the underlying collateral. The sensitivity of the current fair value to an immediate adverse increase of 200 basis points in the risk premium component of the discount rate assumption is a decrease in fair value of $130 million at December 31, 2014. For more information on the student loan sale, see the discussion on Asset-Based Finance Structures earlier in this Note. | ||||||||||||||||||||
The sensitivities in the preceding paragraphs and table are hypothetical and caution should be exercised when relying on this data. Changes in value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in the assumption to the change in value may not be linear. Also, the effect of a variation in a particular assumption on the value of the other interests held is calculated independently without changing any other assumptions. In reality, changes in one factor may result in changes in others (for example, changes in prepayment speed estimates could result in changes in the credit losses), which might magnify or counteract the sensitivities. | ||||||||||||||||||||
Off-Balance Sheet Loans | ||||||||||||||||||||
The following table presents information about the principal balances of off-balance sheet loans that were sold or securitized, including residential mortgage loans sold to FNMA, FHLMC, GNMA and other investors, for which we have some form of continuing involvement (primarily servicer). Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status. For loans sold or securitized where servicing is our only form of continuing involvement, we would only experience a loss if we were required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with our loan sale or servicing contracts. | ||||||||||||||||||||
Net charge-offs | ||||||||||||||||||||
Total loans | Delinquent loans and foreclosed assets (1) | Year ended | ||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Commercial: | ||||||||||||||||||||
Real estate mortgage | 114,081 | 119,346 | 7,949 | 8,808 | 621 | 617 | ||||||||||||||
Total commercial | 114,081 | 119,346 | 7,949 | 8,808 | 621 | 617 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Real estate 1-4 family first mortgage (2)(3) | 1,322,136 | 1,387,822 | 28,639 | 32,911 | 1,209 | 2,318 | ||||||||||||||
Real estate 1-4 family junior lien mortgage | 1 | 1 | — | — | — | — | ||||||||||||||
Other revolving credit and installment | 1,599 | 1,790 | 75 | 99 | 1 | — | ||||||||||||||
Total consumer | 1,323,736 | 1,389,613 | 28,714 | 33,010 | 1,210 | 2,318 | ||||||||||||||
Total off-balance sheet sold or securitized loans (4) | $ | 1,437,817 | 1,508,959 | 36,663 | 41,818 | 1,831 | 2,935 | |||||||||||||
-1 | Includes $3.3 billion and $2.8 billion of commercial foreclosed assets and $2.7 billion and $3.9 billion of consumer foreclosed assets at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
-2 | Total loans in prior period have been revised to include whole loan sales for which we have some form of continuing involvement. | |||||||||||||||||||
-3 | Delinquent loans and foreclosed assets in prior period have been revised to include whole loan sale delinquencies and transferred assets in foreclosure status for which we have risk of loss. The related net charge-offs have also been revised. | |||||||||||||||||||
-4 | At December 31, 2014 and 2013, the table includes total loans of $1.3 trillion at both dates and delinquent loans of $16.5 billion and $17.9 billion, respectively for FNMA, FHLMC and GNMA. Net charge-offs exclude loans sold to FNMA, FHLMC and GNMA as we do not service or manage the underlying real estate upon foreclosure and, as such, do not have access to net charge-off information. | |||||||||||||||||||
Transactions with Consolidated VIEs and Secured Borrowings | ||||||||||||||||||||
The following table presents a summary of transfers of financial assets accounted for as secured borrowings and involvements with consolidated VIEs. “Assets” are presented using GAAP measurement methods, which may include fair value, credit impairment or other adjustments, and therefore in some instances will differ from “Total VIE assets.” For VIEs that obtain exposure synthetically through derivative instruments, the remaining notional amount of the derivative is included in “Total VIE assets.” On our consolidated balance sheet, we separately disclose the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs. | ||||||||||||||||||||
Carrying value | ||||||||||||||||||||
(in millions) | Total VIE assets | Assets | Liabilities | Noncontrolling interests | Net assets | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Secured borrowings: | ||||||||||||||||||||
Municipal tender option bond securitizations | $ | 5,422 | 4,837 | (3,143 | ) | — | 1,694 | |||||||||||||
Commercial real estate loans | 250 | 250 | (63 | ) | — | 187 | ||||||||||||||
Residential mortgage securitizations | 4,804 | 5,045 | (4,926 | ) | — | 119 | ||||||||||||||
Total secured borrowings | 10,476 | 10,132 | (8,132 | ) | — | 2,000 | ||||||||||||||
Consolidated VIEs: | ||||||||||||||||||||
Nonconforming residential mortgage loan securitizations | 5,041 | 4,491 | (1,509 | ) | — | 2,982 | ||||||||||||||
Structured asset finance | 47 | 47 | (23 | ) | — | 24 | ||||||||||||||
Investment funds | 904 | 904 | (2 | ) | — | 902 | ||||||||||||||
Other | 431 | 375 | (143 | ) | (103 | ) | 129 | |||||||||||||
Total consolidated VIEs | 6,423 | 5,817 | (1,677 | ) | (103 | ) | 4,037 | |||||||||||||
Total secured borrowings and consolidated VIEs | $ | 16,899 | 15,949 | (9,809 | ) | (103 | ) | 6,037 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Secured borrowings: | ||||||||||||||||||||
Municipal tender option bond securitizations | $ | 11,626 | 9,210 | (7,874 | ) | — | 1,336 | |||||||||||||
Commercial real estate loans | 486 | 486 | (277 | ) | — | 209 | ||||||||||||||
Residential mortgage securitizations | 5,337 | 5,611 | (5,396 | ) | — | 215 | ||||||||||||||
Total secured borrowings | 17,449 | 15,307 | (13,547 | ) | — | 1,760 | ||||||||||||||
Consolidated VIEs: | ||||||||||||||||||||
Nonconforming residential mortgage loan securitizations | 6,770 | 6,018 | (2,214 | ) | — | 3,804 | ||||||||||||||
Structured asset finance | 56 | 56 | (18 | ) | — | 38 | ||||||||||||||
Investment funds | 1,536 | 1,536 | (70 | ) | — | 1,466 | ||||||||||||||
Other | 582 | 512 | (182 | ) | (5 | ) | 325 | |||||||||||||
Total consolidated VIEs | 8,944 | 8,122 | (2,484 | ) | (5 | ) | 5,633 | |||||||||||||
Total secured borrowings and consolidated VIEs | $ | 26,393 | $ | 23,429 | $ | (16,031 | ) | $ | (5 | ) | $ | 7,393 | ||||||||
In addition to the transactions included in the previous table, at both December 31, 2014, and December 31, 2013, we had approximately $6.0 billion of private placement debt financing issued through a consolidated VIE. The issuance is classified as long-term debt in our consolidated financial statements. At December 31, 2014, and December 31, 2013, we pledged approximately $637 million and $6.6 billion in loans (principal and interest eligible to be capitalized), $5.7 billion and $160 million in available-for-sale securities, and $0 million and $180 million in cash and cash equivalents to collateralize the VIE’s borrowings, respectively. These assets were not transferred to the VIE, and accordingly we have excluded the VIE from the previous table. | ||||||||||||||||||||
We have raised financing through the securitization of certain financial assets in transactions with VIEs accounted for as secured borrowings. We also consolidate VIEs where we are the primary beneficiary. In certain transactions we provide contractual support in the form of limited recourse and liquidity to facilitate the remarketing of short-term securities issued to third party investors. Other than this limited contractual support, the assets of the VIEs are the sole source of repayment of the securities held by third parties. | ||||||||||||||||||||
MUNICIPAL TENDER OPTION BOND SECURITIZATIONS As part of our normal investment portfolio activities, we consolidate municipal bond trusts that hold highly rated, long-term, fixed-rate municipal bonds, the majority of which are rated AA or better. Our residual interests in these trusts generally allow us to capture the economics of owning the securities outright, and constructively make decisions that significantly impact the economic performance of the municipal bond vehicle, primarily by directing the sale of the municipal bonds owned by the vehicle. In addition, the residual interest owners have the right to receive benefits and bear losses that are proportional to owning the underlying municipal bonds in the trusts. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other basis to third-party investors. Under certain conditions, if we elect to terminate the trusts and withdraw the underlying assets, the third party investors are entitled to a small portion of any unrealized gain on the underlying assets. We may serve as remarketing agent and/or liquidity provider for the trusts. The floating-rate investors have the right to tender the certificates at specified dates, often with as little as seven days’ notice. Should we be unable to remarket the tendered certificates, we are generally obligated to purchase them at par under standby liquidity facilities unless the bond’s credit rating has declined below investment grade or there has been an event of default or bankruptcy of the issuer and insurer. | ||||||||||||||||||||
NONCONFORMING RESIDENTIAL MORTGAGE LOAN SECURITIZATIONS We have consolidated certain of our nonconforming residential mortgage loan securitizations in accordance with consolidation accounting guidance. We have determined we are the primary beneficiary of these securitizations because we have the power to direct the most significant activities of the entity through our role as primary servicer and also hold variable interests that we have determined to be significant. The nature of our variable interests in these entities may include beneficial interests issued by the VIE, mortgage servicing rights and recourse or repurchase reserve liabilities. The beneficial interests issued by the VIE that we hold include either subordinate or senior securities held in an amount that we consider potentially significant. | ||||||||||||||||||||
INVESTMENT FUNDS We have consolidated certain of our investment funds where we manage the assets of the fund and our interests absorb a majority of the funds’ variability. We consolidate these VIEs because we have discretion over the management of the assets and are the sole investor in these funds. |
Mortgage_Banking_Activities
Mortgage Banking Activities | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Mortgage Banking Activities [Abstract] | ||||||||||
Mortgage Banking Activities | ||||||||||
Note 9: Mortgage Banking Activities | ||||||||||
Mortgage banking activities, included in the Community Banking and Wholesale Banking operating segments, consist of residential and commercial mortgage originations, sale activity and servicing. | ||||||||||
We apply the amortization method to commercial MSRs and apply the fair value method to residential MSRs. The changes in MSRs measured using the fair value method were: | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Fair value, beginning of year | $ | 15,580 | 11,538 | 12,603 | ||||||
Servicing from securitizations or asset transfers (1) | 1,196 | 3,469 | 5,182 | |||||||
Sales | (7 | ) | (583 | ) | (293 | ) | ||||
Net additions | 1,189 | 2,886 | 4,889 | |||||||
Changes in fair value: | ||||||||||
Due to changes in valuation model inputs or assumptions: | ||||||||||
Mortgage interest rates (2) | (2,150 | ) | 4,362 | (2,092 | ) | |||||
Servicing and foreclosure costs (3) | (20 | ) | (228 | ) | (677 | ) | ||||
Discount rates (4) | (55 | ) | — | (397 | ) | |||||
Prepayment estimates and other (5) | 103 | (736 | ) | 273 | ||||||
Net changes in valuation model inputs or assumptions | (2,122 | ) | 3,398 | (2,893 | ) | |||||
Other changes in fair value (6) | (1,909 | ) | (2,242 | ) | (3,061 | ) | ||||
Total changes in fair value | (4,031 | ) | 1,156 | (5,954 | ) | |||||
Fair value, end of year | $ | 12,738 | 15,580 | 11,538 | ||||||
-1 | The year ended December 31, 2012, includes $315 million residential MSRs transferred from amortized MSRs that we elected to carry at fair value effective January 1, 2012. | |||||||||
-2 | Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates (such as changes in estimated interest earned on custodial deposit balances). | |||||||||
-3 | Includes costs to service and unreimbursed foreclosure costs. | |||||||||
-4 | Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates. | |||||||||
-5 | Represents changes driven by other valuation model inputs or assumptions including prepayment speed estimation changes and other assumption updates. Prepayment speed estimation changes are influenced by observed changes in borrower behavior that occur independent of interest rate changes. | |||||||||
-6 | Represents changes due to collection/realization of expected cash flows over time. | |||||||||
The changes in amortized MSRs were: | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Balance, beginning of year | $ | 1,229 | 1,160 | 1,445 | ||||||
Purchases | 157 | 176 | 177 | |||||||
Servicing from securitizations or asset transfers (1) | 110 | 147 | (229 | ) | ||||||
Amortization | (254 | ) | (254 | ) | (233 | ) | ||||
Balance, end of year | 1,242 | 1,229 | 1,160 | |||||||
Valuation allowance: | ||||||||||
Balance, beginning of year | — | — | (37 | ) | ||||||
Reversal of provision (provision) for MSRs in excess of fair value | — | — | 37 | |||||||
Balance, end of year (2) | — | — | — | |||||||
Amortized MSRs, net | $ | 1,242 | 1,229 | 1,160 | ||||||
Fair value of amortized MSRs (3): | ||||||||||
Beginning of year | $ | 1,575 | 1,400 | 1,756 | ||||||
End of year | 1,637 | 1,575 | 1,400 | |||||||
-1 | The year ended December 31, 2012, is net of $350 million ($313 million after valuation allowance) of residential MSRs that we elected to carry at fair value effective January 1, 2012. A cumulative adjustment of $2 million to fair value was recorded in retained earnings at January 1, 2012. | |||||||||
-2 | Commercial amortized MSRs are evaluated for impairment purposes by the following risk strata: agency (GSEs) and non-agency. There was no valuation allowance recorded for the periods presented on the commercial amortized MSRs. For the year ended December 31, 2012, a valuation allowance of $37 million for residential MSRs was reversed upon election to carry at fair value. | |||||||||
-3 | Represent commercial amortized MSRs. | |||||||||
We present the components of our managed servicing portfolio in the following table at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced. | ||||||||||
Dec 31, | Dec 31, | |||||||||
(in billions) | 2014 | 2013 | ||||||||
Residential mortgage servicing: | ||||||||||
Serviced for others | $ | 1,405 | 1,485 | |||||||
Owned loans serviced | 342 | 338 | ||||||||
Subserviced for others | 5 | 6 | ||||||||
Total residential servicing | 1,752 | 1,829 | ||||||||
Commercial mortgage servicing: | ||||||||||
Serviced for others | 456 | 419 | ||||||||
Owned loans serviced | 112 | 107 | ||||||||
Subserviced for others | 7 | 7 | ||||||||
Total commercial servicing | 575 | 533 | ||||||||
Total managed servicing portfolio | $ | 2,327 | 2,362 | |||||||
Total serviced for others | $ | 1,861 | 1,904 | |||||||
Ratio of MSRs to related loans serviced for others | 0.75 | % | 0.88 | |||||||
The components of mortgage banking noninterest income were: | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Servicing income, net: | ||||||||||
Servicing fees | ||||||||||
Contractually specified servicing fees | $ | 4,285 | 4,442 | 4,626 | ||||||
Late charges | 203 | 216 | 257 | |||||||
Ancillary fees | 319 | 343 | 342 | |||||||
Unreimbursed direct servicing costs (1) | (694 | ) | (1,074 | ) | (1,234 | ) | ||||
Net servicing fees | 4,113 | 3,927 | 3,991 | |||||||
Changes in fair value of MSRs carried at fair value: | ||||||||||
Due to changes in valuation model inputs or assumptions (2) | (2,122 | ) | 3,398 | (2,893 | ) | |||||
Other changes in fair value (3) | (1,909 | ) | (2,242 | ) | (3,061 | ) | ||||
Total changes in fair value of MSRs carried at fair value | (4,031 | ) | 1,156 | (5,954 | ) | |||||
Amortization | (254 | ) | (254 | ) | (233 | ) | ||||
Net derivative gains (losses) from economic hedges (4) | 3,509 | (2,909 | ) | 3,574 | ||||||
Total servicing income, net | 3,337 | 1,920 | 1,378 | |||||||
Net gains on mortgage loan origination/sales activities | 3,044 | 6,854 | 10,260 | |||||||
Total mortgage banking noninterest income | $ | 6,381 | 8,774 | 11,638 | ||||||
Market-related valuation changes to MSRs, net of hedge results (2) + (4) | $ | 1,387 | 489 | 681 | ||||||
-1 | Primarily associated with foreclosure expenses and unreimbursed interest advances to investors. | |||||||||
-2 | Refer to the changes in fair value of MSRs table in this Note for more detail. | |||||||||
-3 | Represents changes due to collection/realization of expected cash flows over time. | |||||||||
-4 | Represents results from economic hedges used to hedge the risk of changes in fair value of MSRs. See Note 16 (Derivatives Not Designated as Hedging Instruments) for additional discussion and detail. | |||||||||
The table below summarizes the changes in our liability for mortgage loan repurchase losses. This liability is in “Accrued expenses and other liabilities” in our consolidated balance sheet and the provision for repurchase losses reduces net gains on mortgage loan origination/sales activities in "Mortgage banking" in our consolidated income statement. Because the level of mortgage loan repurchase losses depends upon economic factors, investor demand strategies and other external conditions that may change over the life of the underlying loans, the level of the liability for mortgage loan repurchase losses is difficult to estimate and requires considerable management judgment. We maintain regular contact with the GSEs, the Federal Housing Finance Agency (FHFA), and other significant investors to monitor their repurchase demand practices and issues as part of our process to update our repurchase liability estimate as new information becomes available. The Company reached settlements with both FHLMC and FNMA in 2013, that resolved substantially all repurchase liabilities associated with loans sold to FHLMC prior to January 1, 2009 and loans sold to FNMA that were originated prior to January 1, 2009. | ||||||||||
Because of the uncertainty in the various estimates underlying the mortgage repurchase liability, there is a range of losses in excess of the recorded mortgage repurchase liability that is reasonably possible. The estimate of the range of possible loss for representations and warranties does not represent a probable loss, and is based on currently available information, significant judgment, and a number of assumptions that are subject to change. The high end of this range of reasonably possible losses in excess of our recorded liability was $973 million at December 31, 2014, and was determined based upon modifying the assumptions (particularly to assume significant changes in investor repurchase demand practices) utilized in our best estimate of probable loss to reflect what we believe to be the high end of reasonably possible adverse assumptions. | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Balance, beginning of year | $ | 899 | 2,206 | 1,326 | ||||||
Provision for repurchase losses: | ||||||||||
Loan sales | 44 | 143 | 275 | |||||||
Change in estimate (1) | (184 | ) | 285 | 1,665 | ||||||
Total additions (reductions) | (140 | ) | 428 | 1,940 | ||||||
Losses (2) | (144 | ) | (1,735 | ) | (1,060 | ) | ||||
Balance, end of year | $ | 615 | 899 | 2,206 | ||||||
-1 | Results from changes in investor demand, mortgage insurer practices, credit and the financial stability of correspondent lenders. | |||||||||
-2 | Year ended December 31, 2013, reflects $746 million and $508 million as a result of the settlements reached with FHLMC and FNMA, respectively, that resolved substantially all repurchase liabilities associated with loans sold to FHLMC prior to January 1, 2009 and loans sold to FNMA that were originated prior to January 1, 2009. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Intangible Assets | |||||||||||||||||||
Note 10: Intangible Assets | |||||||||||||||||||
The gross carrying value of intangible assets and accumulated amortization was: | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||
(in millions) | Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | |||||||||||||
Amortized intangible assets (1): | |||||||||||||||||||
MSRs (2) | $ | 2,906 | (1,664 | ) | 1,242 | 2,639 | (1,410 | ) | 1,229 | ||||||||||
Core deposit intangibles | 12,834 | (9,273 | ) | 3,561 | 12,834 | (8,160 | ) | 4,674 | |||||||||||
Customer relationship and other intangibles | 3,179 | (2,322 | ) | 857 | 3,145 | (2,061 | ) | 1,084 | |||||||||||
Total amortized intangible assets | $ | 18,919 | (13,259 | ) | 5,660 | 18,618 | (11,631 | ) | 6,987 | ||||||||||
Unamortized intangible assets: | |||||||||||||||||||
MSRs (carried at fair value) (2) | $ | 12,738 | 15,580 | ||||||||||||||||
Goodwill | 25,705 | 25,637 | |||||||||||||||||
Trademark | 14 | 14 | |||||||||||||||||
-1 | Excludes fully amortized intangible assets. | ||||||||||||||||||
-2 | See Note 9 (Mortgage Banking Activities) for additional information on MSRs. | ||||||||||||||||||
The following table provides the current year and estimated future amortization expense for amortized intangible assets. We based our projections of amortization expense shown below on existing asset balances at December 31, 2014. Future amortization expense may vary from these projections. | |||||||||||||||||||
(in millions) | Amortized MSRs | Core deposit intangibles | Customer relationship and other intangibles | Total | |||||||||||||||
Year ended December 31, 2014 (actual) | $ | 254 | 1,113 | 261 | 1,628 | ||||||||||||||
Estimate for year ended December 31, | |||||||||||||||||||
2015 | $ | 240 | 1,022 | 225 | 1,487 | ||||||||||||||
2016 | 202 | 919 | 211 | 1,332 | |||||||||||||||
2017 | 160 | 851 | 197 | 1,208 | |||||||||||||||
2018 | 129 | 769 | 187 | 1,085 | |||||||||||||||
2019 | 113 | — | 12 | 125 | |||||||||||||||
For our goodwill impairment analysis, we allocate all of the goodwill to the individual operating segments. We identify reporting units that are one level below an operating segment (referred to as a component), and distinguish these reporting units based on how the segments and components are managed, taking into consideration the economic characteristics, nature of the products and customers of the components. At the time we acquire a business, we allocate goodwill to applicable reporting units based on their relative fair value, and if we have a significant business reorganization, we may reallocate the goodwill. See Note 24 (Operating Segments) for further information on management reporting. | |||||||||||||||||||
The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing. | |||||||||||||||||||
(in millions) | Community Banking | Wholesale Banking | Wealth, Brokerage and Retirement | Consolidated Company | |||||||||||||||
31-Dec-12 | $ | 17,922 | 7,344 | 371 | 25,637 | ||||||||||||||
31-Dec-13 | $ | 17,922 | 7,344 | 371 | 25,637 | ||||||||||||||
Reduction in goodwill related to divested businesses | — | (11 | ) | — | (11 | ) | |||||||||||||
Goodwill from business combinations | — | 87 | — | 87 | |||||||||||||||
Other | (8 | ) | — | — | (8 | ) | |||||||||||||
31-Dec-14 | $ | 17,914 | 7,420 | 371 | 25,705 | ||||||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | |||||||||
Note 11: Deposits | |||||||||
Following is a summary of the time certificates of deposit (CDs) and other time deposits issued by domestic and foreign offices. | |||||||||
December 31, | |||||||||
(in billions) | 2014 | 2013 | |||||||
Total domestic and foreign | $ | 124.9 | 117.4 | ||||||
Domestic: | |||||||||
$100,000 or more | 14.7 | 16.6 | |||||||
$250,000 or more | 6.9 | 7.2 | |||||||
Foreign: | |||||||||
$100,000 or more | 16.4 | 15.3 | |||||||
$250,000 or more | 16.4 | 15.2 | |||||||
Substantially all CDs and other time deposits issued by domestic and foreign offices were interest bearing. The contractual maturities of these deposits are presented in the following table. | |||||||||
(in millions) | December 31, 2014 | ||||||||
2015 | $ | 103,409 | |||||||
2016 | 10,205 | ||||||||
2017 | 3,070 | ||||||||
2018 | 3,207 | ||||||||
2019 | 1,204 | ||||||||
Thereafter | 3,785 | ||||||||
Total | $ | 124,880 | |||||||
The contractual maturities of the domestic time deposits with a denomination of $100,000 or more are presented in the following table. | |||||||||
(in millions) | 2014 | ||||||||
Three months or less | $ | 3,700 | |||||||
After three months through six months | 2,352 | ||||||||
After six months through twelve months | 2,340 | ||||||||
After twelve months | 6,338 | ||||||||
Total | $ | 14,730 | |||||||
Demand deposit overdrafts of $581 million and $554 million were included as loan balances at December 31, 2014 and 2013, respectively. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||
Short-Term Borrowings | |||||||||||||||||||||
Note 12: Short-Term Borrowings | |||||||||||||||||||||
The table below shows selected information for short-term borrowings, which predominantly mature in less than 30 days. We pledge certain financial instruments that we own to collateralize repurchase agreements and other securities financings. For additional information, see the “Pledged Assets” section of Note 14 (Guarantees, Pledged Assets and Collateral). | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in millions) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
As of December 31, | |||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 51,052 | 0.07 | % | $ | 36,263 | 0.05 | % | $ | 34,973 | 0.17 | % | |||||||||
Commercial paper | 2,456 | 0.34 | 5,162 | 0.18 | 4,038 | 0.27 | |||||||||||||||
Other short-term borrowings | 10,010 | 0.07 | 12,458 | 0.31 | 18,164 | 0.16 | |||||||||||||||
Total | $ | 63,518 | 0.08 | $ | 53,883 | 0.12 | $ | 57,175 | 0.17 | ||||||||||||
Year ended December 31, | |||||||||||||||||||||
Average daily balance | |||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 44,680 | 0.08 | $ | 36,227 | 0.08 | $ | 32,092 | 0.12 | ||||||||||||
Commercial paper | 4,751 | 0.17 | 4,702 | 0.25 | 4,142 | 0.26 | |||||||||||||||
Other short-term borrowings | 10,680 | 0.18 | 13,787 | 0.22 | 14,962 | 0.29 | |||||||||||||||
Total | $ | 60,111 | 0.1 | $ | 54,716 | 0.13 | $ | 51,196 | 0.18 | ||||||||||||
Maximum month-end balance | |||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase (1) | $ | 51,052 | N/A | $ | 39,451 | N/A | $ | 36,327 | N/A | ||||||||||||
Commercial paper (2) | 6,070 | N/A | 5,700 | N/A | 5,036 | N/A | |||||||||||||||
Other short-term borrowings (3) | 12,209 | N/A | 16,564 | N/A | 18,164 | N/A | |||||||||||||||
N/A- Not applicable | |||||||||||||||||||||
-1 | Highest month-end balance in each of the last three years was December 2014, May 2013 and June 2012. | ||||||||||||||||||||
-2 | Highest month-end balance in each of the last three years was March 2014, March 2013 and September 2012. | ||||||||||||||||||||
-3 | Highest month-end balance in each of the last three years was June 2014, March 2013 and December 2012. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||||||||||
Long-Term Debt | ||||||||||||
Note 13: Long-Term Debt | ||||||||||||
We issue long-term debt denominated in multiple currencies, predominantly in U.S. dollars. Our issuances have both fixed and floating interest rates. As a part of our overall interest rate risk management strategy, we often use derivatives to manage our exposure to interest rate risk. We also use derivatives to manage our exposure to foreign currency risk. As a result, a major portion of the long-term debt presented below is hedged in a fair value or cash flow hedge relationship. See Note 16 (Derivatives) for further information on qualifying hedge contracts. | ||||||||||||
Following is a summary of our long-term debt carrying values, reflecting unamortized debt discounts and premiums, and purchase accounting adjustments, where applicable. The interest rates displayed represent the range of contractual rates in effect at December 31, 2014. These interest rates do not include the effects of any associated derivatives designated in a hedge accounting relationship. | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | Maturity date(s) | Stated interest rate(s) | ||||||||||
Wells Fargo & Company (Parent only) | ||||||||||||
Senior | ||||||||||||
Fixed-rate notes | 2015-2038 | 0.625-6.75% | $ | 54,441 | 44,145 | |||||||
Floating-rate notes | 2015-2048 | 0.00-3.735 | 15,317 | 12,445 | ||||||||
Structured notes (1) | 2015-2053 | Varies | 4,825 | 4,891 | ||||||||
Total senior debt - Parent | 74,583 | 61,481 | ||||||||||
Subordinated | ||||||||||||
Fixed-rate notes (2) | 2016-2044 | 3.45-7.574% | 19,688 | 17,469 | ||||||||
Floating-rate notes | 2015-2016 | 0.573-0.601 | 1,215 | 1,190 | ||||||||
Total subordinated debt - Parent | 20,903 | 18,659 | ||||||||||
Junior subordinated | ||||||||||||
Fixed-rate notes - hybrid trust securities | 2029-2036 | 5.95-7.95% | 1,378 | 1,178 | ||||||||
Floating-rate notes | 2027 | 0.731-1.231 | 272 | 263 | ||||||||
Total junior subordinated debt - Parent (3) | 1,650 | 1,441 | ||||||||||
Total long-term debt - Parent (2) | 97,136 | 81,581 | ||||||||||
Wells Fargo Bank, N.A. and other bank entities (Bank) | ||||||||||||
Senior | ||||||||||||
Fixed-rate notes | 2015 | 0.75 | % | 500 | 500 | |||||||
Floating-rate notes | 2015-2053 | 0.00-0.511 | 4,969 | 2,219 | ||||||||
Floating-rate extendible notes (4) | 2016 | 0.281-0.387 | 11,048 | 10,749 | ||||||||
Fixed-rate advances - Federal Home Loan Bank (FHLB) (5) | 2015-2031 | 3.83-8.17 | 125 | 160 | ||||||||
Floating-rate advances - FHLB (5) | 2018-2019 | 0.22-0.35 | 34,000 | 19,000 | ||||||||
Structured notes (1) | 2015-2025 | Varies | 4 | 13 | ||||||||
Capital leases (Note 7) | 2015-2025 | Varies | 9 | 11 | ||||||||
Total senior debt - Bank | 50,655 | 32,652 | ||||||||||
Subordinated | ||||||||||||
Fixed-rate notes | 2015-2038 | 4.75-7.74% | 10,310 | 10,725 | ||||||||
Floating-rate notes | 2016-2017 | 0.442-3.107 | 994 | 1,616 | ||||||||
Total subordinated debt - Bank | 11,304 | 12,341 | ||||||||||
Junior subordinated | ||||||||||||
Floating-rate notes | 2027 | 0.802-0.881% | 313 | 303 | ||||||||
Total junior subordinated debt - Bank (3) | 313 | 303 | ||||||||||
Long-term debt issued by VIE - Fixed rate (6) | 2020-2047 | 0.00-7.00% | 609 | 1,098 | ||||||||
Long-term debt issued by VIE - Floating rate (6) | 2016-2047 | 0.296-18.970 | 996 | 1,230 | ||||||||
Mortgage notes and other debt (7) | 2015-2062 | 0.00-9.20 | 16,239 | 16,874 | ||||||||
Total long-term debt - Bank | 80,116 | 64,498 | ||||||||||
(continued on following page) | ||||||||||||
(continued from previous page) | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | Maturity date(s) | Stated interest rate(s) | ||||||||||
Other consolidated subsidiaries | ||||||||||||
Senior | ||||||||||||
Fixed-rate notes | 2015-2023 | 2.774-4.38% | 6,317 | 6,543 | ||||||||
FixFloat notes | 2020 | 6.795% through 2015, Varies | 20 | 20 | ||||||||
Structured notes (1) | 2021 | Varies | 1 | — | ||||||||
Total senior debt - Other consolidated subsidiaries | 6,338 | 6,563 | ||||||||||
Junior subordinated | ||||||||||||
Floating-rate notes | 2027 | 0.733 | % | 155 | 155 | |||||||
Total junior subordinated debt - Other consolidated subsidiaries (3) | 155 | 155 | ||||||||||
Long-term debt issued by VIE - Fixed rate (6) | 2015 | 5.16 | % | 23 | 18 | |||||||
Long-term debt issued by VIE - Floating rate (6) | — | 10 | ||||||||||
Mortgage notes and other (7) | 2015-2022 | 1.563-5.920 | 175 | 173 | ||||||||
Total long-term debt - Other consolidated subsidiaries | 6,691 | 6,919 | ||||||||||
Total long-term debt | $ | 183,943 | 152,998 | |||||||||
-1 | Predominantly consists of long-term notes where the performance of the note is linked to an embedded equity, commodity, or currency index, or basket of indices accounted for separately from the note as a free-standing derivative. For information on embedded derivatives, see the "Derivatives Not Designated as Hedging Instruments" section in Note 16 (Derivatives). In addition, a major portion consists of zero coupon callable notes where interest is paid as part of the final redemption amount. | |||||||||||
-2 | Includes fixed-rate subordinated notes issued by the Parent at a discount of $139 million and $140 million in 2014 and 2013, respectively, to effect a modification of Wells Fargo Bank, NA notes. These notes are carried at their par amount on the balance sheet of the Parent presented in Note 25 (Parent-Only Financial Statements). | |||||||||||
-3 | Represents junior subordinated debentures held by unconsolidated wholly-owned trusts formed for the sole purpose of issuing trust preferred securities. See Note 8 (Securitizations and Variable Interest Entities) for additional information on our trust preferred security structures. | |||||||||||
-4 | Represents floating-rate extendible notes where holders of the notes may elect to extend the contractual maturity of all or a portion of the principal amount on a periodic basis. | |||||||||||
-5 | At December 31, 2014, Federal Home Loan Bank advances were secured by investment securities and residential loan collateral. Outstanding advances at December 31, 2013, were secured by residential loan collateral. | |||||||||||
-6 | For additional information on VIEs, see Note 8 (Securitizations and Variable Interest Entities). | |||||||||||
-7 | Predominantly related to securitizations and secured borrowings, see Note 8 (Securitizations and Variable Interest Entities). | |||||||||||
The aggregate carrying value of long-term debt that matures (based on contractual payment dates) as of December 31, 2014, in each of the following five years and thereafter, is presented in the following table. | ||||||||||||
(in millions) | Parent | Company | ||||||||||
2015 | $ | 9,014 | 16,606 | |||||||||
2016 | 15,238 | 32,920 | ||||||||||
2017 | 13,215 | 17,870 | ||||||||||
2018 | 8,312 | 27,029 | ||||||||||
2019 | 6,480 | 25,190 | ||||||||||
Thereafter | 44,877 | 64,328 | ||||||||||
Total | $ | 97,136 | 183,943 | |||||||||
As part of our long-term and short-term borrowing arrangements, we are subject to various financial and operational covenants. Some of the agreements under which debt has been issued have provisions that may limit the merger or sale of certain subsidiary banks and the issuance of capital stock or convertible securities by certain subsidiary banks. At December 31, 2014, we were in compliance with all the covenants. |
Guarantees_Pledged_Assets_and_
Guarantees, Pledged Assets and Collateral | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||
Guarantees, Pledged Assets and Collateral | ||||||||||||||||||||||
Note 14: Guarantees, Pledged Assets and Collateral | ||||||||||||||||||||||
Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. Guarantees are generally in the form of standby letters of credit, securities lending and other indemnifications, written put options, recourse obligations, and other types of arrangements. The following table shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts. | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||
Maximum exposure to loss | ||||||||||||||||||||||
(in millions) | Carrying value | Expires in one year or less | Expires after one year through three years | Expires after three years through five years | Expires after five years | Total | Non-investment grade | |||||||||||||||
Standby letters of credit (1) | $ | 41 | 16,271 | 10,269 | 6,295 | 645 | 33,480 | 8,447 | ||||||||||||||
Securities lending and other indemnifications | — | — | 2 | 2 | 5,948 | 5,952 | — | |||||||||||||||
Written put options (2) | 469 | 7,644 | 5,256 | 2,822 | 2,409 | 18,131 | 7,902 | |||||||||||||||
Loans and MHFS sold with recourse | 72 | 131 | 486 | 822 | 5,386 | 6,825 | 3,945 | |||||||||||||||
Factoring guarantees | — | 3,460 | — | — | — | 3,460 | 3,460 | |||||||||||||||
Other guarantees | 24 | 9 | 85 | 22 | 2,158 | 2,274 | 69 | |||||||||||||||
Total guarantees | $ | 606 | 27,515 | 16,098 | 9,963 | 16,546 | 70,122 | 23,823 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Maximum exposure to loss | ||||||||||||||||||||||
(in millions) | Carrying value | Expires in one year or less | Expires after one year through three years | Expires after three years through five years | Expires after five years | Total | Non-investment grade | |||||||||||||||
Standby letters of credit (1) | $ | 56 | 16,907 | 11,628 | 5,308 | 994 | 34,837 | 9,512 | ||||||||||||||
Securities lending and other indemnifications | — | — | 3 | 18 | 3,199 | 3,220 | 25 | |||||||||||||||
Written put options (2) | 907 | 4,775 | 2,967 | 3,521 | 2,725 | 13,988 | 4,311 | |||||||||||||||
Loans and MHFS sold with recourse | 86 | 116 | 418 | 849 | 5,014 | 6,397 | 3,674 | |||||||||||||||
Factoring guarantees | — | 2,915 | — | — | — | 2,915 | 2,915 | |||||||||||||||
Other guarantees (3) | 33 | 34 | 111 | 16 | 971 | 1,132 | 113 | |||||||||||||||
Total guarantees | $ | 1,082 | 24,747 | 15,127 | 9,712 | 12,903 | 62,489 | 20,550 | ||||||||||||||
-1 | Total maximum exposure to loss includes direct pay letters of credit (DPLCs) of $15.0 billion and $16.8 billion at December 31, 2014 and 2013, respectively. We issue DPLCs to provide credit enhancements for certain bond issuances. Beneficiaries (bond trustees) may draw upon these instruments to make scheduled principal and interest payments, redeem all outstanding bonds because a default event has occurred, or for other reasons as permitted by the agreement. We also originate multipurpose lending commitments under which borrowers have the option to draw on the facility in one of several forms, including as a standby letter of credit. Total maximum exposure to loss includes the portion of these facilities for which we have issued standby letters of credit under the commitments. | |||||||||||||||||||||
-2 | Written put options, which are in the form of derivatives, are also included in the derivative disclosure in Note 16 (Derivatives). | |||||||||||||||||||||
-3 | Includes amounts for liquidity agreements and contingent consideration that were previously reported separately. | |||||||||||||||||||||
“Maximum exposure to loss” and “Non-investment grade” are required disclosures under GAAP. Non-investment grade represents those guarantees on which we have a higher risk of being required to perform under the terms of the guarantee. If the underlying assets under the guarantee are non-investment grade (that is, an external rating that is below investment grade or an internal credit default grade that is equivalent to a below investment grade external rating), we consider the risk of performance to be high. Internal credit default grades are determined based upon the same credit policies that we use to evaluate the risk of payment or performance when making loans and other extensions of credit. These credit policies are further described in Note 6 (Loans and Allowance for Credit Losses). | ||||||||||||||||||||||
Maximum exposure to loss represents the estimated loss that would be incurred under an assumed hypothetical circumstance, despite what we believe is its extremely remote possibility, where the value of our interests and any associated collateral declines to zero. Maximum exposure to loss estimates in the table above do not reflect economic hedges or collateral we could use to offset or recover losses we may incur under our guarantee agreements. Accordingly, this required disclosure is not an indication of expected loss. We believe the carrying value, which is either fair value for derivative-related products or the allowance for lending-related commitments, is more representative of our exposure to loss than maximum exposure to loss. | ||||||||||||||||||||||
STANDBY LETTERS OF CREDIT We issue standby letters of credit, which include performance and financial guarantees, for customers in connection with contracts between our customers and third parties. Standby letters of credit are agreements where we are obligated to make payment to a third party on behalf of a customer if the customer fails to meet their contractual obligations. We consider the credit risk in standby letters of credit and commercial and similar letters of credit in determining the allowance for credit losses. | ||||||||||||||||||||||
SECURITIES LENDING AND OTHER INDEMNIFICATIONS As a securities lending agent, we lend debt and equity securities from participating institutional clients’ portfolios to third-party borrowers. These arrangements are for an indefinite period of time whereby we indemnify our clients against default by the borrower in returning these lent securities. This indemnity is supported by collateral received from the borrowers and is generally in the form of cash or highly liquid securities that are marked to market daily. The fair value of securities loaned out at December 31, 2014 and 2013, totaled $211 million and $337 million, respectively. The fair value of collateral supporting the loaned securities was $218 million and $346 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||
We use certain third-party clearing agents to clear and settle transactions on behalf of some of our institutional brokerage customers. We indemnify the clearing agents against loss that could occur for non-performance by our customers on transactions that are not sufficiently collateralized. Transactions subject to the indemnifications may include customer obligations related to the settlement of margin accounts and short positions, such as written call options and securities borrowing transactions. Outstanding customer obligations were $950 million and $769 million and the related collateral was $5.6 billion and $3.7 billion at December 31, 2014, and December 31, 2013, respectively. Our estimate of maximum exposure to loss, which requires judgment regarding the range and likelihood of future events, was $5.7 billion as of December 31, 2014, and $2.9 billion as of December 31, 2013. | ||||||||||||||||||||||
We enter into other types of indemnification agreements in the ordinary course of business under which we agree to indemnify third parties against any damages, losses and expenses incurred in connection with legal and other proceedings arising from relationships or transactions with us. These relationships or transactions include those arising from service as a director or officer of the Company, underwriting agreements relating to our securities, acquisition agreements and various other business transactions or arrangements. Because the extent of our obligations under these agreements depends entirely upon the occurrence of future events, we are unable to determine our potential future liability under these agreements. We do, however, record a liability for residential mortgage loans that we expect to repurchase pursuant to various representations and warranties. See Note 9 (Mortgage Banking Activities) for additional information on the liability for mortgage loan repurchase losses. | ||||||||||||||||||||||
WRITTEN PUT OPTIONS Written put options are contracts that give the counterparty the right to sell to us an underlying instrument held by the counterparty at a specified price, and may include options, floors, caps and credit default swaps. These written put option contracts generally permit net settlement. While these derivative transactions expose us to risk if the option is exercised, we manage this risk by entering into offsetting trades or by taking short positions in the underlying instrument. We offset substantially all put options written to customers with purchased options. Additionally, for certain of these contracts, we require the counterparty to pledge the underlying instrument as collateral for the transaction. Our ultimate obligation under written put options is based on future market conditions and is only quantifiable at settlement. See Note 16 (Derivatives) for additional information regarding written derivative contracts. | ||||||||||||||||||||||
LOANS AND MHFS SOLD WITH RECOURSE In certain loan sales or securitizations, we provide recourse to the buyer whereby we are required to indemnify the buyer for any loss on the loan up to par value plus accrued interest. We provide recourse, predominantly to the GSEs, on loans sold under various programs and arrangements. Primarily all of these programs and arrangements require that we share in the loans’ credit exposure for their remaining life by providing recourse to the GSE, up to 33.33% of actual losses incurred on a pro-rata basis, in the event of borrower default. Under the remaining recourse programs and arrangements, if certain events occur within a specified period of time from transfer date, we have to provide limited recourse to the buyer to indemnify them for losses incurred for the remaining life of the loans. The maximum exposure to loss reported in the accompanying table represents the outstanding principal balance of the loans sold or securitized that are subject to recourse provisions or the maximum losses per the contractual agreements. However, we believe the likelihood of loss of the entire balance due to these recourse agreements is remote and amounts paid can be recovered in whole or in part from the sale of collateral. During 2014 and 2013 we repurchased $14 million and $33 million, respectively, of loans associated with these agreements. We also provide representation and warranty guarantees on loans sold under the various recourse programs and arrangements. Our loss exposure relative to these guarantees is separately considered and provided for, as necessary, in determination of our liability for loan repurchases due to breaches of representation and warranties. See Note 9 (Mortgage Banking Activities) for additional information on the liability for mortgage loan repurchase losses. | ||||||||||||||||||||||
FACTORING GUARANTEES Under certain factoring arrangements, we are required to purchase trade receivables from third parties, generally upon their request, if receivable debtors default on their payment obligations. See Note 1 (Summary of Significant Accounting Policies) for additional information. | ||||||||||||||||||||||
OTHER GUARANTEES We are members of exchanges and clearing houses that we use to clear our trades and those of our customers. It is common that all members in these organizations are required to collectively guarantee the performance of other members. Our obligations under the guarantees are based on either a fixed amount or a multiple of the collateral we are required to maintain with these organizations. We have not recorded a liability for these arrangements as of the dates presented in the previous table because we believe the likelihood of loss is remote. | ||||||||||||||||||||||
Other guarantees also include liquidity agreements and contingent performance arrangements. We provide liquidity to certain off-balance sheet entities that hold securitized fixed-rate municipal bonds and consumer or commercial assets that are partially funded with the issuance of money market and other short-term notes. See Note 8 (Securitization and Variable Interest Entities) for additional information on securitization and VIEs. | ||||||||||||||||||||||
Under our contingent performance arrangements, we are required to pay the counterparties to transactions related to various customer relationships and lease agreements if third parties default on certain obligations. | ||||||||||||||||||||||
Pledged Assets | ||||||||||||||||||||||
As part of our liquidity management strategy, we pledge assets to secure trust and public deposits, borrowings and letters of credit from the FHLB and FRB, securities sold under agreements to repurchase (repurchase agreements), and for other purposes as required or permitted by law or insurance statutory requirements. The types of collateral we pledge include securities issued by federal agencies, GSEs, domestic and foreign companies and various commercial and consumer loans. The following table provides the total carrying amount of pledged assets by asset type. The table excludes pledged consolidated VIE assets of $5.8 billion and $8.1 billion at December 31, 2014, and December 31, 2013, respectively, which can only be used to settle the liabilities of those entities. The table also excludes $10.1 billion and $15.3 billion in assets pledged in transactions accounted for as secured borrowings at December 31, 2014 and 2013, respectively. See Note 8 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets and secured borrowings. | ||||||||||||||||||||||
Dec. 31, | Dec. 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||
Trading assets and other (1) | 49,685 | 30,288 | ||||||||||||||||||||
Investment securities (2) | 101,997 | 85,468 | ||||||||||||||||||||
Mortgages held for sale and loans (3) | 418,338 | 381,597 | ||||||||||||||||||||
Total pledged assets | $ | 570,020 | 497,353 | |||||||||||||||||||
-1 | Represent assets pledged to collateralize repurchase agreements and other securities financings. Balance includes $49.4 billion and $29.0 billion at December 31, 2014 and 2013, respectively, under agreements that permit the secured parties to sell or repledge the collateral. | |||||||||||||||||||||
-2 | Includes carrying value of $6.6 billion and $8.7 billion (fair value of $6.8 billion and $8.7 billion) in collateral for repurchase agreements at December 31, 2014 and 2013, respectively, which are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Also includes $164 million in collateral pledged under repurchase agreements at December 31, 2014, that permit the secured parties to sell or repledge the collateral. | |||||||||||||||||||||
-3 | Includes mortgages held for sale of $8.7 billion and $7.3 billion at December 31, 2014 and 2013, respectively. Balance consists of mortgages held for sale and loans that are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Amounts exclude $1.7 billion and $2.1 billion at December 31, 2014 and 2013, respectively, of pledged loans recorded on our balance sheet representing certain delinquent loans that are eligible for repurchase primarily from GNMA loan securitizations. See Note 8 (Securitizations and Variable Interest Entities) for additional information. | |||||||||||||||||||||
Offsetting of Resale and Repurchase Agreements and Securities Borrowing and Lending Agreements | ||||||||||||||||||||||
The table below presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). We account for transactions subject to these agreements as collateralized financings, and those with a single counterparty are presented net on our balance sheet, provided certain criteria are met that permit balance sheet netting. Most transactions subject to these agreements do not meet those criteria and thus are not eligible for balance sheet netting. | ||||||||||||||||||||||
Collateral we pledged consists of non-cash instruments, such as securities or loans, and is not netted on the balance sheet against the related collateralized liability. Collateral we received includes securities or loans and is not recognized on our balance sheet. Collateral received or pledged may be increased or decreased over time to maintain certain contractual thresholds as the assets underlying each arrangement fluctuate in value. Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, U.S. GAAP requires disclosure in this table to limit the amount of such collateral to the amount of the related recognized asset or liability for each counterparty. | ||||||||||||||||||||||
In addition to the amounts included in the table below, we also have balance sheet netting related to derivatives that is disclosed within Note 16 (Derivatives). | ||||||||||||||||||||||
Dec. 31, | Dec. 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Resale and securities borrowing agreements | ||||||||||||||||||||||
Gross amounts recognized | 58,148 | 38,635 | ||||||||||||||||||||
Gross amounts offset in consolidated balance sheet (1) | (6,477 | ) | (2,817 | ) | ||||||||||||||||||
Net amounts in consolidated balance sheet (2) | 51,671 | 35,818 | ||||||||||||||||||||
Collateral not recognized in consolidated balance sheet (3) | (51,624 | ) | (35,768 | ) | ||||||||||||||||||
Net amount (4) | 47 | 50 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Repurchase and securities lending agreements | ||||||||||||||||||||||
Gross amounts recognized | 56,583 | 38,032 | ||||||||||||||||||||
Gross amounts offset in consolidated balance sheet (1) | (6,477 | ) | (2,817 | ) | ||||||||||||||||||
Net amounts in consolidated balance sheet (5) | 50,106 | 35,215 | ||||||||||||||||||||
Collateral pledged but not netted in consolidated balance sheet (6) | (49,713 | ) | (34,770 | ) | ||||||||||||||||||
Net amount (7) | 393 | 445 | ||||||||||||||||||||
-1 | Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs or MSLAs that have been offset in the consolidated balance sheet. | |||||||||||||||||||||
-2 | At December 31, 2014 and 2013, includes $36.8 billion and $25.7 billion, respectively, classified on our consolidated balance sheet in Federal funds sold, securities purchased under resale agreements and other short-term investments and $14.9 billion and $10.1 billion, respectively, in Loans. | |||||||||||||||||||||
-3 | Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. At December 31, 2014 and 2013, we have received total collateral with a fair value of $64.5 billion and $43.3 billion, respectively, all of which, we have the right to sell or repledge. These amounts include securities we have sold or repledged to others with a fair value of $40.8 billion at December 31, 2014 and $23.8 billion at December 31, 2013. | |||||||||||||||||||||
-4 | Represents the amount of our exposure that is not collateralized and/or is not subject to an enforceable MRA or MSLA. | |||||||||||||||||||||
-5 | Amount is classified in Short-term borrowings on our consolidated balance sheet. | |||||||||||||||||||||
-6 | Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited for table presentation purposes to the amount of the recognized liability owed to each counterparty. At December 31, 2014 and December 31, 2013, we have pledged total collateral with a fair value of $56.5 billion and $39.0 billion, respectively, of which, the counterparty does not have the right to sell or repledge $6.9 billion as of December 31, 2014, and $10.0 billion as of December 31, 2013. | |||||||||||||||||||||
-7 | Represents the amount of our obligation that is not covered by pledged collateral and/or is not subject to an enforceable MRA or MSLA. |
Legal_Actions
Legal Actions | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Actions | |
Note 15: Legal Actions | |
Wells Fargo and certain of our subsidiaries are involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising from the conduct of our business activities. These proceedings include actions brought against Wells Fargo and/or our subsidiaries with respect to corporate related matters and transactions in which Wells Fargo and/or our subsidiaries were involved. In addition, Wells Fargo and our subsidiaries may be requested to provide information or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. | |
Although there can be no assurance as to the ultimate outcome, Wells Fargo and/or our subsidiaries have generally denied, or believe we have a meritorious defense and will deny, liability in all significant litigation pending against us, including the matters described below, and we intend to defend vigorously each case, other than matters we describe as having settled. Reserves are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts reserved for those claims. | |
FHA INSURANCE LITIGATION On October 9, 2012, the United States filed a complaint, captioned United States of America v. Wells Fargo Bank, N.A., in the U.S. District Court for the Southern District of New York. The complaint makes claims with respect to Wells Fargo's Federal Housing Administration (FHA) lending program for the period 2001 to 2010. The complaint alleges, among other allegations, that Wells Fargo improperly certified certain FHA mortgage loans for United States Department of Housing and Urban Development (HUD) insurance that did not qualify for the program, and therefore Wells Fargo should not have received insurance proceeds from HUD when some of the loans later defaulted. The complaint further alleges Wells Fargo knew some of the mortgages did not qualify for insurance and did not disclose the deficiencies to HUD before making insurance claims. On December 1, 2012, Wells Fargo filed a motion in the U.S. District Court for the District of Columbia seeking to enforce a release of Wells Fargo given by the United States, which was denied on February 12, 2013. On April 11, 2013, Wells Fargo appealed the decision to the U.S. Court of Appeals for the District of Columbia Circuit. The Court affirmed the denial of Wells Fargo's motion on June 20, 2014. Previous resolution discussions did not result in an acceptable final agreement. The parties are again engaged in discovery. | |
INTERCHANGE LITIGATION Wells Fargo Bank, N.A., Wells Fargo & Company, Wachovia Bank, N.A. and Wachovia Corporation are named as defendants, separately or in combination, in putative class actions filed on behalf of a plaintiff class of merchants and in individual actions brought by individual merchants with regard to the interchange fees associated with Visa and MasterCard payment card transactions. These actions have been consolidated in the U.S. District Court for the Eastern District of New York. Visa, MasterCard and several banks and bank holding companies are named as defendants in various of these actions. The amended and consolidated complaint asserts claims against defendants based on alleged violations of federal and state antitrust laws and seeks damages, as well as injunctive relief. Plaintiff merchants allege that Visa, MasterCard and payment card issuing banks unlawfully colluded to set interchange rates. Plaintiffs also allege that enforcement of certain Visa and MasterCard rules and alleged tying and bundling of services offered to merchants are anticompetitive. Wells Fargo and Wachovia, along with other defendants and entities, are parties to Loss and Judgment Sharing Agreements, which provide that they, along with other entities, will share, based on a formula, in any losses from the Interchange Litigation. On July 13, 2012, Visa, MasterCard and the financial institution defendants, including Wells Fargo, signed a memorandum of understanding with plaintiff merchants to resolve the consolidated class actions and reached a separate settlement in principle of the consolidated individual actions. The proposed settlement payments by all defendants in the consolidated class and individual actions total approximately $6.6 billion. The class settlement also provides for the distribution to class merchants of 10 basis points of default interchange across all credit rate categories for a period of eight consecutive months. The Court granted final approval of the settlement, which is proceeding. Merchants have filed several “opt-out” actions. | |
MORTGAGE RELATED REGULATORY INVESTIGATIONS Government agencies continue investigations or examinations of certain mortgage related practices of Wells Fargo and predecessor institutions. Wells Fargo, for itself and for predecessor institutions, has responded, and continues to respond, to requests from government agencies seeking information regarding the origination, underwriting and securitization of residential mortgages, including sub-prime mortgages. | |
ORDER OF POSTING LITIGATION A series of putative class actions have been filed against Wachovia Bank, N.A. and Wells Fargo Bank, N.A., as well as many other banks, challenging the high to low order in which the banks post debit card transactions to consumer deposit accounts. There are currently several such cases pending against Wells Fargo Bank (including the Wachovia Bank cases to which Wells Fargo succeeded), most of which have been consolidated in multi-district litigation proceedings in the U.S. District Court for the Southern District of Florida. The bank defendants moved to compel these cases to arbitration under Supreme Court authority. On November 22, 2011, the Judge denied the motion. The bank defendants appealed the decision to the U.S. Court of Appeals for the Eleventh Circuit. On October 26, 2012, the Eleventh Circuit affirmed the District Court’s denial of the motion. Wells Fargo renewed its motion to compel arbitration with respect to the unnamed putative class members. On April 8, 2013, the District Court denied the motion and Wells Fargo appealed the decision to the Eleventh Circuit. On February 10, 2015, the Eleventh Circuit vacated the order based on the District Court's lack of jurisdiction until class certification has been determined, and remanded to the District Court for further proceedings. | |
On August 10, 2010, the U.S. District Court for the Northern District of California issued an order in Gutierrez v. Wells Fargo Bank, N.A., a case that was not consolidated in the multi-district proceedings, enjoining the bank’s use of the high to low posting method for debit card transactions with respect to the plaintiff class of California depositors, directing the bank to establish a different posting methodology and ordering remediation of approximately $203 million. On October 26, 2010, a final judgment was entered in Gutierrez. On October 28, 2010, Wells Fargo appealed to the U.S. Court of Appeals for the Ninth Circuit. On December 26, 2012, the Ninth Circuit reversed the order requiring Wells Fargo to change its order of posting and vacated the portion of the order granting remediation of approximately $203 million on the grounds of federal preemption. The Ninth Circuit affirmed the District Court’s finding that Wells Fargo violated a California state law prohibition on fraudulent representations and remanded the case to the District Court for further proceedings. On August 5, 2013, the District Court entered a judgment against Wells Fargo in the approximate amount of $203 million, together with post-judgment interest thereon from October 25, 2010, and, effective as of July 15, 2013, enjoined Wells Fargo from making or disseminating additional misrepresentations about its order of posting of transactions. On August 7, 2013, Wells Fargo appealed the judgment to the Ninth Circuit. On October 29, 2014, the Ninth Circuit affirmed the trial court’s judgment against Wells Fargo for approximately $203 million, but limited the injunction to debit card transactions. Wells Fargo is presently considering its options. | |
SECURITIES LENDING LITIGATION Wells Fargo Bank, N.A. is involved in four separate actions brought by securities lending customers of Wells Fargo and Wachovia Bank in various courts. In general, each of the cases alleges losses based on claims that Wells Fargo violated fiduciary and contractual duties in its investment of collateral for loaned securities. Blue Cross/Blue Shield of Minnesota, et al., v. Wells Fargo Bank, N.A. resulted in verdicts dismissing the claims against Wells Fargo. Plaintiffs have appealed the verdicts. The remaining cases are scheduled for trial in 2015. | |
OUTLOOK When establishing a liability for contingent litigation losses, the Company determines a range of potential losses for each matter that is both probable and estimable, and records the amount it considers to be the best estimate within the range. The high end of the range of reasonably possible potential litigation losses in excess of the Company’s liability for probable and estimable losses was $1.1 billion as of December 31, 2014. For these matters and others where an unfavorable outcome is reasonably possible but not probable, there may be a range of possible losses in excess of the established liability that cannot be estimated. Based on information currently available, advice of counsel, available insurance coverage and established reserves, Wells Fargo believes that the eventual outcome of the actions against Wells Fargo and/or its subsidiaries, including the matters described above, will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial position. However, in the event of unexpected future developments, it is possible that the ultimate resolution of those matters, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivatives | |||||||||||||||||||||
Note 16: Derivatives | |||||||||||||||||||||
We primarily use derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. We designate certain derivatives as hedging instruments in a qualifying hedge accounting relationship (fair value or cash flow hedge). Our remaining derivatives consist of economic hedges that do not qualify for hedge accounting and derivatives held for customer accommodation, trading or other purposes. | |||||||||||||||||||||
Our asset/liability management approach to interest rate, foreign currency and certain other risks includes the use of derivatives. Such derivatives are typically designated as fair value or cash flow hedges, or economic hedges. This helps minimize significant, unplanned fluctuations in earnings, fair values of assets and liabilities, and cash flows caused by interest rate, foreign currency and other market risk volatility. This approach involves modifying the repricing characteristics of certain assets and liabilities so that changes in interest rates, foreign currency and other exposures do not have a significantly adverse effect on the net interest margin, cash flows and earnings. As a result of fluctuations in these exposures, hedged assets and liabilities will gain or lose fair value. In a fair value or economic hedge, the effect of this unrealized gain or loss will generally be offset by the gain or loss on the derivatives linked to the hedged assets and liabilities. In a cash flow hedge, where we manage the variability of cash payments due to interest rate fluctuations by the effective use of derivatives linked to hedged assets and liabilities, the hedged asset or liability is not adjusted and the unrealized gain or loss on the derivative is generally reflected in other comprehensive income and not in earnings. | |||||||||||||||||||||
We also offer various derivatives, including interest rate, commodity, equity, credit and foreign exchange contracts, to our customers as part of our trading businesses. These derivative transactions, which involve us engaging in market-making activities or acting as an intermediary, are conducted in an effort to help customers manage their market price risks. We usually offset our exposure from such derivatives by entering into other financial contracts, such as separate derivative or security transactions. The customer accommodations and any offsetting derivatives are treated as customer accommodation, trading and other derivatives in our disclosures. Additionally, this category includes embedded derivatives that are required to be accounted for separately from their host contracts. | |||||||||||||||||||||
The following table presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which interest and other payments are determined. Derivatives designated as qualifying hedging instruments and economic hedges are recorded on the balance sheet at fair value in other assets or other liabilities. Customer accommodation, trading and other derivatives are recorded on the balance sheet at fair value in trading assets, other assets or other liabilities. | |||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Notional or | Fair value | Notional or | Fair value | ||||||||||||||||||
contractual | Asset | Liability | contractual | Asset | Liability | ||||||||||||||||
(in millions) | amount | derivatives | derivatives | amount | derivatives | derivatives | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||
Interest rate contracts (1) | $ | 148,967 | 6,536 | 2,435 | 100,412 | 4,315 | 2,528 | ||||||||||||||
Foreign exchange contracts (1) | 26,778 | 752 | 1,347 | 26,483 | 1,091 | 847 | |||||||||||||||
Total derivatives designated as | |||||||||||||||||||||
qualifying hedging instruments | 7,288 | 3,782 | 5,406 | 3,375 | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||
Economic hedges: | |||||||||||||||||||||
Interest rate contracts (2) | 221,527 | 697 | 487 | 220,577 | 595 | 897 | |||||||||||||||
Equity contracts | 5,219 | 367 | 96 | 3,273 | 349 | 206 | |||||||||||||||
Foreign exchange contracts | 14,405 | 275 | 28 | 10,064 | 21 | 35 | |||||||||||||||
Subtotal (3) | 1,339 | 611 | 965 | 1,138 | |||||||||||||||||
Customer accommodation, trading and | |||||||||||||||||||||
other derivatives: | |||||||||||||||||||||
Interest rate contracts | 4,378,767 | 56,465 | 57,137 | 4,030,068 | 50,936 | 53,113 | |||||||||||||||
Commodity contracts | 88,640 | 7,461 | 7,702 | 96,889 | 2,673 | 2,603 | |||||||||||||||
Equity contracts | 138,422 | 8,638 | 6,942 | 96,379 | 7,475 | 7,588 | |||||||||||||||
Foreign exchange contracts | 253,742 | 6,377 | 6,452 | 164,160 | 3,731 | 3,626 | |||||||||||||||
Credit contracts - protection sold | 12,304 | 151 | 943 | 19,501 | 354 | 1,532 | |||||||||||||||
Credit contracts - protection purchased | 16,659 | 755 | 168 | 23,314 | 1,147 | 368 | |||||||||||||||
Other derivatives (3) | 1,994 | — | 44 | 2,160 | 13 | 16 | |||||||||||||||
Subtotal (3) | 79,847 | 79,388 | 66,329 | 68,846 | |||||||||||||||||
Total derivatives not designated as hedging instruments | 81,186 | 79,999 | 67,294 | 69,984 | |||||||||||||||||
Total derivatives before netting | 88,474 | 83,781 | 72,700 | 73,359 | |||||||||||||||||
Netting (4) | (65,869 | ) | (65,043 | ) | (56,894 | ) | (63,739 | ) | |||||||||||||
Total | $ | 22,605 | 18,738 | 15,806 | 9,620 | ||||||||||||||||
-1 | Notional amounts presented exclude $1.9 billion of interest rate contracts at both December 31, 2014 and 2013, for certain derivatives that are combined for designation as a hedge on a single instrument. The notional amount for foreign exchange contracts at December 31, 2014, excludes $2.7 billion for certain derivatives that are combined for designation as a hedge on a single instrument. | ||||||||||||||||||||
-2 | Includes economic hedge derivatives used to hedge the risk of changes in the fair value of residential MSRs, MHFS, loans, derivative loan commitments and other interests held. | ||||||||||||||||||||
-3 | Prior period has been revised to conform with current period presentation. | ||||||||||||||||||||
-4 | Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See the next table in this Note for further information. | ||||||||||||||||||||
The following table provides information on the gross fair values of derivative assets and liabilities, the balance sheet netting adjustments and the resulting net fair value amount recorded on our balance sheet, as well as the non-cash collateral associated with such arrangements. We execute substantially all of our derivative transactions under master netting arrangements. We reflect all derivative balances and related cash collateral subject to enforceable master netting arrangements on a net basis within the balance sheet. The “Gross amounts recognized” column in the following table include $69.6 billion and $75.0 billion of gross derivative assets and liabilities, respectively, at December 31, 2014, and $59.8 billion and $66.1 billion, respectively, at December 31, 2013, with counterparties subject to enforceable master netting arrangements that are carried on the balance sheet net of offsetting amounts. The remaining gross derivative assets and liabilities of $18.9 billion and $8.8 billion, respectively, at December 31, 2014 and $12.9 billion and $7.3 billion, respectively, at December 31, 2013, include those with counterparties subject to master netting arrangements for which we have not assessed the enforceability because they are with counterparties where we do not currently have positions to offset, those subject to master netting arrangements where we have not been able to confirm the enforceability and those not subject to master netting arrangements. As such,we do not net derivative balances or collateral within the balance sheet for these counterparties. | |||||||||||||||||||||
We determine the balance sheet netting adjustments based on the terms specified within each master netting arrangement. We disclose the balance sheet netting amounts within the column titled “Gross amounts offset in consolidated balance sheet.” Balance sheet netting adjustments are determined at the counterparty level for which there may be multiple contract types. For disclosure purposes, we allocate these adjustments to the contract type for each counterparty proportionally based upon the “Gross amounts recognized” by counterparty. As a result, the net amounts disclosed by contract type may not represent the actual exposure upon settlement of the contracts. | |||||||||||||||||||||
Balance sheet netting does not include non-cash collateral that we receive and pledge. For disclosure purposes, we present the fair value of this non-cash collateral in the column titled “Gross amounts not offset in consolidated balance sheet (Disclosure-only netting)” within the table. We determine and allocate the Disclosure-only netting amounts in the same manner as balance sheet netting amounts. | |||||||||||||||||||||
The “Net amounts” column within the following table represents the aggregate of our net exposure to each counterparty after considering the balance sheet and Disclosure-only netting adjustments. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty specific credit risk limits, using master netting arrangements and obtaining collateral. Derivative contracts executed in over-the-counter markets include bilateral contractual arrangements that are not cleared through a central clearing organization but are typically subject to master netting arrangements. The percentage of our bilateral derivative transactions outstanding at period end in such markets, based on gross fair value, is provided within the following table. Other derivative contracts executed in over-the-counter or exchange-traded markets are settled through a central clearing organization and are excluded from this percentage. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 14 (Guarantees, Pledged Assets and Collateral). | |||||||||||||||||||||
(in millions) | Gross amounts recognized | Gross amounts offset in consolidated balance sheet (1) | Net amounts in consolidated balance sheet (2) | Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) (3) | Net amounts | Percent exchanged in over-the-counter market (4) | |||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Derivative assets | |||||||||||||||||||||
Interest rate contracts | $ | 63,698 | (56,051 | ) | 7,647 | (769 | ) | 6,878 | 45 | % | |||||||||||
Commodity contracts | 7,461 | (1,233 | ) | 6,228 | (72 | ) | 6,156 | 27 | |||||||||||||
Equity contracts | 9,005 | (2,842 | ) | 6,163 | (405 | ) | 5,758 | 54 | |||||||||||||
Foreign exchange contracts | 7,404 | (4,923 | ) | 2,481 | (85 | ) | 2,396 | 98 | |||||||||||||
Credit contracts-protection sold | 151 | (131 | ) | 20 | — | 20 | 90 | ||||||||||||||
Credit contracts-protection purchased | 755 | (689 | ) | 66 | (1 | ) | 65 | 100 | |||||||||||||
Total derivative assets | $ | 88,474 | (65,869 | ) | 22,605 | (1,332 | ) | 21,273 | |||||||||||||
Derivative liabilities | |||||||||||||||||||||
Interest rate contracts | $ | 60,059 | (54,394 | ) | 5,665 | (4,244 | ) | 1,421 | 44 | % | |||||||||||
Commodity contracts | 7,702 | (1,459 | ) | 6,243 | (33 | ) | 6,210 | 81 | |||||||||||||
Equity contracts | 7,038 | (2,845 | ) | 4,193 | (484 | ) | 3,709 | 82 | |||||||||||||
Foreign exchange contracts | 7,827 | (5,511 | ) | 2,316 | (270 | ) | 2,046 | 100 | |||||||||||||
Credit contracts-protection sold | 943 | (713 | ) | 230 | (199 | ) | 31 | 100 | |||||||||||||
Credit contracts-protection purchased | 168 | (121 | ) | 47 | (18 | ) | 29 | 86 | |||||||||||||
Other contracts | 44 | — | 44 | — | 44 | 100 | |||||||||||||||
Total derivative liabilities | $ | 83,781 | (65,043 | ) | 18,738 | (5,248 | ) | 13,490 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Derivative assets | |||||||||||||||||||||
Interest rate contracts | $ | 55,846 | (48,271 | ) | 7,575 | (1,101 | ) | 6,474 | 65 | % | |||||||||||
Commodity contracts | 2,673 | (659 | ) | 2,014 | (72 | ) | 1,942 | 52 | |||||||||||||
Equity contracts | 7,824 | (3,254 | ) | 4,570 | (239 | ) | 4,331 | 81 | |||||||||||||
Foreign exchange contracts | 4,843 | (3,567 | ) | 1,276 | (9 | ) | 1,267 | 100 | |||||||||||||
Credit contracts-protection sold | 354 | (302 | ) | 52 | — | 52 | 92 | ||||||||||||||
Credit contracts-protection purchased | 1,147 | (841 | ) | 306 | (33 | ) | 273 | 100 | |||||||||||||
Other contracts | 13 | — | 13 | — | 13 | 100 | |||||||||||||||
Total derivative assets | $ | 72,700 | (56,894 | ) | 15,806 | (1,454 | ) | 14,352 | |||||||||||||
Derivative liabilities | |||||||||||||||||||||
Interest rate contracts | $ | 56,538 | (53,902 | ) | 2,636 | (482 | ) | 2,154 | 66 | % | |||||||||||
Commodity contracts | 2,603 | (952 | ) | 1,651 | (11 | ) | 1,640 | 73 | |||||||||||||
Equity contracts | 7,794 | (3,502 | ) | 4,292 | (124 | ) | 4,168 | 94 | |||||||||||||
Foreign exchange contracts | 4,508 | (3,652 | ) | 856 | — | 856 | 100 | ||||||||||||||
Credit contracts-protection sold | 1,532 | (1,432 | ) | 100 | — | 100 | 100 | ||||||||||||||
Credit contracts-protection purchased | 368 | (299 | ) | 69 | — | 69 | 89 | ||||||||||||||
Other contracts | 16 | — | 16 | — | 16 | 100 | |||||||||||||||
Total derivative liabilities | $ | 73,359 | (63,739 | ) | 9,620 | (617 | ) | 9,003 | |||||||||||||
-1 | Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in the consolidated balance sheet, including related cash collateral and portfolio level counterparty valuation adjustments. Counterparty valuation adjustments were $266 million and $236 million related to derivative assets and $56 million and $67 million related to derivative liabilities as of December 31, 2014 and 2013, respectively. Cash collateral totaled $5.2 billion and $4.6 billion, netted against derivative assets and liabilities, respectively, at December 31, 2014, and $4.3 billion and $11.3 billion, respectively, at December 31, 2013. | ||||||||||||||||||||
-2 | Net derivative assets of $16.9 billion and $14.4 billion are classified in Trading assets as of December 31, 2014 and 2013, respectively. $5.7 billion and $1.4 billion are classified in Other assets in the consolidated balance sheet as of December 31, 2014 and 2013, respectively. Net derivative liabilities are classified in Accrued expenses and other liabilities in the consolidated balance sheet. | ||||||||||||||||||||
-3 | Represents the fair value of non-cash collateral pledged and received against derivative assets and liabilities with the same counterparty that are subject to enforceable master netting arrangements. U.S. GAAP does not permit netting of such non-cash collateral balances in the consolidated balance sheet but requires disclosure of these amounts. | ||||||||||||||||||||
-4 | Represents derivatives executed in over-the-counter markets not settled through a central clearing organization. Over-the-counter percentages are calculated based on Gross amounts recognized as of the respective balance sheet date. The remaining percentage represents derivatives settled through a central clearing organization, which are executed in either over-the-counter or exchange-traded markets. | ||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||
We use interest rate swaps to convert certain of our fixed-rate long-term debt to floating rates to hedge our exposure to interest rate risk. We also enter into cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge our exposure to foreign currency risk and interest rate risk associated with the issuance of non-U.S. dollar denominated long-term debt. In addition, we use interest rate swaps, cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge against changes in fair value of certain investments in available-for-sale debt securities due to changes in interest rates, foreign currency rates, or both. We also use interest rate swaps to hedge against changes in fair value for certain mortgages held for sale. The entire derivative gain or loss is included in the assessment of hedge effectiveness for all fair value hedge relationships, except for those involving foreign-currency denominated available-for-sale securities and long-term debt hedged with foreign currency forward derivatives for which the time value component of the derivative gain or loss related to the changes in the difference between the spot and forward price is excluded from the assessment of hedge effectiveness. | |||||||||||||||||||||
We use statistical regression analysis to assess hedge effectiveness, both at inception of the hedging relationship and on an ongoing basis. The regression analysis involves regressing the periodic change in fair value of the hedging instrument against the periodic changes in fair value of the asset or liability being hedged due to changes in the hedged risk(s). The assessment includes an evaluation of the quantitative measures of the regression results used to validate the conclusion of high effectiveness. | |||||||||||||||||||||
The following table shows the net gains (losses) recognized in the income statement related to derivatives in fair value hedging relationships. | |||||||||||||||||||||
Interest rate contracts hedging: | Foreign exchange contracts hedging: | Total net gains (losses) on fair value hedges | |||||||||||||||||||
(in millions) | Available-for-sale securities | Mortgages held for sale | Long-term debt | Available-for-sale securities | Long-term debt | ||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||
Net interest income (expense) recognized on derivatives | $ | (722 | ) | (15 | ) | 1,843 | (10 | ) | 308 | 1,404 | |||||||||||
Gains (losses) recorded in noninterest income | |||||||||||||||||||||
Recognized on derivatives | (1,943 | ) | (49 | ) | 3,623 | 391 | (1,418 | ) | 604 | ||||||||||||
Recognized on hedged item | 1,911 | 32 | (3,143 | ) | (388 | ) | 1,490 | (98 | ) | ||||||||||||
Net recognized on fair value hedges (ineffective portion) (1) | $ | (32 | ) | (17 | ) | 480 | 3 | 72 | 506 | ||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Net interest income (expense) recognized on derivatives | $ | (584 | ) | (11 | ) | 1,632 | (8 | ) | 280 | 1,309 | |||||||||||
Gains (losses) recorded in noninterest income | |||||||||||||||||||||
Recognized on derivatives | 1,889 | 47 | (3,767 | ) | (49 | ) | (847 | ) | (2,727 | ) | |||||||||||
Recognized on hedged item | (1,874 | ) | (57 | ) | 3,521 | 49 | 722 | 2,361 | |||||||||||||
Net recognized on fair value hedges (ineffective portion) (1) | $ | 15 | (10 | ) | (246 | ) | — | (125 | ) | (366 | ) | ||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Net interest income (expense) recognized on derivatives | $ | (457 | ) | (4 | ) | 1,685 | (5 | ) | 248 | 1,467 | |||||||||||
Gains (losses) recorded in noninterest income | |||||||||||||||||||||
Recognized on derivatives | (22 | ) | (15 | ) | (179 | ) | 39 | 567 | 390 | ||||||||||||
Recognized on hedged item | 17 | 6 | 233 | (3 | ) | (610 | ) | (357 | ) | ||||||||||||
Net recognized on fair value hedges (ineffective portion) (1) | $ | (5 | ) | (9 | ) | 54 | 36 | (43 | ) | 33 | |||||||||||
-1 | Included $(1) million, $(5) million and $(9) million, respectively, for years ended December 31, 2014, 2013, and 2012 of the time value component recognized as net interest income (expense) on forward derivatives hedging foreign currency available-for-sale securities and long-term debt that were excluded from the assessment of hedge effectiveness. | ||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||
We use interest rate swaps to hedge the variability in interest payments received on certain floating-rate commercial loans and paid on certain floating-rate debt due to changes in the benchmark interest rate. Gains and losses on derivatives that are reclassified from OCI to interest income (for loans) and interest expense (for debt) in the current period are included in the line item in which the hedged item’s effect on earnings is recorded. All parts of gain or loss on these derivatives are included in the assessment of hedge effectiveness. We assess hedge effectiveness using regression analysis, both at inception of the hedging relationship and on an ongoing basis. The regression analysis involves regressing the periodic changes in cash flows of the hedging instrument against the periodic changes in cash flows of the forecasted transaction being hedged due to changes in the hedged risk(s). The assessment includes an evaluation of the quantitative measures of the regression results used to validate the conclusion of high effectiveness. | |||||||||||||||||||||
Based upon current interest rates, we estimate that $758 million (pre tax) of deferred net gains on derivatives in OCI at December 31, 2014, will be reclassified into net interest income during the next twelve months. Future changes to interest rates may significantly change actual amounts reclassified to earnings. We are hedging our exposure to the variability of future cash flows for all forecasted transactions for a maximum of 7 years. | |||||||||||||||||||||
The following table shows the net gains (losses) recognized related to derivatives in cash flow hedging relationships. | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Gains (losses) (pre tax) recognized in OCI on derivatives | $ | 952 | (32 | ) | 52 | ||||||||||||||||
Gains (pre tax) reclassified from cumulative OCI into net income (1) | 545 | 296 | 388 | ||||||||||||||||||
Gains (losses) (pre tax) recognized in noninterest income for hedge ineffectiveness (2) | 2 | 1 | (1 | ) | |||||||||||||||||
-1 | See Note 23 (Other Comprehensive Income) for detail on components of net income. | ||||||||||||||||||||
-2 | None of the change in value of the derivatives was excluded from the assessment of hedge effectiveness. | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
We use economic hedge derivatives primarily to hedge the risk of changes in the fair value of certain residential MHFS, certain loans held for investment, residential MSRs measured at fair value, derivative loan commitments and other interests held. The resulting gain or loss on these economic hedge derivatives is reflected in mortgage banking noninterest income, net gains (losses) from equity investments and other noninterest income. | |||||||||||||||||||||
The derivatives used to hedge MSRs measured at fair value, which include swaps, swaptions, constant maturity mortgages, forwards, Eurodollar and Treasury futures and options contracts, resulted in net derivative gains of $3.5 billion in 2014, net derivative losses of $2.9 billion in 2013 and net derivative gains of $3.6 billion in 2012, which are included in mortgage banking noninterest income. The aggregate fair value of these derivatives was a net asset of $492 million at December 31, 2014 and a net liability of $531 million at December 31, 2013. The change in fair value of these derivatives for each period end is due to changes in the underlying market indices and interest rates as well as the purchase and sale of derivative financial instruments throughout the period as part of our dynamic MSR risk management process. | |||||||||||||||||||||
Interest rate lock commitments for mortgage loans that we intend to sell are considered derivatives. Our interest rate exposure on these derivative loan commitments, as well as substantially all residential MHFS, is hedged with economic hedge derivatives such as swaps, forwards and options, Eurodollar futures and options, and Treasury futures, forwards and options contracts. The derivative loan commitments, economic hedge derivatives and residential MHFS are carried at fair value with changes in fair value included in mortgage banking noninterest income. For the fair value measurement of interest rate lock commitments we include, at inception and during the life of the loan commitment, the expected net future cash flows related to the associated servicing of the loan. Fair value changes subsequent to inception are based on changes in fair value of the underlying loan resulting from the exercise of the commitment and changes in the probability that the loan will not fund within the terms of the commitment (referred to as a fall-out factor). The value of the underlying loan is affected primarily by changes in interest rates and the passage of time. However, changes in investor demand can also cause changes in the value of the underlying loan value that cannot be hedged. The aggregate fair value of derivative loan commitments on the balance sheet was a net asset of $98 million and a net liability of $26 million at December 31, 2014 and December 31, 2013, respectively, and is included in the caption “Interest rate contracts” under “Customer accommodation, trading and other derivatives” in the first table in this Note. | |||||||||||||||||||||
We also enter into various derivatives primarily to provide derivative products to customers. These derivatives are not linked to specific assets and liabilities on the balance sheet or to forecasted transactions in an accounting hedge relationship and, therefore, do not qualify for hedge accounting. We also enter into derivatives for risk management that do not otherwise qualify for hedge accounting. They are carried at fair value with changes in fair value recorded as other noninterest income. | |||||||||||||||||||||
Customer accommodation, trading and other derivatives also include embedded derivatives that are required to be accounted for separately from their host contract. We periodically issue hybrid long-term notes and CDs where the performance of the hybrid instrument notes is linked to an equity, commodity or currency index, or basket of such indices. These notes contain explicit terms that affect some or all of the cash flows or the value of the note in a manner similar to a derivative instrument and therefore are considered to contain an “embedded” derivative instrument. The indices on which the performance of the hybrid instrument is calculated are not clearly and closely related to the host debt instrument. The “embedded” derivative is separated from the host contract and accounted for as a derivative. Additionally, we may invest in hybrid instruments that contain embedded derivatives, such as credit derivatives, that are not clearly and closely related to the host contract. In such instances, we either elect fair value option for the hybrid instrument or separate the embedded derivative from the host contract and account for the host contract and derivative separately. | |||||||||||||||||||||
The following table shows the net gains recognized in the income statement related to derivatives not designated as hedging instruments. | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Net gains (losses) recognized on economic hedge derivatives: | |||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||
Recognized in noninterest income: | |||||||||||||||||||||
Mortgage banking (1) | $ | 1,759 | 1,412 | (1,882 | ) | ||||||||||||||||
Other (2) | (230 | ) | 119 | 2 | |||||||||||||||||
Equity contracts (3) | (469 | ) | (317 | ) | 4 | ||||||||||||||||
Foreign exchange contracts (2) | 758 | 24 | (53 | ) | |||||||||||||||||
Credit contracts (2) | (1 | ) | (6 | ) | (15 | ) | |||||||||||||||
Subtotal | 1,817 | 1,232 | (1,944 | ) | |||||||||||||||||
Net gains (losses) recognized on customer accommodation, trading and other derivatives: | |||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||
Recognized in noninterest income: | |||||||||||||||||||||
Mortgage banking (4) | 1,350 | (561 | ) | 7,222 | |||||||||||||||||
Other (5) | (855 | ) | 743 | 589 | |||||||||||||||||
Commodity contracts (5) | 77 | 324 | (14 | ) | |||||||||||||||||
Equity contracts (5) | (719 | ) | (622 | ) | (234 | ) | |||||||||||||||
Foreign exchange contracts (5) | 593 | 746 | 501 | ||||||||||||||||||
Credit contracts (5) | 7 | (53 | ) | (54 | ) | ||||||||||||||||
Other (5) | (39 | ) | — | — | |||||||||||||||||
Subtotal | 414 | 577 | 8,010 | ||||||||||||||||||
Net gains recognized related to derivatives not designated as hedging instruments | $ | 2,231 | 1,809 | 6,066 | |||||||||||||||||
-1 | Predominantly mortgage banking noninterest income including gains (losses) on the derivatives used as economic hedges of MSRs measured at fair value, interest rate lock commitments and mortgages held for sale. | ||||||||||||||||||||
-2 | Predominantly included in other noninterest income. | ||||||||||||||||||||
-3 | Predominantly included in net gains (losses) from equity investments in noninterest income. | ||||||||||||||||||||
-4 | Predominantly mortgage banking noninterest income including gains (losses) on interest rate lock commitments. | ||||||||||||||||||||
-5 | Predominantly included in net gains from trading activities in noninterest income. | ||||||||||||||||||||
Credit Derivatives | |||||||||||||||||||||
Credit derivative contracts are arrangements whose value is derived from the transfer of credit risk of a reference asset or entity from one party (the purchaser of credit protection) to another party (the seller of credit protection). We use credit derivatives primarily to assist customers with their risk management objectives. We may also use credit derivatives in structured product transactions or liquidity agreements written to special purpose vehicles. The maximum exposure of sold credit derivatives is managed through posted collateral, purchased credit derivatives and similar products in order to achieve our desired credit risk profile. This credit risk management provides an ability to recover a significant portion of any amounts that would be paid under the sold credit derivatives. We would be required to perform under the noted credit derivatives in the event of default by the referenced obligors. Events of default include events such as bankruptcy, capital restructuring or lack of principal and/or interest payment. In certain cases, other triggers may exist, such as the credit downgrade of the referenced obligors or the inability of the special purpose vehicle for which we have provided liquidity to obtain funding. | |||||||||||||||||||||
The following table provides details of sold and purchased credit derivatives. | |||||||||||||||||||||
Notional amount | |||||||||||||||||||||
(in millions) | Fair value liability | Protection sold (A) | Protection sold - non-investment grade | Protection purchased with identical underlyings (B) | Net protection sold (A)-(B) | Other protection purchased | Range of maturities | ||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Credit default swaps on: | |||||||||||||||||||||
Corporate bonds | $ | 23 | 6,344 | 2,904 | 4,894 | 1,450 | 2,831 | 2015 - 2021 | |||||||||||||
Structured products | 654 | 1,055 | 874 | 608 | 447 | 277 | 2017 - 2052 | ||||||||||||||
Credit protection on: | |||||||||||||||||||||
Default swap index | — | 1,659 | 292 | 777 | 882 | 1,042 | 2015 - 2019 | ||||||||||||||
Commercial mortgage-backed securities index | 246 | 1,058 | — | 608 | 450 | 355 | 2047 - 2063 | ||||||||||||||
Asset-backed securities index | 19 | 52 | 1 | 1 | 51 | 81 | 2045 - 2046 | ||||||||||||||
Other | 1 | 2,136 | 2,136 | — | 2,136 | 5,185 | 2015 - 2025 | ||||||||||||||
Total credit derivatives | $ | 943 | 12,304 | 6,207 | 6,888 | 5,416 | 9,771 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Credit default swaps on: | |||||||||||||||||||||
Corporate bonds | $ | 48 | 10,947 | 5,237 | 6,493 | 4,454 | 5,557 | 2014-2021 | |||||||||||||
Structured products | 1,091 | 1,553 | 1,245 | 894 | 659 | 389 | 2016-2052 | ||||||||||||||
Credit protection on: | |||||||||||||||||||||
Default swap index | — | 3,270 | 388 | 2,471 | 799 | 898 | 2014-2018 | ||||||||||||||
Commercial mortgage-backed securities index | 344 | 1,106 | 1 | 535 | 571 | 535 | 2049-2052 | ||||||||||||||
Asset-backed securities index | 48 | 55 | — | 1 | 54 | 87 | 2045-2046 | ||||||||||||||
Other | 1 | 2,570 | 2,570 | 3 | 2,567 | 5,451 | 2014-2025 | ||||||||||||||
Total credit derivatives | $ | 1,532 | 19,501 | 9,441 | 10,397 | 9,104 | 12,917 | ||||||||||||||
Protection sold represents the estimated maximum exposure to loss that would be incurred under an assumed hypothetical circumstance, where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. We believe this hypothetical circumstance to be an extremely remote possibility and accordingly, this required disclosure is not an indication of expected loss. The amounts under non-investment grade represent the notional amounts of those credit derivatives on which we have a higher risk of being required to perform under the terms of the credit derivative and are a function of the underlying assets. | |||||||||||||||||||||
We consider the risk of performance to be high if the underlying assets under the credit derivative have an external rating that is below investment grade or an internal credit default grade that is equivalent thereto. We believe the net protection sold, which is representative of the net notional amount of protection sold and purchased with identical underlyings, in combination with other protection purchased, is more representative of our exposure to loss than either non-investment grade or protection sold. Other protection purchased represents additional protection, which may offset the exposure to loss for protection sold, that was not purchased with an identical underlying of the protection sold. | |||||||||||||||||||||
Credit-Risk Contingent Features | |||||||||||||||||||||
Certain of our derivative contracts contain provisions whereby if the credit rating of our debt were to be downgraded by certain major credit rating agencies, the counterparty could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a net liability position was $13.6 billion at December 31, 2014, and $14.3 billion at December 31, 2013, respectively, for which we posted $10.5 billion and $12.2 billion, respectively, in collateral in the normal course of business. If the credit rating of our debt had been downgraded below investment grade, which is the credit-risk-related contingent feature that if triggered requires the maximum amount of collateral to be posted, on December 31, 2014, or December 31, 2013, we would have been required to post additional collateral of $3.1 billion or $2.5 billion, respectively, or potentially settle the contract in an amount equal to its fair value. Some contracts require that we provide more collateral than the fair value of derivatives that are in a net liability position if a downgrade occurs. | |||||||||||||||||||||
Counterparty Credit Risk | |||||||||||||||||||||
By using derivatives, we are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, our counterparty credit risk is equal to the amount reported as a derivative asset on our balance sheet. The amounts reported as a derivative asset are derivative contracts in a gain position, and to the extent subject to legally enforceable master netting arrangements, net of derivatives in a loss position with the same counterparty and cash collateral received. We minimize counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent the master netting arrangements and other criteria meet the applicable requirements, including determining the legal enforceability of the arrangement, it is our policy to present derivative balances and related cash collateral amounts net on the balance sheet. We incorporate credit valuation adjustments (CVA) to reflect counterparty credit risk in determining the fair value of our derivatives. Such adjustments, which consider the effects of enforceable master netting agreements and collateral arrangements, reflect market-based views of the credit quality of each counterparty. Our CVA calculation is determined based on observed credit spreads in the credit default swap market and indices indicative of the credit quality of the counterparties to our derivatives. |
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||
Fair Values of Assets and Liabilities | ||||||||||||||||||||||||||||
Note 17: Fair Values of Assets and Liabilities | ||||||||||||||||||||||||||||
We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis are presented in the recurring table in this Note. From time to time, we may be required to record at fair value other assets on a nonrecurring basis, such as certain residential and commercial MHFS, certain LHFS, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. | ||||||||||||||||||||||||||||
Following is a discussion of the fair value hierarchy and the valuation methodologies used for assets and liabilities recorded at fair value on a recurring or nonrecurring basis and for estimating fair value for financial instruments not recorded at fair value. | ||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||
We group our assets and liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | ||||||||||||||||||||||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||||||||||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||||||||||||||
• | Level 3 – Valuation is generated from techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||||||||||||||
In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, we consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs used. For securities in inactive markets, we use a predetermined percentage to evaluate the impact of fair value adjustments derived from weighting both external and internal indications of value to determine if the instrument is classified as Level 2 or Level 3. Otherwise, the classification of Level 2 or Level 3 is based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the Level 3 inputs to the instruments’ fair value measurement in its entirety. If Level 3 inputs are considered significant, the instrument is classified as Level 3. | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
SHORT-TERM FINANCIAL ASSETS Short-term financial assets include cash and due from banks, federal funds sold and securities purchased under resale agreements and due from customers on acceptances. These assets are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization. | ||||||||||||||||||||||||||||
TRADING ASSETS (EXCLUDING DERIVATIVES) AND INVESTMENT SECURITIES Trading assets and available-for-sale securities are recorded at fair value on a recurring basis. Other investment securities classified as held-to-maturity are subject to impairment and fair value measurement if fair value declines below amortized cost and we do not expect to recover the entire amortized cost basis of the debt security. Fair value measurement is based upon various sources of market pricing. We use quoted prices in active markets, where available, and classify such instruments within Level 1 of the fair value hierarchy. Examples include exchange-traded equity securities and some highly liquid government securities, such as U.S. Treasuries. When instruments are traded in secondary markets and quoted market prices do not exist for such securities, we generally rely on internal valuation techniques or on prices obtained from vendors (predominantly third-party pricing services), and accordingly, we classify these instruments as Level 2 or 3. | ||||||||||||||||||||||||||||
Trading securities are mostly valued using internal trader prices that are subject to price verification procedures performed by separate internal personnel. The majority of fair values derived using internal valuation techniques are verified against multiple pricing sources, including prices obtained from third-party vendors. Vendors compile prices from various sources and often apply matrix pricing for similar securities when no price is observable. We review pricing methodologies provided by the vendors in order to determine if observable market information is being used versus unobservable inputs. When evaluating the appropriateness of an internal trader price compared with vendor prices, considerations include the range and quality of vendor prices. Vendor prices are used to ensure the reasonableness of a trader price; however valuing financial instruments involves judgments acquired from knowledge of a particular market. If a trader asserts that a vendor price is not reflective of market value, justification for using the trader price, including recent sales activity where possible, must be provided to and approved by the appropriate levels of management. | ||||||||||||||||||||||||||||
Similarly, while investment securities traded in secondary markets are typically valued using unadjusted vendor prices or vendor prices adjusted by weighting them with internal discounted cash flow techniques, these prices are reviewed and, if deemed inappropriate by a trader who has the most knowledge of a particular market, can be adjusted. Securities measured with these internal valuation techniques are generally classified as Level 2 of the hierarchy and often involve using quoted market prices for similar securities, pricing models, discounted cash flow analyses using significant inputs observable in the market where available or a combination of multiple valuation techniques. Examples include certain residential and commercial MBS, municipal bonds, U.S. government and agency MBS, and corporate debt securities. | ||||||||||||||||||||||||||||
Security fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. Such measurements include securities valued using internal models or a combination of multiple valuation techniques, such as weighting of internal models and vendor pricing, where the unobservable inputs are significant to the overall fair value measurement. Securities classified as Level 3 include certain residential and commercial MBS, other asset-backed securities, CDOs and certain CLOs, and certain residual and retained interests in residential mortgage loan securitizations. We value CDOs using the prices of similar instruments, the pricing of completed or pending third-party transactions or the pricing of the underlying collateral within the CDO. Where vendor prices are not readily available, we use management's best estimate. | ||||||||||||||||||||||||||||
MORTGAGES HELD FOR SALE (MHFS) We carry most of our residential MHFS portfolio at fair value. Fair value is based on quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. As necessary, these prices are adjusted for typical securitization activities, including servicing value, portfolio composition, market conditions and liquidity. Most of our MHFS are classified as Level 2. For the portion where market pricing data is not available, we use a discounted cash flow model to estimate fair value and, accordingly, classify as Level 3. | ||||||||||||||||||||||||||||
LOANS HELD FOR SALE (LHFS) LHFS are carried at the lower of cost or market value or at fair value. The fair value of LHFS is based on what secondary markets are currently offering for loans with similar characteristics. As such, we classify those loans subjected to nonrecurring fair value adjustments as Level 2. | ||||||||||||||||||||||||||||
LOANS For information on how we report the carrying value of loans, including PCI loans, see Note 1 (Summary of Significant Accounting Policies). Although most loans are not recorded at fair value on a recurring basis, reverse mortgages are recorded at fair value on a recurring basis. In addition, we record nonrecurring fair value adjustments to loans to reflect partial write-downs that are based on the observable market price of the loan or current appraised value of the collateral. | ||||||||||||||||||||||||||||
We provide fair value estimates in this disclosure for loans that are not recorded at fair value on a recurring or nonrecurring basis. Those estimates differentiate loans based on their financial characteristics, such as product classification, loan category, pricing features and remaining maturity. Prepayment and credit loss estimates are evaluated by product and loan rate. | ||||||||||||||||||||||||||||
The fair value of commercial loans is calculated by discounting contractual cash flows, adjusted for credit loss estimates, using discount rates that are appropriate for loans with similar characteristics and remaining maturity. For real estate 1-4 family first and junior lien mortgages, we calculate fair value by discounting contractual cash flows, adjusted for prepayment and credit loss estimates, using discount rates based on current industry pricing (where readily available) or our own estimate of an appropriate discount rate for loans of similar size, type, remaining maturity and repricing characteristics. | ||||||||||||||||||||||||||||
The carrying value of credit card loans, which is adjusted for estimates of credit losses inherent in the portfolio at the balance sheet date, is reported as a reasonable estimate of fair value. For all other consumer loans, the fair value is generally calculated by discounting the contractual cash flows, adjusted for prepayment and credit loss estimates, based on the current rates we offer for loans with similar characteristics. | ||||||||||||||||||||||||||||
Loan commitments, standby letters of credit and commercial and similar letters of credit generate ongoing fees at our current pricing levels, which are recognized over the term of the commitment period. In situations where the credit quality of the counterparty to a commitment has declined, we record an allowance. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees adjusted for the related allowance. Certain letters of credit that are hedged with derivative instruments are carried at fair value in trading assets or liabilities. For those letters of credit, fair value is calculated based on readily quotable credit default spreads using a market risk credit default swap model. | ||||||||||||||||||||||||||||
DERIVATIVES Quoted market prices are available and used for our exchange-traded derivatives, such as certain interest rate futures and option contracts, which we classify as Level 1. However, substantially all of our derivatives are traded in over-the-counter (OTC) markets where quoted market prices are not always readily available. Therefore we value most OTC derivatives using internal valuation techniques. Valuation techniques and inputs to internally-developed models depend on the type of derivative and nature of the underlying rate, price or index upon which the derivative's value is based. Key inputs can include yield curves, credit curves, foreign-exchange rates, prepayment rates, volatility measurements and correlation of such inputs. Where model inputs can be observed in a liquid market and the model does not require significant judgment, such derivatives are typically classified as Level 2 of the fair value hierarchy. Examples of derivatives classified as Level 2 include generic interest rate swaps, foreign currency swaps, commodity swaps, and certain option and forward contracts. When instruments are traded in less liquid markets and significant inputs are unobservable, such derivatives are classified as Level 3. Examples of derivatives classified as Level 3 include complex and highly structured derivatives, certain credit default swaps, interest rate lock commitments written for our mortgage loans that we intend to sell and long dated equity options where volatility is not observable. Additionally, significant judgments are required when classifying financial instruments within the fair value hierarchy, particularly between Level 2 and 3, as is the case for certain derivatives. | ||||||||||||||||||||||||||||
MORTGAGE SERVICING RIGHT (MSRs) AND CERTAIN OTHER INTERESTS HELD IN SECURITIZATIONS MSRs and certain other interests held in securitizations (e.g., interest-only strips) do not trade in an active market with readily observable prices. Accordingly, we determine the fair value of MSRs using a valuation model that calculates the present value of estimated future net servicing income cash flows. The model incorporates assumptions that market participants use in estimating future net servicing income cash flows, including estimates of prepayment speeds (including housing price volatility), discount rates, default rates, cost to service (including delinquency and foreclosure costs), escrow account earnings, contractual servicing fee income, ancillary income and late fees. Commercial MSRs are carried at lower of cost or market value, and therefore can be subject to fair value measurements on a nonrecurring basis. Changes in the fair value of MSRs occur primarily due to the collection/realization of expected cash flows, as well as changes in valuation inputs and assumptions. For other interests held in securitizations (such as interest-only strips), we use a valuation model that calculates the present value of estimated future cash flows. The model incorporates our own estimates of assumptions market participants use in determining the fair value, including estimates of prepayment speeds, discount rates, defaults and contractual fee income. Interest-only strips are recorded as trading assets. Our valuation approach is validated by our internal valuation model validation group. Fair value measurements of our MSRs and interest-only strips use significant unobservable inputs and, accordingly, we classify them as Level 3. | ||||||||||||||||||||||||||||
FORECLOSED ASSETS Foreclosed assets are carried at net realizable value, which represents fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral and, accordingly, we classify foreclosed assets as Level 2. | ||||||||||||||||||||||||||||
NONMARKETABLE EQUITY INVESTMENTS For certain equity securities that are not publicly traded, we have elected the fair value option and we use a market comparable pricing technique to estimate their fair value. The remaining nonmarketable equity investments include low income housing tax credit investments, Federal Reserve Bank and Federal Home Loan Bank (FHLB) stock, and private equity investments which are recorded under the cost or equity method of accounting. We estimate fair value to record other-than-temporary impairment write-downs on a nonrecurring basis. Additionally, we provide fair value estimates in this disclosure for cost method investments that are not measured at fair value on a recurring or nonrecurring basis. | ||||||||||||||||||||||||||||
Federal Bank stock carrying values approximate fair value. For the remaining cost or equity method investments for which we determine fair value, we estimate the fair value using all available information and consider the range of potential inputs including discounted cash flow models, transaction prices, trading multiples of comparable public companies, and entry level multiples. Where appropriate these metrics are adjusted to account for comparative differences with public companies, and for company-specific issues like liquidity or marketability. For investments in private equity funds, we use the NAV provided by the fund sponsor as a practical expedient to measure fair value. In some cases, such NAVs may require adjustments based on certain unobservable inputs. | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
DEPOSIT LIABILITIES Deposit liabilities are carried at historical cost. The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, interest-bearing checking, and market rate and other savings, is equal to the amount payable on demand at the measurement date. The fair value of other time deposits is calculated based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for like wholesale deposits with similar remaining maturities. | ||||||||||||||||||||||||||||
SHORT-TERM FINANCIAL LIABILITIES Short-term financial liabilities are carried at historical cost and include federal funds purchased and securities sold under repurchase agreements, commercial paper and other short-term borrowings. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization. | ||||||||||||||||||||||||||||
OTHER LIABILITIES Other liabilities recorded at fair value on a recurring basis, excluding derivative liabilities (see the “Derivatives” section for derivative liabilities), primarily include short sale liabilities. Short sale liabilities are predominantly classified as either Level 1 or Level 2, generally depending upon whether the underlying securities have readily obtainable quoted prices in active exchange markets. | ||||||||||||||||||||||||||||
LONG-TERM DEBT Long-term debt is generally carried at amortized cost. For disclosure, we are required to estimate the fair value of long-term debt and generally do so using the discounted cash flow method. Contractual cash flows are discounted using rates currently offered for new notes with similar remaining maturities and, as such, these discount rates include our current spread levels. | ||||||||||||||||||||||||||||
Level 3 Asset and Liability Valuation Processes | ||||||||||||||||||||||||||||
We generally determine fair value of our Level 3 assets and liabilities by using internally developed models and, to a lesser extent, prices obtained from vendors, which predominantly consist of third-party pricing services. Our valuation processes vary depending on which approach is utilized. | ||||||||||||||||||||||||||||
INTERNAL MODEL VALUATIONS Our internally developed models primarily use discounted cash flow techniques. Use of such techniques requires determining relevant inputs, some of which are unobservable. Unobservable inputs are generally derived from historic performance of similar assets or determined from previous market trades in similar instruments. These unobservable inputs usually consist of discount rates, default rates, loss severity upon default, volatilities, correlations and prepayment rates, which are inherent within our Level 3 instruments. Such inputs can be correlated to similar portfolios with known historic experience or recent trades where particular unobservable inputs may be implied, but due to the nature of various inputs being reflected within a particular trade, the value of each input is considered unobservable. We attempt to correlate each unobservable input to historic experience and other third-party data where available. | ||||||||||||||||||||||||||||
Internal valuation models are subject to review prescribed within our model risk management policies and procedures, which include model validation. The purpose of model validation includes ensuring the model is appropriate for its intended use and the appropriate controls exist to help mitigate risk of invalid valuations. Model validation assesses the adequacy and appropriateness of the model, including reviewing its key components, such as inputs, processing components, logic or theory, output results and supporting model documentation. Validation also includes ensuring significant unobservable model inputs are appropriate given observable market transactions or other market data within the same or similar asset classes. This ensures modeled approaches are appropriate given similar product valuation techniques and are in line with their intended purpose. | ||||||||||||||||||||||||||||
We have ongoing monitoring procedures in place for our Level 3 assets and liabilities that use such internal valuation models. These procedures, which are designed to provide reasonable assurance that models continue to perform as expected after approved, include: | ||||||||||||||||||||||||||||
• | ongoing analysis and benchmarking to market transactions and other independent market data (including pricing vendors, if available); | |||||||||||||||||||||||||||
• | back-testing of modeled fair values to actual realized transactions; and | |||||||||||||||||||||||||||
• | review of modeled valuation results against expectations, including review of significant or unusual value fluctuations. | |||||||||||||||||||||||||||
We update model inputs and methodologies periodically to reflect these monitoring procedures. Additionally, procedures and controls are in place to ensure existing models are subject to periodic reviews, and we perform full model revalidations as necessary. | ||||||||||||||||||||||||||||
All internal valuation models are subject to ongoing review by business-unit-level management, and all models are subject to additional oversight by a corporate-level risk management department. Corporate oversight responsibilities include evaluating the adequacy of business unit risk management programs, maintaining company-wide model validation policies and standards and reporting the results of these activities to management and our Corporate Model Risk Committee (CMoR). The CMoR consists of senior executive management and reports on top model risk issues to the Company’s Risk Committee of the Board. | ||||||||||||||||||||||||||||
VENDOR-DEVELOPED VALUATIONS In certain limited circumstances we obtain pricing from third-party vendors for the value of our Level 3 assets or liabilities. We have processes in place to approve such vendors to ensure information obtained and valuation techniques used are appropriate. Once these vendors are approved to provide pricing information, we monitor and review the results to ensure the fair values are reasonable and in line with market experience in similar asset classes. While the input amounts used by the pricing vendor in determining fair value are not provided, and therefore unavailable for our review, we do perform one or more of the following procedures to validate the prices received: | ||||||||||||||||||||||||||||
• | comparison to other pricing vendors (if available); | |||||||||||||||||||||||||||
• | variance analysis of prices; | |||||||||||||||||||||||||||
• | corroboration of pricing by reference to other independent market data, such as market transactions and relevant benchmark indices; | |||||||||||||||||||||||||||
• | review of pricing by Company personnel familiar with market liquidity and other market-related conditions; and | |||||||||||||||||||||||||||
• | investigation of prices on a specific instrument-by-instrument basis. | |||||||||||||||||||||||||||
Fair Value Measurements from Vendors | ||||||||||||||||||||||||||||
For certain assets and liabilities, we obtain fair value measurements from vendors, which predominantly consist of third-party pricing services, and record the unadjusted fair value in our financial statements. For instruments where we utilize vendor prices to record the price of an instrument, we perform additional procedures. We evaluate pricing vendors by comparing prices from one vendor to prices of other vendors for identical or similar instruments and evaluate the consistency of prices to known market transactions when determining the level of reliance to place on a particular pricing vendor. Methodologies employed, controls in place and inputs used by third-party pricing vendors are subject to additional review when such services are provided. This review may consist of, in part, obtaining and evaluating control reports issued and pricing methodology materials distributed. | ||||||||||||||||||||||||||||
The fair value measurements provided by brokers or third-party pricing services, and not adjusted by us, are shown by fair value hierarchy level in the table below. Fair value measurements obtained from brokers or third-party pricing services that we have adjusted to determine the fair value recorded in our financial statements are not included in the following table. | ||||||||||||||||||||||||||||
Brokers | Third-party pricing services | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | $ | — | — | — | 2 | 105 | — | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | — | — | — | 19,899 | 5,905 | — | ||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | — | — | — | 42,666 | 61 | ||||||||||||||||||||||
Mortgage-backed securities | — | 152 | — | — | 135,997 | 133 | ||||||||||||||||||||||
Other debt securities (1) | — | 1,035 | 601 | — | 41,933 | 541 | ||||||||||||||||||||||
Total debt securities | — | 1,187 | 601 | 19,899 | 226,501 | 735 | ||||||||||||||||||||||
Total marketable equity securities | — | — | — | — | 569 | — | ||||||||||||||||||||||
Total available-for-sale securities | — | 1,187 | 601 | 19,899 | 227,070 | 735 | ||||||||||||||||||||||
Derivatives (trading and other assets) | — | 1 | — | — | 290 | — | ||||||||||||||||||||||
Derivatives (liabilities) | — | (1 | ) | — | — | (292 | ) | — | ||||||||||||||||||||
Other liabilities | — | — | — | — | (1 | ) | — | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | $ | — | 122 | 1 | 1,804 | 652 | 3 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | — | — | — | 557 | 5,723 | — | ||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | — | — | — | 39,257 | 63 | ||||||||||||||||||||||
Mortgage-backed securities | — | 621 | — | — | 148,074 | 180 | ||||||||||||||||||||||
Other debt securities (1) | — | 1,537 | 722 | — | 44,681 | 746 | ||||||||||||||||||||||
Total debt securities | — | 2,158 | 722 | 557 | 237,735 | 989 | ||||||||||||||||||||||
Total marketable equity securities | — | — | — | — | 630 | — | ||||||||||||||||||||||
Total available-for-sale securities | — | 2,158 | 722 | 557 | 238,365 | 989 | ||||||||||||||||||||||
Derivatives (trading and other assets) | — | 5 | — | — | 417 | 3 | ||||||||||||||||||||||
Derivatives (liabilities) | — | (12 | ) | — | — | (418 | ) | — | ||||||||||||||||||||
Other liabilities | — | (115 | ) | — | — | (36 | ) | — | ||||||||||||||||||||
-1 | Includes corporate debt securities, collateralized loan and other debt obligations, asset-backed securities, and other debt securities. | |||||||||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||
The following two tables present the balances of assets and liabilities recorded at fair value on a recurring basis. | ||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 10,506 | 3,886 | — | — | 14,392 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 1,537 | 7 | — | 1,544 | |||||||||||||||||||||||
Collateralized loan and other debt obligations (1) | — | 274 | 445 | — | 719 | |||||||||||||||||||||||
Corporate debt securities | — | 7,517 | 54 | — | 7,571 | |||||||||||||||||||||||
Mortgage-backed securities | — | 16,273 | — | — | 16,273 | |||||||||||||||||||||||
Asset-backed securities | — | 776 | 79 | — | 855 | |||||||||||||||||||||||
Equity securities | 18,512 | 38 | 10 | — | 18,560 | |||||||||||||||||||||||
Total trading securities (2) | 29,018 | 30,301 | 595 | — | 59,914 | |||||||||||||||||||||||
Other trading assets | — | 1,398 | 55 | — | 1,453 | |||||||||||||||||||||||
Total trading assets (excluding derivatives) | 29,018 | 31,699 | 650 | — | 61,367 | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 19,899 | 5,905 | — | — | 25,804 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 42,667 | 2,277 | -3 | — | 44,944 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal agencies | — | 110,089 | — | — | 110,089 | |||||||||||||||||||||||
Residential | — | 9,245 | 24 | — | 9,269 | |||||||||||||||||||||||
Commercial | — | 16,885 | 109 | — | 16,994 | |||||||||||||||||||||||
Total mortgage-backed securities | — | 136,219 | 133 | — | 136,352 | |||||||||||||||||||||||
Corporate debt securities | 83 | 14,451 | 252 | — | 14,786 | |||||||||||||||||||||||
Collateralized loan and other debt obligations (4) | — | 24,274 | 1,087 | -3 | — | 25,361 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | — | 31 | 245 | -3 | — | 276 | ||||||||||||||||||||||
Home equity loans | — | 662 | — | — | 662 | |||||||||||||||||||||||
Other asset-backed securities | — | 4,189 | 1,372 | -3 | — | 5,561 | ||||||||||||||||||||||
Total asset-backed securities | — | 4,882 | 1,617 | — | 6,499 | |||||||||||||||||||||||
Other debt securities | — | 20 | — | — | 20 | |||||||||||||||||||||||
Total debt securities | 19,982 | 228,418 | 5,366 | — | 253,766 | |||||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities (5) | 468 | 569 | 663 | -3 | — | 1,700 | ||||||||||||||||||||||
Other marketable equity securities | 1,952 | 24 | — | — | 1,976 | |||||||||||||||||||||||
Total marketable equity securities | 2,420 | 593 | 663 | — | 3,676 | |||||||||||||||||||||||
Total available-for-sale securities | 22,402 | 229,011 | 6,029 | — | 257,442 | |||||||||||||||||||||||
Mortgages held for sale | — | 13,252 | 2,313 | — | 15,565 | |||||||||||||||||||||||
Loans held for sale | — | 1 | — | — | 1 | |||||||||||||||||||||||
Loans | — | — | 5,788 | — | 5,788 | |||||||||||||||||||||||
Mortgage servicing rights (residential) | — | — | 12,738 | — | 12,738 | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Interest rate contracts | 27 | 63,306 | 365 | — | 63,698 | |||||||||||||||||||||||
Commodity contracts | — | 7,438 | 23 | — | 7,461 | |||||||||||||||||||||||
Equity contracts | 4,102 | 3,544 | 1,359 | — | 9,005 | |||||||||||||||||||||||
Foreign exchange contracts | 65 | 7,339 | — | — | 7,404 | |||||||||||||||||||||||
Credit contracts | — | 440 | 466 | — | 906 | |||||||||||||||||||||||
Other derivative contracts | — | — | — | — | — | |||||||||||||||||||||||
Netting | — | — | — | (65,869 | ) | -6 | (65,869 | ) | ||||||||||||||||||||
Total derivative assets (7) | 4,194 | 82,067 | 2,213 | (65,869 | ) | 22,605 | ||||||||||||||||||||||
Other assets | — | — | 2,593 | — | 2,593 | |||||||||||||||||||||||
Total assets recorded at fair value | 55,614 | 356,030 | 32,324 | (65,869 | ) | 378,099 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | (29 | ) | (59,958 | ) | (72 | ) | — | (60,059 | ) | |||||||||||||||||||
Commodity contracts | — | (7,680 | ) | (22 | ) | — | (7,702 | ) | ||||||||||||||||||||
Equity contracts | (1,290 | ) | (4,305 | ) | (1,443 | ) | — | (7,038 | ) | |||||||||||||||||||
Foreign exchange contracts | (60 | ) | (7,767 | ) | — | — | (7,827 | ) | ||||||||||||||||||||
Credit contracts | — | (456 | ) | (655 | ) | — | (1,111 | ) | ||||||||||||||||||||
Other derivative contracts | — | — | (44 | ) | — | (44 | ) | |||||||||||||||||||||
Netting | — | — | — | 65,043 | -6 | 65,043 | ||||||||||||||||||||||
Total derivative liabilities (7) | (1,379 | ) | (80,166 | ) | (2,236 | ) | 65,043 | (18,738 | ) | |||||||||||||||||||
Short sale liabilities: | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (7,043 | ) | (1,636 | ) | — | — | (8,679 | ) | ||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | (26 | ) | — | — | (26 | ) | |||||||||||||||||||||
Corporate debt securities | — | (5,055 | ) | — | — | (5,055 | ) | |||||||||||||||||||||
Equity securities | (2,259 | ) | (2 | ) | — | — | (2,261 | ) | ||||||||||||||||||||
Other securities | — | (73 | ) | (6 | ) | — | (79 | ) | ||||||||||||||||||||
Total short sale liabilities | (9,302 | ) | (6,792 | ) | (6 | ) | — | (16,100 | ) | |||||||||||||||||||
Other liabilities (excluding derivatives) | — | — | (28 | ) | — | (28 | ) | |||||||||||||||||||||
Total liabilities recorded at fair value | (10,681 | ) | (86,958 | ) | (2,270 | ) | 65,043 | (34,866 | ) | |||||||||||||||||||
-1 | The entire balance only consists of collateralized loan obligations. | |||||||||||||||||||||||||||
-2 | Net gains from trading activities recognized in the income statement for the year ended December 31, 2014 include $211 million in net unrealized gains on trading securities held at December 31, 2014. | |||||||||||||||||||||||||||
-3 | Balances consist of securities that are mostly investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity. | |||||||||||||||||||||||||||
-4 | Includes collateralized debt obligations of $500 million. | |||||||||||||||||||||||||||
-5 | Perpetual preferred securities include ARS and corporate preferred securities. See Note 8 (Securitizations and Variable Interest Entities) for additional information. | |||||||||||||||||||||||||||
-6 | Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 16 (Derivatives) for additional information. | |||||||||||||||||||||||||||
-7 | Derivative assets and derivative liabilities include contracts qualifying for hedge accounting, economic hedges, and derivatives included in trading assets and trading liabilities, respectively. | |||||||||||||||||||||||||||
(continued on following page) | ||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 8,301 | 3,669 | — | — | 11,970 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 2,043 | 39 | — | 2,082 | |||||||||||||||||||||||
Collateralized loan and other debt obligations (1) | — | 212 | 541 | — | 753 | |||||||||||||||||||||||
Corporate debt securities | — | 7,052 | 53 | — | 7,105 | |||||||||||||||||||||||
Mortgage-backed securities | — | 14,608 | 1 | — | 14,609 | |||||||||||||||||||||||
Asset-backed securities | — | 487 | 122 | — | 609 | |||||||||||||||||||||||
Equity securities | 5,908 | 87 | 13 | — | 6,008 | |||||||||||||||||||||||
Total trading securities (2) | 14,209 | 28,158 | 769 | — | 43,136 | |||||||||||||||||||||||
Other trading assets | 2,694 | 2,487 | 54 | — | 5,235 | |||||||||||||||||||||||
Total trading assets (excluding derivatives) | 16,903 | 30,645 | 823 | — | 48,371 | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 557 | 5,723 | — | — | 6,280 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 39,322 | 3,214 | -3 | — | 42,536 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal agencies | — | 117,591 | — | — | 117,591 | |||||||||||||||||||||||
Residential | — | 12,389 | 64 | — | 12,453 | |||||||||||||||||||||||
Commercial | — | 18,609 | 138 | — | 18,747 | |||||||||||||||||||||||
Total mortgage-backed securities | — | 148,589 | 202 | — | 148,791 | |||||||||||||||||||||||
Corporate debt securities | 113 | 20,833 | 281 | — | 21,227 | |||||||||||||||||||||||
Collateralized loan and other debt obligations (4) | — | 18,739 | 1,420 | -3 | — | 20,159 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | — | 21 | 492 | -3 | — | 513 | ||||||||||||||||||||||
Home equity loans | — | 843 | — | — | 843 | |||||||||||||||||||||||
Other asset-backed securities | — | 6,577 | 1,657 | -3 | — | 8,234 | ||||||||||||||||||||||
Total asset-backed securities | — | 7,441 | 2,149 | — | 9,590 | |||||||||||||||||||||||
Other debt securities | — | 39 | — | — | 39 | |||||||||||||||||||||||
Total debt securities | 670 | 240,686 | 7,266 | — | 248,622 | |||||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities (5) | 508 | 628 | 729 | -3 | — | 1,865 | ||||||||||||||||||||||
Other marketable equity securities | 1,511 | 9 | — | — | 1,520 | |||||||||||||||||||||||
Total marketable equity securities | 2,019 | 637 | 729 | — | 3,385 | |||||||||||||||||||||||
Total available-for-sale securities | 2,689 | 241,323 | 7,995 | — | 252,007 | |||||||||||||||||||||||
Mortgages held for sale | — | 11,505 | 2,374 | — | 13,879 | |||||||||||||||||||||||
Loans held for sale | — | 1 | — | — | 1 | |||||||||||||||||||||||
Loans | — | 272 | 5,723 | — | 5,995 | |||||||||||||||||||||||
Mortgage servicing rights (residential) | — | — | 15,580 | — | 15,580 | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Interest rate contracts | 36 | 55,466 | 344 | — | 55,846 | |||||||||||||||||||||||
Commodity contracts | — | 2,667 | 6 | — | 2,673 | |||||||||||||||||||||||
Equity contracts | 1,522 | 4,221 | 2,081 | — | 7,824 | |||||||||||||||||||||||
Foreign exchange contracts | 44 | 4,789 | 10 | — | 4,843 | |||||||||||||||||||||||
Credit contracts | — | 782 | 719 | — | 1,501 | |||||||||||||||||||||||
Other derivative contracts | — | — | 13 | — | 13 | |||||||||||||||||||||||
Netting | — | — | — | (56,894 | ) | -6 | (56,894 | ) | ||||||||||||||||||||
Total derivative assets (7) | 1,602 | 67,925 | 3,173 | (56,894 | ) | 15,806 | ||||||||||||||||||||||
Other assets | — | — | 1,503 | — | 1,503 | |||||||||||||||||||||||
Total assets recorded at fair value | 21,194 | 351,671 | 37,171 | (56,894 | ) | 353,142 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | (26 | ) | (56,128 | ) | (384 | ) | — | (56,538 | ) | |||||||||||||||||||
Commodity contracts | — | (2,587 | ) | (16 | ) | — | (2,603 | ) | ||||||||||||||||||||
Equity contracts | (449 | ) | (5,218 | ) | (2,127 | ) | — | (7,794 | ) | |||||||||||||||||||
Foreign exchange contracts | (75 | ) | (4,432 | ) | (1 | ) | — | (4,508 | ) | |||||||||||||||||||
Credit contracts | — | (806 | ) | (1,094 | ) | — | (1,900 | ) | ||||||||||||||||||||
Other derivative contracts | — | — | (16 | ) | — | (16 | ) | |||||||||||||||||||||
Netting | — | — | — | 63,739 | -6 | 63,739 | ||||||||||||||||||||||
Total derivative liabilities (7) | (550 | ) | (69,171 | ) | (3,638 | ) | 63,739 | (9,620 | ) | |||||||||||||||||||
Short sale liabilities: | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (4,311 | ) | (2,063 | ) | — | — | (6,374 | ) | ||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | (24 | ) | — | — | (24 | ) | |||||||||||||||||||||
Corporate debt securities | — | (4,683 | ) | — | — | (4,683 | ) | |||||||||||||||||||||
Equity securities | (1,788 | ) | (48 | ) | — | — | (1,836 | ) | ||||||||||||||||||||
Other securities | — | (95 | ) | — | — | (95 | ) | |||||||||||||||||||||
Total short sale liabilities | (6,099 | ) | (6,913 | ) | — | — | (13,012 | ) | ||||||||||||||||||||
Other liabilities (excluding derivatives) | — | — | (39 | ) | — | (39 | ) | |||||||||||||||||||||
Total liabilities recorded at fair value | (6,649 | ) | (76,084 | ) | (3,677 | ) | 63,739 | (22,671 | ) | |||||||||||||||||||
-1 | Includes collateralized debt obligations of $2 million. | |||||||||||||||||||||||||||
-2 | Net gains from trading activities recognized in the income statement for the year ended December 31, 2013 include $(29) million in net unrealized losses on trading securities held at December 31, 2013. | |||||||||||||||||||||||||||
-3 | Balances consist of securities that are predominantly investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity. | |||||||||||||||||||||||||||
-4 | Includes collateralized debt obligations of $693 million. | |||||||||||||||||||||||||||
-5 | Perpetual preferred securities include ARS and corporate preferred securities. See Note 8 (Securitizations and Variable Interest Entities) for additional information. | |||||||||||||||||||||||||||
-6 | Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 16 (Derivatives) for additional information. | |||||||||||||||||||||||||||
-7 | Derivative assets and derivative liabilities include contracts qualifying for hedge accounting, economic hedges, and derivatives included in trading assets and trading liabilities, respectively. | |||||||||||||||||||||||||||
Changes in Fair Value Levels | ||||||||||||||||||||||||||||
We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes but is not limited to quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2, and Level 3. | ||||||||||||||||||||||||||||
Transfers into and out of Level 1, Level 2, and Level 3 for the periods presented are provided within the following table. The amounts reported as transfers represent the fair value as of the beginning of the quarter in which the transfer occurred. | ||||||||||||||||||||||||||||
Transfers Between Fair Value Levels | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 (1) | ||||||||||||||||||||||||||
(in millions) | In | Out | In | Out | In | Out | Total | |||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | $ | — | (11 | ) | 70 | (31 | ) | 31 | (59 | ) | — | |||||||||||||||||
Available-for-sale securities | — | (8 | ) | 370 | (148 | ) | 148 | (362 | ) | — | ||||||||||||||||||
Mortgages held for sale | — | — | 229 | (440 | ) | 440 | (229 | ) | — | |||||||||||||||||||
Loans | — | — | 49 | (270 | ) | 270 | (49 | ) | — | |||||||||||||||||||
Net derivative assets and liabilities (2) | — | — | (134 | ) | 20 | (20 | ) | 134 | — | |||||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | |||||||||||||||||||||
Total transfers | $ | — | (19 | ) | 584 | (869 | ) | 869 | (565 | ) | — | |||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) (3) | $ | — | (242 | ) | 535 | (56 | ) | 52 | (289 | ) | — | |||||||||||||||||
Available-for-sale securities (3)(4) | 17 | — | 12,830 | (117 | ) | 100 | (12,830 | ) | — | |||||||||||||||||||
Mortgages held for sale | — | — | 343 | (336 | ) | 336 | (343 | ) | — | |||||||||||||||||||
Loans | — | — | 193 | — | — | (193 | ) | — | ||||||||||||||||||||
Net derivative assets and liabilities (2) | — | — | (142 | ) | 13 | (13 | ) | 142 | — | |||||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | |||||||||||||||||||||
Total transfers | $ | 17 | (242 | ) | 13,759 | (496 | ) | 475 | (13,513 | ) | — | |||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | $ | 23 | — | 16 | (37 | ) | 14 | (16 | ) | — | ||||||||||||||||||
Available-for-sale securities (5) | 8 | — | 9,832 | (68 | ) | 60 | (9,832 | ) | — | |||||||||||||||||||
Mortgages held for sale | — | — | 298 | (488 | ) | 488 | (298 | ) | — | |||||||||||||||||||
Loans (6) | — | — | 41 | (5,851 | ) | 5,851 | (41 | ) | — | |||||||||||||||||||
Net derivative assets and liabilities | — | — | 51 | 8 | (8 | ) | (51 | ) | — | |||||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | |||||||||||||||||||||
Total transfers | $ | 31 | — | 10,238 | (6,436 | ) | 6,405 | (10,238 | ) | — | ||||||||||||||||||
-1 | All transfers in and out of Level 3 are disclosed within the recurring Level 3 rollforward table in this Note. | |||||||||||||||||||||||||||
-2 | Consists of net derivative liabilities that were transferred from Level 3 to Level 2 due to increased observable market data. Also includes net derivative liabilities that were transferred from Level 2 to Level 3 due to a decrease in observable market data. | |||||||||||||||||||||||||||
-3 | Consists of $231 million of collateralized loan obligations classified as trading assets and $12.5 billion classified as available-for-sale securities that we transferred from Level 3 to Level 2 in 2013 as a result of increased observable market data in the valuation of such instruments. | |||||||||||||||||||||||||||
-4 | Transfers out of available-for-sale securities classified as Level 3 exclude $6.0 billion in asset-backed securities that were transferred from the available-for-sale portfolio to held-to-maturity securities. | |||||||||||||||||||||||||||
-5 | Includes $9.4 billion of securities of U.S. states and political subdivisions that we transferred from Level 3 to Level 2 as a result of increased observable market data in the valuation of such instruments. This transfer was done in conjunction with a change in our valuation technique from an internal model based upon unobservable inputs to third-party vendor pricing based upon market observable data. | |||||||||||||||||||||||||||
-6 | Consists of reverse mortgage loans securitized with GNMA which were accounted for as secured borrowing transactions. We transferred the loans from Level 2 to Level 3 due to decreased market activity and visibility to significant trades of the same or similar products. As a result, we changed our valuation technique from an internal model based on market observable data to an internal discounted cash flow model based on unobservable inputs. | |||||||||||||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2014, are summarized as follows: | ||||||||||||||||||||||||||||
Total net gains | Purchases, | Net unrealized | ||||||||||||||||||||||||||
(losses) included in | sales, | gains (losses) | ||||||||||||||||||||||||||
issuances | included in | |||||||||||||||||||||||||||
and | income related | |||||||||||||||||||||||||||
settlements, | to assets and | |||||||||||||||||||||||||||
net (1) | liabilities held | |||||||||||||||||||||||||||
(in millions) | Balance, | Net | Other | Transfers | Transfers | Balance, | at period end | -2 | ||||||||||||||||||||
beginning | income | compre- | into | out of | end of | |||||||||||||||||||||||
of period | hensive | Level 3 | Level 3 | period | ||||||||||||||||||||||||
income | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and | $ | 39 | 1 | — | (2 | ) | — | (31 | ) | 7 | — | |||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Collateralized loan and other | 541 | 36 | — | (121 | ) | 4 | (15 | ) | 445 | (48 | ) | |||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Corporate debt securities | 53 | — | — | (21 | ) | 26 | (4 | ) | 54 | 1 | ||||||||||||||||||
Mortgage-backed securities | 1 | — | — | 2 | — | (3 | ) | — | — | |||||||||||||||||||
Asset-backed securities | 122 | 32 | — | (70 | ) | — | (5 | ) | 79 | 32 | ||||||||||||||||||
Equity securities | 13 | — | — | (3 | ) | — | — | 10 | — | |||||||||||||||||||
Total trading securities | 769 | 69 | — | (215 | ) | 30 | (58 | ) | 595 | (15 | ) | |||||||||||||||||
Other trading assets | 54 | (10 | ) | — | 11 | 1 | (1 | ) | 55 | (1 | ) | |||||||||||||||||
Total trading assets | 823 | 59 | — | (204 | ) | 31 | (59 | ) | 650 | (16 | ) | -3 | ||||||||||||||||
(excluding derivatives) | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | 3,214 | 21 | (86 | ) | (569 | ) | 59 | (362 | ) | 2,277 | (2 | ) | ||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | 64 | 11 | (5 | ) | (46 | ) | — | — | 24 | — | ||||||||||||||||||
Commercial | 138 | 9 | (1 | ) | (37 | ) | — | — | 109 | (4 | ) | |||||||||||||||||
Total mortgage-backed securities | 202 | 20 | (6 | ) | (83 | ) | — | — | 133 | (4 | ) | |||||||||||||||||
Corporate debt securities | 281 | 25 | (25 | ) | (29 | ) | — | — | 252 | — | ||||||||||||||||||
Collateralized loan and other | 1,420 | 117 | (47 | ) | (403 | ) | — | — | 1,087 | (2 | ) | |||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 492 | — | (33 | ) | (214 | ) | — | — | 245 | — | ||||||||||||||||||
Home equity loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other asset-backed securities | 1,657 | 5 | (6 | ) | (373 | ) | 89 | — | 1,372 | — | ||||||||||||||||||
Total asset-backed securities | 2,149 | 5 | (39 | ) | (587 | ) | 89 | — | 1,617 | — | ||||||||||||||||||
Total debt securities | 7,266 | 188 | (203 | ) | (1,671 | ) | 148 | (362 | ) | 5,366 | (8 | ) | -4 | |||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | 729 | 8 | (29 | ) | (45 | ) | — | — | 663 | — | ||||||||||||||||||
Other marketable equity securities | — | 4 | — | (4 | ) | — | — | — | — | |||||||||||||||||||
Total marketable | 729 | 12 | (29 | ) | (49 | ) | — | — | 663 | — | -5 | |||||||||||||||||
equity securities | ||||||||||||||||||||||||||||
Total available-for-sale | 7,995 | 200 | (232 | ) | (1,720 | ) | 148 | (362 | ) | 6,029 | (8 | ) | ||||||||||||||||
securities | ||||||||||||||||||||||||||||
Mortgages held for sale | 2,374 | 4 | — | (276 | ) | 440 | (229 | ) | 2,313 | 7 | -6 | |||||||||||||||||
Loans | 5,723 | (52 | ) | — | (104 | ) | 270 | (49 | ) | 5,788 | (32 | ) | -6 | |||||||||||||||
Mortgage servicing rights (residential) (7) | 15,580 | (4,031 | ) | — | 1,189 | — | — | 12,738 | (2,122 | ) | -6 | |||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | (40 | ) | 1,588 | — | (1,255 | ) | — | — | 293 | 317 | ||||||||||||||||||
Commodity contracts | (10 | ) | (21 | ) | — | (2 | ) | (3 | ) | 37 | 1 | (1 | ) | |||||||||||||||
Equity contracts | (46 | ) | 96 | — | (214 | ) | (17 | ) | 97 | (84 | ) | (42 | ) | |||||||||||||||
Foreign exchange contracts | 9 | 5 | — | (14 | ) | — | — | — | — | |||||||||||||||||||
Credit contracts | (375 | ) | 26 | — | 160 | — | — | (189 | ) | (38 | ) | |||||||||||||||||
Other derivative contracts | (3 | ) | (41 | ) | — | — | — | — | (44 | ) | (40 | ) | ||||||||||||||||
Total derivative contracts | (465 | ) | 1,653 | — | (1,325 | ) | (20 | ) | 134 | (23 | ) | 196 | -8 | |||||||||||||||
Other assets | 1,503 | 514 | — | 576 | — | — | 2,593 | (8 | ) | -3 | ||||||||||||||||||
Short sale liabilities | — | 1 | — | (7 | ) | — | — | (6 | ) | 1 | -3 | |||||||||||||||||
Other liabilities (excluding derivatives) | (39 | ) | (10 | ) | — | 21 | — | — | (28 | ) | (1 | ) | -6 | |||||||||||||||
-1 | See next page for detail. | |||||||||||||||||||||||||||
-2 | Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time. | |||||||||||||||||||||||||||
-3 | Included in net gains (losses) from trading activities and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-4 | Included in net gains (losses) from debt securities in the income statement. | |||||||||||||||||||||||||||
-5 | Included in net gains (losses) from equity investments in the income statement. | |||||||||||||||||||||||||||
-6 | Included in mortgage banking and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-7 | For more information on the changes in mortgage servicing rights, see Note 9 (Mortgage Banking Activities). | |||||||||||||||||||||||||||
-8 | Included in mortgage banking, trading activities, equity investments and other noninterest income in the income statement. | |||||||||||||||||||||||||||
(continued on following page) | ||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||
The following table presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2014. | ||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | Net | |||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 10 | (12 | ) | — | — | (2 | ) | ||||||||||||||||||||
Collateralized loan and other debt obligations | 1,057 | (1,174 | ) | — | (4 | ) | (121 | ) | ||||||||||||||||||||
Corporate debt securities | 85 | (106 | ) | — | — | (21 | ) | |||||||||||||||||||||
Mortgage-backed securities | 3 | (1 | ) | — | — | 2 | ||||||||||||||||||||||
Asset-backed securities | 17 | (47 | ) | — | (40 | ) | (70 | ) | ||||||||||||||||||||
Equity securities | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||
Total trading securities | 1,172 | (1,340 | ) | — | (47 | ) | (215 | ) | ||||||||||||||||||||
Other trading assets | 11 | (1 | ) | 1 | — | 11 | ||||||||||||||||||||||
Total trading assets (excluding derivatives) | 1,183 | (1,341 | ) | 1 | (47 | ) | (204 | ) | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 73 | (144 | ) | 336 | (834 | ) | (569 | ) | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | — | (44 | ) | — | (2 | ) | (46 | ) | ||||||||||||||||||||
Commercial | — | (31 | ) | — | (6 | ) | (37 | ) | ||||||||||||||||||||
Total mortgage-backed securities | — | (75 | ) | — | (8 | ) | (83 | ) | ||||||||||||||||||||
Corporate debt securities | 21 | (32 | ) | 10 | (28 | ) | (29 | ) | ||||||||||||||||||||
Collateralized loan and other debt obligations | 134 | (34 | ) | — | (503 | ) | (403 | ) | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | — | — | — | (214 | ) | (214 | ) | |||||||||||||||||||||
Home equity loans | — | — | — | — | — | |||||||||||||||||||||||
Other asset-backed securities | 117 | (16 | ) | 522 | (996 | ) | (373 | ) | ||||||||||||||||||||
Total asset-backed securities | 117 | (16 | ) | 522 | (1,210 | ) | (587 | ) | ||||||||||||||||||||
Total debt securities | 345 | (301 | ) | 868 | (2,583 | ) | (1,671 | ) | ||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | — | — | — | (45 | ) | (45 | ) | |||||||||||||||||||||
Other marketable equity securities | — | (4 | ) | — | — | (4 | ) | |||||||||||||||||||||
Total marketable equity securities | — | (4 | ) | — | (45 | ) | (49 | ) | ||||||||||||||||||||
Total available-for-sale securities | 345 | (305 | ) | 868 | (2,628 | ) | (1,720 | ) | ||||||||||||||||||||
Mortgages held for sale | 208 | (276 | ) | 167 | (375 | ) | (276 | ) | ||||||||||||||||||||
Loans | 76 | — | 438 | (618 | ) | (104 | ) | |||||||||||||||||||||
Mortgage servicing rights (residential) | — | (7 | ) | 1,196 | — | 1,189 | ||||||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | — | — | — | (1,255 | ) | (1,255 | ) | |||||||||||||||||||||
Commodity contracts | — | — | — | (2 | ) | (2 | ) | |||||||||||||||||||||
Equity contracts | — | (116 | ) | — | (98 | ) | (214 | ) | ||||||||||||||||||||
Foreign exchange contracts | — | — | — | (14 | ) | (14 | ) | |||||||||||||||||||||
Credit contracts | 3 | (2 | ) | — | 159 | 160 | ||||||||||||||||||||||
Other derivative contracts | — | — | — | — | — | |||||||||||||||||||||||
Total derivative contracts | 3 | (118 | ) | — | (1,210 | ) | (1,325 | ) | ||||||||||||||||||||
Other assets | 608 | (1 | ) | — | (31 | ) | 576 | |||||||||||||||||||||
Short sale liabilities | 20 | (27 | ) | — | — | (7 | ) | |||||||||||||||||||||
Other liabilities (excluding derivatives) | — | — | — | 21 | 21 | |||||||||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2013, are summarized as follows: | ||||||||||||||||||||||||||||
Total net gains | Purchases, | Net unrealized | ||||||||||||||||||||||||||
(losses) included in | sales, | gains (losses) | ||||||||||||||||||||||||||
issuances | included in | |||||||||||||||||||||||||||
and | income related | |||||||||||||||||||||||||||
settlements, | to assets and | |||||||||||||||||||||||||||
net (1) | liabilities held | |||||||||||||||||||||||||||
(in millions) | Balance, | Net | Other | Transfers | Transfers | Balance, | at period end | -2 | ||||||||||||||||||||
beginning | income | compre- | into | out of | end of | |||||||||||||||||||||||
of period | hensive | Level 3 | Level 3 | period | ||||||||||||||||||||||||
income | ||||||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and | $ | 46 | 3 | — | (10 | ) | — | — | 39 | — | ||||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Collateralized loan and other | 742 | 67 | — | (37 | ) | — | (231 | ) | 541 | (33 | ) | |||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Corporate debt securities | 52 | 9 | — | (1 | ) | 13 | (20 | ) | 53 | 6 | ||||||||||||||||||
Mortgage-backed securities | 6 | 1 | — | 9 | — | (15 | ) | 1 | 1 | |||||||||||||||||||
Asset-backed securities | 138 | 16 | — | (35 | ) | 25 | (22 | ) | 122 | 15 | ||||||||||||||||||
Equity securities | 3 | — | — | (3 | ) | 13 | — | 13 | — | |||||||||||||||||||
Total trading securities | 987 | 96 | — | (77 | ) | 51 | (288 | ) | 769 | (11 | ) | |||||||||||||||||
Other trading assets | 76 | (22 | ) | — | — | 1 | (1 | ) | 54 | (8 | ) | |||||||||||||||||
Total trading assets (excluding derivatives) | 1,063 | 74 | — | (77 | ) | 52 | (289 | ) | 823 | (19 | ) | -3 | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | 3,631 | 11 | (85 | ) | (182 | ) | 53 | (214 | ) | 3,214 | — | |||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | 94 | 17 | (1 | ) | (40 | ) | — | (6 | ) | 64 | — | |||||||||||||||||
Commercial | 203 | (13 | ) | 28 | (58 | ) | — | (22 | ) | 138 | (8 | ) | ||||||||||||||||
Total mortgage-backed securities | 297 | 4 | 27 | (98 | ) | — | (28 | ) | 202 | (8 | ) | |||||||||||||||||
Corporate debt securities | 274 | 10 | (10 | ) | (13 | ) | 23 | (3 | ) | 281 | — | |||||||||||||||||
Collateralized loan and other | 13,188 | 8 | 124 | 625 | — | (12,525 | ) | 1,420 | — | |||||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 5,921 | (1 | ) | (34 | ) | (1,067 | ) | — | (4,327 | ) | 492 | — | ||||||||||||||||
Home equity loans | 51 | 3 | (1 | ) | (5 | ) | — | (48 | ) | — | — | |||||||||||||||||
Other asset-backed securities | 3,283 | 27 | 19 | 31 | 24 | (1,727 | ) | 1,657 | (7 | ) | ||||||||||||||||||
Total asset-backed securities | 9,255 | 29 | (16 | ) | (1,041 | ) | 24 | (6,102 | ) | 2,149 | (7 | ) | -4 | |||||||||||||||
Total debt securities | 26,645 | 62 | 40 | (709 | ) | 100 | (18,872 | ) | 7,266 | (15 | ) | -5 | ||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | 794 | 10 | (2 | ) | (73 | ) | — | — | 729 | — | ||||||||||||||||||
Other marketable equity securities | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total marketable equity securities | 794 | 10 | (2 | ) | (73 | ) | — | — | 729 | — | -6 | |||||||||||||||||
Total available-for-sale | 27,439 | 72 | 38 | (782 | ) | 100 | (18,872 | ) | 7,995 | (15 | ) | |||||||||||||||||
securities | ||||||||||||||||||||||||||||
Mortgages held for sale | 3,250 | 5 | — | (874 | ) | 336 | (343 | ) | 2,374 | (74 | ) | -7 | ||||||||||||||||
Loans | 6,021 | (211 | ) | — | 106 | — | (193 | ) | 5,723 | (178 | ) | -7 | ||||||||||||||||
Mortgage servicing rights (residential) (8) | 11,538 | 1,156 | — | 2,886 | — | — | 15,580 | 3,398 | -7 | |||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | 659 | (662 | ) | — | (39 | ) | — | 2 | (40 | ) | (186 | ) | ||||||||||||||||
Commodity contracts | 21 | — | — | (66 | ) | (1 | ) | 36 | (10 | ) | (19 | ) | ||||||||||||||||
Equity contracts | (122 | ) | (151 | ) | — | 137 | (14 | ) | 104 | (46 | ) | 48 | ||||||||||||||||
Foreign exchange contracts | 21 | (15 | ) | — | 1 | 2 | — | 9 | (8 | ) | ||||||||||||||||||
Credit contracts | (1,150 | ) | (30 | ) | — | 805 | — | — | (375 | ) | 345 | |||||||||||||||||
Other derivative contracts | (78 | ) | 75 | — | — | — | — | (3 | ) | — | ||||||||||||||||||
Total derivative contracts | (649 | ) | (783 | ) | — | 838 | (13 | ) | 142 | (465 | ) | 180 | -9 | |||||||||||||||
Other assets | 162 | 315 | — | 1,026 | — | — | 1,503 | (2 | ) | -3 | ||||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | — | -3 | |||||||||||||||||||
Other liabilities (excluding derivatives) | (49 | ) | 3 | — | 7 | — | — | (39 | ) | 5 | -7 | |||||||||||||||||
-1 | See next page for detail. | |||||||||||||||||||||||||||
-2 | Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time. | |||||||||||||||||||||||||||
-3 | Included in net gains (losses) from trading activities and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-4 | Level 3 transfers out include $6.0 billion in asset-backed securities that were transferred from the available-for-sale portfolio to held-to-maturity securities. | |||||||||||||||||||||||||||
-5 | Included in net gains (losses) from debt securities in the income statement. | |||||||||||||||||||||||||||
-6 | Included in net gains (losses) from equity investments in the income statement. | |||||||||||||||||||||||||||
-7 | Included in mortgage banking and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-8 | For more information on the changes in mortgage servicing rights, see Note 9 (Mortgage Banking Activities). | |||||||||||||||||||||||||||
-9 | Included in mortgage banking, trading activities, equity investments and other noninterest income in the income statement. | |||||||||||||||||||||||||||
(continued on following page) | ||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||
The following table presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2013. | ||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | Net | |||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 127 | (136 | ) | — | (1 | ) | (10 | ) | |||||||||||||||||||
Collateralized loan and other debt obligations | 1,030 | (1,064 | ) | — | (3 | ) | (37 | ) | ||||||||||||||||||||
Corporate debt securities | 117 | (117 | ) | — | (1 | ) | (1 | ) | ||||||||||||||||||||
Mortgage-backed securities | 429 | (420 | ) | — | — | 9 | ||||||||||||||||||||||
Asset-backed securities | 53 | (45 | ) | — | (43 | ) | (35 | ) | ||||||||||||||||||||
Equity securities | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||||||
Total trading securities | 1,756 | (1,785 | ) | — | (48 | ) | (77 | ) | ||||||||||||||||||||
Other trading assets | — | — | — | — | — | |||||||||||||||||||||||
Total trading assets (excluding derivatives) | 1,756 | (1,785 | ) | — | (48 | ) | (77 | ) | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | (69 | ) | 648 | (761 | ) | (182 | ) | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | — | (37 | ) | — | (3 | ) | (40 | ) | ||||||||||||||||||||
Commercial | — | (1 | ) | — | (57 | ) | (58 | ) | ||||||||||||||||||||
Total mortgage-backed securities | — | (38 | ) | — | (60 | ) | (98 | ) | ||||||||||||||||||||
Corporate debt securities | — | — | 20 | (33 | ) | (13 | ) | |||||||||||||||||||||
Collateralized loan and other debt obligations | 1,008 | (14 | ) | — | (369 | ) | 625 | |||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 1,751 | — | 1,047 | (3,865 | ) | (1,067 | ) | |||||||||||||||||||||
Home equity loans | — | (5 | ) | — | — | (5 | ) | |||||||||||||||||||||
Other asset-backed securities | 1,164 | (36 | ) | 1,116 | (2,213 | ) | 31 | |||||||||||||||||||||
Total asset-backed securities | 2,915 | (41 | ) | 2,163 | (6,078 | ) | (1,041 | ) | ||||||||||||||||||||
Total debt securities | 3,923 | (162 | ) | 2,831 | (7,301 | ) | (709 | ) | ||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | — | (20 | ) | — | (53 | ) | (73 | ) | ||||||||||||||||||||
Other marketable equity securities | — | — | — | — | — | |||||||||||||||||||||||
Total marketable equity securities | — | (20 | ) | — | (53 | ) | (73 | ) | ||||||||||||||||||||
Total available-for-sale securities | 3,923 | (182 | ) | 2,831 | (7,354 | ) | (782 | ) | ||||||||||||||||||||
Mortgages held for sale | 286 | (574 | ) | — | (586 | ) | (874 | ) | ||||||||||||||||||||
Loans | 23 | — | 452 | (369 | ) | 106 | ||||||||||||||||||||||
Mortgage servicing rights (residential) | — | (583 | ) | 3,469 | — | 2,886 | ||||||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | — | — | — | (39 | ) | (39 | ) | |||||||||||||||||||||
Commodity contracts | — | — | — | (66 | ) | (66 | ) | |||||||||||||||||||||
Equity contracts | — | (148 | ) | — | 285 | 137 | ||||||||||||||||||||||
Foreign exchange contracts | — | — | — | 1 | 1 | |||||||||||||||||||||||
Credit contracts | 7 | (5 | ) | (4 | ) | 807 | 805 | |||||||||||||||||||||
Other derivative contracts | — | — | — | — | — | |||||||||||||||||||||||
Total derivative contracts | 7 | (153 | ) | (4 | ) | 988 | 838 | |||||||||||||||||||||
Other assets | 1,064 | (2 | ) | — | (36 | ) | 1,026 | |||||||||||||||||||||
Short sale liabilities | 8 | (8 | ) | — | — | — | ||||||||||||||||||||||
Other liabilities (excluding derivatives) | — | — | (4 | ) | 11 | 7 | ||||||||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2012 are summarized as follows: | ||||||||||||||||||||||||||||
Total net gains | Purchases, | Net unrealized | ||||||||||||||||||||||||||
(losses) included in | sales, | gains (losses) | ||||||||||||||||||||||||||
issuances | included in | |||||||||||||||||||||||||||
and | income related | |||||||||||||||||||||||||||
settlements, | to assets and | |||||||||||||||||||||||||||
net (1) | liabilities held | |||||||||||||||||||||||||||
(in millions) | Balance, | Net | Other | Transfers | Transfers | Balance, | at period end | -2 | ||||||||||||||||||||
beginning | income | compre- | into | out of | end of | |||||||||||||||||||||||
of period | hensive | Level 3 | Level 3 | period | ||||||||||||||||||||||||
income | ||||||||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and | $ | 53 | 3 | — | (10 | ) | — | — | 46 | — | ||||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Collateralized loan and other | 1,582 | (191 | ) | — | (649 | ) | — | — | 742 | (47 | ) | |||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Corporate debt securities | 97 | — | — | (45 | ) | — | — | 52 | (3 | ) | ||||||||||||||||||
Mortgage-backed securities | 108 | 8 | — | (110 | ) | — | — | 6 | 2 | |||||||||||||||||||
Asset-backed securities | 190 | 48 | — | (98 | ) | 14 | (16 | ) | 138 | 23 | ||||||||||||||||||
Equity securities | 4 | — | — | (1 | ) | — | — | 3 | — | |||||||||||||||||||
Total trading securities | 2,034 | (132 | ) | — | (913 | ) | 14 | (16 | ) | 987 | (25 | ) | ||||||||||||||||
Other trading assets | 115 | (39 | ) | — | — | — | — | 76 | (19 | ) | ||||||||||||||||||
Total trading assets (excluding derivatives) | 2,149 | (171 | ) | — | (913 | ) | 14 | (16 | ) | 1,063 | (44 | ) | -3 | |||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | 11,516 | 10 | 160 | 1,347 | — | (9,402 | ) | 3,631 | — | |||||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | 61 | 12 | 16 | 50 | 29 | (74 | ) | 94 | (1 | ) | ||||||||||||||||||
Commercial | 232 | (56 | ) | 57 | (30 | ) | — | — | 203 | (56 | ) | |||||||||||||||||
Total mortgage-backed securities | 293 | (44 | ) | 73 | 20 | 29 | (74 | ) | 297 | (57 | ) | |||||||||||||||||
Corporate debt securities | 295 | 20 | 19 | (20 | ) | 1 | (41 | ) | 274 | — | ||||||||||||||||||
Collateralized loan and other | 8,599 | 135 | 514 | 3,940 | — | — | 13,188 | — | ||||||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 6,641 | 3 | 3 | (726 | ) | — | — | 5,921 | — | |||||||||||||||||||
Home equity loans | 282 | 15 | 14 | (3 | ) | 29 | (286 | ) | 51 | (1 | ) | |||||||||||||||||
Other asset-backed securities | 2,863 | (29 | ) | 148 | 329 | 1 | (29 | ) | 3,283 | (6 | ) | |||||||||||||||||
Total asset-backed securities | 9,786 | (11 | ) | 165 | (400 | ) | 30 | (315 | ) | 9,255 | (7 | ) | ||||||||||||||||
Total debt securities | 30,489 | 110 | 931 | 4,887 | 60 | (9,832 | ) | 26,645 | (64 | ) | -4 | |||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | 1,344 | 91 | (30 | ) | (611 | ) | — | — | 794 | — | ||||||||||||||||||
Other marketable equity securities | 23 | 2 | (16 | ) | (9 | ) | — | — | — | — | ||||||||||||||||||
Total marketable equity securities | 1,367 | 93 | (46 | ) | (620 | ) | — | — | 794 | — | -5 | |||||||||||||||||
Total available-for-sale securities | 31,856 | 203 | 885 | 4,267 | 60 | (9,832 | ) | 27,439 | (64 | ) | ||||||||||||||||||
Mortgages held for sale | 3,410 | (42 | ) | — | (308 | ) | 488 | (298 | ) | 3,250 | (30 | ) | -6 | |||||||||||||||
Loans | 23 | 43 | — | 145 | 5,851 | (41 | ) | 6,021 | 43 | -6 | ||||||||||||||||||
Mortgage servicing rights (residential) (7) | 12,603 | (5,954 | ) | — | 4,889 | — | — | 11,538 | (2,893 | ) | -6 | |||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | 609 | 7,397 | — | (7,349 | ) | — | 2 | 659 | 562 | |||||||||||||||||||
Commodity contracts | — | 78 | — | (50 | ) | (8 | ) | 1 | 21 | 40 | ||||||||||||||||||
Equity contracts | (75 | ) | (11 | ) | — | 18 | — | (54 | ) | (122 | ) | (16 | ) | |||||||||||||||
Foreign exchange contracts | (7 | ) | 23 | — | 5 | — | — | 21 | 30 | |||||||||||||||||||
Credit contracts | (1,998 | ) | 38 | — | 810 | — | — | (1,150 | ) | 41 | ||||||||||||||||||
Other derivative contracts | (117 | ) | 40 | (1 | ) | — | — | — | (78 | ) | — | |||||||||||||||||
Total derivative contracts | (1,588 | ) | 7,565 | (1 | ) | (6,566 | ) | (8 | ) | (51 | ) | (649 | ) | 657 | -8 | |||||||||||||
Other assets | 244 | (21 | ) | — | (61 | ) | — | — | 162 | (8 | ) | -3 | ||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | — | -3 | |||||||||||||||||||
Other liabilities (excluding derivatives) | (44 | ) | (43 | ) | — | 38 | — | — | (49 | ) | — | -6 | ||||||||||||||||
-1 | See next page for detail. | |||||||||||||||||||||||||||
-2 | Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time. | |||||||||||||||||||||||||||
-3 | Included in net gains (losses) from trading activities and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-4 | Included in net gains (losses) from debt securities in the income statement. | |||||||||||||||||||||||||||
-5 | Included in net gains (losses) from equity investments in the income statement. | |||||||||||||||||||||||||||
-6 | Included in mortgage banking and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-7 | For more information on the change in mortgage servicing rights, see Note 9 (Mortgage Banking Activities). | |||||||||||||||||||||||||||
-8 | Included in mortgage banking, trading activities and other noninterest income in the income statement. | |||||||||||||||||||||||||||
(continued on following page) | ||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||
The following table presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2012. | ||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | Net | |||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 85 | (95 | ) | — | — | (10 | ) | ||||||||||||||||||||
Collateralized loan and other debt obligations | 829 | (1,478 | ) | — | — | (649 | ) | |||||||||||||||||||||
Corporate debt securities | 192 | (237 | ) | — | — | (45 | ) | |||||||||||||||||||||
Mortgage-backed securities | 49 | (159 | ) | — | — | (110 | ) | |||||||||||||||||||||
Asset-backed securities | 116 | (169 | ) | — | (45 | ) | (98 | ) | ||||||||||||||||||||
Equity securities | 1 | (2 | ) | — | — | (1 | ) | |||||||||||||||||||||
Total trading securities | 1,272 | (2,140 | ) | — | (45 | ) | (913 | ) | ||||||||||||||||||||
Other trading assets | — | — | — | — | — | |||||||||||||||||||||||
Total trading assets (excluding derivatives) | 1,272 | (2,140 | ) | — | (45 | ) | (913 | ) | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 1,847 | (37 | ) | 1,011 | (1,474 | ) | 1,347 | |||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | 86 | (34 | ) | — | (2 | ) | 50 | |||||||||||||||||||||
Commercial | 39 | — | — | (69 | ) | (30 | ) | |||||||||||||||||||||
Total mortgage-backed securities | 125 | (34 | ) | — | (71 | ) | 20 | |||||||||||||||||||||
Corporate debt securities | 26 | (37 | ) | — | (9 | ) | (20 | ) | ||||||||||||||||||||
Collateralized loan and other debt obligations | 5,608 | (185 | ) | — | (1,483 | ) | 3,940 | |||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 3,004 | — | 666 | (4,396 | ) | (726 | ) | |||||||||||||||||||||
Home equity loans | — | (2 | ) | — | (1 | ) | (3 | ) | ||||||||||||||||||||
Other asset-backed securities | 2,074 | (159 | ) | 1,401 | (2,987 | ) | 329 | |||||||||||||||||||||
Total asset-backed securities | 5,078 | (161 | ) | 2,067 | (7,384 | ) | (400 | ) | ||||||||||||||||||||
Total debt securities | 12,684 | (454 | ) | 3,078 | (10,421 | ) | 4,887 | |||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | — | — | — | (611 | ) | (611 | ) | |||||||||||||||||||||
Other marketable equity securities | — | (8 | ) | — | (1 | ) | (9 | ) | ||||||||||||||||||||
Total marketable equity securities | — | (8 | ) | — | (612 | ) | (620 | ) | ||||||||||||||||||||
Total available-for-sale securities | 12,684 | (462 | ) | 3,078 | (11,033 | ) | 4,267 | |||||||||||||||||||||
Mortgages held for sale | 441 | — | — | (749 | ) | (308 | ) | |||||||||||||||||||||
Loans | 2 | — | 257 | (114 | ) | 145 | ||||||||||||||||||||||
Mortgage servicing rights (residential) | — | (293 | ) | 5,182 | — | 4,889 | ||||||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | 11 | — | — | (7,360 | ) | (7,349 | ) | |||||||||||||||||||||
Commodity contracts | — | (2 | ) | — | (48 | ) | (50 | ) | ||||||||||||||||||||
Equity contracts | 386 | (375 | ) | 1 | 6 | 18 | ||||||||||||||||||||||
Foreign exchange contracts | 2 | (3 | ) | — | 6 | 5 | ||||||||||||||||||||||
Credit contracts | (6 | ) | 3 | — | 813 | 810 | ||||||||||||||||||||||
Other derivative contracts | — | — | — | — | — | |||||||||||||||||||||||
Total derivative contracts | 393 | (377 | ) | 1 | (6,583 | ) | (6,566 | ) | ||||||||||||||||||||
Other assets | 19 | (8 | ) | — | (72 | ) | (61 | ) | ||||||||||||||||||||
Short sale liabilities | 9 | (9 | ) | — | — | — | ||||||||||||||||||||||
Other liabilities (excluding derivatives) | (3 | ) | 11 | (216 | ) | 246 | 38 | |||||||||||||||||||||
The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model. | ||||||||||||||||||||||||||||
The significant unobservable inputs for Level 3 assets and liabilities that are valued using fair values obtained from third-party vendors are not included in the table as the specific inputs applied are not provided by the vendor (see discussion regarding vendor-developed valuations within the “Level 3 Asset and Liability Valuation Processes” section previously within this Note). In addition, the table excludes the valuation techniques and significant unobservable inputs for certain classes of Level 3 assets and liabilities measured using an internal model that we consider, both individually and in the aggregate, insignificant relative to our overall Level 3 assets and liabilities. We made this determination based upon an evaluation of each class which considered the magnitude of the positions, nature of the unobservable inputs and potential for significant changes in fair value due to changes in those inputs. | ||||||||||||||||||||||||||||
($ in millions, except cost to service amounts) | Fair Value Level 3 | Valuation Technique(s) | Significant Unobservable Input | Range of | Weighted | |||||||||||||||||||||||
Inputs | Average (1) | |||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Trading and available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | ||||||||||||||||||||||||||||
political subdivisions: | ||||||||||||||||||||||||||||
Government, healthcare and | $ | 1,900 | Discounted cash flow | Discount rate | 0.4 | - | 5.6 | % | 1.5 | |||||||||||||||||||
other revenue bonds | ||||||||||||||||||||||||||||
61 | Vendor priced | |||||||||||||||||||||||||||
Auction rate securities and other | 323 | Discounted cash flow | Discount rate | 1.5 | - | 7.6 | 3.9 | |||||||||||||||||||||
municipal bonds | ||||||||||||||||||||||||||||
Weighted average life | 1.3 | - | 19.4 | yrs | 6.4 | |||||||||||||||||||||||
Collateralized loan and other debt | 565 | Market comparable pricing | Comparability adjustment | (53.9 | ) | - | 25 | % | 0.9 | |||||||||||||||||||
obligations (2) | ||||||||||||||||||||||||||||
967 | Vendor priced | |||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 245 | Discounted cash flow | Discount rate | 0.4 | - | 0.4 | 0.4 | |||||||||||||||||||||
Other asset-backed securities: | ||||||||||||||||||||||||||||
Diversified payment rights (3) | 661 | Discounted cash flow | Discount rate | 0.9 | - | 7.1 | 2.9 | |||||||||||||||||||||
Other commercial and consumer | 750 | -4 | Discounted cash flow | Discount rate | 1.9 | - | 21.5 | 5 | ||||||||||||||||||||
Weighted average life | 1.6 | - | 10.7 | yrs | 4 | |||||||||||||||||||||||
40 | Vendor priced | |||||||||||||||||||||||||||
Marketable equity securities: | 663 | -5 | Discounted cash flow | Discount rate | 4.1 | - | 9.3 | % | 6.6 | |||||||||||||||||||
perpetual preferred | ||||||||||||||||||||||||||||
Weighted average life | 1 | - | 11.8 | yrs | 9.7 | |||||||||||||||||||||||
Mortgages held for sale (residential) | 2,235 | Discounted cash flow | Default rate | 0.4 | - | 15 | % | 2.6 | ||||||||||||||||||||
Discount rate | 1.1 | - | 7.7 | 5.2 | ||||||||||||||||||||||||
Loss severity | 0.1 | - | 26.4 | 18.3 | ||||||||||||||||||||||||
Prepayment rate | 2 | - | 15.5 | 8.1 | ||||||||||||||||||||||||
78 | Market comparable pricing | Comparability adjustment | (93.0 | ) | - | 10 | (30.0 | ) | ||||||||||||||||||||
Loans | 5,788 | -6 | Discounted cash flow | Discount rate | 0 | - | 3.8 | 3.1 | ||||||||||||||||||||
Prepayment rate | 0.6 | - | 100 | 11.2 | ||||||||||||||||||||||||
Utilization rate | 0 | - | 1 | 0.4 | ||||||||||||||||||||||||
Mortgage servicing rights (residential) | 12,738 | Discounted cash flow | Cost to service per loan (7) | $ | 86 | - | 683 | 179 | ||||||||||||||||||||
Discount rate | 5.9 | - | 16.9 | % | 7.6 | |||||||||||||||||||||||
Prepayment rate (8) | 8 | - | 22 | 12.5 | ||||||||||||||||||||||||
Net derivative assets and (liabilities): | ||||||||||||||||||||||||||||
Interest rate contracts | 196 | Discounted cash flow | Default rate | 0 | - | 0.02 | 0.01 | |||||||||||||||||||||
Loss severity | 50 | - | 50 | 50 | ||||||||||||||||||||||||
Interest rate contracts: derivative loan | 97 | Discounted cash flow | Fall-out factor | 1 | - | 99 | 24.5 | |||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||
Initial-value servicing | (31.1 | ) | - | 113.3 | bps | 46.5 | ||||||||||||||||||||||
Equity contracts | 162 | Discounted cash flow | Conversion factor | (11.2 | ) | - | 0 | % | (8.4 | ) | ||||||||||||||||||
Weighted average life | 1 | - | 2 | yrs | 1.3 | |||||||||||||||||||||||
(246 | ) | Option model | Correlation factor | (56.0 | ) | - | 96.3 | % | 42.1 | |||||||||||||||||||
Volatility factor | 8.3 | - | 80.9 | 28.3 | ||||||||||||||||||||||||
Credit contracts | (192 | ) | Market comparable pricing | Comparability adjustment | (28.6 | ) | - | 26.3 | 1.8 | |||||||||||||||||||
3 | Option model | Credit spread | 0 | - | 17 | 0.9 | ||||||||||||||||||||||
Loss severity | 11.5 | - | 72.5 | 48.7 | ||||||||||||||||||||||||
Other assets: nonmarketable equity investments | 2,512 | Market comparable pricing | Comparability adjustment | (19.7 | ) | - | (4.0 | ) | (14.7 | ) | ||||||||||||||||||
Insignificant Level 3 assets, net of liabilities | 507 | -9 | ||||||||||||||||||||||||||
Total level 3 assets, net of liabilities | $ | 30,054 | -10 | |||||||||||||||||||||||||
-1 | Weighted averages are calculated using outstanding unpaid principal balance for cash instruments such as loans and securities, and notional amounts for derivative instruments. | |||||||||||||||||||||||||||
-2 | Includes $500 million of collateralized debt obligations. | |||||||||||||||||||||||||||
-3 | Securities backed by specified sources of current and future receivables generated from foreign originators. | |||||||||||||||||||||||||||
-4 | Consists primarily of investments in asset-backed securities that are revolving in nature, in which the timing of advances and repayments of principal are uncertain. | |||||||||||||||||||||||||||
-5 | Consists of auction rate preferred equity securities with no maturity date that are callable by the issuer. | |||||||||||||||||||||||||||
-6 | Consists predominantly of reverse mortgage loans securitized with GNMA which were accounted for as secured borrowing transactions. | |||||||||||||||||||||||||||
-7 | The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $86 - $270. | |||||||||||||||||||||||||||
-8 | Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior. | |||||||||||||||||||||||||||
-9 | Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes corporate debt securities, mortgage-backed securities, other marketable equity securities, other assets, other liabilities and certain net derivative assets and liabilities, such as commodity contracts, foreign exchange contracts and other derivative contracts. | |||||||||||||||||||||||||||
-10 | Consists of total Level 3 assets of $32.3 billion and total Level 3 liabilities of $2.3 billion, before netting of derivative balances. | |||||||||||||||||||||||||||
($ in millions, except cost to service amounts) | Fair Value Level 3 | Valuation Technique(s) | Significant | Range of | Weighted | |||||||||||||||||||||||
Unobservable Input | Inputs | Average (1) | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Trading and available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | ||||||||||||||||||||||||||||
political subdivisions: | ||||||||||||||||||||||||||||
Government, healthcare and | 2,739 | Discounted cash flow | Discount rate | 0.4 | - | 6.4 | % | 1.4 | ||||||||||||||||||||
other revenue bonds | ||||||||||||||||||||||||||||
63 | Vendor priced | |||||||||||||||||||||||||||
Auction rate securities and other | 451 | Discounted cash flow | Discount rate | 0.4 | - | 12.3 | 4.6 | |||||||||||||||||||||
municipal bonds | ||||||||||||||||||||||||||||
Weighted average life | 1.4 | - | 13 | yrs | 4.4 | |||||||||||||||||||||||
Collateralized loan and other debt | 612 | Market comparable pricing | Comparability adjustment | (12.0 | ) | - | 23.3 | % | 8.5 | |||||||||||||||||||
obligations (2) | ||||||||||||||||||||||||||||
1,349 | Vendor priced | |||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 492 | Discounted cash flow | Discount rate | 0.6 | - | 0.9 | 0.8 | |||||||||||||||||||||
Weighted average life | 1.4 | - | 1.6 | yrs | 1.5 | |||||||||||||||||||||||
Other asset-backed securities: | ||||||||||||||||||||||||||||
Diversified payment rights (3) | 757 | Discounted cash flow | Discount rate | 1.4 | - | 4.7 | % | 3 | ||||||||||||||||||||
Other commercial and consumer | 944 | -4 | Discounted cash flow | Discount rate | 0.6 | - | 21.2 | 4 | ||||||||||||||||||||
Weighted average life | 0.6 | - | 7.6 | yrs | 2.2 | |||||||||||||||||||||||
78 | Vendor priced | |||||||||||||||||||||||||||
Marketable equity securities: | 729 | -5 | Discounted cash flow | Discount rate | 4.8 | - | 8.3 | % | 7.4 | |||||||||||||||||||
perpetual preferred | ||||||||||||||||||||||||||||
Weighted average life | 1 | - | 15 | yrs | 12.2 | |||||||||||||||||||||||
Mortgages held for sale (residential) | 2,374 | Discounted cash flow | Default rate | 0.6 | - | 12.4 | % | 2.8 | ||||||||||||||||||||
Discount rate | 3.8 | - | 7.9 | 5.5 | ||||||||||||||||||||||||
Loss severity | 1.3 | - | 32.5 | 21.5 | ||||||||||||||||||||||||
Prepayment rate | 2 | - | 9.9 | 5.4 | ||||||||||||||||||||||||
Loans | 5,723 | -6 | Discounted cash flow | Discount rate | 2.4 | - | 3.9 | 3.3 | ||||||||||||||||||||
Prepayment rate | 3.3 | - | 37.8 | 12.2 | ||||||||||||||||||||||||
Utilization rate | 0 | - | 2 | 0.8 | ||||||||||||||||||||||||
Mortgage servicing rights (residential) | 15,580 | Discounted cash flow | Cost to service per | $ | 86 | - | 773 | 191 | ||||||||||||||||||||
loan (7) | ||||||||||||||||||||||||||||
Discount rate | 5.4 | - | 11.2 | % | 7.8 | |||||||||||||||||||||||
Prepayment rate (8) | 7.5 | - | 19.4 | 10.7 | ||||||||||||||||||||||||
Net derivative assets and (liabilities): | ||||||||||||||||||||||||||||
Interest rate contracts | (14 | ) | Discounted cash flow | Default rate | 0 | - | 16.5 | 5 | ||||||||||||||||||||
Loss severity | 44.9 | - | 50 | 50 | ||||||||||||||||||||||||
Prepayment rate | 11.1 | - | 15.6 | 15.6 | ||||||||||||||||||||||||
Interest rate contracts: derivative loan | (26 | ) | Discounted cash flow | Fall-out factor | 1 | - | 99 | 21.8 | ||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||
Initial-value servicing | (21.5 | ) | - | 81.6 | bps | 32.6 | ||||||||||||||||||||||
Equity contracts | 199 | Discounted cash flow | Conversion factor | (18.4 | ) | - | 0 | % | (14.1 | ) | ||||||||||||||||||
Weighted average life | 0.3 | - | 3.3 | yrs | 1.8 | |||||||||||||||||||||||
(245 | ) | Option model | Correlation factor | (5.3 | ) | - | 87.6 | % | 72.2 | |||||||||||||||||||
Volatility factor | 6.8 | - | 81.2 | 25.4 | ||||||||||||||||||||||||
Credit contracts | (378 | ) | Market comparable pricing | Comparability adjustment | (31.3 | ) | - | 30.4 | (0.1 | ) | ||||||||||||||||||
3 | Option model | Credit spread | 0 | - | 12.2 | 0.7 | ||||||||||||||||||||||
Loss severity | 10.5 | - | 72.5 | 47.4 | ||||||||||||||||||||||||
Other assets: nonmarketable equity investments | 1,386 | Market comparable pricing | Comparability adjustment | (30.6 | ) | - | (5.4 | ) | (21.9 | ) | ||||||||||||||||||
Insignificant Level 3 assets, net of liabilities | 678 | -9 | ||||||||||||||||||||||||||
Total level 3 assets, net of liabilities | $ | 33,494 | -10 | |||||||||||||||||||||||||
-1 | Weighted averages are calculated using outstanding unpaid principal balance for cash instruments such as loans and securities, and notional amounts for derivative instruments. | |||||||||||||||||||||||||||
-2 | Includes $695 million of collateralized debt obligations. | |||||||||||||||||||||||||||
-3 | Securities backed by specified sources of current and future receivables generated from foreign originators. | |||||||||||||||||||||||||||
-4 | Consists primarily of investments in asset-backed securities that are revolving in nature, in which the timing of advances and repayments of principal are uncertain. | |||||||||||||||||||||||||||
-5 | Consists of auction rate preferred equity securities with no maturity date that are callable by the issuer. | |||||||||||||||||||||||||||
-6 | Consists predominantly of reverse mortgage loans securitized with GNMA which were accounted for as secured borrowing transactions. | |||||||||||||||||||||||||||
-7 | The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $86 - $302. | |||||||||||||||||||||||||||
-8 | Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior. | |||||||||||||||||||||||||||
-9 | Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes corporate debt securities, mortgage-backed securities, asset-backed securities backed by home equity loans, other assets, other liabilities and certain net derivative assets and liabilities, such as commodity contracts and other derivative contracts. | |||||||||||||||||||||||||||
-10 | Consists of total Level 3 assets of $37.2 billion and total Level 3 liabilities of $3.7 billion, before netting of derivative balances. | |||||||||||||||||||||||||||
The valuation techniques used for our Level 3 assets and liabilities, as presented in the previous tables, are described as follows: | ||||||||||||||||||||||||||||
• | Discounted cash flow - Discounted cash flow valuation techniques generally consist of developing an estimate of future cash flows that are expected to occur over the life of an instrument and then discounting those cash flows at a rate of return that results in the fair value amount. | |||||||||||||||||||||||||||
• | Option model - Option model valuation techniques are generally used for instruments in which the holder has a contingent right or obligation based on the occurrence of a future event, such as the price of a referenced asset going above or below a predetermined strike price. Option models estimate the likelihood of the specified event occurring by incorporating assumptions such as volatility estimates, price of the underlying instrument and expected rate of return. | |||||||||||||||||||||||||||
• | Market comparable pricing - Market comparable pricing valuation techniques are used to determine the fair value of certain instruments by incorporating known inputs such as recent transaction prices, pending transactions, or prices of other similar investments which require significant adjustment to reflect differences in instrument characteristics. | |||||||||||||||||||||||||||
• | Vendor-priced - Prices obtained from third-party pricing vendors or brokers that are used to record the fair value of the asset or liability, of which the related valuation technique and significant unobservable inputs are not provided. | |||||||||||||||||||||||||||
Significant unobservable inputs presented in the previous tables are those we consider significant to the fair value of the Level 3 asset or liability. We consider unobservable inputs to be significant, if by their exclusion, the fair value of the Level 3 asset or liability would be impacted by a predetermined percentage change or based on qualitative factors, such as nature of the instrument, type of valuation technique used, and the significance of the unobservable inputs relative to other inputs used within the valuation. Following is a description of the significant unobservable inputs provided in the tables. | ||||||||||||||||||||||||||||
• | Comparability adjustment - is an adjustment made to observed market data, such as a transaction price in order to reflect dissimilarities in underlying collateral, issuer, rating, or other factors used within a market valuation approach expressed as a percentage of an observed price. | |||||||||||||||||||||||||||
• | Conversion Factor - is the risk-adjusted rate in which a particular instrument may be exchanged for another instrument upon settlement, expressed as a percentage change from a specified rate. | |||||||||||||||||||||||||||
• | Correlation factor - is the likelihood of one instrument changing in price relative to another based on an established relationship expressed as a percentage of relative change in price over a period over time. | |||||||||||||||||||||||||||
• | Cost to service - is the expected cost per loan of servicing a portfolio of loans, which includes estimates for unreimbursed expenses (including delinquency and foreclosure costs) that may occur as a result of servicing such loan portfolios. | |||||||||||||||||||||||||||
• | Credit spread - is the portion of the interest rate in excess of a benchmark interest rate, such as OIS, LIBOR or U.S. Treasury rates, that when applied to an investment captures changes in the obligor’s creditworthiness. | |||||||||||||||||||||||||||
• | Default rate - is an estimate of the likelihood of not collecting contractual amounts owed expressed as a constant default rate (CDR). | |||||||||||||||||||||||||||
• | Discount rate - is a rate of return used to present value the future expected cash flow to arrive at the fair value of an instrument. The discount rate consists of a benchmark rate component and a risk premium component. The benchmark rate component, for example, OIS, LIBOR or U.S. Treasury rates, is generally observable within the market and is necessary to appropriately reflect the time value of money. The risk premium component reflects the amount of compensation market participants require due to the uncertainty inherent in the instruments’ cash flows resulting from risks such as credit and liquidity. | |||||||||||||||||||||||||||
• | Fall-out factor - is the expected percentage of loans associated with our interest rate lock commitment portfolio that are likely of not funding. | |||||||||||||||||||||||||||
• | Initial-value servicing - is the estimated value of the underlying loan, including the value attributable to the embedded servicing right, expressed in basis points of outstanding unpaid principal balance. | |||||||||||||||||||||||||||
• | Loss severity – is the percentage of contractual cash flows lost in the event of a default. | |||||||||||||||||||||||||||
• | Prepayment rate - is the estimated rate at which forecasted prepayments of principal of the related loan or debt instrument are expected to occur, expressed as a constant prepayment rate (CPR). | |||||||||||||||||||||||||||
• | Utilization rate - is the estimated rate in which incremental portions of existing reverse mortgage credit lines are expected to be drawn by borrowers expressed as an annualized rate. | |||||||||||||||||||||||||||
• | Volatility factor - is the extent of change in price an item is estimated to fluctuate over a specified period of time expressed as a percentage of relative change in price over a period over time. | |||||||||||||||||||||||||||
• | Weighted average life - is the weighted average number of years an investment is expected to remain outstanding, based on its expected cash flows reflecting the estimated date the issuer will call or extend the maturity of the instrument or otherwise reflecting an estimate of the timing of an instrument’s cash flows whose timing is not contractually fixed. | |||||||||||||||||||||||||||
Significant Recurring Level 3 Fair Value Asset and Liability Input Sensitivity | ||||||||||||||||||||||||||||
We generally use discounted cash flow or similar internal modeling techniques to determine the fair value of our Level 3 assets and liabilities. Use of these techniques requires determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding tables. Accordingly, changes in these unobservable inputs may have a significant impact on fair value. | ||||||||||||||||||||||||||||
Certain of these unobservable inputs will (in isolation) have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. Where multiple inputs are used within the valuation technique of an asset or liability, a change in one input in a certain direction may be offset by an opposite change in another input having a potentially muted impact to the overall fair value of that particular instrument. Additionally, a change in one unobservable input may result in a change to another unobservable input (that is, changes in certain inputs are interrelated to one another), which may counteract or magnify the fair value impact. | ||||||||||||||||||||||||||||
SECURITIES, LOANS, MORTGAGES HELD FOR SALE and NONMARKETABLE EQUITY INVESTMENTS The fair values of predominantly all Level 3 trading securities, mortgages held for sale, loans, other nonmarketable equity investments, and available-for-sale securities have consistent inputs, valuation techniques and correlation to changes in underlying inputs. The internal models used to determine fair value for these Level 3 instruments use certain significant unobservable inputs within a discounted cash flow or market comparable pricing valuation technique. Such inputs include discount rate, prepayment rate, default rate, loss severity, utilization rate, comparability adjustment and weighted average life. | ||||||||||||||||||||||||||||
These Level 3 assets would decrease (increase) in value based upon an increase (decrease) in discount rate, default rate, loss severity, or weighted average life inputs. Conversely, the fair value of these Level 3 assets would generally increase (decrease) in value if the prepayment rate input were to increase (decrease) or if the utilization rate input were to increase (decrease). | ||||||||||||||||||||||||||||
Generally, a change in the assumption used for default rate is accompanied by a directionally similar change in the risk premium component of the discount rate (specifically, the portion related to credit risk) and a directionally opposite change in the assumption used for prepayment rates. Unobservable inputs for loss severity, utilization rate and weighted average life do not increase or decrease based on movements in the other significant unobservable inputs for these Level 3 assets. | ||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS Level 3 derivative instruments are valued using market comparable pricing, option pricing and discounted cash flow valuation techniques. We utilize certain unobservable inputs within these techniques to determine the fair value of the Level 3 derivative instruments. The significant unobservable inputs consist of credit spread, a comparability adjustment, prepayment rate, default rate, loss severity, initial-value servicing, fall-out factor, volatility factor, weighted average life, conversion factor, and correlation factor. | ||||||||||||||||||||||||||||
Level 3 derivative assets (liabilities) where we are long the underlying would decrease (increase) in value upon an increase (decrease) in default rate, fall-out factor, credit spread, conversion factor, or loss severity inputs. Conversely, Level 3 derivative assets (liabilities) would increase (decrease) in value upon an increase (decrease) in prepayment rate, initial-value servicing, weighted average life, or volatility factor inputs. The inverse of the above relationships would occur for instruments in which we are short the underlying. The correlation factor and comparability adjustment inputs may have a positive or negative impact on the fair value of these derivative instruments depending on the change in value of the item the correlation factor and comparability adjustment is referencing. The correlation factor and comparability adjustment is considered independent from movements in other significant unobservable inputs for derivative instruments. | ||||||||||||||||||||||||||||
Generally, for derivative instruments for which we are subject to changes in the value of the underlying referenced instrument, change in the assumption used for default rate is accompanied by directionally similar change in the risk premium component of the discount rate (specifically, the portion related to credit risk) and a directionally opposite change in the assumption used for prepayment rates. Unobservable inputs for loss severity, fall-out factor, initial-value servicing, weighted average life, conversion factor, and volatility do not increase or decrease based on movements in other significant unobservable inputs for these Level 3 instruments. | ||||||||||||||||||||||||||||
MORTGAGE SERVICING RIGHTS We use a discounted cash flow valuation technique to determine the fair value of Level 3 mortgage servicing rights. These models utilize certain significant unobservable inputs including prepayment rate, discount rate and costs to service. An increase in any of these unobservable inputs will reduce the fair value of the mortgage servicing rights and alternatively, a decrease in any one of these inputs would result in the mortgage servicing rights increasing in value. Generally, a change in the assumption used for the default rate is accompanied by a directionally similar change in the assumption used for cost to service and a directionally opposite change in the assumption used for prepayment. The sensitivity of our residential MSRs is discussed further in Note 8 (Securitizations and Variable Interest Entities). | ||||||||||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||
We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of LOCOM accounting or write-downs of individual assets. The following table provides the fair value hierarchy and carrying amount of all assets that were still held as of December 31, 2014, and 2013, and for which a nonrecurring fair adjustment was recorded during the years then ended. | ||||||||||||||||||||||||||||
31-Dec-14 | December 31, 2013 | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mortgages held for sale (LOCOM) (1) | $ | — | 2,197 | 1,098 | 3,295 | — | 1,126 | 893 | 2,019 | |||||||||||||||||||
Loans held for sale | — | — | — | — | — | 14 | — | 14 | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Commercial | — | 243 | — | 243 | — | 414 | — | 414 | ||||||||||||||||||||
Consumer | — | 2,018 | 5 | 2,023 | — | 3,690 | 7 | 3,697 | ||||||||||||||||||||
Total loans (2) | — | 2,261 | 5 | 2,266 | — | 4,104 | 7 | 4,111 | ||||||||||||||||||||
Other assets (3) | — | 417 | 460 | 877 | — | 445 | 740 | 1,185 | ||||||||||||||||||||
-1 | Mostly real estate 1-4 family first mortgage loans. | |||||||||||||||||||||||||||
-2 | Represents carrying value of loans for which adjustments are based on the appraised value of the collateral. | |||||||||||||||||||||||||||
-3 | Includes the fair value of foreclosed real estate, other collateral owned and nonmarketable equity investments. | |||||||||||||||||||||||||||
The following table presents the increase (decrease) in value of certain assets for which a nonrecurring fair value adjustment has been recognized during the periods presented. | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Mortgages held for sale (LOCOM) | $ | 33 | (23 | ) | ||||||||||||||||||||||||
Loans held for sale | — | (1 | ) | |||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Commercial | (125 | ) | (216 | ) | ||||||||||||||||||||||||
Consumer (1) | (1,336 | ) | (2,050 | ) | ||||||||||||||||||||||||
Total loans | (1,461 | ) | (2,266 | ) | ||||||||||||||||||||||||
Other assets (2) | (341 | ) | (214 | ) | ||||||||||||||||||||||||
Total | $ | (1,769 | ) | (2,504 | ) | |||||||||||||||||||||||
-1 | Represents write-downs of loans based on the appraised value of the collateral. | |||||||||||||||||||||||||||
-2 | Includes the losses on foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. Also includes impairment losses on nonmarketable equity investments. | |||||||||||||||||||||||||||
The table below provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a nonrecurring basis for which we use an internal model. | ||||||||||||||||||||||||||||
We have excluded from the table classes of Level 3 assets and liabilities measured using an internal model that we consider, both individually and in the aggregate, insignificant relative to our overall Level 3 nonrecurring measurements. We made this determination based upon an evaluation of each class, which considered the magnitude of the positions, nature of the unobservable inputs and potential for significant changes in fair value due to changes in those inputs. | ||||||||||||||||||||||||||||
($ in millions) | Fair Value Level 3 | Valuation Technique(s) (1) | Significant Unobservable Inputs (1) | Range of inputs | Weighted Average (2) | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Residential mortgages held for sale (LOCOM) | $ | 1,098 | -3 | Discounted cash flow | Default rate | -5 | 0.9 | - | 3.8 | % | 2.1 | % | ||||||||||||||||
Discount rate | 1.5 | - | 8.5 | 3.6 | ||||||||||||||||||||||||
Loss severity | 0 | - | 29.8 | 3.8 | ||||||||||||||||||||||||
Prepayment rate | -6 | 2 | - | 100 | 65.5 | |||||||||||||||||||||||
Other assets: private equity fund investments (4) | 171 | Market comparable pricing | Comparability adjustment | 6 | - | 6 | 6 | |||||||||||||||||||||
Insignificant level 3 assets | 294 | |||||||||||||||||||||||||||
Total | 1,563 | |||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Residential mortgages held for sale (LOCOM) | $ | 893 | -3 | Discounted cash flow | Default rate | -5 | 1.2 | - | 4.4 | % | 2.7 | % | ||||||||||||||||
Discount rate | 4.3 | - | 12 | 10.9 | ||||||||||||||||||||||||
Loss severity | 1.6 | - | 48.2 | 5.2 | ||||||||||||||||||||||||
Prepayment rate | -6 | 2 | - | 100 | 67.2 | |||||||||||||||||||||||
Other assets: private equity fund investments (4) | 505 | Market comparable pricing | Comparability adjustment | 4.6 | - | 4.6 | 4.6 | |||||||||||||||||||||
Insignificant level 3 assets | 242 | |||||||||||||||||||||||||||
Total | 1,640 | |||||||||||||||||||||||||||
-1 | Refer to the narrative following the recurring quantitative Level 3 table of this Note for a definition of the valuation technique(s) and significant unobservable inputs. | |||||||||||||||||||||||||||
-2 | For residential MHFS, weighted averages are calculated using outstanding unpaid principal balance of the loans. | |||||||||||||||||||||||||||
-3 | Consists of $1.0 billion and $825 million government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitization, at December 31, 2014 and 2013,respectively and $78 million and $68 million of other mortgage loans that are not government insured/guaranteed at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
-4 | Represents a single investment. For additional information, see the “Alternative Investments” section in this Note. | |||||||||||||||||||||||||||
-5 | Applies only to non-government insured/guaranteed loans. | |||||||||||||||||||||||||||
-6 | Includes the impact on prepayment rate of expected defaults for the government insured/guaranteed loans, which impacts the frequency and timing of early resolution of loans. | |||||||||||||||||||||||||||
Alternative Investments | ||||||||||||||||||||||||||||
The following table summarizes our investments in various types of funds for which we use net asset values (NAVs) per share as a practical expedient to measure fair value on recurring and nonrecurring bases. The investments are included in trading assets, available-for-sale securities, and other assets. The table excludes those investments that are probable of being sold at an amount different from the funds’ NAVs. | ||||||||||||||||||||||||||||
(in millions) | Fair value | Unfunded commitments | Redemption frequency | Redemption notice period | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Offshore funds | $ | 125 | — | Daily - Quarterly | 1 - 60 days | |||||||||||||||||||||||
Hedge funds | 1 | — | Daily - Quarterly | 1-90 days | ||||||||||||||||||||||||
Private equity funds (1)(2) | 1,313 | 243 | N/A | N/A | ||||||||||||||||||||||||
Venture capital funds (2) | 68 | 9 | N/A | N/A | ||||||||||||||||||||||||
Total (3) | $ | 1,507 | 252 | |||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Offshore funds | $ | 308 | — | Daily-Quarterly | 1-180 days | |||||||||||||||||||||||
Hedge funds | 2 | — | Monthly-Semi Annually | 5-95 days | ||||||||||||||||||||||||
Private equity funds (1)(2) | 1,496 | 316 | N/A | N/A | ||||||||||||||||||||||||
Venture capital funds (2) | 63 | 14 | N/A | N/A | ||||||||||||||||||||||||
Total (3) | $ | 1,869 | 330 | |||||||||||||||||||||||||
N/A - Not applicable | ||||||||||||||||||||||||||||
-1 | Excludes a private equity fund investment of $171 million and $505 million at December 31, 2014, and December 31, 2013, respectively for which we recorded a nonrecurring fair value adjustment during the periods then ended. The investment is probable of being sold for an amount different from the fund’s NAV; therefore, the investment’s fair value has been estimated using recent transaction information. This investment is subject to the Volcker Rule, which includes provisions that restrict banking entities from owning interests in certain types of funds. | |||||||||||||||||||||||||||
-2 | Includes certain investments subject to the Volcker Rule that we may have to divest. | |||||||||||||||||||||||||||
-3 | December 31, 2014, and December 31, 2013, include $1.3 billion and $1.5 billion, respectively, of fair value for nonmarketable equity investments carried at cost for which we use NAVs as a practical expedient for determining nonrecurring fair value adjustments. The fair values of investments that had nonrecurring fair value adjustments were $108 million and $88 million at December 31, 2014, and December 31, 2013 respectively. | |||||||||||||||||||||||||||
Offshore funds primarily invest in foreign mutual funds. Redemption restrictions are in place for these investments with a fair value of $24 million and $144 million at December 31, 2014 and December 31,2013, respectively, due to lock-up provisions that will remain in effect until February 2017. | ||||||||||||||||||||||||||||
Private equity funds invest in equity and debt securities issued by private and publicly-held companies in connection with leveraged buyouts, recapitalizations and expansion opportunities. These investments do not allow redemptions. Alternatively, we receive distributions as the underlying assets of the funds liquidate, which we expect to occur over the next 6 years. | ||||||||||||||||||||||||||||
Venture capital funds invest in domestic and foreign companies in a variety of industries, including information technology, financial services and healthcare. These investments can never be redeemed with the funds. Instead, we receive distributions as the underlying assets of the fund liquidate, which we expect to occur over the next 5 years. | ||||||||||||||||||||||||||||
Fair Value Option | ||||||||||||||||||||||||||||
The fair value option is an irrevocable election, generally only permitted upon initial recognition of financial assets or liabilities, to measure eligible financial instruments at fair value with changes in fair value reflected in earnings. We may elect the fair value option to align the measurement model with how the financial assets or liabilities are managed or to reduce complexity or accounting asymmetry. Following is a discussion of the portfolios for which we elected the fair value option. | ||||||||||||||||||||||||||||
TRADING ASSETS - LOANS We engage in holding loans for market-making purposes to support the buying and selling demands of our customers. These loans are generally held for a short period of time and managed within parameters of internally approved market risk limits. We have elected to measure and carry them at fair value, which best aligns with our risk management practices. Fair value for these loans is primarily determined using readily available market data based on recent transaction prices for similar loans. | ||||||||||||||||||||||||||||
MORTGAGES HELD FOR SALE (MHFS) We measure MHFS at fair value for MHFS originations for which an active secondary market and readily available market prices exist to reliably support fair value pricing models used for these loans. Loan origination fees on these loans are recorded when earned, and related direct loan origination costs are recognized when incurred. We also measure at fair value certain of our other interests held related to residential loan sales and securitizations. We believe fair value measurement for MHFS and other interests held, which we hedge with economic hedge derivatives along with our MSRs measured at fair value, reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. | ||||||||||||||||||||||||||||
LOANS HELD FOR SALE (LHFS) We elected to measure certain LHFS portfolios at fair value in conjunction with customer accommodation activities, which better aligns the measurement basis of the assets held with our management objectives given the trading nature of these portfolios. | ||||||||||||||||||||||||||||
LOANS Loans that we measure at fair value consist predominantly of reverse mortgage loans previously transferred under a GNMA reverse mortgage securitization program accounted for as a secured borrowing. Before the transfer, they were classified as MHFS measured at fair value and, as such, remain carried on our balance sheet under the fair value option. | ||||||||||||||||||||||||||||
OTHER FINANCIAL INSTRUMENTS We elected to measure at fair value certain letters of credit and nonmarketable equity securities that are hedged with derivative instruments to better reflect the economics of the transactions. The letters of credit are included in trading account assets or liabilities, and the nonmarketable equity securities are included in other assets. | ||||||||||||||||||||||||||||
Similarly, we may elect fair value option for the assets and liabilities of certain consolidated VIEs. This option is generally elected for newly consolidated VIEs for which predominantly all of our interests, prior to consolidation, are carried at fair value with changes in fair value recorded to earnings. Accordingly, such an election allows us to continue fair value accounting through earnings for those interests and eliminate income statement mismatch otherwise caused by differences in the measurement basis of the consolidated VIEs assets and liabilities. | ||||||||||||||||||||||||||||
The following table reflects differences between the fair value carrying amount of certain assets and liabilities for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity. | ||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(in millions) | Fair value carrying amount | Aggregate unpaid principal | Fair value carrying amount less aggregate unpaid principal | Fair value carrying amount | Aggregate unpaid principal | Fair value carrying amount less aggregate unpaid principal | ||||||||||||||||||||||
Trading assets - loans: | ||||||||||||||||||||||||||||
Total loans | $ | 1,387 | 1,410 | (23 | ) | 2,360 | 2,385 | (25 | ) | |||||||||||||||||||
Nonaccrual loans | — | 1 | (1 | ) | 26 | 32 | (6 | ) | ||||||||||||||||||||
Mortgages held for sale: | ||||||||||||||||||||||||||||
Total loans | 15,565 | 15,246 | 319 | 13,879 | 13,966 | (87 | ) | |||||||||||||||||||||
Nonaccrual loans | 160 | 252 | (92 | ) | 205 | 359 | (154 | ) | ||||||||||||||||||||
Loans 90 days or more past due and still accruing | 27 | 30 | (3 | ) | 39 | 46 | (7 | ) | ||||||||||||||||||||
Loans held for sale: | ||||||||||||||||||||||||||||
Total loans | 1 | 10 | (9 | ) | 1 | 9 | (8 | ) | ||||||||||||||||||||
Nonaccrual loans | 1 | 10 | (9 | ) | 1 | 9 | (8 | ) | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Total loans | 5,788 | 5,527 | 261 | 5,995 | 5,674 | 321 | ||||||||||||||||||||||
Nonaccrual loans | 367 | 376 | (9 | ) | 188 | 188 | — | |||||||||||||||||||||
Other assets (1) | 2,512 | n/a | n/a | 1,386 | n/a | n/a | ||||||||||||||||||||||
Long-term debt | — | — | — | — | (199 | ) | 199 | -2 | ||||||||||||||||||||
-1 | Consists of nonmarketable equity investments carried at fair value. See Note 7 (Premises, Equipment, Lease Commitments and Other Assets) for more information. | |||||||||||||||||||||||||||
-2 | Represents collateralized, non-recourse debt securities issued by certain of our consolidated securitization VIEs that are held by third party investors. To the extent cash flows from the underlying collateral are not sufficient to pay the unpaid principal amount of the debt, those third party investors absorb losses. | |||||||||||||||||||||||||||
The assets and liabilities accounted for under the fair value option are initially measured at fair value. Gains and losses from initial measurement and subsequent changes in fair value are recognized in earnings. The changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets and liabilities measured at fair value are shown below by income statement line item. | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in millions) | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | |||||||||||||||||||
Trading assets - loans | $ | — | 29 | 4 | — | 40 | 3 | — | 14 | 1 | ||||||||||||||||||
Mortgages held for sale | 2,211 | — | — | 2,073 | — | — | 8,240 | — | 1 | |||||||||||||||||||
Loans held for sale | — | — | — | — | — | — | — | — | 21 | |||||||||||||||||||
Loans | — | — | (49 | ) | — | — | (216 | ) | — | — | 63 | |||||||||||||||||
Other assets | — | — | 518 | — | — | 324 | — | — | — | |||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | (27 | ) | ||||||||||||||||||
Other interests held (1) | — | (12 | ) | — | (15 | ) | — | — | (42 | ) | 34 | |||||||||||||||||
-1 | Consists of retained interests in securitizations and changes in fair value of letters of credit. | |||||||||||||||||||||||||||
For performing loans, instrument-specific credit risk gains or losses were derived principally by determining the change in fair value of the loans due to changes in the observable or implied credit spread. Credit spread is the market yield on the loans less the relevant risk-free benchmark interest rate. For nonperforming loans, we attribute all changes in fair value to instrument-specific credit risk. The following table shows the estimated gains and losses from earnings attributable to instrument-specific credit risk related to assets accounted for under the fair value option. | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Gains (losses) attributable to instrument-specific credit risk: | ||||||||||||||||||||||||||||
Trading assets - loans | $ | 29 | 40 | 14 | ||||||||||||||||||||||||
Mortgages held for sale | 60 | 126 | (124 | ) | ||||||||||||||||||||||||
Loans held for sale | — | — | 21 | |||||||||||||||||||||||||
Total | $ | 89 | 166 | (89 | ) | |||||||||||||||||||||||
Disclosures about Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
The table below is a summary of fair value estimates for financial instruments, excluding financial instruments recorded at fair value on a recurring basis as they are included within the Assets and Liabilities Recorded at Fair Value on a Recurring Basis table included earlier in this Note. The carrying amounts in the following table are recorded on the balance sheet under the indicated captions, except for nonmarketable equity investments, which are included in Other Assets. | ||||||||||||||||||||||||||||
We have not included assets and liabilities that are not financial instruments in our disclosure, such as the value of the long-term relationships with our deposit, credit card and trust customers, amortized MSRs, premises and equipment, goodwill and other intangibles, deferred taxes and other liabilities. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. | ||||||||||||||||||||||||||||
Estimated fair value | ||||||||||||||||||||||||||||
(in millions) | Carrying amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Cash and due from banks (1) | $ | 19,571 | 19,571 | — | — | 19,571 | ||||||||||||||||||||||
Federal funds sold, securities purchased under resale agreements and other short-term investments (1) | 258,429 | 8,991 | 249,438 | — | 258,429 | |||||||||||||||||||||||
Held-to-maturity securities | 55,483 | 41,548 | 9,021 | 5,790 | 56,359 | |||||||||||||||||||||||
Mortgages held for sale (2) | 3,971 | — | 2,875 | 1,098 | 3,973 | |||||||||||||||||||||||
Loans held for sale (2) | 721 | — | 739 | — | 739 | |||||||||||||||||||||||
Loans, net (3) | 832,671 | — | 60,052 | 784,786 | 844,838 | |||||||||||||||||||||||
Nonmarketable equity investments (cost method) | 7,033 | — | — | 8,377 | 8,377 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Deposits | 1,168,310 | — | 1,132,845 | 35,566 | 1,168,411 | |||||||||||||||||||||||
Short-term borrowings (1) | 63,518 | — | 63,518 | — | 63,518 | |||||||||||||||||||||||
Long-term debt (4) | 183,934 | — | 174,996 | 10,479 | 185,475 | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Cash and due from banks (1) | $ | 19,919 | 19,919 | — | — | 19,919 | ||||||||||||||||||||||
Federal funds sold, securities purchased under resale agreements and other short-term investments (1) | 213,793 | 5,160 | 208,633 | — | 213,793 | |||||||||||||||||||||||
Held to maturity securities | 12,346 | — | 6,205 | 6,042 | 12,247 | |||||||||||||||||||||||
Mortgages held for sale (2) | 2,884 | — | 2,009 | 893 | 2,902 | |||||||||||||||||||||||
Loans held for sale (2) | 132 | — | 136 | — | 136 | |||||||||||||||||||||||
Loans, net (3) | 789,513 | — | 58,350 | 736,214 | 794,564 | |||||||||||||||||||||||
Nonmarketable equity investments (cost method) | 6,978 | — | — | 8,635 | 8,635 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Deposits | 1,079,177 | — | 1,037,448 | 42,079 | 1,079,527 | |||||||||||||||||||||||
Short-term borrowings (1) | 53,883 | — | 53,883 | — | 53,883 | |||||||||||||||||||||||
Long-term debt (4) | 152,987 | — | 144,984 | 10,879 | 155,863 | |||||||||||||||||||||||
-1 | Amounts consist of financial instruments in which carrying value approximates fair value. | |||||||||||||||||||||||||||
-2 | Balance reflects MHFS and LHFS, as applicable, other than those MHFS and LHFS for which election of the fair value option was made. | |||||||||||||||||||||||||||
-3 | Loans exclude balances for which the fair value option was elected and also exclude lease financing with a carrying amount of $12.3 billion and $12.4 billion at December 31, 2014 and 2013 respectively. | |||||||||||||||||||||||||||
-4 | The carrying amount and fair value exclude obligations under capital leases of $9 million and $11 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in the table above. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related | ||||||||||||||||||||||||||||
allowance, which totaled $945 million and $597 million at December 31, 2014 and 2013, respectively. |
Preferred_Stock
Preferred Stock | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Preferred Stock [Abstract] | ||||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||
Note 18: Preferred Stock | ||||||||||||||||||||||||||
We are authorized to issue 20 million shares of preferred stock and 4 million shares of preference stock, both without par value. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but have no general voting rights. We have not issued any preference shares under this authorization. If issued, preference shares would be limited to one vote per share. Our total authorized, issued and outstanding preferred stock is presented in the following two tables along with the Employee Stock Ownership Plan (ESOP) Cumulative Convertible Preferred Stock. | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Liquidation | Shares | Liquidation | Shares | |||||||||||||||||||||||
preference | authorized | preference | authorized | |||||||||||||||||||||||
per share | and designated | per share | and designated | |||||||||||||||||||||||
DEP Shares | ||||||||||||||||||||||||||
Dividend Equalization Preferred Shares (DEP) | $ | 10 | 97,000 | $ | 10 | 97,000 | ||||||||||||||||||||
Series G | ||||||||||||||||||||||||||
7.25% Class A Preferred Stock | 15,000 | 50,000 | 15,000 | 50,000 | ||||||||||||||||||||||
Series H | ||||||||||||||||||||||||||
Floating Class A Preferred Stock | 20,000 | 50,000 | 20,000 | 50,000 | ||||||||||||||||||||||
Series I | ||||||||||||||||||||||||||
Floating Class A Preferred Stock | 100,000 | 25,010 | 100,000 | 25,010 | ||||||||||||||||||||||
Series J | ||||||||||||||||||||||||||
8.00% Non-Cumulative Perpetual Class A Preferred Stock | 1,000 | 2,300,000 | 1,000 | 2,300,000 | ||||||||||||||||||||||
Series K | ||||||||||||||||||||||||||
7.98% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 1,000 | 3,500,000 | 1,000 | 3,500,000 | ||||||||||||||||||||||
Series L | ||||||||||||||||||||||||||
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock | 1,000 | 4,025,000 | 1,000 | 4,025,000 | ||||||||||||||||||||||
Series N | ||||||||||||||||||||||||||
5.20% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 30,000 | 25,000 | 30,000 | ||||||||||||||||||||||
Series O | ||||||||||||||||||||||||||
5.125% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 27,600 | 25,000 | 27,600 | ||||||||||||||||||||||
Series P | ||||||||||||||||||||||||||
5.25% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 26,400 | 25,000 | 26,400 | ||||||||||||||||||||||
Series Q | ||||||||||||||||||||||||||
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 69,000 | 25,000 | 69,000 | ||||||||||||||||||||||
Series R | ||||||||||||||||||||||||||
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 34,500 | 25,000 | 34,500 | ||||||||||||||||||||||
Series S | ||||||||||||||||||||||||||
5.900% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 80,000 | — | — | ||||||||||||||||||||||
Series T | ||||||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 32,200 | — | — | ||||||||||||||||||||||
ESOP | ||||||||||||||||||||||||||
Cumulative Convertible Preferred Stock (1) | — | 1,251,287 | — | 1,105,664 | ||||||||||||||||||||||
Total | 11,597,997 | 11,340,174 | ||||||||||||||||||||||||
-1 | See the ESOP Cumulative Convertible Preferred Stock section of this Note for additional information about the liquidation preference for the ESOP Cumulative Preferred Stock. | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||
(in millions, except shares) | Shares issued and outstanding | Par value | Carrying | Discount | Shares issued and outstanding | Par value | Carrying value | Discount | ||||||||||||||||||
value | ||||||||||||||||||||||||||
DEP Shares | ||||||||||||||||||||||||||
Dividend Equalization Preferred Shares (DEP) | 96,546 | — | — | — | 96,546 | — | — | — | ||||||||||||||||||
Series I (1) | ||||||||||||||||||||||||||
Floating Class A Preferred Stock | 25,010 | 2,501 | 2,501 | — | 25,010 | 2,501 | 2,501 | — | ||||||||||||||||||
Series J (1) | ||||||||||||||||||||||||||
8.00% Non-Cumulative Perpetual Class A Preferred Stock | 2,150,375 | 2,150 | 1,995 | 155 | 2,150,375 | 2,150 | 1,995 | 155 | ||||||||||||||||||
Series K (1) | ||||||||||||||||||||||||||
7.98% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 3,352,000 | 3,352 | 2,876 | 476 | 3,352,000 | 3,352 | 2,876 | 476 | ||||||||||||||||||
Series L (1) | ||||||||||||||||||||||||||
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock | 3,968,000 | 3,968 | 3,200 | 768 | 3,968,000 | 3,968 | 3,200 | 768 | ||||||||||||||||||
Series N (1) | ||||||||||||||||||||||||||
5.20% Non-Cumulative Perpetual Class A Preferred Stock | 30,000 | 750 | 750 | — | 30,000 | 750 | 750 | — | ||||||||||||||||||
Series O (1) | ||||||||||||||||||||||||||
5.125% Non-Cumulative Perpetual Class A Preferred Stock | 26,000 | 650 | 650 | — | 26,000 | 650 | 650 | — | ||||||||||||||||||
Series P (1) | ||||||||||||||||||||||||||
5.25% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 625 | 625 | — | 25,000 | 625 | 625 | — | ||||||||||||||||||
Series Q (1) | ||||||||||||||||||||||||||
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 69,000 | 1,725 | 1,725 | — | 69,000 | 1,725 | 1,725 | — | ||||||||||||||||||
Series R (1) | ||||||||||||||||||||||||||
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 33,600 | 840 | 840 | — | 33,600 | 840 | 840 | — | ||||||||||||||||||
Series S (1) | ||||||||||||||||||||||||||
5.900% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 80,000 | 2,000 | 2,000 | — | — | — | — | — | ||||||||||||||||||
Series T (1) | ||||||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 32,000 | 800 | 800 | — | — | — | — | — | ||||||||||||||||||
ESOP | ||||||||||||||||||||||||||
Cumulative Convertible Preferred Stock | 1,251,287 | 1,251 | 1,251 | — | 1,105,664 | 1,105 | 1,105 | — | ||||||||||||||||||
Total | 11,138,818 | $ | 20,612 | 19,213 | 1,399 | 10,881,195 | $ | 17,666 | 16,267 | 1,399 | ||||||||||||||||
-1 | Preferred shares qualify as Tier 1 capital. | |||||||||||||||||||||||||
In April 2014, we issued 2 million Depositary Shares, each representing a 1/25th interest in a share of the Non-Cumulative Perpetual Class A Preferred Stock, Series S, for an aggregate public offering price of $2.0 billion. In July 2014, we issued 32 million Depositary Shares, each representing a 1/1,000th interest in a share of the Non-Cumulative Perpetual Class A Preferred Stock, Series T, for an aggregate public offering price of $800 million. See Note 8 (Securitizations and Variable Interest Entities) for additional information on our trust preferred securities. We do not have a commitment to issue Series G or H preferred stock. | ||||||||||||||||||||||||||
ESOP CUMULATIVE CONVERTIBLE PREFERRED STOCK All shares of our ESOP Cumulative Convertible Preferred Stock (ESOP Preferred Stock) were issued to a trustee acting on behalf of the Wells Fargo & Company 401(k) Plan (the 401(k) Plan). Dividends on the ESOP Preferred Stock are cumulative from the date of initial issuance and are payable quarterly at annual rates based upon the year of issuance. Each share of ESOP Preferred Stock released from the unallocated reserve of the 401(k) Plan is converted into shares of our common stock based on the stated value of the ESOP Preferred Stock and the then current market price of our common stock. The ESOP Preferred Stock is also convertible at the option of the holder at any time, unless previously redeemed. We have the option to redeem the ESOP Preferred Stock at any time, in whole or in part, at a redemption price per share equal to the higher of (a) $1,000 per share plus accrued and unpaid dividends or (b) the fair market value, as defined in the Certificates of Designation for the ESOP Preferred Stock. | ||||||||||||||||||||||||||
Shares issued and outstanding | Carrying value | |||||||||||||||||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | Adjustable dividend rate | ||||||||||||||||||||||
(in millions, except shares) | 2014 | 2013 | 2014 | 2013 | Minimum | Maximum | ||||||||||||||||||||
ESOP Preferred Stock | ||||||||||||||||||||||||||
$1,000 liquidation preference per share | ||||||||||||||||||||||||||
2014 | 352,158 | — | $ | 352 | — | 8.7 | % | 9.7 | ||||||||||||||||||
2013 | 288,000 | 349,788 | 288 | 350 | 8.5 | 9.5 | ||||||||||||||||||||
2012 | 189,204 | 217,404 | 189 | 217 | 10 | 11 | ||||||||||||||||||||
2011 | 205,263 | 241,263 | 205 | 241 | 9 | 10 | ||||||||||||||||||||
2010 | 141,011 | 171,011 | 141 | 171 | 9.5 | 10.5 | ||||||||||||||||||||
2008 | 42,204 | 57,819 | 42 | 58 | 10.5 | 11.5 | ||||||||||||||||||||
2007 | 24,728 | 39,248 | 25 | 39 | 10.75 | 11.75 | ||||||||||||||||||||
2006 | 8,719 | 21,139 | 9 | 21 | 10.75 | 11.75 | ||||||||||||||||||||
2005 | — | 7,992 | — | 8 | 9.75 | 10.75 | ||||||||||||||||||||
Total ESOP Preferred Stock (1) | 1,251,287 | 1,105,664 | $ | 1,251 | 1,105 | |||||||||||||||||||||
Unearned ESOP shares (2) | $ | (1,360 | ) | (1,200 | ) | |||||||||||||||||||||
-1 | At December 31, 2014 and December 31,2013, additional paid-in capital included $109 million and $95 million, respectively, related to ESOP preferred stock. | |||||||||||||||||||||||||
-2 | We recorded a corresponding charge to unearned ESOP shares in connection with the issuance of the ESOP Preferred Stock. The unearned ESOP shares are reduced as shares of the ESOP Preferred Stock are committed to be released. |
Common_Stock_and_Stock_Plans
Common Stock and Stock Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Common Stock and Stock Plans | |||||||||||||
Note 19: Common Stock and Stock Plans | |||||||||||||
Common Stock | |||||||||||||
The following table presents our reserved, issued and authorized shares of common stock at December 31, 2014. | |||||||||||||
Number of shares | |||||||||||||
Dividend reinvestment and common stock purchase plans | 9,892,201 | ||||||||||||
Director plans | 942,715 | ||||||||||||
Stock plans (1) | 524,917,342 | ||||||||||||
Convertible securities and warrants | 104,259,902 | ||||||||||||
Total shares reserved | 640,012,160 | ||||||||||||
Shares issued | 5,481,811,474 | ||||||||||||
Shares not reserved | 2,878,176,366 | ||||||||||||
Total shares authorized | 9,000,000,000 | ||||||||||||
-1 | Includes employee options, restricted shares and restricted share rights, 401 (k) profit sharing and compensation deferral plans. | ||||||||||||
At December 31, 2014, we have warrants outstanding and exercisable to purchase 38,424,434 shares of our common stock with an exercise price of $33.996 per share, expiring on October 28, 2018. We did not purchase any of these warrants in 2014 or 2013. Warrants to purchase 684,430 and 435 shares of our common stock were exercised in 2014 and 2013, respectively. These warrants were issued in connection with our participation in the TARP CPP. | |||||||||||||
Dividend Reinvestment and Common Stock Purchase Plans | |||||||||||||
Participants in our dividend reinvestment and common stock direct purchase plans may purchase shares of our common stock at fair market value by reinvesting dividends and/or making optional cash payments, under the plan's terms. | |||||||||||||
Employee Stock Plans | |||||||||||||
We offer stock-based employee compensation plans as described below. For information on our accounting for stock-based compensation plans, see Note 1 (Summary of Significant Accounting Policies). | |||||||||||||
LONG-TERM INCENTIVE COMPENSATION PLANS Our Long- Term Incentive Compensation Plan (LTICP) provides for awards of incentive and nonqualified stock options, stock appreciation rights, restricted shares, restricted stock rights (RSRs), performance share awards (PSAs), performance units and stock awards with or without restrictions. | |||||||||||||
Beginning in 2010, we granted RSRs and performance shares as our primary long-term incentive awards instead of stock options. Holders of RSRs are entitled to the related shares of common stock at no cost generally vesting over three to five years after the RSRs were granted. RSRs generally continue to vest after retirement according to the original vesting schedule. Except in limited circumstances, RSRs are canceled when employment ends. | |||||||||||||
Holders of each vested PSA are entitled to the related shares of common stock at no cost. PSAs continue to vest after retirement according to the original vesting schedule subject to satisfying the performance criteria and other vesting conditions. | |||||||||||||
Holders of RSRs and PSAs may be entitled to receive additional RSRs and PSAs (dividend equivalents) or cash payments equal to the cash dividends that would have been paid had the RSRs or PSAs been issued and outstanding shares of common stock. RSRs and PSAs granted as dividend equivalents are subject to the same vesting schedule and conditions as the underlying award. | |||||||||||||
Stock options must have an exercise price at or above fair market value (as defined in the plan) of the stock at the date of grant (except for substitute or replacement options granted in connection with mergers or other acquisitions) and a term of no more than 10 years. Except for options granted in 2004 and 2005, which generally vested in full upon grant, options generally become exercisable over three years beginning on the first anniversary of the date of grant. Except as otherwise permitted under the plan, if employment is ended for reasons other than retirement, permanent disability or death, the option exercise period is reduced or the options are canceled. | |||||||||||||
Compensation expense for most of our RSRs, and PSAs granted prior to 2013, is based on the quoted market price of the related stock at the grant date; beginning in 2013 certain RSRs and all PSAs granted include discretionary performance based vesting conditions and are subject to variable accounting. For these awards, the associated compensation expense fluctuates with changes in our stock price. Stock option expense is based on the fair value of the awards at the date of grant. The following table summarizes the major components of stock incentive compensation expense and the related recognized tax benefit. | |||||||||||||
Year ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
RSRs | $ | 639 | 568 | 435 | |||||||||
Performance shares | 219 | 157 | 112 | ||||||||||
Stock options | — | — | 13 | ||||||||||
Total stock incentive compensation expense | $ | 858 | 725 | 560 | |||||||||
Related recognized tax benefit | $ | 324 | 273 | 211 | |||||||||
For various acquisitions and mergers, we converted employee and director stock options of acquired or merged companies into stock options to purchase our common stock based on the terms of the original stock option plan and the agreed-upon exchange ratio. In addition, we converted restricted stock awards into awards that entitle holders to our stock after the vesting conditions are met. Holders receive cash dividends on outstanding awards if provided in the original award. | |||||||||||||
The total number of shares of common stock available for grant under the plans at December 31, 2014, was 245 million. | |||||||||||||
Director Awards | |||||||||||||
Beginning in 2011, we granted only common stock awards under the LTICP to non-employee directors elected or re-elected at the annual meeting of stockholders and prorated awards to directors who join the Board at any other time. Stock awards vest immediately. Options also were granted to directors prior to 2011, and can be exercised after twelve months through the tenth anniversary of the grant date. Options granted prior to 2005 may include the right to acquire a “reload” stock option. Reload grants are fully vested upon grant and are expensed immediately. The last reload options were granted in 2013. As of December 31, 2014, none of the options outstanding included a reload feature. | |||||||||||||
Restricted Share Rights | |||||||||||||
A summary of the status of our RSRs and restricted share awards at December 31, 2014, and changes during 2014 is in the following table: | |||||||||||||
Number | Weighted- | ||||||||||||
average | |||||||||||||
grant-date | |||||||||||||
fair value | |||||||||||||
Nonvested at January 1, 2014 | 60,643,994 | $ | 31.61 | ||||||||||
Granted | 15,583,325 | 46.79 | |||||||||||
Vested | (21,307,272 | ) | 31.29 | ||||||||||
Canceled or forfeited | (1,347,898 | ) | 19.36 | ||||||||||
Nonvested at December 31, 2014 | 53,572,149 | 36.46 | |||||||||||
The weighted-average grant date fair value of RSRs granted during 2013 and 2012 was $35.52 and $31.49, respectively. | |||||||||||||
At December 31, 2014, there was $708 million of total unrecognized compensation cost related to nonvested RSRs. The cost is expected to be recognized over a weighted-average period of 2.5 years. The total fair value of RSRs that vested during 2014, 2013 and 2012 was $1.0 billion, $472 million and $89 million, respectively. | |||||||||||||
Performance Share Awards | |||||||||||||
Holders of PSAs are entitled to the related shares of common stock at no cost subject to the Company's achievement of specified performance criteria over a three-year period. PSAs are granted at a target number; based on the Company's performance, the number of awards that vest can be adjusted downward to zero and upward to a maximum of either 125% or 150% of target. The awards vest in the quarter after the end of the performance period. For PSAs whose performance period ended December 31, 2014, the determination of the number of performance shares that will vest will occur in the first quarter of 2015, after review of the Company’s performance by the Human Resources Committee of the Board of Directors. Beginning in 2013, PSAs granted include discretionary performance based vesting conditions and are subject to variable accounting. For these awards, the associated compensation expense fluctuates with changes in our stock price and the estimated outcome of meeting the performance conditions. The total expense that will be recognized on these awards cannot be finalized until the determination of the awards that will vest. | |||||||||||||
A summary of the status of our PSAs at December 31, 2014 and changes during 2014 is in the following table, based on the target amount of awards: | |||||||||||||
Number | Weighted- | ||||||||||||
average | |||||||||||||
grant-date | |||||||||||||
fair value | |||||||||||||
Nonvested at January 1, 2014 | 10,839,148 | $ | 32.72 | ||||||||||
Granted | 3,968,637 | 41.01 | |||||||||||
Vested | (5,513,017 | ) | 31.68 | ||||||||||
Nonvested at December 31, 2014 | 9,294,768 | 36.87 | |||||||||||
The weighted-average grant date fair value of performance awards granted during 2013 and 2012 was $33.56 and $31.44, respectively. | |||||||||||||
At December 31, 2014, there was $41 million of total unrecognized compensation cost related to nonvested performance awards. The cost is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of PSAs that vested during 2014 and 2013 was $262 million and $168 million, respectively. No performance awards vested during 2012. | |||||||||||||
Stock Options | |||||||||||||
The table below summarizes stock option activity and related information for the stock plans. Options assumed in mergers are included in the activity and related information for Incentive Compensation Plans if originally issued under an employee plan, and in the activity and related information for Director Awards if originally issued under a director plan. | |||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||
average | average | intrinsic | |||||||||||
exercise price | remaining contractual term (in yrs.) | value | |||||||||||
(in millions) | |||||||||||||
Incentive compensation plans | |||||||||||||
Options outstanding as of December 31, 2013 | 140,484,056 | $ | 42.86 | ||||||||||
Canceled or forfeited | (2,844,648 | ) | 206.02 | ||||||||||
Exercised | (39,976,208 | ) | 29.93 | ||||||||||
Options exercisable and outstanding as of December 31, 2014 | 97,663,200 | 43.4 | 2.7 | $ | 2,476 | ||||||||
Director awards | |||||||||||||
Options outstanding as of December 31, 2013 | 479,637 | 31.95 | |||||||||||
Exercised | (88,090 | ) | 31.43 | ||||||||||
Options exercisable and outstanding as of December 31, 2014 | 391,547 | 32.07 | 2.1 | 9 | |||||||||
As of December 31, 2014, there was no unrecognized compensation cost related to stock options. The total intrinsic value of options exercised during 2014, 2013 and 2012 was $805 million, $643 million and $694 million, respectively. | |||||||||||||
Cash received from the exercise of stock options for 2014, 2013 and 2012 was $1.2 billion, $1.6 billion and $1.5 billion, respectively. | |||||||||||||
We do not have a specific policy on repurchasing shares to satisfy share option exercises. Rather, we have a general policy on repurchasing shares to meet common stock issuance requirements for our benefit plans (including share option exercises), conversion of our convertible securities, acquisitions and other corporate purposes. Various factors determine the amount and timing of our share repurchases, including our capital requirements, the number of shares we expect to issue for acquisitions and employee benefit plans, market conditions (including the trading price of our stock), and regulatory and legal considerations. These factors can change at any time, and there can be no assurance as to the number of shares we will repurchase or when we will repurchase them. | |||||||||||||
The fair value of each option award granted on or after January 1, 2006, is estimated using a Black-Scholes valuation model. The expected term of reload options granted is generally based on the midpoint between the valuation date and the contractual termination date of the original option. Our expected volatilities are based on a combination of the historical volatility of our common stock and implied volatilities for traded options on our common stock. The risk-free rate is based on the U.S. Treasury zero-coupon yield curve in effect at the time of grant. Both expected volatility and the risk-free rates are based on a period commensurate with our expected term. The expected dividend is based on a fixed dividend amount. | |||||||||||||
The following table presents the weighted-average per share fair value of options granted and the assumptions used, based on a Black-Scholes option valuation model. All of the options granted in 2013 and 2012 resulted from the reload feature. | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per share fair value of options granted | $ | — | 1.58 | 2.79 | |||||||||
Expected volatility | — | % | 18.3 | 29.2 | |||||||||
Expected dividends | $ | — | 0.93 | 0.68 | |||||||||
Expected term (in years) | — | 0.5 | 0.7 | ||||||||||
Risk-free interest rate | — | % | 0.1 | 0.1 | |||||||||
Employee Stock Ownership Plan | |||||||||||||
The Wells Fargo & Company 401(k) Plan (401(k) Plan) is a defined contribution plan with an Employee Stock Ownership Plan (ESOP) feature. The ESOP feature enables the 401(k) Plan to borrow money to purchase our preferred or common stock. From 1994 through 2014, with the exception of 2009, we loaned money to the 401(k) Plan to purchase shares of our ESOP preferred stock. As our employer contributions are made to the 401(k) Plan and are used by the 401(k) Plan to make ESOP loan payments, the ESOP preferred stock in the 401(k) Plan is released and converted into our common stock shares. Dividends on the common stock shares allocated as a result of the release and conversion of the ESOP preferred stock reduce retained earnings and the shares are considered outstanding for computing earnings per share. Dividends on the unallocated ESOP preferred stock do not reduce retained earnings, and the shares are not considered to be common stock equivalents for computing earnings per share. Loan principal and interest payments are made from our employer contributions to the 401(k) Plan, along with dividends paid on the ESOP preferred stock. With each principal and interest payment, a portion of the ESOP preferred stock is released and converted to common stock shares, which are allocated to the 401(k) Plan participants and invested in the Wells Fargo ESOP Fund within the 401(k) Plan. | |||||||||||||
The balance of common stock and unreleased preferred stock held in the Wells Fargo ESOP fund, the fair value of unreleased ESOP preferred stock and the dividends on allocated shares of common stock and unreleased ESOP Preferred Stock paid to the 401(k) Plan were: | |||||||||||||
Shares outstanding | |||||||||||||
December 31, | |||||||||||||
(in millions, except shares) | 2014 | 2013 | 2012 | ||||||||||
Allocated shares (common) | 136,801,782 | 137,354,139 | 136,821,035 | ||||||||||
Unreleased shares (preferred) | 1,251,287 | 1,105,664 | 910,934 | ||||||||||
Fair value of unreleased ESOP preferred shares | $ | 1,251 | 1,105 | 911 | |||||||||
Dividends paid | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Allocated shares (common) | $ | 186 | 159 | 117 | |||||||||
Unreleased shares (preferred) | 152 | 132 | 115 | ||||||||||
Deferred Compensation Plan for Independent Sales Agents | |||||||||||||
WF Deferred Compensation Holdings, Inc. is a wholly-owned subsidiary of the Parent formed solely to sponsor a deferred compensation plan for independent sales agents who provide investment, financial and other qualifying services for or with respect to participating affiliates. | |||||||||||||
The Nonqualified Deferred Compensation Plan for Independent Contractors, which became effective January 1, 2002, allowed participants to defer all or part of their eligible compensation payable to them by a participating affiliate. The Parent has fully and unconditionally guaranteed the deferred compensation obligations of WF Deferred Compensation Holdings, Inc. under the plan. No future deferrals may be made under this plan and participants may no longer reallocate their existing account balances under the plan among different investment options. |
Employee_Benefits_and_Other_Ex
Employee Benefits and Other Expenses | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||
Employee Benefits and Other Expenses | ||||||||||||||||||||||||||||
Note 20: Employee Benefits and Other Expenses | ||||||||||||||||||||||||||||
Pension and Postretirement Plans | ||||||||||||||||||||||||||||
We sponsor a frozen noncontributory qualified defined benefit retirement plan called the Wells Fargo & Company Cash Balance Plan (Cash Balance Plan), which covers eligible employees of Wells Fargo. The Cash Balance Plan was frozen on July 1, 2009 and no new benefits accrue after that date. | ||||||||||||||||||||||||||||
Prior to July 1, 2009, eligible employees' Cash Balance Plan accounts were allocated a compensation credit based on a percentage of their certified compensation; the freeze discontinued the allocation of compensation credits after June 30, 2009. Investment credits continue to be allocated to participants based on their accumulated balances. | ||||||||||||||||||||||||||||
We recognize settlement losses for our Cash Balance Plan based on an assessment of whether our estimated lump sum payments related to the Cash Balance Plan will, in aggregate for the year, exceed the sum of its annual service and interest cost (threshold). Lump sum payments did not exceed this threshold in 2014. In 2013, lump sum payments exceeded this threshold. Settlement losses of $123 million were recognized in 2013, representing the pro rata portion of the net loss remaining in cumulative other comprehensive income based on the percentage reduction in the Cash Balance Plan’s projected benefit obligation. A remeasurement of the Cash Balance liability and related plan assets occurs at the end of each quarter in which settlement losses are recognized. | ||||||||||||||||||||||||||||
We did not make a contribution to our Cash Balance Plan in 2014. We do not expect that we will be required to make a contribution to the Cash Balance Plan in 2015; however, this is dependent on the finalization of the actuarial valuation in 2015. Our decision of whether to make a contribution in 2015 will be based on various factors including the actual investment performance of plan assets during 2015. Given these uncertainties, we cannot estimate at this time the amount, if any, that we will contribute in 2015 to the Cash Balance Plan. For the nonqualified pension plans and postretirement benefit plans, there is no minimum required contribution beyond the amount needed to fund benefit payments; we may contribute more to our postretirement benefit plans dependent on various factors. | ||||||||||||||||||||||||||||
We provide health care and life insurance benefits for certain retired employees and reserve the right to terminate, modify or amend any of the benefits at any time. | ||||||||||||||||||||||||||||
The information set forth in the following tables is based on current actuarial reports using the measurement date of December 31 for our pension and postretirement benefit plans. In October 2014, the Society of Actuaries (SOA) published updated mortality tables that reflect improved longevity. The benefit obligations at December 31, 2014 reflect the SOA's updated mortality tables, which did not have a material effect on these obligations. | ||||||||||||||||||||||||||||
The changes in the benefit obligation and the fair value of plan assets, the funded status and the amounts recognized on the balance sheet were: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Pension benefits | Pension benefits | |||||||||||||||||||||||||||
(in millions) | Qualified | Non- | Other | Qualified | Non- | Other | ||||||||||||||||||||||
qualified | benefits | qualified | benefits | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 10,198 | 669 | 982 | 11,717 | 719 | 1,293 | |||||||||||||||||||||
Service cost | 1 | — | 7 | — | — | 11 | ||||||||||||||||||||||
Interest cost | 465 | 27 | 42 | 465 | 29 | 47 | ||||||||||||||||||||||
Plan participants’ contributions | — | — | 73 | — | — | 77 | ||||||||||||||||||||||
Actuarial loss (gain) | 1,161 | 89 | 136 | (1,106 | ) | (17 | ) | (306 | ) | |||||||||||||||||||
Benefits paid | (692 | ) | (54 | ) | (148 | ) | (875 | ) | (62 | ) | (147 | ) | ||||||||||||||||
Medicare Part D subsidy | — | — | 9 | — | — | 8 | ||||||||||||||||||||||
Foreign exchange impact | (8 | ) | (1 | ) | (1 | ) | (3 | ) | — | (1 | ) | |||||||||||||||||
Benefit obligation at end of year | 11,125 | 730 | 1,100 | 10,198 | 669 | 982 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 9,409 | — | 645 | 9,539 | — | 636 | ||||||||||||||||||||||
Actual return on plan assets | 909 | — | 26 | 743 | — | 71 | ||||||||||||||||||||||
Employer contribution | 7 | 54 | 19 | 4 | 62 | — | ||||||||||||||||||||||
Plan participants’ contributions | — | — | 73 | — | — | 77 | ||||||||||||||||||||||
Benefits paid | (692 | ) | (54 | ) | (148 | ) | (875 | ) | (62 | ) | (147 | ) | ||||||||||||||||
Medicare Part D subsidy | — | — | 9 | — | — | 8 | ||||||||||||||||||||||
Foreign exchange impact | (7 | ) | — | — | (2 | ) | — | — | ||||||||||||||||||||
Fair value of plan assets at end of year | 9,626 | — | 624 | 9,409 | — | 645 | ||||||||||||||||||||||
Funded status at end of year | $ | (1,499 | ) | (730 | ) | (476 | ) | (789 | ) | (669 | ) | (337 | ) | |||||||||||||||
Amounts recognized on the balance sheet at end of year: | $ | (1,499 | ) | (730 | ) | (476 | ) | (789 | ) | (669 | ) | (337 | ) | |||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
The following table provides information for pension plans with benefit obligations in excess of plan assets. | ||||||||||||||||||||||||||||
Dec 31, | Dec 31, | |||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 11,855 | 10,822 | |||||||||||||||||||||||||
Accumulated benefit obligation | 11,851 | 10,820 | ||||||||||||||||||||||||||
Fair value of plan assets | 9,626 | 9,364 | ||||||||||||||||||||||||||
The components of net periodic benefit cost and other comprehensive income were: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Pension benefits | Pension benefits | Pension benefits | ||||||||||||||||||||||||||
(in millions) | Qualified | Non- | Other | Qualified | Non- | Other | Qualified | Non- | Other | |||||||||||||||||||
qualified | benefits | qualified | benefits | qualified | benefits | |||||||||||||||||||||||
Service cost | $ | 1 | — | 7 | — | — | 11 | 3 | — | 11 | ||||||||||||||||||
Interest cost | 465 | 27 | 42 | 465 | 29 | 47 | 514 | 32 | 60 | |||||||||||||||||||
Expected return on plan assets | (629 | ) | — | (36 | ) | (674 | ) | — | (36 | ) | (652 | ) | — | (36 | ) | |||||||||||||
Amortization of net actuarial loss (gain) | 91 | 11 | (28 | ) | 137 | 15 | (1 | ) | 131 | 10 | — | |||||||||||||||||
Amortization of prior service credit | — | — | (2 | ) | — | — | (2 | ) | — | — | (2 | ) | ||||||||||||||||
Settlement loss (1) | — | 2 | — | 124 | 3 | — | 2 | 5 | — | |||||||||||||||||||
Curtailment gain | — | — | — | — | — | — | — | — | (3 | ) | ||||||||||||||||||
Net periodic benefit cost | (72 | ) | 40 | (17 | ) | 52 | 47 | 19 | (2 | ) | 47 | 30 | ||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | 881 | 89 | 146 | (1,175 | ) | (17 | ) | (341 | ) | 758 | 62 | (42 | ) | |||||||||||||||
Amortization of net actuarial gain (loss) | (91 | ) | (11 | ) | 28 | (137 | ) | (15 | ) | 1 | (131 | ) | (10 | ) | — | |||||||||||||
Prior service cost | — | — | — | — | — | — | (2 | ) | — | — | ||||||||||||||||||
Amortization of prior service credit | — | — | 2 | — | — | 2 | — | — | 2 | |||||||||||||||||||
Settlement (1) | — | (2 | ) | — | (124 | ) | (3 | ) | — | (1 | ) | (5 | ) | — | ||||||||||||||
Total recognized in other comprehensive income | 790 | 76 | 176 | (1,436 | ) | (35 | ) | (338 | ) | 624 | 47 | (40 | ) | |||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 718 | 116 | 159 | (1,384 | ) | 12 | (319 | ) | 622 | 94 | (10 | ) | |||||||||||||||
-1 | Qualified settlements in 2013 include $123 million for the Cash Balance Plan. | |||||||||||||||||||||||||||
Amounts recognized in cumulative OCI (pre tax) consist of: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Pension benefits | Pension benefits | |||||||||||||||||||||||||||
(in millions) | Qualified | Non- | Other | Qualified | Non- | Other | ||||||||||||||||||||||
qualified | benefits | qualified | benefits | |||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 2,677 | 224 | (147 | ) | 1,887 | 148 | (321 | ) | |||||||||||||||||||
Net prior service credit | (2 | ) | — | (20 | ) | (2 | ) | — | (22 | ) | ||||||||||||||||||
Total | $ | 2,675 | 224 | (167 | ) | 1,885 | 148 | (343 | ) | |||||||||||||||||||
The net actuarial loss for the defined benefit pension plans and other post retirement plans that will be amortized from cumulative OCI into net periodic benefit cost in 2015 is $122 million. The net prior service credit for the defined benefit pension plans and other post retirement plans that will be amortized from cumulative OCI into net periodic benefit cost in 2015 is $2 million. | ||||||||||||||||||||||||||||
Plan Assumptions | ||||||||||||||||||||||||||||
For additional information on our pension accounting assumptions, see Note 1 (Summary of Significant Accounting Policies).The weighted-average discount rates used to estimate the projected benefit obligation for pension benefits were: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Pension benefits | Pension benefits | |||||||||||||||||||||||||||
Qualified | Non- | Other | Qualified | Non- | Other | |||||||||||||||||||||||
qualified | benefits | qualified | benefits | |||||||||||||||||||||||||
Discount rate | 4 | % | 3.75 | 4 | 4.75 | 4.25 | 4.5 | |||||||||||||||||||||
The weighted-average assumptions used to determine the net periodic benefit cost were: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Pension benefits | Pension benefits | Pension benefits | ||||||||||||||||||||||||||
Qualified | Non- | Other | Qualified | Non- | Other | Qualified | Non- | Other | ||||||||||||||||||||
qualified | benefits | qualified | benefits | qualified | benefits | |||||||||||||||||||||||
Discount rate (1) | 4.75 | % | 4.16 | 4.5 | 4.38 | 4.08 | 3.75 | 5 | 4.92 | 4.75 | ||||||||||||||||||
Expected return on plan assets | 7 | n/a | 6 | 7.5 | n/a | 6 | 7.5 | n/a | 6 | |||||||||||||||||||
-1 | The discount rate for the 2013 qualified pension benefits and for the 2014, 2013, and 2012 nonqualified pension benefits includes the impact of quarter-end remeasurements when settlement losses are recognized. | |||||||||||||||||||||||||||
To account for postretirement health care plans we use health care cost trend rates to recognize the effect of expected changes in future health care costs due to medical inflation, utilization changes, new technology, regulatory requirements and Medicare cost shifting. In determining the end of year benefit obligation we assume an average annual increase of approximately 7.00%, for health care costs in 2015. This rate is assumed to trend down 0.25% per year until the trend rate reaches an ultimate rate of 5.00% in 2023. The 2014 periodic benefit cost was determined using an initial annual trend rate of 7.25%. This rate was assumed to decrease 0.25% per year until the trend rate reached an ultimate rate of 5.00% in 2023. Increasing the assumed health care trend by one percentage point in each year would increase the benefit obligation as of December 31, 2014, by $45 million and the total of the interest cost and service cost components of the net periodic benefit cost for 2014 by $2 million. Decreasing the assumed health care trend by one percentage point in each year would decrease the benefit obligation as of December 31, 2014, by $40 million and the total of the interest cost and service cost components of the net periodic benefit cost for 2014 by $2 million. | ||||||||||||||||||||||||||||
Investment Strategy and Asset Allocation | ||||||||||||||||||||||||||||
We seek to achieve the expected long-term rate of return with a prudent level of risk given the benefit obligations of the pension plans and their funded status. Our overall investment strategy is designed to provide our Cash Balance Plan with long-term growth opportunities while ensuring that risk is mitigated through diversification across numerous asset classes and various investment strategies. We target the asset allocation for our Cash Balance Plan at a target mix range of 30% -50% equities, 40% -60% fixed income, and approximately 10% in real estate, venture capital, private equity and other investments. The Employee Benefit Review Committee (EBRC), which includes several members of senior management, formally reviews the investment risk and performance of our Cash Balance Plan on a quarterly basis. Annual Plan liability analysis and periodic asset/liability evaluations are also conducted. | ||||||||||||||||||||||||||||
Other benefit plan assets include (1) assets held in a 401(h) trust, which are invested with a target mix of 40%-60% for both equities and fixed income, and (2) assets held in the Retiree Medical Plan Voluntary Employees' Beneficiary Association (VEBA) trust, which are invested with a general target asset mix of 20%-40% equities and 60%-80% fixed income. In addition, the strategy for the VEBA trust assets considers the effect of income taxes by utilizing a combination of variable annuity and low turnover investment strategies. Members of the EBRC formally review the investment risk and performance of these assets on a quarterly basis. | ||||||||||||||||||||||||||||
Projected Benefit Payments | ||||||||||||||||||||||||||||
Future benefits that we expect to pay under the pension and other benefit plans are presented in the following table. Other benefits payments are expected to be reduced by prescription drug subsidies from the federal government provided by the Medicare Prescription Drug, Improvement and Modernization Act of 2003. | ||||||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||||||
(in millions) | Qualified | Non- | Future | Subsidy | ||||||||||||||||||||||||
qualified | benefits | receipts | ||||||||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2015 | $ | 750 | 92 | 88 | 10 | |||||||||||||||||||||||
2016 | 741 | 66 | 89 | 11 | ||||||||||||||||||||||||
2017 | 732 | 61 | 89 | 11 | ||||||||||||||||||||||||
2018 | 730 | 57 | 89 | 11 | ||||||||||||||||||||||||
2019 | 738 | 55 | 89 | 12 | ||||||||||||||||||||||||
2020-2024 | 3,568 | 233 | 424 | 59 | ||||||||||||||||||||||||
Fair Value of Plan Assets | ||||||||||||||||||||||||||||
The following table presents the balances of pension plan assets and other benefit plan assets measured at fair value. See Note 17 (Fair Values of Assets and Liabilities) for fair value hierarchy level definitions. | ||||||||||||||||||||||||||||
Carrying value at year end | ||||||||||||||||||||||||||||
Pension plan assets | Other benefits plan assets | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 31 | 224 | — | 255 | 139 | 21 | — | 160 | |||||||||||||||||||
Long duration fixed income (1) | 556 | 3,622 | 12 | 4,190 | — | — | — | — | ||||||||||||||||||||
Intermediate (core) fixed income (2) | 127 | 329 | — | 456 | 61 | 115 | — | 176 | ||||||||||||||||||||
High-yield fixed income | 1 | 321 | 5 | 327 | — | — | — | — | ||||||||||||||||||||
International fixed income | 53 | 284 | — | 337 | — | — | — | — | ||||||||||||||||||||
Domestic large-cap stocks (3) | 833 | 375 | — | 1,208 | — | 102 | — | 102 | ||||||||||||||||||||
Domestic mid-cap stocks | 252 | 140 | — | 392 | — | 47 | — | 47 | ||||||||||||||||||||
Domestic small-cap stocks (4) | 238 | 17 | — | 255 | — | 37 | — | 37 | ||||||||||||||||||||
Global stocks (5) | 47 | 155 | — | 202 | — | — | — | — | ||||||||||||||||||||
International stocks (6) | 457 | 276 | — | 733 | 25 | 53 | — | 78 | ||||||||||||||||||||
Emerging market stocks | — | 412 | — | 412 | — | — | — | — | ||||||||||||||||||||
Real estate/timber (7) | 121 | 1 | 265 | 387 | — | — | — | — | ||||||||||||||||||||
Hedge funds (8) | — | 203 | 84 | 287 | — | — | — | — | ||||||||||||||||||||
Private equity | — | — | 155 | 155 | — | — | — | — | ||||||||||||||||||||
Other | — | 23 | 52 | 75 | 2 | — | 22 | 24 | ||||||||||||||||||||
Total plan investments | $ | 2,716 | 6,382 | 573 | 9,671 | 227 | 375 | 22 | 624 | |||||||||||||||||||
Payable upon return of securities loaned | (53 | ) | — | |||||||||||||||||||||||||
Net receivables | 8 | — | ||||||||||||||||||||||||||
Total plan assets | $ | 9,626 | 624 | |||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 65 | 357 | — | 422 | 147 | 22 | — | 169 | |||||||||||||||||||
Long duration fixed income (1) | 546 | 3,287 | 1 | 3,834 | — | — | — | — | ||||||||||||||||||||
Intermediate (core) fixed income (2) | 86 | 339 | — | 425 | 64 | 115 | — | 179 | ||||||||||||||||||||
High-yield fixed income | 5 | 326 | — | 331 | — | — | — | — | ||||||||||||||||||||
International fixed income | 201 | 112 | — | 313 | — | — | — | — | ||||||||||||||||||||
Domestic large-cap stocks (3) | 824 | 415 | — | 1,239 | — | 107 | — | 107 | ||||||||||||||||||||
Domestic mid-cap stocks | 260 | 145 | — | 405 | — | 46 | — | 46 | ||||||||||||||||||||
Domestic small-cap stocks (4) | 286 | 15 | — | 301 | — | 38 | — | 38 | ||||||||||||||||||||
International stocks (6) | 540 | 354 | 1 | 895 | 28 | 54 | — | 82 | ||||||||||||||||||||
Emerging market stocks | — | 405 | — | 405 | — | — | — | — | ||||||||||||||||||||
Real estate/timber (7) | 89 | 1 | 294 | 384 | — | — | — | — | ||||||||||||||||||||
Hedge funds (8) | — | 149 | 152 | 301 | — | — | — | — | ||||||||||||||||||||
Private equity | — | — | 158 | 158 | — | — | — | — | ||||||||||||||||||||
Other | — | 27 | 52 | 79 | 2 | — | 22 | 24 | ||||||||||||||||||||
Total plan investments | $ | 2,902 | 5,932 | 658 | 9,492 | 241 | 382 | 22 | 645 | |||||||||||||||||||
Payable upon return of securities loaned | (94 | ) | — | |||||||||||||||||||||||||
Net receivables | 11 | — | ||||||||||||||||||||||||||
Total plan assets | $ | 9,409 | 645 | |||||||||||||||||||||||||
-1 | This category includes a diversified mix of assets which are being managed in accordance with a duration target of approximately 10 years and an emphasis on corporate credit bonds combined with investments in U.S. Treasury securities and other U.S. agency and non-agency bonds. | |||||||||||||||||||||||||||
-2 | This category includes assets that are primarily intermediate duration, investment grade bonds held in investment strategies benchmarked to the Barclays Capital U.S. Aggregate Bond Index. Includes U.S. Treasury securities, agency and non-agency asset-backed bonds and corporate bonds. | |||||||||||||||||||||||||||
-3 | This category covers a broad range of investment styles, including active, enhanced index and passive approaches, as well as style characteristics of value, core and growth emphasized strategies. Assets in this category are currently diversified across seven unique investment strategies with no single investment manager strategy representing more than 2.5% of total plan assets. | |||||||||||||||||||||||||||
-4 | This category consists of a highly diversified combination of four distinct investment management strategies with no single strategy representing more than 2% of total plan assets. Allocations in this category are spread across actively managed approaches with distinct value and growth emphasized approaches in fairly equal proportions. | |||||||||||||||||||||||||||
-5 | This category consists of three unique investment strategies providing exposure to broadly diversified, global equity investments, which generally have an allocation of 40-60% in U.S. domiciled equities and and an equivalent allocation range in primarily developed market, non-U.S. equities, with no single strategy representing more than 1.5% of total Plan assets. | |||||||||||||||||||||||||||
-6 | This category includes assets diversified across six unique investment strategies providing exposure to companies based primarily in developed market, non-U.S. countries with no single strategy representing more than 2.5% of total plan assets. | |||||||||||||||||||||||||||
-7 | This category primarily includes investments in private and public real estate, as well as timber specific limited partnerships; real estate holdings are diversified by geographic location and sector (e.g., retail, office, apartments). | |||||||||||||||||||||||||||
-8 | This category consists of several investment strategies diversified across more than 30 hedge fund managers. Single manager allocation exposure is limited to 0.15% (15 basis points) of total plan assets. | |||||||||||||||||||||||||||
The changes in Level 3 pension plan and other benefit plan assets measured at fair value are summarized as follows: | ||||||||||||||||||||||||||||
Balance beginning | Gains (losses) | Purchases, | Transfers | Balance | ||||||||||||||||||||||||
of year | sales | Into/(Out of) | end of | |||||||||||||||||||||||||
and | Level 3 | year | ||||||||||||||||||||||||||
(in millions) | Realized | Unrealized (1) | settlements (net) | |||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Pension plan assets: | ||||||||||||||||||||||||||||
Long duration fixed income | $ | 1 | — | — | 1 | 10 | 12 | |||||||||||||||||||||
High-yield fixed income | — | — | — | 3 | 2 | 5 | ||||||||||||||||||||||
International stocks | 1 | — | — | (1 | ) | — | — | |||||||||||||||||||||
Real estate/timber | 294 | 9 | 34 | (72 | ) | — | 265 | |||||||||||||||||||||
Hedge funds | 152 | 1 | 4 | (9 | ) | (64 | ) | 84 | ||||||||||||||||||||
Private equity | 158 | 12 | (3 | ) | (12 | ) | — | 155 | ||||||||||||||||||||
Other | 52 | 2 | 1 | (3 | ) | — | 52 | |||||||||||||||||||||
$ | 658 | 24 | 36 | (93 | ) | (52 | ) | 573 | ||||||||||||||||||||
Other benefits plan assets: | ||||||||||||||||||||||||||||
Other | $ | 22 | — | — | — | — | 22 | |||||||||||||||||||||
$ | 22 | — | — | — | — | 22 | ||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Pension plan assets: | ||||||||||||||||||||||||||||
Long duration fixed income | $ | 1 | — | — | — | — | 1 | |||||||||||||||||||||
International stocks | 1 | — | — | — | — | 1 | ||||||||||||||||||||||
Real estate/timber | 328 | 27 | 52 | (113 | ) | — | 294 | |||||||||||||||||||||
Hedge funds | 71 | 5 | 6 | 56 | 14 | 152 | ||||||||||||||||||||||
Private equity | 145 | 19 | 6 | (12 | ) | — | 158 | |||||||||||||||||||||
Other | 48 | 1 | 5 | (2 | ) | — | 52 | |||||||||||||||||||||
$ | 594 | 52 | 69 | (71 | ) | 14 | 658 | |||||||||||||||||||||
Other benefits plan assets: | ||||||||||||||||||||||||||||
Other | $ | 22 | — | — | — | — | 22 | |||||||||||||||||||||
$ | 22 | — | — | — | — | 22 | ||||||||||||||||||||||
-1 | All unrealized gains (losses) relate to instruments held at period end. | |||||||||||||||||||||||||||
VALUATION METHODOLOGIES Following is a description of the valuation methodologies used for assets measured at fair value. | ||||||||||||||||||||||||||||
Cash and Cash Equivalents – includes investments in collective investment funds valued at fair value based upon the quoted market values of the underlying net assets. The unit price is quoted on a private market that is not active; however, the unit price is based on underlying investments traded on an active market. This group of assets also includes investments in registered investment companies valued at the NAV of shares held at year end. | ||||||||||||||||||||||||||||
Long Duration, Intermediate (Core), High-Yield, and International Fixed Income – includes investments traded on the secondary markets; prices are measured by using quoted market prices for similar securities, pricing models, and discounted cash flow analyses using significant inputs observable in the market where available, or a combination of multiple valuation techniques. This group of assets also includes highly liquid government securities such as U.S. Treasuries, limited partnerships valued at the NAV provided by the fund sponsor and registered investment companies and collective investment funds described above. | ||||||||||||||||||||||||||||
Domestic, Global, International and Emerging Market Stocks – investments in exchange-traded equity securities are valued at quoted market values. This group of assets also includes investments in registered investment companies and collective investment funds described above. | ||||||||||||||||||||||||||||
Real Estate and Timber – the fair value of real estate and timber is estimated based primarily on appraisals prepared by third-party appraisers. Market values are estimates and the actual market price of the real estate can only be determined by negotiation between independent third parties in a sales transaction. This group of assets also includes investments in exchange-traded equity securities described above. | ||||||||||||||||||||||||||||
Hedge Funds and Private Equity – the fair values of hedge funds are valued based on the proportionate share of the underlying net assets of the investment funds that comprise the fund, based on valuations supplied by the underlying investment funds. Investments in private equity funds are valued at the NAV provided by the fund sponsor. Market values are estimates and the actual market price of the investments can only be determined by negotiation between independent third parties in a sales transaction. | ||||||||||||||||||||||||||||
Other – insurance contracts that are generally stated at cash surrender value. This group of assets also includes investments in collective investment funds and private equity described above. | ||||||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe our 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 fair value measurement at the reporting date. | ||||||||||||||||||||||||||||
Defined Contribution Retirement Plans | ||||||||||||||||||||||||||||
We sponsor a defined contribution retirement plan named the Wells Fargo & Company 401(k) Plan (401(k) Plan). Under the 401(k) Plan, after one month of service, eligible employees may contribute up to 50% of their certified compensation, subject to statutory limits. Eligible employees who complete one year of service are eligible for company matching contributions, which are generally dollar for dollar up to 6% of an employee's eligible certified compensation. Effective January 1, 2010, matching contributions are 100% vested. The 401(k) Plan includes an employer discretionary profit sharing contribution feature to allow us to make a contribution to eligible employees’ 401(k) Plan accounts. Eligible employees who complete one year of service are eligible for profit sharing contributions. Profit sharing contributions are vested after three years of service. Total defined contribution retirement plan expenses were $1.1 billion, $1.2 billion, and $1.1 billion in 2014, 2013, and 2012 respectively. | ||||||||||||||||||||||||||||
Other Expenses | ||||||||||||||||||||||||||||
Expenses exceeding 1% of total interest income and noninterest income in any of the years presented that are not otherwise shown separately in the financial statements or Notes to Financial Statements were: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Outside professional services | $ | 2,689 | 2,519 | 2,729 | ||||||||||||||||||||||||
Operating losses | 1,249 | 821 | 2,235 | |||||||||||||||||||||||||
Outside data processing | 1,034 | 983 | 910 | |||||||||||||||||||||||||
Contract services | 975 | 935 | 1,011 | |||||||||||||||||||||||||
Travel and entertainment | 904 | 885 | 839 | |||||||||||||||||||||||||
Foreclosed assets | 583 | 605 | 1,061 | |||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Note 21: Income Taxes | |||||||||||||||||||||
The components of income tax expense were: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 7,321 | 4,601 | 9,141 | |||||||||||||||||
State and local | 520 | 736 | 1,198 | ||||||||||||||||||
Foreign | 112 | 91 | 61 | ||||||||||||||||||
Total current | 7,953 | 5,428 | 10,400 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 2,117 | 4,457 | (1,151 | ) | |||||||||||||||||
State and local | 224 | 522 | (166 | ) | |||||||||||||||||
Foreign | 13 | (2 | ) | 20 | |||||||||||||||||
Total deferred | 2,354 | 4,977 | (1,297 | ) | |||||||||||||||||
Total | $ | 10,307 | 10,405 | 9,103 | |||||||||||||||||
The tax effects of our temporary differences that gave rise to significant portions of our deferred tax assets and liabilities are presented in the following table. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||
Allowance for loan losses | $ | 4,592 | 5,227 | ||||||||||||||||||
Deferred compensation and employee benefits | 4,608 | 4,283 | |||||||||||||||||||
Accrued expenses | 1,213 | 1,247 | |||||||||||||||||||
PCI loans | 1,935 | 2,150 | |||||||||||||||||||
Basis difference in investments | 382 | 1,084 | |||||||||||||||||||
Net operating loss and tax credit carry forwards | 631 | 773 | |||||||||||||||||||
Other | 1,318 | 1,720 | |||||||||||||||||||
Total deferred tax assets | 14,679 | 16,484 | |||||||||||||||||||
Deferred tax assets valuation allowance | (426 | ) | (457 | ) | |||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||
Mortgage servicing rights | (5,860 | ) | (6,657 | ) | |||||||||||||||||
Leasing | (4,057 | ) | (4,274 | ) | |||||||||||||||||
Mark to market, net | (7,635 | ) | (5,761 | ) | |||||||||||||||||
Intangible assets | (1,494 | ) | (1,885 | ) | |||||||||||||||||
Net unrealized gains on investment securities | (2,737 | ) | (1,155 | ) | |||||||||||||||||
Insurance reserves | (2,087 | ) | (2,068 | ) | |||||||||||||||||
Other | (1,635 | ) | (1,733 | ) | |||||||||||||||||
Total deferred tax liabilities | (25,505 | ) | (23,533 | ) | |||||||||||||||||
Net deferred tax liability (1) | $ | (11,252 | ) | (7,506 | ) | ||||||||||||||||
-1 | Included in accrued expenses and other liabilities. | ||||||||||||||||||||
Deferred taxes related to net unrealized gains (losses) on investment securities, net unrealized gains (losses) on derivatives, foreign currency translation, and employee benefit plan adjustments are recorded in cumulative OCI (see Note 23 (Other Comprehensive Income)). These associated adjustments decreased OCI by $1.3 billion in 2014. | |||||||||||||||||||||
We have determined that a valuation reserve is required for 2014 in the amount of $426 million predominantly attributable to deferred tax assets in various state and foreign jurisdictions where we believe it is more likely than not that these deferred tax assets will not be realized. In these jurisdictions, carry back limitations, lack of sources of taxable income, and tax planning strategy limitations contributed to our conclusion that the deferred tax assets would not be realizable. We have concluded that it is more likely than not that the remaining deferred tax assets will be realized based on our history of earnings, sources of taxable income in carry back periods, and our ability to implement tax planning strategies. | |||||||||||||||||||||
At December 31, 2014, we had net operating loss carry forwards with related deferred tax assets of $631 million. If these carry forwards are not utilized, they will expire in varying amounts through 2034. | |||||||||||||||||||||
At December 31, 2014, we had undistributed foreign earnings of $1.8 billion related to foreign subsidiaries. We intend to reinvest these earnings indefinitely outside the U.S. and accordingly have not provided $513 million of income tax liability on these earnings. | |||||||||||||||||||||
The following table reconciles the statutory federal income tax expense and rate to the effective income tax expense and rate. Our effective tax rate is calculated by dividing income tax expense by income before income tax expense less the net income from noncontrolling interests. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in millions) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
Statutory federal income tax expense and rate | $ | 11,677 | 35 | % | $ | 11,299 | 35 | % | $ | 9,800 | 35 | % | |||||||||
Change in tax rate resulting from: | |||||||||||||||||||||
State and local taxes on income, net of federal income tax benefit | 971 | 2.9 | 964 | 3 | 856 | 3.1 | |||||||||||||||
Tax-exempt interest | (550 | ) | (1.6 | ) | (490 | ) | (1.5 | ) | (414 | ) | (1.5 | ) | |||||||||
Excludable dividends | (70 | ) | (0.2 | ) | (49 | ) | (0.2 | ) | (132 | ) | (0.5 | ) | |||||||||
Tax credits | (1,074 | ) | (3.2 | ) | (967 | ) | (3.0 | ) | (815 | ) | (2.9 | ) | |||||||||
Life insurance | (179 | ) | (0.5 | ) | (173 | ) | (0.5 | ) | (524 | ) | (1.9 | ) | |||||||||
Leveraged lease tax expense | 158 | 0.5 | 302 | 0.9 | 347 | 1.2 | |||||||||||||||
Other | (626 | ) | (2.0 | ) | (481 | ) | (1.5 | ) | (15 | ) | — | ||||||||||
Effective income tax expense and rate | $ | 10,307 | 30.9 | % | $ | 10,405 | 32.2 | % | $ | 9,103 | 32.5 | % | |||||||||
The effective tax rate for 2014, includes a net reduction in the reserve for uncertain tax positions primarily due to the resolution of prior period matters with state taxing authorities. The effective tax rate for 2013, included a net reduction in the reserve for uncertain tax positions primarily due to settlements with authorities regarding certain cross border transactions and tax benefits recognized from the realization for tax purposes of a previously written down investment. The 2012 effective tax rate included a tax benefit resulting from the surrender of previously written-down Wachovia life insurance investments. | |||||||||||||||||||||
The change in unrecognized tax benefits follows: | |||||||||||||||||||||
Year ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||
Balance at beginning of year | $ | 5,528 | 6,069 | ||||||||||||||||||
Additions: | |||||||||||||||||||||
For tax positions related to the current year | 412 | 427 | |||||||||||||||||||
For tax positions related to prior years | 324 | 283 | |||||||||||||||||||
Reductions: | |||||||||||||||||||||
For tax positions related to prior years | (213 | ) | (540 | ) | |||||||||||||||||
Lapse of statute of limitations | (50 | ) | (74 | ) | |||||||||||||||||
Settlements with tax authorities | (999 | ) | (637 | ) | |||||||||||||||||
Balance at end of year | $ | 5,002 | 5,528 | ||||||||||||||||||
Of the $5.0 billion of unrecognized tax benefits at December 31, 2014, approximately $3.1 billion would, if recognized, affect the effective tax rate. The remaining $1.9 billion of unrecognized tax benefits relates to income tax positions on temporary differences. | |||||||||||||||||||||
We recognize interest and penalties as a component of income tax expense. At December 31, 2014 and 2013, we have accrued approximately $660 million and $832 million for the payment of interest and penalties, respectively. In 2014, we recognized in income tax expense, a net tax benefit related to interest and penalties of $142 million. In 2013, we recognized in income tax expense, interest and penalties of $69 million. | |||||||||||||||||||||
We are subject to U.S. federal income tax as well as income tax in numerous state and foreign jurisdictions. We are routinely examined by tax authorities in these various jurisdictions. The IRS is currently examining the 2007 through 2012 consolidated federal income tax returns of Wells Fargo & Company and its subsidiaries. In addition, we are currently subject to examination by various state, local and foreign taxing authorities. With few exceptions, Wells Fargo and its subsidiaries are not subject to federal, state, local and foreign income tax examinations for taxable years prior to 2007. Wachovia Corporation and its subsidiaries are no longer subject to federal examination and, with limited exception, are no longer subject to state, local and foreign income tax examinations. | |||||||||||||||||||||
We are litigating or appealing various issues related to our prior IRS examinations for the periods 2003 through 2006, and we are appealing various issues related to IRS examinations of Wachovia’s 2006 through 2008 tax years. We have paid the IRS the contested income tax and interest associated with these issues and refund claims have been filed for the respective years. During 2014 we filed a petition for certiorari to the U.S. Supreme Court, which was denied, in connection with a lease restructuring transaction. It is possible that one or more of these examinations, appeals or litigation may be resolved within the next twelve months resulting in a decrease of up to $700 million to our gross unrecognized tax benefits. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Common Share | ||||||||||
Note 22: Earnings Per Common Share | ||||||||||
The table below shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations. See Note 1 (Summary of Significant Accounting Policies) for discussion of private share repurchases and the Consolidated Statement of Changes in Equity and Note 19 (Common Stock and Stock Plans) for information about stock and options activity and terms and conditions of warrants. | ||||||||||
Year ended December 31, | ||||||||||
(in millions, except per share amounts) | 2014 | 2013 | 2012 | |||||||
Wells Fargo net income | $ | 23,057 | 21,878 | 18,897 | ||||||
Less: Preferred stock dividends and other | 1,236 | 989 | 898 | |||||||
Wells Fargo net income applicable to common stock (numerator) | $ | 21,821 | 20,889 | 17,999 | ||||||
Earnings per common share | ||||||||||
Average common shares outstanding (denominator) | 5,237.20 | 5,287.30 | 5,287.60 | |||||||
Per share | $ | 4.17 | 3.95 | 3.4 | ||||||
Diluted earnings per common share | ||||||||||
Average common shares outstanding | 5,237.20 | 5,287.30 | 5,287.60 | |||||||
Add: Stock Options | 32.9 | 33.1 | 27.5 | |||||||
Restricted share rights | 41.6 | 44.8 | 36.4 | |||||||
Warrants | 12.7 | 6 | — | |||||||
Diluted average common shares outstanding (denominator) | 5,324.40 | 5,371.20 | 5,351.50 | |||||||
Per share | $ | 4.1 | 3.89 | 3.36 | ||||||
The following table presents the outstanding options and warrants to purchase shares of common stock that were anti-dilutive (the exercise price was higher than the weighted-average market price), and therefore not included in the calculation of diluted earnings per common share. | ||||||||||
Weighted-average shares | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Options | 8 | 11.1 | 56.4 | |||||||
Warrants | — | — | 39.2 | |||||||
Other_Comprehensive_Income
Other Comprehensive Income | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||
Note 23: Other Comprehensive Income | |||||||||||||||||||||||||||||
The following table provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects. | |||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(in millions) | Before | Tax | Net of | Before | Tax | Net of | Before | Tax | Net of | ||||||||||||||||||||
tax | effect | tax | tax | effect | tax | tax | effect | tax | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | $ | 5,426 | (2,111 | ) | 3,315 | (7,661 | ) | 2,981 | (4,680 | ) | 5,143 | (1,921 | ) | 3,222 | |||||||||||||||
Reclassification of net (gains) losses to net income: | |||||||||||||||||||||||||||||
Interest income on investment securities (1) | (37 | ) | 14 | (23 | ) | — | — | — | — | — | — | ||||||||||||||||||
Net (gains) losses on debt securities | (593 | ) | 224 | (369 | ) | 29 | (11 | ) | 18 | 128 | (48 | ) | 80 | ||||||||||||||||
Net gains from equity investments | (901 | ) | 340 | (561 | ) | (314 | ) | 118 | (196 | ) | (399 | ) | 150 | (249 | ) | ||||||||||||||
Other noninterest income | (1 | ) | — | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||
Subtotal reclassifications to net income | (1,532 | ) | 578 | (954 | ) | (285 | ) | 107 | (178 | ) | (271 | ) | 102 | (169 | ) | ||||||||||||||
Net change | 3,894 | (1,533 | ) | 2,361 | (7,946 | ) | 3,088 | (4,858 | ) | 4,872 | (1,819 | ) | 3,053 | ||||||||||||||||
Derivatives and hedging activities: | |||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 952 | (359 | ) | 593 | (32 | ) | 12 | (20 | ) | 52 | (12 | ) | 40 | ||||||||||||||||
Reclassification of net (gains) losses to net income: | |||||||||||||||||||||||||||||
Interest income on loans | (588 | ) | 222 | (366 | ) | (426 | ) | 156 | (270 | ) | (490 | ) | 185 | (305 | ) | ||||||||||||||
Interest expense on long-term debt | 44 | (17 | ) | 27 | 91 | (34 | ) | 57 | 96 | (36 | ) | 60 | |||||||||||||||||
Noninterest income | — | — | — | 35 | (13 | ) | 22 | — | — | — | |||||||||||||||||||
Salaries expense | — | — | — | 4 | (2 | ) | 2 | 6 | (2 | ) | 4 | ||||||||||||||||||
Interest income on investment securities | (1 | ) | — | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||
Subtotal reclassifications | (545 | ) | 205 | (340 | ) | (296 | ) | 107 | (189 | ) | (388 | ) | 147 | (241 | ) | ||||||||||||||
to net income | |||||||||||||||||||||||||||||
Net change | 407 | (154 | ) | 253 | (328 | ) | 119 | (209 | ) | (336 | ) | 135 | (201 | ) | |||||||||||||||
Defined benefit plans adjustments: | |||||||||||||||||||||||||||||
Net actuarial gains (losses) arising during the period | (1,116 | ) | 420 | (696 | ) | 1,533 | (578 | ) | 955 | (775 | ) | 290 | (485 | ) | |||||||||||||||
Reclassification of amounts to net periodic benefit costs (2): | |||||||||||||||||||||||||||||
Amortization of net actuarial loss | 74 | (28 | ) | 46 | 151 | (57 | ) | 94 | 141 | (53 | ) | 88 | |||||||||||||||||
Settlements and other | — | — | — | 125 | (46 | ) | 79 | 3 | (1 | ) | 2 | ||||||||||||||||||
Subtotal reclassifications to net periodic benefit costs | 74 | (28 | ) | 46 | 276 | (103 | ) | 173 | 144 | (54 | ) | 90 | |||||||||||||||||
Net change | (1,042 | ) | 392 | (650 | ) | 1,809 | (681 | ) | 1,128 | (631 | ) | 236 | (395 | ) | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||||||||
Net unrealized losses arising during the period | (60 | ) | (5 | ) | (65 | ) | (44 | ) | (7 | ) | (51 | ) | (6 | ) | 2 | (4 | ) | ||||||||||||
Reclassification of net gains to net income: | |||||||||||||||||||||||||||||
Noninterest income | 6 | — | 6 | (12 | ) | 5 | (7 | ) | (10 | ) | 4 | (6 | ) | ||||||||||||||||
Net change | (54 | ) | (5 | ) | (59 | ) | (56 | ) | (2 | ) | (58 | ) | (16 | ) | 6 | (10 | ) | ||||||||||||
Other comprehensive income (loss) | $ | 3,205 | (1,300 | ) | 1,905 | (6,521 | ) | 2,524 | (3,997 | ) | 3,889 | (1,442 | ) | 2,447 | |||||||||||||||
Less: Other comprehensive income (loss) from noncontrolling interests, net of tax | (227 | ) | 267 | 4 | |||||||||||||||||||||||||
Wells Fargo other comprehensive income (loss), net of tax | $ | 2,132 | (4,264 | ) | 2,443 | ||||||||||||||||||||||||
-1 | Represents unrealized gains amortized over the remaining lives of securities that were transferred from the available-for-sale portfolio to the held-to-maturity portfolio. | ||||||||||||||||||||||||||||
-2 | These items are included in the computation of net periodic benefit cost, which is recorded in employee benefits expense (see Note 20 (Employee Benefits and Other Expenses) for additional details). | ||||||||||||||||||||||||||||
Cumulative OCI balances were: | |||||||||||||||||||||||||||||
(in millions) | Investment | Derivatives | Defined | Foreign | Cumulative | ||||||||||||||||||||||||
securities | and | benefit | currency | other | |||||||||||||||||||||||||
hedging | plans | translation | comprehensive | ||||||||||||||||||||||||||
activities | adjustments | adjustments | income | ||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 4,413 | 490 | (1,786 | ) | 90 | 3,207 | ||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 3,222 | 40 | (485 | ) | (4 | ) | 2,773 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (169 | ) | (241 | ) | 90 | (6 | ) | (326 | ) | ||||||||||||||||||||
Net change | 3,053 | (201 | ) | (395 | ) | (10 | ) | 2,447 | |||||||||||||||||||||
Less: Other comprehensive income from noncontrolling interests | 4 | — | — | — | 4 | ||||||||||||||||||||||||
Balance, December 31, 2012 | 7,462 | 289 | (2,181 | ) | 80 | 5,650 | |||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (4,680 | ) | (20 | ) | 955 | (51 | ) | (3,796 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (178 | ) | (189 | ) | 173 | (7 | ) | (201 | ) | ||||||||||||||||||||
Net change | (4,858 | ) | (209 | ) | 1,128 | (58 | ) | (3,997 | ) | ||||||||||||||||||||
Less: Other comprehensive income from noncontrolling interests | 266 | — | — | 1 | 267 | ||||||||||||||||||||||||
Balance, December 31, 2013 | 2,338 | 80 | (1,053 | ) | 21 | 1,386 | |||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 3,315 | 593 | (696 | ) | (65 | ) | 3,147 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (954 | ) | (340 | ) | 46 | 6 | (1,242 | ) | |||||||||||||||||||||
Net change | 2,361 | 253 | (650 | ) | (59 | ) | 1,905 | ||||||||||||||||||||||
Less: Other comprehensive loss from noncontrolling interests | (227 | ) | — | — | — | (227 | ) | ||||||||||||||||||||||
Balance, December 31, 2014 | $ | 4,926 | 333 | (1,703 | ) | (38 | ) | 3,518 | |||||||||||||||||||||
Operating_Segments
Operating Segments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Operating Segments | ||||||||||||||||||||
Note 24: Operating Segments | ||||||||||||||||||||
We have three reportable operating segments: Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement. The results for these reportable operating segments are based on our management accounting process, for which there is no comprehensive, authoritative guidance equivalent to GAAP for financial accounting. The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with similar information for other financial services companies. We define our operating segments by product type and customer segment. If the management structure and/or the allocation process changes, allocations, transfers and assignments may change. | ||||||||||||||||||||
Community Banking offers a complete line of diversified financial products and services to consumers and small businesses with annual sales generally up to $20 million in which the owner generally is the financial decision maker. Community Banking also offers investment management and other services to retail customers and securities brokerage through affiliates. These products and services include the Wells Fargo Advantage FundsSM, a family of mutual funds. Loan products include lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education loans, origination and purchase of residential mortgage loans and servicing of mortgage loans and credit cards. Other credit products and financial services available to small businesses and their owners include equipment leases, real estate and other commercial financing, Small Business Administration financing, venture capital financing, cash management, payroll services, retirement plans, Health Savings Accounts, credit cards, and merchant payment processing. Community Banking also offers private label financing solutions for retail merchants across the United States and purchases retail installment contracts from auto dealers in the United States and Puerto Rico. Consumer and business deposit products include checking accounts, savings deposits, market rate accounts, Individual Retirement Accounts, time deposits, global remittance and debit cards. | ||||||||||||||||||||
Community Banking serves customers through a complete range of channels, including traditional banking stores, in-store banking centers, business centers, ATMs, Online and Mobile Banking, and Wells Fargo Customer Connection, a 24-hours a day, seven days a week telephone service. | ||||||||||||||||||||
The Community Banking segment also includes the results of our Corporate Treasury activities net of allocations in support of other segments and results of investments in our affiliated venture capital partnerships. | ||||||||||||||||||||
Wholesale Banking provides financial solutions to businesses across the United States with annual sales generally in excess of $20 million and to financial institutions globally. Wholesale Banking provides a complete line of commercial, corporate, capital markets, cash management and real estate banking products and services. These include traditional commercial loans and lines of credit, letters of credit, asset-based lending, equipment leasing, international trade facilities, trade financing, collection services, foreign exchange services, treasury management, investment management, institutional fixed-income sales, interest rate, commodity and equity risk management, online/electronic products such as the Commercial Electronic Office® (CEO®) portal, insurance, corporate trust fiduciary and agency services, and investment banking services. Wholesale Banking manages customer investments through institutional separate accounts and mutual funds, including the Wells Fargo Advantage Funds and Wells Capital Management. Wholesale Banking also supports the CRE market with products and services such as construction loans for commercial and residential development, land acquisition and development loans, secured and unsecured lines of credit, interim financing arrangements for completed structures, rehabilitation loans, affordable housing loans and letters of credit, permanent loans for securitization, CRE loan servicing and real estate and mortgage brokerage services. | ||||||||||||||||||||
Wealth, Brokerage and Retirement provides a full range of financial advisory services to clients using a planning approach to meet each client's financial needs. Wealth Management provides affluent and high net worth clients with a complete range of wealth management solutions, including financial planning, private banking, credit, investment management and fiduciary services. Abbot Downing, a Wells Fargo business, provides comprehensive wealth management services to ultra-high net worth families and individuals as well as endowments and foundations. Brokerage serves customers' advisory, brokerage and financial needs as part of one of the largest full-service brokerage firms in the United States. Retirement is a national leader in providing institutional retirement and trust services (including 401(k) and pension plan record keeping) for businesses and reinsurance services for the life insurance industry. | ||||||||||||||||||||
Other includes items not assigned to a specific business segment and elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for wealth management customers provided in Community Banking stores. | ||||||||||||||||||||
(income/expense in millions, average balances in billions) | Community | Wholesale | Wealth, | Other (1) | Consolidated | |||||||||||||||
Banking | Banking | Brokerage | Company | |||||||||||||||||
and | ||||||||||||||||||||
Retirement | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Net interest income (2) | $ | 29,709 | $ | 11,955 | $ | 3,179 | $ | (1,316 | ) | $ | 43,527 | |||||||||
Provision (reversal of provision) for credit losses | 1,681 | (266 | ) | (50 | ) | 30 | 1,395 | |||||||||||||
Noninterest income | 21,153 | 11,527 | 11,039 | (2,899 | ) | 40,820 | ||||||||||||||
Noninterest expense | 28,126 | 12,975 | 10,907 | (2,971 | ) | 49,037 | ||||||||||||||
Income (loss) before income tax expense (benefit) | 21,055 | 10,773 | 3,361 | (1,274 | ) | 33,915 | ||||||||||||||
Income tax expense (benefit) | 6,350 | 3,165 | 1,276 | (484 | ) | 10,307 | ||||||||||||||
Net income (loss) before noncontrolling interests | 14,705 | 7,608 | 2,085 | (790 | ) | 23,608 | ||||||||||||||
Less: Net income from noncontrolling interests | 525 | 24 | 2 | — | 551 | |||||||||||||||
Net income (loss) (3) | $ | 14,180 | $ | 7,584 | $ | 2,083 | $ | (790 | ) | $ | 23,057 | |||||||||
2013 | ||||||||||||||||||||
Net interest income (2) | $ | 28,839 | $ | 12,298 | $ | 2,888 | $ | (1,225 | ) | $ | 42,800 | |||||||||
Provision (reversal of provision) for credit losses | 2,755 | (445 | ) | (16 | ) | 15 | 2,309 | |||||||||||||
Noninterest income | 21,500 | 11,766 | 10,315 | (2,601 | ) | 40,980 | ||||||||||||||
Noninterest expense | 28,723 | 12,378 | 10,455 | (2,714 | ) | 48,842 | ||||||||||||||
Income (loss) before income tax expense (benefit) | 18,861 | 12,131 | 2,764 | (1,127 | ) | 32,629 | ||||||||||||||
Income tax expense (benefit) | 5,799 | 3,984 | 1,050 | (428 | ) | 10,405 | ||||||||||||||
Net income (loss) before noncontrolling interests | 13,062 | 8,147 | 1,714 | (699 | ) | 22,224 | ||||||||||||||
Less: Net income from noncontrolling interests | 330 | 14 | 2 | — | 346 | |||||||||||||||
Net income (loss) (3) | $ | 12,732 | $ | 8,133 | $ | 1,712 | $ | (699 | ) | $ | 21,878 | |||||||||
2012 | ||||||||||||||||||||
Net interest income (2) | $ | 29,045 | $ | 12,648 | $ | 2,768 | $ | (1,231 | ) | $ | 43,230 | |||||||||
Provision (reversal of provision) for credit losses | 6,835 | 286 | 125 | (29 | ) | 7,217 | ||||||||||||||
Noninterest income | 24,360 | 11,444 | 9,392 | (2,340 | ) | 42,856 | ||||||||||||||
Noninterest expense | 30,840 | 12,082 | 9,893 | (2,417 | ) | 50,398 | ||||||||||||||
Income (loss) before income tax expense (benefit) | 15,730 | 11,724 | 2,142 | (1,125 | ) | 28,471 | ||||||||||||||
Income tax expense (benefit) | 4,774 | 3,943 | 814 | (428 | ) | 9,103 | ||||||||||||||
Net income (loss) before noncontrolling interests | 10,956 | 7,781 | 1,328 | (697 | ) | 19,368 | ||||||||||||||
Less: Net income from noncontrolling interests | 464 | 7 | — | — | 471 | |||||||||||||||
Net income (loss) (3) | $ | 10,492 | $ | 7,774 | $ | 1,328 | $ | (697 | ) | $ | 18,897 | |||||||||
2014 | ||||||||||||||||||||
Average loans | $ | 503.2 | 313.4 | 52.1 | (34.3 | ) | 834.4 | |||||||||||||
Average assets | 934.2 | 544.2 | 189.8 | (74.9 | ) | 1,593.30 | ||||||||||||||
Average core deposits | 642.3 | 274 | 154.9 | (67.6 | ) | 1,003.60 | ||||||||||||||
2013 | ||||||||||||||||||||
Average loans | 499.3 | 287.7 | 46.1 | (30.4 | ) | 802.7 | ||||||||||||||
Average assets | 835.4 | 500 | 180.9 | (70.3 | ) | 1,446.00 | ||||||||||||||
Average core deposits | 620.1 | 237.2 | 150.1 | (65.3 | ) | 942.1 | ||||||||||||||
-1 | Includes corporate items not specific to a business segment and the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for wealth management customers provided in Community Banking stores. | |||||||||||||||||||
-2 | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to other segments. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. | |||||||||||||||||||
-3 | Represents segment net income (loss) for Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement segments and Wells Fargo net income for the consolidated company. |
ParentOnly_Financial_Statement
Parent-Only Financial Statements | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||
Parent Company Financial Statements | ||||||||||
Note 25: Parent-Only Financial Statements | ||||||||||
The following tables present Parent-only condensed financial statements. | ||||||||||
Parent-Only Statement of Income | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Income | ||||||||||
Dividends from subsidiaries: | ||||||||||
Bank | $ | 15,077 | 10,612 | 11,767 | ||||||
Nonbank | 526 | 33 | 1,150 | |||||||
Interest income from subsidiaries | 772 | 848 | 897 | |||||||
Other interest income | 216 | 240 | 222 | |||||||
Other income | 1,032 | 484 | 267 | |||||||
Total income | 17,623 | 12,217 | 14,303 | |||||||
Expense | ||||||||||
Interest expense: | ||||||||||
Indebtedness to nonbank subsidiaries | 357 | 334 | 287 | |||||||
Short-term borrowings | 7 | 5 | 1 | |||||||
Long-term debt | 1,540 | 1,546 | 1,877 | |||||||
Other | 5 | 15 | 23 | |||||||
Noninterest expense | 797 | 1,175 | 1,127 | |||||||
Total expense | 2,706 | 3,075 | 3,315 | |||||||
Income before income tax benefit and | ||||||||||
equity in undistributed income of subsidiaries | 14,917 | 9,142 | 10,988 | |||||||
Income tax benefit | (926 | ) | (570 | ) | (903 | ) | ||||
Equity in undistributed income of subsidiaries | 7,214 | 12,166 | 7,006 | |||||||
Net income | $ | 23,057 | 21,878 | 18,897 | ||||||
Parent-Only Statement of Comprehensive Income | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Net income | $ | 23,057 | 21,878 | 18,897 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||
Investment securities | 142 | (248 | ) | 61 | ||||||
Derivatives and hedging activities | 12 | 39 | 31 | |||||||
Defined benefit plans adjustment | (633 | ) | 1,136 | (379 | ) | |||||
Equity in other comprehensive income (loss) of subsidiaries | 2,611 | (5,191 | ) | 2,730 | ||||||
Other comprehensive income (loss), net of tax: | 2,132 | (4,264 | ) | 2,443 | ||||||
Total comprehensive income | $ | 25,189 | 17,614 | 21,340 | ||||||
Parent-Only Balance Sheet | ||||||||||
December 31, | ||||||||||
(in millions) | 2014 | 2013 | ||||||||
Assets | ||||||||||
Cash and cash equivalents due from: | ||||||||||
Subsidiary banks | $ | 43,843 | 42,386 | |||||||
Nonaffiliates | 3 | 3 | ||||||||
Investment securities issued by: | ||||||||||
Subsidiary banks | 10,001 | — | ||||||||
Nonaffiliates | 10,753 | 11,652 | ||||||||
Loans to subsidiaries: | ||||||||||
Bank | 18,166 | 7,140 | ||||||||
Nonbank | 35,783 | 38,504 | ||||||||
Investments in subsidiaries: | ||||||||||
Bank | 162,806 | 154,577 | ||||||||
Nonbank | 24,567 | 21,852 | ||||||||
Other assets | 6,225 | 7,329 | ||||||||
Total assets | $ | 312,147 | 283,443 | |||||||
Liabilities and equity | ||||||||||
Short-term borrowings | $ | 2,270 | 5,121 | |||||||
Accrued expenses and other liabilities | 6,984 | 7,241 | ||||||||
Long-term debt | 97,275 | 81,721 | ||||||||
Indebtedness to nonbank subsidiaries | 21,224 | 19,218 | ||||||||
Total liabilities | 127,753 | 113,301 | ||||||||
Stockholders' equity | 184,394 | 170,142 | ||||||||
Total liabilities and equity | $ | 312,147 | 283,443 | |||||||
Parent-Only Statement of Cash Flows | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Cash flows from operating activities: | ||||||||||
Net cash provided by operating activities | $ | 18,019 | 8,607 | 13,365 | ||||||
Cash flows from investing activities: | ||||||||||
Available-for-sale securities: | ||||||||||
Sales proceeds | 1,196 | 3,606 | 6,171 | |||||||
Prepayments and maturities: | ||||||||||
Subsidiary banks | 25 | — | — | |||||||
Nonaffiliates | — | 12 | 30 | |||||||
Purchases: | ||||||||||
Subsidiary banks | (10,025 | ) | — | — | ||||||
Nonaffiliates | (14 | ) | (6,016 | ) | (5,845 | ) | ||||
Loans: | ||||||||||
Net repayments from (advances to) subsidiaries | (2,199 | ) | 655 | 9,191 | ||||||
Capital notes and term loans made to subsidiaries | (11,275 | ) | (6,700 | ) | (1,850 | ) | ||||
Principal collected on notes/loans made to subsidiaries | 2,526 | 1,472 | 2,462 | |||||||
Net increase in investment in subsidiaries | (1,096 | ) | (1,188 | ) | (5,218 | ) | ||||
Other, net | 470 | 461 | (2 | ) | ||||||
Net cash provided (used) by investing activities | (20,392 | ) | (7,698 | ) | 4,939 | |||||
Cash flows from financing activities: | ||||||||||
Net increase in short-term borrowings and indebtedness to subsidiaries | 2,314 | 6,732 | 5,456 | |||||||
Long-term debt: | ||||||||||
Proceeds from issuance | 22,627 | 18,714 | 16,989 | |||||||
Repayment | (8,659 | ) | (13,096 | ) | (18,693 | ) | ||||
Preferred stock: | ||||||||||
Proceeds from issuance | 2,775 | 3,145 | 1,377 | |||||||
Cash dividends paid | (1,235 | ) | (1,017 | ) | (892 | ) | ||||
Common stock warrants repurchased | — | — | (1 | ) | ||||||
Common stock: | ||||||||||
Proceeds from issuance | 1,840 | 2,224 | 2,091 | |||||||
Repurchased | (9,414 | ) | (5,356 | ) | (3,918 | ) | ||||
Cash dividends paid | (6,908 | ) | (5,953 | ) | (4,565 | ) | ||||
Excess tax benefits related to stock option payments | 453 | 271 | 226 | |||||||
Other, net | 37 | 114 | (14 | ) | ||||||
Net cash provided (used) by financing activities | 3,830 | 5,778 | (1,944 | ) | ||||||
Net change in cash and due from banks | 1,457 | 6,687 | 16,360 | |||||||
Cash and due from banks at beginning of year | 42,389 | 35,702 | 19,342 | |||||||
Cash and due from banks at end of year | $ | 43,846 | 42,389 | 35,702 | ||||||
Regulatory_and_Agency_Capital_
Regulatory and Agency Capital Requirements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||
Regulatory and Agency Capital Requirements | |||||||||||||||||
Note 26: Regulatory and Agency Capital Requirements | |||||||||||||||||
The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal bank regulatory agencies. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated financial holding company, and the OCC has similar requirements for the Company’s national banks, including Wells Fargo Bank, N.A. (the Bank). | |||||||||||||||||
The following table presents regulatory capital information for Wells Fargo & Company and the Bank. Information presented for December 31, 2014, reflects the transition to Basel III capital requirements from previous regulatory capital adequacy guidelines under Basel I effective in 2013. Among other matters, Basel III revises the definition of capital, and changes are being phased-in effective January 1, 2014, through the end of 2021, with regulatory capital ratios determined using Basel III (General Approach) risk-weighted assets during 2014. Under the Basel III (General Approach), at December 31, 2014, the Company’s Common Equity Tier 1 capital was $137.1 billion, or 11.04% of risk-weighted assets, and the Bank’s Common Equity Tier 1 capital was $119.9 billion, or 10.49% of risk-weighted assets. | |||||||||||||||||
We do not consolidate our wholly-owned trust (the Trust) formed solely to issue trust preferred and preferred purchase securities (the Securities). Securities issued by the Trust includable in Tier 2 capital were $2.1 billion at December 31, 2014. Under the new Basel III capital requirements, our remaining trust preferred and preferred purchase securities will begin amortizing in 2016 and will no longer count as Tier 2 capital in 2022. | |||||||||||||||||
The Bank is an approved seller/servicer of mortgage loans and is required to maintain minimum levels of shareholders’ equity, as specified by various agencies, including the United States Department of Housing and Urban Development, GNMA, FHLMC and FNMA. At December 31, 2014, the Bank met these requirements. Other subsidiaries, including the Company’s insurance and broker-dealer subsidiaries, are also subject to various minimum capital levels, as defined by applicable industry regulations. The minimum capital levels for these subsidiaries, and related restrictions, are not significant to our consolidated operations. | |||||||||||||||||
Wells Fargo & Company | Wells Fargo Bank, N.A. | ||||||||||||||||
Under | Under | ||||||||||||||||
Basel III | Basel III | ||||||||||||||||
(General | Under | (General | Under | ||||||||||||||
Approach) | Basel I | Approach) | Basel I | Well- | Minimum | ||||||||||||
December 31, | capitalized | capital | |||||||||||||||
(in billions, except ratios) | 2014 | 2013 | 2014 | 2013 | ratios (1) | ratios (1) | |||||||||||
Regulatory capital: | |||||||||||||||||
Tier 1 | $ | 154.7 | 140.7 | 119.9 | 110 | ||||||||||||
Total | 192.9 | 176.2 | 144 | 136.4 | |||||||||||||
Assets: | |||||||||||||||||
Risk-weighted | $ | 1,242.50 | 1,141.50 | 1,142.50 | 1,057.30 | ||||||||||||
Adjusted average (2) | 1,637.00 | 1,466.70 | 1,487.60 | 1,324.00 | |||||||||||||
Capital ratios: | |||||||||||||||||
Tier 1 capital | 12.45 | % | 12.33 | 10.49 | 10.4 | 6 | 4 | ||||||||||
Total capital | 15.53 | 15.43 | 12.61 | 12.9 | 10 | 8 | |||||||||||
Tier 1 leverage (2) | 9.45 | 9.6 | 8.06 | 8.31 | 5 | 4 | |||||||||||
-1 | As defined by the regulations issued by the Federal Reserve, OCC and FDIC. | ||||||||||||||||
-2 | The leverage ratio consists of Tier 1 capital divided by quarterly average total assets, excluding goodwill and certain other items. The minimum leverage ratio guideline is 3% for banking organizations that do not anticipate significant growth and that have well-diversified risk, excellent asset quality, high liquidity, good earnings, effective management and monitoring of market risk and, in general, are considered top-rated, strong banking organizations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Significant Accounting Policies [Line Items] | ||
Nature of Operations | Wells Fargo & Company is a diversified financial services company. We provide banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance through banking stores, the internet and other distribution channels to consumers, businesses and institutions in all 50 states, the District of Columbia, and in foreign countries. When we refer to “Wells Fargo,” “the Company,” “we,” “our” or “us,” we mean Wells Fargo & Company and Subsidiaries (consolidated). Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. We also hold a majority interest in a real estate investment trust, which has publicly traded preferred stock outstanding. | |
Use of Estimates | Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including allowance for credit losses and purchased credit-impaired (PCI) loans (Note 6 (Loans and Allowance for Credit Losses)), valuations of residential mortgage servicing rights (MSRs) (Note 8 (Securitizations and Variable Interest Entities) and Note 9 (Mortgage Banking Activities)) and financial instruments (Note 17 (Fair Values of Assets and Liabilities)) and income taxes (Note 21 (Income Taxes)). Actual results could differ from those estimates. | |
Accounting for Certain Factored Loan Receivable Arrangements | Accounting for Certain Factored Loan Receivable Arrangements | |
The Company determined that certain factoring arrangements previously included within commercial loans, which were recorded with a corresponding obligation in other liabilities, did not qualify as loan purchases under Accounting Standard Codification (ASC) Topic 860 (Transfers and Servicing of Financial Assets) based on interpretations of the specific arrangements. Accordingly, we revised our commercial loan balances for year-end 2012 and each of the quarters in 2013 in order to present the Company’s lending trends on a comparable basis over this period. This revision, which resulted in a reduction to total commercial loans and a corresponding decrease to other liabilities, did not impact the Company’s consolidated net income or total cash flows. We reduced our commercial loans by $3.5 billion, $3.2 billion, $2.1 billion, $1.6 billion, and $1.2 billion at December 31, September 30, June 30 and March 31, 2013, and December 31, 2012, respectively, which represented less than 1% of total commercial loans and less than 0.5% of our total loan portfolio. We also appropriately revised other affected financial information, including financial guarantees and financial ratios, to reflect this revision. | ||
Accounting Standards Adopted in 2014 | Accounting Standards Adopted in 2014 | |
In 2014, we adopted the following new accounting guidance: | ||
• | Accounting Standards Update (ASU) 2014-17, Business Combinations (Topic 805): Pushdown Accounting; | |
• | ASU 2014-14, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure; | |
• | ASU 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure; | |
• | ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists; and | |
• | ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements. | |
Consolidation | Consolidation | |
Our consolidated financial statements include the accounts of the Parent and our majority-owned subsidiaries and variable interest entities (VIEs) (defined below) in which we are the primary beneficiary. Significant intercompany accounts and transactions are eliminated in consolidation. When we have significant influence over operating and financing decisions for a company but do not own a majority of the voting equity interests, we account for the investment using the equity method of accounting, which requires us to recognize our proportionate share of the company’s earnings. If we do not have significant influence, we recognize the equity investment at cost except for (1) marketable equity securities, which we recognize at fair value with changes in fair value included in OCI, and (2) nonmarketable equity investments for which we have elected the fair value option. Investments accounted for under the equity or cost method are included in Other Assets. | ||
We are a variable interest holder in certain entities in which equity investors do not have the characteristics of a controlling financial interest or where the entity does not have enough equity at risk to finance its activities without additional subordinated financial support from other parties (referred to as VIEs). Our variable interest arises from contractual, ownership or other monetary interests in the entity, which change with fluctuations in the fair value of the entity's net assets. We consolidate a VIE if we are the primary beneficiary, defined as the party that has both the power to direct the activities that most significantly impact the VIE and a variable interest that potentially could be significant to the VIE. To determine whether or not a variable interest we hold could potentially be significant to the VIE, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIE. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. | ||
Cash and Due From Banks | Cash and Due From Banks | |
Cash and cash equivalents include cash on hand, cash items in transit, and amounts due from the Federal Reserve Bank and other depository institutions. | ||
Trading Assets | Trading Assets | |
Trading assets are predominantly securities, including corporate debt, U.S. government agency obligations and other securities that we acquire for short-term appreciation or other trading purposes, certain loans held for market-making purposes to support the buying and selling demands of our customers | ||
and derivatives primarily held for customer accommodation purposes or risk mitigation and hedging. Interest-only strips and other retained interests in securitizations that can be contractually prepaid or otherwise settled in a way that the holder would not recover substantially all of its recorded investment are classified as trading assets. Trading assets are carried at fair value, with changes in fair value recorded in earnings. For securities and loans in trading assets, interest and dividend income are recorded in interest income, and realized and unrealized gains and losses recorded in noninterest income. For other trading assets, including derivatives, the entire change in fair value is recorded in noninterest income. | ||
Investments | Investments | |
Our investments include various debt and marketable equity securities and nonmarketable equity investments. We classify debt and marketable equity securities as available-for-sale or held-to-maturity securities based on our intent to hold to maturity. Our nonmarketable equity investments are reported in Other Assets. | ||
Available-for-Sale Securities | AVAILABLE-FOR-SALE SECURITIES Debt securities that we might not hold until maturity and marketable equity securities are classified as available-for-sale securities and reported at fair value. Unrealized gains and losses, after applicable income taxes, are reported in cumulative OCI. | |
We conduct other-than-temporary impairment (OTTI) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. The initial indicator of OTTI for both debt and equity securities is a decline in fair value below the amount recorded for an investment and the severity and duration of the decline. | ||
For a debt security for which there has been a decline in the fair value below amortized cost basis, we recognize OTTI if we (1) have the intent to sell the security, (2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, or (3) we do not expect to recover the entire amortized cost basis of the security. | ||
Estimating recovery of the amortized cost basis of a debt security is based upon an assessment of the cash flows expected to be collected. If the present value of cash flows expected to be collected, discounted at the security’s effective yield, is less than amortized cost, OTTI is considered to have occurred. In performing an assessment of the cash flows expected to be collected, we consider all relevant information including: | ||
• | the length of time and the extent to which the fair value has been less than the amortized cost basis; | |
• | the historical and implied volatility of the fair value of the security; | |
• | the cause of the price decline, such as the general level of interest rates or adverse conditions specifically related to the security, an industry or a geographic area; | |
• | the issuer's financial condition, near-term prospects and ability to service the debt; | |
• | the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; | |
• | for asset-backed securities, the credit performance of the underlying collateral, including delinquency rates, level of non-performing assets, cumulative losses to date, collateral value and the remaining credit enhancement compared with expected credit losses; | |
• | any change in rating agencies' credit ratings at evaluation date from acquisition date and any likely imminent action; | |
• | independent analyst reports and forecasts, sector credit ratings and other independent market data; and | |
• | recoveries or additional declines in fair value subsequent to the balance sheet date. | |
If we intend to sell the security, or if it is more likely than not we will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the amortized cost basis and fair value of the security. For debt securities that are considered other-than-temporarily impaired that we do not intend to sell or it is more likely than not that we will not be required to sell before recovery, the OTTI write-down is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors, which is recognized in OCI. The measurement of the credit loss component is equal to the difference between the debt security's amortized cost basis and the present value of its expected future cash flows discounted at the security's effective yield. The remaining difference between the security’s fair value and the present value of future expected cash flows is due to factors that are not credit-related and, therefore, is recognized in OCI. We believe that we will fully collect the carrying value of securities on which we have recorded a non-credit-related impairment in OCI. | ||
We hold investments in perpetual preferred securities (PPS) that are structured in equity form, but have many of the characteristics of debt instruments, including periodic cash flows in the form of dividends, call features, ratings that are similar to debt securities and pricing like long-term callable bonds. | ||
Because of the hybrid nature of these securities, we evaluate PPS for OTTI using a model similar to the model we use for debt securities as described above. Among the factors we consider in our evaluation of PPS are whether there is any evidence of deterioration in the credit of the issuer as indicated by a decline in cash flows or a rating agency downgrade to below investment grade and the estimated recovery period. Additionally, in determining if there was evidence of credit deterioration, we evaluate: (1) the severity of decline in market value below cost, (2) the period of time for which the decline in fair value has existed, and (3) the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer. We consider PPS to be other-than-temporarily impaired if cash flows expected to be collected are insufficient to recover our investment or if we no longer believe the security will recover within the estimated recovery period. OTTI write-downs of PPS are recognized in earnings equal to the difference between the cost basis and fair value of the security. Based upon the factors considered in our OTTI evaluation, we believe our investments in PPS currently rated investment grade will be fully realized and, accordingly, have not recognized OTTI on such securities. | ||
For marketable equity securities other than PPS, OTTI evaluations focus on whether evidence exists that supports recovery of the unrealized loss within a timeframe consistent with temporary impairment. This evaluation considers the severity of and length of time fair value is below cost, our intent and ability to hold the security until forecasted recovery of the fair value of the security, and the investee's financial condition, capital strength, and near-term prospects. | ||
We recognize realized gains and losses on the sale of investment securities in noninterest income using the specific identification method. | ||
Unamortized premiums and discounts are recognized in interest income over the contractual life of the security using the interest method. As principal repayments are received on securities (i.e., primarily mortgage-backed securities (MBS)) a proportionate amount of the related premium or discount is recognized in income so that the effective interest rate on the remaining portion of the security continues unchanged. | ||
Held-to-Maturity Securities | HELD-TO-MATURITY SECURITIES Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at historical cost adjusted for amortization of premiums and accretion of discounts. We recognize OTTI when there is a decline in fair value and we do not expect to recover the entire amortized cost basis of the debt security. The amortized cost is written-down to fair value with the credit loss component recorded to earnings and the remaining component recognized in OCI. The OTTI assessment related to whether we expect recovery of the amortized cost basis and determination of any credit loss component recognized in earnings for held-to-maturity securities is the same as described for available-for-sale securities. Security transfers to the held-to-maturity classification are recorded at fair value. Unrealized gains or losses from the transfer of available-for-sale securities continue to be reported in cumulative OCI and are amortized into earnings over the remaining life of the security using the effective interest method. | |
Nonmarketable Equity Investments | NONMARKETABLE EQUITY INVESTMENTS Nonmarketable equity investments include low income housing tax credit investments, equity securities that are not publicly traded and securities acquired for various purposes, such as to meet regulatory requirements (for example, Federal Reserve Bank and Federal Home Loan Bank (FHLB) stock). We have elected the fair value option for some of these investments with the remainder of these investments accounted for under the cost or equity method, which we review at least quarterly for possible OTTI. Our review typically includes an analysis of the facts and circumstances of each investment, the expectations for the investment's cash flows and capital needs, the viability of its business model and our exit strategy. We reduce the asset value when we consider declines in value to be other than temporary. We recognize the estimated loss as a loss from equity investments in noninterest income. | |
Securities Purchased and Sold Agreements | Securities Purchased and Sold Agreements | |
Securities purchased under resale agreements and securities sold under repurchase agreements are accounted for as collateralized financing transactions and are recorded at the acquisition or sale price plus accrued interest. We monitor the fair value of securities purchased and sold, and obtain collateral from or return it to counterparties when appropriate. These financing transactions do not create material credit risk given the collateral provided and the related monitoring process. | ||
Mortgages and Loans Held for Sale | Mortgages and Loans Held for Sale | |
Mortgages held for sale (MHFS) include commercial and residential mortgages originated for sale and securitization in the secondary market, which is our principal market, or for sale as whole loans. We elect the fair value option for substantially all residential MHFS (see Note 17 (Fair Values of Assets and Liabilities)). The remaining residential MHFS are held at the lower of cost or fair value (LOCOM), and are valued on an aggregate portfolio basis. Commercial MHFS are held at LOCOM and are valued on an individual loan basis. | ||
Loans held for sale (LHFS) are carried at LOCOM. Generally, consumer loans are valued on an aggregate portfolio basis, and commercial loans are valued on an individual loan basis. | ||
Gains and losses on MHFS are recorded in mortgage banking noninterest income. Gains and losses on LHFS are recorded in other noninterest income. Direct loan origination costs and fees for MHFS and LHFS under the fair value option are recognized in income at origination. For MHFS and LHFS recorded at LOCOM, loan costs and fees are deferred at origination and are recognized in income at time of sale. Interest income on MHFS and LHFS is calculated based upon the note rate of the loan and is recorded to interest income. | ||
Our lines of business are authorized to originate held-for-investment loans that meet or exceed established loan product profitability criteria, including minimum positive net interest margin spreads in excess of funding costs. When a determination is made at the time of commitment to originate loans as held for investment, it is our intent to hold these loans to maturity or for the “foreseeable future,” subject to periodic review under our management evaluation processes, including corporate asset/liability management. In determining the “foreseeable future” for loans, management considers (1) the current economic environment and market conditions, (2) our business strategy and current business plans, (3) the nature and type of the loan receivable, including its expected life, and (4) our current financial condition and liquidity demands. If subsequent changes, including changes in interest rates significantly impact the ongoing profitability of certain loan products, we may subsequently change our intent to hold these loans, and we would take actions to sell such loans. Upon such management determination, we immediately transfer these loans to the MHFS or LHFS portfolio at LOCOM. | ||
Loans | Loans | |
Loans are reported at their outstanding principal balances net of any unearned income, cumulative charge-offs, unamortized deferred fees and costs on originated loans and unamortized premiums or discounts on purchased loans. PCI loans are reported net of any remaining purchase accounting adjustments. See the “Purchased Credit-Impaired Loans” section in this Note for our accounting policy for PCI loans. | ||
Unearned income, deferred fees and costs, and discounts and premiums are amortized to interest income over the contractual life of the loan using the interest method. Loan commitment fees are generally deferred and amortized into noninterest income on a straight-line basis over the commitment period. | ||
We have private label and co-brand credit card loans through a program agreement that involves our active participation in the operating activity of the program with a third party. We share in the economic results of the loans subject to this agreement. We consider the program to be a collaborative arrangement and therefore report our share of revenue and losses on a net basis in interest income for loans, other noninterest income and provision for credit losses as applicable. Our net share of revenue from this activity represented less than 1% of our total revenues for 2014. | ||
Loans also include direct financing leases that are recorded at the aggregate of minimum lease payments receivable plus the estimated residual value of the leased property, less unearned income. Leveraged leases, which are a form of direct financing leases, are recorded net of related non-recourse debt. Leasing income is recognized as a constant percentage of outstanding lease financing balances over the lease terms in interest income. | ||
NONACCRUAL AND PAST DUE LOANS We generally place loans on nonaccrual status when: | ||
• | the full and timely collection of interest or principal becomes uncertain (generally based on an assessment of the borrower’s financial condition and the adequacy of collateral, if any); | |
• | they are 90 days (120 days with respect to real estate 1-4 family first and junior lien mortgages) past due for interest or principal, unless both well-secured and in the process of collection; | |
• | part of the principal balance has been charged off (including loans discharged in bankruptcy); | |
• | for junior lien mortgages, we have evidence that the related first lien mortgage may be 120 days past due or in the process of foreclosure regardless of the junior lien delinquency status; or | |
• | performing consumer loans are discharged in bankruptcy, regardless of their delinquency status. | |
PCI loans are written down at acquisition to fair value using an estimate of cash flows deemed to be collectible. Accordingly, such loans are no longer classified as nonaccrual even though they may be contractually past due because we expect to fully collect the new carrying values of such loans (that is, the new cost basis arising out of purchase accounting). | ||
When we place a loan on nonaccrual status, we reverse the accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. If the ultimate collectability of the recorded loan balance is in doubt on a nonaccrual loan, the cost recovery method is used and cash collected is applied to first reduce the carrying value of the loan. Otherwise, interest income may be recognized to the extent cash is received. Generally, we return a loan to accrual status when all delinquent interest and principal become current under the terms of the loan agreement and collectability of remaining principal and interest is no longer doubtful. | ||
For modified loans, we re-underwrite at the time of a restructuring to determine if there is sufficient evidence of sustained repayment capacity based on the borrower’s financial strength, including documented income, debt to income ratios and other factors. If the borrower has demonstrated performance under the previous terms and the underwriting process shows the capacity to continue to perform under the restructured terms, the loan will generally remain in accruing status. When a loan classified as a troubled debt restructuring (TDR) performs in accordance with its modified terms, the loan either continues to accrue interest (for performing loans) or will return to accrual status after the borrower demonstrates a sustained period of performance (generally six consecutive months of payments, or equivalent, inclusive of consecutive payments made prior to the modification). Loans will be placed on nonaccrual status and a corresponding charge-off is recorded if we believe it is probable that principal and interest contractually due under the modified terms of the agreement will not be collectible. | ||
Our loans are considered past due when contractually required principal or interest payments have not been made on the due dates. | ||
LOAN CHARGE-OFF POLICIES For commercial loans, we generally fully charge off or charge down to net realizable value (fair value of collateral, less estimated costs to sell) for loans secured by collateral when: | ||
• | management judges the loan to be uncollectible; | |
• | repayment is deemed to be protracted beyond reasonable time frames; | |
• | the loan has been classified as a loss by either our internal loan review process or our banking regulatory agencies; | |
• | the customer has filed bankruptcy and the loss becomes evident owing to a lack of assets; or | |
• | the loan is 180 days past due unless both well-secured and in the process of collection. | |
For consumer loans, we fully charge off or charge down to net realizable value when deemed uncollectible due to bankruptcy discharge or other factors, or no later than reaching a defined number of days past due, as follows: | ||
• | 1-4 family first and junior lien mortgages – We generally charge down to net realizable value when the loan is 180 days past due. | |
• | Auto loans – We generally fully charge off when the loan is 120 days past due. | |
• | Credit card loans – We generally fully charge off when the loan is 180 days past due. | |
• | Unsecured loans (closed end) – We generally fully charge off when the loan is 120 days past due. | |
• | Unsecured loans (open end) – We generally fully charge off when the loan is 180 days past due. | |
• | Other secured loans – We generally fully or partially charge down to net realizable value when the loan is 120 days past due. | |
IMPAIRED LOANS We consider a loan to be impaired when, based on current information and events, we determine that we will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. Our impaired loans predominantly include loans on nonaccrual status for commercial and industrial, commercial real estate (CRE) and any loans modified in a TDR, on both accrual and nonaccrual status. | ||
When we identify a loan as impaired, we generally measure the impairment, if any, based on the difference between the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount) and the present value of expected future cash flows, discounted at the loan’s effective interest rate. When the value of an impaired loan is calculated by discounting expected cash flows, interest income is recognized using the loan’s effective interest rate over the remaining life of the loan. When collateral is the sole source of repayment for the impaired loan, rather than the borrower’s income or other sources of repayment, we charge down to net realizable value. | ||
TROUBLED DEBT RESTRUCTURINGS In situations where, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to the borrower that we would not otherwise consider, the related loan is classified as a TDR. These modified terms may include rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize our economic loss and to avoid foreclosure or repossession of the collateral. For modifications where we forgive principal, the entire amount of such principal forgiveness is immediately charged off. Loans classified as TDRs, including loans in trial payment periods (trial modifications), are considered impaired loans. Other than resolutions such as foreclosures, sales and transfers to held-for-sale, we may remove loans held for investment from TDR classification, but only if they have been refinanced or restructured at market terms and qualify as a new loan. | ||
PURCHASED CREDIT-IMPAIRED LOANS Loans acquired with evidence of credit deterioration since their origination and where it is probable that we will not collect all contractually required principal and interest payments are PCI loans. PCI loans are recorded at fair value at the date of acquisition, and the historical allowance for credit losses related to these loans is not carried over. Some loans that otherwise meet the definition as credit-impaired are specifically excluded from the PCI loan portfolios, such as revolving loans where the borrower still has revolving privileges. | ||
Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, commercial risk ratings, recent borrower credit scores and recent loan-to-value percentages. Generally, acquired loans that meet our definition for nonaccrual status are considered to be credit-impaired. | ||
Substantially all commercial PCI loans are accounted for as individual loans. Conversely, consumer PCI loans have been aggregated into pools based on common risk characteristics. Each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | ||
Accounting for PCI loans involves estimating fair value, at acquisition, using the principal and interest cash flows expected to be collected discounted at the prevailing market rate of interest. The excess of cash flows expected to be collected over the carrying value (estimated fair value at acquisition date) is referred to as the accretable yield and is recognized in interest income using an effective yield method over the remaining life of the loan, or pool of loans, in situations where there is a reasonable expectation about the timing and amount of cash flows to be collected. The difference between contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference. | ||
Subsequent to acquisition, we regularly evaluate our estimates of cash flows expected to be collected. If we have probable decreases in cash flows expected to be collected (other than due to decreases in interest rate indices and changes in prepayment assumptions), we charge the provision for credit losses, resulting in an increase to the allowance for loan losses. If we have probable and significant increases in cash flows expected to be collected, we first reverse any previously established allowance for loan losses and then increase interest income as a prospective yield adjustment over the remaining life of the loan, or pool of loans. Estimates of cash flows are impacted by changes in interest rate indices for variable rate loans and prepayment assumptions, both of which are treated as prospective yield adjustments included in interest income. | ||
Resolutions of loans may include sales of loans to third parties, receipt of payments in settlement with the borrower, or foreclosure of the collateral. For individual PCI loans, gains or losses on sales to third parties are included in noninterest income, and gains or losses as a result of a settlement with the borrower are included in interest income. Our policy is to remove an individual loan from a pool based on comparing the amount received from its resolution with its contractual amount. Any difference between these amounts is absorbed by the nonaccretable difference for the entire pool. This removal method assumes that the amount received from resolution approximates pool performance expectations. The remaining accretable yield balance is unaffected and any material change in remaining effective yield caused by this removal method is addressed by our quarterly cash flow evaluation process for each pool. For loans that are resolved by payment in full, there is no release of the nonaccretable difference for the pool because there is no difference between the amount received at resolution and the contractual amount of the loan. Modified PCI loans are not removed from a pool even if those loans would otherwise be deemed TDRs. Modified PCI loans that are accounted for individually are considered TDRs, and removed from PCI accounting if there has been a concession granted in excess of the original nonaccretable difference. We include these TDRs in our impaired loans. | ||
FORECLOSED ASSETS Foreclosed assets obtained through our lending activities primarily include real estate. Generally, loans have been written down to their net realizable value prior to foreclosure. Any further reduction to their net realizable value is recorded with a charge to the allowance for credit losses at foreclosure. We allow up to 90 days after foreclosure to finalize determination of net realizable value. Thereafter, changes in net realizable value are recorded to noninterest expense. The net realizable value of these assets is reviewed and updated periodically depending on the type of property. See the discussion earlier in this Note about classification changes for certain government-guaranteed loan foreclosures that resulted from our adoption of ASU 2014-14 this year. | ||
ALLOWANCE FOR CREDIT LOSSES (ACL) The allowance for credit losses is management’s estimate of credit losses inherent in the loan portfolio, including unfunded credit commitments, at the balance sheet date. We have an established process to determine the appropriateness of the allowance for credit losses that assesses the losses inherent in our portfolio and related unfunded credit commitments. We develop and document our allowance methodology at the portfolio segment level - commercial loan portfolio and consumer loan portfolio. While we attribute portions of the allowance to our respective commercial and consumer portfolio segments, the entire allowance is available to absorb credit losses inherent in the total loan portfolio and unfunded credit commitments. | ||
Our process involves procedures to appropriately consider the unique risk characteristics of our commercial and consumer loan portfolio segments. For each portfolio segment, losses are estimated collectively for groups of loans with similar characteristics, individually or pooled for impaired loans or, for PCI loans, based on the changes in cash flows expected to be collected. | ||
Our allowance levels are influenced by loan volumes, loan grade migration or delinquency status, historic loss experience and other conditions influencing loss expectations, such as economic conditions. | ||
COMMERCIAL PORTFOLIO SEGMENT ACL METHODOLOGY Generally, commercial loans are assessed for estimated losses by grading each loan using various risk factors as identified through periodic reviews. Our estimation approach for the commercial portfolio reflects the estimated probability of default in accordance with the borrower’s financial strength, and the severity of loss in the event of default, considering the quality of any underlying collateral. Probability of default and severity at the time of default are statistically derived through historical observations of default and losses after default within each credit risk rating. These estimates are adjusted as appropriate based on additional analysis of long-term average loss experience compared to previously forecasted losses, external loss data or other risks identified from current economic conditions and credit quality trends. The estimated probability of default and severity at the time of default are applied to loan equivalent exposures to estimate losses for unfunded credit commitments. | ||
The allowance also includes an amount for the estimated impairment on nonaccrual commercial loans and commercial loans modified in a TDR, whether on accrual or nonaccrual status. | ||
CONSUMER PORTFOLIO SEGMENT ACL METHODOLOGY For consumer loans that are not identified as a TDR, we determine the allowance predominantly on a collective basis utilizing forecasted losses to represent our best estimate of inherent loss. We pool loans, generally by product types with similar risk characteristics, such as residential real estate mortgages and credit cards. As appropriate and to achieve greater accuracy, we may further stratify selected portfolios by sub-product, origination channel, vintage, loss type, geographic location and other predictive characteristics. Models designed for each pool are utilized to develop the loss estimates. We use assumptions for these pools in our forecast models, such as historic delinquency and default, loss severity, home price trends, unemployment trends, and other key economic variables that may influence the frequency and severity of losses in the pool. | ||
In determining the appropriate allowance attributable to our residential mortgage portfolio, we take into consideration portfolios determined to be at elevated risk, such as junior lien mortgages behind delinquent first lien mortgages and junior lien lines of credit subject to near term significant payment increases. We incorporate the default rates and high severity of loss for these higher risk portfolios, including the impact of our established loan modification programs. When modifications occur or are probable to occur, our allowance considers the impact of these modifications, taking into consideration the associated credit cost, including re-defaults of modified loans and projected loss severity. Accordingly, the loss content associated with the effects of existing and probable loan modifications and higher risk portfolios has been captured in our allowance methodology. | ||
We separately estimate impairment for consumer loans that have been modified in a TDR (including trial modifications), whether on accrual or nonaccrual status. | ||
OTHER ACL MATTERS The allowance for credit losses for both portfolio segments includes an amount for imprecision or uncertainty that may change from period to period. This amount represents management’s judgment of risks inherent in the processes and assumptions used in establishing the allowance. This imprecision considers economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments. | ||
Securitizations and Beneficial Interests | Securitizations and Beneficial Interests | |
In certain asset securitization transactions that meet the applicable criteria to be accounted for as a sale, assets are sold to an entity referred to as an SPE, which then issues beneficial interests in the form of senior and subordinated interests collateralized by the assets. In some cases, we may retain beneficial interests issued by the entity. Additionally, from time to time, we may also re-securitize certain assets in a new securitization transaction. | ||
The assets and liabilities transferred to an SPE are excluded from our consolidated balance sheet if the transfer qualifies as a sale and we are not required to consolidate the SPE. | ||
For transfers of financial assets recorded as sales, we recognize and initially measure at fair value all assets obtained (including beneficial interests) and liabilities incurred. We record a gain or loss in noninterest income for the difference between the carrying amount and the fair value of the assets sold. Fair values are based on quoted market prices, quoted market prices for similar assets, or if market prices are not available, then the fair value is estimated using discounted cash flow analyses with assumptions for credit losses, prepayments and discount rates that are corroborated by and verified against market observable data, where possible. Retained interests and liabilities incurred from securitizations with off-balance sheet entities, including SPEs and VIEs, where we are not the primary beneficiary, are classified as investment securities, trading account assets, loans, MSRs or other liabilities (including liabilities for mortgage repurchase losses) and are accounted for as described herein. | ||
Mortgage Servicing Rights | Mortgage Servicing Rights (MSRs) | |
We recognize the rights to service mortgage loans for others, or MSRs, as assets whether we purchase the MSRs or the MSRs result from a sale or securitization of loans we originate (asset transfers). We initially record all of our MSRs at fair value. Subsequently, residential loan MSRs are carried at fair value. All of our MSRs related to our commercial mortgage loans are subsequently measured at LOCOM. The valuation and sensitivity of MSRs is discussed further in Note 8 (Securitizations and Variable Interest Entities), Note 9 (Mortgage Banking Activities) and Note 17 (Fair Values of Assets and Liabilities). | ||
For MSRs carried at fair value, changes in fair value are reported in noninterest income in the period in which the change occurs. MSRs subsequently measured at LOCOM are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of MSRs is reported in noninterest income, analyzed monthly and adjusted to reflect changes in prepayment speeds, as well as other factors. | ||
MSRs accounted for at LOCOM are periodically evaluated for impairment based on the fair value of those assets. For purposes of impairment evaluation and measurement, we stratify MSRs based on the predominant risk characteristics of the underlying loans, including investor and product type. If, by individual stratum, the carrying amount of these MSRs exceeds fair value, a valuation allowance is established. The valuation reserve is adjusted as the fair value changes. | ||
Premises and Equipment | Premises and Equipment | |
Premises and equipment are carried at cost less accumulated depreciation and amortization. Capital leases, where we are the lessee, are included in premises and equipment at the capitalized amount less accumulated amortization. | ||
We primarily use the straight-line method of depreciation and amortization. Estimated useful lives range up to 40 years for buildings, up to 10 years for furniture and equipment, and the shorter of the estimated useful life (up to 8 years) or the lease term for leasehold improvements. We amortize capitalized leased assets on a straight-line basis over the lives of the respective leases. | ||
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets | |
Goodwill is recorded in business combinations under the purchase method of accounting when the purchase price is higher than the fair value of net assets, including identifiable intangible assets. | ||
We assess goodwill for impairment at a reporting unit level on an annual basis or more frequently in certain circumstances. We have determined that our reporting units are one level below the operating segments. We have the option of performing a qualitative assessment of goodwill. We may also elect to bypass the qualitative test and proceed directly to a quantitative test. We initially perform a qualitative assessment of goodwill to test for impairment. If, based on our qualitative review, we conclude that more likely than not a reporting unit’s fair value is less than its carrying amount, then we complete quantitative steps as described below to determine if there is goodwill impairment. If we conclude that a reporting unit’s fair value is not less than its carrying amount, quantitative tests are not required. We assess goodwill for impairment on a reporting unit level and apply various quantitative valuation methodologies when required to compare the estimated fair value to the carrying value of each reporting unit. Valuation methodologies include discounted cash flow and earnings multiple approaches. If the fair value is less than the carrying amount, an additional test is required to measure the amount of impairment. We recognize impairment losses as a charge to noninterest expense (unless related to discontinued operations) and an adjustment to the carrying value of the goodwill asset. Subsequent reversals of goodwill impairment are prohibited. | ||
We amortize core deposit and other customer relationship intangibles on an accelerated basis over useful lives not exceeding 10 years. We review such intangibles for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated if the sum of undiscounted estimated future net cash flows is less than the carrying value of the asset. Impairment is permanently recognized by writing down the asset to the extent that the carrying value exceeds the estimated fair value. | ||
Operating Lease Assets | Operating Lease Assets | |
Operating lease rental income for leased assets is recognized in other income on a straight-line basis over the lease term. Related depreciation expense is recorded on a straight-line basis over the estimated useful life, considering the estimated residual value of the leased asset. The useful life may be adjusted to the term of the lease depending on our plans for the asset after the lease term. On a periodic basis, leased assets are reviewed for impairment. Impairment loss is recognized if the carrying amount of leased assets exceeds fair value and is not recoverable. The carrying amount of leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. | ||
Liability for Mortgage Loan Repurchase Losses | Liability for Mortgage Loan Repurchase Losses | |
In connection with our sales and securitization of residential mortgage loans to various parties, we establish a mortgage repurchase liability, initially at fair value, related to various representations and warranties that reflect management’s estimate of losses for loans for which we could have a repurchase obligation, whether or not we currently service those loans, based on a combination of factors. Such factors include default expectations, expected investor repurchase demands (influenced by current and expected mortgage loan file requests and mortgage insurance rescission notices, as well as estimated levels of origination defects) and appeals success rates (where the investor rescinds the demand based on a cure of the defect or acknowledges that the loan satisfies the investor’s applicable representations and warranties), reimbursement by correspondent and other third party originators, and projected loss severity. We continually update our mortgage repurchase liability estimate during the life of the loans. | ||
The liability for mortgage loan repurchase losses is included in other liabilities. For additional information on our repurchase liability, see Note 9 (Mortgage Banking Activities). | ||
Pension Accounting | Pension Accounting | |
We account for our defined benefit pension plans using an actuarial model. Two principal assumptions in determining net periodic pension cost are the discount rate and the expected long term rate of return on plan assets. | ||
A discount rate is used to estimate the present value of our future pension benefit obligations. We use a consistent methodology to determine the discount rate based upon the yields on multiple portfolios of bonds with maturity dates that closely match the estimated timing and amounts of the expected benefit payments for our plans. Such portfolios are derived from a broad-based universe of high quality corporate bonds as of the measurement date. | ||
Our determination of the reasonableness of our expected long-term rate of return on plan assets is highly quantitative by nature. We evaluate the current asset allocations and expected returns under two sets of conditions: projected returns using several forward-looking capital market assumptions, and historical returns for the main asset classes dating back to 1970 or the earliest period for which historical data was readily available for the asset classes included. Using long term historical data allows us to capture multiple economic environments, which we believe is relevant when using historical returns. We place greater emphasis on the forward-looking return and risk assumptions than on historical results. We use the resulting projections to derive a base line expected rate of return and risk level for the Cash Balance Plan’s prescribed asset mix. We evaluate the portfolio based on: (1) the established target asset allocations over short term (one-year) and longer term (ten-year) investment horizons, and (2) the range of potential outcomes over these horizons within specific standard deviations. We perform the above analyses to assess the reasonableness of our expected long-term rate of return on plan assets. We consider the expected rate of return to be a long-term average view of expected returns. The use of an expected long term rate of return on plan assets may cause us to recognize pension income returns that are greater or less than the actual returns of plan assets in any given year. Differences between expected and actual returns in each year, if any, are included in our net actuarial gain or loss amount, which is recognized in OCI. We generally amortize net actuarial gain or loss in excess of a 5% corridor from accumulated OCI into net periodic pension cost over the estimated average remaining participation period, which at December 31, 2014, is 21 years. See Note 20 (Employee Benefits and Other Expenses) for additional information on our pension accounting. | ||
Income Taxes | Income Taxes | |
We file consolidated and separate company federal income tax returns, foreign tax returns and various combined and separate company state tax returns. | ||
We evaluate two components of income tax expense: current and deferred. Current income tax expense represents our estimated taxes to be paid or refunded for the current period and includes income tax expense related to our uncertain tax positions. We determine deferred income taxes using the balance sheet method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and recognizes enacted changes in tax rates and laws in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized subject to management's judgment that realization is “more likely than not.” Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Tax benefits not meeting our realization criteria represent unrecognized tax benefits. Foreign taxes paid are generally applied as credits to reduce federal income taxes payable. We account for interest and penalties as a component of income tax expense. | ||
Stock-Based Compensation | Stock-Based Compensation | |
We have stock-based employee compensation plans as more fully discussed in Note 19 (Common Stock and Stock Plan). Our Long-Term Incentive Compensation Plan provides for awards of incentive and nonqualified stock options, stock appreciation rights, restricted shares, restricted share rights (RSRs), performance share awards (PSAs) and stock awards without restrictions. For most awards, we measure the cost of employee services received in exchange for an award of equity instruments, such as stock options, RSRs or PSAs, based on the fair value of the award on the grant date. The cost is normally recognized in our income statement over the vesting period of the award; awards with graded vesting are expensed on a straight line method. Awards that continue to vest after retirement are expensed over the shorter of the period of time between the grant date and the final vesting period or between the grant date and when a team member becomes retirement eligible; awards to team members who are retirement eligible at the grant date are subject to immediate expensing upon grant. | ||
Beginning in 2013, certain RSRs and all PSAs granted include discretionary performance based vesting conditions and are subject to variable accounting. For these awards, the associated compensation expense fluctuates with changes in our stock price. For PSAs, compensation expense also fluctuates based on the estimated outcome of meeting the performance conditions. | ||
Earnings Per Common Share | Earnings Per Common Share | |
We compute earnings per common share by dividing net income (after deducting dividends on preferred stock) by the average number of common shares outstanding during the year. We compute diluted earnings per common share by dividing net income (after deducting dividends and related accretion on preferred stock) by the average number of common shares outstanding during the year, plus the effect of common stock equivalents (for example, stock options, restricted share rights, convertible debentures and warrants) that are dilutive. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |
We use fair value measurements in our fair value disclosures and to record certain assets and liabilities at fair value on a recurring basis, such as trading assets, or on a nonrecurring basis such as measuring impairment on assets carried at amortized cost. | ||
DETERMINATION OF FAIR VALUE We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These fair value measurements are based on exit prices and determined by maximizing the use of observable inputs. However, for certain instruments we must utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in measuring fair value. | ||
In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon our own estimates or combination of our own estimates and third-party vendor or broker pricing, and the measurements are often calculated based on current pricing for products we offer or issue, the economic and competitive environment, the characteristics of the asset or liability and other such factors. As with any valuation technique used to estimate fair value, changes in underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. Accordingly, these fair value estimates may not be realized in an actual sale or immediate settlement of the asset or liability. | ||
We incorporate lack of liquidity into our fair value measurement based on the type of asset or liability measured and the valuation methodology used. For example, for certain residential MHFS and certain securities where the significant inputs have become unobservable due to illiquid markets and vendor or broker pricing is not used, we use a discounted cash flow technique to measure fair value. This technique incorporates forecasting of expected cash flows (adjusted for credit loss assumptions and estimated prepayment speeds) discounted at an appropriate market discount rate to reflect the lack of liquidity in the market that a market participant would consider. For other securities where vendor or broker pricing is used, we use either unadjusted broker quotes or vendor prices or vendor or broker prices adjusted by weighting them with internal discounted cash flow techniques to measure fair value. These unadjusted vendor or broker prices inherently reflect any lack of liquidity in the market, as the fair value measurement represents an exit price from a market participant viewpoint. | ||
Where markets are inactive and transactions are not orderly, transaction or quoted prices for assets or liabilities in inactive markets may require adjustment due to the uncertainty of whether the underlying transactions are orderly. For items that use price quotes in inactive markets, we analyze the degree of market inactivity and distressed transactions to determine the appropriate adjustment to the price quotes. | ||
We continually assess the level and volume of market activity in our investment security classes in determining adjustments, if any, to price quotes. Given market conditions can change over time, our determination of which securities markets are considered active or inactive can change. If we determine a market to be inactive, the degree to which price quotes require adjustment, can also change. See Note 17 (Fair Values of Assets and Liabilities) for discussion of the fair value hierarchy and valuation methodologies applied to financial instruments to determine fair value. | ||
Derivatives and Hedging Activities | Derivatives and Hedging Activities | |
We recognize all derivatives on the balance sheet at fair value. On the date we enter into a derivative contract, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability, including hedges of foreign currency exposure (“fair value hedge”), (2) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) held for trading, customer accommodation or asset/liability risk management purposes, including economic hedges not qualifying for hedge accounting. For a fair value hedge, we record changes in the fair value of the derivative and, to the extent that it is effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in the same financial statement category as the hedged item. For a cash flow hedge, we record changes in the fair value of the derivative to the extent that it is effective in OCI, with any ineffectiveness recorded in current period earnings. We subsequently reclassify these changes in fair value to net income in the same period(s) that the hedged transaction affects net income in the same financial statement category as the hedged item. For derivatives not designated as a fair value or cash flow hedge, we report changes in the fair values in current period noninterest income. | ||
For fair value and cash flow hedges qualifying for hedge accounting, we formally document at inception the relationship between hedging instruments and hedged items, our risk management objective, strategy and our evaluation of effectiveness for our hedge transactions. This includes linking all derivatives designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. Periodically, as required, we also formally assess whether the derivative we designated in each hedging relationship is expected to be and has been highly effective in offsetting changes in fair values or cash flows of the hedged item using the regression analysis method. | ||
We discontinue hedge accounting prospectively when (1) a derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item, (2) a derivative expires or is sold, terminated or exercised, (3) we elect to discontinue the designation of a derivative as a hedge, or (4) in a cash flow hedge, a derivative is de-designated because it is not probable that a forecasted transaction will occur. | ||
When we discontinue fair value hedge accounting, we no longer adjust the previously hedged asset or liability for changes in fair value, and cumulative adjustments to the hedged item are accounted for in the same manner as other components of the carrying amount of the asset or liability. If the derivative continues to be held after fair value hedge accounting ceases, we carry the derivative on the balance sheet at its fair value with changes in fair value included in earnings. | ||
When we discontinue cash flow hedge accounting and it is not probable that the forecasted transaction will not occur, the accumulated amount reported in OCI at the de-designation date continues to be reported in OCI until the forecasted transaction affects earnings. If cash flow hedge accounting is discontinued and it is probable the forecasted transaction will not occur, the accumulated amount reported in OCI at the de-designation date is immediately recognized in earnings. If the derivative continues to be held after cash flow hedge accounting ceases, we carry the derivative on the balance sheet at its fair value with future changes in fair value included in earnings. | ||
We may purchase or originate financial instruments that contain an embedded derivative. At inception of the financial instrument, we assess (1) if the economic characteristics of the embedded derivative are not clearly and closely related to the economic characteristics of the financial instrument (host contract), (2) if the financial instrument that embodies both the embedded derivative and the host contract is not measured at fair value with changes in fair value reported in earnings, and (3) if a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative. If the embedded derivative meets all of these conditions, we separate it from the host contract by recording the bifurcated derivative at fair value and the remaining host contract at the difference between the basis of the hybrid instrument and the fair value of the bifurcated derivative. The bifurcated derivative is carried at fair value with changes recorded in current period earnings. | ||
By using derivatives, we are exposed to counterparty credit risk, which is the risk that counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, our counterparty credit risk is equal to the amount reported as a derivative asset on our balance sheet. The amounts reported as a derivative asset are derivative contracts in a gain position, and to the extent subject to legally enforceable master netting arrangements, net of derivatives in a loss position with the same counterparty and cash collateral received. We minimize counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent derivatives subject to master netting arrangements meet the applicable requirements, including determining the legal enforceability of the arrangement, it is our policy to present derivatives balances and related cash collateral amounts net on the balance sheet. Counterparty credit risk related to derivatives is considered in determining fair value and our assessment of hedge effectiveness. | ||
Private Share Repurchases | Private Share Repurchases | |
During 2014 and 2013, we repurchased approximately 66 million shares and 40 million shares of our common stock, respectively, under private forward repurchase contracts. We enter into these transactions with unrelated third parties to complement our open-market common stock repurchase strategies, to allow us to manage our share repurchases in a manner consistent with our capital plans, currently submitted under the 2014 Comprehensive Capital Analysis and Review (CCAR), and to provide an economic benefit to the Company. | ||
Our payments to the counterparties for these private share repurchase contracts are recorded in permanent equity in the quarter paid and are not subject to re-measurement. The classification of the up-front payments as permanent equity assures that we have appropriate repurchase timing consistent with our 2014 capital plan, which contemplated a fixed dollar amount available per quarter for share repurchases pursuant to Federal Reserve Board (FRB) supervisory guidance. In return, the counterparty agrees to deliver a variable number of shares based on a per share discount to the volume-weighted average stock price over the contract period. There are no scenarios where the contracts would not either physically settle in shares or allow us to choose the settlement method. | ||
In fourth quarter 2014, we entered into a private forward repurchase contract and paid $750 million to an unrelated third party. This contract settled in first quarter 2015 for 14.3 million shares of common stock. At December 31, 2013, we had a $500 million private forward repurchase contract outstanding that settled in first quarter 2014 for 11.1 million shares of common stock. Our total number of outstanding shares of common stock is not reduced until settlement of the private share repurchase contract. | ||
Subsequent Events | SUBSEQUENT EVENTS We have evaluated the effects of events that have occurred subsequent to December 31, 2014, and there have been no material events that would require recognition in our 2014 consolidated financial statements or disclosure in the Notes to the consolidated financial statements. | |
ASU 2014-17, Business Combinations Pushdown Accounting [Member] | ||
Significant Accounting Policies [Line Items] | ||
Accounting Standards Adopted in 2014 | ASU 2014-17 provides an acquired entity with the option to apply pushdown accounting in its separate financial statements. We adopted the guidance in fourth quarter 2014 with prospective application. This Update did not have a material effect on our consolidated financial statements. | |
ASU 2014-14, Receivables Troubled Debt Restructurings By Creditors [Member] | ||
Significant Accounting Policies [Line Items] | ||
Accounting Standards Adopted in 2014 | ASU 2014-14 requires certain government-guaranteed mortgage loans to be classified as other receivables upon foreclosure and measured based on the loan balance expected to be recovered from the guarantor. We early adopted this guidance in fourth quarter 2014, effective as of January 1, 2014, through a modified retrospective transition. Our adoption of this Update did not have a material effect on our consolidated financial statements. See Note 7 (Premises, Equipment, Lease Commitments and Other Assets). | |
ASU 2014-04, Receivables Trouble Debt Restructurings By Creditors, Reclassification Of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure [Member] | ||
Significant Accounting Policies [Line Items] | ||
Accounting Standards Adopted in 2014 | ASU 2014-04 clarifies the timing of when a creditor has taken physical possession of residential real estate collateral for a consumer mortgage loan, resulting in the reclassification of the loan receivable to real estate owned. The guidance also requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in residential real estate mortgage loans that are in process of foreclosure. We adopted this guidance in first quarter 2014. This Update did not have a material effect on our consolidated financial statements as this guidance was consistent with our prior practice. See Note 6 (Loans and Allowance for Credit Losses). | |
ASU 2013-11, Income Taxes, Presentation Of An Unrecognized Tax Benefit When A Net Operating Loss Carryforward, A Similar Tax Loss, Or A Tax Credit Carryforward Exists [Member] | ||
Significant Accounting Policies [Line Items] | ||
Accounting Standards Adopted in 2014 | ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss (NOL) carryforward, a similar tax loss, or a tax credit carryforward exists. We adopted this guidance in first quarter 2014 with prospective application to all existing unrecognized tax benefits at the effective date. This Update did not have a material effect on our consolidated financial statements. | |
ASU 2013-08, Financial Services, Investment Companies, Amendments To The Scope, Measurement, And Disclosure Requirements [Member] | ||
Significant Accounting Policies [Line Items] | ||
Accounting Standards Adopted in 2014 | ASU 2013-08 changes the criteria companies use to assess whether an entity is an investment company and requires new disclosures for investment companies. We adopted this guidance in first quarter 2014. This Update did not have a material effect on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Supplemental Cash Flow Information | Noncash activities are presented below, including information on transfers affecting MHFS, LHFS, and MSRs. | |||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Trading assets retained from securitizations of MHFS | $ | 28,604 | 47,198 | 85,108 | ||||||
Capitalization of MSRs from sale of MHFS | 1,302 | 3,616 | 4,988 | |||||||
Transfers from loans to MHFS | 11,021 | 7,610 | 7,584 | |||||||
Transfers from loans to LHFS | 9,849 | 274 | 143 | |||||||
Transfers from loans to foreclosed and other assets (1) | 4,094 | 4,470 | 6,114 | |||||||
Transfers from available-for-sale to held-to-maturity securities | 1,810 | 6,042 | — | |||||||
-1 | Includes $2.5 billion, $2.7 billion and $3.5 billion in transfers of government insured/guaranteed loans for the years ended December 31, 2014, 2013 and 2012, respectively. During fourth quarter 2014, we adopted Accounting Standards Update (ASU) 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure, effective as of January 1, 2014, resulting in the transfer of these loans to accounts receivables for the year ended December 31, 2014. |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Business Combinations [Abstract] | ||||||
Summary of Business Combinations Completed | Business combinations completed in 2014 and 2012 are presented below. | |||||
(in millions) | Date | Assets | ||||
2014 | ||||||
Helm Financial Corporation | April 15 | $ | 422 | |||
2012 | ||||||
EverKey Global Partners Limited / EverKey Global Management LLC / | ||||||
EverKey Global Partners (GP), LLC / EverKey Global Focus (GP), LLC – Bahamas/New York, New York | January 1 | $ | 7 | |||
Burdale Financial Holdings Limited / Certain Assets of Burdale Capital Finance, Inc. – England/Stamford, Connecticut | February 1 | 874 | ||||
Energy Lending Business of BNP Paribas, SA – Houston, Texas | April 20 | 3,639 | ||||
Merlin Securities, LLC / Merlin Canada LTD. / Certain Assets & Liabilities | ||||||
of Merlin Group Holdings, LLC – San Francisco, California/Toronto, Ontario | August 1 | 281 | ||||
$ | 4,801 | |||||
Federal_Funds_Sold_Securities_1
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments [Abstract] | |||||||
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments | The following table provides the detail of federal funds sold, securities purchased under short-term resale agreements (generally less than one year) and other short-term investments. The majority of interest-earning deposits at December 31, 2014 and 2013, were held at the Federal Reserve. | ||||||
Dec. 31, | Dec. 31, | ||||||
(in millions) | 2014 | 2013 | |||||
Federal funds sold and securities purchased under resale agreements | $ | 36,856 | 25,801 | ||||
Interest-earning deposits | 219,220 | 186,249 | |||||
Other short-term investments | 2,353 | 1,743 | |||||
Total | $ | 258,429 | 213,793 | ||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||
Investment Securities Major Categories | The following table provides the amortized cost and fair value by major categories of available-for-sale securities, which are carried at fair value, and held-to-maturity debt securities, which are carried at amortized cost. The net unrealized gains (losses) for available-for-sale securities are reported on an after-tax basis as a component of cumulative OCI. | ||||||||||||||||||||||||||||||||||
(in millions) | Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 25,898 | 44 | (138 | ) | 25,804 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 43,939 | 1,504 | (499 | ) | 44,944 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 107,850 | 2,990 | (751 | ) | 110,089 | ||||||||||||||||||||||||||||||
Residential | 8,213 | 1,080 | (24 | ) | 9,269 | ||||||||||||||||||||||||||||||
Commercial | 16,248 | 803 | (57 | ) | 16,994 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 132,311 | 4,873 | (832 | ) | 136,352 | ||||||||||||||||||||||||||||||
Corporate debt securities | 14,211 | 745 | (170 | ) | 14,786 | ||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations (1) | 25,137 | 408 | (184 | ) | 25,361 | ||||||||||||||||||||||||||||||
Other (2) | 6,251 | 295 | (27 | ) | 6,519 | ||||||||||||||||||||||||||||||
Total debt securities | 247,747 | 7,869 | (1,850 | ) | 253,766 | ||||||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | 1,622 | 148 | (70 | ) | 1,700 | ||||||||||||||||||||||||||||||
Other marketable equity securities | 284 | 1,694 | (2 | ) | 1,976 | ||||||||||||||||||||||||||||||
Total marketable equity securities | 1,906 | 1,842 | (72 | ) | 3,676 | ||||||||||||||||||||||||||||||
Total available-for-sale securities | 249,653 | 9,711 | (1,922 | ) | 257,442 | ||||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 40,886 | 670 | (8 | ) | 41,548 | ||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 1,962 | 27 | — | 1,989 | |||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 5,476 | 165 | — | 5,641 | |||||||||||||||||||||||||||||||
Collateralized loans and other debt obligations (1) | 1,404 | — | (13 | ) | 1,391 | ||||||||||||||||||||||||||||||
Other (2) | 5,755 | 35 | — | 5,790 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | 55,483 | 897 | (21 | ) | 56,359 | ||||||||||||||||||||||||||||||
Total (3) | $ | 305,136 | 10,608 | (1,943 | ) | 313,801 | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 6,592 | 17 | (329 | ) | 6,280 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 42,171 | 1,092 | (727 | ) | 42,536 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 119,303 | 1,902 | (3,614 | ) | 117,591 | ||||||||||||||||||||||||||||||
Residential | 11,060 | 1,433 | (40 | ) | 12,453 | ||||||||||||||||||||||||||||||
Commercial | 17,689 | 1,173 | (115 | ) | 18,747 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 148,052 | 4,508 | (3,769 | ) | 148,791 | ||||||||||||||||||||||||||||||
Corporate debt securities | 20,391 | 976 | (140 | ) | 21,227 | ||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations (1) | 19,610 | 642 | (93 | ) | 20,159 | ||||||||||||||||||||||||||||||
Other (2) | 9,232 | 426 | (29 | ) | 9,629 | ||||||||||||||||||||||||||||||
Total debt securities | 246,048 | 7,661 | (5,087 | ) | 248,622 | ||||||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | 1,703 | 222 | (60 | ) | 1,865 | ||||||||||||||||||||||||||||||
Other marketable equity securities | 336 | 1,188 | (4 | ) | 1,520 | ||||||||||||||||||||||||||||||
Total marketable equity securities | 2,039 | 1,410 | (64 | ) | 3,385 | ||||||||||||||||||||||||||||||
Total available-for-sale-securities | 248,087 | 9,071 | (5,151 | ) | 252,007 | ||||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 6,304 | — | (99 | ) | 6,205 | ||||||||||||||||||||||||||||||
Other (2) | 6,042 | — | — | 6,042 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | 12,346 | — | (99 | ) | 12,247 | ||||||||||||||||||||||||||||||
Total (3) | $ | 260,433 | 9,071 | (5,250 | ) | 264,254 | |||||||||||||||||||||||||||||
-1 | The available-for-sale portfolio includes collateralized debt obligations (CDOs) with a cost basis and fair value of $364 million and $500 million, respectively, at December 31, 2014, and $509 million and $693 million, respectively at December 31, 2013. The held-to-maturity portfolio only includes collateralized loan obligations. | ||||||||||||||||||||||||||||||||||
-2 | The “Other” category of available-for-sale securities predominantly includes asset-backed securities collateralized by credit cards, student loans, home equity loans and auto leases or loans and cash. Included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by auto leases or loans and cash with a cost basis and fair value of $3.8 billion each at December 31, 2014, and $4.3 billion each at December 31, 2013. Also included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by dealer floorplan loans with a cost basis of $1.9 billion and fair value of $2.0 billion at December 31, 2014, and $1.7 billion each at December 31, 2013. | ||||||||||||||||||||||||||||||||||
-3 | At December 31, 2014 and 2013, we held no securities of any single issuer (excluding the U.S. Treasury and federal agencies) with a book value that exceeded 10% of stockholders’ equity. | ||||||||||||||||||||||||||||||||||
Investment Securities Gross Unrealized Losses Over And Under 12 Months | The following table shows the gross unrealized losses and fair value of securities in the investment securities portfolio by length of time that individual securities in each category had been in a continuous loss position. Debt securities on which we have taken credit-related OTTI write-downs are categorized as being "less than 12 months" or "12 months or more" in a continuous loss position based on the point in time that the fair value declined to below the cost basis and not the period of time since the credit-related OTTI write-down. | ||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in millions) | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (16 | ) | 7,138 | (122 | ) | 5,719 | (138 | ) | 12,857 | |||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (198 | ) | 10,228 | (301 | ) | 3,725 | (499 | ) | 13,953 | ||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (16 | ) | 1,706 | (735 | ) | 37,854 | (751 | ) | 39,560 | ||||||||||||||||||||||||||
Residential | (18 | ) | 946 | (6 | ) | 144 | (24 | ) | 1,090 | ||||||||||||||||||||||||||
Commercial | (9 | ) | 2,202 | (48 | ) | 1,532 | (57 | ) | 3,734 | ||||||||||||||||||||||||||
Total mortgage-backed securities | (43 | ) | 4,854 | (789 | ) | 39,530 | (832 | ) | 44,384 | ||||||||||||||||||||||||||
Corporate debt securities | (102 | ) | 1,674 | (68 | ) | 1,265 | (170 | ) | 2,939 | ||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (99 | ) | 12,755 | (85 | ) | 3,958 | (184 | ) | 16,713 | ||||||||||||||||||||||||||
Other | (23 | ) | 708 | (4 | ) | 277 | (27 | ) | 985 | ||||||||||||||||||||||||||
Total debt securities | (481 | ) | 37,357 | (1,369 | ) | 54,474 | (1,850 | ) | 91,831 | ||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | (2 | ) | 92 | (68 | ) | 633 | (70 | ) | 725 | ||||||||||||||||||||||||||
Other marketable equity securities | (2 | ) | 41 | — | — | (2 | ) | 41 | |||||||||||||||||||||||||||
Total marketable equity securities | (4 | ) | 133 | (68 | ) | 633 | (72 | ) | 766 | ||||||||||||||||||||||||||
Total available-for-sale securities | (485 | ) | 37,490 | (1,437 | ) | 55,107 | (1,922 | ) | 92,597 | ||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (8 | ) | 1,889 | — | — | (8 | ) | 1,889 | |||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (13 | ) | 1,391 | — | — | (13 | ) | 1,391 | |||||||||||||||||||||||||||
Total held-to-maturity securities | (21 | ) | 3,280 | — | — | (21 | ) | 3,280 | |||||||||||||||||||||||||||
Total | $ | (506 | ) | 40,770 | (1,437 | ) | 55,107 | (1,943 | ) | 95,877 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (329 | ) | 5,786 | — | — | (329 | ) | 5,786 | ||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (399 | ) | 9,238 | (328 | ) | 4,120 | (727 | ) | 13,358 | ||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (3,562 | ) | 67,045 | (52 | ) | 1,132 | (3,614 | ) | 68,177 | ||||||||||||||||||||||||||
Residential | (18 | ) | 1,242 | (22 | ) | 232 | (40 | ) | 1,474 | ||||||||||||||||||||||||||
Commercial | (15 | ) | 2,128 | (100 | ) | 2,027 | (115 | ) | 4,155 | ||||||||||||||||||||||||||
Total mortgage-backed securities | (3,595 | ) | 70,415 | (174 | ) | 3,391 | (3,769 | ) | 73,806 | ||||||||||||||||||||||||||
Corporate debt securities | (85 | ) | 2,542 | (55 | ) | 428 | (140 | ) | 2,970 | ||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (55 | ) | 7,202 | (38 | ) | 343 | (93 | ) | 7,545 | ||||||||||||||||||||||||||
Other | (11 | ) | 1,690 | (18 | ) | 365 | (29 | ) | 2,055 | ||||||||||||||||||||||||||
Total debt securities | (4,474 | ) | 96,873 | (613 | ) | 8,647 | (5,087 | ) | 105,520 | ||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | (28 | ) | 424 | (32 | ) | 308 | (60 | ) | 732 | ||||||||||||||||||||||||||
Other marketable equity securities | (4 | ) | 34 | — | — | (4 | ) | 34 | |||||||||||||||||||||||||||
Total marketable equity securities | (32 | ) | 458 | (32 | ) | 308 | (64 | ) | 766 | ||||||||||||||||||||||||||
Total available-for-sale securities | (4,506 | ) | 97,331 | (645 | ) | 8,955 | (5,151 | ) | 106,286 | ||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | (99 | ) | 6,153 | — | — | (99 | ) | 6,153 | |||||||||||||||||||||||||||
Total held-to-maturity securities | (99 | ) | 6,153 | — | — | (99 | ) | 6,153 | |||||||||||||||||||||||||||
Total | $ | (4,605 | ) | 103,484 | (645 | ) | 8,955 | (5,250 | ) | 112,439 | |||||||||||||||||||||||||
Investment Securities Gross Unrealized Losses By Investment Grade | The following table shows the gross unrealized losses and fair value of debt and perpetual preferred investment securities by those rated investment grade and those rated less than investment grade according to their lowest credit rating by Standard & Poor’s Rating Services (S&P) or Moody’s Investors Service (Moody’s). Credit ratings express opinions about the credit quality of a security. Securities rated investment grade, that is those rated BBB- or higher by S&P or Baa3 or higher by Moody’s, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, securities rated below investment grade, labeled as "speculative grade" by the rating agencies, are considered to be distinctively higher credit risk than investment grade securities. We have also included securities not rated by S&P or Moody’s in the table below based on our internal credit grade of the securities (used for credit risk management purposes) equivalent to the credit rating assigned by major credit agencies. The unrealized losses and fair value of unrated securities categorized as investment grade based on internal credit grades were $25 million and $1.6 billion, respectively, at December 31, 2014, and $18 million and $1.9 billion, respectively, at December 31, 2013. If an internal credit grade was not assigned, we categorized the security as non-investment grade. | ||||||||||||||||||||||||||||||||||
Investment grade | Non-investment grade | ||||||||||||||||||||||||||||||||||
(in millions) | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (138 | ) | 12,857 | — | — | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (459 | ) | 13,600 | (40 | ) | 353 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (751 | ) | 39,560 | — | — | ||||||||||||||||||||||||||||||
Residential | — | 139 | (24 | ) | 951 | ||||||||||||||||||||||||||||||
Commercial | (24 | ) | 3,366 | (33 | ) | 368 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | (775 | ) | 43,065 | (57 | ) | 1,319 | |||||||||||||||||||||||||||||
Corporate debt securities | (39 | ) | 1,807 | (131 | ) | 1,132 | |||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (172 | ) | 16,609 | (12 | ) | 104 | |||||||||||||||||||||||||||||
Other | (23 | ) | 782 | (4 | ) | 203 | |||||||||||||||||||||||||||||
Total debt securities | (1,606 | ) | 88,720 | (244 | ) | 3,111 | |||||||||||||||||||||||||||||
Perpetual preferred securities | (70 | ) | 725 | — | — | ||||||||||||||||||||||||||||||
Total available-for-sale securities | (1,676 | ) | 89,445 | (244 | ) | 3,111 | |||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (8 | ) | 1,889 | — | — | ||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (13 | ) | 1,391 | — | — | ||||||||||||||||||||||||||||||
Total held-to-maturity securities | (21 | ) | 3,280 | — | — | ||||||||||||||||||||||||||||||
Total | $ | (1,697 | ) | 92,725 | (244 | ) | 3,111 | ||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (329 | ) | 5,786 | — | — | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (671 | ) | 12,915 | (56 | ) | 443 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (3,614 | ) | 68,177 | — | — | ||||||||||||||||||||||||||||||
Residential | (2 | ) | 177 | (38 | ) | 1,297 | |||||||||||||||||||||||||||||
Commercial | (46 | ) | 3,364 | (69 | ) | 791 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | (3,662 | ) | 71,718 | (107 | ) | 2,088 | |||||||||||||||||||||||||||||
Corporate debt securities | (96 | ) | 2,343 | (44 | ) | 627 | |||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | (72 | ) | 7,376 | (21 | ) | 169 | |||||||||||||||||||||||||||||
Other | (19 | ) | 1,874 | (10 | ) | 181 | |||||||||||||||||||||||||||||
Total debt securities | (4,849 | ) | 102,012 | (238 | ) | 3,508 | |||||||||||||||||||||||||||||
Perpetual preferred securities | (60 | ) | 732 | — | — | ||||||||||||||||||||||||||||||
Total available-for-sale securities | (4,909 | ) | 102,744 | (238 | ) | 3,508 | |||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | (99 | ) | 6,153 | — | — | ||||||||||||||||||||||||||||||
Total held-to-maturity securities | (99 | ) | 6,153 | — | — | ||||||||||||||||||||||||||||||
Total | $ | (5,008 | ) | 108,897 | (238 | ) | 3,508 | ||||||||||||||||||||||||||||
Debt Securities Available For Sale Contractual Maturities | The following table shows the remaining contractual maturities and contractual weighted-average yields (taxable-equivalent basis) of available-for-sale debt securities. The remaining contractual principal maturities for MBS do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. | ||||||||||||||||||||||||||||||||||
Remaining contractual maturity | |||||||||||||||||||||||||||||||||||
After one year | After five years | ||||||||||||||||||||||||||||||||||
Total | Within one year | through five years | through ten years | After ten years | |||||||||||||||||||||||||||||||
(in millions) | amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities (1): | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 25,804 | 1.49 | % | $ | 181 | 1.47 | % | $ | 22,348 | 1.44 | % | $ | 3,275 | 1.83 | % | $ | — | — | % | |||||||||||||||
Securities of U.S. states and political subdivisions | 44,944 | 5.66 | 3,568 | 1.71 | 7,050 | 2.19 | 3,235 | 5.13 | 31,091 | 6.96 | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 110,089 | 3.27 | — | — | 276 | 2.86 | 1,011 | 3.38 | 108,802 | 3.27 | |||||||||||||||||||||||||
Residential | 9,269 | 4.5 | — | — | 9 | 4.81 | 83 | 5.63 | 9,177 | 4.49 | |||||||||||||||||||||||||
Commercial | 16,994 | 5.16 | 1 | 0.28 | 62 | 2.71 | 5 | 1.3 | 16,926 | 5.17 | |||||||||||||||||||||||||
Total mortgage-backed securities | 136,352 | 3.59 | 1 | 0.28 | 347 | 2.88 | 1,099 | 3.54 | 134,905 | 3.59 | |||||||||||||||||||||||||
Corporate debt securities | 14,786 | 4.9 | 600 | 4.32 | 7,634 | 4.54 | 5,209 | 5.3 | 1,343 | 5.7 | |||||||||||||||||||||||||
Collateralized loan and other debt obligations | 25,361 | 1.83 | 23 | 1.95 | 944 | 0.71 | 8,472 | 1.67 | 15,922 | 1.99 | |||||||||||||||||||||||||
Other | 6,519 | 1.79 | 274 | 1.55 | 1,452 | 2.56 | 1,020 | 1.32 | 3,773 | 1.64 | |||||||||||||||||||||||||
Total available-for-sale debt securities at fair value | $ | 253,766 | 3.6 | % | $ | 4,647 | 2.03 | % | $ | 39,775 | 2.2 | % | $ | 22,310 | 3.12 | % | $ | 187,034 | 3.99 | % | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities (1): | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 6,280 | 1.66 | % | $ | 86 | 0.54 | % | $ | 701 | 1.45 | % | $ | 5,493 | 1.71 | % | $ | — | — | % | |||||||||||||||
Securities of U.S. states and political subdivisions | 42,536 | 5.3 | 4,915 | 1.84 | 7,901 | 2.19 | 3,151 | 5.19 | 26,569 | 6.89 | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 117,591 | 3.33 | 1 | 7.14 | 398 | 2.71 | 956 | 3.46 | 116,236 | 3.33 | |||||||||||||||||||||||||
Residential | 12,453 | 4.31 | — | — | — | — | 113 | 5.43 | 12,340 | 4.3 | |||||||||||||||||||||||||
Commercial | 18,747 | 5.24 | — | — | 52 | 3.33 | 59 | 0.96 | 18,636 | 5.26 | |||||||||||||||||||||||||
Total mortgage-backed securities | 148,791 | 3.65 | 1 | 7.14 | 450 | 2.78 | 1,128 | 3.52 | 147,212 | 3.66 | |||||||||||||||||||||||||
Corporate debt securities | 21,227 | 4.18 | 6,136 | 2.06 | 7,255 | 4.22 | 6,528 | 5.8 | 1,308 | 5.77 | |||||||||||||||||||||||||
Collateralized loan and other debt obligations | 20,159 | 1.59 | 40 | 0.25 | 1,100 | 0.63 | 7,750 | 1.29 | 11,269 | 1.89 | |||||||||||||||||||||||||
Other | 9,629 | 1.8 | 906 | 2.53 | 2,977 | 1.74 | 1,243 | 1.64 | 4,503 | 1.73 | |||||||||||||||||||||||||
Total available-for-sale debt securities at fair value | $ | 248,622 | 3.69 | % | $ | 12,084 | 1.99 | % | $ | 20,384 | 2.75 | % | $ | 25,293 | 3.14 | % | $ | 190,861 | 3.97 | % | |||||||||||||||
-1 | Weighted-average yields displayed by maturity bucket are weighted based on fair value and predominantly represent contractual coupon rates without effect for any related hedging derivatives. | ||||||||||||||||||||||||||||||||||
The following table shows the amortized cost and weighted-average yields of held-to-maturity debt securities by contractual maturity. | |||||||||||||||||||||||||||||||||||
Remaining contractual maturity | |||||||||||||||||||||||||||||||||||
After one year | After five years | ||||||||||||||||||||||||||||||||||
Total | Within one year | through five years | through ten years | After ten years | |||||||||||||||||||||||||||||||
(in millions) | amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Held-to-maturity securities (1): | |||||||||||||||||||||||||||||||||||
Amortized cost: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 40,886 | 2.12 | % | $ | — | — | % | $ | — | — | % | $ | 40,886 | 2.12 | % | $ | — | — | % | |||||||||||||||
Securities of U.S. states and political subdivisions | 1,962 | 5.6 | — | — | — | — | 9 | 6.6 | 1,953 | 5.59 | |||||||||||||||||||||||||
Federal agency mortgage-backed securities | 5,476 | 3.89 | — | — | — | — | — | — | 5,476 | 3.89 | |||||||||||||||||||||||||
Collateralized loan and other debt obligations | 1,404 | 1.96 | — | — | — | — | — | — | 1,404 | 1.96 | |||||||||||||||||||||||||
Other | 5,755 | 1.64 | 192 | 1.61 | 4,214 | 1.72 | 1,349 | 1.41 | — | — | |||||||||||||||||||||||||
Total held-to-maturity debt securities at amortized cost | $ | 55,483 | 2.37 | % | $ | 192 | 1.61 | % | $ | 4,214 | 1.72 | % | $ | 42,244 | 2.1 | % | $ | 8,833 | 3.96 | % | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Held-to-maturity securities (1): | |||||||||||||||||||||||||||||||||||
Amortized cost: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | $ | 6,304 | 3.9 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 6,304 | 3.9 | % | |||||||||||||||
Other | 6,042 | 1.89 | 195 | 1.72 | 4,468 | 1.87 | 1,379 | 1.98 | — | — | |||||||||||||||||||||||||
Total held-to-maturity debt securities at amortized cost | $ | 12,346 | 2.92 | % | $ | 195 | 1.72 | % | $ | 4,468 | 1.87 | % | $ | 1,379 | 1.98 | % | $ | 6,304 | 3.9 | % | |||||||||||||||
-1 | Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and predominantly represent contractual coupon rates. | ||||||||||||||||||||||||||||||||||
The following table shows the fair value of held-to-maturity debt securities by contractual maturity. | |||||||||||||||||||||||||||||||||||
Remaining contractual maturity | |||||||||||||||||||||||||||||||||||
After one year | After five years | ||||||||||||||||||||||||||||||||||
Total | Within one year | through five years | through ten years | After ten years | |||||||||||||||||||||||||||||||
(in millions) | amount | Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Fair value: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 41,548 | $ | — | $ | — | $ | 41,548 | $ | — | |||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 1,989 | — | — | 9 | 1,980 | ||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 5,641 | — | — | — | 5,641 | ||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | 1,391 | — | — | — | 1,391 | ||||||||||||||||||||||||||||||
Other | 5,790 | 193 | 4,239 | 1,358 | — | ||||||||||||||||||||||||||||||
Total held-to-maturity debt securities at fair value | $ | 56,359 | $ | 193 | $ | 4,239 | $ | 42,915 | $ | 9,012 | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Fair Value: | |||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | $ | 6,205 | $ | — | $ | — | $ | — | $ | 6,205 | |||||||||||||||||||||||||
Other | 6,042 | 195 | 4,468 | 1,379 | — | ||||||||||||||||||||||||||||||
Total held-to-maturity debt securities at fair value | $ | 12,247 | $ | 195 | $ | 4,468 | $ | 1,379 | $ | 6,205 | |||||||||||||||||||||||||
Investment Securities Realized Gains And Losses | The following table shows the gross realized gains and losses on sales and OTTI write-downs related to the available-for-sale securities portfolio, which includes marketable equity securities, as well as net realized gains and losses on nonmarketable equity investments (see Note 7 (Premises, Equipment, Lease Commitments and Other Assets)). | ||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Gross realized gains | $ | 1,560 | 492 | 600 | |||||||||||||||||||||||||||||||
Gross realized losses | (14 | ) | (24 | ) | (73 | ) | |||||||||||||||||||||||||||||
OTTI write-downs | (52 | ) | (183 | ) | (256 | ) | |||||||||||||||||||||||||||||
Net realized gains from available-for-sale securities | 1,494 | 285 | 271 | ||||||||||||||||||||||||||||||||
Net realized gains from nonmarketable equity investments | 1,479 | 1,158 | 1,086 | ||||||||||||||||||||||||||||||||
Net realized gains from debt securities and equity investments | $ | 2,973 | 1,443 | 1,357 | |||||||||||||||||||||||||||||||
Investment Securities And Nonmarketable Equity Securities Other Than Temporary Impairment | The following table shows the detail of total OTTI write-downs included in earnings for available-for-sale debt securities, marketable equity securities and nonmarketable equity investments. There were no OTTI write-downs on held-to-maturity securities during the years ended December 31, 2014 and 2013. There were no held-to-maturity securities in our investment securities portfolio for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
OTTI write-downs included in earnings | |||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 11 | 2 | 16 | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | — | 1 | — | ||||||||||||||||||||||||||||||||
Residential | 26 | 72 | 84 | ||||||||||||||||||||||||||||||||
Commercial | 9 | 53 | 86 | ||||||||||||||||||||||||||||||||
Corporate debt securities | 1 | 4 | 11 | ||||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | 2 | — | 1 | ||||||||||||||||||||||||||||||||
Other debt securities | — | 26 | 42 | ||||||||||||||||||||||||||||||||
Total debt securities | 49 | 158 | 240 | ||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||||||||||||||
Perpetual preferred securities | — | — | 12 | ||||||||||||||||||||||||||||||||
Other marketable equity securities | 3 | 25 | 4 | ||||||||||||||||||||||||||||||||
Total marketable equity securities | 3 | 25 | 16 | ||||||||||||||||||||||||||||||||
Total investment securities | 52 | 183 | 256 | ||||||||||||||||||||||||||||||||
Nonmarketable equity investments | 270 | 161 | 160 | ||||||||||||||||||||||||||||||||
Total OTTI write-downs included in earnings | $ | 322 | 344 | 416 | |||||||||||||||||||||||||||||||
Debt Securities Other Than Temporary Impairment | The following table shows the detail of OTTI write-downs on available-for-sale debt securities included in earnings and the related changes in OCI for the same securities. | ||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
OTTI on debt securities | |||||||||||||||||||||||||||||||||||
Recorded as part of gross realized losses: | |||||||||||||||||||||||||||||||||||
Credit-related OTTI | $ | 40 | 107 | 237 | |||||||||||||||||||||||||||||||
Intent-to-sell OTTI | 9 | 51 | 3 | ||||||||||||||||||||||||||||||||
Total recorded as part of gross realized losses | 49 | 158 | 240 | ||||||||||||||||||||||||||||||||
Changes to OCI for losses (reversal of losses) in non-credit-related OTTI (1): | |||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | (2 | ) | 1 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | (10 | ) | (27 | ) | (178 | ) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | (21 | ) | (90 | ) | (88 | ) | |||||||||||||||||||||||||||||
Corporate debt securities | — | — | 1 | ||||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | — | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||
Other debt securities | — | 1 | 28 | ||||||||||||||||||||||||||||||||
Total changes to OCI for non-credit-related OTTI | (31 | ) | (119 | ) | (237 | ) | |||||||||||||||||||||||||||||
Total OTTI losses recorded on debt securities | $ | 18 | 39 | 3 | |||||||||||||||||||||||||||||||
-1 | Represents amounts recorded to OCI for impairment, due to factors other than credit, on debt securities that have also had credit-related OTTI write-downs during the period. Increases represent initial or subsequent non-credit-related OTTI on debt securities. Decreases represent partial to full reversal of impairment due to recoveries in the fair value of securities due to non-credit factors. | ||||||||||||||||||||||||||||||||||
Credit Loss Component Of Credit-Impaired Debt Securities | The following table presents a rollforward of the OTTI credit loss that has been recognized in earnings as a write-down of available-for-sale debt securities we still own (referred to as "credit-impaired" debt securities) and do not intend to sell. Recognized credit loss represents the difference between the present value of expected future cash flows discounted using the security’s current effective interest rate and the amortized cost basis of the security prior to considering credit loss. | ||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Credit loss recognized, beginning of year | $ | 1,171 | 1,289 | 1,272 | |||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||
For securities with initial credit impairments | 5 | 21 | 55 | ||||||||||||||||||||||||||||||||
For securities with previous credit impairments | 35 | 86 | 182 | ||||||||||||||||||||||||||||||||
Total additions | 40 | 107 | 237 | ||||||||||||||||||||||||||||||||
Reductions: | |||||||||||||||||||||||||||||||||||
For securities sold, matured, or intended/required to be sold | (169 | ) | (194 | ) | (194 | ) | |||||||||||||||||||||||||||||
For recoveries of previous credit impairments (1) | (17 | ) | (31 | ) | (26 | ) | |||||||||||||||||||||||||||||
Total reductions | (186 | ) | (225 | ) | (220 | ) | |||||||||||||||||||||||||||||
Credit loss recognized, end of year | $ | 1,025 | 1,171 | 1,289 | |||||||||||||||||||||||||||||||
-1 | Recoveries of previous credit impairments result from increases in expected cash flows subsequent to credit loss recognition. Such recoveries are reflected prospectively as interest yield adjustments using the effective interest method. |
Loans_and_Allowance_for_Credit1
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||
Loans and Allowance for Credit Losses, Loans Outstanding | The following table presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include a total net reduction of $4.5 billion and $6.4 billion at December 31, 2014 and December 31, 2013, respectively, for unearned income, net deferred loan fees, and unamortized discounts and premiums. | ||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 271,795 | 235,358 | 223,703 | 205,824 | 182,059 | |||||||||||||||||
Real estate mortgage | 111,996 | 112,427 | 106,392 | 106,028 | 99,490 | ||||||||||||||||||
Real estate construction | 18,728 | 16,934 | 16,983 | 19,470 | 25,371 | ||||||||||||||||||
Lease financing | 12,307 | 12,371 | 12,736 | 13,387 | 13,386 | ||||||||||||||||||
Total commercial | 414,826 | 377,090 | 359,814 | 344,709 | 320,306 | ||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 265,386 | 258,507 | 249,912 | 229,408 | 231,113 | ||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 59,717 | 65,950 | 75,503 | 86,041 | 96,205 | ||||||||||||||||||
Credit card | 31,119 | 26,882 | 24,651 | 22,905 | 22,384 | ||||||||||||||||||
Automobile | 55,740 | 50,808 | 45,998 | 43,508 | 43,754 | ||||||||||||||||||
Other revolving credit and installment | 35,763 | 43,049 | 42,473 | 43,060 | 43,505 | ||||||||||||||||||
Total consumer | 447,725 | 445,196 | 438,537 | 424,922 | 436,961 | ||||||||||||||||||
Total loans | $ | 862,551 | 822,286 | 798,351 | 769,631 | 757,267 | |||||||||||||||||
Our foreign loans are reported by respective class of financing receivable in the table above. Substantially all of our foreign loan portfolio is commercial loans. Loans are classified as foreign primarily based on whether the borrower’s primary address is outside of the United States. The following table presents total commercial foreign loans outstanding by class of financing receivable. | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Commercial foreign loans: | |||||||||||||||||||||||
Commercial and industrial | $ | 44,707 | 41,547 | 37,148 | 38,609 | 30,775 | |||||||||||||||||
Real estate mortgage | 4,776 | 5,328 | 52 | 53 | 55 | ||||||||||||||||||
Real estate construction | 218 | 187 | 79 | 88 | 39 | ||||||||||||||||||
Lease financing | 336 | 338 | 312 | 269 | 292 | ||||||||||||||||||
Total commercial foreign loans | $ | 50,037 | 47,400 | 37,591 | 39,019 | 31,161 | |||||||||||||||||
Loans and Allowance for Credit Losses, Significant Activity | The following table summarizes the proceeds paid or received for purchases and sales of loans and transfers from loans held for investment to mortgages/loans held for sale at lower of cost or fair value. This loan activity primarily includes loans purchased and sales of whole loan or participating interests, whereby we receive or transfer a portion of a loan after origination. The table excludes PCI loans and loans recorded at fair value, including loans originated for sale because their loan activity normally does not impact the allowance for credit losses. | ||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||
Purchases (1) | $ | 4,952 | 1,365 | 6,317 | 10,914 | 581 | 11,495 | ||||||||||||||||
Sales | (1,706 | ) | (152 | ) | (1,858 | ) | (6,740 | ) | (514 | ) | (7,254 | ) | |||||||||||
Transfers to MHFS/LHFS (1) | (99 | ) | (9,778 | ) | (9,877 | ) | (258 | ) | (11 | ) | (269 | ) | |||||||||||
-1 | The “Purchases” and “Transfers to MHFS/LHFS" categories exclude activity in government insured/guaranteed real estate 1-4 family first mortgage loans. As servicer, we are able to buy delinquent insured/guaranteed loans out of the Government National Mortgage Association (GNMA) pools. These loans have different risk characteristics from the rest of our consumer portfolio, whereby this activity does not impact the allowance for loan losses in the same manner because the loans are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Such purchases net of transfers to MHFS were $2.9 billion and $8.2 billion for the year ended 2014 and 2013, respectively. | ||||||||||||||||||||||
Loans and Allowance for Credit Losses, Commitments to Lend | The table excludes standby and commercial letters of credit issued under the terms of our commitments and temporary advance commitments on behalf of other lenders. | ||||||||||||||||||||||
Dec 31, | Dec 31, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 278,093 | 250,986 | ||||||||||||||||||||
Real estate mortgage | 6,134 | 5,993 | |||||||||||||||||||||
Real estate construction | 15,587 | 12,612 | |||||||||||||||||||||
Lease financing | 3 | — | |||||||||||||||||||||
Total commercial | 299,817 | 269,591 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 32,055 | 32,908 | |||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 45,492 | 47,667 | |||||||||||||||||||||
Credit card | 95,062 | 79,049 | |||||||||||||||||||||
Other revolving credit and installment | 24,816 | 24,216 | |||||||||||||||||||||
Total consumer | 197,425 | 183,840 | |||||||||||||||||||||
Total unfunded credit commitments | $ | 497,242 | 453,431 | ||||||||||||||||||||
Loans and Allowance for Credit Losses, Allowance for Credit Losses | Changes in the allowance for credit losses were: | ||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Balance, beginning of year | $ | 14,971 | 17,477 | 19,668 | 23,463 | 25,031 | |||||||||||||||||
Provision for credit losses | 1,395 | 2,309 | 7,217 | 7,899 | 15,753 | ||||||||||||||||||
Interest income on certain impaired loans (1) | (211 | ) | (264 | ) | (315 | ) | (332 | ) | (266 | ) | |||||||||||||
Loan charge-offs: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | (627 | ) | (739 | ) | (1,404 | ) | (1,681 | ) | (2,820 | ) | |||||||||||||
Real estate mortgage | (66 | ) | (190 | ) | (382 | ) | (636 | ) | (1,152 | ) | |||||||||||||
Real estate construction | (9 | ) | (28 | ) | (191 | ) | (351 | ) | (1,189 | ) | |||||||||||||
Lease financing | (15 | ) | (34 | ) | (24 | ) | (41 | ) | (124 | ) | |||||||||||||
Total commercial | (717 | ) | (991 | ) | (2,001 | ) | (2,709 | ) | (5,285 | ) | |||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | (721 | ) | (1,439 | ) | (3,020 | ) | (3,896 | ) | (4,916 | ) | |||||||||||||
Real estate 1-4 family junior lien mortgage | (864 | ) | (1,579 | ) | (3,437 | ) | (3,765 | ) | (4,936 | ) | |||||||||||||
Credit card | (1,025 | ) | (1,022 | ) | (1,105 | ) | (1,458 | ) | (2,415 | ) | |||||||||||||
Automobile | (729 | ) | (625 | ) | (651 | ) | (797 | ) | (1,295 | ) | |||||||||||||
Other revolving credit and installment | (668 | ) | (754 | ) | (759 | ) | (990 | ) | (1,253 | ) | |||||||||||||
Total consumer | (4,007 | ) | (5,419 | ) | (8,972 | ) | (10,906 | ) | (14,815 | ) | |||||||||||||
Total loan charge-offs | (4,724 | ) | (6,410 | ) | (10,973 | ) | (13,615 | ) | (20,100 | ) | |||||||||||||
Loan recoveries: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | 369 | 396 | 472 | 426 | 442 | ||||||||||||||||||
Real estate mortgage | 160 | 226 | 163 | 143 | 68 | ||||||||||||||||||
Real estate construction | 136 | 137 | 124 | 146 | 110 | ||||||||||||||||||
Lease financing | 8 | 17 | 20 | 25 | 21 | ||||||||||||||||||
Total commercial | 673 | 776 | 779 | 740 | 641 | ||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 212 | 246 | 157 | 405 | 523 | ||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 238 | 269 | 260 | 218 | 211 | ||||||||||||||||||
Credit card | 161 | 127 | 188 | 257 | 224 | ||||||||||||||||||
Automobile | 349 | 322 | 364 | 449 | 509 | ||||||||||||||||||
Other revolving credit and installment | 146 | 161 | 191 | 247 | 239 | ||||||||||||||||||
Total consumer | 1,106 | 1,125 | 1,160 | 1,576 | 1,706 | ||||||||||||||||||
Total loan recoveries | 1,779 | 1,901 | 1,939 | 2,316 | 2,347 | ||||||||||||||||||
Net loan charge-offs (2) | (2,945 | ) | (4,509 | ) | (9,034 | ) | (11,299 | ) | (17,753 | ) | |||||||||||||
Allowances related to business combinations/other (3) | (41 | ) | (42 | ) | (59 | ) | (63 | ) | 698 | ||||||||||||||
Balance, end of year | $ | 13,169 | 14,971 | 17,477 | 19,668 | 23,463 | |||||||||||||||||
Components: | |||||||||||||||||||||||
Allowance for loan losses | $ | 12,319 | 14,502 | 17,060 | 19,372 | 23,022 | |||||||||||||||||
Allowance for unfunded credit commitments | 850 | 469 | 417 | 296 | 441 | ||||||||||||||||||
Allowance for credit losses (4) | $ | 13,169 | 14,971 | 17,477 | 19,668 | 23,463 | |||||||||||||||||
Net loan charge-offs as a percentage of average total loans (2) | 0.35 | % | 0.56 | 1.17 | 1.49 | 2.3 | |||||||||||||||||
Allowance for loan losses as a percentage of total loans (4) | 1.43 | 1.76 | 2.13 | 2.52 | 3.04 | ||||||||||||||||||
Allowance for credit losses as a percentage of total loans (4) | 1.53 | 1.82 | 2.19 | 2.56 | 3.1 | ||||||||||||||||||
-1 | Certain impaired loans with an allowance calculated by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize reductions in the allowance as interest income. | ||||||||||||||||||||||
-2 | For PCI loans, charge-offs are only recorded to the extent that losses exceed the purchase accounting estimates. | ||||||||||||||||||||||
-3 | Includes $693 million for the year ended December 31, 2010, related to the adoption of consolidation accounting guidance on January 1, 2010. | ||||||||||||||||||||||
-4 | The allowance for credit losses includes $11 million, $30 million, $117 million, $231 million and $298 million at December 31, 2014, 2013, 2012, 2011, and 2010, respectively, related to PCI loans acquired from Wachovia. Loans acquired from Wachovia are included in total loans net of related purchase accounting net write-downs. | ||||||||||||||||||||||
Loans and Allowance for Credit Losses, Allowance for Credit Losses by Category | The following table summarizes the activity in the allowance for credit losses by our commercial and consumer portfolio segments. | ||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||
Balance, beginning of period | $ | 6,103 | 8,868 | 14,971 | 5,714 | 11,763 | 17,477 | ||||||||||||||||
Provision for credit losses | 342 | 1,053 | 1,395 | 680 | 1,629 | 2,309 | |||||||||||||||||
Interest income on certain impaired loans | (20 | ) | (191 | ) | (211 | ) | (54 | ) | (210 | ) | (264 | ) | |||||||||||
Loan charge-offs | (717 | ) | (4,007 | ) | (4,724 | ) | (991 | ) | (5,419 | ) | (6,410 | ) | |||||||||||
Loan recoveries | 673 | 1,106 | 1,779 | 776 | 1,125 | 1,901 | |||||||||||||||||
Net loan charge-offs | (44 | ) | (2,901 | ) | (2,945 | ) | (215 | ) | (4,294 | ) | (4,509 | ) | |||||||||||
Allowance related to business combinations/other | (4 | ) | (37 | ) | (41 | ) | (22 | ) | (20 | ) | (42 | ) | |||||||||||
Balance, end of period | $ | 6,377 | 6,792 | 13,169 | 6,103 | 8,868 | 14,971 | ||||||||||||||||
Loans and Allowance for Credit Losses, by Impairment Methodology | The following table disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. | ||||||||||||||||||||||
Allowance for credit losses | Recorded investment in loans | ||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Collectively evaluated (1) | $ | 5,482 | 3,706 | 9,188 | 409,560 | 404,263 | 813,823 | ||||||||||||||||
Individually evaluated (2) | 884 | 3,086 | 3,970 | 3,759 | 21,649 | 25,408 | |||||||||||||||||
PCI (3) | 11 | — | 11 | 1,507 | 21,813 | 23,320 | |||||||||||||||||
Total | $ | 6,377 | 6,792 | 13,169 | 414,826 | 447,725 | 862,551 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Collectively evaluated (1) | $ | 4,921 | 5,011 | 9,932 | 369,252 | 398,237 | 767,489 | ||||||||||||||||
Individually evaluated (2) | 1,156 | 3,853 | 5,009 | 5,334 | 22,736 | 28,070 | |||||||||||||||||
PCI (3) | 26 | 4 | 30 | 2,504 | 24,223 | 26,727 | |||||||||||||||||
Total | $ | 6,103 | 8,868 | 14,971 | 377,090 | 445,196 | 822,286 | ||||||||||||||||
-1 | Represents loans collectively evaluated for impairment in accordance with Accounting Standards Codification (ASC) 450-20, Loss Contingencies (formerly FAS 5), and pursuant to amendments by ASU 2010-20 regarding allowance for non-impaired loans. | ||||||||||||||||||||||
-2 | Represents loans individually evaluated for impairment in accordance with ASC 310-10, Receivables (formerly FAS 114), and pursuant to amendments by ASU 2010-20 regarding allowance for impaired loans. | ||||||||||||||||||||||
-3 | Represents the allowance and related loan carrying value determined in accordance with ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality (formerly SOP 3-3) and pursuant to amendments by ASU 2010-20 regarding allowance for PCI loans. | ||||||||||||||||||||||
Loans by Credit Quality Indicator | The following table provides a breakdown of outstanding commercial loans by risk category. Of the $8.3 billion in criticized commercial real estate (CRE) loans at December 31, 2014, $1.7 billion has been placed on nonaccrual status and written down to net realizable collateral value. CRE loans have a high level of monitoring in place to manage these assets and mitigate loss exposure. | ||||||||||||||||||||||
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Lease financing | Total | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||
Pass | $ | 255,611 | 103,319 | 17,661 | 11,723 | 388,314 | |||||||||||||||||
Criticized | 16,109 | 7,416 | 896 | 584 | 25,005 | ||||||||||||||||||
Total commercial loans (excluding PCI) | 271,720 | 110,735 | 18,557 | 12,307 | 413,319 | ||||||||||||||||||
Total commercial PCI loans (carrying value) | 75 | 1,261 | 171 | — | 1,507 | ||||||||||||||||||
Total commercial loans | $ | 271,795 | 111,996 | 18,728 | 12,307 | 414,826 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||
Pass | $ | 218,231 | 98,984 | 14,669 | 11,894 | 343,778 | |||||||||||||||||
Criticized | 16,912 | 11,587 | 1,832 | 477 | 30,808 | ||||||||||||||||||
Total commercial loans (excluding PCI) | 235,143 | 110,571 | 16,501 | 12,371 | 374,586 | ||||||||||||||||||
Total commercial PCI loans (carrying value) | 215 | 1,856 | 433 | — | 2,504 | ||||||||||||||||||
Total commercial loans | $ | 235,358 | 112,427 | 16,934 | 12,371 | 377,090 | |||||||||||||||||
Loans by Delinquency Status, Commercial | The following table provides past due information for commercial loans, which we monitor as part of our credit risk management practices. | ||||||||||||||||||||||
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Lease financing | Total | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 270,624 | 109,032 | 18,345 | 12,251 | 410,252 | |||||||||||||||||
30-89 DPD and still accruing | 527 | 197 | 25 | 32 | 781 | ||||||||||||||||||
90+ DPD and still accruing | 31 | 16 | — | — | 47 | ||||||||||||||||||
Nonaccrual loans | 538 | 1,490 | 187 | 24 | 2,239 | ||||||||||||||||||
Total commercial loans (excluding PCI) | 271,720 | 110,735 | 18,557 | 12,307 | 413,319 | ||||||||||||||||||
Total commercial PCI loans (carrying value) | 75 | 1,261 | 171 | — | 1,507 | ||||||||||||||||||
Total commercial loans | $ | 271,795 | 111,996 | 18,728 | 12,307 | 414,826 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 234,012 | 107,744 | 15,885 | 12,308 | 369,949 | |||||||||||||||||
30-89 DPD and still accruing | 345 | 538 | 103 | 33 | 1,019 | ||||||||||||||||||
90+ DPD and still accruing | 11 | 35 | 97 | — | 143 | ||||||||||||||||||
Nonaccrual loans | 775 | 2,254 | 416 | 30 | 3,475 | ||||||||||||||||||
Total commercial loans (excluding PCI) | 235,143 | 110,571 | 16,501 | 12,371 | 374,586 | ||||||||||||||||||
Total commercial PCI loans (carrying value) | 215 | 1,856 | 433 | — | 2,504 | ||||||||||||||||||
Total commercial loans | $ | 235,358 | 112,427 | 16,934 | 12,371 | 377,090 | |||||||||||||||||
Loans by Delinquency Status, Consumer | The following table provides the outstanding balances of our consumer portfolio by delinquency status. | ||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Credit card | Automobile | Other revolving credit and installment | Total | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD | $ | 208,642 | 58,182 | 30,356 | 54,365 | 35,356 | 386,901 | ||||||||||||||||
30-59 DPD | 2,415 | 398 | 239 | 1,056 | 180 | 4,288 | |||||||||||||||||
60-89 DPD | 993 | 220 | 160 | 235 | 111 | 1,719 | |||||||||||||||||
90-119 DPD | 488 | 158 | 136 | 78 | 82 | 942 | |||||||||||||||||
120-179 DPD | 610 | 194 | 227 | 5 | 21 | 1,057 | |||||||||||||||||
180+ DPD | 4,258 | 464 | 1 | 1 | 13 | 4,737 | |||||||||||||||||
Government insured/guaranteed loans (1) | 26,268 | — | — | — | — | 26,268 | |||||||||||||||||
Total consumer loans (excluding PCI) | 243,674 | 59,616 | 31,119 | 55,740 | 35,763 | 425,912 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 21,712 | 101 | — | — | — | 21,813 | |||||||||||||||||
Total consumer loans | $ | 265,386 | 59,717 | 31,119 | 55,740 | 35,763 | 447,725 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD | $ | 193,371 | 64,230 | 26,218 | 49,699 | 31,944 | 365,462 | ||||||||||||||||
30-59 DPD | 2,784 | 461 | 201 | 852 | 179 | 4,477 | |||||||||||||||||
60-89 DPD | 1,157 | 253 | 143 | 186 | 111 | 1,850 | |||||||||||||||||
90-119 DPD | 587 | 182 | 124 | 66 | 76 | 1,035 | |||||||||||||||||
120-179 DPD | 747 | 216 | 195 | 4 | 20 | 1,182 | |||||||||||||||||
180+ DPD | 5,024 | 485 | 1 | 1 | 7 | 5,518 | |||||||||||||||||
Government insured/guaranteed loans (1) | 30,737 | — | — | — | 10,712 | 41,449 | |||||||||||||||||
Total consumer loans (excluding PCI) | 234,407 | 65,827 | 26,882 | 50,808 | 43,049 | 420,973 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 24,100 | 123 | — | — | — | 24,223 | |||||||||||||||||
Total consumer loans | $ | 258,507 | 65,950 | 26,882 | 50,808 | 43,049 | 445,196 | ||||||||||||||||
-1 | Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA and student loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the Federal Family Education Loan Program (FFELP). Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $16.2 billion at December 31, 2014, compared with $20.8 billion at December 31, 2013. On June 30, 2014, we transferred all government guaranteed student loans to loans held for sale. Student loans 90+ DPD totaled $900 million at December 31, 2013. | ||||||||||||||||||||||
Loans by FICO Score, Consumer | The following table provides a breakdown of our consumer portfolio by updated FICO. We obtain FICO scores at loan origination and the scores are updated at least quarterly. The majority of our portfolio is underwritten with a FICO score of 680 and above. FICO is not available for certain loan types and may not be obtained if we deem it unnecessary due to strong collateral and other borrower attributes, primarily security-based loans of $5.9 billion at December 31, 2014, and $5.0 billion at December 31, 2013. | ||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Credit card | Automobile | Other revolving credit and installment | Total | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By updated FICO: | |||||||||||||||||||||||
< 600 | $ | 11,166 | 4,001 | 2,639 | 8,825 | 894 | 27,525 | ||||||||||||||||
600-639 | 7,866 | 2,794 | 2,588 | 6,236 | 1,058 | 20,542 | |||||||||||||||||
640-679 | 13,894 | 5,324 | 4,931 | 9,352 | 2,366 | 35,867 | |||||||||||||||||
680-719 | 24,412 | 8,970 | 6,285 | 9,994 | 4,389 | 54,050 | |||||||||||||||||
720-759 | 35,490 | 12,171 | 6,407 | 7,475 | 5,896 | 67,439 | |||||||||||||||||
760-799 | 82,123 | 17,897 | 5,234 | 7,315 | 7,673 | 120,242 | |||||||||||||||||
800+ | 39,219 | 7,581 | 2,758 | 6,184 | 5,819 | 61,561 | |||||||||||||||||
No FICO available | 3,236 | 878 | 277 | 359 | 1,814 | 6,564 | |||||||||||||||||
FICO not required | — | — | — | — | 5,854 | 5,854 | |||||||||||||||||
Government insured/guaranteed loans (1) | 26,268 | — | — | — | — | 26,268 | |||||||||||||||||
Total consumer loans (excluding PCI) | 243,674 | 59,616 | 31,119 | 55,740 | 35,763 | 425,912 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 21,712 | 101 | — | — | — | 21,813 | |||||||||||||||||
Total consumer loans | $ | 265,386 | 59,717 | 31,119 | 55,740 | 35,763 | 447,725 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By updated FICO: | |||||||||||||||||||||||
< 600 | $ | 14,128 | 5,047 | 2,404 | 8,400 | 956 | 30,935 | ||||||||||||||||
600-639 | 9,029 | 3,247 | 2,175 | 5,925 | 1,015 | 21,391 | |||||||||||||||||
640-679 | 14,918 | 5,985 | 4,176 | 8,827 | 2,158 | 36,064 | |||||||||||||||||
680-719 | 24,336 | 10,043 | 5,398 | 8,992 | 3,917 | 52,686 | |||||||||||||||||
720-759 | 32,991 | 13,581 | 5,530 | 6,546 | 5,264 | 63,912 | |||||||||||||||||
760-799 | 72,062 | 19,238 | 4,535 | 6,313 | 6,836 | 108,984 | |||||||||||||||||
800+ | 33,310 | 7,707 | 2,409 | 5,397 | 5,130 | 53,953 | |||||||||||||||||
No FICO available | 2,896 | 979 | 255 | 408 | 2,054 | 6,592 | |||||||||||||||||
FICO not required | — | — | — | — | 5,007 | 5,007 | |||||||||||||||||
Government insured/guaranteed loans (1) | 30,737 | — | — | — | 10,712 | 41,449 | |||||||||||||||||
Total consumer loans (excluding PCI) | 234,407 | 65,827 | 26,882 | 50,808 | 43,049 | 420,973 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 24,100 | 123 | — | — | — | 24,223 | |||||||||||||||||
Total consumer loans | $ | 258,507 | 65,950 | 26,882 | 50,808 | 43,049 | 445,196 | ||||||||||||||||
-1 | Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA and student loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under FFELP. | ||||||||||||||||||||||
Loans by Loan to Value Ratio, Consumer | The following table shows the most updated LTV and CLTV distribution of the real estate 1-4 family first and junior lien mortgage loan portfolios. We consider the trends in residential real estate markets as we monitor credit risk and establish our allowance for credit losses. In the event of a default, any loss should be limited to the portion of the loan amount in excess of the net realizable value of the underlying real estate collateral value. Certain loans do not have an LTV or CLTV primarily due to industry data availability and portfolios acquired from or serviced by other institutions. | ||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage by LTV | Real estate 1-4 family junior lien mortgage by CLTV | Total | Real estate 1-4 family first mortgage by LTV | Real estate 1-4 family junior lien mortgage by CLTV | Total | |||||||||||||||||
By LTV/CLTV: | |||||||||||||||||||||||
0-60% | $ | 95,719 | 15,603 | 111,322 | 74,047 | 13,645 | 87,692 | ||||||||||||||||
60.01-80% | 86,112 | 17,651 | 103,763 | 80,187 | 17,154 | 97,341 | |||||||||||||||||
80.01-100% | 25,170 | 14,004 | 39,174 | 30,842 | 16,273 | 47,115 | |||||||||||||||||
100.01-120% (1) | 6,133 | 7,254 | 13,387 | 10,678 | 9,992 | 20,670 | |||||||||||||||||
> 120% (1) | 2,856 | 4,058 | 6,914 | 6,306 | 7,369 | 13,675 | |||||||||||||||||
No LTV/CLTV available | 1,416 | 1,046 | 2,462 | 1,610 | 1,394 | 3,004 | |||||||||||||||||
Government insured/guaranteed loans (2) | 26,268 | — | 26,268 | 30,737 | — | 30,737 | |||||||||||||||||
Total consumer loans (excluding PCI) | 243,674 | 59,616 | 303,290 | 234,407 | 65,827 | 300,234 | |||||||||||||||||
Total consumer PCI loans (carrying value) | 21,712 | 101 | 21,813 | 24,100 | 123 | 24,223 | |||||||||||||||||
Total consumer loans | $ | 265,386 | 59,717 | 325,103 | 258,507 | 65,950 | 324,457 | ||||||||||||||||
-1 | Reflects total loan balances with LTV/CLTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV/CLTV. | ||||||||||||||||||||||
-2 | Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. | ||||||||||||||||||||||
Nonaccrual Loans | The following table provides loans on nonaccrual status. PCI loans are excluded from this table because they continue to earn interest from accretable yield, independent of performance in accordance with their contractual terms. | ||||||||||||||||||||||
Dec 31, | Dec 31, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 538 | 775 | ||||||||||||||||||||
Real estate mortgage | 1,490 | 2,254 | |||||||||||||||||||||
Real estate construction | 187 | 416 | |||||||||||||||||||||
Lease financing | 24 | 30 | |||||||||||||||||||||
Total commercial (1) | 2,239 | 3,475 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage (2) | 8,583 | 9,799 | |||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 1,848 | 2,188 | |||||||||||||||||||||
Automobile | 137 | 173 | |||||||||||||||||||||
Other revolving credit and installment | 41 | 33 | |||||||||||||||||||||
Total consumer | 10,609 | 12,193 | |||||||||||||||||||||
Total nonaccrual loans | $ | 12,848 | 15,668 | ||||||||||||||||||||
(excluding PCI) | |||||||||||||||||||||||
-1 | Includes LHFS of $1 million at December 31, 2014 and December 31, 2013. | ||||||||||||||||||||||
-2 | Includes MHFS of $177 million and $227 million at December 31, 2014, and December 31, 2013, respectively. | ||||||||||||||||||||||
90 days or More Past Due and Still Accruing Loans | The following table shows non-PCI loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed. | ||||||||||||||||||||||
Dec 31, | Dec 31, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||
Loan 90 days or more past due and still accruing: | |||||||||||||||||||||||
Total (excluding PCI): | $ | 17,810 | 23,219 | ||||||||||||||||||||
Less: FHA insured/VA guaranteed (1)(2) | 16,827 | 21,274 | |||||||||||||||||||||
Less: Student loans guaranteed under the FFELP (3) | 63 | 900 | |||||||||||||||||||||
Total, not government insured/guaranteed | $ | 920 | 1,045 | ||||||||||||||||||||
By segment and class, not government insured/guaranteed: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 31 | 11 | ||||||||||||||||||||
Real estate mortgage | 16 | 35 | |||||||||||||||||||||
Real estate construction | — | 97 | |||||||||||||||||||||
Total commercial | 47 | 143 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage (2) | 260 | 354 | |||||||||||||||||||||
Real estate 1-4 family junior lien mortgage (2) | 83 | 86 | |||||||||||||||||||||
Credit card | 364 | 321 | |||||||||||||||||||||
Automobile | 73 | 55 | |||||||||||||||||||||
Other revolving credit and installment | 93 | 86 | |||||||||||||||||||||
Total consumer | 873 | 902 | |||||||||||||||||||||
Total, not government insured/guaranteed | $ | 920 | 1,045 | ||||||||||||||||||||
-1 | Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. | ||||||||||||||||||||||
-2 | Includes mortgage loans held for sale 90 days or more past due and still accruing. | ||||||||||||||||||||||
-3 | Represents loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the FFELP. At the end of second quarter 2014, all government guaranteed student loans were transferred to loans held for sale. | ||||||||||||||||||||||
Impaired Loans | The table below includes trial modifications that totaled $452 million at December 31, 2014, and $650 million at December 31, 2013. | ||||||||||||||||||||||
For additional information on our impaired loans and allowance for credit losses, see Note 1 (Summary of Significant Accounting Policies). | |||||||||||||||||||||||
Recorded investment | |||||||||||||||||||||||
(in millions) | Unpaid principal balance (1) | Impaired loans | Impaired loans with related allowance for credit losses | Related allowance for credit losses | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 1,524 | 926 | 757 | 240 | ||||||||||||||||||
Real estate mortgage | 3,190 | 2,483 | 2,405 | 591 | |||||||||||||||||||
Real estate construction | 491 | 331 | 308 | 45 | |||||||||||||||||||
Lease financing | 33 | 19 | 19 | 8 | |||||||||||||||||||
Total commercial | 5,238 | 3,759 | 3,489 | 884 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 21,324 | 18,600 | 12,433 | 2,322 | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 3,094 | 2,534 | 2,009 | 653 | |||||||||||||||||||
Credit card | 338 | 338 | 338 | 98 | |||||||||||||||||||
Automobile | 190 | 127 | 55 | 8 | |||||||||||||||||||
Other revolving credit and installment | 60 | 50 | 42 | 5 | |||||||||||||||||||
Total consumer (2) | 25,006 | 21,649 | 14,877 | 3,086 | |||||||||||||||||||
Total impaired loans (excluding PCI) | $ | 30,244 | 25,408 | 18,366 | 3,970 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 2,060 | 1,311 | 1,061 | 228 | ||||||||||||||||||
Real estate mortgage | 4,269 | 3,375 | 3,264 | 819 | |||||||||||||||||||
Real estate construction | 946 | 615 | 589 | 101 | |||||||||||||||||||
Lease financing | 71 | 33 | 33 | 8 | |||||||||||||||||||
Total commercial | 7,346 | 5,334 | 4,947 | 1,156 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 22,450 | 19,500 | 13,896 | 3,026 | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 3,130 | 2,582 | 2,092 | 681 | |||||||||||||||||||
Credit card | 431 | 431 | 431 | 132 | |||||||||||||||||||
Automobile | 245 | 189 | 95 | 11 | |||||||||||||||||||
Other revolving credit and installment | 44 | 34 | 27 | 3 | |||||||||||||||||||
Total consumer (2) | 26,300 | 22,736 | 16,541 | 3,853 | |||||||||||||||||||
Total impaired loans (excluding PCI) | $ | 33,646 | 28,070 | 21,488 | 5,009 | ||||||||||||||||||
-1 | Excludes the unpaid principal balance for loans that have been fully charged off or otherwise have zero recorded investment. | ||||||||||||||||||||||
-2 | Years ended December 31, 2014 and 2013, include the recorded investment of $2.1 billion and $2.5 billion, respectively, of government insured/guaranteed loans that are predominantly insured by the FHA or guaranteed by the VA and generally do not have an allowance. | ||||||||||||||||||||||
Impaired Loans, Average Recorded Investment and Interest Income | The following tables provide the average recorded investment in impaired loans and the amount of interest income recognized on impaired loans by portfolio segment and class. | ||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
(in millions) | Average recorded investment | Recognized interest income | Average recorded investment | Recognized interest income | Average recorded investment | Recognized interest income | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 1,089 | 77 | 1,508 | 94 | 2,317 | 112 | ||||||||||||||||
Real estate mortgage | 2,924 | 150 | 3,842 | 141 | 4,821 | 119 | |||||||||||||||||
Real estate construction | 457 | 39 | 966 | 35 | 1,818 | 61 | |||||||||||||||||
Lease financing | 28 | — | 38 | 1 | 57 | 1 | |||||||||||||||||
Total commercial | 4,498 | 266 | 6,354 | 271 | 9,013 | 293 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 19,086 | 934 | 19,419 | 973 | 15,750 | 803 | |||||||||||||||||
Real estate 1-4 family junior lien mortgage | 2,547 | 142 | 2,498 | 143 | 2,193 | 80 | |||||||||||||||||
Credit card | 381 | 46 | 480 | 57 | 572 | 63 | |||||||||||||||||
Automobile | 154 | 18 | 232 | 29 | 299 | 42 | |||||||||||||||||
Other revolving credit and installment | 39 | 4 | 30 | 3 | 25 | 2 | |||||||||||||||||
Total consumer | 22,207 | 1,144 | 22,659 | 1,205 | 18,839 | 990 | |||||||||||||||||
Total impaired loans (excluding PCI) | $ | 26,705 | 1,410 | 29,013 | 1,476 | 27,852 | 1,283 | ||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||
Average recorded investment in impaired loans | $ | 26,705 | 29,013 | 27,852 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Cash basis of accounting | $ | 435 | 426 | 316 | |||||||||||||||||||
Other (1) | 975 | 1,050 | 967 | ||||||||||||||||||||
Total interest income | $ | 1,410 | 1,476 | 1,283 | |||||||||||||||||||
-1 | Includes interest recognized on accruing TDRs, interest recognized related to certain impaired loans which have an allowance calculated using discounting, and amortization of purchase accounting adjustments related to certain impaired loans. See footnote 1 to the table of changes in the allowance for credit losses. | ||||||||||||||||||||||
Troubled Debt Restructurings, Modification by Type | The following table summarizes our TDR modifications for the periods presented by primary modification type and includes the financial effects of these modifications. For those loans that modify more than once, the table reflects each modification that occurred during the period. | ||||||||||||||||||||||
Primary modification type (1) | Financial effects of modifications | ||||||||||||||||||||||
(in millions) | Principal (2) | Interest rate reduction | Other | Total | Charge- offs (4) | Weighted average interest rate reduction | Recorded investment related to interest rate reduction (5) | ||||||||||||||||
concessions (3) | |||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 4 | 51 | 914 | 969 | 36 | 1.53 | % | $ | 51 | |||||||||||||
Real estate mortgage | 7 | 182 | 929 | 1,118 | — | 1.21 | 182 | ||||||||||||||||
Real estate construction | — | 10 | 270 | 280 | — | 2.12 | 10 | ||||||||||||||||
Total commercial | 11 | 243 | 2,113 | 2,367 | 36 | 1.32 | 243 | ||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 571 | 401 | 2,690 | 3,662 | 92 | 2.5 | 833 | ||||||||||||||||
Real estate 1-4 family junior lien mortgage | 50 | 114 | 246 | 410 | 64 | 3.27 | 157 | ||||||||||||||||
Credit card | — | 155 | — | 155 | — | 11.4 | 155 | ||||||||||||||||
Automobile | 2 | 5 | 85 | 92 | 36 | 8.56 | 5 | ||||||||||||||||
Other revolving credit and installment | — | 12 | 16 | 28 | — | 5.26 | 12 | ||||||||||||||||
Trial modifications (6) | — | — | (74 | ) | (74 | ) | — | — | — | ||||||||||||||
Total consumer | 623 | 687 | 2,963 | 4,273 | 192 | 3.84 | 1,162 | ||||||||||||||||
Total | $ | 634 | 930 | 5,076 | 6,640 | 228 | 3.41 | % | $ | 1,405 | |||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 19 | 177 | 1,081 | 1,277 | 17 | 4.71 | % | $ | 177 | |||||||||||||
Real estate mortgage | 33 | 307 | 1,391 | 1,731 | 8 | 1.66 | 308 | ||||||||||||||||
Real estate construction | — | 12 | 381 | 393 | 4 | 1.07 | 12 | ||||||||||||||||
Total commercial | 52 | 496 | 2,853 | 3,401 | 29 | 2.72 | 497 | ||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 1,143 | 1,170 | 3,681 | 5,994 | 233 | 2.64 | 2,019 | ||||||||||||||||
Real estate 1-4 family junior lien mortgage | 103 | 181 | 472 | 756 | 42 | 3.33 | 276 | ||||||||||||||||
Credit card | — | 182 | — | 182 | — | 10.38 | 182 | ||||||||||||||||
Automobile | 3 | 12 | 97 | 112 | 34 | 7.66 | 12 | ||||||||||||||||
Other revolving credit and installment | — | 10 | 12 | 22 | — | 4.87 | 10 | ||||||||||||||||
Trial modifications (6) | — | — | 50 | 50 | — | — | — | ||||||||||||||||
Total consumer | 1,249 | 1,555 | 4,312 | 7,116 | 309 | 3.31 | 2,499 | ||||||||||||||||
Total | $ | 1,301 | 2,051 | 7,165 | 10,517 | 338 | 3.21 | % | $ | 2,996 | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 11 | 35 | 1,389 | 1,435 | 40 | 1.6 | % | $ | 38 | |||||||||||||
Real estate mortgage | 47 | 219 | 1,907 | 2,173 | 12 | 1.57 | 226 | ||||||||||||||||
Real estate construction | 12 | 19 | 531 | 562 | 10 | 1.69 | 19 | ||||||||||||||||
Lease financing | — | — | 4 | 4 | — | — | — | ||||||||||||||||
Total commercial | 70 | 273 | 3,831 | 4,174 | 62 | 1.58 | 283 | ||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 1,371 | 1,302 | 5,822 | 8,495 | 547 | 3 | 2,379 | ||||||||||||||||
Real estate 1-4 family junior lien mortgage | 79 | 244 | 756 | 1,079 | 512 | 3.7 | 313 | ||||||||||||||||
Credit card | — | 241 | — | 241 | — | 10.85 | 241 | ||||||||||||||||
Automobile | 5 | 54 | 265 | 324 | 50 | 6.9 | 56 | ||||||||||||||||
Other revolving credit and installment | — | 1 | 22 | 23 | 5 | 4.29 | 2 | ||||||||||||||||
Trial modifications (6) | — | — | 666 | 666 | — | — | — | ||||||||||||||||
Total consumer | 1,455 | 1,842 | 7,531 | 10,828 | 1,114 | 3.78 | 2,991 | ||||||||||||||||
Total | $ | 1,525 | 2,115 | 11,362 | 15,002 | 1,176 | 3.59 | % | $ | 3,274 | |||||||||||||
-1 | Amounts represent the recorded investment in loans after recognizing the effects of the TDR, if any. TDRs may have multiple types of concessions, but are presented only once in the first modification type based on the order presented in the table above. The reported amounts include loans remodified of $2.1 billion, $3.1 billion and $3.9 billion, for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||
-2 | Principal modifications include principal forgiveness at the time of the modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with a zero percent contractual interest rate. | ||||||||||||||||||||||
-3 | Other concessions include loan renewals, term extensions and other interest and noninterest adjustments, but exclude modifications that also forgive principal and/or reduce the contractual interest rate. | ||||||||||||||||||||||
-4 | Charge-offs include write-downs of the investment in the loan in the period it is contractually modified. The amount of charge-off will differ from the modification terms if the loan has been charged down prior to the modification based on our policies. In addition, there may be cases where we have a charge-off/down with no legal principal modification. Modifications resulted in legally forgiving principal (actual, contingent or deferred) of $149 million, $393 million and $495 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||
-5 | Reflects the effect of reduced interest rates on loans with principal or interest rate reduction primary modification type. | ||||||||||||||||||||||
-6 | Trial modifications are granted a delay in payments due under the original terms during the trial payment period. However, these loans continue to advance through delinquency status and accrue interest according to their original terms. Any subsequent permanent modification generally includes interest rate related concessions; however, the exact concession type and resulting financial effect are usually not known until the loan is permanently modified. Trial modifications for the period are presented net of previously reported trial modifications that became permanent in the current period. | ||||||||||||||||||||||
Troubled Debt Restructuring, Current Defaults | The table below summarizes permanent modification TDRs that have defaulted in the current period within 12 months of their permanent modification date. We are reporting these defaulted TDRs based on a payment default definition of 90 days past due for the commercial portfolio segment and 60 days past due for the consumer portfolio segment. | ||||||||||||||||||||||
Recorded investment of defaults | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 62 | 235 | 379 | |||||||||||||||||||
Real estate mortgage | 117 | 303 | 579 | ||||||||||||||||||||
Real estate construction | 4 | 70 | 261 | ||||||||||||||||||||
Lease financing | — | — | 1 | ||||||||||||||||||||
Total commercial | 183 | 608 | 1,220 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 334 | 370 | 567 | ||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 29 | 34 | 55 | ||||||||||||||||||||
Credit card | 51 | 59 | 94 | ||||||||||||||||||||
Automobile | 14 | 18 | 55 | ||||||||||||||||||||
Other revolving credit and installment | 2 | 1 | 1 | ||||||||||||||||||||
Total consumer | 430 | 482 | 772 | ||||||||||||||||||||
Total | $ | 613 | 1,090 | 1,992 | |||||||||||||||||||
Purchased Credit Impaired Loans, Loans Outstanding | The following table presents PCI loans net of any remaining purchase accounting adjustments. Real estate 1-4 family first mortgage PCI loans are predominantly Pick-a-Pay loans. | ||||||||||||||||||||||
Dec 31, | Dec 31, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 75 | 215 | ||||||||||||||||||||
Real estate mortgage | 1,261 | 1,856 | |||||||||||||||||||||
Real estate construction | 171 | 433 | |||||||||||||||||||||
Total commercial | 1,507 | 2,504 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 21,712 | 24,100 | |||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 101 | 123 | |||||||||||||||||||||
Total consumer | 21,813 | 24,223 | |||||||||||||||||||||
Total PCI loans (carrying value) | $ | 23,320 | 26,727 | ||||||||||||||||||||
Total PCI loans (unpaid principal balance) | $ | 32,924 | 38,229 | ||||||||||||||||||||
Purchased Credit Impaired Loans, Accretable Yield | The change in the accretable yield related to PCI loans since the merger with Wachovia is presented in the following table. | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2009-2011 | |||||||||||||||||||
Total, beginning of period | $ | 17,392 | 18,548 | 15,961 | 10,447 | ||||||||||||||||||
Addition of accretable yield due to acquisitions | — | 1 | 3 | 128 | |||||||||||||||||||
Accretion into interest income (1) | (1,599 | ) | (1,833 | ) | (2,152 | ) | (7,199 | ) | |||||||||||||||
Accretion into noninterest income due to sales (2) | (37 | ) | (151 | ) | (5 | ) | (237 | ) | |||||||||||||||
Reclassification from nonaccretable difference for loans with improving credit-related cash flows | 2,243 | 971 | 1,141 | 4,213 | |||||||||||||||||||
Changes in expected cash flows that do not affect nonaccretable difference (3) | (209 | ) | (144 | ) | 3,600 | 8,609 | |||||||||||||||||
Total, end of period | $ | 17,790 | 17,392 | 18,548 | 15,961 | ||||||||||||||||||
-1 | Includes accretable yield released as a result of settlements with borrowers, which is included in interest income. | ||||||||||||||||||||||
-2 | Includes accretable yield released as a result of sales to third parties, which is included in noninterest income. | ||||||||||||||||||||||
-3 | Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, changes in interest rates on variable rate PCI loans and sales to third parties. | ||||||||||||||||||||||
Purchased Credit Impaired Loans, Allowance for Credit Losses | The following table summarizes the changes in allowance for PCI loan losses since the merger with Wachovia. | ||||||||||||||||||||||
(in millions) | Commercial | Pick-a-Pay | Other consumer | Total | |||||||||||||||||||
Balance, December 31, 2008 | $ | — | — | — | — | ||||||||||||||||||
Provision for loan losses | 1,668 | — | 116 | 1,784 | |||||||||||||||||||
Charge-offs | (1,503 | ) | — | (50 | ) | (1,553 | ) | ||||||||||||||||
Balance, December 31, 2011 | 165 | — | 66 | 231 | |||||||||||||||||||
Provision for loan losses | 25 | — | 7 | 32 | |||||||||||||||||||
Charge-offs | (102 | ) | — | (44 | ) | (146 | ) | ||||||||||||||||
Balance, December 31, 2012 | 88 | — | 29 | 117 | |||||||||||||||||||
Reversal of provision for loan losses | (52 | ) | — | (16 | ) | (68 | ) | ||||||||||||||||
Charge-offs | (10 | ) | — | (9 | ) | (19 | ) | ||||||||||||||||
Balance, December 31, 2013 | 26 | — | 4 | 30 | |||||||||||||||||||
Reversal of provision for loan losses | (12 | ) | — | (3 | ) | (15 | ) | ||||||||||||||||
Charge-offs | (3 | ) | — | (1 | ) | (4 | ) | ||||||||||||||||
Balance, December 31, 2014 | $ | 11 | — | — | 11 | ||||||||||||||||||
Purchased Credit Impaired Loans by Credit Quality Indicator | The following table provides a breakdown of commercial PCI loans by risk category. | ||||||||||||||||||||||
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Total | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||
Pass | $ | 21 | 783 | 118 | 922 | ||||||||||||||||||
Criticized | 54 | 478 | 53 | 585 | |||||||||||||||||||
Total commercial PCI loans | $ | 75 | 1,261 | 171 | 1,507 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||
Pass | $ | 118 | 324 | 160 | 602 | ||||||||||||||||||
Criticized | 97 | 1,532 | 273 | 1,902 | |||||||||||||||||||
Total commercial PCI loans | $ | 215 | 1,856 | 433 | 2,504 | ||||||||||||||||||
Purchased Credit Impaired Loans by Delinquency Status, Commercial | The following table provides past due information for commercial PCI loans. | ||||||||||||||||||||||
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Total | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 75 | 1,135 | 161 | 1,371 | ||||||||||||||||||
30-89 DPD and still accruing | — | 48 | 5 | 53 | |||||||||||||||||||
90+ DPD and still accruing | — | 78 | 5 | 83 | |||||||||||||||||||
Total commercial PCI loans | $ | 75 | 1,261 | 171 | 1,507 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 210 | 1,684 | 355 | 2,249 | ||||||||||||||||||
30-89 DPD and still accruing | 5 | 41 | 2 | 48 | |||||||||||||||||||
90+ DPD and still accruing | — | 131 | 76 | 207 | |||||||||||||||||||
Total commercial PCI loans | $ | 215 | 1,856 | 433 | 2,504 | ||||||||||||||||||
Purchased Credit Impaired Loans by Delinquency Status, Consumer | The following table provides the delinquency status of consumer PCI loans. | ||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total | |||||||||||||||||
By delinquency status: | |||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 19,236 | 168 | 19,404 | 20,712 | 171 | 20,883 | ||||||||||||||||
30-59 DPD and still accruing | 1,987 | 7 | 1,994 | 2,185 | 8 | 2,193 | |||||||||||||||||
60-89 DPD and still accruing | 1,051 | 3 | 1,054 | 1,164 | 4 | 1,168 | |||||||||||||||||
90-119 DPD and still accruing | 402 | 2 | 404 | 457 | 2 | 459 | |||||||||||||||||
120-179 DPD and still accruing | 440 | 3 | 443 | 517 | 4 | 521 | |||||||||||||||||
180+ DPD and still accruing | 3,654 | 83 | 3,737 | 4,291 | 95 | 4,386 | |||||||||||||||||
Total consumer PCI loans (adjusted unpaid principal balance) | $ | 26,770 | 266 | 27,036 | 29,326 | 284 | 29,610 | ||||||||||||||||
Total consumer PCI loans (carrying value) | $ | 21,712 | 101 | 21,813 | 24,100 | 123 | 24,223 | ||||||||||||||||
Purchased Credit Impaired Loans by FICO Score, Consumer | The following table provides FICO scores for consumer PCI loans. | ||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total | |||||||||||||||||
By FICO: | |||||||||||||||||||||||
< 600 | $ | 7,708 | 75 | 7,783 | 9,933 | 101 | 10,034 | ||||||||||||||||
600-639 | 5,416 | 53 | 5,469 | 6,029 | 60 | 6,089 | |||||||||||||||||
640-679 | 6,718 | 69 | 6,787 | 6,789 | 70 | 6,859 | |||||||||||||||||
680-719 | 4,008 | 39 | 4,047 | 3,732 | 35 | 3,767 | |||||||||||||||||
720-759 | 1,728 | 13 | 1,741 | 1,662 | 11 | 1,673 | |||||||||||||||||
760-799 | 875 | 6 | 881 | 865 | 5 | 870 | |||||||||||||||||
800+ | 220 | 1 | 221 | 198 | 1 | 199 | |||||||||||||||||
No FICO available | 97 | 10 | 107 | 118 | 1 | 119 | |||||||||||||||||
Total consumer PCI loans (adjusted unpaid principal balance) | $ | 26,770 | 266 | 27,036 | 29,326 | 284 | 29,610 | ||||||||||||||||
Total consumer PCI loans (carrying value) | $ | 21,712 | 101 | 21,813 | 24,100 | 123 | 24,223 | ||||||||||||||||
Purchased Credit Impaired Loans by Loan to Value Ratio, Consumer | The following table shows the distribution of consumer PCI loans by LTV for real estate 1-4 family first mortgages and by CLTV for real estate 1-4 family junior lien mortgages. | ||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(in millions) | Real | Real estate 1-4 family junior lien mortgage by CLTV | Total | Real estate 1-4 family first mortgage by LTV | Real estate 1-4 family junior lien mortgage by CLTV | Total | |||||||||||||||||
estate 1-4 family first mortgage by LTV | |||||||||||||||||||||||
By LTV/CLTV: | |||||||||||||||||||||||
0-60% | $ | 4,309 | 34 | 4,343 | 2,501 | 32 | 2,533 | ||||||||||||||||
60.01-80% | 11,264 | 71 | 11,335 | 8,541 | 42 | 8,583 | |||||||||||||||||
80.01-100% | 7,751 | 92 | 7,843 | 10,366 | 88 | 10,454 | |||||||||||||||||
100.01-120% (1) | 2,437 | 44 | 2,481 | 4,677 | 67 | 4,744 | |||||||||||||||||
> 120% (1) | 1,000 | 24 | 1,024 | 3,232 | 54 | 3,286 | |||||||||||||||||
No LTV/CLTV available | 9 | 1 | 10 | 9 | 1 | 10 | |||||||||||||||||
Total consumer PCI loans (adjusted unpaid principal balance) | $ | 26,770 | 266 | 27,036 | 29,326 | 284 | 29,610 | ||||||||||||||||
Total consumer PCI loans (carrying value) | $ | 21,712 | 101 | 21,813 | 24,100 | 123 | 24,223 | ||||||||||||||||
-1 | Reflects total loan balances with LTV/CLTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV/CLTV. |
Premises_Equipment_Lease_Commi1
Premises, Equipment, Lease Commitments and Other Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Premises, Equipment, Lease Commitments, And Other Assets [Abstract] | ||||||||||
Summary of Premises and Equipment | ||||||||||
Dec 31, | Dec 31, | |||||||||
(in millions) | 2014 | 2013 | ||||||||
Land | $ | 1,748 | 1,759 | |||||||
Buildings | 8,155 | 7,931 | ||||||||
Furniture and equipment | 7,215 | 7,517 | ||||||||
Leasehold improvements | 2,009 | 1,939 | ||||||||
Premises and equipment leased under capital leases | 79 | 82 | ||||||||
Total premises and equipment | 19,206 | 19,228 | ||||||||
Less: Accumulated depreciation and amortization | 10,463 | 10,072 | ||||||||
Net book value, premises and equipment | $ | 8,743 | 9,156 | |||||||
Future Minimum Payments Under Capital Leases and Noncancelable Operating Leases | The following table provides the future minimum payments under capital leases and noncancelable operating leases, net of sublease rentals, with terms greater than one year as of December 31, 2014. | |||||||||
(in millions) | Operating leases | Capital leases | ||||||||
Year ended December 31, | ||||||||||
2015 | $ | 1,148 | 2 | |||||||
2016 | 1,033 | 2 | ||||||||
2017 | 904 | 3 | ||||||||
2018 | 777 | 3 | ||||||||
2019 | 672 | 3 | ||||||||
Thereafter | 2,521 | 9 | ||||||||
Total minimum lease payments | $ | 7,055 | 22 | |||||||
Executory costs | $ | (8 | ) | |||||||
Amounts representing interest | (5 | ) | ||||||||
Present value of net minimum lease payments | $ | 9 | ||||||||
Components of Other Assets | The components of other assets were: | |||||||||
Dec 31, | Dec 31, | |||||||||
(in millions) | 2014 | 2013 | ||||||||
Nonmarketable equity investments: | ||||||||||
Cost method: | ||||||||||
Private equity and other | $ | 2,300 | 2,308 | |||||||
Federal bank stock | 4,733 | 4,670 | ||||||||
Total cost method | 7,033 | 6,978 | ||||||||
Equity method: | ||||||||||
LIHTC investments (1) | 7,278 | 6,209 | ||||||||
Private equity and other | 5,132 | 5,782 | ||||||||
Total equity method | 12,410 | 11,991 | ||||||||
Fair value (2) | 2,512 | 1,386 | ||||||||
Total nonmarketable equity investments | 21,955 | 20,355 | ||||||||
Corporate/bank-owned life insurance | 18,982 | 18,738 | ||||||||
Accounts receivable (3) | 27,151 | 21,422 | ||||||||
Interest receivable | 4,871 | 5,019 | ||||||||
Core deposit intangibles | 3,561 | 4,674 | ||||||||
Customer relationship and other amortized intangibles | 857 | 1,084 | ||||||||
Foreclosed assets: | ||||||||||
Residential real estate: | ||||||||||
Government insured/guaranteed (3) | 982 | 2,093 | ||||||||
Non-government insured/guaranteed | 671 | 814 | ||||||||
Non-residential real estate | 956 | 1,030 | ||||||||
Operating lease assets | 2,714 | 2,047 | ||||||||
Due from customers on acceptances | 201 | 279 | ||||||||
Other (4) | 16,156 | 8,787 | ||||||||
Total other assets | $ | 99,057 | 86,342 | |||||||
-1 | Represents low income housing tax credit investments. | |||||||||
-2 | Represents nonmarketable equity investments for which we have elected the fair value option. See Note 17 (Fair Values of Assets and Liabilities) for additional information. | |||||||||
-3 | Upon adoption of ASU 2014-14, Classification of Certain Government-Guaranteed mortgage Loans Upon Foreclosure, certain government guaranteed residential real estate mortgage loans upon foreclosure are included in Accounts Receivable. Previously, these assets were included in government insured/guaranteed residential real estate foreclosed assets. This guidance was adopted during fourth quarter 2014, effective as of January 1, 2014. For more information on the classification of certain government-guaranteed mortgage loans upon foreclosure, see Note 1 (Summary of Significant Accounting Policies). | |||||||||
-4 | Includes derivatives designated as hedging instruments, free-standing derivatives (economic hedges), and derivative loan commitments, which are carried at fair value. See Note 16 (Derivatives) for additional information. | |||||||||
Income Related to Nonmarketable Equity Investments | Income (expense) related to nonmarketable equity investments was: | |||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Net realized gains from nonmarketable equity investments | $ | 1,479 | 1,158 | 1,086 | ||||||
All other | (741 | ) | (287 | ) | (185 | ) | ||||
Total | $ | 738 | 871 | 901 | ||||||
Securitizations_and_Variable_I1
Securitizations and Variable Interest Entities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Securitizations and Variable Interest Entities [Abstract] | ||||||||||||||||||||
Assets and Liabilities associated with Variable Interest entities | The classifications of assets and liabilities in our balance sheet associated with our transactions with VIEs follow: | |||||||||||||||||||
(in millions) | VIEs that we do not consolidate | VIEs that we consolidate | Transfers that we account for as secured borrowings | Total | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Cash | $ | — | 117 | 4 | 121 | |||||||||||||||
Trading assets | 2,165 | — | 204 | 2,369 | ||||||||||||||||
Investment securities (1) | 18,271 | 875 | 4,592 | 23,738 | ||||||||||||||||
Mortgages held for sale | — | — | — | — | ||||||||||||||||
Loans | 13,195 | 4,509 | 5,280 | 22,984 | ||||||||||||||||
Mortgage servicing rights | 12,562 | — | — | 12,562 | ||||||||||||||||
Other assets | 7,456 | 316 | 52 | 7,824 | ||||||||||||||||
Total assets | 53,649 | 5,817 | 10,132 | 69,598 | ||||||||||||||||
Short-term borrowings | — | — | 3,141 | 3,141 | ||||||||||||||||
Accrued expenses and other liabilities | 848 | 49 | (2) | 1 | 898 | |||||||||||||||
Long-term debt | 2,585 | 1,628 | (2) | 4,990 | 9,203 | |||||||||||||||
Total liabilities | 3,433 | 1,677 | 8,132 | 13,242 | ||||||||||||||||
Noncontrolling interests | — | 103 | — | 103 | ||||||||||||||||
Net assets | $ | 50,216 | 4,037 | 2,000 | 56,253 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Cash | $ | — | 165 | 7 | 172 | |||||||||||||||
Trading assets | 1,206 | 162 | 193 | 1,561 | ||||||||||||||||
Investment securities (1) | 18,795 | 1,352 | 8,976 | 29,123 | ||||||||||||||||
Mortgages held for sale | — | 38 | — | 38 | ||||||||||||||||
Loans | 7,652 | 6,058 | 6,021 | 19,731 | ||||||||||||||||
Mortgage servicing rights (3) | 15,281 | — | — | 15,281 | ||||||||||||||||
Other assets | 6,151 | 347 | 110 | 6,608 | ||||||||||||||||
Total assets | 49,085 | 8,122 | 15,307 | 72,514 | ||||||||||||||||
Short-term borrowings | — | 29 | 7,871 | 7,900 | ||||||||||||||||
Accrued expenses and other liabilities (3) | 1,395 | 99 | (2) | 3 | 1,497 | |||||||||||||||
Long-term debt (3) | 2,109 | 2,356 | (2) | 5,673 | 10,138 | |||||||||||||||
Total liabilities | 3,504 | 2,484 | 13,547 | 19,535 | ||||||||||||||||
Noncontrolling interests | — | 5 | — | 5 | ||||||||||||||||
Net assets | $ | 45,581 | 5,633 | 1,760 | 52,974 | |||||||||||||||
-1 | Excludes certain debt securities related to loans serviced for the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and GNMA. | |||||||||||||||||||
-2 | Includes the following VIE liabilities at December 31, 2014 and 2013, respectively, with recourse to the general credit of Wells Fargo: Accrued expenses and other liabilities, $0 million and $9 million; and Long-term debt, $0 million and $29 million. | |||||||||||||||||||
-3 | Amounts have been revised for "VIEs that we do not consolidate" to include assets and liabilities related to certain commercial mortgage securitizations and to conform to the current year presentation of long-term debt. | |||||||||||||||||||
Transactions with Variable Interest Entity | The following tables provide a summary of unconsolidated VIEs with which we have significant continuing involvement, but we are not the primary beneficiary. We do not consider our continuing involvement in an unconsolidated VIE to be significant when it relates to third-party sponsored VIEs for which we were not the transferor (unless we are servicer and have other significant forms of involvement) or if we were the sponsor only or sponsor and servicer but do not have any other forms of significant involvement. | |||||||||||||||||||
Significant continuing involvement includes transactions where we were the sponsor or transferor and have other significant forms of involvement. Sponsorship includes transactions with unconsolidated VIEs where we solely or materially participated in the initial design or structuring of the entity or marketing of the transaction to investors. When we transfer assets to a VIE and account for the transfer as a sale, we are considered the transferor. We consider investments in securities (other than those held temporarily in trading), loans, guarantees, liquidity agreements, written options and servicing of collateral to be other forms of involvement that may be significant. We have excluded certain transactions with unconsolidated VIEs from the balances presented in the following table where we have determined that our continuing involvement is not significant due to the temporary nature and size of our variable interests, because we were not the transferor or because we were not involved in the design of the unconsolidated VIEs. We also exclude from the table secured borrowing transactions with unconsolidated VIEs (for information on these transactions, see the Transactions with Consolidated VIEs and Secured Borrowings section in this Note). | ||||||||||||||||||||
Carrying value - asset (liability) | ||||||||||||||||||||
(in millions) | Total | Debt and equity interests (1) | Servicing assets | Derivatives | Other commitments and guarantees | Net assets | ||||||||||||||
VIE | ||||||||||||||||||||
assets | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Residential mortgage loan securitizations: | ||||||||||||||||||||
Conforming (2) | $ | 1,268,200 | 2,846 | 11,684 | — | (581 | ) | 13,949 | ||||||||||||
Other/nonconforming | 32,213 | 1,644 | 209 | — | (8 | ) | 1,845 | |||||||||||||
Commercial mortgage securitizations | 196,510 | 8,756 | 650 | 251 | (32 | ) | 9,625 | |||||||||||||
Collateralized debt obligations: | ||||||||||||||||||||
Debt securities | 5,039 | 11 | — | 163 | (105 | ) | 69 | |||||||||||||
Loans (4) | 5,347 | 5,221 | — | — | — | 5,221 | ||||||||||||||
Asset-based finance structures | 18,954 | 13,044 | — | (71 | ) | — | 12,973 | |||||||||||||
Tax credit structures | 22,859 | 7,809 | — | — | (2,585 | ) | 5,224 | |||||||||||||
Collateralized loan obligations | 1,251 | 518 | — | — | — | 518 | ||||||||||||||
Investment funds | 2,764 | 49 | — | — | — | 49 | ||||||||||||||
Other (5) | 12,912 | 747 | 19 | (18 | ) | (5 | ) | 743 | ||||||||||||
Total | $ | 1,566,049 | 40,645 | 12,562 | 325 | (3,316 | ) | 50,216 | ||||||||||||
Maximum exposure to loss | ||||||||||||||||||||
Debt and equity interests (1) | Servicing assets | Derivatives | Other commitments and guarantees | Net assets | ||||||||||||||||
Residential mortgage loan securitizations: | ||||||||||||||||||||
Conforming | $ | 2,846 | 11,684 | — | 2,507 | 17,037 | ||||||||||||||
Other/nonconforming | 1,644 | 209 | — | 345 | 2,198 | |||||||||||||||
Commercial mortgage securitizations | 8,756 | 650 | 251 | 5,715 | 15,372 | |||||||||||||||
Collateralized debt obligations: | ||||||||||||||||||||
Debt securities | 11 | — | 163 | 105 | 279 | |||||||||||||||
Loans (4) | 5,221 | — | — | — | 5,221 | |||||||||||||||
Asset-based finance structures | 13,044 | — | 89 | 656 | 13,789 | |||||||||||||||
Tax credit structures | 7,809 | — | — | 725 | 8,534 | |||||||||||||||
Collateralized loan obligations | 518 | — | — | 38 | 556 | |||||||||||||||
Investment funds | 49 | — | — | — | 49 | |||||||||||||||
Other (5) | 747 | 19 | 150 | 156 | 1,072 | |||||||||||||||
Total | $ | 40,645 | 12,562 | 653 | 10,247 | 64,107 | ||||||||||||||
(continued on following page) | ||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||
Carrying value - asset (liability) | ||||||||||||||||||||
(in millions) | Total | Debt and equity interests (1) | Servicing assets | Derivatives | Other commitments and guarantees | Net assets | ||||||||||||||
VIE | ||||||||||||||||||||
assets | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Residential mortgage loan securitizations: | ||||||||||||||||||||
Conforming (2) | $ | 1,314,285 | 2,721 | 14,253 | — | (745 | ) | 16,229 | ||||||||||||
Other/nonconforming | 38,330 | 1,739 | 258 | — | (26 | ) | 1,971 | |||||||||||||
Commercial mortgage securitizations (3) | 202,700 | 7,627 | 747 | 209 | (40 | ) | 8,543 | |||||||||||||
Collateralized debt obligations: | ||||||||||||||||||||
Debt securities | 6,730 | 37 | — | 214 | (130 | ) | 121 | |||||||||||||
Loans (4) | 6,021 | 5,888 | — | — | — | 5,888 | ||||||||||||||
Asset-based finance structures | 11,415 | 6,857 | — | (84 | ) | — | 6,773 | |||||||||||||
Tax credit structures | 23,112 | 6,455 | — | — | (2,213 | ) | 4,242 | |||||||||||||
Collateralized loan obligations | 4,382 | 1,061 | — | — | — | 1,061 | ||||||||||||||
Investment funds | 3,464 | 54 | — | — | — | 54 | ||||||||||||||
Other (5) | 10,343 | 860 | 23 | 5 | (189 | ) | 699 | |||||||||||||
Total | $ | 1,620,782 | 33,299 | 15,281 | 344 | (3,343 | ) | 45,581 | ||||||||||||
Maximum exposure to loss | ||||||||||||||||||||
Debt and equity interests (1) | Servicing assets | Derivatives | Other commitments and guarantees | Net assets | ||||||||||||||||
Residential mortgage loan securitizations: | ||||||||||||||||||||
Conforming | $ | 2,721 | 14,253 | — | 2,287 | 19,261 | ||||||||||||||
Other/nonconforming | 1,739 | 258 | — | 346 | 2,343 | |||||||||||||||
Commercial mortgage securitizations (3) | 7,627 | 747 | 322 | 5,232 | 13,928 | |||||||||||||||
Collateralized debt obligations: | ||||||||||||||||||||
Debt securities | 37 | — | 214 | 130 | 381 | |||||||||||||||
Loans (4) | 5,888 | — | — | — | 5,888 | |||||||||||||||
Asset-based finance structures | 6,857 | — | 84 | 1,665 | 8,606 | |||||||||||||||
Tax credit structures | 6,455 | — | — | 626 | 7,081 | |||||||||||||||
Collateralized loan obligations | 1,061 | — | — | 159 | 1,220 | |||||||||||||||
Investment funds | 54 | — | — | 31 | 85 | |||||||||||||||
Other (5) | 860 | 23 | 178 | 188 | 1,249 | |||||||||||||||
Total | $ | 33,299 | 15,281 | 798 | 10,664 | 60,042 | ||||||||||||||
-1 | Includes total equity interests of $8.1 billion at December 31, 2014 and $6.9 billion at December 31, 2013. Also includes debt interests in the form of both loans and securities. Excludes certain debt securities held related to loans serviced for FNMA, FHLMC and GNMA. | |||||||||||||||||||
-2 | Excludes assets and related liabilities with a recorded carrying value on our balance sheet of $1.7 billion and $2.1 billion at December 31, 2014 and 2013, respectively, for certain delinquent loans that are eligible for repurchase primarily from GNMA loan securitizations. The recorded carrying value represents the amount that would be payable if the Company was to exercise the repurchase option. The carrying amounts are excluded from the table because the loans eligible for repurchase do not represent interests in the VIEs. | |||||||||||||||||||
-3 | December 31, 2013, has been revised to include certain commercial mortgage securitizations with FNMA and GNMA to conform with current period presentation. | |||||||||||||||||||
-4 | Represents senior loans to trusts that are collateralized by asset-backed securities. The trusts invest primarily in senior tranches from a diversified pool of primarily U.S. asset securitizations, of which all are current and 70% and 72% were rated as investment grade by the primary rating agencies at December 31, 2014 and 2013, respectively. These senior loans are accounted for at amortized cost and are subject to the Company’s allowance and credit charge-off policies. | |||||||||||||||||||
-5 | Includes structured financing and credit-linked note structures. Also contains investments in auction rate securities (ARS) issued by VIEs that we do not sponsor and, accordingly, are unable to obtain the total assets of the entity. | |||||||||||||||||||
Cash flows with securitization trusts | The following table presents the cash flows with our securitization trusts that were involved in transfers accounted for as sales. | |||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | Mortgage loans | Other financial assets | Mortgage loans | Other financial assets | Mortgage loans | Other financial assets | ||||||||||||||
Sales proceeds from securitizations | $ | 164,331 | — | 357,807 | — | 535,372 | — | |||||||||||||
Fees from servicing rights retained | 4,062 | 8 | 4,240 | 10 | 4,433 | 10 | ||||||||||||||
Cash flows from other interests held (1) | 1,417 | 75 | 2,284 | 93 | 1,767 | 135 | ||||||||||||||
Purchases of delinquent assets | 6 | — | 18 | — | 62 | — | ||||||||||||||
Servicing advances, net of repayments | (170 | ) | — | (34 | ) | — | 226 | — | ||||||||||||
-1 | Cash flows from other interests held include principal and interest payments received on retained bonds and excess cash flows received on interest-only strips. | |||||||||||||||||||
Key Assumptions To Measure Mortgage Servicing Assets At Date Of Securitization | We used the following key weighted-average assumptions to measure residential mortgage servicing rights at the date of securitization: | |||||||||||||||||||
Residential mortgage servicing rights | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
Prepayment speed (1) | 12.4 | % | 11.2 | 13.4 | ||||||||||||||||
Discount rate | 7.6 | 7.3 | 7.3 | |||||||||||||||||
Cost to service ($ per loan) (2) | $ | 259 | 184 | 151 | ||||||||||||||||
-1 | The prepayment speed assumption for residential mortgage servicing rights includes a blend of prepayment speeds and default rates. Prepayment speed assumptions are influenced by mortgage interest rate inputs as well as our estimation of drivers of borrower behavior. | |||||||||||||||||||
-2 | Includes costs to service and unreimbursed foreclosure costs, which can vary period to period depending on the mix of modified government-guaranteed loans sold to GNMA. | |||||||||||||||||||
Key Assumptions To Measure Mortgage Servicing Rights And Other Interests Held At Balance Sheet Date | The following table provides key economic assumptions and the sensitivity of the current fair value of residential mortgage servicing rights and other retained interests to immediate adverse changes in those assumptions. “Other interests held” relate predominantly to residential and commercial mortgage loan securitizations. Residential mortgage-backed securities retained in securitizations issued through GSEs, such as FNMA, FHLMC and GNMA, are excluded from the table because these securities have a remote risk of credit loss due to the GSE guarantee. These securities also have economic characteristics similar to GSE mortgage-backed securities that we purchase, which are not included in the table. Subordinated interests include only those bonds whose credit rating was below AAA by a major rating agency at issuance. Senior interests include only those bonds whose credit rating was AAA by a major rating agency at issuance. The information presented excludes trading positions held in inventory. | |||||||||||||||||||
Other interests held | ||||||||||||||||||||
Residential mortgage servicing rights (1) | Interest-only strips | Consumer | Commercial (2) | |||||||||||||||||
($ in millions, except cost to service amounts) | Subordinated bonds | Subordinated bonds | Senior bonds | |||||||||||||||||
Fair value of interests held at December 31, 2014 | $ | 12,738 | 117 | 36 | 294 | 546 | ||||||||||||||
Expected weighted-average life (in years) | 5.7 | 3.9 | 5.5 | 2.9 | 6.2 | |||||||||||||||
Key economic assumptions: | ||||||||||||||||||||
Prepayment speed assumption (3) | 12.5 | % | 11.4 | 7.1 | ||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% adverse change | $ | 738 | 2 | — | ||||||||||||||||
25% adverse change | 1,754 | 6 | — | |||||||||||||||||
Discount rate assumption | 7.6 | % | 18.7 | 3.9 | 4.7 | 2.8 | ||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
100 basis point increase | $ | 617 | 2 | 2 | 8 | 29 | ||||||||||||||
200 basis point increase | 1,178 | 4 | 3 | 15 | 55 | |||||||||||||||
Cost to service assumption ($ per loan) | 179 | |||||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% adverse change | 579 | |||||||||||||||||||
25% adverse change | 1,433 | |||||||||||||||||||
Credit loss assumption | 0.4 | % | 4.1 | — | ||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% higher losses | $ | — | 3 | — | ||||||||||||||||
25% higher losses | — | 10 | — | |||||||||||||||||
Fair value of interests held at December 31, 2013 | $ | 15,580 | 135 | 39 | 283 | 587 | ||||||||||||||
Expected weighted-average life (in years) | 6.4 | 3.8 | 5.9 | 3.6 | 6.3 | |||||||||||||||
Key economic assumptions: | ||||||||||||||||||||
Prepayment speed assumption (3) | 10.7 | % | 10.7 | 6.7 | ||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% adverse change | $ | 864 | 3 | — | ||||||||||||||||
25% adverse change | 2,065 | 7 | — | |||||||||||||||||
Discount rate assumption | 7.8 | % | 18.3 | 4.4 | 4.5 | 3.6 | ||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
100 basis point increase | $ | 840 | 2 | 2 | 30 | 30 | ||||||||||||||
200 basis point increase | 1,607 | 5 | 4 | 38 | 58 | |||||||||||||||
Cost to service assumption ($ per loan) | 191 | |||||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% adverse change | 636 | |||||||||||||||||||
25% adverse change | 1,591 | |||||||||||||||||||
Credit loss assumption | 0.4 | % | 14.2 | — | ||||||||||||||||
Decrease in fair value from: | ||||||||||||||||||||
10% higher losses | $ | — | 29 | — | ||||||||||||||||
25% higher losses | — | 39 | 1 | |||||||||||||||||
-1 | See narrative following this table for a discussion of commercial mortgage servicing rights. | |||||||||||||||||||
-2 | Prepayment speed assumptions do not significantly impact the value of commercial mortgage securitization bonds as the underlying commercial mortgage loans experience significantly lower prepayments due to certain contractual restrictions, impacting the borrower’s ability to prepay the mortgage. | |||||||||||||||||||
-3 | The prepayment speed assumption for residential mortgage servicing rights includes a blend of prepayment speeds and default rates. Prepayment speed assumptions are influenced by mortgage interest rate inputs as well as our estimation of drivers of borrower behavior. | |||||||||||||||||||
Principal Balances - Off-Balance Sheet Securitized Loans | The following table presents information about the principal balances of off-balance sheet loans that were sold or securitized, including residential mortgage loans sold to FNMA, FHLMC, GNMA and other investors, for which we have some form of continuing involvement (primarily servicer). Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status. For loans sold or securitized where servicing is our only form of continuing involvement, we would only experience a loss if we were required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with our loan sale or servicing contracts. | |||||||||||||||||||
Net charge-offs | ||||||||||||||||||||
Total loans | Delinquent loans and foreclosed assets (1) | Year ended | ||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Commercial: | ||||||||||||||||||||
Real estate mortgage | 114,081 | 119,346 | 7,949 | 8,808 | 621 | 617 | ||||||||||||||
Total commercial | 114,081 | 119,346 | 7,949 | 8,808 | 621 | 617 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Real estate 1-4 family first mortgage (2)(3) | 1,322,136 | 1,387,822 | 28,639 | 32,911 | 1,209 | 2,318 | ||||||||||||||
Real estate 1-4 family junior lien mortgage | 1 | 1 | — | — | — | — | ||||||||||||||
Other revolving credit and installment | 1,599 | 1,790 | 75 | 99 | 1 | — | ||||||||||||||
Total consumer | 1,323,736 | 1,389,613 | 28,714 | 33,010 | 1,210 | 2,318 | ||||||||||||||
Total off-balance sheet sold or securitized loans (4) | $ | 1,437,817 | 1,508,959 | 36,663 | 41,818 | 1,831 | 2,935 | |||||||||||||
-1 | Includes $3.3 billion and $2.8 billion of commercial foreclosed assets and $2.7 billion and $3.9 billion of consumer foreclosed assets at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
-2 | Total loans in prior period have been revised to include whole loan sales for which we have some form of continuing involvement. | |||||||||||||||||||
-3 | Delinquent loans and foreclosed assets in prior period have been revised to include whole loan sale delinquencies and transferred assets in foreclosure status for which we have risk of loss. The related net charge-offs have also been revised. | |||||||||||||||||||
-4 | At December 31, 2014 and 2013, the table includes total loans of $1.3 trillion at both dates and delinquent loans of $16.5 billion and $17.9 billion, respectively for FNMA, FHLMC and GNMA. Net charge-offs exclude loans sold to FNMA, FHLMC and GNMA as we do not service or manage the underlying real estate upon foreclosure and, as such, do not have access to net charge-off information. | |||||||||||||||||||
Transactions With Consolidated Variable Interest Entities | The following table presents a summary of transfers of financial assets accounted for as secured borrowings and involvements with consolidated VIEs. “Assets” are presented using GAAP measurement methods, which may include fair value, credit impairment or other adjustments, and therefore in some instances will differ from “Total VIE assets.” For VIEs that obtain exposure synthetically through derivative instruments, the remaining notional amount of the derivative is included in “Total VIE assets.” On our consolidated balance sheet, we separately disclose the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs. | |||||||||||||||||||
Carrying value | ||||||||||||||||||||
(in millions) | Total VIE assets | Assets | Liabilities | Noncontrolling interests | Net assets | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Secured borrowings: | ||||||||||||||||||||
Municipal tender option bond securitizations | $ | 5,422 | 4,837 | (3,143 | ) | — | 1,694 | |||||||||||||
Commercial real estate loans | 250 | 250 | (63 | ) | — | 187 | ||||||||||||||
Residential mortgage securitizations | 4,804 | 5,045 | (4,926 | ) | — | 119 | ||||||||||||||
Total secured borrowings | 10,476 | 10,132 | (8,132 | ) | — | 2,000 | ||||||||||||||
Consolidated VIEs: | ||||||||||||||||||||
Nonconforming residential mortgage loan securitizations | 5,041 | 4,491 | (1,509 | ) | — | 2,982 | ||||||||||||||
Structured asset finance | 47 | 47 | (23 | ) | — | 24 | ||||||||||||||
Investment funds | 904 | 904 | (2 | ) | — | 902 | ||||||||||||||
Other | 431 | 375 | (143 | ) | (103 | ) | 129 | |||||||||||||
Total consolidated VIEs | 6,423 | 5,817 | (1,677 | ) | (103 | ) | 4,037 | |||||||||||||
Total secured borrowings and consolidated VIEs | $ | 16,899 | 15,949 | (9,809 | ) | (103 | ) | 6,037 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Secured borrowings: | ||||||||||||||||||||
Municipal tender option bond securitizations | $ | 11,626 | 9,210 | (7,874 | ) | — | 1,336 | |||||||||||||
Commercial real estate loans | 486 | 486 | (277 | ) | — | 209 | ||||||||||||||
Residential mortgage securitizations | 5,337 | 5,611 | (5,396 | ) | — | 215 | ||||||||||||||
Total secured borrowings | 17,449 | 15,307 | (13,547 | ) | — | 1,760 | ||||||||||||||
Consolidated VIEs: | ||||||||||||||||||||
Nonconforming residential mortgage loan securitizations | 6,770 | 6,018 | (2,214 | ) | — | 3,804 | ||||||||||||||
Structured asset finance | 56 | 56 | (18 | ) | — | 38 | ||||||||||||||
Investment funds | 1,536 | 1,536 | (70 | ) | — | 1,466 | ||||||||||||||
Other | 582 | 512 | (182 | ) | (5 | ) | 325 | |||||||||||||
Total consolidated VIEs | 8,944 | 8,122 | (2,484 | ) | (5 | ) | 5,633 | |||||||||||||
Total secured borrowings and consolidated VIEs | $ | 26,393 | $ | 23,429 | $ | (16,031 | ) | $ | (5 | ) | $ | 7,393 | ||||||||
Mortgage_Banking_Activities_Ta
Mortgage Banking Activities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Mortgage Banking Activities [Abstract] | ||||||||||
Changes In Mortgage Servicing Rights Carried at Fair Value | The changes in MSRs measured using the fair value method were: | |||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Fair value, beginning of year | $ | 15,580 | 11,538 | 12,603 | ||||||
Servicing from securitizations or asset transfers (1) | 1,196 | 3,469 | 5,182 | |||||||
Sales | (7 | ) | (583 | ) | (293 | ) | ||||
Net additions | 1,189 | 2,886 | 4,889 | |||||||
Changes in fair value: | ||||||||||
Due to changes in valuation model inputs or assumptions: | ||||||||||
Mortgage interest rates (2) | (2,150 | ) | 4,362 | (2,092 | ) | |||||
Servicing and foreclosure costs (3) | (20 | ) | (228 | ) | (677 | ) | ||||
Discount rates (4) | (55 | ) | — | (397 | ) | |||||
Prepayment estimates and other (5) | 103 | (736 | ) | 273 | ||||||
Net changes in valuation model inputs or assumptions | (2,122 | ) | 3,398 | (2,893 | ) | |||||
Other changes in fair value (6) | (1,909 | ) | (2,242 | ) | (3,061 | ) | ||||
Total changes in fair value | (4,031 | ) | 1,156 | (5,954 | ) | |||||
Fair value, end of year | $ | 12,738 | 15,580 | 11,538 | ||||||
-1 | The year ended December 31, 2012, includes $315 million residential MSRs transferred from amortized MSRs that we elected to carry at fair value effective January 1, 2012. | |||||||||
-2 | Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates (such as changes in estimated interest earned on custodial deposit balances). | |||||||||
-3 | Includes costs to service and unreimbursed foreclosure costs. | |||||||||
-4 | Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates. | |||||||||
-5 | Represents changes driven by other valuation model inputs or assumptions including prepayment speed estimation changes and other assumption updates. Prepayment speed estimation changes are influenced by observed changes in borrower behavior that occur independent of interest rate changes. | |||||||||
-6 | Represents changes due to collection/realization of expected cash flows over time. | |||||||||
Changes In Amortized Mortgage Servicing Rights | The changes in amortized MSRs were: | |||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Balance, beginning of year | $ | 1,229 | 1,160 | 1,445 | ||||||
Purchases | 157 | 176 | 177 | |||||||
Servicing from securitizations or asset transfers (1) | 110 | 147 | (229 | ) | ||||||
Amortization | (254 | ) | (254 | ) | (233 | ) | ||||
Balance, end of year | 1,242 | 1,229 | 1,160 | |||||||
Valuation allowance: | ||||||||||
Balance, beginning of year | — | — | (37 | ) | ||||||
Reversal of provision (provision) for MSRs in excess of fair value | — | — | 37 | |||||||
Balance, end of year (2) | — | — | — | |||||||
Amortized MSRs, net | $ | 1,242 | 1,229 | 1,160 | ||||||
Fair value of amortized MSRs (3): | ||||||||||
Beginning of year | $ | 1,575 | 1,400 | 1,756 | ||||||
End of year | 1,637 | 1,575 | 1,400 | |||||||
-1 | The year ended December 31, 2012, is net of $350 million ($313 million after valuation allowance) of residential MSRs that we elected to carry at fair value effective January 1, 2012. A cumulative adjustment of $2 million to fair value was recorded in retained earnings at January 1, 2012. | |||||||||
-2 | Commercial amortized MSRs are evaluated for impairment purposes by the following risk strata: agency (GSEs) and non-agency. There was no valuation allowance recorded for the periods presented on the commercial amortized MSRs. For the year ended December 31, 2012, a valuation allowance of $37 million for residential MSRs was reversed upon election to carry at fair value. | |||||||||
-3 | Represent commercial amortized MSRs. | |||||||||
Components of Managed Servicing Portfolio | We present the components of our managed servicing portfolio in the following table at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced. | |||||||||
Dec 31, | Dec 31, | |||||||||
(in billions) | 2014 | 2013 | ||||||||
Residential mortgage servicing: | ||||||||||
Serviced for others | $ | 1,405 | 1,485 | |||||||
Owned loans serviced | 342 | 338 | ||||||||
Subserviced for others | 5 | 6 | ||||||||
Total residential servicing | 1,752 | 1,829 | ||||||||
Commercial mortgage servicing: | ||||||||||
Serviced for others | 456 | 419 | ||||||||
Owned loans serviced | 112 | 107 | ||||||||
Subserviced for others | 7 | 7 | ||||||||
Total commercial servicing | 575 | 533 | ||||||||
Total managed servicing portfolio | $ | 2,327 | 2,362 | |||||||
Total serviced for others | $ | 1,861 | 1,904 | |||||||
Ratio of MSRs to related loans serviced for others | 0.75 | % | 0.88 | |||||||
Components of Mortgage Banking Noninterest Income | The components of mortgage banking noninterest income were: | |||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Servicing income, net: | ||||||||||
Servicing fees | ||||||||||
Contractually specified servicing fees | $ | 4,285 | 4,442 | 4,626 | ||||||
Late charges | 203 | 216 | 257 | |||||||
Ancillary fees | 319 | 343 | 342 | |||||||
Unreimbursed direct servicing costs (1) | (694 | ) | (1,074 | ) | (1,234 | ) | ||||
Net servicing fees | 4,113 | 3,927 | 3,991 | |||||||
Changes in fair value of MSRs carried at fair value: | ||||||||||
Due to changes in valuation model inputs or assumptions (2) | (2,122 | ) | 3,398 | (2,893 | ) | |||||
Other changes in fair value (3) | (1,909 | ) | (2,242 | ) | (3,061 | ) | ||||
Total changes in fair value of MSRs carried at fair value | (4,031 | ) | 1,156 | (5,954 | ) | |||||
Amortization | (254 | ) | (254 | ) | (233 | ) | ||||
Net derivative gains (losses) from economic hedges (4) | 3,509 | (2,909 | ) | 3,574 | ||||||
Total servicing income, net | 3,337 | 1,920 | 1,378 | |||||||
Net gains on mortgage loan origination/sales activities | 3,044 | 6,854 | 10,260 | |||||||
Total mortgage banking noninterest income | $ | 6,381 | 8,774 | 11,638 | ||||||
Market-related valuation changes to MSRs, net of hedge results (2) + (4) | $ | 1,387 | 489 | 681 | ||||||
-1 | Primarily associated with foreclosure expenses and unreimbursed interest advances to investors. | |||||||||
-2 | Refer to the changes in fair value of MSRs table in this Note for more detail. | |||||||||
-3 | Represents changes due to collection/realization of expected cash flows over time. | |||||||||
-4 | Represents results from economic hedges used to hedge the risk of changes in fair value of MSRs. See Note 16 (Derivatives Not Designated as Hedging Instruments) for additional discussion and detail. | |||||||||
Liability for Mortgage Loan Repurchase Losses | The table below summarizes the changes in our liability for mortgage loan repurchase losses. This liability is in “Accrued expenses and other liabilities” in our consolidated balance sheet and the provision for repurchase losses reduces net gains on mortgage loan origination/sales activities in "Mortgage banking" in our consolidated income statement. Because the level of mortgage loan repurchase losses depends upon economic factors, investor demand strategies and other external conditions that may change over the life of the underlying loans, the level of the liability for mortgage loan repurchase losses is difficult to estimate and requires considerable management judgment. We maintain regular contact with the GSEs, the Federal Housing Finance Agency (FHFA), and other significant investors to monitor their repurchase demand practices and issues as part of our process to update our repurchase liability estimate as new information becomes available. The Company reached settlements with both FHLMC and FNMA in 2013, that resolved substantially all repurchase liabilities associated with loans sold to FHLMC prior to January 1, 2009 and loans sold to FNMA that were originated prior to January 1, 2009. | |||||||||
Because of the uncertainty in the various estimates underlying the mortgage repurchase liability, there is a range of losses in excess of the recorded mortgage repurchase liability that is reasonably possible. The estimate of the range of possible loss for representations and warranties does not represent a probable loss, and is based on currently available information, significant judgment, and a number of assumptions that are subject to change. The high end of this range of reasonably possible losses in excess of our recorded liability was $973 million at December 31, 2014, and was determined based upon modifying the assumptions (particularly to assume significant changes in investor repurchase demand practices) utilized in our best estimate of probable loss to reflect what we believe to be the high end of reasonably possible adverse assumptions. | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Balance, beginning of year | $ | 899 | 2,206 | 1,326 | ||||||
Provision for repurchase losses: | ||||||||||
Loan sales | 44 | 143 | 275 | |||||||
Change in estimate (1) | (184 | ) | 285 | 1,665 | ||||||
Total additions (reductions) | (140 | ) | 428 | 1,940 | ||||||
Losses (2) | (144 | ) | (1,735 | ) | (1,060 | ) | ||||
Balance, end of year | $ | 615 | 899 | 2,206 | ||||||
-1 | Results from changes in investor demand, mortgage insurer practices, credit and the financial stability of correspondent lenders. | |||||||||
-2 | Year ended December 31, 2013, reflects $746 million and $508 million as a result of the settlements reached with FHLMC and FNMA, respectively, that resolved substantially all repurchase liabilities associated with loans sold to FHLMC prior to January 1, 2009 and loans sold to FNMA that were originated prior to January 1, 2009. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Gross Carrying Value of Intangible Assets And Accumulated Amortization | The gross carrying value of intangible assets and accumulated amortization was: | ||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||
(in millions) | Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | |||||||||||||
Amortized intangible assets (1): | |||||||||||||||||||
MSRs (2) | $ | 2,906 | (1,664 | ) | 1,242 | 2,639 | (1,410 | ) | 1,229 | ||||||||||
Core deposit intangibles | 12,834 | (9,273 | ) | 3,561 | 12,834 | (8,160 | ) | 4,674 | |||||||||||
Customer relationship and other intangibles | 3,179 | (2,322 | ) | 857 | 3,145 | (2,061 | ) | 1,084 | |||||||||||
Total amortized intangible assets | $ | 18,919 | (13,259 | ) | 5,660 | 18,618 | (11,631 | ) | 6,987 | ||||||||||
Unamortized intangible assets: | |||||||||||||||||||
MSRs (carried at fair value) (2) | $ | 12,738 | 15,580 | ||||||||||||||||
Goodwill | 25,705 | 25,637 | |||||||||||||||||
Trademark | 14 | 14 | |||||||||||||||||
-1 | Excludes fully amortized intangible assets. | ||||||||||||||||||
-2 | See Note 9 (Mortgage Banking Activities) for additional information on MSRs. | ||||||||||||||||||
Amortization Expense for Intangible Assets | The following table provides the current year and estimated future amortization expense for amortized intangible assets. We based our projections of amortization expense shown below on existing asset balances at December 31, 2014. Future amortization expense may vary from these projections. | ||||||||||||||||||
(in millions) | Amortized MSRs | Core deposit intangibles | Customer relationship and other intangibles | Total | |||||||||||||||
Year ended December 31, 2014 (actual) | $ | 254 | 1,113 | 261 | 1,628 | ||||||||||||||
Estimate for year ended December 31, | |||||||||||||||||||
2015 | $ | 240 | 1,022 | 225 | 1,487 | ||||||||||||||
2016 | 202 | 919 | 211 | 1,332 | |||||||||||||||
2017 | 160 | 851 | 197 | 1,208 | |||||||||||||||
2018 | 129 | 769 | 187 | 1,085 | |||||||||||||||
2019 | 113 | — | 12 | 125 | |||||||||||||||
Allocation of Goodwill to Operating Segments | The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing. | ||||||||||||||||||
(in millions) | Community Banking | Wholesale Banking | Wealth, Brokerage and Retirement | Consolidated Company | |||||||||||||||
31-Dec-12 | $ | 17,922 | 7,344 | 371 | 25,637 | ||||||||||||||
31-Dec-13 | $ | 17,922 | 7,344 | 371 | 25,637 | ||||||||||||||
Reduction in goodwill related to divested businesses | — | (11 | ) | — | (11 | ) | |||||||||||||
Goodwill from business combinations | — | 87 | — | 87 | |||||||||||||||
Other | (8 | ) | — | — | (8 | ) | |||||||||||||
31-Dec-14 | $ | 17,914 | 7,420 | 371 | 25,705 | ||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Summary of time deposits issued by domestic and foreign offices | Following is a summary of the time certificates of deposit (CDs) and other time deposits issued by domestic and foreign offices. | ||||||||
December 31, | |||||||||
(in billions) | 2014 | 2013 | |||||||
Total domestic and foreign | $ | 124.9 | 117.4 | ||||||
Domestic: | |||||||||
$100,000 or more | 14.7 | 16.6 | |||||||
$250,000 or more | 6.9 | 7.2 | |||||||
Foreign: | |||||||||
$100,000 or more | 16.4 | 15.3 | |||||||
$250,000 or more | 16.4 | 15.2 | |||||||
Contractual maturities of time certificate of deposits and other time deposits issued by domestic and foreign offices | The contractual maturities of these deposits are presented in the following table. | ||||||||
(in millions) | December 31, 2014 | ||||||||
2015 | $ | 103,409 | |||||||
2016 | 10,205 | ||||||||
2017 | 3,070 | ||||||||
2018 | 3,207 | ||||||||
2019 | 1,204 | ||||||||
Thereafter | 3,785 | ||||||||
Total | $ | 124,880 | |||||||
Contractual maturities of domestic time deposits with a denomination of $100,000 or more | The contractual maturities of the domestic time deposits with a denomination of $100,000 or more are presented in the following table. | ||||||||
(in millions) | 2014 | ||||||||
Three months or less | $ | 3,700 | |||||||
After three months through six months | 2,352 | ||||||||
After six months through twelve months | 2,340 | ||||||||
After twelve months | 6,338 | ||||||||
Total | $ | 14,730 | |||||||
Shortterm_Borrowings_Tables
Short-term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||
Short-term borrowings maturing in less than 30 days | The table below shows selected information for short-term borrowings, which predominantly mature in less than 30 days. We pledge certain financial instruments that we own to collateralize repurchase agreements and other securities financings. For additional information, see the “Pledged Assets” section of Note 14 (Guarantees, Pledged Assets and Collateral). | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in millions) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
As of December 31, | |||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 51,052 | 0.07 | % | $ | 36,263 | 0.05 | % | $ | 34,973 | 0.17 | % | |||||||||
Commercial paper | 2,456 | 0.34 | 5,162 | 0.18 | 4,038 | 0.27 | |||||||||||||||
Other short-term borrowings | 10,010 | 0.07 | 12,458 | 0.31 | 18,164 | 0.16 | |||||||||||||||
Total | $ | 63,518 | 0.08 | $ | 53,883 | 0.12 | $ | 57,175 | 0.17 | ||||||||||||
Year ended December 31, | |||||||||||||||||||||
Average daily balance | |||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 44,680 | 0.08 | $ | 36,227 | 0.08 | $ | 32,092 | 0.12 | ||||||||||||
Commercial paper | 4,751 | 0.17 | 4,702 | 0.25 | 4,142 | 0.26 | |||||||||||||||
Other short-term borrowings | 10,680 | 0.18 | 13,787 | 0.22 | 14,962 | 0.29 | |||||||||||||||
Total | $ | 60,111 | 0.1 | $ | 54,716 | 0.13 | $ | 51,196 | 0.18 | ||||||||||||
Maximum month-end balance | |||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase (1) | $ | 51,052 | N/A | $ | 39,451 | N/A | $ | 36,327 | N/A | ||||||||||||
Commercial paper (2) | 6,070 | N/A | 5,700 | N/A | 5,036 | N/A | |||||||||||||||
Other short-term borrowings (3) | 12,209 | N/A | 16,564 | N/A | 18,164 | N/A | |||||||||||||||
N/A- Not applicable | |||||||||||||||||||||
-1 | Highest month-end balance in each of the last three years was December 2014, May 2013 and June 2012. | ||||||||||||||||||||
-2 | Highest month-end balance in each of the last three years was March 2014, March 2013 and September 2012. | ||||||||||||||||||||
-3 | Highest month-end balance in each of the last three years was June 2014, March 2013 and December 2012. |
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||||||||||
Long term debt based on original maturity | Following is a summary of our long-term debt carrying values, reflecting unamortized debt discounts and premiums, and purchase accounting adjustments, where applicable. The interest rates displayed represent the range of contractual rates in effect at December 31, 2014. These interest rates do not include the effects of any associated derivatives designated in a hedge accounting relationship. | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | Maturity date(s) | Stated interest rate(s) | ||||||||||
Wells Fargo & Company (Parent only) | ||||||||||||
Senior | ||||||||||||
Fixed-rate notes | 2015-2038 | 0.625-6.75% | $ | 54,441 | 44,145 | |||||||
Floating-rate notes | 2015-2048 | 0.00-3.735 | 15,317 | 12,445 | ||||||||
Structured notes (1) | 2015-2053 | Varies | 4,825 | 4,891 | ||||||||
Total senior debt - Parent | 74,583 | 61,481 | ||||||||||
Subordinated | ||||||||||||
Fixed-rate notes (2) | 2016-2044 | 3.45-7.574% | 19,688 | 17,469 | ||||||||
Floating-rate notes | 2015-2016 | 0.573-0.601 | 1,215 | 1,190 | ||||||||
Total subordinated debt - Parent | 20,903 | 18,659 | ||||||||||
Junior subordinated | ||||||||||||
Fixed-rate notes - hybrid trust securities | 2029-2036 | 5.95-7.95% | 1,378 | 1,178 | ||||||||
Floating-rate notes | 2027 | 0.731-1.231 | 272 | 263 | ||||||||
Total junior subordinated debt - Parent (3) | 1,650 | 1,441 | ||||||||||
Total long-term debt - Parent (2) | 97,136 | 81,581 | ||||||||||
Wells Fargo Bank, N.A. and other bank entities (Bank) | ||||||||||||
Senior | ||||||||||||
Fixed-rate notes | 2015 | 0.75 | % | 500 | 500 | |||||||
Floating-rate notes | 2015-2053 | 0.00-0.511 | 4,969 | 2,219 | ||||||||
Floating-rate extendible notes (4) | 2016 | 0.281-0.387 | 11,048 | 10,749 | ||||||||
Fixed-rate advances - Federal Home Loan Bank (FHLB) (5) | 2015-2031 | 3.83-8.17 | 125 | 160 | ||||||||
Floating-rate advances - FHLB (5) | 2018-2019 | 0.22-0.35 | 34,000 | 19,000 | ||||||||
Structured notes (1) | 2015-2025 | Varies | 4 | 13 | ||||||||
Capital leases (Note 7) | 2015-2025 | Varies | 9 | 11 | ||||||||
Total senior debt - Bank | 50,655 | 32,652 | ||||||||||
Subordinated | ||||||||||||
Fixed-rate notes | 2015-2038 | 4.75-7.74% | 10,310 | 10,725 | ||||||||
Floating-rate notes | 2016-2017 | 0.442-3.107 | 994 | 1,616 | ||||||||
Total subordinated debt - Bank | 11,304 | 12,341 | ||||||||||
Junior subordinated | ||||||||||||
Floating-rate notes | 2027 | 0.802-0.881% | 313 | 303 | ||||||||
Total junior subordinated debt - Bank (3) | 313 | 303 | ||||||||||
Long-term debt issued by VIE - Fixed rate (6) | 2020-2047 | 0.00-7.00% | 609 | 1,098 | ||||||||
Long-term debt issued by VIE - Floating rate (6) | 2016-2047 | 0.296-18.970 | 996 | 1,230 | ||||||||
Mortgage notes and other debt (7) | 2015-2062 | 0.00-9.20 | 16,239 | 16,874 | ||||||||
Total long-term debt - Bank | 80,116 | 64,498 | ||||||||||
(continued on following page) | ||||||||||||
(continued from previous page) | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | Maturity date(s) | Stated interest rate(s) | ||||||||||
Other consolidated subsidiaries | ||||||||||||
Senior | ||||||||||||
Fixed-rate notes | 2015-2023 | 2.774-4.38% | 6,317 | 6,543 | ||||||||
FixFloat notes | 2020 | 6.795% through 2015, Varies | 20 | 20 | ||||||||
Structured notes (1) | 2021 | Varies | 1 | — | ||||||||
Total senior debt - Other consolidated subsidiaries | 6,338 | 6,563 | ||||||||||
Junior subordinated | ||||||||||||
Floating-rate notes | 2027 | 0.733 | % | 155 | 155 | |||||||
Total junior subordinated debt - Other consolidated subsidiaries (3) | 155 | 155 | ||||||||||
Long-term debt issued by VIE - Fixed rate (6) | 2015 | 5.16 | % | 23 | 18 | |||||||
Long-term debt issued by VIE - Floating rate (6) | — | 10 | ||||||||||
Mortgage notes and other (7) | 2015-2022 | 1.563-5.920 | 175 | 173 | ||||||||
Total long-term debt - Other consolidated subsidiaries | 6,691 | 6,919 | ||||||||||
Total long-term debt | $ | 183,943 | 152,998 | |||||||||
-1 | Predominantly consists of long-term notes where the performance of the note is linked to an embedded equity, commodity, or currency index, or basket of indices accounted for separately from the note as a free-standing derivative. For information on embedded derivatives, see the "Derivatives Not Designated as Hedging Instruments" section in Note 16 (Derivatives). In addition, a major portion consists of zero coupon callable notes where interest is paid as part of the final redemption amount. | |||||||||||
-2 | Includes fixed-rate subordinated notes issued by the Parent at a discount of $139 million and $140 million in 2014 and 2013, respectively, to effect a modification of Wells Fargo Bank, NA notes. These notes are carried at their par amount on the balance sheet of the Parent presented in Note 25 (Parent-Only Financial Statements). | |||||||||||
-3 | Represents junior subordinated debentures held by unconsolidated wholly-owned trusts formed for the sole purpose of issuing trust preferred securities. See Note 8 (Securitizations and Variable Interest Entities) for additional information on our trust preferred security structures. | |||||||||||
-4 | Represents floating-rate extendible notes where holders of the notes may elect to extend the contractual maturity of all or a portion of the principal amount on a periodic basis. | |||||||||||
-5 | At December 31, 2014, Federal Home Loan Bank advances were secured by investment securities and residential loan collateral. Outstanding advances at December 31, 2013, were secured by residential loan collateral. | |||||||||||
-6 | For additional information on VIEs, see Note 8 (Securitizations and Variable Interest Entities). | |||||||||||
-7 | Predominantly related to securitizations and secured borrowings, see Note 8 (Securitizations and Variable Interest Entities). | |||||||||||
Annual maturities of long-term debt obligations | The aggregate carrying value of long-term debt that matures (based on contractual payment dates) as of December 31, 2014, in each of the following five years and thereafter, is presented in the following table. | |||||||||||
(in millions) | Parent | Company | ||||||||||
2015 | $ | 9,014 | 16,606 | |||||||||
2016 | 15,238 | 32,920 | ||||||||||
2017 | 13,215 | 17,870 | ||||||||||
2018 | 8,312 | 27,029 | ||||||||||
2019 | 6,480 | 25,190 | ||||||||||
Thereafter | 44,877 | 64,328 | ||||||||||
Total | $ | 97,136 | 183,943 | |||||||||
Guarantees_Pledged_Assets_and_1
Guarantees, Pledged Assets and Collateral (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||
Schedule of Guarantor Obligations | The following table shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts. | |||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||
Maximum exposure to loss | ||||||||||||||||||||||
(in millions) | Carrying value | Expires in one year or less | Expires after one year through three years | Expires after three years through five years | Expires after five years | Total | Non-investment grade | |||||||||||||||
Standby letters of credit (1) | $ | 41 | 16,271 | 10,269 | 6,295 | 645 | 33,480 | 8,447 | ||||||||||||||
Securities lending and other indemnifications | — | — | 2 | 2 | 5,948 | 5,952 | — | |||||||||||||||
Written put options (2) | 469 | 7,644 | 5,256 | 2,822 | 2,409 | 18,131 | 7,902 | |||||||||||||||
Loans and MHFS sold with recourse | 72 | 131 | 486 | 822 | 5,386 | 6,825 | 3,945 | |||||||||||||||
Factoring guarantees | — | 3,460 | — | — | — | 3,460 | 3,460 | |||||||||||||||
Other guarantees | 24 | 9 | 85 | 22 | 2,158 | 2,274 | 69 | |||||||||||||||
Total guarantees | $ | 606 | 27,515 | 16,098 | 9,963 | 16,546 | 70,122 | 23,823 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Maximum exposure to loss | ||||||||||||||||||||||
(in millions) | Carrying value | Expires in one year or less | Expires after one year through three years | Expires after three years through five years | Expires after five years | Total | Non-investment grade | |||||||||||||||
Standby letters of credit (1) | $ | 56 | 16,907 | 11,628 | 5,308 | 994 | 34,837 | 9,512 | ||||||||||||||
Securities lending and other indemnifications | — | — | 3 | 18 | 3,199 | 3,220 | 25 | |||||||||||||||
Written put options (2) | 907 | 4,775 | 2,967 | 3,521 | 2,725 | 13,988 | 4,311 | |||||||||||||||
Loans and MHFS sold with recourse | 86 | 116 | 418 | 849 | 5,014 | 6,397 | 3,674 | |||||||||||||||
Factoring guarantees | — | 2,915 | — | — | — | 2,915 | 2,915 | |||||||||||||||
Other guarantees (3) | 33 | 34 | 111 | 16 | 971 | 1,132 | 113 | |||||||||||||||
Total guarantees | $ | 1,082 | 24,747 | 15,127 | 9,712 | 12,903 | 62,489 | 20,550 | ||||||||||||||
-1 | Total maximum exposure to loss includes direct pay letters of credit (DPLCs) of $15.0 billion and $16.8 billion at December 31, 2014 and 2013, respectively. We issue DPLCs to provide credit enhancements for certain bond issuances. Beneficiaries (bond trustees) may draw upon these instruments to make scheduled principal and interest payments, redeem all outstanding bonds because a default event has occurred, or for other reasons as permitted by the agreement. We also originate multipurpose lending commitments under which borrowers have the option to draw on the facility in one of several forms, including as a standby letter of credit. Total maximum exposure to loss includes the portion of these facilities for which we have issued standby letters of credit under the commitments. | |||||||||||||||||||||
-2 | Written put options, which are in the form of derivatives, are also included in the derivative disclosure in Note 16 (Derivatives). | |||||||||||||||||||||
-3 | Includes amounts for liquidity agreements and contingent consideration that were previously reported separately. | |||||||||||||||||||||
Significant Components of Assets Pledged | The following table provides the total carrying amount of pledged assets by asset type. The table excludes pledged consolidated VIE assets of $5.8 billion and $8.1 billion at December 31, 2014, and December 31, 2013, respectively, which can only be used to settle the liabilities of those entities. The table also excludes $10.1 billion and $15.3 billion in assets pledged in transactions accounted for as secured borrowings at December 31, 2014 and 2013, respectively. See Note 8 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets and secured borrowings. | |||||||||||||||||||||
Dec. 31, | Dec. 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||
Trading assets and other (1) | 49,685 | 30,288 | ||||||||||||||||||||
Investment securities (2) | 101,997 | 85,468 | ||||||||||||||||||||
Mortgages held for sale and loans (3) | 418,338 | 381,597 | ||||||||||||||||||||
Total pledged assets | $ | 570,020 | 497,353 | |||||||||||||||||||
-1 | Represent assets pledged to collateralize repurchase agreements and other securities financings. Balance includes $49.4 billion and $29.0 billion at December 31, 2014 and 2013, respectively, under agreements that permit the secured parties to sell or repledge the collateral. | |||||||||||||||||||||
-2 | Includes carrying value of $6.6 billion and $8.7 billion (fair value of $6.8 billion and $8.7 billion) in collateral for repurchase agreements at December 31, 2014 and 2013, respectively, which are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Also includes $164 million in collateral pledged under repurchase agreements at December 31, 2014, that permit the secured parties to sell or repledge the collateral. | |||||||||||||||||||||
-3 | Includes mortgages held for sale of $8.7 billion and $7.3 billion at December 31, 2014 and 2013, respectively. Balance consists of mortgages held for sale and loans that are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Amounts exclude $1.7 billion and $2.1 billion at December 31, 2014 and 2013, respectively, of pledged loans recorded on our balance sheet representing certain delinquent loans that are eligible for repurchase primarily from GNMA loan securitizations. See Note 8 (Securitizations and Variable Interest Entities) for additional information. | |||||||||||||||||||||
Offsetting of Resale and Repurchase Agreements and Securities Borrowing and Lending | The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, U.S. GAAP requires disclosure in this table to limit the amount of such collateral to the amount of the related recognized asset or liability for each counterparty. | |||||||||||||||||||||
In addition to the amounts included in the table below, we also have balance sheet netting related to derivatives that is disclosed within Note 16 (Derivatives). | ||||||||||||||||||||||
Dec. 31, | Dec. 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Resale and securities borrowing agreements | ||||||||||||||||||||||
Gross amounts recognized | 58,148 | 38,635 | ||||||||||||||||||||
Gross amounts offset in consolidated balance sheet (1) | (6,477 | ) | (2,817 | ) | ||||||||||||||||||
Net amounts in consolidated balance sheet (2) | 51,671 | 35,818 | ||||||||||||||||||||
Collateral not recognized in consolidated balance sheet (3) | (51,624 | ) | (35,768 | ) | ||||||||||||||||||
Net amount (4) | 47 | 50 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Repurchase and securities lending agreements | ||||||||||||||||||||||
Gross amounts recognized | 56,583 | 38,032 | ||||||||||||||||||||
Gross amounts offset in consolidated balance sheet (1) | (6,477 | ) | (2,817 | ) | ||||||||||||||||||
Net amounts in consolidated balance sheet (5) | 50,106 | 35,215 | ||||||||||||||||||||
Collateral pledged but not netted in consolidated balance sheet (6) | (49,713 | ) | (34,770 | ) | ||||||||||||||||||
Net amount (7) | 393 | 445 | ||||||||||||||||||||
-1 | Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs or MSLAs that have been offset in the consolidated balance sheet. | |||||||||||||||||||||
-2 | At December 31, 2014 and 2013, includes $36.8 billion and $25.7 billion, respectively, classified on our consolidated balance sheet in Federal funds sold, securities purchased under resale agreements and other short-term investments and $14.9 billion and $10.1 billion, respectively, in Loans. | |||||||||||||||||||||
-3 | Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. At December 31, 2014 and 2013, we have received total collateral with a fair value of $64.5 billion and $43.3 billion, respectively, all of which, we have the right to sell or repledge. These amounts include securities we have sold or repledged to others with a fair value of $40.8 billion at December 31, 2014 and $23.8 billion at December 31, 2013. | |||||||||||||||||||||
-4 | Represents the amount of our exposure that is not collateralized and/or is not subject to an enforceable MRA or MSLA. | |||||||||||||||||||||
-5 | Amount is classified in Short-term borrowings on our consolidated balance sheet. | |||||||||||||||||||||
-6 | Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited for table presentation purposes to the amount of the recognized liability owed to each counterparty. At December 31, 2014 and December 31, 2013, we have pledged total collateral with a fair value of $56.5 billion and $39.0 billion, respectively, of which, the counterparty does not have the right to sell or repledge $6.9 billion as of December 31, 2014, and $10.0 billion as of December 31, 2013. | |||||||||||||||||||||
-7 | Represents the amount of our obligation that is not covered by pledged collateral and/or is not subject to an enforceable MRA or MSLA. |
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Total Notional or Contractual Amounts and Fair Values for Derivatives | The following table presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which interest and other payments are determined. Derivatives designated as qualifying hedging instruments and economic hedges are recorded on the balance sheet at fair value in other assets or other liabilities. Customer accommodation, trading and other derivatives are recorded on the balance sheet at fair value in trading assets, other assets or other liabilities. | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Notional or | Fair value | Notional or | Fair value | ||||||||||||||||||
contractual | Asset | Liability | contractual | Asset | Liability | ||||||||||||||||
(in millions) | amount | derivatives | derivatives | amount | derivatives | derivatives | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||
Interest rate contracts (1) | $ | 148,967 | 6,536 | 2,435 | 100,412 | 4,315 | 2,528 | ||||||||||||||
Foreign exchange contracts (1) | 26,778 | 752 | 1,347 | 26,483 | 1,091 | 847 | |||||||||||||||
Total derivatives designated as | |||||||||||||||||||||
qualifying hedging instruments | 7,288 | 3,782 | 5,406 | 3,375 | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||
Economic hedges: | |||||||||||||||||||||
Interest rate contracts (2) | 221,527 | 697 | 487 | 220,577 | 595 | 897 | |||||||||||||||
Equity contracts | 5,219 | 367 | 96 | 3,273 | 349 | 206 | |||||||||||||||
Foreign exchange contracts | 14,405 | 275 | 28 | 10,064 | 21 | 35 | |||||||||||||||
Subtotal (3) | 1,339 | 611 | 965 | 1,138 | |||||||||||||||||
Customer accommodation, trading and | |||||||||||||||||||||
other derivatives: | |||||||||||||||||||||
Interest rate contracts | 4,378,767 | 56,465 | 57,137 | 4,030,068 | 50,936 | 53,113 | |||||||||||||||
Commodity contracts | 88,640 | 7,461 | 7,702 | 96,889 | 2,673 | 2,603 | |||||||||||||||
Equity contracts | 138,422 | 8,638 | 6,942 | 96,379 | 7,475 | 7,588 | |||||||||||||||
Foreign exchange contracts | 253,742 | 6,377 | 6,452 | 164,160 | 3,731 | 3,626 | |||||||||||||||
Credit contracts - protection sold | 12,304 | 151 | 943 | 19,501 | 354 | 1,532 | |||||||||||||||
Credit contracts - protection purchased | 16,659 | 755 | 168 | 23,314 | 1,147 | 368 | |||||||||||||||
Other derivatives (3) | 1,994 | — | 44 | 2,160 | 13 | 16 | |||||||||||||||
Subtotal (3) | 79,847 | 79,388 | 66,329 | 68,846 | |||||||||||||||||
Total derivatives not designated as hedging instruments | 81,186 | 79,999 | 67,294 | 69,984 | |||||||||||||||||
Total derivatives before netting | 88,474 | 83,781 | 72,700 | 73,359 | |||||||||||||||||
Netting (4) | (65,869 | ) | (65,043 | ) | (56,894 | ) | (63,739 | ) | |||||||||||||
Total | $ | 22,605 | 18,738 | 15,806 | 9,620 | ||||||||||||||||
-1 | Notional amounts presented exclude $1.9 billion of interest rate contracts at both December 31, 2014 and 2013, for certain derivatives that are combined for designation as a hedge on a single instrument. The notional amount for foreign exchange contracts at December 31, 2014, excludes $2.7 billion for certain derivatives that are combined for designation as a hedge on a single instrument. | ||||||||||||||||||||
-2 | Includes economic hedge derivatives used to hedge the risk of changes in the fair value of residential MSRs, MHFS, loans, derivative loan commitments and other interests held. | ||||||||||||||||||||
-3 | Prior period has been revised to conform with current period presentation. | ||||||||||||||||||||
-4 | Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See the next table in this Note for further information. | ||||||||||||||||||||
Balance Sheet Offsetting of Derivative Assets and Liabilities | The following table provides information on the gross fair values of derivative assets and liabilities, the balance sheet netting adjustments and the resulting net fair value amount recorded on our balance sheet, as well as the non-cash collateral associated with such arrangements. We execute substantially all of our derivative transactions under master netting arrangements. We reflect all derivative balances and related cash collateral subject to enforceable master netting arrangements on a net basis within the balance sheet. The “Gross amounts recognized” column in the following table include $69.6 billion and $75.0 billion of gross derivative assets and liabilities, respectively, at December 31, 2014, and $59.8 billion and $66.1 billion, respectively, at December 31, 2013, with counterparties subject to enforceable master netting arrangements that are carried on the balance sheet net of offsetting amounts. The remaining gross derivative assets and liabilities of $18.9 billion and $8.8 billion, respectively, at December 31, 2014 and $12.9 billion and $7.3 billion, respectively, at December 31, 2013, include those with counterparties subject to master netting arrangements for which we have not assessed the enforceability because they are with counterparties where we do not currently have positions to offset, those subject to master netting arrangements where we have not been able to confirm the enforceability and those not subject to master netting arrangements. As such,we do not net derivative balances or collateral within the balance sheet for these counterparties. | ||||||||||||||||||||
We determine the balance sheet netting adjustments based on the terms specified within each master netting arrangement. We disclose the balance sheet netting amounts within the column titled “Gross amounts offset in consolidated balance sheet.” Balance sheet netting adjustments are determined at the counterparty level for which there may be multiple contract types. For disclosure purposes, we allocate these adjustments to the contract type for each counterparty proportionally based upon the “Gross amounts recognized” by counterparty. As a result, the net amounts disclosed by contract type may not represent the actual exposure upon settlement of the contracts. | |||||||||||||||||||||
Balance sheet netting does not include non-cash collateral that we receive and pledge. For disclosure purposes, we present the fair value of this non-cash collateral in the column titled “Gross amounts not offset in consolidated balance sheet (Disclosure-only netting)” within the table. We determine and allocate the Disclosure-only netting amounts in the same manner as balance sheet netting amounts. | |||||||||||||||||||||
The “Net amounts” column within the following table represents the aggregate of our net exposure to each counterparty after considering the balance sheet and Disclosure-only netting adjustments. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty specific credit risk limits, using master netting arrangements and obtaining collateral. Derivative contracts executed in over-the-counter markets include bilateral contractual arrangements that are not cleared through a central clearing organization but are typically subject to master netting arrangements. The percentage of our bilateral derivative transactions outstanding at period end in such markets, based on gross fair value, is provided within the following table. Other derivative contracts executed in over-the-counter or exchange-traded markets are settled through a central clearing organization and are excluded from this percentage. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 14 (Guarantees, Pledged Assets and Collateral). | |||||||||||||||||||||
(in millions) | Gross amounts recognized | Gross amounts offset in consolidated balance sheet (1) | Net amounts in consolidated balance sheet (2) | Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) (3) | Net amounts | Percent exchanged in over-the-counter market (4) | |||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Derivative assets | |||||||||||||||||||||
Interest rate contracts | $ | 63,698 | (56,051 | ) | 7,647 | (769 | ) | 6,878 | 45 | % | |||||||||||
Commodity contracts | 7,461 | (1,233 | ) | 6,228 | (72 | ) | 6,156 | 27 | |||||||||||||
Equity contracts | 9,005 | (2,842 | ) | 6,163 | (405 | ) | 5,758 | 54 | |||||||||||||
Foreign exchange contracts | 7,404 | (4,923 | ) | 2,481 | (85 | ) | 2,396 | 98 | |||||||||||||
Credit contracts-protection sold | 151 | (131 | ) | 20 | — | 20 | 90 | ||||||||||||||
Credit contracts-protection purchased | 755 | (689 | ) | 66 | (1 | ) | 65 | 100 | |||||||||||||
Total derivative assets | $ | 88,474 | (65,869 | ) | 22,605 | (1,332 | ) | 21,273 | |||||||||||||
Derivative liabilities | |||||||||||||||||||||
Interest rate contracts | $ | 60,059 | (54,394 | ) | 5,665 | (4,244 | ) | 1,421 | 44 | % | |||||||||||
Commodity contracts | 7,702 | (1,459 | ) | 6,243 | (33 | ) | 6,210 | 81 | |||||||||||||
Equity contracts | 7,038 | (2,845 | ) | 4,193 | (484 | ) | 3,709 | 82 | |||||||||||||
Foreign exchange contracts | 7,827 | (5,511 | ) | 2,316 | (270 | ) | 2,046 | 100 | |||||||||||||
Credit contracts-protection sold | 943 | (713 | ) | 230 | (199 | ) | 31 | 100 | |||||||||||||
Credit contracts-protection purchased | 168 | (121 | ) | 47 | (18 | ) | 29 | 86 | |||||||||||||
Other contracts | 44 | — | 44 | — | 44 | 100 | |||||||||||||||
Total derivative liabilities | $ | 83,781 | (65,043 | ) | 18,738 | (5,248 | ) | 13,490 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Derivative assets | |||||||||||||||||||||
Interest rate contracts | $ | 55,846 | (48,271 | ) | 7,575 | (1,101 | ) | 6,474 | 65 | % | |||||||||||
Commodity contracts | 2,673 | (659 | ) | 2,014 | (72 | ) | 1,942 | 52 | |||||||||||||
Equity contracts | 7,824 | (3,254 | ) | 4,570 | (239 | ) | 4,331 | 81 | |||||||||||||
Foreign exchange contracts | 4,843 | (3,567 | ) | 1,276 | (9 | ) | 1,267 | 100 | |||||||||||||
Credit contracts-protection sold | 354 | (302 | ) | 52 | — | 52 | 92 | ||||||||||||||
Credit contracts-protection purchased | 1,147 | (841 | ) | 306 | (33 | ) | 273 | 100 | |||||||||||||
Other contracts | 13 | — | 13 | — | 13 | 100 | |||||||||||||||
Total derivative assets | $ | 72,700 | (56,894 | ) | 15,806 | (1,454 | ) | 14,352 | |||||||||||||
Derivative liabilities | |||||||||||||||||||||
Interest rate contracts | $ | 56,538 | (53,902 | ) | 2,636 | (482 | ) | 2,154 | 66 | % | |||||||||||
Commodity contracts | 2,603 | (952 | ) | 1,651 | (11 | ) | 1,640 | 73 | |||||||||||||
Equity contracts | 7,794 | (3,502 | ) | 4,292 | (124 | ) | 4,168 | 94 | |||||||||||||
Foreign exchange contracts | 4,508 | (3,652 | ) | 856 | — | 856 | 100 | ||||||||||||||
Credit contracts-protection sold | 1,532 | (1,432 | ) | 100 | — | 100 | 100 | ||||||||||||||
Credit contracts-protection purchased | 368 | (299 | ) | 69 | — | 69 | 89 | ||||||||||||||
Other contracts | 16 | — | 16 | — | 16 | 100 | |||||||||||||||
Total derivative liabilities | $ | 73,359 | (63,739 | ) | 9,620 | (617 | ) | 9,003 | |||||||||||||
-1 | Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in the consolidated balance sheet, including related cash collateral and portfolio level counterparty valuation adjustments. Counterparty valuation adjustments were $266 million and $236 million related to derivative assets and $56 million and $67 million related to derivative liabilities as of December 31, 2014 and 2013, respectively. Cash collateral totaled $5.2 billion and $4.6 billion, netted against derivative assets and liabilities, respectively, at December 31, 2014, and $4.3 billion and $11.3 billion, respectively, at December 31, 2013. | ||||||||||||||||||||
-2 | Net derivative assets of $16.9 billion and $14.4 billion are classified in Trading assets as of December 31, 2014 and 2013, respectively. $5.7 billion and $1.4 billion are classified in Other assets in the consolidated balance sheet as of December 31, 2014 and 2013, respectively. Net derivative liabilities are classified in Accrued expenses and other liabilities in the consolidated balance sheet. | ||||||||||||||||||||
-3 | Represents the fair value of non-cash collateral pledged and received against derivative assets and liabilities with the same counterparty that are subject to enforceable master netting arrangements. U.S. GAAP does not permit netting of such non-cash collateral balances in the consolidated balance sheet but requires disclosure of these amounts. | ||||||||||||||||||||
-4 | Represents derivatives executed in over-the-counter markets not settled through a central clearing organization. Over-the-counter percentages are calculated based on Gross amounts recognized as of the respective balance sheet date. The remaining percentage represents derivatives settled through a central clearing organization, which are executed in either over-the-counter or exchange-traded markets. | ||||||||||||||||||||
Net Gains (Losses) Recognized in the Income Statement Related to Derivatives in Fair Value Hedging Relationships | The following table shows the net gains (losses) recognized in the income statement related to derivatives in fair value hedging relationships. | ||||||||||||||||||||
Interest rate contracts hedging: | Foreign exchange contracts hedging: | Total net gains (losses) on fair value hedges | |||||||||||||||||||
(in millions) | Available-for-sale securities | Mortgages held for sale | Long-term debt | Available-for-sale securities | Long-term debt | ||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||
Net interest income (expense) recognized on derivatives | $ | (722 | ) | (15 | ) | 1,843 | (10 | ) | 308 | 1,404 | |||||||||||
Gains (losses) recorded in noninterest income | |||||||||||||||||||||
Recognized on derivatives | (1,943 | ) | (49 | ) | 3,623 | 391 | (1,418 | ) | 604 | ||||||||||||
Recognized on hedged item | 1,911 | 32 | (3,143 | ) | (388 | ) | 1,490 | (98 | ) | ||||||||||||
Net recognized on fair value hedges (ineffective portion) (1) | $ | (32 | ) | (17 | ) | 480 | 3 | 72 | 506 | ||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Net interest income (expense) recognized on derivatives | $ | (584 | ) | (11 | ) | 1,632 | (8 | ) | 280 | 1,309 | |||||||||||
Gains (losses) recorded in noninterest income | |||||||||||||||||||||
Recognized on derivatives | 1,889 | 47 | (3,767 | ) | (49 | ) | (847 | ) | (2,727 | ) | |||||||||||
Recognized on hedged item | (1,874 | ) | (57 | ) | 3,521 | 49 | 722 | 2,361 | |||||||||||||
Net recognized on fair value hedges (ineffective portion) (1) | $ | 15 | (10 | ) | (246 | ) | — | (125 | ) | (366 | ) | ||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Net interest income (expense) recognized on derivatives | $ | (457 | ) | (4 | ) | 1,685 | (5 | ) | 248 | 1,467 | |||||||||||
Gains (losses) recorded in noninterest income | |||||||||||||||||||||
Recognized on derivatives | (22 | ) | (15 | ) | (179 | ) | 39 | 567 | 390 | ||||||||||||
Recognized on hedged item | 17 | 6 | 233 | (3 | ) | (610 | ) | (357 | ) | ||||||||||||
Net recognized on fair value hedges (ineffective portion) (1) | $ | (5 | ) | (9 | ) | 54 | 36 | (43 | ) | 33 | |||||||||||
-1 | Included $(1) million, $(5) million and $(9) million, respectively, for years ended December 31, 2014, 2013, and 2012 of the time value component recognized as net interest income (expense) on forward derivatives hedging foreign currency available-for-sale securities and long-term debt that were excluded from the assessment of hedge effectiveness. | ||||||||||||||||||||
Net Gains (Losses) Recognized Related to Derivatives in Cash Flow Hedging Relationships | The following table shows the net gains (losses) recognized related to derivatives in cash flow hedging relationships. | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Gains (losses) (pre tax) recognized in OCI on derivatives | $ | 952 | (32 | ) | 52 | ||||||||||||||||
Gains (pre tax) reclassified from cumulative OCI into net income (1) | 545 | 296 | 388 | ||||||||||||||||||
Gains (losses) (pre tax) recognized in noninterest income for hedge ineffectiveness (2) | 2 | 1 | (1 | ) | |||||||||||||||||
-1 | See Note 23 (Other Comprehensive Income) for detail on components of net income. | ||||||||||||||||||||
-2 | None of the change in value of the derivatives was excluded from the assessment of hedge effectiveness. | ||||||||||||||||||||
Net Gains (Losses) Recognized in the Income Statement Related to Derivatives not Designated as Hedging Instruments | The following table shows the net gains recognized in the income statement related to derivatives not designated as hedging instruments. | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Net gains (losses) recognized on economic hedge derivatives: | |||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||
Recognized in noninterest income: | |||||||||||||||||||||
Mortgage banking (1) | $ | 1,759 | 1,412 | (1,882 | ) | ||||||||||||||||
Other (2) | (230 | ) | 119 | 2 | |||||||||||||||||
Equity contracts (3) | (469 | ) | (317 | ) | 4 | ||||||||||||||||
Foreign exchange contracts (2) | 758 | 24 | (53 | ) | |||||||||||||||||
Credit contracts (2) | (1 | ) | (6 | ) | (15 | ) | |||||||||||||||
Subtotal | 1,817 | 1,232 | (1,944 | ) | |||||||||||||||||
Net gains (losses) recognized on customer accommodation, trading and other derivatives: | |||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||
Recognized in noninterest income: | |||||||||||||||||||||
Mortgage banking (4) | 1,350 | (561 | ) | 7,222 | |||||||||||||||||
Other (5) | (855 | ) | 743 | 589 | |||||||||||||||||
Commodity contracts (5) | 77 | 324 | (14 | ) | |||||||||||||||||
Equity contracts (5) | (719 | ) | (622 | ) | (234 | ) | |||||||||||||||
Foreign exchange contracts (5) | 593 | 746 | 501 | ||||||||||||||||||
Credit contracts (5) | 7 | (53 | ) | (54 | ) | ||||||||||||||||
Other (5) | (39 | ) | — | — | |||||||||||||||||
Subtotal | 414 | 577 | 8,010 | ||||||||||||||||||
Net gains recognized related to derivatives not designated as hedging instruments | $ | 2,231 | 1,809 | 6,066 | |||||||||||||||||
-1 | Predominantly mortgage banking noninterest income including gains (losses) on the derivatives used as economic hedges of MSRs measured at fair value, interest rate lock commitments and mortgages held for sale. | ||||||||||||||||||||
-2 | Predominantly included in other noninterest income. | ||||||||||||||||||||
-3 | Predominantly included in net gains (losses) from equity investments in noninterest income. | ||||||||||||||||||||
-4 | Predominantly mortgage banking noninterest income including gains (losses) on interest rate lock commitments. | ||||||||||||||||||||
-5 | Predominantly included in net gains from trading activities in noninterest income. | ||||||||||||||||||||
Details of Sold and Purchased Credit Derivatives | The following table provides details of sold and purchased credit derivatives. | ||||||||||||||||||||
Notional amount | |||||||||||||||||||||
(in millions) | Fair value liability | Protection sold (A) | Protection sold - non-investment grade | Protection purchased with identical underlyings (B) | Net protection sold (A)-(B) | Other protection purchased | Range of maturities | ||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Credit default swaps on: | |||||||||||||||||||||
Corporate bonds | $ | 23 | 6,344 | 2,904 | 4,894 | 1,450 | 2,831 | 2015 - 2021 | |||||||||||||
Structured products | 654 | 1,055 | 874 | 608 | 447 | 277 | 2017 - 2052 | ||||||||||||||
Credit protection on: | |||||||||||||||||||||
Default swap index | — | 1,659 | 292 | 777 | 882 | 1,042 | 2015 - 2019 | ||||||||||||||
Commercial mortgage-backed securities index | 246 | 1,058 | — | 608 | 450 | 355 | 2047 - 2063 | ||||||||||||||
Asset-backed securities index | 19 | 52 | 1 | 1 | 51 | 81 | 2045 - 2046 | ||||||||||||||
Other | 1 | 2,136 | 2,136 | — | 2,136 | 5,185 | 2015 - 2025 | ||||||||||||||
Total credit derivatives | $ | 943 | 12,304 | 6,207 | 6,888 | 5,416 | 9,771 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Credit default swaps on: | |||||||||||||||||||||
Corporate bonds | $ | 48 | 10,947 | 5,237 | 6,493 | 4,454 | 5,557 | 2014-2021 | |||||||||||||
Structured products | 1,091 | 1,553 | 1,245 | 894 | 659 | 389 | 2016-2052 | ||||||||||||||
Credit protection on: | |||||||||||||||||||||
Default swap index | — | 3,270 | 388 | 2,471 | 799 | 898 | 2014-2018 | ||||||||||||||
Commercial mortgage-backed securities index | 344 | 1,106 | 1 | 535 | 571 | 535 | 2049-2052 | ||||||||||||||
Asset-backed securities index | 48 | 55 | — | 1 | 54 | 87 | 2045-2046 | ||||||||||||||
Other | 1 | 2,570 | 2,570 | 3 | 2,567 | 5,451 | 2014-2025 | ||||||||||||||
Total credit derivatives | $ | 1,532 | 19,501 | 9,441 | 10,397 | 9,104 | 12,917 | ||||||||||||||
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||
Fair Value, Measurements from Brokers or Third Party Pricing Services | The fair value measurements provided by brokers or third-party pricing services, and not adjusted by us, are shown by fair value hierarchy level in the table below. Fair value measurements obtained from brokers or third-party pricing services that we have adjusted to determine the fair value recorded in our financial statements are not included in the following table. | |||||||||||||||||||||||||||
Brokers | Third-party pricing services | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | $ | — | — | — | 2 | 105 | — | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | — | — | — | 19,899 | 5,905 | — | ||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | — | — | — | 42,666 | 61 | ||||||||||||||||||||||
Mortgage-backed securities | — | 152 | — | — | 135,997 | 133 | ||||||||||||||||||||||
Other debt securities (1) | — | 1,035 | 601 | — | 41,933 | 541 | ||||||||||||||||||||||
Total debt securities | — | 1,187 | 601 | 19,899 | 226,501 | 735 | ||||||||||||||||||||||
Total marketable equity securities | — | — | — | — | 569 | — | ||||||||||||||||||||||
Total available-for-sale securities | — | 1,187 | 601 | 19,899 | 227,070 | 735 | ||||||||||||||||||||||
Derivatives (trading and other assets) | — | 1 | — | — | 290 | — | ||||||||||||||||||||||
Derivatives (liabilities) | — | (1 | ) | — | — | (292 | ) | — | ||||||||||||||||||||
Other liabilities | — | — | — | — | (1 | ) | — | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | $ | — | 122 | 1 | 1,804 | 652 | 3 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | — | — | — | 557 | 5,723 | — | ||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | — | — | — | 39,257 | 63 | ||||||||||||||||||||||
Mortgage-backed securities | — | 621 | — | — | 148,074 | 180 | ||||||||||||||||||||||
Other debt securities (1) | — | 1,537 | 722 | — | 44,681 | 746 | ||||||||||||||||||||||
Total debt securities | — | 2,158 | 722 | 557 | 237,735 | 989 | ||||||||||||||||||||||
Total marketable equity securities | — | — | — | — | 630 | — | ||||||||||||||||||||||
Total available-for-sale securities | — | 2,158 | 722 | 557 | 238,365 | 989 | ||||||||||||||||||||||
Derivatives (trading and other assets) | — | 5 | — | — | 417 | 3 | ||||||||||||||||||||||
Derivatives (liabilities) | — | (12 | ) | — | — | (418 | ) | — | ||||||||||||||||||||
Other liabilities | — | (115 | ) | — | — | (36 | ) | — | ||||||||||||||||||||
-1 | Includes corporate debt securities, collateralized loan and other debt obligations, asset-backed securities, and other debt securities. | |||||||||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | The following two tables present the balances of assets and liabilities recorded at fair value on a recurring basis. | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 10,506 | 3,886 | — | — | 14,392 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 1,537 | 7 | — | 1,544 | |||||||||||||||||||||||
Collateralized loan and other debt obligations (1) | — | 274 | 445 | — | 719 | |||||||||||||||||||||||
Corporate debt securities | — | 7,517 | 54 | — | 7,571 | |||||||||||||||||||||||
Mortgage-backed securities | — | 16,273 | — | — | 16,273 | |||||||||||||||||||||||
Asset-backed securities | — | 776 | 79 | — | 855 | |||||||||||||||||||||||
Equity securities | 18,512 | 38 | 10 | — | 18,560 | |||||||||||||||||||||||
Total trading securities (2) | 29,018 | 30,301 | 595 | — | 59,914 | |||||||||||||||||||||||
Other trading assets | — | 1,398 | 55 | — | 1,453 | |||||||||||||||||||||||
Total trading assets (excluding derivatives) | 29,018 | 31,699 | 650 | — | 61,367 | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 19,899 | 5,905 | — | — | 25,804 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 42,667 | 2,277 | -3 | — | 44,944 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal agencies | — | 110,089 | — | — | 110,089 | |||||||||||||||||||||||
Residential | — | 9,245 | 24 | — | 9,269 | |||||||||||||||||||||||
Commercial | — | 16,885 | 109 | — | 16,994 | |||||||||||||||||||||||
Total mortgage-backed securities | — | 136,219 | 133 | — | 136,352 | |||||||||||||||||||||||
Corporate debt securities | 83 | 14,451 | 252 | — | 14,786 | |||||||||||||||||||||||
Collateralized loan and other debt obligations (4) | — | 24,274 | 1,087 | -3 | — | 25,361 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | — | 31 | 245 | -3 | — | 276 | ||||||||||||||||||||||
Home equity loans | — | 662 | — | — | 662 | |||||||||||||||||||||||
Other asset-backed securities | — | 4,189 | 1,372 | -3 | — | 5,561 | ||||||||||||||||||||||
Total asset-backed securities | — | 4,882 | 1,617 | — | 6,499 | |||||||||||||||||||||||
Other debt securities | — | 20 | — | — | 20 | |||||||||||||||||||||||
Total debt securities | 19,982 | 228,418 | 5,366 | — | 253,766 | |||||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities (5) | 468 | 569 | 663 | -3 | — | 1,700 | ||||||||||||||||||||||
Other marketable equity securities | 1,952 | 24 | — | — | 1,976 | |||||||||||||||||||||||
Total marketable equity securities | 2,420 | 593 | 663 | — | 3,676 | |||||||||||||||||||||||
Total available-for-sale securities | 22,402 | 229,011 | 6,029 | — | 257,442 | |||||||||||||||||||||||
Mortgages held for sale | — | 13,252 | 2,313 | — | 15,565 | |||||||||||||||||||||||
Loans held for sale | — | 1 | — | — | 1 | |||||||||||||||||||||||
Loans | — | — | 5,788 | — | 5,788 | |||||||||||||||||||||||
Mortgage servicing rights (residential) | — | — | 12,738 | — | 12,738 | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Interest rate contracts | 27 | 63,306 | 365 | — | 63,698 | |||||||||||||||||||||||
Commodity contracts | — | 7,438 | 23 | — | 7,461 | |||||||||||||||||||||||
Equity contracts | 4,102 | 3,544 | 1,359 | — | 9,005 | |||||||||||||||||||||||
Foreign exchange contracts | 65 | 7,339 | — | — | 7,404 | |||||||||||||||||||||||
Credit contracts | — | 440 | 466 | — | 906 | |||||||||||||||||||||||
Other derivative contracts | — | — | — | — | — | |||||||||||||||||||||||
Netting | — | — | — | (65,869 | ) | -6 | (65,869 | ) | ||||||||||||||||||||
Total derivative assets (7) | 4,194 | 82,067 | 2,213 | (65,869 | ) | 22,605 | ||||||||||||||||||||||
Other assets | — | — | 2,593 | — | 2,593 | |||||||||||||||||||||||
Total assets recorded at fair value | 55,614 | 356,030 | 32,324 | (65,869 | ) | 378,099 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | (29 | ) | (59,958 | ) | (72 | ) | — | (60,059 | ) | |||||||||||||||||||
Commodity contracts | — | (7,680 | ) | (22 | ) | — | (7,702 | ) | ||||||||||||||||||||
Equity contracts | (1,290 | ) | (4,305 | ) | (1,443 | ) | — | (7,038 | ) | |||||||||||||||||||
Foreign exchange contracts | (60 | ) | (7,767 | ) | — | — | (7,827 | ) | ||||||||||||||||||||
Credit contracts | — | (456 | ) | (655 | ) | — | (1,111 | ) | ||||||||||||||||||||
Other derivative contracts | — | — | (44 | ) | — | (44 | ) | |||||||||||||||||||||
Netting | — | — | — | 65,043 | -6 | 65,043 | ||||||||||||||||||||||
Total derivative liabilities (7) | (1,379 | ) | (80,166 | ) | (2,236 | ) | 65,043 | (18,738 | ) | |||||||||||||||||||
Short sale liabilities: | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (7,043 | ) | (1,636 | ) | — | — | (8,679 | ) | ||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | (26 | ) | — | — | (26 | ) | |||||||||||||||||||||
Corporate debt securities | — | (5,055 | ) | — | — | (5,055 | ) | |||||||||||||||||||||
Equity securities | (2,259 | ) | (2 | ) | — | — | (2,261 | ) | ||||||||||||||||||||
Other securities | — | (73 | ) | (6 | ) | — | (79 | ) | ||||||||||||||||||||
Total short sale liabilities | (9,302 | ) | (6,792 | ) | (6 | ) | — | (16,100 | ) | |||||||||||||||||||
Other liabilities (excluding derivatives) | — | — | (28 | ) | — | (28 | ) | |||||||||||||||||||||
Total liabilities recorded at fair value | (10,681 | ) | (86,958 | ) | (2,270 | ) | 65,043 | (34,866 | ) | |||||||||||||||||||
-1 | The entire balance only consists of collateralized loan obligations. | |||||||||||||||||||||||||||
-2 | Net gains from trading activities recognized in the income statement for the year ended December 31, 2014 include $211 million in net unrealized gains on trading securities held at December 31, 2014. | |||||||||||||||||||||||||||
-3 | Balances consist of securities that are mostly investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity. | |||||||||||||||||||||||||||
-4 | Includes collateralized debt obligations of $500 million. | |||||||||||||||||||||||||||
-5 | Perpetual preferred securities include ARS and corporate preferred securities. See Note 8 (Securitizations and Variable Interest Entities) for additional information. | |||||||||||||||||||||||||||
-6 | Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 16 (Derivatives) for additional information. | |||||||||||||||||||||||||||
-7 | Derivative assets and derivative liabilities include contracts qualifying for hedge accounting, economic hedges, and derivatives included in trading assets and trading liabilities, respectively. | |||||||||||||||||||||||||||
(continued on following page) | ||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 8,301 | 3,669 | — | — | 11,970 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 2,043 | 39 | — | 2,082 | |||||||||||||||||||||||
Collateralized loan and other debt obligations (1) | — | 212 | 541 | — | 753 | |||||||||||||||||||||||
Corporate debt securities | — | 7,052 | 53 | — | 7,105 | |||||||||||||||||||||||
Mortgage-backed securities | — | 14,608 | 1 | — | 14,609 | |||||||||||||||||||||||
Asset-backed securities | — | 487 | 122 | — | 609 | |||||||||||||||||||||||
Equity securities | 5,908 | 87 | 13 | — | 6,008 | |||||||||||||||||||||||
Total trading securities (2) | 14,209 | 28,158 | 769 | — | 43,136 | |||||||||||||||||||||||
Other trading assets | 2,694 | 2,487 | 54 | — | 5,235 | |||||||||||||||||||||||
Total trading assets (excluding derivatives) | 16,903 | 30,645 | 823 | — | 48,371 | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 557 | 5,723 | — | — | 6,280 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 39,322 | 3,214 | -3 | — | 42,536 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal agencies | — | 117,591 | — | — | 117,591 | |||||||||||||||||||||||
Residential | — | 12,389 | 64 | — | 12,453 | |||||||||||||||||||||||
Commercial | — | 18,609 | 138 | — | 18,747 | |||||||||||||||||||||||
Total mortgage-backed securities | — | 148,589 | 202 | — | 148,791 | |||||||||||||||||||||||
Corporate debt securities | 113 | 20,833 | 281 | — | 21,227 | |||||||||||||||||||||||
Collateralized loan and other debt obligations (4) | — | 18,739 | 1,420 | -3 | — | 20,159 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | — | 21 | 492 | -3 | — | 513 | ||||||||||||||||||||||
Home equity loans | — | 843 | — | — | 843 | |||||||||||||||||||||||
Other asset-backed securities | — | 6,577 | 1,657 | -3 | — | 8,234 | ||||||||||||||||||||||
Total asset-backed securities | — | 7,441 | 2,149 | — | 9,590 | |||||||||||||||||||||||
Other debt securities | — | 39 | — | — | 39 | |||||||||||||||||||||||
Total debt securities | 670 | 240,686 | 7,266 | — | 248,622 | |||||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities (5) | 508 | 628 | 729 | -3 | — | 1,865 | ||||||||||||||||||||||
Other marketable equity securities | 1,511 | 9 | — | — | 1,520 | |||||||||||||||||||||||
Total marketable equity securities | 2,019 | 637 | 729 | — | 3,385 | |||||||||||||||||||||||
Total available-for-sale securities | 2,689 | 241,323 | 7,995 | — | 252,007 | |||||||||||||||||||||||
Mortgages held for sale | — | 11,505 | 2,374 | — | 13,879 | |||||||||||||||||||||||
Loans held for sale | — | 1 | — | — | 1 | |||||||||||||||||||||||
Loans | — | 272 | 5,723 | — | 5,995 | |||||||||||||||||||||||
Mortgage servicing rights (residential) | — | — | 15,580 | — | 15,580 | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Interest rate contracts | 36 | 55,466 | 344 | — | 55,846 | |||||||||||||||||||||||
Commodity contracts | — | 2,667 | 6 | — | 2,673 | |||||||||||||||||||||||
Equity contracts | 1,522 | 4,221 | 2,081 | — | 7,824 | |||||||||||||||||||||||
Foreign exchange contracts | 44 | 4,789 | 10 | — | 4,843 | |||||||||||||||||||||||
Credit contracts | — | 782 | 719 | — | 1,501 | |||||||||||||||||||||||
Other derivative contracts | — | — | 13 | — | 13 | |||||||||||||||||||||||
Netting | — | — | — | (56,894 | ) | -6 | (56,894 | ) | ||||||||||||||||||||
Total derivative assets (7) | 1,602 | 67,925 | 3,173 | (56,894 | ) | 15,806 | ||||||||||||||||||||||
Other assets | — | — | 1,503 | — | 1,503 | |||||||||||||||||||||||
Total assets recorded at fair value | 21,194 | 351,671 | 37,171 | (56,894 | ) | 353,142 | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | (26 | ) | (56,128 | ) | (384 | ) | — | (56,538 | ) | |||||||||||||||||||
Commodity contracts | — | (2,587 | ) | (16 | ) | — | (2,603 | ) | ||||||||||||||||||||
Equity contracts | (449 | ) | (5,218 | ) | (2,127 | ) | — | (7,794 | ) | |||||||||||||||||||
Foreign exchange contracts | (75 | ) | (4,432 | ) | (1 | ) | — | (4,508 | ) | |||||||||||||||||||
Credit contracts | — | (806 | ) | (1,094 | ) | — | (1,900 | ) | ||||||||||||||||||||
Other derivative contracts | — | — | (16 | ) | — | (16 | ) | |||||||||||||||||||||
Netting | — | — | — | 63,739 | -6 | 63,739 | ||||||||||||||||||||||
Total derivative liabilities (7) | (550 | ) | (69,171 | ) | (3,638 | ) | 63,739 | (9,620 | ) | |||||||||||||||||||
Short sale liabilities: | ||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (4,311 | ) | (2,063 | ) | — | — | (6,374 | ) | ||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | (24 | ) | — | — | (24 | ) | |||||||||||||||||||||
Corporate debt securities | — | (4,683 | ) | — | — | (4,683 | ) | |||||||||||||||||||||
Equity securities | (1,788 | ) | (48 | ) | — | — | (1,836 | ) | ||||||||||||||||||||
Other securities | — | (95 | ) | — | — | (95 | ) | |||||||||||||||||||||
Total short sale liabilities | (6,099 | ) | (6,913 | ) | — | — | (13,012 | ) | ||||||||||||||||||||
Other liabilities (excluding derivatives) | — | — | (39 | ) | — | (39 | ) | |||||||||||||||||||||
Total liabilities recorded at fair value | (6,649 | ) | (76,084 | ) | (3,677 | ) | 63,739 | (22,671 | ) | |||||||||||||||||||
-1 | Includes collateralized debt obligations of $2 million. | |||||||||||||||||||||||||||
-2 | Net gains from trading activities recognized in the income statement for the year ended December 31, 2013 include $(29) million in net unrealized losses on trading securities held at December 31, 2013. | |||||||||||||||||||||||||||
-3 | Balances consist of securities that are predominantly investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity. | |||||||||||||||||||||||||||
-4 | Includes collateralized debt obligations of $693 million. | |||||||||||||||||||||||||||
-5 | Perpetual preferred securities include ARS and corporate preferred securities. See Note 8 (Securitizations and Variable Interest Entities) for additional information. | |||||||||||||||||||||||||||
-6 | Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 16 (Derivatives) for additional information. | |||||||||||||||||||||||||||
-7 | Derivative assets and derivative liabilities include contracts qualifying for hedge accounting, economic hedges, and derivatives included in trading assets and trading liabilities, respectively. | |||||||||||||||||||||||||||
Fair Value, Transfers Between Fair Value Levels | Transfers into and out of Level 1, Level 2, and Level 3 for the periods presented are provided within the following table. The amounts reported as transfers represent the fair value as of the beginning of the quarter in which the transfer occurred. | |||||||||||||||||||||||||||
Transfers Between Fair Value Levels | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 (1) | ||||||||||||||||||||||||||
(in millions) | In | Out | In | Out | In | Out | Total | |||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | $ | — | (11 | ) | 70 | (31 | ) | 31 | (59 | ) | — | |||||||||||||||||
Available-for-sale securities | — | (8 | ) | 370 | (148 | ) | 148 | (362 | ) | — | ||||||||||||||||||
Mortgages held for sale | — | — | 229 | (440 | ) | 440 | (229 | ) | — | |||||||||||||||||||
Loans | — | — | 49 | (270 | ) | 270 | (49 | ) | — | |||||||||||||||||||
Net derivative assets and liabilities (2) | — | — | (134 | ) | 20 | (20 | ) | 134 | — | |||||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | |||||||||||||||||||||
Total transfers | $ | — | (19 | ) | 584 | (869 | ) | 869 | (565 | ) | — | |||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) (3) | $ | — | (242 | ) | 535 | (56 | ) | 52 | (289 | ) | — | |||||||||||||||||
Available-for-sale securities (3)(4) | 17 | — | 12,830 | (117 | ) | 100 | (12,830 | ) | — | |||||||||||||||||||
Mortgages held for sale | — | — | 343 | (336 | ) | 336 | (343 | ) | — | |||||||||||||||||||
Loans | — | — | 193 | — | — | (193 | ) | — | ||||||||||||||||||||
Net derivative assets and liabilities (2) | — | — | (142 | ) | 13 | (13 | ) | 142 | — | |||||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | |||||||||||||||||||||
Total transfers | $ | 17 | (242 | ) | 13,759 | (496 | ) | 475 | (13,513 | ) | — | |||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives) | $ | 23 | — | 16 | (37 | ) | 14 | (16 | ) | — | ||||||||||||||||||
Available-for-sale securities (5) | 8 | — | 9,832 | (68 | ) | 60 | (9,832 | ) | — | |||||||||||||||||||
Mortgages held for sale | — | — | 298 | (488 | ) | 488 | (298 | ) | — | |||||||||||||||||||
Loans (6) | — | — | 41 | (5,851 | ) | 5,851 | (41 | ) | — | |||||||||||||||||||
Net derivative assets and liabilities | — | — | 51 | 8 | (8 | ) | (51 | ) | — | |||||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | |||||||||||||||||||||
Total transfers | $ | 31 | — | 10,238 | (6,436 | ) | 6,405 | (10,238 | ) | — | ||||||||||||||||||
-1 | All transfers in and out of Level 3 are disclosed within the recurring Level 3 rollforward table in this Note. | |||||||||||||||||||||||||||
-2 | Consists of net derivative liabilities that were transferred from Level 3 to Level 2 due to increased observable market data. Also includes net derivative liabilities that were transferred from Level 2 to Level 3 due to a decrease in observable market data. | |||||||||||||||||||||||||||
-3 | Consists of $231 million of collateralized loan obligations classified as trading assets and $12.5 billion classified as available-for-sale securities that we transferred from Level 3 to Level 2 in 2013 as a result of increased observable market data in the valuation of such instruments. | |||||||||||||||||||||||||||
-4 | Transfers out of available-for-sale securities classified as Level 3 exclude $6.0 billion in asset-backed securities that were transferred from the available-for-sale portfolio to held-to-maturity securities. | |||||||||||||||||||||||||||
-5 | Includes $9.4 billion of securities of U.S. states and political subdivisions that we transferred from Level 3 to Level 2 as a result of increased observable market data in the valuation of such instruments. This transfer was done in conjunction with a change in our valuation technique from an internal model based upon unobservable inputs to third-party vendor pricing based upon market observable data. | |||||||||||||||||||||||||||
-6 | Consists of reverse mortgage loans securitized with GNMA which were accounted for as secured borrowing transactions. We transferred the loans from Level 2 to Level 3 due to decreased market activity and visibility to significant trades of the same or similar products. As a result, we changed our valuation technique from an internal model based on market observable data to an internal discounted cash flow model based on unobservable inputs. | |||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Level 3 Reconciliation | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2012 are summarized as follows: | |||||||||||||||||||||||||||
Total net gains | Purchases, | Net unrealized | ||||||||||||||||||||||||||
(losses) included in | sales, | gains (losses) | ||||||||||||||||||||||||||
issuances | included in | |||||||||||||||||||||||||||
and | income related | |||||||||||||||||||||||||||
settlements, | to assets and | |||||||||||||||||||||||||||
net (1) | liabilities held | |||||||||||||||||||||||||||
(in millions) | Balance, | Net | Other | Transfers | Transfers | Balance, | at period end | -2 | ||||||||||||||||||||
beginning | income | compre- | into | out of | end of | |||||||||||||||||||||||
of period | hensive | Level 3 | Level 3 | period | ||||||||||||||||||||||||
income | ||||||||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and | $ | 53 | 3 | — | (10 | ) | — | — | 46 | — | ||||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Collateralized loan and other | 1,582 | (191 | ) | — | (649 | ) | — | — | 742 | (47 | ) | |||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Corporate debt securities | 97 | — | — | (45 | ) | — | — | 52 | (3 | ) | ||||||||||||||||||
Mortgage-backed securities | 108 | 8 | — | (110 | ) | — | — | 6 | 2 | |||||||||||||||||||
Asset-backed securities | 190 | 48 | — | (98 | ) | 14 | (16 | ) | 138 | 23 | ||||||||||||||||||
Equity securities | 4 | — | — | (1 | ) | — | — | 3 | — | |||||||||||||||||||
Total trading securities | 2,034 | (132 | ) | — | (913 | ) | 14 | (16 | ) | 987 | (25 | ) | ||||||||||||||||
Other trading assets | 115 | (39 | ) | — | — | — | — | 76 | (19 | ) | ||||||||||||||||||
Total trading assets (excluding derivatives) | 2,149 | (171 | ) | — | (913 | ) | 14 | (16 | ) | 1,063 | (44 | ) | -3 | |||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | 11,516 | 10 | 160 | 1,347 | — | (9,402 | ) | 3,631 | — | |||||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | 61 | 12 | 16 | 50 | 29 | (74 | ) | 94 | (1 | ) | ||||||||||||||||||
Commercial | 232 | (56 | ) | 57 | (30 | ) | — | — | 203 | (56 | ) | |||||||||||||||||
Total mortgage-backed securities | 293 | (44 | ) | 73 | 20 | 29 | (74 | ) | 297 | (57 | ) | |||||||||||||||||
Corporate debt securities | 295 | 20 | 19 | (20 | ) | 1 | (41 | ) | 274 | — | ||||||||||||||||||
Collateralized loan and other | 8,599 | 135 | 514 | 3,940 | — | — | 13,188 | — | ||||||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 6,641 | 3 | 3 | (726 | ) | — | — | 5,921 | — | |||||||||||||||||||
Home equity loans | 282 | 15 | 14 | (3 | ) | 29 | (286 | ) | 51 | (1 | ) | |||||||||||||||||
Other asset-backed securities | 2,863 | (29 | ) | 148 | 329 | 1 | (29 | ) | 3,283 | (6 | ) | |||||||||||||||||
Total asset-backed securities | 9,786 | (11 | ) | 165 | (400 | ) | 30 | (315 | ) | 9,255 | (7 | ) | ||||||||||||||||
Total debt securities | 30,489 | 110 | 931 | 4,887 | 60 | (9,832 | ) | 26,645 | (64 | ) | -4 | |||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | 1,344 | 91 | (30 | ) | (611 | ) | — | — | 794 | — | ||||||||||||||||||
Other marketable equity securities | 23 | 2 | (16 | ) | (9 | ) | — | — | — | — | ||||||||||||||||||
Total marketable equity securities | 1,367 | 93 | (46 | ) | (620 | ) | — | — | 794 | — | -5 | |||||||||||||||||
Total available-for-sale securities | 31,856 | 203 | 885 | 4,267 | 60 | (9,832 | ) | 27,439 | (64 | ) | ||||||||||||||||||
Mortgages held for sale | 3,410 | (42 | ) | — | (308 | ) | 488 | (298 | ) | 3,250 | (30 | ) | -6 | |||||||||||||||
Loans | 23 | 43 | — | 145 | 5,851 | (41 | ) | 6,021 | 43 | -6 | ||||||||||||||||||
Mortgage servicing rights (residential) (7) | 12,603 | (5,954 | ) | — | 4,889 | — | — | 11,538 | (2,893 | ) | -6 | |||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | 609 | 7,397 | — | (7,349 | ) | — | 2 | 659 | 562 | |||||||||||||||||||
Commodity contracts | — | 78 | — | (50 | ) | (8 | ) | 1 | 21 | 40 | ||||||||||||||||||
Equity contracts | (75 | ) | (11 | ) | — | 18 | — | (54 | ) | (122 | ) | (16 | ) | |||||||||||||||
Foreign exchange contracts | (7 | ) | 23 | — | 5 | — | — | 21 | 30 | |||||||||||||||||||
Credit contracts | (1,998 | ) | 38 | — | 810 | — | — | (1,150 | ) | 41 | ||||||||||||||||||
Other derivative contracts | (117 | ) | 40 | (1 | ) | — | — | — | (78 | ) | — | |||||||||||||||||
Total derivative contracts | (1,588 | ) | 7,565 | (1 | ) | (6,566 | ) | (8 | ) | (51 | ) | (649 | ) | 657 | -8 | |||||||||||||
Other assets | 244 | (21 | ) | — | (61 | ) | — | — | 162 | (8 | ) | -3 | ||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | — | -3 | |||||||||||||||||||
Other liabilities (excluding derivatives) | (44 | ) | (43 | ) | — | 38 | — | — | (49 | ) | — | -6 | ||||||||||||||||
-1 | See next page for detail. | |||||||||||||||||||||||||||
-2 | Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time. | |||||||||||||||||||||||||||
-3 | Included in net gains (losses) from trading activities and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-4 | Included in net gains (losses) from debt securities in the income statement. | |||||||||||||||||||||||||||
-5 | Included in net gains (losses) from equity investments in the income statement. | |||||||||||||||||||||||||||
-6 | Included in mortgage banking and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-7 | For more information on the change in mortgage servicing rights, see Note 9 (Mortgage Banking Activities). | |||||||||||||||||||||||||||
-8 | Included in mortgage banking, trading activities and other noninterest income in the income statement. | |||||||||||||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2014, are summarized as follows: | ||||||||||||||||||||||||||||
Total net gains | Purchases, | Net unrealized | ||||||||||||||||||||||||||
(losses) included in | sales, | gains (losses) | ||||||||||||||||||||||||||
issuances | included in | |||||||||||||||||||||||||||
and | income related | |||||||||||||||||||||||||||
settlements, | to assets and | |||||||||||||||||||||||||||
net (1) | liabilities held | |||||||||||||||||||||||||||
(in millions) | Balance, | Net | Other | Transfers | Transfers | Balance, | at period end | -2 | ||||||||||||||||||||
beginning | income | compre- | into | out of | end of | |||||||||||||||||||||||
of period | hensive | Level 3 | Level 3 | period | ||||||||||||||||||||||||
income | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and | $ | 39 | 1 | — | (2 | ) | — | (31 | ) | 7 | — | |||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Collateralized loan and other | 541 | 36 | — | (121 | ) | 4 | (15 | ) | 445 | (48 | ) | |||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Corporate debt securities | 53 | — | — | (21 | ) | 26 | (4 | ) | 54 | 1 | ||||||||||||||||||
Mortgage-backed securities | 1 | — | — | 2 | — | (3 | ) | — | — | |||||||||||||||||||
Asset-backed securities | 122 | 32 | — | (70 | ) | — | (5 | ) | 79 | 32 | ||||||||||||||||||
Equity securities | 13 | — | — | (3 | ) | — | — | 10 | — | |||||||||||||||||||
Total trading securities | 769 | 69 | — | (215 | ) | 30 | (58 | ) | 595 | (15 | ) | |||||||||||||||||
Other trading assets | 54 | (10 | ) | — | 11 | 1 | (1 | ) | 55 | (1 | ) | |||||||||||||||||
Total trading assets | 823 | 59 | — | (204 | ) | 31 | (59 | ) | 650 | (16 | ) | -3 | ||||||||||||||||
(excluding derivatives) | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | 3,214 | 21 | (86 | ) | (569 | ) | 59 | (362 | ) | 2,277 | (2 | ) | ||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | 64 | 11 | (5 | ) | (46 | ) | — | — | 24 | — | ||||||||||||||||||
Commercial | 138 | 9 | (1 | ) | (37 | ) | — | — | 109 | (4 | ) | |||||||||||||||||
Total mortgage-backed securities | 202 | 20 | (6 | ) | (83 | ) | — | — | 133 | (4 | ) | |||||||||||||||||
Corporate debt securities | 281 | 25 | (25 | ) | (29 | ) | — | — | 252 | — | ||||||||||||||||||
Collateralized loan and other | 1,420 | 117 | (47 | ) | (403 | ) | — | — | 1,087 | (2 | ) | |||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 492 | — | (33 | ) | (214 | ) | — | — | 245 | — | ||||||||||||||||||
Home equity loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other asset-backed securities | 1,657 | 5 | (6 | ) | (373 | ) | 89 | — | 1,372 | — | ||||||||||||||||||
Total asset-backed securities | 2,149 | 5 | (39 | ) | (587 | ) | 89 | — | 1,617 | — | ||||||||||||||||||
Total debt securities | 7,266 | 188 | (203 | ) | (1,671 | ) | 148 | (362 | ) | 5,366 | (8 | ) | -4 | |||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | 729 | 8 | (29 | ) | (45 | ) | — | — | 663 | — | ||||||||||||||||||
Other marketable equity securities | — | 4 | — | (4 | ) | — | — | — | — | |||||||||||||||||||
Total marketable | 729 | 12 | (29 | ) | (49 | ) | — | — | 663 | — | -5 | |||||||||||||||||
equity securities | ||||||||||||||||||||||||||||
Total available-for-sale | 7,995 | 200 | (232 | ) | (1,720 | ) | 148 | (362 | ) | 6,029 | (8 | ) | ||||||||||||||||
securities | ||||||||||||||||||||||||||||
Mortgages held for sale | 2,374 | 4 | — | (276 | ) | 440 | (229 | ) | 2,313 | 7 | -6 | |||||||||||||||||
Loans | 5,723 | (52 | ) | — | (104 | ) | 270 | (49 | ) | 5,788 | (32 | ) | -6 | |||||||||||||||
Mortgage servicing rights (residential) (7) | 15,580 | (4,031 | ) | — | 1,189 | — | — | 12,738 | (2,122 | ) | -6 | |||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | (40 | ) | 1,588 | — | (1,255 | ) | — | — | 293 | 317 | ||||||||||||||||||
Commodity contracts | (10 | ) | (21 | ) | — | (2 | ) | (3 | ) | 37 | 1 | (1 | ) | |||||||||||||||
Equity contracts | (46 | ) | 96 | — | (214 | ) | (17 | ) | 97 | (84 | ) | (42 | ) | |||||||||||||||
Foreign exchange contracts | 9 | 5 | — | (14 | ) | — | — | — | — | |||||||||||||||||||
Credit contracts | (375 | ) | 26 | — | 160 | — | — | (189 | ) | (38 | ) | |||||||||||||||||
Other derivative contracts | (3 | ) | (41 | ) | — | — | — | — | (44 | ) | (40 | ) | ||||||||||||||||
Total derivative contracts | (465 | ) | 1,653 | — | (1,325 | ) | (20 | ) | 134 | (23 | ) | 196 | -8 | |||||||||||||||
Other assets | 1,503 | 514 | — | 576 | — | — | 2,593 | (8 | ) | -3 | ||||||||||||||||||
Short sale liabilities | — | 1 | — | (7 | ) | — | — | (6 | ) | 1 | -3 | |||||||||||||||||
Other liabilities (excluding derivatives) | (39 | ) | (10 | ) | — | 21 | — | — | (28 | ) | (1 | ) | -6 | |||||||||||||||
-1 | See next page for detail. | |||||||||||||||||||||||||||
-2 | Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time. | |||||||||||||||||||||||||||
-3 | Included in net gains (losses) from trading activities and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-4 | Included in net gains (losses) from debt securities in the income statement. | |||||||||||||||||||||||||||
-5 | Included in net gains (losses) from equity investments in the income statement. | |||||||||||||||||||||||||||
-6 | Included in mortgage banking and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-7 | For more information on the changes in mortgage servicing rights, see Note 9 (Mortgage Banking Activities). | |||||||||||||||||||||||||||
-8 | Included in mortgage banking, trading activities, equity investments and other noninterest income in the income statement. | |||||||||||||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2013, are summarized as follows: | ||||||||||||||||||||||||||||
Total net gains | Purchases, | Net unrealized | ||||||||||||||||||||||||||
(losses) included in | sales, | gains (losses) | ||||||||||||||||||||||||||
issuances | included in | |||||||||||||||||||||||||||
and | income related | |||||||||||||||||||||||||||
settlements, | to assets and | |||||||||||||||||||||||||||
net (1) | liabilities held | |||||||||||||||||||||||||||
(in millions) | Balance, | Net | Other | Transfers | Transfers | Balance, | at period end | -2 | ||||||||||||||||||||
beginning | income | compre- | into | out of | end of | |||||||||||||||||||||||
of period | hensive | Level 3 | Level 3 | period | ||||||||||||||||||||||||
income | ||||||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and | $ | 46 | 3 | — | (10 | ) | — | — | 39 | — | ||||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Collateralized loan and other | 742 | 67 | — | (37 | ) | — | (231 | ) | 541 | (33 | ) | |||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Corporate debt securities | 52 | 9 | — | (1 | ) | 13 | (20 | ) | 53 | 6 | ||||||||||||||||||
Mortgage-backed securities | 6 | 1 | — | 9 | — | (15 | ) | 1 | 1 | |||||||||||||||||||
Asset-backed securities | 138 | 16 | — | (35 | ) | 25 | (22 | ) | 122 | 15 | ||||||||||||||||||
Equity securities | 3 | — | — | (3 | ) | 13 | — | 13 | — | |||||||||||||||||||
Total trading securities | 987 | 96 | — | (77 | ) | 51 | (288 | ) | 769 | (11 | ) | |||||||||||||||||
Other trading assets | 76 | (22 | ) | — | — | 1 | (1 | ) | 54 | (8 | ) | |||||||||||||||||
Total trading assets (excluding derivatives) | 1,063 | 74 | — | (77 | ) | 52 | (289 | ) | 823 | (19 | ) | -3 | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | 3,631 | 11 | (85 | ) | (182 | ) | 53 | (214 | ) | 3,214 | — | |||||||||||||||||
political subdivisions | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | 94 | 17 | (1 | ) | (40 | ) | — | (6 | ) | 64 | — | |||||||||||||||||
Commercial | 203 | (13 | ) | 28 | (58 | ) | — | (22 | ) | 138 | (8 | ) | ||||||||||||||||
Total mortgage-backed securities | 297 | 4 | 27 | (98 | ) | — | (28 | ) | 202 | (8 | ) | |||||||||||||||||
Corporate debt securities | 274 | 10 | (10 | ) | (13 | ) | 23 | (3 | ) | 281 | — | |||||||||||||||||
Collateralized loan and other | 13,188 | 8 | 124 | 625 | — | (12,525 | ) | 1,420 | — | |||||||||||||||||||
debt obligations | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 5,921 | (1 | ) | (34 | ) | (1,067 | ) | — | (4,327 | ) | 492 | — | ||||||||||||||||
Home equity loans | 51 | 3 | (1 | ) | (5 | ) | — | (48 | ) | — | — | |||||||||||||||||
Other asset-backed securities | 3,283 | 27 | 19 | 31 | 24 | (1,727 | ) | 1,657 | (7 | ) | ||||||||||||||||||
Total asset-backed securities | 9,255 | 29 | (16 | ) | (1,041 | ) | 24 | (6,102 | ) | 2,149 | (7 | ) | -4 | |||||||||||||||
Total debt securities | 26,645 | 62 | 40 | (709 | ) | 100 | (18,872 | ) | 7,266 | (15 | ) | -5 | ||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | 794 | 10 | (2 | ) | (73 | ) | — | — | 729 | — | ||||||||||||||||||
Other marketable equity securities | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total marketable equity securities | 794 | 10 | (2 | ) | (73 | ) | — | — | 729 | — | -6 | |||||||||||||||||
Total available-for-sale | 27,439 | 72 | 38 | (782 | ) | 100 | (18,872 | ) | 7,995 | (15 | ) | |||||||||||||||||
securities | ||||||||||||||||||||||||||||
Mortgages held for sale | 3,250 | 5 | — | (874 | ) | 336 | (343 | ) | 2,374 | (74 | ) | -7 | ||||||||||||||||
Loans | 6,021 | (211 | ) | — | 106 | — | (193 | ) | 5,723 | (178 | ) | -7 | ||||||||||||||||
Mortgage servicing rights (residential) (8) | 11,538 | 1,156 | — | 2,886 | — | — | 15,580 | 3,398 | -7 | |||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | 659 | (662 | ) | — | (39 | ) | — | 2 | (40 | ) | (186 | ) | ||||||||||||||||
Commodity contracts | 21 | — | — | (66 | ) | (1 | ) | 36 | (10 | ) | (19 | ) | ||||||||||||||||
Equity contracts | (122 | ) | (151 | ) | — | 137 | (14 | ) | 104 | (46 | ) | 48 | ||||||||||||||||
Foreign exchange contracts | 21 | (15 | ) | — | 1 | 2 | — | 9 | (8 | ) | ||||||||||||||||||
Credit contracts | (1,150 | ) | (30 | ) | — | 805 | — | — | (375 | ) | 345 | |||||||||||||||||
Other derivative contracts | (78 | ) | 75 | — | — | — | — | (3 | ) | — | ||||||||||||||||||
Total derivative contracts | (649 | ) | (783 | ) | — | 838 | (13 | ) | 142 | (465 | ) | 180 | -9 | |||||||||||||||
Other assets | 162 | 315 | — | 1,026 | — | — | 1,503 | (2 | ) | -3 | ||||||||||||||||||
Short sale liabilities | — | — | — | — | — | — | — | — | -3 | |||||||||||||||||||
Other liabilities (excluding derivatives) | (49 | ) | 3 | — | 7 | — | — | (39 | ) | 5 | -7 | |||||||||||||||||
-1 | See next page for detail. | |||||||||||||||||||||||||||
-2 | Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time. | |||||||||||||||||||||||||||
-3 | Included in net gains (losses) from trading activities and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-4 | Level 3 transfers out include $6.0 billion in asset-backed securities that were transferred from the available-for-sale portfolio to held-to-maturity securities. | |||||||||||||||||||||||||||
-5 | Included in net gains (losses) from debt securities in the income statement. | |||||||||||||||||||||||||||
-6 | Included in net gains (losses) from equity investments in the income statement. | |||||||||||||||||||||||||||
-7 | Included in mortgage banking and other noninterest income in the income statement. | |||||||||||||||||||||||||||
-8 | For more information on the changes in mortgage servicing rights, see Note 9 (Mortgage Banking Activities). | |||||||||||||||||||||||||||
-9 | Included in mortgage banking, trading activities, equity investments and other noninterest income in the income statement. | |||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Level 3 Reconciliation Detail | The following table presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2014. | |||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | Net | |||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 10 | (12 | ) | — | — | (2 | ) | ||||||||||||||||||||
Collateralized loan and other debt obligations | 1,057 | (1,174 | ) | — | (4 | ) | (121 | ) | ||||||||||||||||||||
Corporate debt securities | 85 | (106 | ) | — | — | (21 | ) | |||||||||||||||||||||
Mortgage-backed securities | 3 | (1 | ) | — | — | 2 | ||||||||||||||||||||||
Asset-backed securities | 17 | (47 | ) | — | (40 | ) | (70 | ) | ||||||||||||||||||||
Equity securities | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||
Total trading securities | 1,172 | (1,340 | ) | — | (47 | ) | (215 | ) | ||||||||||||||||||||
Other trading assets | 11 | (1 | ) | 1 | — | 11 | ||||||||||||||||||||||
Total trading assets (excluding derivatives) | 1,183 | (1,341 | ) | 1 | (47 | ) | (204 | ) | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 73 | (144 | ) | 336 | (834 | ) | (569 | ) | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | — | (44 | ) | — | (2 | ) | (46 | ) | ||||||||||||||||||||
Commercial | — | (31 | ) | — | (6 | ) | (37 | ) | ||||||||||||||||||||
Total mortgage-backed securities | — | (75 | ) | — | (8 | ) | (83 | ) | ||||||||||||||||||||
Corporate debt securities | 21 | (32 | ) | 10 | (28 | ) | (29 | ) | ||||||||||||||||||||
Collateralized loan and other debt obligations | 134 | (34 | ) | — | (503 | ) | (403 | ) | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | — | — | — | (214 | ) | (214 | ) | |||||||||||||||||||||
Home equity loans | — | — | — | — | — | |||||||||||||||||||||||
Other asset-backed securities | 117 | (16 | ) | 522 | (996 | ) | (373 | ) | ||||||||||||||||||||
Total asset-backed securities | 117 | (16 | ) | 522 | (1,210 | ) | (587 | ) | ||||||||||||||||||||
Total debt securities | 345 | (301 | ) | 868 | (2,583 | ) | (1,671 | ) | ||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | — | — | — | (45 | ) | (45 | ) | |||||||||||||||||||||
Other marketable equity securities | — | (4 | ) | — | — | (4 | ) | |||||||||||||||||||||
Total marketable equity securities | — | (4 | ) | — | (45 | ) | (49 | ) | ||||||||||||||||||||
Total available-for-sale securities | 345 | (305 | ) | 868 | (2,628 | ) | (1,720 | ) | ||||||||||||||||||||
Mortgages held for sale | 208 | (276 | ) | 167 | (375 | ) | (276 | ) | ||||||||||||||||||||
Loans | 76 | — | 438 | (618 | ) | (104 | ) | |||||||||||||||||||||
Mortgage servicing rights (residential) | — | (7 | ) | 1,196 | — | 1,189 | ||||||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | — | — | — | (1,255 | ) | (1,255 | ) | |||||||||||||||||||||
Commodity contracts | — | — | — | (2 | ) | (2 | ) | |||||||||||||||||||||
Equity contracts | — | (116 | ) | — | (98 | ) | (214 | ) | ||||||||||||||||||||
Foreign exchange contracts | — | — | — | (14 | ) | (14 | ) | |||||||||||||||||||||
Credit contracts | 3 | (2 | ) | — | 159 | 160 | ||||||||||||||||||||||
Other derivative contracts | — | — | — | — | — | |||||||||||||||||||||||
Total derivative contracts | 3 | (118 | ) | — | (1,210 | ) | (1,325 | ) | ||||||||||||||||||||
Other assets | 608 | (1 | ) | — | (31 | ) | 576 | |||||||||||||||||||||
Short sale liabilities | 20 | (27 | ) | — | — | (7 | ) | |||||||||||||||||||||
Other liabilities (excluding derivatives) | — | — | — | 21 | 21 | |||||||||||||||||||||||
The following table presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2012. | ||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | Net | |||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 85 | (95 | ) | — | — | (10 | ) | ||||||||||||||||||||
Collateralized loan and other debt obligations | 829 | (1,478 | ) | — | — | (649 | ) | |||||||||||||||||||||
Corporate debt securities | 192 | (237 | ) | — | — | (45 | ) | |||||||||||||||||||||
Mortgage-backed securities | 49 | (159 | ) | — | — | (110 | ) | |||||||||||||||||||||
Asset-backed securities | 116 | (169 | ) | — | (45 | ) | (98 | ) | ||||||||||||||||||||
Equity securities | 1 | (2 | ) | — | — | (1 | ) | |||||||||||||||||||||
Total trading securities | 1,272 | (2,140 | ) | — | (45 | ) | (913 | ) | ||||||||||||||||||||
Other trading assets | — | — | — | — | — | |||||||||||||||||||||||
Total trading assets (excluding derivatives) | 1,272 | (2,140 | ) | — | (45 | ) | (913 | ) | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 1,847 | (37 | ) | 1,011 | (1,474 | ) | 1,347 | |||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | 86 | (34 | ) | — | (2 | ) | 50 | |||||||||||||||||||||
Commercial | 39 | — | — | (69 | ) | (30 | ) | |||||||||||||||||||||
Total mortgage-backed securities | 125 | (34 | ) | — | (71 | ) | 20 | |||||||||||||||||||||
Corporate debt securities | 26 | (37 | ) | — | (9 | ) | (20 | ) | ||||||||||||||||||||
Collateralized loan and other debt obligations | 5,608 | (185 | ) | — | (1,483 | ) | 3,940 | |||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 3,004 | — | 666 | (4,396 | ) | (726 | ) | |||||||||||||||||||||
Home equity loans | — | (2 | ) | — | (1 | ) | (3 | ) | ||||||||||||||||||||
Other asset-backed securities | 2,074 | (159 | ) | 1,401 | (2,987 | ) | 329 | |||||||||||||||||||||
Total asset-backed securities | 5,078 | (161 | ) | 2,067 | (7,384 | ) | (400 | ) | ||||||||||||||||||||
Total debt securities | 12,684 | (454 | ) | 3,078 | (10,421 | ) | 4,887 | |||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | — | — | — | (611 | ) | (611 | ) | |||||||||||||||||||||
Other marketable equity securities | — | (8 | ) | — | (1 | ) | (9 | ) | ||||||||||||||||||||
Total marketable equity securities | — | (8 | ) | — | (612 | ) | (620 | ) | ||||||||||||||||||||
Total available-for-sale securities | 12,684 | (462 | ) | 3,078 | (11,033 | ) | 4,267 | |||||||||||||||||||||
Mortgages held for sale | 441 | — | — | (749 | ) | (308 | ) | |||||||||||||||||||||
Loans | 2 | — | 257 | (114 | ) | 145 | ||||||||||||||||||||||
Mortgage servicing rights (residential) | — | (293 | ) | 5,182 | — | 4,889 | ||||||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | 11 | — | — | (7,360 | ) | (7,349 | ) | |||||||||||||||||||||
Commodity contracts | — | (2 | ) | — | (48 | ) | (50 | ) | ||||||||||||||||||||
Equity contracts | 386 | (375 | ) | 1 | 6 | 18 | ||||||||||||||||||||||
Foreign exchange contracts | 2 | (3 | ) | — | 6 | 5 | ||||||||||||||||||||||
Credit contracts | (6 | ) | 3 | — | 813 | 810 | ||||||||||||||||||||||
Other derivative contracts | — | — | — | — | — | |||||||||||||||||||||||
Total derivative contracts | 393 | (377 | ) | 1 | (6,583 | ) | (6,566 | ) | ||||||||||||||||||||
Other assets | 19 | (8 | ) | — | (72 | ) | (61 | ) | ||||||||||||||||||||
Short sale liabilities | 9 | (9 | ) | — | — | — | ||||||||||||||||||||||
Other liabilities (excluding derivatives) | (3 | ) | 11 | (216 | ) | 246 | 38 | |||||||||||||||||||||
The following table presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2013. | ||||||||||||||||||||||||||||
(in millions) | Purchases | Sales | Issuances | Settlements | Net | |||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Trading assets (excluding derivatives): | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 127 | (136 | ) | — | (1 | ) | (10 | ) | |||||||||||||||||||
Collateralized loan and other debt obligations | 1,030 | (1,064 | ) | — | (3 | ) | (37 | ) | ||||||||||||||||||||
Corporate debt securities | 117 | (117 | ) | — | (1 | ) | (1 | ) | ||||||||||||||||||||
Mortgage-backed securities | 429 | (420 | ) | — | — | 9 | ||||||||||||||||||||||
Asset-backed securities | 53 | (45 | ) | — | (43 | ) | (35 | ) | ||||||||||||||||||||
Equity securities | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||||||
Total trading securities | 1,756 | (1,785 | ) | — | (48 | ) | (77 | ) | ||||||||||||||||||||
Other trading assets | — | — | — | — | — | |||||||||||||||||||||||
Total trading assets (excluding derivatives) | 1,756 | (1,785 | ) | — | (48 | ) | (77 | ) | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | (69 | ) | 648 | (761 | ) | (182 | ) | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Residential | — | (37 | ) | — | (3 | ) | (40 | ) | ||||||||||||||||||||
Commercial | — | (1 | ) | — | (57 | ) | (58 | ) | ||||||||||||||||||||
Total mortgage-backed securities | — | (38 | ) | — | (60 | ) | (98 | ) | ||||||||||||||||||||
Corporate debt securities | — | — | 20 | (33 | ) | (13 | ) | |||||||||||||||||||||
Collateralized loan and other debt obligations | 1,008 | (14 | ) | — | (369 | ) | 625 | |||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 1,751 | — | 1,047 | (3,865 | ) | (1,067 | ) | |||||||||||||||||||||
Home equity loans | — | (5 | ) | — | — | (5 | ) | |||||||||||||||||||||
Other asset-backed securities | 1,164 | (36 | ) | 1,116 | (2,213 | ) | 31 | |||||||||||||||||||||
Total asset-backed securities | 2,915 | (41 | ) | 2,163 | (6,078 | ) | (1,041 | ) | ||||||||||||||||||||
Total debt securities | 3,923 | (162 | ) | 2,831 | (7,301 | ) | (709 | ) | ||||||||||||||||||||
Marketable equity securities: | ||||||||||||||||||||||||||||
Perpetual preferred securities | — | (20 | ) | — | (53 | ) | (73 | ) | ||||||||||||||||||||
Other marketable equity securities | — | — | — | — | — | |||||||||||||||||||||||
Total marketable equity securities | — | (20 | ) | — | (53 | ) | (73 | ) | ||||||||||||||||||||
Total available-for-sale securities | 3,923 | (182 | ) | 2,831 | (7,354 | ) | (782 | ) | ||||||||||||||||||||
Mortgages held for sale | 286 | (574 | ) | — | (586 | ) | (874 | ) | ||||||||||||||||||||
Loans | 23 | — | 452 | (369 | ) | 106 | ||||||||||||||||||||||
Mortgage servicing rights (residential) | — | (583 | ) | 3,469 | — | 2,886 | ||||||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||
Interest rate contracts | — | — | — | (39 | ) | (39 | ) | |||||||||||||||||||||
Commodity contracts | — | — | — | (66 | ) | (66 | ) | |||||||||||||||||||||
Equity contracts | — | (148 | ) | — | 285 | 137 | ||||||||||||||||||||||
Foreign exchange contracts | — | — | — | 1 | 1 | |||||||||||||||||||||||
Credit contracts | 7 | (5 | ) | (4 | ) | 807 | 805 | |||||||||||||||||||||
Other derivative contracts | — | — | — | — | — | |||||||||||||||||||||||
Total derivative contracts | 7 | (153 | ) | (4 | ) | 988 | 838 | |||||||||||||||||||||
Other assets | 1,064 | (2 | ) | — | (36 | ) | 1,026 | |||||||||||||||||||||
Short sale liabilities | 8 | (8 | ) | — | — | — | ||||||||||||||||||||||
Other liabilities (excluding derivatives) | — | — | (4 | ) | 11 | 7 | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Quantative Information about Valuation Techniques and Unobservable Inputs | The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model. | |||||||||||||||||||||||||||
The significant unobservable inputs for Level 3 assets and liabilities that are valued using fair values obtained from third-party vendors are not included in the table as the specific inputs applied are not provided by the vendor (see discussion regarding vendor-developed valuations within the “Level 3 Asset and Liability Valuation Processes” section previously within this Note). In addition, the table excludes the valuation techniques and significant unobservable inputs for certain classes of Level 3 assets and liabilities measured using an internal model that we consider, both individually and in the aggregate, insignificant relative to our overall Level 3 assets and liabilities. We made this determination based upon an evaluation of each class which considered the magnitude of the positions, nature of the unobservable inputs and potential for significant changes in fair value due to changes in those inputs. | ||||||||||||||||||||||||||||
($ in millions, except cost to service amounts) | Fair Value Level 3 | Valuation Technique(s) | Significant Unobservable Input | Range of | Weighted | |||||||||||||||||||||||
Inputs | Average (1) | |||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Trading and available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | ||||||||||||||||||||||||||||
political subdivisions: | ||||||||||||||||||||||||||||
Government, healthcare and | $ | 1,900 | Discounted cash flow | Discount rate | 0.4 | - | 5.6 | % | 1.5 | |||||||||||||||||||
other revenue bonds | ||||||||||||||||||||||||||||
61 | Vendor priced | |||||||||||||||||||||||||||
Auction rate securities and other | 323 | Discounted cash flow | Discount rate | 1.5 | - | 7.6 | 3.9 | |||||||||||||||||||||
municipal bonds | ||||||||||||||||||||||||||||
Weighted average life | 1.3 | - | 19.4 | yrs | 6.4 | |||||||||||||||||||||||
Collateralized loan and other debt | 565 | Market comparable pricing | Comparability adjustment | (53.9 | ) | - | 25 | % | 0.9 | |||||||||||||||||||
obligations (2) | ||||||||||||||||||||||||||||
967 | Vendor priced | |||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 245 | Discounted cash flow | Discount rate | 0.4 | - | 0.4 | 0.4 | |||||||||||||||||||||
Other asset-backed securities: | ||||||||||||||||||||||||||||
Diversified payment rights (3) | 661 | Discounted cash flow | Discount rate | 0.9 | - | 7.1 | 2.9 | |||||||||||||||||||||
Other commercial and consumer | 750 | -4 | Discounted cash flow | Discount rate | 1.9 | - | 21.5 | 5 | ||||||||||||||||||||
Weighted average life | 1.6 | - | 10.7 | yrs | 4 | |||||||||||||||||||||||
40 | Vendor priced | |||||||||||||||||||||||||||
Marketable equity securities: | 663 | -5 | Discounted cash flow | Discount rate | 4.1 | - | 9.3 | % | 6.6 | |||||||||||||||||||
perpetual preferred | ||||||||||||||||||||||||||||
Weighted average life | 1 | - | 11.8 | yrs | 9.7 | |||||||||||||||||||||||
Mortgages held for sale (residential) | 2,235 | Discounted cash flow | Default rate | 0.4 | - | 15 | % | 2.6 | ||||||||||||||||||||
Discount rate | 1.1 | - | 7.7 | 5.2 | ||||||||||||||||||||||||
Loss severity | 0.1 | - | 26.4 | 18.3 | ||||||||||||||||||||||||
Prepayment rate | 2 | - | 15.5 | 8.1 | ||||||||||||||||||||||||
78 | Market comparable pricing | Comparability adjustment | (93.0 | ) | - | 10 | (30.0 | ) | ||||||||||||||||||||
Loans | 5,788 | -6 | Discounted cash flow | Discount rate | 0 | - | 3.8 | 3.1 | ||||||||||||||||||||
Prepayment rate | 0.6 | - | 100 | 11.2 | ||||||||||||||||||||||||
Utilization rate | 0 | - | 1 | 0.4 | ||||||||||||||||||||||||
Mortgage servicing rights (residential) | 12,738 | Discounted cash flow | Cost to service per loan (7) | $ | 86 | - | 683 | 179 | ||||||||||||||||||||
Discount rate | 5.9 | - | 16.9 | % | 7.6 | |||||||||||||||||||||||
Prepayment rate (8) | 8 | - | 22 | 12.5 | ||||||||||||||||||||||||
Net derivative assets and (liabilities): | ||||||||||||||||||||||||||||
Interest rate contracts | 196 | Discounted cash flow | Default rate | 0 | - | 0.02 | 0.01 | |||||||||||||||||||||
Loss severity | 50 | - | 50 | 50 | ||||||||||||||||||||||||
Interest rate contracts: derivative loan | 97 | Discounted cash flow | Fall-out factor | 1 | - | 99 | 24.5 | |||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||
Initial-value servicing | (31.1 | ) | - | 113.3 | bps | 46.5 | ||||||||||||||||||||||
Equity contracts | 162 | Discounted cash flow | Conversion factor | (11.2 | ) | - | 0 | % | (8.4 | ) | ||||||||||||||||||
Weighted average life | 1 | - | 2 | yrs | 1.3 | |||||||||||||||||||||||
(246 | ) | Option model | Correlation factor | (56.0 | ) | - | 96.3 | % | 42.1 | |||||||||||||||||||
Volatility factor | 8.3 | - | 80.9 | 28.3 | ||||||||||||||||||||||||
Credit contracts | (192 | ) | Market comparable pricing | Comparability adjustment | (28.6 | ) | - | 26.3 | 1.8 | |||||||||||||||||||
3 | Option model | Credit spread | 0 | - | 17 | 0.9 | ||||||||||||||||||||||
Loss severity | 11.5 | - | 72.5 | 48.7 | ||||||||||||||||||||||||
Other assets: nonmarketable equity investments | 2,512 | Market comparable pricing | Comparability adjustment | (19.7 | ) | - | (4.0 | ) | (14.7 | ) | ||||||||||||||||||
Insignificant Level 3 assets, net of liabilities | 507 | -9 | ||||||||||||||||||||||||||
Total level 3 assets, net of liabilities | $ | 30,054 | -10 | |||||||||||||||||||||||||
-1 | Weighted averages are calculated using outstanding unpaid principal balance for cash instruments such as loans and securities, and notional amounts for derivative instruments. | |||||||||||||||||||||||||||
-2 | Includes $500 million of collateralized debt obligations. | |||||||||||||||||||||||||||
-3 | Securities backed by specified sources of current and future receivables generated from foreign originators. | |||||||||||||||||||||||||||
-4 | Consists primarily of investments in asset-backed securities that are revolving in nature, in which the timing of advances and repayments of principal are uncertain. | |||||||||||||||||||||||||||
-5 | Consists of auction rate preferred equity securities with no maturity date that are callable by the issuer. | |||||||||||||||||||||||||||
-6 | Consists predominantly of reverse mortgage loans securitized with GNMA which were accounted for as secured borrowing transactions. | |||||||||||||||||||||||||||
-7 | The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $86 - $270. | |||||||||||||||||||||||||||
-8 | Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior. | |||||||||||||||||||||||||||
-9 | Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes corporate debt securities, mortgage-backed securities, other marketable equity securities, other assets, other liabilities and certain net derivative assets and liabilities, such as commodity contracts, foreign exchange contracts and other derivative contracts. | |||||||||||||||||||||||||||
-10 | Consists of total Level 3 assets of $32.3 billion and total Level 3 liabilities of $2.3 billion, before netting of derivative balances. | |||||||||||||||||||||||||||
($ in millions, except cost to service amounts) | Fair Value Level 3 | Valuation Technique(s) | Significant | Range of | Weighted | |||||||||||||||||||||||
Unobservable Input | Inputs | Average (1) | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Trading and available-for-sale securities: | ||||||||||||||||||||||||||||
Securities of U.S. states and | ||||||||||||||||||||||||||||
political subdivisions: | ||||||||||||||||||||||||||||
Government, healthcare and | 2,739 | Discounted cash flow | Discount rate | 0.4 | - | 6.4 | % | 1.4 | ||||||||||||||||||||
other revenue bonds | ||||||||||||||||||||||||||||
63 | Vendor priced | |||||||||||||||||||||||||||
Auction rate securities and other | 451 | Discounted cash flow | Discount rate | 0.4 | - | 12.3 | 4.6 | |||||||||||||||||||||
municipal bonds | ||||||||||||||||||||||||||||
Weighted average life | 1.4 | - | 13 | yrs | 4.4 | |||||||||||||||||||||||
Collateralized loan and other debt | 612 | Market comparable pricing | Comparability adjustment | (12.0 | ) | - | 23.3 | % | 8.5 | |||||||||||||||||||
obligations (2) | ||||||||||||||||||||||||||||
1,349 | Vendor priced | |||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||
Auto loans and leases | 492 | Discounted cash flow | Discount rate | 0.6 | - | 0.9 | 0.8 | |||||||||||||||||||||
Weighted average life | 1.4 | - | 1.6 | yrs | 1.5 | |||||||||||||||||||||||
Other asset-backed securities: | ||||||||||||||||||||||||||||
Diversified payment rights (3) | 757 | Discounted cash flow | Discount rate | 1.4 | - | 4.7 | % | 3 | ||||||||||||||||||||
Other commercial and consumer | 944 | -4 | Discounted cash flow | Discount rate | 0.6 | - | 21.2 | 4 | ||||||||||||||||||||
Weighted average life | 0.6 | - | 7.6 | yrs | 2.2 | |||||||||||||||||||||||
78 | Vendor priced | |||||||||||||||||||||||||||
Marketable equity securities: | 729 | -5 | Discounted cash flow | Discount rate | 4.8 | - | 8.3 | % | 7.4 | |||||||||||||||||||
perpetual preferred | ||||||||||||||||||||||||||||
Weighted average life | 1 | - | 15 | yrs | 12.2 | |||||||||||||||||||||||
Mortgages held for sale (residential) | 2,374 | Discounted cash flow | Default rate | 0.6 | - | 12.4 | % | 2.8 | ||||||||||||||||||||
Discount rate | 3.8 | - | 7.9 | 5.5 | ||||||||||||||||||||||||
Loss severity | 1.3 | - | 32.5 | 21.5 | ||||||||||||||||||||||||
Prepayment rate | 2 | - | 9.9 | 5.4 | ||||||||||||||||||||||||
Loans | 5,723 | -6 | Discounted cash flow | Discount rate | 2.4 | - | 3.9 | 3.3 | ||||||||||||||||||||
Prepayment rate | 3.3 | - | 37.8 | 12.2 | ||||||||||||||||||||||||
Utilization rate | 0 | - | 2 | 0.8 | ||||||||||||||||||||||||
Mortgage servicing rights (residential) | 15,580 | Discounted cash flow | Cost to service per | $ | 86 | - | 773 | 191 | ||||||||||||||||||||
loan (7) | ||||||||||||||||||||||||||||
Discount rate | 5.4 | - | 11.2 | % | 7.8 | |||||||||||||||||||||||
Prepayment rate (8) | 7.5 | - | 19.4 | 10.7 | ||||||||||||||||||||||||
Net derivative assets and (liabilities): | ||||||||||||||||||||||||||||
Interest rate contracts | (14 | ) | Discounted cash flow | Default rate | 0 | - | 16.5 | 5 | ||||||||||||||||||||
Loss severity | 44.9 | - | 50 | 50 | ||||||||||||||||||||||||
Prepayment rate | 11.1 | - | 15.6 | 15.6 | ||||||||||||||||||||||||
Interest rate contracts: derivative loan | (26 | ) | Discounted cash flow | Fall-out factor | 1 | - | 99 | 21.8 | ||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||
Initial-value servicing | (21.5 | ) | - | 81.6 | bps | 32.6 | ||||||||||||||||||||||
Equity contracts | 199 | Discounted cash flow | Conversion factor | (18.4 | ) | - | 0 | % | (14.1 | ) | ||||||||||||||||||
Weighted average life | 0.3 | - | 3.3 | yrs | 1.8 | |||||||||||||||||||||||
(245 | ) | Option model | Correlation factor | (5.3 | ) | - | 87.6 | % | 72.2 | |||||||||||||||||||
Volatility factor | 6.8 | - | 81.2 | 25.4 | ||||||||||||||||||||||||
Credit contracts | (378 | ) | Market comparable pricing | Comparability adjustment | (31.3 | ) | - | 30.4 | (0.1 | ) | ||||||||||||||||||
3 | Option model | Credit spread | 0 | - | 12.2 | 0.7 | ||||||||||||||||||||||
Loss severity | 10.5 | - | 72.5 | 47.4 | ||||||||||||||||||||||||
Other assets: nonmarketable equity investments | 1,386 | Market comparable pricing | Comparability adjustment | (30.6 | ) | - | (5.4 | ) | (21.9 | ) | ||||||||||||||||||
Insignificant Level 3 assets, net of liabilities | 678 | -9 | ||||||||||||||||||||||||||
Total level 3 assets, net of liabilities | $ | 33,494 | -10 | |||||||||||||||||||||||||
-1 | Weighted averages are calculated using outstanding unpaid principal balance for cash instruments such as loans and securities, and notional amounts for derivative instruments. | |||||||||||||||||||||||||||
-2 | Includes $695 million of collateralized debt obligations. | |||||||||||||||||||||||||||
-3 | Securities backed by specified sources of current and future receivables generated from foreign originators. | |||||||||||||||||||||||||||
-4 | Consists primarily of investments in asset-backed securities that are revolving in nature, in which the timing of advances and repayments of principal are uncertain. | |||||||||||||||||||||||||||
-5 | Consists of auction rate preferred equity securities with no maturity date that are callable by the issuer. | |||||||||||||||||||||||||||
-6 | Consists predominantly of reverse mortgage loans securitized with GNMA which were accounted for as secured borrowing transactions. | |||||||||||||||||||||||||||
-7 | The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $86 - $302. | |||||||||||||||||||||||||||
-8 | Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior. | |||||||||||||||||||||||||||
-9 | Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes corporate debt securities, mortgage-backed securities, asset-backed securities backed by home equity loans, other assets, other liabilities and certain net derivative assets and liabilities, such as commodity contracts and other derivative contracts. | |||||||||||||||||||||||||||
-10 | Consists of total Level 3 assets of $37.2 billion and total Level 3 liabilities of $3.7 billion, before netting of derivative balances. | |||||||||||||||||||||||||||
Fair Value, Assets Recorded at Fair Value on a Nonrecurring Basis | The following table provides the fair value hierarchy and carrying amount of all assets that were still held as of December 31, 2014, and 2013, and for which a nonrecurring fair adjustment was recorded during the years then ended. | |||||||||||||||||||||||||||
31-Dec-14 | December 31, 2013 | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mortgages held for sale (LOCOM) (1) | $ | — | 2,197 | 1,098 | 3,295 | — | 1,126 | 893 | 2,019 | |||||||||||||||||||
Loans held for sale | — | — | — | — | — | 14 | — | 14 | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Commercial | — | 243 | — | 243 | — | 414 | — | 414 | ||||||||||||||||||||
Consumer | — | 2,018 | 5 | 2,023 | — | 3,690 | 7 | 3,697 | ||||||||||||||||||||
Total loans (2) | — | 2,261 | 5 | 2,266 | — | 4,104 | 7 | 4,111 | ||||||||||||||||||||
Other assets (3) | — | 417 | 460 | 877 | — | 445 | 740 | 1,185 | ||||||||||||||||||||
-1 | Mostly real estate 1-4 family first mortgage loans. | |||||||||||||||||||||||||||
-2 | Represents carrying value of loans for which adjustments are based on the appraised value of the collateral. | |||||||||||||||||||||||||||
-3 | Includes the fair value of foreclosed real estate, other collateral owned and nonmarketable equity investments. | |||||||||||||||||||||||||||
Changes in Fair Value of Assets Recorded at Fair Value on Nonrecurring Basis | The following table presents the increase (decrease) in value of certain assets for which a nonrecurring fair value adjustment has been recognized during the periods presented. | |||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Mortgages held for sale (LOCOM) | $ | 33 | (23 | ) | ||||||||||||||||||||||||
Loans held for sale | — | (1 | ) | |||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Commercial | (125 | ) | (216 | ) | ||||||||||||||||||||||||
Consumer (1) | (1,336 | ) | (2,050 | ) | ||||||||||||||||||||||||
Total loans | (1,461 | ) | (2,266 | ) | ||||||||||||||||||||||||
Other assets (2) | (341 | ) | (214 | ) | ||||||||||||||||||||||||
Total | $ | (1,769 | ) | (2,504 | ) | |||||||||||||||||||||||
-1 | Represents write-downs of loans based on the appraised value of the collateral. | |||||||||||||||||||||||||||
-2 | Includes the losses on foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. Also includes impairment losses on nonmarketable equity investments. | |||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Quantative Information about Valuation Techniques and Unobservable Inputs | The table below provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a nonrecurring basis for which we use an internal model. | |||||||||||||||||||||||||||
We have excluded from the table classes of Level 3 assets and liabilities measured using an internal model that we consider, both individually and in the aggregate, insignificant relative to our overall Level 3 nonrecurring measurements. We made this determination based upon an evaluation of each class, which considered the magnitude of the positions, nature of the unobservable inputs and potential for significant changes in fair value due to changes in those inputs. | ||||||||||||||||||||||||||||
($ in millions) | Fair Value Level 3 | Valuation Technique(s) (1) | Significant Unobservable Inputs (1) | Range of inputs | Weighted Average (2) | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Residential mortgages held for sale (LOCOM) | $ | 1,098 | -3 | Discounted cash flow | Default rate | -5 | 0.9 | - | 3.8 | % | 2.1 | % | ||||||||||||||||
Discount rate | 1.5 | - | 8.5 | 3.6 | ||||||||||||||||||||||||
Loss severity | 0 | - | 29.8 | 3.8 | ||||||||||||||||||||||||
Prepayment rate | -6 | 2 | - | 100 | 65.5 | |||||||||||||||||||||||
Other assets: private equity fund investments (4) | 171 | Market comparable pricing | Comparability adjustment | 6 | - | 6 | 6 | |||||||||||||||||||||
Insignificant level 3 assets | 294 | |||||||||||||||||||||||||||
Total | 1,563 | |||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Residential mortgages held for sale (LOCOM) | $ | 893 | -3 | Discounted cash flow | Default rate | -5 | 1.2 | - | 4.4 | % | 2.7 | % | ||||||||||||||||
Discount rate | 4.3 | - | 12 | 10.9 | ||||||||||||||||||||||||
Loss severity | 1.6 | - | 48.2 | 5.2 | ||||||||||||||||||||||||
Prepayment rate | -6 | 2 | - | 100 | 67.2 | |||||||||||||||||||||||
Other assets: private equity fund investments (4) | 505 | Market comparable pricing | Comparability adjustment | 4.6 | - | 4.6 | 4.6 | |||||||||||||||||||||
Insignificant level 3 assets | 242 | |||||||||||||||||||||||||||
Total | 1,640 | |||||||||||||||||||||||||||
-1 | Refer to the narrative following the recurring quantitative Level 3 table of this Note for a definition of the valuation technique(s) and significant unobservable inputs. | |||||||||||||||||||||||||||
-2 | For residential MHFS, weighted averages are calculated using outstanding unpaid principal balance of the loans. | |||||||||||||||||||||||||||
-3 | Consists of $1.0 billion and $825 million government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitization, at December 31, 2014 and 2013,respectively and $78 million and $68 million of other mortgage loans that are not government insured/guaranteed at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
-4 | Represents a single investment. For additional information, see the “Alternative Investments” section in this Note. | |||||||||||||||||||||||||||
-5 | Applies only to non-government insured/guaranteed loans. | |||||||||||||||||||||||||||
-6 | Includes the impact on prepayment rate of expected defaults for the government insured/guaranteed loans, which impacts the frequency and timing of early resolution of loans. | |||||||||||||||||||||||||||
Fair Value Investments in Entities that Calculate Net Asset Value Per Share | The following table summarizes our investments in various types of funds for which we use net asset values (NAVs) per share as a practical expedient to measure fair value on recurring and nonrecurring bases. The investments are included in trading assets, available-for-sale securities, and other assets. The table excludes those investments that are probable of being sold at an amount different from the funds’ NAVs. | |||||||||||||||||||||||||||
(in millions) | Fair value | Unfunded commitments | Redemption frequency | Redemption notice period | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Offshore funds | $ | 125 | — | Daily - Quarterly | 1 - 60 days | |||||||||||||||||||||||
Hedge funds | 1 | — | Daily - Quarterly | 1-90 days | ||||||||||||||||||||||||
Private equity funds (1)(2) | 1,313 | 243 | N/A | N/A | ||||||||||||||||||||||||
Venture capital funds (2) | 68 | 9 | N/A | N/A | ||||||||||||||||||||||||
Total (3) | $ | 1,507 | 252 | |||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Offshore funds | $ | 308 | — | Daily-Quarterly | 1-180 days | |||||||||||||||||||||||
Hedge funds | 2 | — | Monthly-Semi Annually | 5-95 days | ||||||||||||||||||||||||
Private equity funds (1)(2) | 1,496 | 316 | N/A | N/A | ||||||||||||||||||||||||
Venture capital funds (2) | 63 | 14 | N/A | N/A | ||||||||||||||||||||||||
Total (3) | $ | 1,869 | 330 | |||||||||||||||||||||||||
N/A - Not applicable | ||||||||||||||||||||||||||||
-1 | Excludes a private equity fund investment of $171 million and $505 million at December 31, 2014, and December 31, 2013, respectively for which we recorded a nonrecurring fair value adjustment during the periods then ended. The investment is probable of being sold for an amount different from the fund’s NAV; therefore, the investment’s fair value has been estimated using recent transaction information. This investment is subject to the Volcker Rule, which includes provisions that restrict banking entities from owning interests in certain types of funds. | |||||||||||||||||||||||||||
-2 | Includes certain investments subject to the Volcker Rule that we may have to divest. | |||||||||||||||||||||||||||
-3 | December 31, 2014, and December 31, 2013, include $1.3 billion and $1.5 billion, respectively, of fair value for nonmarketable equity investments carried at cost for which we use NAVs as a practical expedient for determining nonrecurring fair value adjustments. The fair values of investments that had nonrecurring fair value adjustments were $108 million and $88 million at December 31, 2014, and December 31, 2013 respectively. | |||||||||||||||||||||||||||
Fair Value Option, Carrying Amount | The following table reflects differences between the fair value carrying amount of certain assets and liabilities for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity. | |||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(in millions) | Fair value carrying amount | Aggregate unpaid principal | Fair value carrying amount less aggregate unpaid principal | Fair value carrying amount | Aggregate unpaid principal | Fair value carrying amount less aggregate unpaid principal | ||||||||||||||||||||||
Trading assets - loans: | ||||||||||||||||||||||||||||
Total loans | $ | 1,387 | 1,410 | (23 | ) | 2,360 | 2,385 | (25 | ) | |||||||||||||||||||
Nonaccrual loans | — | 1 | (1 | ) | 26 | 32 | (6 | ) | ||||||||||||||||||||
Mortgages held for sale: | ||||||||||||||||||||||||||||
Total loans | 15,565 | 15,246 | 319 | 13,879 | 13,966 | (87 | ) | |||||||||||||||||||||
Nonaccrual loans | 160 | 252 | (92 | ) | 205 | 359 | (154 | ) | ||||||||||||||||||||
Loans 90 days or more past due and still accruing | 27 | 30 | (3 | ) | 39 | 46 | (7 | ) | ||||||||||||||||||||
Loans held for sale: | ||||||||||||||||||||||||||||
Total loans | 1 | 10 | (9 | ) | 1 | 9 | (8 | ) | ||||||||||||||||||||
Nonaccrual loans | 1 | 10 | (9 | ) | 1 | 9 | (8 | ) | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Total loans | 5,788 | 5,527 | 261 | 5,995 | 5,674 | 321 | ||||||||||||||||||||||
Nonaccrual loans | 367 | 376 | (9 | ) | 188 | 188 | — | |||||||||||||||||||||
Other assets (1) | 2,512 | n/a | n/a | 1,386 | n/a | n/a | ||||||||||||||||||||||
Long-term debt | — | — | — | — | (199 | ) | 199 | -2 | ||||||||||||||||||||
-1 | Consists of nonmarketable equity investments carried at fair value. See Note 7 (Premises, Equipment, Lease Commitments and Other Assets) for more information. | |||||||||||||||||||||||||||
-2 | Represents collateralized, non-recourse debt securities issued by certain of our consolidated securitization VIEs that are held by third party investors. To the extent cash flows from the underlying collateral are not sufficient to pay the unpaid principal amount of the debt, those third party investors absorb losses. | |||||||||||||||||||||||||||
Fair Value Option, Gains and Losses | The changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets and liabilities measured at fair value are shown below by income statement line item. | |||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in millions) | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | |||||||||||||||||||
Trading assets - loans | $ | — | 29 | 4 | — | 40 | 3 | — | 14 | 1 | ||||||||||||||||||
Mortgages held for sale | 2,211 | — | — | 2,073 | — | — | 8,240 | — | 1 | |||||||||||||||||||
Loans held for sale | — | — | — | — | — | — | — | — | 21 | |||||||||||||||||||
Loans | — | — | (49 | ) | — | — | (216 | ) | — | — | 63 | |||||||||||||||||
Other assets | — | — | 518 | — | — | 324 | — | — | — | |||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | (27 | ) | ||||||||||||||||||
Other interests held (1) | — | (12 | ) | — | (15 | ) | — | — | (42 | ) | 34 | |||||||||||||||||
-1 | Consists of retained interests in securitizations and changes in fair value of letters of credit. | |||||||||||||||||||||||||||
Fair Value Option, Instrument Specific Credit Risk | The following table shows the estimated gains and losses from earnings attributable to instrument-specific credit risk related to assets accounted for under the fair value option. | |||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Gains (losses) attributable to instrument-specific credit risk: | ||||||||||||||||||||||||||||
Trading assets - loans | $ | 29 | 40 | 14 | ||||||||||||||||||||||||
Mortgages held for sale | 60 | 126 | (124 | ) | ||||||||||||||||||||||||
Loans held for sale | — | — | 21 | |||||||||||||||||||||||||
Total | $ | 89 | 166 | (89 | ) | |||||||||||||||||||||||
Fair Value, Estimated for Financial Instruments Not Carried at Fair Value | The table below is a summary of fair value estimates for financial instruments, excluding financial instruments recorded at fair value on a recurring basis as they are included within the Assets and Liabilities Recorded at Fair Value on a Recurring Basis table included earlier in this Note. The carrying amounts in the following table are recorded on the balance sheet under the indicated captions, except for nonmarketable equity investments, which are included in Other Assets. | |||||||||||||||||||||||||||
We have not included assets and liabilities that are not financial instruments in our disclosure, such as the value of the long-term relationships with our deposit, credit card and trust customers, amortized MSRs, premises and equipment, goodwill and other intangibles, deferred taxes and other liabilities. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. | ||||||||||||||||||||||||||||
Estimated fair value | ||||||||||||||||||||||||||||
(in millions) | Carrying amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Cash and due from banks (1) | $ | 19,571 | 19,571 | — | — | 19,571 | ||||||||||||||||||||||
Federal funds sold, securities purchased under resale agreements and other short-term investments (1) | 258,429 | 8,991 | 249,438 | — | 258,429 | |||||||||||||||||||||||
Held-to-maturity securities | 55,483 | 41,548 | 9,021 | 5,790 | 56,359 | |||||||||||||||||||||||
Mortgages held for sale (2) | 3,971 | — | 2,875 | 1,098 | 3,973 | |||||||||||||||||||||||
Loans held for sale (2) | 721 | — | 739 | — | 739 | |||||||||||||||||||||||
Loans, net (3) | 832,671 | — | 60,052 | 784,786 | 844,838 | |||||||||||||||||||||||
Nonmarketable equity investments (cost method) | 7,033 | — | — | 8,377 | 8,377 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Deposits | 1,168,310 | — | 1,132,845 | 35,566 | 1,168,411 | |||||||||||||||||||||||
Short-term borrowings (1) | 63,518 | — | 63,518 | — | 63,518 | |||||||||||||||||||||||
Long-term debt (4) | 183,934 | — | 174,996 | 10,479 | 185,475 | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Cash and due from banks (1) | $ | 19,919 | 19,919 | — | — | 19,919 | ||||||||||||||||||||||
Federal funds sold, securities purchased under resale agreements and other short-term investments (1) | 213,793 | 5,160 | 208,633 | — | 213,793 | |||||||||||||||||||||||
Held to maturity securities | 12,346 | — | 6,205 | 6,042 | 12,247 | |||||||||||||||||||||||
Mortgages held for sale (2) | 2,884 | — | 2,009 | 893 | 2,902 | |||||||||||||||||||||||
Loans held for sale (2) | 132 | — | 136 | — | 136 | |||||||||||||||||||||||
Loans, net (3) | 789,513 | — | 58,350 | 736,214 | 794,564 | |||||||||||||||||||||||
Nonmarketable equity investments (cost method) | 6,978 | — | — | 8,635 | 8,635 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Deposits | 1,079,177 | — | 1,037,448 | 42,079 | 1,079,527 | |||||||||||||||||||||||
Short-term borrowings (1) | 53,883 | — | 53,883 | — | 53,883 | |||||||||||||||||||||||
Long-term debt (4) | 152,987 | — | 144,984 | 10,879 | 155,863 | |||||||||||||||||||||||
-1 | Amounts consist of financial instruments in which carrying value approximates fair value. | |||||||||||||||||||||||||||
-2 | Balance reflects MHFS and LHFS, as applicable, other than those MHFS and LHFS for which election of the fair value option was made. | |||||||||||||||||||||||||||
-3 | Loans exclude balances for which the fair value option was elected and also exclude lease financing with a carrying amount of $12.3 billion and $12.4 billion at December 31, 2014 and 2013 respectively. | |||||||||||||||||||||||||||
-4 | The carrying amount and fair value exclude obligations under capital leases of $9 million and $11 million at December 31, 2014 and 2013, respectively. |
Preferred_Stock_Tables
Preferred Stock (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Preferred Stock [Abstract] | ||||||||||||||||||||||||||
Detail of Preferred Stock | Our total authorized, issued and outstanding preferred stock is presented in the following two tables along with the Employee Stock Ownership Plan (ESOP) Cumulative Convertible Preferred Stock. | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Liquidation | Shares | Liquidation | Shares | |||||||||||||||||||||||
preference | authorized | preference | authorized | |||||||||||||||||||||||
per share | and designated | per share | and designated | |||||||||||||||||||||||
DEP Shares | ||||||||||||||||||||||||||
Dividend Equalization Preferred Shares (DEP) | $ | 10 | 97,000 | $ | 10 | 97,000 | ||||||||||||||||||||
Series G | ||||||||||||||||||||||||||
7.25% Class A Preferred Stock | 15,000 | 50,000 | 15,000 | 50,000 | ||||||||||||||||||||||
Series H | ||||||||||||||||||||||||||
Floating Class A Preferred Stock | 20,000 | 50,000 | 20,000 | 50,000 | ||||||||||||||||||||||
Series I | ||||||||||||||||||||||||||
Floating Class A Preferred Stock | 100,000 | 25,010 | 100,000 | 25,010 | ||||||||||||||||||||||
Series J | ||||||||||||||||||||||||||
8.00% Non-Cumulative Perpetual Class A Preferred Stock | 1,000 | 2,300,000 | 1,000 | 2,300,000 | ||||||||||||||||||||||
Series K | ||||||||||||||||||||||||||
7.98% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 1,000 | 3,500,000 | 1,000 | 3,500,000 | ||||||||||||||||||||||
Series L | ||||||||||||||||||||||||||
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock | 1,000 | 4,025,000 | 1,000 | 4,025,000 | ||||||||||||||||||||||
Series N | ||||||||||||||||||||||||||
5.20% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 30,000 | 25,000 | 30,000 | ||||||||||||||||||||||
Series O | ||||||||||||||||||||||||||
5.125% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 27,600 | 25,000 | 27,600 | ||||||||||||||||||||||
Series P | ||||||||||||||||||||||||||
5.25% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 26,400 | 25,000 | 26,400 | ||||||||||||||||||||||
Series Q | ||||||||||||||||||||||||||
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 69,000 | 25,000 | 69,000 | ||||||||||||||||||||||
Series R | ||||||||||||||||||||||||||
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 34,500 | 25,000 | 34,500 | ||||||||||||||||||||||
Series S | ||||||||||||||||||||||||||
5.900% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 80,000 | — | — | ||||||||||||||||||||||
Series T | ||||||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 32,200 | — | — | ||||||||||||||||||||||
ESOP | ||||||||||||||||||||||||||
Cumulative Convertible Preferred Stock (1) | — | 1,251,287 | — | 1,105,664 | ||||||||||||||||||||||
Total | 11,597,997 | 11,340,174 | ||||||||||||||||||||||||
-1 | See the ESOP Cumulative Convertible Preferred Stock section of this Note for additional information about the liquidation preference for the ESOP Cumulative Preferred Stock. | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||
(in millions, except shares) | Shares issued and outstanding | Par value | Carrying | Discount | Shares issued and outstanding | Par value | Carrying value | Discount | ||||||||||||||||||
value | ||||||||||||||||||||||||||
DEP Shares | ||||||||||||||||||||||||||
Dividend Equalization Preferred Shares (DEP) | 96,546 | — | — | — | 96,546 | — | — | — | ||||||||||||||||||
Series I (1) | ||||||||||||||||||||||||||
Floating Class A Preferred Stock | 25,010 | 2,501 | 2,501 | — | 25,010 | 2,501 | 2,501 | — | ||||||||||||||||||
Series J (1) | ||||||||||||||||||||||||||
8.00% Non-Cumulative Perpetual Class A Preferred Stock | 2,150,375 | 2,150 | 1,995 | 155 | 2,150,375 | 2,150 | 1,995 | 155 | ||||||||||||||||||
Series K (1) | ||||||||||||||||||||||||||
7.98% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 3,352,000 | 3,352 | 2,876 | 476 | 3,352,000 | 3,352 | 2,876 | 476 | ||||||||||||||||||
Series L (1) | ||||||||||||||||||||||||||
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock | 3,968,000 | 3,968 | 3,200 | 768 | 3,968,000 | 3,968 | 3,200 | 768 | ||||||||||||||||||
Series N (1) | ||||||||||||||||||||||||||
5.20% Non-Cumulative Perpetual Class A Preferred Stock | 30,000 | 750 | 750 | — | 30,000 | 750 | 750 | — | ||||||||||||||||||
Series O (1) | ||||||||||||||||||||||||||
5.125% Non-Cumulative Perpetual Class A Preferred Stock | 26,000 | 650 | 650 | — | 26,000 | 650 | 650 | — | ||||||||||||||||||
Series P (1) | ||||||||||||||||||||||||||
5.25% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 625 | 625 | — | 25,000 | 625 | 625 | — | ||||||||||||||||||
Series Q (1) | ||||||||||||||||||||||||||
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 69,000 | 1,725 | 1,725 | — | 69,000 | 1,725 | 1,725 | — | ||||||||||||||||||
Series R (1) | ||||||||||||||||||||||||||
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 33,600 | 840 | 840 | — | 33,600 | 840 | 840 | — | ||||||||||||||||||
Series S (1) | ||||||||||||||||||||||||||
5.900% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 80,000 | 2,000 | 2,000 | — | — | — | — | — | ||||||||||||||||||
Series T (1) | ||||||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 32,000 | 800 | 800 | — | — | — | — | — | ||||||||||||||||||
ESOP | ||||||||||||||||||||||||||
Cumulative Convertible Preferred Stock | 1,251,287 | 1,251 | 1,251 | — | 1,105,664 | 1,105 | 1,105 | — | ||||||||||||||||||
Total | 11,138,818 | $ | 20,612 | 19,213 | 1,399 | 10,881,195 | $ | 17,666 | 16,267 | 1,399 | ||||||||||||||||
-1 | Preferred shares qualify as Tier 1 capital. | |||||||||||||||||||||||||
Detail of Employee Stock Ownership Plan Preferred Stock | ||||||||||||||||||||||||||
Shares issued and outstanding | Carrying value | |||||||||||||||||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | Adjustable dividend rate | ||||||||||||||||||||||
(in millions, except shares) | 2014 | 2013 | 2014 | 2013 | Minimum | Maximum | ||||||||||||||||||||
ESOP Preferred Stock | ||||||||||||||||||||||||||
$1,000 liquidation preference per share | ||||||||||||||||||||||||||
2014 | 352,158 | — | $ | 352 | — | 8.7 | % | 9.7 | ||||||||||||||||||
2013 | 288,000 | 349,788 | 288 | 350 | 8.5 | 9.5 | ||||||||||||||||||||
2012 | 189,204 | 217,404 | 189 | 217 | 10 | 11 | ||||||||||||||||||||
2011 | 205,263 | 241,263 | 205 | 241 | 9 | 10 | ||||||||||||||||||||
2010 | 141,011 | 171,011 | 141 | 171 | 9.5 | 10.5 | ||||||||||||||||||||
2008 | 42,204 | 57,819 | 42 | 58 | 10.5 | 11.5 | ||||||||||||||||||||
2007 | 24,728 | 39,248 | 25 | 39 | 10.75 | 11.75 | ||||||||||||||||||||
2006 | 8,719 | 21,139 | 9 | 21 | 10.75 | 11.75 | ||||||||||||||||||||
2005 | — | 7,992 | — | 8 | 9.75 | 10.75 | ||||||||||||||||||||
Total ESOP Preferred Stock (1) | 1,251,287 | 1,105,664 | $ | 1,251 | 1,105 | |||||||||||||||||||||
Unearned ESOP shares (2) | $ | (1,360 | ) | (1,200 | ) | |||||||||||||||||||||
-1 | At December 31, 2014 and December 31,2013, additional paid-in capital included $109 million and $95 million, respectively, related to ESOP preferred stock. | |||||||||||||||||||||||||
-2 | We recorded a corresponding charge to unearned ESOP shares in connection with the issuance of the ESOP Preferred Stock. The unearned ESOP shares are reduced as shares of the ESOP Preferred Stock are committed to be released. |
Common_Stock_and_Stock_Plans_T
Common Stock and Stock Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Reserved, Issued and Authorized Common Stock | The following table presents our reserved, issued and authorized shares of common stock at December 31, 2014. | ||||||||||||
Number of shares | |||||||||||||
Dividend reinvestment and common stock purchase plans | 9,892,201 | ||||||||||||
Director plans | 942,715 | ||||||||||||
Stock plans (1) | 524,917,342 | ||||||||||||
Convertible securities and warrants | 104,259,902 | ||||||||||||
Total shares reserved | 640,012,160 | ||||||||||||
Shares issued | 5,481,811,474 | ||||||||||||
Shares not reserved | 2,878,176,366 | ||||||||||||
Total shares authorized | 9,000,000,000 | ||||||||||||
-1 | Includes employee options, restricted shares and restricted share rights, 401 (k) profit sharing and compensation deferral plans. | ||||||||||||
Components of Stock Incentive Compensation Expense and Related Recognized Tax Benefit | The following table summarizes the major components of stock incentive compensation expense and the related recognized tax benefit. | ||||||||||||
Year ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
RSRs | $ | 639 | 568 | 435 | |||||||||
Performance shares | 219 | 157 | 112 | ||||||||||
Stock options | — | — | 13 | ||||||||||
Total stock incentive compensation expense | $ | 858 | 725 | 560 | |||||||||
Related recognized tax benefit | $ | 324 | 273 | 211 | |||||||||
Summary of RSRs and Restricted Share Awards | A summary of the status of our RSRs and restricted share awards at December 31, 2014, and changes during 2014 is in the following table: | ||||||||||||
Number | Weighted- | ||||||||||||
average | |||||||||||||
grant-date | |||||||||||||
fair value | |||||||||||||
Nonvested at January 1, 2014 | 60,643,994 | $ | 31.61 | ||||||||||
Granted | 15,583,325 | 46.79 | |||||||||||
Vested | (21,307,272 | ) | 31.29 | ||||||||||
Canceled or forfeited | (1,347,898 | ) | 19.36 | ||||||||||
Nonvested at December 31, 2014 | 53,572,149 | 36.46 | |||||||||||
Summary of Performance Awards | A summary of the status of our PSAs at December 31, 2014 and changes during 2014 is in the following table, based on the target amount of awards: | ||||||||||||
Number | Weighted- | ||||||||||||
average | |||||||||||||
grant-date | |||||||||||||
fair value | |||||||||||||
Nonvested at January 1, 2014 | 10,839,148 | $ | 32.72 | ||||||||||
Granted | 3,968,637 | 41.01 | |||||||||||
Vested | (5,513,017 | ) | 31.68 | ||||||||||
Nonvested at December 31, 2014 | 9,294,768 | 36.87 | |||||||||||
Stock Option Activity and Related Information | The table below summarizes stock option activity and related information for the stock plans. Options assumed in mergers are included in the activity and related information for Incentive Compensation Plans if originally issued under an employee plan, and in the activity and related information for Director Awards if originally issued under a director plan. | ||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||
average | average | intrinsic | |||||||||||
exercise price | remaining contractual term (in yrs.) | value | |||||||||||
(in millions) | |||||||||||||
Incentive compensation plans | |||||||||||||
Options outstanding as of December 31, 2013 | 140,484,056 | $ | 42.86 | ||||||||||
Canceled or forfeited | (2,844,648 | ) | 206.02 | ||||||||||
Exercised | (39,976,208 | ) | 29.93 | ||||||||||
Options exercisable and outstanding as of December 31, 2014 | 97,663,200 | 43.4 | 2.7 | $ | 2,476 | ||||||||
Director awards | |||||||||||||
Options outstanding as of December 31, 2013 | 479,637 | 31.95 | |||||||||||
Exercised | (88,090 | ) | 31.43 | ||||||||||
Options exercisable and outstanding as of December 31, 2014 | 391,547 | 32.07 | 2.1 | 9 | |||||||||
Summary of weighted-average per share fair value of options granted and the assumptions used | The following table presents the weighted-average per share fair value of options granted and the assumptions used, based on a Black-Scholes option valuation model. All of the options granted in 2013 and 2012 resulted from the reload feature. | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per share fair value of options granted | $ | — | 1.58 | 2.79 | |||||||||
Expected volatility | — | % | 18.3 | 29.2 | |||||||||
Expected dividends | $ | — | 0.93 | 0.68 | |||||||||
Expected term (in years) | — | 0.5 | 0.7 | ||||||||||
Risk-free interest rate | — | % | 0.1 | 0.1 | |||||||||
Employee Stock Ownership Plan | The balance of common stock and unreleased preferred stock held in the Wells Fargo ESOP fund, the fair value of unreleased ESOP preferred stock and the dividends on allocated shares of common stock and unreleased ESOP Preferred Stock paid to the 401(k) Plan were: | ||||||||||||
Shares outstanding | |||||||||||||
December 31, | |||||||||||||
(in millions, except shares) | 2014 | 2013 | 2012 | ||||||||||
Allocated shares (common) | 136,801,782 | 137,354,139 | 136,821,035 | ||||||||||
Unreleased shares (preferred) | 1,251,287 | 1,105,664 | 910,934 | ||||||||||
Fair value of unreleased ESOP preferred shares | $ | 1,251 | 1,105 | 911 | |||||||||
Dividends paid | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Allocated shares (common) | $ | 186 | 159 | 117 | |||||||||
Unreleased shares (preferred) | 152 | 132 | 115 | ||||||||||
Employee_Benefits_and_Other_Ex1
Employee Benefits and Other Expenses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||
Changes in Projected Benefit Obligation of Pension Benefits and Accumulated Postretirement Benefit Obligation of Other Benefits and Fair Value of Plan Assets | The changes in the benefit obligation and the fair value of plan assets, the funded status and the amounts recognized on the balance sheet were: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Pension benefits | Pension benefits | |||||||||||||||||||||||||||
(in millions) | Qualified | Non- | Other | Qualified | Non- | Other | ||||||||||||||||||||||
qualified | benefits | qualified | benefits | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 10,198 | 669 | 982 | 11,717 | 719 | 1,293 | |||||||||||||||||||||
Service cost | 1 | — | 7 | — | — | 11 | ||||||||||||||||||||||
Interest cost | 465 | 27 | 42 | 465 | 29 | 47 | ||||||||||||||||||||||
Plan participants’ contributions | — | — | 73 | — | — | 77 | ||||||||||||||||||||||
Actuarial loss (gain) | 1,161 | 89 | 136 | (1,106 | ) | (17 | ) | (306 | ) | |||||||||||||||||||
Benefits paid | (692 | ) | (54 | ) | (148 | ) | (875 | ) | (62 | ) | (147 | ) | ||||||||||||||||
Medicare Part D subsidy | — | — | 9 | — | — | 8 | ||||||||||||||||||||||
Foreign exchange impact | (8 | ) | (1 | ) | (1 | ) | (3 | ) | — | (1 | ) | |||||||||||||||||
Benefit obligation at end of year | 11,125 | 730 | 1,100 | 10,198 | 669 | 982 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 9,409 | — | 645 | 9,539 | — | 636 | ||||||||||||||||||||||
Actual return on plan assets | 909 | — | 26 | 743 | — | 71 | ||||||||||||||||||||||
Employer contribution | 7 | 54 | 19 | 4 | 62 | — | ||||||||||||||||||||||
Plan participants’ contributions | — | — | 73 | — | — | 77 | ||||||||||||||||||||||
Benefits paid | (692 | ) | (54 | ) | (148 | ) | (875 | ) | (62 | ) | (147 | ) | ||||||||||||||||
Medicare Part D subsidy | — | — | 9 | — | — | 8 | ||||||||||||||||||||||
Foreign exchange impact | (7 | ) | — | — | (2 | ) | — | — | ||||||||||||||||||||
Fair value of plan assets at end of year | 9,626 | — | 624 | 9,409 | — | 645 | ||||||||||||||||||||||
Funded status at end of year | $ | (1,499 | ) | (730 | ) | (476 | ) | (789 | ) | (669 | ) | (337 | ) | |||||||||||||||
Amounts recognized on the balance sheet at end of year: | $ | (1,499 | ) | (730 | ) | (476 | ) | (789 | ) | (669 | ) | (337 | ) | |||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Pension Plans Information with Benefit Obligations in Excess of Plan Assets | The following table provides information for pension plans with benefit obligations in excess of plan assets. | |||||||||||||||||||||||||||
Dec 31, | Dec 31, | |||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 11,855 | 10,822 | |||||||||||||||||||||||||
Accumulated benefit obligation | 11,851 | 10,820 | ||||||||||||||||||||||||||
Fair value of plan assets | 9,626 | 9,364 | ||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost and Other Comprehensive Income | The components of net periodic benefit cost and other comprehensive income were: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Pension benefits | Pension benefits | Pension benefits | ||||||||||||||||||||||||||
(in millions) | Qualified | Non- | Other | Qualified | Non- | Other | Qualified | Non- | Other | |||||||||||||||||||
qualified | benefits | qualified | benefits | qualified | benefits | |||||||||||||||||||||||
Service cost | $ | 1 | — | 7 | — | — | 11 | 3 | — | 11 | ||||||||||||||||||
Interest cost | 465 | 27 | 42 | 465 | 29 | 47 | 514 | 32 | 60 | |||||||||||||||||||
Expected return on plan assets | (629 | ) | — | (36 | ) | (674 | ) | — | (36 | ) | (652 | ) | — | (36 | ) | |||||||||||||
Amortization of net actuarial loss (gain) | 91 | 11 | (28 | ) | 137 | 15 | (1 | ) | 131 | 10 | — | |||||||||||||||||
Amortization of prior service credit | — | — | (2 | ) | — | — | (2 | ) | — | — | (2 | ) | ||||||||||||||||
Settlement loss (1) | — | 2 | — | 124 | 3 | — | 2 | 5 | — | |||||||||||||||||||
Curtailment gain | — | — | — | — | — | — | — | — | (3 | ) | ||||||||||||||||||
Net periodic benefit cost | (72 | ) | 40 | (17 | ) | 52 | 47 | 19 | (2 | ) | 47 | 30 | ||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | 881 | 89 | 146 | (1,175 | ) | (17 | ) | (341 | ) | 758 | 62 | (42 | ) | |||||||||||||||
Amortization of net actuarial gain (loss) | (91 | ) | (11 | ) | 28 | (137 | ) | (15 | ) | 1 | (131 | ) | (10 | ) | — | |||||||||||||
Prior service cost | — | — | — | — | — | — | (2 | ) | — | — | ||||||||||||||||||
Amortization of prior service credit | — | — | 2 | — | — | 2 | — | — | 2 | |||||||||||||||||||
Settlement (1) | — | (2 | ) | — | (124 | ) | (3 | ) | — | (1 | ) | (5 | ) | — | ||||||||||||||
Total recognized in other comprehensive income | 790 | 76 | 176 | (1,436 | ) | (35 | ) | (338 | ) | 624 | 47 | (40 | ) | |||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 718 | 116 | 159 | (1,384 | ) | 12 | (319 | ) | 622 | 94 | (10 | ) | |||||||||||||||
-1 | Qualified settlements in 2013 include $123 million for the Cash Balance Plan. | |||||||||||||||||||||||||||
Amounts Recognized in Cumulative Other Comprehensive Income | Amounts recognized in cumulative OCI (pre tax) consist of: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Pension benefits | Pension benefits | |||||||||||||||||||||||||||
(in millions) | Qualified | Non- | Other | Qualified | Non- | Other | ||||||||||||||||||||||
qualified | benefits | qualified | benefits | |||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 2,677 | 224 | (147 | ) | 1,887 | 148 | (321 | ) | |||||||||||||||||||
Net prior service credit | (2 | ) | — | (20 | ) | (2 | ) | — | (22 | ) | ||||||||||||||||||
Total | $ | 2,675 | 224 | (167 | ) | 1,885 | 148 | (343 | ) | |||||||||||||||||||
Weighted Average Assumptions for Estimating Projected Benefit Obligation and Determining Net Periodic Benefit Cost | The weighted-average discount rates used to estimate the projected benefit obligation for pension benefits were: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Pension benefits | Pension benefits | |||||||||||||||||||||||||||
Qualified | Non- | Other | Qualified | Non- | Other | |||||||||||||||||||||||
qualified | benefits | qualified | benefits | |||||||||||||||||||||||||
Discount rate | 4 | % | 3.75 | 4 | 4.75 | 4.25 | 4.5 | |||||||||||||||||||||
The weighted-average assumptions used to determine the net periodic benefit cost were: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Pension benefits | Pension benefits | Pension benefits | ||||||||||||||||||||||||||
Qualified | Non- | Other | Qualified | Non- | Other | Qualified | Non- | Other | ||||||||||||||||||||
qualified | benefits | qualified | benefits | qualified | benefits | |||||||||||||||||||||||
Discount rate (1) | 4.75 | % | 4.16 | 4.5 | 4.38 | 4.08 | 3.75 | 5 | 4.92 | 4.75 | ||||||||||||||||||
Expected return on plan assets | 7 | n/a | 6 | 7.5 | n/a | 6 | 7.5 | n/a | 6 | |||||||||||||||||||
-1 | The discount rate for the 2013 qualified pension benefits and for the 2014, 2013, and 2012 nonqualified pension benefits includes the impact of quarter-end remeasurements when settlement losses are recognized. | |||||||||||||||||||||||||||
Future Benefits Expected to be Paid Under the Pension and Other Benefit Plans | Future benefits that we expect to pay under the pension and other benefit plans are presented in the following table. Other benefits payments are expected to be reduced by prescription drug subsidies from the federal government provided by the Medicare Prescription Drug, Improvement and Modernization Act of 2003. | |||||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||||||
(in millions) | Qualified | Non- | Future | Subsidy | ||||||||||||||||||||||||
qualified | benefits | receipts | ||||||||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2015 | $ | 750 | 92 | 88 | 10 | |||||||||||||||||||||||
2016 | 741 | 66 | 89 | 11 | ||||||||||||||||||||||||
2017 | 732 | 61 | 89 | 11 | ||||||||||||||||||||||||
2018 | 730 | 57 | 89 | 11 | ||||||||||||||||||||||||
2019 | 738 | 55 | 89 | 12 | ||||||||||||||||||||||||
2020-2024 | 3,568 | 233 | 424 | 59 | ||||||||||||||||||||||||
Balances of Pension Plan And Other Benefits Plan Assets Measured at Fair Value | The following table presents the balances of pension plan assets and other benefit plan assets measured at fair value. See Note 17 (Fair Values of Assets and Liabilities) for fair value hierarchy level definitions. | |||||||||||||||||||||||||||
Carrying value at year end | ||||||||||||||||||||||||||||
Pension plan assets | Other benefits plan assets | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 31 | 224 | — | 255 | 139 | 21 | — | 160 | |||||||||||||||||||
Long duration fixed income (1) | 556 | 3,622 | 12 | 4,190 | — | — | — | — | ||||||||||||||||||||
Intermediate (core) fixed income (2) | 127 | 329 | — | 456 | 61 | 115 | — | 176 | ||||||||||||||||||||
High-yield fixed income | 1 | 321 | 5 | 327 | — | — | — | — | ||||||||||||||||||||
International fixed income | 53 | 284 | — | 337 | — | — | — | — | ||||||||||||||||||||
Domestic large-cap stocks (3) | 833 | 375 | — | 1,208 | — | 102 | — | 102 | ||||||||||||||||||||
Domestic mid-cap stocks | 252 | 140 | — | 392 | — | 47 | — | 47 | ||||||||||||||||||||
Domestic small-cap stocks (4) | 238 | 17 | — | 255 | — | 37 | — | 37 | ||||||||||||||||||||
Global stocks (5) | 47 | 155 | — | 202 | — | — | — | — | ||||||||||||||||||||
International stocks (6) | 457 | 276 | — | 733 | 25 | 53 | — | 78 | ||||||||||||||||||||
Emerging market stocks | — | 412 | — | 412 | — | — | — | — | ||||||||||||||||||||
Real estate/timber (7) | 121 | 1 | 265 | 387 | — | — | — | — | ||||||||||||||||||||
Hedge funds (8) | — | 203 | 84 | 287 | — | — | — | — | ||||||||||||||||||||
Private equity | — | — | 155 | 155 | — | — | — | — | ||||||||||||||||||||
Other | — | 23 | 52 | 75 | 2 | — | 22 | 24 | ||||||||||||||||||||
Total plan investments | $ | 2,716 | 6,382 | 573 | 9,671 | 227 | 375 | 22 | 624 | |||||||||||||||||||
Payable upon return of securities loaned | (53 | ) | — | |||||||||||||||||||||||||
Net receivables | 8 | — | ||||||||||||||||||||||||||
Total plan assets | $ | 9,626 | 624 | |||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 65 | 357 | — | 422 | 147 | 22 | — | 169 | |||||||||||||||||||
Long duration fixed income (1) | 546 | 3,287 | 1 | 3,834 | — | — | — | — | ||||||||||||||||||||
Intermediate (core) fixed income (2) | 86 | 339 | — | 425 | 64 | 115 | — | 179 | ||||||||||||||||||||
High-yield fixed income | 5 | 326 | — | 331 | — | — | — | — | ||||||||||||||||||||
International fixed income | 201 | 112 | — | 313 | — | — | — | — | ||||||||||||||||||||
Domestic large-cap stocks (3) | 824 | 415 | — | 1,239 | — | 107 | — | 107 | ||||||||||||||||||||
Domestic mid-cap stocks | 260 | 145 | — | 405 | — | 46 | — | 46 | ||||||||||||||||||||
Domestic small-cap stocks (4) | 286 | 15 | — | 301 | — | 38 | — | 38 | ||||||||||||||||||||
International stocks (6) | 540 | 354 | 1 | 895 | 28 | 54 | — | 82 | ||||||||||||||||||||
Emerging market stocks | — | 405 | — | 405 | — | — | — | — | ||||||||||||||||||||
Real estate/timber (7) | 89 | 1 | 294 | 384 | — | — | — | — | ||||||||||||||||||||
Hedge funds (8) | — | 149 | 152 | 301 | — | — | — | — | ||||||||||||||||||||
Private equity | — | — | 158 | 158 | — | — | — | — | ||||||||||||||||||||
Other | — | 27 | 52 | 79 | 2 | — | 22 | 24 | ||||||||||||||||||||
Total plan investments | $ | 2,902 | 5,932 | 658 | 9,492 | 241 | 382 | 22 | 645 | |||||||||||||||||||
Payable upon return of securities loaned | (94 | ) | — | |||||||||||||||||||||||||
Net receivables | 11 | — | ||||||||||||||||||||||||||
Total plan assets | $ | 9,409 | 645 | |||||||||||||||||||||||||
-1 | This category includes a diversified mix of assets which are being managed in accordance with a duration target of approximately 10 years and an emphasis on corporate credit bonds combined with investments in U.S. Treasury securities and other U.S. agency and non-agency bonds. | |||||||||||||||||||||||||||
-2 | This category includes assets that are primarily intermediate duration, investment grade bonds held in investment strategies benchmarked to the Barclays Capital U.S. Aggregate Bond Index. Includes U.S. Treasury securities, agency and non-agency asset-backed bonds and corporate bonds. | |||||||||||||||||||||||||||
-3 | This category covers a broad range of investment styles, including active, enhanced index and passive approaches, as well as style characteristics of value, core and growth emphasized strategies. Assets in this category are currently diversified across seven unique investment strategies with no single investment manager strategy representing more than 2.5% of total plan assets. | |||||||||||||||||||||||||||
-4 | This category consists of a highly diversified combination of four distinct investment management strategies with no single strategy representing more than 2% of total plan assets. Allocations in this category are spread across actively managed approaches with distinct value and growth emphasized approaches in fairly equal proportions. | |||||||||||||||||||||||||||
-5 | This category consists of three unique investment strategies providing exposure to broadly diversified, global equity investments, which generally have an allocation of 40-60% in U.S. domiciled equities and and an equivalent allocation range in primarily developed market, non-U.S. equities, with no single strategy representing more than 1.5% of total Plan assets. | |||||||||||||||||||||||||||
-6 | This category includes assets diversified across six unique investment strategies providing exposure to companies based primarily in developed market, non-U.S. countries with no single strategy representing more than 2.5% of total plan assets. | |||||||||||||||||||||||||||
-7 | This category primarily includes investments in private and public real estate, as well as timber specific limited partnerships; real estate holdings are diversified by geographic location and sector (e.g., retail, office, apartments). | |||||||||||||||||||||||||||
-8 | This category consists of several investment strategies diversified across more than 30 hedge fund managers. Single manager allocation exposure is limited to 0.15% (15 basis points) of total plan assets. | |||||||||||||||||||||||||||
Changes in Level Three pension plan and other benefit plan assets measured at fair value | The changes in Level 3 pension plan and other benefit plan assets measured at fair value are summarized as follows: | |||||||||||||||||||||||||||
Balance beginning | Gains (losses) | Purchases, | Transfers | Balance | ||||||||||||||||||||||||
of year | sales | Into/(Out of) | end of | |||||||||||||||||||||||||
and | Level 3 | year | ||||||||||||||||||||||||||
(in millions) | Realized | Unrealized (1) | settlements (net) | |||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
Pension plan assets: | ||||||||||||||||||||||||||||
Long duration fixed income | $ | 1 | — | — | 1 | 10 | 12 | |||||||||||||||||||||
High-yield fixed income | — | — | — | 3 | 2 | 5 | ||||||||||||||||||||||
International stocks | 1 | — | — | (1 | ) | — | — | |||||||||||||||||||||
Real estate/timber | 294 | 9 | 34 | (72 | ) | — | 265 | |||||||||||||||||||||
Hedge funds | 152 | 1 | 4 | (9 | ) | (64 | ) | 84 | ||||||||||||||||||||
Private equity | 158 | 12 | (3 | ) | (12 | ) | — | 155 | ||||||||||||||||||||
Other | 52 | 2 | 1 | (3 | ) | — | 52 | |||||||||||||||||||||
$ | 658 | 24 | 36 | (93 | ) | (52 | ) | 573 | ||||||||||||||||||||
Other benefits plan assets: | ||||||||||||||||||||||||||||
Other | $ | 22 | — | — | — | — | 22 | |||||||||||||||||||||
$ | 22 | — | — | — | — | 22 | ||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Pension plan assets: | ||||||||||||||||||||||||||||
Long duration fixed income | $ | 1 | — | — | — | — | 1 | |||||||||||||||||||||
International stocks | 1 | — | — | — | — | 1 | ||||||||||||||||||||||
Real estate/timber | 328 | 27 | 52 | (113 | ) | — | 294 | |||||||||||||||||||||
Hedge funds | 71 | 5 | 6 | 56 | 14 | 152 | ||||||||||||||||||||||
Private equity | 145 | 19 | 6 | (12 | ) | — | 158 | |||||||||||||||||||||
Other | 48 | 1 | 5 | (2 | ) | — | 52 | |||||||||||||||||||||
$ | 594 | 52 | 69 | (71 | ) | 14 | 658 | |||||||||||||||||||||
Other benefits plan assets: | ||||||||||||||||||||||||||||
Other | $ | 22 | — | — | — | — | 22 | |||||||||||||||||||||
$ | 22 | — | — | — | — | 22 | ||||||||||||||||||||||
-1 | All unrealized gains (losses) relate to instruments held at period end. | |||||||||||||||||||||||||||
Expenses Not Otherwise Shown Separately in Financial Statements | Expenses exceeding 1% of total interest income and noninterest income in any of the years presented that are not otherwise shown separately in the financial statements or Notes to Financial Statements were: | |||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Outside professional services | $ | 2,689 | 2,519 | 2,729 | ||||||||||||||||||||||||
Operating losses | 1,249 | 821 | 2,235 | |||||||||||||||||||||||||
Outside data processing | 1,034 | 983 | 910 | |||||||||||||||||||||||||
Contract services | 975 | 935 | 1,011 | |||||||||||||||||||||||||
Travel and entertainment | 904 | 885 | 839 | |||||||||||||||||||||||||
Foreclosed assets | 583 | 605 | 1,061 | |||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Components of income tax expense | The components of income tax expense were: | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 7,321 | 4,601 | 9,141 | |||||||||||||||||
State and local | 520 | 736 | 1,198 | ||||||||||||||||||
Foreign | 112 | 91 | 61 | ||||||||||||||||||
Total current | 7,953 | 5,428 | 10,400 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 2,117 | 4,457 | (1,151 | ) | |||||||||||||||||
State and local | 224 | 522 | (166 | ) | |||||||||||||||||
Foreign | 13 | (2 | ) | 20 | |||||||||||||||||
Total deferred | 2,354 | 4,977 | (1,297 | ) | |||||||||||||||||
Total | $ | 10,307 | 10,405 | 9,103 | |||||||||||||||||
Schedule of net deferred tax asset (liability) | The tax effects of our temporary differences that gave rise to significant portions of our deferred tax assets and liabilities are presented in the following table. | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||
Allowance for loan losses | $ | 4,592 | 5,227 | ||||||||||||||||||
Deferred compensation and employee benefits | 4,608 | 4,283 | |||||||||||||||||||
Accrued expenses | 1,213 | 1,247 | |||||||||||||||||||
PCI loans | 1,935 | 2,150 | |||||||||||||||||||
Basis difference in investments | 382 | 1,084 | |||||||||||||||||||
Net operating loss and tax credit carry forwards | 631 | 773 | |||||||||||||||||||
Other | 1,318 | 1,720 | |||||||||||||||||||
Total deferred tax assets | 14,679 | 16,484 | |||||||||||||||||||
Deferred tax assets valuation allowance | (426 | ) | (457 | ) | |||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||
Mortgage servicing rights | (5,860 | ) | (6,657 | ) | |||||||||||||||||
Leasing | (4,057 | ) | (4,274 | ) | |||||||||||||||||
Mark to market, net | (7,635 | ) | (5,761 | ) | |||||||||||||||||
Intangible assets | (1,494 | ) | (1,885 | ) | |||||||||||||||||
Net unrealized gains on investment securities | (2,737 | ) | (1,155 | ) | |||||||||||||||||
Insurance reserves | (2,087 | ) | (2,068 | ) | |||||||||||||||||
Other | (1,635 | ) | (1,733 | ) | |||||||||||||||||
Total deferred tax liabilities | (25,505 | ) | (23,533 | ) | |||||||||||||||||
Net deferred tax liability (1) | $ | (11,252 | ) | (7,506 | ) | ||||||||||||||||
-1 | Included in accrued expenses and other liabilities. | ||||||||||||||||||||
Effective income tax expense and rate | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in millions) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
Statutory federal income tax expense and rate | $ | 11,677 | 35 | % | $ | 11,299 | 35 | % | $ | 9,800 | 35 | % | |||||||||
Change in tax rate resulting from: | |||||||||||||||||||||
State and local taxes on income, net of federal income tax benefit | 971 | 2.9 | 964 | 3 | 856 | 3.1 | |||||||||||||||
Tax-exempt interest | (550 | ) | (1.6 | ) | (490 | ) | (1.5 | ) | (414 | ) | (1.5 | ) | |||||||||
Excludable dividends | (70 | ) | (0.2 | ) | (49 | ) | (0.2 | ) | (132 | ) | (0.5 | ) | |||||||||
Tax credits | (1,074 | ) | (3.2 | ) | (967 | ) | (3.0 | ) | (815 | ) | (2.9 | ) | |||||||||
Life insurance | (179 | ) | (0.5 | ) | (173 | ) | (0.5 | ) | (524 | ) | (1.9 | ) | |||||||||
Leveraged lease tax expense | 158 | 0.5 | 302 | 0.9 | 347 | 1.2 | |||||||||||||||
Other | (626 | ) | (2.0 | ) | (481 | ) | (1.5 | ) | (15 | ) | — | ||||||||||
Effective income tax expense and rate | $ | 10,307 | 30.9 | % | $ | 10,405 | 32.2 | % | $ | 9,103 | 32.5 | % | |||||||||
Change in unrecognized tax benefits | The change in unrecognized tax benefits follows: | ||||||||||||||||||||
Year ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||
Balance at beginning of year | $ | 5,528 | 6,069 | ||||||||||||||||||
Additions: | |||||||||||||||||||||
For tax positions related to the current year | 412 | 427 | |||||||||||||||||||
For tax positions related to prior years | 324 | 283 | |||||||||||||||||||
Reductions: | |||||||||||||||||||||
For tax positions related to prior years | (213 | ) | (540 | ) | |||||||||||||||||
Lapse of statute of limitations | (50 | ) | (74 | ) | |||||||||||||||||
Settlements with tax authorities | (999 | ) | (637 | ) | |||||||||||||||||
Balance at end of year | $ | 5,002 | 5,528 | ||||||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Common Share | The table below shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations. See Note 1 (Summary of Significant Accounting Policies) for discussion of private share repurchases and the Consolidated Statement of Changes in Equity and Note 19 (Common Stock and Stock Plans) for information about stock and options activity and terms and conditions of warrants. | |||||||||
Year ended December 31, | ||||||||||
(in millions, except per share amounts) | 2014 | 2013 | 2012 | |||||||
Wells Fargo net income | $ | 23,057 | 21,878 | 18,897 | ||||||
Less: Preferred stock dividends and other | 1,236 | 989 | 898 | |||||||
Wells Fargo net income applicable to common stock (numerator) | $ | 21,821 | 20,889 | 17,999 | ||||||
Earnings per common share | ||||||||||
Average common shares outstanding (denominator) | 5,237.20 | 5,287.30 | 5,287.60 | |||||||
Per share | $ | 4.17 | 3.95 | 3.4 | ||||||
Diluted earnings per common share | ||||||||||
Average common shares outstanding | 5,237.20 | 5,287.30 | 5,287.60 | |||||||
Add: Stock Options | 32.9 | 33.1 | 27.5 | |||||||
Restricted share rights | 41.6 | 44.8 | 36.4 | |||||||
Warrants | 12.7 | 6 | — | |||||||
Diluted average common shares outstanding (denominator) | 5,324.40 | 5,371.20 | 5,351.50 | |||||||
Per share | $ | 4.1 | 3.89 | 3.36 | ||||||
Antidilutive Warrants And Options Outstanding | The following table presents the outstanding options and warrants to purchase shares of common stock that were anti-dilutive (the exercise price was higher than the weighted-average market price), and therefore not included in the calculation of diluted earnings per common share. | |||||||||
Weighted-average shares | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Options | 8 | 11.1 | 56.4 | |||||||
Warrants | — | — | 39.2 | |||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||
Components of other comprehensive income, reclassifications to net income by income statement line item, and the related tax effects | The following table provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects. | ||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(in millions) | Before | Tax | Net of | Before | Tax | Net of | Before | Tax | Net of | ||||||||||||||||||||
tax | effect | tax | tax | effect | tax | tax | effect | tax | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | $ | 5,426 | (2,111 | ) | 3,315 | (7,661 | ) | 2,981 | (4,680 | ) | 5,143 | (1,921 | ) | 3,222 | |||||||||||||||
Reclassification of net (gains) losses to net income: | |||||||||||||||||||||||||||||
Interest income on investment securities (1) | (37 | ) | 14 | (23 | ) | — | — | — | — | — | — | ||||||||||||||||||
Net (gains) losses on debt securities | (593 | ) | 224 | (369 | ) | 29 | (11 | ) | 18 | 128 | (48 | ) | 80 | ||||||||||||||||
Net gains from equity investments | (901 | ) | 340 | (561 | ) | (314 | ) | 118 | (196 | ) | (399 | ) | 150 | (249 | ) | ||||||||||||||
Other noninterest income | (1 | ) | — | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||
Subtotal reclassifications to net income | (1,532 | ) | 578 | (954 | ) | (285 | ) | 107 | (178 | ) | (271 | ) | 102 | (169 | ) | ||||||||||||||
Net change | 3,894 | (1,533 | ) | 2,361 | (7,946 | ) | 3,088 | (4,858 | ) | 4,872 | (1,819 | ) | 3,053 | ||||||||||||||||
Derivatives and hedging activities: | |||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 952 | (359 | ) | 593 | (32 | ) | 12 | (20 | ) | 52 | (12 | ) | 40 | ||||||||||||||||
Reclassification of net (gains) losses to net income: | |||||||||||||||||||||||||||||
Interest income on loans | (588 | ) | 222 | (366 | ) | (426 | ) | 156 | (270 | ) | (490 | ) | 185 | (305 | ) | ||||||||||||||
Interest expense on long-term debt | 44 | (17 | ) | 27 | 91 | (34 | ) | 57 | 96 | (36 | ) | 60 | |||||||||||||||||
Noninterest income | — | — | — | 35 | (13 | ) | 22 | — | — | — | |||||||||||||||||||
Salaries expense | — | — | — | 4 | (2 | ) | 2 | 6 | (2 | ) | 4 | ||||||||||||||||||
Interest income on investment securities | (1 | ) | — | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||
Subtotal reclassifications | (545 | ) | 205 | (340 | ) | (296 | ) | 107 | (189 | ) | (388 | ) | 147 | (241 | ) | ||||||||||||||
to net income | |||||||||||||||||||||||||||||
Net change | 407 | (154 | ) | 253 | (328 | ) | 119 | (209 | ) | (336 | ) | 135 | (201 | ) | |||||||||||||||
Defined benefit plans adjustments: | |||||||||||||||||||||||||||||
Net actuarial gains (losses) arising during the period | (1,116 | ) | 420 | (696 | ) | 1,533 | (578 | ) | 955 | (775 | ) | 290 | (485 | ) | |||||||||||||||
Reclassification of amounts to net periodic benefit costs (2): | |||||||||||||||||||||||||||||
Amortization of net actuarial loss | 74 | (28 | ) | 46 | 151 | (57 | ) | 94 | 141 | (53 | ) | 88 | |||||||||||||||||
Settlements and other | — | — | — | 125 | (46 | ) | 79 | 3 | (1 | ) | 2 | ||||||||||||||||||
Subtotal reclassifications to net periodic benefit costs | 74 | (28 | ) | 46 | 276 | (103 | ) | 173 | 144 | (54 | ) | 90 | |||||||||||||||||
Net change | (1,042 | ) | 392 | (650 | ) | 1,809 | (681 | ) | 1,128 | (631 | ) | 236 | (395 | ) | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||||||||
Net unrealized losses arising during the period | (60 | ) | (5 | ) | (65 | ) | (44 | ) | (7 | ) | (51 | ) | (6 | ) | 2 | (4 | ) | ||||||||||||
Reclassification of net gains to net income: | |||||||||||||||||||||||||||||
Noninterest income | 6 | — | 6 | (12 | ) | 5 | (7 | ) | (10 | ) | 4 | (6 | ) | ||||||||||||||||
Net change | (54 | ) | (5 | ) | (59 | ) | (56 | ) | (2 | ) | (58 | ) | (16 | ) | 6 | (10 | ) | ||||||||||||
Other comprehensive income (loss) | $ | 3,205 | (1,300 | ) | 1,905 | (6,521 | ) | 2,524 | (3,997 | ) | 3,889 | (1,442 | ) | 2,447 | |||||||||||||||
Less: Other comprehensive income (loss) from noncontrolling interests, net of tax | (227 | ) | 267 | 4 | |||||||||||||||||||||||||
Wells Fargo other comprehensive income (loss), net of tax | $ | 2,132 | (4,264 | ) | 2,443 | ||||||||||||||||||||||||
-1 | Represents unrealized gains amortized over the remaining lives of securities that were transferred from the available-for-sale portfolio to the held-to-maturity portfolio. | ||||||||||||||||||||||||||||
-2 | These items are included in the computation of net periodic benefit cost, which is recorded in employee benefits expense (see Note 20 (Employee Benefits and Other Expenses) for additional details). | ||||||||||||||||||||||||||||
Cumulative other comprehensive income | Cumulative OCI balances were: | ||||||||||||||||||||||||||||
(in millions) | Investment | Derivatives | Defined | Foreign | Cumulative | ||||||||||||||||||||||||
securities | and | benefit | currency | other | |||||||||||||||||||||||||
hedging | plans | translation | comprehensive | ||||||||||||||||||||||||||
activities | adjustments | adjustments | income | ||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 4,413 | 490 | (1,786 | ) | 90 | 3,207 | ||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 3,222 | 40 | (485 | ) | (4 | ) | 2,773 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (169 | ) | (241 | ) | 90 | (6 | ) | (326 | ) | ||||||||||||||||||||
Net change | 3,053 | (201 | ) | (395 | ) | (10 | ) | 2,447 | |||||||||||||||||||||
Less: Other comprehensive income from noncontrolling interests | 4 | — | — | — | 4 | ||||||||||||||||||||||||
Balance, December 31, 2012 | 7,462 | 289 | (2,181 | ) | 80 | 5,650 | |||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (4,680 | ) | (20 | ) | 955 | (51 | ) | (3,796 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (178 | ) | (189 | ) | 173 | (7 | ) | (201 | ) | ||||||||||||||||||||
Net change | (4,858 | ) | (209 | ) | 1,128 | (58 | ) | (3,997 | ) | ||||||||||||||||||||
Less: Other comprehensive income from noncontrolling interests | 266 | — | — | 1 | 267 | ||||||||||||||||||||||||
Balance, December 31, 2013 | 2,338 | 80 | (1,053 | ) | 21 | 1,386 | |||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 3,315 | 593 | (696 | ) | (65 | ) | 3,147 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (954 | ) | (340 | ) | 46 | 6 | (1,242 | ) | |||||||||||||||||||||
Net change | 2,361 | 253 | (650 | ) | (59 | ) | 1,905 | ||||||||||||||||||||||
Less: Other comprehensive loss from noncontrolling interests | (227 | ) | — | — | — | (227 | ) | ||||||||||||||||||||||
Balance, December 31, 2014 | $ | 4,926 | 333 | (1,703 | ) | (38 | ) | 3,518 | |||||||||||||||||||||
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Financial Information of Operating Segment | ||||||||||||||||||||
(income/expense in millions, average balances in billions) | Community | Wholesale | Wealth, | Other (1) | Consolidated | |||||||||||||||
Banking | Banking | Brokerage | Company | |||||||||||||||||
and | ||||||||||||||||||||
Retirement | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Net interest income (2) | $ | 29,709 | $ | 11,955 | $ | 3,179 | $ | (1,316 | ) | $ | 43,527 | |||||||||
Provision (reversal of provision) for credit losses | 1,681 | (266 | ) | (50 | ) | 30 | 1,395 | |||||||||||||
Noninterest income | 21,153 | 11,527 | 11,039 | (2,899 | ) | 40,820 | ||||||||||||||
Noninterest expense | 28,126 | 12,975 | 10,907 | (2,971 | ) | 49,037 | ||||||||||||||
Income (loss) before income tax expense (benefit) | 21,055 | 10,773 | 3,361 | (1,274 | ) | 33,915 | ||||||||||||||
Income tax expense (benefit) | 6,350 | 3,165 | 1,276 | (484 | ) | 10,307 | ||||||||||||||
Net income (loss) before noncontrolling interests | 14,705 | 7,608 | 2,085 | (790 | ) | 23,608 | ||||||||||||||
Less: Net income from noncontrolling interests | 525 | 24 | 2 | — | 551 | |||||||||||||||
Net income (loss) (3) | $ | 14,180 | $ | 7,584 | $ | 2,083 | $ | (790 | ) | $ | 23,057 | |||||||||
2013 | ||||||||||||||||||||
Net interest income (2) | $ | 28,839 | $ | 12,298 | $ | 2,888 | $ | (1,225 | ) | $ | 42,800 | |||||||||
Provision (reversal of provision) for credit losses | 2,755 | (445 | ) | (16 | ) | 15 | 2,309 | |||||||||||||
Noninterest income | 21,500 | 11,766 | 10,315 | (2,601 | ) | 40,980 | ||||||||||||||
Noninterest expense | 28,723 | 12,378 | 10,455 | (2,714 | ) | 48,842 | ||||||||||||||
Income (loss) before income tax expense (benefit) | 18,861 | 12,131 | 2,764 | (1,127 | ) | 32,629 | ||||||||||||||
Income tax expense (benefit) | 5,799 | 3,984 | 1,050 | (428 | ) | 10,405 | ||||||||||||||
Net income (loss) before noncontrolling interests | 13,062 | 8,147 | 1,714 | (699 | ) | 22,224 | ||||||||||||||
Less: Net income from noncontrolling interests | 330 | 14 | 2 | — | 346 | |||||||||||||||
Net income (loss) (3) | $ | 12,732 | $ | 8,133 | $ | 1,712 | $ | (699 | ) | $ | 21,878 | |||||||||
2012 | ||||||||||||||||||||
Net interest income (2) | $ | 29,045 | $ | 12,648 | $ | 2,768 | $ | (1,231 | ) | $ | 43,230 | |||||||||
Provision (reversal of provision) for credit losses | 6,835 | 286 | 125 | (29 | ) | 7,217 | ||||||||||||||
Noninterest income | 24,360 | 11,444 | 9,392 | (2,340 | ) | 42,856 | ||||||||||||||
Noninterest expense | 30,840 | 12,082 | 9,893 | (2,417 | ) | 50,398 | ||||||||||||||
Income (loss) before income tax expense (benefit) | 15,730 | 11,724 | 2,142 | (1,125 | ) | 28,471 | ||||||||||||||
Income tax expense (benefit) | 4,774 | 3,943 | 814 | (428 | ) | 9,103 | ||||||||||||||
Net income (loss) before noncontrolling interests | 10,956 | 7,781 | 1,328 | (697 | ) | 19,368 | ||||||||||||||
Less: Net income from noncontrolling interests | 464 | 7 | — | — | 471 | |||||||||||||||
Net income (loss) (3) | $ | 10,492 | $ | 7,774 | $ | 1,328 | $ | (697 | ) | $ | 18,897 | |||||||||
2014 | ||||||||||||||||||||
Average loans | $ | 503.2 | 313.4 | 52.1 | (34.3 | ) | 834.4 | |||||||||||||
Average assets | 934.2 | 544.2 | 189.8 | (74.9 | ) | 1,593.30 | ||||||||||||||
Average core deposits | 642.3 | 274 | 154.9 | (67.6 | ) | 1,003.60 | ||||||||||||||
2013 | ||||||||||||||||||||
Average loans | 499.3 | 287.7 | 46.1 | (30.4 | ) | 802.7 | ||||||||||||||
Average assets | 835.4 | 500 | 180.9 | (70.3 | ) | 1,446.00 | ||||||||||||||
Average core deposits | 620.1 | 237.2 | 150.1 | (65.3 | ) | 942.1 | ||||||||||||||
-1 | Includes corporate items not specific to a business segment and the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for wealth management customers provided in Community Banking stores. | |||||||||||||||||||
-2 | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to other segments. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. | |||||||||||||||||||
-3 | Represents segment net income (loss) for Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement segments and Wells Fargo net income for the consolidated company. |
ParentOnly_Financial_Statement1
Parent-Only Financial Statements (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||
Parent-Only Statement of Income | The following tables present Parent-only condensed financial statements. | |||||||||
Parent-Only Statement of Income | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Income | ||||||||||
Dividends from subsidiaries: | ||||||||||
Bank | $ | 15,077 | 10,612 | 11,767 | ||||||
Nonbank | 526 | 33 | 1,150 | |||||||
Interest income from subsidiaries | 772 | 848 | 897 | |||||||
Other interest income | 216 | 240 | 222 | |||||||
Other income | 1,032 | 484 | 267 | |||||||
Total income | 17,623 | 12,217 | 14,303 | |||||||
Expense | ||||||||||
Interest expense: | ||||||||||
Indebtedness to nonbank subsidiaries | 357 | 334 | 287 | |||||||
Short-term borrowings | 7 | 5 | 1 | |||||||
Long-term debt | 1,540 | 1,546 | 1,877 | |||||||
Other | 5 | 15 | 23 | |||||||
Noninterest expense | 797 | 1,175 | 1,127 | |||||||
Total expense | 2,706 | 3,075 | 3,315 | |||||||
Income before income tax benefit and | ||||||||||
equity in undistributed income of subsidiaries | 14,917 | 9,142 | 10,988 | |||||||
Income tax benefit | (926 | ) | (570 | ) | (903 | ) | ||||
Equity in undistributed income of subsidiaries | 7,214 | 12,166 | 7,006 | |||||||
Net income | $ | 23,057 | 21,878 | 18,897 | ||||||
Parent-Only Statement of Comprehensive Income | ||||||||||
Parent-Only Statement of Comprehensive Income | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Net income | $ | 23,057 | 21,878 | 18,897 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||
Investment securities | 142 | (248 | ) | 61 | ||||||
Derivatives and hedging activities | 12 | 39 | 31 | |||||||
Defined benefit plans adjustment | (633 | ) | 1,136 | (379 | ) | |||||
Equity in other comprehensive income (loss) of subsidiaries | 2,611 | (5,191 | ) | 2,730 | ||||||
Other comprehensive income (loss), net of tax: | 2,132 | (4,264 | ) | 2,443 | ||||||
Total comprehensive income | $ | 25,189 | 17,614 | 21,340 | ||||||
Parent-Only Balance Sheet | ||||||||||
Parent-Only Balance Sheet | ||||||||||
December 31, | ||||||||||
(in millions) | 2014 | 2013 | ||||||||
Assets | ||||||||||
Cash and cash equivalents due from: | ||||||||||
Subsidiary banks | $ | 43,843 | 42,386 | |||||||
Nonaffiliates | 3 | 3 | ||||||||
Investment securities issued by: | ||||||||||
Subsidiary banks | 10,001 | — | ||||||||
Nonaffiliates | 10,753 | 11,652 | ||||||||
Loans to subsidiaries: | ||||||||||
Bank | 18,166 | 7,140 | ||||||||
Nonbank | 35,783 | 38,504 | ||||||||
Investments in subsidiaries: | ||||||||||
Bank | 162,806 | 154,577 | ||||||||
Nonbank | 24,567 | 21,852 | ||||||||
Other assets | 6,225 | 7,329 | ||||||||
Total assets | $ | 312,147 | 283,443 | |||||||
Liabilities and equity | ||||||||||
Short-term borrowings | $ | 2,270 | 5,121 | |||||||
Accrued expenses and other liabilities | 6,984 | 7,241 | ||||||||
Long-term debt | 97,275 | 81,721 | ||||||||
Indebtedness to nonbank subsidiaries | 21,224 | 19,218 | ||||||||
Total liabilities | 127,753 | 113,301 | ||||||||
Stockholders' equity | 184,394 | 170,142 | ||||||||
Total liabilities and equity | $ | 312,147 | 283,443 | |||||||
Parent-Only Statement of Cash Flows | ||||||||||
Parent-Only Statement of Cash Flows | ||||||||||
Year ended December 31, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||
Cash flows from operating activities: | ||||||||||
Net cash provided by operating activities | $ | 18,019 | 8,607 | 13,365 | ||||||
Cash flows from investing activities: | ||||||||||
Available-for-sale securities: | ||||||||||
Sales proceeds | 1,196 | 3,606 | 6,171 | |||||||
Prepayments and maturities: | ||||||||||
Subsidiary banks | 25 | — | — | |||||||
Nonaffiliates | — | 12 | 30 | |||||||
Purchases: | ||||||||||
Subsidiary banks | (10,025 | ) | — | — | ||||||
Nonaffiliates | (14 | ) | (6,016 | ) | (5,845 | ) | ||||
Loans: | ||||||||||
Net repayments from (advances to) subsidiaries | (2,199 | ) | 655 | 9,191 | ||||||
Capital notes and term loans made to subsidiaries | (11,275 | ) | (6,700 | ) | (1,850 | ) | ||||
Principal collected on notes/loans made to subsidiaries | 2,526 | 1,472 | 2,462 | |||||||
Net increase in investment in subsidiaries | (1,096 | ) | (1,188 | ) | (5,218 | ) | ||||
Other, net | 470 | 461 | (2 | ) | ||||||
Net cash provided (used) by investing activities | (20,392 | ) | (7,698 | ) | 4,939 | |||||
Cash flows from financing activities: | ||||||||||
Net increase in short-term borrowings and indebtedness to subsidiaries | 2,314 | 6,732 | 5,456 | |||||||
Long-term debt: | ||||||||||
Proceeds from issuance | 22,627 | 18,714 | 16,989 | |||||||
Repayment | (8,659 | ) | (13,096 | ) | (18,693 | ) | ||||
Preferred stock: | ||||||||||
Proceeds from issuance | 2,775 | 3,145 | 1,377 | |||||||
Cash dividends paid | (1,235 | ) | (1,017 | ) | (892 | ) | ||||
Common stock warrants repurchased | — | — | (1 | ) | ||||||
Common stock: | ||||||||||
Proceeds from issuance | 1,840 | 2,224 | 2,091 | |||||||
Repurchased | (9,414 | ) | (5,356 | ) | (3,918 | ) | ||||
Cash dividends paid | (6,908 | ) | (5,953 | ) | (4,565 | ) | ||||
Excess tax benefits related to stock option payments | 453 | 271 | 226 | |||||||
Other, net | 37 | 114 | (14 | ) | ||||||
Net cash provided (used) by financing activities | 3,830 | 5,778 | (1,944 | ) | ||||||
Net change in cash and due from banks | 1,457 | 6,687 | 16,360 | |||||||
Cash and due from banks at beginning of year | 42,389 | 35,702 | 19,342 | |||||||
Cash and due from banks at end of year | $ | 43,846 | 42,389 | 35,702 | ||||||
Regulatory_and_Agency_Capital_1
Regulatory and Agency Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||
Regulatory And Agency Capital Requirements | The following table presents regulatory capital information for Wells Fargo & Company and the Bank. Information presented for December 31, 2014, reflects the transition to Basel III capital requirements from previous regulatory capital adequacy guidelines under Basel I effective in 2013. Among other matters, Basel III revises the definition of capital, and changes are being phased-in effective January 1, 2014, through the end of 2021, with regulatory capital ratios determined using Basel III (General Approach) risk-weighted assets during 2014. Under the Basel III (General Approach), at December 31, 2014, the Company’s Common Equity Tier 1 capital was $137.1 billion, or 11.04% of risk-weighted assets, and the Bank’s Common Equity Tier 1 capital was $119.9 billion, or 10.49% of risk-weighted assets. | ||||||||||||||||
We do not consolidate our wholly-owned trust (the Trust) formed solely to issue trust preferred and preferred purchase securities (the Securities). Securities issued by the Trust includable in Tier 2 capital were $2.1 billion at December 31, 2014. Under the new Basel III capital requirements, our remaining trust preferred and preferred purchase securities will begin amortizing in 2016 and will no longer count as Tier 2 capital in 2022. | |||||||||||||||||
The Bank is an approved seller/servicer of mortgage loans and is required to maintain minimum levels of shareholders’ equity, as specified by various agencies, including the United States Department of Housing and Urban Development, GNMA, FHLMC and FNMA. At December 31, 2014, the Bank met these requirements. Other subsidiaries, including the Company’s insurance and broker-dealer subsidiaries, are also subject to various minimum capital levels, as defined by applicable industry regulations. The minimum capital levels for these subsidiaries, and related restrictions, are not significant to our consolidated operations. | |||||||||||||||||
Wells Fargo & Company | Wells Fargo Bank, N.A. | ||||||||||||||||
Under | Under | ||||||||||||||||
Basel III | Basel III | ||||||||||||||||
(General | Under | (General | Under | ||||||||||||||
Approach) | Basel I | Approach) | Basel I | Well- | Minimum | ||||||||||||
December 31, | capitalized | capital | |||||||||||||||
(in billions, except ratios) | 2014 | 2013 | 2014 | 2013 | ratios (1) | ratios (1) | |||||||||||
Regulatory capital: | |||||||||||||||||
Tier 1 | $ | 154.7 | 140.7 | 119.9 | 110 | ||||||||||||
Total | 192.9 | 176.2 | 144 | 136.4 | |||||||||||||
Assets: | |||||||||||||||||
Risk-weighted | $ | 1,242.50 | 1,141.50 | 1,142.50 | 1,057.30 | ||||||||||||
Adjusted average (2) | 1,637.00 | 1,466.70 | 1,487.60 | 1,324.00 | |||||||||||||
Capital ratios: | |||||||||||||||||
Tier 1 capital | 12.45 | % | 12.33 | 10.49 | 10.4 | 6 | 4 | ||||||||||
Total capital | 15.53 | 15.43 | 12.61 | 12.9 | 10 | 8 | |||||||||||
Tier 1 leverage (2) | 9.45 | 9.6 | 8.06 | 8.31 | 5 | 4 | |||||||||||
-1 | As defined by the regulations issued by the Federal Reserve, OCC and FDIC. | ||||||||||||||||
-2 | The leverage ratio consists of Tier 1 capital divided by quarterly average total assets, excluding goodwill and certain other items. The minimum leverage ratio guideline is 3% for banking organizations that do not anticipate significant growth and that have well-diversified risk, excellent asset quality, high liquidity, good earnings, effective management and monitoring of market risk and, in general, are considered top-rated, strong banking organizations. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Amount of decrease in loans from factoring arrangements | $3,500,000,000 | $3,200,000,000 | $2,100,000,000 | $1,600,000,000 | $1,200,000,000 | |||||
Nonperforming status threshold | 90 days | |||||||||
Threshold for amortization of net actuarial gain (loss), percent (in excess of 5%) | 5.00% | |||||||||
Estimated remaining participation period | 21 years | |||||||||
Supplemental cash flow information - Noncash activities | ||||||||||
Trading assets retained from securitizations of MHFS | 28,604,000,000 | 47,198,000,000 | 85,108,000,000 | |||||||
Capitalization of MSRs from sale of MHFS | 1,302,000,000 | 3,616,000,000 | 4,988,000,000 | |||||||
Transfers from loans to MHFS | 11,021,000,000 | 7,610,000,000 | 7,584,000,000 | |||||||
Transfers from loans to LHFS | 9,849,000,000 | 274,000,000 | 143,000,000 | |||||||
Transfers from loans to foreclosed assets | 4,094,000,000 | 4,470,000,000 | 6,114,000,000 | |||||||
Transfers from available-for-sale to held-to-maturity securities | 1,810,000,000 | 6,042,000,000 | 0 | |||||||
Private Forward Repurchase Transaction [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Common stock repurchased, shares | 6,000,000 | 66,000,000 | 40,000,000 | 11,100,000 | ||||||
Private forward repurchase contract | 500,000,000 | 200,000,000 | 750,000,000 | 500,000,000 | 200,000,000 | |||||
Cash balance plan [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Long term investment period | 10 years | |||||||||
Building [Member] | Maximum [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Estimated useful life | 40 years | |||||||||
Furniture And Equipment [Member] | Maximum [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Estimated useful life | 10 years | |||||||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Estimated useful life | 8 years | |||||||||
Real estate 1-4 family first mortgage [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Nonperforming status threshold | 120 days | |||||||||
Charge off threshold | 180 days | |||||||||
Real estate 1-4 family junior lien mortgage [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Nonperforming status threshold | 120 days | |||||||||
Charge off threshold | 180 days | |||||||||
Automobile [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Charge off threshold | 120 days | |||||||||
Credit Card [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Charge off threshold | 180 days | |||||||||
Unsecured Loans, Closed End [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Charge off threshold | 120 days | |||||||||
Unsecured Loans, Open End [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Charge off threshold | 180 days | |||||||||
Other Secured Loans [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Charge off threshold | 120 days | |||||||||
Government insured/guaranteed [Member] | ||||||||||
Supplemental cash flow information - Noncash activities | ||||||||||
Transfers from loans to foreclosed assets | $2,500,000,000 | $2,700,000,000 | $3,500,000,000 | |||||||
Commercial Portfolio Segment [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Decrease in loans from factoring arrangements, Percent of loans | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||||
Charge off threshold | 180 days | |||||||||
Total Loan Portfolio [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Decrease in loans from factoring arrangements, Percent of loans | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | |||||
Scenario, Forecast [Member] | Private Forward Repurchase Transaction [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Common stock repurchased, shares | 14,300,000 | |||||||||
Collaborative Arrangement [Member] | Product Concentration Risk [Member] | Revenue [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Concentration risk percentage | 1.00% |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
business | business | ||
Business Acquisitions [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $422 | $4,801 | |
Business Acquisition, number completed during period | 1 | 0 | |
Pending Acquisition [Member] | |||
Business Acquisitions [Line Items] | |||
Business Acquisition, number completed during period | 0 | ||
Helm Financial Corporation [Member] | |||
Business Acquisitions [Line Items] | |||
Date | 15-Apr-14 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 422 | ||
EverKey Global Partners Limited/EverKey Global Management LLC/EverKey Global Partners (GP), LLC/EverKey Global Focus (GP), LLC - Bahamas/New York, New York [Member] | |||
Business Acquisitions [Line Items] | |||
Date | 1-Jan-12 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 7 | ||
Burdale Financial Holdings Limited/Certain Assets of Burdale Capital Finance, Inc. - England/Stamford, Connecticut [Member] | |||
Business Acquisitions [Line Items] | |||
Date | 1-Feb-12 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 874 | ||
Energy Lending Business of BNP Paribas, SA - Houston, Texas [Member] | |||
Business Acquisitions [Line Items] | |||
Date | 20-Apr-12 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 3,639 | ||
Merlin Securities, LLC/Merlin Canada LTD./Certain Assets & Liabilities of Merlin Group Holdings, LLC - San Francisco, California/Toronto, Ontario [Member] | |||
Business Acquisitions [Line Items] | |||
Date | 1-Aug-12 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $281 |
Cash_Loan_and_Dividend_Restric1
Cash, Loan and Dividend Restrictions Textual (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Billions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 27, 2015 |
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Average required reserve balance on deposits | $12.90 | $11.80 | ||
Total capital ratio required to be well capitalized (not to exceed 10%) | 10.00% | |||
Credit and non-credit transactions with all nonbank affiliates, maximum percent of bank capital and surplus | 20.00% | |||
Per share dividend amount requiring approval (in dollars per share) | $1.35 | $1.15 | $0.88 | |
National And State Chartered Subsidiary Banks [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Additional dividends that could have been declared by national and state-chartered subsidiary bank/nonbank subsidiaries | 15.6 | |||
Nonbank Subsidiaries [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Additional dividends that could have been declared by national and state-chartered subsidiary bank/nonbank subsidiaries | $8.60 | |||
Credit and non-credit transactions with a single nonbank affiliate, maximum percent of bank capital and surplus [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Total capital ratio required to be well capitalized (not to exceed 10%) | 10.00% | |||
Subsequent Event [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Per share dividend amount requiring approval (in dollars per share) | $0.35 |
Federal_Funds_Sold_Securities_2
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments [Line Items] | ||
Federal funds sold and securities purchased under resale agreements | $36,856,000,000 | $25,801,000,000 |
Interest-earning deposits | 219,220,000,000 | 186,249,000,000 |
Other short-term investments | 2,353,000,000 | 1,743,000,000 |
Total | 258,429,000,000 | 213,793,000,000 |
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments Textual [Abstract] | ||
Funded contractual commitments | 0 | 0 |
Unfunded contractual commitment | 2,600,000,000 | 3,100,000,000 |
Loans [Member] | ||
Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments Textual [Abstract] | ||
Securities purchased under long-term resale agreements | $14,900,000,000 | $10,100,000,000 |
Investment_Securities_Textuals
Investment Securities Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investment Securities (Textual) [Abstract] | |||
Cost, available-for-sale securities | $249,653,000,000 | $248,087,000,000 | |
Available-for-sale, at fair value | 257,442,000,000 | 252,007,000,000 | |
Cost, held-to-maturity securities | 55,483,000,000 | 12,346,000,000 | |
Fair value | 56,359,000,000 | 12,247,000,000 | |
Securities of a single issuer (excluding the U.S. Treasury and federal agencies) with a book value exceeding 10% of stockholders' equity | 0 | 0 | |
Gross unrealized losses, investment securities | 1,943,000,000 | 5,250,000,000 | |
Fair value, investment securities | 313,801,000,000 | 264,254,000,000 | |
OTTI write-downs on held-to-maturity securities | 0 | 0 | 0 |
Collateralized debt obligations [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Cost, available-for-sale securities | 364,000,000 | 509,000,000 | |
Available-for-sale, at fair value | 500,000,000 | 693,000,000 | |
Asset-backed Securities Collateralized by Auto Leases or Loans and Cash Reserves [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Cost, held-to-maturity securities | 3,800,000,000 | 4,300,000,000 | |
Fair value | 3,800,000,000 | 4,300,000,000 | |
Asset-backed Securities Collateralized by Dealer Floorplan Loans [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Cost, held-to-maturity securities | 1,900,000,000 | 1,700,000,000 | |
Fair value | 2,000,000,000 | 1,700,000,000 | |
Total mortgage-backed securities [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Cost, available-for-sale securities | 132,311,000,000 | 148,052,000,000 | |
Available-for-sale, at fair value | 136,352,000,000 | 148,791,000,000 | |
Federal agencies [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Cost, available-for-sale securities | 107,850,000,000 | 119,303,000,000 | |
Available-for-sale, at fair value | 110,089,000,000 | 117,591,000,000 | |
Cost, held-to-maturity securities | 5,476,000,000 | 6,304,000,000 | |
Fair value | 5,641,000,000 | 6,205,000,000 | |
Commercial [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Cost, available-for-sale securities | 16,248,000,000 | 17,689,000,000 | |
Available-for-sale, at fair value | 16,994,000,000 | 18,747,000,000 | |
Other debt securities | |||
Investment Securities (Textual) [Abstract] | |||
Cost, available-for-sale securities | 6,251,000,000 | 9,232,000,000 | |
Available-for-sale, at fair value | 6,519,000,000 | 9,629,000,000 | |
Cost, held-to-maturity securities | 5,755,000,000 | 6,042,000,000 | |
Fair value | 5,790,000,000 | 6,042,000,000 | |
Investment grade [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Available-for-sale, at fair value | 89,445,000,000 | 102,744,000,000 | |
Fair value | 3,280,000,000 | 6,153,000,000 | |
Gross unrealized losses, investment securities | 1,697,000,000 | 5,008,000,000 | |
Fair value, investment securities | 92,725,000,000 | 108,897,000,000 | |
Investment grade [Member] | Total mortgage-backed securities [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Available-for-sale, at fair value | 43,065,000,000 | 71,718,000,000 | |
Investment grade [Member] | Federal agencies [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Available-for-sale, at fair value | 39,560,000,000 | 68,177,000,000 | |
Fair value | 1,391,000,000 | 6,153,000,000 | |
Investment grade [Member] | Commercial [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Available-for-sale, at fair value | 3,366,000,000 | 3,364,000,000 | |
Investment grade [Member] | Other debt securities | |||
Investment Securities (Textual) [Abstract] | |||
Available-for-sale, at fair value | 782,000,000 | 1,874,000,000 | |
Unrated investment grade securities [Member] | |||
Investment Securities (Textual) [Abstract] | |||
Gross unrealized losses, investment securities | 25,000,000 | 18,000,000 | |
Fair value, investment securities | $1,600,000,000 | $1,900,000,000 |
Investment_Securities_Major_Ca
Investment Securities, Major Categories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale securities: | ||
Amortized Cost | $249,653 | $248,087 |
Gross unrealized gains | 9,711 | 9,071 |
Gross unrealized losses | -1,922 | -5,151 |
Available-for-sale, at fair value | 257,442 | 252,007 |
Held-to-maturity securities: | ||
Amortized Cost | 55,483 | 12,346 |
Gross unrealized gains | 897 | 0 |
Gross unrealized losses | -21 | -99 |
Fair value | 56,359 | 12,247 |
Total investment securities: | ||
Amortized Cost | 305,136 | 260,433 |
Gross unrealized gains | 10,608 | 9,071 |
Gross unrealized losses | -1,943 | -5,250 |
Fair value | 313,801 | 264,254 |
Total debt securities [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 247,747 | 246,048 |
Gross unrealized gains | 7,869 | 7,661 |
Gross unrealized losses | -1,850 | -5,087 |
Available-for-sale, at fair value | 253,766 | 248,622 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 25,898 | 6,592 |
Gross unrealized gains | 44 | 17 |
Gross unrealized losses | -138 | -329 |
Available-for-sale, at fair value | 25,804 | 6,280 |
Held-to-maturity securities: | ||
Amortized Cost | 40,886 | |
Gross unrealized gains | 670 | |
Gross unrealized losses | -8 | |
Fair value | 41,548 | |
U.S. states and political subdivisions [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 43,939 | 42,171 |
Gross unrealized gains | 1,504 | 1,092 |
Gross unrealized losses | -499 | -727 |
Available-for-sale, at fair value | 44,944 | 42,536 |
Held-to-maturity securities: | ||
Amortized Cost | 1,962 | |
Gross unrealized gains | 27 | |
Gross unrealized losses | 0 | |
Fair value | 1,989 | |
Total mortgage-backed securities [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 132,311 | 148,052 |
Gross unrealized gains | 4,873 | 4,508 |
Gross unrealized losses | -832 | -3,769 |
Available-for-sale, at fair value | 136,352 | 148,791 |
Federal agencies [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 107,850 | 119,303 |
Gross unrealized gains | 2,990 | 1,902 |
Gross unrealized losses | -751 | -3,614 |
Available-for-sale, at fair value | 110,089 | 117,591 |
Held-to-maturity securities: | ||
Amortized Cost | 5,476 | 6,304 |
Gross unrealized gains | 165 | 0 |
Gross unrealized losses | 0 | -99 |
Fair value | 5,641 | 6,205 |
Residential [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 8,213 | 11,060 |
Gross unrealized gains | 1,080 | 1,433 |
Gross unrealized losses | -24 | -40 |
Available-for-sale, at fair value | 9,269 | 12,453 |
Commercial [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 16,248 | 17,689 |
Gross unrealized gains | 803 | 1,173 |
Gross unrealized losses | -57 | -115 |
Available-for-sale, at fair value | 16,994 | 18,747 |
Corporate debt securities [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 14,211 | 20,391 |
Gross unrealized gains | 745 | 976 |
Gross unrealized losses | -170 | -140 |
Available-for-sale, at fair value | 14,786 | 21,227 |
Collateralized loan and other debt obligations [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 25,137 | 19,610 |
Gross unrealized gains | 408 | 642 |
Gross unrealized losses | -184 | -93 |
Available-for-sale, at fair value | 25,361 | 20,159 |
Held-to-maturity securities: | ||
Amortized Cost | 1,404 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | -13 | |
Fair value | 1,391 | |
Other [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 6,251 | 9,232 |
Gross unrealized gains | 295 | 426 |
Gross unrealized losses | -27 | -29 |
Available-for-sale, at fair value | 6,519 | 9,629 |
Held-to-maturity securities: | ||
Amortized Cost | 5,755 | 6,042 |
Gross unrealized gains | 35 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 5,790 | 6,042 |
Total marketable equity securities [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 1,906 | 2,039 |
Gross unrealized gains | 1,842 | 1,410 |
Gross unrealized losses | -72 | -64 |
Available-for-sale, at fair value | 3,676 | 3,385 |
Perpetual preferred securities [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 1,622 | 1,703 |
Gross unrealized gains | 148 | 222 |
Gross unrealized losses | -70 | -60 |
Available-for-sale, at fair value | 1,700 | 1,865 |
Other marketable equity securities [Member] | ||
Available-for-sale securities: | ||
Amortized Cost | 284 | 336 |
Gross unrealized gains | 1,694 | 1,188 |
Gross unrealized losses | -2 | -4 |
Available-for-sale, at fair value | $1,976 | $1,520 |
Investment_Securities_Gross_Un
Investment Securities, Gross Unrealized Losses and Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | ($485) | ($4,506) |
Less than 12 months, Fair value, available-for-sale | 37,490 | 97,331 |
12 months or more, Gross unrealized losses, available-for-sale | -1,437 | -645 |
12 months or more, Fair value, available-for-sale | 55,107 | 8,955 |
Total, Gross unrealized losses, available-for-sale | -1,922 | -5,151 |
Total, Fair value, available-for-sale | 92,597 | 106,286 |
Held-to-maturity securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | -21 | -99 |
Less than 12 months, Fair value, held-to-maturity | 3,280 | 6,153 |
12 months or more, Gross unrealized losses, held-to-maturity | 0 | 0 |
12 months or more, Fair value, held-to-maturity | 0 | 0 |
Total, Gross unrealized losses, held-to-maturity | -21 | -99 |
Total, Fair value, held-to-maturity | 3,280 | 6,153 |
Total investment securities: | ||
Less than 12 months, Gross unrealized losses, investment securities | -506 | -4,605 |
Less than 12 months, Fair value, investment securities | 40,770 | 103,484 |
12 months or more, Gross unrealized losses, investment securities | -1,437 | -645 |
12 months or more, Fair value, investment securities | 55,107 | 8,955 |
Total, Gross unrealized losses, investment securities | -1,943 | -5,250 |
Total, Fair value, investment securities | 95,877 | 112,439 |
Total debt securities [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -481 | -4,474 |
Less than 12 months, Fair value, available-for-sale | 37,357 | 96,873 |
12 months or more, Gross unrealized losses, available-for-sale | -1,369 | -613 |
12 months or more, Fair value, available-for-sale | 54,474 | 8,647 |
Total, Gross unrealized losses, available-for-sale | -1,850 | -5,087 |
Total, Fair value, available-for-sale | 91,831 | 105,520 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -16 | -329 |
Less than 12 months, Fair value, available-for-sale | 7,138 | 5,786 |
12 months or more, Gross unrealized losses, available-for-sale | -122 | 0 |
12 months or more, Fair value, available-for-sale | 5,719 | 0 |
Total, Gross unrealized losses, available-for-sale | -138 | -329 |
Total, Fair value, available-for-sale | 12,857 | 5,786 |
Held-to-maturity securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | -8 | |
Less than 12 months, Fair value, held-to-maturity | 1,889 | |
12 months or more, Gross unrealized losses, held-to-maturity | 0 | |
12 months or more, Fair value, held-to-maturity | 0 | |
Total, Gross unrealized losses, held-to-maturity | -8 | |
Total, Fair value, held-to-maturity | 1,889 | |
U.S. states and political subdivisions [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -198 | -399 |
Less than 12 months, Fair value, available-for-sale | 10,228 | 9,238 |
12 months or more, Gross unrealized losses, available-for-sale | -301 | -328 |
12 months or more, Fair value, available-for-sale | 3,725 | 4,120 |
Total, Gross unrealized losses, available-for-sale | -499 | -727 |
Total, Fair value, available-for-sale | 13,953 | 13,358 |
Total mortgage-backed securities [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -43 | -3,595 |
Less than 12 months, Fair value, available-for-sale | 4,854 | 70,415 |
12 months or more, Gross unrealized losses, available-for-sale | -789 | -174 |
12 months or more, Fair value, available-for-sale | 39,530 | 3,391 |
Total, Gross unrealized losses, available-for-sale | -832 | -3,769 |
Total, Fair value, available-for-sale | 44,384 | 73,806 |
Federal agencies [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -16 | -3,562 |
Less than 12 months, Fair value, available-for-sale | 1,706 | 67,045 |
12 months or more, Gross unrealized losses, available-for-sale | -735 | -52 |
12 months or more, Fair value, available-for-sale | 37,854 | 1,132 |
Total, Gross unrealized losses, available-for-sale | -751 | -3,614 |
Total, Fair value, available-for-sale | 39,560 | 68,177 |
Held-to-maturity securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | -99 | |
Less than 12 months, Fair value, held-to-maturity | 6,153 | |
12 months or more, Gross unrealized losses, held-to-maturity | 0 | |
12 months or more, Fair value, held-to-maturity | 0 | |
Total, Gross unrealized losses, held-to-maturity | -99 | |
Total, Fair value, held-to-maturity | 6,153 | |
Residential [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -18 | -18 |
Less than 12 months, Fair value, available-for-sale | 946 | 1,242 |
12 months or more, Gross unrealized losses, available-for-sale | -6 | -22 |
12 months or more, Fair value, available-for-sale | 144 | 232 |
Total, Gross unrealized losses, available-for-sale | -24 | -40 |
Total, Fair value, available-for-sale | 1,090 | 1,474 |
Commercial [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -9 | -15 |
Less than 12 months, Fair value, available-for-sale | 2,202 | 2,128 |
12 months or more, Gross unrealized losses, available-for-sale | -48 | -100 |
12 months or more, Fair value, available-for-sale | 1,532 | 2,027 |
Total, Gross unrealized losses, available-for-sale | -57 | -115 |
Total, Fair value, available-for-sale | 3,734 | 4,155 |
Corporate debt securities [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -102 | -85 |
Less than 12 months, Fair value, available-for-sale | 1,674 | 2,542 |
12 months or more, Gross unrealized losses, available-for-sale | -68 | -55 |
12 months or more, Fair value, available-for-sale | 1,265 | 428 |
Total, Gross unrealized losses, available-for-sale | -170 | -140 |
Total, Fair value, available-for-sale | 2,939 | 2,970 |
Collateralized loan and other debt obligations [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -99 | -55 |
Less than 12 months, Fair value, available-for-sale | 12,755 | 7,202 |
12 months or more, Gross unrealized losses, available-for-sale | -85 | -38 |
12 months or more, Fair value, available-for-sale | 3,958 | 343 |
Total, Gross unrealized losses, available-for-sale | -184 | -93 |
Total, Fair value, available-for-sale | 16,713 | 7,545 |
Held-to-maturity securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | -13 | |
Less than 12 months, Fair value, held-to-maturity | 1,391 | |
12 months or more, Gross unrealized losses, held-to-maturity | 0 | |
12 months or more, Fair value, held-to-maturity | 0 | |
Total, Gross unrealized losses, held-to-maturity | -13 | |
Total, Fair value, held-to-maturity | 1,391 | |
Other [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -23 | -11 |
Less than 12 months, Fair value, available-for-sale | 708 | 1,690 |
12 months or more, Gross unrealized losses, available-for-sale | -4 | -18 |
12 months or more, Fair value, available-for-sale | 277 | 365 |
Total, Gross unrealized losses, available-for-sale | -27 | -29 |
Total, Fair value, available-for-sale | 985 | 2,055 |
Total marketable equity securities [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -4 | -32 |
Less than 12 months, Fair value, available-for-sale | 133 | 458 |
12 months or more, Gross unrealized losses, available-for-sale | -68 | -32 |
12 months or more, Fair value, available-for-sale | 633 | 308 |
Total, Gross unrealized losses, available-for-sale | -72 | -64 |
Total, Fair value, available-for-sale | 766 | 766 |
Perpetual preferred securities [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -2 | -28 |
Less than 12 months, Fair value, available-for-sale | 92 | 424 |
12 months or more, Gross unrealized losses, available-for-sale | -68 | -32 |
12 months or more, Fair value, available-for-sale | 633 | 308 |
Total, Gross unrealized losses, available-for-sale | -70 | -60 |
Total, Fair value, available-for-sale | 725 | 732 |
Other marketable equity securities [Member] | ||
Available-for-sale securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | -2 | -4 |
Less than 12 months, Fair value, available-for-sale | 41 | 34 |
12 months or more, Gross unrealized losses, available-for-sale | 0 | 0 |
12 months or more, Fair value, available-for-sale | 0 | 0 |
Total, Gross unrealized losses, available-for-sale | -2 | -4 |
Total, Fair value, available-for-sale | $41 | $34 |
Investment_Securities_Unrealiz
Investment Securities, Unrealized Loss Position, by Credit Rating (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale securities: | ||
Gross unrealized losses | ($1,922) | ($5,151) |
Available-for-sale, at fair value | 257,442 | 252,007 |
Held-to-maturity securities: | ||
Gross unrealized losses | -21 | -99 |
Fair value | 56,359 | 12,247 |
Investment securities: | ||
Gross unrealized losses | -1,943 | -5,250 |
Fair value | 313,801 | 264,254 |
Total debt securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -1,850 | -5,087 |
Available-for-sale, at fair value | 253,766 | 248,622 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -138 | -329 |
Available-for-sale, at fair value | 25,804 | 6,280 |
Held-to-maturity securities: | ||
Gross unrealized losses | -8 | |
Fair value | 41,548 | |
U.S. states and political subdivisions [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -499 | -727 |
Available-for-sale, at fair value | 44,944 | 42,536 |
Held-to-maturity securities: | ||
Gross unrealized losses | 0 | |
Fair value | 1,989 | |
Total mortgage-backed securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -832 | -3,769 |
Available-for-sale, at fair value | 136,352 | 148,791 |
Federal agencies [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -751 | -3,614 |
Available-for-sale, at fair value | 110,089 | 117,591 |
Held-to-maturity securities: | ||
Gross unrealized losses | 0 | -99 |
Fair value | 5,641 | 6,205 |
Residential [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -24 | -40 |
Available-for-sale, at fair value | 9,269 | 12,453 |
Commercial [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -57 | -115 |
Available-for-sale, at fair value | 16,994 | 18,747 |
Corporate debt securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -170 | -140 |
Available-for-sale, at fair value | 14,786 | 21,227 |
Collateralized loan and other debt obligations [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -184 | -93 |
Available-for-sale, at fair value | 25,361 | 20,159 |
Held-to-maturity securities: | ||
Gross unrealized losses | -13 | |
Fair value | 1,391 | |
Other [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -27 | -29 |
Available-for-sale, at fair value | 6,519 | 9,629 |
Held-to-maturity securities: | ||
Gross unrealized losses | 0 | 0 |
Fair value | 5,790 | 6,042 |
Total marketable equity securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -72 | -64 |
Available-for-sale, at fair value | 3,676 | 3,385 |
Perpetual preferred securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -70 | -60 |
Available-for-sale, at fair value | 1,700 | 1,865 |
Investment grade [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -1,676 | -4,909 |
Available-for-sale, at fair value | 89,445 | 102,744 |
Held-to-maturity securities: | ||
Gross unrealized losses | -21 | -99 |
Fair value | 3,280 | 6,153 |
Investment securities: | ||
Gross unrealized losses | -1,697 | -5,008 |
Fair value | 92,725 | 108,897 |
Investment grade [Member] | Total debt securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -1,606 | -4,849 |
Available-for-sale, at fair value | 88,720 | 102,012 |
Investment grade [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -138 | -329 |
Available-for-sale, at fair value | 12,857 | 5,786 |
Held-to-maturity securities: | ||
Gross unrealized losses | -8 | |
Fair value | 1,889 | |
Investment grade [Member] | U.S. states and political subdivisions [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -459 | -671 |
Available-for-sale, at fair value | 13,600 | 12,915 |
Investment grade [Member] | Total mortgage-backed securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -775 | -3,662 |
Available-for-sale, at fair value | 43,065 | 71,718 |
Investment grade [Member] | Federal agencies [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -751 | -3,614 |
Available-for-sale, at fair value | 39,560 | 68,177 |
Held-to-maturity securities: | ||
Gross unrealized losses | -13 | -99 |
Fair value | 1,391 | 6,153 |
Investment grade [Member] | Residential [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | 0 | -2 |
Available-for-sale, at fair value | 139 | 177 |
Investment grade [Member] | Commercial [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -24 | -46 |
Available-for-sale, at fair value | 3,366 | 3,364 |
Investment grade [Member] | Corporate debt securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -39 | -96 |
Available-for-sale, at fair value | 1,807 | 2,343 |
Investment grade [Member] | Collateralized loan and other debt obligations [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -172 | -72 |
Available-for-sale, at fair value | 16,609 | 7,376 |
Investment grade [Member] | Other [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -23 | -19 |
Available-for-sale, at fair value | 782 | 1,874 |
Investment grade [Member] | Perpetual preferred securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -70 | -60 |
Available-for-sale, at fair value | 725 | 732 |
Non-investment grade [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -244 | -238 |
Available-for-sale, at fair value | 3,111 | 3,508 |
Held-to-maturity securities: | ||
Gross unrealized losses | 0 | 0 |
Fair value | 0 | 0 |
Investment securities: | ||
Gross unrealized losses | -244 | -238 |
Fair value | 3,111 | 3,508 |
Non-investment grade [Member] | Total debt securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -244 | -238 |
Available-for-sale, at fair value | 3,111 | 3,508 |
Non-investment grade [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | 0 | 0 |
Available-for-sale, at fair value | 0 | 0 |
Held-to-maturity securities: | ||
Gross unrealized losses | 0 | |
Fair value | 0 | |
Non-investment grade [Member] | U.S. states and political subdivisions [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -40 | -56 |
Available-for-sale, at fair value | 353 | 443 |
Non-investment grade [Member] | Total mortgage-backed securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -57 | -107 |
Available-for-sale, at fair value | 1,319 | 2,088 |
Non-investment grade [Member] | Federal agencies [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | 0 | 0 |
Available-for-sale, at fair value | 0 | 0 |
Held-to-maturity securities: | ||
Gross unrealized losses | 0 | 0 |
Fair value | 0 | 0 |
Non-investment grade [Member] | Residential [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -24 | -38 |
Available-for-sale, at fair value | 951 | 1,297 |
Non-investment grade [Member] | Commercial [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -33 | -69 |
Available-for-sale, at fair value | 368 | 791 |
Non-investment grade [Member] | Corporate debt securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -131 | -44 |
Available-for-sale, at fair value | 1,132 | 627 |
Non-investment grade [Member] | Collateralized loan and other debt obligations [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -12 | -21 |
Available-for-sale, at fair value | 104 | 169 |
Non-investment grade [Member] | Other [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | -4 | -10 |
Available-for-sale, at fair value | 203 | 181 |
Non-investment grade [Member] | Perpetual preferred securities [Member] | ||
Available-for-sale securities: | ||
Gross unrealized losses | 0 | 0 |
Available-for-sale, at fair value | $0 | $0 |
Investment_Securities_Contract
Investment Securities, Contractual Maturities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | $253,766 | $248,622 |
Weighted average yield contractual maturities, Total, available-for-sale | 3.60% | 3.69% |
Due within 1 year, Contractual maturities, available-for-sale | 4,647 | 12,084 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 2.03% | 1.99% |
Due in 1-5 years, Contractual maturities, available-for-sale | 39,775 | 20,384 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 2.20% | 2.75% |
Due in 5-10 years, Contractual maturities, available-for-sale | 22,310 | 25,293 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 3.12% | 3.14% |
Due in 10 years or more, Contractual maturities, available-for-sale | 187,034 | 190,861 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.99% | 3.97% |
Held-to-maturity securities: | ||
Amortized Cost | 55,483 | 12,346 |
Weighted average yield contractual maturities, Total, held-to-maturity | 2.37% | 2.92% |
Due within 1 year, Contractual maturities, held-to-maturity | 192 | 195 |
Percentage of weighted average yield, Due within 1 year, held-to-maturity | 1.61% | 1.72% |
Due in 1-5 years, Contractual maturities, held-to-maturity | 4,214 | 4,468 |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity | 1.72% | 1.87% |
Due in 5-10 years, Contractual maturities, held-to-maturity | 42,244 | 1,379 |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity | 2.10% | 1.98% |
Due in 10 years or more, Contractual maturities, held-to-maturity | 8,833 | 6,304 |
Percentage of weighted average yield, Due after 10 years, held-to-maturity | 3.96% | 3.90% |
Held-to-maturity securities, at fair value: | ||
Held-to-maturity, at fair value | 56,359 | 12,247 |
Due within 1 year, Contractual maturities, held-to-maturity, at fair value | 193 | 195 |
Due in 1-5 years, Contractual maturities, held-to-maturity, at fair value | 4,239 | 4,468 |
Due in 5-10 years, Contractual maturities, held-to-maturity, at fair value | 42,915 | 1,379 |
Due in 10 years or more, Contractual maturities, held-to-maturity, at fair value | 9,012 | 6,205 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 25,804 | 6,280 |
Weighted average yield contractual maturities, Total, available-for-sale | 1.49% | 1.66% |
Due within 1 year, Contractual maturities, available-for-sale | 181 | 86 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 1.47% | 0.54% |
Due in 1-5 years, Contractual maturities, available-for-sale | 22,348 | 701 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 1.44% | 1.45% |
Due in 5-10 years, Contractual maturities, available-for-sale | 3,275 | 5,493 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 1.83% | 1.71% |
Due in 10 years or more, Contractual maturities, available-for-sale | 0 | 0 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 0.00% | 0.00% |
Held-to-maturity securities: | ||
Amortized Cost | 40,886 | |
Weighted average yield contractual maturities, Total, held-to-maturity | 2.12% | |
Due within 1 year, Contractual maturities, held-to-maturity | 0 | |
Percentage of weighted average yield, Due within 1 year, held-to-maturity | 0.00% | |
Due in 1-5 years, Contractual maturities, held-to-maturity | 0 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity | 0.00% | |
Due in 5-10 years, Contractual maturities, held-to-maturity | 40,886 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity | 2.12% | |
Due in 10 years or more, Contractual maturities, held-to-maturity | 0 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity | 0.00% | |
Held-to-maturity securities, at fair value: | ||
Held-to-maturity, at fair value | 41,548 | |
Due within 1 year, Contractual maturities, held-to-maturity, at fair value | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, at fair value | 0 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, at fair value | 41,548 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, at fair value | 0 | |
U.S. states and political subdivisions [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 44,944 | 42,536 |
Weighted average yield contractual maturities, Total, available-for-sale | 5.66% | 5.30% |
Due within 1 year, Contractual maturities, available-for-sale | 3,568 | 4,915 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 1.71% | 1.84% |
Due in 1-5 years, Contractual maturities, available-for-sale | 7,050 | 7,901 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 2.19% | 2.19% |
Due in 5-10 years, Contractual maturities, available-for-sale | 3,235 | 3,151 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 5.13% | 5.19% |
Due in 10 years or more, Contractual maturities, available-for-sale | 31,091 | 26,569 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 6.96% | 6.89% |
Held-to-maturity securities: | ||
Amortized Cost | 1,962 | |
Weighted average yield contractual maturities, Total, held-to-maturity | 5.60% | |
Due within 1 year, Contractual maturities, held-to-maturity | 0 | |
Percentage of weighted average yield, Due within 1 year, held-to-maturity | 0.00% | |
Due in 1-5 years, Contractual maturities, held-to-maturity | 0 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity | 0.00% | |
Due in 5-10 years, Contractual maturities, held-to-maturity | 9 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity | 6.60% | |
Due in 10 years or more, Contractual maturities, held-to-maturity | 1,953 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity | 5.59% | |
Held-to-maturity securities, at fair value: | ||
Held-to-maturity, at fair value | 1,989 | |
Due within 1 year, Contractual maturities, held-to-maturity, at fair value | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, at fair value | 0 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, at fair value | 9 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, at fair value | 1,980 | |
Total mortgage-backed securities [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 136,352 | 148,791 |
Weighted average yield contractual maturities, Total, available-for-sale | 3.59% | 3.65% |
Due within 1 year, Contractual maturities, available-for-sale | 1 | 1 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 0.28% | 7.14% |
Due in 1-5 years, Contractual maturities, available-for-sale | 347 | 450 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 2.88% | 2.78% |
Due in 5-10 years, Contractual maturities, available-for-sale | 1,099 | 1,128 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 3.54% | 3.52% |
Due in 10 years or more, Contractual maturities, available-for-sale | 134,905 | 147,212 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.59% | 3.66% |
Federal agencies [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 110,089 | 117,591 |
Weighted average yield contractual maturities, Total, available-for-sale | 3.27% | 3.33% |
Due within 1 year, Contractual maturities, available-for-sale | 0 | 1 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 0.00% | 7.14% |
Due in 1-5 years, Contractual maturities, available-for-sale | 276 | 398 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 2.86% | 2.71% |
Due in 5-10 years, Contractual maturities, available-for-sale | 1,011 | 956 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 3.38% | 3.46% |
Due in 10 years or more, Contractual maturities, available-for-sale | 108,802 | 116,236 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.27% | 3.33% |
Held-to-maturity securities: | ||
Amortized Cost | 5,476 | 6,304 |
Weighted average yield contractual maturities, Total, held-to-maturity | 3.89% | 3.90% |
Due within 1 year, Contractual maturities, held-to-maturity | 0 | 0 |
Percentage of weighted average yield, Due within 1 year, held-to-maturity | 0.00% | 0.00% |
Due in 1-5 years, Contractual maturities, held-to-maturity | 0 | 0 |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity | 0.00% | 0.00% |
Due in 5-10 years, Contractual maturities, held-to-maturity | 0 | 0 |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity | 0.00% | 0.00% |
Due in 10 years or more, Contractual maturities, held-to-maturity | 5,476 | 6,304 |
Percentage of weighted average yield, Due after 10 years, held-to-maturity | 3.89% | 3.90% |
Held-to-maturity securities, at fair value: | ||
Held-to-maturity, at fair value | 5,641 | 6,205 |
Due within 1 year, Contractual maturities, held-to-maturity, at fair value | 0 | 0 |
Due in 1-5 years, Contractual maturities, held-to-maturity, at fair value | 0 | 0 |
Due in 5-10 years, Contractual maturities, held-to-maturity, at fair value | 0 | 0 |
Due in 10 years or more, Contractual maturities, held-to-maturity, at fair value | 5,641 | 6,205 |
Residential [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 9,269 | 12,453 |
Weighted average yield contractual maturities, Total, available-for-sale | 4.50% | 4.31% |
Due within 1 year, Contractual maturities, available-for-sale | 0 | 0 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 0.00% | 0.00% |
Due in 1-5 years, Contractual maturities, available-for-sale | 9 | 0 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 4.81% | 0.00% |
Due in 5-10 years, Contractual maturities, available-for-sale | 83 | 113 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 5.63% | 5.43% |
Due in 10 years or more, Contractual maturities, available-for-sale | 9,177 | 12,340 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 4.49% | 4.30% |
Commercial [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 16,994 | 18,747 |
Weighted average yield contractual maturities, Total, available-for-sale | 5.16% | 5.24% |
Due within 1 year, Contractual maturities, available-for-sale | 1 | 0 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 0.28% | 0.00% |
Due in 1-5 years, Contractual maturities, available-for-sale | 62 | 52 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 2.71% | 3.33% |
Due in 5-10 years, Contractual maturities, available-for-sale | 5 | 59 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 1.30% | 0.96% |
Due in 10 years or more, Contractual maturities, available-for-sale | 16,926 | 18,636 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 5.17% | 5.26% |
Corporate debt securities [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 14,786 | 21,227 |
Weighted average yield contractual maturities, Total, available-for-sale | 4.90% | 4.18% |
Due within 1 year, Contractual maturities, available-for-sale | 600 | 6,136 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 4.32% | 2.06% |
Due in 1-5 years, Contractual maturities, available-for-sale | 7,634 | 7,255 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 4.54% | 4.22% |
Due in 5-10 years, Contractual maturities, available-for-sale | 5,209 | 6,528 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 5.30% | 5.80% |
Due in 10 years or more, Contractual maturities, available-for-sale | 1,343 | 1,308 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 5.70% | 5.77% |
Collateralized loan and other debt obligations [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 25,361 | 20,159 |
Weighted average yield contractual maturities, Total, available-for-sale | 1.83% | 1.59% |
Due within 1 year, Contractual maturities, available-for-sale | 23 | 40 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 1.95% | 0.25% |
Due in 1-5 years, Contractual maturities, available-for-sale | 944 | 1,100 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 0.71% | 0.63% |
Due in 5-10 years, Contractual maturities, available-for-sale | 8,472 | 7,750 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 1.67% | 1.29% |
Due in 10 years or more, Contractual maturities, available-for-sale | 15,922 | 11,269 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 1.99% | 1.89% |
Held-to-maturity securities: | ||
Amortized Cost | 1,404 | |
Weighted average yield contractual maturities, Total, held-to-maturity | 1.96% | |
Due within 1 year, Contractual maturities, held-to-maturity | 0 | |
Percentage of weighted average yield, Due within 1 year, held-to-maturity | 0.00% | |
Due in 1-5 years, Contractual maturities, held-to-maturity | 0 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity | 0.00% | |
Due in 5-10 years, Contractual maturities, held-to-maturity | 0 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity | 0.00% | |
Due in 10 years or more, Contractual maturities, held-to-maturity | 1,404 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity | 1.96% | |
Held-to-maturity securities, at fair value: | ||
Held-to-maturity, at fair value | 1,391 | |
Due within 1 year, Contractual maturities, held-to-maturity, at fair value | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, at fair value | 0 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, at fair value | 0 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, at fair value | 1,391 | |
Other [Member] | ||
Available-for-sale securities: | ||
Contractual maturities, Total amount, available-for-sale | 6,519 | 9,629 |
Weighted average yield contractual maturities, Total, available-for-sale | 1.79% | 1.80% |
Due within 1 year, Contractual maturities, available-for-sale | 274 | 906 |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 1.55% | 2.53% |
Due in 1-5 years, Contractual maturities, available-for-sale | 1,452 | 2,977 |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 2.56% | 1.74% |
Due in 5-10 years, Contractual maturities, available-for-sale | 1,020 | 1,243 |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 1.32% | 1.64% |
Due in 10 years or more, Contractual maturities, available-for-sale | 3,773 | 4,503 |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 1.64% | 1.73% |
Held-to-maturity securities: | ||
Amortized Cost | 5,755 | 6,042 |
Weighted average yield contractual maturities, Total, held-to-maturity | 1.64% | 1.89% |
Due within 1 year, Contractual maturities, held-to-maturity | 192 | 195 |
Percentage of weighted average yield, Due within 1 year, held-to-maturity | 1.61% | 1.72% |
Due in 1-5 years, Contractual maturities, held-to-maturity | 4,214 | 4,468 |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity | 1.72% | 1.87% |
Due in 5-10 years, Contractual maturities, held-to-maturity | 1,349 | 1,379 |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity | 1.41% | 1.98% |
Due in 10 years or more, Contractual maturities, held-to-maturity | 0 | 0 |
Percentage of weighted average yield, Due after 10 years, held-to-maturity | 0.00% | 0.00% |
Held-to-maturity securities, at fair value: | ||
Held-to-maturity, at fair value | 5,790 | 6,042 |
Due within 1 year, Contractual maturities, held-to-maturity, at fair value | 193 | 195 |
Due in 1-5 years, Contractual maturities, held-to-maturity, at fair value | 4,239 | 4,468 |
Due in 5-10 years, Contractual maturities, held-to-maturity, at fair value | 1,358 | 1,379 |
Due in 10 years or more, Contractual maturities, held-to-maturity, at fair value | $0 | $0 |
Investment_Securities_Realized
Investment Securities, Realized Gains and Losses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Marketable Securities, Realized Gain (Loss) [Abstract] | |||
Gross realized gains | $1,560 | $492 | $600 |
Gross realized losses | -14 | -24 | -73 |
OTTI write-downs | -52 | -183 | -256 |
Net realized gains from available-for-sale securities | 1,494 | 285 | 271 |
Net realized gains from nonmarketable equity investments | 1,479 | 1,158 | 1,086 |
Net realized gains from debt securities and equity investments | $2,973 | $1,443 | $1,357 |
Investment_Securities_OTTI_Inc
Investment Securities, OTTI Included in Earnings (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OTTI write-downs included in earnings | |||
Total investment securities | $52 | $183 | $256 |
Nonmarketable equity investments | 270 | 161 | 160 |
Total OTTI write-downs included in earnings | 322 | 344 | 416 |
Total debt securities [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 49 | 158 | 240 |
U.S. states and political subdivisions [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 11 | 2 | 16 |
Federal agencies [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 0 | 1 | 0 |
Residential [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 26 | 72 | 84 |
Commercial [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 9 | 53 | 86 |
Corporate debt securities [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 1 | 4 | 11 |
Collateralized loan and other debt obligations [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 2 | 0 | 1 |
Other debt securities | |||
OTTI write-downs included in earnings | |||
Total investment securities | 0 | 26 | 42 |
Total marketable equity securities [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 3 | 25 | 16 |
Perpetual preferred securities [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | 0 | 0 | 12 |
Other marketable equity securities [Member] | |||
OTTI write-downs included in earnings | |||
Total investment securities | $3 | $25 | $4 |
Investment_Securities_OTTI_Deb
Investment Securities, OTTI Debt Securities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | $52 | $183 | $256 |
Total debt securities [Member] | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 49 | 158 | 240 |
Total changes to OCI for non-credit-related OTTI | -31 | -119 | -237 |
Total OTTI losses recorded on debt securities | 18 | 39 | 3 |
Total debt securities [Member] | Credit-related OTTI [Member] | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 40 | 107 | 237 |
Total debt securities [Member] | Intent-to-sell OTTI [Member] | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 9 | 51 | 3 |
U.S. states and political subdivisions [Member] | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 11 | 2 | 16 |
Total changes to OCI for non-credit-related OTTI | 0 | -2 | 1 |
Residential [Member] | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 26 | 72 | 84 |
Total changes to OCI for non-credit-related OTTI | -10 | -27 | -178 |
Commercial [Member] | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 9 | 53 | 86 |
Total changes to OCI for non-credit-related OTTI | -21 | -90 | -88 |
Corporate debt securities [Member] | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 1 | 4 | 11 |
Total changes to OCI for non-credit-related OTTI | 0 | 0 | 1 |
Collateralized loan and other debt obligations [Member] | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 2 | 0 | 1 |
Total changes to OCI for non-credit-related OTTI | 0 | -1 | -1 |
Other debt securities | |||
OTTI on debt securities (Abstract) | |||
Total OTTI recorded as part of gross realized losses | 0 | 26 | 42 |
Total changes to OCI for non-credit-related OTTI | $0 | $1 | $28 |
Investment_Securities_Credit_L
Investment Securities, Credit Loss Component (Details) (Total debt securities [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total debt securities [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Credit loss recognized, beginning of year | $1,171 | $1,289 | $1,272 |
Additions: | |||
For securities with initial credit impairments | 5 | 21 | 55 |
For securities with previous credit impairments | 35 | 86 | 182 |
Total additions | 40 | 107 | 237 |
Reductions: | |||
For securities sold, matured, or intended/required to be sold | -169 | -194 | -194 |
For recoveries of previous credit impairments | -17 | -31 | -26 |
Total reductions | -186 | -225 | -220 |
Credit loss recognized, end of year | $1,025 | $1,171 | $1,289 |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses Textual (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2011 | Dec. 31, 2010 | |
Accounts Notes Loans And Financing Receivable (Textual) [Abstract] | ||||||
Unearned income, net deferred loan fees and unamortized discount and premium | $4,500,000,000 | $6,400,000,000 | ||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Unfunded credit commitments, lines of credit portfolio | 70,100,000,000 | |||||
Temporary advance arrangements | 87,000,000,000 | 87,000,000,000 | ||||
Commercial letters of credit, international trade | 1,200,000,000 | 1,200,000,000 | ||||
Allowances related to the adoption of consolidation accounting guidance | 693,000,000 | |||||
Allowance for Credit Losses, Purchased Credit-Impaired | 11,000,000 | 30,000,000 | 117,000,000 | 231,000,000 | 298,000,000 | |
Nonaccrual loans | 12,848,000,000 | 15,668,000,000 | ||||
Loans, 90 days or more past due and still accruing | 17,810,000,000 | 23,219,000,000 | ||||
High value properties, threshold ($1 million or more) | 1,000,000 | |||||
Impaired loans | 25,408,000,000 | 28,070,000,000 | ||||
Commitment to lend on TDR | 341,000,000 | 407,000,000 | ||||
Loans remodified | 2,100,000,000 | 3,100,000,000 | 3,900,000,000 | |||
Financing receivable modification, principal forgiven | 149,000,000 | 393,000,000 | 495,000,000 | |||
Purchased Credit Impaired Loans | 23,320,000,000 | 26,727,000,000 | ||||
Total PCI loans (unpaid principal balance) | 32,924,000,000 | 38,229,000,000 | 98,182,000,000 | |||
Residential Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Purchased Credit Impaired Loans | 21,813,000,000 | 24,223,000,000 | ||||
Loans And Leases Receivable [Member] | Real Estate 1-4 Family Mortgage Loans [Member] | California [Member] | Residential Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Concentration of loans as a percentage of total loans | 13.00% | 13.00% | ||||
Loans And Leases Receivable [Member] | Real Estate 1-4 Family Mortgage Loans [Member] | California, Larger Metropolitan Areas [Member] | Residential Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Concentration Risk, Percentage, Threshold | 4.00% | 4.00% | ||||
Loans And Leases Receivable [Member] | Interest-only Loans [Member] | Residential Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Concentration of loans as a percentage of total loans | 12.00% | 15.00% | ||||
Loans And Leases Receivable [Member] | Pick-a-pay [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Concentration of loans as a percentage of total loans | 2.00% | 10.00% | ||||
In Process Of Foreclosure [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Recorded investment amount in consumer mortgage loans collateralized by residential real estate property | 12,700,000,000 | 17,300,000,000 | ||||
Home Affordable Modification Program [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Impaired loans | 149,000,000 | 253,000,000 | ||||
Second Lien Modification Program [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Impaired loans | 34,000,000 | 45,000,000 | ||||
Proprietary Program [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Impaired loans | 269,000,000 | 352,000,000 | ||||
Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, 90 days or more past due and still accruing | 3,700,000,000 | 4,500,000,000 | ||||
Purchased Credit-Impaired Loans [Member] | Residential Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
180 or more DPD and still accruing | 3,737,000,000 | 4,386,000,000 | ||||
Purchased Credit Impaired Loans | 21,813,000,000 | 24,223,000,000 | ||||
Purchased Credit-Impaired Loans [Member] | Loans And Leases Receivable [Member] | Real Estate 1-4 Family Mortgage Loans [Member] | California [Member] | Residential Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Concentration of loans as a percentage of total loans | 2.00% | 2.00% | ||||
Trial modifications [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Impaired loans | 452,000,000 | 650,000,000 | ||||
Trial modifications [Member] | Financing Receivable Accruing [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Impaired loans | 167,000,000 | 286,000,000 | ||||
Trial modifications [Member] | Financing Receivable Nonaccruing [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Impaired loans | 285,000,000 | 364,000,000 | ||||
Commercial and Industrial Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 538,000,000 | 775,000,000 | ||||
Impaired loans | 926,000,000 | 1,311,000,000 | ||||
Purchased Credit Impaired Loans | 75,000,000 | 215,000,000 | ||||
Commercial and Industrial Loans [Member] | Loans And Leases Receivable [Member] | Product Concentration Risk [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Concentration Risk, Percentage, Threshold | 10.00% | 10.00% | ||||
Commercial and Industrial Loans [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, 90 days or more past due and still accruing | 0 | 0 | ||||
Purchased Credit Impaired Loans | 75,000,000 | 215,000,000 | ||||
Commercial and Industrial Loans [Member] | Criticized [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Purchased Credit Impaired Loans | 54,000,000 | 97,000,000 | ||||
Commercial Real Estate Mortgage and Construction Loans [Member] | Loans And Leases Receivable [Member] | Product Concentration Risk [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Concentration Risk, Percentage, Threshold | 10.00% | 10.00% | ||||
Commercial Real Estate Mortgage and Construction Loans [Member] | Criticized [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 8,300,000,000 | |||||
Nonaccrual loans | 1,700,000,000 | |||||
Commercial Real Estate Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 1,490,000,000 | 2,254,000,000 | ||||
Impaired loans | 2,483,000,000 | 3,375,000,000 | ||||
Purchased Credit Impaired Loans | 1,261,000,000 | 1,856,000,000 | ||||
Commercial Real Estate Mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, 90 days or more past due and still accruing | 78,000,000 | 131,000,000 | ||||
Purchased Credit Impaired Loans | 1,261,000,000 | 1,856,000,000 | ||||
Commercial Real Estate Mortgage [Member] | Criticized [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Purchased Credit Impaired Loans | 478,000,000 | 1,532,000,000 | ||||
Commercial Real Estate Construction [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 187,000,000 | 416,000,000 | ||||
Impaired loans | 331,000,000 | 615,000,000 | ||||
Purchased Credit Impaired Loans | 171,000,000 | 433,000,000 | ||||
Commercial Real Estate Construction [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, 90 days or more past due and still accruing | 5,000,000 | 76,000,000 | ||||
Purchased Credit Impaired Loans | 171,000,000 | 433,000,000 | ||||
Commercial Real Estate Construction [Member] | Criticized [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Purchased Credit Impaired Loans | 53,000,000 | 273,000,000 | ||||
Total Commercial [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Allowance for Credit Losses, Purchased Credit-Impaired | 11,000,000 | 26,000,000 | ||||
Nonaccrual loans | 2,239,000,000 | 3,475,000,000 | ||||
Impaired loans | 3,759,000,000 | 5,334,000,000 | ||||
Purchased Credit Impaired Loans | 1,507,000,000 | 2,504,000,000 | 18,704,000,000 | |||
Total Commercial [Member] | Loans held for sale [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 1,000,000 | 1,000,000 | ||||
Total Commercial [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, 90 days or more past due and still accruing | 83,000,000 | 207,000,000 | ||||
Purchased Credit Impaired Loans | 1,507,000,000 | 2,504,000,000 | ||||
Total Commercial [Member] | Criticized [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Purchased Credit Impaired Loans | 585,000,000 | 1,902,000,000 | ||||
Total Consumer [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Allowance for Credit Losses, Purchased Credit-Impaired | 0 | 4,000,000 | ||||
Nonaccrual loans | 10,609,000,000 | 12,193,000,000 | ||||
Loans, 90 days or more past due and still accruing | 873,000,000 | 902,000,000 | ||||
Recorded investment, equal to or greater than 90 days past due | 6,700,000,000 | 7,700,000,000 | ||||
Impaired loans | 21,649,000,000 | 22,736,000,000 | ||||
Purchased Credit Impaired Loans | 21,813,000,000 | 24,223,000,000 | 40,093,000,000 | |||
Real estate 1-4 family first mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 8,583,000,000 | 9,799,000,000 | ||||
180 or more DPD and still accruing, percentage of portfolio | 1.70% | 2.10% | ||||
Impaired loans | 18,600,000,000 | 19,500,000,000 | ||||
Purchased Credit Impaired Loans | 21,712,000,000 | 24,100,000,000 | ||||
Real estate 1-4 family first mortgage [Member] | Mortgages held for sale [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 177,000,000 | 227,000,000 | ||||
Real estate 1-4 family first mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
180 or more DPD and still accruing | 3,654,000,000 | 4,291,000,000 | ||||
Purchased Credit Impaired Loans | 21,712,000,000 | 24,100,000,000 | ||||
Real estate 1-4 family junior lien mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 1,848,000,000 | 2,188,000,000 | ||||
Impaired loans | 2,534,000,000 | 2,582,000,000 | ||||
Purchased Credit Impaired Loans | 101,000,000 | 123,000,000 | ||||
Real estate 1-4 family junior lien mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
180 or more DPD and still accruing | 83,000,000 | 95,000,000 | ||||
Purchased Credit Impaired Loans | 101,000,000 | 123,000,000 | ||||
Automobile [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 137,000,000 | 173,000,000 | ||||
Impaired loans | 127,000,000 | 189,000,000 | ||||
Purchased Credit Impaired Loans | 0 | 0 | ||||
FHA Insured/VA Guaranteed [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Financing Receivable, certain purchases net of certain transfers to held for sale | 2,900,000,000 | 8,200,000,000 | ||||
Loans, 90 days or more past due and still accruing | 16,827,000,000 | 21,274,000,000 | ||||
FHA Insured/VA Guaranteed [Member] | Financing Receivable 90 Days Or More Past Due [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Government insured/guaranteed loans | 16,200,000,000 | 20,800,000,000 | ||||
FHA Insured/VA Guaranteed [Member] | In Process Of Foreclosure [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Recorded investment amount in consumer mortgage loans collateralized by residential real estate property | 6,600,000,000 | 10,000,000,000 | ||||
FHA Insured/VA Guaranteed [Member] | Impaired Loans [Member] | Financing Receivable Accruing [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Government insured/guaranteed loans | 2,100,000,000 | 2,500,000,000 | ||||
Student Loans guaranteed under FFELP [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, 90 days or more past due and still accruing | 63,000,000 | 900,000,000 | ||||
Student Loans guaranteed under FFELP [Member] | Financing Receivable 90 Days Or More Past Due [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Government insured/guaranteed loans | 900,000,000 | |||||
Lines of credit [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Lines of credit portfolio, outstanding balance | 69,700,000,000 | |||||
Lines of credit portfolio, amount in amortization period | 6,200,000,000 | |||||
Lines of credit portfolio, percentage in amortization period | 9.00% | |||||
Lines of credit portfolio, amount to enter amortization period in 2015-2016 | 13,300,000,000 | |||||
Lines of credit portfolio, percentage to enter amortization period in 2015-2016 | 19.00% | |||||
Lines of credit portfolio, amount to enter amortization period in 2017-2019 | 14,200,000,000 | |||||
Lines of credit portfolio, percentage to enter amortization period in 2017-2019 | 20.00% | |||||
Lines of credit portfolio, amount to enter amortization period in subsequent years | 36,000,000,000 | |||||
Lines of credit portfolio, percentage to enter amortization period in subsequent years | 52.00% | |||||
Lines of credit, amortization period [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Lines of credit portfolio, amount 30 or more days past due | 425,000,000 | |||||
Lines of credit portfolio, percentage 30 or more days past due | 7.00% | |||||
Lines of credit, draw period [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Lines of credit portfolio, amount 30 or more days past due | 1,300,000,000 | |||||
Lines of credit portfolio, percentage 30 or more days past due | 2.00% | |||||
Lease Financing [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Nonaccrual loans | 24,000,000 | 30,000,000 | ||||
Impaired loans | 19,000,000 | 33,000,000 | ||||
Purchased Credit Impaired Loans | 0 | 0 | ||||
First Lien Line Of Credit [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Line of credit product draw period, low range | 10 years | |||||
Line of credit product draw period, mid range | 15 years | |||||
Line of credit product draw period, high range | 20 years | |||||
Draw period repayment option, percentage of total outstanding balance | 1.50% | |||||
Junior Lien Line Of Credit [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Line of credit product draw period, low range | 10 years | |||||
Line of credit product draw period, mid range | 15 years | |||||
Line of credit product draw period, high range | 20 years | |||||
Draw period repayment option, percentage of total outstanding balance | 1.50% | |||||
Minimum [Member] | First Lien Line Of Credit [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Draw period repayment option, Interest only payments fixed period | 3 years | |||||
Draw period repayment option, fully amortizing payment fixed period | 5 years | |||||
Minimum [Member] | Junior Lien Line Of Credit [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Draw period repayment option, Interest only payments fixed period | 3 years | |||||
Draw period repayment option, fully amortizing payment fixed period | 5 years | |||||
Maximum [Member] | First Lien Line Of Credit [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Draw period repayment option, Interest only payments fixed period | 7 years | |||||
Draw period repayment option, fully amortizing payment fixed period | 30 years | |||||
End of draw period repayment option, term | 30 years | |||||
Maximum [Member] | Junior Lien Line Of Credit [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Draw period repayment option, Interest only payments fixed period | 7 years | |||||
Draw period repayment option, fully amortizing payment fixed period | 30 years | |||||
End of draw period repayment option, term | 30 years | |||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Residential Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 303,290,000,000 | 300,234,000,000 | ||||
Government insured/guaranteed loans | 26,268,000,000 | 30,737,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial and Industrial Loans [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 271,720,000,000 | 235,143,000,000 | ||||
Nonaccrual loans | 538,000,000 | 775,000,000 | ||||
Loans, 90 days or more past due and still accruing | 31,000,000 | 11,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial and Industrial Loans [Member] | Criticized [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 16,109,000,000 | 16,912,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial Real Estate Mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 110,735,000,000 | 110,571,000,000 | ||||
Nonaccrual loans | 1,490,000,000 | 2,254,000,000 | ||||
Loans, 90 days or more past due and still accruing | 16,000,000 | 35,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial Real Estate Mortgage [Member] | Criticized [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 7,416,000,000 | 11,587,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial Real Estate Construction [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 18,557,000,000 | 16,501,000,000 | ||||
Nonaccrual loans | 187,000,000 | 416,000,000 | ||||
Loans, 90 days or more past due and still accruing | 0 | 97,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial Real Estate Construction [Member] | Criticized [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 896,000,000 | 1,832,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total Commercial [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 413,319,000,000 | 374,586,000,000 | ||||
Nonaccrual loans | 2,239,000,000 | 3,475,000,000 | ||||
Loans, 90 days or more past due and still accruing | 47,000,000 | 143,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total Commercial [Member] | Criticized [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 25,005,000,000 | 30,808,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total Consumer [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 425,912,000,000 | 420,973,000,000 | ||||
Government insured/guaranteed loans | 26,268,000,000 | 41,449,000,000 | ||||
180 or more DPD and still accruing | 4,737,000,000 | 5,518,000,000 | ||||
FICO not required | 5,854,000,000 | 5,007,000,000 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Real estate 1-4 family first mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 243,674,000,000 | 234,407,000,000 | ||||
Government insured/guaranteed loans | 26,268,000,000 | 30,737,000,000 | ||||
180 or more DPD and still accruing | 4,258,000,000 | 5,024,000,000 | ||||
FICO not required | 0 | 0 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 59,616,000,000 | 65,827,000,000 | ||||
Government insured/guaranteed loans | 0 | 0 | ||||
180 or more DPD and still accruing | 464,000,000 | 485,000,000 | ||||
FICO not required | 0 | 0 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Automobile [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 55,740,000,000 | 50,808,000,000 | ||||
Government insured/guaranteed loans | 0 | 0 | ||||
180 or more DPD and still accruing | 1,000,000 | 1,000,000 | ||||
FICO not required | 0 | 0 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Lease Financing [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | 12,307,000,000 | 12,371,000,000 | ||||
Nonaccrual loans | 24,000,000 | 30,000,000 | ||||
Loans, 90 days or more past due and still accruing | 0 | 0 | ||||
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Lease Financing [Member] | Criticized [Member] | ||||||
Loan Concentration Risk (Textual) [Abstract] | ||||||
Loans, excluding Purchased Credit Impaired Loans | $584,000,000 | $477,000,000 |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses, Loans Outstanding (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | $862,551 | [1],[2] | $822,286 | [1],[2] | $798,351 | $769,631 | $757,267 |
Total Commercial [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 414,826 | 377,090 | 359,814 | 344,709 | 320,306 | ||
Commercial and Industrial Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 271,795 | 235,358 | 223,703 | 205,824 | 182,059 | ||
Commercial Real Estate Mortgage [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 111,996 | 112,427 | 106,392 | 106,028 | 99,490 | ||
Commercial Real Estate Construction [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 18,728 | 16,934 | 16,983 | 19,470 | 25,371 | ||
Lease Financing [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 12,307 | 12,371 | 12,736 | 13,387 | 13,386 | ||
Total Consumer [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 447,725 | 445,196 | 438,537 | 424,922 | 436,961 | ||
Real estate 1-4 family first mortgage [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 265,386 | 258,507 | 249,912 | 229,408 | 231,113 | ||
Real estate 1-4 family junior lien mortgage [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 59,717 | 65,950 | 75,503 | 86,041 | 96,205 | ||
Credit Card [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 31,119 | 26,882 | 24,651 | 22,905 | 22,384 | ||
Automobile [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 55,740 | 50,808 | 45,998 | 43,508 | 43,754 | ||
Other revolving credit and installment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 35,763 | 43,049 | 42,473 | 43,060 | 43,505 | ||
Geographic Distribution, Foreign [Member] | Total Commercial [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 50,037 | 47,400 | 37,591 | 39,019 | 31,161 | ||
Geographic Distribution, Foreign [Member] | Commercial and Industrial Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 44,707 | 41,547 | 37,148 | 38,609 | 30,775 | ||
Geographic Distribution, Foreign [Member] | Commercial Real Estate Mortgage [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 4,776 | 5,328 | 52 | 53 | 55 | ||
Geographic Distribution, Foreign [Member] | Commercial Real Estate Construction [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | 218 | 187 | 79 | 88 | 39 | ||
Geographic Distribution, Foreign [Member] | Lease Financing [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans | $336 | $338 | $312 | $269 | $292 | ||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||||||
[2] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses, Significant Activity (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||
Purchases | $6,317 | $11,495 |
Sales | -1,858 | -7,254 |
Transfers to MHFS/LHFS | -9,877 | -269 |
Commercial Portfolio Segment [Member] | ||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||
Purchases | 4,952 | 10,914 |
Sales | -1,706 | -6,740 |
Transfers to MHFS/LHFS | -99 | -258 |
Consumer Portfolio Segment [Member] | ||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||
Purchases | 1,365 | 581 |
Sales | -152 | -514 |
Transfers to MHFS/LHFS | ($9,778) | ($11) |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses, Commitments to Lend (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | $497,242 | $453,431 |
Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 299,817 | 269,591 |
Commercial and Industrial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 278,093 | 250,986 |
Commercial Real Estate Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 6,134 | 5,993 |
Commercial Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 15,587 | 12,612 |
Commercial Lease Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 3 | 0 |
Total Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 197,425 | 183,840 |
Real estate 1-4 family first mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 32,055 | 32,908 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 45,492 | 47,667 |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 95,062 | 79,049 |
Other revolving credit and installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | $24,816 | $24,216 |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses, Allowance for Credit Losses (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | $14,971 | $17,477 | $19,668 | $23,463 | $25,031 |
Provision for credit losses | 1,395 | 2,309 | 7,217 | 7,899 | 15,753 |
Interest income on certain impaired loans | -211 | -264 | -315 | -332 | -266 |
Loan charge-offs | -4,724 | -6,410 | -10,973 | -13,615 | -20,100 |
Loan recoveries | 1,779 | 1,901 | 1,939 | 2,316 | 2,347 |
Net loan charge-offs | -2,945 | -4,509 | -9,034 | -11,299 | -17,753 |
Allowances related to business combinations/other | -41 | -42 | -59 | -63 | 698 |
Allowance for credit losses, ending balance | 13,169 | 14,971 | 17,477 | 19,668 | 23,463 |
Components: | |||||
Allowance for loan losses | 12,319 | 14,502 | 17,060 | 19,372 | 23,022 |
Allowance for unfunded credit commitments | 850 | 469 | 417 | 296 | 441 |
Total allowance for credit losses | 13,169 | 14,971 | 17,477 | 19,668 | 23,463 |
Net loan charge-offs as a percentage of average total loans | 0.35% | 0.56% | 1.17% | 1.49% | 2.30% |
Allowance for loan losses as a percentage of total loans | 1.43% | 1.76% | 2.13% | 2.52% | 3.04% |
Allowance for credit losses as a percentage of total loans | 1.53% | 1.82% | 2.19% | 2.56% | 3.10% |
Total Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 6,103 | 5,714 | |||
Provision for credit losses | 342 | 680 | |||
Interest income on certain impaired loans | -20 | -54 | |||
Loan charge-offs | -717 | -991 | -2,001 | -2,709 | -5,285 |
Loan recoveries | 673 | 776 | 779 | 740 | 641 |
Net loan charge-offs | -44 | -215 | |||
Allowances related to business combinations/other | -4 | -22 | |||
Allowance for credit losses, ending balance | 6,377 | 6,103 | 5,714 | ||
Components: | |||||
Total allowance for credit losses | 6,377 | 6,103 | 5,714 | ||
Commercial and Industrial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -627 | -739 | -1,404 | -1,681 | -2,820 |
Loan recoveries | 369 | 396 | 472 | 426 | 442 |
Commercial Real Estate Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -66 | -190 | -382 | -636 | -1,152 |
Loan recoveries | 160 | 226 | 163 | 143 | 68 |
Commercial Real Estate Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -9 | -28 | -191 | -351 | -1,189 |
Loan recoveries | 136 | 137 | 124 | 146 | 110 |
Lease Financing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -15 | -34 | -24 | -41 | -124 |
Loan recoveries | 8 | 17 | 20 | 25 | 21 |
Total Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 8,868 | 11,763 | |||
Provision for credit losses | 1,053 | 1,629 | |||
Interest income on certain impaired loans | -191 | -210 | |||
Loan charge-offs | -4,007 | -5,419 | -8,972 | -10,906 | -14,815 |
Loan recoveries | 1,106 | 1,125 | 1,160 | 1,576 | 1,706 |
Net loan charge-offs | -2,901 | -4,294 | |||
Allowances related to business combinations/other | -37 | -20 | |||
Allowance for credit losses, ending balance | 6,792 | 8,868 | 11,763 | ||
Components: | |||||
Total allowance for credit losses | 6,792 | 8,868 | 11,763 | ||
Real estate 1-4 family first mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -721 | -1,439 | -3,020 | -3,896 | -4,916 |
Loan recoveries | 212 | 246 | 157 | 405 | 523 |
Real estate 1-4 family junior lien mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -864 | -1,579 | -3,437 | -3,765 | -4,936 |
Loan recoveries | 238 | 269 | 260 | 218 | 211 |
Credit Card [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -1,025 | -1,022 | -1,105 | -1,458 | -2,415 |
Loan recoveries | 161 | 127 | 188 | 257 | 224 |
Automobile [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -729 | -625 | -651 | -797 | -1,295 |
Loan recoveries | 349 | 322 | 364 | 449 | 509 |
Other revolving credit and installment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | -668 | -754 | -759 | -990 | -1,253 |
Loan recoveries | $146 | $161 | $191 | $247 | $239 |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses, Allowance for Credit Losses by Category (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | $14,971 | $17,477 | $19,668 | $23,463 | $25,031 |
Provision for credit losses | 1,395 | 2,309 | 7,217 | 7,899 | 15,753 |
Interest income on certain impaired loans | -211 | -264 | -315 | -332 | -266 |
Loan charge-offs | -4,724 | -6,410 | -10,973 | -13,615 | -20,100 |
Loan recoveries | 1,779 | 1,901 | 1,939 | 2,316 | 2,347 |
Net loan charge-offs | -2,945 | -4,509 | -9,034 | -11,299 | -17,753 |
Allowance related to business combinations/other | -41 | -42 | -59 | -63 | 698 |
Allowance for credit losses, ending balance | 13,169 | 14,971 | 17,477 | 19,668 | 23,463 |
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 6,103 | 5,714 | |||
Provision for credit losses | 342 | 680 | |||
Interest income on certain impaired loans | -20 | -54 | |||
Loan charge-offs | -717 | -991 | -2,001 | -2,709 | -5,285 |
Loan recoveries | 673 | 776 | 779 | 740 | 641 |
Net loan charge-offs | -44 | -215 | |||
Allowance related to business combinations/other | -4 | -22 | |||
Allowance for credit losses, ending balance | 6,377 | 6,103 | 5,714 | ||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 8,868 | 11,763 | |||
Provision for credit losses | 1,053 | 1,629 | |||
Interest income on certain impaired loans | -191 | -210 | |||
Loan charge-offs | -4,007 | -5,419 | -8,972 | -10,906 | -14,815 |
Loan recoveries | 1,106 | 1,125 | 1,160 | 1,576 | 1,706 |
Net loan charge-offs | -2,901 | -4,294 | |||
Allowance related to business combinations/other | -37 | -20 | |||
Allowance for credit losses, ending balance | $6,792 | $8,868 | $11,763 |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses, Loans by Credit Impairment Methodology (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | ||
In Millions, unless otherwise specified | |||||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||||||
Allowance for Credit Losses, Collectively evaluated | $9,188 | $9,932 | |||||||
Allowance for Credit Losses, Individually evaluated | 3,970 | 5,009 | |||||||
Allowance for Credit Losses, Purchased Credit-Impaired | 11 | 30 | 117 | 231 | 298 | ||||
Total allowance for credit losses | 13,169 | 14,971 | 17,477 | 19,668 | 23,463 | 25,031 | |||
Financing Receivable, Collectively evaluated | 813,823 | 767,489 | |||||||
Financing Receivable, Individually evaluated | 25,408 | 28,070 | |||||||
Purchased Credit Impaired Loans | 23,320 | 26,727 | |||||||
Loans | 862,551 | [1],[2] | 822,286 | [1],[2] | 798,351 | 769,631 | 757,267 | ||
Commercial Portfolio Segment [Member] | |||||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||||||
Allowance for Credit Losses, Collectively evaluated | 5,482 | 4,921 | |||||||
Allowance for Credit Losses, Individually evaluated | 884 | 1,156 | |||||||
Allowance for Credit Losses, Purchased Credit-Impaired | 11 | 26 | |||||||
Total allowance for credit losses | 6,377 | 6,103 | 5,714 | ||||||
Financing Receivable, Collectively evaluated | 409,560 | 369,252 | |||||||
Financing Receivable, Individually evaluated | 3,759 | 5,334 | |||||||
Purchased Credit Impaired Loans | 1,507 | 2,504 | 18,704 | ||||||
Loans | 414,826 | 377,090 | 359,814 | 344,709 | 320,306 | ||||
Consumer Portfolio Segment [Member] | |||||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||||||
Allowance for Credit Losses, Collectively evaluated | 3,706 | 5,011 | |||||||
Allowance for Credit Losses, Individually evaluated | 3,086 | 3,853 | |||||||
Allowance for Credit Losses, Purchased Credit-Impaired | 0 | 4 | |||||||
Total allowance for credit losses | 6,792 | 8,868 | 11,763 | ||||||
Financing Receivable, Collectively evaluated | 404,263 | 398,237 | |||||||
Financing Receivable, Individually evaluated | 21,649 | 22,736 | |||||||
Purchased Credit Impaired Loans | 21,813 | 24,223 | 40,093 | ||||||
Loans | $447,725 | $445,196 | $438,537 | $424,922 | $436,961 | ||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||||||||
[2] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses, Loans by Credit Quality Indicator, Commercial (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | ||
In Millions, unless otherwise specified | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Purchased Credit Impaired Loans | $23,320 | $26,727 | ||||||
Loans | 862,551 | [1],[2] | 822,286 | [1],[2] | 798,351 | 769,631 | 757,267 | |
Total Commercial [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Purchased Credit Impaired Loans | 1,507 | 2,504 | 18,704 | |||||
Loans | 414,826 | 377,090 | 359,814 | 344,709 | 320,306 | |||
Commercial and Industrial Loans [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Purchased Credit Impaired Loans | 75 | 215 | ||||||
Loans | 271,795 | 235,358 | 223,703 | 205,824 | 182,059 | |||
Commercial Real Estate Mortgage [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Purchased Credit Impaired Loans | 1,261 | 1,856 | ||||||
Loans | 111,996 | 112,427 | 106,392 | 106,028 | 99,490 | |||
Commercial Real Estate Construction [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Purchased Credit Impaired Loans | 171 | 433 | ||||||
Loans | 18,728 | 16,934 | 16,983 | 19,470 | 25,371 | |||
Lease Financing [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Purchased Credit Impaired Loans | 0 | 0 | ||||||
Loans | 12,307 | 12,371 | 12,736 | 13,387 | 13,386 | |||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 413,319 | 374,586 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | Pass [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 388,314 | 343,778 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | Criticized [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 25,005 | 30,808 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 271,720 | 235,143 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 255,611 | 218,231 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | Criticized [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 16,109 | 16,912 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Mortgage [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 110,735 | 110,571 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Mortgage [Member] | Pass [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 103,319 | 98,984 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Mortgage [Member] | Criticized [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 7,416 | 11,587 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 18,557 | 16,501 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | Pass [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 17,661 | 14,669 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | Criticized [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 896 | 1,832 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Lease Financing [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 12,307 | 12,371 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Lease Financing [Member] | Pass [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | 11,723 | 11,894 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Lease Financing [Member] | Criticized [Member] | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||
Loans, excluding Purchased Credit Impaired Loans | $584 | $477 | ||||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||||||
[2] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Recovered_Sheet1
Loans and Allowance for Credit Losses, Loans by Delinquency Status, Commercial (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | ||
In Millions, unless otherwise specified | ||||||||
By delinquency status: | ||||||||
90 or more DPD and still accruing | $17,810 | $23,219 | ||||||
Nonaccrual loans | 12,848 | 15,668 | ||||||
Purchased Credit Impaired Loans | 23,320 | 26,727 | ||||||
Loans | 862,551 | [1],[2] | 822,286 | [1],[2] | 798,351 | 769,631 | 757,267 | |
Total Commercial [Member] | ||||||||
By delinquency status: | ||||||||
Nonaccrual loans | 2,239 | 3,475 | ||||||
Purchased Credit Impaired Loans | 1,507 | 2,504 | 18,704 | |||||
Loans | 414,826 | 377,090 | 359,814 | 344,709 | 320,306 | |||
Commercial and Industrial Loans [Member] | ||||||||
By delinquency status: | ||||||||
Nonaccrual loans | 538 | 775 | ||||||
Purchased Credit Impaired Loans | 75 | 215 | ||||||
Loans | 271,795 | 235,358 | 223,703 | 205,824 | 182,059 | |||
Commercial Real Estate Mortgage [Member] | ||||||||
By delinquency status: | ||||||||
Nonaccrual loans | 1,490 | 2,254 | ||||||
Purchased Credit Impaired Loans | 1,261 | 1,856 | ||||||
Loans | 111,996 | 112,427 | 106,392 | 106,028 | 99,490 | |||
Commercial Real Estate Construction [Member] | ||||||||
By delinquency status: | ||||||||
Nonaccrual loans | 187 | 416 | ||||||
Purchased Credit Impaired Loans | 171 | 433 | ||||||
Loans | 18,728 | 16,934 | 16,983 | 19,470 | 25,371 | |||
Lease Financing [Member] | ||||||||
By delinquency status: | ||||||||
Nonaccrual loans | 24 | 30 | ||||||
Purchased Credit Impaired Loans | 0 | 0 | ||||||
Loans | 12,307 | 12,371 | 12,736 | 13,387 | 13,386 | |||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD and still accruing | 410,252 | 369,949 | ||||||
30-89 DPD and still accruing | 781 | 1,019 | ||||||
90 or more DPD and still accruing | 47 | 143 | ||||||
Nonaccrual loans | 2,239 | 3,475 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 413,319 | 374,586 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD and still accruing | 270,624 | 234,012 | ||||||
30-89 DPD and still accruing | 527 | 345 | ||||||
90 or more DPD and still accruing | 31 | 11 | ||||||
Nonaccrual loans | 538 | 775 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 271,720 | 235,143 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Mortgage [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD and still accruing | 109,032 | 107,744 | ||||||
30-89 DPD and still accruing | 197 | 538 | ||||||
90 or more DPD and still accruing | 16 | 35 | ||||||
Nonaccrual loans | 1,490 | 2,254 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 110,735 | 110,571 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD and still accruing | 18,345 | 15,885 | ||||||
30-89 DPD and still accruing | 25 | 103 | ||||||
90 or more DPD and still accruing | 0 | 97 | ||||||
Nonaccrual loans | 187 | 416 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 18,557 | 16,501 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Lease Financing [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD and still accruing | 12,251 | 12,308 | ||||||
30-89 DPD and still accruing | 32 | 33 | ||||||
90 or more DPD and still accruing | 0 | 0 | ||||||
Nonaccrual loans | 24 | 30 | ||||||
Loans, excluding Purchased Credit Impaired Loans | $12,307 | $12,371 | ||||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||||||
[2] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Recovered_Sheet2
Loans and Allowance for Credit Losses, Loans by Delinquency Status, Consumer (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | ||
In Millions, unless otherwise specified | ||||||||
By delinquency status: | ||||||||
Total consumer PCI loans (carrying value) | $23,320 | $26,727 | ||||||
Loans | 862,551 | [1],[2] | 822,286 | [1],[2] | 798,351 | 769,631 | 757,267 | |
Total Consumer [Member] | ||||||||
By delinquency status: | ||||||||
Total consumer PCI loans (carrying value) | 21,813 | 24,223 | 40,093 | |||||
Loans | 447,725 | 445,196 | 438,537 | 424,922 | 436,961 | |||
Real estate 1-4 family first mortgage [Member] | ||||||||
By delinquency status: | ||||||||
Total consumer PCI loans (carrying value) | 21,712 | 24,100 | ||||||
Loans | 265,386 | 258,507 | 249,912 | 229,408 | 231,113 | |||
Real estate 1-4 family junior lien mortgage [Member] | ||||||||
By delinquency status: | ||||||||
Total consumer PCI loans (carrying value) | 101 | 123 | ||||||
Loans | 59,717 | 65,950 | 75,503 | 86,041 | 96,205 | |||
Credit Card [Member] | ||||||||
By delinquency status: | ||||||||
Total consumer PCI loans (carrying value) | 0 | 0 | ||||||
Loans | 31,119 | 26,882 | 24,651 | 22,905 | 22,384 | |||
Automobile [Member] | ||||||||
By delinquency status: | ||||||||
Total consumer PCI loans (carrying value) | 0 | 0 | ||||||
Loans | 55,740 | 50,808 | 45,998 | 43,508 | 43,754 | |||
Other revolving credit and installment [Member] | ||||||||
By delinquency status: | ||||||||
Total consumer PCI loans (carrying value) | 0 | 0 | ||||||
Loans | 35,763 | 43,049 | 42,473 | 43,060 | 43,505 | |||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD | 386,901 | 365,462 | ||||||
30-59 DPD | 4,288 | 4,477 | ||||||
60-89 DPD | 1,719 | 1,850 | ||||||
90-119 DPD | 942 | 1,035 | ||||||
120-179 DPD | 1,057 | 1,182 | ||||||
180 or more DPD | 4,737 | 5,518 | ||||||
Government insured/guaranteed loans | 26,268 | 41,449 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 425,912 | 420,973 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD | 208,642 | 193,371 | ||||||
30-59 DPD | 2,415 | 2,784 | ||||||
60-89 DPD | 993 | 1,157 | ||||||
90-119 DPD | 488 | 587 | ||||||
120-179 DPD | 610 | 747 | ||||||
180 or more DPD | 4,258 | 5,024 | ||||||
Government insured/guaranteed loans | 26,268 | 30,737 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 243,674 | 234,407 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD | 58,182 | 64,230 | ||||||
30-59 DPD | 398 | 461 | ||||||
60-89 DPD | 220 | 253 | ||||||
90-119 DPD | 158 | 182 | ||||||
120-179 DPD | 194 | 216 | ||||||
180 or more DPD | 464 | 485 | ||||||
Government insured/guaranteed loans | 0 | 0 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 59,616 | 65,827 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD | 30,356 | 26,218 | ||||||
30-59 DPD | 239 | 201 | ||||||
60-89 DPD | 160 | 143 | ||||||
90-119 DPD | 136 | 124 | ||||||
120-179 DPD | 227 | 195 | ||||||
180 or more DPD | 1 | 1 | ||||||
Government insured/guaranteed loans | 0 | 0 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 31,119 | 26,882 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD | 54,365 | 49,699 | ||||||
30-59 DPD | 1,056 | 852 | ||||||
60-89 DPD | 235 | 186 | ||||||
90-119 DPD | 78 | 66 | ||||||
120-179 DPD | 5 | 4 | ||||||
180 or more DPD | 1 | 1 | ||||||
Government insured/guaranteed loans | 0 | 0 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 55,740 | 50,808 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||||||
By delinquency status: | ||||||||
Current-29 DPD | 35,356 | 31,944 | ||||||
30-59 DPD | 180 | 179 | ||||||
60-89 DPD | 111 | 111 | ||||||
90-119 DPD | 82 | 76 | ||||||
120-179 DPD | 21 | 20 | ||||||
180 or more DPD | 13 | 7 | ||||||
Government insured/guaranteed loans | 0 | 10,712 | ||||||
Loans, excluding Purchased Credit Impaired Loans | $35,763 | $43,049 | ||||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||||||
[2] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Recovered_Sheet3
Loans and Allowance for Credit Losses, Loans by FICO Score, Consumer (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | ||
In Millions, unless otherwise specified | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Total consumer PCI loans (carrying value) | $23,320 | $26,727 | ||||||
Loans | 862,551 | [1],[2] | 822,286 | [1],[2] | 798,351 | 769,631 | 757,267 | |
Total Consumer [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Total consumer PCI loans (carrying value) | 21,813 | 24,223 | 40,093 | |||||
Loans | 447,725 | 445,196 | 438,537 | 424,922 | 436,961 | |||
Real estate 1-4 family first mortgage [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Total consumer PCI loans (carrying value) | 21,712 | 24,100 | ||||||
Loans | 265,386 | 258,507 | 249,912 | 229,408 | 231,113 | |||
Real estate 1-4 family junior lien mortgage [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Total consumer PCI loans (carrying value) | 101 | 123 | ||||||
Loans | 59,717 | 65,950 | 75,503 | 86,041 | 96,205 | |||
Credit Card [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Total consumer PCI loans (carrying value) | 0 | 0 | ||||||
Loans | 31,119 | 26,882 | 24,651 | 22,905 | 22,384 | |||
Automobile [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Total consumer PCI loans (carrying value) | 0 | 0 | ||||||
Loans | 55,740 | 50,808 | 45,998 | 43,508 | 43,754 | |||
Other revolving credit and installment [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Total consumer PCI loans (carrying value) | 0 | 0 | ||||||
Loans | 35,763 | 43,049 | 42,473 | 43,060 | 43,505 | |||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Less than 600 | 27,525 | 30,935 | ||||||
600-639 | 20,542 | 21,391 | ||||||
640-679 | 35,867 | 36,064 | ||||||
680-719 | 54,050 | 52,686 | ||||||
720-759 | 67,439 | 63,912 | ||||||
760-799 | 120,242 | 108,984 | ||||||
800 and greater | 61,561 | 53,953 | ||||||
No FICO available | 6,564 | 6,592 | ||||||
FICO not required | 5,854 | 5,007 | ||||||
Government insured/guaranteed loans | 26,268 | 41,449 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 425,912 | 420,973 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Less than 600 | 11,166 | 14,128 | ||||||
600-639 | 7,866 | 9,029 | ||||||
640-679 | 13,894 | 14,918 | ||||||
680-719 | 24,412 | 24,336 | ||||||
720-759 | 35,490 | 32,991 | ||||||
760-799 | 82,123 | 72,062 | ||||||
800 and greater | 39,219 | 33,310 | ||||||
No FICO available | 3,236 | 2,896 | ||||||
FICO not required | 0 | 0 | ||||||
Government insured/guaranteed loans | 26,268 | 30,737 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 243,674 | 234,407 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Less than 600 | 4,001 | 5,047 | ||||||
600-639 | 2,794 | 3,247 | ||||||
640-679 | 5,324 | 5,985 | ||||||
680-719 | 8,970 | 10,043 | ||||||
720-759 | 12,171 | 13,581 | ||||||
760-799 | 17,897 | 19,238 | ||||||
800 and greater | 7,581 | 7,707 | ||||||
No FICO available | 878 | 979 | ||||||
FICO not required | 0 | 0 | ||||||
Government insured/guaranteed loans | 0 | 0 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 59,616 | 65,827 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Less than 600 | 2,639 | 2,404 | ||||||
600-639 | 2,588 | 2,175 | ||||||
640-679 | 4,931 | 4,176 | ||||||
680-719 | 6,285 | 5,398 | ||||||
720-759 | 6,407 | 5,530 | ||||||
760-799 | 5,234 | 4,535 | ||||||
800 and greater | 2,758 | 2,409 | ||||||
No FICO available | 277 | 255 | ||||||
FICO not required | 0 | 0 | ||||||
Government insured/guaranteed loans | 0 | 0 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 31,119 | 26,882 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Less than 600 | 8,825 | 8,400 | ||||||
600-639 | 6,236 | 5,925 | ||||||
640-679 | 9,352 | 8,827 | ||||||
680-719 | 9,994 | 8,992 | ||||||
720-759 | 7,475 | 6,546 | ||||||
760-799 | 7,315 | 6,313 | ||||||
800 and greater | 6,184 | 5,397 | ||||||
No FICO available | 359 | 408 | ||||||
FICO not required | 0 | 0 | ||||||
Government insured/guaranteed loans | 0 | 0 | ||||||
Loans, excluding Purchased Credit Impaired Loans | 55,740 | 50,808 | ||||||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||||||
Loans by FICO, Excluding Purchased Credit Impaired Loans [Abstract] | ||||||||
Less than 600 | 894 | 956 | ||||||
600-639 | 1,058 | 1,015 | ||||||
640-679 | 2,366 | 2,158 | ||||||
680-719 | 4,389 | 3,917 | ||||||
720-759 | 5,896 | 5,264 | ||||||
760-799 | 7,673 | 6,836 | ||||||
800 and greater | 5,819 | 5,130 | ||||||
No FICO available | 1,814 | 2,054 | ||||||
FICO not required | 5,854 | 5,007 | ||||||
Government insured/guaranteed loans | 0 | 10,712 | ||||||
Loans, excluding Purchased Credit Impaired Loans | $35,763 | $43,049 | ||||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||||||
[2] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Recovered_Sheet4
Loans and Allowance for Credit Losses, Loans by Loan to Value Ratio, Consumer (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | |||||||
Loans by Loan to Value, Excluding Purchased Credit Impaired Loans [Abstract] | |||||||
Total consumer PCI loans (carrying value) | $23,320 | $26,727 | |||||
Loans | 862,551 | [1],[2] | 822,286 | [1],[2] | 798,351 | 769,631 | 757,267 |
Residential Mortgage [Member] | |||||||
Loans by Loan to Value, Excluding Purchased Credit Impaired Loans [Abstract] | |||||||
Total consumer PCI loans (carrying value) | 21,813 | 24,223 | |||||
Loans | 325,103 | 324,457 | |||||
Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||||||
Loans by Loan to Value, Excluding Purchased Credit Impaired Loans [Abstract] | |||||||
0-60% | 111,322 | 87,692 | |||||
60.01-80% | 103,763 | 97,341 | |||||
80.01-100% | 39,174 | 47,115 | |||||
100.01-120% | 13,387 | 20,670 | |||||
Greater than 120% | 6,914 | 13,675 | |||||
No LTV/CLTV available | 2,462 | 3,004 | |||||
Government insured/guaranteed loans | 26,268 | 30,737 | |||||
Loans, excluding Purchased Credit Impaired Loans | 303,290 | 300,234 | |||||
Real estate 1-4 family first mortgage [Member] | |||||||
Loans by Loan to Value, Excluding Purchased Credit Impaired Loans [Abstract] | |||||||
Total consumer PCI loans (carrying value) | 21,712 | 24,100 | |||||
Loans | 265,386 | 258,507 | 249,912 | 229,408 | 231,113 | ||
Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||||||
Loans by Loan to Value, Excluding Purchased Credit Impaired Loans [Abstract] | |||||||
0-60% | 95,719 | 74,047 | |||||
60.01-80% | 86,112 | 80,187 | |||||
80.01-100% | 25,170 | 30,842 | |||||
100.01-120% | 6,133 | 10,678 | |||||
Greater than 120% | 2,856 | 6,306 | |||||
No LTV/CLTV available | 1,416 | 1,610 | |||||
Government insured/guaranteed loans | 26,268 | 30,737 | |||||
Loans, excluding Purchased Credit Impaired Loans | 243,674 | 234,407 | |||||
Real estate 1-4 family junior lien mortgage [Member] | |||||||
Loans by Loan to Value, Excluding Purchased Credit Impaired Loans [Abstract] | |||||||
Total consumer PCI loans (carrying value) | 101 | 123 | |||||
Loans | 59,717 | 65,950 | 75,503 | 86,041 | 96,205 | ||
Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||||||
Loans by Loan to Value, Excluding Purchased Credit Impaired Loans [Abstract] | |||||||
0-60% | 15,603 | 13,645 | |||||
60.01-80% | 17,651 | 17,154 | |||||
80.01-100% | 14,004 | 16,273 | |||||
100.01-120% | 7,254 | 9,992 | |||||
Greater than 120% | 4,058 | 7,369 | |||||
No LTV/CLTV available | 1,046 | 1,394 | |||||
Government insured/guaranteed loans | 0 | 0 | |||||
Loans, excluding Purchased Credit Impaired Loans | $59,616 | $65,827 | |||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||||||
[2] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Recovered_Sheet5
Loans and Allowance for Credit Losses, Nonaccrual (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | $12,848 | $15,668 |
Total Commercial [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 2,239 | 3,475 |
Commercial and Industrial Loans [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 538 | 775 |
Commercial Real Estate Mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 1,490 | 2,254 |
Commercial Real Estate Construction [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 187 | 416 |
Lease Financing [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 24 | 30 |
Total Consumer [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 10,609 | 12,193 |
Real estate 1-4 family first mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 8,583 | 9,799 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 1,848 | 2,188 |
Automobile [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 137 | 173 |
Other revolving credit and installment [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | $41 | $33 |
Recovered_Sheet6
Loans and Allowance for Credit Losses, 90 Days or More Past Due and Still Accruing (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | $17,810 | $23,219 |
FHA Insured/VA Guaranteed [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 16,827 | 21,274 |
Student Loans guaranteed under FFELP [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 63 | 900 |
Total Consumer [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 873 | 902 |
Total, not government insured/guaranteed [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 920 | 1,045 |
Total, not government insured/guaranteed [Member] | Total Commercial [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 47 | 143 |
Total, not government insured/guaranteed [Member] | Commercial and Industrial Loans [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 31 | 11 |
Total, not government insured/guaranteed [Member] | Commercial Real Estate Mortgage [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 16 | 35 |
Total, not government insured/guaranteed [Member] | Commercial Real Estate Construction [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 0 | 97 |
Total, not government insured/guaranteed [Member] | Total Consumer [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 873 | 902 |
Total, not government insured/guaranteed [Member] | Real estate 1-4 family first mortgage [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 260 | 354 |
Total, not government insured/guaranteed [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 83 | 86 |
Total, not government insured/guaranteed [Member] | Credit Card [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 364 | 321 |
Total, not government insured/guaranteed [Member] | Automobile [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | 73 | 55 |
Total, not government insured/guaranteed [Member] | Other revolving credit and installment [Member] | ||
90 days or More Past Due and Still Accruing Loans [Abstract] | ||
Loans, 90 days or more past due and still accruing | $93 | $86 |
Recovered_Sheet7
Loans and Allowance for Credit Losses, Impaired Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | $30,244 | $33,646 |
Impaired loans | 25,408 | 28,070 |
Impaired loans with related allowance for credit losses | 18,366 | 21,488 |
Related allowance for credit losses | 3,970 | 5,009 |
Total Commercial [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 5,238 | 7,346 |
Impaired loans | 3,759 | 5,334 |
Impaired loans with related allowance for credit losses | 3,489 | 4,947 |
Related allowance for credit losses | 884 | 1,156 |
Commercial and Industrial Loans [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 1,524 | 2,060 |
Impaired loans | 926 | 1,311 |
Impaired loans with related allowance for credit losses | 757 | 1,061 |
Related allowance for credit losses | 240 | 228 |
Commercial Real Estate Mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 3,190 | 4,269 |
Impaired loans | 2,483 | 3,375 |
Impaired loans with related allowance for credit losses | 2,405 | 3,264 |
Related allowance for credit losses | 591 | 819 |
Commercial Real Estate Construction [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 491 | 946 |
Impaired loans | 331 | 615 |
Impaired loans with related allowance for credit losses | 308 | 589 |
Related allowance for credit losses | 45 | 101 |
Lease Financing [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 33 | 71 |
Impaired loans | 19 | 33 |
Impaired loans with related allowance for credit losses | 19 | 33 |
Related allowance for credit losses | 8 | 8 |
Total Consumer [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 25,006 | 26,300 |
Impaired loans | 21,649 | 22,736 |
Impaired loans with related allowance for credit losses | 14,877 | 16,541 |
Related allowance for credit losses | 3,086 | 3,853 |
Real estate 1-4 family first mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 21,324 | 22,450 |
Impaired loans | 18,600 | 19,500 |
Impaired loans with related allowance for credit losses | 12,433 | 13,896 |
Related allowance for credit losses | 2,322 | 3,026 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 3,094 | 3,130 |
Impaired loans | 2,534 | 2,582 |
Impaired loans with related allowance for credit losses | 2,009 | 2,092 |
Related allowance for credit losses | 653 | 681 |
Credit Card [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 338 | 431 |
Impaired loans | 338 | 431 |
Impaired loans with related allowance for credit losses | 338 | 431 |
Related allowance for credit losses | 98 | 132 |
Automobile [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 190 | 245 |
Impaired loans | 127 | 189 |
Impaired loans with related allowance for credit losses | 55 | 95 |
Related allowance for credit losses | 8 | 11 |
Other revolving credit and installment [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 60 | 44 |
Impaired loans | 50 | 34 |
Impaired loans with related allowance for credit losses | 42 | 27 |
Related allowance for credit losses | $5 | $3 |
Recovered_Sheet8
Loans and Allowance for Credit Losses, Impaired Loans, Average Recorded Investment and Interest Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | $26,705 | $29,013 | $27,852 |
Recognized interest income | 1,410 | 1,476 | 1,283 |
Interest income: | |||
Cash basis of accounting | 435 | 426 | 316 |
Other | 975 | 1,050 | 967 |
Total Commercial [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 4,498 | 6,354 | 9,013 |
Recognized interest income | 266 | 271 | 293 |
Commercial and Industrial Loans [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 1,089 | 1,508 | 2,317 |
Recognized interest income | 77 | 94 | 112 |
Commercial Real Estate Mortgage [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 2,924 | 3,842 | 4,821 |
Recognized interest income | 150 | 141 | 119 |
Commercial Real Estate Construction [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 457 | 966 | 1,818 |
Recognized interest income | 39 | 35 | 61 |
Lease Financing [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 28 | 38 | 57 |
Recognized interest income | 0 | 1 | 1 |
Total Consumer [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 22,207 | 22,659 | 18,839 |
Recognized interest income | 1,144 | 1,205 | 990 |
Real estate 1-4 family first mortgage [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 19,086 | 19,419 | 15,750 |
Recognized interest income | 934 | 973 | 803 |
Real estate 1-4 family junior lien mortgage [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 2,547 | 2,498 | 2,193 |
Recognized interest income | 142 | 143 | 80 |
Credit Card [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 381 | 480 | 572 |
Recognized interest income | 46 | 57 | 63 |
Automobile [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 154 | 232 | 299 |
Recognized interest income | 18 | 29 | 42 |
Other revolving credit and installment [Member] | |||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average recorded investment | 39 | 30 | 25 |
Recognized interest income | $4 | $3 | $2 |
Recovered_Sheet9
Loans and Allowance for Credit Losses, Troubled Debt Restructurings Modifications by Type (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Primary Modification Type [Abstract] | |||
Principal | $634 | $1,301 | $1,525 |
Interest rate reduction | 930 | 2,051 | 2,115 |
Other concessions | 5,076 | 7,165 | 11,362 |
Total | 6,640 | 10,517 | 15,002 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 228 | 338 | 1,176 |
Weighted average interest rate reduction | 3.41% | 3.21% | 3.59% |
Recorded investment related to interest rate reduction | 1,405 | 2,996 | 3,274 |
Total Commercial [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 11 | 52 | 70 |
Interest rate reduction | 243 | 496 | 273 |
Other concessions | 2,113 | 2,853 | 3,831 |
Total | 2,367 | 3,401 | 4,174 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 36 | 29 | 62 |
Weighted average interest rate reduction | 1.32% | 2.72% | 1.58% |
Recorded investment related to interest rate reduction | 243 | 497 | 283 |
Commercial and Industrial Loans [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 4 | 19 | 11 |
Interest rate reduction | 51 | 177 | 35 |
Other concessions | 914 | 1,081 | 1,389 |
Total | 969 | 1,277 | 1,435 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 36 | 17 | 40 |
Weighted average interest rate reduction | 1.53% | 4.71% | 1.60% |
Recorded investment related to interest rate reduction | 51 | 177 | 38 |
Commercial Real Estate Mortgage [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 7 | 33 | 47 |
Interest rate reduction | 182 | 307 | 219 |
Other concessions | 929 | 1,391 | 1,907 |
Total | 1,118 | 1,731 | 2,173 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 0 | 8 | 12 |
Weighted average interest rate reduction | 1.21% | 1.66% | 1.57% |
Recorded investment related to interest rate reduction | 182 | 308 | 226 |
Commercial Real Estate Construction [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 0 | 0 | 12 |
Interest rate reduction | 10 | 12 | 19 |
Other concessions | 270 | 381 | 531 |
Total | 280 | 393 | 562 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 0 | 4 | 10 |
Weighted average interest rate reduction | 2.12% | 1.07% | 1.69% |
Recorded investment related to interest rate reduction | 10 | 12 | 19 |
Lease Financing [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 0 | ||
Interest rate reduction | 0 | ||
Other concessions | 4 | ||
Total | 4 | ||
Financial effects of modifications [Abstract] | |||
Charge-offs | 0 | ||
Weighted average interest rate reduction | 0.00% | ||
Recorded investment related to interest rate reduction | 0 | ||
Total Consumer [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 623 | 1,249 | 1,455 |
Interest rate reduction | 687 | 1,555 | 1,842 |
Other concessions | 2,963 | 4,312 | 7,531 |
Total | 4,273 | 7,116 | 10,828 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 192 | 309 | 1,114 |
Weighted average interest rate reduction | 3.84% | 3.31% | 3.78% |
Recorded investment related to interest rate reduction | 1,162 | 2,499 | 2,991 |
Real estate 1-4 family first mortgage [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 571 | 1,143 | 1,371 |
Interest rate reduction | 401 | 1,170 | 1,302 |
Other concessions | 2,690 | 3,681 | 5,822 |
Total | 3,662 | 5,994 | 8,495 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 92 | 233 | 547 |
Weighted average interest rate reduction | 2.50% | 2.64% | 3.00% |
Recorded investment related to interest rate reduction | 833 | 2,019 | 2,379 |
Real estate 1-4 family junior lien mortgage [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 50 | 103 | 79 |
Interest rate reduction | 114 | 181 | 244 |
Other concessions | 246 | 472 | 756 |
Total | 410 | 756 | 1,079 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 64 | 42 | 512 |
Weighted average interest rate reduction | 3.27% | 3.33% | 3.70% |
Recorded investment related to interest rate reduction | 157 | 276 | 313 |
Credit Card [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 0 | 0 | 0 |
Interest rate reduction | 155 | 182 | 241 |
Other concessions | 0 | 0 | 0 |
Total | 155 | 182 | 241 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 0 | 0 | 0 |
Weighted average interest rate reduction | 11.40% | 10.38% | 10.85% |
Recorded investment related to interest rate reduction | 155 | 182 | 241 |
Automobile [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 2 | 3 | 5 |
Interest rate reduction | 5 | 12 | 54 |
Other concessions | 85 | 97 | 265 |
Total | 92 | 112 | 324 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 36 | 34 | 50 |
Weighted average interest rate reduction | 8.56% | 7.66% | 6.90% |
Recorded investment related to interest rate reduction | 5 | 12 | 56 |
Other revolving credit and installment [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 0 | 0 | 0 |
Interest rate reduction | 12 | 10 | 1 |
Other concessions | 16 | 12 | 22 |
Total | 28 | 22 | 23 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 0 | 0 | 5 |
Weighted average interest rate reduction | 5.26% | 4.87% | 4.29% |
Recorded investment related to interest rate reduction | 12 | 10 | 2 |
Trial modifications [Member] | |||
Primary Modification Type [Abstract] | |||
Principal | 0 | 0 | 0 |
Interest rate reduction | 0 | 0 | 0 |
Other concessions | -74 | 50 | 666 |
Total | -74 | 50 | 666 |
Financial effects of modifications [Abstract] | |||
Charge-offs | 0 | 0 | 0 |
Weighted average interest rate reduction | 0.00% | 0.00% | 0.00% |
Recorded investment related to interest rate reduction | $0 | $0 | $0 |
Recovered_Sheet10
Loans and Allowance for Credit Losses, Troubled Debt Restructurings, Current Defaults (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | $613 | $1,090 | $1,992 |
Total Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 183 | 608 | 1,220 |
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 62 | 235 | 379 |
Commercial Real Estate Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 117 | 303 | 579 |
Commercial Real Estate Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 4 | 70 | 261 |
Lease Financing [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 0 | 0 | 1 |
Total Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 430 | 482 | 772 |
Real estate 1-4 family first mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 334 | 370 | 567 |
Real estate 1-4 family junior lien mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 29 | 34 | 55 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 51 | 59 | 94 |
Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | 14 | 18 | 55 |
Other revolving credit and installment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Recorded investment of defaults | $2 | $1 | $1 |
Recovered_Sheet11
Loans and Allowance for Credit Losses, PCI Loans Outstanding (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 |
In Millions, unless otherwise specified | |||
PCI loans [Abstract] | |||
Total consumer PCI loans (carrying value) | $23,320 | $26,727 | |
Total PCI loans (unpaid principal balance) | 32,924 | 38,229 | 98,182 |
Total Commercial [Member] | |||
PCI loans [Abstract] | |||
Total consumer PCI loans (carrying value) | 1,507 | 2,504 | 18,704 |
Commercial and Industrial Loans [Member] | |||
PCI loans [Abstract] | |||
Total consumer PCI loans (carrying value) | 75 | 215 | |
Commercial Real Estate Mortgage [Member] | |||
PCI loans [Abstract] | |||
Total consumer PCI loans (carrying value) | 1,261 | 1,856 | |
Commercial Real Estate Construction [Member] | |||
PCI loans [Abstract] | |||
Total consumer PCI loans (carrying value) | 171 | 433 | |
Total Consumer [Member] | |||
PCI loans [Abstract] | |||
Total consumer PCI loans (carrying value) | 21,813 | 24,223 | 40,093 |
Real estate 1-4 family first mortgage [Member] | |||
PCI loans [Abstract] | |||
Total consumer PCI loans (carrying value) | 21,712 | 24,100 | |
Real estate 1-4 family junior lien mortgage [Member] | |||
PCI loans [Abstract] | |||
Total consumer PCI loans (carrying value) | $101 | $123 |
Recovered_Sheet12
Loans and Allowance for Credit Losses, PCI, Accretable Yield (Details) (USD $) | 12 Months Ended | 36 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in accretable yield related to PCI loans [Abstract] | ||||
Total, beginning of period | $17,392 | $18,548 | $15,961 | $10,447 |
Addition of accretable yield due to acquisitions | 0 | 1 | 3 | 128 |
Accretion into interest income | -1,599 | -1,833 | -2,152 | -7,199 |
Accretion into noninterest income due to sales | -37 | -151 | -5 | -237 |
Reclassification from nonaccretable difference for loans with improving credit-related cash flows | 2,243 | 971 | 1,141 | 4,213 |
Changes in expected cash flows that do not affect nonaccretable difference | -209 | -144 | 3,600 | 8,609 |
Total, end of period | $17,790 | $17,392 | $18,548 | $15,961 |
Recovered_Sheet13
Loans and Allowance for Credit Losses, PCI, Allowance for Credit Losses (Details) (USD $) | 12 Months Ended | 36 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in allowance for PCI loan losses [Abstract] | ||||
Balance, beginning of period | $30 | $117 | $231 | $0 |
Provision (reversal of provision) for losses due to credit deterioration | -15 | -68 | 32 | 1,784 |
Charge-offs | -4 | -19 | -146 | -1,553 |
Balance, end of period | 11 | 30 | 117 | 231 |
Commercial Portfolio Segment [Member] | ||||
Changes in allowance for PCI loan losses [Abstract] | ||||
Balance, beginning of period | 26 | 88 | 165 | 0 |
Provision (reversal of provision) for losses due to credit deterioration | -12 | -52 | 25 | 1,668 |
Charge-offs | -3 | -10 | -102 | -1,503 |
Balance, end of period | 11 | 26 | 88 | 165 |
Pick-a-pay [Member] | ||||
Changes in allowance for PCI loan losses [Abstract] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Provision (reversal of provision) for losses due to credit deterioration | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Balance, end of period | 0 | 0 | 0 | 0 |
Other Consumer [Member] | ||||
Changes in allowance for PCI loan losses [Abstract] | ||||
Balance, beginning of period | 4 | 29 | 66 | 0 |
Provision (reversal of provision) for losses due to credit deterioration | -3 | -16 | 7 | 116 |
Charge-offs | -1 | -9 | -44 | -50 |
Balance, end of period | $0 | $4 | $29 | $66 |
Recovered_Sheet14
Loans and Allowance for Credit Losses, PCI, by Credit Quality Indicator (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 |
In Millions, unless otherwise specified | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | $23,320 | $26,727 | |
Total Commercial [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 1,507 | 2,504 | 18,704 |
Commercial and Industrial Loans [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 75 | 215 | |
Commercial Real Estate Mortgage [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 1,261 | 1,856 | |
Commercial Real Estate Construction [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 171 | 433 | |
Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 1,507 | 2,504 | |
Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 75 | 215 | |
Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Mortgage [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 1,261 | 1,856 | |
Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 171 | 433 | |
Pass [Member] | Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 922 | 602 | |
Pass [Member] | Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 21 | 118 | |
Pass [Member] | Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Mortgage [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 783 | 324 | |
Pass [Member] | Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 118 | 160 | |
Criticized [Member] | Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 585 | 1,902 | |
Criticized [Member] | Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 54 | 97 | |
Criticized [Member] | Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Mortgage [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | 478 | 1,532 | |
Criticized [Member] | Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | |||
Purchased Credit Impaired Loans by Credit Quality Indicator [Abstract] | |||
Purchased Credit Impaired Loans | $53 | $273 |
Recovered_Sheet15
Loans and Allowance for Credit Losses, PCI, by Delinquency Status, Commercial (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 |
In Millions, unless otherwise specified | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
90 or more DPD and still accruing | $17,810 | $23,219 | |
Total commercial PCI loans | 23,320 | 26,727 | |
Purchased Credit-Impaired Loans [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
90 or more DPD and still accruing | 3,700 | 4,500 | |
Total Commercial [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
Total commercial PCI loans | 1,507 | 2,504 | 18,704 |
Total Commercial [Member] | Purchased Credit-Impaired Loans [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
Current-29 DPD and still accruing | 1,371 | 2,249 | |
30-89 DPD and still accruing | 53 | 48 | |
90 or more DPD and still accruing | 83 | 207 | |
Total commercial PCI loans | 1,507 | 2,504 | |
Commercial and Industrial Loans [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
Total commercial PCI loans | 75 | 215 | |
Commercial and Industrial Loans [Member] | Purchased Credit-Impaired Loans [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
Current-29 DPD and still accruing | 75 | 210 | |
30-89 DPD and still accruing | 0 | 5 | |
90 or more DPD and still accruing | 0 | 0 | |
Total commercial PCI loans | 75 | 215 | |
Commercial Real Estate Mortgage [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
Total commercial PCI loans | 1,261 | 1,856 | |
Commercial Real Estate Mortgage [Member] | Purchased Credit-Impaired Loans [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
Current-29 DPD and still accruing | 1,135 | 1,684 | |
30-89 DPD and still accruing | 48 | 41 | |
90 or more DPD and still accruing | 78 | 131 | |
Total commercial PCI loans | 1,261 | 1,856 | |
Commercial Real Estate Construction [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
Total commercial PCI loans | 171 | 433 | |
Commercial Real Estate Construction [Member] | Purchased Credit-Impaired Loans [Member] | |||
Purchased Credit Impaired Loans Commercial Days Past Due [Abstract] | |||
Current-29 DPD and still accruing | 161 | 355 | |
30-89 DPD and still accruing | 5 | 2 | |
90 or more DPD and still accruing | 5 | 76 | |
Total commercial PCI loans | $171 | $433 |
Recovered_Sheet16
Loans and Allowance for Credit Losses, PCI, by Delinquency Status, Consumer (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Purchased Credit Impaired Loans by Consumer Days Past Due [Abstract] | ||
Total consumer PCI loans (carrying value) | $23,320 | $26,727 |
Residential Mortgage [Member] | ||
Purchased Credit Impaired Loans by Consumer Days Past Due [Abstract] | ||
Total consumer PCI loans (carrying value) | 21,813 | 24,223 |
Residential Mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||
Purchased Credit Impaired Loans by Consumer Days Past Due [Abstract] | ||
Current-29 DPD and still accruing | 19,404 | 20,883 |
30-59 DPD and still accruing | 1,994 | 2,193 |
60-89 DPD and still accruing | 1,054 | 1,168 |
90-119 DPD and still accruing | 404 | 459 |
120-179 DPD and still accruing | 443 | 521 |
180 or more DPD and still accruing | 3,737 | 4,386 |
Total consumer PCI loans (adjusted unpaid principal balance) | 27,036 | 29,610 |
Total consumer PCI loans (carrying value) | 21,813 | 24,223 |
Real estate 1-4 family first mortgage [Member] | ||
Purchased Credit Impaired Loans by Consumer Days Past Due [Abstract] | ||
Total consumer PCI loans (carrying value) | 21,712 | 24,100 |
Real estate 1-4 family first mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||
Purchased Credit Impaired Loans by Consumer Days Past Due [Abstract] | ||
Current-29 DPD and still accruing | 19,236 | 20,712 |
30-59 DPD and still accruing | 1,987 | 2,185 |
60-89 DPD and still accruing | 1,051 | 1,164 |
90-119 DPD and still accruing | 402 | 457 |
120-179 DPD and still accruing | 440 | 517 |
180 or more DPD and still accruing | 3,654 | 4,291 |
Total consumer PCI loans (adjusted unpaid principal balance) | 26,770 | 29,326 |
Total consumer PCI loans (carrying value) | 21,712 | 24,100 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Purchased Credit Impaired Loans by Consumer Days Past Due [Abstract] | ||
Total consumer PCI loans (carrying value) | 101 | 123 |
Real estate 1-4 family junior lien mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||
Purchased Credit Impaired Loans by Consumer Days Past Due [Abstract] | ||
Current-29 DPD and still accruing | 168 | 171 |
30-59 DPD and still accruing | 7 | 8 |
60-89 DPD and still accruing | 3 | 4 |
90-119 DPD and still accruing | 2 | 2 |
120-179 DPD and still accruing | 3 | 4 |
180 or more DPD and still accruing | 83 | 95 |
Total consumer PCI loans (adjusted unpaid principal balance) | 266 | 284 |
Total consumer PCI loans (carrying value) | $101 | $123 |
Recovered_Sheet17
Loans and Allowance for Credit Losses, PCI, by FICO Score, Consumer (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Purchased Credit Impaired Loans by FICO [Abstract] | ||
Total consumer PCI loans (carrying value) | $23,320 | $26,727 |
Residential Mortgage [Member] | ||
Purchased Credit Impaired Loans by FICO [Abstract] | ||
Total consumer PCI loans (carrying value) | 21,813 | 24,223 |
Residential Mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||
Purchased Credit Impaired Loans by FICO [Abstract] | ||
Less than 600 | 7,783 | 10,034 |
600-639 | 5,469 | 6,089 |
640-679 | 6,787 | 6,859 |
680-719 | 4,047 | 3,767 |
720-759 | 1,741 | 1,673 |
760-799 | 881 | 870 |
800 and greater | 221 | 199 |
No FICO available | 107 | 119 |
Total consumer PCI loans (adjusted unpaid principal balance) | 27,036 | 29,610 |
Total consumer PCI loans (carrying value) | 21,813 | 24,223 |
Real estate 1-4 family first mortgage [Member] | ||
Purchased Credit Impaired Loans by FICO [Abstract] | ||
Total consumer PCI loans (carrying value) | 21,712 | 24,100 |
Real estate 1-4 family first mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||
Purchased Credit Impaired Loans by FICO [Abstract] | ||
Less than 600 | 7,708 | 9,933 |
600-639 | 5,416 | 6,029 |
640-679 | 6,718 | 6,789 |
680-719 | 4,008 | 3,732 |
720-759 | 1,728 | 1,662 |
760-799 | 875 | 865 |
800 and greater | 220 | 198 |
No FICO available | 97 | 118 |
Total consumer PCI loans (adjusted unpaid principal balance) | 26,770 | 29,326 |
Total consumer PCI loans (carrying value) | 21,712 | 24,100 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Purchased Credit Impaired Loans by FICO [Abstract] | ||
Total consumer PCI loans (carrying value) | 101 | 123 |
Real estate 1-4 family junior lien mortgage [Member] | Purchased Credit-Impaired Loans [Member] | ||
Purchased Credit Impaired Loans by FICO [Abstract] | ||
Less than 600 | 75 | 101 |
600-639 | 53 | 60 |
640-679 | 69 | 70 |
680-719 | 39 | 35 |
720-759 | 13 | 11 |
760-799 | 6 | 5 |
800 and greater | 1 | 1 |
No FICO available | 10 | 1 |
Total consumer PCI loans (adjusted unpaid principal balance) | 266 | 284 |
Total consumer PCI loans (carrying value) | $101 | $123 |
Recovered_Sheet18
Loans and Allowance for Credit Losses, PCI, by Loan to Value Ratio, Consumer (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
By LTV/CLTV: | ||
Total consumer PCI loans (carrying value) | $23,320 | $26,727 |
Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
Total consumer PCI loans (carrying value) | 21,813 | 24,223 |
Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
Total consumer PCI loans (carrying value) | 21,712 | 24,100 |
Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
Total consumer PCI loans (carrying value) | 101 | 123 |
Purchased Credit-Impaired Loans [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
0-60% | 4,343 | 2,533 |
60.01-80% | 11,335 | 8,583 |
80.01-100% | 7,843 | 10,454 |
100.01-120% | 2,481 | 4,744 |
Greater than 120% | 1,024 | 3,286 |
No LTV/CLTV available | 10 | 10 |
Total consumer PCI loans (adjusted unpaid principal balance) | 27,036 | 29,610 |
Total consumer PCI loans (carrying value) | 21,813 | 24,223 |
Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
0-60% | 4,309 | 2,501 |
60.01-80% | 11,264 | 8,541 |
80.01-100% | 7,751 | 10,366 |
100.01-120% | 2,437 | 4,677 |
Greater than 120% | 1,000 | 3,232 |
No LTV/CLTV available | 9 | 9 |
Total consumer PCI loans (adjusted unpaid principal balance) | 26,770 | 29,326 |
Total consumer PCI loans (carrying value) | 21,712 | 24,100 |
Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
0-60% | 34 | 32 |
60.01-80% | 71 | 42 |
80.01-100% | 92 | 88 |
100.01-120% | 44 | 67 |
Greater than 120% | 24 | 54 |
No LTV/CLTV available | 1 | 1 |
Total consumer PCI loans (adjusted unpaid principal balance) | 266 | 284 |
Total consumer PCI loans (carrying value) | $101 | $123 |
Premises_Equipment_Lease_Commi2
Premises, Equipment, Lease Commitments and Other Assets Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Premises, Equipment, Lease Commitments, And Other Assets [Abstract] | |||
Depreciation and amortization expense for premises and equipment | $1,200,000,000 | $1,200,000,000 | $1,300,000,000 |
Net gains (losses) on disposition of premises and equipment | 28,000,000 | -15,000,000 | 7,000,000 |
Operating leases for premises and equipment, term (In years) | 15 years | ||
Operating leases for premises and equipment, longest term expiration date | 2105 | ||
Operating lease rental expense, net of rental income | $1,300,000,000 | $1,300,000,000 | $1,100,000,000 |
Premises_Equipment_and_Lease_C
Premises, Equipment, and Lease Commitments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $19,206 | $19,228 |
Less: Accumulated depreciation and amortization | 10,463 | 10,072 |
Net book value, premises and equipment | 8,743 | 9,156 |
Operating Leases, Future Minimum Payments Due [Abstract] | ||
Operating Leases, 2015 | 1,148 | |
Operating Leases, 2016 | 1,033 | |
Operating Leases, 2017 | 904 | |
Operating Leases, 2018 | 777 | |
Operating Leases, 2019 | 672 | |
Operating Leases, Thereafter | 2,521 | |
Operating Leases, Total minimum lease payments | 7,055 | |
Capital Leases, Future Minimum Payments Due [Abstract] | ||
Capital Leases, 2015 | 2 | |
Capital Leases, 2016 | 2 | |
Capital Leases, 2017 | 3 | |
Capital Leases, 2018 | 3 | |
Capital Leases, 2019 | 3 | |
Capital Leases, Thereafter | 9 | |
Capital Leases, Total minimum lease payments | 22 | |
Capital Leases, Executory costs | -8 | |
Capital Leases, Amounts representing interest | -5 | |
Capital Leases, Present value of net minimum lease payments | 9 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 1,748 | 1,759 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 8,155 | 7,931 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 7,215 | 7,517 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 2,009 | 1,939 |
Premises and equipment leased under capital leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $79 | $82 |
Other_Assets_Details
Other Assets (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Components of Other Assets [Line Items] | |||||
Cost method investments | $7,033 | $6,978 | |||
Equity method investments | 12,410 | 11,991 | |||
Other assets, carried at fair value | 2,512 | 1,386 | |||
Total nonmarketable equity investments | 21,955 | 20,355 | |||
Corporate/bank-owned life insurance | 18,982 | 18,738 | |||
Accounts receivable | 27,151 | 21,422 | |||
Interest receivable | 4,871 | 5,019 | |||
Customer relationship and other amortized intangibles | 5,660 | 6,987 | |||
Non-residential real estate | 956 | 1,030 | |||
Operating lease assets | 2,714 | 2,047 | |||
Due from customers on acceptances | 201 | 279 | |||
Other | 16,156 | 8,787 | |||
Total other assets | 99,057 | [1] | 86,342 | [1] | |
Income (Expense) Related to Nonmarketable Equity Investments [Abstract] | |||||
Net realized gains from nonmarketable equity investments | 1,479 | 1,158 | 1,086 | ||
All other | -741 | -287 | -185 | ||
Total | 738 | 871 | 901 | ||
Government insured/guaranteed [Member] | |||||
Components of Other Assets [Line Items] | |||||
Residential real estate | 982 | 2,093 | |||
Non-government insured/guaranteed [Member] | |||||
Components of Other Assets [Line Items] | |||||
Residential real estate | 671 | 814 | |||
Core deposit intangibles [Member] | |||||
Components of Other Assets [Line Items] | |||||
Customer relationship and other amortized intangibles | 3,561 | 4,674 | |||
Customer relationship and other amortized intangibles [Member] | |||||
Components of Other Assets [Line Items] | |||||
Customer relationship and other amortized intangibles | 857 | 1,084 | |||
Federal bank stock [Member] | |||||
Components of Other Assets [Line Items] | |||||
Cost method investments | 4,733 | 4,670 | |||
LIHTC investments [Member] | |||||
Components of Other Assets [Line Items] | |||||
Equity method investments | 7,278 | 6,209 | |||
Private equity and other [Member] | |||||
Components of Other Assets [Line Items] | |||||
Cost method investments | 2,300 | 2,308 | |||
Equity method investments | $5,132 | $5,782 | |||
[1] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Securitizations_and_Variable_I2
Securitizations and Variable Interest Entities Textual (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | ||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Accrued expenses and other liabilities | $86,122,000,000 | [1] | $66,436,000,000 | [1] | $86,122,000,000 | [1] | |
Long-term debt | 183,943,000,000 | 152,998,000,000 | 183,943,000,000 | ||||
Carrying value of delinquent loans eligible for repurchase | 1,700,000,000 | 2,100,000,000 | 1,700,000,000 | ||||
Principal amount that would be payable to securitization vehicles | 1,700,000,000 | 2,100,000,000 | 1,700,000,000 | ||||
Percentage of underlying collateral rated as investment grade | 70.00% | 72.00% | 70.00% | ||||
Net gain from sale of asset securitization | 288,000,000 | 149,000,000 | 518,000,000 | ||||
Percentage of adverse change in discount rate | 2.00% | ||||||
Decrease in fair value from 2% adverse increase in the risk premium component | 130,000,000 | 130,000,000 | |||||
Floating-rate investors right to tender period | 7 days | ||||||
Total loans | 1,437,817,000,000 | 1,508,959,000,000 | 1,437,817,000,000 | ||||
Delinquent loans | 36,663,000,000 | 41,818,000,000 | 36,663,000,000 | ||||
Loans [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Assets pledged to collateralize the borrowings of variable interest entity | 637,000,000 | 6,600,000,000 | 637,000,000 | ||||
Available-for-sale securities [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Assets pledged to collateralize the borrowings of variable interest entity | 5,700,000,000 | 160,000,000 | 5,700,000,000 | ||||
Cash and cash equivalents [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Assets pledged to collateralize the borrowings of variable interest entity | 0 | 180,000,000 | 0 | ||||
FNMA, FHLMC and GNMA [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Total loans | 1,300,000,000,000 | 1,300,000,000,000 | 1,300,000,000,000 | ||||
Delinquent loans | 16,500,000,000 | 17,900,000,000 | 16,500,000,000 | ||||
Student Loans, Government Guaranteed [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Carrying value of loans sold | 8,300,000,000 | 8,300,000,000 | |||||
Gain (loss) on transfer of unconsolidated VIE debt instruments | 217,000,000 | ||||||
Residential Mortgage [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Amount transferred related to mortgages to unconsolidated VIE | 155,800,000,000 | 343,900,000,000 | 517,300,000,000 | ||||
Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Available-for-sale, at fair value | 751,000,000 | ||||||
Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Amount of servicing asset at fair value | 1,200,000,000 | 3,500,000,000 | 4,900,000,000 | ||||
Amount of liability for repurchase reserves at fair value | 44,000,000 | 143,000,000 | 275,000,000 | ||||
Commercial Loan [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Gain (loss) on transfer of unconsolidated VIE debt instruments | 198,000,000 | 152,000,000 | 178,000,000 | ||||
Amount transferred related to mortgages to unconsolidated VIE | 10,300,000,000 | 5,600,000,000 | 3,400,000,000 | ||||
Commercial Loan [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Available-for-sale, at fair value | 100,000,000 | 54,000,000 | 116,000,000 | ||||
Commercial Loan [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Amount of servicing asset at fair value | 99,000,000 | 20,000,000 | 13,000,000 | ||||
Other Investments [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Securities Available for Sale Portfolio of ARS issued by VIEs | 567,000,000 | 653,000,000 | 567,000,000 | ||||
Trust Preferred Securities [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Carrying value - asset (liability) | -2,100,000,000 | -1,900,000,000 | -2,100,000,000 | ||||
Trust preferred securities redeemed | 2,800,000,000 | ||||||
Commercial Mortgage Servicing [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Fair value of interests held | 1,600,000,000 | 1,600,000,000 | 1,600,000,000 | ||||
Percentage of adverse change in interest rate | 25.00% | 25.00% | 25.00% | ||||
Decrease in fair value from 25% adverse change in interest rate | 185,000,000 | 175,000,000 | 185,000,000 | ||||
Long-term Debt [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Private placement debt financing | 6,000,000,000 | 6,000,000,000 | 6,000,000,000 | ||||
Equity Interests [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Carrying value - asset (liability) | 8,100,000,000 | 6,900,000,000 | 8,100,000,000 | ||||
Preferred stock [Member] | Trust Preferred Securities [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Carrying value - equity | 2,500,000,000 | 2,500,000,000 | 2,500,000,000 | ||||
VIEs that we consolidate, recourse [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Accrued expenses and other liabilities | 0 | 9,000,000 | 0 | ||||
Long-term debt | 0 | 29,000,000 | 0 | ||||
VIEs that we do not consolidate [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Accrued expenses and other liabilities | 848,000,000 | 1,395,000,000 | 848,000,000 | ||||
Long-term debt | 2,585,000,000 | 2,109,000,000 | 2,585,000,000 | ||||
Commercial Portfolio Segment [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Foreclosed assets | 3,300,000,000 | 2,800,000,000 | 3,300,000,000 | ||||
Consumer Portfolio Segment [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Foreclosed assets | 2,700,000,000 | 3,900,000,000 | 2,700,000,000 | ||||
Loans [Member] | VIEs that we do not consolidate [Member] | |||||||
Securitizations and Variable Interest Entities (Textual) [Abstract] | |||||||
Loans receivable | $6,500,000,000 | $6,500,000,000 | |||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Securitizations_and_Variable_I3
Securitizations and Variable Interest Entities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | |||||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | |||||||
Cash | $19,571 | $19,919 | $21,860 | $19,440 | |||
Trading assets | 78,255 | 62,813 | |||||
Investment securities | 313,801 | 264,254 | |||||
Mortgages held for sale | 19,536 | [1] | 16,763 | [1] | |||
Loans | 862,551 | [1],[2] | 822,286 | [1],[2] | 798,351 | 769,631 | 757,267 |
Mortgage servicing rights | 12,738 | 15,580 | |||||
Total other assets | 99,057 | [1] | 86,342 | [1] | |||
Total assets | 1,687,155 | [2],[3] | 1,523,502 | [2],[3] | |||
Short-term borrowings | 63,518 | 53,883 | 57,175 | ||||
Accrued expenses and other liabilities | 86,122 | [2] | 66,436 | [2] | |||
Long-term debt | 183,943 | 152,998 | |||||
Total liabilities | 1,501,893 | [2],[4] | 1,352,494 | [2],[4] | |||
Noncontrolling interests | 868 | 866 | |||||
VIEs that we do not consolidate [Member] | |||||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | |||||||
Cash | 0 | 0 | |||||
Trading assets | 2,165 | 1,206 | |||||
Investment securities | 18,271 | 18,795 | |||||
Mortgages held for sale | 0 | 0 | |||||
Loans | 13,195 | 7,652 | |||||
Mortgage servicing rights | 12,562 | 15,281 | |||||
Total other assets | 7,456 | 6,151 | |||||
Total assets | 53,649 | 49,085 | |||||
Short-term borrowings | 0 | 0 | |||||
Accrued expenses and other liabilities | 848 | 1,395 | |||||
Long-term debt | 2,585 | 2,109 | |||||
Total liabilities | 3,433 | 3,504 | |||||
Noncontrolling interests | 0 | 0 | |||||
Net assets | 50,216 | 45,581 | |||||
VIEs that we consolidate [Member] | |||||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | |||||||
Cash | 117 | 165 | |||||
Trading assets | 0 | 162 | |||||
Investment securities | 875 | 1,352 | |||||
Mortgages held for sale | 0 | 38 | |||||
Loans | 4,509 | 6,058 | |||||
Mortgage servicing rights | 0 | 0 | |||||
Total other assets | 316 | 347 | |||||
Total assets | 5,817 | 8,122 | |||||
Short-term borrowings | 0 | 29 | |||||
Accrued expenses and other liabilities | 49 | 99 | |||||
Long-term debt | 1,628 | 2,356 | |||||
Total liabilities | 1,677 | 2,484 | |||||
Noncontrolling interests | 103 | 5 | |||||
Net assets | 4,037 | 5,633 | |||||
Transfers that we account for as secured borrowings [Member] | |||||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | |||||||
Cash | 4 | 7 | |||||
Trading assets | 204 | 193 | |||||
Investment securities | 4,592 | 8,976 | |||||
Mortgages held for sale | 0 | 0 | |||||
Loans | 5,280 | 6,021 | |||||
Mortgage servicing rights | 0 | 0 | |||||
Total other assets | 52 | 110 | |||||
Total assets | 10,132 | 15,307 | |||||
Short-term borrowings | 3,141 | 7,871 | |||||
Accrued expenses and other liabilities | 1 | 3 | |||||
Long-term debt | 4,990 | 5,673 | |||||
Total liabilities | 8,132 | 13,547 | |||||
Noncontrolling interests | 0 | 0 | |||||
Net assets | 2,000 | 1,760 | |||||
Total VIE [Member] | |||||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | |||||||
Cash | 121 | 172 | |||||
Trading assets | 2,369 | 1,561 | |||||
Investment securities | 23,738 | 29,123 | |||||
Mortgages held for sale | 0 | 38 | |||||
Loans | 22,984 | 19,731 | |||||
Mortgage servicing rights | 12,562 | 15,281 | |||||
Total other assets | 7,824 | 6,608 | |||||
Total assets | 69,598 | 72,514 | |||||
Short-term borrowings | 3,141 | 7,900 | |||||
Accrued expenses and other liabilities | 898 | 1,497 | |||||
Long-term debt | 9,203 | 10,138 | |||||
Total liabilities | 13,242 | 19,535 | |||||
Noncontrolling interests | 103 | 5 | |||||
Net assets | $56,253 | $52,974 | |||||
[1] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. | ||||||
[2] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||||||
[3] | Our consolidated assets at December 31, 2014 and December 31, 2013, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $117 million and $165 million; Trading assets, $0 million and $162 million; Investment securities, $875 million and $1.4 billion; Mortgages held for sale, $0 million and $38 million; Net loans, $4.5 billion and $6.1 billion; Other assets, $316 million and $347 million, and Total assets, $5.8 billion and $8.1 billion, respectively. | ||||||
[4] | Our consolidated liabilities at December 31, 2014 and December 31, 2013, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $0 million and $29 million; Accrued expenses and other liabilities, $49 million and $90 million; Long-term debt, $1.6 billion and $2.3 billion; and Total liabilities, $1.7 billion and $2.4 billion, respectively. |
Securitizations_and_Variable_I4
Securitizations and Variable Interest Entities, Significant Continuing Involvement - Unconsolidated VIEs (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | $1,566,049 | $1,620,782 |
Conforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 1,268,200 | 1,314,285 |
Other/Nonconforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 32,213 | 38,330 |
Commercial Mortgage Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 196,510 | 202,700 |
Collateralized Debt Obligations Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 5,039 | 6,730 |
Collateralized Debt Obligations Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 5,347 | 6,021 |
Asset-based Finance Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 18,954 | 11,415 |
Tax Credit Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 22,859 | 23,112 |
Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 1,251 | 4,382 |
Investment funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 2,764 | 3,464 |
Other securitizations and transactions [Member] | ||
Variable Interest Entity [Line Items] | ||
Total VIE assets | 12,912 | 10,343 |
Debt and equity interests [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 40,645 | 33,299 |
Maximum exposure to loss | 40,645 | 33,299 |
Debt and equity interests [Member] | Conforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 2,846 | 2,721 |
Maximum exposure to loss | 2,846 | 2,721 |
Debt and equity interests [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 1,644 | 1,739 |
Maximum exposure to loss | 1,644 | 1,739 |
Debt and equity interests [Member] | Commercial Mortgage Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 8,756 | 7,627 |
Maximum exposure to loss | 8,756 | 7,627 |
Debt and equity interests [Member] | Collateralized Debt Obligations Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 11 | 37 |
Maximum exposure to loss | 11 | 37 |
Debt and equity interests [Member] | Collateralized Debt Obligations Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 5,221 | 5,888 |
Maximum exposure to loss | 5,221 | 5,888 |
Debt and equity interests [Member] | Asset-based Finance Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 13,044 | 6,857 |
Maximum exposure to loss | 13,044 | 6,857 |
Debt and equity interests [Member] | Tax Credit Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 7,809 | 6,455 |
Maximum exposure to loss | 7,809 | 6,455 |
Debt and equity interests [Member] | Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 518 | 1,061 |
Maximum exposure to loss | 518 | 1,061 |
Debt and equity interests [Member] | Investment funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 49 | 54 |
Maximum exposure to loss | 49 | 54 |
Debt and equity interests [Member] | Other securitizations and transactions [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 747 | 860 |
Maximum exposure to loss | 747 | 860 |
Servicing assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 12,562 | 15,281 |
Maximum exposure to loss | 12,562 | 15,281 |
Servicing assets [Member] | Conforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 11,684 | 14,253 |
Maximum exposure to loss | 11,684 | 14,253 |
Servicing assets [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 209 | 258 |
Maximum exposure to loss | 209 | 258 |
Servicing assets [Member] | Commercial Mortgage Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 650 | 747 |
Maximum exposure to loss | 650 | 747 |
Servicing assets [Member] | Collateralized Debt Obligations Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Servicing assets [Member] | Collateralized Debt Obligations Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Servicing assets [Member] | Asset-based Finance Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Servicing assets [Member] | Tax Credit Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Servicing assets [Member] | Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Servicing assets [Member] | Investment funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Servicing assets [Member] | Other securitizations and transactions [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 19 | 23 |
Maximum exposure to loss | 19 | 23 |
Derivative [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 325 | 344 |
Maximum exposure to loss | 653 | 798 |
Derivative [Member] | Conforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Derivative [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Derivative [Member] | Commercial Mortgage Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 251 | 209 |
Maximum exposure to loss | 251 | 322 |
Derivative [Member] | Collateralized Debt Obligations Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 163 | 214 |
Maximum exposure to loss | 163 | 214 |
Derivative [Member] | Collateralized Debt Obligations Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Derivative [Member] | Asset-based Finance Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -71 | -84 |
Maximum exposure to loss | 89 | 84 |
Derivative [Member] | Tax Credit Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Derivative [Member] | Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Derivative [Member] | Investment funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Derivative [Member] | Other securitizations and transactions [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -18 | 5 |
Maximum exposure to loss | 150 | 178 |
Other commitments and guarantees [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -3,316 | -3,343 |
Maximum exposure to loss | 10,247 | 10,664 |
Other commitments and guarantees [Member] | Conforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -581 | -745 |
Maximum exposure to loss | 2,507 | 2,287 |
Other commitments and guarantees [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -8 | -26 |
Maximum exposure to loss | 345 | 346 |
Other commitments and guarantees [Member] | Commercial Mortgage Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -32 | -40 |
Maximum exposure to loss | 5,715 | 5,232 |
Other commitments and guarantees [Member] | Collateralized Debt Obligations Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -105 | -130 |
Maximum exposure to loss | 105 | 130 |
Other commitments and guarantees [Member] | Collateralized Debt Obligations Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Other commitments and guarantees [Member] | Asset-based Finance Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 656 | 1,665 |
Other commitments and guarantees [Member] | Tax Credit Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -2,585 | -2,213 |
Maximum exposure to loss | 725 | 626 |
Other commitments and guarantees [Member] | Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 38 | 159 |
Other commitments and guarantees [Member] | Investment funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 0 | 0 |
Maximum exposure to loss | 0 | 31 |
Other commitments and guarantees [Member] | Other securitizations and transactions [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | -5 | -189 |
Maximum exposure to loss | 156 | 188 |
Net assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 50,216 | 45,581 |
Net assets [Member] | Conforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 13,949 | 16,229 |
Net assets [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 1,845 | 1,971 |
Net assets [Member] | Commercial Mortgage Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 9,625 | 8,543 |
Net assets [Member] | Collateralized Debt Obligations Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 69 | 121 |
Net assets [Member] | Collateralized Debt Obligations Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 5,221 | 5,888 |
Net assets [Member] | Asset-based Finance Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 12,973 | 6,773 |
Net assets [Member] | Tax Credit Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 5,224 | 4,242 |
Net assets [Member] | Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 518 | 1,061 |
Net assets [Member] | Investment funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 49 | 54 |
Net assets [Member] | Other securitizations and transactions [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying value - asset (liability) | 743 | 699 |
Total exposure [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 64,107 | 60,042 |
Total exposure [Member] | Conforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 17,037 | 19,261 |
Total exposure [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 2,198 | 2,343 |
Total exposure [Member] | Commercial Mortgage Backed Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 15,372 | 13,928 |
Total exposure [Member] | Collateralized Debt Obligations Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 279 | 381 |
Total exposure [Member] | Collateralized Debt Obligations Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 5,221 | 5,888 |
Total exposure [Member] | Asset-based Finance Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 13,789 | 8,606 |
Total exposure [Member] | Tax Credit Structures [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 8,534 | 7,081 |
Total exposure [Member] | Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 556 | 1,220 |
Total exposure [Member] | Investment funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 49 | 85 |
Total exposure [Member] | Other securitizations and transactions [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $1,072 | $1,249 |
Securitizations_and_Variable_I5
Securitizations and Variable Interest Entities, Cash Flow Securitizations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage loans [Member] | |||
Cash Flow Securitizations [Abstract] | |||
Sales proceeds from securitizations | $164,331 | $357,807 | $535,372 |
Fees from servicing rights retained | 4,062 | 4,240 | 4,433 |
Cash flows from other interests held | 1,417 | 2,284 | 1,767 |
Purchases of delinquent assets | 6 | 18 | 62 |
Servicing advances, net of repayments | -170 | -34 | 226 |
Other financial assets [Member] | |||
Cash Flow Securitizations [Abstract] | |||
Sales proceeds from securitizations | 0 | 0 | 0 |
Fees from servicing rights retained | 8 | 10 | 10 |
Cash flows from other interests held | 75 | 93 | 135 |
Purchases of delinquent assets | 0 | 0 | 0 |
Servicing advances, net of repayments | $0 | $0 | $0 |
Securitizations_and_Variable_I6
Securitizations and Variable Interest Entities, Key Economic Assumptions - Mortgage Servicing Assets (Details) (Residential mortgage servicing rights [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Residential mortgage servicing rights [Member] | |||
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | |||
Prepayment speed | 12.40% | 11.20% | 13.40% |
Discount rate | 7.60% | 7.30% | 7.30% |
Cost to service ($ per loan) | 259 | 184 | 151 |
Securitizations_and_Variable_I7
Securitizations and Variable Interest Entities, Key Economic Assumptions - Mortgage Servicing Rights (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Residential mortgage servicing rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair value of interests held | $12,738 | $15,580 |
Expected weighted-average life (in years) | 5 years 8 months 12 days | 6 years 4 months 24 days |
Key economic assumptions: | ||
Prepayment speed assumption | 12.50% | 10.70% |
Decrease in fair value from: | ||
10% adverse change | 738 | 864 |
25% adverse change | 1,754 | 2,065 |
Discount rate assumption | 7.60% | 7.80% |
Decrease in fair value from: | ||
100 basis point increase | 617 | 840 |
200 basis point increase | 1,178 | 1,607 |
Cost to service assumption ($ per loan) | 179 | 191 |
Decrease in fair value from: | ||
10% adverse change | 579 | 636 |
25% adverse change | 1,433 | 1,591 |
Interest-Only Strips [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair value of interests held | 117 | 135 |
Expected weighted-average life (in years) | 3 years 10 months 24 days | 3 years 9 months 18 days |
Key economic assumptions: | ||
Prepayment speed assumption | 11.40% | 10.70% |
Decrease in fair value from: | ||
10% adverse change | 2 | 3 |
25% adverse change | 6 | 7 |
Discount rate assumption | 18.70% | 18.30% |
Decrease in fair value from: | ||
100 basis point increase | 2 | 2 |
200 basis point increase | 4 | 5 |
Subordinated bonds [Member] | Consumer Securitizations [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair value of interests held | 36 | 39 |
Expected weighted-average life (in years) | 5 years 6 months | 5 years 10 months 24 days |
Key economic assumptions: | ||
Prepayment speed assumption | 7.10% | 6.70% |
Decrease in fair value from: | ||
10% adverse change | 0 | 0 |
25% adverse change | 0 | 0 |
Discount rate assumption | 3.90% | 4.40% |
Decrease in fair value from: | ||
100 basis point increase | 2 | 2 |
200 basis point increase | 3 | 4 |
Decrease in fair value from: | ||
Credit loss assumption | 0.40% | 0.40% |
Decrease in fair value from: | ||
10% higher losses | 0 | 0 |
25% higher losses | 0 | 0 |
Subordinated bonds [Member] | Commercial Securitizations [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair value of interests held | 294 | 283 |
Expected weighted-average life (in years) | 2 years 10 months 24 days | 3 years 7 months 6 days |
Decrease in fair value from: | ||
Discount rate assumption | 4.70% | 4.50% |
Decrease in fair value from: | ||
100 basis point increase | 8 | 30 |
200 basis point increase | 15 | 38 |
Decrease in fair value from: | ||
Credit loss assumption | 4.10% | 14.20% |
Decrease in fair value from: | ||
10% higher losses | 3 | 29 |
25% higher losses | 10 | 39 |
Senior bonds [Member] | Commercial Securitizations [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair value of interests held | 546 | 587 |
Expected weighted-average life (in years) | 6 years 2 months 12 days | 6 years 3 months 18 days |
Decrease in fair value from: | ||
Discount rate assumption | 2.80% | 3.60% |
Decrease in fair value from: | ||
100 basis point increase | 29 | 30 |
200 basis point increase | 55 | 58 |
Decrease in fair value from: | ||
Credit loss assumption | 0.00% | 0.00% |
Decrease in fair value from: | ||
10% higher losses | 0 | 0 |
25% higher losses | $0 | $1 |
Securitizations_and_Variable_I8
Securitizations and Variable Interest Entities, Principal Balances of Off-Balance Sheet Securitized Loans (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | ||
Total loans | $1,437,817 | $1,508,959 |
Delinquent loans and foreclosed assets | 36,663 | 41,818 |
Net charge-offs | 1,831 | 2,935 |
Total Commercial [Member] | ||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | ||
Total loans | 114,081 | 119,346 |
Delinquent loans and foreclosed assets | 7,949 | 8,808 |
Net charge-offs | 621 | 617 |
Real estate mortgage [Member] | ||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | ||
Total loans | 114,081 | 119,346 |
Delinquent loans and foreclosed assets | 7,949 | 8,808 |
Net charge-offs | 621 | 617 |
Total Consumer [Member] | ||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | ||
Total loans | 1,323,736 | 1,389,613 |
Delinquent loans and foreclosed assets | 28,714 | 33,010 |
Net charge-offs | 1,210 | 2,318 |
Real estate 1-4 family first mortgage [Member] | ||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | ||
Total loans | 1,322,136 | 1,387,822 |
Delinquent loans and foreclosed assets | 28,639 | 32,911 |
Net charge-offs | 1,209 | 2,318 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | ||
Total loans | 1 | 1 |
Delinquent loans and foreclosed assets | 0 | 0 |
Net charge-offs | 0 | 0 |
Other revolving credit and installment [Member] | ||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | ||
Total loans | 1,599 | 1,790 |
Delinquent loans and foreclosed assets | 75 | 99 |
Net charge-offs | $1 | $0 |
Securitizations_and_Variable_I9
Securitizations and Variable Interest Entities, Secured Borrowing and Consolidated Variable Interest Entity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ||||
Assets | $1,687,155 | [1],[2] | $1,523,502 | [1],[2] |
Liabilities | -1,501,893 | [1],[3] | -1,352,494 | [1],[3] |
Noncontrolling interests | -868 | -866 | ||
Total secured borrowings [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 10,476 | 17,449 | ||
Total secured borrowings [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 10,132 | 15,307 | ||
Liabilities | -8,132 | -13,547 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 2,000 | 1,760 | ||
Total secured borrowings [Member] | Municipal tender option bond securitizations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 5,422 | 11,626 | ||
Total secured borrowings [Member] | Municipal tender option bond securitizations [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 4,837 | 9,210 | ||
Liabilities | -3,143 | -7,874 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 1,694 | 1,336 | ||
Total secured borrowings [Member] | Commercial Real Estate Loans [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 250 | 486 | ||
Total secured borrowings [Member] | Commercial Real Estate Loans [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 250 | 486 | ||
Liabilities | -63 | -277 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 187 | 209 | ||
Total secured borrowings [Member] | Residential [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 4,804 | 5,337 | ||
Total secured borrowings [Member] | Residential [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 5,045 | 5,611 | ||
Liabilities | -4,926 | -5,396 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 119 | 215 | ||
Consolidated VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 6,423 | 8,944 | ||
Assets | 5,817 | 8,122 | ||
Liabilities | -1,677 | -2,484 | ||
Noncontrolling interests | -103 | -5 | ||
Net assets | 4,037 | 5,633 | ||
Consolidated VIEs [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 5,817 | 8,122 | ||
Liabilities | -1,677 | -2,484 | ||
Noncontrolling interests | -103 | -5 | ||
Net assets | 4,037 | 5,633 | ||
Consolidated VIEs [Member] | Nonconforming residential mortgage loan securitizations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 5,041 | 6,770 | ||
Consolidated VIEs [Member] | Nonconforming residential mortgage loan securitizations [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 4,491 | 6,018 | ||
Liabilities | -1,509 | -2,214 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 2,982 | 3,804 | ||
Consolidated VIEs [Member] | Structured Asset Finance [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 47 | 56 | ||
Consolidated VIEs [Member] | Structured Asset Finance [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 47 | 56 | ||
Liabilities | -23 | -18 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 24 | 38 | ||
Consolidated VIEs [Member] | Investment funds [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 904 | 1,536 | ||
Consolidated VIEs [Member] | Investment funds [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 904 | 1,536 | ||
Liabilities | -2 | -70 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 902 | 1,466 | ||
Consolidated VIEs [Member] | Other securitizations and transactions [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 431 | 582 | ||
Consolidated VIEs [Member] | Other securitizations and transactions [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 375 | 512 | ||
Liabilities | -143 | -182 | ||
Noncontrolling interests | -103 | -5 | ||
Net assets | 129 | 325 | ||
Total secured borrowings and consolidated VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total VIE assets | 16,899 | 26,393 | ||
Total secured borrowings and consolidated VIEs [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 15,949 | 23,429 | ||
Liabilities | -9,809 | -16,031 | ||
Noncontrolling interests | -103 | -5 | ||
Net assets | $6,037 | $7,393 | ||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[2] | Our consolidated assets at December 31, 2014 and December 31, 2013, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $117 million and $165 million; Trading assets, $0 million and $162 million; Investment securities, $875 million and $1.4 billion; Mortgages held for sale, $0 million and $38 million; Net loans, $4.5 billion and $6.1 billion; Other assets, $316 million and $347 million, and Total assets, $5.8 billion and $8.1 billion, respectively. | |||
[3] | Our consolidated liabilities at December 31, 2014 and December 31, 2013, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $0 million and $29 million; Accrued expenses and other liabilities, $49 million and $90 million; Long-term debt, $1.6 billion and $2.3 billion; and Total liabilities, $1.7 billion and $2.4 billion, respectively. |
Mortgage_Banking_Activities_Te
Mortgage Banking Activities Textuals (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Mortgage Banking Activities (Textual) [Abstract] | ||||
Cumulative effect of fair value election for certain residential mortgage servicing rights | $2,000,000 | |||
Losses | 144,000,000 | 1,735,000,000 | 1,060,000,000 | |
Settlement with FHLMC [Member] | ||||
Mortgage Banking Activities (Textual) [Abstract] | ||||
Losses | 746,000,000 | |||
Settlement with FNMA [Member] | ||||
Mortgage Banking Activities (Textual) [Abstract] | ||||
Losses | 508,000,000 | |||
Retained earnings [Member] | ||||
Mortgage Banking Activities (Textual) [Abstract] | ||||
Cumulative effect of fair value election for certain residential mortgage servicing rights | 2,000,000 | |||
Liability For Mortgage Loans Repurchase Losses [Member] | ||||
Mortgage Banking Activities (Textual) [Abstract] | ||||
Range of possible loss, portion not accrued | 973,000,000 | |||
Residential mortgage servicing rights [Member] | Election of fair value option [Member] | ||||
Mortgage Banking Activities (Textual) [Abstract] | ||||
Residential MSRs transferred from amortized MSRs | 315,000,000 | |||
Amortized [Member] | ||||
Mortgage Banking Activities (Textual) [Abstract] | ||||
Valuation allowance | 0 | 0 | 0 | 37,000,000 |
Reversal of provision (provision) for MSRs in excess of fair value | 0 | 0 | 37,000,000 | |
Amortized [Member] | Commercial Mortgage Servicing [Member] | ||||
Mortgage Banking Activities (Textual) [Abstract] | ||||
Valuation allowance | 0 | 0 | 0 | |
Amortized [Member] | Residential mortgage servicing rights [Member] | ||||
Mortgage Banking Activities (Textual) [Abstract] | ||||
Residential MSRs transferred to MSRs carried at Fair Value, Gross | 350,000,000 | |||
Residential MSRs transferred to MSRs carried at Fair Value, Net | $313,000,000 |
Mortgage_Banking_Activities_Mo
Mortgage Banking Activities, Mortgage Servicing Rights Carried at Fair Value (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in MSRs measured at fair value | |||
Fair value, beginning of year | $15,580 | ||
Changes in fair value: | |||
Net changes in valuation model inputs or assumptions | -2,122 | 3,398 | -2,893 |
Other changes in fair value | -1,909 | -2,242 | -3,061 |
Total changes in fair value | -4,031 | 1,156 | -5,954 |
Fair value, end of year | 12,738 | 15,580 | |
Carried at fair value [Member] | |||
Changes in MSRs measured at fair value | |||
Fair value, beginning of year | 15,580 | 11,538 | 12,603 |
Servicing from securitizations or asset transfers | 1,196 | 3,469 | 5,182 |
Sales | -7 | -583 | -293 |
Net additions | 1,189 | 2,886 | 4,889 |
Changes in fair value: | |||
Net changes in valuation model inputs or assumptions | -2,122 | 3,398 | -2,893 |
Other changes in fair value | -1,909 | -2,242 | -3,061 |
Total changes in fair value | -4,031 | 1,156 | -5,954 |
Fair value, end of year | 12,738 | 15,580 | 11,538 |
Carried at fair value [Member] | Mortgage interest rates [Member] | |||
Changes in fair value: | |||
Net changes in valuation model inputs or assumptions | -2,150 | 4,362 | -2,092 |
Carried at fair value [Member] | Servicing and foreclosure costs [Member] | |||
Changes in fair value: | |||
Net changes in valuation model inputs or assumptions | -20 | -228 | -677 |
Carried at fair value [Member] | Discount rates [Member] | |||
Changes in fair value: | |||
Net changes in valuation model inputs or assumptions | -55 | 0 | -397 |
Carried at fair value [Member] | Prepayment estimates and other [Member] | |||
Changes in fair value: | |||
Net changes in valuation model inputs or assumptions | $103 | ($736) | $273 |
Mortgage_Banking_Activities_Am
Mortgage Banking Activities, Amortized Mortgage Servicing Rights (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in amortized MSRs | |||
Amortization | ($254,000,000) | ($254,000,000) | ($233,000,000) |
Valuation allowance: | |||
Amortized MSRs, net | 1,242,000,000 | 1,229,000,000 | |
Fair value of amortized MSRs: | |||
Beginning of year | 1,575,000,000 | 1,400,000,000 | 1,756,000,000 |
End of year | 1,637,000,000 | 1,575,000,000 | 1,400,000,000 |
Amortized [Member] | |||
Changes in amortized MSRs | |||
Balance, beginning of year | 1,229,000,000 | 1,160,000,000 | 1,445,000,000 |
Purchases | 157,000,000 | 176,000,000 | 177,000,000 |
Servicing from securitizations or asset transfers | 110,000,000 | 147,000,000 | -229,000,000 |
Amortization | -254,000,000 | -254,000,000 | -233,000,000 |
Balance, end of year | 1,242,000,000 | 1,229,000,000 | 1,160,000,000 |
Valuation allowance: | |||
Balance, beginning of year | 0 | 0 | -37,000,000 |
Reversal of provision (provision) for MSRs in excess of fair value | 0 | 0 | 37,000,000 |
Balance, end of year | 0 | 0 | 0 |
Amortized MSRs, net | $1,242,000,000 | $1,229,000,000 | $1,160,000,000 |
Mortgage_Banking_Activities_Ma
Mortgage Banking Activities, Managed Servicing Portfolio Components (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced for others | $1,861 | $1,904 |
Total managed servicing portfolio | 2,327 | 2,362 |
Ratio of MSRs to related loans serviced for others | 0.75% | 0.88% |
Residential mortgage servicing rights [Member] | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced for others | 1,405 | 1,485 |
Owned loans serviced | 342 | 338 |
Subserviced for others | 5 | 6 |
Total managed servicing portfolio | 1,752 | 1,829 |
Commercial Mortgage Servicing [Member] | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced for others | 456 | 419 |
Owned loans serviced | 112 | 107 |
Subserviced for others | 7 | 7 |
Total managed servicing portfolio | $575 | $533 |
Mortgage_Banking_Activities_No
Mortgage Banking Activities, Noninterest Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Servicing fees | |||
Contractually specified servicing fees | $4,285 | $4,442 | $4,626 |
Late charges | 203 | 216 | 257 |
Ancillary fees | 319 | 343 | 342 |
Unreimbursed direct servicing costs | -694 | -1,074 | -1,234 |
Net servicing fees | 4,113 | 3,927 | 3,991 |
Changes in fair value of MSRs carried at fair value: | |||
Due to changes in valuation model inputs or assumptions | -2,122 | 3,398 | -2,893 |
Other changes in fair value | -1,909 | -2,242 | -3,061 |
Total changes in fair value | -4,031 | 1,156 | -5,954 |
Amortization | -254 | -254 | -233 |
Net derivative gains (losses) from economic hedges | 3,509 | -2,909 | 3,574 |
Total servicing income, net | 3,337 | 1,920 | 1,378 |
Net gains on mortgage loan origination/sales activities | 3,044 | 6,854 | 10,260 |
Total mortgage banking noninterest income | 6,381 | 8,774 | 11,638 |
Market-related valuation changes to MSRs, net of hedge results | $1,387 | $489 | $681 |
Mortgage_Banking_Activities_Li
Mortgage Banking Activities, Liability for Mortgage Loan Repurchase Losses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Liability For Mortgage Loan Repurchase Losses [Abstract] | |||
Balance, beginning of year | $899 | $2,206 | $1,326 |
Provision for repurchase losses: | |||
Loan sales | 44 | 143 | 275 |
Change in estimate | -184 | 285 | 1,665 |
Total additions (reductions) | -140 | 428 | 1,940 |
Losses | -144 | -1,735 | -1,060 |
Balance, end of year | $615 | $899 | $2,206 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Amortized intangible assets: | |||
Gross carrying value | $18,919 | $18,618 | |
Accumulated amortization | -13,259 | -11,631 | |
Net carrying value | 5,660 | 6,987 | |
Unamortized intangible assets: | |||
Mortgage servicing rights | 12,738 | 15,580 | |
Goodwill | 25,705 | 25,637 | 25,637 |
Trademark | 14 | 14 | |
MSRs [Member] | |||
Amortized intangible assets: | |||
Gross carrying value | 2,906 | 2,639 | |
Accumulated amortization | -1,664 | -1,410 | |
Net carrying value | 1,242 | 1,229 | |
Core deposit intangibles [Member] | |||
Amortized intangible assets: | |||
Gross carrying value | 12,834 | 12,834 | |
Accumulated amortization | -9,273 | -8,160 | |
Net carrying value | 3,561 | 4,674 | |
Customer relationship and other intangibles [Member] | |||
Amortized intangible assets: | |||
Gross carrying value | 3,179 | 3,145 | |
Accumulated amortization | -2,322 | -2,061 | |
Net carrying value | $857 | $1,084 |
Intangible_Assets_Amortization
Intangible Assets, Amortization Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |||
Year ended December 31, 2014 (actual) | $1,370 | $1,504 | $1,674 |
Estimate for year ended December 31, | |||
2015 | 1,487 | ||
2016 | 1,332 | ||
2017 | 1,208 | ||
2018 | 1,085 | ||
2019 | 125 | ||
Finite lived intangible assets [Member] | |||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |||
Year ended December 31, 2014 (actual) | 1,628 | ||
Amortized MSRs [Member] | |||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |||
Year ended December 31, 2014 (actual) | 254 | ||
Estimate for year ended December 31, | |||
2015 | 240 | ||
2016 | 202 | ||
2017 | 160 | ||
2018 | 129 | ||
2019 | 113 | ||
Core deposit intangibles [Member] | |||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |||
Year ended December 31, 2014 (actual) | 1,113 | ||
Estimate for year ended December 31, | |||
2015 | 1,022 | ||
2016 | 919 | ||
2017 | 851 | ||
2018 | 769 | ||
2019 | 0 | ||
Customer relationship and other intangibles [Member] | |||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |||
Year ended December 31, 2014 (actual) | 261 | ||
Estimate for year ended December 31, | |||
2015 | 225 | ||
2016 | 211 | ||
2017 | 197 | ||
2018 | 187 | ||
2019 | $12 |
Intangible_Assets_Allocation_o
Intangible Assets, Allocation of Goodwill to Operating Segments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $25,637 | $25,637 |
Reduction in goodwill related to divested businesses | -11 | |
Goodwill from business combinations | 87 | |
Other | -8 | |
Goodwill, Ending Balance (suppressed) | 25,705 | 25,637 |
Community Banking [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 17,922 | 17,922 |
Reduction in goodwill related to divested businesses | 0 | |
Goodwill from business combinations | 0 | |
Other | -8 | |
Goodwill, Ending Balance (suppressed) | 17,914 | 17,922 |
Wholesale Banking [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 7,344 | 7,344 |
Reduction in goodwill related to divested businesses | -11 | |
Goodwill from business combinations | 87 | |
Other | 0 | |
Goodwill, Ending Balance (suppressed) | 7,420 | 7,344 |
Wealth Brokerage and Retirement [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 371 | 371 |
Reduction in goodwill related to divested businesses | 0 | |
Goodwill from business combinations | 0 | |
Other | 0 | |
Goodwill, Ending Balance (suppressed) | $371 | $371 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Time Deposits [Line Items] | ||
Time certificates of deposit and other time deposits issued by domestic and foreign offices | $124,880,000,000 | $117,400,000,000 |
Amount of domestic time deposits with a denomination of $100,000 or more | 14,730,000,000 | 16,600,000,000 |
Amount of domestic time deposits with a denomination of $250,000 or more | 6,900,000,000 | 7,200,000,000 |
Amount of foreign deposits with a denomination of $100,000 or more | 16,400,000,000 | 15,300,000,000 |
Amount of foreign deposits with a denomination of $250,000 or more | 16,400,000,000 | 15,200,000,000 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2015 | 103,409,000,000 | |
2016 | 10,205,000,000 | |
2017 | 3,070,000,000 | |
2018 | 3,207,000,000 | |
2019 | 1,204,000,000 | |
Thereafter | 3,785,000,000 | |
Total | 124,880,000,000 | 117,400,000,000 |
Contractual Maturities, Time Deposits, $100,000 or More [Abstract] | ||
Total | 14,730,000,000 | 16,600,000,000 |
Deposits (Textuals) [Abstract] | ||
Demand deposit overdrafts as loan balances | 581,000,000 | 554,000,000 |
Domestic [Member] | ||
Contractual Maturities, Time Deposits, $100,000 or More [Abstract] | ||
Three months or less | 3,700,000,000 | |
After three months through six months | 2,352,000,000 | |
After six months through twelve months | 2,340,000,000 | |
After twelve months | $6,338,000,000 |
ShortTerm_Borrowings_Details
Short-Term Borrowings (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | |||
Short-term borrowings maturity period (less than 30 days) | 30 days | 30 days | 30 days |
Short-term borrowings | $63,518 | $53,883 | $57,175 |
Short-term Borrowings, Rate | 0.08% | 0.12% | 0.17% |
Short-term Debt average daily balance, Amount | 60,111 | 54,716 | 51,196 |
Short-term Debt average daily balance, Rate | 0.10% | 0.13% | 0.18% |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 51,052 | 36,263 | 34,973 |
Short-term Borrowings, Rate | 0.07% | 0.05% | 0.17% |
Short-term Debt average daily balance, Amount | 44,680 | 36,227 | 32,092 |
Short-term Debt average daily balance, Rate | 0.08% | 0.08% | 0.12% |
Maximum month-end balance, Amount | 51,052 | 39,451 | 36,327 |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 2,456 | 5,162 | 4,038 |
Short-term Borrowings, Rate | 0.34% | 0.18% | 0.27% |
Short-term Debt average daily balance, Amount | 4,751 | 4,702 | 4,142 |
Short-term Debt average daily balance, Rate | 0.17% | 0.25% | 0.26% |
Maximum month-end balance, Amount | 6,070 | 5,700 | 5,036 |
Other Short-term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 10,010 | 12,458 | 18,164 |
Short-term Borrowings, Rate | 0.07% | 0.31% | 0.16% |
Short-term Debt average daily balance, Amount | 10,680 | 13,787 | 14,962 |
Short-term Debt average daily balance, Rate | 0.18% | 0.22% | 0.29% |
Maximum month-end balance, Amount | $12,209 | $16,564 | $18,164 |
LongTerm_Debt_Textuals_Details
Long-Term Debt Textuals (Details) (Fixed Rate Notes [Member], Parent Company [Member], Notes Issued by Parent At Discount [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fixed Rate Notes [Member] | Parent Company [Member] | Notes Issued by Parent At Discount [Member] | ||
Long-Term Debt (Textuals) [Abstract] | ||
Subordinated Notes | $139 | $140 |
Longterm_Debt_Summary_Details
Long-term Debt, Summary (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long-term debt | $183,943 | $152,998 |
Wells Fargo & Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 97,275 | 81,721 |
Wells Fargo & Company [Member] | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 74,583 | 61,481 |
Wells Fargo & Company [Member] | Senior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated Notes | 20,903 | 18,659 |
Wells Fargo & Company [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | 1,650 | 1,441 |
Wells Fargo & Company [Member] | Long-Term Debt Parent [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 97,136 | 81,581 |
Wells Fargo Bank, N.A. and other bank entities [Member | ||
Debt Instrument [Line Items] | ||
Long-term debt | 80,116 | 64,498 |
Wells Fargo Bank, N.A. and other bank entities [Member | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 50,655 | 32,652 |
Wells Fargo Bank, N.A. and other bank entities [Member | Senior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated Notes | 11,304 | 12,341 |
Wells Fargo Bank, N.A. and other bank entities [Member | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | 313 | 303 |
Wells Fargo Bank, N.A. and other bank entities [Member | Mortgage notes and other debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-62 | |
Stated interest rate(s) Minimum | 0.00% | |
Stated interest rate(s) Maximum | 9.20% | |
Other Long-Term Debt | 16,239 | 16,874 |
Other Consolidated Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,691 | 6,919 |
Other Consolidated Subsidiaries [Member] | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 6,338 | 6,563 |
Other Consolidated Subsidiaries [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | 155 | 155 |
Other Consolidated Subsidiaries [Member] | Mortgage notes and other debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-22 | |
Stated interest rate(s) Minimum | 1.56% | |
Stated interest rate(s) Maximum | 5.92% | |
Other Long-Term Debt | 175 | 173 |
Fixed-rate notes [Member] | Wells Fargo & Company [Member] | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-38 | |
Stated interest rate(s) Minimum | 0.63% | |
Stated interest rate(s) Maximum | 6.75% | |
Senior Notes | 54,441 | 44,145 |
Fixed-rate notes [Member] | Wells Fargo & Company [Member] | Senior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-16 | |
Maturity date(s) End | 31-Dec-44 | |
Stated interest rate(s) Minimum | 3.45% | |
Stated interest rate(s) Maximum | 7.57% | |
Subordinated Notes | 19,688 | 17,469 |
Fixed-rate notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-15 | |
Interest Rate, Stated Percentage | 0.75% | |
Senior Notes | 500 | 500 |
Fixed-rate notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-38 | |
Stated interest rate(s) Minimum | 4.75% | |
Stated interest rate(s) Maximum | 7.74% | |
Subordinated Notes | 10,310 | 10,725 |
Fixed-rate notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Long-term debt issued by Variable Interest Entity [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-20 | |
Maturity date(s) End | 31-Dec-47 | |
Stated interest rate(s) Minimum | 0.00% | |
Stated interest rate(s) Maximum | 7.00% | |
Other Long-Term Debt | 609 | 1,098 |
Fixed-rate notes [Member] | Other Consolidated Subsidiaries [Member] | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-23 | |
Stated interest rate(s) Minimum | 2.77% | |
Stated interest rate(s) Maximum | 4.38% | |
Senior Notes | 6,317 | 6,543 |
Fixed-rate notes [Member] | Other Consolidated Subsidiaries [Member] | Long-term debt issued by Variable Interest Entity [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-15 | |
Interest Rate, Stated Percentage | 5.16% | |
Other Long-Term Debt | 23 | 18 |
Floating-rate notes [Member] | Wells Fargo & Company [Member] | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-48 | |
Stated interest rate(s) Minimum | 0.00% | |
Stated interest rate(s) Maximum | 3.74% | |
Senior Notes | 15,317 | 12,445 |
Floating-rate notes [Member] | Wells Fargo & Company [Member] | Senior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-16 | |
Stated interest rate(s) Minimum | 0.57% | |
Stated interest rate(s) Maximum | 0.60% | |
Subordinated Notes | 1,215 | 1,190 |
Floating-rate notes [Member] | Wells Fargo & Company [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-27 | |
Maturity date(s) End | 31-Dec-27 | |
Stated interest rate(s) Minimum | 0.73% | |
Stated interest rate(s) Maximum | 1.23% | |
Junior Subordinated Notes | 272 | 263 |
Floating-rate notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-53 | |
Stated interest rate(s) Minimum | 0.00% | |
Stated interest rate(s) Maximum | 0.51% | |
Senior Notes | 4,969 | 2,219 |
Floating-rate notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-16 | |
Maturity date(s) End | 31-Dec-17 | |
Stated interest rate(s) Minimum | 0.44% | |
Stated interest rate(s) Maximum | 3.11% | |
Subordinated Notes | 994 | 1,616 |
Floating-rate notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-27 | |
Maturity date(s) End | 31-Dec-27 | |
Stated interest rate(s) Minimum | 0.80% | |
Stated interest rate(s) Maximum | 0.88% | |
Junior Subordinated Notes | 313 | 303 |
Floating-rate notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Long-term debt issued by Variable Interest Entity [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-16 | |
Maturity date(s) End | 31-Dec-47 | |
Stated interest rate(s) Minimum | 0.30% | |
Stated interest rate(s) Maximum | 18.97% | |
Other Long-Term Debt | 996 | 1,230 |
Floating-rate notes [Member] | Other Consolidated Subsidiaries [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-27 | |
Maturity date(s) End | 31-Dec-27 | |
Interest Rate, Stated Percentage | 0.73% | |
Junior Subordinated Notes | 155 | 155 |
Floating-rate notes [Member] | Other Consolidated Subsidiaries [Member] | Long-term debt issued by Variable Interest Entity [Member] | ||
Debt Instrument [Line Items] | ||
Other Long-Term Debt | 0 | 10 |
Structured Notes [Member] | Wells Fargo & Company [Member] | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-53 | |
Senior Notes | 4,825 | 4,891 |
Structured Notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-25 | |
Senior Notes | 4 | 13 |
Structured Notes [Member] | Other Consolidated Subsidiaries [Member] | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-21 | |
Maturity date(s) End | 31-Dec-21 | |
Senior Notes | 1 | 0 |
Fixed-rate notes - Hybrid Trust Securities [Member] | Wells Fargo & Company [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-29 | |
Maturity date(s) End | 31-Dec-36 | |
Stated interest rate(s) Minimum | 5.95% | |
Stated interest rate(s) Maximum | 7.95% | |
Junior Subordinated Notes | 1,378 | 1,178 |
Floating-rate extendible notes [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-16 | |
Maturity date(s) End | 31-Dec-16 | |
Stated interest rate(s) Minimum | 0.28% | |
Stated interest rate(s) Maximum | 0.39% | |
Senior Notes | 11,048 | 10,749 |
Fixed-rate Advances - FHLB [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-31 | |
Stated interest rate(s) Minimum | 3.83% | |
Stated interest rate(s) Maximum | 8.17% | |
Senior Notes | 125 | 160 |
Floating-rate Advances - FHLB [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-18 | |
Maturity date(s) End | 31-Dec-19 | |
Stated interest rate(s) Minimum | 0.22% | |
Stated interest rate(s) Maximum | 0.35% | |
Senior Notes | 34,000 | 19,000 |
Capital Leases [Member] | Wells Fargo Bank, N.A. and other bank entities [Member | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-15 | |
Maturity date(s) End | 31-Dec-25 | |
Senior Notes | 9 | 11 |
FixFloat Notes [Member] | Other Consolidated Subsidiaries [Member] | Senior Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date(s) Start | 1-Jan-20 | |
Maturity date(s) End | 31-Dec-20 | |
Stated interest rate(s) Minimum | 6.80% | |
Senior Notes | $20 | $20 |
Longterm_Debt_Annual_Maturitie
Long-term Debt, Annual Maturities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Maturities of Long-Term Debt [Line Items] | ||
2015 | $16,606 | |
2016 | 32,920 | |
2017 | 17,870 | |
2018 | 27,029 | |
2019 | 25,190 | |
Thereafter | 64,328 | |
Total | 183,943 | 152,998 |
Parent Company [Member] | ||
Maturities of Long-Term Debt [Line Items] | ||
Total | 97,275 | 81,721 |
Parent Company [Member] | Long-Term Debt Parent [Member] | ||
Maturities of Long-Term Debt [Line Items] | ||
2015 | 9,014 | |
2016 | 15,238 | |
2017 | 13,215 | |
2018 | 8,312 | |
2019 | 6,480 | |
Thereafter | 44,877 | |
Total | $97,136 | $81,581 |
Guarantees_Pledged_Assets_and_2
Guarantees, Pledged Assets and Collateral Textuals (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Guarantees (Textuals) [Abstract] | ||||
Maximum exposure to loss | $70,122,000,000 | $62,489,000,000 | ||
Collateral | 218,000,000 | 346,000,000 | ||
Securities Loaned | 211,000,000 | 337,000,000 | ||
Percentage share of losses owed on loans and MHFS sold with recourse (up to 33.33%) | 33.33% | |||
Securities owned and pledged as collateral related to repurchase agreements not available to be repledged, Fair Value | 6,900,000,000 | 10,000,000,000 | ||
Mortgages held for sale | 8,700,000,000 | 7,300,000,000 | ||
Carrying value of delinquent loans eligible for repurchase | 1,700,000,000 | 2,100,000,000 | ||
Net amounts in consolidated balance sheet | 51,671,000,000 | 35,818,000,000 | ||
Collateral received, fair value | 64,500,000,000 | 43,300,000,000 | ||
Collateral received with the right to sell or repledge | 64,500,000,000 | 43,300,000,000 | ||
Collateral sold or repledged | 40,800,000,000 | 23,800,000,000 | ||
Collateral pledged, fair value | 56,500,000,000 | 39,000,000,000 | ||
Total assets | 1,687,155,000,000 | [1],[2] | 1,523,502,000,000 | [1],[2] |
Fed Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Net amounts in consolidated balance sheet | 36,800,000,000 | 25,700,000,000 | ||
Loans [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Net amounts in consolidated balance sheet | 14,900,000,000 | 10,100,000,000 | ||
Loans and MHFS sold with recourse [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Loans repurchased | 14,000,000 | 33,000,000 | ||
Trading assets and other [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Securities owned and pledged as collateral available to be repledged, Fair Value | 49,400,000,000 | 29,000,000,000 | ||
Investment securities [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Securities owned and pledged as collateral available to be repledged, Fair Value | 164,000,000 | |||
Securities owned and pledged as collateral related to repurchase agreements not available to be repledged, carrying value | 6,600,000,000 | 8,700,000,000 | ||
Securities owned and pledged as collateral related to repurchase agreements not available to be repledged, Fair Value | 6,800,000,000 | 8,700,000,000 | ||
VIEs that we consolidate [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Total assets | 5,817,000,000 | 8,122,000,000 | ||
Secured Borrowing transactions excluded [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Total assets | 10,132,000,000 | 15,307,000,000 | ||
Direct pay letters of credit (DPLCs) [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Maximum exposure to loss | 15,000,000,000 | 16,800,000,000 | ||
Third party clearing indemnifications [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Maximum exposure to loss | 5,700,000,000 | 2,900,000,000 | ||
Third-party clearing customer obligations | 950,000,000 | 769,000,000 | ||
Collateral provided to third-party clearing agents | 5,600,000,000 | 3,700,000,000 | ||
Securities lending and other indemnifications [Member] | ||||
Guarantees (Textuals) [Abstract] | ||||
Maximum exposure to loss | $5,952,000,000 | $3,220,000,000 | ||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[2] | Our consolidated assets at December 31, 2014 and December 31, 2013, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $117 million and $165 million; Trading assets, $0 million and $162 million; Investment securities, $875 million and $1.4 billion; Mortgages held for sale, $0 million and $38 million; Net loans, $4.5 billion and $6.1 billion; Other assets, $316 million and $347 million, and Total assets, $5.8 billion and $8.1 billion, respectively. |
Guarantees_Pledged_Assets_and_3
Guarantees, Pledged Assets and Collateral (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ||
Carrying value | $606 | $1,082 |
Maximum exposure to loss, expires in one year or less | 27,515 | 24,747 |
Maximum exposure to loss, expires in one year through three years | 16,098 | 15,127 |
Maximum exposure to loss, expires in three years through five years | 9,963 | 9,712 |
Maximum exposure to loss, expires after five years | 16,546 | 12,903 |
Maximum exposure to loss | 70,122 | 62,489 |
Security Owned and Pledged as Collateral, Fair Value [Abstract] | ||
Trading assets and other | 49,685 | 30,288 |
Investment securities | 101,997 | 85,468 |
Mortgages held for sale and loans | 418,338 | 381,597 |
Total pledged assets | 570,020 | 497,353 |
Non-investment grade [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure to loss | 23,823 | 20,550 |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying value | 41 | 56 |
Maximum exposure to loss, expires in one year or less | 16,271 | 16,907 |
Maximum exposure to loss, expires in one year through three years | 10,269 | 11,628 |
Maximum exposure to loss, expires in three years through five years | 6,295 | 5,308 |
Maximum exposure to loss, expires after five years | 645 | 994 |
Maximum exposure to loss | 33,480 | 34,837 |
Standby Letters of Credit [Member] | Non-investment grade [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure to loss | 8,447 | 9,512 |
Securities lending and other indemnifications [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying value | 0 | 0 |
Maximum exposure to loss, expires in one year or less | 0 | 0 |
Maximum exposure to loss, expires in one year through three years | 2 | 3 |
Maximum exposure to loss, expires in three years through five years | 2 | 18 |
Maximum exposure to loss, expires after five years | 5,948 | 3,199 |
Maximum exposure to loss | 5,952 | 3,220 |
Securities lending and other indemnifications [Member] | Non-investment grade [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure to loss | 0 | 25 |
Loans and MHFS sold with recourse [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying value | 72 | 86 |
Maximum exposure to loss, expires in one year or less | 131 | 116 |
Maximum exposure to loss, expires in one year through three years | 486 | 418 |
Maximum exposure to loss, expires in three years through five years | 822 | 849 |
Maximum exposure to loss, expires after five years | 5,386 | 5,014 |
Maximum exposure to loss | 6,825 | 6,397 |
Loans and MHFS sold with recourse [Member] | Non-investment grade [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure to loss | 3,945 | 3,674 |
Factoring Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying value | 0 | 0 |
Maximum exposure to loss, expires in one year or less | 3,460 | 2,915 |
Maximum exposure to loss, expires in one year through three years | 0 | 0 |
Maximum exposure to loss, expires in three years through five years | 0 | 0 |
Maximum exposure to loss, expires after five years | 0 | 0 |
Maximum exposure to loss | 3,460 | 2,915 |
Factoring Guarantee [Member] | Non-investment grade [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure to loss | 3,460 | 2,915 |
Other guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying value | 24 | 33 |
Maximum exposure to loss, expires in one year or less | 9 | 34 |
Maximum exposure to loss, expires in one year through three years | 85 | 111 |
Maximum exposure to loss, expires in three years through five years | 22 | 16 |
Maximum exposure to loss, expires after five years | 2,158 | 971 |
Maximum exposure to loss | 2,274 | 1,132 |
Other guarantees [Member] | Non-investment grade [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure to loss | 69 | 113 |
Written put options [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying value | 469 | 907 |
Maximum exposure to loss, expires in one year or less | 7,644 | 4,775 |
Maximum exposure to loss, expires in one year through three years | 5,256 | 2,967 |
Maximum exposure to loss, expires in three years through five years | 2,822 | 3,521 |
Maximum exposure to loss, expires after five years | 2,409 | 2,725 |
Maximum exposure to loss | 18,131 | 13,988 |
Written put options [Member] | Non-investment grade [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure to loss | $7,902 | $4,311 |
Guarantees_Offsetting_of_Resal
Guarantees, Offsetting of Resale and Repurchase Agreements and Securities Borrowing and Lending (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Resale and securities borrowing agreements | ||
Gross amounts recognized | $58,148 | $38,635 |
Gross amounts offset in consolidated balance sheet | -6,477 | -2,817 |
Net amounts in consolidated balance sheet | 51,671 | 35,818 |
Collateral not recognized in consolidated balance sheet | -51,624 | -35,768 |
Net amount | 47 | 50 |
Repurchase and securities lending agreements | ||
Gross amounts recognized | 56,583 | 38,032 |
Gross amounts offset in consolidated balance sheet | -6,477 | -2,817 |
Net amounts in consolidated balance sheet | 50,106 | 35,215 |
Collateral pledged but not netted in consolidated balance sheet | -49,713 | -34,770 |
Net amount | $393 | $445 |
Legal_Actions_Details
Legal Actions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Jul. 13, 2012 | Dec. 31, 2014 | Oct. 29, 2014 | Aug. 05, 2013 | Dec. 26, 2012 | Aug. 10, 2010 |
Liability for Contingent Litigation Losses [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Range of possible loss, portion not accrued | 1,100 | |||||
In re Interchange Litigation [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Amounts to be paid in connection with legal or regulatory matters | 6,600 | |||||
Distribution to class merchants (percent) | 0.10% | |||||
Distribution period to class merchants | 8 months | |||||
In re Order of Posting Litigation [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Amounts to be paid in connection with legal or regulatory matters | $203 | $203 | $203 | $203 |
Derivatives_Textuals_Details
Derivatives Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivatives (Textual) [Abstract] | |||
Derivative assets subject to enforceable master netting arrangements | $69,600,000,000 | $59,800,000,000 | |
Derivative liabilities subject to enforceable master netting arrangements | 75,000,000,000 | 66,100,000,000 | |
Derivative assets not subject to enforceable master netting arrangements | 18,900,000,000 | 12,900,000,000 | |
Derivative liabilities not subject to enforceable master netting arrangements | 8,800,000,000 | 7,300,000,000 | |
Valuation adjustments for derivative assets | 266,000,000 | 236,000,000 | |
Valuation adjustments for derivative liabilities | 56,000,000 | 67,000,000 | |
Cash collateral netted against derivative assets | 5,200,000,000 | 4,300,000,000 | |
Cash collateral netted against derivative liabilities | 4,600,000,000 | 11,300,000,000 | |
Fair value asset derivatives, net | 22,605,000,000 | 15,806,000,000 | |
Time value component recognized as net interest income (expense) on forward derivatives excluded from the assessment of hedge effectiveness | -1,000,000 | -5,000,000 | -9,000,000 |
Deferred net gains on derivatives in other comprehensive income | 758,000,000 | ||
Maximum length of time hedged in cash flow hedge | 7 years | ||
Change in value of derivatives excluded from assessment of cash flow hedge effectiveness | 0 | 0 | 0 |
Gains (losses) on derivatives used to hedge residential mortgage servicing rights | 3,509,000,000 | -2,909,000,000 | 3,574,000,000 |
Aggregate fair value of derivatives used for economic hedges net asset (liability) | 492,000,000 | -531,000,000 | |
Aggregate fair value of derivative loan commitments net asset (liability) | 98,000,000 | -26,000,000 | |
Aggregate fair value of derivative instruments with credit-risk-related contingent features, net liability | 13,600,000,000 | 14,300,000,000 | |
Collateral for derivative instruments with credit-risk-related contingent features | 10,500,000,000 | 12,200,000,000 | |
Additional collateral for derivative instruments with credit-risk-related contingent features | 3,100,000,000 | 2,500,000,000 | |
Trading assets and other [Member] | |||
Derivatives (Textual) [Abstract] | |||
Fair value asset derivatives, net | 16,900,000,000 | 14,400,000,000 | |
Other assets [Member] | |||
Derivatives (Textual) [Abstract] | |||
Fair value asset derivatives, net | 5,700,000,000 | 1,400,000,000 | |
Interest rate contract [Member] | |||
Derivatives (Textual) [Abstract] | |||
Fair value asset derivatives, net | 7,647,000,000 | 7,575,000,000 | |
Foreign exchange contract [Member] | |||
Derivatives (Textual) [Abstract] | |||
Fair value asset derivatives, net | 2,481,000,000 | 1,276,000,000 | |
Designated as Hedging Instrument [Member] | Interest rate contract [Member] | |||
Derivatives (Textual) [Abstract] | |||
Certain derivatives combined for designation as a hedge on a single instrument | 1,900,000,000 | 1,900,000,000 | |
Designated as Hedging Instrument [Member] | Foreign exchange contract [Member] | |||
Derivatives (Textual) [Abstract] | |||
Certain derivatives combined for designation as a hedge on a single instrument | $2,700,000,000 |
Derivatives_Notional_or_Contra
Derivatives, Notional or Contractual Amounts (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | $88,474 | $72,700 |
Fair value asset derivatives, netting | -65,869 | -56,894 |
Fair Value Asset derivatives, net | 22,605 | 15,806 |
Fair value liability derivatives | 83,781 | 73,359 |
Fair value liability derivatives, netting | -65,043 | -63,739 |
Net amounts in consolidated balance sheet | 18,738 | 9,620 |
Interest rate contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 63,698 | 55,846 |
Fair value asset derivatives, netting | -56,051 | -48,271 |
Fair Value Asset derivatives, net | 7,647 | 7,575 |
Fair value liability derivatives | 60,059 | 56,538 |
Fair value liability derivatives, netting | -54,394 | -53,902 |
Net amounts in consolidated balance sheet | 5,665 | 2,636 |
Foreign exchange contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 7,404 | 4,843 |
Fair value asset derivatives, netting | -4,923 | -3,567 |
Fair Value Asset derivatives, net | 2,481 | 1,276 |
Fair value liability derivatives | 7,827 | 4,508 |
Fair value liability derivatives, netting | -5,511 | -3,652 |
Net amounts in consolidated balance sheet | 2,316 | 856 |
Equity contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 9,005 | 7,824 |
Fair value asset derivatives, netting | -2,842 | -3,254 |
Fair Value Asset derivatives, net | 6,163 | 4,570 |
Fair value liability derivatives | 7,038 | 7,794 |
Fair value liability derivatives, netting | -2,845 | -3,502 |
Net amounts in consolidated balance sheet | 4,193 | 4,292 |
Commodity contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 7,461 | 2,673 |
Fair value asset derivatives, netting | -1,233 | -659 |
Fair Value Asset derivatives, net | 6,228 | 2,014 |
Fair value liability derivatives | 7,702 | 2,603 |
Fair value liability derivatives, netting | -1,459 | -952 |
Net amounts in consolidated balance sheet | 6,243 | 1,651 |
Credit Contracts Protection Sold [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 151 | 354 |
Fair value asset derivatives, netting | -131 | -302 |
Fair Value Asset derivatives, net | 20 | 52 |
Fair value liability derivatives | 943 | 1,532 |
Fair value liability derivatives, netting | -713 | -1,432 |
Net amounts in consolidated balance sheet | 230 | 100 |
Credit Contracts Protection Purchased [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 755 | 1,147 |
Fair value asset derivatives, netting | -689 | -841 |
Fair Value Asset derivatives, net | 66 | 306 |
Fair value liability derivatives | 168 | 368 |
Fair value liability derivatives, netting | -121 | -299 |
Net amounts in consolidated balance sheet | 47 | 69 |
Other contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 13 | |
Fair value asset derivatives, netting | 0 | |
Fair Value Asset derivatives, net | 13 | |
Fair value liability derivatives | 44 | 16 |
Fair value liability derivatives, netting | 0 | 0 |
Net amounts in consolidated balance sheet | 44 | 16 |
Designated as Hedging Instrument [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 7,288 | 5,406 |
Fair value liability derivatives | 3,782 | 3,375 |
Designated as Hedging Instrument [Member] | Interest rate contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 148,967 | 100,412 |
Fair value asset derivatives | 6,536 | 4,315 |
Fair value liability derivatives | 2,435 | 2,528 |
Designated as Hedging Instrument [Member] | Foreign exchange contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 26,778 | 26,483 |
Fair value asset derivatives | 752 | 1,091 |
Fair value liability derivatives | 1,347 | 847 |
Not Designated as Hedging Instrument [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 81,186 | 67,294 |
Fair value liability derivatives | 79,999 | 69,984 |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 1,339 | 965 |
Fair value liability derivatives | 611 | 1,138 |
Not Designated as Hedging Instrument [Member] | Customer accommodation, trading, and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 79,847 | 66,329 |
Fair value liability derivatives | 79,388 | 68,846 |
Not Designated as Hedging Instrument [Member] | Interest rate contract [Member] | Economic hedges [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 221,527 | 220,577 |
Fair value asset derivatives | 697 | 595 |
Fair value liability derivatives | 487 | 897 |
Not Designated as Hedging Instrument [Member] | Interest rate contract [Member] | Customer accommodation, trading, and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 4,378,767 | 4,030,068 |
Fair value asset derivatives | 56,465 | 50,936 |
Fair value liability derivatives | 57,137 | 53,113 |
Not Designated as Hedging Instrument [Member] | Foreign exchange contract [Member] | Economic hedges [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 14,405 | 10,064 |
Fair value asset derivatives | 275 | 21 |
Fair value liability derivatives | 28 | 35 |
Not Designated as Hedging Instrument [Member] | Foreign exchange contract [Member] | Customer accommodation, trading, and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 253,742 | 164,160 |
Fair value asset derivatives | 6,377 | 3,731 |
Fair value liability derivatives | 6,452 | 3,626 |
Not Designated as Hedging Instrument [Member] | Equity contract [Member] | Economic hedges [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 5,219 | 3,273 |
Fair value asset derivatives | 367 | 349 |
Fair value liability derivatives | 96 | 206 |
Not Designated as Hedging Instrument [Member] | Equity contract [Member] | Customer accommodation, trading, and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 138,422 | 96,379 |
Fair value asset derivatives | 8,638 | 7,475 |
Fair value liability derivatives | 6,942 | 7,588 |
Not Designated as Hedging Instrument [Member] | Commodity contract [Member] | Customer accommodation, trading, and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 88,640 | 96,889 |
Fair value asset derivatives | 7,461 | 2,673 |
Fair value liability derivatives | 7,702 | 2,603 |
Not Designated as Hedging Instrument [Member] | Credit Contracts Protection Sold [Member] | Customer accommodation, trading, and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 12,304 | 19,501 |
Fair value asset derivatives | 151 | 354 |
Fair value liability derivatives | 943 | 1,532 |
Not Designated as Hedging Instrument [Member] | Credit Contracts Protection Purchased [Member] | Customer accommodation, trading, and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 16,659 | 23,314 |
Fair value asset derivatives | 755 | 1,147 |
Fair value liability derivatives | 168 | 368 |
Not Designated as Hedging Instrument [Member] | Other contract [Member] | Customer accommodation, trading, and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 1,994 | 2,160 |
Fair value asset derivatives | 0 | 13 |
Fair value liability derivatives | $44 | $16 |
Derivatives_Balance_Sheet_Offs
Derivatives, Balance Sheet Offsetting of Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Assets | ||
Gross amounts recognized | $88,474 | $72,700 |
Gross amounts offset in consolidated balance sheet | -65,869 | -56,894 |
Fair Value Asset derivatives, net | 22,605 | 15,806 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -1,332 | -1,454 |
Net amounts | 21,273 | 14,352 |
Derivative Liabilities | ||
Gross amounts recognized | 83,781 | 73,359 |
Gross amounts offset in consolidated balance sheet | -65,043 | -63,739 |
Net amounts in consolidated balance sheet | 18,738 | 9,620 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -5,248 | -617 |
Net amounts | 13,490 | 9,003 |
Interest rate contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | 63,698 | 55,846 |
Gross amounts offset in consolidated balance sheet | -56,051 | -48,271 |
Fair Value Asset derivatives, net | 7,647 | 7,575 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -769 | -1,101 |
Net amounts | 6,878 | 6,474 |
Percent exchanged in the over the counter market | 45.00% | 65.00% |
Derivative Liabilities | ||
Gross amounts recognized | 60,059 | 56,538 |
Gross amounts offset in consolidated balance sheet | -54,394 | -53,902 |
Net amounts in consolidated balance sheet | 5,665 | 2,636 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -4,244 | -482 |
Net amounts | 1,421 | 2,154 |
Percent exchanged in the over the counter market | 44.00% | 66.00% |
Commodity contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | 7,461 | 2,673 |
Gross amounts offset in consolidated balance sheet | -1,233 | -659 |
Fair Value Asset derivatives, net | 6,228 | 2,014 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -72 | -72 |
Net amounts | 6,156 | 1,942 |
Percent exchanged in the over the counter market | 27.00% | 52.00% |
Derivative Liabilities | ||
Gross amounts recognized | 7,702 | 2,603 |
Gross amounts offset in consolidated balance sheet | -1,459 | -952 |
Net amounts in consolidated balance sheet | 6,243 | 1,651 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -33 | -11 |
Net amounts | 6,210 | 1,640 |
Percent exchanged in the over the counter market | 81.00% | 73.00% |
Equity contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | 9,005 | 7,824 |
Gross amounts offset in consolidated balance sheet | -2,842 | -3,254 |
Fair Value Asset derivatives, net | 6,163 | 4,570 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -405 | -239 |
Net amounts | 5,758 | 4,331 |
Percent exchanged in the over the counter market | 54.00% | 81.00% |
Derivative Liabilities | ||
Gross amounts recognized | 7,038 | 7,794 |
Gross amounts offset in consolidated balance sheet | -2,845 | -3,502 |
Net amounts in consolidated balance sheet | 4,193 | 4,292 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -484 | -124 |
Net amounts | 3,709 | 4,168 |
Percent exchanged in the over the counter market | 82.00% | 94.00% |
Foreign exchange contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | 7,404 | 4,843 |
Gross amounts offset in consolidated balance sheet | -4,923 | -3,567 |
Fair Value Asset derivatives, net | 2,481 | 1,276 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -85 | -9 |
Net amounts | 2,396 | 1,267 |
Percent exchanged in the over the counter market | 98.00% | 100.00% |
Derivative Liabilities | ||
Gross amounts recognized | 7,827 | 4,508 |
Gross amounts offset in consolidated balance sheet | -5,511 | -3,652 |
Net amounts in consolidated balance sheet | 2,316 | 856 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -270 | 0 |
Net amounts | 2,046 | 856 |
Percent exchanged in the over the counter market | 100.00% | 100.00% |
Credit Contracts Protection Sold [Member] | ||
Derivative Assets | ||
Gross amounts recognized | 151 | 354 |
Gross amounts offset in consolidated balance sheet | -131 | -302 |
Fair Value Asset derivatives, net | 20 | 52 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | 0 | 0 |
Net amounts | 20 | 52 |
Percent exchanged in the over the counter market | 90.00% | 92.00% |
Derivative Liabilities | ||
Gross amounts recognized | 943 | 1,532 |
Gross amounts offset in consolidated balance sheet | -713 | -1,432 |
Net amounts in consolidated balance sheet | 230 | 100 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -199 | 0 |
Net amounts | 31 | 100 |
Percent exchanged in the over the counter market | 100.00% | 100.00% |
Credit Contracts Protection Purchased [Member] | ||
Derivative Assets | ||
Gross amounts recognized | 755 | 1,147 |
Gross amounts offset in consolidated balance sheet | -689 | -841 |
Fair Value Asset derivatives, net | 66 | 306 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -1 | -33 |
Net amounts | 65 | 273 |
Percent exchanged in the over the counter market | 100.00% | 100.00% |
Derivative Liabilities | ||
Gross amounts recognized | 168 | 368 |
Gross amounts offset in consolidated balance sheet | -121 | -299 |
Net amounts in consolidated balance sheet | 47 | 69 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | -18 | 0 |
Net amounts | 29 | 69 |
Percent exchanged in the over the counter market | 86.00% | 89.00% |
Other contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | 13 | |
Gross amounts offset in consolidated balance sheet | 0 | |
Fair Value Asset derivatives, net | 13 | |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | 0 | |
Net amounts | 13 | |
Percent exchanged in the over the counter market | 100.00% | |
Derivative Liabilities | ||
Gross amounts recognized | 44 | 16 |
Gross amounts offset in consolidated balance sheet | 0 | 0 |
Net amounts in consolidated balance sheet | 44 | 16 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | 0 | 0 |
Net amounts | $44 | $16 |
Percent exchanged in the over the counter market | 100.00% | 100.00% |
Derivatives_Net_Gains_Losses_i
Derivatives, Net Gains (Losses) in Income related to Fair Value Hedges (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Gains Losses Recognized In Income Statement Related To Derivatives In Fair Value Hedging Relationships [Abstract] | |||
Net interest income (expense) recognized on derivatives | $1,404 | $1,309 | $1,467 |
Gains (losses) recorded in noninterest income recognized on derivatives | 604 | -2,727 | 390 |
Gains (losses) recorded in noninterest income recognized on hedged item | -98 | 2,361 | -357 |
Net recognized on fair value hedges (ineffective portion) | 506 | -366 | 33 |
Available for sale Securities [Member] | Interest rate contract [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives In Fair Value Hedging Relationships [Abstract] | |||
Net interest income (expense) recognized on derivatives | -722 | -584 | -457 |
Gains (losses) recorded in noninterest income recognized on derivatives | -1,943 | 1,889 | -22 |
Gains (losses) recorded in noninterest income recognized on hedged item | 1,911 | -1,874 | 17 |
Net recognized on fair value hedges (ineffective portion) | -32 | 15 | -5 |
Available for sale Securities [Member] | Foreign exchange contract [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives In Fair Value Hedging Relationships [Abstract] | |||
Net interest income (expense) recognized on derivatives | -10 | -8 | -5 |
Gains (losses) recorded in noninterest income recognized on derivatives | 391 | -49 | 39 |
Gains (losses) recorded in noninterest income recognized on hedged item | -388 | 49 | -3 |
Net recognized on fair value hedges (ineffective portion) | 3 | 0 | 36 |
Mortgages held for sale [Member] | Interest rate contract [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives In Fair Value Hedging Relationships [Abstract] | |||
Net interest income (expense) recognized on derivatives | -15 | -11 | -4 |
Gains (losses) recorded in noninterest income recognized on derivatives | -49 | 47 | -15 |
Gains (losses) recorded in noninterest income recognized on hedged item | 32 | -57 | 6 |
Net recognized on fair value hedges (ineffective portion) | -17 | -10 | -9 |
Long-term Debt [Member] | Interest rate contract [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives In Fair Value Hedging Relationships [Abstract] | |||
Net interest income (expense) recognized on derivatives | 1,843 | 1,632 | 1,685 |
Gains (losses) recorded in noninterest income recognized on derivatives | 3,623 | -3,767 | -179 |
Gains (losses) recorded in noninterest income recognized on hedged item | -3,143 | 3,521 | 233 |
Net recognized on fair value hedges (ineffective portion) | 480 | -246 | 54 |
Long-term Debt [Member] | Foreign exchange contract [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives In Fair Value Hedging Relationships [Abstract] | |||
Net interest income (expense) recognized on derivatives | 308 | 280 | 248 |
Gains (losses) recorded in noninterest income recognized on derivatives | -1,418 | -847 | 567 |
Gains (losses) recorded in noninterest income recognized on hedged item | 1,490 | 722 | -610 |
Net recognized on fair value hedges (ineffective portion) | $72 | ($125) | ($43) |
Derivatives_Net_Gains_Losses_r
Derivatives, Net Gains (Losses) related to Cash Flow Hedges (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Gains Losses Recognized Related to Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Gains (losses) (pre tax) recognized in OCI on derivatives | $952 | ($32) | $52 |
Gains (pre tax) reclassified from cumulative OCI into net income | 545 | 296 | 388 |
Gains (losses) (pre tax) recognized in noninterest income for hedge ineffectiveness. | $2 | $1 | ($1) |
Derivatives_Net_Gains_Losses_i1
Derivatives, Net Gains (Losses) in Income related to Derivatives Not Designated as Hedging Instruments (Details) (Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | $2,231 | $1,809 | $6,066 |
Economic hedges [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | 1,817 | 1,232 | -1,944 |
Customer accommodation, trading, and other derivatives [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | 414 | 577 | 8,010 |
Interest Rate Contracts, Mortgage Banking [ Member] | Economic hedges [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | 1,759 | 1,412 | -1,882 |
Interest Rate Contracts, Mortgage Banking [ Member] | Customer accommodation, trading, and other derivatives [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | 1,350 | -561 | 7,222 |
Interest Rate Contracts, Other | Economic hedges [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | -230 | 119 | 2 |
Interest Rate Contracts, Other | Customer accommodation, trading, and other derivatives [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | -855 | 743 | 589 |
Equity contract [Member] | Economic hedges [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | -469 | -317 | 4 |
Equity contract [Member] | Customer accommodation, trading, and other derivatives [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | -719 | -622 | -234 |
Foreign exchange contract [Member] | Economic hedges [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | 758 | 24 | -53 |
Foreign exchange contract [Member] | Customer accommodation, trading, and other derivatives [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | 593 | 746 | 501 |
Credit contract [Member] | Economic hedges [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | -1 | -6 | -15 |
Credit contract [Member] | Customer accommodation, trading, and other derivatives [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | 7 | -53 | -54 |
Commodity contract [Member] | Customer accommodation, trading, and other derivatives [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | 77 | 324 | -14 |
Other contract [Member] | Customer accommodation, trading, and other derivatives [Member] | |||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | ($39) | $0 | $0 |
Derivatives_Sold_and_Purchased
Derivatives, Sold and Purchased Credit Derivatives (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 943 | 1,532 |
Notional amount Protection sold | 12,304 | 19,501 |
Notional amount Protection purchased with identical underlyings | 6,888 | 10,397 |
Notional Net protection sold | 5,416 | 9,104 |
Notional Other protection purchased | 9,771 | 12,917 |
Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | 6,207 | 9,441 |
Corporate Bond Securities [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 23 | 48 |
Notional amount Protection sold | 6,344 | 10,947 |
Notional amount Protection purchased with identical underlyings | 4,894 | 6,493 |
Notional Net protection sold | 1,450 | 4,454 |
Notional Other protection purchased | 2,831 | 5,557 |
Corporate Bond Securities [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 1-Jan-15 | 1-Jan-14 |
Corporate Bond Securities [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 31-Dec-21 | 31-Dec-21 |
Corporate Bond Securities [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | 2,904 | 5,237 |
Structured products [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 654 | 1,091 |
Notional amount Protection sold | 1,055 | 1,553 |
Notional amount Protection purchased with identical underlyings | 608 | 894 |
Notional Net protection sold | 447 | 659 |
Notional Other protection purchased | 277 | 389 |
Structured products [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 1-Jan-17 | 1-Jan-16 |
Structured products [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 31-Dec-52 | 31-Dec-52 |
Structured products [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | 874 | 1,245 |
Credit Default Swap [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 0 | 0 |
Notional amount Protection sold | 1,659 | 3,270 |
Notional amount Protection purchased with identical underlyings | 777 | 2,471 |
Notional Net protection sold | 882 | 799 |
Notional Other protection purchased | 1,042 | 898 |
Credit Default Swap [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 1-Jan-15 | 1-Jan-14 |
Credit Default Swap [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 31-Dec-19 | 31-Dec-18 |
Credit Default Swap [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | 292 | 388 |
Commercial Mortgage Backed Securities [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 246 | 344 |
Notional amount Protection sold | 1,058 | 1,106 |
Notional amount Protection purchased with identical underlyings | 608 | 535 |
Notional Net protection sold | 450 | 571 |
Notional Other protection purchased | 355 | 535 |
Commercial Mortgage Backed Securities [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 1-Jan-47 | 1-Jan-49 |
Commercial Mortgage Backed Securities [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 31-Dec-63 | 31-Dec-52 |
Commercial Mortgage Backed Securities [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | 0 | 1 |
Asset-backed securities [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 19 | 48 |
Notional amount Protection sold | 52 | 55 |
Notional amount Protection purchased with identical underlyings | 1 | 1 |
Notional Net protection sold | 51 | 54 |
Notional Other protection purchased | 81 | 87 |
Asset-backed securities [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 1-Jan-45 | 1-Jan-45 |
Asset-backed securities [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 31-Dec-46 | 31-Dec-46 |
Asset-backed securities [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | 1 | 0 |
Other Credit Derivatives [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 1 | 1 |
Notional amount Protection sold | 2,136 | 2,570 |
Notional amount Protection purchased with identical underlyings | 0 | 3 |
Notional Net protection sold | 2,136 | 2,567 |
Notional Other protection purchased | 5,185 | 5,451 |
Other Credit Derivatives [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 1-Jan-15 | 1-Jan-14 |
Other Credit Derivatives [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | 31-Dec-25 | 31-Dec-25 |
Other Credit Derivatives [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | 2,136 | 2,570 |
Fair_Values_of_Assets_and_Liab2
Fair Values of Assets and Liabilities Textuals (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Net unrealized gains (losses) on trading securities | $211,000,000 | ($29,000,000) | |||||
Available-for-sale, at fair value | 257,442,000,000 | 252,007,000,000 | |||||
Fair Value Disclosure, Transfers out of AFS to HTM, Excluded from transfers between levels, amount | 6,000,000,000 | ||||||
Fair Value Disclosure, Transfers out of AFS to HTM, amount | 6,000,000,000 | ||||||
Mortgages held for sale | 15,565,000,000 | 13,879,000,000 | |||||
FV of NMEI in private equity funds where nonrecurring FV adjustments were recorded | 171,000,000 | 505,000,000 | |||||
Fair Value of cost method NMEI using NAV | 1,300,000,000 | 1,500,000,000 | |||||
Fair Value of NMEI using NAV | 108,000,000 | 88,000,000 | |||||
Loans | 862,551,000,000 | [1],[2] | 822,286,000,000 | [1],[2] | 798,351,000,000 | 769,631,000,000 | 757,267,000,000 |
Capital Lease Obligation | 9,000,000 | 11,000,000 | |||||
Offshore Funds [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Redemption restriction for investment | 24,000,000 | 144,000,000 | |||||
U.S. states and political subdivisions [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Fair Value Disclosure, Transfers from Level 3 to Level 2 | 9,400,000,000 | ||||||
Private Equity Funds [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Distribution period for alternative investments | 6 years | ||||||
Venture Capital Funds [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Distribution period for alternative investments | 5 years | ||||||
Lease Financing [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Loans | 12,307,000,000 | 12,371,000,000 | 12,736,000,000 | 13,387,000,000 | 13,386,000,000 | ||
Non modified loans [Member] | Maximum [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Cost to service per loan | 270 | 302 | |||||
Non modified loans [Member] | Minimum [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Cost to service per loan | 86 | 86 | |||||
Residential [Member] | Government Insured Or Guaranteed [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Mortgages held for sale | 1,000,000,000 | 825,000,000 | |||||
Residential [Member] | Non Government Insured Or Guaranteed [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Mortgages held for sale | 78,000,000 | 68,000,000 | |||||
Collateralized Debt Obligations [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Trading securities | 2,000,000 | ||||||
Available-for-sale, at fair value | 500,000,000 | 693,000,000 | |||||
Trading and available for sale securities | 500,000,000 | 695,000,000 | |||||
Available-for-sale securities [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Fair Value Disclosure, Collateralized Loan Obligations, Transfers from Level 3 to Level 2 | 12,500,000,000 | ||||||
Trading assets and other [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Fair Value Disclosure, Collateralized Loan Obligations, Transfers from Level 3 to Level 2 | 231,000,000 | ||||||
Estimate of Fair Value Measurement [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Loans | 844,838,000,000 | 794,564,000,000 | |||||
Loan Commitments And Standby, Commercial And Similar Letters of Credit | 945,000,000 | 597,000,000 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Loans | 784,786,000,000 | 736,214,000,000 | |||||
Fair Value, Measurements, Recurring [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Trading securities | 59,914,000,000 | 43,136,000,000 | |||||
Available-for-sale, at fair value | 257,442,000,000 | 252,007,000,000 | |||||
Total assets | 378,099,000,000 | 353,142,000,000 | |||||
Total liabilities | 34,866,000,000 | 22,671,000,000 | |||||
Mortgages held for sale | 15,565,000,000 | 13,879,000,000 | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Trading securities | 595,000,000 | 769,000,000 | |||||
Available-for-sale, at fair value | 6,029,000,000 | 7,995,000,000 | |||||
Total assets | 32,324,000,000 | 37,171,000,000 | |||||
Total liabilities | 2,270,000,000 | 3,677,000,000 | |||||
Mortgages held for sale | 2,313,000,000 | 2,374,000,000 | |||||
Fair Value, Measurements, Recurring [Member] | U.S. states and political subdivisions [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Trading securities | 1,544,000,000 | 2,082,000,000 | |||||
Available-for-sale, at fair value | 44,944,000,000 | 42,536,000,000 | |||||
Fair Value, Measurements, Recurring [Member] | U.S. states and political subdivisions [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Values of Assets and Liabilities (Textual) [Abstract] | |||||||
Trading securities | 7,000,000 | 39,000,000 | |||||
Available-for-sale, at fair value | $2,277,000,000 | $3,214,000,000 | |||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||||||
[2] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. |
Fair_Value_Measurements_From_B
Fair Value, Measurements From Brokers or Third Party Pricing Services (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial assets | ||
Available-for-sale, at fair value | $257,442 | $252,007 |
Fair value asset derivatives | 88,474 | 72,700 |
Financial liabilities | ||
Fair value liability derivatives | -83,781 | -73,359 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Trading assets | 0 | 0 |
Available-for-sale, at fair value | 0 | 0 |
Fair value asset derivatives | 0 | 0 |
Financial liabilities | ||
Fair value liability derivatives | 0 | 0 |
Other liabilities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Equity securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Trading assets | 0 | 122 |
Available-for-sale, at fair value | 1,187 | 2,158 |
Fair value asset derivatives | 1 | 5 |
Financial liabilities | ||
Fair value liability derivatives | -1 | -12 |
Other liabilities | 0 | -115 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 1,187 | 2,158 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 152 | 621 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale, at fair value | 1,035 | 1,537 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Equity securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Trading assets | 0 | 1 |
Available-for-sale, at fair value | 601 | 722 |
Fair value asset derivatives | 0 | 0 |
Financial liabilities | ||
Fair value liability derivatives | 0 | 0 |
Other liabilities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 601 | 722 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale, at fair value | 601 | 722 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Equity securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Trading assets | 2 | 1,804 |
Available-for-sale, at fair value | 19,899 | 557 |
Fair value asset derivatives | 0 | 0 |
Financial liabilities | ||
Fair value liability derivatives | 0 | 0 |
Other liabilities | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 19,899 | 557 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 19,899 | 557 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Equity securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Trading assets | 105 | 652 |
Available-for-sale, at fair value | 227,070 | 238,365 |
Fair value asset derivatives | 290 | 417 |
Financial liabilities | ||
Fair value liability derivatives | -292 | -418 |
Other liabilities | -1 | -36 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 226,501 | 237,735 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 5,905 | 5,723 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 42,666 | 39,257 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 135,997 | 148,074 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale, at fair value | 41,933 | 44,681 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Equity securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 569 | 630 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Trading assets | 0 | 3 |
Available-for-sale, at fair value | 735 | 989 |
Fair value asset derivatives | 0 | 3 |
Financial liabilities | ||
Fair value liability derivatives | 0 | 0 |
Other liabilities | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 735 | 989 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 61 | 63 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | 133 | 180 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale, at fair value | 541 | 746 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Equity securities [Member] | ||
Financial assets | ||
Available-for-sale, at fair value | $0 | $0 |
Fair_Value_Assets_and_Liabilit
Fair Value, Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Available-for-sale, at fair value | $257,442 | $252,007 |
Mortgages held for sale | 15,565 | 13,879 |
Loans held for sale | 1 | 1 |
Loans | 5,788 | 5,995 |
Mortgage servicing rights | 12,738 | 15,580 |
Fair value asset derivatives | 88,474 | 72,700 |
Fair value asset derivatives, net | 22,605 | 15,806 |
Other assets, excluding derivatives | 2,512 | 1,386 |
Liabilities: | ||
Total derivative liabilities | -83,781 | -73,359 |
Fair value liability derivatives, net | -18,738 | -9,620 |
Interest rate contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 63,698 | 55,846 |
Fair value asset derivatives, net | 7,647 | 7,575 |
Liabilities: | ||
Total derivative liabilities | -60,059 | -56,538 |
Fair value liability derivatives, net | -5,665 | -2,636 |
Commodity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 7,461 | 2,673 |
Fair value asset derivatives, net | 6,228 | 2,014 |
Liabilities: | ||
Total derivative liabilities | -7,702 | -2,603 |
Fair value liability derivatives, net | -6,243 | -1,651 |
Equity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 9,005 | 7,824 |
Fair value asset derivatives, net | 6,163 | 4,570 |
Liabilities: | ||
Total derivative liabilities | -7,038 | -7,794 |
Fair value liability derivatives, net | -4,193 | -4,292 |
Foreign exchange contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 7,404 | 4,843 |
Fair value asset derivatives, net | 2,481 | 1,276 |
Liabilities: | ||
Total derivative liabilities | -7,827 | -4,508 |
Fair value liability derivatives, net | -2,316 | -856 |
Other contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 13 | |
Fair value asset derivatives, net | 13 | |
Liabilities: | ||
Total derivative liabilities | -44 | -16 |
Fair value liability derivatives, net | -44 | -16 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 59,914 | 43,136 |
Total trading assets (excluding derivatives) | 61,367 | 48,371 |
Available-for-sale, at fair value | 257,442 | 252,007 |
Mortgages held for sale | 15,565 | 13,879 |
Loans held for sale | 1 | 1 |
Loans | 5,788 | 5,995 |
Mortgage servicing rights | 12,738 | 15,580 |
Fair value asset derivatives, netting | -65,869 | -56,894 |
Fair value asset derivatives, net | 22,605 | 15,806 |
Other assets, excluding derivatives | 2,593 | 1,503 |
Total assets recorded at fair value | 378,099 | 353,142 |
Liabilities: | ||
Fair value liability derivatives, netting | 65,043 | 63,739 |
Fair value liability derivatives, net | -18,738 | -9,620 |
Total short sale liabilities | -16,100 | -13,012 |
Other liabilities, excluding derivatives and short sale liabilities | -28 | -39 |
Total liabilities recorded at fair value | -34,866 | -22,671 |
Fair Value, Measurements, Recurring [Member] | Interest rate contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 63,698 | 55,846 |
Liabilities: | ||
Total derivative liabilities | -60,059 | -56,538 |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 7,461 | 2,673 |
Liabilities: | ||
Total derivative liabilities | -7,702 | -2,603 |
Fair Value, Measurements, Recurring [Member] | Equity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 9,005 | 7,824 |
Liabilities: | ||
Total derivative liabilities | -7,038 | -7,794 |
Fair Value, Measurements, Recurring [Member] | Foreign exchange contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 7,404 | 4,843 |
Liabilities: | ||
Total derivative liabilities | -7,827 | -4,508 |
Fair Value, Measurements, Recurring [Member] | Credit contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 906 | 1,501 |
Liabilities: | ||
Total derivative liabilities | -1,111 | -1,900 |
Fair Value, Measurements, Recurring [Member] | Other contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 0 | 13 |
Liabilities: | ||
Total derivative liabilities | -44 | -16 |
Debt securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 253,766 | 248,622 |
Securities of U.S. Treasury and federal agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 14,392 | 11,970 |
Available-for-sale, at fair value | 25,804 | 6,280 |
Liabilities: | ||
Total short sale liabilities | -8,679 | -6,374 |
U.S. states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 1,544 | 2,082 |
Available-for-sale, at fair value | 44,944 | 42,536 |
Liabilities: | ||
Total short sale liabilities | -26 | -24 |
Collateralized loan and other debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 719 | 753 |
Available-for-sale, at fair value | 25,361 | 20,159 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 7,571 | 7,105 |
Available-for-sale, at fair value | 14,786 | 21,227 |
Liabilities: | ||
Total short sale liabilities | -5,055 | -4,683 |
Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 16,273 | 14,609 |
Available-for-sale, at fair value | 136,352 | 148,791 |
Federal agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 110,089 | 117,591 |
Residential [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 9,269 | 12,453 |
Commercial [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 16,994 | 18,747 |
Asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 855 | 609 |
Available-for-sale, at fair value | 6,499 | 9,590 |
Auto loans and leases [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 276 | 513 |
Home equity loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 662 | 843 |
Other asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 5,561 | 8,234 |
Other trading asset [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Other trading assets | 1,453 | 5,235 |
Other debt securities | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 20 | 39 |
Other securities sold, not yet purchased [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Total short sale liabilities | -79 | -95 |
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 18,560 | 6,008 |
Available-for-sale, at fair value | 3,676 | 3,385 |
Liabilities: | ||
Total short sale liabilities | -2,261 | -1,836 |
Perpetual preferred securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 1,700 | 1,865 |
Other marketable equity securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 1,976 | 1,520 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 29,018 | 14,209 |
Total trading assets (excluding derivatives) | 29,018 | 16,903 |
Available-for-sale, at fair value | 22,402 | 2,689 |
Mortgages held for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Fair value asset derivatives, netting | 0 | 0 |
Fair value asset derivatives, net | 4,194 | 1,602 |
Other assets, excluding derivatives | 0 | 0 |
Total assets recorded at fair value | 55,614 | 21,194 |
Liabilities: | ||
Fair value liability derivatives, netting | 0 | |
Fair value liability derivatives, net | -1,379 | -550 |
Total short sale liabilities | -9,302 | -6,099 |
Other liabilities, excluding derivatives and short sale liabilities | 0 | 0 |
Total liabilities recorded at fair value | -10,681 | -6,649 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Interest rate contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 27 | 36 |
Liabilities: | ||
Total derivative liabilities | -29 | -26 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 0 | 0 |
Liabilities: | ||
Total derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 4,102 | 1,522 |
Liabilities: | ||
Total derivative liabilities | -1,290 | -449 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign exchange contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 65 | 44 |
Liabilities: | ||
Total derivative liabilities | -60 | -75 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Credit contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 0 | 0 |
Liabilities: | ||
Total derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 0 | 0 |
Liabilities: | ||
Total derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Debt securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 19,982 | 670 |
Fair Value, Inputs, Level 1 [Member] | Securities of U.S. Treasury and federal agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 10,506 | 8,301 |
Available-for-sale, at fair value | 19,899 | 557 |
Liabilities: | ||
Total short sale liabilities | -7,043 | -4,311 |
Fair Value, Inputs, Level 1 [Member] | U.S. states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 0 | 0 |
Available-for-sale, at fair value | 0 | 0 |
Liabilities: | ||
Total short sale liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized loan and other debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 0 | 0 |
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 0 | 0 |
Available-for-sale, at fair value | 83 | 113 |
Liabilities: | ||
Total short sale liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 0 | 0 |
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Federal agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Residential [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 0 | 0 |
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Auto loans and leases [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Home equity loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other trading asset [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Other trading assets | 0 | 2,694 |
Fair Value, Inputs, Level 1 [Member] | Other debt securities | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other securities sold, not yet purchased [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Total short sale liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 18,512 | 5,908 |
Available-for-sale, at fair value | 2,420 | 2,019 |
Liabilities: | ||
Total short sale liabilities | -2,259 | -1,788 |
Fair Value, Inputs, Level 1 [Member] | Perpetual preferred securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 468 | 508 |
Fair Value, Inputs, Level 1 [Member] | Other marketable equity securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 1,952 | 1,511 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 30,301 | 28,158 |
Total trading assets (excluding derivatives) | 31,699 | 30,645 |
Available-for-sale, at fair value | 229,011 | 241,323 |
Mortgages held for sale | 13,252 | 11,505 |
Loans held for sale | 1 | 1 |
Loans | 0 | 272 |
Mortgage servicing rights | 0 | 0 |
Fair value asset derivatives, netting | 0 | 0 |
Fair value asset derivatives, net | 82,067 | 67,925 |
Other assets, excluding derivatives | 0 | 0 |
Total assets recorded at fair value | 356,030 | 351,671 |
Liabilities: | ||
Fair value liability derivatives, netting | 0 | 0 |
Fair value liability derivatives, net | -80,166 | -69,171 |
Total short sale liabilities | -6,792 | -6,913 |
Other liabilities, excluding derivatives and short sale liabilities | 0 | 0 |
Total liabilities recorded at fair value | -86,958 | -76,084 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest rate contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 63,306 | 55,466 |
Liabilities: | ||
Total derivative liabilities | -59,958 | -56,128 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 7,438 | 2,667 |
Liabilities: | ||
Total derivative liabilities | -7,680 | -2,587 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Equity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 3,544 | 4,221 |
Liabilities: | ||
Total derivative liabilities | -4,305 | -5,218 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign exchange contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 7,339 | 4,789 |
Liabilities: | ||
Total derivative liabilities | -7,767 | -4,432 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Credit contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 440 | 782 |
Liabilities: | ||
Total derivative liabilities | -456 | -806 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 0 | 0 |
Liabilities: | ||
Total derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Debt securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 228,418 | 240,686 |
Fair Value, Inputs, Level 2 [Member] | Securities of U.S. Treasury and federal agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 3,886 | 3,669 |
Available-for-sale, at fair value | 5,905 | 5,723 |
Liabilities: | ||
Total short sale liabilities | -1,636 | -2,063 |
Fair Value, Inputs, Level 2 [Member] | U.S. states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 1,537 | 2,043 |
Available-for-sale, at fair value | 42,667 | 39,322 |
Liabilities: | ||
Total short sale liabilities | -26 | -24 |
Fair Value, Inputs, Level 2 [Member] | Collateralized loan and other debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 274 | 212 |
Available-for-sale, at fair value | 24,274 | 18,739 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 7,517 | 7,052 |
Available-for-sale, at fair value | 14,451 | 20,833 |
Liabilities: | ||
Total short sale liabilities | -5,055 | -4,683 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 16,273 | 14,608 |
Available-for-sale, at fair value | 136,219 | 148,589 |
Fair Value, Inputs, Level 2 [Member] | Federal agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 110,089 | 117,591 |
Fair Value, Inputs, Level 2 [Member] | Residential [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 9,245 | 12,389 |
Fair Value, Inputs, Level 2 [Member] | Commercial [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 16,885 | 18,609 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 776 | 487 |
Available-for-sale, at fair value | 4,882 | 7,441 |
Fair Value, Inputs, Level 2 [Member] | Auto loans and leases [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 31 | 21 |
Fair Value, Inputs, Level 2 [Member] | Home equity loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 662 | 843 |
Fair Value, Inputs, Level 2 [Member] | Other asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 4,189 | 6,577 |
Fair Value, Inputs, Level 2 [Member] | Other trading asset [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Other trading assets | 1,398 | 2,487 |
Fair Value, Inputs, Level 2 [Member] | Other debt securities | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 20 | 39 |
Fair Value, Inputs, Level 2 [Member] | Other securities sold, not yet purchased [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Total short sale liabilities | -73 | -95 |
Fair Value, Inputs, Level 2 [Member] | Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 38 | 87 |
Available-for-sale, at fair value | 593 | 637 |
Liabilities: | ||
Total short sale liabilities | -2 | -48 |
Fair Value, Inputs, Level 2 [Member] | Perpetual preferred securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 569 | 628 |
Fair Value, Inputs, Level 2 [Member] | Other marketable equity securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 24 | 9 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 595 | 769 |
Total trading assets (excluding derivatives) | 650 | 823 |
Available-for-sale, at fair value | 6,029 | 7,995 |
Mortgages held for sale | 2,313 | 2,374 |
Loans held for sale | 0 | 0 |
Loans | 5,788 | 5,723 |
Mortgage servicing rights | 12,738 | 15,580 |
Fair value asset derivatives, netting | 0 | 0 |
Fair value asset derivatives, net | 2,213 | 3,173 |
Other assets, excluding derivatives | 2,593 | 1,503 |
Total assets recorded at fair value | 32,324 | 37,171 |
Liabilities: | ||
Fair value liability derivatives, netting | 0 | 0 |
Fair value liability derivatives, net | -2,236 | -3,638 |
Total short sale liabilities | -6 | 0 |
Other liabilities, excluding derivatives and short sale liabilities | -28 | -39 |
Total liabilities recorded at fair value | -2,270 | -3,677 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest rate contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 365 | 344 |
Liabilities: | ||
Total derivative liabilities | -72 | -384 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 23 | 6 |
Liabilities: | ||
Total derivative liabilities | -22 | -16 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 1,359 | 2,081 |
Liabilities: | ||
Total derivative liabilities | -1,443 | -2,127 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign exchange contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 0 | 10 |
Liabilities: | ||
Total derivative liabilities | 0 | -1 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Credit contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 466 | 719 |
Liabilities: | ||
Total derivative liabilities | -655 | -1,094 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other contract [Member] | ||
Assets: | ||
Fair value asset derivatives | 0 | 13 |
Liabilities: | ||
Total derivative liabilities | -44 | -16 |
Fair Value, Inputs, Level 3 [Member] | Debt securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 5,366 | 7,266 |
Fair Value, Inputs, Level 3 [Member] | Securities of U.S. Treasury and federal agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 0 | 0 |
Available-for-sale, at fair value | 0 | 0 |
Liabilities: | ||
Total short sale liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 7 | 39 |
Available-for-sale, at fair value | 2,277 | 3,214 |
Liabilities: | ||
Total short sale liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized loan and other debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 445 | 541 |
Available-for-sale, at fair value | 1,087 | 1,420 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 54 | 53 |
Available-for-sale, at fair value | 252 | 281 |
Liabilities: | ||
Total short sale liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 0 | 1 |
Available-for-sale, at fair value | 133 | 202 |
Fair Value, Inputs, Level 3 [Member] | Federal agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Residential [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 24 | 64 |
Fair Value, Inputs, Level 3 [Member] | Commercial [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 109 | 138 |
Fair Value, Inputs, Level 3 [Member] | Asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 79 | 122 |
Available-for-sale, at fair value | 1,617 | 2,149 |
Fair Value, Inputs, Level 3 [Member] | Auto loans and leases [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 245 | 492 |
Fair Value, Inputs, Level 3 [Member] | Home equity loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 1,372 | 1,657 |
Fair Value, Inputs, Level 3 [Member] | Other trading asset [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Other trading assets | 55 | 54 |
Fair Value, Inputs, Level 3 [Member] | Other debt securities | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other securities sold, not yet purchased [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Total short sale liabilities | -6 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Trading securities | 10 | 13 |
Available-for-sale, at fair value | 663 | 729 |
Liabilities: | ||
Total short sale liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Perpetual preferred securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 663 | 729 |
Fair Value, Inputs, Level 3 [Member] | Other marketable equity securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Available-for-sale, at fair value | $0 | $0 |
Fair_Value_Transfers_Between_F
Fair Value, Transfers Between Fair Value Levels (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Total | $0 | $0 | $0 |
Trading securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Total | 0 | 0 | 0 |
Available-for-sale securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Total | 0 | 0 | 0 |
Mortgages held for sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Total | 0 | 0 | 0 |
Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Total | 0 | 0 | 0 |
Net derivative assets and liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Total | 0 | 0 | 0 |
Short sale liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Total | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 17 | 31 |
Transfer Out | -19 | -242 | 0 |
Fair Value, Inputs, Level 1 [Member] | Trading securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 0 | 23 |
Transfer Out | -11 | -242 | 0 |
Fair Value, Inputs, Level 1 [Member] | Available-for-sale securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 17 | 8 |
Transfer Out | -8 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgages held for sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 0 | 0 |
Transfer Out | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 0 | 0 |
Transfer Out | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Net derivative assets and liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 0 | 0 |
Transfer Out | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short sale liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 0 | 0 |
Transfer Out | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 584 | 13,759 | 10,238 |
Transfer Out | -869 | -496 | -6,436 |
Fair Value, Inputs, Level 2 [Member] | Trading securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 70 | 535 | 16 |
Transfer Out | -31 | -56 | -37 |
Fair Value, Inputs, Level 2 [Member] | Available-for-sale securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 370 | 12,830 | 9,832 |
Transfer Out | -148 | -117 | -68 |
Fair Value, Inputs, Level 2 [Member] | Mortgages held for sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 229 | 343 | 298 |
Transfer Out | -440 | -336 | -488 |
Fair Value, Inputs, Level 2 [Member] | Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 49 | 193 | 41 |
Transfer Out | -270 | 0 | -5,851 |
Fair Value, Inputs, Level 2 [Member] | Net derivative assets and liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | -134 | -142 | 51 |
Transfer Out | 20 | 13 | 8 |
Fair Value, Inputs, Level 2 [Member] | Short sale liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 0 | 0 |
Transfer Out | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 869 | 475 | 6,405 |
Transfer Out | -565 | -13,513 | -10,238 |
Fair Value, Inputs, Level 3 [Member] | Trading securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 31 | 52 | 14 |
Transfer Out | -59 | -289 | -16 |
Fair Value, Inputs, Level 3 [Member] | Available-for-sale securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 148 | 100 | 60 |
Transfer Out | -362 | -12,830 | -9,832 |
Fair Value, Inputs, Level 3 [Member] | Mortgages held for sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 440 | 336 | 488 |
Transfer Out | -229 | -343 | -298 |
Fair Value, Inputs, Level 3 [Member] | Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 270 | 0 | 5,851 |
Transfer Out | -49 | -193 | -41 |
Fair Value, Inputs, Level 3 [Member] | Net derivative assets and liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | -20 | -13 | -8 |
Transfer Out | 134 | 142 | -51 |
Fair Value, Inputs, Level 3 [Member] | Short sale liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | |||
Transfer In | 0 | 0 | 0 |
Transfer Out | $0 | $0 | $0 |
Fair_Value_Assets_and_Liabilit1
Fair Value, Assets and Liabilities Measured on Recurring Basis Level 3 Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trading assets, excluding derivatives [Member] | |||
Assets: | |||
Balance, beginning of period | $823 | $1,063 | $2,149 |
Net gains (losses) included in net income | 59 | 74 | -171 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -204 | -77 | -913 |
Transfers into Level 3 | 31 | 52 | 14 |
Transfers out of Level 3 | -59 | -289 | -16 |
Balance, end of period | 650 | 823 | 1,063 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -16 | -19 | -44 |
Trading securities [Member] | |||
Assets: | |||
Balance, beginning of period | 769 | 987 | 2,034 |
Net gains (losses) included in net income | 69 | 96 | -132 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -215 | -77 | -913 |
Transfers into Level 3 | 30 | 51 | 14 |
Transfers out of Level 3 | -58 | -288 | -16 |
Balance, end of period | 595 | 769 | 987 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -15 | -11 | -25 |
Trading securities [Member] | U.S. states and political subdivisions [Member] | |||
Assets: | |||
Balance, beginning of period | 39 | 46 | 53 |
Net gains (losses) included in net income | 1 | 3 | 3 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -2 | -10 | -10 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | -31 | 0 | 0 |
Balance, end of period | 7 | 39 | 46 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | 0 |
Trading securities [Member] | Collateralized loan and other debt obligations [Member] | |||
Assets: | |||
Balance, beginning of period | 541 | 742 | 1,582 |
Net gains (losses) included in net income | 36 | 67 | -191 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -121 | -37 | -649 |
Transfers into Level 3 | 4 | 0 | 0 |
Transfers out of Level 3 | -15 | -231 | 0 |
Balance, end of period | 445 | 541 | 742 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -48 | -33 | -47 |
Trading securities [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Balance, beginning of period | 53 | 52 | 97 |
Net gains (losses) included in net income | 0 | 9 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -21 | -1 | -45 |
Transfers into Level 3 | 26 | 13 | 0 |
Transfers out of Level 3 | -4 | -20 | 0 |
Balance, end of period | 54 | 53 | 52 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 1 | 6 | -3 |
Trading securities [Member] | Mortgage-backed securities [Member] | |||
Assets: | |||
Balance, beginning of period | 1 | 6 | 108 |
Net gains (losses) included in net income | 0 | 1 | 8 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 2 | 9 | -110 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | -3 | -15 | 0 |
Balance, end of period | 0 | 1 | 6 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 1 | 2 |
Trading securities [Member] | Asset-backed securities [Member] | |||
Assets: | |||
Balance, beginning of period | 122 | 138 | 190 |
Net gains (losses) included in net income | 32 | 16 | 48 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -70 | -35 | -98 |
Transfers into Level 3 | 0 | 25 | 14 |
Transfers out of Level 3 | -5 | -22 | -16 |
Balance, end of period | 79 | 122 | 138 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 32 | 15 | 23 |
Trading securities [Member] | Equity securities [Member] | |||
Assets: | |||
Balance, beginning of period | 13 | 3 | 4 |
Net gains (losses) included in net income | 0 | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -3 | -3 | -1 |
Transfers into Level 3 | 0 | 13 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | 10 | 13 | 3 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | 0 |
Other trading asset [Member] | |||
Assets: | |||
Balance, beginning of period | 54 | 76 | 115 |
Net gains (losses) included in net income | -10 | -22 | -39 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 11 | 0 | 0 |
Transfers into Level 3 | 1 | 1 | 0 |
Transfers out of Level 3 | -1 | -1 | 0 |
Balance, end of period | 55 | 54 | 76 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -1 | -8 | -19 |
Available-for-sale securities [Member] | |||
Assets: | |||
Balance, beginning of period | 7,995 | 27,439 | 31,856 |
Net gains (losses) included in net income | 200 | 72 | 203 |
Net gains (losses) included in other comprehensive income | -232 | 38 | 885 |
Purchases, sales, issuances and settlements, net | -1,720 | -782 | 4,267 |
Transfers into Level 3 | 148 | 100 | 60 |
Transfers out of Level 3 | -362 | -18,872 | -9,832 |
Balance, end of period | 6,029 | 7,995 | 27,439 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -8 | -15 | -64 |
Available-for-sale securities [Member] | Debt securities [Member] | |||
Assets: | |||
Balance, beginning of period | 7,266 | 26,645 | 30,489 |
Net gains (losses) included in net income | 188 | 62 | 110 |
Net gains (losses) included in other comprehensive income | -203 | 40 | 931 |
Purchases, sales, issuances and settlements, net | -1,671 | -709 | 4,887 |
Transfers into Level 3 | 148 | 100 | 60 |
Transfers out of Level 3 | -362 | -18,872 | -9,832 |
Balance, end of period | 5,366 | 7,266 | 26,645 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -8 | -15 | -64 |
Available-for-sale securities [Member] | U.S. states and political subdivisions [Member] | |||
Assets: | |||
Balance, beginning of period | 3,214 | 3,631 | 11,516 |
Net gains (losses) included in net income | 21 | 11 | 10 |
Net gains (losses) included in other comprehensive income | -86 | -85 | 160 |
Purchases, sales, issuances and settlements, net | -569 | -182 | 1,347 |
Transfers into Level 3 | 59 | 53 | 0 |
Transfers out of Level 3 | -362 | -214 | -9,402 |
Balance, end of period | 2,277 | 3,214 | 3,631 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -2 | 0 | 0 |
Available-for-sale securities [Member] | Collateralized loan and other debt obligations [Member] | |||
Assets: | |||
Balance, beginning of period | 1,420 | 13,188 | 8,599 |
Net gains (losses) included in net income | 117 | 8 | 135 |
Net gains (losses) included in other comprehensive income | -47 | 124 | 514 |
Purchases, sales, issuances and settlements, net | -403 | 625 | 3,940 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | -12,525 | 0 |
Balance, end of period | 1,087 | 1,420 | 13,188 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -2 | 0 | 0 |
Available-for-sale securities [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Balance, beginning of period | 281 | 274 | 295 |
Net gains (losses) included in net income | 25 | 10 | 20 |
Net gains (losses) included in other comprehensive income | -25 | -10 | 19 |
Purchases, sales, issuances and settlements, net | -29 | -13 | -20 |
Transfers into Level 3 | 0 | 23 | 1 |
Transfers out of Level 3 | 0 | -3 | -41 |
Balance, end of period | 252 | 281 | 274 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | 0 |
Available-for-sale securities [Member] | Mortgage-backed securities [Member] | |||
Assets: | |||
Balance, beginning of period | 202 | 297 | 293 |
Net gains (losses) included in net income | 20 | 4 | -44 |
Net gains (losses) included in other comprehensive income | -6 | 27 | 73 |
Purchases, sales, issuances and settlements, net | -83 | -98 | 20 |
Transfers into Level 3 | 0 | 0 | 29 |
Transfers out of Level 3 | 0 | -28 | -74 |
Balance, end of period | 133 | 202 | 297 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -4 | -8 | -57 |
Available-for-sale securities [Member] | Residential [Member] | |||
Assets: | |||
Balance, beginning of period | 64 | 94 | 61 |
Net gains (losses) included in net income | 11 | 17 | 12 |
Net gains (losses) included in other comprehensive income | -5 | -1 | 16 |
Purchases, sales, issuances and settlements, net | -46 | -40 | 50 |
Transfers into Level 3 | 0 | 0 | 29 |
Transfers out of Level 3 | 0 | -6 | -74 |
Balance, end of period | 24 | 64 | 94 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | -1 |
Available-for-sale securities [Member] | Commercial [Member] | |||
Assets: | |||
Balance, beginning of period | 138 | 203 | 232 |
Net gains (losses) included in net income | 9 | -13 | -56 |
Net gains (losses) included in other comprehensive income | -1 | 28 | 57 |
Purchases, sales, issuances and settlements, net | -37 | -58 | -30 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | -22 | 0 |
Balance, end of period | 109 | 138 | 203 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -4 | -8 | -56 |
Available-for-sale securities [Member] | Asset-backed securities [Member] | |||
Assets: | |||
Balance, beginning of period | 2,149 | 9,255 | 9,786 |
Net gains (losses) included in net income | 5 | 29 | -11 |
Net gains (losses) included in other comprehensive income | -39 | -16 | 165 |
Purchases, sales, issuances and settlements, net | -587 | -1,041 | -400 |
Transfers into Level 3 | 89 | 24 | 30 |
Transfers out of Level 3 | 0 | -6,102 | -315 |
Balance, end of period | 1,617 | 2,149 | 9,255 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | -7 | -7 |
Available-for-sale securities [Member] | Auto loans and leases [Member] | |||
Assets: | |||
Balance, beginning of period | 492 | 5,921 | 6,641 |
Net gains (losses) included in net income | 0 | -1 | 3 |
Net gains (losses) included in other comprehensive income | -33 | -34 | 3 |
Purchases, sales, issuances and settlements, net | -214 | -1,067 | -726 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | -4,327 | 0 |
Balance, end of period | 245 | 492 | 5,921 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | 0 |
Available-for-sale securities [Member] | Home equity loans [Member] | |||
Assets: | |||
Balance, beginning of period | 0 | 51 | 282 |
Net gains (losses) included in net income | 0 | 3 | 15 |
Net gains (losses) included in other comprehensive income | 0 | -1 | 14 |
Purchases, sales, issuances and settlements, net | 0 | -5 | -3 |
Transfers into Level 3 | 0 | 0 | 29 |
Transfers out of Level 3 | 0 | -48 | -286 |
Balance, end of period | 0 | 0 | 51 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | -1 |
Available-for-sale securities [Member] | Other asset-backed securities [Member] | |||
Assets: | |||
Balance, beginning of period | 1,657 | 3,283 | 2,863 |
Net gains (losses) included in net income | 5 | 27 | -29 |
Net gains (losses) included in other comprehensive income | -6 | 19 | 148 |
Purchases, sales, issuances and settlements, net | -373 | 31 | 329 |
Transfers into Level 3 | 89 | 24 | 1 |
Transfers out of Level 3 | 0 | -1,727 | -29 |
Balance, end of period | 1,372 | 1,657 | 3,283 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | -7 | -6 |
Available-for-sale securities [Member] | Equity securities [Member] | |||
Assets: | |||
Balance, beginning of period | 729 | 794 | 1,367 |
Net gains (losses) included in net income | 12 | 10 | 93 |
Net gains (losses) included in other comprehensive income | -29 | -2 | -46 |
Purchases, sales, issuances and settlements, net | -49 | -73 | -620 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | 663 | 729 | 794 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | 0 |
Available-for-sale securities [Member] | Perpetual preferred securities [Member] | |||
Assets: | |||
Balance, beginning of period | 729 | 794 | 1,344 |
Net gains (losses) included in net income | 8 | 10 | 91 |
Net gains (losses) included in other comprehensive income | -29 | -2 | -30 |
Purchases, sales, issuances and settlements, net | -45 | -73 | -611 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | 663 | 729 | 794 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | 0 |
Available-for-sale securities [Member] | Other marketable equity securities [Member] | |||
Assets: | |||
Balance, beginning of period | 0 | 0 | 23 |
Net gains (losses) included in net income | 4 | 0 | 2 |
Net gains (losses) included in other comprehensive income | 0 | 0 | -16 |
Purchases, sales, issuances and settlements, net | -4 | 0 | -9 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | 0 | 0 | 0 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 | 0 |
Mortgages held for sale [Member] | |||
Assets: | |||
Balance, beginning of period | 2,374 | 3,250 | 3,410 |
Net gains (losses) included in net income | 4 | 5 | -42 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -276 | -874 | -308 |
Transfers into Level 3 | 440 | 336 | 488 |
Transfers out of Level 3 | -229 | -343 | -298 |
Balance, end of period | 2,313 | 2,374 | 3,250 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 7 | -74 | -30 |
Loans [Member] | |||
Assets: | |||
Balance, beginning of period | 5,723 | 6,021 | 23 |
Net gains (losses) included in net income | -52 | -211 | 43 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -104 | 106 | 145 |
Transfers into Level 3 | 270 | 0 | 5,851 |
Transfers out of Level 3 | -49 | -193 | -41 |
Balance, end of period | 5,788 | 5,723 | 6,021 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -32 | -178 | 43 |
Mortgage servicing rights [Member] | |||
Assets: | |||
Balance, beginning of period | 15,580 | 11,538 | 12,603 |
Net gains (losses) included in net income | -4,031 | 1,156 | -5,954 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 1,189 | 2,886 | 4,889 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | 12,738 | 15,580 | 11,538 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -2,122 | 3,398 | -2,893 |
Derivative [Member] | |||
Assets and Liabilities: | |||
Balance, beginning of period | -465 | -649 | -1,588 |
Net gains (losses) included in net income | 1,653 | -783 | 7,565 |
Net gains (losses) included in other comprehensive income | 0 | 0 | -1 |
Purchases, sales, issuances and settlements, net | -1,325 | 838 | -6,566 |
Transfers into Level 3 | -20 | -13 | -8 |
Transfers out of Level 3 | 134 | 142 | -51 |
Balance, end of period | -23 | -465 | -649 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 196 | 180 | 657 |
Derivative [Member] | Interest rate contract [Member] | |||
Assets and Liabilities: | |||
Balance, beginning of period | -40 | 659 | 609 |
Net gains (losses) included in net income | 1,588 | -662 | 7,397 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -1,255 | -39 | -7,349 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 2 | 2 |
Balance, end of period | 293 | -40 | 659 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 317 | -186 | 562 |
Derivative [Member] | Commodity contract [Member] | |||
Assets and Liabilities: | |||
Balance, beginning of period | -10 | 21 | 0 |
Net gains (losses) included in net income | -21 | 0 | 78 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -2 | -66 | -50 |
Transfers into Level 3 | -3 | -1 | -8 |
Transfers out of Level 3 | 37 | 36 | 1 |
Balance, end of period | 1 | -10 | 21 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -1 | -19 | 40 |
Derivative [Member] | Equity contract [Member] | |||
Assets and Liabilities: | |||
Balance, beginning of period | -46 | -122 | -75 |
Net gains (losses) included in net income | 96 | -151 | -11 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -214 | 137 | 18 |
Transfers into Level 3 | -17 | -14 | 0 |
Transfers out of Level 3 | 97 | 104 | -54 |
Balance, end of period | -84 | -46 | -122 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -42 | 48 | -16 |
Derivative [Member] | Foreign exchange contract [Member] | |||
Assets and Liabilities: | |||
Balance, beginning of period | 9 | 21 | -7 |
Net gains (losses) included in net income | 5 | -15 | 23 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -14 | 1 | 5 |
Transfers into Level 3 | 0 | 2 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | 0 | 9 | 21 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | -8 | 30 |
Derivative [Member] | Credit contract [Member] | |||
Assets and Liabilities: | |||
Balance, beginning of period | -375 | -1,150 | -1,998 |
Net gains (losses) included in net income | 26 | -30 | 38 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 160 | 805 | 810 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | -189 | -375 | -1,150 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -38 | 345 | 41 |
Derivative [Member] | Other contract [Member] | |||
Assets and Liabilities: | |||
Balance, beginning of period | -3 | -78 | -117 |
Net gains (losses) included in net income | -41 | 75 | 40 |
Net gains (losses) included in other comprehensive income | 0 | 0 | -1 |
Purchases, sales, issuances and settlements, net | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | -44 | -3 | -78 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -40 | 0 | 0 |
Other assets [Member] | |||
Assets: | |||
Balance, beginning of period | 1,503 | 162 | 244 |
Net gains (losses) included in net income | 514 | 315 | -21 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 576 | 1,026 | -61 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | 2,593 | 1,503 | 162 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | -8 | -2 | -8 |
Short sale liabilities [Member] | |||
Liabilities: | |||
Balance, beginning of period | 0 | 0 | 0 |
Net gains (losses) included in net income | 1 | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -7 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | -6 | 0 | 0 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 1 | 0 | 0 |
Other liabilities excluding derivatives and short sale liabilities [Member] | |||
Liabilities: | |||
Balance, beginning of period | -39 | -49 | -44 |
Net gains (losses) included in net income | -10 | 3 | -43 |
Net gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 21 | 7 | 38 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance, end of period | -28 | -39 | -49 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | ($1) | $5 | $0 |
Fair_Value_Assets_and_Liabilit2
Fair Value, Assets and Liabilities Measured on Recurring Basis Level 3 Reconciliation Breakout (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trading assets, excluding derivatives [Member] | |||
Assets: | |||
Purchases | $1,183 | $1,756 | $1,272 |
Sales | -1,341 | -1,785 | -2,140 |
Issuances | 1 | 0 | 0 |
Settlements | -47 | -48 | -45 |
Purchases, sales, issuances and settlements, net | -204 | -77 | -913 |
Trading securities [Member] | |||
Assets: | |||
Purchases | 1,172 | 1,756 | 1,272 |
Sales | -1,340 | -1,785 | -2,140 |
Issuances | 0 | 0 | 0 |
Settlements | -47 | -48 | -45 |
Purchases, sales, issuances and settlements, net | -215 | -77 | -913 |
Trading securities [Member] | U.S. states and political subdivisions [Member] | |||
Assets: | |||
Purchases | 10 | 127 | 85 |
Sales | -12 | -136 | -95 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | -1 | 0 |
Purchases, sales, issuances and settlements, net | -2 | -10 | -10 |
Trading securities [Member] | Collateralized loan and other debt obligations [Member] | |||
Assets: | |||
Purchases | 1,057 | 1,030 | 829 |
Sales | -1,174 | -1,064 | -1,478 |
Issuances | 0 | 0 | 0 |
Settlements | -4 | -3 | 0 |
Purchases, sales, issuances and settlements, net | -121 | -37 | -649 |
Trading securities [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Purchases | 85 | 117 | 192 |
Sales | -106 | -117 | -237 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | -1 | 0 |
Purchases, sales, issuances and settlements, net | -21 | -1 | -45 |
Trading securities [Member] | Mortgage-backed securities [Member] | |||
Assets: | |||
Purchases | 3 | 429 | 49 |
Sales | -1 | -420 | -159 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 2 | 9 | -110 |
Trading securities [Member] | Asset-backed securities [Member] | |||
Assets: | |||
Purchases | 17 | 53 | 116 |
Sales | -47 | -45 | -169 |
Issuances | 0 | 0 | 0 |
Settlements | -40 | -43 | -45 |
Purchases, sales, issuances and settlements, net | -70 | -35 | -98 |
Trading securities [Member] | Equity securities [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 1 |
Sales | 0 | -3 | -2 |
Issuances | 0 | 0 | 0 |
Settlements | -3 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -3 | -3 | -1 |
Other trading asset [Member] | |||
Assets: | |||
Purchases | 11 | 0 | 0 |
Sales | -1 | 0 | 0 |
Issuances | 1 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 11 | 0 | 0 |
Available-for-sale securities [Member] | |||
Assets: | |||
Purchases | 345 | 3,923 | 12,684 |
Sales | -305 | -182 | -462 |
Issuances | 868 | 2,831 | 3,078 |
Settlements | -2,628 | -7,354 | -11,033 |
Purchases, sales, issuances and settlements, net | -1,720 | -782 | 4,267 |
Available-for-sale securities [Member] | Debt securities [Member] | |||
Assets: | |||
Purchases | 345 | 3,923 | 12,684 |
Sales | -301 | -162 | -454 |
Issuances | 868 | 2,831 | 3,078 |
Settlements | -2,583 | -7,301 | -10,421 |
Purchases, sales, issuances and settlements, net | -1,671 | -709 | 4,887 |
Available-for-sale securities [Member] | U.S. states and political subdivisions [Member] | |||
Assets: | |||
Purchases | 73 | 0 | 1,847 |
Sales | -144 | -69 | -37 |
Issuances | 336 | 648 | 1,011 |
Settlements | -834 | -761 | -1,474 |
Purchases, sales, issuances and settlements, net | -569 | -182 | 1,347 |
Available-for-sale securities [Member] | Collateralized loan and other debt obligations [Member] | |||
Assets: | |||
Purchases | 134 | 1,008 | 5,608 |
Sales | -34 | -14 | -185 |
Issuances | 0 | 0 | 0 |
Settlements | -503 | -369 | -1,483 |
Purchases, sales, issuances and settlements, net | -403 | 625 | 3,940 |
Available-for-sale securities [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Purchases | 21 | 0 | 26 |
Sales | -32 | 0 | -37 |
Issuances | 10 | 20 | 0 |
Settlements | -28 | -33 | -9 |
Purchases, sales, issuances and settlements, net | -29 | -13 | -20 |
Available-for-sale securities [Member] | Mortgage-backed securities [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 125 |
Sales | -75 | -38 | -34 |
Issuances | 0 | 0 | 0 |
Settlements | -8 | -60 | -71 |
Purchases, sales, issuances and settlements, net | -83 | -98 | 20 |
Available-for-sale securities [Member] | Residential [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 86 |
Sales | -44 | -37 | -34 |
Issuances | 0 | 0 | 0 |
Settlements | -2 | -3 | -2 |
Purchases, sales, issuances and settlements, net | -46 | -40 | 50 |
Available-for-sale securities [Member] | Commercial [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 39 |
Sales | -31 | -1 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | -6 | -57 | -69 |
Purchases, sales, issuances and settlements, net | -37 | -58 | -30 |
Available-for-sale securities [Member] | Asset-backed securities [Member] | |||
Assets: | |||
Purchases | 117 | 2,915 | 5,078 |
Sales | -16 | -41 | -161 |
Issuances | 522 | 2,163 | 2,067 |
Settlements | -1,210 | -6,078 | -7,384 |
Purchases, sales, issuances and settlements, net | -587 | -1,041 | -400 |
Available-for-sale securities [Member] | Auto loans and leases [Member] | |||
Assets: | |||
Purchases | 0 | 1,751 | 3,004 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 1,047 | 666 |
Settlements | -214 | -3,865 | -4,396 |
Purchases, sales, issuances and settlements, net | -214 | -1,067 | -726 |
Available-for-sale securities [Member] | Home equity loans [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 0 |
Sales | 0 | -5 | -2 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | -1 |
Purchases, sales, issuances and settlements, net | 0 | -5 | -3 |
Available-for-sale securities [Member] | Other asset-backed securities [Member] | |||
Assets: | |||
Purchases | 117 | 1,164 | 2,074 |
Sales | -16 | -36 | -159 |
Issuances | 522 | 1,116 | 1,401 |
Settlements | -996 | -2,213 | -2,987 |
Purchases, sales, issuances and settlements, net | -373 | 31 | 329 |
Available-for-sale securities [Member] | Equity securities [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 0 |
Sales | -4 | -20 | -8 |
Issuances | 0 | 0 | 0 |
Settlements | -45 | -53 | -612 |
Purchases, sales, issuances and settlements, net | -49 | -73 | -620 |
Available-for-sale securities [Member] | Perpetual preferred securities [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 0 |
Sales | 0 | -20 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | -45 | -53 | -611 |
Purchases, sales, issuances and settlements, net | -45 | -73 | -611 |
Available-for-sale securities [Member] | Other marketable equity securities [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 0 |
Sales | -4 | 0 | -8 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | -1 |
Purchases, sales, issuances and settlements, net | -4 | 0 | -9 |
Mortgages held for sale [Member] | |||
Assets: | |||
Purchases | 208 | 286 | 441 |
Sales | -276 | -574 | 0 |
Issuances | 167 | 0 | 0 |
Settlements | -375 | -586 | -749 |
Purchases, sales, issuances and settlements, net | -276 | -874 | -308 |
Loans [Member] | |||
Assets: | |||
Purchases | 76 | 23 | 2 |
Sales | 0 | 0 | 0 |
Issuances | 438 | 452 | 257 |
Settlements | -618 | -369 | -114 |
Purchases, sales, issuances and settlements, net | -104 | 106 | 145 |
Mortgage servicing rights [Member] | |||
Assets: | |||
Purchases | 0 | 0 | 0 |
Sales | -7 | -583 | -293 |
Issuances | 1,196 | 3,469 | 5,182 |
Settlements | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 1,189 | 2,886 | 4,889 |
Derivative [Member] | |||
Assets and Liabilities: | |||
Purchases | 3 | 7 | 393 |
Sales | -118 | -153 | -377 |
Issuances | 0 | -4 | 1 |
Settlements | -1,210 | 988 | -6,583 |
Purchases, sales, issuances and settlements, net | -1,325 | 838 | -6,566 |
Derivative [Member] | Interest rate contract [Member] | |||
Assets and Liabilities: | |||
Purchases | 0 | 0 | 11 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | -1,255 | -39 | -7,360 |
Purchases, sales, issuances and settlements, net | -1,255 | -39 | -7,349 |
Derivative [Member] | Commodity contract [Member] | |||
Assets and Liabilities: | |||
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | -2 |
Issuances | 0 | 0 | 0 |
Settlements | -2 | -66 | -48 |
Purchases, sales, issuances and settlements, net | -2 | -66 | -50 |
Derivative [Member] | Equity contract [Member] | |||
Assets and Liabilities: | |||
Purchases | 0 | 0 | 386 |
Sales | -116 | -148 | -375 |
Issuances | 0 | 0 | 1 |
Settlements | -98 | 285 | 6 |
Purchases, sales, issuances and settlements, net | -214 | 137 | 18 |
Derivative [Member] | Foreign exchange contract [Member] | |||
Assets and Liabilities: | |||
Purchases | 0 | 0 | 2 |
Sales | 0 | 0 | -3 |
Issuances | 0 | 0 | 0 |
Settlements | -14 | 1 | 6 |
Purchases, sales, issuances and settlements, net | -14 | 1 | 5 |
Derivative [Member] | Credit contract [Member] | |||
Assets and Liabilities: | |||
Purchases | 3 | 7 | -6 |
Sales | -2 | -5 | 3 |
Issuances | 0 | -4 | 0 |
Settlements | 159 | 807 | 813 |
Purchases, sales, issuances and settlements, net | 160 | 805 | 810 |
Derivative [Member] | Other contract [Member] | |||
Assets and Liabilities: | |||
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 | 0 |
Other assets [Member] | |||
Assets: | |||
Purchases | 608 | 1,064 | 19 |
Sales | -1 | -2 | -8 |
Issuances | 0 | 0 | 0 |
Settlements | -31 | -36 | -72 |
Purchases, sales, issuances and settlements, net | 576 | 1,026 | -61 |
Short sale liabilities [Member] | |||
Liabilities: | |||
Purchases | 20 | 8 | 9 |
Sales | -27 | -8 | -9 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -7 | 0 | 0 |
Other liabilities excluding derivatives and short sale liabilities [Member] | |||
Liabilities: | |||
Purchases | 0 | 0 | -3 |
Sales | 0 | 0 | 11 |
Issuances | 0 | -4 | -216 |
Settlements | 21 | 11 | 246 |
Purchases, sales, issuances and settlements, net | $21 | $7 | $38 |
Fair_Value_Assets_and_Liabilit3
Fair Value, Assets and Liabilities Measured on a Recurring Basis Level 3 Valuation Techniques and Significant Unobservable Inputs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale, carried at fair value | 15,565 | 13,879 |
Loans | 5,788 | 5,995 |
Mortgage servicing rights | 12,738 | 15,580 |
Interest rate contract [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 0.00% | 0.00% |
Loss severity | 50.00% | 44.90% |
Prepayment rate | 11.10% | |
Interest rate contract [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 0.02% | 16.50% |
Loss severity | 50.00% | 50.00% |
Prepayment rate | 15.60% | |
Interest rate contract [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 0.01% | 5.00% |
Loss severity | 50.00% | 50.00% |
Prepayment rate | 15.60% | |
Derivative loan commitments [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Fall-out factor | 1.00% | 1.00% |
Initial-value servicing | -0.31% | -0.22% |
Derivative loan commitments [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Fall-out factor | 99.00% | 99.00% |
Initial-value servicing | 1.13% | 0.82% |
Derivative loan commitments [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Fall-out factor | 24.50% | 21.80% |
Initial-value servicing | 0.47% | 0.33% |
Equity contract [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Weighted average life | 1 year | 3 months 18 days |
Conversion factor | -11.20% | -18.40% |
Equity contract [Member] | Minimum [Member] | Option model [Member] | ||
Fair Value Inputs [Abstract] | ||
Correlation factor | -56.00% | -5.30% |
Volatility factor | 8.30% | 6.80% |
Equity contract [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Weighted average life | 2 years | 3 years 3 months 18 days |
Conversion factor | 0.00% | 0.00% |
Equity contract [Member] | Maximum [Member] | Option model [Member] | ||
Fair Value Inputs [Abstract] | ||
Correlation factor | 96.30% | 87.60% |
Volatility factor | 80.90% | 81.20% |
Equity contract [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Weighted average life | 1 year 3 months 18 days | 1 year 9 months 18 days |
Conversion factor | -8.40% | -14.10% |
Equity contract [Member] | Weighted Average [Member] | Option model [Member] | ||
Fair Value Inputs [Abstract] | ||
Correlation factor | 42.10% | 72.20% |
Volatility factor | 28.30% | 25.40% |
Credit contract [Member] | Minimum [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -28.60% | -31.30% |
Credit contract [Member] | Minimum [Member] | Option model [Member] | ||
Fair Value Inputs [Abstract] | ||
Loss severity | 11.50% | 10.50% |
Credit spread | 0.00% | 0.00% |
Credit contract [Member] | Maximum [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 26.30% | 30.40% |
Credit contract [Member] | Maximum [Member] | Option model [Member] | ||
Fair Value Inputs [Abstract] | ||
Loss severity | 72.50% | 72.50% |
Credit spread | 17.00% | 12.20% |
Credit contract [Member] | Weighted Average [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 1.80% | -0.10% |
Credit contract [Member] | Weighted Average [Member] | Option model [Member] | ||
Fair Value Inputs [Abstract] | ||
Loss severity | 48.70% | 47.40% |
Credit spread | 0.90% | 0.70% |
Government, healthcare and other revenue bonds [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 0.40% | 0.40% |
Government, healthcare and other revenue bonds [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 5.60% | 6.40% |
Government, healthcare and other revenue bonds [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 1.50% | 1.40% |
Auction rate and other municipal bonds [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 1.50% | 0.40% |
Weighted average life | 1 year 3 months 18 days | 1 year 4 months 25 days |
Auction rate and other municipal bonds [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 7.60% | 12.30% |
Weighted average life | 19 years 4 months 24 days | 13 years |
Auction rate and other municipal bonds [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 3.90% | 4.60% |
Weighted average life | 6 years 4 months 24 days | 4 years 4 months 24 days |
Collateralized loan and other debt obligations [Member] | Minimum [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -53.90% | -12.00% |
Collateralized loan and other debt obligations [Member] | Maximum [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 25.00% | 23.30% |
Collateralized loan and other debt obligations [Member] | Weighted Average [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 0.90% | 8.50% |
Auto loans and leases [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 0.40% | 0.60% |
Weighted average life | 1 year 4 months 24 days | |
Auto loans and leases [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 0.40% | 0.90% |
Weighted average life | 1 year 7 months 6 days | |
Auto loans and leases [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 0.40% | 0.80% |
Weighted average life | 1 year 6 months | |
Diversified payment rights [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 0.90% | 1.40% |
Diversified payment rights [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 7.10% | 4.70% |
Diversified payment rights [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 2.90% | 3.00% |
Other commercial and consumer [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 1.90% | 0.60% |
Weighted average life | 1 year 7 months 6 days | 7 months 6 days |
Other commercial and consumer [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 21.50% | 21.20% |
Weighted average life | 10 years 8 months 12 days | 7 years 7 months 6 days |
Other commercial and consumer [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 5.00% | 4.00% |
Weighted average life | 4 years | 2 years 2 months 12 days |
Perpetual preferred securities [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 4.10% | 4.80% |
Weighted average life | 1 year | 1 year |
Perpetual preferred securities [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 9.30% | 8.30% |
Weighted average life | 11 years 9 months 18 days | 15 years |
Perpetual preferred securities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 6.60% | 7.40% |
Weighted average life | 9 years 8 months 12 days | 12 years 2 months 12 days |
Mortgages held for sale [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 1.10% | 3.80% |
Default rate | 0.40% | 0.60% |
Loss severity | 0.10% | 1.30% |
Prepayment rate | 2.00% | 2.00% |
Mortgages held for sale [Member] | Minimum [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -93.00% | |
Mortgages held for sale [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 7.70% | 7.90% |
Default rate | 15.00% | 12.40% |
Loss severity | 26.40% | 32.50% |
Prepayment rate | 15.50% | 9.90% |
Mortgages held for sale [Member] | Maximum [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 10.00% | |
Mortgages held for sale [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 5.20% | 5.50% |
Default rate | 2.60% | 2.80% |
Loss severity | 18.30% | 21.50% |
Prepayment rate | 8.10% | 5.40% |
Mortgages held for sale [Member] | Weighted Average [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -30.00% | |
Loans [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 0.00% | 2.40% |
Prepayment rate | 0.60% | 3.30% |
Utilization rate | 0.00% | 0.00% |
Loans [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 3.80% | 3.90% |
Prepayment rate | 100.00% | 37.80% |
Utilization rate | 1.00% | 2.00% |
Loans [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 3.10% | 3.30% |
Prepayment rate | 11.20% | 12.20% |
Utilization rate | 0.40% | 0.80% |
Residential mortgage servicing rights [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 5.90% | 5.40% |
Prepayment rate | 8.00% | 7.50% |
Cost to service per loan | 86 | 86 |
Residential mortgage servicing rights [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 16.90% | 11.20% |
Prepayment rate | 22.00% | 19.40% |
Cost to service per loan | 683 | 773 |
Residential mortgage servicing rights [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 7.60% | 7.80% |
Prepayment rate | 12.50% | 10.70% |
Cost to service per loan | 179 | 191 |
Other assets: nonmarketable equity investments [Member] | Minimum [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -19.70% | -30.60% |
Other assets: nonmarketable equity investments [Member] | Maximum [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -4.00% | -5.40% |
Other assets: nonmarketable equity investments [Member] | Weighted Average [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -14.70% | -21.90% |
Recurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale, carried at fair value | 15,565 | 13,879 |
Loans | 5,788 | 5,995 |
Mortgage servicing rights | 12,738 | 15,580 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale, carried at fair value | 2,313 | 2,374 |
Loans | 5,788 | 5,723 |
Mortgage servicing rights | 12,738 | 15,580 |
Total insignificant level 3 assets, net of liabilities | 507 | 678 |
Total level 3 assets, net of liabilities | 30,054 | 33,494 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Interest rate contract [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and liabilities | 196 | -14 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Derivative loan commitments [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and liabilities | 97 | -26 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Equity contract [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and liabilities | 162 | 199 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Equity contract [Member] | Option model [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and liabilities | -246 | -245 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Credit contract [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and liabilities | -192 | -378 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Credit contract [Member] | Option model [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and liabilities | 3 | 3 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Government, healthcare and other revenue bonds [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 1,900 | 2,739 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Government, healthcare and other revenue bonds [Member] | Vendor priced [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 61 | 63 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Auction rate and other municipal bonds [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 323 | 451 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Collateralized loan and other debt obligations [Member] | Vendor priced [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 967 | 1,349 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Collateralized loan and other debt obligations [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 565 | 612 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Auto loans and leases [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 245 | 492 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Diversified payment rights [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 661 | 757 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Other commercial and consumer [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 750 | 944 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Other commercial and consumer [Member] | Vendor priced [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 40 | 78 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Perpetual preferred securities [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available for sale securities | 663 | 729 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale, carried at fair value | 2,235 | 2,374 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Mortgages held for sale [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale, carried at fair value | 78 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Loans [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans | 5,788 | 5,723 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Residential mortgage servicing rights [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 12,738 | 15,580 |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Other assets: nonmarketable equity investments [Member] | Market Comparable Pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Other assets: nonmarketable equity investments | 2,512 | 1,386 |
Fair_Value_Assets_Recorded_at_
Fair Value, Assets Recorded at Fair Value on Nonrecurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages held for sale | $15,565 | $13,879 |
Loans held for sale | 1 | 1 |
Loans | 5,788 | 5,995 |
Other assets, carried at fair value | 2,512 | 1,386 |
Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages held for sale | 3,295 | 2,019 |
Loans held for sale | 0 | 14 |
Loans | 2,266 | 4,111 |
Other assets, carried at fair value | 877 | 1,185 |
Nonrecurring [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 243 | 414 |
Nonrecurring [Member] | Consumer Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 2,023 | 3,697 |
Level 1 [Member] | Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages held for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans | 0 | 0 |
Other assets, carried at fair value | 0 | 0 |
Level 1 [Member] | Nonrecurring [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 1 [Member] | Nonrecurring [Member] | Consumer Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 2 [Member] | Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages held for sale | 2,197 | 1,126 |
Loans held for sale | 0 | 14 |
Loans | 2,261 | 4,104 |
Other assets, carried at fair value | 417 | 445 |
Level 2 [Member] | Nonrecurring [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 243 | 414 |
Level 2 [Member] | Nonrecurring [Member] | Consumer Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 2,018 | 3,690 |
Level 3 [Member] | Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages held for sale | 1,098 | 893 |
Loans held for sale | 0 | 0 |
Loans | 5 | 7 |
Other assets, carried at fair value | 460 | 740 |
Level 3 [Member] | Nonrecurring [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 3 [Member] | Nonrecurring [Member] | Consumer Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $5 | $7 |
Fair_Value_Changes_in_Fair_Val
Fair Value, Changes in Fair Value of Assets Recorded at Fair Value on Nonrecurring Basis (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Mortgages held for sale | $33 | ($23) |
Loans held for sale | 0 | -1 |
Loans | -1,461 | -2,266 |
Other Assets | -341 | -214 |
Total | -1,769 | -2,504 |
Commercial Portfolio Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans | -125 | -216 |
Consumer Portfolio Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans | ($1,336) | ($2,050) |
Fair_Value_Assets_Recorded_at_1
Fair Value, Assets Recorded at Fair Value on a Nonrecurring Basis Level 3 Valuation Techniques and Significant Unobservable Inputs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | 15,565 | 13,879 |
Minimum [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 0.40% | 0.60% |
Discount rate | 1.10% | 3.80% |
Loss severity | 0.10% | 1.30% |
Prepayment rate | 2.00% | 2.00% |
Minimum [Member] | Mortgages held for sale [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -93.00% | |
Maximum [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 15.00% | 12.40% |
Discount rate | 7.70% | 7.90% |
Loss severity | 26.40% | 32.50% |
Prepayment rate | 15.50% | 9.90% |
Maximum [Member] | Mortgages held for sale [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 10.00% | |
Weighted Average [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 2.60% | 2.80% |
Discount rate | 5.20% | 5.50% |
Loss severity | 18.30% | 21.50% |
Prepayment rate | 8.10% | 5.40% |
Weighted Average [Member] | Mortgages held for sale [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | -30.00% | |
Nonrecurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | 3,295 | 2,019 |
Nonrecurring [Member] | Minimum [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 6.00% | 4.60% |
Nonrecurring [Member] | Minimum [Member] | Residential [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 0.90% | 1.20% |
Discount rate | 1.50% | 4.30% |
Loss severity | 0.00% | 1.60% |
Prepayment rate | 2.00% | 2.00% |
Nonrecurring [Member] | Maximum [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 6.00% | 4.60% |
Nonrecurring [Member] | Maximum [Member] | Residential [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 3.80% | 4.40% |
Discount rate | 8.50% | 12.00% |
Loss severity | 29.80% | 48.20% |
Prepayment rate | 100.00% | 100.00% |
Nonrecurring [Member] | Weighted Average [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | 6.00% | 4.60% |
Nonrecurring [Member] | Weighted Average [Member] | Residential [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 2.10% | 2.70% |
Discount rate | 3.60% | 10.90% |
Loss severity | 3.80% | 5.20% |
Prepayment rate | 65.50% | 67.20% |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | 1,098 | 893 |
Other assets: private equity fund investments | 171 | 505 |
Total insignificant level 3 assets | 294 | 242 |
Total assets recorded at fair value | 1,563 | 1,640 |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring [Member] | Residential [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | 1,098 | 893 |
Fair_Value_Investments_in_Enti
Fair Value, Investments in Entities That Calculate Net Asset Value Per Share (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | $1,507 | $1,869 |
Unfunded commitments | 252 | 330 |
Offshore Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | 125 | 308 |
Unfunded commitments | 0 | 0 |
Redemption frequency | Daily - Quarterly | Daily-Quarterly |
Offshore Funds [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 1 day | 1 day |
Offshore Funds [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 60 days | 180 days |
Hedge funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | 1 | 2 |
Unfunded commitments | 0 | 0 |
Redemption frequency | Daily - Quarterly | Monthly-Semi Annually |
Hedge funds [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 1 day | 5 days |
Hedge funds [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 90 days | 95 days |
Private equity [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | 1,313 | 1,496 |
Unfunded commitments | 243 | 316 |
Venture capital funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | 68 | 63 |
Unfunded commitments | $9 | $14 |
Fair_Value_Option_Carrying_Amo
Fair Value, Option, Carrying Amount (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgages held for sale | $15,565 | $13,879 |
Loans held for sale | 1 | 1 |
Loans | 5,788 | 5,995 |
Other assets, carried at fair value | 2,512 | 1,386 |
Trading assets - loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Trading assets, loans | 1,387 | 2,360 |
Trading assets, loans, unpaid principal | 1,410 | 2,385 |
Trading assets, loans, aggregate difference | -23 | -25 |
Nonaccrual loans | 0 | 26 |
Nonaccrual loans, Unpaid principal | 1 | 32 |
Nonaccrual loans, Aggregate difference | -1 | -6 |
Mortgages held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgages held for sale | 15,565 | 13,879 |
Mortgages held for sale, Unpaid principal | 15,246 | 13,966 |
Loans, Loans held for sale and Mortgages held for sale, aggregate difference | 319 | -87 |
Nonaccrual loans | 160 | 205 |
Nonaccrual loans, Unpaid principal | 252 | 359 |
Nonaccrual loans, Aggregate difference | -92 | -154 |
Loans 90 days or more past due and still accruing | 27 | 39 |
Loans 90 days or more past due and still accruing, Unpaid principal | 30 | 46 |
Loans 90 days or more past due and still accruing, Aggregate difference | -3 | -7 |
Loans held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale | 1 | 1 |
Loans held for sale, Unpaid principal | 10 | 9 |
Loans, Loans held for sale and Mortgages held for sale, aggregate difference | -9 | -8 |
Nonaccrual loans | 1 | 1 |
Nonaccrual loans, Unpaid principal | 10 | 9 |
Nonaccrual loans, Aggregate difference | -9 | -8 |
Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans | 5,788 | 5,995 |
Loans, Unpaid principal | 5,527 | 5,674 |
Loans, Loans held for sale and Mortgages held for sale, aggregate difference | 261 | 321 |
Nonaccrual loans | 367 | 188 |
Nonaccrual loans, Unpaid principal | 376 | 188 |
Nonaccrual loans, Aggregate difference | -9 | 0 |
Other assets [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Other assets, carried at fair value | 2,512 | 1,386 |
Long-term debt [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt | 0 | 0 |
Long-term debt, Unpaid principal | 0 | -199 |
Long-term debt, Aggregate differences | $0 | $199 |
Fair_Value_Option_Gains_and_Lo
Fair Value, Option, Gains and Losses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage banking noninterest income [Member] | Trading assets - loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | $0 | $0 | $0 |
Mortgage banking noninterest income [Member] | Mortgages held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 2,211 | 2,073 | 8,240 |
Mortgage banking noninterest income [Member] | Loans held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Mortgage banking noninterest income [Member] | Loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Mortgage banking noninterest income [Member] | Other assets [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Mortgage banking noninterest income [Member] | Long-term debt [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Mortgage banking noninterest income [Member] | Other interests held [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | |
Net gains (losses) from trading activities [Member] | Trading assets - loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 29 | 40 | 14 |
Net gains (losses) from trading activities [Member] | Mortgages held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Net gains (losses) from trading activities [Member] | Loans held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Net gains (losses) from trading activities [Member] | Loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Net gains (losses) from trading activities [Member] | Other assets [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Net gains (losses) from trading activities [Member] | Long-term debt [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 0 |
Net gains (losses) from trading activities [Member] | Other interests held [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | -12 | -15 | -42 |
Other noninterest income [Member] | Trading assets - loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 4 | 3 | 1 |
Other noninterest income [Member] | Mortgages held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 1 |
Other noninterest income [Member] | Loans held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | 21 |
Other noninterest income [Member] | Loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | -49 | -216 | 63 |
Other noninterest income [Member] | Other assets [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 518 | 324 | 0 |
Other noninterest income [Member] | Long-term debt [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | 0 | 0 | -27 |
Other noninterest income [Member] | Other interests held [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) on changes in fair value | $0 | $0 | $34 |
Fair_Value_Option_Instrument_S
Fair Value, Option, Instrument Specific Credit Risk (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) attributable to instrument-specific credit risk | $89 | $166 | ($89) |
Trading assets - loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) attributable to instrument-specific credit risk | 29 | 40 | 14 |
Mortgages held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) attributable to instrument-specific credit risk | 60 | 126 | -124 |
Loans held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) attributable to instrument-specific credit risk | $0 | $0 | $21 |
Fair_Value_Estimates_for_Finan
Fair Value, Estimates for Financial Instruments Excluding those Recorded at Fair Value on a Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | |||||||
Financial assets | |||||||
Cash and due from banks | $19,571 | $19,919 | $21,860 | $19,440 | |||
Federal funds sold, securities purchased under resale agreements and other short-term investments | 258,429 | 213,793 | |||||
Held-to-maturity, at cost (fair value $56,359 and $12,247) | 55,483 | 12,346 | |||||
Mortgages held for sale | 19,536 | [1] | 16,763 | [1] | |||
Loans held for sale | 722 | [1] | 133 | [1] | |||
Loans | 862,551 | [1],[2] | 822,286 | [1],[2] | 798,351 | 769,631 | 757,267 |
Nonmarketable equity investments (cost method) | 7,033 | 6,978 | |||||
Financial liabilities | |||||||
Deposits | 1,168,310 | 1,079,177 | |||||
Short-term borrowings | 63,518 | 53,883 | 57,175 | ||||
Long-term debt | 183,943 | 152,998 | |||||
Carrying amount [Member] | |||||||
Financial assets | |||||||
Cash and due from banks | 19,571 | 19,919 | |||||
Federal funds sold, securities purchased under resale agreements and other short-term investments | 258,429 | 213,793 | |||||
Held-to-maturity, at cost (fair value $56,359 and $12,247) | 55,483 | 12,346 | |||||
Mortgages held for sale | 3,971 | 2,884 | |||||
Loans held for sale | 721 | 132 | |||||
Loans | 832,671 | 789,513 | |||||
Nonmarketable equity investments (cost method) | 7,033 | 6,978 | |||||
Financial liabilities | |||||||
Deposits | 1,168,310 | 1,079,177 | |||||
Short-term borrowings | 63,518 | 53,883 | |||||
Long-term debt | 183,934 | 152,987 | |||||
Estimated fair value [Member] | |||||||
Financial assets | |||||||
Cash and due from banks | 19,571 | 19,919 | |||||
Federal funds sold, securities purchased under resale agreements and other short-term investments | 258,429 | 213,793 | |||||
Held-to-maturity, at cost (fair value $56,359 and $12,247) | 56,359 | 12,247 | |||||
Mortgages held for sale | 3,973 | 2,902 | |||||
Loans held for sale | 739 | 136 | |||||
Loans | 844,838 | 794,564 | |||||
Nonmarketable equity investments (cost method) | 8,377 | 8,635 | |||||
Financial liabilities | |||||||
Deposits | 1,168,411 | 1,079,527 | |||||
Short-term borrowings | 63,518 | 53,883 | |||||
Long-term debt | 185,475 | 155,863 | |||||
Estimated fair value [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Financial assets | |||||||
Cash and due from banks | 19,571 | 19,919 | |||||
Federal funds sold, securities purchased under resale agreements and other short-term investments | 8,991 | 5,160 | |||||
Held-to-maturity, at cost (fair value $56,359 and $12,247) | 41,548 | 0 | |||||
Mortgages held for sale | 0 | 0 | |||||
Loans held for sale | 0 | 0 | |||||
Loans | 0 | 0 | |||||
Nonmarketable equity investments (cost method) | 0 | 0 | |||||
Financial liabilities | |||||||
Deposits | 0 | 0 | |||||
Short-term borrowings | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Estimated fair value [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Financial assets | |||||||
Cash and due from banks | 0 | 0 | |||||
Federal funds sold, securities purchased under resale agreements and other short-term investments | 249,438 | 208,633 | |||||
Held-to-maturity, at cost (fair value $56,359 and $12,247) | 9,021 | 6,205 | |||||
Mortgages held for sale | 2,875 | 2,009 | |||||
Loans held for sale | 739 | 136 | |||||
Loans | 60,052 | 58,350 | |||||
Nonmarketable equity investments (cost method) | 0 | 0 | |||||
Financial liabilities | |||||||
Deposits | 1,132,845 | 1,037,448 | |||||
Short-term borrowings | 63,518 | 53,883 | |||||
Long-term debt | 174,996 | 144,984 | |||||
Estimated fair value [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Financial assets | |||||||
Cash and due from banks | 0 | 0 | |||||
Federal funds sold, securities purchased under resale agreements and other short-term investments | 0 | 0 | |||||
Held-to-maturity, at cost (fair value $56,359 and $12,247) | 5,790 | 6,042 | |||||
Mortgages held for sale | 1,098 | 893 | |||||
Loans held for sale | 0 | 0 | |||||
Loans | 784,786 | 736,214 | |||||
Nonmarketable equity investments (cost method) | 8,377 | 8,635 | |||||
Financial liabilities | |||||||
Deposits | 35,566 | 42,079 | |||||
Short-term borrowings | 0 | 0 | |||||
Long-term debt | $10,479 | $10,879 | |||||
[1] | Parenthetical amounts represent assets and liabilities for which we have elected the fair value option. | ||||||
[2] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Preferred_Stock_Textuals_Detai
Preferred Stock Textuals (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Apr. 30, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | |
Preferred Stock (Textual) [Abstract] | ||||
Par value | $20,612,000,000 | $17,666,000,000 | ||
Shares issued and outstanding | 11,138,818 | 10,881,195 | ||
Voting Rights | If issued, preference shares would be limited to one vote per share | |||
Additional paid-in capital included related to preferred stock | 109,000,000 | 95,000,000 | ||
Preferred Stock, No Voting Rights [Member] | ||||
Preferred Stock (Textual) [Abstract] | ||||
Preferred shares authorized | 20,000,000 | |||
Par value | 0 | |||
Preferred Stock, Voting Rights [Member] | ||||
Preferred Stock (Textual) [Abstract] | ||||
Preferred shares authorized | 4,000,000 | |||
Par value | 0 | |||
Shares issued and outstanding | 0 | |||
Number of votes per share | 1 | |||
Series S - 5.900% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Preferred Stock (Textual) [Abstract] | ||||
Par value | 2,000,000,000 | 2,000,000,000 | 0 | |
Shares issued and outstanding | 80,000 | 0 | ||
Depositary shares issued and outstanding | 2,000,000 | |||
Percentage Interest in a share of issued preferred stock | 4.00% | |||
Series T - 6.00% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Preferred Stock (Textual) [Abstract] | ||||
Par value | 800,000,000 | 800,000,000 | 0 | |
Shares issued and outstanding | 32,000 | 0 | ||
Depositary shares issued and outstanding | 32,000,000 | |||
Percentage Interest in a share of issued preferred stock | 0.10% | |||
Series G - 7.25% Class A Preferred Stock [Member] | ||||
Preferred Stock (Textual) [Abstract] | ||||
Preferred stock, commitment to issue | 0 | |||
Series H - Floating Class A Preferred Stock [Member] | ||||
Preferred Stock (Textual) [Abstract] | ||||
Preferred stock, commitment to issue | $0 | |||
Stock Compensation Plan [Member] | Convertible Preferred Stock [Member] | ||||
Preferred Stock (Textual) [Abstract] | ||||
Preferred stock, redemption price (in dollars per share) | $1,000 |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Jul. 31, 2014 | |
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock Shares Authorized And Designated | 11,597,997 | 11,340,174 | ||
ESOP Liquidation Preference Per Share (in dollars per share) | $0 | $0 | ||
ESOP Shares Authorized and Designated | 1,251,287 | 1,105,664 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 11,138,818 | 10,881,195 | ||
Par value | $20,612,000,000 | $17,666,000,000 | ||
Carrying value | 19,213,000,000 | 16,267,000,000 | ||
Discount | 1,399,000,000 | 1,399,000,000 | ||
ESOP Shares issued and outstanding | 1,251,287 | 1,105,664 | ||
ESOP Par value | 1,251,000,000 | 1,105,000,000 | ||
ESOP Carrying value | 1,251,000,000 | 1,105,000,000 | ||
ESOP Discount | 0 | 0 | ||
Dividend Equalization Preferred Shares (DEP) [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $10 | $10 | ||
Preferred Stock Shares Authorized And Designated | 97,000 | 97,000 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 96,546 | 96,546 | ||
Par value | 0 | 0 | ||
Carrying value | 0 | 0 | ||
Discount | 0 | 0 | ||
Series G - 7.25% Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 7.25% | 7.25% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $15,000 | $15,000 | ||
Preferred Stock Shares Authorized And Designated | 50,000 | 50,000 | ||
Series H - Floating Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $20,000 | $20,000 | ||
Preferred Stock Shares Authorized And Designated | 50,000 | 50,000 | ||
Series I - Floating Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $100,000 | $100,000 | ||
Preferred Stock Shares Authorized And Designated | 25,010 | 25,010 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 25,010 | 25,010 | ||
Par value | 2,501,000,000 | 2,501,000,000 | ||
Carrying value | 2,501,000,000 | 2,501,000,000 | ||
Discount | 0 | 0 | ||
Series J - 8.00% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 8.00% | 8.00% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $1,000 | $1,000 | ||
Preferred Stock Shares Authorized And Designated | 2,300,000 | 2,300,000 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 2,150,375 | 2,150,375 | ||
Par value | 2,150,000,000 | 2,150,000,000 | ||
Carrying value | 1,995,000,000 | 1,995,000,000 | ||
Discount | 155,000,000 | 155,000,000 | ||
Series K - 7.98% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 7.98% | 7.98% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $1,000 | $1,000 | ||
Preferred Stock Shares Authorized And Designated | 3,500,000 | 3,500,000 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 3,352,000 | 3,352,000 | ||
Par value | 3,352,000,000 | 3,352,000,000 | ||
Carrying value | 2,876,000,000 | 2,876,000,000 | ||
Discount | 476,000,000 | 476,000,000 | ||
Series L - 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 7.50% | 7.50% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $1,000 | $1,000 | ||
Preferred Stock Shares Authorized And Designated | 4,025,000 | 4,025,000 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 3,968,000 | 3,968,000 | ||
Par value | 3,968,000,000 | 3,968,000,000 | ||
Carrying value | 3,200,000,000 | 3,200,000,000 | ||
Discount | 768,000,000 | 768,000,000 | ||
Series N - 5.20% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 5.20% | 5.20% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $25,000 | $25,000 | ||
Preferred Stock Shares Authorized And Designated | 30,000 | 30,000 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 30,000 | 30,000 | ||
Par value | 750,000,000 | 750,000,000 | ||
Carrying value | 750,000,000 | 750,000,000 | ||
Discount | 0 | 0 | ||
Series O - 5.125% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 5.13% | 5.13% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $25,000 | $25,000 | ||
Preferred Stock Shares Authorized And Designated | 27,600 | 27,600 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 26,000 | 26,000 | ||
Par value | 650,000,000 | 650,000,000 | ||
Carrying value | 650,000,000 | 650,000,000 | ||
Discount | 0 | 0 | ||
Series P - 5.25% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 5.25% | 5.25% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $25,000 | $25,000 | ||
Preferred Stock Shares Authorized And Designated | 26,400 | 26,400 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 25,000 | 25,000 | ||
Par value | 625,000,000 | 625,000,000 | ||
Carrying value | 625,000,000 | 625,000,000 | ||
Discount | 0 | 0 | ||
Series Q - 5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 5.85% | 5.85% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $25,000 | $25,000 | ||
Preferred Stock Shares Authorized And Designated | 69,000 | 69,000 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 69,000 | 69,000 | ||
Par value | 1,725,000,000 | 1,725,000,000 | ||
Carrying value | 1,725,000,000 | 1,725,000,000 | ||
Discount | 0 | 0 | ||
Series R - 6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 6.63% | 6.63% | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $25,000 | $25,000 | ||
Preferred Stock Shares Authorized And Designated | 34,500 | 34,500 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 33,600 | 33,600 | ||
Par value | 840,000,000 | 840,000,000 | ||
Carrying value | 840,000,000 | 840,000,000 | ||
Discount | 0 | 0 | ||
Series S - 5.900% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 5.90% | |||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $25,000 | $0 | ||
Preferred Stock Shares Authorized And Designated | 80,000 | 0 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 80,000 | 0 | ||
Par value | 2,000,000,000 | 0 | 2,000,000,000 | |
Carrying value | 2,000,000,000 | 0 | ||
Discount | 0 | 0 | ||
Series T - 6.00% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||||
Detail of Preferred Stock [Abstract] | ||||
Preferred Stock, dividend rate (percent) | 6.00% | |||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $25,000 | $0 | ||
Preferred Stock Shares Authorized And Designated | 32,200 | 0 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Shares issued and outstanding | 32,000 | 0 | ||
Par value | 800,000,000 | 0 | 800,000,000 | |
Carrying value | 800,000,000 | 0 | ||
Discount | $0 | $0 |
ESOP_Preferred_Stock_Details
ESOP Preferred Stock (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 1,251,287 | 1,105,664 |
Carrying value | 1,251 | 1,105 |
Unearned ESOP shares | -1,360 | -1,200 |
Employee Stock Ownership Plan Preferred Stock 2014 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 352,158 | 0 |
Carrying value | 352 | 0 |
Employee Stock Ownership Plan Preferred Stock 2014 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 8.70% | |
Employee Stock Ownership Plan Preferred Stock 2014 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 9.70% | |
Employee Stock Ownership Plan Preferred Stock 2013 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 288,000 | 349,788 |
Carrying value | 288 | 350 |
Employee Stock Ownership Plan Preferred Stock 2013 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 8.50% | 8.50% |
Employee Stock Ownership Plan Preferred Stock 2013 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 9.50% | 9.50% |
Employee Stock Ownership Plan Preferred Stock 2012 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 189,204 | 217,404 |
Carrying value | 189 | 217 |
Employee Stock Ownership Plan Preferred Stock 2012 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 10.00% | 10.00% |
Employee Stock Ownership Plan Preferred Stock 2012 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 11.00% | 11.00% |
Employee Stock Ownership Plan Preferred Stock 2011 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 205,263 | 241,263 |
Carrying value | 205 | 241 |
Employee Stock Ownership Plan Preferred Stock 2011 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 9.00% | 9.00% |
Employee Stock Ownership Plan Preferred Stock 2011 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 10.00% | 10.00% |
Employee Stock Ownership Plan Preferred Stock 2010 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 141,011 | 171,011 |
Carrying value | 141 | 171 |
Employee Stock Ownership Plan Preferred Stock 2010 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 9.50% | 9.50% |
Employee Stock Ownership Plan Preferred Stock 2010 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 10.50% | 10.50% |
Employee Stock Ownership Plan Preferred Stock 2008 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 42,204 | 57,819 |
Carrying value | 42 | 58 |
Employee Stock Ownership Plan Preferred Stock 2008 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 10.50% | 10.50% |
Employee Stock Ownership Plan Preferred Stock 2008 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 11.50% | 11.50% |
Employee Stock Ownership Plan Preferred Stock 2007 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 24,728 | 39,248 |
Carrying value | 25 | 39 |
Employee Stock Ownership Plan Preferred Stock 2007 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 10.75% | 10.75% |
Employee Stock Ownership Plan Preferred Stock 2007 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 11.75% | 11.75% |
Employee Stock Ownership Plan Preferred Stock 2006 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 8,719 | 21,139 |
Carrying value | 9 | 21 |
Employee Stock Ownership Plan Preferred Stock 2006 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 10.75% | 10.75% |
Employee Stock Ownership Plan Preferred Stock 2006 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 11.75% | 11.75% |
Employee Stock Ownership Plan Preferred Stock 2005 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 0 | 7,992 |
Carrying value | 0 | 8 |
Employee Stock Ownership Plan Preferred Stock 2005 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 9.75% | 9.75% |
Employee Stock Ownership Plan Preferred Stock 2005 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 10.75% | 10.75% |
Common_Stock_and_Stock_Plans_T1
Common Stock and Stock Plans Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock and Stock Plans (Textual) [Abstract] | |||
Warrants outstanding to purchase common shares, number of shares | 38,424,434 | ||
Warrants outstanding to purchase common stock, exercise price | $34.00 | ||
Warrants purchased | 0 | 0 | |
Total number of shares of common stock available for grant under plans | 245,000,000 | ||
Restricted Share Rights [Member] | |||
Common Stock and Stock Plans (Textual) [Abstract] | |||
Granted, weighted-average grant-date fair value | $46.79 | $35.52 | $31.49 |
Unrecognized compensation cost related to nonvested awards | $708,000,000 | ||
Expected weighted-average period to recognize compensation costs related to awards | 2 years 5 months 30 days | ||
Fair value of awards vested | 1,000,000,000 | 472,000,000 | 89,000,000 |
Performance Shares [Member] | |||
Common Stock and Stock Plans (Textual) [Abstract] | |||
Granted, weighted-average grant-date fair value | $41.01 | $33.56 | $31.44 |
Unrecognized compensation cost related to nonvested awards | 41,000,000 | ||
Expected weighted-average period to recognize compensation costs related to awards | 1 year 7 months 6 days | ||
Fair value of awards vested | 262,000,000 | 168,000,000 | 0 |
Performance period | 3 years | ||
Future vesting amount, minimum (percent) | 0.00% | ||
Future vesting amount option one, maximum (percent) | 125.00% | ||
Future vesting amount option two, maximum (percent) | 150.00% | ||
Stock Options [Member] | |||
Common Stock and Stock Plans (Textual) [Abstract] | |||
Unrecognized compensation cost related to nonvested awards | 0 | ||
Total intrinsic value of options exercised | 805,000,000 | 643,000,000 | 694,000,000 |
Cash received from exercise of options | $1,200,000,000 | $1,600,000,000 | $1,500,000,000 |
TARP CPP [Member] | |||
Common Stock and Stock Plans (Textual) [Abstract] | |||
Warrants converted to common shares (in shares) | 684,430 | 435 | |
Long-Term Incentive Compensation Plans [Member] | Stock Options [Member] | |||
Common Stock and Stock Plans (Textual) [Abstract] | |||
Award vesting period | 3 years | ||
Award expiration period | 10 years | ||
Long-Term Incentive Compensation Plans [Member] | Minimum [Member] | Restricted Share Rights [Member] | |||
Common Stock and Stock Plans (Textual) [Abstract] | |||
Award vesting period | 3 years | ||
Long-Term Incentive Compensation Plans [Member] | Maximum [Member] | Restricted Share Rights [Member] | |||
Common Stock and Stock Plans (Textual) [Abstract] | |||
Award vesting period | 5 years | ||
Options granted prior to 2011 [Member] | Long-Term Incentive Compensation Plans [Member] | Director Awards [Member] | |||
Common Stock and Stock Plans (Textual) [Abstract] | |||
Award vesting period | 12 months | ||
Award expiration period | 10 years |
Common_Stock_and_Stock_Plans_C
Common Stock and Stock Plans, Common Stock Shares Reserved, Issued and Authorized (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Reserved, Issued and Authorized Common Stock [Abstract] | ||
Total shares reserved | 640,012,160 | |
Shares issued | 5,481,811,474 | 5,481,811,474 |
Shares not reserved | 2,878,176,366 | |
Total shares authorized | 9,000,000,000 | 9,000,000,000 |
Dividend Reinvestment and Common Stock Purchase Plans [Member] | ||
Reserved, Issued and Authorized Common Stock [Abstract] | ||
Total shares reserved | 9,892,201 | |
Director Awards [Member] | ||
Reserved, Issued and Authorized Common Stock [Abstract] | ||
Total shares reserved | 942,715 | |
Stock Plan [Member] | ||
Reserved, Issued and Authorized Common Stock [Abstract] | ||
Total shares reserved | 524,917,342 | |
Convertible Securities And Warrants [Member] | ||
Reserved, Issued and Authorized Common Stock [Abstract] | ||
Total shares reserved | 104,259,902 |
Common_Stock_and_Stock_Plans_S
Common Stock and Stock Plans, Stock Incentive Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allocation of Stock Incentive Compensation Expense and Related Recognized Tax Benefit [Abstract] | |||
RSRs | $639 | $568 | $435 |
Performance shares | 219 | 157 | 112 |
Stock options | 0 | 0 | 13 |
Total stock incentive compensation expense | 858 | 725 | 560 |
Related recognized tax benefit | $324 | $273 | $211 |
Common_Stock_and_Stock_Plans_S1
Common Stock and Stock Plans, Summary of Restricted Share Rights and Restricted Share Awards (Details) (Restricted Share Rights [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Share Rights [Member] | |||
Summary of Restricted Share Rights and Restricted Share Awards [Abstract] | |||
Nonvested at January 1, 2014 (in shares) | 60,643,994 | ||
Granted (in shares) | 15,583,325 | ||
Vested (in shares) | -21,307,272 | ||
Canceled or forfeited (in shares) | -1,347,898 | ||
Nonvested at December 31, 2014 (in shares) | 53,572,149 | 60,643,994 | |
Weighted- average grant-date fair value | |||
Nonvested at January 1, 2014 (in dollars per share) | $31.61 | ||
Granted (in dollars per share) | $46.79 | $35.52 | $31.49 |
Vested (in dollars per share) | $31.29 | ||
Canceled or forfeited (in dollars per share) | $19.36 | ||
Nonvested at December 31, 2014 (in dollars per share) | $36.46 | $31.61 |
Common_Stock_and_Stock_Plans_S2
Common Stock and Stock Plans, Summary of Performance Awards (Details) (Performance Shares [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Performance Shares [Member] | |||
Summary of Performance Awards [Abstract] | |||
Nonvested at January 1, 2014 (in shares) | 10,839,148 | ||
Granted (in shares) | 3,968,637 | ||
Vested (in shares) | -5,513,017 | ||
Nonvested at December 31, 2014 (in shares) | 9,294,768 | 10,839,148 | |
Weighted- average grant-date fair value | |||
Nonvested at January 1, 2014 (in dollars per share) | $32.72 | ||
Granted (in dollars per share) | $41.01 | $33.56 | $31.44 |
Vested (in dollars per share) | $31.68 | ||
Nonvested at December 31, 2014 (in dollars per share) | $36.87 | $32.72 |
Common_Stock_and_Stock_Plans_S3
Common Stock and Stock Plans, Stock Option Plans (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Incentive Compensation Plans [Member] | |
Summary of Stock Options | |
Options outstanding as of December 31, 2013 (in shares) | 140,484,056 |
Canceled or forfeited (in shares) | -2,844,648 |
Exercised (in shares) | -39,976,208 |
Options exercisable and outstanding as of December 31, 2014 (in shares) | 97,663,200 |
Weighted- average exercise price | |
Options outstanding as of December 31, 2013 (in dollars per share) | $42.86 |
Canceled or forfeited (in dollars per share) | $206.02 |
Exercised (in dollars per share) | $29.93 |
Options exercisable and outstanding as of December 31, 2014 (in dollars per share) | $43.40 |
Employee Stock Options [Abstract] | |
Options outstanding, weighted-average remaining contractual term (in yrs.) | 2 years 8 months 12 days |
Options outstanding, aggregate intrinsic value | $2,476 |
Director Awards [Member] | |
Summary of Stock Options | |
Options outstanding as of December 31, 2013 (in shares) | 479,637 |
Exercised (in shares) | -88,090 |
Options exercisable and outstanding as of December 31, 2014 (in shares) | 391,547 |
Weighted- average exercise price | |
Options outstanding as of December 31, 2013 (in dollars per share) | $31.95 |
Exercised (in dollars per share) | $31.43 |
Options exercisable and outstanding as of December 31, 2014 (in dollars per share) | $32.07 |
Employee Stock Options [Abstract] | |
Options outstanding, weighted-average remaining contractual term (in yrs.) | 2 years 1 month 6 days |
Options outstanding, aggregate intrinsic value | $9 |
Common_Stock_and_Stock_Plans_W
Common Stock and Stock Plans, Weighted-Average Per Share Fair Value of Options Granted (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted-Average per Share Fair Value of Options Granted and the Assumptions Used [Abstract] | |||
Per share fair value of options granted (in dollars per share) | $0 | $1.58 | $2.79 |
Expected volatility | 0.00% | 18.30% | 29.20% |
Expected dividends (in dollars per share) | $0 | $0.93 | $0.68 |
Expected term (in years) | 0 years | 6 months | 8 months 12 days |
Risk-free interest rate | 0.00% | 0.10% | 0.10% |
Common_Stock_and_Stock_Plans_E
Common Stock and Stock Plans, Employee Stock Ownership Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock [Member] | |||
Employee Stock Ownership Plan [Abstract] | |||
Allocated shares (common) | 136,801,782 | 137,354,139 | 136,821,035 |
Dividends paid to ESOP | $186 | $159 | $117 |
Preferred stock [Member] | |||
Employee Stock Ownership Plan [Abstract] | |||
Unreleased shares (preferred) | 1,251,287 | 1,105,664 | 910,934 |
Fair value of unreleased ESOP preferred shares | 1,251 | 1,105 | 911 |
Dividends paid to ESOP | $152 | $132 | $115 |
Employee_Benefits_and_Other_Ex2
Employee Benefits and Other Expenses Textual (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefits and Other Expenses Textual [Abstract] | |||
Net actuarial loss to be amortized from accumulated other comprehensive income into net periodic benefit cost in the next twelve months | $122,000,000 | ||
Net prior service credit to be amortized from accumulated other comprehensive income into net periodic benefit cost in the next twelve months | 2,000,000 | ||
Assumed Health Care Cost Trend Rates Textuals [Abstract] | |||
Health care cost trend rate assumed for next fiscal year, projected benefit obligation | 7.00% | ||
Decrease in assumed health care cost trend, rate, projected benefit obligation | -0.25% | ||
Ultimate health care cost trend rate, projected benefit obligation | 5.00% | ||
Year that rate reaches ultimate health care cost trend rate, projected benefit obligation | 2023 | ||
Health care cost trend rate assumed for next fiscal year, periodic benefit cost | 7.25% | ||
Decrease in assumed health care cost trend, rate, periodic benefit cost | -0.25% | ||
Ultimate health care cost trend rate, periodic benefit cost | 5.00% | ||
Year that rate reaches ultimate health care cost trend rate, periodic benefit cost | 2023 | ||
Increase in benefit obligation due to increasing assumed health care trend by one percentage point | 45,000,000 | ||
Increase in total interest cost and service cost components of the net periodic benefit cost due to increasing assumed health care trend by one percentage point | 2,000,000 | ||
Decrease in benefit obligation due to decreasing assumed health care trend by one percentage point | 40,000,000 | ||
Decrease in total interest cost and service cost components of the net periodic benefit cost due to decreasing assumed health care trend by one percentage point | 2,000,000 | ||
Defined Contribution Retirement Plans [Abstract] | |||
Defined contribution retirement plan expense | 1,100,000,000 | 1,200,000,000 | 1,100,000,000 |
Cash balance plan [Member] | |||
Employee Benefits and Other Expenses Textual [Abstract] | |||
Cash balance plan settlement | 123,000,000 | 123,000,000 | |
Employer contribution | 0 | ||
Cash balance plan [Member] | Equity securities [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Asset allocation, minimum of target mix range | 30.00% | ||
Asset allocation, maximum of target mix range | 50.00% | ||
Cash balance plan [Member] | Total debt securities [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Asset allocation, minimum of target mix range | 40.00% | ||
Asset allocation, maximum of target mix range | 60.00% | ||
Cash balance plan [Member] | Real estate, venture capital, private equity and other investments [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Target asset allocation | 10.00% | ||
401(h) trust [Member] | Equity securities [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Asset allocation, minimum of target mix range | 40.00% | ||
Asset allocation, maximum of target mix range | 60.00% | ||
401(h) trust [Member] | Total debt securities [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Asset allocation, minimum of target mix range | 40.00% | ||
Asset allocation, maximum of target mix range | 60.00% | ||
VEBA [Member] | Equity securities [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Asset allocation, minimum of target mix range | 20.00% | ||
Asset allocation, maximum of target mix range | 40.00% | ||
VEBA [Member] | Total debt securities [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Asset allocation, minimum of target mix range | 60.00% | ||
Asset allocation, maximum of target mix range | 80.00% | ||
Pension benefits [Member] | Long duration fixed income [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Duration target | 10 years | ||
Pension benefits [Member] | Domestic large-cap stocks [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Number of unique investment strategies | 7 | ||
Pension benefits [Member] | Domestic small-cap stocks [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Number of unique investment strategies | 4 | ||
Pension benefits [Member] | Global stocks [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Asset allocation, minimum of target mix range | 40.00% | ||
Asset allocation, maximum of target mix range | 60.00% | ||
Number of unique investment strategies | 3 | ||
Pension benefits [Member] | International stocks [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Number of unique investment strategies | 6 | ||
Pension benefits [Member] | Hedge funds [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Number of hedge fund managers (more than 30) | 30 | ||
Other benefits [Member] | |||
Employee Benefits and Other Expenses Textual [Abstract] | |||
Employer contribution | $19,000,000 | $0 | |
Defined Benefit Plan, Total Plan Assets [Member] | Investment Strategy [Member] | Pension benefits [Member] | Domestic large-cap stocks [Member] | Maximum [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Concentration risk percentage | 2.50% | ||
Defined Benefit Plan, Total Plan Assets [Member] | Investment Strategy [Member] | Pension benefits [Member] | Domestic small-cap stocks [Member] | Maximum [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Concentration risk percentage | 2.00% | ||
Defined Benefit Plan, Total Plan Assets [Member] | Investment Strategy [Member] | Pension benefits [Member] | Global stocks [Member] | Maximum [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Concentration risk percentage | 1.50% | ||
Defined Benefit Plan, Total Plan Assets [Member] | Investment Strategy [Member] | Pension benefits [Member] | International stocks [Member] | Maximum [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Concentration risk percentage | 2.50% | ||
Defined Benefit Plan, Total Plan Assets [Member] | Investment Strategy [Member] | Pension benefits [Member] | Hedge funds [Member] | Maximum [Member] | |||
Investment Strategy and Asset Allocation [Abstract] | |||
Concentration risk percentage | 0.15% | ||
United States Pension Plan of US Entity [Member] | Wells Fargo And Company 401(k) Plan [Member] | |||
Defined Contribution Retirement Plans [Abstract] | |||
Service period for employee to be eligible for 401(k) plan | 1 month | ||
Percentage of employee contribution (up to 50%) | 50.00% | ||
Service period for employee to be eligible for company matching contributions | 1 year | ||
Percentage of employer match (up to 6%) | 6.00% | ||
Matching contribution vesting percentage | 100.00% | ||
Service period for employee to be eligible for profit sharing contributions | 1 year | ||
Profit sharing contribution vesting period | 3 years |
Employee_Benefits_Changes_in_B
Employee Benefits, Changes in Benefit Obligation and Plan Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Change in plan assets: | |||
Fair value of plan assets at end of year | $9,626,000,000 | $9,364,000,000 | |
Pension benefits [Member] | |||
Change in plan assets: | |||
Fair value of plan assets at end of year | 9,626,000,000 | 9,409,000,000 | |
Pension benefits qualified [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 10,198,000,000 | 11,717,000,000 | |
Service cost | 1,000,000 | 0 | 3,000,000 |
Interest cost | 465,000,000 | 465,000,000 | 514,000,000 |
Plan participants’ contributions | 0 | 0 | |
Actuarial loss (gain) | 1,161,000,000 | -1,106,000,000 | |
Benefits paid | -692,000,000 | -875,000,000 | |
Medicare Part D subsidy | 0 | 0 | |
Foreign exchange impact | -8,000,000 | -3,000,000 | |
Benefit obligation at end of year | 11,125,000,000 | 10,198,000,000 | 11,717,000,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 9,409,000,000 | 9,539,000,000 | |
Actual return on plan assets | 909,000,000 | 743,000,000 | |
Employer contribution | 7,000,000 | 4,000,000 | |
Foreign exchange impact | -7,000,000 | -2,000,000 | |
Fair value of plan assets at end of year | 9,626,000,000 | 9,409,000,000 | 9,539,000,000 |
Funded status at end of year | -1,499,000,000 | -789,000,000 | |
Amounts recognized on the balance sheet at end of year: Liabilities | -1,499,000,000 | -789,000,000 | |
Pension benefits nonqualified [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 669,000,000 | 719,000,000 | |
Service cost | 0 | 0 | 0 |
Interest cost | 27,000,000 | 29,000,000 | 32,000,000 |
Plan participants’ contributions | 0 | 0 | |
Actuarial loss (gain) | 89,000,000 | -17,000,000 | |
Benefits paid | -54,000,000 | -62,000,000 | |
Medicare Part D subsidy | 0 | 0 | |
Foreign exchange impact | -1,000,000 | 0 | |
Benefit obligation at end of year | 730,000,000 | 669,000,000 | 719,000,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contribution | 54,000,000 | 62,000,000 | |
Foreign exchange impact | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | -730,000,000 | -669,000,000 | |
Amounts recognized on the balance sheet at end of year: Liabilities | -730,000,000 | -669,000,000 | |
Other benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 982,000,000 | 1,293,000,000 | |
Service cost | 7,000,000 | 11,000,000 | 11,000,000 |
Interest cost | 42,000,000 | 47,000,000 | 60,000,000 |
Plan participants’ contributions | 73,000,000 | 77,000,000 | |
Actuarial loss (gain) | 136,000,000 | -306,000,000 | |
Benefits paid | -148,000,000 | -147,000,000 | |
Medicare Part D subsidy | 9,000,000 | 8,000,000 | |
Foreign exchange impact | -1,000,000 | -1,000,000 | |
Benefit obligation at end of year | 1,100,000,000 | 982,000,000 | 1,293,000,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 645,000,000 | 636,000,000 | |
Actual return on plan assets | 26,000,000 | 71,000,000 | |
Employer contribution | 19,000,000 | 0 | |
Foreign exchange impact | 0 | 0 | |
Fair value of plan assets at end of year | 624,000,000 | 645,000,000 | 636,000,000 |
Funded status at end of year | -476,000,000 | -337,000,000 | |
Amounts recognized on the balance sheet at end of year: Liabilities | ($476,000,000) | ($337,000,000) |
Employee_Benefits_Pension_Plan
Employee Benefits, Pension Plans With Benefit Obligations in Excess of Plan Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plans Information with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $11,855 | $10,822 |
Accumulated benefit obligation | 11,851 | 10,820 |
Fair value of plan assets | $9,626 | $9,364 |
Employee_Benefits_Components_o
Employee Benefits, Components of Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial loss (gain) | $1,116 | ($1,533) | $775 |
Amortization of net actuarial gain (loss) | -74 | -151 | -141 |
Total recognized in other comprehensive income | 1,042 | -1,809 | 631 |
Pension benefits qualified [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 1 | 0 | 3 |
Interest cost | 465 | 465 | 514 |
Expected return on plan assets | -629 | -674 | -652 |
Amortization of net actuarial loss (gain) | 91 | 137 | 131 |
Amortization of prior service credit | 0 | 0 | 0 |
Settlement loss | 0 | 124 | 2 |
Curtailment gain | 0 | 0 | 0 |
Net periodic benefit cost | -72 | 52 | -2 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial loss (gain) | 881 | -1,175 | 758 |
Amortization of net actuarial gain (loss) | -91 | -137 | -131 |
Prior service cost | 0 | 0 | -2 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income | 790 | -1,436 | 624 |
Total recognized in net periodic benefit cost and other comprehensive income | 718 | -1,384 | 622 |
Pension benefits qualified [Member] | Settlement [Member] | |||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Settlement | 0 | -124 | -1 |
Pension benefits nonqualified [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 27 | 29 | 32 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | 11 | 15 | 10 |
Amortization of prior service credit | 0 | 0 | 0 |
Settlement loss | 2 | 3 | 5 |
Curtailment gain | 0 | 0 | 0 |
Net periodic benefit cost | 40 | 47 | 47 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial loss (gain) | 89 | -17 | 62 |
Amortization of net actuarial gain (loss) | -11 | -15 | -10 |
Prior service cost | 0 | 0 | 0 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income | 76 | -35 | 47 |
Total recognized in net periodic benefit cost and other comprehensive income | 116 | 12 | 94 |
Pension benefits nonqualified [Member] | Settlement [Member] | |||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Settlement | -2 | -3 | -5 |
Other benefits [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 7 | 11 | 11 |
Interest cost | 42 | 47 | 60 |
Expected return on plan assets | -36 | -36 | -36 |
Amortization of net actuarial loss (gain) | -28 | -1 | 0 |
Amortization of prior service credit | -2 | -2 | -2 |
Settlement loss | 0 | 0 | 0 |
Curtailment gain | 0 | 0 | -3 |
Net periodic benefit cost | -17 | 19 | 30 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial loss (gain) | 146 | -341 | -42 |
Amortization of net actuarial gain (loss) | 28 | 1 | 0 |
Prior service cost | 0 | 0 | 0 |
Amortization of prior service credit | 2 | 2 | 2 |
Total recognized in other comprehensive income | 176 | -338 | -40 |
Total recognized in net periodic benefit cost and other comprehensive income | 159 | -319 | -10 |
Other benefits [Member] | Settlement [Member] | |||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Settlement | $0 | $0 | $0 |
Employee_Benefits_Amounts_Reco
Employee Benefits, Amounts Recognized in Cumulative OCI and Weighted-Average Assumptions in Determining Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension benefits qualified [Member] | |||
Amounts Recognized in Accumulated Other Comprehensive Income Pre Tax [Abstract] | |||
Net actuarial loss (gain) | $2,677 | $1,887 | |
Net prior service credit | -2 | -2 | |
Total | 2,675 | 1,885 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.00% | 4.75% | |
Weighted Average Assumptions for Determining Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.75% | 4.38% | 5.00% |
Expected return on plan assets | 7.00% | 7.50% | 7.50% |
Pension benefits nonqualified [Member] | |||
Amounts Recognized in Accumulated Other Comprehensive Income Pre Tax [Abstract] | |||
Net actuarial loss (gain) | 224 | 148 | |
Net prior service credit | 0 | 0 | |
Total | 224 | 148 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.75% | 4.25% | |
Weighted Average Assumptions for Determining Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.16% | 4.08% | 4.92% |
Other benefits [Member] | |||
Amounts Recognized in Accumulated Other Comprehensive Income Pre Tax [Abstract] | |||
Net actuarial loss (gain) | -147 | -321 | |
Net prior service credit | -20 | -22 | |
Total | ($167) | ($343) | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.00% | 4.50% | |
Weighted Average Assumptions for Determining Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.50% | 3.75% | 4.75% |
Expected return on plan assets | 6.00% | 6.00% | 6.00% |
Employee_Benefits_Future_Benef
Employee Benefits, Future Benefits Expected to be Paid Under the Pension and Other Benefit Plans (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension benefits qualified [Member] | |
Future Benefit Payments: | |
2015 | $750 |
2016 | 741 |
2017 | 732 |
2018 | 730 |
2019 | 738 |
2020-2024 | 3,568 |
Pension benefits nonqualified [Member] | |
Future Benefit Payments: | |
2015 | 92 |
2016 | 66 |
2017 | 61 |
2018 | 57 |
2019 | 55 |
2020-2024 | 233 |
Other benefits [Member] | |
Future Benefit Payments: | |
2015 | 88 |
2016 | 89 |
2017 | 89 |
2018 | 89 |
2019 | 89 |
2020-2024 | 424 |
Subsidy Receipts: | |
2015 | 10 |
2016 | 11 |
2017 | 11 |
2018 | 11 |
2019 | 12 |
2020-2024 | $59 |
Employee_Benefits_Balances_of_
Employee Benefits, Balances of Pension Plan and Other Benefit Plan Assets Measured at Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan assets | $9,626 | $9,364 | |
Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 9,671 | 9,492 | |
Payable upon return of securities loaned | -53 | -94 | |
Net receivables | 8 | 11 | |
Total plan assets | 9,626 | 9,409 | |
Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 624 | 645 | |
Payable upon return of securities loaned | 0 | 0 | |
Net receivables | 0 | 0 | |
Total plan assets | 624 | 645 | 636 |
Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 2,716 | 2,902 | |
Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 227 | 241 | |
Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 6,382 | 5,932 | |
Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 375 | 382 | |
Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 573 | 658 | |
Total plan assets | 573 | 658 | 594 |
Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 22 | 22 | |
Total plan assets | 22 | 22 | 22 |
Cash and cash equivalents [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 255 | 422 | |
Cash and cash equivalents [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 160 | 169 | |
Cash and cash equivalents [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 31 | 65 | |
Cash and cash equivalents [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 139 | 147 | |
Cash and cash equivalents [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 224 | 357 | |
Cash and cash equivalents [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 21 | 22 | |
Cash and cash equivalents [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Cash and cash equivalents [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Long duration fixed income [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 4,190 | 3,834 | |
Long duration fixed income [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Long duration fixed income [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 556 | 546 | |
Long duration fixed income [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Long duration fixed income [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 3,622 | 3,287 | |
Long duration fixed income [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Long duration fixed income [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 12 | 1 | |
Total plan assets | 12 | 1 | 1 |
Long duration fixed income [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Intermediate (core) fixed income [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 456 | 425 | |
Intermediate (core) fixed income [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 176 | 179 | |
Intermediate (core) fixed income [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 127 | 86 | |
Intermediate (core) fixed income [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 61 | 64 | |
Intermediate (core) fixed income [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 329 | 339 | |
Intermediate (core) fixed income [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 115 | 115 | |
Intermediate (core) fixed income [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Intermediate (core) fixed income [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
High-yield fixed income [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 327 | 331 | |
High-yield fixed income [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
High-yield fixed income [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 1 | 5 | |
High-yield fixed income [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
High-yield fixed income [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 321 | 326 | |
High-yield fixed income [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
High-yield fixed income [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 5 | 0 | |
Total plan assets | 5 | 0 | |
High-yield fixed income [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
International fixed income [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 337 | 313 | |
International fixed income [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
International fixed income [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 53 | 201 | |
International fixed income [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
International fixed income [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 284 | 112 | |
International fixed income [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
International fixed income [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
International fixed income [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic large-cap stocks [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 1,208 | 1,239 | |
Domestic large-cap stocks [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 102 | 107 | |
Domestic large-cap stocks [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 833 | 824 | |
Domestic large-cap stocks [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic large-cap stocks [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 375 | 415 | |
Domestic large-cap stocks [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 102 | 107 | |
Domestic large-cap stocks [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic large-cap stocks [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic mid-cap stocks [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 392 | 405 | |
Domestic mid-cap stocks [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 47 | 46 | |
Domestic mid-cap stocks [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 252 | 260 | |
Domestic mid-cap stocks [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic mid-cap stocks [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 140 | 145 | |
Domestic mid-cap stocks [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 47 | 46 | |
Domestic mid-cap stocks [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic mid-cap stocks [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic small-cap stocks [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 255 | 301 | |
Domestic small-cap stocks [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 37 | 38 | |
Domestic small-cap stocks [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 238 | 286 | |
Domestic small-cap stocks [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic small-cap stocks [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 17 | 15 | |
Domestic small-cap stocks [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 37 | 38 | |
Domestic small-cap stocks [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Domestic small-cap stocks [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Global stocks [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 202 | ||
Global stocks [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | ||
Global stocks [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 47 | ||
Global stocks [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | ||
Global stocks [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 155 | ||
Global stocks [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | ||
Global stocks [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | ||
Global stocks [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | ||
International stocks [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 733 | 895 | |
International stocks [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 78 | 82 | |
International stocks [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 457 | 540 | |
International stocks [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 25 | 28 | |
International stocks [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 276 | 354 | |
International stocks [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 53 | 54 | |
International stocks [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 1 | |
Total plan assets | 0 | 1 | 1 |
International stocks [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Emerging market stocks [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 412 | 405 | |
Emerging market stocks [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Emerging market stocks [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Emerging market stocks [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Emerging market stocks [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 412 | 405 | |
Emerging market stocks [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Emerging market stocks [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Emerging market stocks [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Real estate/timber [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 387 | 384 | |
Real estate/timber [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Real estate/timber [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 121 | 89 | |
Real estate/timber [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Real estate/timber [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 1 | 1 | |
Real estate/timber [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Real estate/timber [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 265 | 294 | |
Total plan assets | 265 | 294 | 328 |
Real estate/timber [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Hedge funds [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 287 | 301 | |
Hedge funds [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Hedge funds [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Hedge funds [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Hedge funds [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 203 | 149 | |
Hedge funds [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Hedge funds [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 84 | 152 | |
Total plan assets | 84 | 152 | 71 |
Hedge funds [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Private equity [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 155 | 158 | |
Private equity [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Private equity [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Private equity [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Private equity [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Private equity [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Private equity [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 155 | 158 | |
Total plan assets | 155 | 158 | 145 |
Private equity [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Other [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 75 | 79 | |
Other [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 24 | 24 | |
Other [Member] | Level 1 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Other [Member] | Level 1 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 2 | 2 | |
Other [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 23 | 27 | |
Other [Member] | Level 2 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 0 | 0 | |
Other [Member] | Level 3 [Member] | Pension plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 52 | 52 | |
Total plan assets | 52 | 52 | 48 |
Other [Member] | Level 3 [Member] | Other benefits plan assets [Member] | |||
Balances of pension plan and other benefit plan assets measured at fair value [Abstract] | |||
Total plan investments | 22 | 22 | |
Total plan assets | $22 | $22 | $22 |
Employee_Benefits_Changes_in_F
Employee Benefits, Changes in Fair Value in Pension Plan And Other Benefit Plan Assets Measured at Fair Value (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at end of year | $9,626 | $9,364 | |
Pension plan assets [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at end of year | 9,626 | 9,409 | |
Pension plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 658 | 594 | |
Gross Realized Gain (Loss) | 24 | 52 | |
Gross Unrealized Gain (Loss) | 36 | 69 | |
Purchases, sales and settlements (net) | -93 | -71 | |
Transfers Into/(Out of) Level 3 | -52 | 14 | |
Fair value of plan assets at end of year | 573 | 658 | |
Other benefits plan assets [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 636 | ||
Fair value of plan assets at end of year | 624 | 645 | 636 |
Other benefits plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 22 | 22 | |
Gross Realized Gain (Loss) | 0 | 0 | |
Gross Unrealized Gain (Loss) | 0 | 0 | |
Purchases, sales and settlements (net) | 0 | 0 | |
Transfers Into/(Out of) Level 3 | 0 | 0 | |
Fair value of plan assets at end of year | 22 | 22 | |
Long duration fixed income [Member] | Pension plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 1 | 1 | |
Gross Realized Gain (Loss) | 0 | 0 | |
Gross Unrealized Gain (Loss) | 0 | 0 | |
Purchases, sales and settlements (net) | 1 | 0 | |
Transfers Into/(Out of) Level 3 | 10 | 0 | |
Fair value of plan assets at end of year | 12 | 1 | |
High-yield fixed income [Member] | Pension plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 0 | ||
Gross Realized Gain (Loss) | 0 | ||
Gross Unrealized Gain (Loss) | 0 | ||
Purchases, sales and settlements (net) | 3 | ||
Transfers Into/(Out of) Level 3 | 2 | ||
Fair value of plan assets at end of year | 5 | ||
International stocks [Member] | Pension plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 1 | 1 | |
Gross Realized Gain (Loss) | 0 | 0 | |
Gross Unrealized Gain (Loss) | 0 | 0 | |
Purchases, sales and settlements (net) | -1 | 0 | |
Transfers Into/(Out of) Level 3 | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 1 | |
Real estate/timber [Member] | Pension plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 294 | 328 | |
Gross Realized Gain (Loss) | 9 | 27 | |
Gross Unrealized Gain (Loss) | 34 | 52 | |
Purchases, sales and settlements (net) | -72 | -113 | |
Transfers Into/(Out of) Level 3 | 0 | 0 | |
Fair value of plan assets at end of year | 265 | 294 | |
Hedge funds [Member] | Pension plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 152 | 71 | |
Gross Realized Gain (Loss) | 1 | 5 | |
Gross Unrealized Gain (Loss) | 4 | 6 | |
Purchases, sales and settlements (net) | -9 | 56 | |
Transfers Into/(Out of) Level 3 | -64 | 14 | |
Fair value of plan assets at end of year | 84 | 152 | |
Private equity [Member] | Pension plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 158 | 145 | |
Gross Realized Gain (Loss) | 12 | 19 | |
Gross Unrealized Gain (Loss) | -3 | 6 | |
Purchases, sales and settlements (net) | -12 | -12 | |
Transfers Into/(Out of) Level 3 | 0 | 0 | |
Fair value of plan assets at end of year | 155 | 158 | |
Other [Member] | Pension plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 52 | 48 | |
Gross Realized Gain (Loss) | 2 | 1 | |
Gross Unrealized Gain (Loss) | 1 | 5 | |
Purchases, sales and settlements (net) | -3 | -2 | |
Transfers Into/(Out of) Level 3 | 0 | 0 | |
Fair value of plan assets at end of year | 52 | 52 | |
Other [Member] | Other benefits plan assets [Member] | Level 3 [Member] | |||
Changes in Level 3 pension plan assets measured at fair value [Abstract] | |||
Fair value of plan assets at beginning of year | 22 | 22 | |
Gross Realized Gain (Loss) | 0 | 0 | |
Gross Unrealized Gain (Loss) | 0 | 0 | |
Purchases, sales and settlements (net) | 0 | 0 | |
Transfers Into/(Out of) Level 3 | 0 | 0 | |
Fair value of plan assets at end of year | $22 | $22 |
Employee_Benefits_and_Other_Ex3
Employee Benefits and Other Expenses, Expenses Not Otherwise Shown Separately In Financial Statements (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Expenses Not Otherwise Shown Separately In Financial Statement [Abstract] | |||
Outside professional services | $2,689 | $2,519 | $2,729 |
Operating losses | 1,249 | 821 | 2,235 |
Outside data processing | 1,034 | 983 | 910 |
Contract services | 975 | 935 | 1,011 |
Travel and entertainment | 904 | 885 | 839 |
Foreclosed assets | $583 | $605 | $1,061 |
Income_Taxes_Textuals_Details
Income Taxes Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Other comprehensive income, tax effect | $1,300,000,000 | ($2,524,000,000) | $1,442,000,000 |
Deferred tax assets valuation allowance | 426,000,000 | 457,000,000 | |
Net operating loss related to deferred tax assets | 631,000,000 | ||
Expiration date of tax credit carryforwards | 31-Dec-34 | ||
Undistributed foreign earnings | 1,800,000,000 | ||
Income tax liability related to undistributed foreign earnings | 513,000,000 | ||
Unrecognized tax benefits | 5,002,000,000 | 5,528,000,000 | 6,069,000,000 |
Unrecognized tax benefits that would impact the effective tax rate | 3,100,000,000 | ||
Unrecognized Tax Benefits Related To Income Tax Positions On Temporary Differences | 1,900,000,000 | ||
Accrued interest and penalties | 660,000,000 | 832,000,000 | |
Recognized Interest and Penalties Expense (Benefit) | -142,000,000 | 69,000,000 | |
Possible decrease in unrecognized tax benefits (up to $700 million) | $700,000,000 |
Income_Taxes_Components_of_Inc
Income Taxes, Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $7,321 | $4,601 | $9,141 |
State and local | 520 | 736 | 1,198 |
Foreign | 112 | 91 | 61 |
Total current | 7,953 | 5,428 | 10,400 |
Deferred: | |||
Federal | 2,117 | 4,457 | -1,151 |
State and local | 224 | 522 | -166 |
Foreign | 13 | -2 | 20 |
Total deferred | 2,354 | 4,977 | -1,297 |
Income tax expense | $10,307 | $10,405 | $9,103 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes, Net Deferred Tax Asset (Liability) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets | ||
Allowance for loan losses | $4,592 | $5,227 |
Deferred compensation and employee benefits | 4,608 | 4,283 |
Accrued expenses | 1,213 | 1,247 |
PCI loans | 1,935 | 2,150 |
Basis difference in investments | 382 | 1,084 |
Net operating loss and tax credit carry forwards | 631 | 773 |
Other | 1,318 | 1,720 |
Total deferred tax assets | 14,679 | 16,484 |
Deferred tax assets valuation allowance | -426 | -457 |
Deferred tax liabilities | ||
Mortgage servicing rights | -5,860 | -6,657 |
Leasing | -4,057 | -4,274 |
Mark to market, net | -7,635 | -5,761 |
Intangible assets | -1,494 | -1,885 |
Net unrealized gains on investment securities | -2,737 | -1,155 |
Insurance reserves | -2,087 | -2,068 |
Other | -1,635 | -1,733 |
Total deferred tax liabilities | -25,505 | -23,533 |
Net deferred tax liability | ($11,252) | ($7,506) |
Income_Taxes_Effective_Income_
Income Taxes, Effective Income Tax Expense and Rate (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax expense | $11,677 | $11,299 | $9,800 |
Statutory federal income tax expense, rate | 35.00% | 35.00% | 35.00% |
Change in tax rate resulting from: | |||
State and local taxes on income, net of federal income tax benefit | 971 | 964 | 856 |
State and local taxes on income, net of federal income tax benefit, rate | 2.90% | 3.00% | 3.10% |
Tax-exempt interest | -550 | -490 | -414 |
Tax-exempt interest, rate | -1.60% | -1.50% | -1.50% |
Excludable dividends | -70 | -49 | -132 |
Excludable dividends, rate | -0.20% | -0.20% | -0.50% |
Tax credits | -1,074 | -967 | -815 |
Tax credits, rate | -3.20% | -3.00% | -2.90% |
Life insurance | -179 | -173 | -524 |
Life insurance, rate | -0.50% | -0.50% | -1.90% |
Leveraged lease tax expense | 158 | 302 | 347 |
Leveraged lease tax expense, rate | 0.50% | 0.90% | 1.20% |
Other | -626 | -481 | -15 |
Other, rate | -2.00% | -1.50% | 0.00% |
Income tax expense | $10,307 | $10,405 | $9,103 |
Effective income tax rate | 30.90% | 32.20% | 32.50% |
Income_Taxes_Change_in_Unrecog
Income Taxes, Change in Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $5,528 | $6,069 |
Additions: | ||
For tax positions related to the current year | 412 | 427 |
For tax positions related to prior years | 324 | 283 |
Reductions: | ||
For tax positions related to prior years | -213 | -540 |
Lapse of statute of limitations | -50 | -74 |
Settlements with tax authorities | -999 | -637 |
Balance at end of year | $5,002 | $5,528 |
Earnings_Per_Common_Share_Calc
Earnings Per Common Share, Calculation of Earnings and Diluted Earnings per Common Share (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Common Share [Abstract] | |||
Wells Fargo net income | $23,057 | $21,878 | $18,897 |
Less: Preferred stock dividends and other | 1,236 | 989 | 898 |
Wells Fargo net income applicable to common stock | $21,821 | $20,889 | $17,999 |
Earnings per common share | |||
Average common shares outstanding (denominator) (in shares) | 5,237.20 | 5,287.30 | 5,287.60 |
Per share (in dollars per share) | $4.17 | $3.95 | $3.40 |
Diluted earnings per common share | |||
Average common shares outstanding | 5,237.20 | 5,287.30 | 5,287.60 |
Diluted average common shares outstanding (denominator) (in shares) | 5,324.40 | 5,371.20 | 5,351.50 |
Per share (in dollars per share) | $4.10 | $3.89 | $3.36 |
Stock Options [Member] | |||
Diluted earnings per common share | |||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 32.9 | 33.1 | 27.5 |
Restricted Share Rights [Member] | |||
Diluted earnings per common share | |||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 41.6 | 44.8 | 36.4 |
Warrants [Member] | |||
Diluted earnings per common share | |||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 12.7 | 6 | 0 |
Earnings_Per_Common_Share_Anti
Earnings Per Common Share, Antidilutive Securities Excluded from the Calculation of Diluted Earnings per Common Share (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Member] | |||
Earnings Per Common Share - Options and Warrants [Line Items] | |||
Antidilutive Instruments | 8 | 11.1 | 56.4 |
Warrants [Member] | |||
Earnings Per Common Share - Options and Warrants [Line Items] | |||
Antidilutive Instruments | 0 | 0 | 39.2 |
Other_Comprehensive_Income_Com
Other Comprehensive Income, Components of Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment securities: | |||
Net unrealized gains (losses) arising during the period, Before tax | $5,426 | ($7,661) | $5,143 |
Net unrealized gains (losses) arising during the period, Tax effect | -2,111 | 2,981 | -1,921 |
Net unrealized gains (losses) arising during the period, Net of tax | 3,315 | -4,680 | 3,222 |
Reclassification of net (gains) losses to net income, Before tax | -1,532 | -285 | -271 |
Reclassification of net (gains) losses to net income, Tax effect | 578 | 107 | 102 |
Reclassification of net (gains) losses to net income, Net of tax | -954 | -178 | -169 |
Net change, Before tax | 3,894 | -7,946 | 4,872 |
Net change, Tax effect | -1,533 | 3,088 | -1,819 |
Net change | 2,361 | -4,858 | 3,053 |
Derivatives and hedging activities: | |||
Net unrealized gains (losses) arising during the period | 952 | -32 | 52 |
Net unrealized gains (losses) arising during the period, Tax effect | -359 | 12 | -12 |
Net unrealized gains (losses) arising during the period, Net of tax | 593 | -20 | 40 |
Reclassification of net (gains) losses on cash flow hedges to net income, Before tax | -545 | -296 | -388 |
Reclassification of net (gains) losses on cash flow hedges to net income, Tax effect | 205 | 107 | 147 |
Reclassification of net (gains) losses on cash flow hedges to net income, Net of tax | -340 | -189 | -241 |
Net change, Before tax | 407 | -328 | -336 |
Net change, Tax effect | -154 | 119 | 135 |
Net change | 253 | -209 | -201 |
Defined benefit plans adjustments: | |||
Net actuarial gains (losses) arising during the period, Before tax | -1,116 | 1,533 | -775 |
Net actuarial gains (losses) arising during the period, Tax effect | 420 | -578 | 290 |
Net actuarial gains (losses) arising during the period, Net of tax | -696 | 955 | -485 |
Amortization of net actuarial loss, Before tax | 74 | 151 | 141 |
Amortization of net actuarial loss, Tax effect | -28 | -57 | -53 |
Amortization of net actuarial loss, Net of tax | 46 | 94 | 88 |
Settlements and other, Before tax | 0 | 125 | 3 |
Settlements and other, Tax effect | 0 | -46 | -1 |
Settlements and other, Net of tax | 0 | 79 | 2 |
Reclassification to net periodic benefit costs, Before tax | 74 | 276 | 144 |
Reclassification to net periodic benefit costs, Tax effect | -28 | -103 | -54 |
Reclassification to net periodic benefit costs, Net of tax | 46 | 173 | 90 |
Net change, Before tax | -1,042 | 1,809 | -631 |
Net change, Tax effect | 392 | -681 | 236 |
Net change | -650 | 1,128 | -395 |
Foreign currency translation adjustments: | |||
Net unrealized losses arising during the period, Before tax | -60 | -44 | -6 |
Net unrealized losses arising during the period, Tax effect | -5 | -7 | 2 |
Net unrealized losses arising during the period, Net of tax | -65 | -51 | -4 |
Reclassification of net gains to net income, Net of tax | 6 | -7 | -6 |
Net change, Before tax | -54 | -56 | -16 |
Net change, Tax effect | -5 | -2 | 6 |
Net change | -59 | -58 | -10 |
Other comprehensive income (loss), Before tax | 3,205 | -6,521 | 3,889 |
Other comprehensive income, tax effect | -1,300 | 2,524 | -1,442 |
Other comprehensive income (loss), net of tax | 1,905 | -3,997 | 2,447 |
Less: Other comprehensive income (loss) from noncontrolling interests | -227 | 267 | 4 |
Wells Fargo other comprehensive income (loss), net of tax | 2,132 | -4,264 | 2,443 |
Interest expense on long-term debt [Member] | |||
Derivatives and hedging activities: | |||
Reclassification of net (gains) losses on cash flow hedges to net income, Before tax | 44 | 91 | 96 |
Reclassification of net (gains) losses on cash flow hedges to net income, Tax effect | -17 | -34 | -36 |
Reclassification of net (gains) losses on cash flow hedges to net income, Net of tax | 27 | 57 | 60 |
Other noninterest income [Member] | |||
Investment securities: | |||
Reclassification of net (gains) losses to net income, Before tax | -1 | 0 | 0 |
Reclassification of net (gains) losses to net income, Tax effect | 0 | 0 | 0 |
Reclassification of net (gains) losses to net income, Net of tax | -1 | 0 | 0 |
Noninterest income [Member] | |||
Derivatives and hedging activities: | |||
Reclassification of net (gains) losses on cash flow hedges to net income, Before tax | 0 | 35 | 0 |
Reclassification of net (gains) losses on cash flow hedges to net income, Tax effect | 0 | -13 | 0 |
Reclassification of net (gains) losses on cash flow hedges to net income, Net of tax | 0 | 22 | 0 |
Foreign currency translation adjustments: | |||
Reclassification of net (gains) losses to net income, Before tax | 6 | -12 | -10 |
Reclassification of net gains to net income, Tax effect | 0 | 5 | 4 |
Reclassification of net gains to net income, Net of tax | 6 | -7 | -6 |
Salaries expense [Member] | |||
Derivatives and hedging activities: | |||
Reclassification of net (gains) losses on cash flow hedges to net income, Before tax | 0 | 4 | 6 |
Reclassification of net (gains) losses on cash flow hedges to net income, Tax effect | 0 | -2 | -2 |
Reclassification of net (gains) losses on cash flow hedges to net income, Net of tax | 0 | 2 | 4 |
Debt securities [Member] | |||
Investment securities: | |||
Reclassification of net (gains) losses to net income, Before tax | -593 | 29 | 128 |
Reclassification of net (gains) losses to net income, Tax effect | 224 | -11 | -48 |
Reclassification of net (gains) losses to net income, Net of tax | -369 | 18 | 80 |
Equity securities [Member] | |||
Investment securities: | |||
Reclassification of net (gains) losses to net income, Before tax | -901 | -314 | -399 |
Reclassification of net (gains) losses to net income, Tax effect | 340 | 118 | 150 |
Reclassification of net (gains) losses to net income, Net of tax | -561 | -196 | -249 |
Investment Securities [Member] | Interest income [Member] | |||
Investment securities: | |||
Reclassification of net (gains) losses to net income, Before tax | -37 | 0 | 0 |
Reclassification of net (gains) losses to net income, Tax effect | 14 | 0 | 0 |
Reclassification of net (gains) losses to net income, Net of tax | -23 | 0 | 0 |
Derivatives and hedging activities: | |||
Reclassification of net (gains) losses on cash flow hedges to net income, Before tax | -1 | 0 | 0 |
Reclassification of net (gains) losses on cash flow hedges to net income, Tax effect | 0 | 0 | 0 |
Reclassification of net (gains) losses on cash flow hedges to net income, Net of tax | -1 | 0 | 0 |
Loans [Member] | Interest income [Member] | |||
Derivatives and hedging activities: | |||
Reclassification of net (gains) losses on cash flow hedges to net income, Before tax | -588 | -426 | -490 |
Reclassification of net (gains) losses on cash flow hedges to net income, Tax effect | 222 | 156 | 185 |
Reclassification of net (gains) losses on cash flow hedges to net income, Net of tax | ($366) | ($270) | ($305) |
Other_Comprehensive_Income_Cum
Other Comprehensive Income, Cumulative OCI Balances (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment securities: | |||
Cumulative other comprehensive income, Investment securities, beginning balance | $2,338 | $7,462 | $4,413 |
Net unrealized gains (losses) arising during the period | 3,315 | -4,680 | 3,222 |
Amounts reclassified from accumulated other comprehensive income | -954 | -178 | -169 |
Net change | 2,361 | -4,858 | 3,053 |
Less: Other comprehensive income from noncontrolling interests | -227 | 266 | 4 |
Cumulative other comprehensive income, Investment securities, ending balance | 4,926 | 2,338 | 7,462 |
Derivatives and hedging activities: | |||
Cumulative other comprehensive income, Derivatives and hedging activities, beginning balance | 80 | 289 | 490 |
Net unrealized gains (losses) arising during the period | 593 | -20 | 40 |
Amounts reclassified from accumulated other comprehensive income | -340 | -189 | -241 |
Net change | 253 | -209 | -201 |
Less: Other comprehensive income from noncontrolling interests | 0 | 0 | 0 |
Cumulative other comprehensive income, Derivatives and hedging activities, ending balance | 333 | 80 | 289 |
Defined benefit plans adjustments: | |||
Cumulative other comprehensive income, Defined benefit plans adjustment, beginning balance | -1,053 | -2,181 | -1,786 |
Net unrealized gains (losses) arising during the period | -696 | 955 | -485 |
Amounts reclassified from accumulated other comprehensive income | 46 | 173 | 90 |
Net change | -650 | 1,128 | -395 |
Less: Other comprehensive income from noncontrolling interests | 0 | 0 | 0 |
Cumulative other comprehensive income, Defined benefit plans adjustment, ending balance | -1,703 | -1,053 | -2,181 |
Foreign currency translation adjustments: | |||
Cumulative other comprehensive income, Foreign currency translation adjustments, beginning balance | 21 | 80 | 90 |
Net unrealized gains (losses) arising during the period | -65 | -51 | -4 |
Amounts reclassified from accumulated other comprehensive income | 6 | -7 | -6 |
Net change | -59 | -58 | -10 |
Less: Other comprehensive income from noncontrolling interests | 0 | 1 | 0 |
Cumulative other comprehensive income, Foreign currency translation adjustments, ending balance | -38 | 21 | 80 |
Cumulative other comprehensive income, Beginning Balance | 1,386 | 5,650 | 3,207 |
Net unrealized gains (losses) arising during the period | 3,147 | -3,796 | 2,773 |
Amounts reclassified from accumulated other comprehensive income | -1,242 | -201 | -326 |
Other comprehensive income (loss), net of tax | 1,905 | -3,997 | 2,447 |
Less: Other comprehensive income (loss) from noncontrolling interests | -227 | 267 | 4 |
Cumulative other comprehensive income, Ending Balance | $3,518 | $1,386 | $5,650 |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
segment | |||||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | $43,527,000,000 | $42,800,000,000 | $43,230,000,000 | ||
Provision (reversal of provision) for credit losses | 1,395,000,000 | 2,309,000,000 | 7,217,000,000 | 7,899,000,000 | 15,753,000,000 |
Noninterest income | 40,820,000,000 | 40,980,000,000 | 42,856,000,000 | ||
Noninterest expense | 49,037,000,000 | 48,842,000,000 | 50,398,000,000 | ||
Income before income tax expense | 33,915,000,000 | 32,629,000,000 | 28,471,000,000 | ||
Income tax expense (benefit) | 10,307,000,000 | 10,405,000,000 | 9,103,000,000 | ||
Net income before noncontrolling interests | 23,608,000,000 | 22,224,000,000 | 19,368,000,000 | ||
Less: Net income from noncontrolling interests | 551,000,000 | 346,000,000 | 471,000,000 | ||
Wells Fargo net income | 23,057,000,000 | 21,878,000,000 | 18,897,000,000 | ||
Average loans | 834,400,000,000 | 802,700,000,000 | |||
Average assets | 1,593,300,000,000 | 1,446,000,000,000 | |||
Average core deposits | 1,003,600,000,000 | 942,100,000,000 | |||
Operating Segment (Textual) [Abstract] | |||||
Number of reportable operating segments | 3 | ||||
Annual sales of small business community banking customers (up to $20 million) | 20,000,000 | ||||
Annual sales of wholesale banking customers (in excess of $20 million) | 20,000,000 | ||||
Community Banking [Member] | |||||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | 29,709,000,000 | 28,839,000,000 | 29,045,000,000 | ||
Provision (reversal of provision) for credit losses | 1,681,000,000 | 2,755,000,000 | 6,835,000,000 | ||
Noninterest income | 21,153,000,000 | 21,500,000,000 | 24,360,000,000 | ||
Noninterest expense | 28,126,000,000 | 28,723,000,000 | 30,840,000,000 | ||
Income before income tax expense | 21,055,000,000 | 18,861,000,000 | 15,730,000,000 | ||
Income tax expense (benefit) | 6,350,000,000 | 5,799,000,000 | 4,774,000,000 | ||
Net income before noncontrolling interests | 14,705,000,000 | 13,062,000,000 | 10,956,000,000 | ||
Less: Net income from noncontrolling interests | 525,000,000 | 330,000,000 | 464,000,000 | ||
Wells Fargo net income | 14,180,000,000 | 12,732,000,000 | 10,492,000,000 | ||
Average loans | 503,200,000,000 | 499,300,000,000 | |||
Average assets | 934,200,000,000 | 835,400,000,000 | |||
Average core deposits | 642,300,000,000 | 620,100,000,000 | |||
Wholesale Banking [Member] | |||||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | 11,955,000,000 | 12,298,000,000 | 12,648,000,000 | ||
Provision (reversal of provision) for credit losses | -266,000,000 | -445,000,000 | 286,000,000 | ||
Noninterest income | 11,527,000,000 | 11,766,000,000 | 11,444,000,000 | ||
Noninterest expense | 12,975,000,000 | 12,378,000,000 | 12,082,000,000 | ||
Income before income tax expense | 10,773,000,000 | 12,131,000,000 | 11,724,000,000 | ||
Income tax expense (benefit) | 3,165,000,000 | 3,984,000,000 | 3,943,000,000 | ||
Net income before noncontrolling interests | 7,608,000,000 | 8,147,000,000 | 7,781,000,000 | ||
Less: Net income from noncontrolling interests | 24,000,000 | 14,000,000 | 7,000,000 | ||
Wells Fargo net income | 7,584,000,000 | 8,133,000,000 | 7,774,000,000 | ||
Average loans | 313,400,000,000 | 287,700,000,000 | |||
Average assets | 544,200,000,000 | 500,000,000,000 | |||
Average core deposits | 274,000,000,000 | 237,200,000,000 | |||
Wealth Brokerage And Retirement [Member] | |||||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | 3,179,000,000 | 2,888,000,000 | 2,768,000,000 | ||
Provision (reversal of provision) for credit losses | -50,000,000 | -16,000,000 | 125,000,000 | ||
Noninterest income | 11,039,000,000 | 10,315,000,000 | 9,392,000,000 | ||
Noninterest expense | 10,907,000,000 | 10,455,000,000 | 9,893,000,000 | ||
Income before income tax expense | 3,361,000,000 | 2,764,000,000 | 2,142,000,000 | ||
Income tax expense (benefit) | 1,276,000,000 | 1,050,000,000 | 814,000,000 | ||
Net income before noncontrolling interests | 2,085,000,000 | 1,714,000,000 | 1,328,000,000 | ||
Less: Net income from noncontrolling interests | 2,000,000 | 2,000,000 | 0 | ||
Wells Fargo net income | 2,083,000,000 | 1,712,000,000 | 1,328,000,000 | ||
Average loans | 52,100,000,000 | 46,100,000,000 | |||
Average assets | 189,800,000,000 | 180,900,000,000 | |||
Average core deposits | 154,900,000,000 | 150,100,000,000 | |||
Other [Member] | |||||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | -1,316,000,000 | -1,225,000,000 | -1,231,000,000 | ||
Provision (reversal of provision) for credit losses | 30,000,000 | 15,000,000 | -29,000,000 | ||
Noninterest income | -2,899,000,000 | -2,601,000,000 | -2,340,000,000 | ||
Noninterest expense | -2,971,000,000 | -2,714,000,000 | -2,417,000,000 | ||
Income before income tax expense | -1,274,000,000 | -1,127,000,000 | -1,125,000,000 | ||
Income tax expense (benefit) | -484,000,000 | -428,000,000 | -428,000,000 | ||
Net income before noncontrolling interests | -790,000,000 | -699,000,000 | -697,000,000 | ||
Less: Net income from noncontrolling interests | 0 | 0 | 0 | ||
Wells Fargo net income | -790,000,000 | -699,000,000 | -697,000,000 | ||
Average loans | -34,300,000,000 | -30,400,000,000 | |||
Average assets | -74,900,000,000 | -70,300,000,000 | |||
Average core deposits | ($67,600,000,000) | ($65,300,000,000) |
ParentOnly_Financial_Statement2
Parent-Only Financial Statements, Statement of Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest expense | |||
Short-term borrowings | $59 | $60 | $79 |
Long-term debt | 2,488 | 2,585 | 3,110 |
Other interest expense | 382 | 307 | 245 |
Noninterest expense | 49,037 | 48,842 | 50,398 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 33,915 | 32,629 | 28,471 |
Income tax benefit | 10,307 | 10,405 | 9,103 |
Wells Fargo net income | 23,057 | 21,878 | 18,897 |
Parent Company [Member] | |||
Income | |||
Interest income from subsidiaries | 772 | 848 | 897 |
Other interest income | 216 | 240 | 222 |
Other income | 1,032 | 484 | 267 |
Total income | 17,623 | 12,217 | 14,303 |
Interest expense | |||
Indebtedness to nonbank subsidiaries | 357 | 334 | 287 |
Short-term borrowings | 7 | 5 | 1 |
Long-term debt | 1,540 | 1,546 | 1,877 |
Other interest expense | 5 | 15 | 23 |
Noninterest expense | 797 | 1,175 | 1,127 |
Total expense | 2,706 | 3,075 | 3,315 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 14,917 | 9,142 | 10,988 |
Income tax benefit | -926 | -570 | -903 |
Equity in undistributed income of subsidiaries | 7,214 | 12,166 | 7,006 |
Wells Fargo net income | 23,057 | 21,878 | 18,897 |
Parent Company [Member] | Bank [Member] | |||
Income | |||
Dividends from subsidiaries | 15,077 | 10,612 | 11,767 |
Parent Company [Member] | Nonbank [Member] | |||
Income | |||
Dividends from subsidiaries | $526 | $33 | $1,150 |
ParentOnly_Financial_Statement3
Parent-Only Financial Statements, Statement of Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Parent-Only Statement of Comprehensive Income [Abstract] | |||
Net income | $23,057 | $21,878 | $18,897 |
Other comprehensive income (loss), net of tax: | |||
Investment securities | 2,361 | -4,858 | 3,053 |
Derivatives and hedging activities | 253 | -209 | -201 |
Defined benefit plans adjustment | -650 | 1,128 | -395 |
Wells Fargo other comprehensive income (loss), net of tax | 2,132 | -4,264 | 2,443 |
Wells Fargo comprehensive income | 25,189 | 17,614 | 21,340 |
Parent Company [Member] | |||
Parent-Only Statement of Comprehensive Income [Abstract] | |||
Net income | 23,057 | 21,878 | 18,897 |
Other comprehensive income (loss), net of tax: | |||
Investment securities | 142 | -248 | 61 |
Derivatives and hedging activities | 12 | 39 | 31 |
Defined benefit plans adjustment | -633 | 1,136 | -379 |
Equity in other comprehensive income (loss) of subsidiaries | 2,611 | -5,191 | 2,730 |
Wells Fargo other comprehensive income (loss), net of tax | 2,132 | -4,264 | 2,443 |
Wells Fargo comprehensive income | $25,189 | $17,614 | $21,340 |
ParentOnly_Financial_Statement4
Parent-Only Financial Statements, Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||||
Assets | ||||||
Investment securities | $313,801 | $264,254 | ||||
Total assets | 1,687,155 | [1],[2] | 1,523,502 | [1],[2] | ||
Liabilities and equity | ||||||
Short-term borrowings | 63,518 | 53,883 | 57,175 | |||
Accrued expenses and other liabilities | 86,122 | [1] | 66,436 | [1] | ||
Long-term debt | 183,943 | 152,998 | ||||
Total liabilities | 1,501,893 | [1],[3] | 1,352,494 | [1],[3] | ||
Stockholders' equity | 184,394 | 170,142 | ||||
Total liabilities and equity | 1,687,155 | [1] | 1,523,502 | [1] | ||
Parent Company [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 43,846 | 42,389 | 35,702 | 19,342 | ||
Other assets | 6,225 | 7,329 | ||||
Total assets | 312,147 | 283,443 | ||||
Liabilities and equity | ||||||
Short-term borrowings | 2,270 | 5,121 | ||||
Accrued expenses and other liabilities | 6,984 | 7,241 | ||||
Long-term debt | 97,275 | 81,721 | ||||
Indebtedness to nonbank subsidiaries | 21,224 | 19,218 | ||||
Total liabilities | 127,753 | 113,301 | ||||
Stockholders' equity | 184,394 | 170,142 | ||||
Total liabilities and equity | 312,147 | 283,443 | ||||
Parent Company [Member] | Bank [Member] | ||||||
Assets | ||||||
Loans to subsidiaries | 18,166 | 7,140 | ||||
Investments in subsidiaries | 162,806 | 154,577 | ||||
Parent Company [Member] | Nonbank [Member] | ||||||
Assets | ||||||
Loans to subsidiaries | 35,783 | 38,504 | ||||
Investments in subsidiaries | 24,567 | 21,852 | ||||
Parent Company [Member] | Subsidiary Banks [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 43,843 | 42,386 | ||||
Investment securities | 10,001 | 0 | ||||
Parent Company [Member] | Nonaffiliates [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 3 | 3 | ||||
Investment securities | $10,753 | $11,652 | ||||
[1] | Financial information for certain periods prior to 2014 was revised to reflect our determination that certain factoring arrangements did not qualify as loans. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||||
[2] | Our consolidated assets at December 31, 2014 and December 31, 2013, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $117 million and $165 million; Trading assets, $0 million and $162 million; Investment securities, $875 million and $1.4 billion; Mortgages held for sale, $0 million and $38 million; Net loans, $4.5 billion and $6.1 billion; Other assets, $316 million and $347 million, and Total assets, $5.8 billion and $8.1 billion, respectively. | |||||
[3] | Our consolidated liabilities at December 31, 2014 and December 31, 2013, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $0 million and $29 million; Accrued expenses and other liabilities, $49 million and $90 million; Long-term debt, $1.6 billion and $2.3 billion; and Total liabilities, $1.7 billion and $2.4 billion, respectively. |
ParentOnly_Financial_Statement5
Parent-Only Financial Statements, Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net cash provided by operating activities | $17,529 | $57,641 | $58,540 |
Available-for-sale securities: | |||
Sales proceeds | 6,089 | 2,837 | 5,210 |
Prepayments and maturities | 37,257 | 50,737 | 59,712 |
Purchases | -44,807 | -89,474 | -64,756 |
Loans: | |||
Other, net | -741 | 581 | -1,169 |
Net cash provided (used) by investing activities | -128,380 | -153,492 | -139,890 |
Cash flows from financing activities: | |||
Net increase in short-term borrowings and indebtedness to subsidiaries | 8,035 | -3,390 | 7,699 |
Long-term debt: | |||
Proceeds from issuance | 42,154 | 53,227 | 27,695 |
Repayment | -15,829 | -25,423 | -28,093 |
Preferred stock: | |||
Proceeds from issuance | 2,775 | 3,145 | 1,377 |
Cash dividends paid | -1,235 | -1,017 | -892 |
Common stock warrants repurchased | 9 | 0 | 1 |
Common stock: | |||
Repurchased | -9,414 | -5,356 | -3,918 |
Proceeds from issuance | 1,840 | 2,224 | 2,091 |
Cash dividends paid | -6,908 | -5,953 | -4,565 |
Excess tax benefits related to stock option payments | 453 | 271 | 226 |
Other, net | 51 | 136 | 0 |
Net cash provided by financing activities | 110,503 | 93,910 | 83,770 |
Net change in cash due from banks | -348 | -1,941 | 2,420 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by operating activities | 18,019 | 8,607 | 13,365 |
Available-for-sale securities: | |||
Sales proceeds | 1,196 | 3,606 | 6,171 |
Loans: | |||
Net repayments from (advances to) subsidiaries | -2,199 | 655 | 9,191 |
Capital notes and term loans made to subsidiaries | -11,275 | -6,700 | -1,850 |
Principal collected on notes/loans made to subsidiaries | 2,526 | 1,472 | 2,462 |
Net increase in investment in subsidiaries | -1,096 | -1,188 | -5,218 |
Other, net | 470 | 461 | -2 |
Net cash provided (used) by investing activities | -20,392 | -7,698 | 4,939 |
Cash flows from financing activities: | |||
Net increase in short-term borrowings and indebtedness to subsidiaries | 2,314 | 6,732 | 5,456 |
Long-term debt: | |||
Proceeds from issuance | 22,627 | 18,714 | 16,989 |
Repayment | -8,659 | -13,096 | -18,693 |
Preferred stock: | |||
Proceeds from issuance | 2,775 | 3,145 | 1,377 |
Cash dividends paid | -1,235 | -1,017 | -892 |
Common stock warrants repurchased | 0 | 0 | -1 |
Common stock: | |||
Repurchased | -9,414 | -5,356 | -3,918 |
Proceeds from issuance | 1,840 | 2,224 | 2,091 |
Cash dividends paid | -6,908 | -5,953 | -4,565 |
Excess tax benefits related to stock option payments | 453 | 271 | 226 |
Other, net | 37 | 114 | -14 |
Net cash provided by financing activities | 3,830 | 5,778 | -1,944 |
Net change in cash due from banks | 1,457 | 6,687 | 16,360 |
Cash and due from banks at beginning of year | 42,389 | 35,702 | 19,342 |
Cash and due from banks at end of year | 43,846 | 42,389 | 35,702 |
Parent Company [Member] | Subsidiary Banks [Member] | |||
Available-for-sale securities: | |||
Prepayments and maturities | 25 | 0 | 0 |
Purchases | -10,025 | 0 | 0 |
Common stock: | |||
Cash and due from banks at beginning of year | 42,386 | ||
Cash and due from banks at end of year | 43,843 | 42,386 | |
Parent Company [Member] | Nonaffiliates [Member] | |||
Available-for-sale securities: | |||
Prepayments and maturities | 0 | 12 | 30 |
Purchases | -14 | -6,016 | -5,845 |
Common stock: | |||
Cash and due from banks at beginning of year | 3 | ||
Cash and due from banks at end of year | $3 | $3 |
Regulatory_and_Agency_Capital_2
Regulatory and Agency Capital Requirements (Details) (USD $) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Capital ratios: | ||
Tier 1 capital ratio required to be well capitalized | 6.00% | |
Total capital ratio required to be well capitalized | 10.00% | |
Tier 1 leverage capital ratio required to be well capitalized | 5.00% | |
Tier 1 capital ratio required for capital adequacy purposes | 4.00% | |
Total capital ratio required for capital adequacy purposes | 8.00% | |
Tier 1 leverage capital ratio required for capital adequacy purposes | 4.00% | |
Regulatory and Agency Capital Requirements (Textual) [Abstract] | ||
Trust preferred and perpetual preferred purchase securities included in Tier 2 capital | $2.10 | |
Minimum leverage ratio for banking organizations | 3.00% | |
Wells Fargo & Company [Member] | ||
Regulatory capital: | ||
Tier 1 | 154.7 | 140.7 |
Total | 192.9 | 176.2 |
Assets: | ||
Risk-weighted | 1,242.50 | 1,141.50 |
Adjusted average | 1,637 | 1,466.70 |
Capital ratios: | ||
Tier 1 capital | 12.45% | 12.33% |
Total capital | 15.53% | 15.43% |
Tier 1 leverage | 9.45% | 9.60% |
Regulatory and Agency Capital Requirements (Textual) [Abstract] | ||
Common Equity Tier 1 capital, amounts | 137.1 | |
Common Equity Tier 1 capital, ratio | 11.04% | |
Wells Fargo Bank, NA [Member] | ||
Regulatory capital: | ||
Tier 1 | 119.9 | 110 |
Total | 144 | 136.4 |
Assets: | ||
Risk-weighted | 1,142.50 | 1,057.30 |
Adjusted average | 1,487.60 | 1,324 |
Capital ratios: | ||
Tier 1 capital | 10.49% | 10.40% |
Total capital | 12.61% | 12.90% |
Tier 1 leverage | 8.06% | 8.31% |
Regulatory and Agency Capital Requirements (Textual) [Abstract] | ||
Common Equity Tier 1 capital, amounts | $119.90 | |
Common Equity Tier 1 capital, ratio | 10.49% |