Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 25, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | WELLS FARGO & COMPANY/MN | |
Entity Central Index Key | 72,971 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
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 | 4,872,873,834 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Interest income | ||||
Debt securities (1)(2) | $ 3,414 | $ 3,173 | [1],[2] | |
Mortgages held for sale (2) | 179 | 182 | [2] | |
Loans held for sale (1) | 24 | 10 | [1] | |
Loans | 10,579 | 10,141 | ||
Equity investments | 231 | 175 | [1] | |
Other interest income (1) | 920 | 532 | [1] | |
Total interest income (2) | 15,347 | 14,213 | [2] | |
Interest expense | ||||
Deposits (2) | 1,090 | 536 | [2] | |
Short-term borrowings | 311 | 114 | ||
Long-term debt (2) | 1,576 | 1,147 | [2] | |
Other interest expense | 132 | 92 | ||
Total interest expense (2) | 3,109 | 1,889 | [2] | |
Net interest income (2) | 12,238 | 12,324 | [2] | |
Provision for credit losses | 191 | 605 | ||
Net interest income after provision for credit losses | 12,047 | 11,719 | ||
Noninterest income | ||||
Service charges on deposit accounts | 1,173 | 1,313 | ||
Trust and investment fees | 3,683 | 3,570 | ||
Card fees | 908 | 945 | ||
Other fees | 800 | 865 | ||
Mortgage banking | 934 | 1,228 | ||
Insurance | 114 | 277 | ||
Net gains from trading activities (1) | 243 | 272 | [1] | |
Net gains on debt securities (3) | [3] | 1 | 36 | |
Net gains from equity securities (1)(4) | [4] | 783 | 570 | [1] |
Lease income | 455 | 481 | ||
Other | 602 | 374 | [2] | |
Total noninterest income (2) | 9,696 | 9,931 | [2] | |
Noninterest expense | ||||
Salaries | 4,363 | 4,261 | ||
Commission and incentive compensation | 2,768 | 2,725 | ||
Employee benefits | 1,598 | 1,686 | ||
Equipment | 617 | 577 | ||
Net occupancy | 713 | 712 | ||
Core deposit and other intangibles | 265 | 289 | ||
FDIC and other deposit assessments | 324 | 333 | ||
Other | 4,394 | 3,209 | ||
Total noninterest expense | 15,042 | 13,792 | ||
Income before income tax expense (2) | 6,701 | 7,858 | [2] | |
Income tax expense (2) | 1,374 | 2,133 | [2] | |
Net income before noncontrolling interests (2) | 5,327 | 5,725 | [2],[5] | |
Less: Net income from noncontrolling interests | 191 | 91 | ||
Wells Fargo net income (2) | 5,136 | 5,634 | [2],[6] | |
Less: Preferred stock dividends and other | 403 | 401 | ||
Wells Fargo net income applicable to common stock (2) | $ 4,733 | $ 5,233 | [2] | |
Per share information | ||||
Earnings per common share (in dollars per share) | $ 0.97 | $ 1.05 | [2] | |
Diluted earnings per common share (in dollars per share) | 0.96 | 1.03 | [2] | |
Dividends declared per common share (in dollars per share) | $ 0.39 | $ 0.38 | ||
Average common shares outstanding (in shares) | 4,885.7 | 5,008.6 | ||
Diluted average common shares outstanding (in shares) | 4,930.7 | 5,070.4 | ||
[1] | (1)Financial information for the prior period has been revised to reflect the impact of the adoption of Accounting Standards Update (ASU) 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||
[3] | (3)Total other-than-temporary impairment (OTTI) losses were $17 million and $43 million for first quarter 2018 and 2017, respectively. Of total OTTI, losses of $10 million and $52 million were recognized in earnings, and losses (reversal of losses) of $7 million and $(9) million were recognized as non-credit-related OTTI in other comprehensive income for first quarter 2018 and 2017, respectively. | |||
[4] | (4)Includes OTTI losses of $20 million and $77 million for first quarter 2018 and 2017, respectively. | |||
[5] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||
[6] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. |
Consolidated Statement of Inco3
Consolidated Statement of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Noninterest income | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Equity Securities and Nonmarketable Equity Securities | $ 20 | $ 77 |
Debt securities [Member] | ||
Noninterest income | ||
Total OTTI losses (reversal of losses) recorded on debt securities | 17 | 43 |
Total recorded as part of gross realized losses | 10 | 52 |
Total reversal of losses recognized in OCI as non-credit-related impairment | $ 7 | $ (9) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Statement of Comprehensive Income [Abstract] | ||||
Wells Fargo net income (2) | $ 5,136 | $ 5,634 | [1],[2] | |
Debt securities (1): | ||||
Net unrealized gains (losses) arising during the period | [3] | (3,443) | 369 | |
Reclassification of net (gains) losses to net income | [3] | 68 | (145) | |
Derivatives and hedging activities: | ||||
Net unrealized losses arising during the period (2) | (242) | (362) | [2] | |
Reclassification of net (gains) losses to net income | 60 | (202) | ||
Defined benefit plans adjustments: | ||||
Net actuarial and prior service gains (losses) arising during the period | 6 | (7) | ||
Amortization of net actuarial loss, settlements and other to net income | 32 | 38 | ||
Foreign currency translation adjustments: | ||||
Net unrealized gains (losses) arising during the period | (2) | 16 | ||
Other comprehensive loss, before tax (2) | (3,521) | (293) | [2] | |
Income tax benefit related to other comprehensive income (2) | 862 | 123 | [2] | |
Other comprehensive loss, net of tax (2) | (2,659) | (170) | [2] | |
Less: Other comprehensive income from noncontrolling interests (2) | 0 | 14 | [2] | |
Wells Fargo other comprehensive loss, net of tax (2) | (2,659) | (184) | [2] | |
Wells Fargo comprehensive income (2) | 2,477 | 5,450 | [2] | |
Comprehensive income from noncontrolling interests | 191 | 105 | ||
Total comprehensive income (2) | $ 2,668 | $ 5,555 | [2] | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||
[3] | (1)Per the adoption of ASU 2016-01, the quarter ended March 31, 2018, reflects only net unrealized gains and reclassification of net gains to net income from debt securities. The quarter ended March 31, 2017, includes net unrealized gains from equity securities of $61 million and reclassification of gains to net income related to equity securities of $(116) million. |
Consolidated Statement of Comp5
Consolidated Statement of Comprehensive Income (Unaudited) Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Net unrealized gains (losses) arising during the period, Before tax | [1] | $ (3,443) | $ 369 |
Reclassification of net (gains) losses to net income, Before tax | [1] | 68 | $ (145) |
Accounting Standards Update 2016-01 [Member] | |||
Net unrealized gains (losses) arising during the period, Before tax | 61 | ||
Reclassification of net (gains) losses to net income, Before tax | $ (116) | ||
[1] | (1)Per the adoption of ASU 2016-01, the quarter ended March 31, 2018, reflects only net unrealized gains and reclassification of net gains to net income from debt securities. The quarter ended March 31, 2017, includes net unrealized gains from equity securities of $61 million and reclassification of gains to net income related to equity securities of $(116) million. |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | ||
Assets | ||||
Cash and due from banks | $ 18,145 | $ 23,367 | ||
Interest-earning deposits with banks (1) | 184,250 | 192,580 | [1] | |
Total cash, cash equivalents, and restricted cash (1) | 202,395 | 215,947 | [1] | |
Federal funds sold and securities purchased under resale agreements (1) | 73,550 | 80,025 | [1] | |
Debt securities: | ||||
Trading, at fair value (2) | 59,866 | 57,624 | [2] | |
Available-for-sale Securities, Debt Securities | 271,656 | 276,407 | [2] | |
Held-to-maturity, at cost (fair value $138,323 and $138,985) | 141,446 | 139,335 | ||
Mortgages held for sale (includes $13,859 and $16,116 carried at fair value) (3) | [3] | 17,944 | 20,070 | |
Loans held for sale (includes $1,695 and $1,023 carried at fair value) (2) | 3,581 | 1,131 | [2] | |
Loans (includes $352 and $376 carried at fair value) (3) | [3] | 947,308 | 956,770 | |
Allowance for loan losses | (10,373) | (11,004) | ||
Net loans | 936,935 | 945,766 | ||
Mortgage servicing rights: | ||||
Measured at fair value | 15,041 | 13,625 | ||
Amortized | 1,411 | 1,424 | ||
Premises and equipment, net | 8,828 | 8,847 | ||
Goodwill | 26,445 | 26,587 | ||
Derivative assets | 11,467 | 12,228 | ||
Equity securities (includes $35,561 and $39,227 carried at fair value) (2) | 58,935 | 62,497 | [2] | |
Other assets (2) | 85,888 | 90,244 | [2] | |
Total assets | [4] | 1,915,388 | 1,951,757 | |
Liabilities | ||||
Noninterest-bearing deposits | 370,085 | 373,722 | ||
Interest-bearing deposits | 933,604 | 962,269 | ||
Total deposits | 1,303,689 | 1,335,991 | ||
Short-term borrowings | 97,207 | 103,256 | ||
Derivative liabilities | 7,883 | 8,796 | ||
Accrued expenses and other liabilities | 73,397 | 70,615 | ||
Long-term debt | 227,302 | 225,020 | ||
Total liabilities | [5] | 1,709,478 | 1,743,678 | |
Wells Fargo stockholders' equity: | ||||
Preferred stock | 26,227 | 25,358 | ||
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares | 9,136 | 9,136 | ||
Additional paid-in capital | 60,399 | 60,893 | ||
Retained earnings | 147,928 | 145,263 | ||
Cumulative other comprehensive income (loss) | (4,921) | (2,144) | ||
Treasury stock – 607,928,993 shares and 590,194,846 shares | (31,246) | (29,892) | ||
Unearned ESOP shares | (2,571) | (1,678) | ||
Total Wells Fargo stockholders' equity | 204,952 | 206,936 | ||
Noncontrolling interests | 958 | 1,143 | ||
Total equity | 205,910 | 208,079 | ||
Total liabilities and equity | $ 1,915,388 | $ 1,951,757 | ||
[1] | (1)Financial information has been revised to reflect the impact of the adoption of ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash in which we changed the presentation of our cash and cash equivalents to include both cash and due from banks as well as interest-earning deposits with banks, which are inclusive of any restricted cash. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[3] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. | |||
[4] | (4)Our consolidated assets at March 31, 2018, and December 31, 2017, 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, $111 million and $116 million; Interest-earning deposits with banks, $8 million and $371 million; Debt securities, $0 million at both period ends; Net loans, $13.0 billion and $12.5 billion; Derivative assets, $0 million at both period ends; Equity securities, $28 million and $306 million; Other assets, $230 million and $342 million; and Total assets, $13.4 billion and $13.6 billion, respectively. | |||
[5] | (5)Our consolidated liabilities at March 31, 2018, and December 31, 2017, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Derivative liabilities, $4 million and $5 million; Accrued expenses and other liabilities, $127 million and $132 million; Long-term debt, $947 million and $1.5 billion; and Total liabilities, $1.1 billion and $1.6 billion, respectively. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | ||
Assets | ||||
Held-to-maturity, at fair value | $ 138,323 | $ 138,985 | ||
Mortgages held for sale, carried at fair value | 13,859 | 16,116 | ||
Loans held for sale, carried at fair value | 1,695 | 1,023 | ||
Loans, carried at fair value | 352 | 376 | ||
Equity investments, carried at fair value | 35,561 | 39,227 | ||
Cash and due from banks | 18,145 | 23,367 | ||
Net loans | 936,935 | 945,766 | ||
Derivative assets | 11,467 | 12,228 | ||
Other assets | 85,888 | 90,244 | [1] | |
Equity securities (includes $35,561 and $39,227 carried at fair value) (2) | 58,935 | 62,497 | [1] | |
Assets | [2] | 1,915,388 | 1,951,757 | |
Liabilities | ||||
Derivative liabilities | 7,883 | 8,796 | ||
Accrued expenses and other liabilities | 73,397 | 70,615 | ||
Long-term debt | 227,302 | 225,020 | ||
Total liabilities | [3] | $ 1,709,478 | $ 1,743,678 | |
Wells Fargo stockholders' equity: | ||||
Common stock, par value | $ 1.666602371 | $ 1.666602371 | ||
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 | 607,928,993 | 590,194,846 | ||
Interest-earning deposits with banks (1) | $ 184,250 | $ 192,580 | [4] | |
VIEs that we consolidate [Member] | ||||
Assets | ||||
Cash and due from banks | 111 | 116 | ||
Debt securities | 0 | 0 | ||
Net loans | 13,000 | 12,500 | ||
Derivative assets | 0 | 0 | ||
Other assets | 230 | 342 | ||
Equity securities (includes $35,561 and $39,227 carried at fair value) (2) | 28 | 306 | ||
Assets | 13,384 | 13,617 | ||
Liabilities | ||||
Derivative liabilities | 4 | 5 | ||
Accrued expenses and other liabilities | 127 | 132 | ||
Long-term debt | 947 | 1,479 | ||
Total liabilities | 1,078 | 1,616 | ||
Wells Fargo stockholders' equity: | ||||
Interest-earning deposits with banks (1) | $ 8 | $ 371 | ||
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[2] | (4)Our consolidated assets at March 31, 2018, and December 31, 2017, 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, $111 million and $116 million; Interest-earning deposits with banks, $8 million and $371 million; Debt securities, $0 million at both period ends; Net loans, $13.0 billion and $12.5 billion; Derivative assets, $0 million at both period ends; Equity securities, $28 million and $306 million; Other assets, $230 million and $342 million; and Total assets, $13.4 billion and $13.6 billion, respectively. | |||
[3] | (5)Our consolidated liabilities at March 31, 2018, and December 31, 2017, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Derivative liabilities, $4 million and $5 million; Accrued expenses and other liabilities, $127 million and $132 million; Long-term debt, $947 million and $1.5 billion; and Total liabilities, $1.1 billion and $1.6 billion, respectively. | |||
[4] | (1)Financial information has been revised to reflect the impact of the adoption of ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash in which we changed the presentation of our cash and cash equivalents to include both cash and due from banks as well as interest-earning deposits with banks, which are inclusive of any restricted cash. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions | 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] | ||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||
Transition Adjustment | Accounting Standards Update 2017-12 [Member] | [1] | $ (213) | $ (213) | $ (381) | $ 168 | |||||||
Beginning balance, adjusted balance | 200,284 | 199,368 | $ 24,551 | $ 9,136 | $ 60,234 | 132,694 | (2,969) | $ (22,713) | $ (1,565) | $ 916 | ||
Beginning balance at Dec. 31, 2016 | 200,497 | 199,581 | $ 24,551 | $ 9,136 | 60,234 | 133,075 | (3,137) | (22,713) | (1,565) | 916 | ||
Beginning balance, shares at Dec. 31, 2016 | 11,532,712 | 5,016,109,326 | ||||||||||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||
Net income | 5,634 | [2],[3] | 5,634 | 5,634 | ||||||||
Net income attributable to noncontrolling interests | 91 | 91 | ||||||||||
Net income | [2],[4] | 5,725 | ||||||||||
Other comprehensive income (loss) attributable to parent, net of tax | (184) | [3] | (184) | (184) | ||||||||
Other comprehensive income (loss) attributable to noncontrolling interest, net of tax | 14 | [3] | 14 | |||||||||
Other comprehensive income (loss), net of tax | [3] | (170) | ||||||||||
Noncontrolling interests, adjustments to Additional Paid in Capital | 2 | 2 | ||||||||||
Noncontrolling interests | (32) | |||||||||||
Total change in noncontrolling interests | (30) | |||||||||||
Common stock issued | 1,406 | 1,406 | 3 | (184) | 1,587 | |||||||
Common stock, shares issued | 33,699,497 | |||||||||||
Common stock repurchased | (2,175) | (2,175) | 750 | (2,925) | ||||||||
Common stock repurchased, shares | (53,074,224) | |||||||||||
Preferred stock issued to ESOP | 0 | 0 | $ 950 | 31 | (981) | |||||||
Preferred stock issued to ESOP, shares | 950,000 | |||||||||||
Preferred stock released by ESOP | 0 | 0 | 0 | 0 | ||||||||
Preferred stock converted to common shares | 0 | 0 | $ 0 | 0 | 0 | |||||||
Preferred stock converted to common shares, shares | 0 | 0 | ||||||||||
Common stock warrants repurchased/exercised | (44) | (44) | (44) | |||||||||
Preferred stock issued | 0 | 0 | $ 0 | 0 | ||||||||
Preferred stock, shares issued | 0 | |||||||||||
Common stock dividends | (1,903) | (1,903) | 12 | (1,915) | ||||||||
Preferred stock dividends | (401) | (401) | (401) | |||||||||
Stock incentive compensation expense | 389 | 389 | 389 | |||||||||
Net change in deferred compensation and related plans | (771) | (771) | (792) | 21 | ||||||||
Net change | 2,026 | 1,953 | $ 950 | $ 0 | 351 | 3,134 | (184) | (1,317) | (981) | 73 | ||
Net change, shares | 950,000 | (19,374,727) | ||||||||||
Ending balance at Mar. 31, 2017 | 202,310 | 201,321 | $ 25,501 | $ 9,136 | 60,585 | 135,828 | (3,153) | (24,030) | (2,546) | 989 | ||
Ending balance, shares at Mar. 31, 2017 | 12,482,712 | 4,996,734,599 | ||||||||||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||
Transition Adjustment | Accounting Standards Update 2016-01 [Member] | [5] | (24) | (24) | 94 | (118) | |||||||
Beginning balance, adjusted balance | 208,055 | 206,912 | $ 25,358 | $ 9,136 | 60,893 | 145,357 | (2,262) | (29,892) | (1,678) | 1,143 | ||
Beginning balance at Dec. 31, 2017 | 208,079 | 206,936 | $ 25,358 | $ 9,136 | 60,893 | 145,263 | (2,144) | (29,892) | (1,678) | 1,143 | ||
Beginning balance, shares at Dec. 31, 2017 | 11,677,235 | 4,891,616,628 | ||||||||||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||
Net income | 5,136 | 5,136 | 5,136 | |||||||||
Net income attributable to noncontrolling interests | 191 | 191 | ||||||||||
Net income | 5,327 | |||||||||||
Other comprehensive income (loss) attributable to parent, net of tax | (2,659) | (2,659) | (2,659) | |||||||||
Other comprehensive income (loss) attributable to noncontrolling interest, net of tax | 0 | |||||||||||
Other comprehensive income (loss), net of tax | (2,659) | |||||||||||
Noncontrolling interests, adjustments to Additional Paid in Capital | 7 | 7 | ||||||||||
Noncontrolling interests | (376) | |||||||||||
Total change in noncontrolling interests | (369) | |||||||||||
Common stock issued | 1,208 | 1,208 | 25 | (231) | 1,414 | |||||||
Common stock, shares issued | 28,425,759 | |||||||||||
Common stock repurchased | (3,029) | (3,029) | 0 | (3,029) | ||||||||
Common stock repurchased, shares | (50,567,457) | |||||||||||
Preferred stock issued to ESOP | 0 | 0 | $ 1,100 | 43 | (1,143) | |||||||
Preferred stock issued to ESOP, shares | 1,100,000 | |||||||||||
Preferred stock released by ESOP | 231 | 231 | (19) | 250 | ||||||||
Preferred stock converted to common shares | 0 | 0 | $ (231) | 5 | 226 | |||||||
Preferred stock converted to common shares, shares | (231,000) | 4,407,551 | ||||||||||
Common stock warrants repurchased/exercised | (157) | (157) | (157) | |||||||||
Preferred stock issued | 0 | 0 | ||||||||||
Preferred stock, shares issued | ||||||||||||
Common stock dividends | (1,911) | (1,911) | 13 | (1,924) | ||||||||
Preferred stock dividends | (410) | (410) | (410) | |||||||||
Stock incentive compensation expense | 437 | 437 | 437 | |||||||||
Net change in deferred compensation and related plans | (813) | (813) | (848) | 35 | ||||||||
Net change | (2,145) | (1,960) | $ 869 | $ 0 | (494) | 2,571 | (2,659) | (1,354) | (893) | (185) | ||
Net change, shares | 869,000 | (17,734,147) | ||||||||||
Ending balance at Mar. 31, 2018 | $ 205,910 | $ 204,952 | $ 26,227 | $ 9,136 | $ 60,399 | 147,928 | $ (4,921) | $ (31,246) | $ (2,571) | $ 958 | ||
Ending balance, shares at Mar. 31, 2018 | 12,546,235 | 4,873,882,481 | ||||||||||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||
Transition Adjustment | Accounting Standards Update 2016-01 [Member] | $ 106 | |||||||||||
[1] | (1)Effective January 1, 2017, we adopted changes in hedge accounting pursuant to ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. | |||||||||||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||||||||||
[3] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||||||||||
[4] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||||||||||
[5] | (2)Effective January 1, 2018, we adopted ASU 2016-04 – Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products, ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2014-09 – Revenue from Contracts With Customers (Topic 606) and subsequent related Updates. See Note 1 (Summary of Significant Accounting Policies) in this Report for more information. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Cash flows from operating activities: | ||||
Net income before noncontrolling interests (2) | $ 5,327 | $ 5,725 | [1],[2] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 191 | 605 | ||
Changes in fair value of MSRs, MHFS and LHFS carried at fair value | (788) | 8 | ||
Depreciation, amortization and accretion | 1,431 | 1,237 | ||
Other net (gains) (1)(2) | (2,309) | (1,158) | [2],[3] | |
Stock-based compensation | 792 | 740 | ||
Originations and purchases of mortgage held for sale (1) | (38,460) | (37,664) | [3] | |
Proceeds from sales of and paydowns on mortgages originated for sale (1) | 31,236 | 25,269 | [3] | |
Net change in: | ||||
Debt and equity securities, held for trading (1) | 10,861 | 14,628 | [3] | |
Loans held for sale (1) | (602) | 202 | [3] | |
Deferred income taxes | 484 | 1,007 | ||
Derivative assets and liabilities (2) | (20) | (709) | [2] | |
Other assets (2) | 3,331 | 3,618 | [2] | |
Other accrued expenses and liabilities (2) | 3,756 | (370) | [2] | |
Net cash provided by operating activities | 15,230 | 13,138 | ||
Net change in: | ||||
Federal funds sold and securities purchased under resale agreements (3) | 4,566 | (12,395) | [4] | |
Available-for-sale debt securities: | ||||
Proceeds from sales (1) | 3,458 | 3,023 | [3] | |
Prepayments and maturities | 6,909 | 11,016 | ||
Purchases | (14,179) | (14,495) | ||
Held-to-maturity debt securities: | ||||
Paydowns and maturities | 2,304 | 1,470 | ||
Equity securities, not held for trading: | ||||
Proceeds from sales and capital returns (1) | 1,920 | 1,533 | [3] | |
Purchases (1) | (1,234) | (698) | [3] | |
Loans: | ||||
Loans originated by banking subsidiaries, net of principal collected (4) | 1,238 | 5,123 | [5] | |
Proceeds from sales (including participations) of loans held for investment | 3,803 | 2,504 | ||
Purchases (including participations) of loans | (268) | (1,148) | ||
Principal collected on nonbank entities’ loans (4) | 2,210 | 2,788 | [5] | |
Loans originated by nonbank entities (4) | (1,655) | (1,927) | [5] | |
Net cash paid for acquisitions | 0 | (46) | ||
Proceeds from sales of foreclosed assets and short sales | 935 | 1,519 | ||
Other, net | 154 | (166) | ||
Net cash provided (used) by investing activities | 10,161 | (1,899) | ||
Net change in: | ||||
Deposits | (32,276) | 19,365 | ||
Short-term borrowings | (5,165) | (1,064) | ||
Long-term debt: | ||||
Proceeds from issuance | 15,517 | 12,975 | ||
Repayment | (11,625) | (11,937) | ||
Preferred stock: | ||||
Cash dividends paid | (418) | (408) | ||
Common stock: | ||||
Proceeds from issuance | 382 | 572 | ||
Stock tendered for payment of withholding taxes (1) | (307) | (359) | ||
Repurchased | (3,029) | (2,175) | ||
Cash dividends paid | (1,867) | (1,859) | ||
Net change in noncontrolling interests | (113) | (30) | ||
Other, net | (42) | (29) | ||
Net cash provided (used) by financing activities | (38,943) | 15,051 | ||
Net change in cash, cash equivalents, and restricted cash (3) | (13,552) | 26,290 | [4] | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period (3) | 215,947 | [6] | 221,043 | [4] |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period (3) | 202,395 | 247,333 | [4] | |
Supplemental cash flow disclosures: | ||||
Cash paid for interest | 3,002 | 1,612 | ||
Cash paid for income taxes | $ 158 | $ 215 | ||
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||
[3] | (1)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[4] | (3)Financial information has been revised to reflect the impact of the adoption of ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash in which we changed the presentation of our cash and cash equivalents to include both cash and due from banks as well as interest-earning deposits with banks, which are inclusive of any restricted cash. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[5] | (4)Prior periods have been revised to reflect classification changes due to entity restructuring activities | |||
[6] | (1)Financial information has been revised to reflect the impact of the adoption of ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash in which we changed the presentation of our cash and cash equivalents to include both cash and due from banks as well as interest-earning deposits with banks, which are inclusive of any restricted cash. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance through banking locations, 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. For discussion of our significant accounting policies, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2017 ( 2017 Form 10-K). 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, 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 (Note 6 (Loans and Allowance for Credit Losses)); • valuations of residential mortgage servicing rights (MSRs) (Note 9 (Securitizations and Variable Interest Entities) and Note 10 (Mortgage Banking Activities)) and financial instruments (Note 15 (Fair Values of Assets and Liabilities)); • liabilities for contingent litigation losses (Note 13 (Legal Actions)); and • income taxes. Actual results could differ from those estimates. These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2017 Form 10-K. Accounting Standards Adopted in 2018 In first quarter 2018 , we adopted the following new accounting guidance: • Accounting Standards Update (ASU or Update) 2017-09 – Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting; • ASU 2017-07 – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost; • ASU 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets; • ASU 2017-01 – Business Combinations (Topic 805): Clarifying the Definition of a Business; • ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash; • ASU 2016-16 – Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory; • ASU 2016-15 – Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments; • ASU 2016-04 – Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products; • ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities; and • ASU 2014-09 – Revenue from Contracts With Customers (Topic 606) and subsequent related Updates. ASU 2017-09 clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the ASU, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The Update is applied to awards modified on or after the adoption date and accordingly, did not have a material impact on our consolidated financial statements. ASU 2017-07 requires that the service cost component of net benefit cost be reported in the same line item as other compensation costs arising from services rendered by employees during the period, and the other pension cost components (interest cost, expected return on plan assets and amortization of actuarial gains and losses) be presented in the income statement separate from the service cost component. The income statement line item used to present the other pension cost components must be disclosed. We adopted this change in first quarter 2018. The Update did not have a material impact on our consolidated financial statements. ASU 2017-05 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The ASU applies to nonfinancial assets, including real estate (e.g., buildings, land, windmills, solar farms), ships and intellectual property. We adopted this change in first quarter 2018. The Update did not have a material impact on our consolidated financial statements. ASU 2017-01 requires that when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The Update is applied prospectively and accordingly, did not have a material impact on our consolidated financial statements. ASU 2016-18 requires that restricted cash and cash equivalents are included with the total cash and cash equivalents in the consolidated statement of cash flows. In addition, the nature of any restrictions will be disclosed in the footnotes to the financial statements. We adopted this change in first quarter 2018. Our retrospective adoption includes changes to our presentation of cash and cash equivalents in our consolidated statement of cash flows to include both cash and due from banks as well as interest-earning deposits with banks. In addition, we had corresponding changes on our consolidated balance sheets. ASU 2016-16 requires us to recognize the income tax effects of intercompany sales and transfers of assets other than inventory in the period in which the transfer occurs. We adopted this change in first quarter 2018. The Update did not have a material impact on our consolidated financial statements. ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice for reporting in the statement of cash flows. We adopted this change in first quarter 2018. The Update did not have a material impact on our consolidated financial statements. ASU 2016-04 modifies the accounting for certain prepaid card products to require the recognition of breakage. Breakage represents the estimated amount that will not be redeemed by the cardholder for goods or services. We adopted this change in first quarter 2018. Upon adoption, we recorded a cumulative-effect adjustment that increased retained earnings, given estimated breakage, by $20 million . ASU 2016-01 changes the accounting for certain equity securities to record at fair value with unrealized gains or losses reflected in earnings, as well as improve the disclosures of equity securities and the fair value of financial instruments. The Update also requires that for purposes of disclosing the fair value of financial instruments recorded at amortized cost, including loans and long-term debt, the valuation methodology is based on an exit price notion. We adopted the Update in first quarter 2018 and recorded a cumulative-effect adjustment as of January 1, 2018, that increased retained earnings by $106 million as a result of a transition adjustment to reclassify $118 million in net unrealized gains from other comprehensive income to retained earnings, partially offset by a transition adjustment to decrease retained earnings by $12 million primarily to adjust the carrying value of our auction rate securities from cost to fair value. No transition adjustment was recorded for investments changed to the measurement alternative (described below), which was applied prospectively. As a result of adopting this ASU, our investments in marketable equity securities, including those previously classified as available-for-sale, are accounted for at fair value with unrealized gains or losses reflected in earnings. Additionally, our share of unrealized gains or losses related to marketable equity securities held by our equity method investees are reflected in earnings. Prior to adoption, such unrealized gains and losses were reflected in other comprehensive income. Our investments in nonmarketable equity securities previously accounted for under the cost method of accounting, except for federal bank stock, are now accounted for either at fair value with unrealized gains and losses reflected in earnings or using the measurement alternative. The measurement alternative is similar to the cost method of accounting, except the carrying value is adjusted through earnings for impairment, if any, and changes in observable and orderly transactions in the same or similar investment. We account for substantially all of our private equity securities, previously using the cost method of accounting, now under the measurement alternative. Our auction rate securities portfolio is now accounted for at fair value with unrealized gains or losses reflected in earnings. In connection with our adoption of this Update, we have modified our balance sheet and income statement presentation to report marketable and nonmarketable equity securities and their results separately from debt securities by now reporting all equity securities in a new line labeled “Equity securities” in both the balance sheet and income statement. Additionally we now report loans held for trading purposes in loans held for sale and have reclassified net gains and losses on marketable equity securities used as economic hedges of deferred compensation obligations from “Net gains for trading activities” to “Net gains from equity securities”. All prior periods have been revised to conform to these changes in reporting. Table 1.1 provides a summary of our reporting changes implemented in connection with our adoption of ASU 2016-01. Table 1.1: Summary of Reporting Changes Financial instrument or transaction type As previously reported Revised reporting Balance Sheet Marketable equity securities Trading assets and available for sale investment securities Equity securities (new caption) Nonmarketable equity securities Other assets Equity securities (new caption) Loans held for trading Trading assets Loans held for sale Debt securities held for trading Trading assets Debt securities (formerly “Investment securities”) Income Statement Interest income: Marketable equity securities Trading assets and investment securities Equity securities (new caption) Nonmarketable equity securities Other Equity securities (new caption) Loans held for trading Trading assets Loans held for sale Debt securities held for trading Trading assets Debt securities (formerly “Investment securities”) Noninterest income: Deferred compensation gains (1) Net gains from trading activities Net gains from equity securities (1) Reclassification of net gains and losses on marketable equity securities economically hedging our deferred compensation obligations. Table 1.2 summarizes financial assets and liabilities by form and measurement accounting model. Table 1.2: Accounting Model for Financial Assets and Liabilities Balance sheet caption Measurement model(s) Financial statement Note reference Cash and due from banks Cost N/A Interest-earning deposits with banks Cost N/A Federal funds sold and securities purchased under resale agreements Amortized cost N/A Debt securities: Trading FV-NI (1) Note 4: Trading Activities Available-for-sale FV-OCI (2) Note 5: Debt Securities Held-to-maturity Amortized cost Note 5: Debt Securities Mortgages held for sale FV-NI (1) LOCOM (3) Note 15: Fair Values of Assets and Liabilities Loans held for sale FV-NI (1) Note 15: Fair Values of Assets and Liabilities Loans Amortized cost FV-NI (1) Note 6: Loans and Allowance for Credit Losses Derivative assets and liabilities FV-NI (1) FV-OCI (2) Note 4: Trading Activities Equity securities: Marketable FV-NI (1) Note 4: Trading Activities Note 15: Fair Values of Assets and Liabilities Nonmarketable FV-NI (1) Cost method Equity method MA (4) Note 4: Trading Activities Other assets Amortized cost (5) Note 8: Other Assets Deposits Amortized cost N/A Short-term borrowings Amortized cost N/A Long-term debt Amortized cost N/A (1) FV-NI represents the fair value through net income accounting model. (2) FV-OCI represents the fair value through other comprehensive income accounting model. (3) LOCOM represents the lower of cost or market accounting model. (4) MA represents the measurement alternative accounting model. (5) Other assets are generally carried at amortized cost, except for bank-owned life insurance which is carried at cash surrender value. ASU 2014-09 modifies the guidance used to recognize revenue from contracts with customers for transfers of goods or services and transfers of non-financial assets, unless those contracts are within the scope of other guidance. Upon a modified retrospective adoption, we recorded a cumulative-effect adjustment that decreased retained earnings by $32 million , due to changes in the timing of revenue for corporate trust services that are provided over the life of the associated trust. In addition, we changed the presentation of some costs such that underwriting expenses of our broker-dealer business that were previously netted against revenue are now included in noninterest expense, and card payment network charges that were previously included in noninterest expense are now netted against card fee revenue. Private Share Repurchases From time to time we enter into private forward repurchase 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 submitted annually under the Comprehensive Capital Analysis and Review (CCAR) and to provide an economic benefit to the Company. Our payments to the counterparties for these 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 capital plans, which contemplate 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. Our total number of outstanding shares of common stock is not reduced until settlement of the private share repurchase contract. We had no unsettled private share repurchase contracts at both March 31, 2018 and March 31, 2017 . Supplemental Cash Flow Information Significant noncash activities are presented in Table 1.3. Table 1.3: Supplemental Cash Flow Information Quarter ended March 31, (in millions) 2018 2017 Trading debt securities retained from securitization of MHFS $ 8,776 20,929 Transfers from loans to MHFS 1,297 1,657 Transfers from loans to LHFS 1,973 479 Transfers from available-for-sale debt securities to held-to-maturity debt securities 4,451 9,897 Subsequent Events We have evaluated the effects of events that have occurred subsequent to March 31, 2018 , and there have been no material events that would require recognition in our first quarter 2018 consolidated financial statements or disclosure in the Notes to the consolidated financial statements, except that on April 20, 2018, we reached an agreement with the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) to pay a total of $1 billion in civil money penalties to resolve matters regarding our compliance risk management program and our past practices involving certain automobile collateral protection insurance policies and certain mortgage interest rate lock extensions (the “CFPB/OCC matter”). This agreement was considered to be a recognizable subsequent event under GAAP and required adjustment to our first quarter 2018 consolidated financial statements. Accordingly, we provided for an additional legal accrual that increased operating losses within noninterest expense by $800 million and, as a result, reduced net income for the quarter ended March 31, 2018, by $800 million , or $0.16 per diluted common share. See Note 13 (Legal Actions) for additional information. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2018 | |
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 12 (Guarantees, Pledged Assets and Collateral, and Other Commitments). We completed no acquisitions during first quarter 2018 and had no business combinations pending as of March 31, 2018. In February 2018, we completed the sale of Wells Fargo Shareowner Services. |
Cash, Loan and Dividend Restric
Cash, Loan and Dividend Restrictions | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Cash, Loan and Dividend Restrictions | Note 3: Cash, Loan and Dividend Restrictions Cash and cash equivalents may be restricted as to usage or withdrawal. Federal Reserve Board (FRB) regulations require that each of our subsidiary banks maintain reserve balances on deposit with the Federal Reserve Banks. Table 3.1 provides a summary of restrictions on cash equivalents in addition to the FRB reserve cash balance requirements . Table 3.1: Nature of Restrictions on Cash Equivalents (in millions) Mar 31, Dec 31, Average required reserve balance for FRB (1) $ 12,025 12,306 Reserve balance for non-U.S. central banks 427 617 Segregated for benefit of brokerage customers under federal and other brokerage regulations 574 666 Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs 119 487 (1) FRB required reserve balance represents average for first quarter 2018 and for the year ended December 31, 2017 . We are subject to additional loan and dividend restrictions. We 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 $14.2 billion at March 31, 2018 , without obtaining prior regulatory approval. 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. I n addition, under a Support Agreement dated June 28, 2017, among Wells Fargo & Company, the parent holding company (the “Parent”), WFC Holdings, LLC, an intermediate holding company and subsidiary of the Parent (the “IHC”), and Wells Fargo Bank, N.A., Wells Fargo Securities, LLC, and Wells Fargo Clearing Services, LLC, each an indirect subsidiary of the Parent, the IHC may be restricted from making dividend payments to the Parent if certain liquidity and/or capital metrics fall below defined triggers. Based on retained earnings at March 31, 2018, our nonbank subsidiaries could have declared additional dividends of $24.8 billion at March 31, 2018 , without obtaining prior regulatory approval. For additional information see Note 3 ( Cash, Loan and Dividend Restrictions) in our 2017 Form 10-K. The FRB’s Capital Plan Rule (codified at 12 CFR 225.8 of Regulation Y) establishes capital planning and prior notice and approval requirements for capital distributions including dividends by certain large bank holding companies. The FRB has also published guidance regarding its supervisory expectations for capital planning, including capital policies regarding the process relating to common stock dividend and repurchase decisions in the FRB’s SR Letter 15-18. 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 $0.39 per share as declared by the Company’s Board of Directors on April 24, 2018, payable on June 1, 2018. |
Trading Activities
Trading Activities | 3 Months Ended |
Mar. 31, 2018 | |
Trading Activities [Abstract] | |
Trading Activities | Note 4: Trading Activities We engage in trading activities to accommodate the investment and risk management activities of our customers. These activities predominantly occur in our Wholesale Banking businesses and to a lesser extent other divisions of the Company. Assets and liabilities associated with our trading activities include debt and equity securities, derivatives, loans and short sales. Our trading assets and liabilities are carried on the balance sheet at fair value with changes in fair value recognized in net gains from trading activities and interest income and interest expense recognized in net interest income. Table 4.1 presents a summary of our trading assets and liabilities measured at fair value through earnings . Table 4.1: Trading Assets and Liabilities Mar 31, Dec 31, (in millions) 2018 2017 Trading assets: Debt securities $ 59,866 57,624 Equity securities 25,327 30,004 Loans held for sale 1,695 1,023 Gross trading derivative assets 30,644 31,340 Netting (1) (20,112 ) (19,629 ) Total trading derivative assets 10,532 11,711 Total trading assets 97,420 100,362 Trading liabilities: Short sale 23,303 18,472 Gross trading derivative liabilities 29,717 31,386 Netting (1) (22,569 ) (23,062 ) Total trading derivative liabilities 7,148 8,324 Total trading liabilities $ 30,451 26,796 (1) Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments. Table 4.2 provides a summary of the net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities. Table 4.2: Net Interest Income and Net Gains (Losses) on Trading Activities Quarter ended March 31, (in millions) 2018 2017 Interest income (1): Debt securities $ 631 513 Equity securities 141 114 Loans held for sale 8 9 Total interest income 780 636 Less: Interest expense (2) 128 93 Net interest income 652 543 Net gains (losses) from trading activities: Debt securities (499 ) 149 Equity securities (469 ) 927 Loans held for sale 8 24 Derivatives (3) 1,203 (828 ) Total net gains from trading activities (4) 243 272 Total trading-related net interest and noninterest income $ 895 815 (1) Represents interest and dividend income earned on trading securities. (2) Represents interest and dividend expense incurred on trading securities we have sold but have not yet purchased. (3) Excludes economic hedging of mortgage banking and asset/liability management activities, for which hedge results (realized and unrealized) are reported with the respective hedged activities. (4) Represents realized gains (losses) from our trading activities and unrealized gains (losses) due to changes in fair value of our trading positions, attributable to the type of asset or liability. Customer accommodation trading activities include our actions as an intermediary to buy and sell financial instruments and market-making activities. We also take positions to manage our exposure to customer accommodation activities. We hold financial instruments for trading in long positions (assets), as well as short positions where we sold financial instruments we have not yet purchased (liabilities), to facilitate our trading activities. As an intermediary we interact with market buyers and sellers to facilitate the purchase and sale of financial instruments to meet the anticipated or current needs of our customers. For example, we may purchase or sell a derivative to a customer who wants to manage interest rate risk exposure. We typically enter into an offsetting derivative or security position to manage our exposure to the customer transaction. We earn income based on the transaction price difference between the customer transaction and the offsetting position, which is reflected in the fair value changes of the positions recorded in the net gains from trading activities. Our market-making activities include taking long and short trading positions to facilitate customer order flow. These activities are typically executed on a short term basis. As a market-maker we earn income due to: (1) difference between the price paid or received for the purchase and sale of the security (bid-ask spread), (2) the net interest income of the positions, and (3) the changes in fair value of the trading positions held on our balance sheet. Additionally, we may enter into separate derivative or security positions to manage our exposure related to our long and short trading positions taken in our market-making activities. Income earned on these market-making activities are reflected in the fair value changes of these positions recorded in net gains from trading activities. |
AFS and HTM Debt Securities
AFS and HTM Debt Securities | 3 Months Ended |
Mar. 31, 2018 | |
AFS and HTM Debt Securities [Abstract] | |
AFS and HTM Debt Securities | Note 5: Available-for-Sale and Held-to-Maturity Debt Securities Table 5.1 provides the amortized cost and fair value by major categories of available-for-sale debt 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 debt securities are reported on an after-tax basis as a component of cumulative OCI. Information on debt securities held for trading is included in Note 4 (Trading Activities) to Financial Statements in this Report. Table 5.1: Amortized Cost and Fair Value (in millions) Amortized Cost Gross unrealized gains Gross unrealized losses Fair value March 31, 2018 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 6,426 1 (148 ) 6,279 Securities of U.S. states and political subdivisions 49,117 939 (413 ) 49,643 Mortgage-backed securities: Federal agencies 160,216 431 (3,833 ) 156,814 Residential 4,233 243 (2 ) 4,474 Commercial 4,722 78 (10 ) 4,790 Total mortgage-backed securities 169,171 752 (3,845 ) 166,078 Corporate debt securities 6,918 299 (34 ) 7,183 Collateralized loan and other debt obligations (1) 36,360 394 (2 ) 36,752 Other (2) 5,596 131 (6 ) 5,721 Total available-for-sale debt securities 273,588 2,516 (4,448 ) 271,656 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 44,727 — (548 ) 44,179 Securities of U.S. states and political subdivisions 6,307 26 (102 ) 6,231 Federal agency and other mortgage-backed securities (3) 89,748 35 (2,537 ) 87,246 Collateralized loan obligations 567 3 — 570 Other (2) 97 — — 97 Total held-to-maturity debt securities 141,446 64 (3,187 ) 138,323 Total $ 415,034 2,580 (7,635 ) 409,979 December 31, 2017 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 6,425 2 (108 ) 6,319 Securities of U.S. states and political subdivisions 50,733 1,032 (439 ) 51,326 Mortgage-backed securities: Federal agencies 160,561 930 (1,272 ) 160,219 Residential 4,356 254 (2 ) 4,608 Commercial 4,487 80 (2 ) 4,565 Total mortgage-backed securities 169,404 1,264 (1,276 ) 169,392 Corporate debt securities 7,343 363 (40 ) 7,666 Collateralized loan and other debt obligations (1) 35,675 384 (3 ) 36,056 Other (2) 5,516 137 (5 ) 5,648 Total available-for-sale debt securities 275,096 3,182 (1,871 ) 276,407 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 44,720 189 (103 ) 44,806 Securities of U.S. states and political subdivisions 6,313 84 (43 ) 6,354 Federal agency and other mortgage-backed securities (3) 87,527 201 (682 ) 87,046 Collateralized loan obligations 661 4 — 665 Other (2) 114 — — 114 Total held-to-maturity debt securities 139,335 478 (828 ) 138,985 Total $ 414,431 3,660 (2,699 ) 415,392 (1) Available-for-sale debt securities include collateralized debt obligations (CDOs) with a cost basis and fair value of $869 million and $1.0 billion , respectively, at March 31, 2018 , and $887 million and $1.0 billion , respectively, at December 31, 2017 . (2) The “Other” category of available-for-sale debt securities largely includes asset-backed securities collateralized by student loans. Included in the “Other” category of held-to-maturity debt securities are asset-backed securities collateralized by automobile leases or loans and cash with a cost basis and fair value of $97 million each at March 31, 2018 , and $114 million each at December 31, 2017 . (3) Predominantly consists of federal agency mortgage-backed securities at both March 31, 2018 and December 31, 2017 . Gross Unrealized Losses and Fair Value Table 5.2 shows the gross unrealized losses and fair value of available-for-sale and held-to-maturity debt securities by length of time those individual securities in each category have 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. Table 5.2: Gross Unrealized Losses and Fair Value 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 March 31, 2018 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (56 ) 4,037 (92 ) 2,203 (148 ) 6,240 Securities of U.S. states and political subdivisions (26 ) 5,292 (387 ) 10,526 (413 ) 15,818 Mortgage-backed securities: Federal agencies (2,211 ) 103,361 (1,622 ) 38,197 (3,833 ) 141,558 Residential (1 ) 161 (1 ) 53 (2 ) 214 Commercial (9 ) 430 (1 ) 109 (10 ) 539 Total mortgage-backed securities (2,221 ) 103,952 (1,624 ) 38,359 (3,845 ) 142,311 Corporate debt securities (10 ) 664 (24 ) 395 (34 ) 1,059 Collateralized loan and other debt obligations (1 ) 1,476 (1 ) 162 (2 ) 1,638 Other (1 ) 169 (5 ) 323 (6 ) 492 Total available-for-sale debt securities (2,315 ) 115,590 (2,133 ) 51,968 (4,448 ) 167,558 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies (494 ) 42,710 (54 ) 1,469 (548 ) 44,179 Securities of U.S. states and political subdivisions (36 ) 2,967 (66 ) 1,653 (102 ) 4,620 Federal agency and other mortgage-backed securities (1,411 ) 58,073 (1,126 ) 26,991 (2,537 ) 85,064 Collateralized loan obligations — — — — — — Other — — — — — — Total held-to-maturity debt securities (1,941 ) 103,750 (1,246 ) 30,113 (3,187 ) 133,863 Total $ (4,256 ) 219,340 (3,379 ) 82,081 (7,635 ) 301,421 December 31, 2017 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (27 ) 4,065 (81 ) 2,209 (108 ) 6,274 Securities of U.S. states and political subdivisions (17 ) 6,179 (422 ) 11,766 (439 ) 17,945 Mortgage-backed securities: Federal agencies (243 ) 52,559 (1,029 ) 44,691 (1,272 ) 97,250 Residential (1 ) 47 (1 ) 58 (2 ) 105 Commercial (1 ) 101 (1 ) 133 (2 ) 234 Total mortgage-backed securities (245 ) 52,707 (1,031 ) 44,882 (1,276 ) 97,589 Corporate debt securities (4 ) 239 (36 ) 503 (40 ) 742 Collateralized loan and other debt obligations (1 ) 373 (2 ) 146 (3 ) 519 Other (1 ) 37 (4 ) 483 (5 ) 520 Total available-for-sale debt securities (295 ) 63,600 (1,576 ) 59,989 (1,871 ) 123,589 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies (69 ) 11,255 (34 ) 1,490 (103 ) 12,745 Securities of U.S. states and political subdivisions (5 ) 500 (38 ) 1,683 (43 ) 2,183 Federal agency and other mortgage-backed securities (198 ) 29,713 (484 ) 28,244 (682 ) 57,957 Collateralized loan obligations — — — — — — Other — — — — — — Total held-to-maturity debt securities (272 ) 41,468 (556 ) 31,417 (828 ) 72,885 Total $ (567 ) 105,068 (2,132 ) 91,406 (2,699 ) 196,474 We have assessed each debt 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 debt 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. We evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the debt securities’ amortized cost basis. For descriptions of the factors we consider when analyzing debt securities for impairment, see Note 1 (Summary of Significant Accounting Policies) and Note 5 (Investment Securities) to Financial Statements in our 2017 Form 10-K. There were no material changes to our methodologies for assessing impairment in the first quarter 2018 . Table 5.3 shows the gross unrealized losses and fair value of the available-for-sale and held-to-maturity debt 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 debt security. Debt 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, debt securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade debt securities. We have also included debt securities not rated by S&P or Moody’s in the table below based on our internal credit grade of the debt 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 debt securities categorized as investment grade based on internal credit grades were $25 million and $5.0 billion , respectively, at March 31, 2018 , and $32 million and $6.9 billion , respectively, at December 31, 2017 . If an internal credit grade was not assigned, we categorized the debt security as non-investment grade. Table 5.3: Gross Unrealized Losses and Fair Value by Investment Grade Investment grade Non-investment grade (in millions) Gross unrealized losses Fair value Gross unrealized losses Fair value March 31, 2018 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (148 ) 6,240 — — Securities of U.S. states and political subdivisions (392 ) 15,551 (21 ) 267 Mortgage-backed securities: Federal agencies (3,833 ) 141,558 — — Residential (1 ) 146 (1 ) 68 Commercial (2 ) 379 (8 ) 160 Total mortgage-backed securities (3,836 ) 142,083 (9 ) 228 Corporate debt securities (10 ) 370 (24 ) 689 Collateralized loan and other debt obligations (2 ) 1,638 — — Other (4 ) 443 (2 ) 49 Total available-for-sale debt securities (4,392 ) 166,325 (56 ) 1,233 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies (548 ) 44,179 — — Securities of U.S. states and political subdivisions (102 ) 4,620 — — Federal agency and other mortgage-backed securities (2,529 ) 84,695 (8 ) 369 Collateralized loan obligations — — — — Other — — — — Total held-to-maturity debt securities (3,179 ) 133,494 (8 ) 369 Total $ (7,571 ) 299,819 (64 ) 1,602 December 31, 2017 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (108 ) 6,274 — — Securities of U.S. states and political subdivisions (412 ) 17,763 (27 ) 182 Mortgage-backed securities: Federal agencies (1,272 ) 97,250 — — Residential (1 ) 42 (1 ) 63 Commercial (1 ) 183 (1 ) 51 Total mortgage-backed securities (1,274 ) 97,475 (2 ) 114 Corporate debt securities (13 ) 304 (27 ) 438 Collateralized loan and other debt obligations (3 ) 519 — — Other (2 ) 469 (3 ) 51 Total available-for-sale debt securities (1,812 ) 122,804 (59 ) 785 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies (103 ) 12,745 — — Securities of U.S. states and political subdivisions (43 ) 2,183 — — Federal agency and other mortgage-backed securities (680 ) 57,789 (2 ) 168 Collateralized loan obligations — — — — Other — — — — Total held-to-maturity debt securities (826 ) 72,717 (2 ) 168 Total $ (2,638 ) 195,521 (61 ) 953 Contractual Maturities Table 5.4 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. Table 5.4: Contractual Maturities Remaining contractual maturity Total Within one year After one year through five years After five years through ten years After ten years (in millions) amount Yield Amount Yield Amount Yield Amount Yield Amount Yield March 31, 2018 Available-for-sale debt securities (1): Fair value: Securities of U.S. Treasury and federal agencies $ 6,279 1.59 % $ 117 1.60 % $ 6,114 1.59 % $ 48 1.90 % $ — — % Securities of U.S. states and political subdivisions 49,643 4.75 2,089 2.70 8,343 3.05 4,293 3.16 34,918 5.48 Mortgage-backed securities: Federal agencies 156,814 3.29 7 2.06 194 3.29 5,139 2.81 151,474 3.30 Residential 4,474 3.61 — — 23 5.70 8 2.36 4,443 3.60 Commercial 4,790 3.45 — — — — 219 3.10 4,571 3.46 Total mortgage-backed securities 166,078 3.30 7 2.06 217 3.54 5,366 2.83 160,488 3.32 Corporate debt securities 7,183 5.11 335 5.08 2,658 5.48 3,280 4.73 910 5.38 Collateralized loan and other debt obligations 36,752 3.29 — — 37 2.09 14,788 3.27 21,927 3.31 Other 5,721 2.85 66 4.26 582 3.06 1,480 2.34 3,593 3.00 Total available-for-sale debt securities at fair value $ 271,656 3.56 % $ 2,614 2.98 % $ 17,951 2.92 % $ 29,255 3.28 % $ 221,836 3.66 % December 31, 2017 Available-for-sale debt securities (1): ` Fair value: Securities of U.S. Treasury and federal agencies $ 6,319 1.59 % $ 81 1.37 % $ 6,189 1.59 % $ 49 1.89 % $ — — % Securities of U.S. states and political subdivisions 51,326 5.88 2,380 3.47 9,484 3.42 2,276 4.63 37,186 6.75 Mortgage-backed securities: Federal agencies 160,219 3.27 15 2.03 210 3.08 5,534 2.82 154,460 3.28 Residential 4,608 3.52 — — 24 5.67 11 2.46 4,573 3.51 Commercial 4,565 3.45 — — — — 166 2.69 4,399 3.48 Total mortgage-backed securities 169,392 3.28 15 2.03 234 3.35 5,711 2.82 163,432 3.30 Corporate debt securities 7,666 5.12 443 5.54 2,738 5.56 3,549 4.70 936 5.26 Collateralized loan and other debt obligations 36,056 2.98 — — 50 1.68 15,008 2.96 20,998 3.00 Other 5,648 2.46 71 3.56 463 2.72 1,466 2.13 3,648 2.53 Total available-for-sale debt securities at fair value $ 276,407 3.72 % $ 2,990 3.70 % $ 19,158 3.11 % $ 28,059 3.24 % $ 226,200 3.83 % (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. Table 5.5 shows the amortized cost and weighted-average yields of held-to-maturity debt securities by contractual maturity. Table 5.5: Amortized Cost by Contractual Maturity Remaining contractual maturity Total Within one year After one year through five years After five years through ten years After ten years (in millions) amount Yield Amount Yield Amount Yield Amount Yield Amount Yield March 31, 2018 Held-to-maturity debt securities (1): Amortized cost: Securities of U.S. Treasury and federal agencies $ 44,727 2.12 % $ — — % $ 32,336 2.04 % $ 12,391 2.32 % $ — — % Securities of U.S. states and political subdivisions 6,307 4.93 — — 50 5.88 793 5.16 5,464 4.89 Federal agency and other mortgage-backed securities 89,748 3.10 — — 15 2.70 11 2.62 89,722 3.10 Collateralized loan obligations 567 3.22 — — — — 567 3.22 — — Other 97 1.83 — — 97 1.83 — — — — Total held-to-maturity debt securities at amortized cost $ 141,446 2.87 % $ — — % $ 32,498 2.05 % $ 13,762 2.52 % $ 95,186 3.20 % December 31, 2017 Held-to-maturity debt securities (1): Amortized cost: Securities of U.S. Treasury and federal agencies $ 44,720 2.12 % $ — — % $ 32,330 2.04 % $ 12,390 2.32 % $ — — % Securities of U.S. states and political subdivisions 6,313 6.02 — — 50 7.18 695 6.31 5,568 5.98 Federal agency and other mortgage-backed securities 87,527 3.11 — — 15 2.81 11 2.49 87,501 3.11 Collateralized loan obligations 661 2.86 — — — — 661 2.86 — — Other 114 1.83 — — 114 1.83 — — — — Total held-to-maturity debt securities at amortized cost $ 139,335 2.92 % $ — — % $ 32,509 2.05 % $ 13,757 2.55 % $ 93,069 3.28 % (1) Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and predominantly represent contractual coupon rates. Table 5.6 shows the fair value of held-to-maturity debt securities by contractual maturity. Table 5.6: Fair Value by Contractual Maturity Remaining contractual maturity Total Within one year After one year through five years After five years through ten years After ten years (in millions) amount Amount Amount Amount Amount March 31, 2018 Held-to-maturity debt securities: Fair value: Securities of U.S. Treasury and federal agencies $ 44,179 — 32,014 12,165 — Securities of U.S. states and political subdivisions 6,231 — 49 788 5,394 Federal agency and other mortgage-backed securities 87,246 — 15 11 87,220 Collateralized loan obligations 570 — — 570 — Other 97 — 97 — — Total held-to-maturity debt securities at fair value $ 138,323 — 32,175 13,534 92,614 December 31, 2017 Held-to-maturity debt securities: Fair value: Securities of U.S. Treasury and federal agencies $ 44,806 — 32,388 12,418 — Securities of U.S. states and political subdivisions 6,354 — 49 701 5,604 Federal agency and other mortgage-backed securities 87,046 — 15 11 87,020 Collateralized loan obligations 665 — — 665 — Other 114 — 114 — — Total held-to-maturity debt securities at fair value $ 138,985 — 32,566 13,795 92,624 Realized Gains and Losses Table 5.7 shows the gross realized gains and losses on sales and OTTI write-downs related to available-for-sale debt securities. Table 5.7: Realized Gains and Losses Quarter ended March 31, (in millions) 2018 2017 Gross realized gains $ 21 124 Gross realized losses (10 ) (36 ) OTTI write-downs (10 ) (52 ) Net realized gains from available-for-sale debt securities $ 1 36 Other-Than-Temporarily Impaired Debt Securities Table 5.8 shows the detail of total OTTI write-downs included in earnings for available-for-sale debt securities. There were no OTTI write-downs on held-to-maturity debt securities during first quarter 2018 and 2017 . Table 5.8: Detail of OTTI Write-downs Quarter ended March 31, (in millions) 2018 2017 Debt securities OTTI write-downs included in earnings: Securities of U.S. states and political subdivisions $ 2 8 Mortgage-backed securities: Residential 1 3 Commercial 7 25 Corporate debt securities — 16 Total debt securities OTTI write-downs included in earnings $ 10 52 Table 5.9 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. Table 5.9: OTTI Write-downs Included in Earnings and the Related Changes in OCI Quarter ended March 31, (in millions) 2018 2017 OTTI on debt securities Recorded as part of gross realized losses: Credit-related OTTI $ 9 52 Intent-to-sell OTTI 1 — Total recorded as part of gross realized losses 10 52 Changes to OCI for losses (reversal of losses) in non-credit-related OTTI (1): Securities of U.S. states and political subdivisions (2 ) (5 ) Residential mortgage-backed securities (1 ) 3 Commercial mortgage-backed securities 10 (7 ) Total changes to OCI for non-credit-related OTTI 7 (9 ) Total OTTI losses recorded on debt securities $ 17 43 (1) Represents amounts recorded to OCI for impairment of debt securities, due to factors other than credit, 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 debt securities due to non-credit factors. Table 5.10 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. Table 5.10: Rollforward of OTTI Credit Loss Quarter ended March 31, (in millions) 2018 2017 Credit loss recognized, beginning of period $ 742 1,043 Additions: For securities with initial credit impairments — 6 For securities with previous credit impairments 9 46 Total additions 9 52 Reductions: For securities sold, matured, or intended/required to be sold (101 ) (7 ) For recoveries of previous credit impairments (1) (1 ) (2 ) Total reductions (102 ) (9 ) Credit loss recognized, end of period $ 649 1,086 (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 | 3 Months Ended |
Mar. 31, 2018 | |
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 Table 6.1 presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include a total net reduction of $3.2 billion and $3.9 billion at March 31, 2018 , and December 31, 2017 , respectively, for unearned income, net deferred loan fees, and unamortized discounts and premiums. Table 6.1: Loans Outstanding (in millions) Mar 31, Dec 31, Commercial: Commercial and industrial $ 334,678 333,125 Real estate mortgage 125,543 126,599 Real estate construction 23,882 24,279 Lease financing 19,293 19,385 Total commercial 503,396 503,388 Consumer: Real estate 1-4 family first mortgage 282,658 284,054 Real estate 1-4 family junior lien mortgage 37,920 39,713 Credit card 36,103 37,976 Automobile 49,554 53,371 Other revolving credit and installment 37,677 38,268 Total consumer 443,912 453,382 Total loans $ 947,308 956,770 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. Table 6.2 presents total commercial foreign loans outstanding by class of financing receivable. Table 6.2: Commercial Foreign Loans Outstanding (in millions) Mar 31, Dec 31, Commercial foreign loans: Commercial and industrial $ 59,696 60,106 Real estate mortgage 8,082 8,033 Real estate construction 668 655 Lease financing 1,077 1,126 Total commercial foreign loans $ 69,523 69,920 Loan Purchases, Sales, and Transfers Table 6.3 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 also includes participating interests, whereby we receive or transfer a portion of a loan. The table excludes PCI loans and loans for which we have elected the fair value option, including loans originated for sale because their loan activity normally does not impact the allowance for credit losses. Table 6.3: Loan Purchases, Sales, and Transfers 2018 2017 (in millions) Commercial Consumer (1) Total Commercial Consumer (1) Total Quarter ended March 31, Purchases $ 256 — 256 1,159 2 1,161 Sales (460 ) — (460 ) (287 ) (62 ) (349 ) Transfers to MHFS/LHFS (420 ) (1,553 ) (1,973 ) (479 ) — (479 ) (1) Excludes 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, and manage and/or resell them in accordance with applicable requirements. These loans are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Accordingly, these loans have limited impact on the allowance for loan losses. 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 $89 billion and $85 billion at March 31, 2018 and December 31, 2017 , respectively. We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At March 31, 2018 , and December 31, 2017 , we had $1.1 billion and $982 million , respectively, 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 12 (Guarantees, Pledged Assets and Collateral, and Other Commitments) 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 is 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 generally 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 assets, 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 credit 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 Table 6.4 . The table excludes the issued standby and commercial letters of credit and temporary advance arrangements described above. Table 6.4: Unfunded Credit Commitments (in millions) Mar 31, Dec 31, Commercial: Commercial and industrial $ 325,091 326,626 Real estate mortgage 7,233 7,485 Real estate construction 15,612 16,621 Lease financing — — Total commercial 347,936 350,732 Consumer: Real estate 1-4 family first mortgage 32,220 29,876 Real estate 1-4 family junior lien mortgage 38,817 38,897 Credit card 111,427 108,465 Other revolving credit and installment 27,635 27,541 Total consumer 210,099 204,779 Total unfunded credit commitments $ 558,035 555,511 Allowance for Credit Losses Table 6.5 presents the allowance for credit losses, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. Table 6.5: Allowance for Credit Losses Quarter ended March 31, (in millions) 2018 2017 Balance, beginning of period $ 11,960 12,540 Provision for credit losses 191 605 Interest income on certain impaired loans (1) (43 ) (48 ) Loan charge-offs: Commercial: Commercial and industrial (164 ) (253 ) Real estate mortgage (2 ) (5 ) Real estate construction — — Lease financing (17 ) (7 ) Total commercial (183 ) (265 ) Consumer: Real estate 1-4 family first mortgage (41 ) (69 ) Real estate 1-4 family junior lien mortgage (47 ) (93 ) Credit card (405 ) (367 ) Automobile (300 ) (255 ) Other revolving credit and installment (180 ) (189 ) Total consumer (973 ) (973 ) Total loan charge-offs (1,156 ) (1,238 ) Loan recoveries: Commercial: Commercial and industrial 79 82 Real estate mortgage 17 30 Real estate construction 4 8 Lease financing 5 2 Total commercial 105 122 Consumer: Real estate 1-4 family first mortgage 59 62 Real estate 1-4 family junior lien mortgage 55 70 Credit card 73 58 Automobile 92 88 Other revolving credit and installment 31 33 Total consumer 310 311 Total loan recoveries 415 433 Net loan charge-offs (741 ) (805 ) Other (54 ) (5 ) Balance, end of period $ 11,313 12,287 Components: Allowance for loan losses $ 10,373 11,168 Allowance for unfunded credit commitments 940 1,119 Allowance for credit losses $ 11,313 12,287 Net loan charge-offs (annualized) as a percentage of average total loans 0.32 % 0.34 Allowance for loan losses as a percentage of total loans 1.10 1.17 Allowance for credit losses as a percentage of total loans 1.19 1.28 (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 changes in allowance attributable to the passage of time as interest income. Table 6.6 summarizes the activity in the allowance for credit losses by our commercial and consumer portfolio segments. Table 6.6: Allowance Activity by Portfolio Segment 2018 2017 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended March 31, Balance, beginning of period $ 6,632 5,328 11,960 7,394 5,146 12,540 Provision (reversal of provision) for credit losses 169 22 191 (89 ) 694 605 Interest income on certain impaired loans (11 ) (32 ) (43 ) (15 ) (33 ) (48 ) Loan charge-offs (183 ) (973 ) (1,156 ) (265 ) (973 ) (1,238 ) Loan recoveries 105 310 415 122 311 433 Net loan charge-offs (78 ) (663 ) (741 ) (143 ) (662 ) (805 ) Other (4 ) (50 ) (54 ) (5 ) — (5 ) Balance, end of period $ 6,708 4,605 11,313 7,142 5,145 12,287 Table 6.7 disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. Table 6.7: Allowance by Impairment Methodology Allowance for credit losses Recorded investment in loans (in millions) Commercial Consumer Total Commercial Consumer Total March 31, 2018 Collectively evaluated (1) $ 6,029 3,580 9,609 499,578 418,877 918,455 Individually evaluated (2) 669 1,025 1,694 3,743 14,401 18,144 PCI (3) 10 — 10 75 10,634 10,709 Total $ 6,708 4,605 11,313 503,396 443,912 947,308 December 31, 2017 Collectively evaluated (1) $ 5,927 4,143 10,070 499,342 425,919 925,261 Individually evaluated (2) 705 1,185 1,890 3,960 14,714 18,674 PCI (3) — — — 86 12,749 12,835 Total $ 6,632 5,328 11,960 503,388 453,382 956,770 (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 03-3) 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). We obtain FICO scores at loan origination and the scores are generally updated at least quarterly, except in limited circumstances, including compliance with the Fair Credit Reporting Act (FCRA). Generally, the LTV and CLTV indicators are updated in the second month of each quarter, with updates no older than December 31, 2017 . See the “Purchased Credit-Impaired Loans” section in 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. Table 6.8 provides a breakdown of outstanding commercial loans by risk category. Of the $16.3 billion in criticized commercial and industrial loans and $4.6 billion in criticized commercial real estate (CRE) loans at March 31, 2018 , $1.5 billion and $800 million , respectively, have been placed on nonaccrual status and written down to net realizable collateral value. Table 6.8: Commercial Loans by Risk Category (in millions) Commercial and industrial Real estate mortgage Real estate construction Lease financing Total March 31, 2018 By risk category: Pass $ 318,334 121,151 23,647 18,120 481,252 Criticized 16,269 4,392 235 1,173 22,069 Total commercial loans (excluding PCI) 334,603 125,543 23,882 19,293 503,321 Total commercial PCI loans (carrying value) 75 — — — 75 Total commercial loans $ 334,678 125,543 23,882 19,293 503,396 December 31, 2017 By risk category: Pass $ 316,431 122,312 23,981 18,162 480,886 Criticized 16,608 4,287 298 1,223 22,416 Total commercial loans (excluding PCI) 333,039 126,599 24,279 19,385 503,302 Total commercial PCI loans (carrying value) 86 — — — 86 Total commercial loans $ 333,125 126,599 24,279 19,385 503,388 Table 6.9 provides past due information for commercial loans, which we monitor as part of our credit risk management practices. Table 6.9: Commercial Loans by Delinquency Status (in millions) Commercial and industrial Real estate mortgage Real estate construction Lease financing Total March 31, 2018 By delinquency status: Current-29 days past due (DPD) and still accruing $ 332,432 124,148 23,706 19,077 499,363 30-89 DPD and still accruing 615 617 130 123 1,485 90+ DPD and still accruing 40 23 1 — 64 Nonaccrual loans 1,516 755 45 93 2,409 Total commercial loans (excluding PCI) 334,603 125,543 23,882 19,293 503,321 Total commercial PCI loans (carrying value) 75 — — — 75 Total commercial loans $ 334,678 125,543 23,882 19,293 503,396 December 31, 2017 By delinquency status: Current-29 DPD and still accruing $ 330,319 125,642 24,107 19,148 499,216 30-89 DPD and still accruing 795 306 135 161 1,397 90+ DPD and still accruing 26 23 — — 49 Nonaccrual loans 1,899 628 37 76 2,640 Total commercial loans (excluding PCI) 333,039 126,599 24,279 19,385 503,302 Total commercial PCI loans (carrying value) 86 — — — 86 Total commercial loans $ 333,125 126,599 24,279 19,385 503,388 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. Table 6.10 provides the outstanding balances of our consumer portfolio by delinquency status. Table 6.10: Consumer Loans 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 March 31, 2018 By delinquency status: Current-29 DPD $ 253,542 37,046 35,198 48,136 37,320 411,242 30-59 DPD 1,449 273 244 991 135 3,092 60-89 DPD 589 141 188 306 84 1,308 90-119 DPD 290 93 167 116 78 744 120-179 DPD 279 104 304 4 27 718 180+ DPD 1,105 238 2 1 33 1,379 Government insured/guaranteed loans (1) 14,795 — — — — 14,795 Total consumer loans (excluding PCI) 272,049 37,895 36,103 49,554 37,677 433,278 Total consumer PCI loans (carrying value) 10,609 25 — — — 10,634 Total consumer loans $ 282,658 37,920 36,103 49,554 37,677 443,912 December 31, 2017 By delinquency status: Current-29 DPD $ 251,786 38,746 36,996 51,445 37,885 416,858 30-59 DPD 1,893 336 287 1,385 155 4,056 60-89 DPD 742 163 201 392 93 1,591 90-119 DPD 369 103 192 146 80 890 120-179 DPD 308 95 298 3 30 734 180+ DPD 1,091 243 2 — 25 1,361 Government insured/guaranteed loans (1) 15,143 — — — — 15,143 Total consumer loans (excluding PCI) 271,332 39,686 37,976 53,371 38,268 440,633 Total consumer PCI loans (carrying value) 12,722 27 — — — 12,749 Total consumer loans $ 284,054 39,713 37,976 53,371 38,268 453,382 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $9.4 billion at March 31, 2018 , compared with $10.5 billion at December 31, 2017 . Of the $2.8 billion of consumer loans not government insured/guaranteed that are 90 days or more past due at March 31, 2018 , $903 million was accruing, compared with $3.0 billion past due and $1.0 billion accruing at December 31, 2017 . Real estate 1-4 family first mortgage loans 180 days or more past due totaled $1.1 billion , or 0.4% of total first mortgages (excluding PCI), at both March 31, 2018 and December 31, 2017 . Table 6.11 provides a breakdown of our consumer portfolio by FICO. Most of the scored consumer portfolio has an updated FICO of 680 and above, reflecting a strong current borrower credit profile. FICO is not available for certain loan types, or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes. Substantially all loans not requiring a FICO score are securities-based loans originated through retail brokerage, and totaled $8.7 billion at March 31, 2018 , and $8.5 billion at December 31, 2017 . Table 6.11: Consumer Loans by FICO (in millions) Real estate 1-4 family first mortgage (1) Real estate 1-4 family junior lien mortgage (1) Credit card Automobile Other revolving credit and installment Total March 31, 2018 By FICO: < 600 $ 4,674 1,601 3,407 8,546 828 19,056 600-639 3,405 1,223 2,915 5,161 862 13,566 640-679 6,717 2,274 5,352 6,936 1,906 23,185 680-719 14,313 4,604 7,304 8,049 3,397 37,667 720-759 27,119 6,007 7,808 7,215 4,947 53,096 760-799 54,227 6,918 6,065 6,036 6,223 79,469 800+ 141,351 14,506 2,922 7,399 8,252 174,430 No FICO available 5,448 762 330 212 2,525 9,277 FICO not required — — — — 8,737 8,737 Government insured/guaranteed loans (1) 14,795 — — — — 14,795 Total consumer loans (excluding PCI) 272,049 37,895 36,103 49,554 37,677 433,278 Total consumer PCI loans (carrying value) 10,609 25 — — — 10,634 Total consumer loans $ 282,658 37,920 36,103 49,554 37,677 443,912 December 31, 2017 By FICO: < 600 $ 5,145 1,768 3,525 8,858 863 20,159 600-639 3,487 1,253 3,101 5,615 904 14,360 640-679 6,789 2,387 5,690 7,696 1,959 24,521 680-719 14,977 4,797 7,628 8,825 3,582 39,809 720-759 27,926 6,246 8,097 7,806 5,089 55,164 760-799 55,590 7,323 6,372 6,468 6,257 82,010 800+ 136,729 15,144 2,994 7,845 8,455 171,167 No FICO available 5,546 768 569 258 2,648 9,789 FICO not required — — — — 8,511 8,511 Government insured/guaranteed loans (1) 15,143 — — — — 15,143 Total consumer loans (excluding PCI) 271,332 39,686 37,976 53,371 38,268 440,633 Total consumer PCI loans (carrying value) 12,722 27 — — — 12,749 Total consumer loans $ 284,054 39,713 37,976 53,371 38,268 453,382 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. 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. Table 6.12 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 due to industry data availability and portfolios acquired from or serviced by other institutions. Table 6.12: Consumer Loans by LTV/CLTV March 31, 2018 December 31, 2017 (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% $ 135,883 15,854 151,737 133,902 16,301 150,203 60.01-80% 103,368 12,274 115,642 104,639 12,918 117,557 80.01-100% 14,297 6,179 20,476 13,924 6,580 20,504 100.01-120% (1) 1,757 2,245 4,002 1,868 2,427 4,295 > 120% (1) 715 902 1,617 783 1,008 1,791 No LTV/CLTV available 1,234 441 1,675 1,073 452 1,525 Government insured/guaranteed loans (2) 14,795 — 14,795 15,143 — 15,143 Total consumer loans (excluding PCI) 272,049 37,895 309,944 271,332 39,686 311,018 Total consumer PCI loans (carrying value) 10,609 25 10,634 12,722 27 12,749 Total consumer loans $ 282,658 37,920 320,578 284,054 39,713 323,767 (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 Table 6.13 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. Table 6.13: Nonaccrual Loans (in millions) Mar 31, Dec 31, Commercial: Commercial and industrial $ 1,516 1,899 Real estate mortgage 755 628 Real estate construction 45 37 Lease financing 93 76 Total commercial 2,409 2,640 Consumer: Real estate 1-4 family first mortgage (1) 4,053 4,122 Real estate 1-4 family junior lien mortgage 1,087 1,086 Automobile 117 130 Other revolving credit and installment 53 58 Total consumer 5,310 5,396 Total nonaccrual loans (excluding PCI) $ 7,719 8,036 (1) Includes MHFS of $137 million and $136 million at March 31, 2018 , and December 31, 2017 , 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 $5.9 billion and $6.3 billion at March 31, 2018 and December 31, 2017 , respectively, which included $3.9 billion and $4.0 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 $1.0 billion at March 31, 2018 , and $1.4 billion at December 31, 2017 , are not included in these past due and still accruing loans even when 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. Table 6.14 shows non-PCI loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed. Table 6.14: Loans 90 Days or More Past Due and Still Accruing (in millions) Mar 31, 2018 Dec 31, 2017 Total (excluding PCI): $ 10,753 11,997 Less: FHA insured/guaranteed by the VA (1)(2) 9,786 10,934 Total, not government insured/guaranteed $ 967 1,063 By segment and class, not government insured/guaranteed: Commercial: Commercial and industrial $ 40 26 Real estate mortgage 23 23 Real estate construction 1 — Total commercial 64 49 Consumer: Real estate 1-4 family first mortgage (2) 164 219 Real estate 1-4 family junior lien mortgage (2) 48 60 Credit card 473 492 Automobile 113 143 Other revolving credit and installment 105 100 Total consumer 903 1,014 Total, not government insured/guaranteed $ 967 1,063 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. (2) Includes mortgages held for sale 90 days or more past due and still accruing. IMPAIRED LOANS Table 6.15 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. Table 6.15 includes trial modifications that totaled $198 million at March 31, 2018 , and $194 million at December 31, 2017 . For additional information on our impaired loans and allowance for credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2017 Form 10-K. Table 6.15: Impaired Loans Summary Recorded investment (in millions) Unpaid principal balance (1) Impaired loans Impaired loans with related allowance for credit losses Related allowance for credit losses March 31, 2018 Commercial: Commercial and industrial $ 3,182 2,231 1,978 432 Real estate mortgage 1,554 1,307 1,281 196 Real estate construction 105 61 54 8 Lease financing 177 144 144 33 Total commercial 5,018 3,743 3,457 669 Consumer: Real estate 1-4 family first mortgage 13,692 11,934 4,888 618 Real estate 1-4 family junior lien mortgage 2,072 1,860 1,352 230 Credit card 386 386 386 139 Automobile 153 83 34 5 Other revolving credit and installment 146 138 127 33 Total consumer (2) 16,449 14,401 6,787 1,025 Total impaired loans (excluding PCI) $ 21,467 18,144 10,244 1,694 December 31, 2017 Commercial: Commercial and industrial $ 3,577 2,568 2,310 462 Real estate mortgage 1,502 1,239 1,207 211 Real estate construction 95 54 45 9 Lease financing 132 99 89 23 Total commercial 5,306 3,960 3,651 705 Consumer: Real estate 1-4 family first mortgage 14,020 12,225 6,060 770 Real estate 1-4 family junior lien mortgage 2,135 1,918 1,421 245 Credit card 356 356 356 136 Automobile 157 87 34 5 Other revolving credit and installment 136 128 117 29 Total consumer (2) 16,804 14,714 7,988 1,185 Total impaired loans (excluding PCI) $ 22,110 18,674 11,639 1,890 (1) Excludes the unpaid principal balance for loans that have been fully charged off or otherwise have zero recorded investment. (2) Includes the recorded investment of $1.4 billion at both March 31, 2018 and December 31, 2017 , 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 may also have limited, if any, allowance when the recorded investment of the loan approximates estimated net realizable value as a result of charge-offs prior to a TDR modification. Commitments to lend additional funds on loans whose terms have been modified in a TDR amounted to $559 million and $579 million at March 31, 2018 and December 31, 2017 , respectively. Table 6.16 provides the average recorded investment in impaired loans and the amount of interest income recognized on impaired loans by portfolio segment and class. Table 6.16: Average Recorded Investment in Impaired Loans Quarter ended March 31, 2018 2017 (in millions) Average recorded investment Recognized interest income Average recorded investment Recognized interest income Commercial: Commercial and industrial $ 2,404 36 3,675 33 Real estate mortgage 1,244 28 1,394 27 Real estate construction 58 1 84 1 Lease financing 129 — 119 — Total commercial 3,835 65 5,272 61 Consumer: Real estate 1-4 family first mortgage 12,073 172 14,132 190 Real estate 1-4 family junior lien mortgage 1,889 29 2,131 31 Credit card 370 10 302 8 Automobile 85 3 83 3 Other revolving credit and installment 133 2 106 2 Total consumer 14,550 216 16,754 234 Total impaired loans (excluding PCI) $ 18,385 281 22,026 295 Interest income: Cash basis of accounting $ 81 78 Other (1) 200 217 Total interest income $ 281 295 (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. 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, the balance of which totaled $17.1 billion and $17.8 billion at March 31, 2018 and December 31, 2017 , respectively. We do not consider loan resolutions 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. Table 6.17 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. Loans that both modify and pay off within the period, as well as changes in recorded investment during the period for loans modified in prior periods, are not included in the table. Table 6.17: TDR Modifications Primary modification type (1) Financial effects of modifications (in millions) Principal (2) Interest rate reduction Other concessions (3) Total Charge- offs (4) Weighted average interest rate reduction Recorded investment related to interest rate reduction (5) Quarter ended March 31, 2018 Commercial: Commercial and industrial $ — 9 488 497 6 1.07 % $ 9 Real estate mortgage — 6 98 104 — 1.24 6 Real estate construction — — 3 3 — — — Lease financing — — 39 39 — — — Total commercial — 15 628 643 6 1.15 15 Consumer: Real estate 1-4 family first mortgage 46 10 306 362 1 2.40 35 Real estate 1-4 family junior lien mortgage 1 8 28 37 1 2.22 9 Credit card — 86 — 86 — 11.32 86 Automobile 1 4 14 19 9 6.48 4 Other revolving credit and installment — 15 2 17 — 7.94 15 Trial modifications (6) — — 15 15 — — — Total consumer 48 123 365 536 11 8.20 149 Total $ 48 138 993 1,179 17 7.55 % $ 164 Quarter ended March 31, 2017 Commercial: Commercial and industrial $ — 6 928 934 65 0.82 % $ 6 Real estate mortgage — 14 181 195 — 1.00 14 Real estate construction — — 3 3 — 2.00 — Lease financing — — 3 3 — — — Total commercial — 20 1,115 1,135 65 0.95 20 Consumer: Real estate 1-4 family first mortgage 74 72 291 437 |
Equity Securities
Equity Securities | 3 Months Ended |
Mar. 31, 2018 | |
Equity Securities [Abstract] | |
Equity Securities | Note 7: Equity Securities Table 7.1 provides a summary of our equity securities by business purpose and accounting model, including equity securities with readily determinable fair values (marketable) and those without readily determinable fair values (nonmarketable). Table 7.1: Equity Securities Mar 31, Dec 31, (in millions) 2018 2017 Held for trading at fair value: Marketable equity securities $ 25,327 30,004 Not held for trading: Fair value: Marketable equity securities (1) 4,931 4,356 Nonmarketable equity securities (2) 5,303 4,867 Total equity securities at fair value 10,234 9,223 Equity method: LIHTC (3) 10,318 10,269 Private equity 3,840 3,839 Tax-advantaged renewable energy 1,822 1,950 New market tax credit and other 268 294 Total equity method 16,248 16,352 Other: Federal bank stock and other at cost (4) 5,780 5,828 Private equity (5) 1,346 1,090 Total equity securities not held for trading 33,608 32,493 Total equity securities $ 58,935 62,497 (1) Includes $ 3.5 billion and $ 3.7 billion at March 31, 2018, and December 31, 2017, respectively, related to securities held as economic hedges of our deferred compensation plan obligations. (2) Includes $ 5.0 billion and $ 4.9 billion at March 31, 2018, and December 31, 2017, respectively, related to investments in which we elected fair value option. See Note 15 (Fair Value of Assets and Liabilities) for additional information. (3) Represents low-income housing tax credit investments. (4) Includes $ 5.7 billion and $ 5.4 billion at March 31, 2018, and December 31, 2017, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock. (5) Represents nonmarketable equity securities for which we have elected to account for the security under the measurement alternative. Equity Securities Held for Trading Equity securities held for trading purposes are marketable equity securities traded on organized exchanges. These securities, which are held as part of our customer accommodation trading activities, are carried at fair value with changes in fair value reflected in net gains from trading activities. More information on these activities can be found in Note 4 (Trading Activities) to Financial Statements in this Report. Equity Securities Not Held for Trading We also hold equity securities unrelated to trading activities. These securities include private equity and tax credit investments, securities held as economic hedges or to meet regulatory requirements (for example, Federal Reserve Bank and Federal Home Loan Bank stock). Equity securities not held for trading purposes are accounted for at either fair value, equity method, cost or the measurement alternative. FAIR VALUE Equity securities accounted for using the fair value method are recorded at fair value with changes in fair value reflected in net gains from equity securities. Marketable equity securities held for purposes other than trading mostly consist of exchange - traded equity funds held to economically hedge obligations related to our deferred compensation plans and to a lesser extent other holdings of publicly traded equity securities held for investment purposes. Nonmarketable equity securities represent securities that do not have a readily determinable fair value for which we have elected to account for using the fair value method. Substantially all of these nonmarketable equity securities are economically hedged with equity derivatives. EQUITY METHOD Under the equity method of accounting, we carry the security at cost adjusted for our share of the investee’s earnings less any impairment write-downs. Our equity method investments consist of tax credit and private equity securities, the majority of which are our low-income housing tax credit (LIHTC) investments. We invest in affordable housing projects that qualify for the LIHTC, which is designed to promote private development of low-income housing. These investments generate a return mostly through realization of federal tax credit and other tax benefits. In first quarter 2018, we recognized pre-tax losses of $ 280 million related to our LIHTC investments, compared with $230 million in first quarter 2017. These losses were recognized in other noninterest income. We also recognized total tax benefits of $ 359 million in first quarter 2018, which included tax credits recorded to income taxes of $ 290 million . In first quarter 2017, total tax benefits were $ 347 million , which included tax credits of $ 261 million . We are periodically required to provide additional financial support during the investment period. Our liability for unfunded commitments was $ 3.5 billion at March 31, 2018, and $3.6 billion at December 31, 2017. Substantially all of this liability is expected to be paid over the next three years . This liability is included in long-term debt. OTHER The remaining portion of our nonmarketable equity securities portfolio consists of securities accounted for using the cost method or measurement alternative. Cost method securities are held at cost less impairment. If impaired, the carrying value is written down to fair value. The measurement alternative is similar to the cost method of accounting, except the carrying value is adjusted up or down to fair value through net gains from equity securities upon the occurrence of orderly observable transactions in the same or similar security of the same issuer. Impairment write-downs are recorded on these securities when the carrying value of these securities exceeds the fair value of the investment or we identify possible indicators of impairment. Realized Gains and Losses Table 7.2 provides a summary of the net gains and losses for equity securities. Gains and losses for securities held for trading are reported in net gains from trading activities. Table 7.2: Net Gains (Losses) from Equity Securities Quarter ended March 31, (in millions) 2018 2017 Net gains (losses) from equity securities carried at fair value: Marketable equity securities $ 8 283 Nonmarketable equity securities 109 482 Total equity securities carried at fair value 117 765 Net gains (losses) from nonmarketable equity securities not carried at fair value: Impairment write-downs (20 ) (76 ) Net unrealized gains (losses) related to measurement alternative observable transactions 228 — Net realized gains on sale 498 326 All other 18 29 Total nonmarketable equity securities not carried at fair value 724 279 Net gains (losses) from economic hedge derivatives (1) (58 ) (474 ) Total net gains (losses) from equity securities $ 783 570 (1) Includes net gains (losses) on derivatives not designated as hedging instruments. Measurement Alternative Table 7.3 provides additional information about the impairment write-downs and observable price adjustments related to nonmarketable equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 7.2. Table 7.3: Measurement Alternative Quarter ended March 31, (in millions) 2018 Net gains (losses) recognized in earnings during the period: Gross unrealized gains due to observable price changes $ 228 Gross unrealized losses due to observable price changes — Impairment write-downs (7 ) Realized net gains (losses) from sale 75 Total net gains (losses) recognized during the period $ 296 Cumulative gains (losses) due to observable price changes (1): Gross unrealized gains $ 228 Gross unrealized losses — (1) Cumulative balances are recorded for nonmarketable equity securities accounted for under the measurement alternative that are recognized on the balance sheet as of March 31, 2018. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets | Note 8: Other Assets Table 8.1 presents the components of other assets. Table 8.1: Other Assets (in millions) Mar 31, Dec 31, Corporate/bank-owned life insurance $ 19,589 19,549 Accounts receivable (1) 37,322 39,127 Interest receivable 5,824 5,688 Core deposit intangibles 577 769 Customer relationship and other amortized intangibles 766 841 Foreclosed assets: Residential real estate: Government insured/guaranteed (1) 103 120 Non-government insured/guaranteed 239 252 Non-residential real estate 229 270 Operating lease assets 9,382 9,666 Due from customers on acceptances 196 177 Other 11,661 13,785 Total other assets $ 85,888 90,244 (1) Certain government-guaranteed residential real estate mortgage loans upon foreclosure are included in Accounts receivable. Both principal and interest related to these foreclosed real estate assets are collectible because the loans were predominantly insured by the FHA or guaranteed by the VA. For more information on the classification of certain government-guaranteed mortgage loans upon foreclosure, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2017 10-K. |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2018 | |
Securitizations and Variable Interest Entities [Abstract] | |
Securitizations and Variable Interest Entities | Note 9: Securitizations and Variable Interest Entities Involvement with Special Purpose Entities (SPEs) In the normal course of business, we enter into various types of on- and off-balance sheet transactions with SPEs, which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions and are considered variable interest entities (VIEs). For further description of our involvement with SPEs, see Note 8 (Securitizations and Variable Interest Entities) to Financial Statements in our 2017 Form 10-K. 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. Table 9.1 provides the classifications of assets and liabilities in our balance sheet for our transactions with VIEs. Table 9.1: Balance Sheet Transactions with VIEs (in millions) VIEs that we do not consolidate VIEs that we consolidate Transfers that we account for as secured borrowings Total March 31, 2018 Cash $ — 111 — 111 Interest-earning deposits with banks — 8 — 8 Debt securities: Trading debt securities 2,011 — 200 2,211 Available-for-sale debt securities (1) 3,405 — 343 3,748 Held-to-maturity debt securities 502 — — 502 Loans 2,766 13,007 106 15,879 Mortgage servicing rights 14,977 — — 14,977 Derivative assets 124 — — 124 Equity securities 10,683 28 — 10,711 Other assets — 230 7 237 Total assets 34,468 13,384 656 48,508 Short-term borrowings — — 512 512 Derivative liabilities 45 4 (2) — 49 Accrued expenses and other liabilities 245 127 (2) 10 382 Long-term debt 3,507 947 (2) 107 4,561 Total liabilities 3,797 1,078 629 5,504 Noncontrolling interests — 31 — 31 Net assets $ 30,671 12,275 27 42,973 December 31, 2017 Cash $ — 116 — 116 Interest-earning deposits with banks — 371 — 371 Debt securities: Trading debt securities 1,305 — 201 1,506 Available-for-sale debt securities (1) 3,288 — 358 3,646 Held-to-maturity debt securities 485 — — 485 Loans 4,274 12,482 110 16,866 Mortgage servicing rights 13,628 — — 13,628 Derivative assets 44 — — 44 Equity securities 10,740 306 — 11,046 Other assets — 342 6 348 Total assets 33,764 13,617 675 48,056 Short-term borrowings — — 522 522 Derivative liabilities 106 5 (2) — 111 Accrued expenses and other liabilities 244 132 (2) 10 386 Long-term debt 3,590 1,479 (2) 111 5,180 Total liabilities 3,940 1,616 643 6,199 Noncontrolling interests — 283 — 283 Net assets $ 29,824 11,718 32 41,574 (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) There were no VIE liabilities with recourse to the general credit of Wells Fargo for the periods presented. Transactions with Unconsolidated VIEs Our transactions with unconsolidated VIEs include securitizations of residential mortgage loans, CRE loans, student loans, automobile loans and leases, certain dealer floorplan loans; investment and financing activities involving collateralized debt obligations (CDOs) backed by asset-backed and CRE securities, tax credit structures, 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 in debt and equity securities, loans, MSRs, derivative assets and liabilities, other assets, other liabilities, and long-term debt, as appropriate. Table 9.2 provides 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). Table 9.2: Unconsolidated VIEs Carrying value – asset (liability) (in millions) Total VIE assets Debt and equity interests (1) Servicing assets Derivatives Other commitments and guarantees Net assets March 31, 2018 Residential mortgage loan securitizations: Conforming (2) $ 1,171,619 2,851 14,044 — (190 ) 16,705 Other/nonconforming 13,057 552 68 — — 620 Commercial mortgage securitizations 146,886 2,350 865 (43 ) (35 ) 3,137 Collateralized debt obligations: Debt securities 1,010 — — 5 (20 ) (15 ) Loans (3) — — — — — — Asset-based finance structures 2,192 1,749 — — — 1,749 Tax credit structures 32,270 11,345 — — (3,507 ) 7,838 Collateralized loan obligations 7 — — — — — Investment funds 212 51 — — — 51 Other (4) 2,002 469 — 117 — 586 Total $ 1,369,255 19,367 14,977 79 (3,752 ) 30,671 Maximum exposure to loss Debt and equity interests (1) Servicing assets Derivatives Other commitments and guarantees Total exposure Residential mortgage loan securitizations: Conforming $ 2,851 14,044 — 1,257 18,152 Other/nonconforming 552 68 — — 620 Commercial mortgage securitizations 2,350 865 45 10,328 13,588 Collateralized debt obligations: Debt securities — — 5 20 25 Loans (3) — — — — — Asset-based finance structures 1,749 — — 71 1,820 Tax credit structures 11,345 — — 1,242 12,587 Collateralized loan obligations — — — — — Investment funds 51 — — — 51 Other (4) 469 — 134 157 760 Total $ 19,367 14,977 184 13,075 47,603 (continued on following page) (continued from previous page) Carrying value – asset (liability) (in millions) Total VIE assets Debt and equity interests (1) Servicing assets Derivatives Other commitments and guarantees Net assets December 31, 2017 Residential mortgage loan securitizations: Conforming (2) $ 1,169,410 2,100 12,665 — (190 ) 14,575 Other/nonconforming 14,175 598 73 — — 671 Commercial mortgage securitizations 144,650 2,198 890 28 (34 ) 3,082 Collateralized debt obligations: Debt securities 1,031 — — 5 (20 ) (15 ) Loans (3) 1,481 1,443 — — — 1,443 Asset-based finance structures 2,333 1,867 — — — 1,867 Tax credit structures 31,852 11,258 — — (3,590 ) 7,668 Collateralized loan obligations 23 1 — — — 1 Investment funds 225 50 — — — 50 Other (4) 2,257 577 — (95 ) — 482 Total $ 1,367,437 20,092 13,628 (62 ) (3,834 ) 29,824 Maximum exposure to loss Debt and equity interests (1) Servicing assets Derivatives Other commitments and guarantees Total exposure Residential mortgage loan securitizations: Conforming $ 2,100 12,665 — 1,137 15,902 Other/nonconforming 598 73 — — 671 Commercial mortgage securitizations 2,198 890 42 10,202 13,332 Collateralized debt obligations: Debt securities — — 5 20 25 Loans (3) 1,443 — — — 1,443 Asset-based finance structures 1,867 — — 71 1,938 Tax credit structures 11,258 — — 1,175 12,433 Collateralized loan obligations 1 — — — 1 Investment funds 50 — — — 50 Other (4) 577 — 120 157 854 Total $ 20,092 13,628 167 12,762 46,649 (1) Includes total equity interests of $10.7 billion at both March 31, 2018 , and December 31, 2017 . 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 $1.2 billion and $2.2 billion at March 31, 2018 , and December 31, 2017 , respectively, for certain delinquent loans that are eligible for repurchase 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) Represents senior loans to trusts that are collateralized by asset-backed securities. The trusts invested in senior tranches from a diversified pool of U.S. asset securitizations, of which all were current and 100% were rated as investment grade by the primary rating agencies at December 31, 2017 . These senior loans were accounted for at amortized cost and were subject to the Company’s allowance and credit charge-off policies. The securitization was terminated in first quarter 2018. (4) 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 Table 9.2 , “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. For complete descriptions of our types of transactions with unconsolidated VIEs with which we have a significant continuing involvement, but we are not the primary beneficiary, see Note 8 (Securitizations and Variable Interest Entities) to Financial Statements in our 2017 Form 10-K. INVESTMENT FUNDS Subsequent to adopting ASU 2015-02 ( Amendments to the Consolidation Analysis ) in first quarter 2016, we do not consolidate these investment funds because we do not hold variable interests that are considered significant to the funds. We voluntarily waived a portion of our management fees for certain money market funds that are exempt from the consolidation analysis to ensure the funds maintained a minimum level of daily net investment income. The amount of fees waived was $13 million and $14 million in first quarter 2018 and 2017 , respectively. OTHER TRANSACTIONS WITH VIEs Other VIEs include certain entities that issue auction rate securities (ARS) which are debt instruments with long-term maturities, that re-price more frequently, and preferred equities with no maturity. At March 31, 2018 , we held $292 million of ARS issued by VIEs compared with $400 million at December 31, 2017 . 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 March 31, 2018 , and December 31, 2017 , we reported the debt securities issued to the VIEs as long-term junior subordinated debt with a carrying value of $2.0 billion at both dates 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. Loan Sales and Securitization Activity We periodically transfer consumer and CRE loans and other types of financial assets in securitization and whole loan sale transactions. We typically retain the servicing rights from these sales and may continue to hold other beneficial interests in the transferred financial assets. We may also provide liquidity to investors in the beneficial interests and credit enhancements in the form of standby letters of credit. Through these transfers we may be exposed to liability under limited amounts of recourse as well as standard representations and warranties we make to purchasers and issuers. Table 9.3 presents the cash flows for our transfers accounted for as sales. Table 9.3: Cash Flows From Sales and Securitization Activity 2018 2017 (in millions) Mortgage loans Other financial assets Mortgage loans Other financial assets Quarter ended March 31, Proceeds from securitizations and whole loan sales $ 50,587 — 58,257 21 Fees from servicing rights retained 845 — 854 — Cash flows from other interests held (1) 185 — 834 — Repurchases of assets/loss reimbursements (2): Non-agency securitizations and whole loan transactions 1 — 2 — Agency securitizations (3) 33 — 23 — Servicing advances, net of repayments (36 ) — (142 ) — (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. (2) Consists of cash paid to repurchase loans from investors and cash paid to investors to reimburse them for losses on individual loans that are already liquidated. (3) Represent loans repurchased from GNMA, FNMA, and FHLMC under representation and warranty provisions included in our loan sales contracts. First quarter 2018 and 2017 exclude $ 2.9 billion and $2.3 billion , respectively, in delinquent insured/guaranteed loans that we service and have exercised our option to purchase out of GNMA pools. These loans are predominantly insured by the FHA or guaranteed by the VA. In first quarter 2018 and 2017 , we recognized net gains of $700 million and $132 million , respectively, from transfers accounted for as sales of financial assets. These net gains predominantly relate to whole loans sales, commercial mortgage securitizations, and residential mortgage securitizations where the loans were not already carried at fair value. Sales with continuing involvement during first quarter 2018 and 2017 l argely related to securitizations of residential mortgages that are sold to the government-sponsored entities (GSEs), including FNMA, FHLMC and GNMA (conforming residential mortgage securitizations). During first quarter 2018 and 2017 , we transferred $47.3 billion and $55.5 billion , respectively, in fair value of residential mortgages to unconsolidated VIEs and third-party investors 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 first quarter 2018 , we recorded a $533 million servicing asset, measured at fair value using a Level 3 measurement technique, securities of $3.8 billion , classified as Level 2, and a $3 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 first quarter 2017 , we recorded a $546 million servicing asset, securities of $2.8 billion , and an $8 million liability. Table 9.4 presents the key weighted-average assumptions we used to measure residential mortgage servicing rights at the date of securitization. Table 9.4: Residential Mortgage Servicing Rights Residential mortgage servicing rights 2018 2017 Quarter ended March 31, Prepayment speed (1) 9.6 % 10.3 Discount rate 7.3 6.8 Cost to service ($ per loan) (2) $ 117 134 (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 first quarter 2018 and 2017 , we transferred $3.1 billion and $3.3 billion , respectively, in carrying value of commercial mortgages to unconsolidated VIEs and third-party investors and recorded the transfers as sales. These transfers resulted in gains of $69 million and $96 million for the same periods, respectively, because the loans were carried at lower of cost or market value (LOCOM). In connection with these transfers, in first quarter 2018 , we recorded a servicing asset of $34 million , initially measured at fair value using a Level 3 measurement technique, and no securities. In first quarter 2017 , we recorded a servicing asset of $45 million and no securities. Retained Interests from Unconsolidated VIEs Table 9.5 provides key economic assumptions and the sensitivity of the current fair value of residential mortgage servicing rights and other interests held to immediate adverse changes in those assumptions. “Other interests held” relate to residential and commercial mortgage loan securitizations. Residential mortgage-backed securities retained in securitizations issued through GSEs, such as FNMA, FHLMC and GNMA, are excluded from the table because these securities have a remote risk of credit loss due to the GSE guarantee. These securities also have economic characteristics similar to GSE mortgage-backed securities that we purchase, which are not included in the table. Subordinated interests include only those bonds whose credit rating was below AAA by a major rating agency at issuance. Senior interests include only those bonds whose credit rating was AAA by a major rating agency at issuance. The information presented excludes trading positions held in inventory. Table 9.5: Retained Interests from Unconsolidated VIEs Other interests held Residential mortgage servicing rights (1) Interest-only strips Commercial (2) ($ in millions, except cost to service amounts) Subordinated bonds Senior bonds Fair value of interests held at March 31, 2018 $ 15,041 18 611 443 Expected weighted-average life (in years) 6.8 3.6 6.4 5.0 Key economic assumptions: Prepayment speed assumption (3) 9.3 % 18.3 Decrease in fair value from: 10% adverse change $ 546 1 25% adverse change 1,298 2 Discount rate assumption 7.2 % 15.4 3.8 3.5 Decrease in fair value from: 100 basis point increase $ 729 — 42 18 200 basis point increase 1,394 1 71 36 Cost to service assumption ($ per loan) 136 Decrease in fair value from: 10% adverse change 451 25% adverse change 1,127 Credit loss assumption 8.0 — Decrease in fair value from: 10% higher losses 13 — 25% higher losses 17 — Fair value of interests held at December 31, 2017 $ 13,625 19 596 468 Expected weighted-average life (in years) 6.2 3.3 6.7 5.2 Key economic assumptions: Prepayment speed assumption (3) 10.5 % 20.0 Decrease in fair value from: 10% adverse change $ 565 1 25% adverse change 1,337 2 Discount rate assumption 6.9 % 14.8 4.1 3.1 Decrease in fair value from: 100 basis point increase $ 652 — 32 20 200 basis point increase 1,246 1 61 39 Cost to service assumption ($ per loan) 143 Decrease in fair value from: 10% adverse change 467 25% adverse change 1,169 Credit loss assumption 1.8 — Decrease in fair value from: 10% higher losses — — 25% higher losses — — (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 $2.3 billion and $2.0 billion at March 31, 2018 , and December 31, 2017 , respectively. 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 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 March 31, 2018 , and December 31, 2017 , results in a decrease in fair value of $325 million and $278 million , respectively. See Note 10 (Mortgage Banking Activities) for further information on our commercial MSRs. We also have a 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 March 31, 2018 , and December 31, 2017 . The carrying amount of the loan at March 31, 2018 , and December 31, 2017 , was $1.2 billion and $1.3 billion , respectively. 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 $19 million and $25 million at March 31, 2018 , and December 31, 2017 , respectively. 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 Table 9.6 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 (including 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. Table 9.6: Off-Balance Sheet Loans Sold or Securitized Net charge-offs Total loans Delinquent loans and foreclosed assets (1) Quarter ended Mar 31, (in millions) Mar 31, 2018 Dec 31, 2017 Mar 31, 2018 Dec 31, 2017 2018 2017 Commercial: Real estate mortgage $ 101,784 100,875 2,622 2,839 10 295 Total commercial 101,784 100,875 2,622 2,839 10 295 Consumer: Real estate 1-4 family first mortgage 1,122,010 1,126,208 11,823 13,393 116 200 Total consumer 1,122,010 1,126,208 11,823 13,393 116 200 Total off-balance sheet sold or securitized loans (2) $ 1,223,794 1,227,083 14,445 16,232 126 495 (1) Includes $1.2 billion of commercial foreclosed assets at both dates and $892 million and $879 million of consumer foreclosed assets at March 31, 2018 , and December 31, 2017 , respectively. (2) At March 31, 2018 , and December 31, 2017 , the table includes total loans of $1.1 trillion at both dates, delinquent loans of $7.9 billion and $9.1 billion , and foreclosed assets of $628 million and $619 million , 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 Table 9.7 presents a summary of financial assets and liabilities for asset transfers accounted for as secured borrowings and involvements with consolidated VIEs. Carrying values of “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 the consolidated balance sheet, we separately disclose the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs. Table 9.7: Transactions with Consolidated VIEs and Secured Borrowings Carrying value (in millions) Total VIE assets Assets Liabilities Noncontrolling interests Net assets March 31, 2018 Secured borrowings: Municipal tender option bond securitizations $ 647 550 (522 ) — 28 Residential mortgage securitizations 109 106 (107 ) — (1 ) Total secured borrowings 756 656 (629 ) — 27 Consolidated VIEs: Commercial and industrial loans and leases 8,652 8,607 (420 ) (10 ) 8,177 Nonconforming residential mortgage loan securitizations 2,386 2,092 (653 ) — 1,439 Commercial real estate loans 2,594 2,594 — — 2,594 Structured asset finance 7 5 (4 ) — 1 Investment funds 24 24 — — 24 Other 70 62 (1 ) (21 ) 40 Total consolidated VIEs 13,733 13,384 (1,078 ) (31 ) 12,275 Total secured borrowings and consolidated VIEs $ 14,489 14,040 (1,707 ) (31 ) 12,302 December 31, 2017 Secured borrowings: Municipal tender option bond securitizations $ 658 565 (532 ) — 33 Residential mortgage securitizations 113 110 (111 ) — (1 ) Total secured borrowings 771 675 (643 ) — 32 Consolidated VIEs: Commercial and industrial loans and leases 9,116 8,626 (915 ) (29 ) 7,682 Nonconforming residential mortgage loan securitizations 2,515 2,212 (694 ) — 1,518 Commercial real estate loans 2,378 2,378 — — 2,378 Structured asset finance 10 6 (4 ) — 2 Investment funds 305 305 (2 ) (230 ) 73 Other 100 90 (1 ) (24 ) 65 Total consolidated VIEs 14,424 13,617 (1,616 ) (283 ) 11,718 Total secured borrowings and consolidated VIEs $ 15,195 14,292 (2,259 ) (283 ) 11,750 INVESTMENT FUNDS Subsequent to adopting ASU 2015-02 – Amendments to the Consolidation Analysis in first quarter 2016, we consolidate certain investment funds because we have both the power to manage fund assets and hold variable interests that are considered significant. For complete descriptions of our accounting for transfers accounted for as secured borrowings and involvements with consolidated VIEs, see Note 8 (Securitizations and Variable Interest Entities) to Financial Statements in our 2017 Form 10-K. |
Mortgage Banking Activities
Mortgage Banking Activities | 3 Months Ended |
Mar. 31, 2018 | |
Mortgage Banking Activities [Abstract] | |
Mortgage Banking Activities | Note 10: 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. Table 10.1 presents the changes in MSRs measured using the fair value method. Table 10.1: Analysis of Changes in Fair Value MSRs Quarter ended March 31, (in millions) 2018 2017 Fair value, beginning of period $ 13,625 12,959 Servicing from securitizations or asset transfers (1) 573 583 Sales and other (2) (4 ) (47 ) Net additions 569 536 Changes in fair value: Due to changes in valuation model inputs or assumptions: Mortgage interest rates (3) 1,253 152 Servicing and foreclosure costs (4) 34 27 Prepayment estimates and other (5) 43 (5 ) Net changes in valuation model inputs or assumptions 1,330 174 Changes due to collection/realization of expected cash flows over time (483 ) (461 ) Total changes in fair value 847 (287 ) Fair value, end of period $ 15,041 13,208 (1) Includes impacts associated with exercising our right to repurchase delinquent loans from GNMA loan securitization pools. (2) Includes sales and transfers of MSRs, which can result in an increase of total reported MSRs if the sales or transfers are related to nonperforming loan portfolios or portfolios with servicing liabilities. (3) 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). (4) Includes costs to service and unreimbursed foreclosure costs. (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 and other external factors that occur independent of interest rate changes. Table 10.2 presents the changes in amortized MSRs. Table 10.2: Analysis of Changes in Amortized MSRs Quarter ended March 31, (in millions) 2018 2017 Balance, beginning of period $ 1,424 1,406 Purchases 18 18 Servicing from securitizations or asset transfers 34 45 Amortization (65 ) (67 ) Balance, end of period (1) $ 1,411 1,402 Fair value of amortized MSRs: Beginning of period $ 2,025 1,956 End of period 2,307 2,051 (1) Commercial amortized MSRs are evaluated for impairment purposes by the following risk strata: agency (GSEs) for multi-family properties and non-agency. There was no valuation allowance recorded for the periods presented on the commercial amortized MSRs. We present the components of our managed servicing portfolio in Table 10.3 at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced. Table 10.3: Managed Servicing Portfolio (in billions) Mar 31, 2018 Dec 31, 2017 Residential mortgage servicing: Serviced for others $ 1,201 1,209 Owned loans serviced 337 342 Subserviced for others 5 3 Total residential servicing 1,543 1,554 Commercial mortgage servicing: Serviced for others 510 495 Owned loans serviced 125 127 Subserviced for others 10 9 Total commercial servicing 645 631 Total managed servicing portfolio $ 2,188 2,185 Total serviced for others $ 1,711 1,704 Ratio of MSRs to related loans serviced for others 0.96 % 0.88 Table 10.4 presents the components of mortgage banking noninterest income. Table 10.4: Mortgage Banking Noninterest Income Quarter ended March 31, (in millions) 2018 2017 Servicing income, net: Servicing fees: Contractually specified servicing fees $ 916 907 Late charges 44 48 Ancillary fees 40 50 Unreimbursed direct servicing costs (1) (94 ) (123 ) Net servicing fees 906 882 Changes in fair value of MSRs carried at fair value: Due to changes in valuation model inputs or assumptions (2) (A) 1,330 174 Changes due to collection/realization of expected cash flows over time (483 ) (461 ) Total changes in fair value of MSRs carried at fair value 847 (287 ) Amortization (65 ) (67 ) Net derivative losses from economic hedges (3) (B) (1,220 ) (72 ) Total servicing income, net 468 456 Net gains on mortgage loan origination/sales activities 466 772 Total mortgage banking noninterest income $ 934 1,228 Market-related valuation changes to MSRs, net of hedge results (2)(3) (A)+(B) $ 110 102 (1) Includes costs associated with foreclosures, unreimbursed interest advances to investors, and other interest costs. (2) Refer to the analysis of changes in fair value MSRs presented in Table 10.1 in this Note for more detail. (3) Represents results from economic hedges used to hedge the risk of changes in fair value of MSRs. See Note 14 (Derivatives Not Designated as Hedging Instruments) for additional discussion and detail. Table 10.5 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 adjustments to the repurchase liability are recorded in net gains on mortgage loan origination/sales activities in “Mortgage banking” in our consolidated income statement. 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 exceeded our recorded liability by $166 million at March 31, 2018 , and was determined based upon modifying the assumptions (particularly to assume significant changes in investor repurchase demand practices) used in our best estimate of probable loss to reflect what we believe to be the high end of reasonably possible adverse assumptions. Table 10.5: Analysis of Changes in Liability for Mortgage Loan Repurchase Losses Quarter ended March 31, (in millions) 2018 2017 Balance, beginning of period $ 181 229 Provision for repurchase losses: Loan sales 3 8 Change in estimate (1) 1 (8 ) Net additions to provision 4 — Losses (4 ) (7 ) Balance, end of period $ 181 222 (1) Results from changes in investor demand and mortgage insurer practices, credit deterioration and changes in the financial stability of correspondent lenders. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 11: Intangible Assets Table 11.1 presents the gross carrying value of intangible assets and accumulated amortization. Table 11.1: Intangible Assets March 31, 2018 December 31, 2017 (in millions) Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Amortized intangible assets (1): MSRs (2) $ 3,928 (2,517 ) 1,411 3,876 (2,452 ) 1,424 Core deposit intangibles 12,834 (12,257 ) 577 12,834 (12,065 ) 769 Customer relationship and other intangibles 3,994 (3,228 ) 766 3,994 (3,153 ) 841 Total amortized intangible assets $ 20,756 (18,002 ) 2,754 20,704 (17,670 ) 3,034 Unamortized intangible assets: MSRs (carried at fair value) (2) $ 15,041 13,625 Goodwill 26,445 26,587 Trademark 14 14 (1) Excludes fully amortized intangible assets. (2) See Note 10 (Mortgage Banking Activities) for additional information on MSRs. Table 11.2 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 March 31, 2018 . Future amortization expense may vary from these projections. Table 11.2: Amortization Expense for Intangible Assets (in millions) Amortized MSRs Core deposit intangibles Customer relationship and other intangibles (1) Total Three months ended March 31, 2018 (actual) $ 65 192 75 332 Estimate for the remainder of 2018 $ 202 577 223 1,002 Estimate for year ended December 31, 2019 229 — 116 345 2020 199 — 97 296 2021 172 — 82 254 2022 155 — 68 223 2023 128 — 59 187 (1) The three months ended March 31, 2018 balance includes $2 million for lease intangible amortization. Table 11.3 shows the allocation of goodwill to our reportable operating segments. Table 11.3: Goodwill (in millions) Community Banking Wholesale Banking Wealth and Investment Management Consolidated Company December 31, 2016 $ 16,849 8,585 1,259 26,693 Reduction in goodwill related to divested businesses and other — (27 ) — (27 ) March 31, 2017 $ 16,849 8,558 1,259 26,666 December 31, 2017 $ 16,849 8,455 1,283 26,587 Reduction in goodwill related to divested businesses and other (142 ) — — (142 ) March 31, 2018 $ 16,707 8,455 1,283 26,445 We assess goodwill for impairment at a reporting unit level, which is one level below the operating segments. See Note 21 (Operating Segments) for further information on management reporting. |
Guarantees, Pledged Assets and
Guarantees, Pledged Assets and Collateral | 3 Months Ended |
Mar. 31, 2018 | |
Guarantees [Abstract] | |
Guarantees, Pledged Assets and Collateral | Note 12: Guarantees, Pledged Assets and Collateral, and Other Commitments 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. For complete descriptions of our guarantees, see Note 14 (Guarantees, Pledged Assets and Collateral, and Other Commitments) to Financial Statements in our 2017 Form 10-K. Table 12.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts. Table 12.1: Guarantees – Carrying Value and Maximum Exposure to Loss Maximum exposure to loss (in millions) Carrying value of obligation (asset) 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 March 31, 2018 Standby letters of credit (1) $ 38 14,930 7,984 2,891 554 26,359 8,501 Securities lending and other indemnifications (2) — — — 2 1,028 1,030 2 Written put options (3) (227 ) 15,044 12,739 3,748 891 32,422 20,462 Loans and MHFS sold with recourse (4) 51 169 537 1,172 9,208 11,086 8,289 Factoring guarantees (5) — 814 — — — 814 715 Other guarantees 1 4 — 2 3,828 3,834 4 Total guarantees $ (137 ) 30,961 21,260 7,815 15,509 75,545 37,973 December 31, 2017 Standby letters of credit (1) $ 39 15,357 7,908 3,068 645 26,978 8,773 Securities lending and other indemnifications (2) — — — 2 809 811 2 Written put options (3) (455 ) 14,758 12,706 3,890 1,038 32,392 19,087 Loans and MHFS sold with recourse (4) 51 165 533 934 9,385 11,017 8,155 Factoring guarantees (5) — 747 — — — 747 668 Other guarantees 1 7 — 2 4,175 4,184 7 Total guarantees $ (364 ) 31,034 21,147 7,896 16,052 76,129 36,692 (1) Total maximum exposure to loss includes direct pay letters of credit (DPLCs) of $7.7 billion and $8.1 billion at March 31, 2018 , and December 31, 2017 , 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) Includes indemnifications provided to certain third-party clearing agents. Outstanding customer obligations under these arrangements were $100 million and $92 million with related collateral of $929 million and $717 million at March 31, 2018 , and December 31, 2017 , respectively. Estimated maximum exposure to loss was $1.0 billion at March 31, 2018 and $809 million at December 31, 2017 . (3) Written put options, which are in the form of derivatives, are also included in the derivative disclosures in Note 14 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades. (4) Represent recourse provided, predominantly to the GSEs, on loans sold under various programs and arrangements. Under these arrangements, we repurchased $1 million of loans associated with these agreements in the first quarter 2018 , and $1 million in the same period of 2017 . (5) Consists of guarantees made under certain factoring arrangements to purchase trade receivables from third parties, generally upon their request, if receivable debtors default on their payment obligations. “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. Credit quality indicators we usually consider in evaluating risk of payments or performance are 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 a remote possibility, where the value of our interests and any associated collateral declines to zero. Maximum exposure to loss estimates in Table 12.1 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. Pledged Assets As part of our liquidity management strategy, we pledge various 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), securities lending arrangements, 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. Table 12.2 provides the total carrying amount of pledged assets by asset type and pledged off-balance sheet securities for securities financings. The table excludes pledged consolidated VIE assets of $13.4 billion and $13.6 billion at March 31, 2018 , and December 31, 2017 , respectively, which can only be used to settle the liabilities of those entities. The table also excludes $656 million and $675 million in assets pledged in transactions with VIE's accounted for as secured borrowings at March 31, 2018 , and December 31, 2017 , respectively. See Note 9 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets and secured borrowings. Table 12.2: Pledged Assets (in millions) Mar 31, Dec 31, Held for trading: Debt securities $ 83,742 96,993 Equity securities 11,662 12,161 Total pledged assets held for trading (1) 95,404 109,154 Not held for trading: Debt securities and other (2) 66,739 73,592 Mortgages held for sale and loans (3) 450,605 469,554 Total pledged assets not held for trading 517,344 543,146 Total pledged assets $ 612,748 652,300 (1) Consists of pledged assets held for trading of $43.3 billion and $41.9 billion at March 31, 2018 , and December 31, 2017 , respectively and off-balance sheet securities of $52.1 billion and $67.3 billion as of the same dates, respectively, that are pledged as collateral for repurchase agreements and other securities financings. Total pledged assets held for trading includes $95.3 billion and $109.0 billion at March 31, 2018 , and December 31, 2017 , respectively that permit the secured parties to sell or repledge the collateral. (2) Includes carrying value of $4.7 billion and $5.0 billion (fair value of $4.5 billion and $ 5.0 billion ) in collateral for repurchase agreements at March 31, 2018 , and December 31, 2017 , respectively, which are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Also includes $7 million and $64 million in collateral pledged under repurchase agreements at March 31, 2018 , and December 31, 2017 , respectively, that permit the secured parties to sell or repledge the collateral. Substantially all other pledged securities are pursuant to agreements that do not permit the secured party to sell or repledge the collateral. (3) Includes mortgages held for sale of $1.0 billion and $2.6 billion at March 31, 2018 , and December 31, 2017 , respectively. Substantially all of the total mortgages held for sale and loans are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Amounts exclude $1.2 billion and $2.2 billion at March 31, 2018 , and December 31, 2017 , respectively, of pledged loans recorded on our balance sheet representing certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. Securities Financing Activities We enter into resale and repurchase agreements and securities borrowing and lending agreements (collectively, “securities financing activities”) typically to finance trading positions (including securities and derivatives), acquire securities to cover short trading positions, accommodate customers’ financing needs, and settle other securities obligations. These activities are conducted through our broker-dealer subsidiaries and to a lesser extent through other bank entities. Most of our securities financing activities involve high quality, liquid securities such as U.S. Treasury securities and government agency securities, and to a lesser extent, less liquid securities, including equity securities, corporate bonds and asset-backed securities. We account for these transactions as collateralized financings in which we typically receive or pledge securities as collateral. We believe these financing transactions generally do not have material credit risk given the collateral provided and the related monitoring processes. OFFSETTING OF RESALE AND REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND LENDING AGREEMENTS Table 12.3 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 liability. Collateral we received includes securities or loans and is not recognized on our balance sheet. Collateral pledged or received 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 reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty. In addition to the amounts included in Table 12.3 , we also have balance sheet netting related to derivatives that is disclosed in Note 14 (Derivatives). Table 12.3: Offsetting – Resale and Repurchase Agreements (in millions) Mar 31, Dec 31, Assets: Resale and securities borrowing agreements Gross amounts recognized $ 108,479 121,135 Gross amounts offset in consolidated balance sheet (1) (16,574 ) (23,188 ) Net amounts in consolidated balance sheet (2) 91,905 97,947 Collateral not recognized in consolidated balance sheet (3) (91,396 ) (96,829 ) Net amount (4) $ 509 1,118 Liabilities: Repurchase and securities lending agreements Gross amounts recognized (5) $ 96,911 111,488 Gross amounts offset in consolidated balance sheet (1) (16,574 ) (23,188 ) Net amounts in consolidated balance sheet (6) 80,337 88,300 Collateral pledged but not netted in consolidated balance sheet (7) (80,193 ) (87,918 ) Net amount (8) $ 144 382 (1) Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset in the consolidated balance sheet. (2) At March 31, 2018 , and December 31, 2017 , includes $73.5 billion and $78.9 billion , respectively, classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements. Balance also includes securities purchased under long-term resale agreements (generally one year or more) classified in loans, which totaled $18.4 billion and $19.0 billion , at March 31, 2018 , and December 31, 2017 , respectively. (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 March 31, 2018 , and December 31, 2017 , we have received total collateral with a fair value of $118.2 billion and $130.8 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 $52.7 billion at March 31, 2018 , and $66.3 billion at December 31, 2017 . (4) Represents the amount of our exposure that is not collateralized and/or is not subject to an enforceable MRA or MSLA. (5) For additional information on underlying collateral and contractual maturities, see the “Repurchase and Securities Lending Agreements” section in this Note. (6) Amount is classified in short-term borrowings on our consolidated balance sheet. (7) 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 March 31, 2018 , and December 31, 2017 , we have pledged total collateral with a fair value of $99.2 billion and $113.6 billion , respectively, of which, the counterparty does not have the right to sell or repledge $4.7 billion as of March 31, 2018 and $5.2 billion as of December 31, 2017 . (8) Represents the amount of our obligation that is not covered by pledged collateral and/or is not subject to an enforceable MRA or MSLA. REPURCHASE AND SECURITIES LENDING AGREEMENTS Securities sold under repurchase agreements and securities lending arrangements are effectively short-term collateralized borrowings. In these transactions, we receive cash in exchange for transferring securities as collateral and recognize an obligation to reacquire the securities for cash at the transaction's maturity. These types of transactions create risks, including (1) the counterparty may fail to return the securities at maturity, (2) the fair value of the securities transferred may decline below the amount of our obligation to reacquire the securities, and therefore create an obligation for us to pledge additional amounts, and (3) the counterparty may accelerate the maturity on demand, requiring us to reacquire the security prior to contractual maturity. We attempt to mitigate these risks by the fact that most of our securities financing activities involve highly liquid securities, we underwrite and monitor the financial strength of our counterparties, we monitor the fair value of collateral pledged relative to contractually required repurchase amounts, and we monitor that our collateral is properly returned through the clearing and settlement process in advance of our cash repayment. Table 12.4 provides the underlying collateral types of our gross obligations under repurchase and securities lending agreements. Table 12.4: Underlying Collateral Types of Gross Obligations (in millions) Mar 31, Dec 31, Repurchase agreements: Securities of U.S. Treasury and federal agencies $ 42,646 51,144 Securities of U.S. States and political subdivisions 29 92 Federal agency mortgage-backed securities 33,138 35,386 Non-agency mortgage-backed securities 1,194 1,324 Corporate debt securities 6,092 7,152 Asset-backed securities 2,121 2,034 Equity securities 826 838 Other 66 1,783 Total repurchases 86,112 99,753 Securities lending: Securities of U.S. Treasury and federal agencies 102 186 Federal agency mortgage-backed securities 1 — Corporate debt securities 471 619 Equity securities (1) 10,225 10,930 Total securities lending 10,799 11,735 Total repurchases and securities lending $ 96,911 111,488 (1) Equity securities are generally exchange traded and either re-hypothecated under margin lending agreements or obtained through contemporaneous securities borrowing transactions with other counterparties. Table 12.5 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Table 12.5: Contractual Maturities of Gross Obligations (in millions) Overnight/continuous Up to 30 days 30-90 days >90 days Total gross obligation March 31, 2018 Repurchase agreements $ 72,474 5,142 3,401 5,095 86,112 Securities lending 10,178 — 621 — 10,799 Total repurchases and securities lending (1) $ 82,652 5,142 4,022 5,095 96,911 December 31, 2017 Repurchase agreements $ 83,780 7,922 3,286 4,765 99,753 Securities lending 9,634 584 1,363 154 11,735 Total repurchases and securities lending (1) $ 93,414 8,506 4,649 4,919 111,488 (1) Securities lending is executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements have a term structure to them that technically matures at a point in time. The overnight/continuous repurchase agreements require election of both parties to roll the trade rather than the election to terminate the arrangement as in securities lending. OTHER COMMITMENTS To meet the financing needs of our customers, we may enter into commitments to purchase debt and equity securities to provide capital for their funding, liquidity or other future needs. As of March 31, 2018 , and December 31, 2017 , we had commitments to purchase debt securities of $375 million and $194 million , and commitments to purchase equity securities of $2.5 billion and $2.2 billion , respectively. 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 $6.3 billion and $2.8 billion as of March 31, 2018 , and December 31, 2017 , respectively. The Parent will fully and unconditionally guarantee securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue. |
Legal Actions
Legal Actions | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Actions | Note 13: Legal Actions Wells Fargo and certain of our subsidiaries are involved in a number of judicial, regulatory, arbitration, and other proceedings concerning matters arising from the conduct of our business activities, and many of those proceedings expose Wells Fargo to potential financial loss. 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 legal actions pending against us, including the matters described below, and we intend to defend vigorously each case, other than matters we describe as having settled. We establish accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. For such accruals, we record the amount we consider to be the best estimate within a range of potential losses that are both probable and estimable; however, if we cannot determine a best estimate, then we record the low end of the range of those potential losses. The actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions. ATM ACCESS FEE LITIGATION In October 2011, plaintiffs filed a putative class action, Mackmin, et al. v. Visa, Inc. et al. , against Wells Fargo & Company, Wells Fargo Bank, N.A., Visa, MasterCard, and several other banks in the United States District Court for the District of Columbia. Plaintiffs allege that the Visa and MasterCard requirement that if an ATM operator charges an access fee on Visa and MasterCard transactions, then that fee cannot be greater than the access fee charged for transactions on other networks violates antitrust rules. Plaintiffs seek treble damages, restitution, injunctive relief, and attorneys’ fees where available under federal and state law. Two other antitrust cases which make similar allegations were filed in the same court, but these cases did not name Wells Fargo as a defendant. On February 13, 2013, the district court granted defendants’ motions to dismiss the three actions. Plaintiffs appealed the dismissals and, on August 4, 2015, the United States Court of Appeals for the District of Columbia Circuit vacated the district court’s decisions and remanded the three cases to the district court for further proceedings. On June 28, 2016, the United States Supreme Court granted defendants’ petitions for writ of certiorari to review the decisions of the United States Court of Appeals for the District of Columbia. On November 17, 2016, the United States Supreme Court dismissed the petitions as improvidently granted, and the three cases returned to the district court for further proceedings. AUTOMOBILE LENDING MATTERS On April 20, 2018, the Company entered into consent orders with the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) to resolve, among other things, investigations by the agencies into the Company's compliance risk management program and its past practices involving certain automobile collateral protection insurance (CPI) policies and, as discussed below, certain mortgage interest rate lock extensions. The consent orders require remediation to customers and the payment of a total of $1 billion in civil money penalties to the agencies. In July 2017, the Company announced a plan to remediate customers who may have been financially harmed due to issues related to automobile CPI policies purchased through a third-party vendor on their behalf. Multiple putative class action cases alleging, among other things, unfair and deceptive practices relating to these CPI policies, have been filed against the Company and consolidated into one multi-district litigation in the United States District Court for the Central District of California. A putative class of shareholders also filed a securities fraud class action against the Company and its executive officers alleging material misstatements and omissions of CPI-related information in the Company's public disclosures. Former team members have also alleged retaliation for raising concerns regarding automobile lending practices. In addition, the Company has identified certain issues related to the unused portion of guaranteed automobile protection (GAP) waiver or insurance agreements between the dealer and, by assignment, the lender, which may result in refunds to customers in certain states. Allegations related to both the CPI and GAP programs are among the subjects of two shareholder derivative lawsuits, which were consolidated into one lawsuit in California state court. These and other issues related to the origination, servicing and/or collection of consumer automobile loans, including related insurance products, have also subjected the Company to formal or informal inquiries, investigations or examinations from federal and state government agencies. As the Company continues to centralize operations in its automobile lending business and tighten controls and oversight of third party risk management, the Company anticipates it may continue to identify and remediate issues related to historical practices concerning the origination, servicing and/or collection of consumer automobile loans. CONSUMER DEPOSIT ACCOUNT RELATED REGULATORY INVESTIGATION The CFPB is conducting an investigation into whether customers were unduly harmed by the Company’s procedures regarding the freezing (and, in many cases, closing) of consumer deposit accounts after the Company detected suspected fraudulent activity (by third-parties or account holders) that affected those accounts. A former team member has brought a state court action alleging retaliation for raising concerns about these procedures. INADVERTENT CLIENT INFORMATION DISCLOSURE In July 2017, the Company inadvertently provided certain client information in response to a third-party subpoena issued in a civil litigation. The Company obtained permanent injunctions in New Jersey and New York state courts requiring the electronic data that contained the client information and all copies to be delivered to the New Jersey state court and the Company for safekeeping. The court has now returned the data to counsel for the Company. The Company has made voluntary self-disclosures to various state and federal regulatory agencies. Notifications have been sent to clients whose personal identifying data was contained in the inadvertent production. INTERCHANGE LITIGATION Plaintiffs representing a putative class of merchants have filed putative class actions, and individual merchants have filed individual actions, against Wells Fargo Bank, N.A., Wells Fargo & Company, Wachovia Bank, N.A. and Wachovia Corporation regarding the interchange fees associated with Visa and MasterCard payment card transactions. Visa, MasterCard and several other banks and bank holding companies are also named as defendants in these actions. These actions have been consolidated in the United States District Court for the Eastern District of New York. 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 action and reached a separate settlement in principle of the consolidated individual actions. The settlement payments to be made by all defendants in the consolidated class and individual actions totaled approximately $6.6 billion before reductions applicable to certain merchants opting out of the settlement. The class settlement also provided 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 district court granted final approval of the settlement, which was appealed to the United States Court of Appeals for the Second Circuit by settlement objector merchants. Other merchants opted out of the settlement and are pursuing several individual actions. On June 30, 2016, the Second Circuit vacated the settlement agreement and reversed and remanded the consolidated action to the United States District Court for the Eastern District of New York for further proceedings. On November 23, 2016, prior class counsel filed a petition to the United States Supreme Court, seeking review of the reversal of the settlement by the Second Circuit, and the Supreme Court denied the petition on March 27, 2017. On November 30, 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. Several of the opt-out litigations were settled during the pendency of the Second Circuit appeal while others remain pending. Discovery is proceeding in the opt-out litigations and the remanded class cases. MORTGAGE BANKRUPTCY LOAN MODIFICATION LITIGATION Plaintiffs, representing a putative class of mortgage borrowers who were debtors in Chapter 13 bankruptcy cases, filed a putative class action, Cotton, et al. v. Wells Fargo, et al. , against Wells Fargo & Company and Wells Fargo Bank, N.A. in the United States Bankruptcy Court for the Western District of North Carolina on June 7, 2017. Plaintiffs allege that Wells Fargo improperly and unilaterally modified the mortgages of borrowers who were debtors in Chapter 13 bankruptcy cases. Plaintiffs allege that Wells Fargo implemented these modifications by improperly filing mortgage payment change notices in Chapter 13 bankruptcy cases, in violation of bankruptcy rules and process. The amended complaint asserts claims based on, among other things, alleged fraud, violations of bankruptcy rules and laws, and unfair and deceptive trade practices. The amended complaint seeks monetary damages, attorneys’ fees, and declaratory and injunctive relief. MORTGAGE INTEREST RATE LOCK RELATED REGULATORY INVESTIGATION On April 20, 2018, the Company entered into consent orders with the OCC and CFPB to resolve, among other things, investigations by the agencies into the Company's compliance risk management program and its past practices involving certain automobile CPI policies and certain mortgage interest rate lock extensions. The consent orders require remediation to customers and the payment of a total of $1 billion in civil money penalties to the agencies. On October 4, 2017, the Company announced plans to reach out to all home lending customers who paid fees for mortgage rate lock extensions requested from September 16, 2013, through February 28, 2017, and to provide refunds, with interest, to customers who believe they should not have paid those fees. The Company is named in a putative class action, filed in the United States District Court for the Northern District of California, alleging violations of federal and state consumer fraud statutes relating to mortgage rate lock extension fees. In addition, former team members have asserted claims, including in pending litigation, that they were terminated for raising concerns regarding mortgage interest rate lock extension practices. Allegations related to mortgage interest rate lock extension fees are also among the subjects of two shareholder derivative lawsuits filed in California state court. This matter has also subjected the Company to formal or informal inquiries, investigations or examinations from other federal and state government agencies. MORTGAGE RELATED REGULATORY INVESTIGATIONS Federal and state government agencies, including the United States Department of Justice (the “Department of Justice”), continue investigations or examinations of certain mortgage related activities of Wells Fargo and predecessor institutions. Wells Fargo, for itself and for predecessor institutions, has responded, and continues to respond, to requests from these agencies seeking information regarding the origination, underwriting and securitization of residential mortgages, including sub-prime mortgages. These agencies have advanced theories of purported liability with respect to certain of these activities. The Department of Justice and Wells Fargo continue to discuss the matter, including potential settlement of the Department of Justice's concerns; however, litigation with these agencies, including with the Department of Justice, remains a possibility. Other financial institutions have entered into similar settlements with these agencies, the nature of which related to the specific activities of those financial institutions, including the imposition of significant financial penalties and remedial actions. OFAC RELATED INVESTIGATION The Company has self-identified an issue whereby certain foreign banks utilized a Wells Fargo software-based solution to conduct import/export trade-related financing transactions with countries and entities prohibited by the Office of Foreign Assets Control (“OFAC”) of the United States Department of the Treasury. We do not believe any funds related to these transactions flowed through accounts at Wells Fargo as a result of the aforementioned conduct. The Company has made voluntary self-disclosures to OFAC and is cooperating with an inquiry from the Department of Justice. ORDER OF POSTING LITIGATION Plaintiffs filed a series of putative class actions 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. Most of these actions were consolidated in multi-district litigation proceedings (the “MDL proceedings”) in the United States District Court for the Southern District of Florida. The court in the MDL proceedings has certified a class of putative plaintiffs, and Wells Fargo moved to compel arbitration of the claims of unnamed class members. The court denied the motions to compel arbitration on October 17, 2016. Wells Fargo has appealed this decision to the United States Court of Appeals for the Eleventh Circuit. RMBS TRUSTEE LITIGATION In November 2014, a group of institutional investors (the “Institutional Investor Plaintiffs”), including funds affiliated with BlackRock, Inc., filed a putative class action in the United States District Court for the Southern District of New York against Wells Fargo Bank, N.A., alleging claims against the Company in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts (the “Federal Court Complaint”). Similar complaints have been filed against other trustees in various courts, including in the Southern District of New York, in New York state court, and in other states, by RMBS investors. The Federal Court Complaint alleges that Wells Fargo Bank, N.A., as trustee, caused losses to investors and asserts causes of action based upon, among other things, the trustee's alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events of default. Plaintiffs seek money damages in an unspecified amount, reimbursement of expenses, and equitable relief. In December 2014 and December 2015, certain other investors filed four complaints alleging similar claims against Wells Fargo Bank, N.A. in the Southern District of New York (the “Related Federal Cases”), and the various cases pending against Wells Fargo are proceeding before the same judge. On January 19, 2016, the Southern District of New York entered an order in connection with the Federal Court Complaint dismissing claims related to certain of the trusts at issue (the “Dismissed Trusts”). The Company's motion to dismiss the Federal Court Complaint and the complaints for the Related Federal Cases was granted in part and denied in part in March 2017. In May 2017, the Company filed third-party complaints against certain investment advisors affiliated with the Institutional Investor Plaintiffs seeking contribution with respect to claims alleged in the Federal Court Complaint. The investment advisors have moved to dismiss those complaints. On April 17, 2018, the court denied class certification in the Related Federal Case brought by Royal Park Investments SA/NV (Royal Park). A complaint raising similar allegations to the Federal Court Complaint was filed in May 2016 in New York state court by a different plaintiff investor. In addition, the Institutional Investor Plaintiffs subsequently filed a complaint relating to the Dismissed Trusts and certain additional trusts in California state court (the “California Action”). The California Action was subsequently dismissed in September 2016. In December 2016, the Institutional Investor Plaintiffs filed a new putative class action complaint in New York state court in respect of 261 RMBS trusts, including the Dismissed Trusts, for which Wells Fargo Bank, N.A. serves or served as trustee (the “State Court Action”). The Company has moved to dismiss the State Court Action. In July 2017, certain of the plaintiffs from the State Court Action filed a civil complaint relating to Wells Fargo Bank, N.A.'s setting aside reserves for legal fees and expenses in connection with the liquidation of eleven RMBS trusts at issue in the State Court Action. The complaint seeks, among other relief, declarations that Wells Fargo Bank, N.A. is not entitled to indemnification, the advancement of funds or the taking of reserves from trust funds for legal fees and expenses it incurs in defending the claims in the State Court Action. In November 2017, the Company's motion to dismiss the complaint was granted. Plaintiffs filed a notice of appeal in January 2018. In September 2017, Royal Park filed a similar complaint in the Southern District of New York seeking declaratory and injunctive relief and money damages on an individual and class action basis. SALES PRACTICES MATTERS Federal, state and local government agencies, including the Department of Justice, the United States Securities and Exchange Commission and the United States Department of Labor, and state attorneys general and prosecutors’ offices, as well as Congressional committees, have undertaken formal or informal inquiries, investigations or examinations arising out of certain sales practices of the Company that were the subject of settlements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Office of the Los Angeles City Attorney announced by the Company on September 8, 2016. These matters are at varying stages. The Company has responded, and continues to respond, to requests from a number of the foregoing and has discussed the resolution of some of the matters. In addition, a number of lawsuits have also been filed by non-governmental parties seeking damages or other remedies related to these sales practices. First, various class plaintiffs purporting to represent consumers who allege that they received products or services without their authorization or consent have brought separate putative class actions against the Company in the United States District Court for the Northern District of California and various other jurisdictions. In April 2017, the Company entered into a settlement agreement in the first-filed action, Jabbari v. Wells Fargo Bank, N.A ., to resolve claims regarding certain products or services provided without authorization or consent for the time period May 1, 2002 to April 20, 2017. Pursuant to the settlement, the Company will pay $142 million for remediation, attorneys’ fees, and settlement fund claims administration. In the unlikely event that the $142 million settlement total is not enough to provide remediation, pay attorneys' fees, pay settlement fund claims administration costs, and have at least $25 million left over to distribute to all class members, the Company will contribute additional funds to the settlement. In addition, in the unlikely event that the number of unauthorized accounts identified by settlement class members in the claims process and not disputed by the claims administrator exceeds plaintiffs’ 3.5 million account estimate, the Company will proportionately increase the $25 million reserve so that the ratio of reserve to unauthorized accounts is no less than what was implied by plaintiffs’ estimate at the time of the district court’s preliminary approval of the settlement in July 2017. A final approval hearing has been scheduled for May 30, 2018. Second, Wells Fargo shareholders are pursuing a consolidated securities fraud class action in the United States District Court for the Northern District of California alleging certain misstatements and omissions in the Company’s disclosures related to sales practices matters. The Company has reached an agreement in principle to resolve this matter pursuant to which the Company will pay $480 million . The amount was fully accrued as of March 31, 2018. The agreement in principle is subject to confirmatory discovery by the plaintiff and final approval by the court. Third, Wells Fargo shareholders have brought numerous shareholder derivative lawsuits asserting breach of fiduciary duty claims, among others, against current and former directors and officers for their alleged failure to detect and prevent sales practices issues, which were consolidated into two separate actions in the United States District Court for the Northern District of California and California state court. Additional lawsuits asserting similar claims are pending in Delaware state court. Fourth, multiple employment litigation matters have been brought against Wells Fargo, including an Employee Retirement Income Security Act (ERISA) class action in the United States District Court for the District of Minnesota on behalf of 401(k) plan participants; a class action pending in the United States District Court for the Northern District of California on behalf of team members who allege that they protested sales practice misconduct and/or were terminated for not meeting sales goals; various wage and hour class actions brought in federal and state court in California, New Jersey, Florida, and Pennsylvania on behalf of non-exempt branch based team members alleging that sales pressure resulted in uncompensated overtime; and multiple single plaintiff Sarbanes-Oxley Act complaints and state law whistleblower actions filed with the United States Department of Labor or in various state courts alleging adverse employment actions for raising sales practice misconduct issues. SEMINOLE TRIBE TRUSTEE LITIGATION The Seminole Tribe of Florida filed a complaint in Florida state court alleging that Wells Fargo, as trustee, charged excess fees in connection with the administration of a minor’s trust and failed to invest the assets of the trust prudently. The complaint was later amended to include three individual current and former beneficiaries as plaintiffs and to remove the Tribe as a party to the case. In December 2016, the Company filed a motion to dismiss the amended complaint on the grounds that the Tribe is a necessary party and that the individual beneficiaries lack standing to bring claims. OUTLOOK As described above, the Company establishes accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. The high end of the range of reasonably possible potential losses in excess of the Company’s accrual for probable and estimable losses was approximately $2.6 billion as of March 31, 2018 . The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the established accrual or the range of reasonably possible loss. Wells Fargo is unable to determine whether the ultimate resolution of either the mortgage related regulatory investigations or the sales practices matters will have a material adverse effect on its consolidated financial condition. Based on information currently available, advice of counsel, available insurance coverage and established reserves, Wells Fargo believes that the eventual outcome of other actions against Wells Fargo and/or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 14: Derivatives We 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. For more information on our derivative activities, see Note 16 (Derivatives) to Financial Statements in our 2017 Form 10-K. Table 14.1 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. Table 14.1: Notional or Contractual Amounts and Fair Values of Derivatives March 31, 2018 December 31, 2017 Notional or contractual amount Fair value Notional or contractual amount Fair value (in millions) Derivative assets Derivative liabilities Derivative Derivative Derivatives designated as hedging instruments Interest rate contracts (1) $ 165,802 2,387 724 209,677 2,492 1,092 Foreign exchange contracts (1) 31,720 1,769 742 34,135 1,482 1,137 Total derivatives designated as qualifying hedging instruments 4,156 1,466 3,974 2,229 Derivatives not designated as hedging instruments Economic hedges: Interest rate contracts (2) 197,432 287 416 220,558 159 201 Equity contracts 12,978 1,058 69 12,315 716 138 Foreign exchange contracts 15,373 84 205 15,976 78 309 Credit contracts – protection purchased 211 42 — 111 37 — Subtotal 1,471 690 990 648 Customer accommodation trading and other derivatives: Interest rate contracts 7,560,715 14,173 14,855 6,434,673 14,979 14,179 Commodity contracts 70,455 2,575 1,457 62,530 2,354 1,335 Equity contracts 231,036 6,765 7,708 213,750 6,291 8,363 Foreign exchange contracts 349,850 6,885 6,140 362,896 7,413 7,122 Credit contracts – protection sold 8,826 118 197 9,021 147 214 Credit contracts – protection purchased 17,559 191 159 17,406 207 208 Subtotal 30,707 30,516 31,391 31,421 Total derivatives not designated as hedging instruments 32,178 31,206 32,381 32,069 Total derivatives before netting 36,334 32,672 36,355 34,298 Netting (3) (24,867 ) (24,789 ) (24,127 ) (25,502 ) Total $ 11,467 7,883 12,228 8,796 (1) Notional amounts presented exclude $0 million and $500 million of interest rate contracts at March 31, 2018 , and December 31, 2017 , respectively, for certain derivatives that are combined for designation as a hedge on a single instrument. The notional amount for foreign exchange contracts at March 31, 2018 , and December 31, 2017 , excludes $12.0 billion and $13.5 billion , respectively, 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) Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Table 14.2 for further information. Table 14.2 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 and 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 includes $31.8 billion and $29.6 billion of gross derivative assets and liabilities, respectively, at March 31, 2018 , and $30.0 billion and $29.9 billion , respectively, at December 31, 2017 , 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 $4.5 billion and $3.1 billion , respectively, at March 31, 2018 , and $6.4 billion and $4.4 billion , respectively, at December 31, 2017 , 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 netting 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. We do not net non-cash collateral that we receive and pledge on the balance sheet. 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 Table 14.2 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 12 (Guarantees, Pledged Assets and Collateral, and Other Commitments). Table 14.2: Gross Fair Values of Derivative Assets and Liabilities (in millions) Gross amounts recognized Gross amounts offset in consolidated balance sheet (1) Net amounts in consolidated balance sheet Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) (2) Net amounts Percent exchanged in over-the-counter market (3) March 31, 2018 Derivative assets Interest rate contracts $ 16,847 (11,407 ) 5,440 (91 ) 5,349 98 % Commodity contracts 2,575 (1,032 ) 1,543 (3 ) 1,540 87 Equity contracts 7,823 (5,997 ) 1,826 (559 ) 1,267 77 Foreign exchange contracts 8,738 (6,134 ) 2,604 (226 ) 2,378 100 Credit contracts – protection sold 118 (115 ) 3 — 3 11 Credit contracts – protection purchased 233 (182 ) 51 (1 ) 50 89 Total derivative assets $ 36,334 (24,867 ) 11,467 (880 ) 10,587 Derivative liabilities Interest rate contracts $ 15,995 (12,449 ) 3,546 (755 ) 2,791 97 % Commodity contracts 1,457 (744 ) 713 — 713 69 Equity contracts 7,777 (5,220 ) 2,557 (247 ) 2,310 82 Foreign exchange contracts 7,087 (6,035 ) 1,052 (124 ) 928 100 Credit contracts – protection sold 197 (192 ) 5 (5 ) — 84 Credit contracts – protection purchased 159 (149 ) 10 — 10 9 Total derivative liabilities $ 32,672 (24,789 ) 7,883 (1,131 ) 6,752 December 31, 2017 Derivative assets Interest rate contracts $ 17,630 (11,929 ) 5,701 (145 ) 5,556 99 % Commodity contracts 2,354 (966 ) 1,388 (4 ) 1,384 88 Equity contracts 7,007 (4,233 ) 2,774 (596 ) 2,178 76 Foreign exchange contracts 8,973 (6,656 ) 2,317 (25 ) 2,292 100 Credit contracts – protection sold 147 (145 ) 2 — 2 10 Credit contracts – protection purchased 244 (198 ) 46 (3 ) 43 89 Total derivative assets $ 36,355 (24,127 ) 12,228 (773 ) 11,455 Derivative liabilities Interest rate contracts $ 15,472 (13,226 ) 2,246 (1,078 ) 1,168 99 % Commodity contracts 1,335 (648 ) 687 (1 ) 686 76 Equity contracts 8,501 (4,041 ) 4,460 (400 ) 4,060 85 Foreign exchange contracts 8,568 (7,189 ) 1,379 (204 ) 1,175 100 Credit contracts – protection sold 214 (204 ) 10 (9 ) 1 85 Credit contracts – protection purchased 208 (194 ) 14 — 14 9 Total derivative liabilities $ 34,298 (25,502 ) 8,796 (1,692 ) 7,104 (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 $283 million and $245 million related to derivative assets and $132 million and $95 million related to derivative liabilities at March 31, 2018 , and December 31, 2017 , respectively. Cash collateral totaled $3.7 billion and $3.7 billion , netted against derivative assets and liabilities, respectively, at March 31, 2018 , and $2.7 billion and $4.2 billion , respectively, at December 31, 2017 . (2) 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. (3) Represents derivatives executed in over-the-counter markets that are 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 and Cash Flow Hedges For fair value hedges, we use interest rate swaps to convert certain of our fixed-rate long-term debt and time certificates of deposit 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. For 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 contractually specified interest rate. We estimate $309 million pre-tax of deferred net losses related to cash flow hedges in OCI at March 31, 2018 , will be reclassified into net interest income during the next twelve months. Our cash flow hedges matured early in the second quarter 2018 and therefore we are no longer hedging our floating-rate loans or debt liabilities. For more information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies) and Note 16 (Derivatives) to Financial Statements in our 2017 Form 10-K. Table 14.3 shows the net gains (losses) related to derivatives in fair value and cash flow hedging relationships. Table 14.3: Gains (Losses) Recognized in Consolidated Statement of Income on Fair Value and Cash Flow Hedging Relationships Net interest income Noninterest Income (in millions) Debt securities Loans Mortgages held for sale Deposits Long-term debt Other Total Quarter ended March 31, 2018 Total amounts presented in the consolidated statement of income $ 3,414 10,579 179 (1,090 ) (1,576 ) 602 12,108 Gains (losses) on fair value hedging relationships Interest contracts Amounts related to interest settlements on derivatives (1) (82 ) — (1 ) (5 ) 171 — 83 Recognized on derivatives 950 1 6 (149 ) (2,393 ) — (1,585 ) Recognized on hedged items (968 ) (1 ) (8 ) 141 2,334 — 1,498 Foreign exchange contracts Amounts related to interest settlements on derivatives (1)(2) 5 — — — (80 ) — (75 ) Recognized on derivatives (3) 4 — — — (171 ) 660 493 Recognized on hedged items (3 ) — — — 109 (627 ) (521 ) Net income (expense) recognized on fair value hedges (94 ) — (3 ) (13 ) (30 ) 33 (107 ) Gains (losses) on cash flow hedging relationships Interest contracts Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4) — (60 ) — — — — (60 ) Net income (expense) recognized on cash flow hedges $ — (60 ) — — — — (60 ) (continued on following page) (continued from previous page) Net interest income Noninterest Income (in millions) Debt securities Loans Mortgages held for sale Deposits Long-term debt Other Total Quarter ended March 31, 2017 Total amounts of line items presented in the consolidated statement of income $ 3,173 10,141 182 (536 ) (1,147 ) 374 12,187 Gains (losses) on fair value hedging relationships Interest contracts Amounts related to interest settlements on derivatives (1) (131 ) (1 ) (1 ) 12 415 — 294 Recognized on derivatives 126 1 (2 ) (8 ) (556 ) — (439 ) Recognized on hedged items (141 ) (1 ) — 10 556 — 424 Foreign exchange contracts Amounts related to interest settlements on derivatives (1)(2) 4 — — — (33 ) — (29 ) Recognized on derivatives (3) 6 — — — (47 ) 375 334 Recognized on hedged items (3 ) — — — 83 (340 ) (260 ) Net income (expense) recognized on fair value hedges (139 ) (1 ) (3 ) 14 418 35 324 Gains (losses) on cash flow hedging relationships Interest contracts Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4) — 205 — — (3 ) — 202 Net income (expense) recognized on cash flow hedges $ — 205 — — (3 ) — 202 (1) Includes $7 million and $5 million for first quarter 2018 and 2017, respectively, which represents changes in fair value due to the passage of time associated with the non-zero fair value amount at hedge inception. (2) Includes $0 million , and $(1) million for first quarter 2018 and 2017, respectively, of the time value component recognized as net interest income (expense) on forward derivatives hedging foreign currency debt securities and long-term debt that were excluded from the assessment of hedge effectiveness. (3) For certain fair value hedges of foreign currency risk, changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. See Note 20 (Other Comprehensive Income) for the amounts recognized in other comprehensive income. (4) See Note 20 (Other Comprehensive Income) for details of amounts reclassified to net income. Table 14.4 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships. Table 14.4: Hedged Items in Fair Value Hedging Relationship Hedged Items Currently Designated Hedged Items No Longer Designated (1) (in millions) Carrying Amount of Assets/(Liabilities) (2)(4) Hedge Accounting Basis Adjustment Assets/(Liabilities) (3) Carrying Amount of Assets/(Liabilities) (4) Hedge Accounting Basis Adjustment March 31, 2018 Available-for-sale debt securities (5) $ 31,023 (301 ) 4,916 288 Loans 135 (1 ) — — Mortgages held for sale 822 1 — — Deposits (29,564 ) 298 — — Long-term debt (125,876 ) 265 (805 ) 13 December 31, 2017 Available-for-sale debt securities (5) 32,498 870 5,221 343 Loans 140 (1 ) — — Mortgages held for sale 465 (1 ) — — Deposits (23,679 ) 158 — — Long-term debt (128,950 ) (2,154 ) (1,953 ) 16 (1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. (2) Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded for debt securities is $1.5 billion and $(7.4) billion for long-term debt as of March 31, 2018 and $1.5 billion for debt securities and for long-term debt is $(7.7) billion as of December 31, 2017. (3) The balance includes $1.7 billion and $266 million of debt securities and long-term debt cumulative basis adjustments as of March 31, 2018, respectively, and $2.1 billion and $297 million of debt securities and long-term debt cumulative basis adjustments, respectively as of December 31, 2017, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges. (4) Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented. (5) Carrying amount represents the amortized cost. Derivatives Not Designated as Hedging Instruments We use economic hedge derivatives 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. We also use economic hedge derivatives to mitigate the periodic earnings volatility caused by mismatches between the changes in fair value of the hedged item and hedging instrument recognized on our fair value accounting hedges. 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, resulted in net derivative gains (losses) of $(1.2) billion in first quarter 2018 and $(72) million in first quarter 2017 , which are included in mortgage banking noninterest income. The aggregate fair value of these derivatives was a net liability of $13 million at March 31, 2018 , and net asset of $89 million at December 31, 2017 . 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. The aggregate fair value of derivative loan commitments on the balance sheet was a net positive fair value of $37 million and $17 million at March 31, 2018 , and December 31, 2017 , respectively, and is included in the caption “Interest rate contracts” under “Customer accommodation trading and other derivatives” in Table 14.1 in this Note. For more information on economic hedges and other derivatives, see Note 16 (Derivatives) to Financial Statements in our 2017 Form 10-K. Table 14.5 shows the net gains (losses) recognized by income statement lines, related to derivatives not designated as hedging instruments. Table 14.5: Gains (Losses) on Derivatives Not Designated as Hedging Instruments Noninterest income (in millions) Mortgage banking Net gains (losses) from equity securities Net gains (losses) from trading activities Other Total Quarter ended March 31, 2018 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ (595 ) — — 9 (586 ) Equity contracts — (58 ) — — (58 ) Foreign exchange contracts — — — (159 ) (159 ) Credit contracts — — — 4 4 Subtotal (2) (595 ) (58 ) — (146 ) (799 ) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts (3) (259 ) — 385 — 126 Equity contracts — — 459 (195 ) 264 Foreign exchange contracts — — 310 — 310 Credit contracts — — 10 — 10 Commodity contracts — — 39 — 39 Other — — — — — Subtotal (259 ) — 1,203 (195 ) 749 Net gains (losses) recognized related to derivatives not designated as hedging instruments $ (854 ) (58 ) 1,203 (341 ) (50 ) (continued on following page) (continued from previous page) Noninterest income (in millions) Mortgage banking Net gains (losses) from equity securities Net gains (losses) from trading activities Other Total Quarter ended March 31, 2017 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ (9 ) — — 6 (3 ) Equity contracts — (474 ) — (7 ) (481 ) Foreign exchange contracts — — — (87 ) (87 ) Credit contracts — — — 4 4 Subtotal (2) (9 ) (474 ) — (84 ) (567 ) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts (3) 193 — 45 — 238 Equity contracts — — (1,109 ) — (1,109 ) Foreign exchange contracts — — 179 — 179 Credit contracts — — (15 ) — (15 ) Commodity contracts — — 60 — 60 Other — — 12 — 12 Subtotal 193 — (828 ) — (635 ) Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 184 (474 ) (828 ) (84 ) (1,202 ) (1) Includes 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) Includes hedging gains of $28 million and $2 million for first quarter 2018 and 2017, respectively, which partially offset hedge accounting ineffectiveness. (3) Amounts presented in mortgage banking noninterest income are gains on interest rate lock commitments. 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 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 sold 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. Table 14.6 provides details of sold and purchased credit derivatives. Table 14.6: 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 March 31, 2018 Credit default swaps on: Corporate bonds $ 34 2,152 531 1,669 483 988 2018 - 2027 Structured products 78 184 179 166 18 124 2022 - 2047 Credit protection on: Default swap index — 2,225 525 395 1,830 3,458 2018 - 2028 Commercial mortgage-backed securities index 75 444 164 421 23 47 2047 - 2058 Asset-backed securities index 10 43 43 43 — 1 2045 - 2046 Other — 3,778 3,674 — 3,778 10,458 2018 - 2031 Total credit derivatives $ 197 8,826 5,116 2,694 6,132 15,076 December 31, 2017 Credit default swaps on: Corporate bonds $ 35 2,007 510 1,575 432 946 2018 - 2027 Structured products 86 267 252 232 35 153 2022 - 2047 Credit protection on: Default swap index — 2,626 540 308 2,318 3,932 2018 - 2027 Commercial mortgage-backed securities index 83 423 — 401 22 87 2047 - 2058 Asset-backed securities index 9 42 — 42 — 1 2045 - 2046 Other 1 3,656 3,306 — 3,656 9,840 2018 - 2031 Total credit derivatives $ 214 9,021 4,608 2,558 6,463 14,959 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 a 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 $7.3 billion at March 31, 2018 , and $8.3 billion at December 31, 2017 , for which we posted $5.9 billion and $7.1 billion , respectively, in collateral in the normal course of business. A credit rating below investment grade is the credit-risk-related contingent feature that if triggered requires the maximum amount of collateral to be posted. If the credit rating of our debt had been downgraded below investment grade, on March 31, 2018 , or December 31, 2017 , we would have been required to post additional collateral of $1.3 billion or $1.2 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 Liabi
Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Note 15: 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 Table 15.2 in this Note. From time to time, we may be required to record fair value adjustments on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of LOCOM accounting, measurement alternative accounting for nonmarketable equity securities or write-downs of individual assets. Assets recorded on a nonrecurring basis are presented in Table 15.10 in this Note. See Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2017 Form 10-K for discussion of how we determine fair value. For descriptions of the valuation methodologies we use for assets and liabilities recorded at fair value on a recurring or nonrecurring basis and for estimating fair value for financial instruments that are not recorded at fair value, see Note 17 (Fair Values of Assets and Liabilities) to Financial Statements in our 2017 Form 10-K. 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 that are 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. We do not classify an equity security in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) that has been communicated to us as an investor as a practical expedient to measure fair value. We generally use NAV per share as the fair value measurement for certain nonmarketable equity fund investments. Marketable equity securities with published NAVs continue to be classified in the fair value hierarchy. 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 additional information, see Note 17 (Fair Values of Assets and Liabilities) to Financial Statements in our 2017 Form 10-K. Table 15.1 presents unadjusted fair value measurements provided by brokers or third-party pricing services by fair value hierarchy level. 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 excluded from Table 15.1 . Table 15.1: Fair Value Measurements by Brokers or Third-Party Pricing Services Brokers Third-party pricing services (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 March 31, 2018 Trading debt securities $ — — — 105 229 — Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies — — — 3,362 2,917 — Securities of U.S. states and political subdivisions — — — — 47,951 44 Mortgage-backed securities — 33 — — 165,656 67 Other debt securities (1) — 231 1,077 — 46,288 139 Total available-for-sale debt securities — 264 1,077 3,362 262,812 250 Equity securities: Marketable — — — — 225 — Nonmarketable — — — — 2 293 Total equity securities — — — — 227 293 Derivative assets — — — 17 — — Derivative liabilities — — — (17 ) — — Other liabilities (2) — — — — — — December 31, 2017 Trading debt securities $ — — — 926 215 — Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies — — — 3,389 2,930 — Securities of U.S. states and political subdivisions — — — — 50,401 49 Mortgage-backed securities — 33 — — 168,948 75 Other debt securities (1) — 307 1,158 — 44,465 22 Total available-for-sale debt securities — 340 1,158 3,389 266,744 146 Equity securities: Marketable — — — — 227 — Nonmarketable — — — — — — Total equity securities — — — — 227 — Derivative assets — — — 19 — — Derivative liabilities — — — (19 ) — — Other liabilities (2) — — — — — — (1) Includes corporate debt securities, collateralized loan and other debt obligations, asset-backed securities, and other debt securities. (2) Includes short sale liabilities and other liabilities. Assets and Liabilities Recorded at Fair Value on a Recurring Basis Table 15.2 presents the balances of assets and liabilities recorded at fair value on a recurring basis. Table 15.2: Fair Value on a Recurring Basis (in millions) Level 1 Level 2 Level 3 Netting Total March 31, 2018 Trading debt securities: Securities of U.S. Treasury and federal agencies $ 13,419 2,720 — — 16,139 Securities of U.S. states and political subdivisions — 3,434 3 — 3,437 Collateralized loan obligations — 645 316 — 961 Corporate debt securities — 12,377 34 — 12,411 Mortgage-backed securities — 25,755 — — 25,755 Asset-backed securities — 1,132 — — 1,132 Other trading debt securities — 13 18 — 31 Total trading debt securities 13,419 46,076 371 — 59,866 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 3,362 2,917 — — 6,279 Securities of U.S. states and political subdivisions — 49,026 617 — 49,643 Mortgage-backed securities: Federal agencies — 156,814 — — 156,814 Residential — 4,473 1 — 4,474 Commercial — 4,723 67 — 4,790 Total mortgage-backed securities — 166,010 68 — 166,078 Corporate debt securities 54 6,719 410 — 7,183 Collateralized loan and other debt obligations (1) — 35,707 1,045 — 36,752 Asset-backed securities: Automobile loans and leases — 572 — — 572 Home equity loans — 146 — — 146 Other asset-backed securities — 4,501 501 — 5,002 Total asset-backed securities — 5,219 501 — 5,720 Other debt securities — 1 — — 1 Total available-for-sale debt securities 3,416 265,599 2,641 (2) — 271,656 Mortgages held for sale — 12,909 950 — 13,859 Loans held for sale — 1,695 — — 1,695 Loans — — 352 — 352 Mortgage servicing rights (residential) — — 15,041 — 15,041 Derivative assets: Interest rate contracts 20 16,728 99 — 16,847 Commodity contracts — 2,547 28 — 2,575 Equity contracts 1,795 4,562 1,466 — 7,823 Foreign exchange contracts 17 8,707 14 — 8,738 Credit contracts — 231 120 — 351 Netting — — — (24,867 ) (3) (24,867 ) Total derivative assets 1,832 32,775 1,727 (24,867 ) 11,467 Equity securities - excluding securities at NAV: Marketable 29,705 553 — — 30,258 Nonmarketable — 52 5,219 — 5,271 Total equity securities $ 29,705 605 5,219 — 35,529 Total assets included in the fair value hierarchy $ 48,372 359,659 26,301 (24,867 ) 409,465 Equity securities at NAV (4) 32 Total assets recorded at fair value $ 409,497 Derivative liabilities: Interest rate contracts $ (20 ) (15,868 ) (107 ) — (15,995 ) Commodity contracts — (1,439 ) (18 ) — (1,457 ) Equity contracts (1,391 ) (4,598 ) (1,788 ) — (7,777 ) Foreign exchange contracts (17 ) (7,057 ) (13 ) — (7,087 ) Credit contracts — (277 ) (79 ) — (356 ) Netting — — — 24,789 (3) 24,789 Total derivative liabilities (1,428 ) (29,239 ) (2,005 ) 24,789 (7,883 ) Short sale liabilities: Securities of U.S. Treasury and federal agencies (14,243 ) (570 ) — — (14,813 ) Mortgage back securities — (18 ) — — (18 ) Corporate debt securities — (5,962 ) — — (5,962 ) Equity securities (2,459 ) (51 ) — — (2,510 ) Other securities — — — — — Total short sale liabilities (16,702 ) (6,601 ) — — (23,303 ) Other liabilities — — (2 ) — (2 ) Total liabilities recorded at fair value $ (18,130 ) (35,840 ) (2,007 ) 24,789 (31,188 ) (1) Includes collateralized debt obligations of $1.0 billion . (2) Balance primarily consists of securities that are 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. (3) Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 14 (Derivatives) for additional information. (4) Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. (continued on following page) (continued from previous page) (in millions) Level 1 Level 2 Level 3 Netting Total December 31, 2017 Trading debt securities: Securities of U.S. Treasury and federal agencies $ 12,491 2,383 — — 14,874 Securities of U.S. states and political subdivisions — 3,732 3 — 3,735 Collateralized loan obligations — 565 354 — 919 Corporate debt securities — 11,760 31 — 11,791 Mortgage-backed securities — 25,273 — — 25,273 Asset-backed securities — 993 — — 993 Other trading debt securities — 20 19 — 39 Total trading debt securities 12,491 44,726 407 — 57,624 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 3,389 2,930 — — 6,319 Securities of U.S. states and political subdivisions — 50,401 925 — 51,326 Mortgage-backed securities: Federal agencies — 160,219 — — 160,219 Residential — 4,607 1 — 4,608 Commercial — 4,490 75 — 4,565 Total mortgage-backed securities — 169,316 76 — 169,392 Corporate debt securities 56 7,203 407 — 7,666 Collateralized loan and other debt obligations (1) — 35,036 1,020 — 36,056 Asset-backed securities: Automobile loans and leases — 553 — — 553 Home equity loans — 149 — — 149 Other asset-backed securities — 4,380 566 — 4,946 Total asset-backed securities — 5,082 566 — 5,648 Other debt securities — — — — — Total available-for-sale debt securities 3,445 269,968 2,994 (2) — 276,407 Mortgages held for sale — 15,118 998 — 16,116 Loans held for sale — 1,009 14 — 1,023 Loans — — 376 — 376 Mortgage servicing rights (residential) — — 13,625 — 13,625 Derivative assets: Interest rate contracts 17 17,479 134 — 17,630 Commodity contracts — 2,318 36 — 2,354 Equity contracts 1,698 3,970 1,339 — 7,007 Foreign exchange contracts 19 8,944 10 — 8,973 Credit contracts — 269 122 — 391 Netting — — — (24,127 ) (3) (24,127 ) Total derivative assets 1,734 32,980 1,641 (24,127 ) 12,228 Equity securities - excluding securities at NAV: Marketable 33,931 429 — — 34,360 Nonmarketable — 46 4,821 — 4,867 Total equity securities $ 33,931 475 4,821 — 39,227 Total assets included in the fair value hierarchy $ 51,601 364,276 24,876 (24,127 ) 416,626 Equity securities at NAV (4) — Total assets recorded at fair value $ 416,626 Derivative liabilities: Interest rate contracts $ (17 ) (15,392 ) (63 ) — (15,472 ) Commodity contracts — (1,318 ) (17 ) — (1,335 ) Equity contracts (1,313 ) (5,338 ) (1,850 ) — (8,501 ) Foreign exchange contracts (19 ) (8,546 ) (3 ) — (8,568 ) Credit contracts — (336 ) (86 ) — (422 ) Netting — — — 25,502 (3) 25,502 Total derivative liabilities (1,349 ) (30,930 ) (2,019 ) 25,502 (8,796 ) Short sale liabilities: Securities of U.S. Treasury and federal agencies (10,420 ) (568 ) — — (10,988 ) Corporate debt securities — (4,986 ) — — (4,986 ) Equity securities (2,168 ) (45 ) — — (2,213 ) Other securities — (285 ) — — (285 ) Total short sale liabilities (12,588 ) (5,884 ) — — (18,472 ) Other liabilities — — (3 ) — (3 ) Total liabilities recorded at fair value $ (13,937 ) (36,814 ) (2,022 ) 25,502 (27,271 ) (1) Includes collateralized debt obligations of $1.0 billion . (2) Balance primarily consists of securities that are 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. (3) Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 14 (Derivatives) for additional information. (4) Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. 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 are provided within Table 15.3 for the periods presented. The amounts reported as transfers represent the fair value as of the beginning of the quarter in which the transfer occurred. Table 15.3: Transfers Between Fair Value Levels Transfers Between Fair Value Levels Level 1 Level 2 Level 3 (1) (in millions) In Out In Out In Out Total Quarter ended March 31, 2018 Trading debt securities $ — — — — — — — Available-for-sale debt securities — — 269 — — (269 ) — Mortgages held for sale — — 3 (15 ) 15 (3 ) — Loans held for sale — — — — — — — Equity securities — (11 ) 11 (4 ) 4 — — Net derivative assets and liabilities (2) — — (49 ) — — 49 — Short sale liabilities — — — — — — — Total transfers $ — (11 ) 234 (19 ) 19 (223 ) — Quarter ended March 31, 2017 Trading debt securities $ — — 1 (3 ) 3 (1 ) — Available-for-sale debt securities — — 72 (5 ) 5 (72 ) — Mortgages held for sale — — 1 (42 ) 42 (1 ) — Loans held for sale — — — — — — — Equity securities — — — — — — — Net derivative assets and liabilities (2) — — 3 22 (22 ) (3 ) — Short sale liabilities — — — — — — — Total transfers $ — — 77 (28 ) 28 (77 ) — (1) All transfers in and out of Level 3 are disclosed within the recurring Level 3 rollforward tables in this Note. (2) Includes transfers of net derivative assets and net derivative liabilities between levels due to changes in observable market data. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended March 31, 2018 , are presented in Table 15.4 . Table 15.4: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended ended March 31, 2018 Total net gains (losses) included in Purchases, sales, issuances and settlements, net (1) Net unrealized gains (losses) included in income related to assets and liabilities held at period end (in millions) Balance, beginning of period Net income Other compre- hensive income Transfers into Level 3 Transfers out of Level 3 Balance, end of period (2) Quarter ended March 31, 2018 Trading debt securities: Securities of U.S. states and political subdivisions $ 3 — — — — — 3 — Collateralized loan obligations 354 2 — (40 ) — — 316 16 Corporate debt securities 31 — — 3 — — 34 — Mortgage-backed securities — — — — — — — — Asset-backed securities — — — — — — — — Other trading debt securities 19 (1 ) — — — — 18 — Total trading debt securities 407 1 — (37 ) — — 371 16 (3) Available-for-sale debt securities: Securities of U.S. states and political subdivisions 925 4 (2 ) (41 ) — (269 ) 617 — Mortgage-backed securities: Residential 1 — — — — — 1 — Commercial 75 1 (1 ) (8 ) — — 67 — Total mortgage-backed securities 76 1 (1 ) (8 ) — — 68 — Corporate debt securities 407 1 3 (1 ) — — 410 — Collateralized loan and other debt obligations 1,020 5 43 (23 ) — — 1,045 — Asset-backed securities: Automobile loans and leases — — — — — — — — Other asset-backed securities 566 8 (7 ) (66 ) — — 501 — Total asset-backed securities 566 8 (7 ) (66 ) — — 501 — Total available-for-sale debt securities 2,994 19 36 (139 ) — (269 ) 2,641 — (4) Mortgages held for sale 998 (23 ) — (37 ) 15 (3 ) 950 (23 ) (5) Loans held for sale 14 2 — (16 ) — — — — Loans 376 (1 ) — (23 ) — — 352 (4 ) (5) Mortgage servicing rights (residential) (6) 13,625 847 — 569 — — 15,041 1,330 (5) Net derivative assets and liabilities: Interest rate contracts 71 (345 ) — 266 — — (8 ) (73 ) Commodity contracts 19 15 — (24 ) — — 10 — Equity contracts (511 ) 69 — 71 — 49 (322 ) 25 Foreign exchange contracts 7 (7 ) — 1 — — 1 (3 ) Credit contracts 36 8 — (3 ) — — 41 4 Other derivative contracts — — — — — — — — Total derivative contracts (378 ) (260 ) — 311 — 49 (278 ) (47 ) (7) Equity securities: Marketable — — — — — — — — Nonmarketable (8) 5,203 108 — (96 ) 4 — 5,219 101 Total equity securities 5,203 108 — (96 ) 4 — 5,219 101 (9) Short sale liabilities — — — — — — — — (3) Other liabilities (3 ) 1 — — — — (2 ) — (5) (1) See Table 15.5 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 in the income statement. (4) Included in net gains (losses) from debt securities in the income statement. (5) Included in mortgage banking and other noninterest income in the income statement. (6) For more information on the changes in mortgage servicing rights, see Note 10 (Mortgage Banking Activities). (7) Included in mortgage banking, trading activities, equity securities and other noninterest income in the income statement. (8) Beginning balance includes $382 million of auction rate securities, which changed from the cost to fair value method of accounting in connection with the adoption of ASU 2016-01 in first quarter 2018. (9) Included in net gains (losses) from equity securities in the income statement. (continued on following page) (continued from previous page) Table 15.5 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 quarter ended March 31, 2018 . Table 15.5: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended March 31, 2018 (in millions) Purchases Sales Issuances Settlements Net Quarter ended March 31, 2018 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — Collateralized loan obligations 182 (191 ) — (31 ) (40 ) Corporate debt securities 4 (1 ) — — 3 Mortgage-backed securities — — — — — Asset-backed securities — — — — — Other trading debt securities — — — — — Total trading debt securities 186 (192 ) — (31 ) (37 ) Available-for-sale debt securities: Securities of U.S. states and political subdivisions — (4 ) 10 (47 ) (41 ) Mortgage-backed securities: Residential — — — — — Commercial — — — (8 ) (8 ) Total mortgage-backed securities — — — (8 ) (8 ) Corporate debt securities — — — (1 ) (1 ) Collateralized loan and other debt obligations — — — (23 ) (23 ) Asset-backed securities: Automobile loans and leases — — — — — Other asset-backed securities — (8 ) 49 (107 ) (66 ) Total asset-backed securities — (8 ) 49 (107 ) (66 ) Total available-for-sale debt securities — (12 ) 59 (186 ) (139 ) Mortgages held for sale 27 (83 ) 58 (39 ) (37 ) Loans held for sale — (16 ) — — (16 ) Loans 1 — 4 (28 ) (23 ) Mortgage servicing rights (residential) (1) — (4 ) 573 — 569 Net derivative assets and liabilities: Interest rate contracts — — — 266 266 Commodity contracts — — — (24 ) (24 ) Equity contracts — — — 71 71 Foreign exchange contracts — — — 1 1 Credit contracts 3 (2 ) — (4 ) (3 ) Other derivative contracts — — — — — Total derivative contracts 3 (2 ) — 310 311 Equity securities: Marketable — — — — — Nonmarketable — (17 ) — (79 ) (96 ) Total equity securities — (17 ) — (79 ) (96 ) Short sale liabilities — — — — — Other liabilities — — — — — (1) For more information on the changes in mortgage servicing rights, see Note 10 (Mortgage Banking Activities). The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended March 31, 2017 , are presented in Table 15.6 . Table 15.6: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended March 31, 2017 Balance, beginning of period Total net gains (losses) included in Purchases, sales, issuances and settlements, net (1) Net unrealized gains (losses) included in income related to assets and liabilities held at period end (in millions) Net income Other compre- hensive income Transfers into Level 3 Transfers out of Level 3 Balance, end of period (2) Quarter ended March 31, 2017 Trading debt securities: Securities of U.S. states and $ 3 — — — — — 3 — Collateralized loan obligations 309 4 — 85 — — 398 — Corporate debt securities 34 — — 1 3 (1 ) 37 — Mortgage-backed securities — — — — — — — — Asset-backed securities — — — — — — — — Other trading debt securities 28 — (2 ) — — — 26 (1 ) Total trading debt securities 374 4 (2 ) 86 3 (1 ) 464 — (3) Available-for-sale debt securities: Securities of U.S. states and political subdivisions 1,140 — 2 285 5 (72 ) 1,360 — Mortgage-backed securities: Residential 1 — — — — — 1 — Commercial 91 (3 ) 4 (3 ) — — 89 (4 ) Total mortgage-backed securities 92 (3 ) 4 (3 ) — — 90 (4 ) Corporate debt securities 432 (14 ) 8 (35 ) — — 391 — Collateralized loan and other debt obligations 879 5 41 39 — — 964 — Asset-backed securities: Automobile loans and leases — — — — — — — — Other asset-backed securities 962 — 2 (119 ) — — 845 — Total asset-backed securities 962 — 2 (119 ) — — 845 — Total available-for-sale debt securities 3,505 (12 ) 57 167 5 (72 ) 3,650 (4 ) (4) Mortgages held for sale 985 (9 ) — (60 ) 42 (1 ) 957 (11 ) (5) Loans held for sale — — — — — — — — Loans 758 (6 ) — (247 ) — — 505 (5 ) (5) Mortgage servicing rights (residential) (6) 12,959 (287 ) — 536 — — 13,208 174 (5) Net derivative assets and liabilities: Interest rate contracts 121 209 — (112 ) — — 218 85 Commodity contracts 23 2 — (6 ) — — 19 7 Equity contracts (267 ) (44 ) — 37 (22 ) (3 ) (299 ) (57 ) Foreign exchange contracts 12 (9 ) — — — — 3 (5 ) Credit contracts 77 7 — 3 — — 87 (14 ) Other derivative contracts (47 ) 11 — — — — (36 ) 11 Total derivative contracts (81 ) 176 — (78 ) (22 ) (3 ) (8 ) 27 (7) Equity securities: Marketable — — — — — — — — Nonmarketable 3,259 481 — — — — 3,740 485 Total equity securities 3,259 481 — — — — 3,740 485 (8) Short sale liabilities — — — — — — — — (3) Other liabilities (4 ) — — — — — (4 ) — (5) (1) See Table 15.7 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 in the income statement. (4) Included in net gains (losses) from debt securities in the income statement. (5) Included in mortgage banking and other noninterest income in the income statement. (6) For more information on the changes in mortgage servicing rights, see Note 10 (Mortgage Banking Activities). (7) Included in mortgage banking, trading activities, equity securities and other noninterest income in the income statement. (8) Included in net gains (losses) from equity securities in the income statement. (continued on following page) (continued from previous page) Table 15.7 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 quarter ended March 31, 2017 . Table 15.7: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended March 31, 2017 (in millions) Purchases Sales Issuances Settlements Net Quarter ended March 31, 2017 Trading debt securities: Securities of U.S. states and political subdivisions $ 1 (1 ) — — — Collateralized loan obligations 199 (76 ) — (38 ) 85 Corporate debt securities 6 (5 ) — — 1 Mortgage-backed securities — — — — — Asset-backed securities — — — — — Other trading debt securities — — — — — Total trading debt securities 206 (82 ) — (38 ) 86 Available-for-sale debt securities: Securities of U.S. states and political subdivisions — — 346 (61 ) 285 Mortgage-backed securities: Residential — — — — — Commercial — — — (3 ) (3 ) Total mortgage-backed securities — — — (3 ) (3 ) Corporate debt securities 4 — — (39 ) (35 ) Collateralized loan and other debt obligations 72 — — (33 ) 39 Asset-backed securities: Automobile loans and leases — — — — — Other asset-backed securities — — 21 (140 ) (119 ) Total asset-backed securities — — 21 (140 ) (119 ) Total available-for-sale debt securities 76 — 367 (276 ) 167 Mortgages held for sale 22 (156 ) 106 (32 ) (60 ) Loans held for sale — — — — — Loans 1 (129 ) 6 (125 ) (247 ) Mortgage servicing rights (residential) (1) — (47 ) 583 — 536 Net derivative assets and liabilities: Interest rate contracts — — — (112 ) (112 ) Commodity contracts — — — (6 ) (6 ) Equity contracts — — — 37 37 Foreign exchange contracts — — — — — Credit contracts 2 (1 ) — 2 3 Other derivative contracts — — — — — Total derivative contracts 2 (1 ) — (79 ) (78 ) Equity securities: Marketable — — — — — Nonmarketable — — — — — Total equity securities — — — — — Short sale liabilities — — — — — Other liabilities — — — — — (1) For more information on the changes in mortgage servicing rights, see Note 10 (Mortgage Banking Activities). Table 15.8 and Table 15.9 provide 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. 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. For information on how changes in significant unobservable inputs affect the fair values of Level 3 assets and liabilities, see Note 17 (Fair Values of Assets and Liabilities) to Financial Statements in our 2017 Form 10-K. Table 15.8: Valuation Techniques – Recurring Basis –March 31, 2018 ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique(s) Significant Unobservable Input Range of Inputs Weighted Average (1) March 31, 2018 Trading and available-for-sale debt securities: Securities of U.S. states and political subdivisions: Government, healthcare and other revenue bonds $ 565 Discounted cash flow Discount rate 1.8 - 6.1 % 2.9 Other municipal bonds 11 Discounted cash flow Discount rate 4.8 - 4.9 4.9 44 Vendor priced Collateralized loan and other debt obligations (2) 316 Market comparable pricing Comparability adjustment (17.0 ) - 21.0 2.6 1,045 Vendor priced Asset-backed securities: Diversified payment rights (3) 253 Discounted cash flow Discount rate 2.8 - 4.4 3.6 Other commercial and consumer 221 (4) Discounted cash flow Discount rate 3.9 - 5.4 4.2 Weighted average life 1.8 - 2.1 yrs 1.9 27 Vendor priced Mortgages held for sale (residential) 930 Discounted cash flow Default rate 0.0 - 8.2 % 1.1 Discount rate 1.1 - 6.9 5.6 Loss severity 0.0 - 47.6 26.4 Prepayment rate 3.0 - 12.6 4.9 20 Market comparable pricing Comparability adjustment (56.3 ) - (6.3 ) (44.0 ) Loans 352 (5) Discounted cash flow Discount rate 3.1 - 7.0 4.2 Prepayment rate 4.4 - 100.0 91.2 Loss severity 0.0 - 33.8 7.5 Mortgage servicing rights (residential) 15,041 Discounted cash flow Cost to service per loan (6) $ 77 - 569 136 Discount rate 7.0 - 13.3 % 7.2 Prepayment rate (7) 8.2 - 20.3 9.3 Net derivative assets and (liabilities): Interest rate contracts (45 ) Discounted cash flow Default rate 0.1 - 5.0 2.1 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 12.5 10.2 Interest rate contracts: derivative loan commitments 37 Discounted cash flow Fall-out factor 1.0 - 99.0 19.3 Initial-value servicing (52.5 ) - 122.0 bps 23.6 Equity contracts 120 Discounted cash flow Conversion factor (9.6 ) - 0.0 % (8.9 ) Weighted average life 1.3 - 2.8 yrs 2.0 (442 ) Option model Correlation factor (77.0 ) - 99.0 % 27.5 Volatility factor 6.5 - 100.0 24.9 Credit contracts (3 ) Market comparable pricing Comparability adjustment (24.3 ) - 28.8 0.0 44 Option model Credit spread 0.0 - 9.2 0.6 Loss severity 13.0 - 60.0 48.5 Nonmarketable equity securities 9 Discounted cash flow Discount rate 10.0 - 10.0 10.0 Volatility Factor 0.7 - 2.5 1.9 4,917 Market comparable pricing Comparability adjustment (20.2 ) - (4.8 ) (17.2 ) 293 Vendor priced Insignificant Level 3 assets, net of liabilities 539 (8) Total level 3 assets, net of liabilities $ 24,294 (9) (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 $1.0 billion of collateralized debt obligations. (3) Securities backed by specified sources of current and future receivables generated from foreign originators. (4) A significant portion of the balance consists of investments in asset-backed securities that are revolving in nature, for which the timing of advances and repayments of principal are uncertain. (5) Consists of reverse mortgage loans. (6) The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $77 - $246 . (7) 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. (8) 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 trading positions, other liabilities and certain net derivative assets and liabilities, such as commodity contracts, foreign exchange contracts, and other derivative contracts. (9) Consists of total Level 3 assets of $26.3 billion and total Level 3 liabilities of $2.0 billion , before netting of derivative balances. Table 15.9: Valuation Techniques – Recurring Basis –December 31, 2017 ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique(s) Significant Unobservable Input Range of Inputs Weighted Average (1) December 31, 2017 Trading and available-for-sale debt securities: Securities of U.S. states and political subdivisions: Government, healthcare and other revenue bonds $ 868 Discounted cash flow Discount rate 1.7 - 5.8 % 2.7 Other municipal bonds 11 Discounted cash flow Discount rate 4.7 - 4.9 4.8 49 Vendor priced Collateralized loan and other debt obligations (2) 354 Market comparable pricing Comparability adjustment (22.0 ) - 19.5 3.0 1,020 Vendor priced Asset-backed securities: Diversified payment rights (3) 292 Discounted cash flow Discount rate 2.4 - 3.9 3.1 Other commercial and consumer 248 (4) Discounted cash flow Discount rate 3.7 - 5.2 3.9 Weighted average life 2.0 - 2.3 yrs 2.1 26 Vendor priced Mortgages held for sale (residential) 974 Discounted cash flow Default rate 0.0 - 7.1 % 1.3 Discount rate 2.6 - 7.3 5.6 Loss severity 0.1 - 41.4 19.6 Prepayment rate 6.5 - 15.9 9.1 24 Market comparable pricing Comparability adjustment (56.3 ) - (6.3 ) (42.7 ) Loans 376 (5) Discounted cash flow Discount rate 3.1 - 7.5 4.2 Prepayment rate 8.7 - 100.0 91.9 Loss severity 0.0 - 33.9 6.6 Mortgage servicing rights (residential) 13,625 Discounted cash flow Cost to service per loan (6) $ 78 - 587 143 Discount rate 6.6 - 12.9 % 6.9 Prepayment rate (7) 9.7 - 20.5 10.5 Net derivative assets and (liabilities): Interest rate contracts 54 Discounted c |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2018 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 16: 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. Table 16.1: Preferred Stock Shares March 31, 2018 December 31, 2017 Liquidation preference per share Shares authorized and designated Liquidation preference per share Shares authorized and designated DEP Shares Dividend Equalization Preferred Shares (DEP) $ 10 97,000 $ 10 97,000 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 5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,000 25,000 80,000 Series T 6.00% Non-Cumulative Perpetual Class A Preferred Stock 25,000 32,200 25,000 32,200 Series U 5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,000 25,000 80,000 Series V 6.00% Non-Cumulative Perpetual Class A Preferred Stock 25,000 40,000 25,000 40,000 Series W 5.70% Non-Cumulative Perpetual Class A Preferred Stock 25,000 40,000 25,000 40,000 Series X 5.50% Non-Cumulative Perpetual Class A Preferred Stock 25,000 46,000 25,000 46,000 Series Y 5.625% Non-Cumulative Perpetual Class A Preferred Stock 25,000 27,600 25,000 27,600 ESOP Cumulative Convertible Preferred Stock (1) — 2,425,104 — 1,556,104 Total 12,905,414 12,036,414 (1) See the ESOP Cumulative Convertible Preferred Stock section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock. Table 16.2: Preferred Stock – Shares Issued and Carrying Value March 31, 2018 December 31, 2017 (in millions, except shares) Shares issued and outstanding Liquidation preference value Carrying value Discount Shares issued and outstanding Liquidation preference value Carrying value Discount 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) 5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 80,000 2,000 2,000 — 80,000 2,000 2,000 — Series T (1) 6.00% Non-Cumulative Perpetual Class A Preferred Stock 32,000 800 800 — 32,000 800 800 — Series U (1) 5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 80,000 2,000 2,000 — 80,000 2,000 2,000 — Series V (1) 6.00% Non-Cumulative Perpetual Class A Preferred Stock 40,000 1,000 1,000 — 40,000 1,000 1,000 — Series W (1) 5.70% Non-Cumulative Perpetual Class A Preferred Stock 40,000 1,000 1,000 — 40,000 1,000 1,000 — Series X (1) 5.50% Non-Cumulative Perpetual Class A Preferred Stock 46,000 1,150 1,150 — 46,000 1,150 1,150 — Series Y (1) 5.625% Non-Cumulative Perpetual Class A Preferred Stock 27,600 690 690 — 27,600 690 690 — ESOP Cumulative Convertible Preferred Stock 2,425,104 2,425 2,425 — 1,556,104 1,556 1,556 — Total 12,546,235 $ 27,626 26,227 1,399 11,677,235 $ 26,757 25,358 1,399 (1) Preferred shares qualify as Tier 1 capital. See Note 9 (Securitizations and Variable Interest Entities) for additional information on our trust preferred securities. 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. Table 16.3: ESOP Preferred Stock Shares issued and outstanding Carrying value Adjustable dividend rate (in millions, except shares) Mar 31, Dec 31, Mar 31, Dec 31, Minimum Maximum ESOP Preferred Stock $1,000 liquidation preference per share 2018 1,100,000 — $ 1,100 — 7.00 % 8.00 2017 249,210 273,210 249 273 7.00 8.00 2016 268,826 322,826 269 323 9.30 10.30 2015 167,436 187,436 167 187 8.90 9.90 2014 212,151 237,151 212 237 8.70 9.70 2013 169,948 201,948 170 202 8.50 9.50 2012 105,634 128,634 106 129 10.00 11.00 2011 99,296 129,296 99 129 9.00 10.00 2010 52,603 75,603 53 76 9.50 10.50 Total ESOP Preferred Stock (1) 2,425,104 1,556,104 $ 2,425 1,556 Unearned ESOP shares (2) $ (2,571 ) (1,678 ) (1) At March 31, 2018 and December 31, 2017 , additional paid-in capital included $146 million and $122 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. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Our revenue includes net interest income on financial instruments and noninterest income. Table 17.1 presents our revenue by operating segment. The other segment for each of the tables below includes the elimination of certain items that are included in more than one business segment, most of which represents products and services for WIM customers served through Community Banking distribution channels. For additional description of our operating segments, including additional financial information and the underlying management accounting process, see Note 21 (Operating Segments) to Financial Statements in this Report. Table 17.1 : Revenue by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Net interest income (1) $ 7,195 7,132 4,532 4,681 1,112 1,141 (601 ) (630 ) 12,238 12,324 Noninterest income: Service charges on deposit accounts 639 742 534 570 4 5 (4 ) (4 ) 1,173 1,313 Trust and investment fees: Brokerage advisory, commissions and other fees 478 444 67 84 2,344 2,245 (486 ) (449 ) 2,403 2,324 Trust and investment management 233 218 113 129 743 707 (239 ) (225 ) 850 829 Investment banking (10 ) (27 ) 440 445 — (1 ) — — 430 417 Total trust and investment fees 701 635 620 658 3,087 2,951 (725 ) (674 ) 3,683 3,570 Card fees 821 865 87 80 1 1 (1 ) (1 ) 908 945 Other fees: Charges and fees on loans (1) 74 84 227 223 1 1 (1 ) (1 ) 301 307 Cash network fees 125 123 1 3 — — — — 126 126 Commercial real estate brokerage commissions — — 85 81 — — — — 85 81 Letters of credit fees (1) 2 1 77 73 1 1 (1 ) (1 ) 79 74 Wire transfer and other remittance fees 63 57 52 49 2 2 (1 ) (1 ) 116 107 All other fees 63 130 30 39 — 1 — — 93 170 Total other fees 327 395 472 468 4 5 (3 ) (3 ) 800 865 Mortgage banking (1) 842 1,106 93 123 (3 ) (2 ) 2 1 934 1,228 Insurance (1) 28 34 79 234 18 20 (11 ) (11 ) 114 277 Net gains (losses) from trading activities (1) (1 ) (52 ) 225 290 19 34 — — 243 272 Net gains (losses) on debt securities (1) — 102 1 (66 ) — — — — 1 36 Net gains from equity securities (1) 684 468 93 36 6 66 — — 783 570 Lease income (1) — — 455 481 — — — — 455 481 Other income of the segment (1) 594 396 88 22 (6 ) 36 (74 ) (80 ) 602 374 Total noninterest income 4,635 4,691 2,747 2,896 3,130 3,116 (816 ) (772 ) 9,696 9,931 Revenue $ 11,830 11,823 7,279 7,577 4,242 4,257 (1,417 ) (1,402 ) 21,934 22,255 (1) These revenues are not within the scope of ASU 2014-09 – Revenue from Contracts with Customers , and additional details are included in other footnotes to our financial statements. The scope explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, securities, and derivatives. Following is a discussion of key revenues within the scope of ASU 2014-09 – Revenue from Contracts with Customers (“the new revenue guidance”). We provide services to customers which have related performance obligations that we complete to recognize revenue. Our revenues are generally recognized either immediately upon the completion of our service or over time as we perform services. Any services performed over time generally require that we render services each period and therefore we measure our progress in completing these services based upon the passage of time. SERVICE CHARGES ON DEPOSIT ACCOUNTS are earned on depository accounts for commercial and consumer customers and include fees for account and overdraft services. Account charges include fees for periodic account maintenance activities and event-driven services such as stop payment fees. Our obligation for event-driven services is satisfied at the time of the event when the service is delivered, while our obligation for maintenance services is satisfied over the course of each month. Our obligation for overdraft services is satisfied at the time of the overdraft. Table 17.2 presents our service charges on deposit accounts by operating segment. Table 17.2 : Service Charges on Deposit Accounts by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Overdraft fees $ 412 484 2 2 — — — — 414 486 Account charges 227 258 532 568 4 5 (4 ) (4 ) 759 827 Service charges on deposit accounts $ 639 742 534 570 4 5 (4 ) (4 ) 1,173 1,313 BROKERAGE ADVISORY, COMMISSIONS AND OTHER FEES are earned for providing full-service and discount brokerage services predominantly to retail brokerage clients. These revenues include fees earned on asset-based and transactional accounts and other brokerage advisory services. Asset-based revenues are charged based on the market value of the client’s assets. The services and related obligations associated with certain of these revenues, which include investment advice, active management of client assets, or assistance with selecting and engaging a third-party advisory manager, are generally satisfied over a month or quarter. The remaining revenues include trailing commissions which are earned for selling shares to investors. Our obligation associated with earning trailing commissions is satisfied at the time shares are sold. However, these fees are received and recognized over time during the period the customer owns the shares and we remain the broker of record. The amount of trailing commissions is variable based on the length of time the customer holds the shares and on changes in the value of the underlying assets. Transactional revenues are earned for executing transactions at the client’s direction. Our obligation is generally satisfied upon the execution of the transaction and the fees are based on the size and number of transactions executed. Other revenues earned from other brokerage advisory services include omnibus and networking fees received from mutual fund companies in return for providing record keeping and other administrative services, and annual account maintenance fees charged to customers. Table 17.3 presents our brokerage advisory, commissions and other fees by operating segment. Table 17.3 : Brokerage Advisory, Commissions and Other Fees by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Asset-based revenue (1) $ 371 326 — — 1,743 1,599 (371 ) (326 ) 1,743 1,599 Transactional revenue 93 100 12 10 439 479 (100 ) (105 ) 444 484 Other revenue 14 18 55 74 162 167 (15 ) (18 ) 216 241 Brokerage advisory, commissions and other fees $ 478 444 67 84 2,344 2,245 (486 ) (449 ) 2,403 2,324 (1) We earned $331 million in trailing commissions in the first quarter of both 2018 and 2017, respectively. TRUST AND INVESTMENT MANAGEMENT FEES are earned for providing trust, investment management and other related services. Investment management services include managing and administering assets, including mutual funds, and institutional separate accounts. Fees for these services are generally determined based on a tiered scale relative to the market value of assets under management (AUM). In addition to AUM we have client assets under administration (AUA) that earn various administrative fees which are generally based on the extent of the services provided to administer the account. Services with AUM and AUA-based fees are generally performed over time. Trust services include acting as a trustee or agent for corporate trust, personal trust, and agency assets. Obligations for trust services are generally satisfied over time, while obligations for activities that are transactional in nature are satisfied at the time of the transaction. Other related services include the custody and safekeeping of accounts. Our obligation for these services is generally satisfied over time. Table 17.4 presents our trust and investment management fees by operating segment. Table 17.4 : Trust and Investment Management Fees by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Investment management fees $ — 1 — — 534 500 — — 534 501 Trust fees 221 217 86 104 188 184 (239 ) (225 ) 256 280 Other revenue 12 — 27 25 21 23 — — 60 48 Trust and investment management fees $ 233 218 113 129 743 707 (239 ) (225 ) 850 829 INVESTMENT BANKING FEES are earned for underwriting debt and equity securities, arranging loan syndications and performing other advisory services. Our obligation for these services is generally satisfied at closing of the transaction. CARD FEES include credit and debit card interchange and network revenues and various card-related fees. Card-related fees such as late fees, cash advance fees, and balance transfer fees are loan-related and excluded from the scope of the new revenue guidance. Credit and debit card interchange and network revenues are earned on credit and debit card transactions conducted through payment networks such as Visa, MasterCard, and American Express. Our obligation is satisfied concurrently with the delivery of services on a daily basis . Table 17.5 presents our card fees by operating segment. Table 17.5 : Card Fees by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Credit card interchange and network revenues (1) $ 171 219 87 80 1 1 (1 ) (1 ) 258 299 Debit card interchange and network revenues 479 465 — — — — — — 479 465 Late fees, cash advance fees, balance transfer fees, and annual fees 171 181 — — — — — — 171 181 Card fees (1) $ 821 865 87 80 1 1 (1 ) (1 ) 908 945 (1) The cost of credit card rewards and rebates of $343 million and $277 million for the quarters ended March 31, 2018 and March 31, 2017, respectively, are presented net against the related revenues. CASH NETWORK FEES are earned for processing ATM transactions. Our obligation is completed daily upon settlement of ATM transactions. COMMERCIAL REAL ESTATE BROKERAGE COMMISSIONS are earned for assisting customers in the sale of real estate property. Our obligation is satisfied upon the successful brokering of a transaction. Fees are based on a fixed percentage of the sales price. WIRE TRANSFER AND OTHER REMITTANCE FEES consist of fees earned for funds transfer services and issuing cashier’s checks and money orders. Our obligation is satisfied at the time of the funds transfer services or upon issuance of the cashier’s check or money order. ALL OTHER FEES include various types of fees earned on services to customers which have related performance obligations that we complete to recognize revenue. A significant portion of the revenue is earned from providing business payroll services and merchant services, which are generally recognized over time as we perform the services. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Plan [Abstract] | |
Employee Benefits | Note 18: Employee Benefits We sponsor a frozen noncontributory qualified defined benefit retirement plan, 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. Table 18.1 presents the components of net periodic benefit cost. Table 18.1: Net Periodic Benefit Cost 2018 2017 Pension benefits Pension benefits (in millions) Qualified Non-qualified Other benefits Qualified Non-qualified Other benefits Quarter ended March 31, Service cost $ 1 — — 1 — — Interest cost (1) 98 5 5 103 6 7 Expected return on plan assets (1) (160 ) — (7 ) (163 ) — (7 ) Amortization of net actuarial loss (gain) (1) 33 3 (4 ) 38 2 (2 ) Amortization of prior service credit (1) — — (3 ) — — (3 ) Settlement loss (1) — 3 — 1 2 — Net periodic benefit cost (income) $ (28 ) 11 (9 ) (20 ) 10 (5 ) (1) Effective January 1, 2018, we adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . Accordingly, 2018 balances are reported in other noninterest expense on the consolidated statement of income. For 2017, these balances were reported in employee benefits. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 19: Earnings Per Common Share Table 19.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations. Table 19.1: Earnings Per Common Share Calculations Quarter ended March 31, (in millions, except per share amounts) 2018 2017 Wells Fargo net income (1) $ 5,136 5,634 Less: Preferred stock dividends and other 403 401 Wells Fargo net income applicable to common stock (numerator) (1) $ 4,733 5,233 Earnings per common share Average common shares outstanding (denominator) 4,885.7 5,008.6 Per share (1) $ 0.97 1.05 Diluted earnings per common share Average common shares outstanding 4,885.7 5,008.6 Add: Stock options 9.9 21.2 Restricted share rights 28.3 28.0 Warrants 6.8 12.6 Diluted average common shares outstanding (denominator) 4,930.7 5,070.4 Per share (1) $ 0.96 1.03 (1) Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. Table 19.2 presents the outstanding options 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. Table 19.2: Outstanding Anti-Dilutive Options Weighted-average shares Quarter ended March 31, (in millions) 2018 2017 Options 0.9 2.2 |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
Cumulative Other Comprehensive Income Balances [Abstract] | |
Other Comprehensive Income | Note 20: Other Comprehensive Income Table 20.1 provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects. Table 20.1: Summary of Other Comprehensive Income Quarter ended March 31, 2018 2017 (in millions) Before tax Tax effect Net of tax Before tax Tax effect Net of tax Debt securities (1): Net unrealized gains (losses) arising during the period $ (3,443 ) 848 (2,595 ) 369 (133 ) 236 Reclassification of net (gains) losses to net income: Interest income on debt securities (2) 69 (17 ) 52 7 (3 ) 4 Net gains on debt securities (1 ) — (1 ) (36 ) 13 (23 ) Net gains from equity securities (3) — — — (116 ) 44 (72 ) Subtotal reclassifications to net income 68 (17 ) 51 (145 ) 54 (91 ) Net change (3,375 ) 831 (2,544 ) 224 (79 ) 145 Derivatives and hedging activities: Fair Value Hedges: Change in fair value of excluded components on fair value hedges (4) 24 (6 ) 18 (226 ) 85 (141 ) Cash Flow Hedges: Net unrealized losses arising during the period on cash flow hedges (266 ) 66 (200 ) (136 ) 51 (85 ) Reclassification of net (gains) losses to net income on cash flow hedges: Interest income on loans 60 (15 ) 45 (205 ) 77 (128 ) Interest expense on long-term debt — — — 3 (1 ) 2 Subtotal reclassifications to net income 60 (15 ) 45 (202 ) 76 (126 ) Net change (182 ) 45 (137 ) (564 ) 212 (352 ) Defined benefit plans adjustments: Net actuarial and prior service gains (losses) arising during the period 6 (2 ) 4 (7 ) 3 (4 ) Reclassification of amounts to net periodic benefit costs (5): Amortization of net actuarial loss 32 (8 ) 24 38 (14 ) 24 Settlements and other — 1 1 — — — Subtotal reclassifications to net periodic benefit costs 32 (7 ) 25 38 (14 ) 24 Net change 38 (9 ) 29 31 (11 ) 20 Foreign currency translation adjustments: Net unrealized gains (losses) arising during the period (2 ) (5 ) (7 ) 16 1 17 Net change (2 ) (5 ) (7 ) 16 1 17 Other comprehensive loss $ (3,521 ) 862 (2,659 ) (293 ) 123 (170 ) Less: Other comprehensive income from noncontrolling interests, net of tax — 14 Wells Fargo other comprehensive loss, net of tax $ (2,659 ) (184 ) (1) After adoption of ASU 2016-01 on January 1, 2018, these lines reflect only net unrealized gains and reclassification of net gains from debt securities. The quarter ended March 31, 2017, includes net unrealized gains arising during the period from equity securities of $61 million and reclassification of gains to net income related to equity securities of $(116) million. (2) Represents net unrealized gains and losses amortized over the remaining lives of securities that were transferred from the available-for-sale portfolio to the held-to-maturity portfolio. (3) Net gains from equity securities is presented for table presentation purposes. After adoption of ASU 2016-01 on January 1, 2018, this line does not contain balances as realized and unrealized gains and losses on marketable equity securities are recorded in earnings. (4) Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of effectiveness recorded in other comprehensive income. (5) These items are included in the computation of net periodic benefit cost, which is recorded in employee benefits expense (see Note 18 (Employee Benefits) for additional details). Table 20.2: Cumulative OCI Balances (in millions) Debt securities (1) Derivatives and hedging activities Defined benefit plans adjustments Foreign currency translation adjustments Cumulative other compre- hensive income Quarter ended March 31, 2018 Balance, beginning of period $ 171 (418 ) (1,808 ) (89 ) (2,144 ) Transition adjustment (2) (118 ) — — — (118 ) Balance, January 1, 2018 53 (418 ) (1,808 ) (89 ) (2,262 ) Net unrealized gains (losses) arising during the period (2,595 ) (182 ) 4 (7 ) (2,780 ) Amounts reclassified from accumulated other comprehensive income 51 45 25 — 121 Net change (2,544 ) (137 ) 29 (7 ) (2,659 ) Less: Other comprehensive income from noncontrolling interests — — — — — Balance, end of period $ (2,491 ) (555 ) (1,779 ) (96 ) (4,921 ) Quarter ended March 31, 2017 Balance, beginning of period $ (1,099 ) 89 (1,943 ) (184 ) (3,137 ) Transition adjustment (3) — 168 — — 168 Balance, January 1, 2017 (1,099 ) 257 (1,943 ) (184 ) (2,969 ) Net unrealized gains (losses) arising during the period 236 (226 ) (4 ) 17 23 Amounts reclassified from accumulated other comprehensive income (91 ) (126 ) 24 — (193 ) Net change 145 (352 ) 20 17 (170 ) Less: Other comprehensive income from noncontrolling interests 13 — — 1 14 Balance, end of period $ (967 ) (95 ) (1,923 ) (168 ) (3,153 ) (1) After adoption of ASU 2016-01 on January 1, 2018, the balances only reflect net unrealized gains and reclassification of net gains from debt securities. The quarter ended March 31, 2017, includes net unrealized gains arising during the period from equity securities of $61 million and reclassification of gains to net income related to equity securities of $(116) million . (2) The transition adjustment relates to the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . See Note 1 (Summary of Significant Accounting Policies) for more information. (3) The transition adjustment relates to the adoption of ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . See Note 1 (Summary of Significant Accounting Policies) for more information. |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 21: Operating Segments We have three reportable operating segments: Community Banking; Wholesale Banking; and Wealth and Investment Management (WIM). We define our operating segments by product type and customer segment and their results 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. If the management structure and/or the allocation process changes, allocations, transfers and assignments may change. Effective first quarter 2018, assets and liabilities receive a funding charge or credit that considers interest rate risk, liquidity risk, and other product characteristics on a more granular level. This methodology change affects results across all three of our reportable operating segments and prior period operating segment results have been revised to reflect this methodology change. Our previously reported consolidated financial results were not impacted by the methodology change; however, in connection with the adoption of ASU 2016-01 in first quarter 2018, certain reclassifications have occurred within noninterest income. For a description of our operating segments see Note 25 (Operating Segments) to Financial Statements in our 2017 Form 10-K. Table 21.1 presents our results by operating segment. Table 21.1: Operating Segments Community Banking Wholesale Banking Wealth and Investment Management Other (1) Consolidated Company (income/expense in millions, average balances in billions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Quarter ended March 31, Net interest income (2) $ 7,195 7,132 4,532 4,681 1,112 1,141 (601 ) (630 ) 12,238 12,324 Provision (reversal of provision) for credit losses 218 646 (20 ) (43 ) (6 ) (4 ) (1 ) 6 191 605 Noninterest income 4,635 4,691 2,747 2,896 3,130 3,116 (816 ) (772 ) 9,696 9,931 Noninterest expense 8,702 7,281 3,978 4,167 3,290 3,204 (928 ) (860 ) 15,042 13,792 Income (loss) before income tax expense (benefit) 2,910 3,896 3,321 3,453 958 1,057 (488 ) (548 ) 6,701 7,858 Income tax expense (benefit) 809 982 448 973 239 386 (122 ) (208 ) 1,374 2,133 Net income (loss) before noncontrolling interests 2,101 2,914 2,873 2,480 719 671 (366 ) (340 ) 5,327 5,725 Less: Net income (loss) from noncontrolling interests 188 90 (2 ) (5 ) 5 6 — — 191 91 Net income (loss) (3) $ 1,913 2,824 2,875 2,485 714 665 (366 ) (340 ) 5,136 5,634 Average loans $ 470.5 480.7 465.1 468.3 73.9 70.7 (58.5 ) (56.1 ) 951.0 963.6 Average assets 1,061.9 1,095.8 829.2 810.5 84.2 81.8 (59.4 ) (57.1 ) 1,915.9 1,931.0 Average deposits 747.5 717.8 446.0 465.3 177.9 197.5 (74.2 ) (81.4 ) 1,297.2 1,299.2 (1) Includes the elimination of certain items that are included in more than one business segment, most of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels. (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 as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments. (3) Represents segment net income (loss) for Community Banking; Wholesale Banking; and Wealth and Investment Management segments and Wells Fargo net income for the consolidated company. |
Regulatory and Agency Capital R
Regulatory and Agency Capital Requirements | 3 Months Ended |
Mar. 31, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory and Agency Capital Requirements | Note 22: 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 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). Table 22.1 presents regulatory capital information for Wells Fargo & Company and the Bank using Basel III, which increased minimum required capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. We must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. The Standardized Approach applies assigned risk weights to broad risk categories, while the calculation of risk-weighted assets (RWAs) under the Advanced Approach differs by requiring applicable banks to utilize a risk-sensitive methodology, which relies upon the use of internal credit models, and includes an operational risk component. The Basel III capital rules are being phased-in effective January 1, 2014, through the end of 2021. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs, were fully phased-in. Accordingly, the information presented reflects fully phased-in CET1 capital, tier 1 capital, and RWAs, but reflects total capital with Transition Requirements . 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 March 31, 2018 , 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. Table 22.1: Regulatory Capital Information Wells Fargo & Company Wells Fargo Bank, N.A. March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (in millions, except ratios) Advanced Approach Standardized Approach Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Regulatory capital: Common equity tier 1 $ 152,304 152,304 154,765 154,765 141,049 141,049 143,292 143,292 Tier 1 175,810 175,810 178,209 178,209 141,049 141,049 143,292 143,292 Total 207,531 216,237 210,333 220,097 154,939 163,259 156,661 165,734 Assets: Risk-weighted $ 1,203,464 1,278,113 1,199,545 1,260,663 1,094,474 1,185,860 1,090,360 1,169,863 Adjusted average (1) 1,886,209 1,886,209 1,905,568 1,905,568 1,689,250 1,689,250 1,708,828 1,708,828 Regulatory capital ratios: Common equity tier 1 capital 12.66 % 11.92 * 12.90 12.28 * 12.89 11.89 * 13.14 12.25 * Tier 1 capital 14.61 13.76 * 14.86 14.14 * 12.89 11.89 * 13.14 12.25 * Total capital 17.24 16.92 * 17.53 17.46 * 14.16 13.77 * 14.37 14.17 * Tier 1 leverage (1) 9.32 9.32 9.35 9.35 8.35 8.35 8.39 8.39 *Denotes the lowest capital ratio as determined under the Advanced and Standardized Approaches. (1) The leverage ratio consists of Tier 1 capital divided by quarterly average total assets, excluding goodwill and certain other items. Table 22.2 presents the minimum required regulatory capital ratios under Transition Requirements to which the Company and the Bank were subject as of March 31, 2018 and December 31, 2017 . Table 22.2: Minimum Required Regulatory Capital Ratios – Transition Requirements (1) Wells Fargo & Company Wells Fargo Bank, N.A. March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Regulatory capital ratios: Common equity tier 1 capital 7.875 % 6.750 6.375 5.750 Tier 1 capital 9.375 8.250 7.875 7.250 Total capital 11.375 10.250 9.875 9.250 Tier 1 leverage 4.000 4.000 4.000 4.000 (1) At March 31, 2018 , under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements for Wells Fargo & Company include a capital conservation buffer of 1.875% and a global systemically important bank (G-SIB) surcharge of 1.500% . Only the 1.875% capital conservation buffer applies to the Bank at March 31, 2018 . |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
Nature of Operations | Wells Fargo & Company is a diversified financial services company. We provide banking, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance through banking locations, 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. For discussion of our significant accounting policies, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2017 ( 2017 Form 10-K). 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, 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 (Note 6 (Loans and Allowance for Credit Losses)); • valuations of residential mortgage servicing rights (MSRs) (Note 9 (Securitizations and Variable Interest Entities) and Note 10 (Mortgage Banking Activities)) and financial instruments (Note 15 (Fair Values of Assets and Liabilities)); • liabilities for contingent litigation losses (Note 13 (Legal Actions)); and • income taxes. Actual results could differ from those estimates. |
Comparability of Prior Year Financial Data | These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2017 Form 10-K. |
Accounting Standards Adopted in 2018 | Accounting Standards Adopted in 2018 In first quarter 2018 , we adopted the following new accounting guidance: • Accounting Standards Update (ASU or Update) 2017-09 – Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting; • ASU 2017-07 – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost; • ASU 2017-05 – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets; • ASU 2017-01 – Business Combinations (Topic 805): Clarifying the Definition of a Business; • ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash; • ASU 2016-16 – Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory; • ASU 2016-15 – Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments; • ASU 2016-04 – Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products; • ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities; and • ASU 2014-09 – Revenue from Contracts With Customers (Topic 606) and subsequent related Updates. |
Private Share Repurchases | Private Share Repurchases From time to time we enter into private forward repurchase 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 submitted annually under the Comprehensive Capital Analysis and Review (CCAR) and to provide an economic benefit to the Company. Our payments to the counterparties for these 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 capital plans, which contemplate 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. Our total number of outstanding shares of common stock is not reduced until settlement of the private share repurchase contract. We had no unsettled private share repurchase contracts at both March 31, 2018 and March 31, 2017 . |
Subsequent Events | Subsequent Events We have evaluated the effects of events that have occurred subsequent to March 31, 2018 , and there have been no material events that would require recognition in our first quarter 2018 consolidated financial statements or disclosure in the Notes to the consolidated financial statements, except that on April 20, 2018, we reached an agreement with the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) to pay a total of $1 billion in civil money penalties to resolve matters regarding our compliance risk management program and our past practices involving certain automobile collateral protection insurance policies and certain mortgage interest rate lock extensions (the “CFPB/OCC matter”). This agreement was considered to be a recognizable subsequent event under GAAP and required adjustment to our first quarter 2018 consolidated financial statements. Accordingly, we provided for an additional legal accrual that increased operating losses within noninterest expense by $800 million and, as a result, reduced net income for the quarter ended March 31, 2018, by $800 million , or $0.16 per diluted common share. See Note 13 (Legal Actions) for additional information. |
Accounting Standards Update 2017-09 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2017-09 clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the ASU, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The Update is applied to awards modified on or after the adoption date and accordingly, did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2017-07 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2017-07 requires that the service cost component of net benefit cost be reported in the same line item as other compensation costs arising from services rendered by employees during the period, and the other pension cost components (interest cost, expected return on plan assets and amortization of actuarial gains and losses) be presented in the income statement separate from the service cost component. The income statement line item used to present the other pension cost components must be disclosed. We adopted this change in first quarter 2018. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2017-05 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2017-05 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The ASU applies to nonfinancial assets, including real estate (e.g., buildings, land, windmills, solar farms), ships and intellectual property. We adopted this change in first quarter 2018. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2017-01 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2017-01 requires that when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The Update is applied prospectively and accordingly, did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2016-18 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2016-18 requires that restricted cash and cash equivalents are included with the total cash and cash equivalents in the consolidated statement of cash flows. In addition, the nature of any restrictions will be disclosed in the footnotes to the financial statements. We adopted this change in first quarter 2018. Our retrospective adoption includes changes to our presentation of cash and cash equivalents in our consolidated statement of cash flows to include both cash and due from banks as well as interest-earning deposits with banks. In addition, we had corresponding changes on our consolidated balance sheets. |
Accounting Standards Update 2016-16 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2016-16 requires us to recognize the income tax effects of intercompany sales and transfers of assets other than inventory in the period in which the transfer occurs. We adopted this change in first quarter 2018. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2016-15 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice for reporting in the statement of cash flows. We adopted this change in first quarter 2018. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2016-04 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2016-04 modifies the accounting for certain prepaid card products to require the recognition of breakage. Breakage represents the estimated amount that will not be redeemed by the cardholder for goods or services. We adopted this change in first quarter 2018. Upon adoption, we recorded a cumulative-effect adjustment that increased retained earnings, given estimated breakage, by $20 million . |
Accounting Standards Update 2016-01 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2016-01 changes the accounting for certain equity securities to record at fair value with unrealized gains or losses reflected in earnings, as well as improve the disclosures of equity securities and the fair value of financial instruments. The Update also requires that for purposes of disclosing the fair value of financial instruments recorded at amortized cost, including loans and long-term debt, the valuation methodology is based on an exit price notion. We adopted the Update in first quarter 2018 and recorded a cumulative-effect adjustment as of January 1, 2018, that increased retained earnings by $106 million as a result of a transition adjustment to reclassify $118 million in net unrealized gains from other comprehensive income to retained earnings, partially offset by a transition adjustment to decrease retained earnings by $12 million primarily to adjust the carrying value of our auction rate securities from cost to fair value. No transition adjustment was recorded for investments changed to the measurement alternative (described below), which was applied prospectively. As a result of adopting this ASU, our investments in marketable equity securities, including those previously classified as available-for-sale, are accounted for at fair value with unrealized gains or losses reflected in earnings. Additionally, our share of unrealized gains or losses related to marketable equity securities held by our equity method investees are reflected in earnings. Prior to adoption, such unrealized gains and losses were reflected in other comprehensive income. Our investments in nonmarketable equity securities previously accounted for under the cost method of accounting, except for federal bank stock, are now accounted for either at fair value with unrealized gains and losses reflected in earnings or using the measurement alternative. The measurement alternative is similar to the cost method of accounting, except the carrying value is adjusted through earnings for impairment, if any, and changes in observable and orderly transactions in the same or similar investment. We account for substantially all of our private equity securities, previously using the cost method of accounting, now under the measurement alternative. Our auction rate securities portfolio is now accounted for at fair value with unrealized gains or losses reflected in earnings. In connection with our adoption of this Update, we have modified our balance sheet and income statement presentation to report marketable and nonmarketable equity securities and their results separately from debt securities by now reporting all equity securities in a new line labeled “Equity securities” in both the balance sheet and income statement. Additionally we now report loans held for trading purposes in loans held for sale and have reclassified net gains and losses on marketable equity securities used as economic hedges of deferred compensation obligations from “Net gains for trading activities” to “Net gains from equity securities”. All prior periods have been revised to conform to these changes in reporting. Table 1.1 provides a summary of our reporting changes implemented in connection with our adoption of ASU 2016-01. Table 1.1: Summary of Reporting Changes Financial instrument or transaction type As previously reported Revised reporting Balance Sheet Marketable equity securities Trading assets and available for sale investment securities Equity securities (new caption) Nonmarketable equity securities Other assets Equity securities (new caption) Loans held for trading Trading assets Loans held for sale Debt securities held for trading Trading assets Debt securities (formerly “Investment securities”) Income Statement Interest income: Marketable equity securities Trading assets and investment securities Equity securities (new caption) Nonmarketable equity securities Other Equity securities (new caption) Loans held for trading Trading assets Loans held for sale Debt securities held for trading Trading assets Debt securities (formerly “Investment securities”) Noninterest income: Deferred compensation gains (1) Net gains from trading activities Net gains from equity securities (1) Reclassification of net gains and losses on marketable equity securities economically hedging our deferred compensation obligations. Table 1.2 summarizes financial assets and liabilities by form and measurement accounting model. Table 1.2: Accounting Model for Financial Assets and Liabilities Balance sheet caption Measurement model(s) Financial statement Note reference Cash and due from banks Cost N/A Interest-earning deposits with banks Cost N/A Federal funds sold and securities purchased under resale agreements Amortized cost N/A Debt securities: Trading FV-NI (1) Note 4: Trading Activities Available-for-sale FV-OCI (2) Note 5: Debt Securities Held-to-maturity Amortized cost Note 5: Debt Securities Mortgages held for sale FV-NI (1) LOCOM (3) Note 15: Fair Values of Assets and Liabilities Loans held for sale FV-NI (1) Note 15: Fair Values of Assets and Liabilities Loans Amortized cost FV-NI (1) Note 6: Loans and Allowance for Credit Losses Derivative assets and liabilities FV-NI (1) FV-OCI (2) Note 4: Trading Activities Equity securities: Marketable FV-NI (1) Note 4: Trading Activities Note 15: Fair Values of Assets and Liabilities Nonmarketable FV-NI (1) Cost method Equity method MA (4) Note 4: Trading Activities Other assets Amortized cost (5) Note 8: Other Assets Deposits Amortized cost N/A Short-term borrowings Amortized cost N/A Long-term debt Amortized cost N/A (1) FV-NI represents the fair value through net income accounting model. (2) FV-OCI represents the fair value through other comprehensive income accounting model. (3) LOCOM represents the lower of cost or market accounting model. (4) MA represents the measurement alternative accounting model. (5) Other assets are generally carried at amortized cost, except for bank-owned life insurance which is carried at cash surrender value. |
Accounting Standards Update 2014-09 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2018 | ASU 2014-09 modifies the guidance used to recognize revenue from contracts with customers for transfers of goods or services and transfers of non-financial assets, unless those contracts are within the scope of other guidance. Upon a modified retrospective adoption, we recorded a cumulative-effect adjustment that decreased retained earnings by $32 million , due to changes in the timing of revenue for corporate trust services that are provided over the life of the associated trust. In addition, we changed the presentation of some costs such that underwriting expenses of our broker-dealer business that were previously netted against revenue are now included in noninterest expense, and card payment network charges that were previously included in noninterest expense are now netted against card fee revenue. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Significant noncash activities are presented in Table 1.3. Table 1.3: Supplemental Cash Flow Information Quarter ended March 31, (in millions) 2018 2017 Trading debt securities retained from securitization of MHFS $ 8,776 20,929 Transfers from loans to MHFS 1,297 1,657 Transfers from loans to LHFS 1,973 479 Transfers from available-for-sale debt securities to held-to-maturity debt securities 4,451 9,897 |
Cash, Loan and Dividend Restr34
Cash, Loan and Dividend Restrictions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Nature of Restrictions on Cash Equivalents [Table Text Block] | Table 3.1 provides a summary of restrictions on cash equivalents in addition to the FRB reserve cash balance requirements . Table 3.1: Nature of Restrictions on Cash Equivalents (in millions) Mar 31, Dec 31, Average required reserve balance for FRB (1) $ 12,025 12,306 Reserve balance for non-U.S. central banks 427 617 Segregated for benefit of brokerage customers under federal and other brokerage regulations 574 666 Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs 119 487 (1) FRB required reserve balance represents average for first quarter 2018 and for the year ended December 31, 2017 . |
Trading Activities (Tables)
Trading Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Trading Activities [Abstract] | |
Trading Assets and Liabilities | Table 4.1 presents a summary of our trading assets and liabilities measured at fair value through earnings . Table 4.1: Trading Assets and Liabilities Mar 31, Dec 31, (in millions) 2018 2017 Trading assets: Debt securities $ 59,866 57,624 Equity securities 25,327 30,004 Loans held for sale 1,695 1,023 Gross trading derivative assets 30,644 31,340 Netting (1) (20,112 ) (19,629 ) Total trading derivative assets 10,532 11,711 Total trading assets 97,420 100,362 Trading liabilities: Short sale 23,303 18,472 Gross trading derivative liabilities 29,717 31,386 Netting (1) (22,569 ) (23,062 ) Total trading derivative liabilities 7,148 8,324 Total trading liabilities $ 30,451 26,796 (1) Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments. |
Net Interest and Net Gains (Losses) on Trading Activities | Table 4.2 provides a summary of the net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities. Table 4.2: Net Interest Income and Net Gains (Losses) on Trading Activities Quarter ended March 31, (in millions) 2018 2017 Interest income (1): Debt securities $ 631 513 Equity securities 141 114 Loans held for sale 8 9 Total interest income 780 636 Less: Interest expense (2) 128 93 Net interest income 652 543 Net gains (losses) from trading activities: Debt securities (499 ) 149 Equity securities (469 ) 927 Loans held for sale 8 24 Derivatives (3) 1,203 (828 ) Total net gains from trading activities (4) 243 272 Total trading-related net interest and noninterest income $ 895 815 (1) Represents interest and dividend income earned on trading securities. (2) Represents interest and dividend expense incurred on trading securities we have sold but have not yet purchased. (3) Excludes economic hedging of mortgage banking and asset/liability management activities, for which hedge results (realized and unrealized) are reported with the respective hedged activities. (4) Represents realized gains (losses) from our trading activities and unrealized gains (losses) due to changes in fair value of our trading positions, attributable to the type of asset or liability. |
AFS and HTM Debt Securities (Ta
AFS and HTM Debt Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
AFS and HTM Debt Securities [Abstract] | |
AFS and HTM Debt Securities, Amortized Cost and Fair Value, by Category | Table 5.1 provides the amortized cost and fair value by major categories of available-for-sale debt 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 debt securities are reported on an after-tax basis as a component of cumulative OCI. Information on debt securities held for trading is included in Note 4 (Trading Activities) to Financial Statements in this Report. Table 5.1: Amortized Cost and Fair Value (in millions) Amortized Cost Gross unrealized gains Gross unrealized losses Fair value March 31, 2018 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 6,426 1 (148 ) 6,279 Securities of U.S. states and political subdivisions 49,117 939 (413 ) 49,643 Mortgage-backed securities: Federal agencies 160,216 431 (3,833 ) 156,814 Residential 4,233 243 (2 ) 4,474 Commercial 4,722 78 (10 ) 4,790 Total mortgage-backed securities 169,171 752 (3,845 ) 166,078 Corporate debt securities 6,918 299 (34 ) 7,183 Collateralized loan and other debt obligations (1) 36,360 394 (2 ) 36,752 Other (2) 5,596 131 (6 ) 5,721 Total available-for-sale debt securities 273,588 2,516 (4,448 ) 271,656 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 44,727 — (548 ) 44,179 Securities of U.S. states and political subdivisions 6,307 26 (102 ) 6,231 Federal agency and other mortgage-backed securities (3) 89,748 35 (2,537 ) 87,246 Collateralized loan obligations 567 3 — 570 Other (2) 97 — — 97 Total held-to-maturity debt securities 141,446 64 (3,187 ) 138,323 Total $ 415,034 2,580 (7,635 ) 409,979 December 31, 2017 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 6,425 2 (108 ) 6,319 Securities of U.S. states and political subdivisions 50,733 1,032 (439 ) 51,326 Mortgage-backed securities: Federal agencies 160,561 930 (1,272 ) 160,219 Residential 4,356 254 (2 ) 4,608 Commercial 4,487 80 (2 ) 4,565 Total mortgage-backed securities 169,404 1,264 (1,276 ) 169,392 Corporate debt securities 7,343 363 (40 ) 7,666 Collateralized loan and other debt obligations (1) 35,675 384 (3 ) 36,056 Other (2) 5,516 137 (5 ) 5,648 Total available-for-sale debt securities 275,096 3,182 (1,871 ) 276,407 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 44,720 189 (103 ) 44,806 Securities of U.S. states and political subdivisions 6,313 84 (43 ) 6,354 Federal agency and other mortgage-backed securities (3) 87,527 201 (682 ) 87,046 Collateralized loan obligations 661 4 — 665 Other (2) 114 — — 114 Total held-to-maturity debt securities 139,335 478 (828 ) 138,985 Total $ 414,431 3,660 (2,699 ) 415,392 (1) Available-for-sale debt securities include collateralized debt obligations (CDOs) with a cost basis and fair value of $869 million and $1.0 billion , respectively, at March 31, 2018 , and $887 million and $1.0 billion , respectively, at December 31, 2017 . (2) The “Other” category of available-for-sale debt securities largely includes asset-backed securities collateralized by student loans. Included in the “Other” category of held-to-maturity debt securities are asset-backed securities collateralized by automobile leases or loans and cash with a cost basis and fair value of $97 million each at March 31, 2018 , and $114 million each at December 31, 2017 . (3) Predominantly consists of federal agency mortgage-backed securities at both March 31, 2018 and December 31, 2017 . |
AFS and HTM Debt Securities, Gross Unrealized Losses and Fair Value, Over and Under 12 Months | Table 5.2 shows the gross unrealized losses and fair value of available-for-sale and held-to-maturity debt securities by length of time those individual securities in each category have 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. Table 5.2: Gross Unrealized Losses and Fair Value 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 March 31, 2018 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (56 ) 4,037 (92 ) 2,203 (148 ) 6,240 Securities of U.S. states and political subdivisions (26 ) 5,292 (387 ) 10,526 (413 ) 15,818 Mortgage-backed securities: Federal agencies (2,211 ) 103,361 (1,622 ) 38,197 (3,833 ) 141,558 Residential (1 ) 161 (1 ) 53 (2 ) 214 Commercial (9 ) 430 (1 ) 109 (10 ) 539 Total mortgage-backed securities (2,221 ) 103,952 (1,624 ) 38,359 (3,845 ) 142,311 Corporate debt securities (10 ) 664 (24 ) 395 (34 ) 1,059 Collateralized loan and other debt obligations (1 ) 1,476 (1 ) 162 (2 ) 1,638 Other (1 ) 169 (5 ) 323 (6 ) 492 Total available-for-sale debt securities (2,315 ) 115,590 (2,133 ) 51,968 (4,448 ) 167,558 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies (494 ) 42,710 (54 ) 1,469 (548 ) 44,179 Securities of U.S. states and political subdivisions (36 ) 2,967 (66 ) 1,653 (102 ) 4,620 Federal agency and other mortgage-backed securities (1,411 ) 58,073 (1,126 ) 26,991 (2,537 ) 85,064 Collateralized loan obligations — — — — — — Other — — — — — — Total held-to-maturity debt securities (1,941 ) 103,750 (1,246 ) 30,113 (3,187 ) 133,863 Total $ (4,256 ) 219,340 (3,379 ) 82,081 (7,635 ) 301,421 December 31, 2017 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (27 ) 4,065 (81 ) 2,209 (108 ) 6,274 Securities of U.S. states and political subdivisions (17 ) 6,179 (422 ) 11,766 (439 ) 17,945 Mortgage-backed securities: Federal agencies (243 ) 52,559 (1,029 ) 44,691 (1,272 ) 97,250 Residential (1 ) 47 (1 ) 58 (2 ) 105 Commercial (1 ) 101 (1 ) 133 (2 ) 234 Total mortgage-backed securities (245 ) 52,707 (1,031 ) 44,882 (1,276 ) 97,589 Corporate debt securities (4 ) 239 (36 ) 503 (40 ) 742 Collateralized loan and other debt obligations (1 ) 373 (2 ) 146 (3 ) 519 Other (1 ) 37 (4 ) 483 (5 ) 520 Total available-for-sale debt securities (295 ) 63,600 (1,576 ) 59,989 (1,871 ) 123,589 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies (69 ) 11,255 (34 ) 1,490 (103 ) 12,745 Securities of U.S. states and political subdivisions (5 ) 500 (38 ) 1,683 (43 ) 2,183 Federal agency and other mortgage-backed securities (198 ) 29,713 (484 ) 28,244 (682 ) 57,957 Collateralized loan obligations — — — — — — Other — — — — — — Total held-to-maturity debt securities (272 ) 41,468 (556 ) 31,417 (828 ) 72,885 Total $ (567 ) 105,068 (2,132 ) 91,406 (2,699 ) 196,474 |
AFS and HTM Debt Securities, Gross Unrealized Losses and Fair Value, by Investment Grade | Table 5.3 shows the gross unrealized losses and fair value of the available-for-sale and held-to-maturity debt 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 debt security. Debt 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, debt securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade debt securities. We have also included debt securities not rated by S&P or Moody’s in the table below based on our internal credit grade of the debt 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 debt securities categorized as investment grade based on internal credit grades were $25 million and $5.0 billion , respectively, at March 31, 2018 , and $32 million and $6.9 billion , respectively, at December 31, 2017 . If an internal credit grade was not assigned, we categorized the debt security as non-investment grade. Table 5.3: Gross Unrealized Losses and Fair Value by Investment Grade Investment grade Non-investment grade (in millions) Gross unrealized losses Fair value Gross unrealized losses Fair value March 31, 2018 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (148 ) 6,240 — — Securities of U.S. states and political subdivisions (392 ) 15,551 (21 ) 267 Mortgage-backed securities: Federal agencies (3,833 ) 141,558 — — Residential (1 ) 146 (1 ) 68 Commercial (2 ) 379 (8 ) 160 Total mortgage-backed securities (3,836 ) 142,083 (9 ) 228 Corporate debt securities (10 ) 370 (24 ) 689 Collateralized loan and other debt obligations (2 ) 1,638 — — Other (4 ) 443 (2 ) 49 Total available-for-sale debt securities (4,392 ) 166,325 (56 ) 1,233 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies (548 ) 44,179 — — Securities of U.S. states and political subdivisions (102 ) 4,620 — — Federal agency and other mortgage-backed securities (2,529 ) 84,695 (8 ) 369 Collateralized loan obligations — — — — Other — — — — Total held-to-maturity debt securities (3,179 ) 133,494 (8 ) 369 Total $ (7,571 ) 299,819 (64 ) 1,602 December 31, 2017 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (108 ) 6,274 — — Securities of U.S. states and political subdivisions (412 ) 17,763 (27 ) 182 Mortgage-backed securities: Federal agencies (1,272 ) 97,250 — — Residential (1 ) 42 (1 ) 63 Commercial (1 ) 183 (1 ) 51 Total mortgage-backed securities (1,274 ) 97,475 (2 ) 114 Corporate debt securities (13 ) 304 (27 ) 438 Collateralized loan and other debt obligations (3 ) 519 — — Other (2 ) 469 (3 ) 51 Total available-for-sale debt securities (1,812 ) 122,804 (59 ) 785 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies (103 ) 12,745 — — Securities of U.S. states and political subdivisions (43 ) 2,183 — — Federal agency and other mortgage-backed securities (680 ) 57,789 (2 ) 168 Collateralized loan obligations — — — — Other — — — — Total held-to-maturity debt securities (826 ) 72,717 (2 ) 168 Total $ (2,638 ) 195,521 (61 ) 953 |
AFS and HTM Debt Securities Contractual Maturities | Table 5.4 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. Table 5.4: Contractual Maturities Remaining contractual maturity Total Within one year After one year through five years After five years through ten years After ten years (in millions) amount Yield Amount Yield Amount Yield Amount Yield Amount Yield March 31, 2018 Available-for-sale debt securities (1): Fair value: Securities of U.S. Treasury and federal agencies $ 6,279 1.59 % $ 117 1.60 % $ 6,114 1.59 % $ 48 1.90 % $ — — % Securities of U.S. states and political subdivisions 49,643 4.75 2,089 2.70 8,343 3.05 4,293 3.16 34,918 5.48 Mortgage-backed securities: Federal agencies 156,814 3.29 7 2.06 194 3.29 5,139 2.81 151,474 3.30 Residential 4,474 3.61 — — 23 5.70 8 2.36 4,443 3.60 Commercial 4,790 3.45 — — — — 219 3.10 4,571 3.46 Total mortgage-backed securities 166,078 3.30 7 2.06 217 3.54 5,366 2.83 160,488 3.32 Corporate debt securities 7,183 5.11 335 5.08 2,658 5.48 3,280 4.73 910 5.38 Collateralized loan and other debt obligations 36,752 3.29 — — 37 2.09 14,788 3.27 21,927 3.31 Other 5,721 2.85 66 4.26 582 3.06 1,480 2.34 3,593 3.00 Total available-for-sale debt securities at fair value $ 271,656 3.56 % $ 2,614 2.98 % $ 17,951 2.92 % $ 29,255 3.28 % $ 221,836 3.66 % December 31, 2017 Available-for-sale debt securities (1): ` Fair value: Securities of U.S. Treasury and federal agencies $ 6,319 1.59 % $ 81 1.37 % $ 6,189 1.59 % $ 49 1.89 % $ — — % Securities of U.S. states and political subdivisions 51,326 5.88 2,380 3.47 9,484 3.42 2,276 4.63 37,186 6.75 Mortgage-backed securities: Federal agencies 160,219 3.27 15 2.03 210 3.08 5,534 2.82 154,460 3.28 Residential 4,608 3.52 — — 24 5.67 11 2.46 4,573 3.51 Commercial 4,565 3.45 — — — — 166 2.69 4,399 3.48 Total mortgage-backed securities 169,392 3.28 15 2.03 234 3.35 5,711 2.82 163,432 3.30 Corporate debt securities 7,666 5.12 443 5.54 2,738 5.56 3,549 4.70 936 5.26 Collateralized loan and other debt obligations 36,056 2.98 — — 50 1.68 15,008 2.96 20,998 3.00 Other 5,648 2.46 71 3.56 463 2.72 1,466 2.13 3,648 2.53 Total available-for-sale debt securities at fair value $ 276,407 3.72 % $ 2,990 3.70 % $ 19,158 3.11 % $ 28,059 3.24 % $ 226,200 3.83 % (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. Table 5.5 shows the amortized cost and weighted-average yields of held-to-maturity debt securities by contractual maturity. Table 5.5: Amortized Cost by Contractual Maturity Remaining contractual maturity Total Within one year After one year through five years After five years through ten years After ten years (in millions) amount Yield Amount Yield Amount Yield Amount Yield Amount Yield March 31, 2018 Held-to-maturity debt securities (1): Amortized cost: Securities of U.S. Treasury and federal agencies $ 44,727 2.12 % $ — — % $ 32,336 2.04 % $ 12,391 2.32 % $ — — % Securities of U.S. states and political subdivisions 6,307 4.93 — — 50 5.88 793 5.16 5,464 4.89 Federal agency and other mortgage-backed securities 89,748 3.10 — — 15 2.70 11 2.62 89,722 3.10 Collateralized loan obligations 567 3.22 — — — — 567 3.22 — — Other 97 1.83 — — 97 1.83 — — — — Total held-to-maturity debt securities at amortized cost $ 141,446 2.87 % $ — — % $ 32,498 2.05 % $ 13,762 2.52 % $ 95,186 3.20 % December 31, 2017 Held-to-maturity debt securities (1): Amortized cost: Securities of U.S. Treasury and federal agencies $ 44,720 2.12 % $ — — % $ 32,330 2.04 % $ 12,390 2.32 % $ — — % Securities of U.S. states and political subdivisions 6,313 6.02 — — 50 7.18 695 6.31 5,568 5.98 Federal agency and other mortgage-backed securities 87,527 3.11 — — 15 2.81 11 2.49 87,501 3.11 Collateralized loan obligations 661 2.86 — — — — 661 2.86 — — Other 114 1.83 — — 114 1.83 — — — — Total held-to-maturity debt securities at amortized cost $ 139,335 2.92 % $ — — % $ 32,509 2.05 % $ 13,757 2.55 % $ 93,069 3.28 % (1) Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and predominantly represent contractual coupon rates. Table 5.6 shows the fair value of held-to-maturity debt securities by contractual maturity. Table 5.6: Fair Value by Contractual Maturity Remaining contractual maturity Total Within one year After one year through five years After five years through ten years After ten years (in millions) amount Amount Amount Amount Amount March 31, 2018 Held-to-maturity debt securities: Fair value: Securities of U.S. Treasury and federal agencies $ 44,179 — 32,014 12,165 — Securities of U.S. states and political subdivisions 6,231 — 49 788 5,394 Federal agency and other mortgage-backed securities 87,246 — 15 11 87,220 Collateralized loan obligations 570 — — 570 — Other 97 — 97 — — Total held-to-maturity debt securities at fair value $ 138,323 — 32,175 13,534 92,614 December 31, 2017 Held-to-maturity debt securities: Fair value: Securities of U.S. Treasury and federal agencies $ 44,806 — 32,388 12,418 — Securities of U.S. states and political subdivisions 6,354 — 49 701 5,604 Federal agency and other mortgage-backed securities 87,046 — 15 11 87,020 Collateralized loan obligations 665 — — 665 — Other 114 — 114 — — Total held-to-maturity debt securities at fair value $ 138,985 — 32,566 13,795 92,624 |
AFS and HTM Debt Securities, Realized Gains and Losses | Table 5.7 shows the gross realized gains and losses on sales and OTTI write-downs related to available-for-sale debt securities. Table 5.7: Realized Gains and Losses Quarter ended March 31, (in millions) 2018 2017 Gross realized gains $ 21 124 Gross realized losses (10 ) (36 ) OTTI write-downs (10 ) (52 ) Net realized gains from available-for-sale debt securities $ 1 36 |
AFS and HTM Debt Securities, Other Than Temporary Impairment | Table 5.8 shows the detail of total OTTI write-downs included in earnings for available-for-sale debt securities. There were no OTTI write-downs on held-to-maturity debt securities during first quarter 2018 and 2017 . Table 5.8: Detail of OTTI Write-downs Quarter ended March 31, (in millions) 2018 2017 Debt securities OTTI write-downs included in earnings: Securities of U.S. states and political subdivisions $ 2 8 Mortgage-backed securities: Residential 1 3 Commercial 7 25 Corporate debt securities — 16 Total debt securities OTTI write-downs included in earnings $ 10 52 |
AFS and HTM Debt Securities Other Than Temporary Impairment Included in Earnings | Table 5.9 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. Table 5.9: OTTI Write-downs Included in Earnings and the Related Changes in OCI Quarter ended March 31, (in millions) 2018 2017 OTTI on debt securities Recorded as part of gross realized losses: Credit-related OTTI $ 9 52 Intent-to-sell OTTI 1 — Total recorded as part of gross realized losses 10 52 Changes to OCI for losses (reversal of losses) in non-credit-related OTTI (1): Securities of U.S. states and political subdivisions (2 ) (5 ) Residential mortgage-backed securities (1 ) 3 Commercial mortgage-backed securities 10 (7 ) Total changes to OCI for non-credit-related OTTI 7 (9 ) Total OTTI losses recorded on debt securities $ 17 43 (1) Represents amounts recorded to OCI for impairment of debt securities, due to factors other than credit, 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 debt securities due to non-credit factors. |
Rollforward of Credit Loss Component Of Credit-Impaired AFS and HTM Debt Securities | Table 5.10 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. Table 5.10: Rollforward of OTTI Credit Loss Quarter ended March 31, (in millions) 2018 2017 Credit loss recognized, beginning of period $ 742 1,043 Additions: For securities with initial credit impairments — 6 For securities with previous credit impairments 9 46 Total additions 9 52 Reductions: For securities sold, matured, or intended/required to be sold (101 ) (7 ) For recoveries of previous credit impairments (1) (1 ) (2 ) Total reductions (102 ) (9 ) Credit loss recognized, end of period $ 649 1,086 (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 Credi37
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans and Allowance for Credit Losses, Loans Outstanding | Table 6.1 presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include a total net reduction of $3.2 billion and $3.9 billion at March 31, 2018 , and December 31, 2017 , respectively, for unearned income, net deferred loan fees, and unamortized discounts and premiums. Table 6.1: Loans Outstanding (in millions) Mar 31, Dec 31, Commercial: Commercial and industrial $ 334,678 333,125 Real estate mortgage 125,543 126,599 Real estate construction 23,882 24,279 Lease financing 19,293 19,385 Total commercial 503,396 503,388 Consumer: Real estate 1-4 family first mortgage 282,658 284,054 Real estate 1-4 family junior lien mortgage 37,920 39,713 Credit card 36,103 37,976 Automobile 49,554 53,371 Other revolving credit and installment 37,677 38,268 Total consumer 443,912 453,382 Total loans $ 947,308 956,770 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. Table 6.2 presents total commercial foreign loans outstanding by class of financing receivable. Table 6.2: Commercial Foreign Loans Outstanding (in millions) Mar 31, Dec 31, Commercial foreign loans: Commercial and industrial $ 59,696 60,106 Real estate mortgage 8,082 8,033 Real estate construction 668 655 Lease financing 1,077 1,126 Total commercial foreign loans $ 69,523 69,920 |
Loans and Allowance for Credit Losses, Significant Activity | Table 6.3 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 also includes participating interests, whereby we receive or transfer a portion of a loan. The table excludes PCI loans and loans for which we have elected the fair value option, including loans originated for sale because their loan activity normally does not impact the allowance for credit losses. Table 6.3: Loan Purchases, Sales, and Transfers 2018 2017 (in millions) Commercial Consumer (1) Total Commercial Consumer (1) Total Quarter ended March 31, Purchases $ 256 — 256 1,159 2 1,161 Sales (460 ) — (460 ) (287 ) (62 ) (349 ) Transfers to MHFS/LHFS (420 ) (1,553 ) (1,973 ) (479 ) — (479 ) (1) Excludes 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, and manage and/or resell them in accordance with applicable requirements. These loans are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Accordingly, these loans have limited impact on the allowance for loan losses. |
Loans and Allowance for Credit Losses, Commitments to Lend | 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 Table 6.4 . The table excludes the issued standby and commercial letters of credit and temporary advance arrangements described above. Table 6.4: Unfunded Credit Commitments (in millions) Mar 31, Dec 31, Commercial: Commercial and industrial $ 325,091 326,626 Real estate mortgage 7,233 7,485 Real estate construction 15,612 16,621 Lease financing — — Total commercial 347,936 350,732 Consumer: Real estate 1-4 family first mortgage 32,220 29,876 Real estate 1-4 family junior lien mortgage 38,817 38,897 Credit card 111,427 108,465 Other revolving credit and installment 27,635 27,541 Total consumer 210,099 204,779 Total unfunded credit commitments $ 558,035 555,511 |
Loans and Allowance for Credit Losses, Allowance for Credit Losses | Table 6.5 presents the allowance for credit losses, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. Table 6.5: Allowance for Credit Losses Quarter ended March 31, (in millions) 2018 2017 Balance, beginning of period $ 11,960 12,540 Provision for credit losses 191 605 Interest income on certain impaired loans (1) (43 ) (48 ) Loan charge-offs: Commercial: Commercial and industrial (164 ) (253 ) Real estate mortgage (2 ) (5 ) Real estate construction — — Lease financing (17 ) (7 ) Total commercial (183 ) (265 ) Consumer: Real estate 1-4 family first mortgage (41 ) (69 ) Real estate 1-4 family junior lien mortgage (47 ) (93 ) Credit card (405 ) (367 ) Automobile (300 ) (255 ) Other revolving credit and installment (180 ) (189 ) Total consumer (973 ) (973 ) Total loan charge-offs (1,156 ) (1,238 ) Loan recoveries: Commercial: Commercial and industrial 79 82 Real estate mortgage 17 30 Real estate construction 4 8 Lease financing 5 2 Total commercial 105 122 Consumer: Real estate 1-4 family first mortgage 59 62 Real estate 1-4 family junior lien mortgage 55 70 Credit card 73 58 Automobile 92 88 Other revolving credit and installment 31 33 Total consumer 310 311 Total loan recoveries 415 433 Net loan charge-offs (741 ) (805 ) Other (54 ) (5 ) Balance, end of period $ 11,313 12,287 Components: Allowance for loan losses $ 10,373 11,168 Allowance for unfunded credit commitments 940 1,119 Allowance for credit losses $ 11,313 12,287 Net loan charge-offs (annualized) as a percentage of average total loans 0.32 % 0.34 Allowance for loan losses as a percentage of total loans 1.10 1.17 Allowance for credit losses as a percentage of total loans 1.19 1.28 (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 changes in allowance attributable to the passage of time as interest income. |
Loans and Allowance for Credit Losses, Allowance Activity by Portfolio Segment | Table 6.6 summarizes the activity in the allowance for credit losses by our commercial and consumer portfolio segments. Table 6.6: Allowance Activity by Portfolio Segment 2018 2017 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended March 31, Balance, beginning of period $ 6,632 5,328 11,960 7,394 5,146 12,540 Provision (reversal of provision) for credit losses 169 22 191 (89 ) 694 605 Interest income on certain impaired loans (11 ) (32 ) (43 ) (15 ) (33 ) (48 ) Loan charge-offs (183 ) (973 ) (1,156 ) (265 ) (973 ) (1,238 ) Loan recoveries 105 310 415 122 311 433 Net loan charge-offs (78 ) (663 ) (741 ) (143 ) (662 ) (805 ) Other (4 ) (50 ) (54 ) (5 ) — (5 ) Balance, end of period $ 6,708 4,605 11,313 7,142 5,145 12,287 |
Loans and Allowance for Credit Losses, by Impairment Methodology | Table 6.7 disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. Table 6.7: Allowance by Impairment Methodology Allowance for credit losses Recorded investment in loans (in millions) Commercial Consumer Total Commercial Consumer Total March 31, 2018 Collectively evaluated (1) $ 6,029 3,580 9,609 499,578 418,877 918,455 Individually evaluated (2) 669 1,025 1,694 3,743 14,401 18,144 PCI (3) 10 — 10 75 10,634 10,709 Total $ 6,708 4,605 11,313 503,396 443,912 947,308 December 31, 2017 Collectively evaluated (1) $ 5,927 4,143 10,070 499,342 425,919 925,261 Individually evaluated (2) 705 1,185 1,890 3,960 14,714 18,674 PCI (3) — — — 86 12,749 12,835 Total $ 6,632 5,328 11,960 503,388 453,382 956,770 (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 03-3) and pursuant to amendments by ASU 2010-20 regarding allowance for PCI loans. |
Loans and Allowance for Credit Losses, Loans by Credit Quality Indicator | Table 6.8 provides a breakdown of outstanding commercial loans by risk category. Of the $16.3 billion in criticized commercial and industrial loans and $4.6 billion in criticized commercial real estate (CRE) loans at March 31, 2018 , $1.5 billion and $800 million , respectively, have been placed on nonaccrual status and written down to net realizable collateral value. Table 6.8: Commercial Loans by Risk Category (in millions) Commercial and industrial Real estate mortgage Real estate construction Lease financing Total March 31, 2018 By risk category: Pass $ 318,334 121,151 23,647 18,120 481,252 Criticized 16,269 4,392 235 1,173 22,069 Total commercial loans (excluding PCI) 334,603 125,543 23,882 19,293 503,321 Total commercial PCI loans (carrying value) 75 — — — 75 Total commercial loans $ 334,678 125,543 23,882 19,293 503,396 December 31, 2017 By risk category: Pass $ 316,431 122,312 23,981 18,162 480,886 Criticized 16,608 4,287 298 1,223 22,416 Total commercial loans (excluding PCI) 333,039 126,599 24,279 19,385 503,302 Total commercial PCI loans (carrying value) 86 — — — 86 Total commercial loans $ 333,125 126,599 24,279 19,385 503,388 |
Loans and Allowance for Credit Losses, Loans by Delinquency Status, Commercial | Table 6.9 provides past due information for commercial loans, which we monitor as part of our credit risk management practices. Table 6.9: Commercial Loans by Delinquency Status (in millions) Commercial and industrial Real estate mortgage Real estate construction Lease financing Total March 31, 2018 By delinquency status: Current-29 days past due (DPD) and still accruing $ 332,432 124,148 23,706 19,077 499,363 30-89 DPD and still accruing 615 617 130 123 1,485 90+ DPD and still accruing 40 23 1 — 64 Nonaccrual loans 1,516 755 45 93 2,409 Total commercial loans (excluding PCI) 334,603 125,543 23,882 19,293 503,321 Total commercial PCI loans (carrying value) 75 — — — 75 Total commercial loans $ 334,678 125,543 23,882 19,293 503,396 December 31, 2017 By delinquency status: Current-29 DPD and still accruing $ 330,319 125,642 24,107 19,148 499,216 30-89 DPD and still accruing 795 306 135 161 1,397 90+ DPD and still accruing 26 23 — — 49 Nonaccrual loans 1,899 628 37 76 2,640 Total commercial loans (excluding PCI) 333,039 126,599 24,279 19,385 503,302 Total commercial PCI loans (carrying value) 86 — — — 86 Total commercial loans $ 333,125 126,599 24,279 19,385 503,388 |
Loans and Allowance for Credit Losses, Loans by Delinquency Status, Consumer | Table 6.10 provides the outstanding balances of our consumer portfolio by delinquency status. Table 6.10: Consumer Loans 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 March 31, 2018 By delinquency status: Current-29 DPD $ 253,542 37,046 35,198 48,136 37,320 411,242 30-59 DPD 1,449 273 244 991 135 3,092 60-89 DPD 589 141 188 306 84 1,308 90-119 DPD 290 93 167 116 78 744 120-179 DPD 279 104 304 4 27 718 180+ DPD 1,105 238 2 1 33 1,379 Government insured/guaranteed loans (1) 14,795 — — — — 14,795 Total consumer loans (excluding PCI) 272,049 37,895 36,103 49,554 37,677 433,278 Total consumer PCI loans (carrying value) 10,609 25 — — — 10,634 Total consumer loans $ 282,658 37,920 36,103 49,554 37,677 443,912 December 31, 2017 By delinquency status: Current-29 DPD $ 251,786 38,746 36,996 51,445 37,885 416,858 30-59 DPD 1,893 336 287 1,385 155 4,056 60-89 DPD 742 163 201 392 93 1,591 90-119 DPD 369 103 192 146 80 890 120-179 DPD 308 95 298 3 30 734 180+ DPD 1,091 243 2 — 25 1,361 Government insured/guaranteed loans (1) 15,143 — — — — 15,143 Total consumer loans (excluding PCI) 271,332 39,686 37,976 53,371 38,268 440,633 Total consumer PCI loans (carrying value) 12,722 27 — — — 12,749 Total consumer loans $ 284,054 39,713 37,976 53,371 38,268 453,382 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $9.4 billion at March 31, 2018 , compared with $10.5 billion at December 31, 2017 . |
Loans and Allowance for Credit Losses, Loans by FICO Score, Consumer | Table 6.11 provides a breakdown of our consumer portfolio by FICO. Most of the scored consumer portfolio has an updated FICO of 680 and above, reflecting a strong current borrower credit profile. FICO is not available for certain loan types, or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes. Substantially all loans not requiring a FICO score are securities-based loans originated through retail brokerage, and totaled $8.7 billion at March 31, 2018 , and $8.5 billion at December 31, 2017 . Table 6.11: Consumer Loans by FICO (in millions) Real estate 1-4 family first mortgage (1) Real estate 1-4 family junior lien mortgage (1) Credit card Automobile Other revolving credit and installment Total March 31, 2018 By FICO: < 600 $ 4,674 1,601 3,407 8,546 828 19,056 600-639 3,405 1,223 2,915 5,161 862 13,566 640-679 6,717 2,274 5,352 6,936 1,906 23,185 680-719 14,313 4,604 7,304 8,049 3,397 37,667 720-759 27,119 6,007 7,808 7,215 4,947 53,096 760-799 54,227 6,918 6,065 6,036 6,223 79,469 800+ 141,351 14,506 2,922 7,399 8,252 174,430 No FICO available 5,448 762 330 212 2,525 9,277 FICO not required — — — — 8,737 8,737 Government insured/guaranteed loans (1) 14,795 — — — — 14,795 Total consumer loans (excluding PCI) 272,049 37,895 36,103 49,554 37,677 433,278 Total consumer PCI loans (carrying value) 10,609 25 — — — 10,634 Total consumer loans $ 282,658 37,920 36,103 49,554 37,677 443,912 December 31, 2017 By FICO: < 600 $ 5,145 1,768 3,525 8,858 863 20,159 600-639 3,487 1,253 3,101 5,615 904 14,360 640-679 6,789 2,387 5,690 7,696 1,959 24,521 680-719 14,977 4,797 7,628 8,825 3,582 39,809 720-759 27,926 6,246 8,097 7,806 5,089 55,164 760-799 55,590 7,323 6,372 6,468 6,257 82,010 800+ 136,729 15,144 2,994 7,845 8,455 171,167 No FICO available 5,546 768 569 258 2,648 9,789 FICO not required — — — — 8,511 8,511 Government insured/guaranteed loans (1) 15,143 — — — — 15,143 Total consumer loans (excluding PCI) 271,332 39,686 37,976 53,371 38,268 440,633 Total consumer PCI loans (carrying value) 12,722 27 — — — 12,749 Total consumer loans $ 284,054 39,713 37,976 53,371 38,268 453,382 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. |
Loans and Allowance for Credit Losses, Loans by Loan to Value Ratio, Consumer | Table 6.12 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 due to industry data availability and portfolios acquired from or serviced by other institutions. Table 6.12: Consumer Loans by LTV/CLTV March 31, 2018 December 31, 2017 (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% $ 135,883 15,854 151,737 133,902 16,301 150,203 60.01-80% 103,368 12,274 115,642 104,639 12,918 117,557 80.01-100% 14,297 6,179 20,476 13,924 6,580 20,504 100.01-120% (1) 1,757 2,245 4,002 1,868 2,427 4,295 > 120% (1) 715 902 1,617 783 1,008 1,791 No LTV/CLTV available 1,234 441 1,675 1,073 452 1,525 Government insured/guaranteed loans (2) 14,795 — 14,795 15,143 — 15,143 Total consumer loans (excluding PCI) 272,049 37,895 309,944 271,332 39,686 311,018 Total consumer PCI loans (carrying value) 10,609 25 10,634 12,722 27 12,749 Total consumer loans $ 282,658 37,920 320,578 284,054 39,713 323,767 (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. |
Loans and Allowance for Credit Losses, Nonaccrual Loans | Table 6.13 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. Table 6.13: Nonaccrual Loans (in millions) Mar 31, Dec 31, Commercial: Commercial and industrial $ 1,516 1,899 Real estate mortgage 755 628 Real estate construction 45 37 Lease financing 93 76 Total commercial 2,409 2,640 Consumer: Real estate 1-4 family first mortgage (1) 4,053 4,122 Real estate 1-4 family junior lien mortgage 1,087 1,086 Automobile 117 130 Other revolving credit and installment 53 58 Total consumer 5,310 5,396 Total nonaccrual loans (excluding PCI) $ 7,719 8,036 (1) Includes MHFS of $137 million and $136 million at March 31, 2018 , and December 31, 2017 , respectively. |
Loans and Allowance for Credit Losses, 90 days or More Past Due and Still Accruing Loans | Table 6.14 shows non-PCI loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed. Table 6.14: Loans 90 Days or More Past Due and Still Accruing (in millions) Mar 31, 2018 Dec 31, 2017 Total (excluding PCI): $ 10,753 11,997 Less: FHA insured/guaranteed by the VA (1)(2) 9,786 10,934 Total, not government insured/guaranteed $ 967 1,063 By segment and class, not government insured/guaranteed: Commercial: Commercial and industrial $ 40 26 Real estate mortgage 23 23 Real estate construction 1 — Total commercial 64 49 Consumer: Real estate 1-4 family first mortgage (2) 164 219 Real estate 1-4 family junior lien mortgage (2) 48 60 Credit card 473 492 Automobile 113 143 Other revolving credit and installment 105 100 Total consumer 903 1,014 Total, not government insured/guaranteed $ 967 1,063 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. (2) Includes mortgages held for sale 90 days or more past due and still accruing. |
Loans and Allowance for Credit Losses, Impaired Loans | Table 6.15 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. Table 6.15 includes trial modifications that totaled $198 million at March 31, 2018 , and $194 million at December 31, 2017 . For additional information on our impaired loans and allowance for credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2017 Form 10-K. Table 6.15: Impaired Loans Summary Recorded investment (in millions) Unpaid principal balance (1) Impaired loans Impaired loans with related allowance for credit losses Related allowance for credit losses March 31, 2018 Commercial: Commercial and industrial $ 3,182 2,231 1,978 432 Real estate mortgage 1,554 1,307 1,281 196 Real estate construction 105 61 54 8 Lease financing 177 144 144 33 Total commercial 5,018 3,743 3,457 669 Consumer: Real estate 1-4 family first mortgage 13,692 11,934 4,888 618 Real estate 1-4 family junior lien mortgage 2,072 1,860 1,352 230 Credit card 386 386 386 139 Automobile 153 83 34 5 Other revolving credit and installment 146 138 127 33 Total consumer (2) 16,449 14,401 6,787 1,025 Total impaired loans (excluding PCI) $ 21,467 18,144 10,244 1,694 December 31, 2017 Commercial: Commercial and industrial $ 3,577 2,568 2,310 462 Real estate mortgage 1,502 1,239 1,207 211 Real estate construction 95 54 45 9 Lease financing 132 99 89 23 Total commercial 5,306 3,960 3,651 705 Consumer: Real estate 1-4 family first mortgage 14,020 12,225 6,060 770 Real estate 1-4 family junior lien mortgage 2,135 1,918 1,421 245 Credit card 356 356 356 136 Automobile 157 87 34 5 Other revolving credit and installment 136 128 117 29 Total consumer (2) 16,804 14,714 7,988 1,185 Total impaired loans (excluding PCI) $ 22,110 18,674 11,639 1,890 (1) Excludes the unpaid principal balance for loans that have been fully charged off or otherwise have zero recorded investment. (2) Includes the recorded investment of $1.4 billion at both March 31, 2018 and December 31, 2017 , 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 may also have limited, if any, allowance when the recorded investment of the loan approximates estimated net realizable value as a result of charge-offs prior to a TDR modification. |
Loans and Allowance for Credit Losses, Average Recorded Investment in Impaired Loans | Table 6.16 provides the average recorded investment in impaired loans and the amount of interest income recognized on impaired loans by portfolio segment and class. Table 6.16: Average Recorded Investment in Impaired Loans Quarter ended March 31, 2018 2017 (in millions) Average recorded investment Recognized interest income Average recorded investment Recognized interest income Commercial: Commercial and industrial $ 2,404 36 3,675 33 Real estate mortgage 1,244 28 1,394 27 Real estate construction 58 1 84 1 Lease financing 129 — 119 — Total commercial 3,835 65 5,272 61 Consumer: Real estate 1-4 family first mortgage 12,073 172 14,132 190 Real estate 1-4 family junior lien mortgage 1,889 29 2,131 31 Credit card 370 10 302 8 Automobile 85 3 83 3 Other revolving credit and installment 133 2 106 2 Total consumer 14,550 216 16,754 234 Total impaired loans (excluding PCI) $ 18,385 281 22,026 295 Interest income: Cash basis of accounting $ 81 78 Other (1) 200 217 Total interest income $ 281 295 (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. |
Loans and Allowance for Credit Losses, Troubled Debt Restructurings, Modification by Type | Table 6.17 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. Loans that both modify and pay off within the period, as well as changes in recorded investment during the period for loans modified in prior periods, are not included in the table. Table 6.17: TDR Modifications Primary modification type (1) Financial effects of modifications (in millions) Principal (2) Interest rate reduction Other concessions (3) Total Charge- offs (4) Weighted average interest rate reduction Recorded investment related to interest rate reduction (5) Quarter ended March 31, 2018 Commercial: Commercial and industrial $ — 9 488 497 6 1.07 % $ 9 Real estate mortgage — 6 98 104 — 1.24 6 Real estate construction — — 3 3 — — — Lease financing — — 39 39 — — — Total commercial — 15 628 643 6 1.15 15 Consumer: Real estate 1-4 family first mortgage 46 10 306 362 1 2.40 35 Real estate 1-4 family junior lien mortgage 1 8 28 37 1 2.22 9 Credit card — 86 — 86 — 11.32 86 Automobile 1 4 14 19 9 6.48 4 Other revolving credit and installment — 15 2 17 — 7.94 15 Trial modifications (6) — — 15 15 — — — Total consumer 48 123 365 536 11 8.20 149 Total $ 48 138 993 1,179 17 7.55 % $ 164 Quarter ended March 31, 2017 Commercial: Commercial and industrial $ — 6 928 934 65 0.82 % $ 6 Real estate mortgage — 14 181 195 — 1.00 14 Real estate construction — — 3 3 — 2.00 — Lease financing — — 3 3 — — — Total commercial — 20 1,115 1,135 65 0.95 20 Consumer: Real estate 1-4 family first mortgage 74 72 291 437 9 2.60 103 Real estate 1-4 family junior lien mortgage 13 21 23 57 6 2.95 24 Credit card — 57 — 57 — 12.22 57 Automobile 1 3 12 16 7 6.42 3 Other revolving credit and installment — 11 3 14 — 7.29 11 Trial modifications (6) — — (17 ) (17 ) — — — Total consumer 88 164 312 564 22 5.72 198 Total $ 88 184 1,427 1,699 87 5.27 % $ 218 (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 $503 million and $657 million for the quarters ended March 31, 2018 and 2017 , 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 loans discharged in bankruptcy, 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 $3 million and $9 million for the quarters ended March 31, 2018 and 2017 , respectively. (5) Reflects the effect of reduced interest rates on loans with an interest rate concession as one of their concession types, which includes loans reported as a principal primary modification type that also have an interest rate concession. (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. |
Loans and Allowance for Credit Losses, Troubled Debt Restructuring, Current Defaults | Table 6.18 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. Table 6.18: Defaulted TDRs Recorded investment of defaults Quarter ended March 31, (in millions) 2018 2017 Commercial: Commercial and industrial $ 86 62 Real estate mortgage 26 21 Real estate construction — — Total commercial 112 83 Consumer: Real estate 1-4 family first mortgage 18 25 Real estate 1-4 family junior lien mortgage 5 4 Credit card 13 15 Automobile 3 3 Other revolving credit and installment 1 1 Total consumer 40 48 Total $ 152 131 |
Loans and Allowance for Credit Losses, Purchased Credit Impaired Loans, Loans Outstanding | Table 6.19 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. Table 6.19: PCI Loans (in millions) Mar 31, Dec 31, Total commercial $ 75 86 Consumer: Real estate 1-4 family first mortgage 10,609 12,722 Real estate 1-4 family junior lien mortgage 25 27 Total consumer 10,634 12,749 Total PCI loans (carrying value) $ 10,709 12,835 Total PCI loans (unpaid principal balance) $ 15,447 18,975 |
Loans and Allowance for Credit Losses, Purchased Credit Impaired Loans, Accretable Yield | The change in the accretable yield related to PCI loans since the merger with Wachovia is presented in Table 6.20 . Changes during first quarter 2018 reflect an expectation, as a result of our quarterly evaluation of PCI cash flows, that prepayment of modified Pick-a-Pay loans will increase over their estimated weighted-average life and that expected loss has decreased as a result of reduced loan to value ratios and sustained higher housing prices. Changes during first quarter 2018 also reflect a $643 million gain on the sale of $1.6 billion Pick-a-Pay PCI loans. Table 6.20: Change in Accretable Yield (in millions) Quarter 2009-2017 Balance, beginning of period $ 8,887 10,447 Change in accretable yield due to acquisitions — 161 Accretion into interest income (1) (314 ) (16,983 ) Accretion into noninterest income due to sales (2) (643 ) (801 ) Reclassification from nonaccretable difference for loans with improving credit-related cash flows 340 11,597 Changes in expected cash flows that do not affect nonaccretable difference (3) (1,406 ) 4,466 Balance, end of period $ 6,864 8,887 (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. |
Loans and Allowance for Credit Losses, Purchased Credit Impaired Loans by Credit Quality Indicator | Table 6.21 provides a breakdown of commercial PCI loans by risk category. Table 6.21: Commercial PCI Loans by Risk Category (in millions) Total March 31, 2018 By risk category: Pass $ 6 Criticized 69 Total commercial PCI loans $ 75 December 31, 2017 By risk category: Pass $ 8 Criticized 78 Total commercial PCI loans $ 86 |
Loans and Allowance for Credit Losses, Purchased Credit Impaired Loans by Delinquency Status, Commercial | Table 6.22 provides past due information for commercial PCI loans. Table 6.22: Commercial PCI Loans by Delinquency Status (in millions) Total March 31, 2018 By delinquency status: Current-29 DPD and still accruing $ 74 30-89 DPD and still accruing 1 90+ DPD and still accruing — Total commercial PCI loans $ 75 December 31, 2017 By delinquency status: Current-29 DPD and still accruing $ 86 30-89 DPD and still accruing — 90+ DPD and still accruing — Total commercial PCI loans $ 86 |
Loans and Allowance for Credit Losses, Purchased Credit Impaired Loans by Delinquency Status, Consumer | Table 6.23 provides the delinquency status of consumer PCI loans. Table 6.23: Consumer PCI Loans by Delinquency Status - March 31, 2018 December 31, 2017 (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 $ 11,310 136 11,446 13,127 138 13,265 30-59 DPD and still accruing 1,044 6 1,050 1,317 8 1,325 60-89 DPD and still accruing 496 2 498 622 3 625 90-119 DPD and still accruing 221 2 223 293 2 295 120-179 DPD and still accruing 158 1 159 219 2 221 180+ DPD and still accruing 947 4 951 1,310 4 1,314 Total consumer PCI loans (adjusted unpaid principal balance) $ 14,176 151 14,327 16,888 157 17,045 Total consumer PCI loans (carrying value) $ 10,609 25 10,634 12,722 27 12,749 |
Loans and Allowance for Credit Losses, Purchased Credit Impaired Loans by FICO Score, Consumer | Table 6.24 provides FICO scores for consumer PCI loans. Table 6.24: Consumer PCI Loans by FICO March 31, 2018 December 31, 2017 (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 $ 3,307 33 3,340 4,014 37 4,051 600-639 1,794 21 1,815 2,086 20 2,106 640-679 2,020 24 2,044 2,393 24 2,417 680-719 1,867 28 1,895 2,242 29 2,271 720-759 1,475 22 1,497 1,779 23 1,802 760-799 799 11 810 933 12 945 800+ 456 7 463 468 6 474 No FICO available 2,458 5 2,463 2,973 6 2,979 Total consumer PCI loans (adjusted unpaid principal balance) $ 14,176 151 14,327 16,888 157 17,045 Total consumer PCI loans (carrying value) $ 10,609 25 10,634 12,722 27 12,749 |
Loans and Allowance for Credit Losses, Purchased Credit Impaired Loans by Loan to Value Ratio, Consumer | Table 6.25 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. Table 6.25: Consumer PCI Loans by LTV/CLTV March 31, 2018 December 31, 2017 (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% $ 7,095 46 7,141 8,010 45 8,055 60.01-80% 5,224 61 5,285 6,510 63 6,573 80.01-100% 1,540 31 1,571 1,975 35 2,010 100.01-120% (1) 260 9 269 319 10 329 > 120% (1) 56 3 59 73 3 76 No LTV/CLTV available 1 1 2 1 1 2 Total consumer PCI loans (adjusted unpaid principal balance) $ 14,176 151 14,327 16,888 157 17,045 Total consumer PCI loans (carrying value) $ 10,609 25 10,634 12,722 27 12,749 (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. |
Equity Securities (Tables)
Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity Securities [Abstract] | |
Equity Securities | Table 7.1 provides a summary of our equity securities by business purpose and accounting model, including equity securities with readily determinable fair values (marketable) and those without readily determinable fair values (nonmarketable). Table 7.1: Equity Securities Mar 31, Dec 31, (in millions) 2018 2017 Held for trading at fair value: Marketable equity securities $ 25,327 30,004 Not held for trading: Fair value: Marketable equity securities (1) 4,931 4,356 Nonmarketable equity securities (2) 5,303 4,867 Total equity securities at fair value 10,234 9,223 Equity method: LIHTC (3) 10,318 10,269 Private equity 3,840 3,839 Tax-advantaged renewable energy 1,822 1,950 New market tax credit and other 268 294 Total equity method 16,248 16,352 Other: Federal bank stock and other at cost (4) 5,780 5,828 Private equity (5) 1,346 1,090 Total equity securities not held for trading 33,608 32,493 Total equity securities $ 58,935 62,497 (1) Includes $ 3.5 billion and $ 3.7 billion at March 31, 2018, and December 31, 2017, respectively, related to securities held as economic hedges of our deferred compensation plan obligations. (2) Includes $ 5.0 billion and $ 4.9 billion at March 31, 2018, and December 31, 2017, respectively, related to investments in which we elected fair value option. See Note 15 (Fair Value of Assets and Liabilities) for additional information. (3) Represents low-income housing tax credit investments. (4) Includes $ 5.7 billion and $ 5.4 billion at March 31, 2018, and December 31, 2017, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock. (5) Represents nonmarketable equity securities for which we have elected to account for the security under the measurement alternative. |
Net Gains (Losses) from Equity Securities | Table 7.2 provides a summary of the net gains and losses for equity securities. Gains and losses for securities held for trading are reported in net gains from trading activities. Table 7.2: Net Gains (Losses) from Equity Securities Quarter ended March 31, (in millions) 2018 2017 Net gains (losses) from equity securities carried at fair value: Marketable equity securities $ 8 283 Nonmarketable equity securities 109 482 Total equity securities carried at fair value 117 765 Net gains (losses) from nonmarketable equity securities not carried at fair value: Impairment write-downs (20 ) (76 ) Net unrealized gains (losses) related to measurement alternative observable transactions 228 — Net realized gains on sale 498 326 All other 18 29 Total nonmarketable equity securities not carried at fair value 724 279 Net gains (losses) from economic hedge derivatives (1) (58 ) (474 ) Total net gains (losses) from equity securities $ 783 570 (1) Includes net gains (losses) on derivatives not designated as hedging instruments. |
Measurement Alternative | Table 7.3 provides additional information about the impairment write-downs and observable price adjustments related to nonmarketable equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 7.2. Table 7.3: Measurement Alternative Quarter ended March 31, (in millions) 2018 Net gains (losses) recognized in earnings during the period: Gross unrealized gains due to observable price changes $ 228 Gross unrealized losses due to observable price changes — Impairment write-downs (7 ) Realized net gains (losses) from sale 75 Total net gains (losses) recognized during the period $ 296 Cumulative gains (losses) due to observable price changes (1): Gross unrealized gains $ 228 Gross unrealized losses — (1) Cumulative balances are recorded for nonmarketable equity securities accounted for under the measurement alternative that are recognized on the balance sheet as of March 31, 2018. |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Assets [Abstract] | |
Components of Other Assets | Table 8.1 presents the components of other assets. Table 8.1: Other Assets (in millions) Mar 31, Dec 31, Corporate/bank-owned life insurance $ 19,589 19,549 Accounts receivable (1) 37,322 39,127 Interest receivable 5,824 5,688 Core deposit intangibles 577 769 Customer relationship and other amortized intangibles 766 841 Foreclosed assets: Residential real estate: Government insured/guaranteed (1) 103 120 Non-government insured/guaranteed 239 252 Non-residential real estate 229 270 Operating lease assets 9,382 9,666 Due from customers on acceptances 196 177 Other 11,661 13,785 Total other assets $ 85,888 90,244 (1) Certain government-guaranteed residential real estate mortgage loans upon foreclosure are included in Accounts receivable. Both principal and interest related to these foreclosed real estate assets are collectible because the loans were predominantly insured by the FHA or guaranteed by the VA. For more information on the classification of certain government-guaranteed mortgage loans upon foreclosure, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2017 10-K. |
Securitizations and Variable 40
Securitizations and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Securitizations and Variable Interest Entities [Abstract] | |
Balance Sheet Transactions With VIEs | Table 9.1 provides the classifications of assets and liabilities in our balance sheet for our transactions with VIEs. Table 9.1: Balance Sheet Transactions with VIEs (in millions) VIEs that we do not consolidate VIEs that we consolidate Transfers that we account for as secured borrowings Total March 31, 2018 Cash $ — 111 — 111 Interest-earning deposits with banks — 8 — 8 Debt securities: Trading debt securities 2,011 — 200 2,211 Available-for-sale debt securities (1) 3,405 — 343 3,748 Held-to-maturity debt securities 502 — — 502 Loans 2,766 13,007 106 15,879 Mortgage servicing rights 14,977 — — 14,977 Derivative assets 124 — — 124 Equity securities 10,683 28 — 10,711 Other assets — 230 7 237 Total assets 34,468 13,384 656 48,508 Short-term borrowings — — 512 512 Derivative liabilities 45 4 (2) — 49 Accrued expenses and other liabilities 245 127 (2) 10 382 Long-term debt 3,507 947 (2) 107 4,561 Total liabilities 3,797 1,078 629 5,504 Noncontrolling interests — 31 — 31 Net assets $ 30,671 12,275 27 42,973 December 31, 2017 Cash $ — 116 — 116 Interest-earning deposits with banks — 371 — 371 Debt securities: Trading debt securities 1,305 — 201 1,506 Available-for-sale debt securities (1) 3,288 — 358 3,646 Held-to-maturity debt securities 485 — — 485 Loans 4,274 12,482 110 16,866 Mortgage servicing rights 13,628 — — 13,628 Derivative assets 44 — — 44 Equity securities 10,740 306 — 11,046 Other assets — 342 6 348 Total assets 33,764 13,617 675 48,056 Short-term borrowings — — 522 522 Derivative liabilities 106 5 (2) — 111 Accrued expenses and other liabilities 244 132 (2) 10 386 Long-term debt 3,590 1,479 (2) 111 5,180 Total liabilities 3,940 1,616 643 6,199 Noncontrolling interests — 283 — 283 Net assets $ 29,824 11,718 32 41,574 (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) There were no VIE liabilities with recourse to the general credit of Wells Fargo for the periods presented. |
Unconsolidated VIEs | Table 9.2 provides 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). Table 9.2: Unconsolidated VIEs Carrying value – asset (liability) (in millions) Total VIE assets Debt and equity interests (1) Servicing assets Derivatives Other commitments and guarantees Net assets March 31, 2018 Residential mortgage loan securitizations: Conforming (2) $ 1,171,619 2,851 14,044 — (190 ) 16,705 Other/nonconforming 13,057 552 68 — — 620 Commercial mortgage securitizations 146,886 2,350 865 (43 ) (35 ) 3,137 Collateralized debt obligations: Debt securities 1,010 — — 5 (20 ) (15 ) Loans (3) — — — — — — Asset-based finance structures 2,192 1,749 — — — 1,749 Tax credit structures 32,270 11,345 — — (3,507 ) 7,838 Collateralized loan obligations 7 — — — — — Investment funds 212 51 — — — 51 Other (4) 2,002 469 — 117 — 586 Total $ 1,369,255 19,367 14,977 79 (3,752 ) 30,671 Maximum exposure to loss Debt and equity interests (1) Servicing assets Derivatives Other commitments and guarantees Total exposure Residential mortgage loan securitizations: Conforming $ 2,851 14,044 — 1,257 18,152 Other/nonconforming 552 68 — — 620 Commercial mortgage securitizations 2,350 865 45 10,328 13,588 Collateralized debt obligations: Debt securities — — 5 20 25 Loans (3) — — — — — Asset-based finance structures 1,749 — — 71 1,820 Tax credit structures 11,345 — — 1,242 12,587 Collateralized loan obligations — — — — — Investment funds 51 — — — 51 Other (4) 469 — 134 157 760 Total $ 19,367 14,977 184 13,075 47,603 (continued on following page) (continued from previous page) Carrying value – asset (liability) (in millions) Total VIE assets Debt and equity interests (1) Servicing assets Derivatives Other commitments and guarantees Net assets December 31, 2017 Residential mortgage loan securitizations: Conforming (2) $ 1,169,410 2,100 12,665 — (190 ) 14,575 Other/nonconforming 14,175 598 73 — — 671 Commercial mortgage securitizations 144,650 2,198 890 28 (34 ) 3,082 Collateralized debt obligations: Debt securities 1,031 — — 5 (20 ) (15 ) Loans (3) 1,481 1,443 — — — 1,443 Asset-based finance structures 2,333 1,867 — — — 1,867 Tax credit structures 31,852 11,258 — — (3,590 ) 7,668 Collateralized loan obligations 23 1 — — — 1 Investment funds 225 50 — — — 50 Other (4) 2,257 577 — (95 ) — 482 Total $ 1,367,437 20,092 13,628 (62 ) (3,834 ) 29,824 Maximum exposure to loss Debt and equity interests (1) Servicing assets Derivatives Other commitments and guarantees Total exposure Residential mortgage loan securitizations: Conforming $ 2,100 12,665 — 1,137 15,902 Other/nonconforming 598 73 — — 671 Commercial mortgage securitizations 2,198 890 42 10,202 13,332 Collateralized debt obligations: Debt securities — — 5 20 25 Loans (3) 1,443 — — — 1,443 Asset-based finance structures 1,867 — — 71 1,938 Tax credit structures 11,258 — — 1,175 12,433 Collateralized loan obligations 1 — — — 1 Investment funds 50 — — — 50 Other (4) 577 — 120 157 854 Total $ 20,092 13,628 167 12,762 46,649 (1) Includes total equity interests of $10.7 billion at both March 31, 2018 , and December 31, 2017 . 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 $1.2 billion and $2.2 billion at March 31, 2018 , and December 31, 2017 , respectively, for certain delinquent loans that are eligible for repurchase 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) Represents senior loans to trusts that are collateralized by asset-backed securities. The trusts invested in senior tranches from a diversified pool of U.S. asset securitizations, of which all were current and 100% were rated as investment grade by the primary rating agencies at December 31, 2017 . These senior loans were accounted for at amortized cost and were subject to the Company’s allowance and credit charge-off policies. The securitization was terminated in first quarter 2018. (4) 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 from Sales and Securitization Activity | Table 9.3 presents the cash flows for our transfers accounted for as sales. Table 9.3: Cash Flows From Sales and Securitization Activity 2018 2017 (in millions) Mortgage loans Other financial assets Mortgage loans Other financial assets Quarter ended March 31, Proceeds from securitizations and whole loan sales $ 50,587 — 58,257 21 Fees from servicing rights retained 845 — 854 — Cash flows from other interests held (1) 185 — 834 — Repurchases of assets/loss reimbursements (2): Non-agency securitizations and whole loan transactions 1 — 2 — Agency securitizations (3) 33 — 23 — Servicing advances, net of repayments (36 ) — (142 ) — (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. (2) Consists of cash paid to repurchase loans from investors and cash paid to investors to reimburse them for losses on individual loans that are already liquidated. (3) Represent loans repurchased from GNMA, FNMA, and FHLMC under representation and warranty provisions included in our loan sales contracts. First quarter 2018 and 2017 exclude $ 2.9 billion and $2.3 billion , respectively, in delinquent insured/guaranteed loans that we service and have exercised our option to purchase out of GNMA pools. These loans are predominantly insured by the FHA or guaranteed by the VA. |
Residential Mortgage Servicing Rights | Table 9.4 presents the key weighted-average assumptions we used to measure residential mortgage servicing rights at the date of securitization. Table 9.4: Residential Mortgage Servicing Rights Residential mortgage servicing rights 2018 2017 Quarter ended March 31, Prepayment speed (1) 9.6 % 10.3 Discount rate 7.3 6.8 Cost to service ($ per loan) (2) $ 117 134 (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. |
Retained Interests from Unconsolidated VIEs | Table 9.5 provides key economic assumptions and the sensitivity of the current fair value of residential mortgage servicing rights and other interests held to immediate adverse changes in those assumptions. “Other interests held” relate 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. Table 9.5: Retained Interests from Unconsolidated VIEs Other interests held Residential mortgage servicing rights (1) Interest-only strips Commercial (2) ($ in millions, except cost to service amounts) Subordinated bonds Senior bonds Fair value of interests held at March 31, 2018 $ 15,041 18 611 443 Expected weighted-average life (in years) 6.8 3.6 6.4 5.0 Key economic assumptions: Prepayment speed assumption (3) 9.3 % 18.3 Decrease in fair value from: 10% adverse change $ 546 1 25% adverse change 1,298 2 Discount rate assumption 7.2 % 15.4 3.8 3.5 Decrease in fair value from: 100 basis point increase $ 729 — 42 18 200 basis point increase 1,394 1 71 36 Cost to service assumption ($ per loan) 136 Decrease in fair value from: 10% adverse change 451 25% adverse change 1,127 Credit loss assumption 8.0 — Decrease in fair value from: 10% higher losses 13 — 25% higher losses 17 — Fair value of interests held at December 31, 2017 $ 13,625 19 596 468 Expected weighted-average life (in years) 6.2 3.3 6.7 5.2 Key economic assumptions: Prepayment speed assumption (3) 10.5 % 20.0 Decrease in fair value from: 10% adverse change $ 565 1 25% adverse change 1,337 2 Discount rate assumption 6.9 % 14.8 4.1 3.1 Decrease in fair value from: 100 basis point increase $ 652 — 32 20 200 basis point increase 1,246 1 61 39 Cost to service assumption ($ per loan) 143 Decrease in fair value from: 10% adverse change 467 25% adverse change 1,169 Credit loss assumption 1.8 — Decrease in fair value from: 10% higher losses — — 25% higher losses — — (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. |
Off-Balance Sheet Loans Sold Or Securitized | Table 9.6 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 (including 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. Table 9.6: Off-Balance Sheet Loans Sold or Securitized Net charge-offs Total loans Delinquent loans and foreclosed assets (1) Quarter ended Mar 31, (in millions) Mar 31, 2018 Dec 31, 2017 Mar 31, 2018 Dec 31, 2017 2018 2017 Commercial: Real estate mortgage $ 101,784 100,875 2,622 2,839 10 295 Total commercial 101,784 100,875 2,622 2,839 10 295 Consumer: Real estate 1-4 family first mortgage 1,122,010 1,126,208 11,823 13,393 116 200 Total consumer 1,122,010 1,126,208 11,823 13,393 116 200 Total off-balance sheet sold or securitized loans (2) $ 1,223,794 1,227,083 14,445 16,232 126 495 (1) Includes $1.2 billion of commercial foreclosed assets at both dates and $892 million and $879 million of consumer foreclosed assets at March 31, 2018 , and December 31, 2017 , respectively. (2) At March 31, 2018 , and December 31, 2017 , the table includes total loans of $1.1 trillion at both dates, delinquent loans of $7.9 billion and $9.1 billion , and foreclosed assets of $628 million and $619 million , 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 | Table 9.7 presents a summary of financial assets and liabilities for asset transfers accounted for as secured borrowings and involvements with consolidated VIEs. Carrying values of “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 the consolidated balance sheet, we separately disclose the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs. Table 9.7: Transactions with Consolidated VIEs and Secured Borrowings Carrying value (in millions) Total VIE assets Assets Liabilities Noncontrolling interests Net assets March 31, 2018 Secured borrowings: Municipal tender option bond securitizations $ 647 550 (522 ) — 28 Residential mortgage securitizations 109 106 (107 ) — (1 ) Total secured borrowings 756 656 (629 ) — 27 Consolidated VIEs: Commercial and industrial loans and leases 8,652 8,607 (420 ) (10 ) 8,177 Nonconforming residential mortgage loan securitizations 2,386 2,092 (653 ) — 1,439 Commercial real estate loans 2,594 2,594 — — 2,594 Structured asset finance 7 5 (4 ) — 1 Investment funds 24 24 — — 24 Other 70 62 (1 ) (21 ) 40 Total consolidated VIEs 13,733 13,384 (1,078 ) (31 ) 12,275 Total secured borrowings and consolidated VIEs $ 14,489 14,040 (1,707 ) (31 ) 12,302 December 31, 2017 Secured borrowings: Municipal tender option bond securitizations $ 658 565 (532 ) — 33 Residential mortgage securitizations 113 110 (111 ) — (1 ) Total secured borrowings 771 675 (643 ) — 32 Consolidated VIEs: Commercial and industrial loans and leases 9,116 8,626 (915 ) (29 ) 7,682 Nonconforming residential mortgage loan securitizations 2,515 2,212 (694 ) — 1,518 Commercial real estate loans 2,378 2,378 — — 2,378 Structured asset finance 10 6 (4 ) — 2 Investment funds 305 305 (2 ) (230 ) 73 Other 100 90 (1 ) (24 ) 65 Total consolidated VIEs 14,424 13,617 (1,616 ) (283 ) 11,718 Total secured borrowings and consolidated VIEs $ 15,195 14,292 (2,259 ) (283 ) 11,750 |
Mortgage Banking Activities (Ta
Mortgage Banking Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Mortgage Banking Activities [Abstract] | |
Analysis of Changes in Fair Value MSRs | Table 10.1 presents the changes in MSRs measured using the fair value method. Table 10.1: Analysis of Changes in Fair Value MSRs Quarter ended March 31, (in millions) 2018 2017 Fair value, beginning of period $ 13,625 12,959 Servicing from securitizations or asset transfers (1) 573 583 Sales and other (2) (4 ) (47 ) Net additions 569 536 Changes in fair value: Due to changes in valuation model inputs or assumptions: Mortgage interest rates (3) 1,253 152 Servicing and foreclosure costs (4) 34 27 Prepayment estimates and other (5) 43 (5 ) Net changes in valuation model inputs or assumptions 1,330 174 Changes due to collection/realization of expected cash flows over time (483 ) (461 ) Total changes in fair value 847 (287 ) Fair value, end of period $ 15,041 13,208 (1) Includes impacts associated with exercising our right to repurchase delinquent loans from GNMA loan securitization pools. (2) Includes sales and transfers of MSRs, which can result in an increase of total reported MSRs if the sales or transfers are related to nonperforming loan portfolios or portfolios with servicing liabilities. (3) 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). (4) Includes costs to service and unreimbursed foreclosure costs. (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 and other external factors that occur independent of interest rate changes. |
Analysis of Changes in Amortized MSRs | Table 10.2 presents the changes in amortized MSRs. Table 10.2: Analysis of Changes in Amortized MSRs Quarter ended March 31, (in millions) 2018 2017 Balance, beginning of period $ 1,424 1,406 Purchases 18 18 Servicing from securitizations or asset transfers 34 45 Amortization (65 ) (67 ) Balance, end of period (1) $ 1,411 1,402 Fair value of amortized MSRs: Beginning of period $ 2,025 1,956 End of period 2,307 2,051 (1) Commercial amortized MSRs are evaluated for impairment purposes by the following risk strata: agency (GSEs) for multi-family properties and non-agency. There was no valuation allowance recorded for the periods presented on the commercial amortized MSRs. |
Managed Servicing Portfolio | We present the components of our managed servicing portfolio in Table 10.3 at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced. Table 10.3: Managed Servicing Portfolio (in billions) Mar 31, 2018 Dec 31, 2017 Residential mortgage servicing: Serviced for others $ 1,201 1,209 Owned loans serviced 337 342 Subserviced for others 5 3 Total residential servicing 1,543 1,554 Commercial mortgage servicing: Serviced for others 510 495 Owned loans serviced 125 127 Subserviced for others 10 9 Total commercial servicing 645 631 Total managed servicing portfolio $ 2,188 2,185 Total serviced for others $ 1,711 1,704 Ratio of MSRs to related loans serviced for others 0.96 % 0.88 |
Mortgage Banking Noninterest Income | Table 10.4 presents the components of mortgage banking noninterest income. Table 10.4: Mortgage Banking Noninterest Income Quarter ended March 31, (in millions) 2018 2017 Servicing income, net: Servicing fees: Contractually specified servicing fees $ 916 907 Late charges 44 48 Ancillary fees 40 50 Unreimbursed direct servicing costs (1) (94 ) (123 ) Net servicing fees 906 882 Changes in fair value of MSRs carried at fair value: Due to changes in valuation model inputs or assumptions (2) (A) 1,330 174 Changes due to collection/realization of expected cash flows over time (483 ) (461 ) Total changes in fair value of MSRs carried at fair value 847 (287 ) Amortization (65 ) (67 ) Net derivative losses from economic hedges (3) (B) (1,220 ) (72 ) Total servicing income, net 468 456 Net gains on mortgage loan origination/sales activities 466 772 Total mortgage banking noninterest income $ 934 1,228 Market-related valuation changes to MSRs, net of hedge results (2)(3) (A)+(B) $ 110 102 (1) Includes costs associated with foreclosures, unreimbursed interest advances to investors, and other interest costs. (2) Refer to the analysis of changes in fair value MSRs presented in Table 10.1 in this Note for more detail. (3) Represents results from economic hedges used to hedge the risk of changes in fair value of MSRs. See Note 14 (Derivatives Not Designated as Hedging Instruments) for additional discussion and detail. |
Analysis of Changes in Liability for Mortgage Loan Repurchase Losses | Table 10.5 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 adjustments to the repurchase liability are recorded in net gains on mortgage loan origination/sales activities in “Mortgage banking” in our consolidated income statement. 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 exceeded our recorded liability by $166 million at March 31, 2018 , and was determined based upon modifying the assumptions (particularly to assume significant changes in investor repurchase demand practices) used in our best estimate of probable loss to reflect what we believe to be the high end of reasonably possible adverse assumptions. Table 10.5: Analysis of Changes in Liability for Mortgage Loan Repurchase Losses Quarter ended March 31, (in millions) 2018 2017 Balance, beginning of period $ 181 229 Provision for repurchase losses: Loan sales 3 8 Change in estimate (1) 1 (8 ) Net additions to provision 4 — Losses (4 ) (7 ) Balance, end of period $ 181 222 (1) Results from changes in investor demand and mortgage insurer practices, credit deterioration and changes in the financial stability of correspondent lenders. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross Carrying Value of Intangible Assets And Accumulated Amortization | Table 11.1 presents the gross carrying value of intangible assets and accumulated amortization. Table 11.1: Intangible Assets March 31, 2018 December 31, 2017 (in millions) Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Amortized intangible assets (1): MSRs (2) $ 3,928 (2,517 ) 1,411 3,876 (2,452 ) 1,424 Core deposit intangibles 12,834 (12,257 ) 577 12,834 (12,065 ) 769 Customer relationship and other intangibles 3,994 (3,228 ) 766 3,994 (3,153 ) 841 Total amortized intangible assets $ 20,756 (18,002 ) 2,754 20,704 (17,670 ) 3,034 Unamortized intangible assets: MSRs (carried at fair value) (2) $ 15,041 13,625 Goodwill 26,445 26,587 Trademark 14 14 (1) Excludes fully amortized intangible assets. (2) See Note 10 (Mortgage Banking Activities) for additional information on MSRs. |
Amortization Expense for Intangible Assets | Table 11.2 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 March 31, 2018 . Future amortization expense may vary from these projections. Table 11.2: Amortization Expense for Intangible Assets (in millions) Amortized MSRs Core deposit intangibles Customer relationship and other intangibles (1) Total Three months ended March 31, 2018 (actual) $ 65 192 75 332 Estimate for the remainder of 2018 $ 202 577 223 1,002 Estimate for year ended December 31, 2019 229 — 116 345 2020 199 — 97 296 2021 172 — 82 254 2022 155 — 68 223 2023 128 — 59 187 (1) The three months ended March 31, 2018 balance includes $2 million for lease intangible amortization. |
Allocation of Goodwill to Operating Segments | Table 11.3 shows the allocation of goodwill to our reportable operating segments. Table 11.3: Goodwill (in millions) Community Banking Wholesale Banking Wealth and Investment Management Consolidated Company December 31, 2016 $ 16,849 8,585 1,259 26,693 Reduction in goodwill related to divested businesses and other — (27 ) — (27 ) March 31, 2017 $ 16,849 8,558 1,259 26,666 December 31, 2017 $ 16,849 8,455 1,283 26,587 Reduction in goodwill related to divested businesses and other (142 ) — — (142 ) March 31, 2018 $ 16,707 8,455 1,283 26,445 |
Guarantees, Pledged Assets an43
Guarantees, Pledged Assets and Collateral (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Guarantees [Abstract] | |
Guarantees - Carrying Value and Maximum Exposure to Loss | Table 12.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts. Table 12.1: Guarantees – Carrying Value and Maximum Exposure to Loss Maximum exposure to loss (in millions) Carrying value of obligation (asset) 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 March 31, 2018 Standby letters of credit (1) $ 38 14,930 7,984 2,891 554 26,359 8,501 Securities lending and other indemnifications (2) — — — 2 1,028 1,030 2 Written put options (3) (227 ) 15,044 12,739 3,748 891 32,422 20,462 Loans and MHFS sold with recourse (4) 51 169 537 1,172 9,208 11,086 8,289 Factoring guarantees (5) — 814 — — — 814 715 Other guarantees 1 4 — 2 3,828 3,834 4 Total guarantees $ (137 ) 30,961 21,260 7,815 15,509 75,545 37,973 December 31, 2017 Standby letters of credit (1) $ 39 15,357 7,908 3,068 645 26,978 8,773 Securities lending and other indemnifications (2) — — — 2 809 811 2 Written put options (3) (455 ) 14,758 12,706 3,890 1,038 32,392 19,087 Loans and MHFS sold with recourse (4) 51 165 533 934 9,385 11,017 8,155 Factoring guarantees (5) — 747 — — — 747 668 Other guarantees 1 7 — 2 4,175 4,184 7 Total guarantees $ (364 ) 31,034 21,147 7,896 16,052 76,129 36,692 (1) Total maximum exposure to loss includes direct pay letters of credit (DPLCs) of $7.7 billion and $8.1 billion at March 31, 2018 , and December 31, 2017 , 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) Includes indemnifications provided to certain third-party clearing agents. Outstanding customer obligations under these arrangements were $100 million and $92 million with related collateral of $929 million and $717 million at March 31, 2018 , and December 31, 2017 , respectively. Estimated maximum exposure to loss was $1.0 billion at March 31, 2018 and $809 million at December 31, 2017 . (3) Written put options, which are in the form of derivatives, are also included in the derivative disclosures in Note 14 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades. (4) Represent recourse provided, predominantly to the GSEs, on loans sold under various programs and arrangements. Under these arrangements, we repurchased $1 million of loans associated with these agreements in the first quarter 2018 , and $1 million in the same period of 2017 . (5) Consists of guarantees made under certain factoring arrangements to purchase trade receivables from third parties, generally upon their request, if receivable debtors default on their payment obligations. |
Pledged Assets | Table 12.2 provides the total carrying amount of pledged assets by asset type and pledged off-balance sheet securities for securities financings. The table excludes pledged consolidated VIE assets of $13.4 billion and $13.6 billion at March 31, 2018 , and December 31, 2017 , respectively, which can only be used to settle the liabilities of those entities. The table also excludes $656 million and $675 million in assets pledged in transactions with VIE's accounted for as secured borrowings at March 31, 2018 , and December 31, 2017 , respectively. See Note 9 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets and secured borrowings. Table 12.2: Pledged Assets (in millions) Mar 31, Dec 31, Held for trading: Debt securities $ 83,742 96,993 Equity securities 11,662 12,161 Total pledged assets held for trading (1) 95,404 109,154 Not held for trading: Debt securities and other (2) 66,739 73,592 Mortgages held for sale and loans (3) 450,605 469,554 Total pledged assets not held for trading 517,344 543,146 Total pledged assets $ 612,748 652,300 (1) Consists of pledged assets held for trading of $43.3 billion and $41.9 billion at March 31, 2018 , and December 31, 2017 , respectively and off-balance sheet securities of $52.1 billion and $67.3 billion as of the same dates, respectively, that are pledged as collateral for repurchase agreements and other securities financings. Total pledged assets held for trading includes $95.3 billion and $109.0 billion at March 31, 2018 , and December 31, 2017 , respectively that permit the secured parties to sell or repledge the collateral. (2) Includes carrying value of $4.7 billion and $5.0 billion (fair value of $4.5 billion and $ 5.0 billion ) in collateral for repurchase agreements at March 31, 2018 , and December 31, 2017 , respectively, which are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Also includes $7 million and $64 million in collateral pledged under repurchase agreements at March 31, 2018 , and December 31, 2017 , respectively, that permit the secured parties to sell or repledge the collateral. Substantially all other pledged securities are pursuant to agreements that do not permit the secured party to sell or repledge the collateral. (3) Includes mortgages held for sale of $1.0 billion and $2.6 billion at March 31, 2018 , and December 31, 2017 , respectively. Substantially all of the total mortgages held for sale and loans are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Amounts exclude $1.2 billion and $2.2 billion at March 31, 2018 , and December 31, 2017 , respectively, of pledged loans recorded on our balance sheet representing certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. |
Offsetting - Resale and Repurchase Agreements | Table 12.3 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 liability. Collateral we received includes securities or loans and is not recognized on our balance sheet. Collateral pledged or received 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 reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty. In addition to the amounts included in Table 12.3 , we also have balance sheet netting related to derivatives that is disclosed in Note 14 (Derivatives). Table 12.3: Offsetting – Resale and Repurchase Agreements (in millions) Mar 31, Dec 31, Assets: Resale and securities borrowing agreements Gross amounts recognized $ 108,479 121,135 Gross amounts offset in consolidated balance sheet (1) (16,574 ) (23,188 ) Net amounts in consolidated balance sheet (2) 91,905 97,947 Collateral not recognized in consolidated balance sheet (3) (91,396 ) (96,829 ) Net amount (4) $ 509 1,118 Liabilities: Repurchase and securities lending agreements Gross amounts recognized (5) $ 96,911 111,488 Gross amounts offset in consolidated balance sheet (1) (16,574 ) (23,188 ) Net amounts in consolidated balance sheet (6) 80,337 88,300 Collateral pledged but not netted in consolidated balance sheet (7) (80,193 ) (87,918 ) Net amount (8) $ 144 382 (1) Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset in the consolidated balance sheet. (2) At March 31, 2018 , and December 31, 2017 , includes $73.5 billion and $78.9 billion , respectively, classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements. Balance also includes securities purchased under long-term resale agreements (generally one year or more) classified in loans, which totaled $18.4 billion and $19.0 billion , at March 31, 2018 , and December 31, 2017 , respectively. (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 March 31, 2018 , and December 31, 2017 , we have received total collateral with a fair value of $118.2 billion and $130.8 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 $52.7 billion at March 31, 2018 , and $66.3 billion at December 31, 2017 . (4) Represents the amount of our exposure that is not collateralized and/or is not subject to an enforceable MRA or MSLA. (5) For additional information on underlying collateral and contractual maturities, see the “Repurchase and Securities Lending Agreements” section in this Note. (6) Amount is classified in short-term borrowings on our consolidated balance sheet. (7) 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 March 31, 2018 , and December 31, 2017 , we have pledged total collateral with a fair value of $99.2 billion and $113.6 billion , respectively, of which, the counterparty does not have the right to sell or repledge $4.7 billion as of March 31, 2018 and $5.2 billion as of December 31, 2017 . (8) Represents the amount of our obligation that is not covered by pledged collateral and/or is not subject to an enforceable MRA or MSLA. |
Underlying Collateral Types of Gross Obligations and Contractual Maturities of Gross Obligations | Table 12.4 provides the underlying collateral types of our gross obligations under repurchase and securities lending agreements. Table 12.4: Underlying Collateral Types of Gross Obligations (in millions) Mar 31, Dec 31, Repurchase agreements: Securities of U.S. Treasury and federal agencies $ 42,646 51,144 Securities of U.S. States and political subdivisions 29 92 Federal agency mortgage-backed securities 33,138 35,386 Non-agency mortgage-backed securities 1,194 1,324 Corporate debt securities 6,092 7,152 Asset-backed securities 2,121 2,034 Equity securities 826 838 Other 66 1,783 Total repurchases 86,112 99,753 Securities lending: Securities of U.S. Treasury and federal agencies 102 186 Federal agency mortgage-backed securities 1 — Corporate debt securities 471 619 Equity securities (1) 10,225 10,930 Total securities lending 10,799 11,735 Total repurchases and securities lending $ 96,911 111,488 (1) Equity securities are generally exchange traded and either re-hypothecated under margin lending agreements or obtained through contemporaneous securities borrowing transactions with other counterparties. Table 12.5 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Table 12.5: Contractual Maturities of Gross Obligations (in millions) Overnight/continuous Up to 30 days 30-90 days >90 days Total gross obligation March 31, 2018 Repurchase agreements $ 72,474 5,142 3,401 5,095 86,112 Securities lending 10,178 — 621 — 10,799 Total repurchases and securities lending (1) $ 82,652 5,142 4,022 5,095 96,911 December 31, 2017 Repurchase agreements $ 83,780 7,922 3,286 4,765 99,753 Securities lending 9,634 584 1,363 154 11,735 Total repurchases and securities lending (1) $ 93,414 8,506 4,649 4,919 111,488 (1) Securities lending is executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements have a term structure to them that technically matures at a point in time. The overnight/continuous repurchase agreements require election of both parties to roll the trade rather than the election to terminate the arrangement as in securities lending. |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional or Contractual Amounts and Fair Values of Derivatives | Table 14.1 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. Table 14.1: Notional or Contractual Amounts and Fair Values of Derivatives March 31, 2018 December 31, 2017 Notional or contractual amount Fair value Notional or contractual amount Fair value (in millions) Derivative assets Derivative liabilities Derivative Derivative Derivatives designated as hedging instruments Interest rate contracts (1) $ 165,802 2,387 724 209,677 2,492 1,092 Foreign exchange contracts (1) 31,720 1,769 742 34,135 1,482 1,137 Total derivatives designated as qualifying hedging instruments 4,156 1,466 3,974 2,229 Derivatives not designated as hedging instruments Economic hedges: Interest rate contracts (2) 197,432 287 416 220,558 159 201 Equity contracts 12,978 1,058 69 12,315 716 138 Foreign exchange contracts 15,373 84 205 15,976 78 309 Credit contracts – protection purchased 211 42 — 111 37 — Subtotal 1,471 690 990 648 Customer accommodation trading and other derivatives: Interest rate contracts 7,560,715 14,173 14,855 6,434,673 14,979 14,179 Commodity contracts 70,455 2,575 1,457 62,530 2,354 1,335 Equity contracts 231,036 6,765 7,708 213,750 6,291 8,363 Foreign exchange contracts 349,850 6,885 6,140 362,896 7,413 7,122 Credit contracts – protection sold 8,826 118 197 9,021 147 214 Credit contracts – protection purchased 17,559 191 159 17,406 207 208 Subtotal 30,707 30,516 31,391 31,421 Total derivatives not designated as hedging instruments 32,178 31,206 32,381 32,069 Total derivatives before netting 36,334 32,672 36,355 34,298 Netting (3) (24,867 ) (24,789 ) (24,127 ) (25,502 ) Total $ 11,467 7,883 12,228 8,796 (1) Notional amounts presented exclude $0 million and $500 million of interest rate contracts at March 31, 2018 , and December 31, 2017 , respectively, for certain derivatives that are combined for designation as a hedge on a single instrument. The notional amount for foreign exchange contracts at March 31, 2018 , and December 31, 2017 , excludes $12.0 billion and $13.5 billion , respectively, 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) Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Table 14.2 for further information. |
Gross Fair Values of Derivative Assets and Liabilities | Table 14.2 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 and 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 includes $31.8 billion and $29.6 billion of gross derivative assets and liabilities, respectively, at March 31, 2018 , and $30.0 billion and $29.9 billion , respectively, at December 31, 2017 , 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 $4.5 billion and $3.1 billion , respectively, at March 31, 2018 , and $6.4 billion and $4.4 billion , respectively, at December 31, 2017 , 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 netting 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. We do not net non-cash collateral that we receive and pledge on the balance sheet. 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 Table 14.2 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 12 (Guarantees, Pledged Assets and Collateral, and Other Commitments). Table 14.2: Gross Fair Values of Derivative Assets and Liabilities (in millions) Gross amounts recognized Gross amounts offset in consolidated balance sheet (1) Net amounts in consolidated balance sheet Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) (2) Net amounts Percent exchanged in over-the-counter market (3) March 31, 2018 Derivative assets Interest rate contracts $ 16,847 (11,407 ) 5,440 (91 ) 5,349 98 % Commodity contracts 2,575 (1,032 ) 1,543 (3 ) 1,540 87 Equity contracts 7,823 (5,997 ) 1,826 (559 ) 1,267 77 Foreign exchange contracts 8,738 (6,134 ) 2,604 (226 ) 2,378 100 Credit contracts – protection sold 118 (115 ) 3 — 3 11 Credit contracts – protection purchased 233 (182 ) 51 (1 ) 50 89 Total derivative assets $ 36,334 (24,867 ) 11,467 (880 ) 10,587 Derivative liabilities Interest rate contracts $ 15,995 (12,449 ) 3,546 (755 ) 2,791 97 % Commodity contracts 1,457 (744 ) 713 — 713 69 Equity contracts 7,777 (5,220 ) 2,557 (247 ) 2,310 82 Foreign exchange contracts 7,087 (6,035 ) 1,052 (124 ) 928 100 Credit contracts – protection sold 197 (192 ) 5 (5 ) — 84 Credit contracts – protection purchased 159 (149 ) 10 — 10 9 Total derivative liabilities $ 32,672 (24,789 ) 7,883 (1,131 ) 6,752 December 31, 2017 Derivative assets Interest rate contracts $ 17,630 (11,929 ) 5,701 (145 ) 5,556 99 % Commodity contracts 2,354 (966 ) 1,388 (4 ) 1,384 88 Equity contracts 7,007 (4,233 ) 2,774 (596 ) 2,178 76 Foreign exchange contracts 8,973 (6,656 ) 2,317 (25 ) 2,292 100 Credit contracts – protection sold 147 (145 ) 2 — 2 10 Credit contracts – protection purchased 244 (198 ) 46 (3 ) 43 89 Total derivative assets $ 36,355 (24,127 ) 12,228 (773 ) 11,455 Derivative liabilities Interest rate contracts $ 15,472 (13,226 ) 2,246 (1,078 ) 1,168 99 % Commodity contracts 1,335 (648 ) 687 (1 ) 686 76 Equity contracts 8,501 (4,041 ) 4,460 (400 ) 4,060 85 Foreign exchange contracts 8,568 (7,189 ) 1,379 (204 ) 1,175 100 Credit contracts – protection sold 214 (204 ) 10 (9 ) 1 85 Credit contracts – protection purchased 208 (194 ) 14 — 14 9 Total derivative liabilities $ 34,298 (25,502 ) 8,796 (1,692 ) 7,104 (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 $283 million and $245 million related to derivative assets and $132 million and $95 million related to derivative liabilities at March 31, 2018 , and December 31, 2017 , respectively. Cash collateral totaled $3.7 billion and $3.7 billion , netted against derivative assets and liabilities, respectively, at March 31, 2018 , and $2.7 billion and $4.2 billion , respectively, at December 31, 2017 . (2) 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. (3) Represents derivatives executed in over-the-counter markets that are 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. |
Derivatives in Fair Value and Cash Flow Hedging Relationships | Table 14.3 shows the net gains (losses) related to derivatives in fair value and cash flow hedging relationships. Table 14.3: Gains (Losses) Recognized in Consolidated Statement of Income on Fair Value and Cash Flow Hedging Relationships Net interest income Noninterest Income (in millions) Debt securities Loans Mortgages held for sale Deposits Long-term debt Other Total Quarter ended March 31, 2018 Total amounts presented in the consolidated statement of income $ 3,414 10,579 179 (1,090 ) (1,576 ) 602 12,108 Gains (losses) on fair value hedging relationships Interest contracts Amounts related to interest settlements on derivatives (1) (82 ) — (1 ) (5 ) 171 — 83 Recognized on derivatives 950 1 6 (149 ) (2,393 ) — (1,585 ) Recognized on hedged items (968 ) (1 ) (8 ) 141 2,334 — 1,498 Foreign exchange contracts Amounts related to interest settlements on derivatives (1)(2) 5 — — — (80 ) — (75 ) Recognized on derivatives (3) 4 — — — (171 ) 660 493 Recognized on hedged items (3 ) — — — 109 (627 ) (521 ) Net income (expense) recognized on fair value hedges (94 ) — (3 ) (13 ) (30 ) 33 (107 ) Gains (losses) on cash flow hedging relationships Interest contracts Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4) — (60 ) — — — — (60 ) Net income (expense) recognized on cash flow hedges $ — (60 ) — — — — (60 ) (continued on following page) (continued from previous page) Net interest income Noninterest Income (in millions) Debt securities Loans Mortgages held for sale Deposits Long-term debt Other Total Quarter ended March 31, 2017 Total amounts of line items presented in the consolidated statement of income $ 3,173 10,141 182 (536 ) (1,147 ) 374 12,187 Gains (losses) on fair value hedging relationships Interest contracts Amounts related to interest settlements on derivatives (1) (131 ) (1 ) (1 ) 12 415 — 294 Recognized on derivatives 126 1 (2 ) (8 ) (556 ) — (439 ) Recognized on hedged items (141 ) (1 ) — 10 556 — 424 Foreign exchange contracts Amounts related to interest settlements on derivatives (1)(2) 4 — — — (33 ) — (29 ) Recognized on derivatives (3) 6 — — — (47 ) 375 334 Recognized on hedged items (3 ) — — — 83 (340 ) (260 ) Net income (expense) recognized on fair value hedges (139 ) (1 ) (3 ) 14 418 35 324 Gains (losses) on cash flow hedging relationships Interest contracts Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4) — 205 — — (3 ) — 202 Net income (expense) recognized on cash flow hedges $ — 205 — — (3 ) — 202 (1) Includes $7 million and $5 million for first quarter 2018 and 2017, respectively, which represents changes in fair value due to the passage of time associated with the non-zero fair value amount at hedge inception. (2) Includes $0 million , and $(1) million for first quarter 2018 and 2017, respectively, of the time value component recognized as net interest income (expense) on forward derivatives hedging foreign currency debt securities and long-term debt that were excluded from the assessment of hedge effectiveness. (3) For certain fair value hedges of foreign currency risk, changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. See Note 20 (Other Comprehensive Income) for the amounts recognized in other comprehensive income. (4) See Note 20 (Other Comprehensive Income) for details of amounts reclassified to net income. |
Hedged Items in Fair Value Hedging Relationships | Table 14.4 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships. Table 14.4: Hedged Items in Fair Value Hedging Relationship Hedged Items Currently Designated Hedged Items No Longer Designated (1) (in millions) Carrying Amount of Assets/(Liabilities) (2)(4) Hedge Accounting Basis Adjustment Assets/(Liabilities) (3) Carrying Amount of Assets/(Liabilities) (4) Hedge Accounting Basis Adjustment March 31, 2018 Available-for-sale debt securities (5) $ 31,023 (301 ) 4,916 288 Loans 135 (1 ) — — Mortgages held for sale 822 1 — — Deposits (29,564 ) 298 — — Long-term debt (125,876 ) 265 (805 ) 13 December 31, 2017 Available-for-sale debt securities (5) 32,498 870 5,221 343 Loans 140 (1 ) — — Mortgages held for sale 465 (1 ) — — Deposits (23,679 ) 158 — — Long-term debt (128,950 ) (2,154 ) (1,953 ) 16 (1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. (2) Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded for debt securities is $1.5 billion and $(7.4) billion for long-term debt as of March 31, 2018 and $1.5 billion for debt securities and for long-term debt is $(7.7) billion as of December 31, 2017. (3) The balance includes $1.7 billion and $266 million of debt securities and long-term debt cumulative basis adjustments as of March 31, 2018, respectively, and $2.1 billion and $297 million of debt securities and long-term debt cumulative basis adjustments, respectively as of December 31, 2017, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges. (4) Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented. (5) Carrying amount represents the amortized cost. |
Derivatives Not Designated as Hedging Instruments | Table 14.5 shows the net gains (losses) recognized by income statement lines, related to derivatives not designated as hedging instruments. Table 14.5: Gains (Losses) on Derivatives Not Designated as Hedging Instruments Noninterest income (in millions) Mortgage banking Net gains (losses) from equity securities Net gains (losses) from trading activities Other Total Quarter ended March 31, 2018 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ (595 ) — — 9 (586 ) Equity contracts — (58 ) — — (58 ) Foreign exchange contracts — — — (159 ) (159 ) Credit contracts — — — 4 4 Subtotal (2) (595 ) (58 ) — (146 ) (799 ) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts (3) (259 ) — 385 — 126 Equity contracts — — 459 (195 ) 264 Foreign exchange contracts — — 310 — 310 Credit contracts — — 10 — 10 Commodity contracts — — 39 — 39 Other — — — — — Subtotal (259 ) — 1,203 (195 ) 749 Net gains (losses) recognized related to derivatives not designated as hedging instruments $ (854 ) (58 ) 1,203 (341 ) (50 ) (continued on following page) (continued from previous page) Noninterest income (in millions) Mortgage banking Net gains (losses) from equity securities Net gains (losses) from trading activities Other Total Quarter ended March 31, 2017 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ (9 ) — — 6 (3 ) Equity contracts — (474 ) — (7 ) (481 ) Foreign exchange contracts — — — (87 ) (87 ) Credit contracts — — — 4 4 Subtotal (2) (9 ) (474 ) — (84 ) (567 ) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts (3) 193 — 45 — 238 Equity contracts — — (1,109 ) — (1,109 ) Foreign exchange contracts — — 179 — 179 Credit contracts — — (15 ) — (15 ) Commodity contracts — — 60 — 60 Other — — 12 — 12 Subtotal 193 — (828 ) — (635 ) Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 184 (474 ) (828 ) (84 ) (1,202 ) (1) Includes 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) Includes hedging gains of $28 million and $2 million for first quarter 2018 and 2017, respectively, which partially offset hedge accounting ineffectiveness. (3) Amounts presented in mortgage banking noninterest income are gains on interest rate lock commitments. |
Sold and Purchased Credit Derivatives | Table 14.6 provides details of sold and purchased credit derivatives. Table 14.6: 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 March 31, 2018 Credit default swaps on: Corporate bonds $ 34 2,152 531 1,669 483 988 2018 - 2027 Structured products 78 184 179 166 18 124 2022 - 2047 Credit protection on: Default swap index — 2,225 525 395 1,830 3,458 2018 - 2028 Commercial mortgage-backed securities index 75 444 164 421 23 47 2047 - 2058 Asset-backed securities index 10 43 43 43 — 1 2045 - 2046 Other — 3,778 3,674 — 3,778 10,458 2018 - 2031 Total credit derivatives $ 197 8,826 5,116 2,694 6,132 15,076 December 31, 2017 Credit default swaps on: Corporate bonds $ 35 2,007 510 1,575 432 946 2018 - 2027 Structured products 86 267 252 232 35 153 2022 - 2047 Credit protection on: Default swap index — 2,626 540 308 2,318 3,932 2018 - 2027 Commercial mortgage-backed securities index 83 423 — 401 22 87 2047 - 2058 Asset-backed securities index 9 42 — 42 — 1 2045 - 2046 Other 1 3,656 3,306 — 3,656 9,840 2018 - 2031 Total credit derivatives $ 214 9,021 4,608 2,558 6,463 14,959 |
Fair Values of Assets and Lia45
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurements from Brokers or Third Party Pricing Services | Table 15.1: Fair Value Measurements by Brokers or Third-Party Pricing Services Brokers Third-party pricing services (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 March 31, 2018 Trading debt securities $ — — — 105 229 — Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies — — — 3,362 2,917 — Securities of U.S. states and political subdivisions — — — — 47,951 44 Mortgage-backed securities — 33 — — 165,656 67 Other debt securities (1) — 231 1,077 — 46,288 139 Total available-for-sale debt securities — 264 1,077 3,362 262,812 250 Equity securities: Marketable — — — — 225 — Nonmarketable — — — — 2 293 Total equity securities — — — — 227 293 Derivative assets — — — 17 — — Derivative liabilities — — — (17 ) — — Other liabilities (2) — — — — — — December 31, 2017 Trading debt securities $ — — — 926 215 — Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies — — — 3,389 2,930 — Securities of U.S. states and political subdivisions — — — — 50,401 49 Mortgage-backed securities — 33 — — 168,948 75 Other debt securities (1) — 307 1,158 — 44,465 22 Total available-for-sale debt securities — 340 1,158 3,389 266,744 146 Equity securities: Marketable — — — — 227 — Nonmarketable — — — — — — Total equity securities — — — — 227 — Derivative assets — — — 19 — — Derivative liabilities — — — (19 ) — — Other liabilities (2) — — — — — — (1) Includes corporate debt securities, collateralized loan and other debt obligations, asset-backed securities, and other debt securities. (2) Includes short sale liabilities and other liabilities. |
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | Table 15.2 presents the balances of assets and liabilities recorded at fair value on a recurring basis. Table 15.2: Fair Value on a Recurring Basis (in millions) Level 1 Level 2 Level 3 Netting Total March 31, 2018 Trading debt securities: Securities of U.S. Treasury and federal agencies $ 13,419 2,720 — — 16,139 Securities of U.S. states and political subdivisions — 3,434 3 — 3,437 Collateralized loan obligations — 645 316 — 961 Corporate debt securities — 12,377 34 — 12,411 Mortgage-backed securities — 25,755 — — 25,755 Asset-backed securities — 1,132 — — 1,132 Other trading debt securities — 13 18 — 31 Total trading debt securities 13,419 46,076 371 — 59,866 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 3,362 2,917 — — 6,279 Securities of U.S. states and political subdivisions — 49,026 617 — 49,643 Mortgage-backed securities: Federal agencies — 156,814 — — 156,814 Residential — 4,473 1 — 4,474 Commercial — 4,723 67 — 4,790 Total mortgage-backed securities — 166,010 68 — 166,078 Corporate debt securities 54 6,719 410 — 7,183 Collateralized loan and other debt obligations (1) — 35,707 1,045 — 36,752 Asset-backed securities: Automobile loans and leases — 572 — — 572 Home equity loans — 146 — — 146 Other asset-backed securities — 4,501 501 — 5,002 Total asset-backed securities — 5,219 501 — 5,720 Other debt securities — 1 — — 1 Total available-for-sale debt securities 3,416 265,599 2,641 (2) — 271,656 Mortgages held for sale — 12,909 950 — 13,859 Loans held for sale — 1,695 — — 1,695 Loans — — 352 — 352 Mortgage servicing rights (residential) — — 15,041 — 15,041 Derivative assets: Interest rate contracts 20 16,728 99 — 16,847 Commodity contracts — 2,547 28 — 2,575 Equity contracts 1,795 4,562 1,466 — 7,823 Foreign exchange contracts 17 8,707 14 — 8,738 Credit contracts — 231 120 — 351 Netting — — — (24,867 ) (3) (24,867 ) Total derivative assets 1,832 32,775 1,727 (24,867 ) 11,467 Equity securities - excluding securities at NAV: Marketable 29,705 553 — — 30,258 Nonmarketable — 52 5,219 — 5,271 Total equity securities $ 29,705 605 5,219 — 35,529 Total assets included in the fair value hierarchy $ 48,372 359,659 26,301 (24,867 ) 409,465 Equity securities at NAV (4) 32 Total assets recorded at fair value $ 409,497 Derivative liabilities: Interest rate contracts $ (20 ) (15,868 ) (107 ) — (15,995 ) Commodity contracts — (1,439 ) (18 ) — (1,457 ) Equity contracts (1,391 ) (4,598 ) (1,788 ) — (7,777 ) Foreign exchange contracts (17 ) (7,057 ) (13 ) — (7,087 ) Credit contracts — (277 ) (79 ) — (356 ) Netting — — — 24,789 (3) 24,789 Total derivative liabilities (1,428 ) (29,239 ) (2,005 ) 24,789 (7,883 ) Short sale liabilities: Securities of U.S. Treasury and federal agencies (14,243 ) (570 ) — — (14,813 ) Mortgage back securities — (18 ) — — (18 ) Corporate debt securities — (5,962 ) — — (5,962 ) Equity securities (2,459 ) (51 ) — — (2,510 ) Other securities — — — — — Total short sale liabilities (16,702 ) (6,601 ) — — (23,303 ) Other liabilities — — (2 ) — (2 ) Total liabilities recorded at fair value $ (18,130 ) (35,840 ) (2,007 ) 24,789 (31,188 ) (1) Includes collateralized debt obligations of $1.0 billion . (2) Balance primarily consists of securities that are 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. (3) Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 14 (Derivatives) for additional information. (4) Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. (continued on following page) (continued from previous page) (in millions) Level 1 Level 2 Level 3 Netting Total December 31, 2017 Trading debt securities: Securities of U.S. Treasury and federal agencies $ 12,491 2,383 — — 14,874 Securities of U.S. states and political subdivisions — 3,732 3 — 3,735 Collateralized loan obligations — 565 354 — 919 Corporate debt securities — 11,760 31 — 11,791 Mortgage-backed securities — 25,273 — — 25,273 Asset-backed securities — 993 — — 993 Other trading debt securities — 20 19 — 39 Total trading debt securities 12,491 44,726 407 — 57,624 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 3,389 2,930 — — 6,319 Securities of U.S. states and political subdivisions — 50,401 925 — 51,326 Mortgage-backed securities: Federal agencies — 160,219 — — 160,219 Residential — 4,607 1 — 4,608 Commercial — 4,490 75 — 4,565 Total mortgage-backed securities — 169,316 76 — 169,392 Corporate debt securities 56 7,203 407 — 7,666 Collateralized loan and other debt obligations (1) — 35,036 1,020 — 36,056 Asset-backed securities: Automobile loans and leases — 553 — — 553 Home equity loans — 149 — — 149 Other asset-backed securities — 4,380 566 — 4,946 Total asset-backed securities — 5,082 566 — 5,648 Other debt securities — — — — — Total available-for-sale debt securities 3,445 269,968 2,994 (2) — 276,407 Mortgages held for sale — 15,118 998 — 16,116 Loans held for sale — 1,009 14 — 1,023 Loans — — 376 — 376 Mortgage servicing rights (residential) — — 13,625 — 13,625 Derivative assets: Interest rate contracts 17 17,479 134 — 17,630 Commodity contracts — 2,318 36 — 2,354 Equity contracts 1,698 3,970 1,339 — 7,007 Foreign exchange contracts 19 8,944 10 — 8,973 Credit contracts — 269 122 — 391 Netting — — — (24,127 ) (3) (24,127 ) Total derivative assets 1,734 32,980 1,641 (24,127 ) 12,228 Equity securities - excluding securities at NAV: Marketable 33,931 429 — — 34,360 Nonmarketable — 46 4,821 — 4,867 Total equity securities $ 33,931 475 4,821 — 39,227 Total assets included in the fair value hierarchy $ 51,601 364,276 24,876 (24,127 ) 416,626 Equity securities at NAV (4) — Total assets recorded at fair value $ 416,626 Derivative liabilities: Interest rate contracts $ (17 ) (15,392 ) (63 ) — (15,472 ) Commodity contracts — (1,318 ) (17 ) — (1,335 ) Equity contracts (1,313 ) (5,338 ) (1,850 ) — (8,501 ) Foreign exchange contracts (19 ) (8,546 ) (3 ) — (8,568 ) Credit contracts — (336 ) (86 ) — (422 ) Netting — — — 25,502 (3) 25,502 Total derivative liabilities (1,349 ) (30,930 ) (2,019 ) 25,502 (8,796 ) Short sale liabilities: Securities of U.S. Treasury and federal agencies (10,420 ) (568 ) — — (10,988 ) Corporate debt securities — (4,986 ) — — (4,986 ) Equity securities (2,168 ) (45 ) — — (2,213 ) Other securities — (285 ) — — (285 ) Total short sale liabilities (12,588 ) (5,884 ) — — (18,472 ) Other liabilities — — (3 ) — (3 ) Total liabilities recorded at fair value $ (13,937 ) (36,814 ) (2,022 ) 25,502 (27,271 ) (1) Includes collateralized debt obligations of $1.0 billion . (2) Balance primarily consists of securities that are 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. (3) Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 14 (Derivatives) for additional information. (4) Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. |
Fair Value, Transfers Between Fair Value Levels | Transfers into and out of Level 1, Level 2, and Level 3 are provided within Table 15.3 for the periods presented. The amounts reported as transfers represent the fair value as of the beginning of the quarter in which the transfer occurred. Table 15.3: Transfers Between Fair Value Levels Transfers Between Fair Value Levels Level 1 Level 2 Level 3 (1) (in millions) In Out In Out In Out Total Quarter ended March 31, 2018 Trading debt securities $ — — — — — — — Available-for-sale debt securities — — 269 — — (269 ) — Mortgages held for sale — — 3 (15 ) 15 (3 ) — Loans held for sale — — — — — — — Equity securities — (11 ) 11 (4 ) 4 — — Net derivative assets and liabilities (2) — — (49 ) — — 49 — Short sale liabilities — — — — — — — Total transfers $ — (11 ) 234 (19 ) 19 (223 ) — Quarter ended March 31, 2017 Trading debt securities $ — — 1 (3 ) 3 (1 ) — Available-for-sale debt securities — — 72 (5 ) 5 (72 ) — Mortgages held for sale — — 1 (42 ) 42 (1 ) — Loans held for sale — — — — — — — Equity securities — — — — — — — Net derivative assets and liabilities (2) — — 3 22 (22 ) (3 ) — Short sale liabilities — — — — — — — Total transfers $ — — 77 (28 ) 28 (77 ) — (1) All transfers in and out of Level 3 are disclosed within the recurring Level 3 rollforward tables in this Note. (2) Includes transfers of net derivative assets and net derivative liabilities between levels due to changes in observable market data. |
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 quarter ended March 31, 2018 , are presented in Table 15.4 . Table 15.4: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended ended March 31, 2018 Total net gains (losses) included in Purchases, sales, issuances and settlements, net (1) Net unrealized gains (losses) included in income related to assets and liabilities held at period end (in millions) Balance, beginning of period Net income Other compre- hensive income Transfers into Level 3 Transfers out of Level 3 Balance, end of period (2) Quarter ended March 31, 2018 Trading debt securities: Securities of U.S. states and political subdivisions $ 3 — — — — — 3 — Collateralized loan obligations 354 2 — (40 ) — — 316 16 Corporate debt securities 31 — — 3 — — 34 — Mortgage-backed securities — — — — — — — — Asset-backed securities — — — — — — — — Other trading debt securities 19 (1 ) — — — — 18 — Total trading debt securities 407 1 — (37 ) — — 371 16 (3) Available-for-sale debt securities: Securities of U.S. states and political subdivisions 925 4 (2 ) (41 ) — (269 ) 617 — Mortgage-backed securities: Residential 1 — — — — — 1 — Commercial 75 1 (1 ) (8 ) — — 67 — Total mortgage-backed securities 76 1 (1 ) (8 ) — — 68 — Corporate debt securities 407 1 3 (1 ) — — 410 — Collateralized loan and other debt obligations 1,020 5 43 (23 ) — — 1,045 — Asset-backed securities: Automobile loans and leases — — — — — — — — Other asset-backed securities 566 8 (7 ) (66 ) — — 501 — Total asset-backed securities 566 8 (7 ) (66 ) — — 501 — Total available-for-sale debt securities 2,994 19 36 (139 ) — (269 ) 2,641 — (4) Mortgages held for sale 998 (23 ) — (37 ) 15 (3 ) 950 (23 ) (5) Loans held for sale 14 2 — (16 ) — — — — Loans 376 (1 ) — (23 ) — — 352 (4 ) (5) Mortgage servicing rights (residential) (6) 13,625 847 — 569 — — 15,041 1,330 (5) Net derivative assets and liabilities: Interest rate contracts 71 (345 ) — 266 — — (8 ) (73 ) Commodity contracts 19 15 — (24 ) — — 10 — Equity contracts (511 ) 69 — 71 — 49 (322 ) 25 Foreign exchange contracts 7 (7 ) — 1 — — 1 (3 ) Credit contracts 36 8 — (3 ) — — 41 4 Other derivative contracts — — — — — — — — Total derivative contracts (378 ) (260 ) — 311 — 49 (278 ) (47 ) (7) Equity securities: Marketable — — — — — — — — Nonmarketable (8) 5,203 108 — (96 ) 4 — 5,219 101 Total equity securities 5,203 108 — (96 ) 4 — 5,219 101 (9) Short sale liabilities — — — — — — — — (3) Other liabilities (3 ) 1 — — — — (2 ) — (5) (1) See Table 15.5 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 in the income statement. (4) Included in net gains (losses) from debt securities in the income statement. (5) Included in mortgage banking and other noninterest income in the income statement. (6) For more information on the changes in mortgage servicing rights, see Note 10 (Mortgage Banking Activities). (7) Included in mortgage banking, trading activities, equity securities and other noninterest income in the income statement. (8) Beginning balance includes $382 million of auction rate securities, which changed from the cost to fair value method of accounting in connection with the adoption of ASU 2016-01 in first quarter 2018. (9) Included in net gains (losses) from equity securities in the income statement. (continued on following page) (continued from previous page) Table 15.5 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 quarter ended March 31, 2018 . Table 15.5: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended March 31, 2018 (in millions) Purchases Sales Issuances Settlements Net Quarter ended March 31, 2018 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — Collateralized loan obligations 182 (191 ) — (31 ) (40 ) Corporate debt securities 4 (1 ) — — 3 Mortgage-backed securities — — — — — Asset-backed securities — — — — — Other trading debt securities — — — — — Total trading debt securities 186 (192 ) — (31 ) (37 ) Available-for-sale debt securities: Securities of U.S. states and political subdivisions — (4 ) 10 (47 ) (41 ) Mortgage-backed securities: Residential — — — — — Commercial — — — (8 ) (8 ) Total mortgage-backed securities — — — (8 ) (8 ) Corporate debt securities — — — (1 ) (1 ) Collateralized loan and other debt obligations — — — (23 ) (23 ) Asset-backed securities: Automobile loans and leases — — — — — Other asset-backed securities — (8 ) 49 (107 ) (66 ) Total asset-backed securities — (8 ) 49 (107 ) (66 ) Total available-for-sale debt securities — (12 ) 59 (186 ) (139 ) Mortgages held for sale 27 (83 ) 58 (39 ) (37 ) Loans held for sale — (16 ) — — (16 ) Loans 1 — 4 (28 ) (23 ) Mortgage servicing rights (residential) (1) — (4 ) 573 — 569 Net derivative assets and liabilities: Interest rate contracts — — — 266 266 Commodity contracts — — — (24 ) (24 ) Equity contracts — — — 71 71 Foreign exchange contracts — — — 1 1 Credit contracts 3 (2 ) — (4 ) (3 ) Other derivative contracts — — — — — Total derivative contracts 3 (2 ) — 310 311 Equity securities: Marketable — — — — — Nonmarketable — (17 ) — (79 ) (96 ) Total equity securities — (17 ) — (79 ) (96 ) Short sale liabilities — — — — — Other liabilities — — — — — (1) For more information on the changes in mortgage servicing rights, see Note 10 (Mortgage Banking Activities). The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended March 31, 2017 , are presented in Table 15.6 . Table 15.6: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended March 31, 2017 Balance, beginning of period Total net gains (losses) included in Purchases, sales, issuances and settlements, net (1) Net unrealized gains (losses) included in income related to assets and liabilities held at period end (in millions) Net income Other compre- hensive income Transfers into Level 3 Transfers out of Level 3 Balance, end of period (2) Quarter ended March 31, 2017 Trading debt securities: Securities of U.S. states and $ 3 — — — — — 3 — Collateralized loan obligations 309 4 — 85 — — 398 — Corporate debt securities 34 — — 1 3 (1 ) 37 — Mortgage-backed securities — — — — — — — — Asset-backed securities — — — — — — — — Other trading debt securities 28 — (2 ) — — — 26 (1 ) Total trading debt securities 374 4 (2 ) 86 3 (1 ) 464 — (3) Available-for-sale debt securities: Securities of U.S. states and political subdivisions 1,140 — 2 285 5 (72 ) 1,360 — Mortgage-backed securities: Residential 1 — — — — — 1 — Commercial 91 (3 ) 4 (3 ) — — 89 (4 ) Total mortgage-backed securities 92 (3 ) 4 (3 ) — — 90 (4 ) Corporate debt securities 432 (14 ) 8 (35 ) — — 391 — Collateralized loan and other debt obligations 879 5 41 39 — — 964 — Asset-backed securities: Automobile loans and leases — — — — — — — — Other asset-backed securities 962 — 2 (119 ) — — 845 — Total asset-backed securities 962 — 2 (119 ) — — 845 — Total available-for-sale debt securities 3,505 (12 ) 57 167 5 (72 ) 3,650 (4 ) (4) Mortgages held for sale 985 (9 ) — (60 ) 42 (1 ) 957 (11 ) (5) Loans held for sale — — — — — — — — Loans 758 (6 ) — (247 ) — — 505 (5 ) (5) Mortgage servicing rights (residential) (6) 12,959 (287 ) — 536 — — 13,208 174 (5) Net derivative assets and liabilities: Interest rate contracts 121 209 — (112 ) — — 218 85 Commodity contracts 23 2 — (6 ) — — 19 7 Equity contracts (267 ) (44 ) — 37 (22 ) (3 ) (299 ) (57 ) Foreign exchange contracts 12 (9 ) — — — — 3 (5 ) Credit contracts 77 7 — 3 — — 87 (14 ) Other derivative contracts (47 ) 11 — — — — (36 ) 11 Total derivative contracts (81 ) 176 — (78 ) (22 ) (3 ) (8 ) 27 (7) Equity securities: Marketable — — — — — — — — Nonmarketable 3,259 481 — — — — 3,740 485 Total equity securities 3,259 481 — — — — 3,740 485 (8) Short sale liabilities — — — — — — — — (3) Other liabilities (4 ) — — — — — (4 ) — (5) (1) See Table 15.7 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 in the income statement. (4) Included in net gains (losses) from debt securities in the income statement. (5) Included in mortgage banking and other noninterest income in the income statement. (6) For more information on the changes in mortgage servicing rights, see Note 10 (Mortgage Banking Activities). (7) Included in mortgage banking, trading activities, equity securities and other noninterest income in the income statement. (8) Included in net gains (losses) from equity securities in the income statement. (continued on following page) (continued from previous page) Table 15.7 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 quarter ended March 31, 2017 . Table 15.7: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended March 31, 2017 (in millions) Purchases Sales Issuances Settlements Net Quarter ended March 31, 2017 Trading debt securities: Securities of U.S. states and political subdivisions $ 1 (1 ) — — — Collateralized loan obligations 199 (76 ) — (38 ) 85 Corporate debt securities 6 (5 ) — — 1 Mortgage-backed securities — — — — — Asset-backed securities — — — — — Other trading debt securities — — — — — Total trading debt securities 206 (82 ) — (38 ) 86 Available-for-sale debt securities: Securities of U.S. states and political subdivisions — — 346 (61 ) 285 Mortgage-backed securities: Residential — — — — — Commercial — — — (3 ) (3 ) Total mortgage-backed securities — — — (3 ) (3 ) Corporate debt securities 4 — — (39 ) (35 ) Collateralized loan and other debt obligations 72 — — (33 ) 39 Asset-backed securities: Automobile loans and leases — — — — — Other asset-backed securities — — 21 (140 ) (119 ) Total asset-backed securities — — 21 (140 ) (119 ) Total available-for-sale debt securities 76 — 367 (276 ) 167 Mortgages held for sale 22 (156 ) 106 (32 ) (60 ) Loans held for sale — — — — — Loans 1 (129 ) 6 (125 ) (247 ) Mortgage servicing rights (residential) (1) — (47 ) 583 — 536 Net derivative assets and liabilities: Interest rate contracts — — — (112 ) (112 ) Commodity contracts — — — (6 ) (6 ) Equity contracts — — — 37 37 Foreign exchange contracts — — — — — Credit contracts 2 (1 ) — 2 3 Other derivative contracts — — — — — Total derivative contracts 2 (1 ) — (79 ) (78 ) Equity securities: Marketable — — — — — Nonmarketable — — — — — Total equity securities — — — — — Short sale liabilities — — — — — Other liabilities — — — — — (1) For more information on the changes in mortgage servicing rights, see Note 10 (Mortgage Banking Activities). |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Quantitative Information about Valuation Techniques and Unobservable Inputs | Table 15.8: Valuation Techniques – Recurring Basis –March 31, 2018 ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique(s) Significant Unobservable Input Range of Inputs Weighted Average (1) March 31, 2018 Trading and available-for-sale debt securities: Securities of U.S. states and political subdivisions: Government, healthcare and other revenue bonds $ 565 Discounted cash flow Discount rate 1.8 - 6.1 % 2.9 Other municipal bonds 11 Discounted cash flow Discount rate 4.8 - 4.9 4.9 44 Vendor priced Collateralized loan and other debt obligations (2) 316 Market comparable pricing Comparability adjustment (17.0 ) - 21.0 2.6 1,045 Vendor priced Asset-backed securities: Diversified payment rights (3) 253 Discounted cash flow Discount rate 2.8 - 4.4 3.6 Other commercial and consumer 221 (4) Discounted cash flow Discount rate 3.9 - 5.4 4.2 Weighted average life 1.8 - 2.1 yrs 1.9 27 Vendor priced Mortgages held for sale (residential) 930 Discounted cash flow Default rate 0.0 - 8.2 % 1.1 Discount rate 1.1 - 6.9 5.6 Loss severity 0.0 - 47.6 26.4 Prepayment rate 3.0 - 12.6 4.9 20 Market comparable pricing Comparability adjustment (56.3 ) - (6.3 ) (44.0 ) Loans 352 (5) Discounted cash flow Discount rate 3.1 - 7.0 4.2 Prepayment rate 4.4 - 100.0 91.2 Loss severity 0.0 - 33.8 7.5 Mortgage servicing rights (residential) 15,041 Discounted cash flow Cost to service per loan (6) $ 77 - 569 136 Discount rate 7.0 - 13.3 % 7.2 Prepayment rate (7) 8.2 - 20.3 9.3 Net derivative assets and (liabilities): Interest rate contracts (45 ) Discounted cash flow Default rate 0.1 - 5.0 2.1 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 12.5 10.2 Interest rate contracts: derivative loan commitments 37 Discounted cash flow Fall-out factor 1.0 - 99.0 19.3 Initial-value servicing (52.5 ) - 122.0 bps 23.6 Equity contracts 120 Discounted cash flow Conversion factor (9.6 ) - 0.0 % (8.9 ) Weighted average life 1.3 - 2.8 yrs 2.0 (442 ) Option model Correlation factor (77.0 ) - 99.0 % 27.5 Volatility factor 6.5 - 100.0 24.9 Credit contracts (3 ) Market comparable pricing Comparability adjustment (24.3 ) - 28.8 0.0 44 Option model Credit spread 0.0 - 9.2 0.6 Loss severity 13.0 - 60.0 48.5 Nonmarketable equity securities 9 Discounted cash flow Discount rate 10.0 - 10.0 10.0 Volatility Factor 0.7 - 2.5 1.9 4,917 Market comparable pricing Comparability adjustment (20.2 ) - (4.8 ) (17.2 ) 293 Vendor priced Insignificant Level 3 assets, net of liabilities 539 (8) Total level 3 assets, net of liabilities $ 24,294 (9) (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 $1.0 billion of collateralized debt obligations. (3) Securities backed by specified sources of current and future receivables generated from foreign originators. (4) A significant portion of the balance consists of investments in asset-backed securities that are revolving in nature, for which the timing of advances and repayments of principal are uncertain. (5) Consists of reverse mortgage loans. (6) The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $77 - $246 . (7) 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. (8) 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 trading positions, other liabilities and certain net derivative assets and liabilities, such as commodity contracts, foreign exchange contracts, and other derivative contracts. (9) Consists of total Level 3 assets of $26.3 billion and total Level 3 liabilities of $2.0 billion , before netting of derivative balances. Table 15.9: Valuation Techniques – Recurring Basis –December 31, 2017 ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique(s) Significant Unobservable Input Range of Inputs Weighted Average (1) December 31, 2017 Trading and available-for-sale debt securities: Securities of U.S. states and political subdivisions: Government, healthcare and other revenue bonds $ 868 Discounted cash flow Discount rate 1.7 - 5.8 % 2.7 Other municipal bonds 11 Discounted cash flow Discount rate 4.7 - 4.9 4.8 49 Vendor priced Collateralized loan and other debt obligations (2) 354 Market comparable pricing Comparability adjustment (22.0 ) - 19.5 3.0 1,020 Vendor priced Asset-backed securities: Diversified payment rights (3) 292 Discounted cash flow Discount rate 2.4 - 3.9 3.1 Other commercial and consumer 248 (4) Discounted cash flow Discount rate 3.7 - 5.2 3.9 Weighted average life 2.0 - 2.3 yrs 2.1 26 Vendor priced Mortgages held for sale (residential) 974 Discounted cash flow Default rate 0.0 - 7.1 % 1.3 Discount rate 2.6 - 7.3 5.6 Loss severity 0.1 - 41.4 19.6 Prepayment rate 6.5 - 15.9 9.1 24 Market comparable pricing Comparability adjustment (56.3 ) - (6.3 ) (42.7 ) Loans 376 (5) Discounted cash flow Discount rate 3.1 - 7.5 4.2 Prepayment rate 8.7 - 100.0 91.9 Loss severity 0.0 - 33.9 6.6 Mortgage servicing rights (residential) 13,625 Discounted cash flow Cost to service per loan (6) $ 78 - 587 143 Discount rate 6.6 - 12.9 % 6.9 Prepayment rate (7) 9.7 - 20.5 10.5 Net derivative assets and (liabilities): Interest rate contracts 54 Discounted cash flow Default rate 0.0 - 5.0 2.1 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 12.5 10.5 Interest rate contracts: derivative loan commitments 17 Discounted cash flow Fall-out factor 1.0 - 99.0 15.2 Initial-value servicing (59.9 ) - 101.1 bps 2.7 Equity contracts 102 Discounted cash flow Conversion factor (9.7 ) - 0.0 % (7.6 ) Weighted average life 0.5 - 3.0 yrs 1.6 (613 ) Option model Correlation factor (77.0 ) - 98.0 % 24.2 Volatility factor 5.7 - 95.5 19.2 Credit contracts (3 ) Market comparable pricing Comparability adjustment (29.9 ) - 17.3 (0.2 ) 39 Option model Credit spread 0.0 - 63.7 1.3 Loss severity 13.0 - 60.0 50.7 Nonmarketable equity securities 8 Discounted cash flow Discount rate 10.0 - 10.0 10.0 Volatility Factor 0.5 - 1.9 1.4 4,813 Market comparable pricing Comparability adjustment (21.1 ) - (5.5 ) (15.0 ) Insignificant Level 3 assets, net of liabilities 570 (8) Total level 3 assets, net of liabilities $ 22,854 (9) (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 $1.0 billion of collateralized debt obligations. (3) Securities backed by specified sources of current and future receivables generated from foreign originators. (4) A significant portion of the balance consists of investments in asset-backed securities that are revolving in nature, for which the timing of advances and repayments of principal are uncertain. (5) Consists of reverse mortgage loans. (6) The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $78 - $252 . (7) 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. (8) 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 trading positions, other liabilities and certain net derivative assets and liabilities, such as commodity contracts, foreign exchange contracts, and other derivative contracts. (9) Consists of total Level 3 assets of $24.9 billion and total Level 3 liabilities of $2.0 billion , before netting of derivative balances. |
Fair Value, Assets Recorded at Fair Value on a Nonrecurring Basis | Table 15.10 provides the fair value hierarchy and carrying amount of all assets that were still held as of March 31, 2018 , and December 31, 2017 , and for which a nonrecurring fair value adjustment was recorded during the periods presented. Table 15.10: Fair Value on a Nonrecurring Basis March 31, 2018 December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgages held for sale (LOCOM) (1) $ — 1,606 1,285 2,891 — 1,646 1,333 2,979 Loans held for sale — 1,799 — 1,799 — 108 — 108 Loans: Commercial — 218 — 218 — 374 — 374 Consumer — 130 3 133 — 502 10 512 Total loans (2) — 348 3 351 — 876 10 886 Nonmarketable equity securities (3) — 356 128 484 — — 136 136 Other assets (4) — 146 12 158 — 177 161 338 Total assets at fair value on a nonrecurring basis (5) $ — 4,255 1,428 5,683 — 2,807 1,640 4,447 (1) Consists of commercial mortgages and residential real estate 1-4 family first mortgage loans. (2) Represents the carrying value of loans for which nonrecurring adjustments are based on the appraised value of the collateral. (3) Consists of certain nonmarketable equity securities that are measured at fair value on a nonrecurring basis, including observable price adjustments for nonmarketable equity securities carried under the measurement alternative. (4) Includes the fair value of foreclosed real estate, other collateral owned and operating lease assets. (5) Prior period balances exclude $6 million of nonmarketable equity securities at NAV. |
Changes in Fair Value of Assets Recorded at Fair Value on Nonrecurring Basis | Table 15.11 presents the increase (decrease) in value of certain assets held at the end of the respective reporting periods presented for which a nonrecurring fair value adjustment was recognized during the periods presented. Table 15.11: Change in Value of Assets with Nonrecurring Fair Value Adjustment Quarter ended March 31, (in millions) 2018 2017 Mortgages held for sale (LOCOM) $ 7 21 Loans held for sale (82 ) — Loans: Commercial (81 ) (127 ) Consumer (107 ) (175 ) Total loans (1) (188 ) (302 ) Nonmarketable equity securities (2) 208 (60 ) Other assets (3) (22 ) (40 ) Total $ (77 ) (381 ) (1) Represents write-downs of loans based on the appraised value of the collateral. (2) Includes impairment losses and observable price adjustments for certain nonmarketable equity securities. (3) 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. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Quantitative Information about Valuation Techniques and Unobservable Inputs | Table 15.12 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of our Level 3 assets that are measured at fair value on a nonrecurring basis using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods presented. We have excluded from the table valuation techniques and significant unobservable inputs for certain classes of Level 3 assets 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 that 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. Table 15.12: Valuation Techniques – Nonrecurring Basis ($ in millions) Fair Value Level 3 Valuation Technique(s) (1) Significant Unobservable Inputs (1) Range of inputs Weighted Average (2) March 31, 2018 Residential mortgages held for sale (LOCOM) $ 1,285 (3) Discounted cash flow Default rate (4) 0.2 — 3.4 % 1.7 % Discount rate 1.5 — 8.5 3.8 Loss severity 0.7 — 50.5 2.2 Prepayment rate (5) 4.4 — 100.0 49.0 Nonmarketable equity securities 17 Discounted cash flow Discount rate 10.5 — 10.5 10.5 Insignificant level 3 assets 126 Total $ 1,428 December 31, 2017 Residential mortgages held for sale (LOCOM) $ 1,333 (3) Discounted cash flow Default rate (4) 0.1 — 4.1 % 1.7 % Discount rate 1.5 — 8.5 3.8 Loss severity 0.7 — 52.9 2.2 Prepayment rate (5) 5.4 — 100.0 50.6 Nonmarketable equity securities 122 Discounted cash flow Discount rate 5.0 — 10.5 10.2 Insignificant level 3 assets 185 Total $ 1,640 (1) Refer to the narrative following Table 15.9 for a definition of the valuation technique(s) and significant unobservable inputs. (2) For residential MHFS, weighted averages are calculated using the outstanding unpaid principal balance of the loans. (3) Consists of approximately $1.3 billion of government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitizations at both March 31, 2018 , and December 31, 2017 , and $26 million of other mortgage loans that are not government insured/guaranteed at both dates. (4) Applies only to non-government insured/guaranteed loans. (5) Includes the impact on prepayment rate of expected defaults for government insured/guaranteed loans, which impact the frequency and timing of early resolution of loans. |
Fair Value Option, Carrying Amount | Table 15.13 reflects differences between the fair value carrying amount of the assets for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity. Table 15.13: Fair Value Option March 31, 2018 December 31, 2017 (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 Mortgages held for sale: Total loans $ 13,859 13,762 97 16,116 15,827 289 Nonaccrual loans 128 168 (40 ) 127 165 (38 ) Loans 90 days or more past due and still accruing 9 13 (4 ) 16 21 (5 ) Loans held for sale: Total loans 1,695 1,749 (54 ) 1,023 1,075 (52 ) Nonaccrual loans 29 53 (24 ) 34 56 (22 ) Loans: Total loans 352 382 (30 ) 376 404 (28 ) Nonaccrual loans 244 274 (30 ) 253 281 (28 ) Equity securities (1) 4,975 N/A N/A 4,867 N/A N/A (1) Consists of nonmarketable equity securities carried at fair value. |
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 measured at fair value are shown in Table 15.14 by income statement line item. Table 15.14: Fair Value Option – Changes in Fair Value Included in Earnings 2018 2017 (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 Quarter ended March 31, Mortgages held for sale $ (59 ) — — 279 — — Loans held for sale — 6 — — 25 — Loans — — (1 ) — — — Equity securities — — 101 — — 490 Other interests held (1) — (1 ) — — (2 ) — (1) Includes retained interests in securitizations. |
Fair Value Option, Instrument Specific Credit Risk | Table 15.15 shows the estimated gains and losses from earnings attributable to instrument-specific credit risk related to assets accounted for under the fair value option. Table 15.15: Fair Value Option – Gains/Losses Attributable to Instrument-Specific Credit Risk Quarter ended March 31, (in millions) 2018 2017 Gains (losses) attributable to instrument-specific credit risk: Mortgages held for sale $ 1 (1 ) Loans held for sale 6 25 Total $ 7 24 |
Fair Value, Estimates for Financial Instruments Excluding those Recorded at Fair Value on a Recurring Basis | Table 15.16 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 Table 15.2 in this Note. In connection with the adoption of ASU 2016-01 in first quarter 2018, the valuation methodologies for estimating the fair value of financial instruments in Table 15.16 have been changed, where necessary, to conform with an exit price notion . Under an exit price notion, fair value estimates are based upon 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 balance sheet date. For certain loans and deposit liabilities, the estimated fair values prior to adoption of ASU 2016-01 followed an entrance price notion that based fair values on recent prices offered to customers for loans and deposits with similar characteristics. The carrying amounts in the following table are recorded on the balance sheet under the indicated captions. 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. Table 15.16: Fair Value Estimates for Financial Instruments Estimated fair value (in millions) Carrying amount Level 1 Level 2 Level 3 Total March 31, 2018 Financial assets Cash and due from banks (1) $ 18,145 18,145 — — 18,145 Interest-earning deposits with banks (1) 184,250 184,091 159 — 184,250 Federal funds sold and securities purchased under resale agreements (1) 73,550 — 73,550 — 73,550 Held-to-maturity debt securities 141,446 44,179 93,650 494 138,323 Mortgages held for sale 4,085 — 2,808 1,285 4,093 Loans held for sale 1,886 — 1,887 — 1,887 Loans, net (2)(3) 917,574 — 49,806 871,564 921,370 Nonmarketable equity securities (cost method) (4) 5,780 — — 5,803 5,803 Total financial assets $ 1,346,716 246,415 221,860 879,146 1,347,421 Financial liabilities Deposits (3)(5) $ 118,666 — 98,649 19,930 118,579 Short-term borrowings 97,207 — 97,204 — 97,204 Long-term debt (6) 227,264 — 228,231 2,029 230,260 Total financial liabilities $ 443,137 — 424,084 21,959 446,043 December 31, 2017 Financial assets Cash and due from banks (1) $ 23,367 23,367 — — 23,367 Interest-earning deposits with banks (1) 192,580 192,455 125 — 192,580 Federal funds sold and securities purchased under resale agreements (1) 80,025 1,002 78,954 69 80,025 Held-to-maturity securities 139,335 44,806 93,694 485 138,985 Mortgages held for sale 3,954 — 2,625 1,333 3,958 Loans held for sale 108 — 108 — 108 Loans, net (2)(3) 926,273 — 51,713 886,622 938,335 Nonmarketable equity securities (cost method) 7,136 — 23 7,605 7,628 Total financial assets (7) $ 1,372,778 261,630 227,242 896,114 1,384,986 Financial liabilities Deposits (3)(5) $ 128,594 — 108,146 19,768 127,914 Short-term borrowings 103,256 — 103,256 — 103,256 Long-term debt (6) 224,981 — 227,109 3,159 230,268 Total financial liabilities $ 456,831 — 438,511 22,927 461,438 (1) Amounts consist of financial instruments for which carrying value approximates fair value. (2) Excludes lease financing with a carrying amount of $19.3 billion and $19.4 billion at March 31, 2018 , and December 31, 2017 , respectively. (3) In connection with the adoption of ASU 2016-01, the valuation methodologies used to estimate the fair value at March 31, 2018 , for a portion of loans and deposit liabilities with a defined or contractual maturity has been changed to conform to an exit price notion. The fair value estimates at December 31, 2017 have not been revised to reflect application of the modified methodology. (4) Excludes $1.3 billion of nonmarketable equity securities accounted for under the measurement alternative at March 31, 2018 , that were accounted for under the cost method in prior periods. (5) Excludes deposit liabilities with no defined or contractual maturity of $1.2 trillion at both March 31, 2018 and December 31, 2017 . (6) Excludes capital lease obligations under capital leases of $38 million and $39 million at March 31, 2018 , and December 31, 2017 , respectively. (7) Excludes $27 million of carrying value and $30 million of fair value relating to nonmarketable equity securities at NAV at December 31, 2017. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Preferred Stock [Abstract] | |
Preferred Stock Shares | 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. Table 16.1: Preferred Stock Shares March 31, 2018 December 31, 2017 Liquidation preference per share Shares authorized and designated Liquidation preference per share Shares authorized and designated DEP Shares Dividend Equalization Preferred Shares (DEP) $ 10 97,000 $ 10 97,000 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 5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,000 25,000 80,000 Series T 6.00% Non-Cumulative Perpetual Class A Preferred Stock 25,000 32,200 25,000 32,200 Series U 5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,000 25,000 80,000 Series V 6.00% Non-Cumulative Perpetual Class A Preferred Stock 25,000 40,000 25,000 40,000 Series W 5.70% Non-Cumulative Perpetual Class A Preferred Stock 25,000 40,000 25,000 40,000 Series X 5.50% Non-Cumulative Perpetual Class A Preferred Stock 25,000 46,000 25,000 46,000 Series Y 5.625% Non-Cumulative Perpetual Class A Preferred Stock 25,000 27,600 25,000 27,600 ESOP Cumulative Convertible Preferred Stock (1) — 2,425,104 — 1,556,104 Total 12,905,414 12,036,414 (1) See the ESOP Cumulative Convertible Preferred Stock section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock. Table 16.2: Preferred Stock – Shares Issued and Carrying Value March 31, 2018 December 31, 2017 (in millions, except shares) Shares issued and outstanding Liquidation preference value Carrying value Discount Shares issued and outstanding Liquidation preference value Carrying value Discount 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) 5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 80,000 2,000 2,000 — 80,000 2,000 2,000 — Series T (1) 6.00% Non-Cumulative Perpetual Class A Preferred Stock 32,000 800 800 — 32,000 800 800 — Series U (1) 5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 80,000 2,000 2,000 — 80,000 2,000 2,000 — Series V (1) 6.00% Non-Cumulative Perpetual Class A Preferred Stock 40,000 1,000 1,000 — 40,000 1,000 1,000 — Series W (1) 5.70% Non-Cumulative Perpetual Class A Preferred Stock 40,000 1,000 1,000 — 40,000 1,000 1,000 — Series X (1) 5.50% Non-Cumulative Perpetual Class A Preferred Stock 46,000 1,150 1,150 — 46,000 1,150 1,150 — Series Y (1) 5.625% Non-Cumulative Perpetual Class A Preferred Stock 27,600 690 690 — 27,600 690 690 — ESOP Cumulative Convertible Preferred Stock 2,425,104 2,425 2,425 — 1,556,104 1,556 1,556 — Total 12,546,235 $ 27,626 26,227 1,399 11,677,235 $ 26,757 25,358 1,399 (1) Preferred shares qualify as Tier 1 capital. |
ESOP Preferred Stock | Table 16.3: ESOP Preferred Stock Shares issued and outstanding Carrying value Adjustable dividend rate (in millions, except shares) Mar 31, Dec 31, Mar 31, Dec 31, Minimum Maximum ESOP Preferred Stock $1,000 liquidation preference per share 2018 1,100,000 — $ 1,100 — 7.00 % 8.00 2017 249,210 273,210 249 273 7.00 8.00 2016 268,826 322,826 269 323 9.30 10.30 2015 167,436 187,436 167 187 8.90 9.90 2014 212,151 237,151 212 237 8.70 9.70 2013 169,948 201,948 170 202 8.50 9.50 2012 105,634 128,634 106 129 10.00 11.00 2011 99,296 129,296 99 129 9.00 10.00 2010 52,603 75,603 53 76 9.50 10.50 Total ESOP Preferred Stock (1) 2,425,104 1,556,104 $ 2,425 1,556 Unearned ESOP shares (2) $ (2,571 ) (1,678 ) (1) At March 31, 2018 and December 31, 2017 , additional paid-in capital included $146 million and $122 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. |
Revenue from Contracts with C47
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Table 17.1 presents our revenue by operating segment. The other segment for each of the tables below includes the elimination of certain items that are included in more than one business segment, most of which represents products and services for WIM customers served through Community Banking distribution channels. For additional description of our operating segments, including additional financial information and the underlying management accounting process, see Note 21 (Operating Segments) to Financial Statements in this Report. Table 17.1 : Revenue by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Net interest income (1) $ 7,195 7,132 4,532 4,681 1,112 1,141 (601 ) (630 ) 12,238 12,324 Noninterest income: Service charges on deposit accounts 639 742 534 570 4 5 (4 ) (4 ) 1,173 1,313 Trust and investment fees: Brokerage advisory, commissions and other fees 478 444 67 84 2,344 2,245 (486 ) (449 ) 2,403 2,324 Trust and investment management 233 218 113 129 743 707 (239 ) (225 ) 850 829 Investment banking (10 ) (27 ) 440 445 — (1 ) — — 430 417 Total trust and investment fees 701 635 620 658 3,087 2,951 (725 ) (674 ) 3,683 3,570 Card fees 821 865 87 80 1 1 (1 ) (1 ) 908 945 Other fees: Charges and fees on loans (1) 74 84 227 223 1 1 (1 ) (1 ) 301 307 Cash network fees 125 123 1 3 — — — — 126 126 Commercial real estate brokerage commissions — — 85 81 — — — — 85 81 Letters of credit fees (1) 2 1 77 73 1 1 (1 ) (1 ) 79 74 Wire transfer and other remittance fees 63 57 52 49 2 2 (1 ) (1 ) 116 107 All other fees 63 130 30 39 — 1 — — 93 170 Total other fees 327 395 472 468 4 5 (3 ) (3 ) 800 865 Mortgage banking (1) 842 1,106 93 123 (3 ) (2 ) 2 1 934 1,228 Insurance (1) 28 34 79 234 18 20 (11 ) (11 ) 114 277 Net gains (losses) from trading activities (1) (1 ) (52 ) 225 290 19 34 — — 243 272 Net gains (losses) on debt securities (1) — 102 1 (66 ) — — — — 1 36 Net gains from equity securities (1) 684 468 93 36 6 66 — — 783 570 Lease income (1) — — 455 481 — — — — 455 481 Other income of the segment (1) 594 396 88 22 (6 ) 36 (74 ) (80 ) 602 374 Total noninterest income 4,635 4,691 2,747 2,896 3,130 3,116 (816 ) (772 ) 9,696 9,931 Revenue $ 11,830 11,823 7,279 7,577 4,242 4,257 (1,417 ) (1,402 ) 21,934 22,255 (1) These revenues are not within the scope of ASU 2014-09 – Revenue from Contracts with Customers , and additional details are included in other footnotes to our financial statements. The scope explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, securities, and derivatives. |
Disaggregation of Revenue [Table Text Block] | Table 17.4 presents our trust and investment management fees by operating segment. Table 17.4 : Trust and Investment Management Fees by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Investment management fees $ — 1 — — 534 500 — — 534 501 Trust fees 221 217 86 104 188 184 (239 ) (225 ) 256 280 Other revenue 12 — 27 25 21 23 — — 60 48 Trust and investment management fees $ 233 218 113 129 743 707 (239 ) (225 ) 850 829 Table 17.3 presents our brokerage advisory, commissions and other fees by operating segment. Table 17.3 : Brokerage Advisory, Commissions and Other Fees by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Asset-based revenue (1) $ 371 326 — — 1,743 1,599 (371 ) (326 ) 1,743 1,599 Transactional revenue 93 100 12 10 439 479 (100 ) (105 ) 444 484 Other revenue 14 18 55 74 162 167 (15 ) (18 ) 216 241 Brokerage advisory, commissions and other fees $ 478 444 67 84 2,344 2,245 (486 ) (449 ) 2,403 2,324 (1) We earned $331 million in trailing commissions in the first quarter of both 2018 and 2017, respectively. Table 17.5 presents our card fees by operating segment. Table 17.5 : Card Fees by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Credit card interchange and network revenues (1) $ 171 219 87 80 1 1 (1 ) (1 ) 258 299 Debit card interchange and network revenues 479 465 — — — — — — 479 465 Late fees, cash advance fees, balance transfer fees, and annual fees 171 181 — — — — — — 171 181 Card fees (1) $ 821 865 87 80 1 1 (1 ) (1 ) 908 945 (1) The cost of credit card rewards and rebates of $343 million and $277 million for the quarters ended March 31, 2018 and March 31, 2017, respectively, are presented net against the related revenues. Table 17.2 presents our service charges on deposit accounts by operating segment. Table 17.2 : Service Charges on Deposit Accounts by Operating Segment Quarter ended March 31, Community Banking Wholesale Banking Wealth and Investment Management Other Consolidated (in millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Overdraft fees $ 412 484 2 2 — — — — 414 486 Account charges 227 258 532 568 4 5 (4 ) (4 ) 759 827 Service charges on deposit accounts $ 639 742 534 570 4 5 (4 ) (4 ) 1,173 1,313 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Plan [Abstract] | |
Net Periodic Benefit Cost | Table 18.1 presents the components of net periodic benefit cost. Table 18.1: Net Periodic Benefit Cost 2018 2017 Pension benefits Pension benefits (in millions) Qualified Non-qualified Other benefits Qualified Non-qualified Other benefits Quarter ended March 31, Service cost $ 1 — — 1 — — Interest cost (1) 98 5 5 103 6 7 Expected return on plan assets (1) (160 ) — (7 ) (163 ) — (7 ) Amortization of net actuarial loss (gain) (1) 33 3 (4 ) 38 2 (2 ) Amortization of prior service credit (1) — — (3 ) — — (3 ) Settlement loss (1) — 3 — 1 2 — Net periodic benefit cost (income) $ (28 ) 11 (9 ) (20 ) 10 (5 ) (1) Effective January 1, 2018, we adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . Accordingly, 2018 balances are reported in other noninterest expense on the consolidated statement of income. For 2017, these balances were reported in employee benefits. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share Calculations | Table 19.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations. Table 19.1: Earnings Per Common Share Calculations Quarter ended March 31, (in millions, except per share amounts) 2018 2017 Wells Fargo net income (1) $ 5,136 5,634 Less: Preferred stock dividends and other 403 401 Wells Fargo net income applicable to common stock (numerator) (1) $ 4,733 5,233 Earnings per common share Average common shares outstanding (denominator) 4,885.7 5,008.6 Per share (1) $ 0.97 1.05 Diluted earnings per common share Average common shares outstanding 4,885.7 5,008.6 Add: Stock options 9.9 21.2 Restricted share rights 28.3 28.0 Warrants 6.8 12.6 Diluted average common shares outstanding (denominator) 4,930.7 5,070.4 Per share (1) $ 0.96 1.03 (1) Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. |
Outstanding Anti-Dilutive Options | Table 19.2 presents the outstanding options 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. Table 19.2: Outstanding Anti-Dilutive Options Weighted-average shares Quarter ended March 31, (in millions) 2018 2017 Options 0.9 2.2 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cumulative Other Comprehensive Income Balances [Abstract] | |
Summary of Other Comprehensive Income | Table 20.1 provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects. Table 20.1: Summary of Other Comprehensive Income Quarter ended March 31, 2018 2017 (in millions) Before tax Tax effect Net of tax Before tax Tax effect Net of tax Debt securities (1): Net unrealized gains (losses) arising during the period $ (3,443 ) 848 (2,595 ) 369 (133 ) 236 Reclassification of net (gains) losses to net income: Interest income on debt securities (2) 69 (17 ) 52 7 (3 ) 4 Net gains on debt securities (1 ) — (1 ) (36 ) 13 (23 ) Net gains from equity securities (3) — — — (116 ) 44 (72 ) Subtotal reclassifications to net income 68 (17 ) 51 (145 ) 54 (91 ) Net change (3,375 ) 831 (2,544 ) 224 (79 ) 145 Derivatives and hedging activities: Fair Value Hedges: Change in fair value of excluded components on fair value hedges (4) 24 (6 ) 18 (226 ) 85 (141 ) Cash Flow Hedges: Net unrealized losses arising during the period on cash flow hedges (266 ) 66 (200 ) (136 ) 51 (85 ) Reclassification of net (gains) losses to net income on cash flow hedges: Interest income on loans 60 (15 ) 45 (205 ) 77 (128 ) Interest expense on long-term debt — — — 3 (1 ) 2 Subtotal reclassifications to net income 60 (15 ) 45 (202 ) 76 (126 ) Net change (182 ) 45 (137 ) (564 ) 212 (352 ) Defined benefit plans adjustments: Net actuarial and prior service gains (losses) arising during the period 6 (2 ) 4 (7 ) 3 (4 ) Reclassification of amounts to net periodic benefit costs (5): Amortization of net actuarial loss 32 (8 ) 24 38 (14 ) 24 Settlements and other — 1 1 — — — Subtotal reclassifications to net periodic benefit costs 32 (7 ) 25 38 (14 ) 24 Net change 38 (9 ) 29 31 (11 ) 20 Foreign currency translation adjustments: Net unrealized gains (losses) arising during the period (2 ) (5 ) (7 ) 16 1 17 Net change (2 ) (5 ) (7 ) 16 1 17 Other comprehensive loss $ (3,521 ) 862 (2,659 ) (293 ) 123 (170 ) Less: Other comprehensive income from noncontrolling interests, net of tax — 14 Wells Fargo other comprehensive loss, net of tax $ (2,659 ) (184 ) (1) After adoption of ASU 2016-01 on January 1, 2018, these lines reflect only net unrealized gains and reclassification of net gains from debt securities. The quarter ended March 31, 2017, includes net unrealized gains arising during the period from equity securities of $61 million and reclassification of gains to net income related to equity securities of $(116) million. (2) Represents net unrealized gains and losses amortized over the remaining lives of securities that were transferred from the available-for-sale portfolio to the held-to-maturity portfolio. (3) Net gains from equity securities is presented for table presentation purposes. After adoption of ASU 2016-01 on January 1, 2018, this line does not contain balances as realized and unrealized gains and losses on marketable equity securities are recorded in earnings. (4) Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of effectiveness recorded in other comprehensive income. (5) These items are included in the computation of net periodic benefit cost, which is recorded in employee benefits expense (see Note 18 (Employee Benefits) for additional details). |
Cumulative OCI Balances | Table 20.2: Cumulative OCI Balances (in millions) Debt securities (1) Derivatives and hedging activities Defined benefit plans adjustments Foreign currency translation adjustments Cumulative other compre- hensive income Quarter ended March 31, 2018 Balance, beginning of period $ 171 (418 ) (1,808 ) (89 ) (2,144 ) Transition adjustment (2) (118 ) — — — (118 ) Balance, January 1, 2018 53 (418 ) (1,808 ) (89 ) (2,262 ) Net unrealized gains (losses) arising during the period (2,595 ) (182 ) 4 (7 ) (2,780 ) Amounts reclassified from accumulated other comprehensive income 51 45 25 — 121 Net change (2,544 ) (137 ) 29 (7 ) (2,659 ) Less: Other comprehensive income from noncontrolling interests — — — — — Balance, end of period $ (2,491 ) (555 ) (1,779 ) (96 ) (4,921 ) Quarter ended March 31, 2017 Balance, beginning of period $ (1,099 ) 89 (1,943 ) (184 ) (3,137 ) Transition adjustment (3) — 168 — — 168 Balance, January 1, 2017 (1,099 ) 257 (1,943 ) (184 ) (2,969 ) Net unrealized gains (losses) arising during the period 236 (226 ) (4 ) 17 23 Amounts reclassified from accumulated other comprehensive income (91 ) (126 ) 24 — (193 ) Net change 145 (352 ) 20 17 (170 ) Less: Other comprehensive income from noncontrolling interests 13 — — 1 14 Balance, end of period $ (967 ) (95 ) (1,923 ) (168 ) (3,153 ) (1) After adoption of ASU 2016-01 on January 1, 2018, the balances only reflect net unrealized gains and reclassification of net gains from debt securities. The quarter ended March 31, 2017, includes net unrealized gains arising during the period from equity securities of $61 million and reclassification of gains to net income related to equity securities of $(116) million . (2) The transition adjustment relates to the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . See Note 1 (Summary of Significant Accounting Policies) for more information. (3) The transition adjustment relates to the adoption of ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . See Note 1 (Summary of Significant Accounting Policies) for more information. |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Operating Segments | Table 21.1 presents our results by operating segment. Table 21.1: Operating Segments Community Banking Wholesale Banking Wealth and Investment Management Other (1) Consolidated Company (income/expense in millions, average balances in billions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Quarter ended March 31, Net interest income (2) $ 7,195 7,132 4,532 4,681 1,112 1,141 (601 ) (630 ) 12,238 12,324 Provision (reversal of provision) for credit losses 218 646 (20 ) (43 ) (6 ) (4 ) (1 ) 6 191 605 Noninterest income 4,635 4,691 2,747 2,896 3,130 3,116 (816 ) (772 ) 9,696 9,931 Noninterest expense 8,702 7,281 3,978 4,167 3,290 3,204 (928 ) (860 ) 15,042 13,792 Income (loss) before income tax expense (benefit) 2,910 3,896 3,321 3,453 958 1,057 (488 ) (548 ) 6,701 7,858 Income tax expense (benefit) 809 982 448 973 239 386 (122 ) (208 ) 1,374 2,133 Net income (loss) before noncontrolling interests 2,101 2,914 2,873 2,480 719 671 (366 ) (340 ) 5,327 5,725 Less: Net income (loss) from noncontrolling interests 188 90 (2 ) (5 ) 5 6 — — 191 91 Net income (loss) (3) $ 1,913 2,824 2,875 2,485 714 665 (366 ) (340 ) 5,136 5,634 Average loans $ 470.5 480.7 465.1 468.3 73.9 70.7 (58.5 ) (56.1 ) 951.0 963.6 Average assets 1,061.9 1,095.8 829.2 810.5 84.2 81.8 (59.4 ) (57.1 ) 1,915.9 1,931.0 Average deposits 747.5 717.8 446.0 465.3 177.9 197.5 (74.2 ) (81.4 ) 1,297.2 1,299.2 (1) Includes the elimination of certain items that are included in more than one business segment, most of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels. (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 as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments. (3) Represents segment net income (loss) for Community Banking; Wholesale Banking; and Wealth and Investment Management segments and Wells Fargo net income for the consolidated company. |
Regulatory and Agency Capital52
Regulatory and Agency Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory And Agency Capital Requirements | Table 22.1 presents regulatory capital information for Wells Fargo & Company and the Bank using Basel III, which increased minimum required capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. We must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. The Standardized Approach applies assigned risk weights to broad risk categories, while the calculation of risk-weighted assets (RWAs) under the Advanced Approach differs by requiring applicable banks to utilize a risk-sensitive methodology, which relies upon the use of internal credit models, and includes an operational risk component. The Basel III capital rules are being phased-in effective January 1, 2014, through the end of 2021. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs, were fully phased-in. Accordingly, the information presented reflects fully phased-in CET1 capital, tier 1 capital, and RWAs, but reflects total capital with Transition Requirements . 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 March 31, 2018 , 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. Table 22.1: Regulatory Capital Information Wells Fargo & Company Wells Fargo Bank, N.A. March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (in millions, except ratios) Advanced Approach Standardized Approach Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Regulatory capital: Common equity tier 1 $ 152,304 152,304 154,765 154,765 141,049 141,049 143,292 143,292 Tier 1 175,810 175,810 178,209 178,209 141,049 141,049 143,292 143,292 Total 207,531 216,237 210,333 220,097 154,939 163,259 156,661 165,734 Assets: Risk-weighted $ 1,203,464 1,278,113 1,199,545 1,260,663 1,094,474 1,185,860 1,090,360 1,169,863 Adjusted average (1) 1,886,209 1,886,209 1,905,568 1,905,568 1,689,250 1,689,250 1,708,828 1,708,828 Regulatory capital ratios: Common equity tier 1 capital 12.66 % 11.92 * 12.90 12.28 * 12.89 11.89 * 13.14 12.25 * Tier 1 capital 14.61 13.76 * 14.86 14.14 * 12.89 11.89 * 13.14 12.25 * Total capital 17.24 16.92 * 17.53 17.46 * 14.16 13.77 * 14.37 14.17 * Tier 1 leverage (1) 9.32 9.32 9.35 9.35 8.35 8.35 8.39 8.39 *Denotes the lowest capital ratio as determined under the Advanced and Standardized Approaches. (1) The leverage ratio consists of Tier 1 capital divided by quarterly average total assets, excluding goodwill and certain other items. |
Minimum Required Regulatory Capital Ratios (Transition Requirements) [Table Text Block] | Table 22.2 presents the minimum required regulatory capital ratios under Transition Requirements to which the Company and the Bank were subject as of March 31, 2018 and December 31, 2017 . Table 22.2: Minimum Required Regulatory Capital Ratios – Transition Requirements (1) Wells Fargo & Company Wells Fargo Bank, N.A. March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Regulatory capital ratios: Common equity tier 1 capital 7.875 % 6.750 6.375 5.750 Tier 1 capital 9.375 8.250 7.875 7.250 Total capital 11.375 10.250 9.875 9.250 Tier 1 leverage 4.000 4.000 4.000 4.000 (1) At March 31, 2018 , under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements for Wells Fargo & Company include a capital conservation buffer of 1.875% and a global systemically important bank (G-SIB) surcharge of 1.500% . Only the 1.875% capital conservation buffer applies to the Bank at March 31, 2018 . |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |||
Summary of Significant Accounting Policies [Line Items] | |||||
Civil Money Penalty | $ 1,000 | ||||
Supplemental cash flow information - Noncash activities | |||||
Trading debt securities retained from securitization of MHFS | 8,776 | $ 20,929 | |||
Transfers from loans to MHFS | 1,297 | 1,657 | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | 1,973 | 479 | |||
Transfers from available-for-sale debt securities to held-to-maturity debt securities | 4,451 | 9,897 | |||
Summary Of Significant Accounting Policies Textuals [Abstract] | |||||
Civil Money Penalty Legal Accrual | $ 800 | ||||
Impact of Restatement on Earnings Per Share, Basic | $ 0.16 | ||||
Private Forward Repurchase Transaction [Member] | |||||
Summary Of Significant Accounting Policies Textuals [Abstract] | |||||
Private forward repurchase contract | $ 0 | $ 0 | |||
Accounting Standards Update 2016-04 [Member] | Retained Earnings [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 20 | ||||
Accounting Standards Update 2016-01 [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | $ (24) | |||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 106 | $ 94 | [1] | ||
Accounting Standards Update 2016-01 [Member] | Other Comprehensive Income Location [Domain] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 118 | ||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (32) | ||||
Auction Rate Securities [Member] | Accounting Standards Update 2016-01 [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 12 | ||||
[1] | (2)Effective January 1, 2018, we adopted ASU 2016-04 – Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products, ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2014-09 – Revenue from Contracts With Customers (Topic 606) and subsequent related Updates. See Note 1 (Summary of Significant Accounting Policies) in this Report for more information. |
Business Combinations (Details)
Business Combinations (Details) | 3 Months Ended |
Mar. 31, 2018business | |
Pending Acquisition [Member] | |
Business Acquisition [Line Items] | |
Business acquisition, number completed during period | 0 |
Cash, Loan and Dividend Restr55
Cash, Loan and Dividend Restrictions (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 24, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Average Cash Reserve Deposit Required And Made Federal Reserve Banks | $ 12,025 | $ 12,306 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.39 | $ 0.38 | ||
Reserve Balance for Non-US Central Banks [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Restricted Cash Equivalents | $ 427 | 617 | ||
Segregated for benefit brokerage customers under federal and other brokerage regulations f[Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Restricted Cash Equivalents | 574 | 666 | ||
Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Restricted Cash Equivalents | 119 | $ 487 | ||
Bank Subsidiaries [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 14,200 | |||
Nonbank Subsidiaries [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 24,800 | |||
Subsequent Event [Member] | ||||
Cash, Loan and Dividend Restrictions [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.39 |
Trading Assets and Liabilities
Trading Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Trading Assets and Liabilities [Line Items] | |||
Trading debt securities | $ 59,866 | $ 57,624 | [1] |
Trading equity securities | 25,327 | 30,004 | |
Loans held for sale | 3,581 | 1,131 | [1] |
Derivative assets | 36,334 | 36,355 | |
Net amounts in consolidated balance sheet, assets | 11,467 | 12,228 | |
Total trading assets | 97,420 | 100,362 | |
Gross trading derivative liabilities | 32,672 | 34,298 | |
Net amounts in consolidated balance sheet, liabilities | 7,883 | 8,796 | |
Total trading liabilities | 30,451 | 26,796 | |
Held for Trading [Member] | |||
Trading Assets and Liabilities [Line Items] | |||
Loans held for sale | 1,695 | 1,023 | |
Derivative assets | 30,644 | 31,340 | |
Netting, derivative assets (1) | (20,112) | (19,629) | |
Net amounts in consolidated balance sheet, assets | 10,532 | 11,711 | |
Short sales | 23,303 | 18,472 | |
Gross trading derivative liabilities | 29,717 | 31,386 | |
Netting, derivative liabilities (1) | (22,569) | (23,062) | |
Net amounts in consolidated balance sheet, liabilities | $ 7,148 | $ 8,324 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Net Interest Income and Net Gai
Net Interest Income and Net Gains (Losses) on Trading Activities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Net Interest Income and Net Gains (Losses) on Trading Activities [Line Items] | |||
Debt Securities, interest income | $ 631 | $ 513 | |
Equity Securities, interest income | 231 | 175 | [1] |
Loans held for sale, interest income | 24 | 10 | [1] |
Total interest income | 15,347 | 14,213 | [2] |
Total interest expense | 128 | 93 | |
Net interest income | 12,238 | 12,324 | [2] |
Debt securities, net gains (losses) | (499) | 149 | |
Equity securities, net gains (losses) | (469) | 927 | |
Loans held for sale, net gain (losses) | 8 | 24 | |
Derivatives (3) | 1,203 | (828) | |
Total net gains from trading activities (4) | 243 | 272 | [1] |
Total trading-related net interest and noninterest income | 895 | 815 | |
Held for Trading [Member] | |||
Net Interest Income and Net Gains (Losses) on Trading Activities [Line Items] | |||
Equity Securities, interest income | 141 | 114 | |
Loans held for sale, interest income | 8 | 9 | |
Total interest income | 780 | 636 | |
Net interest income | $ 652 | $ 543 | |
[1] | (1)Financial information for the prior period has been revised to reflect the impact of the adoption of Accounting Standards Update (ASU) 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. |
AFS and HTM Debt Securities, Ma
AFS and HTM Debt Securities, Major Categories (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Available-for-sale debt securities: | |||
Amortized Cost | $ 273,588 | $ 275,096 | |
Gross unrealized gains | 2,516 | 3,182 | |
Gross unrealized losses | (4,448) | (1,871) | |
Fair value | 271,656 | 276,407 | [1] |
Held-to-maturity debt securities: | |||
Held-to-maturity securities, Amortized Cost | 141,446 | 139,335 | |
Gross unrealized gains | 64 | 478 | |
Gross unrealized losses | (3,187) | (828) | |
Held-to-maturity, at fair value | 138,323 | 138,985 | |
Total investment securities: | |||
Amortized Cost | 415,034 | 414,431 | |
Gross unrealized gains | 2,580 | 3,660 | |
Gross unrealized losses | (7,635) | (2,699) | |
Fair value | 409,979 | 415,392 | |
Held-to-maturity, at fair value | 138,323 | 138,985 | |
Securities of U.S. Treasury and federal agencies [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 6,426 | 6,425 | |
Gross unrealized gains | 1 | 2 | |
Gross unrealized losses | (148) | (108) | |
Fair value | 6,279 | 6,319 | |
Held-to-maturity debt securities: | |||
Held-to-maturity securities, Amortized Cost | 44,727 | 44,720 | |
Gross unrealized gains | 0 | 189 | |
Gross unrealized losses | (548) | (103) | |
Held-to-maturity, at fair value | 44,179 | 44,806 | |
Total investment securities: | |||
Held-to-maturity, at fair value | 44,179 | 44,806 | |
Collateralized Debt Obligations [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 869 | 887 | |
Fair value | 1,000 | 1,000 | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | |||
Held-to-maturity debt securities: | |||
Held-to-maturity securities, Amortized Cost | 97 | 114 | |
Held-to-maturity, at fair value | 97 | 114 | |
Total investment securities: | |||
Held-to-maturity, at fair value | 97 | 114 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 49,117 | 50,733 | |
Gross unrealized gains | 939 | 1,032 | |
Gross unrealized losses | (413) | (439) | |
Fair value | 49,643 | 51,326 | |
Held-to-maturity debt securities: | |||
Held-to-maturity securities, Amortized Cost | 6,307 | 6,313 | |
Gross unrealized gains | 26 | 84 | |
Gross unrealized losses | (102) | (43) | |
Held-to-maturity, at fair value | 6,231 | 6,354 | |
Total investment securities: | |||
Held-to-maturity, at fair value | 6,231 | 6,354 | |
Federal agencies [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 160,216 | 160,561 | |
Gross unrealized gains | 431 | 930 | |
Gross unrealized losses | (3,833) | (1,272) | |
Fair value | 156,814 | 160,219 | |
Held-to-maturity debt securities: | |||
Held-to-maturity securities, Amortized Cost | 89,748 | 87,527 | |
Gross unrealized gains | 35 | 201 | |
Gross unrealized losses | (2,537) | (682) | |
Held-to-maturity, at fair value | 87,246 | 87,046 | |
Total investment securities: | |||
Held-to-maturity, at fair value | 87,246 | 87,046 | |
Residential [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 4,233 | 4,356 | |
Gross unrealized gains | 243 | 254 | |
Gross unrealized losses | (2) | (2) | |
Fair value | 4,474 | 4,608 | |
Commercial [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 4,722 | 4,487 | |
Gross unrealized gains | 78 | 80 | |
Gross unrealized losses | (10) | (2) | |
Fair value | 4,790 | 4,565 | |
Mortgage-Backed Securities [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 169,171 | 169,404 | |
Gross unrealized gains | 752 | 1,264 | |
Gross unrealized losses | (3,845) | (1,276) | |
Fair value | 166,078 | 169,392 | |
Corporate debt securities [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 6,918 | 7,343 | |
Gross unrealized gains | 299 | 363 | |
Gross unrealized losses | (34) | (40) | |
Fair value | 7,183 | 7,666 | |
Collateralized Loan Obligations [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 36,360 | 35,675 | |
Gross unrealized gains | 394 | 384 | |
Gross unrealized losses | (2) | (3) | |
Fair value | 36,752 | 36,056 | |
Held-to-maturity debt securities: | |||
Held-to-maturity securities, Amortized Cost | 567 | 661 | |
Gross unrealized gains | 3 | 4 | |
Gross unrealized losses | 0 | 0 | |
Held-to-maturity, at fair value | 570 | 665 | |
Total investment securities: | |||
Held-to-maturity, at fair value | 570 | 665 | |
Other [Member] | |||
Available-for-sale debt securities: | |||
Amortized Cost | 5,596 | 5,516 | |
Gross unrealized gains | 131 | 137 | |
Gross unrealized losses | (6) | (5) | |
Fair value | 5,721 | 5,648 | |
Held-to-maturity debt securities: | |||
Held-to-maturity securities, Amortized Cost | 97 | 114 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Held-to-maturity, at fair value | 97 | 114 | |
Total investment securities: | |||
Held-to-maturity, at fair value | $ 97 | $ 114 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
AFS and HTM Debt Securities, Gr
AFS and HTM Debt Securities, Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | $ (2,315) | $ (295) |
Less than 12 months, Fair value, available-for-sale | 115,590 | 63,600 |
12 months or more, Gross unrealized losses, available-for-sale | (2,133) | (1,576) |
12 months or more, Fair value, available-for-sale | 51,968 | 59,989 |
Total, Gross unrealized losses, available-for-sale | (4,448) | (1,871) |
Total Fair Value, available for sale | 167,558 | 123,589 |
Held-to-maturity debt securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | (1,941) | (272) |
Less than 12 months, Fair value, held-to-maturity | 103,750 | 41,468 |
12 months or more, Gross unrealized losses, held-to-maturity | (1,246) | (556) |
12 months or more, Fair value, held-to-maturity | 30,113 | 31,417 |
Total, Gross unrealized losses, held-to-maturity | (3,187) | (828) |
Total, Fair value, held-to-maturity | 133,863 | 72,885 |
Total AFS and HTM debt securities: | ||
Less than 12 months, Gross unrealized losses, investment securities | (4,256) | (567) |
Less than 12 months, Fair value, investment securities | 219,340 | 105,068 |
12 months or more, Gross unrealized losses, investment securities | (3,379) | (2,132) |
12 months or more, Fair value, investment securities | 82,081 | 91,406 |
Total, Gross unrealized losses, investment securities | (7,635) | (2,699) |
Total, Fair value, investment securities | 301,421 | 196,474 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (56) | (27) |
Less than 12 months, Fair value, available-for-sale | 4,037 | 4,065 |
12 months or more, Gross unrealized losses, available-for-sale | (92) | (81) |
12 months or more, Fair value, available-for-sale | 2,203 | 2,209 |
Total, Gross unrealized losses, available-for-sale | (148) | (108) |
Total Fair Value, available for sale | 6,240 | 6,274 |
Held-to-maturity debt securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | (494) | (69) |
Less than 12 months, Fair value, held-to-maturity | 42,710 | 11,255 |
12 months or more, Gross unrealized losses, held-to-maturity | (54) | (34) |
12 months or more, Fair value, held-to-maturity | 1,469 | 1,490 |
Total, Gross unrealized losses, held-to-maturity | (548) | (103) |
Total, Fair value, held-to-maturity | 44,179 | 12,745 |
Securities of U.S. states and political subdivisions [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (26) | (17) |
Less than 12 months, Fair value, available-for-sale | 5,292 | 6,179 |
12 months or more, Gross unrealized losses, available-for-sale | (387) | (422) |
12 months or more, Fair value, available-for-sale | 10,526 | 11,766 |
Total, Gross unrealized losses, available-for-sale | (413) | (439) |
Total Fair Value, available for sale | 15,818 | 17,945 |
Held-to-maturity debt securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | (36) | (5) |
Less than 12 months, Fair value, held-to-maturity | 2,967 | 500 |
12 months or more, Gross unrealized losses, held-to-maturity | (66) | (38) |
12 months or more, Fair value, held-to-maturity | 1,653 | 1,683 |
Total, Gross unrealized losses, held-to-maturity | (102) | (43) |
Total, Fair value, held-to-maturity | 4,620 | 2,183 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (2,221) | (245) |
Less than 12 months, Fair value, available-for-sale | 103,952 | 52,707 |
12 months or more, Gross unrealized losses, available-for-sale | (1,624) | (1,031) |
12 months or more, Fair value, available-for-sale | 38,359 | 44,882 |
Total, Gross unrealized losses, available-for-sale | (3,845) | (1,276) |
Total Fair Value, available for sale | 142,311 | 97,589 |
Federal agencies [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (2,211) | (243) |
Less than 12 months, Fair value, available-for-sale | 103,361 | 52,559 |
12 months or more, Gross unrealized losses, available-for-sale | (1,622) | (1,029) |
12 months or more, Fair value, available-for-sale | 38,197 | 44,691 |
Total, Gross unrealized losses, available-for-sale | (3,833) | (1,272) |
Total Fair Value, available for sale | 141,558 | 97,250 |
Held-to-maturity debt securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | (1,411) | (198) |
Less than 12 months, Fair value, held-to-maturity | 58,073 | 29,713 |
12 months or more, Gross unrealized losses, held-to-maturity | (1,126) | (484) |
12 months or more, Fair value, held-to-maturity | 26,991 | 28,244 |
Total, Gross unrealized losses, held-to-maturity | (2,537) | (682) |
Total, Fair value, held-to-maturity | 85,064 | 57,957 |
Residential [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (1) | (1) |
Less than 12 months, Fair value, available-for-sale | 161 | 47 |
12 months or more, Gross unrealized losses, available-for-sale | (1) | (1) |
12 months or more, Fair value, available-for-sale | 53 | 58 |
Total, Gross unrealized losses, available-for-sale | (2) | (2) |
Total Fair Value, available for sale | 214 | 105 |
Commercial [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (9) | (1) |
Less than 12 months, Fair value, available-for-sale | 430 | 101 |
12 months or more, Gross unrealized losses, available-for-sale | (1) | (1) |
12 months or more, Fair value, available-for-sale | 109 | 133 |
Total, Gross unrealized losses, available-for-sale | (10) | (2) |
Total Fair Value, available for sale | 539 | 234 |
Corporate debt securities [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (10) | (4) |
Less than 12 months, Fair value, available-for-sale | 664 | 239 |
12 months or more, Gross unrealized losses, available-for-sale | (24) | (36) |
12 months or more, Fair value, available-for-sale | 395 | 503 |
Total, Gross unrealized losses, available-for-sale | (34) | (40) |
Total Fair Value, available for sale | 1,059 | 742 |
Collateralized loan and other debt obligations [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (1) | (1) |
Less than 12 months, Fair value, available-for-sale | 1,476 | 373 |
12 months or more, Gross unrealized losses, available-for-sale | (1) | (2) |
12 months or more, Fair value, available-for-sale | 162 | 146 |
Total, Gross unrealized losses, available-for-sale | (2) | (3) |
Total Fair Value, available for sale | 1,638 | 519 |
Held-to-maturity debt securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | 0 | 0 |
Less than 12 months, Fair value, held-to-maturity | 0 | 0 |
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 | 0 | 0 |
Total, Fair value, held-to-maturity | 0 | 0 |
Other [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (1) | (1) |
Less than 12 months, Fair value, available-for-sale | 169 | 37 |
12 months or more, Gross unrealized losses, available-for-sale | (5) | (4) |
12 months or more, Fair value, available-for-sale | 323 | 483 |
Total, Gross unrealized losses, available-for-sale | (6) | (5) |
Total Fair Value, available for sale | 492 | 520 |
Held-to-maturity debt securities: | ||
Less than 12 months, Gross unrealized losses, held-to-maturity | 0 | 0 |
Less than 12 months, Fair value, held-to-maturity | 0 | 0 |
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 | 0 | 0 |
Total, Fair value, held-to-maturity | $ 0 | $ 0 |
AFS and HTM Debt Securities, Un
AFS and HTM Debt Securities, Unrealized Loss Position, by Credit Rating (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Available-for-sale debt securities: | |||
Gross unrealized losses | $ (4,448) | $ (1,871) | |
Fair value | 271,656 | 276,407 | [1] |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (3,187) | (828) | |
Fair value | 138,323 | 138,985 | |
Total AFS and HTM debt securities: | |||
Gross unrealized losses | (7,635) | (2,699) | |
Fair value | 409,979 | 415,392 | |
Securities of U.S. Treasury and federal agencies [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (148) | (108) | |
Fair value | 6,279 | 6,319 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (548) | (103) | |
Fair value | 44,179 | 44,806 | |
Securities of U.S. states and political subdivisions [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (413) | (439) | |
Fair value | 49,643 | 51,326 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (102) | (43) | |
Fair value | 6,231 | 6,354 | |
Mortgage-Backed Securities [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (3,845) | (1,276) | |
Fair value | 166,078 | 169,392 | |
Federal agencies [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (3,833) | (1,272) | |
Fair value | 156,814 | 160,219 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (2,537) | (682) | |
Fair value | 87,246 | 87,046 | |
Residential [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (2) | (2) | |
Fair value | 4,474 | 4,608 | |
Commercial [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (10) | (2) | |
Fair value | 4,790 | 4,565 | |
Corporate debt securities [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (34) | (40) | |
Fair value | 7,183 | 7,666 | |
Collateralized loan and other debt obligations [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (2) | (3) | |
Fair value | 36,752 | 36,056 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 570 | 665 | |
Other [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (6) | (5) | |
Fair value | 5,721 | 5,648 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 97 | 114 | |
Unrated Investment Grade Securities [Member] | |||
Total AFS and HTM debt securities: | |||
Gross unrealized losses | (25) | (32) | |
Fair value | 5,000 | 6,900 | |
Investment grade [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (4,392) | (1,812) | |
Fair value | 166,325 | 122,804 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (3,179) | (826) | |
Fair value | 133,494 | 72,717 | |
Total AFS and HTM debt securities: | |||
Gross unrealized losses | (7,571) | (2,638) | |
Fair value | 299,819 | 195,521 | |
Investment grade [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (148) | (108) | |
Fair value | 6,240 | 6,274 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (548) | (103) | |
Fair value | 44,179 | 12,745 | |
Investment grade [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (392) | (412) | |
Fair value | 15,551 | 17,763 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (102) | (43) | |
Fair value | 4,620 | 2,183 | |
Investment grade [Member] | Mortgage-Backed Securities [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (3,836) | (1,274) | |
Fair value | 142,083 | 97,475 | |
Investment grade [Member] | Federal agencies [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (3,833) | (1,272) | |
Fair value | 141,558 | 97,250 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (2,529) | (680) | |
Fair value | 84,695 | 57,789 | |
Investment grade [Member] | Residential [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (1) | (1) | |
Fair value | 146 | 42 | |
Investment grade [Member] | Commercial [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (2) | (1) | |
Fair value | 379 | 183 | |
Investment grade [Member] | Corporate debt securities [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (10) | (13) | |
Fair value | 370 | 304 | |
Investment grade [Member] | Collateralized loan and other debt obligations [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (2) | (3) | |
Fair value | 1,638 | 519 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 0 | 0 | |
Investment grade [Member] | Other [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (4) | (2) | |
Fair value | 443 | 469 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 0 | 0 | |
Non-investment grade [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (56) | (59) | |
Fair value | 1,233 | 785 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (8) | (2) | |
Fair value | 369 | 168 | |
Total AFS and HTM debt securities: | |||
Gross unrealized losses | (64) | (61) | |
Fair value | 1,602 | 953 | |
Non-investment grade [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 0 | 0 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 0 | 0 | |
Non-investment grade [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (21) | (27) | |
Fair value | 267 | 182 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 0 | 0 | |
Non-investment grade [Member] | Mortgage-Backed Securities [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (9) | (2) | |
Fair value | 228 | 114 | |
Non-investment grade [Member] | Federal agencies [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 0 | 0 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | (8) | (2) | |
Fair value | 369 | 168 | |
Non-investment grade [Member] | Residential [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (1) | (1) | |
Fair value | 68 | 63 | |
Non-investment grade [Member] | Commercial [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (8) | (1) | |
Fair value | 160 | 51 | |
Non-investment grade [Member] | Corporate debt securities [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (24) | (27) | |
Fair value | 689 | 438 | |
Non-investment grade [Member] | Collateralized loan and other debt obligations [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 0 | 0 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | 0 | 0 | |
Non-investment grade [Member] | Other [Member] | |||
Available-for-sale debt securities: | |||
Gross unrealized losses | (2) | (3) | |
Fair value | 49 | 51 | |
Held-to-maturity debt securities: | |||
Gross unrealized losses | 0 | 0 | |
Fair value | $ 0 | $ 0 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
AFS and HTM Debt Securities, Co
AFS and HTM Debt Securities, Contractual Maturities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | ||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 271,656 | $ 276,407 | [1] |
Weighted average yield contractual maturities, Total, available-for-sale | 3.56% | 3.72% | |
Due within 1 year, Contractual maturities, available-for-sale | $ 2,614 | $ 2,990 | |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 2.98% | 3.70% | |
Due in 1-5 years, Contractual maturities, available-for-sale | $ 17,951 | $ 19,158 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 2.92% | 3.11% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 29,255 | $ 28,059 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 3.28% | 3.24% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 221,836 | $ 226,200 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.66% | 3.83% | |
Held-to-maturity securities: | |||
Held-to-maturity securities, Amortized Cost | $ 141,446 | $ 139,335 | |
Weighted average yield contractual maturities, Total, held-to-maturity, cost | 2.87% | 2.92% | |
Due within 1 year, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due In 1 year, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | $ 32,498 | $ 32,509 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity, cost | 2.05% | 2.05% | |
Due in 5-10 years, Contractual maturities, held-to-maturity, cost | $ 13,762 | $ 13,757 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity, cost | 2.52% | 2.55% | |
Due in 10 years or more, Contractual maturities, held-to-maturity, cost | $ 95,186 | $ 93,069 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity, cost | 3.20% | 3.28% | |
Held-to-maturity securities, fair value: [Abstract] | |||
Contractual maturities, Total amount, held-to-maturity, fair value | $ 138,323 | $ 138,985 | |
Due within 1 year, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, fair value | 32,175 | 32,566 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, fair value | 13,534 | 13,795 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, fair value | 92,614 | 92,624 | |
Securities of U.S. Treasury and federal agencies [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 6,279 | $ 6,319 | |
Weighted average yield contractual maturities, Total, available-for-sale | 1.59% | 1.59% | |
Due within 1 year, Contractual maturities, available-for-sale | $ 117 | $ 81 | |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 1.60% | 1.37% | |
Due in 1-5 years, Contractual maturities, available-for-sale | $ 6,114 | $ 6,189 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 1.59% | 1.59% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 48 | $ 49 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 1.90% | 1.89% | |
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: | |||
Held-to-maturity securities, Amortized Cost | $ 44,727 | $ 44,720 | |
Weighted average yield contractual maturities, Total, held-to-maturity, cost | 2.12% | 2.12% | |
Due within 1 year, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due In 1 year, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | $ 32,336 | $ 32,330 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity, cost | 2.04% | 2.04% | |
Due in 5-10 years, Contractual maturities, held-to-maturity, cost | $ 12,391 | $ 12,390 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity, cost | 2.32% | 2.32% | |
Due in 10 years or more, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity securities, fair value: [Abstract] | |||
Contractual maturities, Total amount, held-to-maturity, fair value | $ 44,179 | $ 44,806 | |
Due within 1 year, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, fair value | 32,014 | 32,388 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, fair value | 12,165 | 12,418 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Securities of U.S. states and political subdivisions [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 49,643 | $ 51,326 | |
Weighted average yield contractual maturities, Total, available-for-sale | 4.75% | 5.88% | |
Due within 1 year, Contractual maturities, available-for-sale | $ 2,089 | $ 2,380 | |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 2.70% | 3.47% | |
Due in 1-5 years, Contractual maturities, available-for-sale | $ 8,343 | $ 9,484 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 3.05% | 3.42% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 4,293 | $ 2,276 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 3.16% | 4.63% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 34,918 | $ 37,186 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 5.48% | 6.75% | |
Held-to-maturity securities: | |||
Held-to-maturity securities, Amortized Cost | $ 6,307 | $ 6,313 | |
Weighted average yield contractual maturities, Total, held-to-maturity, cost | 4.93% | 6.02% | |
Due within 1 year, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due In 1 year, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | $ 50 | $ 50 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity, cost | 5.88% | 7.18% | |
Due in 5-10 years, Contractual maturities, held-to-maturity, cost | $ 793 | $ 695 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity, cost | 5.16% | 6.31% | |
Due in 10 years or more, Contractual maturities, held-to-maturity, cost | $ 5,464 | $ 5,568 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity, cost | 4.89% | 5.98% | |
Held-to-maturity securities, fair value: [Abstract] | |||
Contractual maturities, Total amount, held-to-maturity, fair value | $ 6,231 | $ 6,354 | |
Due within 1 year, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, fair value | 49 | 49 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, fair value | 788 | 701 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, fair value | 5,394 | 5,604 | |
Mortgage-Backed Securities [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 166,078 | $ 169,392 | |
Weighted average yield contractual maturities, Total, available-for-sale | 3.30% | 3.28% | |
Due within 1 year, Contractual maturities, available-for-sale | $ 7 | $ 15 | |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 2.06% | 2.03% | |
Due in 1-5 years, Contractual maturities, available-for-sale | $ 217 | $ 234 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 3.54% | 3.35% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 5,366 | $ 5,711 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 2.83% | 2.82% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 160,488 | $ 163,432 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.32% | 3.30% | |
Federal agencies [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 156,814 | $ 160,219 | |
Weighted average yield contractual maturities, Total, available-for-sale | 3.29% | 3.27% | |
Due within 1 year, Contractual maturities, available-for-sale | $ 7 | $ 15 | |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 2.06% | 2.03% | |
Due in 1-5 years, Contractual maturities, available-for-sale | $ 194 | $ 210 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 3.29% | 3.08% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 5,139 | $ 5,534 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 2.81% | 2.82% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 151,474 | $ 154,460 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.30% | 3.28% | |
Held-to-maturity securities: | |||
Held-to-maturity securities, Amortized Cost | $ 89,748 | $ 87,527 | |
Weighted average yield contractual maturities, Total, held-to-maturity, cost | 3.10% | 3.11% | |
Due within 1 year, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due In 1 year, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | $ 15 | $ 15 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity, cost | 2.70% | 2.81% | |
Due in 5-10 years, Contractual maturities, held-to-maturity, cost | $ 11 | $ 11 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity, cost | 2.62% | 2.49% | |
Due in 10 years or more, Contractual maturities, held-to-maturity, cost | $ 89,722 | $ 87,501 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity, cost | 3.10% | 3.11% | |
Held-to-maturity securities, fair value: [Abstract] | |||
Contractual maturities, Total amount, held-to-maturity, fair value | $ 87,246 | $ 87,046 | |
Due within 1 year, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, fair value | 15 | 15 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, fair value | 11 | 11 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, fair value | 87,220 | 87,020 | |
Residential [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 4,474 | $ 4,608 | |
Weighted average yield contractual maturities, Total, available-for-sale | 3.61% | 3.52% | |
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 | $ 23 | $ 24 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 5.70% | 5.67% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 8 | $ 11 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 2.36% | 2.46% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 4,443 | $ 4,573 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.60% | 3.51% | |
Commercial [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 4,790 | $ 4,565 | |
Weighted average yield contractual maturities, Total, available-for-sale | 3.45% | 3.45% | |
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 | $ 0 | $ 0 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 0.00% | 0.00% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 219 | $ 166 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 3.10% | 2.69% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 4,571 | $ 4,399 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.46% | 3.48% | |
Corporate debt securities [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 7,183 | $ 7,666 | |
Weighted average yield contractual maturities, Total, available-for-sale | 5.11% | 5.12% | |
Due within 1 year, Contractual maturities, available-for-sale | $ 335 | $ 443 | |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 5.08% | 5.54% | |
Due in 1-5 years, Contractual maturities, available-for-sale | $ 2,658 | $ 2,738 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 5.48% | 5.56% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 3,280 | $ 3,549 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 4.73% | 4.70% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 910 | $ 936 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 5.38% | 5.26% | |
Collateralized loan and other debt obligations [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 36,752 | $ 36,056 | |
Weighted average yield contractual maturities, Total, available-for-sale | 3.29% | 2.98% | |
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 | $ 37 | $ 50 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 2.09% | 1.68% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 14,788 | $ 15,008 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 3.27% | 2.96% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 21,927 | $ 20,998 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.31% | 3.00% | |
Held-to-maturity securities: | |||
Held-to-maturity securities, Amortized Cost | $ 567 | $ 661 | |
Weighted average yield contractual maturities, Total, held-to-maturity, cost | 3.22% | 2.86% | |
Due within 1 year, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due In 1 year, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | $ 0 | $ 0 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity, cost | 0.00% | 0.00% | |
Due in 5-10 years, Contractual maturities, held-to-maturity, cost | $ 567 | $ 661 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity, cost | 3.22% | 2.86% | |
Due in 10 years or more, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity securities, fair value: [Abstract] | |||
Contractual maturities, Total amount, held-to-maturity, fair value | $ 570 | $ 665 | |
Due within 1 year, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, fair value | 570 | 665 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Other [Member] | |||
Available-for-sale securities: | |||
Contractual maturities, Total amount, available-for-sale | $ 5,721 | $ 5,648 | |
Weighted average yield contractual maturities, Total, available-for-sale | 2.85% | 2.46% | |
Due within 1 year, Contractual maturities, available-for-sale | $ 66 | $ 71 | |
Percentage of weighted average yield, Due within 1 year, available-for-sale | 4.26% | 3.56% | |
Due in 1-5 years, Contractual maturities, available-for-sale | $ 582 | $ 463 | |
Percentage of weighted average yield, Due in 1-5 years, available-for-sale | 3.06% | 2.72% | |
Due in 5-10 years, Contractual maturities, available-for-sale | $ 1,480 | $ 1,466 | |
Percentage of weighted average yield, Due In 5-10 years, available-for-sale | 2.34% | 2.13% | |
Due in 10 years or more, Contractual maturities, available-for-sale | $ 3,593 | $ 3,648 | |
Percentage of weighted average yield, Due after 10 years, available-for-sale | 3.00% | 2.53% | |
Held-to-maturity securities: | |||
Held-to-maturity securities, Amortized Cost | $ 97 | $ 114 | |
Weighted average yield contractual maturities, Total, held-to-maturity, cost | 1.83% | 1.83% | |
Due within 1 year, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due In 1 year, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | $ 97 | $ 114 | |
Percentage of weighted average yield, Due In 1-5 years, held-to-maturity, cost | 1.83% | 1.83% | |
Due in 5-10 years, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due In 5-10 years, held-to-maturity, cost | 0.00% | 0.00% | |
Due in 10 years or more, Contractual maturities, held-to-maturity, cost | $ 0 | $ 0 | |
Percentage of weighted average yield, Due after 10 years, held-to-maturity, cost | 0.00% | 0.00% | |
Held-to-maturity securities, fair value: [Abstract] | |||
Contractual maturities, Total amount, held-to-maturity, fair value | $ 97 | $ 114 | |
Due within 1 year, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Due in 1-5 years, Contractual maturities, held-to-maturity, fair value | 97 | 114 | |
Due in 5-10 years, Contractual maturities, held-to-maturity, fair value | 0 | 0 | |
Due in 10 years or more, Contractual maturities, held-to-maturity, fair value | $ 0 | $ 0 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
AFS and HTM Debt Securities, Re
AFS and HTM Debt Securities, Realized Gains and Losses (Details) - Debt securities [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Available-For-Sale Debt Securities, Realized Gain (Loss) [Abstract] | ||
Gross realized gains | $ 21 | $ 124 |
Gross realized losses | (10) | (36) |
OTTI write-downs | (10) | (52) |
Net realized gains from available-for-sale debt securities | $ 1 | $ 36 |
AFS and HTM Debt Securities, OT
AFS and HTM Debt Securities, OTTI Included in Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule Of Available-For-Sale Debt Securities [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | $ 0 | $ 0 |
Debt securities [Member] | ||
OTTI write-downs included in earnings (Abstract) | ||
Total debt securities (1) | 10 | 52 |
Securities of U.S. states and political subdivisions [Member] | ||
OTTI write-downs included in earnings (Abstract) | ||
Total debt securities (1) | 2 | 8 |
Corporate debt securities [Member] | ||
OTTI write-downs included in earnings (Abstract) | ||
Total debt securities (1) | 0 | 16 |
Residential [Member] | ||
OTTI write-downs included in earnings (Abstract) | ||
Total debt securities (1) | 1 | 3 |
Commercial [Member] | ||
OTTI write-downs included in earnings (Abstract) | ||
Total debt securities (1) | $ 7 | $ 25 |
AFS and HTM Debt Securities, 64
AFS and HTM Debt Securities, OTTI Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Debt securities [Member] | ||
OTTI on debt securities (Abstract) | ||
Total recorded as part of gross realized losses | $ 10 | $ 52 |
Total changes to OCI for non-credit-related OTTI | 7 | (9) |
Total OTTI losses recorded on debt securities | 17 | 43 |
Securities of U.S. states and political subdivisions [Member] | ||
OTTI on debt securities (Abstract) | ||
Total recorded as part of gross realized losses | 2 | 8 |
Total changes to OCI for non-credit-related OTTI | (2) | (5) |
Residential [Member] | ||
OTTI on debt securities (Abstract) | ||
Total recorded as part of gross realized losses | 1 | 3 |
Total changes to OCI for non-credit-related OTTI | (1) | 3 |
Commercial [Member] | ||
OTTI on debt securities (Abstract) | ||
Total recorded as part of gross realized losses | 7 | 25 |
Total changes to OCI for non-credit-related OTTI | 10 | (7) |
Corporate debt securities [Member] | ||
OTTI on debt securities (Abstract) | ||
Total recorded as part of gross realized losses | 0 | 16 |
Credit-related OTTI [Member] | Debt securities [Member] | ||
OTTI on debt securities (Abstract) | ||
Total recorded as part of gross realized losses | 9 | 52 |
Intent-to-sell OTTI [Member] | Debt securities [Member] | ||
OTTI on debt securities (Abstract) | ||
Total recorded as part of gross realized losses | $ 1 | $ 0 |
AFS and HTM Debt Securities, Cr
AFS and HTM Debt Securities, Credit Loss Component (Details) - Debt securities [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Credit loss recognized, beginning of period | $ 742 | $ 1,043 |
Additions: | ||
For securities with initial credit impairments | 0 | 6 |
For securities with previous credit impairments | 9 | 46 |
Total additions | 9 | 52 |
Reductions: | ||
For securities sold, matured, or intended/required to be sold | (101) | (7) |
For recoveries of previous credit impairments | (1) | (2) |
Total reductions | (102) | (9) |
Credit loss recognized, end of period | $ 649 | $ 1,086 |
Loans and Allowance for Credi66
Loans and Allowance for Credit Losses, Loans Outstanding (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Temporary Advance Arrangements | $ 89,000 | $ 85,000 | |
Loans and Leases Receivable, Deferred Income | 3,200 | 3,900 | |
Loans | [1] | 947,308 | 956,770 |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 503,396 | 503,388 | |
Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 334,678 | 333,125 | |
Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 125,543 | 126,599 | |
Commercial Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 23,882 | 24,279 | |
Commercial Lease Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 19,293 | 19,385 | |
Total Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 443,912 | 453,382 | |
Real estate 1-4 family first mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 282,658 | 284,054 | |
Real estate 1-4 family junior lien mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 37,920 | 39,713 | |
Credit Card [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 36,103 | 37,976 | |
Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 49,554 | 53,371 | |
Other revolving credit and installment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 37,677 | 38,268 | |
Geographic Distribution, Foreign [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 69,523 | 69,920 | |
Geographic Distribution, Foreign [Member] | Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 59,696 | 60,106 | |
Geographic Distribution, Foreign [Member] | Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 8,082 | 8,033 | |
Geographic Distribution, Foreign [Member] | Commercial Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 668 | 655 | |
Geographic Distribution, Foreign [Member] | Commercial Lease Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,077 | 1,126 | |
International [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 1,100 | $ 982 | |
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Loans and Allowance for Credi67
Loans and Allowance for Credit Losses, Significant Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||
Purchases | $ 256 | $ 1,161 |
Sales | (460) | (349) |
Transfers to MHFS/LHFS | (1,973) | (479) |
Commercial Portfolio Segment [Member] | ||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||
Purchases | 256 | 1,159 |
Sales | (460) | (287) |
Transfers to MHFS/LHFS | (420) | (479) |
Consumer Portfolio Segment [Member] | ||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||
Purchases | 0 | 2 |
Sales | 0 | (62) |
Transfers to MHFS/LHFS | $ (1,553) | $ 0 |
Loans and Allowance for Credi68
Loans and Allowance for Credit Losses, Commitments to Lend (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Temporary Advance Arrangements | $ 89,000 | $ 85,000 |
Total unfunded credit commitments | 558,035 | 555,511 |
Commercial and Industrial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 325,091 | 326,626 |
Commercial real estate mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 7,233 | 7,485 |
Commercial Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 15,612 | 16,621 |
Commercial Lease Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 0 | 0 |
Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 347,936 | 350,732 |
Total Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 210,099 | 204,779 |
Real estate 1-4 family first mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 32,220 | 29,876 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 38,817 | 38,897 |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 111,427 | 108,465 |
Other revolving credit and installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 27,635 | 27,541 |
International [Member] | Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Letters of Credit International | $ 1,100 | $ 982 |
Loans and Allowance for Credi69
Loans and Allowance for Credit Losses, Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | $ 11,960 | $ 12,540 | |||
Provision for credit losses | 191 | 605 | |||
Interest income on certain impaired loans | (43) | (48) | |||
Loan charge-offs | (1,156) | (1,238) | |||
Loan recoveries | 415 | 433 | |||
Net loan charge-offs | (741) | (805) | |||
Other | (54) | (5) | |||
Allowance for credit losses, ending balance | 11,313 | 12,287 | |||
Components: | |||||
Allowance for loan losses | $ 10,373 | $ 11,004 | $ 11,168 | ||
Allowance for unfunded credit commitments | 940 | 1,119 | |||
Total allowance for credit losses | $ 11,960 | $ 12,540 | $ 11,313 | 11,960 | $ 12,287 |
Net loan charge-offs (annualized) as a percentage of average total loans | 0.32% | 0.34% | |||
Allowance for loan losses as a percentage of total loans | 1.10% | 1.17% | |||
Allowance for credit losses as a percentage of total loans | 1.19% | 1.28% | |||
Total Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | $ 6,632 | $ 7,394 | |||
Provision for credit losses | 169 | (89) | |||
Interest income on certain impaired loans | (11) | (15) | |||
Loan charge-offs | (183) | (265) | |||
Loan recoveries | 105 | 122 | |||
Net loan charge-offs | (78) | (143) | |||
Other | (4) | (5) | |||
Allowance for credit losses, ending balance | 6,708 | 7,142 | |||
Components: | |||||
Total allowance for credit losses | 6,632 | 7,394 | $ 6,708 | 6,632 | $ 7,142 |
Commercial and Industrial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | (164) | (253) | |||
Loan recoveries | 79 | 82 | |||
Commercial real estate mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | (2) | (5) | |||
Loan recoveries | 17 | 30 | |||
Commercial Real Estate Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | 0 | 0 | |||
Loan recoveries | 4 | 8 | |||
Commercial Lease Financing Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | (17) | (7) | |||
Loan recoveries | 5 | 2 | |||
Total Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 5,328 | 5,146 | |||
Provision for credit losses | 22 | 694 | |||
Interest income on certain impaired loans | (32) | (33) | |||
Loan charge-offs | (973) | (973) | |||
Loan recoveries | 310 | 311 | |||
Net loan charge-offs | (663) | (662) | |||
Other | (50) | 0 | |||
Allowance for credit losses, ending balance | 4,605 | 5,145 | |||
Components: | |||||
Total allowance for credit losses | 5,328 | 5,146 | $ 4,605 | $ 5,328 | $ 5,145 |
Real estate 1-4 family first mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | (41) | (69) | |||
Loan recoveries | 59 | 62 | |||
Real estate 1-4 family junior lien mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | (47) | (93) | |||
Loan recoveries | 55 | 70 | |||
Credit Card [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | (405) | (367) | |||
Loan recoveries | 73 | 58 | |||
Automobile [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | (300) | (255) | |||
Loan recoveries | 92 | 88 | |||
Other revolving credit and installment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Loan charge-offs | (180) | (189) | |||
Loan recoveries | $ 31 | $ 33 |
Loans and Allowance for Credi70
Loans and Allowance for Credit Losses, Allowance Activity by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses, beginning balance | $ 11,960 | $ 12,540 |
Provision for credit losses | 191 | 605 |
Interest income on certain impaired loans | (43) | (48) |
Loan charge-offs | (1,156) | (1,238) |
Loan recoveries | 415 | 433 |
Net loan charge-offs | (741) | (805) |
Other | (54) | (5) |
Allowance for credit losses, ending balance | 11,313 | 12,287 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses, beginning balance | 6,632 | 7,394 |
Provision for credit losses | 169 | (89) |
Interest income on certain impaired loans | (11) | (15) |
Loan charge-offs | (183) | (265) |
Loan recoveries | 105 | 122 |
Net loan charge-offs | (78) | (143) |
Other | (4) | (5) |
Allowance for credit losses, ending balance | 6,708 | 7,142 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses, beginning balance | 5,328 | 5,146 |
Provision for credit losses | 22 | 694 |
Interest income on certain impaired loans | (32) | (33) |
Loan charge-offs | (973) | (973) |
Loan recoveries | 310 | 311 |
Net loan charge-offs | (663) | (662) |
Other | (50) | 0 |
Allowance for credit losses, ending balance | $ 4,605 | $ 5,145 |
Loans and Allowance for Credi71
Loans and Allowance for Credit Losses, Allowance by Credit Impairment Methodology (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Allowance for Credit Losses, Collectively evaluated | $ 9,609 | $ 10,070 | |||
Allowance for Credit Losses, Individually evaluated | 1,694 | 1,890 | |||
Total allowance for credit losses | 11,313 | 11,960 | $ 12,287 | $ 12,540 | |
Financing Receivable, Collectively evaluated | 918,455 | 925,261 | |||
Financing Receivable, Individually evaluated | 18,144 | 18,674 | |||
Loans | [1] | 947,308 | 956,770 | ||
Commercial Portfolio Segment [Member] | |||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Allowance for Credit Losses, Collectively evaluated | 6,029 | 5,927 | |||
Allowance for Credit Losses, Individually evaluated | 669 | 705 | |||
Total allowance for credit losses | 6,708 | 6,632 | 7,142 | 7,394 | |
Financing Receivable, Collectively evaluated | 499,578 | 499,342 | |||
Financing Receivable, Individually evaluated | 3,743 | 3,960 | |||
Loans | 503,396 | 503,388 | |||
Consumer Portfolio Segment [Member] | |||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Allowance for Credit Losses, Collectively evaluated | 3,580 | 4,143 | |||
Allowance for Credit Losses, Individually evaluated | 1,025 | 1,185 | |||
Total allowance for credit losses | 4,605 | 5,328 | $ 5,145 | $ 5,146 | |
Financing Receivable, Collectively evaluated | 418,877 | 425,919 | |||
Financing Receivable, Individually evaluated | 14,401 | 14,714 | |||
Loans | 443,912 | 453,382 | |||
PCI Loans Carrying Value [Member] | |||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Financing Receivable, Recorded Investment, Current | 10,709 | 12,835 | |||
PCI Loans Carrying Value [Member] | Commercial Portfolio Segment [Member] | |||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Financing Receivable, Recorded Investment, Current | 75 | 86 | |||
PCI Loans Carrying Value [Member] | Consumer Portfolio Segment [Member] | |||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Financing Receivable, Recorded Investment, Current | 10,634 | 12,749 | |||
Allowance for Doubtful Accounts [Member] | |||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Total allowance for credit losses | 10 | 0 | |||
Allowance for Doubtful Accounts [Member] | Commercial Portfolio Segment [Member] | |||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Total allowance for credit losses | 10 | 0 | |||
Allowance for Doubtful Accounts [Member] | Consumer Portfolio Segment [Member] | |||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | |||||
Total allowance for credit losses | $ 0 | $ 0 | |||
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Loans and Allowance for Credi72
Loans and Allowance for Credit Losses, Loans by Credit Quality Indicator, Commercial (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2008 | |
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | [1] | $ 947,308 | $ 956,770 | |
Total Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 503,396 | 503,388 | ||
Commercial and Industrial Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 334,678 | 333,125 | ||
Commercial real estate mortgage [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 125,543 | 126,599 | ||
Commercial Real Estate Construction [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 23,882 | 24,279 | ||
Commercial Lease Financing Receivable [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 19,293 | 19,385 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,719 | 8,036 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Mortgage and Construction Loans [Member] | Criticized [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 4,600 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 800 | |||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 503,321 | 503,302 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,409 | 2,640 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | Pass [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 481,252 | 480,886 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | Criticized [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 22,069 | 22,416 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 334,603 | 333,039 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,516 | 1,899 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 318,334 | 316,431 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | Criticized [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 16,269 | 16,608 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 125,543 | 126,599 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 755 | 628 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | Pass [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 121,151 | 122,312 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | Criticized [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 4,392 | 4,287 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 23,882 | 24,279 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 45 | 37 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | Pass [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 23,647 | 23,981 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | Criticized [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 235 | 298 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 19,293 | 19,385 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 93 | 76 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | Pass [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 18,120 | 18,162 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | Criticized [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans | 1,173 | 1,223 | ||
PCI Loans Carrying Value [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
PCI loans | 10,709 | 12,835 | ||
PCI Loans Carrying Value [Member] | Total Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
PCI loans | 75 | 86 | $ 18,700 | |
PCI Loans Carrying Value [Member] | Commercial and Industrial Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
PCI loans | 75 | 86 | ||
PCI Loans Carrying Value [Member] | Commercial real estate mortgage [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
PCI loans | 0 | 0 | ||
PCI Loans Carrying Value [Member] | Commercial Real Estate Construction [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
PCI loans | 0 | 0 | ||
PCI Loans Carrying Value [Member] | Commercial Lease Financing Receivable [Member] | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
PCI loans | $ 0 | $ 0 | ||
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Loans and Allowance for Credi73
Loans and Allowance for Credit Losses, Loans by Delinquency Status, Commercial (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2008 | |
By delinquency status: | ||||
Loans | [1] | $ 947,308 | $ 956,770 | |
Total Commercial [Member] | ||||
By delinquency status: | ||||
Loans | 503,396 | 503,388 | ||
Commercial and Industrial Loans [Member] | ||||
By delinquency status: | ||||
Loans | 334,678 | 333,125 | ||
Commercial real estate mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 125,543 | 126,599 | ||
Commercial Real Estate Construction [Member] | ||||
By delinquency status: | ||||
Loans | 23,882 | 24,279 | ||
Commercial Lease Financing Receivable [Member] | ||||
By delinquency status: | ||||
Loans | 19,293 | 19,385 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | ||||
By delinquency status: | ||||
Over 90 DPD and still accruing | 10,753 | 11,997 | ||
Nonaccrual loans | 7,719 | 8,036 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||
By delinquency status: | ||||
Loans | 503,321 | 503,302 | ||
Nonaccrual loans | 2,409 | 2,640 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||
By delinquency status: | ||||
Loans | 334,603 | 333,039 | ||
Nonaccrual loans | 1,516 | 1,899 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 125,543 | 126,599 | ||
Nonaccrual loans | 755 | 628 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||
By delinquency status: | ||||
Loans | 23,882 | 24,279 | ||
Nonaccrual loans | 45 | 37 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | ||||
By delinquency status: | ||||
Loans | 19,293 | 19,385 | ||
Nonaccrual loans | 93 | 76 | ||
PCI Loans Carrying Value [Member] | ||||
By delinquency status: | ||||
PCI loans | 10,709 | 12,835 | ||
PCI Loans Carrying Value [Member] | Total Commercial [Member] | ||||
By delinquency status: | ||||
PCI loans | 75 | 86 | $ 18,700 | |
PCI Loans Carrying Value [Member] | Commercial and Industrial Loans [Member] | ||||
By delinquency status: | ||||
PCI loans | 75 | 86 | ||
PCI Loans Carrying Value [Member] | Commercial real estate mortgage [Member] | ||||
By delinquency status: | ||||
PCI loans | 0 | 0 | ||
PCI Loans Carrying Value [Member] | Commercial Real Estate Construction [Member] | ||||
By delinquency status: | ||||
PCI loans | 0 | 0 | ||
PCI Loans Carrying Value [Member] | Commercial Lease Financing Receivable [Member] | ||||
By delinquency status: | ||||
PCI loans | 0 | 0 | ||
Pass [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||
By delinquency status: | ||||
Loans | 481,252 | 480,886 | ||
Pass [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||
By delinquency status: | ||||
Loans | 318,334 | 316,431 | ||
Pass [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 121,151 | 122,312 | ||
Pass [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||
By delinquency status: | ||||
Loans | 23,647 | 23,981 | ||
Pass [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | ||||
By delinquency status: | ||||
Loans | 18,120 | 18,162 | ||
Criticized [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||
By delinquency status: | ||||
Loans | 22,069 | 22,416 | ||
Criticized [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||
By delinquency status: | ||||
Loans | 16,269 | 16,608 | ||
Criticized [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 4,392 | 4,287 | ||
Criticized [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||
By delinquency status: | ||||
Loans | 235 | 298 | ||
Criticized [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | ||||
By delinquency status: | ||||
Loans | 1,173 | 1,223 | ||
Current-29 days past due (DPD) and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||
By delinquency status: | ||||
Loans | 499,363 | 499,216 | ||
Current-29 days past due (DPD) and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||
By delinquency status: | ||||
Loans | 332,432 | 330,319 | ||
Current-29 days past due (DPD) and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 124,148 | 125,642 | ||
Current-29 days past due (DPD) and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||
By delinquency status: | ||||
Loans | 23,706 | 24,107 | ||
Current-29 days past due (DPD) and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | ||||
By delinquency status: | ||||
Loans | 19,077 | 19,148 | ||
30-89 days past due and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||
By delinquency status: | ||||
Loans | 1,485 | 1,397 | ||
30-89 days past due and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||
By delinquency status: | ||||
Loans | 615 | 795 | ||
30-89 days past due and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 617 | 306 | ||
30-89 days past due and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||
By delinquency status: | ||||
Loans | 130 | 135 | ||
30-89 days past due and still accruing [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | ||||
By delinquency status: | ||||
Loans | 123 | 161 | ||
Loans Excluding Government Insured or Guaranteed Loans [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | ||||
By delinquency status: | ||||
Over 90 DPD and still accruing | 967 | 1,063 | ||
Loans Excluding Government Insured or Guaranteed Loans [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Commercial [Member] | ||||
By delinquency status: | ||||
Over 90 DPD and still accruing | 64 | 49 | ||
Loans Excluding Government Insured or Guaranteed Loans [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial and Industrial Loans [Member] | ||||
By delinquency status: | ||||
Over 90 DPD and still accruing | 40 | 26 | ||
Loans Excluding Government Insured or Guaranteed Loans [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial real estate mortgage [Member] | ||||
By delinquency status: | ||||
Over 90 DPD and still accruing | 23 | 23 | ||
Loans Excluding Government Insured or Guaranteed Loans [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Real Estate Construction [Member] | ||||
By delinquency status: | ||||
Over 90 DPD and still accruing | 1 | 0 | ||
Loans Excluding Government Insured or Guaranteed Loans [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Commercial Lease Financing Receivable [Member] | ||||
By delinquency status: | ||||
Over 90 DPD and still accruing | $ 0 | $ 0 | ||
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Loans and Allowance for Credi74
Loans and Allowance for Credit Losses, Loans by Delinquency Status, Consumer (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2008 | |
By delinquency status: | ||||
Loans | [1] | $ 947,308 | $ 956,770 | |
Total Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
90 days or more past due and still accruing | 903 | 1,000 | ||
By delinquency status: | ||||
Loans | $ 443,912 | $ 453,382 | ||
Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Financing Receivables Equal To Or Greater Than 180 Days Past Due Percentage Of Portfolio | 0.40% | 0.40% | ||
Loans | $ 282,658 | $ 284,054 | ||
Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 37,920 | 39,713 | ||
Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 36,103 | 37,976 | ||
Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 49,554 | 53,371 | ||
Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | 37,677 | 38,268 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
90 days or more past due and still accruing | 10,753 | 11,997 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Consumer Real Estate Loans Government Guaranteed Or Insured [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
90 days or more past due and still accruing | 9,786 | 10,934 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
Loans | 433,278 | 440,633 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 272,049 | 271,332 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 37,895 | 39,686 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 36,103 | 37,976 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 49,554 | 53,371 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | 37,677 | 38,268 | ||
PCI Loans Carrying Value [Member] | ||||
By delinquency status: | ||||
PCI loans | 10,709 | 12,835 | ||
PCI Loans Carrying Value [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
PCI loans | 10,634 | 12,749 | $ 40,100 | |
PCI Loans Carrying Value [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
PCI loans | 10,609 | 12,722 | ||
PCI Loans Carrying Value [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
PCI loans | 25 | 27 | ||
PCI Loans Carrying Value [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
PCI loans | 0 | 0 | ||
PCI Loans Carrying Value [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
PCI loans | 0 | 0 | ||
PCI Loans Carrying Value [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
PCI loans | 0 | 0 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Real Estate Loans Government Guaranteed Or Insured [Member] | ||||
By delinquency status: | ||||
Loans | 9,400 | 10,500 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Total Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
90 days or more past due and still accruing | 2,800 | 3,000 | ||
Current-29 days past due (DPD) [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
Loans | 411,242 | 416,858 | ||
Current-29 days past due (DPD) [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 253,542 | 251,786 | ||
Current-29 days past due (DPD) [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 37,046 | 38,746 | ||
Current-29 days past due (DPD) [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 35,198 | 36,996 | ||
Current-29 days past due (DPD) [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 48,136 | 51,445 | ||
Current-29 days past due (DPD) [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | 37,320 | 37,885 | ||
30-59 DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
Loans | 3,092 | 4,056 | ||
30-59 DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 1,449 | 1,893 | ||
30-59 DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 273 | 336 | ||
30-59 DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 244 | 287 | ||
30-59 DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 991 | 1,385 | ||
30-59 DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | 135 | 155 | ||
60 to 89 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
Loans | 1,308 | 1,591 | ||
60 to 89 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 589 | 742 | ||
60 to 89 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 141 | 163 | ||
60 to 89 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 188 | 201 | ||
60 to 89 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 306 | 392 | ||
60 to 89 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | 84 | 93 | ||
90-119 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
Loans | 744 | 890 | ||
90-119 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 290 | 369 | ||
90-119 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 93 | 103 | ||
90-119 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 167 | 192 | ||
90-119 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 116 | 146 | ||
90-119 Days Past Due [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | 78 | 80 | ||
120-179 DPD member [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
Loans | 718 | 734 | ||
120-179 DPD member [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 279 | 308 | ||
120-179 DPD member [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 104 | 95 | ||
120-179 DPD member [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 304 | 298 | ||
120-179 DPD member [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 4 | 3 | ||
120-179 DPD member [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | 27 | 30 | ||
180 plus DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
Loans | 1,379 | 1,361 | ||
180 plus DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 1,105 | 1,091 | ||
180 plus DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 238 | 243 | ||
180 plus DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 2 | 2 | ||
180 plus DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 1 | 0 | ||
180 plus DPD [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | 33 | 25 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By delinquency status: | ||||
Loans | 14,795 | 15,143 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 14,795 | 15,143 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By delinquency status: | ||||
Loans | 0 | 0 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By delinquency status: | ||||
Loans | 0 | 0 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By delinquency status: | ||||
Loans | 0 | 0 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By delinquency status: | ||||
Loans | $ 0 | $ 0 | ||
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Loans and Allowance for Credi75
Loans and Allowance for Credit Losses, Loans by FICO Score, Consumer (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2008 | |
By FICO: | ||||
Loans | [1] | $ 947,308 | $ 956,770 | |
Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 443,912 | 453,382 | ||
90 days or more past due and still accruing | 903 | 1,000 | ||
Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 282,658 | 284,054 | ||
Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 37,920 | 39,713 | ||
Credit Card [Member] | ||||
By FICO: | ||||
Loans | 36,103 | 37,976 | ||
Automobile [Member] | ||||
By FICO: | ||||
Loans | 49,554 | 53,371 | ||
Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 37,677 | 38,268 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | ||||
By FICO: | ||||
90 days or more past due and still accruing | 10,753 | 11,997 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 433,278 | 440,633 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 272,049 | 271,332 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 37,895 | 39,686 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 36,103 | 37,976 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 49,554 | 53,371 | ||
Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 37,677 | 38,268 | ||
PCI Loans Carrying Value [Member] | ||||
By FICO: | ||||
PCI loans | 10,709 | 12,835 | ||
PCI Loans Carrying Value [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
PCI loans | 10,634 | 12,749 | $ 40,100 | |
PCI Loans Carrying Value [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
PCI loans | 10,609 | 12,722 | ||
PCI Loans Carrying Value [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
PCI loans | 25 | 27 | ||
PCI Loans Carrying Value [Member] | Credit Card [Member] | ||||
By FICO: | ||||
PCI loans | 0 | 0 | ||
PCI Loans Carrying Value [Member] | Automobile [Member] | ||||
By FICO: | ||||
PCI loans | 0 | 0 | ||
PCI Loans Carrying Value [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
PCI loans | 0 | 0 | ||
FICO less than 600 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 19,056 | 20,159 | ||
FICO less than 600 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 4,674 | 5,145 | ||
FICO less than 600 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 1,601 | 1,768 | ||
FICO less than 600 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 3,407 | 3,525 | ||
FICO less than 600 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 8,546 | 8,858 | ||
FICO less than 600 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 828 | 863 | ||
FICO 600-639 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 13,566 | 14,360 | ||
FICO 600-639 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 3,405 | 3,487 | ||
FICO 600-639 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 1,223 | 1,253 | ||
FICO 600-639 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 2,915 | 3,101 | ||
FICO 600-639 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 5,161 | 5,615 | ||
FICO 600-639 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 862 | 904 | ||
FICO 640-679 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 23,185 | 24,521 | ||
FICO 640-679 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 6,717 | 6,789 | ||
FICO 640-679 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 2,274 | 2,387 | ||
FICO 640-679 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 5,352 | 5,690 | ||
FICO 640-679 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 6,936 | 7,696 | ||
FICO 640-679 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 1,906 | 1,959 | ||
FICO 680-719 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 37,667 | 39,809 | ||
FICO 680-719 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 14,313 | 14,977 | ||
FICO 680-719 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 4,604 | 4,797 | ||
FICO 680-719 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 7,304 | 7,628 | ||
FICO 680-719 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 8,049 | 8,825 | ||
FICO 680-719 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 3,397 | 3,582 | ||
FICO 720-759 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 53,096 | 55,164 | ||
FICO 720-759 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 27,119 | 27,926 | ||
FICO 720-759 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 6,007 | 6,246 | ||
FICO 720-759 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 7,808 | 8,097 | ||
FICO 720-759 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 7,215 | 7,806 | ||
FICO 720-759 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 4,947 | 5,089 | ||
FICO 760-799 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 79,469 | 82,010 | ||
FICO 760-799 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 54,227 | 55,590 | ||
FICO 760-799 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 6,918 | 7,323 | ||
FICO 760-799 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 6,065 | 6,372 | ||
FICO 760-799 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 6,036 | 6,468 | ||
FICO 760-799 [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 6,223 | 6,257 | ||
FICO 800 or more [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 174,430 | 171,167 | ||
FICO 800 or more [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 141,351 | 136,729 | ||
FICO 800 or more [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 14,506 | 15,144 | ||
FICO 800 or more [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 2,922 | 2,994 | ||
FICO 800 or more [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 7,399 | 7,845 | ||
FICO 800 or more [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 8,252 | 8,455 | ||
No FICO available [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 9,277 | 9,789 | ||
No FICO available [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 5,448 | 5,546 | ||
No FICO available [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 762 | 768 | ||
No FICO available [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 330 | 569 | ||
No FICO available [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 212 | 258 | ||
No FICO available [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 2,525 | 2,648 | ||
FICO not required [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 8,737 | 8,511 | ||
FICO not required [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 0 | 0 | ||
FICO not required [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 0 | 0 | ||
FICO not required [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 0 | 0 | ||
FICO not required [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 0 | 0 | ||
FICO not required [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | 8,737 | 8,511 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Total Consumer [Member] | ||||
By FICO: | ||||
Loans | 14,795 | 15,143 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family first mortgage [Member] | ||||
By FICO: | ||||
Loans | 14,795 | 15,143 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||||
By FICO: | ||||
Loans | 0 | 0 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Credit Card [Member] | ||||
By FICO: | ||||
Loans | 0 | 0 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Automobile [Member] | ||||
By FICO: | ||||
Loans | 0 | 0 | ||
Government Insured or Guaranteed [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | Other revolving credit and installment [Member] | ||||
By FICO: | ||||
Loans | $ 0 | $ 0 | ||
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Loans and Allowance for Credi76
Loans and Allowance for Credit Losses, Loans by Loan to Value Ratio, Consumer (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
High Value Properties, Threshold | $ 1 | ||
By LTV/CLTV: | |||
Loans | [1] | 947,308 | $ 956,770 |
Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Nonaccrual loans | 7,719 | 8,036 | |
Residential Mortgage [Member] | |||
By LTV/CLTV: | |||
Loans | 320,578 | 323,767 | |
Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 309,944 | 311,018 | |
Real estate 1-4 family first mortgage [Member] | |||
By LTV/CLTV: | |||
Loans | 282,658 | 284,054 | |
Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 272,049 | 271,332 | |
Nonaccrual loans | 4,053 | 4,122 | |
Real estate 1-4 family junior lien mortgage [Member] | |||
By LTV/CLTV: | |||
Loans | 37,920 | 39,713 | |
Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 37,895 | 39,686 | |
Nonaccrual loans | 1,087 | 1,086 | |
PCI Loans Carrying Value [Member] | |||
By LTV/CLTV: | |||
PCI loans | 10,709 | 12,835 | |
PCI Loans Carrying Value [Member] | Real estate 1-4 family first mortgage [Member] | |||
By LTV/CLTV: | |||
PCI loans | 10,609 | 12,722 | |
PCI Loans Carrying Value [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||
By LTV/CLTV: | |||
PCI loans | 25 | 27 | |
PCI Loans Carrying Value [Member] | Residential Mortgage [Member] | |||
By LTV/CLTV: | |||
PCI loans | 10,634 | 12,749 | |
LTV 0-60% [Member] | Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 151,737 | 150,203 | |
LTV 0-60% [Member] | Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 135,883 | 133,902 | |
LTV 0-60% [Member] | Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 15,854 | 16,301 | |
LTV 60.01-80% [Member] | Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 115,642 | 117,557 | |
LTV 60.01-80% [Member] | Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 103,368 | 104,639 | |
LTV 60.01-80% [Member] | Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 12,274 | 12,918 | |
LTV 80.01-100% [Member] | Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 20,476 | 20,504 | |
LTV 80.01-100% [Member] | Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 14,297 | 13,924 | |
LTV 80.01-100% [Member] | Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 6,179 | 6,580 | |
LTV 100.01-120% [Member] | Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 4,002 | 4,295 | |
LTV 100.01-120% [Member] | Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 1,757 | 1,868 | |
LTV 100.01-120% [Member] | Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 2,245 | 2,427 | |
LTV greater than 120% [Member] | Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 1,617 | 1,791 | |
LTV greater than 120% [Member] | Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 715 | 783 | |
LTV greater than 120% [Member] | Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 902 | 1,008 | |
No LTV/CLTV available [Member] | Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 1,675 | 1,525 | |
No LTV/CLTV available [Member] | Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 1,234 | 1,073 | |
No LTV/CLTV available [Member] | Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 441 | 452 | |
Government Insured Or Guaranteed [Member] | Residential Mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 14,795 | 15,143 | |
Government Insured Or Guaranteed [Member] | Real estate 1-4 family first mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | 14,795 | 15,143 | |
Government Insured Or Guaranteed [Member] | Real estate 1-4 family junior lien mortgage [Member] | Loans Excluding Purchased Credit-Impaired Loans [Member] | |||
By LTV/CLTV: | |||
Loans | $ 0 | $ 0 | |
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Loans and Allowance for Credi77
Loans and Allowance for Credit Losses, Nonaccrual (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | [1] | $ 947,308 | $ 956,770 |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 503,396 | 503,388 | |
Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 334,678 | 333,125 | |
Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 125,543 | 126,599 | |
Commercial Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 23,882 | 24,279 | |
Commercial Lease Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 19,293 | 19,385 | |
Total Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 443,912 | 453,382 | |
Real estate 1-4 family first mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 282,658 | 284,054 | |
Real estate 1-4 family junior lien mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 37,920 | 39,713 | |
Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 49,554 | 53,371 | |
Other revolving credit and installment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 37,677 | 38,268 | |
Residential Real Estate [Member] | |||
Nonaccrual Loans [Abstract] | |||
Mortgage Loans in Process of Foreclosure, Amount | 5,900 | 6,300 | |
Government Guaranteed Mortgage Loans upon Foreclosure Receivable [Member] | |||
Nonaccrual Loans [Abstract] | |||
Mortgage Loans in Process of Foreclosure, Amount | 3,900 | 4,000 | |
Mortgages held for sale [Member] | Real estate 1-4 family first mortgage [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 137 | 136 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 7,719 | 8,036 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 503,321 | 503,302 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 2,409 | 2,640 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 334,603 | 333,039 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 1,516 | 1,899 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 125,543 | 126,599 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 755 | 628 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 23,882 | 24,279 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 45 | 37 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial Lease Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 19,293 | 19,385 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 93 | 76 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 433,278 | 440,633 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 5,310 | 5,396 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Real estate 1-4 family first mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 272,049 | 271,332 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 4,053 | 4,122 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 37,895 | 39,686 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 1,087 | 1,086 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 49,554 | 53,371 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 117 | 130 | |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Other revolving credit and installment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 37,677 | 38,268 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 53 | 58 | |
Criticized [Member] | Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 22,069 | 22,416 | |
Criticized [Member] | Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 16,269 | 16,608 | |
Criticized [Member] | Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,392 | 4,287 | |
Criticized [Member] | Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 235 | 298 | |
Criticized [Member] | Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Commercial Lease Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 1,173 | $ 1,223 | |
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Loans and Allowance for Credi78
Loans and Allowance for Credit Losses, 90 Days or More Past Due and Still Accruing (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Total Consumer [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | $ 903 | $ 1,000 |
Financing Receivable Acquired With Deteriorated Credit Quality [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 1,000 | 1,400 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 10,753 | 11,997 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | FHA Insured/VA Guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 9,786 | 10,934 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 967 | 1,063 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Total Commercial [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 64 | 49 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Commercial and Industrial Loans [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 40 | 26 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Commercial real estate mortgage [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 23 | 23 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Commercial Real Estate Construction [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 1 | 0 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Total Consumer [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 903 | 1,014 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Real estate 1-4 family first mortgage [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 164 | 219 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 48 | 60 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Credit Card [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 473 | 492 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Automobile [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 113 | 143 |
Loans Excluding Certain Loans Acquired In Transfer With Evidence Of Credit Deterioration [Member] | Total, not government insured/guaranteed [Member] | Other revolving credit and installment [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | $ 105 | $ 100 |
Loans and Allowance for Credi79
Loans and Allowance for Credit Losses, Impaired Loans (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Impaired Loans [Abstract] | ||
Unpaid principal balance | $ 21,467 | $ 22,110 |
Impaired loans | 18,144 | 18,674 |
Impaired loans with related allowance for credit losses | 10,244 | 11,639 |
Related allowance for credit losses | 1,694 | 1,890 |
Loans and Leases Receivable, Impaired, Commitment to Lend | 559 | 579 |
Trial modifications [Member] | ||
Impaired Loans [Abstract] | ||
Impaired loans | 198 | 194 |
Consumer Real Estate Loans Government Guaranteed Or Insured [Member] | ||
Impaired Loans [Abstract] | ||
Impaired loans | 1,400 | 1,400 |
Total Commercial [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 5,018 | 5,306 |
Impaired loans | 3,743 | 3,960 |
Impaired loans with related allowance for credit losses | 3,457 | 3,651 |
Related allowance for credit losses | 669 | 705 |
Commercial and Industrial Loans [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 3,182 | 3,577 |
Impaired loans | 2,231 | 2,568 |
Impaired loans with related allowance for credit losses | 1,978 | 2,310 |
Related allowance for credit losses | 432 | 462 |
Commercial real estate mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 1,554 | 1,502 |
Impaired loans | 1,307 | 1,239 |
Impaired loans with related allowance for credit losses | 1,281 | 1,207 |
Related allowance for credit losses | 196 | 211 |
Commercial Real Estate Construction [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 105 | 95 |
Impaired loans | 61 | 54 |
Impaired loans with related allowance for credit losses | 54 | 45 |
Related allowance for credit losses | 8 | 9 |
Commercial Lease Financing Receivable [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 177 | 132 |
Impaired loans | 144 | 99 |
Impaired loans with related allowance for credit losses | 144 | 89 |
Related allowance for credit losses | 33 | 23 |
Total Consumer [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 16,449 | 16,804 |
Impaired loans | 14,401 | 14,714 |
Impaired loans with related allowance for credit losses | 6,787 | 7,988 |
Related allowance for credit losses | 1,025 | 1,185 |
Real estate 1-4 family first mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 13,692 | 14,020 |
Impaired loans | 11,934 | 12,225 |
Impaired loans with related allowance for credit losses | 4,888 | 6,060 |
Related allowance for credit losses | 618 | 770 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 2,072 | 2,135 |
Impaired loans | 1,860 | 1,918 |
Impaired loans with related allowance for credit losses | 1,352 | 1,421 |
Related allowance for credit losses | 230 | 245 |
Credit Card [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 386 | 356 |
Impaired loans | 386 | 356 |
Impaired loans with related allowance for credit losses | 386 | 356 |
Related allowance for credit losses | 139 | 136 |
Automobile [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 153 | 157 |
Impaired loans | 83 | 87 |
Impaired loans with related allowance for credit losses | 34 | 34 |
Related allowance for credit losses | 5 | 5 |
Other revolving credit and installment [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 146 | 136 |
Impaired loans | 138 | 128 |
Impaired loans with related allowance for credit losses | 127 | 117 |
Related allowance for credit losses | $ 33 | $ 29 |
Loans and Allowance for Credi80
Loans and Allowance for Credit Losses, Impaired Loans, Average Recorded Investment and Interest Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | $ 18,385 | $ 22,026 |
Recognized interest income | 281 | 295 |
Interest income: | ||
Cash basis of accounting | 81 | 78 |
Other | 200 | 217 |
Total Commercial [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 3,835 | 5,272 |
Recognized interest income | 65 | 61 |
Commercial and Industrial Loans [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 2,404 | 3,675 |
Recognized interest income | 36 | 33 |
Commercial real estate mortgage [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 1,244 | 1,394 |
Recognized interest income | 28 | 27 |
Commercial Real Estate Construction [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 58 | 84 |
Recognized interest income | 1 | 1 |
Commercial Lease Financing Receivable [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 129 | 119 |
Recognized interest income | 0 | 0 |
Total Consumer [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 14,550 | 16,754 |
Recognized interest income | 216 | 234 |
Real estate 1-4 family first mortgage [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 12,073 | 14,132 |
Recognized interest income | 172 | 190 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 1,889 | 2,131 |
Recognized interest income | 29 | 31 |
Credit Card [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 370 | 302 |
Recognized interest income | 10 | 8 |
Automobile [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 85 | 83 |
Recognized interest income | 3 | 3 |
Other revolving credit and installment [Member] | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||
Average recorded investment | 133 | 106 |
Recognized interest income | $ 2 | $ 2 |
Loans and Allowance for Credi81
Loans and Allowance for Credit Losses, Troubled Debt Restructurings Modifications by Type (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Modifications [Line Items] | |||
Net loans | $ 936,935 | $ 945,766 | |
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,179 | $ 1,699 | |
Financial effects of modifications | |||
Charge-offs | $ 17 | $ 87 | |
Weighted average interest rate reduction | 7.55% | 5.27% | |
Commercial Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 643 | $ 1,135 | |
Financial effects of modifications | |||
Charge-offs | $ 6 | $ 65 | |
Weighted average interest rate reduction | 1.15% | 0.95% | |
Commercial and Industrial Loans [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 497 | $ 934 | |
Financial effects of modifications | |||
Charge-offs | $ 6 | $ 65 | |
Weighted average interest rate reduction | 1.07% | 0.82% | |
Commercial real estate mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 104 | $ 195 | |
Financial effects of modifications | |||
Charge-offs | $ 0 | $ 0 | |
Weighted average interest rate reduction | 1.24% | 1.00% | |
Commercial Real Estate Construction [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 3 | $ 3 | |
Financial effects of modifications | |||
Charge-offs | $ 0 | $ 0 | |
Weighted average interest rate reduction | 0.00% | 2.00% | |
Commercial Lease Financing Receivable [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 39 | $ 3 | |
Financial effects of modifications | |||
Charge-offs | $ 0 | $ 0 | |
Weighted average interest rate reduction | 0.00% | 0.00% | |
Consumer Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 536 | $ 564 | |
Financial effects of modifications | |||
Charge-offs | $ 11 | $ 22 | |
Weighted average interest rate reduction | 8.20% | 5.72% | |
Real estate 1-4 family first mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 362 | $ 437 | |
Financial effects of modifications | |||
Charge-offs | $ 1 | $ 9 | |
Weighted average interest rate reduction | 2.40% | 2.60% | |
Real estate 1-4 family junior lien mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 37 | $ 57 | |
Financial effects of modifications | |||
Charge-offs | $ 1 | $ 6 | |
Weighted average interest rate reduction | 2.22% | 2.95% | |
Credit Card [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 86 | $ 57 | |
Financial effects of modifications | |||
Charge-offs | $ 0 | $ 0 | |
Weighted average interest rate reduction | 11.32% | 12.22% | |
Automobile [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 19 | $ 16 | |
Financial effects of modifications | |||
Charge-offs | $ 9 | $ 7 | |
Weighted average interest rate reduction | 6.48% | 6.42% | |
Other revolving credit and installment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 17 | $ 14 | |
Financial effects of modifications | |||
Charge-offs | $ 0 | $ 0 | |
Weighted average interest rate reduction | 7.94% | 7.29% | |
Trial modifications [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 15 | $ (17) | |
Financial effects of modifications | |||
Charge-offs | $ 0 | $ 0 | |
Weighted average interest rate reduction | 0.00% | 0.00% | |
Modification to principal [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 48 | $ 88 | |
Modification to principal [Member] | Commercial Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification to principal [Member] | Commercial and Industrial Loans [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification to principal [Member] | Commercial real estate mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification to principal [Member] | Commercial Real Estate Construction [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification to principal [Member] | Commercial Lease Financing Receivable [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification to principal [Member] | Consumer Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 48 | 88 | |
Modification to principal [Member] | Real estate 1-4 family first mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 46 | 74 | |
Modification to principal [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1 | 13 | |
Modification to principal [Member] | Credit Card [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification to principal [Member] | Automobile [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1 | 1 | |
Modification to principal [Member] | Other revolving credit and installment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification to principal [Member] | Trial modifications [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Contractual Interest Rate Reduction [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 138 | 184 | |
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 15 | 20 | |
Contractual Interest Rate Reduction [Member] | Commercial and Industrial Loans [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 9 | 6 | |
Contractual Interest Rate Reduction [Member] | Commercial real estate mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 6 | 14 | |
Contractual Interest Rate Reduction [Member] | Commercial Real Estate Construction [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Contractual Interest Rate Reduction [Member] | Commercial Lease Financing Receivable [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Contractual Interest Rate Reduction [Member] | Consumer Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 123 | 164 | |
Contractual Interest Rate Reduction [Member] | Real estate 1-4 family first mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 10 | 72 | |
Contractual Interest Rate Reduction [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 8 | 21 | |
Contractual Interest Rate Reduction [Member] | Credit Card [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 86 | 57 | |
Contractual Interest Rate Reduction [Member] | Automobile [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 4 | 3 | |
Contractual Interest Rate Reduction [Member] | Other revolving credit and installment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 15 | 11 | |
Contractual Interest Rate Reduction [Member] | Trial modifications [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modifications, other concessions [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 993 | 1,427 | |
Modifications, other concessions [Member] | Commercial Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 628 | 1,115 | |
Modifications, other concessions [Member] | Commercial and Industrial Loans [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 488 | 928 | |
Modifications, other concessions [Member] | Commercial real estate mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 98 | 181 | |
Modifications, other concessions [Member] | Commercial Real Estate Construction [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 3 | 3 | |
Modifications, other concessions [Member] | Commercial Lease Financing Receivable [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 39 | 3 | |
Modifications, other concessions [Member] | Consumer Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 365 | 312 | |
Modifications, other concessions [Member] | Real estate 1-4 family first mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 306 | 291 | |
Modifications, other concessions [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 28 | 23 | |
Modifications, other concessions [Member] | Credit Card [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modifications, other concessions [Member] | Automobile [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 14 | 12 | |
Modifications, other concessions [Member] | Other revolving credit and installment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2 | 3 | |
Modifications, other concessions [Member] | Trial modifications [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 15 | (17) | |
Modification of recorded investment related to interest rate reduction [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 164 | 218 | |
Modification of recorded investment related to interest rate reduction [Member] | Commercial Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 15 | 20 | |
Modification of recorded investment related to interest rate reduction [Member] | Commercial and Industrial Loans [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 9 | 6 | |
Modification of recorded investment related to interest rate reduction [Member] | Commercial real estate mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 6 | 14 | |
Modification of recorded investment related to interest rate reduction [Member] | Commercial Real Estate Construction [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification of recorded investment related to interest rate reduction [Member] | Commercial Lease Financing Receivable [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Modification of recorded investment related to interest rate reduction [Member] | Consumer Portfolio Segment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 149 | 198 | |
Modification of recorded investment related to interest rate reduction [Member] | Real estate 1-4 family first mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 35 | 103 | |
Modification of recorded investment related to interest rate reduction [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 9 | 24 | |
Modification of recorded investment related to interest rate reduction [Member] | Credit Card [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 86 | 57 | |
Modification of recorded investment related to interest rate reduction [Member] | Automobile [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 4 | 3 | |
Modification of recorded investment related to interest rate reduction [Member] | Other revolving credit and installment [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 15 | 11 | |
Modification of recorded investment related to interest rate reduction [Member] | Trial modifications [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | 0 | |
Troubled Debt Restructuring Outstanding Balance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Net loans | 17,100 | $ 17,800 | |
Loans remodified [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 503 | 657 | |
Principal Forgiveness [Member] | |||
Primary modification type | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 3 | $ 9 |
Loans and Allowance for Credi82
Loans and Allowance for Credit Losses, Troubled Debt Restructurings, Current Defaults (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | $ 152 | $ 131 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 112 | 83 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 86 | 62 |
Commercial real estate mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 26 | 21 |
Commercial Real Estate Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 40 | 48 |
Real estate 1-4 family first mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 18 | 25 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 5 | 4 |
Credit Card [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 13 | 15 |
Automobile [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | 3 | 3 |
Other revolving credit and installment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment of defaults | $ 1 | $ 1 |
Loans and Allowance for Credi83
Loans and Allowance for Credit Losses, PCI Loans Outstanding (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2008 |
PCI Loans UPB [Member] | |||
PCI loans [Abstract] | |||
Total PCI loans (unpaid principal balance) | $ 15,447 | $ 18,975 | $ 98,200 |
PCI Loans UPB [Member] | Real estate 1-4 family first mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 14,176 | 16,888 | |
PCI Loans UPB [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 151 | 157 | |
PCI Loans Carrying Value [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 10,709 | 12,835 | |
PCI Loans Carrying Value [Member] | Commercial Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 0 | 0 | |
PCI Loans Carrying Value [Member] | Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 75 | 86 | 18,700 |
PCI Loans Carrying Value [Member] | Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 75 | 86 | |
PCI Loans Carrying Value [Member] | Real estate 1-4 family first mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 10,609 | 12,722 | |
PCI Loans Carrying Value [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 25 | 27 | |
PCI Loans Carrying Value [Member] | Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 0 | 0 | |
PCI Loans Carrying Value [Member] | Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | $ 10,634 | $ 12,749 | $ 40,100 |
Loans and Allowance for Credi84
Loans and Allowance for Credit Losses, PCI, Accretable Yield (Details) - USD ($) $ in Millions | 3 Months Ended | 108 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Significant Sales | $ 460 | $ 349 | |
Change in accretable yield related to PCI loans [Abstract] | |||
Total, beginning of period | 8,887 | $ 10,447 | |
Change in accretable yield due to acquisitions | 0 | 161 | |
Accretion into interest income | (314) | (16,983) | |
Accretion into noninterest income due to sales | (643) | (801) | |
Reclassification from nonaccretable difference for loans with improving credit-related cash flows | 340 | 11,597 | |
Changes in expected cash flows that do not affect nonaccretable difference | (1,406) | 4,466 | |
Total, end of period | 6,864 | $ 8,887 | |
PCI Loans Carrying Value [Member] | Pick-A-Pay Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gain (Loss) on Sales, Net | 643 | ||
Financing Receivable, Significant Sales | $ 1,600 |
Loans and Allowance for Credi85
Loans and Allowance for Credit Losses, PCI, by Credit Quality Indicator (Details) - Receivables Acquired with Deteriorated Credit Quality [Member] - Total Commercial [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans | $ 75 | $ 86 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans | 6 | 8 |
Criticized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans | $ 69 | $ 78 |
Loans and Allowance for Credi86
Loans and Allowance for Credit Losses, PCI, by Delinquency Status, Commercial (Details) - Receivables Acquired with Deteriorated Credit Quality [Member] - Total Commercial [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
By delinquency status: | ||
Over 90 DPD and still accruing | $ 0 | $ 0 |
PCI loans | 75 | 86 |
Current-29 days past due (DPD) and still accruing [Member] | ||
By delinquency status: | ||
PCI loans | 74 | 86 |
30-89 days past due and still accruing [Member] | ||
By delinquency status: | ||
PCI loans | $ 1 | $ 0 |
Loans and Allowance for Credi87
Loans and Allowance for Credit Losses, PCI, by Delinquency Status, Consumer (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
PCI Loans UPB [Member] | Real estate 1-4 family first mortgage [Member] | ||
By delinquency status: | ||
PCI loans | $ 14,176 | $ 16,888 |
PCI Loans UPB [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 151 | 157 |
PCI Loans UPB [Member] | Residential Mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 14,327 | 17,045 |
PCI Loans Carrying Value [Member] | ||
By delinquency status: | ||
PCI loans | 10,709 | 12,835 |
PCI Loans Carrying Value [Member] | Real estate 1-4 family first mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 10,609 | 12,722 |
PCI Loans Carrying Value [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 25 | 27 |
PCI Loans Carrying Value [Member] | Residential Mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 10,634 | 12,749 |
Current-29 days past due (DPD) [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 11,310 | 13,127 |
Current-29 days past due (DPD) [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 136 | 138 |
Current-29 days past due (DPD) [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 11,446 | 13,265 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 1,044 | 1,317 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 6 | 8 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 1,050 | 1,325 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 496 | 622 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 2 | 3 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 498 | 625 |
90-119 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 221 | 293 |
90-119 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 2 | 2 |
90-119 Days Past Due [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 223 | 295 |
120-179 DPD member [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 158 | 219 |
120-179 DPD member [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 1 | 2 |
120-179 DPD member [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 159 | 221 |
180 plus DPD [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 947 | 1,310 |
180 plus DPD [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By delinquency status: | ||
PCI loans | 4 | 4 |
180 plus DPD [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By delinquency status: | ||
PCI loans | $ 951 | $ 1,314 |
Loans and Allowance for Credi88
Loans and Allowance for Credit Losses, PCI, by FICO Score, Consumer (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
PCI Loans UPB [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | $ 14,176 | $ 16,888 |
PCI Loans UPB [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 151 | 157 |
PCI Loans UPB [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 14,327 | 17,045 |
PCI Loans Carrying Value [Member] | ||
By FICO: | ||
PCI loans | 10,709 | 12,835 |
PCI Loans Carrying Value [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 10,609 | 12,722 |
PCI Loans Carrying Value [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 25 | 27 |
PCI Loans Carrying Value [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 10,634 | 12,749 |
FICO less than 600 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 3,307 | 4,014 |
FICO less than 600 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 33 | 37 |
FICO less than 600 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 3,340 | 4,051 |
FICO 600-639 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 1,794 | 2,086 |
FICO 600-639 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 21 | 20 |
FICO 600-639 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 1,815 | 2,106 |
FICO 640-679 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 2,020 | 2,393 |
FICO 640-679 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 24 | 24 |
FICO 640-679 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 2,044 | 2,417 |
FICO 680-719 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 1,867 | 2,242 |
FICO 680-719 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 28 | 29 |
FICO 680-719 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 1,895 | 2,271 |
FICO 720-759 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 1,475 | 1,779 |
FICO 720-759 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 22 | 23 |
FICO 720-759 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 1,497 | 1,802 |
FICO 760-799 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 799 | 933 |
FICO 760-799 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 11 | 12 |
FICO 760-799 [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 810 | 945 |
FICO 800 or more [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 456 | 468 |
FICO 800 or more [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 7 | 6 |
FICO 800 or more [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | 463 | 474 |
No FICO available [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By FICO: | ||
PCI loans | 2,458 | 2,973 |
No FICO available [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By FICO: | ||
PCI loans | 5 | 6 |
No FICO available [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By FICO: | ||
PCI loans | $ 2,463 | $ 2,979 |
Loans and Allowance for Credi89
Loans and Allowance for Credit Losses, PCI, by Loan to Value Ratio, Consumer (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
PCI Loans UPB [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | $ 14,176 | $ 16,888 |
PCI Loans UPB [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 151 | 157 |
PCI Loans UPB [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 14,327 | 17,045 |
PCI Loans Carrying Value [Member] | ||
By LTV/CLTV: | ||
PCI loans | 10,709 | 12,835 |
PCI Loans Carrying Value [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 10,609 | 12,722 |
PCI Loans Carrying Value [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 25 | 27 |
PCI Loans Carrying Value [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 10,634 | 12,749 |
LTV 0-60% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 7,095 | 8,010 |
LTV 0-60% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 46 | 45 |
LTV 0-60% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 7,141 | 8,055 |
LTV 60.01-80% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 5,224 | 6,510 |
LTV 60.01-80% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 61 | 63 |
LTV 60.01-80% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 5,285 | 6,573 |
LTV 80.01-100% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 1,540 | 1,975 |
LTV 80.01-100% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 31 | 35 |
LTV 80.01-100% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 1,571 | 2,010 |
LTV 100.01-120% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 260 | 319 |
LTV 100.01-120% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 9 | 10 |
LTV 100.01-120% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 269 | 329 |
LTV greater than 120% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 56 | 73 |
LTV greater than 120% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 3 | 3 |
LTV greater than 120% [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 59 | 76 |
No LTV/CLTV available [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family first mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 1 | 1 |
No LTV/CLTV available [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | 1 | 1 |
No LTV/CLTV available [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
By LTV/CLTV: | ||
PCI loans | $ 2 | $ 2 |
Equity Securities (Details)
Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Equity Securities [Line Items] | |||
Trading equity securities | $ 25,327 | $ 30,004 | |
Fair Value of Net Asset (Liability) From Economic Hedges Related To Deferred Compensation Planned Obligation Activities | 3,500 | 3,700 | |
Equity Securities | 58,935 | 62,497 | |
Income (Loss) from Affordable Housing Projects, Equity Method Investments | (280) | $ (230) | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 359 | 347 | |
Affordable Housing Tax Credits, Amount | 290 | $ 261 | |
Qualified Affordable Housing Project Investments, Commitment | $ 3,500 | 3,600 | |
Affordable Housing Tax Credits Commitment, Payment Period | 3 years | ||
Nonmarketable Equity Securities | |||
Equity Securities [Line Items] | |||
Equity Securities with Fair Value Option Election | $ 5,000 | 4,900 | |
Investment in Federal Home Loan Bank Stock | |||
Equity Securities [Line Items] | |||
Other Equity Investments | 5,700 | 5,400 | |
Not Held for Trading [Member] | |||
Equity Securities [Line Items] | |||
Equity Securities at Fair Value | 10,234 | 9,223 | |
Equity Method Investments | 16,248 | 16,352 | |
Equity Securities Not Held for Trading | 33,608 | 32,493 | |
Not Held for Trading [Member] | Nonmarketable Equity Securities | |||
Equity Securities [Line Items] | |||
Equity Securities at Fair Value | 5,303 | 4,867 | |
Not Held for Trading [Member] | Low Income Housing Tax Credit Equity Method Investments | |||
Equity Securities [Line Items] | |||
Equity Method Investments | 10,318 | 10,269 | |
Not Held for Trading [Member] | Private Equity Funds [Member] | |||
Equity Securities [Line Items] | |||
Equity Method Investments | 3,840 | 3,839 | |
Other Equity Investments | 1,346 | 1,090 | |
Not Held for Trading [Member] | Tax Advantaged Renewable Energy | |||
Equity Securities [Line Items] | |||
Equity Method Investments | 1,822 | 1,950 | |
Not Held for Trading [Member] | New Market Tax Credit and Other | |||
Equity Securities [Line Items] | |||
Equity Method Investments | 268 | 294 | |
Not Held for Trading [Member] | Marketable Equity Securities | |||
Equity Securities [Line Items] | |||
Equity Securities at Fair Value | 4,931 | 4,356 | |
Held for Trading [Member] | Marketable Equity Securities | |||
Equity Securities [Line Items] | |||
Trading equity securities | 25,327 | 30,004 | |
Other investments | Not Held for Trading [Member] | Investment in Federal Home Loan Bank Stock | |||
Equity Securities [Line Items] | |||
Other Equity Investments | $ 5,780 | $ 5,828 |
Net Gains (Losses) from Equity
Net Gains (Losses) from Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Economic Hedge Derivatives | $ (58) | $ (474) |
Equity Securities at Fair Value | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 117 | 765 |
Equity Securities | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 783 | 570 |
Equity Method Investments | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 724 | 279 |
Marketable Equity Securities | Equity Securities at Fair Value | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 8 | 283 |
Nonmarketable Equity Securities | Equity Securities at Fair Value | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 109 | 482 |
Measurement Alternative | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 296 | |
Other | Equity Method Investments | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 18 | 29 |
Realized Gains on Sale | Equity Method Investments | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 498 | 326 |
Measurement Alternative Observable Transactions | Equity Method Investments | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | 228 | 0 |
Impairment in Value of Asset | Equity Method Investments | ||
Net Gains (Losses) from Equity Securities [Line Items] | ||
Gain (Loss) on Investments | $ (20) | $ (76) |
Measurement Alternative (Detail
Measurement Alternative (Details) - Measurement Alternative $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Measurement Alternative [Line Items] | |
Cumulative gross unrealized losses due to observable price changes | $ 0 |
Cumulative gross unrealized gains due to observable price changes | 228 |
Gain (Loss) on Sale of Investments | 75 |
Gain (Loss) on Investments | 296 |
Gross unrealized losses due to observable price changes | 0 |
Other than Temporary Impairment Losses, Investments | (7) |
Gross unrealized gains due to observable price changes | $ 228 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Components of Other Assets [Line Items] | |||
Corporate/bank-owned life insurance | $ 19,589 | $ 19,549 | |
Accounts receivable (1) | 37,322 | 39,127 | |
Interest receivable | 5,824 | 5,688 | |
Net carrying value | 2,754 | 3,034 | |
Non-residential real estate | 229 | 270 | |
Operating lease assets | 9,382 | 9,666 | |
Due from customers on acceptances | 196 | 177 | |
Other | 11,661 | 13,785 | |
Other assets | 85,888 | 90,244 | [1] |
Government insured/guaranteed [Member] | |||
Components of Other Assets [Line Items] | |||
Residential real estate | 103 | 120 | |
Non-government insured/guaranteed [Member] | |||
Components of Other Assets [Line Items] | |||
Residential real estate | 239 | 252 | |
Core deposit intangibles [Member] | |||
Components of Other Assets [Line Items] | |||
Net carrying value | 577 | 769 | |
Customer relationship and other amortized intangibles [Member] | |||
Components of Other Assets [Line Items] | |||
Net carrying value | $ 766 | $ 841 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Securitizations and Variable 94
Securitizations and Variable Interest Entities, Balance Sheet Transactions with VIEs (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | ||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | ||||
Cash | $ 18,145 | $ 23,367 | ||
Interest-earning deposits with banks (1) | 184,250 | 192,580 | [1] | |
Federal funds sold and securities purchased under resale agreements (1) | 73,550 | 80,025 | [1] | |
Debt securities: | ||||
Trading debt securities | 59,866 | 57,624 | [2] | |
Available-for-sale debt securities | 271,656 | 276,407 | [2] | |
Held-to-maturity, at cost (fair value $138,323 and $138,985) | 141,446 | 139,335 | ||
Mortgages held for sale | [3] | 17,944 | 20,070 | |
Loans | [3] | 947,308 | 956,770 | |
Mortgage servicing rights | 15,041 | 13,625 | ||
Derivative assets | 11,467 | 12,228 | ||
Equity investments | 58,935 | 62,497 | [2] | |
Other assets | 85,888 | 90,244 | [2] | |
Total assets | [4] | 1,915,388 | 1,951,757 | |
Short-term borrowings | 97,207 | 103,256 | ||
Derivative liabilities | 7,883 | 8,796 | ||
Accrued expenses and other liabilities | 73,397 | 70,615 | ||
Long-term debt | 227,302 | 225,020 | ||
Total liabilities | [5] | 1,709,478 | 1,743,678 | |
Noncontrolling interests | 958 | 1,143 | ||
VIEs that we consolidate recourse [member] | ||||
Debt securities: | ||||
Total liabilities | 0 | 0 | ||
VIEs that we do not consolidate [Member] | ||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | ||||
Cash | 0 | 0 | ||
Interest-earning deposits with banks (1) | 0 | 0 | ||
Debt securities: | ||||
Trading debt securities | 2,011 | 1,305 | ||
Available-for-sale debt securities | 3,405 | 3,288 | ||
Held-to-maturity, at cost (fair value $138,323 and $138,985) | 502 | 485 | ||
Loans | 2,766 | 4,274 | ||
Mortgage servicing rights | 14,977 | 13,628 | ||
Derivative assets | 124 | 44 | ||
Equity investments | 10,683 | 10,740 | ||
Other assets | 0 | 0 | ||
Total assets | 34,468 | 33,764 | ||
Short-term borrowings | 0 | 0 | ||
Derivative liabilities | 45 | 106 | ||
Accrued expenses and other liabilities | 245 | 244 | ||
Long-term debt | 3,507 | 3,590 | ||
Total liabilities | 3,797 | 3,940 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 30,671 | 29,824 | ||
VIEs that we consolidate [Member] | ||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | ||||
Cash | 111 | 116 | ||
Interest-earning deposits with banks (1) | 8 | 371 | ||
Debt securities: | ||||
Trading debt securities | 0 | 0 | ||
Available-for-sale debt securities | 0 | 0 | ||
Held-to-maturity, at cost (fair value $138,323 and $138,985) | 0 | 0 | ||
Loans | 13,007 | 12,482 | ||
Mortgage servicing rights | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Equity investments | 28 | 306 | ||
Other assets | 230 | 342 | ||
Total assets | 13,384 | 13,617 | ||
Short-term borrowings | 0 | 0 | ||
Derivative liabilities | 4 | 5 | ||
Accrued expenses and other liabilities | 127 | 132 | ||
Long-term debt | 947 | 1,479 | ||
Total liabilities | 1,078 | 1,616 | ||
Noncontrolling interests | 31 | 283 | ||
Net assets | 12,275 | 11,718 | ||
Transfers that we account for as secured borrowings [Member] | ||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | ||||
Cash | 0 | 0 | ||
Interest-earning deposits with banks (1) | 0 | 0 | ||
Debt securities: | ||||
Trading debt securities | 200 | 201 | ||
Available-for-sale debt securities | 343 | 358 | ||
Held-to-maturity, at cost (fair value $138,323 and $138,985) | 0 | 0 | ||
Loans | 106 | 110 | ||
Mortgage servicing rights | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Equity investments | 0 | 0 | ||
Other assets | 7 | 6 | ||
Total assets | 656 | 675 | ||
Short-term borrowings | 512 | 522 | ||
Derivative liabilities | 0 | 0 | ||
Accrued expenses and other liabilities | 10 | 10 | ||
Long-term debt | 107 | 111 | ||
Total liabilities | 629 | 643 | ||
Noncontrolling interests | 0 | 0 | ||
Net assets | 27 | 32 | ||
Total VIE [Member] | ||||
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities | ||||
Cash | 111 | 116 | ||
Interest-earning deposits with banks (1) | 8 | 371 | ||
Debt securities: | ||||
Trading debt securities | 2,211 | 1,506 | ||
Available-for-sale debt securities | 3,748 | 3,646 | ||
Held-to-maturity, at cost (fair value $138,323 and $138,985) | 502 | 485 | ||
Loans | 15,879 | 16,866 | ||
Mortgage servicing rights | 14,977 | 13,628 | ||
Derivative assets | 124 | 44 | ||
Equity investments | 10,711 | 11,046 | ||
Other assets | 237 | 348 | ||
Total assets | 48,508 | 48,056 | ||
Short-term borrowings | 512 | 522 | ||
Derivative liabilities | 49 | 111 | ||
Accrued expenses and other liabilities | 382 | 386 | ||
Long-term debt | 4,561 | 5,180 | ||
Total liabilities | 5,504 | 6,199 | ||
Noncontrolling interests | 31 | 283 | ||
Net assets | $ 42,973 | $ 41,574 | ||
[1] | (1)Financial information has been revised to reflect the impact of the adoption of ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash in which we changed the presentation of our cash and cash equivalents to include both cash and due from banks as well as interest-earning deposits with banks, which are inclusive of any restricted cash. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
[3] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. | |||
[4] | (4)Our consolidated assets at March 31, 2018, and December 31, 2017, 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, $111 million and $116 million; Interest-earning deposits with banks, $8 million and $371 million; Debt securities, $0 million at both period ends; Net loans, $13.0 billion and $12.5 billion; Derivative assets, $0 million at both period ends; Equity securities, $28 million and $306 million; Other assets, $230 million and $342 million; and Total assets, $13.4 billion and $13.6 billion, respectively. | |||
[5] | (5)Our consolidated liabilities at March 31, 2018, and December 31, 2017, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Derivative liabilities, $4 million and $5 million; Accrued expenses and other liabilities, $127 million and $132 million; Long-term debt, $947 million and $1.5 billion; and Total liabilities, $1.1 billion and $1.6 billion, respectively. |
Securitizations and Variable 95
Securitizations and Variable Interest Entities, Unconsolidated VIEs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||
Total VIE assets | $ 1,369,255 | $ 1,367,437 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Percentage of underlying collateral rated as investment grade | 100.00% | ||
Carrying value of delinquent loans eligible for repurchase | 1,200 | $ 2,200 | |
Principal amount that would be payable to securitization vehicles | 1,200 | 2,200 | |
Conforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 1,171,619 | 1,169,410 | |
Other/Nonconforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 13,057 | 14,175 | |
Commercial Mortgage Backed Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 146,886 | 144,650 | |
Collateralized Debt Obligations Debt Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 1,010 | 1,031 | |
Collateralized Debt Obligations Loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 0 | 1,481 | |
Asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 2,192 | 2,333 | |
Tax Credit Structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 32,270 | 31,852 | |
Collateralized Loan Obligations [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 7 | 23 | |
Investment Funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 212 | 225 | |
Other securitizations and transactions [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 2,002 | 2,257 | |
VIEs that we do not consolidate [Member] | Waived fees [Member] | |||
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Financial support provided to a nonconsolidated legal entity | 13 | $ 14 | |
Debt and equity interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 19,367 | 20,092 | |
Maximum exposure to loss | 19,367 | 20,092 | |
Debt and equity interests [Member] | Conforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 2,851 | 2,100 | |
Maximum exposure to loss | 2,851 | 2,100 | |
Debt and equity interests [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 552 | 598 | |
Maximum exposure to loss | 552 | 598 | |
Debt and equity interests [Member] | Commercial Mortgage Backed Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 2,350 | 2,198 | |
Maximum exposure to loss | 2,350 | 2,198 | |
Debt and equity interests [Member] | Collateralized Debt Obligations Debt Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 0 | 0 | |
Maximum exposure to loss | 0 | 0 | |
Debt and equity interests [Member] | Collateralized Debt Obligations Loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 0 | 1,443 | |
Maximum exposure to loss | 0 | 1,443 | |
Debt and equity interests [Member] | Asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 1,749 | 1,867 | |
Maximum exposure to loss | 1,749 | 1,867 | |
Debt and equity interests [Member] | Tax Credit Structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 11,345 | 11,258 | |
Maximum exposure to loss | 11,345 | 11,258 | |
Debt and equity interests [Member] | Collateralized Loan Obligations [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 0 | 1 | |
Maximum exposure to loss | 0 | 1 | |
Debt and equity interests [Member] | Investment Funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 51 | 50 | |
Maximum exposure to loss | 51 | 50 | |
Debt and equity interests [Member] | Other securitizations and transactions [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 469 | 577 | |
Maximum exposure to loss | 469 | 577 | |
Servicing assets [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 14,977 | 13,628 | |
Maximum exposure to loss | 14,977 | 13,628 | |
Servicing assets [Member] | Conforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 14,044 | 12,665 | |
Maximum exposure to loss | 14,044 | 12,665 | |
Servicing assets [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 68 | 73 | |
Maximum exposure to loss | 68 | 73 | |
Servicing assets [Member] | Commercial Mortgage Backed Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 865 | 890 | |
Maximum exposure to loss | 865 | 890 | |
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) | 0 | 0 | |
Maximum exposure to loss | 0 | 0 | |
Derivative [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 79 | (62) | |
Maximum exposure to loss | 184 | 167 | |
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) | (43) | 28 | |
Maximum exposure to loss | 45 | 42 | |
Derivative [Member] | Collateralized Debt Obligations Debt Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 5 | 5 | |
Maximum exposure to loss | 5 | 5 | |
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) | 0 | 0 | |
Maximum exposure to loss | 0 | 0 | |
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) | 117 | (95) | |
Maximum exposure to loss | 134 | 120 | |
Other commitments and guarantees [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | (3,752) | (3,834) | |
Maximum exposure to loss | 13,075 | 12,762 | |
Other commitments and guarantees [Member] | Conforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | (190) | (190) | |
Maximum exposure to loss | 1,257 | 1,137 | |
Other commitments and guarantees [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 | |
Other commitments and guarantees [Member] | Commercial Mortgage Backed Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | (35) | (34) | |
Maximum exposure to loss | 10,328 | 10,202 | |
Other commitments and guarantees [Member] | Collateralized Debt Obligations Debt Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | (20) | (20) | |
Maximum exposure to loss | 20 | 20 | |
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 | 71 | 71 | |
Other commitments and guarantees [Member] | Tax Credit Structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | (3,507) | (3,590) | |
Maximum exposure to loss | 1,242 | 1,175 | |
Other commitments and guarantees [Member] | Collateralized Loan Obligations [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 0 | 0 | |
Maximum exposure to loss | 0 | 0 | |
Other commitments and guarantees [Member] | Investment Funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 0 | 0 | |
Maximum exposure to loss | 0 | 0 | |
Other commitments and guarantees [Member] | Other securitizations and transactions [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 0 | 0 | |
Maximum exposure to loss | 157 | 157 | |
Total exposure [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 47,603 | 46,649 | |
Total exposure [Member] | Conforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 18,152 | 15,902 | |
Total exposure [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 620 | 671 | |
Total exposure [Member] | Commercial Mortgage Backed Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 13,588 | 13,332 | |
Total exposure [Member] | Collateralized Debt Obligations Debt Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 25 | 25 | |
Total exposure [Member] | Collateralized Debt Obligations Loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 1,443 | |
Total exposure [Member] | Asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 1,820 | 1,938 | |
Total exposure [Member] | Tax Credit Structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 12,587 | 12,433 | |
Total exposure [Member] | Collateralized Loan Obligations [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 1 | |
Total exposure [Member] | Investment Funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 51 | 50 | |
Total exposure [Member] | Other securitizations and transactions [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 760 | 854 | |
Net assets [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 30,671 | 29,824 | |
Net assets [Member] | Conforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 16,705 | 14,575 | |
Net assets [Member] | Other/Nonconforming Residential Mortgage Loan Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 620 | 671 | |
Net assets [Member] | Commercial Mortgage Backed Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 3,137 | 3,082 | |
Net assets [Member] | Collateralized Debt Obligations Debt Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | (15) | (15) | |
Net assets [Member] | Collateralized Debt Obligations Loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 0 | 1,443 | |
Net assets [Member] | Asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 1,749 | 1,867 | |
Net assets [Member] | Tax Credit Structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 7,838 | 7,668 | |
Net assets [Member] | Collateralized Loan Obligations [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 0 | 1 | |
Net assets [Member] | Investment Funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 51 | 50 | |
Net assets [Member] | Other securitizations and transactions [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 586 | 482 | |
Equity Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | 10,700 | 10,700 | |
Other investments | |||
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Securities available for sale portfolio of ARS issued by VIEs | 292 | 400 | |
Trust preferred securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying value asset (liability) | (2,000) | (2,000) | |
Trust preferred securities [Member] | Preferred Stock [Member] | |||
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Carrying value - equity | $ 2,500 | $ 2,500 |
Securitizations and Variable 96
Securitizations and Variable Interest Entities, Cash Flows From Sales and Securitization Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Amount paid to repurchase loans from securitization vehicles | $ 2,900 | $ 2,300 |
Net gain from sale of assets securitizations | 700 | 132 |
Residential Mortgage [Member] | ||
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Amount transferred related to mortgages to unconsolidated VIE | 47,300 | 55,500 |
Mortgage loans [Member] | ||
Cash Flow Securitizations [Abstract] | ||
Proceeds from securitizations and whole loan sales | 50,587 | 58,257 |
Fees from servicing rights retained | 845 | 854 |
Cash flows from other interests held | 185 | 834 |
Servicing advances, net of repayments | (36) | (142) |
Other financial assets [Member] | ||
Cash Flow Securitizations [Abstract] | ||
Proceeds from securitizations and whole loan sales | 0 | 21 |
Fees from servicing rights retained | 0 | 0 |
Cash flows from other interests held | 0 | 0 |
Servicing advances, net of repayments | 0 | 0 |
Commercial Loan [Member] | ||
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Net gain from sale of assets securitizations | 69 | 96 |
Amount transferred related to mortgages to unconsolidated VIE | 3,100 | 3,300 |
Non-agency securitizations and whole loan transactions [Member] | Mortgage loans [Member] | ||
Cash Flow Securitizations [Abstract] | ||
Repurchases of assets/loss reimbursements | 1 | 2 |
Non-agency securitizations and whole loan transactions [Member] | Other financial assets [Member] | ||
Cash Flow Securitizations [Abstract] | ||
Repurchases of assets/loss reimbursements | 0 | 0 |
Agency securitizations | Mortgage loans [Member] | ||
Cash Flow Securitizations [Abstract] | ||
Repurchases of assets/loss reimbursements | 33 | 23 |
Agency securitizations | Other financial assets [Member] | ||
Cash Flow Securitizations [Abstract] | ||
Repurchases of assets/loss reimbursements | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage [Member] | ||
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Amount of servicing asset at fair value | 533 | 546 |
Amount of liability for repurchase reserves at fair value | 3 | 8 |
Fair Value, Inputs, Level 3 [Member] | Commercial Loan [Member] | ||
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Amount of servicing asset at fair value | 34 | 45 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage [Member] | ||
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Securities, at fair value | 3,800 | 2,800 |
Fair Value, Inputs, Level 2 [Member] | Commercial Loan [Member] | ||
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Securities, at fair value | $ 0 | $ 0 |
Securitizations and Variable 97
Securitizations and Variable Interest Entities, Residential Mortgage Servicing Rights (Details) - Residential mortgage servicing rights [Member] - $ / loan | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | ||
Prepayment speed | 9.60% | 10.30% |
Discount rate | 7.30% | 6.80% |
Cost to service ($ per loan) | 117 | 134 |
Securitizations and Variable 98
Securitizations and Variable Interest Entities, Retained Interests from Unconsolidated VIEs (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)$ / loan | Dec. 31, 2017USD ($)$ / loan | |
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 | $ 15,041 | $ 13,625 |
Expected weighted-average life (in years) | 6 years 9 months | 6 years 2 months 12 days |
Key economic assumptions: | ||
Prepayment speed assumption | 9.30% | 10.50% |
Decrease in fair value from: | ||
10% adverse change | $ 546 | $ 565 |
25% adverse change | $ 1,298 | $ 1,337 |
Discount rate assumption | 7.20% | 6.90% |
Decrease in fair value from: | ||
100 basis point increase | $ 729 | $ 652 |
200 basis point increase | $ 1,394 | $ 1,246 |
Cost to service assumption ($ per loan) | $ / loan | 136 | 143 |
Decrease in fair value from: | ||
10% adverse change | $ 451 | $ 467 |
25% adverse change | 1,127 | 1,169 |
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 | $ 18 | $ 19 |
Expected weighted-average life (in years) | 3 years 7 months 2 days | 3 years 3 months 18 days |
Key economic assumptions: | ||
Prepayment speed assumption | 18.30% | 20.00% |
Decrease in fair value from: | ||
10% adverse change | $ 1 | $ 1 |
25% adverse change | $ 2 | $ 2 |
Discount rate assumption | 15.40% | 14.80% |
Decrease in fair value from: | ||
100 basis point increase | $ 0 | $ 0 |
200 basis point increase | 1 | 1 |
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 | $ 611 | $ 596 |
Expected weighted-average life (in years) | 6 years 4 months 24 days | 6 years 8 months 12 days |
Decrease in fair value from: | ||
Discount rate assumption | 3.80% | 4.10% |
Decrease in fair value from: | ||
100 basis point increase | $ 42 | $ 32 |
200 basis point increase | $ 71 | $ 61 |
Decrease in fair value from: | ||
Credit loss assumption | 8.00% | 1.80% |
Decrease in fair value from: | ||
10% higher losses | $ 13 | $ 0 |
25% higher losses | 17 | 0 |
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 | $ 443 | $ 468 |
Expected weighted-average life (in years) | 5 years 10 days | 5 years 2 months 12 days |
Decrease in fair value from: | ||
Discount rate assumption | 3.50% | 3.10% |
Decrease in fair value from: | ||
100 basis point increase | $ 18 | $ 20 |
200 basis point increase | $ 36 | $ 39 |
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 | 0 |
Commercial mortgage servicing [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 | $ 2,300 | $ 2,000 |
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Percentage of adverse change in interest rate | 25.00% | 25.00% |
Decrease in fair value from 25% adverse change in interest rate | $ 325 | $ 278 |
VIEs that we do not consolidate [Member] | Loans [Member] | ||
Decrease in fair value from: | ||
200 basis point increase | 19 | 25 |
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Loans receivable | $ 1,200 | $ 1,300 |
Securitizations and Variable 99
Securitizations and Variable Interest Entities, Off-Balance Sheet Loans Sold or Securitized (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | $ 1,223,794 | $ 1,227,083 | |
Delinquent loans and foreclosed assets | 14,445 | 16,232 | |
Net charge-offs | 126 | $ 495 | |
FNMA, FHLMC and GNMA [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 1,100,000 | 1,100,000 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Foreclosed assets | 628 | 619 | |
Delinquent loans | 7,900 | 9,100 | |
Total Commercial [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 101,784 | 100,875 | |
Delinquent loans and foreclosed assets | 2,622 | 2,839 | |
Net charge-offs | 10 | 295 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Foreclosed assets | 1,200 | 1,200 | |
Commercial real estate mortgage [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 101,784 | 100,875 | |
Delinquent loans and foreclosed assets | 2,622 | 2,839 | |
Net charge-offs | 10 | 295 | |
Total Consumer [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 1,122,010 | 1,126,208 | |
Delinquent loans and foreclosed assets | 11,823 | 13,393 | |
Net charge-offs | 116 | 200 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Foreclosed assets | 892 | 879 | |
Real estate 1-4 family first mortgage [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 1,122,010 | 1,126,208 | |
Delinquent loans and foreclosed assets | 11,823 | $ 13,393 | |
Net charge-offs | $ 116 | $ 200 |
Securitizations and Variable100
Securitizations and Variable Interest Entities, Transactions with Consolidated VIEs and Secured Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||
Assets | [1] | $ 1,915,388 | $ 1,951,757 |
Liabilities | [2] | (1,709,478) | (1,743,678) |
Noncontrolling interests | (958) | (1,143) | |
Total secured borrowings [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 756 | 771 | |
Total secured borrowings [Member] | Municipal tender option bond securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 647 | 658 | |
Total secured borrowings [Member] | Residential mortgage securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 109 | 113 | |
Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 13,733 | 14,424 | |
Assets | 13,384 | 13,617 | |
Liabilities | (1,078) | (1,616) | |
Noncontrolling interests | (31) | (283) | |
Net assets | 12,275 | 11,718 | |
Consolidated VIEs [Member] | Commercial real estate loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 2,594 | 2,378 | |
Consolidated VIEs [Member] | Commercial and Industrial Loans and Leases [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 8,652 | 9,116 | |
Consolidated VIEs [Member] | Nonconforming residential mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 2,386 | 2,515 | |
Consolidated VIEs [Member] | Structured asset finance [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 7 | 10 | |
Consolidated VIEs [Member] | Investment funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 24 | 305 | |
Consolidated VIEs [Member] | Other securitizations and transactions [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 70 | 100 | |
Total secured borrowings and consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total VIE assets | 14,489 | 15,195 | |
Carrying value [Member] | Total secured borrowings [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 656 | 675 | |
Liabilities | (629) | (643) | |
Noncontrolling interests | 0 | 0 | |
Net assets | 27 | 32 | |
Carrying value [Member] | Total secured borrowings [Member] | Municipal tender option bond securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 550 | 565 | |
Liabilities | (522) | (532) | |
Noncontrolling interests | 0 | 0 | |
Net assets | 28 | 33 | |
Carrying value [Member] | Total secured borrowings [Member] | Residential mortgage securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 106 | 110 | |
Liabilities | (107) | (111) | |
Noncontrolling interests | 0 | 0 | |
Net assets | (1) | (1) | |
Carrying value [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 13,384 | 13,617 | |
Liabilities | (1,078) | (1,616) | |
Noncontrolling interests | (31) | (283) | |
Net assets | 12,275 | 11,718 | |
Carrying value [Member] | Consolidated VIEs [Member] | Commercial real estate loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 2,594 | 2,378 | |
Liabilities | 0 | 0 | |
Noncontrolling interests | 0 | 0 | |
Net assets | 2,594 | 2,378 | |
Carrying value [Member] | Consolidated VIEs [Member] | Commercial and Industrial Loans and Leases [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 8,607 | 8,626 | |
Liabilities | (420) | (915) | |
Noncontrolling interests | (10) | (29) | |
Net assets | 8,177 | 7,682 | |
Carrying value [Member] | Consolidated VIEs [Member] | Nonconforming residential mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 2,092 | 2,212 | |
Liabilities | (653) | (694) | |
Noncontrolling interests | 0 | 0 | |
Net assets | 1,439 | 1,518 | |
Carrying value [Member] | Consolidated VIEs [Member] | Structured asset finance [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 5 | 6 | |
Liabilities | (4) | (4) | |
Noncontrolling interests | 0 | 0 | |
Net assets | 1 | 2 | |
Carrying value [Member] | Consolidated VIEs [Member] | Investment funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 24 | 305 | |
Liabilities | 0 | (2) | |
Noncontrolling interests | 0 | (230) | |
Net assets | 24 | 73 | |
Carrying value [Member] | Consolidated VIEs [Member] | Other securitizations and transactions [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 62 | 90 | |
Liabilities | (1) | (1) | |
Noncontrolling interests | (21) | (24) | |
Net assets | 40 | 65 | |
Carrying value [Member] | Total secured borrowings and consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 14,040 | 14,292 | |
Liabilities | (1,707) | (2,259) | |
Noncontrolling interests | (31) | (283) | |
Net assets | $ 12,302 | $ 11,750 | |
[1] | (4)Our consolidated assets at March 31, 2018, and December 31, 2017, 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, $111 million and $116 million; Interest-earning deposits with banks, $8 million and $371 million; Debt securities, $0 million at both period ends; Net loans, $13.0 billion and $12.5 billion; Derivative assets, $0 million at both period ends; Equity securities, $28 million and $306 million; Other assets, $230 million and $342 million; and Total assets, $13.4 billion and $13.6 billion, respectively. | ||
[2] | (5)Our consolidated liabilities at March 31, 2018, and December 31, 2017, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Derivative liabilities, $4 million and $5 million; Accrued expenses and other liabilities, $127 million and $132 million; Long-term debt, $947 million and $1.5 billion; and Total liabilities, $1.1 billion and $1.6 billion, respectively. |
Mortgage Banking Activities, An
Mortgage Banking Activities, Analysis of Changes in Fair Value MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in MSRs measured at fair value | ||
Fair value, beginning of period | $ 13,625 | |
Changes in fair value: | ||
Net changes in valuation model inputs or assumptions | 1,330 | $ 174 |
Changes due to collection/realization of expected cash flows over time | (483) | (461) |
Total changes in fair value | 847 | (287) |
Fair value, end of period | 15,041 | |
Carried at fair value [Member] | ||
Changes in MSRs measured at fair value | ||
Fair value, beginning of period | 13,625 | 12,959 |
Servicing from securitizations or asset transfers (1) | 573 | 583 |
Sales and other (2) | (4) | (47) |
Net additions | 569 | 536 |
Changes in fair value: | ||
Net changes in valuation model inputs or assumptions | 1,330 | 174 |
Changes due to collection/realization of expected cash flows over time | (483) | (461) |
Total changes in fair value | 847 | (287) |
Fair value, end of period | 15,041 | 13,208 |
Carried at fair value [Member] | Mortgage interest rates [Member] | ||
Changes in fair value: | ||
Net changes in valuation model inputs or assumptions | 1,253 | 152 |
Carried at fair value [Member] | Servicing and foreclosure costs [Member] | ||
Changes in fair value: | ||
Net changes in valuation model inputs or assumptions | 34 | 27 |
Carried at fair value [Member] | Prepayment estimates and other [Member] | ||
Changes in fair value: | ||
Net changes in valuation model inputs or assumptions | $ 43 | $ (5) |
Mortgage Banking Activities,102
Mortgage Banking Activities, Analysis of Changes in Amortized MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in amortized MSRs | ||
Amortization | $ (65) | $ (67) |
Amortized [Member] | ||
Changes in amortized MSRs | ||
Balance, beginning of period | 1,424 | 1,406 |
Purchases | 18 | 18 |
Servicing from securitizations or asset transfers | 34 | 45 |
Amortization | (65) | (67) |
Balance, end of period | 1,411 | 1,402 |
Fair value of amortized MSRs: | ||
Beginning of period | 2,025 | 1,956 |
End of period | 2,307 | 2,051 |
Commercial mortgage servicing [Member] | Amortized [Member] | ||
Mortgage Banking Activities (Textual) [Abstract] | ||
Valuation allowance | $ 0 | $ 0 |
Mortgage Banking Activities, Ma
Mortgage Banking Activities, Managed Servicing Portfolio (Details) - USD ($) $ in Billions | Mar. 31, 2018 | Dec. 31, 2017 |
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced for others | $ 1,711 | $ 1,704 |
Total managed servicing portfolio | $ 2,188 | $ 2,185 |
Ratio of MSRs to related loans serviced for others | 0.96% | 0.88% |
Residential mortgage servicing rights [Member] | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced for others | $ 1,201 | $ 1,209 |
Owned loans serviced | 337 | 342 |
Subserviced for others | 5 | 3 |
Total managed servicing portfolio | 1,543 | 1,554 |
Commercial mortgage servicing [Member] | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced for others | 510 | 495 |
Owned loans serviced | 125 | 127 |
Subserviced for others | 10 | 9 |
Total managed servicing portfolio | $ 645 | $ 631 |
Mortgage Banking Activities, Mo
Mortgage Banking Activities, Mortgage Banking Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Servicing fees: | ||
Contractually specified servicing fees | $ 916 | $ 907 |
Late charges | 44 | 48 |
Ancillary fees | 40 | 50 |
Unreimbursed direct servicing costs | (94) | (123) |
Net servicing fees | 906 | 882 |
Changes in fair value of MSRs carried at fair value: | ||
Due to changes in valuation model inputs or assumptions | 1,330 | 174 |
Changes due to collection/realization of expected cash flows over time | (483) | (461) |
Total changes in fair value of MSRs carried at fair value | 847 | (287) |
Amortization | (65) | (67) |
Net Derivative Gains (Losses) From Economic Hedges Related To Mortgage Servicing Activities | (1,220) | (72) |
Total servicing income, net | 468 | 456 |
Net gains on mortgage loan origination/sales activities | 466 | 772 |
Total mortgage banking noninterest income | 934 | 1,228 |
Market-related valuation changes to MSRs, net of hedge results | $ 110 | $ 102 |
Mortgage Banking Activities,105
Mortgage Banking Activities, Analysis of Changes in Liability for Mortgage Loan Repurchase Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Liability For Mortgage Loan Repurchase Losses [Abstract] | ||
Balance, beginning of period | $ 181 | $ 229 |
Provision for repurchase losses: | ||
Loan sales | 3 | 8 |
Change in estimate | 1 | (8) |
Net additions to provision | 4 | 0 |
Losses | (4) | (7) |
Balance, end of period | 181 | $ 222 |
Liability For Mortgage Loans Repurchase Losses [Member] | ||
Mortgage Banking Activities (Textual) [Abstract] | ||
Range of possible loss, portion not accrued | $ 166 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized intangible assets: | ||||
Gross carrying value | $ 20,756 | $ 20,704 | ||
Accumulated amortization | (18,002) | (17,670) | ||
Net carrying value | 2,754 | 3,034 | ||
Unamortized intangible assets: | ||||
Mortgage servicing rights | 15,041 | 13,625 | ||
Goodwill | 26,445 | 26,587 | $ 26,666 | $ 26,693 |
Trademark | 14 | 14 | ||
MSRs [Member] | ||||
Amortized intangible assets: | ||||
Gross carrying value | 3,928 | 3,876 | ||
Accumulated amortization | (2,517) | (2,452) | ||
Net carrying value | 1,411 | 1,424 | ||
Core deposit intangibles [Member] | ||||
Amortized intangible assets: | ||||
Gross carrying value | 12,834 | 12,834 | ||
Accumulated amortization | (12,257) | (12,065) | ||
Net carrying value | 577 | 769 | ||
Customer relationship and other intangibles [Member] | ||||
Amortized intangible assets: | ||||
Gross carrying value | 3,994 | 3,994 | ||
Accumulated amortization | (3,228) | (3,153) | ||
Net carrying value | $ 766 | $ 841 |
Intangible Assets, Amortization
Intangible Assets, Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | ||
Three months ended March 31, 2018 (actual) | $ 265 | $ 289 |
Estimate for the remainder of 2018 | 1,002 | |
Estimate for year ended December 31, | ||
2,019 | 345 | |
2,020 | 296 | |
2,021 | 254 | |
2,022 | 223 | |
2,023 | 187 | |
Finite lived intangible assets [Member] | ||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | ||
Three months ended March 31, 2018 (actual) | 332 | |
Amortized MSRs [Member] | ||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | ||
Three months ended March 31, 2018 (actual) | 65 | |
Estimate for the remainder of 2018 | 202 | |
Estimate for year ended December 31, | ||
2,019 | 229 | |
2,020 | 199 | |
2,021 | 172 | |
2,022 | 155 | |
2,023 | 128 | |
Core deposit intangibles [Member] | ||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | ||
Three months ended March 31, 2018 (actual) | 192 | |
Estimate for the remainder of 2018 | 577 | |
Estimate for year ended December 31, | ||
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
Customer relationship and other amortized intangibles [Member] | ||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | ||
Three months ended March 31, 2018 (actual) | 75 | |
Estimate for the remainder of 2018 | 223 | |
Estimate for year ended December 31, | ||
2,019 | 116 | |
2,020 | 97 | |
2,021 | 82 | |
2,022 | 68 | |
2,023 | 59 | |
Lease agreement intangibles [Member] | ||
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | ||
Three months ended March 31, 2018 (actual) | $ 2 |
Intangible Assets, Allocation o
Intangible Assets, Allocation of Goodwill to Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 26,587 | $ 26,693 |
Reduction in goodwill related to divested business and other | (142) | (27) |
Goodwill, Ending Balance | 26,445 | 26,666 |
Community Banking [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 16,849 | 16,849 |
Reduction in goodwill related to divested business and other | (142) | 0 |
Goodwill, Ending Balance | 16,707 | 16,849 |
Wholesale Banking [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 8,455 | 8,585 |
Reduction in goodwill related to divested business and other | 0 | (27) |
Goodwill, Ending Balance | 8,455 | 8,558 |
Wealth and Investment Management [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 1,283 | 1,259 |
Reduction in goodwill related to divested business and other | 0 | 0 |
Goodwill, Ending Balance | $ 1,283 | $ 1,259 |
Guarantees, Pledged Assets a109
Guarantees, Pledged Assets and Collateral (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Guarantor Obligations [Line Items] | ||||
Carrying Value obligation (asset) | $ (137) | $ (364) | ||
Maximum exposure to loss, expires in one year or less | 30,961 | 31,034 | ||
Maximum exposure to loss, expires in one year through three years | 21,260 | 21,147 | ||
Maximum exposure to loss, expires in three years through five years | 7,815 | 7,896 | ||
Maximum exposure to loss, expires after five years | 15,509 | 16,052 | ||
Maximum exposure to loss | 75,545 | 76,129 | ||
Total assets | [1] | 1,915,388 | 1,951,757 | |
Securities owned and pledged as collateral related to repurchase agreements not available to be repledged, Fair Value | 4,700 | 5,200 | ||
Mortgages held for sale | 1,000 | 2,600 | ||
Carrying value of delinquent loans eligible for repurchase | 1,200 | 2,200 | ||
Security Owned and Pledged as Collateral, Fair Value [Abstract] | ||||
Equity Securities,Trading | 25,327 | 30,004 | ||
Total pledged assets held for trading | 97,420 | 100,362 | ||
Total pledged assets | 612,748 | 652,300 | ||
Not Held for Trading [Member] | ||||
Security Owned and Pledged as Collateral, Fair Value [Abstract] | ||||
Debt securities and other, not held for trading | 66,739 | 73,592 | ||
Mortgages held for sale and loans | 450,605 | 469,554 | ||
Total pledged assets | 517,344 | 543,146 | ||
Collateral Pledged [Member] | ||||
Security Owned and Pledged as Collateral, Fair Value [Abstract] | ||||
Debt Securities, Trading | 83,742 | 96,993 | ||
Equity Securities,Trading | 11,662 | 12,161 | ||
Total pledged assets held for trading | 95,404 | 109,154 | ||
Non-investment grade [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 37,973 | 36,692 | ||
Written put options [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Carrying Value obligation (asset) | (227) | (455) | ||
Maximum exposure to loss, expires in one year or less | 15,044 | 14,758 | ||
Maximum exposure to loss, expires in one year through three years | 12,739 | 12,706 | ||
Maximum exposure to loss, expires in three years through five years | 3,748 | 3,890 | ||
Maximum exposure to loss, expires after five years | 891 | 1,038 | ||
Maximum exposure to loss | 32,422 | 32,392 | ||
Written put options [Member] | Non-investment grade [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 20,462 | 19,087 | ||
Direct pay letters of credit (DPLCs) [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 7,700 | 8,100 | ||
Third Party Clearing Indemnifications [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 1,000 | 809 | ||
Third-party Clearing Customer Obligations | 100 | 92 | ||
Collateral Provided to Third-party Clearing Agents | 929 | 717 | ||
Standby Letters of Credit [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Carrying Value obligation (asset) | 38 | 39 | ||
Maximum exposure to loss, expires in one year or less | 14,930 | 15,357 | ||
Maximum exposure to loss, expires in one year through three years | 7,984 | 7,908 | ||
Maximum exposure to loss, expires in three years through five years | 2,891 | 3,068 | ||
Maximum exposure to loss, expires after five years | 554 | 645 | ||
Maximum exposure to loss | 26,359 | 26,978 | ||
Standby Letters of Credit [Member] | Non-investment grade [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 8,501 | 8,773 | ||
Securities lending and other indemnifications [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Carrying Value obligation (asset) | 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 | 0 | 0 | ||
Maximum exposure to loss, expires in three years through five years | 2 | 2 | ||
Maximum exposure to loss, expires after five years | 1,028 | 809 | ||
Maximum exposure to loss | 1,030 | 811 | ||
Securities lending and other indemnifications [Member] | Non-investment grade [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 2 | 2 | ||
Loans and MHFS sold with recourse [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Carrying Value obligation (asset) | 51 | 51 | ||
Maximum exposure to loss, expires in one year or less | 169 | 165 | ||
Maximum exposure to loss, expires in one year through three years | 537 | 533 | ||
Maximum exposure to loss, expires in three years through five years | 1,172 | 934 | ||
Maximum exposure to loss, expires after five years | 9,208 | 9,385 | ||
Maximum exposure to loss | 11,086 | 11,017 | ||
Loans and MHFS sold with recourse [Member] | Non-investment grade [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 8,289 | 8,155 | ||
Factoring guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Carrying Value obligation (asset) | 0 | 0 | ||
Maximum exposure to loss, expires in one year or less | 814 | 747 | ||
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 | 814 | 747 | ||
Factoring guarantee [Member] | Non-investment grade [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 715 | 668 | ||
Other guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Carrying Value obligation (asset) | 1 | 1 | ||
Maximum exposure to loss, expires in one year or less | 4 | 7 | ||
Maximum exposure to loss, expires in one year through three years | 0 | 0 | ||
Maximum exposure to loss, expires in three years through five years | 2 | 2 | ||
Maximum exposure to loss, expires after five years | 3,828 | 4,175 | ||
Maximum exposure to loss | 3,834 | 4,184 | ||
Other guarantees [Member] | Non-investment grade [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Maximum exposure to loss | 4 | 7 | ||
Loans and MHFS sold with recourse [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Loans repurchased | 1 | $ 1 | ||
Trading assets and other [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Securities owned and pledged as collateral available to be repledged, Fair Value | 95,300 | 109,000 | ||
Trading assets and other [Member] | Collateral Pledged [Member] | ||||
Security Owned and Pledged as Collateral, Fair Value [Abstract] | ||||
Total pledged assets held for trading | 43,300 | 41,900 | ||
Other Trading - Off-Balance Sheet [Member] | Collateral Pledged [Member] | ||||
Security Owned and Pledged as Collateral, Fair Value [Abstract] | ||||
Total pledged assets held for trading | 52,100 | 67,300 | ||
Debt securities and other [Member] | Not Held for Trading [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Securities owned and pledged as collateral available to be repledged, Fair Value | 7 | 64 | ||
Securities owned and pledged as collateral related to repurchase agreements not available to be repledged, carrying value | 4,700 | 5,000 | ||
Securities owned and pledged as collateral related to repurchase agreements not available to be repledged, Fair Value | 4,500 | 5,000 | ||
Consolidated VIEs [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Total assets | 13,384 | 13,617 | ||
Secured Borrowing transactions excluded [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Total assets | $ 656 | $ 675 | ||
[1] | (4)Our consolidated assets at March 31, 2018, and December 31, 2017, 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, $111 million and $116 million; Interest-earning deposits with banks, $8 million and $371 million; Debt securities, $0 million at both period ends; Net loans, $13.0 billion and $12.5 billion; Derivative assets, $0 million at both period ends; Equity securities, $28 million and $306 million; Other assets, $230 million and $342 million; and Total assets, $13.4 billion and $13.6 billion, respectively. |
Guarantees, Offsetting of Resal
Guarantees, Offsetting of Resale and Repurchase Agreements and Securities Borrowing and Lending (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities owned and pledged as collateral related to repurchase agreements not available to be repledged, Fair Value | $ 4,700 | $ 5,200 |
Net amounts in consolidated balance sheet | 91,905 | 97,947 |
Collateral received, fair value | 118,200 | 130,800 |
Collateral received with the right to sell or repledge | 118,200 | 130,800 |
Collateral sold or repledged | 52,700 | 66,300 |
Collateral pledged, fair value | 99,200 | 113,600 |
Resale and securities borrowing agreements | ||
Gross amounts recognized | 108,479 | 121,135 |
Gross amounts offset in consolidated balance sheet | (16,574) | (23,188) |
Net amounts in consolidated balance sheet | 91,905 | 97,947 |
Collateral not recognized in consolidated balance sheet | (91,396) | (96,829) |
Net amount | 509 | 1,118 |
Repurchase and securities lending agreements | ||
Gross amounts recognized | 96,911 | 111,488 |
Gross amounts offset in consolidated balance sheet | (16,574) | (23,188) |
Net amounts in consolidated balance sheet | 80,337 | 88,300 |
Collateral pledged but not netted in consolidated balance sheet | (80,193) | (87,918) |
Net amount | 144 | 382 |
Fed Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net amounts in consolidated balance sheet | 73,500 | 78,900 |
Resale and securities borrowing agreements | ||
Net amounts in consolidated balance sheet | 73,500 | 78,900 |
Loans [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net amounts in consolidated balance sheet | 18,400 | 19,000 |
Resale and securities borrowing agreements | ||
Net amounts in consolidated balance sheet | $ 18,400 | $ 19,000 |
Guarantees, Pledged Assets a111
Guarantees, Pledged Assets and Collateral Guarantees, Collateral Type and Contractual Maturities of Repurchase Agreements and Securities Lending Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | $ 86,112 | $ 99,753 |
Securities Lending | 10,799 | 11,735 |
Total Repurchases and Securities Lending | 96,911 | 111,488 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 42,646 | 51,144 |
Securities Lending | 102 | 186 |
Securities of U.S. states and political subdivisions [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 29 | 92 |
Federal agencies [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 33,138 | 35,386 |
Securities Lending | 1 | 0 |
Non-Agency Mortgage-backed Securities [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 1,194 | 1,324 |
Corporate debt securities [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 6,092 | 7,152 |
Securities Lending | 471 | 619 |
Asset-backed Securities [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 2,121 | 2,034 |
Equity Securities | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 826 | 838 |
Securities Lending | 10,225 | 10,930 |
Other [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 66 | 1,783 |
Overnight/Continuous [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 72,474 | 83,780 |
Securities Lending | 10,178 | 9,634 |
Total Repurchases and Securities Lending | 82,652 | 93,414 |
Up to 30 days [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 5,142 | 7,922 |
Securities Lending | 0 | 584 |
Total Repurchases and Securities Lending | 5,142 | 8,506 |
30-90 days [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 3,401 | 3,286 |
Securities Lending | 621 | 1,363 |
Total Repurchases and Securities Lending | 4,022 | 4,649 |
Over 90 days [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase Agreements | 5,095 | 4,765 |
Securities Lending | 0 | 154 |
Total Repurchases and Securities Lending | $ 5,095 | $ 4,919 |
Guarantees, Pledged Assets a112
Guarantees, Pledged Assets and Collateral Guarantees, Pledged Assets and Collateral, and Other Commitments Guarantees, Other Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Other Commitments [Line Items] | ||
Resale Agreements, Funded Amounts Outstanding | $ 0 | $ 0 |
Resale Agreements, Unfunded Commitments | $ 6,300 | 2,800 |
Description of Guarantees Given by Parent Company | If issued, the Parent will fully and unconditionally guarantee securities of its 100% owned finance subsidiary, Wells Fargo Finance LLC | |
Purchase Commitment [Member] | Debt securities [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 375 | 194 |
Purchase Commitment [Member] | Equity Securities | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 2,500 | $ 2,200 |
Legal Actions (Details)
Legal Actions (Details) $ in Millions | Jul. 13, 2012USD ($) | Apr. 20, 2017USD ($) | Mar. 31, 2018USD ($)legal_action | Jul. 31, 2017 | Nov. 17, 2016legal_action | Dec. 31, 2015legal_action |
Legal Actions (Textual) [Abstract] | ||||||
Civil Money Penalty | $ | $ 1,000 | |||||
RMBS trusts at issue in the State Court Action | 11 | |||||
ATM Access Fee Litigation [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Loss Contingency, Pending Claims, Number | legal_action | 3 | |||||
Automobile Lending Practices [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Loss Contingency, Pending Claims, Number | legal_action | 1 | |||||
Collateral Protection and Guaranteed Automobile Protection [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Loss Contingency, Pending Claims, Number | legal_action | 1 | |||||
Interchange Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Percentage Of Default Interchange Distributed To Class Merchants | 0.10% | |||||
Legal Actions (Textual) [Abstract] | ||||||
Loss Contingency, Estimate of Possible Loss | $ | $ 6,600 | |||||
Litigation Settlement, Default Interchange Distributed To Class Merchants, Distribution Period | 8 months | |||||
Mortgage Interest Rate Lock [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Loss Contingency, Pending Claims, Number | legal_action | 2 | |||||
RMBS Trustee Litigation [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Loss Contingency, Pending Claims, Number | legal_action | 4 | |||||
Sales Practice Matters [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Amounts To Be Paid In Connection With Legal Or Regulatory Matters | $ | $ 142 | |||||
Unauthorized accounts identified | 3,500,000 | |||||
Sales Practice Matters [Member] | All Class Members [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Amounts To Be Paid In Connection With Legal Or Regulatory Matters | $ | $ 25 | |||||
Payments for Legal Settlements | $ | $ 480 | |||||
Liability for Contingent Litigation Losses [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Range of possible loss, portion not accrued | $ | $ 2,600 | |||||
CALIFORNIA | Sales Practice Matters [Member] | ||||||
Legal Actions (Textual) [Abstract] | ||||||
Loss Contingency, Pending Claims, Number | legal_action | 2 |
Derivatives, Notional or Contra
Derivatives, Notional or Contractual Amounts and Fair Values of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | $ 36,334 | $ 36,355 |
Fair value derivative assets, netting | (24,867) | (24,127) |
Net amounts in consolidated balance sheet, assets | 11,467 | 12,228 |
Fair value derivative liabilities | 32,672 | 34,298 |
Fair value derivative liabilities, netting | (24,789) | (25,502) |
Net amounts in consolidated balance sheet, liabilities | 7,883 | 8,796 |
Interest rate contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (11,407) | (11,929) |
Net amounts in consolidated balance sheet, assets | 5,440 | 5,701 |
Fair value derivative liabilities, netting | (12,449) | (13,226) |
Net amounts in consolidated balance sheet, liabilities | 3,546 | 2,246 |
Commodity contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (1,032) | (966) |
Net amounts in consolidated balance sheet, assets | 1,543 | 1,388 |
Fair value derivative liabilities, netting | (744) | (648) |
Net amounts in consolidated balance sheet, liabilities | 713 | 687 |
Equity contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (5,997) | (4,233) |
Net amounts in consolidated balance sheet, assets | 1,826 | 2,774 |
Fair value derivative liabilities, netting | (5,220) | (4,041) |
Net amounts in consolidated balance sheet, liabilities | 2,557 | 4,460 |
Foreign exchange contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (6,134) | (6,656) |
Net amounts in consolidated balance sheet, assets | 2,604 | 2,317 |
Fair value derivative liabilities, netting | (6,035) | (7,189) |
Net amounts in consolidated balance sheet, liabilities | 1,052 | 1,379 |
Credit Contracts Protection Sold [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (115) | (145) |
Net amounts in consolidated balance sheet, assets | 3 | 2 |
Fair value derivative liabilities, netting | (192) | (204) |
Net amounts in consolidated balance sheet, liabilities | 5 | 10 |
Credit Contracts Protection Purchased [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (182) | (198) |
Net amounts in consolidated balance sheet, assets | 51 | 46 |
Fair value derivative liabilities, netting | (149) | (194) |
Net amounts in consolidated balance sheet, liabilities | 10 | 14 |
Designated as Hedging Instrument [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | 4,156 | 3,974 |
Fair value derivative liabilities | 1,466 | 2,229 |
Designated as Hedging Instrument [Member] | Interest rate contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 165,802 | 209,677 |
Fair value derivative assets | 2,387 | 2,492 |
Fair value derivative liabilities | 724 | 1,092 |
Designated as Hedging Instrument [Member] | Foreign exchange contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 31,720 | 34,135 |
Fair value derivative assets | 1,769 | 1,482 |
Fair value derivative liabilities | 742 | 1,137 |
Not Designated as Hedging Instrument [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | 32,178 | 32,381 |
Fair value derivative liabilities | 31,206 | 32,069 |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | 1,471 | 990 |
Fair value derivative liabilities | 690 | 648 |
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 derivative assets | 30,707 | 31,391 |
Fair value derivative liabilities | 30,516 | 31,421 |
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 | 197,432 | 220,558 |
Fair value derivative assets | 287 | 159 |
Fair value derivative liabilities | 416 | 201 |
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 | 7,560,715 | 6,434,673 |
Fair value derivative assets | 14,173 | 14,979 |
Fair value derivative liabilities | 14,855 | 14,179 |
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 | 70,455 | 62,530 |
Fair value derivative assets | 2,575 | 2,354 |
Fair value derivative liabilities | 1,457 | 1,335 |
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 | 12,978 | 12,315 |
Fair value derivative assets | 1,058 | 716 |
Fair value derivative liabilities | 69 | 138 |
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 | 231,036 | 213,750 |
Fair value derivative assets | 6,765 | 6,291 |
Fair value derivative liabilities | 7,708 | 8,363 |
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 | 15,373 | 15,976 |
Fair value derivative assets | 84 | 78 |
Fair value derivative liabilities | 205 | 309 |
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 | 349,850 | 362,896 |
Fair value derivative assets | 6,885 | 7,413 |
Fair value derivative liabilities | 6,140 | 7,122 |
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 | 8,826 | 9,021 |
Fair value derivative assets | 118 | 147 |
Fair value derivative liabilities | 197 | 214 |
Not Designated as Hedging Instrument [Member] | Credit Contracts Protection Purchased [Member] | Economic hedges [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 211 | 111 |
Fair value derivative assets | 42 | 37 |
Fair value derivative liabilities | 0 | 0 |
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 | 17,559 | 17,406 |
Fair value derivative assets | 191 | 207 |
Fair value derivative liabilities | 159 | 208 |
Basis swap [Member] | Designated as Hedging Instrument [Member] | Interest rate contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 0 | 500 |
Basis swap [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contract [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | $ 12,000 | $ 13,500 |
Derivatives, Gross Fair Value o
Derivatives, Gross Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Derivative Assets | ||
Gross amounts recognized | $ 36,334 | $ 36,355 |
Gross amounts offset in consolidated balance sheet | (24,867) | (24,127) |
Net amounts in consolidated balance sheet, assets | 11,467 | 12,228 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (880) | (773) |
Net amounts | 10,587 | 11,455 |
Derivative Liabilities | ||
Gross amounts recognized | 32,672 | 34,298 |
Gross amounts offset in consolidated balance sheet, liabilities | (24,789) | (25,502) |
Net amounts in consolidated balance sheet, liabilities | 7,883 | 8,796 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (1,131) | (1,692) |
Net amounts | 6,752 | 7,104 |
Derivatives (Textual) [Abstract] | ||
Derivative assets subject to enforceable master netting arrangements | 31,800 | 30,000 |
Derivative liabilities subject to enforceable master netting arrangements | 29,600 | 29,900 |
Derivative assets not subject to enforceable master netting arrangements | 4,500 | 6,400 |
Derivative liabilities not subject to enforceable master netting arrangements | 3,100 | 4,400 |
Valuation adjustments for derivative assets | 283 | 245 |
Valuation adjustments for derivative liabilities | 132 | 95 |
Cash collateral netted against derivative assets | 3,700 | 2,700 |
Cash collateral netted against derivative liabilities | 3,700 | 4,200 |
Interest rate contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | 16,847 | 17,630 |
Gross amounts offset in consolidated balance sheet | (11,407) | (11,929) |
Net amounts in consolidated balance sheet, assets | 5,440 | 5,701 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (91) | (145) |
Net amounts | $ 5,349 | $ 5,556 |
Percent exchanged in the over the counter market | 98.00% | 99.00% |
Derivative Liabilities | ||
Gross amounts recognized | $ 15,995 | $ 15,472 |
Gross amounts offset in consolidated balance sheet, liabilities | (12,449) | (13,226) |
Net amounts in consolidated balance sheet, liabilities | 3,546 | 2,246 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (755) | (1,078) |
Net amounts | $ 2,791 | $ 1,168 |
Percent exchanged in over-the-counter market | 97.00% | 99.00% |
Commodity contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | $ 2,575 | $ 2,354 |
Gross amounts offset in consolidated balance sheet | (1,032) | (966) |
Net amounts in consolidated balance sheet, assets | 1,543 | 1,388 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (3) | (4) |
Net amounts | $ 1,540 | $ 1,384 |
Percent exchanged in the over the counter market | 87.00% | 88.00% |
Derivative Liabilities | ||
Gross amounts recognized | $ 1,457 | $ 1,335 |
Gross amounts offset in consolidated balance sheet, liabilities | (744) | (648) |
Net amounts in consolidated balance sheet, liabilities | 713 | 687 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | 0 | (1) |
Net amounts | $ 713 | $ 686 |
Percent exchanged in over-the-counter market | 69.00% | 76.00% |
Equity contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | $ 7,823 | $ 7,007 |
Gross amounts offset in consolidated balance sheet | (5,997) | (4,233) |
Net amounts in consolidated balance sheet, assets | 1,826 | 2,774 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (559) | (596) |
Net amounts | $ 1,267 | $ 2,178 |
Percent exchanged in the over the counter market | 77.00% | 76.00% |
Derivative Liabilities | ||
Gross amounts recognized | $ 7,777 | $ 8,501 |
Gross amounts offset in consolidated balance sheet, liabilities | (5,220) | (4,041) |
Net amounts in consolidated balance sheet, liabilities | 2,557 | 4,460 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (247) | (400) |
Net amounts | $ 2,310 | $ 4,060 |
Percent exchanged in over-the-counter market | 82.00% | 85.00% |
Foreign exchange contract [Member] | ||
Derivative Assets | ||
Gross amounts recognized | $ 8,738 | $ 8,973 |
Gross amounts offset in consolidated balance sheet | (6,134) | (6,656) |
Net amounts in consolidated balance sheet, assets | 2,604 | 2,317 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (226) | (25) |
Net amounts | $ 2,378 | $ 2,292 |
Percent exchanged in the over the counter market | 100.00% | 100.00% |
Derivative Liabilities | ||
Gross amounts recognized | $ 7,087 | $ 8,568 |
Gross amounts offset in consolidated balance sheet, liabilities | (6,035) | (7,189) |
Net amounts in consolidated balance sheet, liabilities | 1,052 | 1,379 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (124) | (204) |
Net amounts | $ 928 | $ 1,175 |
Percent exchanged in over-the-counter market | 100.00% | 100.00% |
Credit Contracts Protection Sold [Member] | ||
Derivative Assets | ||
Gross amounts recognized | $ 118 | $ 147 |
Gross amounts offset in consolidated balance sheet | (115) | (145) |
Net amounts in consolidated balance sheet, assets | 3 | 2 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | 0 | 0 |
Net amounts | $ 3 | $ 2 |
Percent exchanged in the over the counter market | 11.00% | 10.00% |
Derivative Liabilities | ||
Gross amounts recognized | $ 197 | $ 214 |
Gross amounts offset in consolidated balance sheet, liabilities | (192) | (204) |
Net amounts in consolidated balance sheet, liabilities | 5 | 10 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (5) | (9) |
Net amounts | $ 0 | $ 1 |
Percent exchanged in over-the-counter market | 84.00% | 85.00% |
Credit Contracts Protection Purchased [Member] | ||
Derivative Assets | ||
Gross amounts recognized | $ 233 | $ 244 |
Gross amounts offset in consolidated balance sheet | (182) | (198) |
Net amounts in consolidated balance sheet, assets | 51 | 46 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | (1) | (3) |
Net amounts | $ 50 | $ 43 |
Percent exchanged in the over the counter market | 89.00% | 89.00% |
Derivative Liabilities | ||
Gross amounts recognized | $ 159 | $ 208 |
Gross amounts offset in consolidated balance sheet, liabilities | (149) | (194) |
Net amounts in consolidated balance sheet, liabilities | 10 | 14 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | 0 | 0 |
Net amounts | $ 10 | $ 14 |
Percent exchanged in over-the-counter market | 9.00% | 9.00% |
Derivatives, Derivatives in Fai
Derivatives, Derivatives in Fair Value and Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | |||
Debt securities | $ 3,414 | $ 3,173 | [1],[2] |
Loans | 10,579 | 10,141 | |
Mortgages held for sale (2) | 179 | 182 | [2] |
Deposits (2) | (1,090) | (536) | [2] |
Long-term debt (2) | (1,576) | (1,147) | [2] |
Other | 602 | 374 | [2] |
Total amounts of line items presented in the consolidated statement of income | 12,108 | 12,187 | |
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | (60) | 202 | |
Derivatives (Textual) [Abstract] | |||
Deferred net gains on derivatives in other comprehensive income | (309) | ||
Time value component recognized as net interest income (expense) on forward derivatives excluded from the assessment of hedge effectiveness | 0 | (1) | |
Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Net income (expense) recognized on fair value hedges | (107) | 324 | |
Cash Flow Hedging [Member] | |||
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | (60) | 202 | |
Interest rate contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 83 | 294 | |
Recognized on derivatives | (1,585) | (439) | |
Recognized on hedged items | 1,498 | 424 | |
Interest rate contract [Member] | Cash Flow Hedging [Member] | |||
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | (60) | 202 | |
Net income (expense) recognized on cash flow hedges | (60) | 202 | |
Foreign exchange contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | (75) | (29) | |
Recognized on derivatives | 493 | 334 | |
Recognized on hedged items | (521) | (260) | |
Debt securities [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Net income (expense) recognized on fair value hedges | (94) | (139) | |
Debt securities [Member] | Interest rate contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | (82) | (131) | |
Recognized on derivatives | 950 | 126 | |
Recognized on hedged items | (968) | (141) | |
Debt securities [Member] | Interest rate contract [Member] | Cash Flow Hedging [Member] | |||
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | 0 | 0 | |
Net income (expense) recognized on cash flow hedges | 0 | 0 | |
Debt securities [Member] | Foreign exchange contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 5 | 4 | |
Recognized on derivatives | 4 | 6 | |
Recognized on hedged items | (3) | (3) | |
Loans [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Net income (expense) recognized on fair value hedges | 0 | (1) | |
Loans [Member] | Interest rate contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 0 | (1) | |
Recognized on derivatives | 1 | 1 | |
Recognized on hedged items | (1) | (1) | |
Loans [Member] | Interest rate contract [Member] | Cash Flow Hedging [Member] | |||
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | (60) | 205 | |
Net income (expense) recognized on cash flow hedges | (60) | 205 | |
Loans [Member] | Foreign exchange contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 0 | 0 | |
Recognized on derivatives | 0 | 0 | |
Recognized on hedged items | 0 | 0 | |
Mortgages held for sale [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Net income (expense) recognized on fair value hedges | (3) | (3) | |
Mortgages held for sale [Member] | Interest rate contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | (1) | (1) | |
Recognized on derivatives | 6 | (2) | |
Recognized on hedged items | (8) | 0 | |
Mortgages held for sale [Member] | Interest rate contract [Member] | Cash Flow Hedging [Member] | |||
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | 0 | 0 | |
Net income (expense) recognized on cash flow hedges | 0 | 0 | |
Mortgages held for sale [Member] | Foreign exchange contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 0 | 0 | |
Recognized on derivatives | 0 | 0 | |
Recognized on hedged items | 0 | 0 | |
Deposits [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Net income (expense) recognized on fair value hedges | (13) | 14 | |
Deposits [Member] | Interest rate contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | (5) | 12 | |
Recognized on derivatives | (149) | (8) | |
Recognized on hedged items | 141 | 10 | |
Deposits [Member] | Interest rate contract [Member] | Cash Flow Hedging [Member] | |||
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | 0 | 0 | |
Net income (expense) recognized on cash flow hedges | 0 | 0 | |
Deposits [Member] | Foreign exchange contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 0 | 0 | |
Recognized on derivatives | 0 | 0 | |
Recognized on hedged items | 0 | 0 | |
Long-term debt [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Net income (expense) recognized on fair value hedges | (30) | 418 | |
Long-term debt [Member] | Interest rate contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 171 | 415 | |
Recognized on derivatives | (2,393) | (556) | |
Recognized on hedged items | 2,334 | 556 | |
Long-term debt [Member] | Interest rate contract [Member] | Cash Flow Hedging [Member] | |||
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | 0 | (3) | |
Net income (expense) recognized on cash flow hedges | 0 | (3) | |
Long-term debt [Member] | Foreign exchange contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | (80) | (33) | |
Recognized on derivatives | (171) | (47) | |
Recognized on hedged items | 109 | 83 | |
Other noninterest income [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Net income (expense) recognized on fair value hedges | 33 | 35 | |
Other noninterest income [Member] | Interest rate contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 0 | 0 | |
Recognized on derivatives | 0 | 0 | |
Recognized on hedged items | 0 | 0 | |
Other noninterest income [Member] | Interest rate contract [Member] | Cash Flow Hedging [Member] | |||
Gains (losses) on cash flow hedging relationships | |||
Realized gains (losses) (pre tax) reclassified from cumulative OCI into net income | 0 | 0 | |
Net income (expense) recognized on cash flow hedges | 0 | 0 | |
Other noninterest income [Member] | Foreign exchange contract [Member] | Fair Value Hedging [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | 0 | 0 | |
Recognized on derivatives | 660 | 375 | |
Recognized on hedged items | (627) | (340) | |
Off market premium amortization [Member] | |||
Gains (losses) on fair value hedging relationships | |||
Amounts related to interest accruals on derivatives | $ 7 | $ 5 | |
[1] | (1)Financial information for the prior period has been revised to reflect the impact of the adoption of Accounting Standards Update (ASU) 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. |
Derivatives, Fair Value Hedging
Derivatives, Fair Value Hedging Basis Adjustment (Details) - Fair Value Hedging [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Hedged Items Currently Designated [Member] | Debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of Assets | $ 31,023 | $ 32,498 |
Hedged Asset, Fair Value Hedge, Cumulative Basis Adjustments | (301) | 870 |
Hedged Items Currently Designated [Member] | Loans [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of Assets | 135 | 140 |
Hedged Asset, Fair Value Hedge, Cumulative Basis Adjustments | (1) | (1) |
Hedged Items Currently Designated [Member] | Mortgages held for sale [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of Assets | 822 | 465 |
Hedged Asset, Fair Value Hedge, Cumulative Basis Adjustments | 1 | (1) |
Hedged Items Currently Designated [Member] | Deposits [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of (Liabilities) | (29,564) | (23,679) |
Hedged Liability, Fair Value Hedge, Cumulative Basis Adjustments | 298 | 158 |
Hedged Items Currently Designated [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of (Liabilities) | (125,876) | (128,950) |
Hedged Liability, Fair Value Hedge, Cumulative Basis Adjustments | 265 | (2,154) |
Hedged Items No Longer Designated [Member] | Debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of Assets | 4,916 | 5,221 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Basis Adjustments | 288 | 343 |
Hedged Items No Longer Designated [Member] | Loans [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of Assets | 0 | 0 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Basis Adjustments | 0 | 0 |
Hedged Items No Longer Designated [Member] | Mortgages held for sale [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of Assets | 0 | 0 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Basis Adjustments | 0 | 0 |
Hedged Items No Longer Designated [Member] | Deposits [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of (Liabilities) | 0 | 0 |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Basis Adjustments | 0 | 0 |
Hedged Items No Longer Designated [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of (Liabilities) | (805) | (1,953) |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Basis Adjustments | 13 | 16 |
Foreign exchange contract [Member] | Hedged Items Currently Designated [Member] | Debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of Assets | 1,500 | 1,500 |
Foreign exchange contract [Member] | Hedged Items Currently Designated [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying Amount of (Liabilities) | (7,400) | (7,700) |
Re-designated as hedging instrument [Member] | Debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Hedged Asset, Fair Value Hedge, Cumulative Basis Adjustments | 1,700 | 2,100 |
Re-designated as hedging instrument [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Hedged Liability, Fair Value Hedge, Cumulative Basis Adjustments | $ 266 | $ 297 |
Derivatives, Derivatives Not De
Derivatives, Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivatives (Textual) [Abstract] | |||
Gains (losses) on derivatives used to hedge residential mortgage servicing rights | $ (1,220) | $ (72) | |
Fair Value of Net Asset (Liability) From Economic Hedges Related To Mortgage Servicing Activities | (13) | $ 89 | |
Aggregate fair value of derivative loan commitments net asset (liability) | 37 | $ 17 | |
Not Designated as Hedging Instrument [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 | (50) | (1,202) | |
Not Designated as Hedging Instrument [Member] | Mortgage banking [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 | (854) | 184 | |
Not Designated as Hedging Instrument [Member] | Net gain (loss) from equity investments [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 | (58) | (474) | |
Not Designated as Hedging Instrument [Member] | Net gain (loss) from trading activities [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 | 1,203 | (828) | |
Not Designated as Hedging Instrument [Member] | Other [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 | (341) | (84) | |
Not Designated as Hedging Instrument [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 | (799) | (567) | |
Derivatives (Textual) [Abstract] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 28 | 2 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Interest contracts [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 | (586) | (3) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Equity contract [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 | (58) | (481) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Foreign exchange contract [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 | (159) | (87) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Credit contract [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 | 4 | 4 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Mortgage banking [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 | (595) | (9) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Mortgage banking [Member] | Interest contracts [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 | (595) | (9) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Mortgage banking [Member] | Equity contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Mortgage banking [Member] | Foreign exchange contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Mortgage banking [Member] | Credit contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from equity investments [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 | (58) | (474) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from equity investments [Member] | Interest contracts [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from equity investments [Member] | Equity contract [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 | (58) | (474) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from equity investments [Member] | Foreign exchange contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from equity investments [Member] | Credit contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from trading activities [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from trading activities [Member] | Interest contracts [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from trading activities [Member] | Equity contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from trading activities [Member] | Foreign exchange contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Net gain (loss) from trading activities [Member] | Credit contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Other [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 | (146) | (84) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Other [Member] | Interest contracts [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 | 9 | 6 | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Other [Member] | Equity contract [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 | 0 | (7) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Other [Member] | Foreign exchange contract [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 | (159) | (87) | |
Not Designated as Hedging Instrument [Member] | Economic hedges [Member] | Other [Member] | Credit contract [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 | 4 | 4 | |
Not Designated as Hedging Instrument [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 | 749 | (635) | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Interest contracts [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 | 126 | 238 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Equity contract [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 | 264 | (1,109) | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Foreign exchange contract [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 | 310 | 179 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Credit contract [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 | 10 | (15) | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Commodity contract [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 | 60 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Other contract [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 | 0 | 12 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Mortgage banking [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 | (259) | 193 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Mortgage banking [Member] | Interest contracts [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 | (259) | 193 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Mortgage banking [Member] | Equity contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Mortgage banking [Member] | Foreign exchange contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Mortgage banking [Member] | Credit contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Mortgage banking [Member] | Commodity contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Mortgage banking [Member] | Other contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from equity investments [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from equity investments [Member] | Interest contracts [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from equity investments [Member] | Equity contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from equity investments [Member] | Foreign exchange contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from equity investments [Member] | Credit contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from equity investments [Member] | Commodity contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from equity investments [Member] | Other contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from trading activities [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 | 1,203 | (828) | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Interest contracts [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 | 385 | 45 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Equity contract [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 | 459 | (1,109) | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Foreign exchange contract [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 | 310 | 179 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Credit contract [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 | 10 | (15) | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Commodity contract [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 | 60 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Other contract [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 | 0 | 12 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Other [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 | (195) | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Other [Member] | Interest contracts [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Other [Member] | Equity contract [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 | (195) | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Other [Member] | Foreign exchange contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Other [Member] | Credit contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Other [Member] | Commodity contract [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 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Customer accommodation trading, and other derivatives [Member] | Other [Member] | Other contract [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 | $ 0 | $ 0 |
Derivatives, Sold and Purchased
Derivatives, Sold and Purchased Credit Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | $ 197 | $ 214 |
Notional amount Protection sold | 8,826 | 9,021 |
Notional amount Protection purchased with identical underlyings | 2,694 | 2,558 |
Notional Net protection sold | 6,132 | 6,463 |
Notional Other protection purchased | 15,076 | 14,959 |
Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | 5,116 | 4,608 |
Corporate bonds [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 34 | 35 |
Notional amount Protection sold | 2,152 | 2,007 |
Notional amount Protection purchased with identical underlyings | 1,669 | 1,575 |
Notional Net protection sold | 483 | 432 |
Notional Other protection purchased | $ 988 | $ 946 |
Corporate bonds [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Jan. 1, 2018 | Jan. 1, 2018 |
Corporate bonds [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Dec. 31, 2027 | Dec. 31, 2027 |
Corporate bonds [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | $ 531 | $ 510 |
Structured products [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 78 | 86 |
Notional amount Protection sold | 184 | 267 |
Notional amount Protection purchased with identical underlyings | 166 | 232 |
Notional Net protection sold | 18 | 35 |
Notional Other protection purchased | $ 124 | $ 153 |
Structured products [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Jan. 1, 2022 | Jan. 1, 2022 |
Structured products [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Dec. 31, 2047 | Dec. 31, 2047 |
Structured products [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | $ 179 | $ 252 |
Credit default swap [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 0 | 0 |
Notional amount Protection sold | 2,225 | 2,626 |
Notional amount Protection purchased with identical underlyings | 395 | 308 |
Notional Net protection sold | 1,830 | 2,318 |
Notional Other protection purchased | $ 3,458 | $ 3,932 |
Credit default swap [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Jan. 1, 2018 | Jan. 1, 2018 |
Credit default swap [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Dec. 31, 2028 | Dec. 31, 2027 |
Credit default swap [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | $ 525 | $ 540 |
Commercial Mortgage Backed Securities [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 75 | 83 |
Notional amount Protection sold | 444 | 423 |
Notional amount Protection purchased with identical underlyings | 421 | 401 |
Notional Net protection sold | 23 | 22 |
Notional Other protection purchased | $ 47 | $ 87 |
Commercial Mortgage Backed Securities [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Jan. 1, 2047 | Jan. 1, 2047 |
Commercial Mortgage Backed Securities [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Dec. 31, 2058 | Dec. 31, 2058 |
Commercial Mortgage Backed Securities [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | $ 164 | $ 0 |
Asset-backed securities [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 10 | 9 |
Notional amount Protection sold | 43 | 42 |
Notional amount Protection purchased with identical underlyings | 43 | 42 |
Notional Net protection sold | 0 | 0 |
Notional Other protection purchased | $ 1 | $ 1 |
Asset-backed securities [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Jan. 1, 2045 | Jan. 1, 2045 |
Asset-backed securities [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Dec. 31, 2046 | Dec. 31, 2046 |
Asset-backed securities [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | $ 43 | $ 0 |
Other Credit Derivatives [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value liability | 0 | 1 |
Notional amount Protection sold | 3,778 | 3,656 |
Notional amount Protection purchased with identical underlyings | 0 | 0 |
Notional Net protection sold | 3,778 | 3,656 |
Notional Other protection purchased | $ 10,458 | $ 9,840 |
Other Credit Derivatives [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Jan. 1, 2018 | Jan. 1, 2018 |
Other Credit Derivatives [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Derivative range of maturity dates | Dec. 31, 2031 | Dec. 31, 2031 |
Other Credit Derivatives [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount Protection sold | $ 3,674 | $ 3,306 |
Derivatives Credit-Risk Conting
Derivatives Credit-Risk Contingent Feature Textuals (Details) - USD ($) $ in Billions | Mar. 31, 2018 | Dec. 31, 2017 |
Derivatives [Abstract] | ||
Aggregate fair value of derivative instruments with credit-risk-related contingent features, net liability | $ 7.3 | $ 8.3 |
Collateral for derivative instruments with credit-risk-related contingent features | 5.9 | 7.1 |
Additional collateral for derivative instruments with credit-risk-related contingent features | $ 1.3 | $ 1.2 |
Fair Value, Measurements From B
Fair Value, Measurements From Brokers or Third Party Pricing Services (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets | ||
Equity Securities | $ 58,935 | $ 62,497 |
Derivative assets | 36,334 | 36,355 |
Financial liabilities | ||
Derivative liabilities | (32,672) | (34,298) |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Trading debt securities | 0 | 0 |
Equity Securities | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Derivative liabilities | 0 | 0 |
Other liabilities (2) | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Marketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 1 [Member] | Nonmarketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Trading debt securities | 0 | 0 |
Equity Securities | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Derivative liabilities | 0 | 0 |
Other liabilities (2) | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 264 | 340 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Marketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 33 | 33 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale Securities | 231 | 307 |
Brokers [Member] | Fair Value, Inputs, Level 2 [Member] | Nonmarketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Trading debt securities | 0 | 0 |
Equity Securities | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Derivative liabilities | 0 | 0 |
Other liabilities (2) | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 1,077 | 1,158 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Marketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Securities of U.S. Treasury and federal agencies [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale Securities | 1,077 | 1,158 |
Brokers [Member] | Fair Value, Inputs, Level 3 [Member] | Nonmarketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Trading debt securities | 105 | 926 |
Equity Securities | 0 | 0 |
Derivative assets | 17 | 19 |
Financial liabilities | ||
Derivative liabilities | (17) | (19) |
Other liabilities (2) | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 3,362 | 3,389 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Marketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
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 Securities | 3,362 | 3,389 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale Securities | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 1 [Member] | Nonmarketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Trading debt securities | 229 | 215 |
Equity Securities | 227 | 227 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Derivative liabilities | 0 | 0 |
Other liabilities (2) | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 262,812 | 266,744 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Marketable Equity Securities | ||
Financial assets | ||
Equity Securities | 225 | 227 |
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 Securities | 2,917 | 2,930 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale Securities | 47,951 | 50,401 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 165,656 | 168,948 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale Securities | 46,288 | 44,465 |
Third party pricing services [Member] | Fair Value, Inputs, Level 2 [Member] | Nonmarketable Equity Securities | ||
Financial assets | ||
Equity Securities | 2 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Trading debt securities | 0 | 0 |
Equity Securities | 293 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Derivative liabilities | 0 | 0 |
Other liabilities (2) | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Debt securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 250 | 146 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Marketable Equity Securities | ||
Financial assets | ||
Equity Securities | 0 | 0 |
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 Securities | 0 | 0 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Financial assets | ||
Available-for-sale Securities | 44 | 49 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Available-for-sale Securities | 67 | 75 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Other debt securities | ||
Financial assets | ||
Available-for-sale Securities | 139 | 22 |
Third party pricing services [Member] | Fair Value, Inputs, Level 3 [Member] | Nonmarketable Equity Securities | ||
Financial assets | ||
Equity Securities | $ 293 | $ 0 |
Fair Value, Assets and Liabilit
Fair Value, Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | $ 271,656 | $ 276,407 | [1] |
Assets: | |||
Mortgages held for sale | 13,859 | 16,116 | |
Loans held for sale | 1,695 | 1,023 | |
Loans | 352 | 376 | |
Mortgage servicing rights | 15,041 | 13,625 | |
Derivative assets | 36,334 | 36,355 | |
Net amounts in consolidated balance sheet, assets | 11,467 | 12,228 | |
Equity Securities | 58,935 | 62,497 | |
Liabilities: | |||
Total derivative liabilities | (32,672) | (34,298) | |
Fair value liability derivatives, net | (7,883) | (8,796) | |
Interest rate contract [Member] | |||
Assets: | |||
Net amounts in consolidated balance sheet, assets | 5,440 | 5,701 | |
Liabilities: | |||
Fair value liability derivatives, net | (3,546) | (2,246) | |
Commodity contract [Member] | |||
Assets: | |||
Net amounts in consolidated balance sheet, assets | 1,543 | 1,388 | |
Liabilities: | |||
Fair value liability derivatives, net | (713) | (687) | |
Equity contract [Member] | |||
Assets: | |||
Net amounts in consolidated balance sheet, assets | 1,826 | 2,774 | |
Liabilities: | |||
Fair value liability derivatives, net | (2,557) | (4,460) | |
Foreign exchange contract [Member] | |||
Assets: | |||
Net amounts in consolidated balance sheet, assets | 2,604 | 2,317 | |
Liabilities: | |||
Fair value liability derivatives, net | (1,052) | (1,379) | |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Trading debt securities | 59,866 | 57,624 | |
Mortgages held for sale | 13,859 | 16,116 | |
Loans held for sale | 1,695 | 1,023 | |
Loans | 352 | 376 | |
Mortgage servicing rights | 15,041 | 13,625 | |
Fair value asset derivatives, netting | (24,867) | (24,127) | |
Net amounts in consolidated balance sheet, assets | 11,467 | 12,228 | |
Equity Securities | 35,529 | 39,227 | |
Liabilities: | |||
Fair value liability derivatives, netting | 24,789 | 25,502 | |
Fair value liability derivatives, net | (7,883) | (8,796) | |
Total short sale liabilities | (23,303) | (18,472) | |
Other liabilities (2) | (2) | (3) | |
Total liabilities recorded at fair value | (31,188) | (27,271) | |
Fair Value, Measurements, Recurring [Member] | Interest rate contract [Member] | |||
Assets: | |||
Derivative assets | 16,847 | 17,630 | |
Liabilities: | |||
Total derivative liabilities | (15,995) | (15,472) | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | |||
Assets: | |||
Derivative assets | 2,575 | 2,354 | |
Liabilities: | |||
Total derivative liabilities | (1,457) | (1,335) | |
Fair Value, Measurements, Recurring [Member] | Equity contract [Member] | |||
Assets: | |||
Derivative assets | 7,823 | 7,007 | |
Liabilities: | |||
Total derivative liabilities | (7,777) | (8,501) | |
Fair Value, Measurements, Recurring [Member] | Foreign exchange contract [Member] | |||
Assets: | |||
Derivative assets | 8,738 | 8,973 | |
Liabilities: | |||
Total derivative liabilities | (7,087) | (8,568) | |
Fair Value, Measurements, Recurring [Member] | Credit contract [Member] | |||
Assets: | |||
Derivative assets | 351 | 391 | |
Liabilities: | |||
Total derivative liabilities | (356) | (422) | |
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | |||
Assets: | |||
Available-for-sale Securities | 271,656 | 276,407 | |
Fair Value, Measurements, Recurring [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 16,139 | 14,874 | |
Available-for-sale Securities | 6,279 | 6,319 | |
Liabilities: | |||
Total short sale liabilities | (14,813) | (10,988) | |
Fair Value, Measurements, Recurring [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Trading debt securities | 3,437 | 3,735 | |
Available-for-sale Securities | 49,643 | 51,326 | |
Liabilities: | |||
Total short sale liabilities | (18) | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | |||
Assets: | |||
Trading debt securities | 961 | 919 | |
Available-for-sale Securities | 36,752 | 36,056 | |
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 12,411 | 11,791 | |
Available-for-sale Securities | 7,183 | 7,666 | |
Liabilities: | |||
Total short sale liabilities | (5,962) | (4,986) | |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | |||
Assets: | |||
Trading debt securities | 25,755 | 25,273 | |
Available-for-sale Securities | 166,078 | 169,392 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Assets: | |||
Available-for-sale Securities | 156,814 | 160,219 | |
Fair Value, Measurements, Recurring [Member] | Residential [Member] | |||
Assets: | |||
Available-for-sale Securities | 4,474 | 4,608 | |
Fair Value, Measurements, Recurring [Member] | Commercial [Member] | |||
Assets: | |||
Available-for-sale Securities | 4,790 | 4,565 | |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 1,132 | 993 | |
Available-for-sale Securities | 5,720 | 5,648 | |
Fair Value, Measurements, Recurring [Member] | Auto loans and leases [Member] | |||
Assets: | |||
Available-for-sale Securities | 572 | 553 | |
Fair Value, Measurements, Recurring [Member] | Home equity loans [Member] | |||
Assets: | |||
Available-for-sale Securities | 146 | 149 | |
Fair Value, Measurements, Recurring [Member] | Other asset-backed securities [Member] | |||
Assets: | |||
Available-for-sale Securities | 5,002 | 4,946 | |
Fair Value, Measurements, Recurring [Member] | Other Trading Debt Securities [Domain] | |||
Assets: | |||
Trading debt securities | 31 | 39 | |
Fair Value, Measurements, Recurring [Member] | Other debt securities | |||
Assets: | |||
Available-for-sale Securities | 1 | 0 | |
Fair Value, Measurements, Recurring [Member] | Other short sale liabilities [Member] | |||
Liabilities: | |||
Total short sale liabilities | 0 | (285) | |
Fair Value, Measurements, Recurring [Member] | Marketable Equity Securities | |||
Assets: | |||
Equity Securities | 30,258 | 34,360 | |
Fair Value, Measurements, Recurring [Member] | Nonmarketable Equity Securities | |||
Assets: | |||
Equity Securities | 5,271 | 4,867 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities | |||
Liabilities: | |||
Total short sale liabilities | (2,510) | (2,213) | |
Fair Value, Measurements, Recurring [Member] | Excluding NAV Investments [Member] | |||
Assets: | |||
Total assets recorded at fair value | 409,465 | 416,626 | |
Fair Value, Measurements, Recurring [Member] | Equity Investments [Member] | |||
Assets: | |||
Investments Net Asset Value | 32 | 0 | |
Fair Value, Measurements, Recurring [Member] | Including NAV Investments [Member] | |||
Assets: | |||
Total assets recorded at fair value | 409,497 | 416,626 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Trading debt securities | 13,419 | 12,491 | |
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 | |
Net amounts in consolidated balance sheet, assets | 1,832 | 1,734 | |
Equity Securities | 29,705 | 33,931 | |
Total assets recorded at fair value | 48,372 | 51,601 | |
Liabilities: | |||
Fair value liability derivatives, netting | 0 | 0 | |
Fair value liability derivatives, net | (1,428) | (1,349) | |
Total short sale liabilities | (16,702) | (12,588) | |
Other liabilities (2) | 0 | 0 | |
Total liabilities recorded at fair value | (18,130) | (13,937) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate contract [Member] | |||
Assets: | |||
Derivative assets | 20 | 17 | |
Liabilities: | |||
Total derivative liabilities | (20) | (17) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity contract [Member] | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Total derivative liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity contract [Member] | |||
Assets: | |||
Derivative assets | 1,795 | 1,698 | |
Liabilities: | |||
Total derivative liabilities | (1,391) | (1,313) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign exchange contract [Member] | |||
Assets: | |||
Derivative assets | 17 | 19 | |
Liabilities: | |||
Total derivative liabilities | (17) | (19) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Credit contract [Member] | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Total derivative liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt securities [Member] | |||
Assets: | |||
Available-for-sale Securities | 3,416 | 3,445 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 13,419 | 12,491 | |
Available-for-sale Securities | 3,362 | 3,389 | |
Liabilities: | |||
Total short sale liabilities | (14,243) | (10,420) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Liabilities: | |||
Total short sale liabilities | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Loan Obligations [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale Securities | 54 | 56 | |
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Auto loans and leases [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Home equity loans [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other asset-backed securities [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Trading Debt Securities [Domain] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other debt securities | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other short sale liabilities [Member] | |||
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Marketable Equity Securities | |||
Assets: | |||
Equity Securities | 29,705 | 33,931 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Nonmarketable Equity Securities | |||
Assets: | |||
Equity Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities | |||
Liabilities: | |||
Total short sale liabilities | (2,459) | (2,168) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Trading debt securities | 46,076 | 44,726 | |
Mortgages held for sale | 12,909 | 15,118 | |
Loans held for sale | 1,695 | 1,009 | |
Loans | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Fair value asset derivatives, netting | 0 | 0 | |
Net amounts in consolidated balance sheet, assets | 32,775 | 32,980 | |
Equity Securities | 605 | 475 | |
Total assets recorded at fair value | 359,659 | 364,276 | |
Liabilities: | |||
Fair value liability derivatives, netting | 0 | 0 | |
Fair value liability derivatives, net | (29,239) | (30,930) | |
Total short sale liabilities | (6,601) | (5,884) | |
Other liabilities (2) | 0 | 0 | |
Total liabilities recorded at fair value | (35,840) | (36,814) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate contract [Member] | |||
Assets: | |||
Derivative assets | 16,728 | 17,479 | |
Liabilities: | |||
Total derivative liabilities | (15,868) | (15,392) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity contract [Member] | |||
Assets: | |||
Derivative assets | 2,547 | 2,318 | |
Liabilities: | |||
Total derivative liabilities | (1,439) | (1,318) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity contract [Member] | |||
Assets: | |||
Derivative assets | 4,562 | 3,970 | |
Liabilities: | |||
Total derivative liabilities | (4,598) | (5,338) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign exchange contract [Member] | |||
Assets: | |||
Derivative assets | 8,707 | 8,944 | |
Liabilities: | |||
Total derivative liabilities | (7,057) | (8,546) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Credit contract [Member] | |||
Assets: | |||
Derivative assets | 231 | 269 | |
Liabilities: | |||
Total derivative liabilities | (277) | (336) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt securities [Member] | |||
Assets: | |||
Available-for-sale Securities | 265,599 | 269,968 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 2,720 | 2,383 | |
Available-for-sale Securities | 2,917 | 2,930 | |
Liabilities: | |||
Total short sale liabilities | (570) | (568) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Trading debt securities | 3,434 | 3,732 | |
Available-for-sale Securities | 49,026 | 50,401 | |
Liabilities: | |||
Total short sale liabilities | (18) | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Loan Obligations [Member] | |||
Assets: | |||
Trading debt securities | 645 | 565 | |
Available-for-sale Securities | 35,707 | 35,036 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 12,377 | 11,760 | |
Available-for-sale Securities | 6,719 | 7,203 | |
Liabilities: | |||
Total short sale liabilities | (5,962) | (4,986) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | |||
Assets: | |||
Trading debt securities | 25,755 | 25,273 | |
Available-for-sale Securities | 166,010 | 169,316 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Assets: | |||
Available-for-sale Securities | 156,814 | 160,219 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential [Member] | |||
Assets: | |||
Available-for-sale Securities | 4,473 | 4,607 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial [Member] | |||
Assets: | |||
Available-for-sale Securities | 4,723 | 4,490 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 1,132 | 993 | |
Available-for-sale Securities | 5,219 | 5,082 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Auto loans and leases [Member] | |||
Assets: | |||
Available-for-sale Securities | 572 | 553 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Home equity loans [Member] | |||
Assets: | |||
Available-for-sale Securities | 146 | 149 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other asset-backed securities [Member] | |||
Assets: | |||
Available-for-sale Securities | 4,501 | 4,380 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Trading Debt Securities [Domain] | |||
Assets: | |||
Trading debt securities | 13 | 20 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other debt securities | |||
Assets: | |||
Available-for-sale Securities | 1 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other short sale liabilities [Member] | |||
Liabilities: | |||
Total short sale liabilities | 0 | (285) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Marketable Equity Securities | |||
Assets: | |||
Equity Securities | 553 | 429 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Nonmarketable Equity Securities | |||
Assets: | |||
Equity Securities | 52 | 46 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities | |||
Liabilities: | |||
Total short sale liabilities | (51) | (45) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Trading debt securities | 371 | 407 | |
Mortgages held for sale | 950 | 998 | |
Loans held for sale | 0 | 14 | |
Loans | 352 | 376 | |
Mortgage servicing rights | 15,041 | 13,625 | |
Fair value asset derivatives, netting | 0 | 0 | |
Net amounts in consolidated balance sheet, assets | 1,727 | 1,641 | |
Equity Securities | 5,219 | 4,821 | |
Total assets recorded at fair value | 26,301 | 24,876 | |
Liabilities: | |||
Fair value liability derivatives, netting | 0 | 0 | |
Fair value liability derivatives, net | (2,005) | (2,019) | |
Total short sale liabilities | 0 | 0 | |
Other liabilities (2) | (2) | (3) | |
Total liabilities recorded at fair value | (2,007) | (2,022) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate contract [Member] | |||
Assets: | |||
Derivative assets | 99 | 134 | |
Liabilities: | |||
Total derivative liabilities | (107) | (63) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodity contract [Member] | |||
Assets: | |||
Derivative assets | 28 | 36 | |
Liabilities: | |||
Total derivative liabilities | (18) | (17) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity contract [Member] | |||
Assets: | |||
Derivative assets | 1,466 | 1,339 | |
Liabilities: | |||
Total derivative liabilities | (1,788) | (1,850) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign exchange contract [Member] | |||
Assets: | |||
Derivative assets | 14 | 10 | |
Liabilities: | |||
Total derivative liabilities | (13) | (3) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Credit contract [Member] | |||
Assets: | |||
Derivative assets | 120 | 122 | |
Liabilities: | |||
Total derivative liabilities | (79) | (86) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt securities [Member] | |||
Assets: | |||
Available-for-sale Securities | 2,641 | 2,994 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Trading debt securities | 3 | 3 | |
Available-for-sale Securities | 617 | 925 | |
Liabilities: | |||
Total short sale liabilities | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | |||
Assets: | |||
Trading debt securities | 316 | 354 | |
Available-for-sale Securities | 1,045 | 1,020 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 34 | 31 | |
Available-for-sale Securities | 410 | 407 | |
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale Securities | 68 | 76 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential [Member] | |||
Assets: | |||
Available-for-sale Securities | 1 | 1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial [Member] | |||
Assets: | |||
Available-for-sale Securities | 67 | 75 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale Securities | 501 | 566 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auto loans and leases [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Home equity loans [Member] | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other asset-backed securities [Member] | |||
Assets: | |||
Available-for-sale Securities | 501 | 566 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Trading Debt Securities [Domain] | |||
Assets: | |||
Trading debt securities | 18 | 19 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other debt securities | |||
Assets: | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other short sale liabilities [Member] | |||
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Marketable Equity Securities | |||
Assets: | |||
Equity Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Nonmarketable Equity Securities | |||
Assets: | |||
Equity Securities | 5,219 | 4,821 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities | |||
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Collateralized Debt Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | $ 1,000 | $ 1,000 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Fair Value, Transfers Between F
Fair Value, Transfers Between Fair Value Levels (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Total | $ 0 | $ 0 |
Trading assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Total | 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 |
Mortgages held for sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Total | 0 | 0 |
Loans held for sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Total | 0 | 0 |
Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Total | 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 |
Short sale liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Total | 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 | 0 |
Transfer Out | (11) | 0 |
Fair Value, Inputs, Level 1 [Member] | Trading assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 0 | 0 |
Transfer Out | 0 | 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 | 0 |
Transfer Out | 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 |
Transfer Out | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Loans held for sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 0 | 0 |
Transfer Out | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 0 | 0 |
Transfer Out | (11) | 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 |
Transfer Out | 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 |
Transfer Out | 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 | 234 | 77 |
Transfer Out | (19) | (28) |
Fair Value, Inputs, Level 2 [Member] | Trading assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 0 | 1 |
Transfer Out | 0 | (3) |
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 | 269 | 72 |
Transfer Out | 0 | (5) |
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 | 3 | 1 |
Transfer Out | (15) | (42) |
Fair Value, Inputs, Level 2 [Member] | Loans held for sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 0 | 0 |
Transfer Out | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 11 | 0 |
Transfer Out | (4) | 0 |
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 | (49) | 3 |
Transfer Out | 0 | 22 |
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 |
Transfer Out | 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 | 19 | 28 |
Transfer Out | (223) | (77) |
Fair Value, Inputs, Level 3 [Member] | Trading assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 0 | 3 |
Transfer Out | 0 | (1) |
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 | 0 | 5 |
Transfer Out | (269) | (72) |
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 | 15 | 42 |
Transfer Out | (3) | (1) |
Fair Value, Inputs, Level 3 [Member] | Loans held for sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 0 | 0 |
Transfer Out | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis Transfers Between Fair Value Levels [Line Items] | ||
Transfer In | 4 | 0 |
Transfer Out | 0 | 0 |
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 | 0 | (22) |
Transfer Out | 49 | (3) |
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 |
Transfer Out | $ 0 | $ 0 |
Fair Value, Assets and Liabi124
Fair Value, Assets and Liabilities Measured on Recurring Basis Level 3 Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Trading assets [Member] | ||
Assets: | ||
Balance, beginning of period | $ 407 | $ 374 |
Net gains (losses) included in net income | 1 | 4 |
Net gains (losses) included in other comprehensive income | 0 | (2) |
Purchases, sales, issuances and settlements, net | (37) | 86 |
Transfers into Level 3 | 0 | 3 |
Transfers out of Level 3 | 0 | (1) |
Balance, end of period | 371 | 464 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 16 | 0 |
Trading assets [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Assets: | ||
Balance, beginning of period | 3 | 3 |
Net gains (losses) included in net income | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 3 | 3 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Trading assets [Member] | Mortgage-Backed Securities [Member] | ||
Assets: | ||
Balance, beginning of period | 0 | 0 |
Net gains (losses) included in net income | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 0 | 0 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Trading assets [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Balance, beginning of period | 354 | 309 |
Net gains (losses) included in net income | 2 | 4 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | (40) | 85 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 316 | 398 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 16 | 0 |
Trading assets [Member] | Corporate debt securities [Member] | ||
Assets: | ||
Balance, beginning of period | 31 | 34 |
Net gains (losses) included in net income | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 3 | 1 |
Transfers into Level 3 | 0 | 3 |
Transfers out of Level 3 | 0 | (1) |
Balance, end of period | 34 | 37 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Trading assets [Member] | Asset-backed securities [Member] | ||
Assets: | ||
Balance, beginning of period | 0 | 0 |
Net gains (losses) included in net income | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 0 | 0 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Trading assets [Member] | Other Trading Debt Securities [Domain] | ||
Assets: | ||
Balance, beginning of period | 19 | 28 |
Net gains (losses) included in net income | (1) | 0 |
Net gains (losses) included in other comprehensive income | 0 | (2) |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 18 | 26 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | (1) |
Mortgages held for sale [Member] | ||
Assets: | ||
Balance, beginning of period | 998 | 985 |
Net gains (losses) included in net income | (23) | (9) |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | (37) | (60) |
Transfers into Level 3 | 15 | 42 |
Transfers out of Level 3 | (3) | (1) |
Balance, end of period | 950 | 957 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | (23) | (11) |
Loans held for sale [Member] | ||
Assets: | ||
Balance, beginning of period | 14 | 0 |
Net gains (losses) included in net income | 2 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | (16) | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 0 | 0 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Loans [Member] | ||
Assets: | ||
Balance, beginning of period | 376 | 758 |
Net gains (losses) included in net income | (1) | (6) |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | (23) | (247) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 352 | 505 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | (4) | (5) |
Mortgage servicing rights [Member] | ||
Assets: | ||
Balance, beginning of period | 13,625 | 12,959 |
Net gains (losses) included in net income | 847 | (287) |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 569 | 536 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 15,041 | 13,208 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 1,330 | 174 |
Derivative [Member] | ||
Assets and Liabilities: | ||
Balance, beginning of period | (378) | (81) |
Net gains (losses) included in net income | (260) | 176 |
Total net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 311 | (78) |
Transfers into Level 3 | 0 | (22) |
Transfers out of Level 3 | 49 | (3) |
Balance, end of period | (278) | (8) |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | (47) | 27 |
Derivative [Member] | Interest rate contract [Member] | ||
Assets and Liabilities: | ||
Balance, beginning of period | 71 | 121 |
Net gains (losses) included in net income | (345) | 209 |
Total net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 266 | (112) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | (8) | 218 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | (73) | 85 |
Derivative [Member] | Commodity contract [Member] | ||
Assets and Liabilities: | ||
Balance, beginning of period | 19 | 23 |
Net gains (losses) included in net income | 15 | 2 |
Total net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | (24) | (6) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 10 | 19 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 7 |
Derivative [Member] | Equity contract [Member] | ||
Assets and Liabilities: | ||
Balance, beginning of period | (511) | (267) |
Net gains (losses) included in net income | 69 | (44) |
Total net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 71 | 37 |
Transfers into Level 3 | 0 | (22) |
Transfers out of Level 3 | 49 | (3) |
Balance, end of period | (322) | (299) |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 25 | (57) |
Derivative [Member] | Foreign exchange contract [Member] | ||
Assets and Liabilities: | ||
Balance, beginning of period | 7 | 12 |
Net gains (losses) included in net income | (7) | (9) |
Total net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 1 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 1 | 3 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | (3) | (5) |
Derivative [Member] | Credit contract [Member] | ||
Assets and Liabilities: | ||
Balance, beginning of period | 36 | 77 |
Net gains (losses) included in net income | 8 | 7 |
Total net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | (3) | 3 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 41 | 87 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 4 | (14) |
Derivative [Member] | Other contract [Member] | ||
Assets and Liabilities: | ||
Balance, beginning of period | 0 | (47) |
Net gains (losses) included in net income | 0 | 11 |
Total net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 0 | (36) |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 11 |
Equity Securities | ||
Assets: | ||
Balance, beginning of period | 5,203 | 3,259 |
Net gains (losses) included in net income | 108 | 481 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | (96) | 0 |
Transfers into Level 3 | 4 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 5,219 | 3,740 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 101 | 485 |
Equity Securities | Marketable Equity Securities | ||
Assets: | ||
Balance, beginning of period | 0 | 0 |
Net gains (losses) included in net income | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 0 | 0 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Equity Securities | Nonmarketable Equity Securities | ||
Assets: | ||
Balance, beginning of period | 5,203 | 3,259 |
Net gains (losses) included in net income | 108 | 481 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | (96) | 0 |
Transfers into Level 3 | 4 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 5,219 | 3,740 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 101 | 485 |
Short sale liabilities [Member] | ||
Liabilities: | ||
Balance, beginning of period | 0 | 0 |
Net gains (losses) included in net income | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 0 | 0 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Other liabilities [Member] | ||
Liabilities: | ||
Balance, beginning of period | (3) | (4) |
Net gains (losses) included in net income | 1 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | (2) | (4) |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Available-for-sale securities [Member] | Debt securities [Member] | ||
Assets: | ||
Balance, beginning of period | 2,994 | 3,505 |
Net gains (losses) included in net income | 19 | (12) |
Net gains (losses) included in other comprehensive income | 36 | 57 |
Purchases, sales, issuances and settlements, net | (139) | 167 |
Transfers into Level 3 | 0 | 5 |
Transfers out of Level 3 | (269) | (72) |
Balance, end of period | 2,641 | 3,650 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | (4) |
Available-for-sale securities [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Assets: | ||
Balance, beginning of period | 925 | 1,140 |
Net gains (losses) included in net income | 4 | 0 |
Net gains (losses) included in other comprehensive income | (2) | 2 |
Purchases, sales, issuances and settlements, net | (41) | 285 |
Transfers into Level 3 | 0 | 5 |
Transfers out of Level 3 | (269) | (72) |
Balance, end of period | 617 | 1,360 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Available-for-sale securities [Member] | Mortgage-Backed Securities [Member] | ||
Assets: | ||
Balance, beginning of period | 76 | 92 |
Net gains (losses) included in net income | 1 | (3) |
Net gains (losses) included in other comprehensive income | (1) | 4 |
Purchases, sales, issuances and settlements, net | (8) | (3) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 68 | 90 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | (4) |
Available-for-sale securities [Member] | Residential [Member] | ||
Assets: | ||
Balance, beginning of period | 1 | 1 |
Net gains (losses) included in net income | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 1 | 1 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Available-for-sale securities [Member] | Commercial [Member] | ||
Assets: | ||
Balance, beginning of period | 75 | 91 |
Net gains (losses) included in net income | 1 | (3) |
Net gains (losses) included in other comprehensive income | (1) | 4 |
Purchases, sales, issuances and settlements, net | (8) | (3) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 67 | 89 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | (4) |
Available-for-sale securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Balance, beginning of period | 1,020 | 879 |
Net gains (losses) included in net income | 5 | 5 |
Net gains (losses) included in other comprehensive income | 43 | 41 |
Purchases, sales, issuances and settlements, net | (23) | 39 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 1,045 | 964 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Available-for-sale securities [Member] | Corporate debt securities [Member] | ||
Assets: | ||
Balance, beginning of period | 407 | 432 |
Net gains (losses) included in net income | 1 | (14) |
Net gains (losses) included in other comprehensive income | 3 | 8 |
Purchases, sales, issuances and settlements, net | (1) | (35) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 410 | 391 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Available-for-sale securities [Member] | Asset-backed securities [Member] | ||
Assets: | ||
Balance, beginning of period | 566 | 962 |
Net gains (losses) included in net income | 8 | 0 |
Net gains (losses) included in other comprehensive income | (7) | 2 |
Purchases, sales, issuances and settlements, net | (66) | (119) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 501 | 845 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Available-for-sale securities [Member] | Auto loans and leases [Member] | ||
Assets: | ||
Balance, beginning of period | 0 | 0 |
Net gains (losses) included in net income | 0 | 0 |
Net gains (losses) included in other comprehensive income | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 0 | 0 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | 0 |
Available-for-sale securities [Member] | Other asset-backed securities [Member] | ||
Assets: | ||
Balance, beginning of period | 566 | 962 |
Net gains (losses) included in net income | 8 | 0 |
Net gains (losses) included in other comprehensive income | (7) | 2 |
Purchases, sales, issuances and settlements, net | (66) | (119) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, end of period | 501 | 845 |
Net unrealized gains (losses) included in income related to assets and liabilities held at period end | 0 | $ 0 |
Auction Rate Securities [Member] | Accounting Standards Update 2016-01 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Accounting Pronouncement, Reclassification Change in Beginning Balance | $ 382 |
Fair Value, Assets and Liabi125
Fair Value, Assets and Liabilities Measured on Recurring Basis Level 3 Reconciliation Breakout (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Trading assets [Member] | ||
Assets: | ||
Purchases | $ 186 | $ 206 |
Sales | (192) | (82) |
Issuances | 0 | 0 |
Settlements | (31) | (38) |
Net | (37) | 86 |
Trading assets [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Assets: | ||
Purchases | 0 | 1 |
Sales | 0 | (1) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Trading assets [Member] | Mortgage-Backed Securities [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Trading assets [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Purchases | 182 | 199 |
Sales | (191) | (76) |
Issuances | 0 | 0 |
Settlements | (31) | (38) |
Net | (40) | 85 |
Trading assets [Member] | Corporate debt securities [Member] | ||
Assets: | ||
Purchases | 4 | 6 |
Sales | (1) | (5) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 3 | 1 |
Trading assets [Member] | Asset-backed securities [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Trading assets [Member] | Other Trading Debt Securities [Domain] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Available-for-sale securities [Member] | Debt securities [Member] | ||
Assets: | ||
Purchases | 0 | 76 |
Sales | (12) | 0 |
Issuances | 59 | 367 |
Settlements | (186) | (276) |
Net | (139) | 167 |
Available-for-sale securities [Member] | Securities of U.S. states and political subdivisions [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | (4) | 0 |
Issuances | 10 | 346 |
Settlements | (47) | (61) |
Net | (41) | 285 |
Available-for-sale securities [Member] | Mortgage-Backed Securities [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (8) | (3) |
Net | (8) | (3) |
Available-for-sale securities [Member] | Residential [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Available-for-sale securities [Member] | Commercial [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (8) | (3) |
Net | (8) | (3) |
Available-for-sale securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Purchases | 0 | 72 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (23) | (33) |
Net | (23) | 39 |
Available-for-sale securities [Member] | Corporate debt securities [Member] | ||
Assets: | ||
Purchases | 0 | 4 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (1) | (39) |
Net | (1) | (35) |
Available-for-sale securities [Member] | Asset-backed securities [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | (8) | 0 |
Issuances | 49 | 21 |
Settlements | (107) | (140) |
Net | (66) | (119) |
Available-for-sale securities [Member] | Auto loans and leases [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Available-for-sale securities [Member] | Other asset-backed securities [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | (8) | 0 |
Issuances | 49 | 21 |
Settlements | (107) | (140) |
Net | (66) | (119) |
Mortgages held for sale [Member] | ||
Assets: | ||
Purchases | 27 | 22 |
Sales | (83) | (156) |
Issuances | 58 | 106 |
Settlements | (39) | (32) |
Net | (37) | (60) |
Loans held for sale [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | (16) | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | (16) | 0 |
Loans [Member] | ||
Assets: | ||
Purchases | 1 | 1 |
Sales | 0 | (129) |
Issuances | 4 | 6 |
Settlements | (28) | (125) |
Net | (23) | (247) |
Mortgage servicing rights [Member] | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | (4) | (47) |
Issuances | 573 | 583 |
Settlements | 0 | 0 |
Net | 569 | 536 |
Derivative [Member] | ||
Assets and Liabilities: | ||
Purchases | 3 | 2 |
Sales | (2) | (1) |
Issuances | 0 | 0 |
Settlements | 310 | (79) |
Net | 311 | (78) |
Derivative [Member] | Interest rate contract [Member] | ||
Assets and Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 266 | (112) |
Net | 266 | (112) |
Derivative [Member] | Commodity contract [Member] | ||
Assets and Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (24) | (6) |
Net | (24) | (6) |
Derivative [Member] | Equity contract [Member] | ||
Assets and Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 71 | 37 |
Net | 71 | 37 |
Derivative [Member] | Foreign exchange contract [Member] | ||
Assets and Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 1 | 0 |
Net | 1 | 0 |
Derivative [Member] | Credit contract [Member] | ||
Assets and Liabilities: | ||
Purchases | 3 | 2 |
Sales | (2) | (1) |
Issuances | 0 | 0 |
Settlements | (4) | 2 |
Net | (3) | 3 |
Derivative [Member] | Other contract [Member] | ||
Assets and Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Equity Securities | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | (17) | 0 |
Issuances | 0 | 0 |
Settlements | (79) | 0 |
Net | (96) | 0 |
Equity Securities | Marketable Equity Securities | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Equity Securities | Nonmarketable Equity Securities | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | (17) | 0 |
Issuances | 0 | 0 |
Settlements | (79) | 0 |
Net | (96) | 0 |
Short sale liabilities [Member] | ||
Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | 0 | 0 |
Other liabilities [Member] | ||
Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Net | $ 0 | $ 0 |
Fair Value, Assets and Liabi126
Fair Value, Assets and Liabilities Measured on a Recurring Basis Level 3 Valuation Techniques and Significant Unobservable Inputs (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)$ / loan | Dec. 31, 2017USD ($)$ / loan | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Available-for-sale debt securities | $ 271,656 | $ 276,407 | [1] |
Mortgages held for sale, carried at fair value | 13,859 | 16,116 | |
Loans | 352 | 376 | |
Mortgage servicing rights | 15,041 | 13,625 | |
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 36,334 | 36,355 | |
Aggregate Fair Value Of Derivative Loan Commitments Net Asset (Liability) | 37 | 17 | |
Fair value derivative liabilities | $ 32,672 | $ 34,298 | |
Derivative Loan Commitments [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Fall-out factor | 1.00% | 1.00% | |
Initial-value servicing (in bps) | (0.525%) | (0.599%) | |
Derivative Loan Commitments [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Fall-out factor | 99.00% | 99.00% | |
Initial-value servicing (in bps) | 1.22% | 1.011% | |
Derivative Loan Commitments [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Fall-out factor | 19.30% | 15.20% | |
Initial-value servicing (in bps) | 0.236% | 0.027% | |
Interest rate contract [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Prepayment rate | 2.80% | 2.80% | |
Loss severity | 50.00% | 50.00% | |
Default rate | 0.10% | 0.00% | |
Interest rate contract [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Prepayment rate | 12.50% | 12.50% | |
Loss severity | 50.00% | 50.00% | |
Default rate | 5.00% | 5.00% | |
Interest rate contract [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Prepayment rate | 10.20% | 10.50% | |
Loss severity | 50.00% | 50.00% | |
Default rate | 2.10% | 2.10% | |
Equity contract [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Weighted average life | 1 year 3 months | 6 months | |
Conversion factor | (9.60%) | (9.70%) | |
Equity contract [Member] | Minimum [Member] | Option model [Member] | |||
Fair Value Inputs [Abstract] | |||
Volatility factor | 6.50% | 5.70% | |
Correlation factor | (77.00%) | (77.00%) | |
Equity contract [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Weighted average life | 2 years 9 months | 3 years | |
Conversion factor | 0.00% | 0.00% | |
Equity contract [Member] | Maximum [Member] | Option model [Member] | |||
Fair Value Inputs [Abstract] | |||
Volatility factor | 100.00% | 95.50% | |
Correlation factor | 99.00% | 98.00% | |
Equity contract [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Weighted average life | 2 years | 1 year 7 months | |
Conversion factor | (8.90%) | (7.60%) | |
Equity contract [Member] | Weighted Average [Member] | Option model [Member] | |||
Fair Value Inputs [Abstract] | |||
Volatility factor | 24.90% | 19.20% | |
Correlation factor | 27.50% | 24.20% | |
Credit contract [Member] | Minimum [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | (24.30%) | (29.90%) | |
Credit contract [Member] | Minimum [Member] | Option model [Member] | |||
Fair Value Inputs [Abstract] | |||
Loss severity | 13.00% | 13.00% | |
Credit spread | 0.00% | 0.00% | |
Credit contract [Member] | Maximum [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | 28.80% | 17.30% | |
Credit contract [Member] | Maximum [Member] | Option model [Member] | |||
Fair Value Inputs [Abstract] | |||
Loss severity | 60.00% | 60.00% | |
Credit spread | 9.20% | 63.70% | |
Credit contract [Member] | Weighted Average [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | 0.00% | (0.20%) | |
Credit contract [Member] | Weighted Average [Member] | Option model [Member] | |||
Fair Value Inputs [Abstract] | |||
Loss severity | 48.50% | 50.70% | |
Credit spread | 0.60% | 1.30% | |
Collateralized Loan Obligations [Member] | Minimum [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | (17.00%) | (22.00%) | |
Collateralized Loan Obligations [Member] | Maximum [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | 21.00% | 19.50% | |
Collateralized Loan Obligations [Member] | Weighted Average [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | 2.60% | 3.00% | |
Municipal Bonds [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 4.80% | 4.70% | |
Municipal Bonds [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 4.90% | 4.90% | |
Municipal Bonds [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 4.90% | 4.80% | |
Government, healthcare and other revenue bonds [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 1.80% | 1.70% | |
Government, healthcare and other revenue bonds [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 6.10% | 5.80% | |
Government, healthcare and other revenue bonds [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 2.90% | 2.70% | |
ERROR in label resolution. | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 10.00% | 10.00% | |
Volatility factor | 0.70% | 0.50% | |
ERROR in label resolution. | Minimum [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | (20.20%) | (21.10%) | |
ERROR in label resolution. | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 10.00% | 10.00% | |
Volatility factor | 2.50% | 1.90% | |
ERROR in label resolution. | Maximum [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | (4.80%) | (5.50%) | |
ERROR in label resolution. | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 10.00% | 10.00% | |
Volatility factor | 1.90% | 1.40% | |
ERROR in label resolution. | Weighted Average [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | (17.20%) | (15.00%) | |
Diversified payment rights [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 2.80% | 2.40% | |
Diversified payment rights [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 4.40% | 3.90% | |
Diversified payment rights [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 3.60% | 3.10% | |
Other commercial and consumer [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 3.90% | 3.70% | |
Weighted average life | 1 year 9 months | 2 years | |
Other commercial and consumer [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 5.40% | 5.20% | |
Weighted average life | 2 years 1 month | 2 years 4 months | |
Other commercial and consumer [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 4.20% | 3.90% | |
Weighted average life | 1 year 11 months | 2 years 1 month | |
Mortgages held for sale [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 1.10% | 2.60% | |
Prepayment rate | 3.00% | 6.50% | |
Loss severity | 0.00% | 0.10% | |
Default rate | 0.00% | 0.00% | |
Mortgages held for sale [Member] | Minimum [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | (56.30%) | (56.30%) | |
Mortgages held for sale [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 6.90% | 7.30% | |
Prepayment rate | 12.60% | 15.90% | |
Loss severity | 47.60% | 41.40% | |
Default rate | 8.20% | 7.10% | |
Mortgages held for sale [Member] | Maximum [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | (6.30%) | (6.30%) | |
Mortgages held for sale [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 5.60% | 5.60% | |
Prepayment rate | 4.90% | 9.10% | |
Loss severity | 26.40% | 19.60% | |
Default rate | 1.10% | 1.30% | |
Mortgages held for sale [Member] | Weighted Average [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Comparability adjustment | (44.00%) | (42.70%) | |
Loans [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 3.10% | 3.10% | |
Prepayment rate | 4.40% | 8.70% | |
Loss severity | 0.00% | 0.00% | |
Loans [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 7.00% | 7.50% | |
Prepayment rate | 100.00% | 100.00% | |
Loss severity | 33.80% | 33.90% | |
Loans [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 4.20% | 4.20% | |
Prepayment rate | 91.20% | 91.90% | |
Loss severity | 7.50% | 6.60% | |
Residential mortgage servicing rights [Member] | Minimum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 7.00% | 6.60% | |
Prepayment rate | 8.20% | 9.70% | |
Cost to service per loan | $ / loan | 77 | 78 | |
Residential mortgage servicing rights [Member] | Maximum [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 13.30% | 12.90% | |
Prepayment rate | 20.30% | 20.50% | |
Cost to service per loan | $ / loan | 569 | 587 | |
Residential mortgage servicing rights [Member] | Weighted Average [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Discount rate | 7.20% | 6.90% | |
Prepayment rate | 9.30% | 10.50% | |
Cost to service per loan | $ / loan | 136 | 143 | |
Recurring [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ (31,188) | $ (27,271) | |
Mortgages held for sale, carried at fair value | 13,859 | 16,116 | |
Loans | 352 | 376 | |
Mortgage servicing rights | 15,041 | 13,625 | |
Recurring [Member] | Interest rate contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 16,847 | 17,630 | |
Fair value derivative liabilities | 15,995 | 15,472 | |
Recurring [Member] | Equity contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 7,823 | 7,007 | |
Fair value derivative liabilities | 7,777 | 8,501 | |
Recurring [Member] | Credit contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 351 | 391 | |
Fair value derivative liabilities | 356 | 422 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (2,007) | (2,022) | |
Mortgages held for sale, carried at fair value | 950 | 998 | |
Loans | 352 | 376 | |
Mortgage servicing rights | 15,041 | 13,625 | |
Total insignificant level 3 assets, net of liabilities | 539 | 570 | |
Total level 3 assets, net of liabilities | 24,294 | 22,854 | |
Fair Value Inputs [Abstract] | |||
Assets, Fair Value Disclosure | 26,301 | 24,876 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Equity Securities | 9 | 8 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Equity Securities | 4,917 | 4,813 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Vendor priced [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Equity Securities | 293 | ||
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 | 37 | 17 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Interest rate contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 99 | 134 | |
Fair value derivative liabilities | 107 | 63 | |
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 | (45) | 54 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Equity contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 1,466 | 1,339 | |
Fair value derivative liabilities | 1,788 | 1,850 | |
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 | 120 | 102 | |
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 | (442) | (613) | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Credit contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 120 | 122 | |
Fair value derivative liabilities | 79 | 86 | |
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 | (3) | (3) | |
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 | 44 | 39 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Collateralized Loan Obligations [Member] | Market comparable pricing [Member] | |||
Fair Value Inputs [Abstract] | |||
Trading and Available for Sale Securities, Fair Value Disclosure | 316 | 354 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Collateralized Loan Obligations [Member] | Vendor priced [Member] | |||
Fair Value Inputs [Abstract] | |||
Trading and Available for Sale Securities, Fair Value Disclosure | 1,045 | 1,020 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Municipal Bonds [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Trading and Available for Sale Securities, Fair Value Disclosure | 11 | 11 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Municipal Bonds [Member] | Vendor priced [Member] | |||
Fair Value Inputs [Abstract] | |||
Trading and Available for Sale Securities, Fair Value Disclosure | 44 | 49 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Government, healthcare and other revenue bonds [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Trading and Available for Sale Securities, Fair Value Disclosure | 565 | 868 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Diversified payment rights [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Trading and Available for Sale Securities, Fair Value Disclosure | 253 | 292 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Other commercial and consumer [Member] | Discounted cash flow [Member] | |||
Fair Value Inputs [Abstract] | |||
Trading and Available for Sale Securities, Fair Value Disclosure | 221 | 248 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Other commercial and consumer [Member] | Vendor priced [Member] | |||
Fair Value Inputs [Abstract] | |||
Trading and Available for Sale Securities, Fair Value Disclosure | 27 | 26 | |
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 | 930 | 974 | |
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 | 20 | 24 | |
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 | 352 | 376 | |
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 | 15,041 | 13,625 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (35,840) | (36,814) | |
Mortgages held for sale, carried at fair value | 12,909 | 15,118 | |
Loans | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Fair Value Inputs [Abstract] | |||
Assets, Fair Value Disclosure | 359,659 | 364,276 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Interest rate contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 16,728 | 17,479 | |
Fair value derivative liabilities | 15,868 | 15,392 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Equity contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 4,562 | 3,970 | |
Fair value derivative liabilities | 4,598 | 5,338 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Credit contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value derivative assets | 231 | 269 | |
Fair value derivative liabilities | $ 277 | $ 336 | |
Non modified loans [Member] | Minimum [Member] | |||
Fair Value Inputs [Abstract] | |||
Cost to service per loan | $ / loan | 77 | 78 | |
Non modified loans [Member] | Maximum [Member] | |||
Fair Value Inputs [Abstract] | |||
Cost to service per loan | $ / loan | 246 | 252 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Fair Value, Assets Recorded at
Fair Value, Assets Recorded at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgages held for sale | $ 13,859 | $ 16,116 | |
Loans held for sale | 1,695 | 1,023 | |
Loans | 352 | 376 | |
Other assets | 85,888 | 90,244 | [1] |
Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgages held for sale | 2,891 | 2,979 | |
Loans held for sale | 1,799 | 108 | |
Loans | 351 | 886 | |
Nonmarketable Equity Securities | 484 | 136 | |
Other assets | 158 | 338 | |
Assets, Fair Value Disclosure | 5,683 | 4,447 | |
Nonrecurring [Member] | Total Commercial [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 218 | 374 | |
Nonrecurring [Member] | Total Consumer [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 133 | 512 | |
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 | |
Nonmarketable Equity Securities | 0 | 0 | |
Other assets | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Nonrecurring [Member] | Total Commercial [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 0 | 0 | |
Level 1 [Member] | Nonrecurring [Member] | Total Consumer [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 | 1,606 | 1,646 | |
Loans held for sale | 1,799 | 108 | |
Loans | 348 | 876 | |
Nonmarketable Equity Securities | 356 | 0 | |
Other assets | 146 | 177 | |
Assets, Fair Value Disclosure | 4,255 | 2,807 | |
Level 2 [Member] | Nonrecurring [Member] | Total Commercial [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 218 | 374 | |
Level 2 [Member] | Nonrecurring [Member] | Total Consumer [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 130 | 502 | |
Level 3 [Member] | Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgages held for sale | 1,285 | 1,333 | |
Loans held for sale | 0 | 0 | |
Loans | 3 | 10 | |
Nonmarketable Equity Securities | 128 | 136 | |
Other assets | 12 | 161 | |
Assets, Fair Value Disclosure | 1,428 | 1,640 | |
Level 3 [Member] | Nonrecurring [Member] | Total Commercial [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 0 | 0 | |
Level 3 [Member] | Nonrecurring [Member] | Total Consumer [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | $ 3 | $ 10 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Fair Value, Changes in Fair Val
Fair Value, Changes in Fair Value of Assets Recorded at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Mortgages held for sale (LOCOM) | $ 7 | $ 21 |
Loans held for sale | (82) | 0 |
Loans | (188) | (302) |
Increase Decrease In Fair Value Assets Measured On Nonrecurring Basis, Nonmarketable Equity Securities | 208 | (60) |
Other assets | (22) | (40) |
Total | (77) | (381) |
Total Commercial [Member] | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans | (81) | (127) |
Total Consumer [Member] | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans | $ (107) | $ (175) |
Fair Value, Assets Recorded 129
Fair Value, Assets Recorded at Fair Value on a Nonrecurring Basis Level 3 Valuation Techniques and Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | $ 13,859 | $ 16,116 |
Minimum [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 0.00% | 0.00% |
Discount rate | 1.10% | 2.60% |
Loss severity | 0.00% | 0.10% |
Prepayment rate | 3.00% | 6.50% |
Minimum [Member] | Mortgages held for sale [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | (56.30%) | (56.30%) |
Maximum [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 8.20% | 7.10% |
Discount rate | 6.90% | 7.30% |
Loss severity | 47.60% | 41.40% |
Prepayment rate | 12.60% | 15.90% |
Maximum [Member] | Mortgages held for sale [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | (6.30%) | (6.30%) |
Weighted Average [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 1.10% | 1.30% |
Discount rate | 5.60% | 5.60% |
Loss severity | 26.40% | 19.60% |
Prepayment rate | 4.90% | 9.10% |
Weighted Average [Member] | Mortgages held for sale [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Comparability adjustment | (44.00%) | (42.70%) |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | $ 13,859 | $ 16,116 |
Fair Value Inputs [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (31,188) | (27,271) |
Nonrecurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | 2,891 | 2,979 |
Total assets recorded at fair value | 5,683 | 4,447 |
Fair Value Inputs [Abstract] | ||
Nonmarketable Equity Securities | $ 484 | $ 136 |
Nonrecurring [Member] | Minimum [Member] | Discounted cash flow [Member] | Nonmarketable Equity Securities | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.50% | 5.00% |
Nonrecurring [Member] | Minimum [Member] | Residential [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 0.20% | 0.10% |
Discount rate | 1.50% | 1.50% |
Loss severity | 0.70% | 0.70% |
Prepayment rate | 4.40% | 5.40% |
Nonrecurring [Member] | Maximum [Member] | Discounted cash flow [Member] | Nonmarketable Equity Securities | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.50% | 10.50% |
Nonrecurring [Member] | Maximum [Member] | Residential [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 3.40% | 4.10% |
Discount rate | 8.50% | 8.50% |
Loss severity | 50.50% | 52.90% |
Prepayment rate | 100.00% | 100.00% |
Nonrecurring [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Nonmarketable Equity Securities | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.50% | 10.20% |
Nonrecurring [Member] | Weighted Average [Member] | Residential [Member] | Mortgages held for sale [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Default rate | 1.70% | 1.70% |
Discount rate | 3.80% | 3.80% |
Loss severity | 2.20% | 2.20% |
Prepayment rate | 49.00% | 50.60% |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | $ 950 | $ 998 |
Total assets recorded at fair value | 26,301 | 24,876 |
Fair Value Inputs [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (2,007) | (2,022) |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Nonmarketable Equity Securities | 9 | 8 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs [Abstract] | ||
Nonmarketable Equity Securities | 4,917 | 4,813 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, 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 | 930 | 974 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, 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 | 20 | 24 |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | 1,285 | 1,333 |
Insignificant level 3 assets | 126 | 185 |
Total assets recorded at fair value | 1,428 | 1,640 |
Fair Value Inputs [Abstract] | ||
Nonmarketable Equity Securities | 128 | 136 |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs [Abstract] | ||
Nonmarketable Equity Securities | 17 | 122 |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring [Member] | Residential [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | 1,285 | 1,333 |
Government Insured Or Guaranteed [Member] | Residential [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | 1,300 | 1,300 |
Non Government Insured Or Guaranteed [Member] | Residential [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgages held for sale | $ 26 | $ 26 |
Fair Value, Option, Carrying Am
Fair Value, Option, Carrying Amount (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgages held for sale | $ 13,859 | $ 16,116 | |
Loans held for sale | 1,695 | 1,023 | |
Loans | 352 | 376 | |
Equity Securities | 58,935 | 62,497 | |
Mortgages held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgages held for sale | 13,859 | 16,116 | |
Mortgages held for sale, unpaid principal | 13,762 | 15,827 | |
Loans, Loans held for sale and Mortgages held for sale, aggregate difference | 97 | 289 | |
Nonaccrual loans | 128 | 127 | |
Nonaccrual loans, unpaid principal | 168 | 165 | |
Nonaccrual loans, Aggregate difference | (40) | (38) | |
Loans 90 days or more past due and still accruing | 9 | 16 | |
Loans 90 days or more past due and still accruing, Unpaid principal | 13 | 21 | |
Loans 90 days or more past due and still accruing, Aggregate difference | (4) | (5) | |
Loans held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | 1,695 | 1,023 | |
Loans held for sale, unpaid principal | 1,749 | 1,075 | |
Loans, Loans held for sale and Mortgages held for sale, aggregate difference | (54) | (52) | |
Nonaccrual loans | 29 | 34 | |
Nonaccrual loans, unpaid principal | 53 | 56 | |
Nonaccrual loans, Aggregate difference | (24) | (22) | |
Loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans | 352 | 376 | |
Loans, Unpaid principal | 382 | 404 | |
Loans, Loans held for sale and Mortgages held for sale, aggregate difference | (30) | (28) | |
Nonaccrual loans | 244 | 253 | |
Nonaccrual loans, unpaid principal | 274 | 281 | |
Nonaccrual loans, Aggregate difference | (30) | (28) | |
Equity Securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 4,975 | $ 4,867 | |
Net gains losses from trading activities [Member] | Mortgages held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | $ 0 | |
Net gains losses from trading activities [Member] | Loans held for sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 6 | 25 | |
Net gains losses from trading activities [Member] | Loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | 0 | |
Net gains losses from trading activities [Member] | Equity Securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 0 | $ 0 |
Fair Value, Option, Gains and L
Fair Value, Option, Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Credit Risk, Gains (Losses) on Assets | $ 7 | $ 24 |
Mortgages held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Credit Risk, Gains (Losses) on Assets | 1 | (1) |
Loans held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Credit Risk, Gains (Losses) on Assets | 6 | 25 |
Mortgage banking noninterest income [Member] | Mortgages held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) on changes in fair value | (59) | 279 |
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 |
Mortgage banking noninterest income [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) on changes in fair value | 0 | 0 |
Mortgage banking noninterest income [Member] | Equity Securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) on changes in fair value | 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] | Mortgages held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) on changes in fair value | 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 | 6 | 25 |
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 |
Net gains (losses) from trading activities [Member] | Equity Securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) on changes in fair value | 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 | (1) | (2) |
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 |
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 |
Other noninterest income [Member] | Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) on changes in fair value | (1) | 0 |
Other noninterest income [Member] | Equity Securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) on changes in fair value | 101 | 490 |
Other noninterest income [Member] | Other interests held [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (Losses) on changes in fair value | $ 0 | $ 0 |
Fair Value, Option, Instrument
Fair Value, Option, Instrument Specific Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) attributable to instrument-specific credit risk | $ 7 | $ 24 |
Mortgages held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) attributable to instrument-specific credit risk | 1 | (1) |
Loans held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) attributable to instrument-specific credit risk | $ 6 | $ 25 |
Fair Value, Estimates for Finan
Fair Value, Estimates for Financial Instruments Excluding those Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Financial assets | |||
Cash and due from banks | $ 18,145 | $ 23,367 | |
Held-to-maturity debt securities | 141,446 | 139,335 | |
Loans | [1] | 947,308 | 956,770 |
Financial liabilities | |||
Deposits | 1,303,689 | 1,335,991 | |
Short-term borrowings | 97,207 | 103,256 | |
Long-term debt | 227,302 | 225,020 | |
Nonmarketable Equity Securities, Cost Basis | 1,300 | ||
Deposit Liabilities With No Defined or Contractual Maturity | 1,200,000 | 1,200,000 | |
Capital Lease Obligations | 38 | 39 | |
Carrying value [Member] | |||
Financial assets | |||
Cash and due from banks | 18,145 | 23,367 | |
Interest-earning deposits with banks | 184,250 | 192,580 | |
Federal funds sold and securities purchased under resale agreements | 73,550 | 80,025 | |
Held-to-maturity debt securities | 141,446 | 139,335 | |
Mortgages held for sale | 4,085 | 3,954 | |
Loans held for sale | 1,886 | 108 | |
Loans | 917,574 | 926,273 | |
Nonmarketable Equity Securities | 5,780 | 7,136 | |
Assets | 1,346,716 | 1,372,778 | |
Financial liabilities | |||
Deposits | 118,666 | 128,594 | |
Short-term borrowings | 97,207 | 103,256 | |
Long-term debt | 227,264 | 224,981 | |
Financial Liabilities Fair Value Disclosure | 443,137 | 456,831 | |
Estimated fair value [Member] | |||
Financial assets | |||
Cash and due from banks | 18,145 | 23,367 | |
Interest-earning deposits with banks | 184,250 | 192,580 | |
Federal funds sold and securities purchased under resale agreements | 73,550 | 80,025 | |
Held-to-maturity debt securities | 138,323 | 138,985 | |
Mortgages held for sale | 4,093 | 3,958 | |
Loans held for sale | 1,887 | 108 | |
Loans | 921,370 | 938,335 | |
Nonmarketable Equity Securities | 5,803 | 7,628 | |
Assets | 1,347,421 | 1,384,986 | |
Financial liabilities | |||
Deposits | 118,579 | 127,914 | |
Short-term borrowings | 97,204 | 103,256 | |
Long-term debt | 230,260 | 230,268 | |
Financial Liabilities Fair Value Disclosure | 446,043 | 461,438 | |
Loan Commitments And Standby, Commercial And Similar Letters of Credit | 1,000 | 1,000 | |
Estimated fair value [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial assets | |||
Cash and due from banks | 18,145 | 23,367 | |
Interest-earning deposits with banks | 184,091 | 192,455 | |
Federal funds sold and securities purchased under resale agreements | 0 | 1,002 | |
Held-to-maturity debt securities | 44,179 | 44,806 | |
Mortgages held for sale | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans | 0 | 0 | |
Nonmarketable Equity Securities | 0 | 0 | |
Assets | 246,415 | 261,630 | |
Financial liabilities | |||
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Financial Liabilities Fair Value Disclosure | 0 | 0 | |
Estimated fair value [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial assets | |||
Cash and due from banks | 0 | 0 | |
Interest-earning deposits with banks | 159 | 125 | |
Federal funds sold and securities purchased under resale agreements | 73,550 | 78,954 | |
Held-to-maturity debt securities | 93,650 | 93,694 | |
Mortgages held for sale | 2,808 | 2,625 | |
Loans held for sale | 1,887 | 108 | |
Loans | 49,806 | 51,713 | |
Nonmarketable Equity Securities | 0 | 23 | |
Assets | 221,860 | 227,242 | |
Financial liabilities | |||
Deposits | 98,649 | 108,146 | |
Short-term borrowings | 97,204 | 103,256 | |
Long-term debt | 228,231 | 227,109 | |
Financial Liabilities Fair Value Disclosure | 424,084 | 438,511 | |
Estimated fair value [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Financial assets | |||
Cash and due from banks | 0 | 0 | |
Interest-earning deposits with banks | 0 | 0 | |
Federal funds sold and securities purchased under resale agreements | 0 | 69 | |
Held-to-maturity debt securities | 494 | 485 | |
Mortgages held for sale | 1,285 | 1,333 | |
Loans held for sale | 0 | 0 | |
Loans | 871,564 | 886,622 | |
Nonmarketable Equity Securities | 5,803 | 7,605 | |
Assets | 879,146 | 896,114 | |
Financial liabilities | |||
Deposits | 19,930 | 19,768 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 2,029 | 3,159 | |
Financial Liabilities Fair Value Disclosure | 21,959 | 22,927 | |
Finance Leases Financing Receivable [Member] | |||
Financial assets | |||
Loans | 19,300 | 19,400 | |
Nonmarketable Equity Securities | |||
Financial liabilities | |||
Alternative Investment, Fair Value Disclosure | $ 27 | $ 30 | |
[1] | (3)Parenthetical amounts represent assets and liabilities for which we are required to carry at fair value or have elected the fair value option. |
Preferred Stock (Details)
Preferred Stock (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)vote$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Shares authorized and designated | shares | 12,905,414 | 12,036,414 |
ESOP, Liquidation preference per share | $ / shares | $ 0 | $ 0 |
ESOP, Shares authorized and designated | shares | 2,425,104 | 1,556,104 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 12,546,235 | 11,677,235 |
Voting Rights | If issued, preference shares would be limited to one vote per share | |
Preferred Stock, Liquidation Preference, Value | $ 27,626 | $ 26,757 |
Carrying value | 26,227 | 25,358 |
Discount | $ 1,399 | $ 1,399 |
ESOP Shares issued and outstanding | shares | 2,425,104 | 1,556,104 |
ESOP Liquidation preference value | $ 2,425 | $ 1,556 |
ESOP Carrying value | 2,425 | 1,556 |
ESOP Discount | $ 0 | $ 0 |
Preferred Stock, No Voting Rights [Member] | ||
Class of Stock [Line Items] | ||
Preferred shares authorized | shares | 20,000,000 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred Stock, Par or Stated Value | $ 0 | |
Preferred Stock, Voting Rights [Member] | ||
Class of Stock [Line Items] | ||
Preferred shares authorized | shares | 4,000,000 | |
Number of votes per share | vote | 1 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 0 | |
Preferred Stock, Par or Stated Value | $ 0 | |
Dividend Equalization Preferred Shares (DEP) [Member] | ||
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 10 | $ 10 |
Preferred Stock, Shares authorized and designated | shares | 97,000 | 97,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 96,546 | 96,546 |
Preferred Stock, Liquidation Preference, Value | $ 0 | $ 0 |
Carrying value | 0 | 0 |
Discount | $ 0 | $ 0 |
Series I - Floating Class A Preferred Stock [Member] | ||
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 100,000 | $ 100,000 |
Preferred Stock, Shares authorized and designated | shares | 25,010 | 25,010 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 25,010 | 25,010 |
Preferred Stock, Liquidation Preference, Value | $ 2,501 | $ 2,501 |
Carrying value | 2,501 | 2,501 |
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) | $ / shares | $ 1,000 | $ 1,000 |
Preferred Stock, Shares authorized and designated | shares | 2,300,000 | 2,300,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 2,150,375 | 2,150,375 |
Preferred Stock, Liquidation Preference, Value | $ 2,150 | $ 2,150 |
Carrying value | 1,995 | 1,995 |
Discount | $ 155 | $ 155 |
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) | $ / shares | $ 1,000 | $ 1,000 |
Preferred Stock, Shares authorized and designated | shares | 3,500,000 | 3,500,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 3,352,000 | 3,352,000 |
Preferred Stock, Liquidation Preference, Value | $ 3,352 | $ 3,352 |
Carrying value | 2,876 | 2,876 |
Discount | $ 476 | $ 476 |
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) | $ / shares | $ 1,000 | $ 1,000 |
Preferred Stock, Shares authorized and designated | shares | 4,025,000 | 4,025,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 3,968,000 | 3,968,000 |
Preferred Stock, Liquidation Preference, Value | $ 3,968 | $ 3,968 |
Carrying value | 3,200 | 3,200 |
Discount | $ 768 | $ 768 |
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) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 30,000 | 30,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 30,000 | 30,000 |
Preferred Stock, Liquidation Preference, Value | $ 750 | $ 750 |
Carrying value | 750 | 750 |
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) | 5.125% | 5.125% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 27,600 | 27,600 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 26,000 | 26,000 |
Preferred Stock, Liquidation Preference, Value | $ 650 | $ 650 |
Carrying value | 650 | 650 |
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) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 26,400 | 26,400 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 25,000 | 25,000 |
Preferred Stock, Liquidation Preference, Value | $ 625 | $ 625 |
Carrying value | 625 | 625 |
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) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 69,000 | 69,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 69,000 | 69,000 |
Preferred Stock, Liquidation Preference, Value | $ 1,725 | $ 1,725 |
Carrying value | 1,725 | 1,725 |
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) | 6.625% | 6.625% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 34,500 | 34,500 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 33,600 | 33,600 |
Preferred Stock, Liquidation Preference, Value | $ 840 | $ 840 |
Carrying value | 840 | 840 |
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% | 5.90% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 80,000 | 80,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 80,000 | 80,000 |
Preferred Stock, Liquidation Preference, Value | $ 2,000 | $ 2,000 |
Carrying value | 2,000 | 2,000 |
Discount | $ 0 | $ 0 |
Series T - 6.000% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Dividend rate (percent) | 6.00% | 6.00% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 32,200 | 32,200 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 32,000 | 32,000 |
Preferred Stock, Liquidation Preference, Value | $ 800 | $ 800 |
Carrying value | 800 | 800 |
Discount | $ 0 | $ 0 |
Series U - 5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Dividend rate (percent) | 5.875% | 5.875% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 80,000 | 80,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 80,000 | 80,000 |
Preferred Stock, Liquidation Preference, Value | $ 2,000 | $ 2,000 |
Carrying value | 2,000 | 2,000 |
Discount | $ 0 | $ 0 |
Series V - 6.000% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Dividend rate (percent) | 6.00% | 6.00% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 40,000 | 40,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 40,000 | 40,000 |
Preferred Stock, Liquidation Preference, Value | $ 1,000 | $ 1,000 |
Carrying value | 1,000 | 1,000 |
Discount | $ 0 | $ 0 |
Series W - 5.700% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Dividend rate (percent) | 5.70% | 5.70% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 40,000 | 40,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 40,000 | 40,000 |
Preferred Stock, Liquidation Preference, Value | $ 1,000 | $ 1,000 |
Carrying value | 1,000 | 1,000 |
Discount | $ 0 | $ 0 |
Series X - 5.500% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Dividend rate (percent) | 5.50% | 5.50% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 46,000 | 46,000 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 46,000 | 46,000 |
Preferred Stock, Liquidation Preference, Value | $ 1,150 | $ 1,150 |
Carrying value | 1,150 | 1,150 |
Discount | $ 0 | $ 0 |
Series Y - 5.625% Non-Cumulative Perpetual Class A Preferred Stock [Member] | ||
Detail of Preferred Stock [Abstract] | ||
Preferred Stock, Dividend rate (percent) | 5.625% | 5.625% |
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 |
Preferred Stock, Shares authorized and designated | shares | 27,600 | 27,600 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Shares issued and outstanding | shares | 27,600 | 27,600 |
Preferred Stock, Liquidation Preference, Value | $ 690 | $ 690 |
Carrying value | 690 | 690 |
Discount | $ 0 | $ 0 |
ESOP Preferred Stock (Details)
ESOP Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||
Additional paid-in capital included related to preferred stock | $ 146 | $ 122 |
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 2,425,104 | 1,556,104 |
Carrying value | $ 2,425 | $ 1,556 |
Unearned ESOP shares | $ (2,571) | $ (1,678) |
Employee Stock Ownership Plan Preferred Stock 2018 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 1,100,000 | 0 |
Carrying value | $ 1,100 | $ 0 |
Employee Stock Ownership Plan Preferred Stock 2018 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 7.00% | |
Employee Stock Ownership Plan Preferred Stock 2018 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 8.00% | |
Employee Stock Ownership Plan Preferred Stock 2017 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 249,210 | 273,210 |
Carrying value | $ 249 | $ 273 |
Employee Stock Ownership Plan Preferred Stock 2017 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 7.00% | 7.00% |
Employee Stock Ownership Plan Preferred Stock 2017 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 8.00% | 8.00% |
Employee Stock Ownership Plan Preferred Stock 2016 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 268,826 | 322,826 |
Carrying value | $ 269 | $ 323 |
Employee Stock Ownership Plan Preferred Stock 2016 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 9.30% | 9.30% |
Employee Stock Ownership Plan Preferred Stock 2016 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 10.30% | 10.30% |
Employee Stock Ownership Plan Preferred Stock 2015 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 167,436 | 187,436 |
Carrying value | $ 167 | $ 187 |
Employee Stock Ownership Plan Preferred Stock 2015 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 8.90% | 8.90% |
Employee Stock Ownership Plan Preferred Stock 2015 [Member] | Maximum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 9.90% | 9.90% |
Employee Stock Ownership Plan Preferred Stock 2014 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 212,151 | 237,151 |
Carrying value | $ 212 | $ 237 |
Employee Stock Ownership Plan Preferred Stock 2014 [Member] | Minimum [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Adjustable dividend rate | 8.70% | 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% | 9.70% |
Employee Stock Ownership Plan Preferred Stock 2013 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 169,948 | 201,948 |
Carrying value | $ 170 | $ 202 |
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 | 105,634 | 128,634 |
Carrying value | $ 106 | $ 129 |
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 | 99,296 | 129,296 |
Carrying value | $ 99 | $ 129 |
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 | 52,603 | 75,603 |
Carrying value | $ 53 | $ 76 |
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% |
Stock Compensation Plan [Member] | Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, redemption price per share | $ 1,000 |
Revenue from Contracts with 136
Revenue from Contracts with Customers, Revenue by Operating Segment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net interest income | $ 12,238 | $ 12,324 | [1] |
Service charges on deposit accounts | 1,173 | 1,313 | |
Brokerage advisory, commissions and other fees | 2,403 | 2,324 | |
Trust and investment management | 850 | 829 | |
Investment banking | 430 | 417 | |
Total trust and investment fees | 3,683 | 3,570 | |
Card fees | 908 | 945 | |
Other fees | 800 | 865 | |
Mortgage banking | 934 | 1,228 | |
Insurance | 114 | 277 | |
Net gains from trading activities (1) | 243 | 272 | [2] |
Net gains on debt securities | 1 | 36 | |
Net gains from equity investments | 783 | 570 | |
Lease income | 455 | 481 | |
Other income of the segment (1) | 602 | 374 | [1] |
Total noninterest income (2) | 9,696 | 9,931 | [1] |
Revenue | 21,934 | 22,255 | |
Community Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net interest income | 7,195 | 7,132 | |
Service charges on deposit accounts | 639 | 742 | |
Brokerage advisory, commissions and other fees | 478 | 444 | |
Trust and investment management | 233 | 218 | |
Investment banking | (10) | (27) | |
Total trust and investment fees | 701 | 635 | |
Card fees | 821 | 865 | |
Other fees | 327 | 395 | |
Mortgage banking | 842 | 1,106 | |
Insurance | 28 | 34 | |
Net gains from trading activities (1) | (1) | (52) | |
Net gains on debt securities | 0 | 102 | |
Net gains from equity investments | 684 | 468 | |
Lease income | 0 | 0 | |
Other income of the segment (1) | 594 | 396 | |
Total noninterest income (2) | 4,635 | 4,691 | |
Revenue | 11,830 | 11,823 | |
Wholesale Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net interest income | 4,532 | 4,681 | |
Service charges on deposit accounts | 534 | 570 | |
Brokerage advisory, commissions and other fees | 67 | 84 | |
Trust and investment management | 113 | 129 | |
Investment banking | 440 | 445 | |
Total trust and investment fees | 620 | 658 | |
Card fees | 87 | 80 | |
Other fees | 472 | 468 | |
Mortgage banking | 93 | 123 | |
Insurance | 79 | 234 | |
Net gains from trading activities (1) | 225 | 290 | |
Net gains on debt securities | 1 | (66) | |
Net gains from equity investments | 93 | 36 | |
Lease income | 455 | 481 | |
Other income of the segment (1) | 88 | 22 | |
Total noninterest income (2) | 2,747 | 2,896 | |
Revenue | 7,279 | 7,577 | |
Wealth and Investment Management [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net interest income | 1,112 | 1,141 | |
Service charges on deposit accounts | 4 | 5 | |
Brokerage advisory, commissions and other fees | 2,344 | 2,245 | |
Trust and investment management | 743 | 707 | |
Investment banking | 0 | (1) | |
Total trust and investment fees | 3,087 | 2,951 | |
Card fees | 1 | 1 | |
Other fees | 4 | 5 | |
Mortgage banking | (3) | (2) | |
Insurance | 18 | 20 | |
Net gains from trading activities (1) | 19 | 34 | |
Net gains on debt securities | 0 | 0 | |
Net gains from equity investments | 6 | 66 | |
Lease income | 0 | 0 | |
Other income of the segment (1) | (6) | 36 | |
Total noninterest income (2) | 3,130 | 3,116 | |
Revenue | 4,242 | 4,257 | |
Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net interest income | (601) | (630) | |
Service charges on deposit accounts | (4) | (4) | |
Brokerage advisory, commissions and other fees | (486) | (449) | |
Trust and investment management | (239) | (225) | |
Investment banking | 0 | 0 | |
Total trust and investment fees | (725) | (674) | |
Card fees | (1) | (1) | |
Other fees | (3) | (3) | |
Mortgage banking | 2 | 1 | |
Insurance | (11) | (11) | |
Net gains from trading activities (1) | 0 | 0 | |
Net gains on debt securities | 0 | 0 | |
Net gains from equity investments | 0 | 0 | |
Lease income | 0 | 0 | |
Other income of the segment (1) | (74) | (80) | |
Total noninterest income (2) | (816) | (772) | |
Revenue | (1,417) | (1,402) | |
Charges and fees on loans [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 301 | 307 | |
Charges and fees on loans [Member] | Community Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 74 | 84 | |
Charges and fees on loans [Member] | Wholesale Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 227 | 223 | |
Charges and fees on loans [Member] | Wealth and Investment Management [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 1 | 1 | |
Charges and fees on loans [Member] | Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | (1) | (1) | |
Cash network fees [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 126 | 126 | |
Cash network fees [Member] | Community Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 125 | 123 | |
Cash network fees [Member] | Wholesale Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 1 | 3 | |
Cash network fees [Member] | Wealth and Investment Management [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 0 | 0 | |
Cash network fees [Member] | Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 0 | 0 | |
Commercial real estate brokerage commissions [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 85 | 81 | |
Commercial real estate brokerage commissions [Member] | Community Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 0 | 0 | |
Commercial real estate brokerage commissions [Member] | Wholesale Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 85 | 81 | |
Commercial real estate brokerage commissions [Member] | Wealth and Investment Management [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 0 | 0 | |
Commercial real estate brokerage commissions [Member] | Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 0 | 0 | |
Letters of credit fees [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 79 | 74 | |
Letters of credit fees [Member] | Community Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 2 | 1 | |
Letters of credit fees [Member] | Wholesale Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 77 | 73 | |
Letters of credit fees [Member] | Wealth and Investment Management [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 1 | 1 | |
Letters of credit fees [Member] | Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | (1) | (1) | |
Wire transfer and other remittance fees [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 116 | 107 | |
Wire transfer and other remittance fees [Member] | Community Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 63 | 57 | |
Wire transfer and other remittance fees [Member] | Wholesale Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 52 | 49 | |
Wire transfer and other remittance fees [Member] | Wealth and Investment Management [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 2 | 2 | |
Wire transfer and other remittance fees [Member] | Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | (1) | (1) | |
All other fees [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 93 | 170 | |
All other fees [Member] | Community Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 63 | 130 | |
All other fees [Member] | Wholesale Banking [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 30 | 39 | |
All other fees [Member] | Wealth and Investment Management [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | 0 | 1 | |
All other fees [Member] | Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Other fees | $ 0 | $ 0 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | ||
[2] | (1)Financial information for the prior period has been revised to reflect the impact of the adoption of Accounting Standards Update (ASU) 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. |
Revenue from Contracts with 137
Revenue from Contracts with Customers, Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | $ 1,173 | $ 1,313 |
Brokerage advisory, commissions and other fees | 2,403 | 2,324 |
Trust and investment management | 850 | 829 |
Card fees | 908 | 945 |
Credit card rewards and rebates | (343) | (277) |
Overdraft fees | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 414 | 486 |
Account charges | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 759 | 827 |
Asset-based revenue (1) | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 1,743 | 1,599 |
Transactional revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 444 | 484 |
Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 216 | 241 |
Trailing commissions | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 331 | 331 |
Investment management fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 534 | 501 |
Trust fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 256 | 280 |
Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 60 | 48 |
Credit card interchange and network revenues (1) | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 258 | 299 |
Debit card interchange and network revenues | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 479 | 465 |
Late fees, cash advance fees, balance transfer fees, and annual fees | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 171 | 181 |
Community Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 639 | 742 |
Brokerage advisory, commissions and other fees | 478 | 444 |
Trust and investment management | 233 | 218 |
Card fees | 821 | 865 |
Community Banking [Member] | Overdraft fees | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 412 | 484 |
Community Banking [Member] | Account charges | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 227 | 258 |
Community Banking [Member] | Asset-based revenue (1) | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 371 | 326 |
Community Banking [Member] | Transactional revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 93 | 100 |
Community Banking [Member] | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 14 | 18 |
Community Banking [Member] | Investment management fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 0 | 1 |
Community Banking [Member] | Trust fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 221 | 217 |
Community Banking [Member] | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 12 | 0 |
Community Banking [Member] | Credit card interchange and network revenues (1) | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 171 | 219 |
Community Banking [Member] | Debit card interchange and network revenues | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 479 | 465 |
Community Banking [Member] | Late fees, cash advance fees, balance transfer fees, and annual fees | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 171 | 181 |
Wholesale Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 534 | 570 |
Brokerage advisory, commissions and other fees | 67 | 84 |
Trust and investment management | 113 | 129 |
Card fees | 87 | 80 |
Wholesale Banking [Member] | Overdraft fees | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 2 | 2 |
Wholesale Banking [Member] | Account charges | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 532 | 568 |
Wholesale Banking [Member] | Asset-based revenue (1) | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 0 | 0 |
Wholesale Banking [Member] | Transactional revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 12 | 10 |
Wholesale Banking [Member] | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 55 | 74 |
Wholesale Banking [Member] | Investment management fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 0 | 0 |
Wholesale Banking [Member] | Trust fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 86 | 104 |
Wholesale Banking [Member] | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 27 | 25 |
Wholesale Banking [Member] | Credit card interchange and network revenues (1) | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 87 | 80 |
Wholesale Banking [Member] | Debit card interchange and network revenues | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 0 | 0 |
Wholesale Banking [Member] | Late fees, cash advance fees, balance transfer fees, and annual fees | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 0 | 0 |
Wealth and Investment Management [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 4 | 5 |
Brokerage advisory, commissions and other fees | 2,344 | 2,245 |
Trust and investment management | 743 | 707 |
Card fees | 1 | 1 |
Wealth and Investment Management [Member] | Overdraft fees | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 0 | 0 |
Wealth and Investment Management [Member] | Account charges | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 4 | 5 |
Wealth and Investment Management [Member] | Asset-based revenue (1) | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 1,743 | 1,599 |
Wealth and Investment Management [Member] | Transactional revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 439 | 479 |
Wealth and Investment Management [Member] | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | 162 | 167 |
Wealth and Investment Management [Member] | Investment management fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 534 | 500 |
Wealth and Investment Management [Member] | Trust fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 188 | 184 |
Wealth and Investment Management [Member] | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 21 | 23 |
Wealth and Investment Management [Member] | Credit card interchange and network revenues (1) | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 1 | 1 |
Wealth and Investment Management [Member] | Debit card interchange and network revenues | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 0 | 0 |
Wealth and Investment Management [Member] | Late fees, cash advance fees, balance transfer fees, and annual fees | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 0 | 0 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | (4) | (4) |
Brokerage advisory, commissions and other fees | (486) | (449) |
Trust and investment management | (239) | (225) |
Card fees | (1) | (1) |
Other [Member] | Overdraft fees | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | 0 | 0 |
Other [Member] | Account charges | ||
Disaggregation of Revenue [Line Items] | ||
Service charges on deposit accounts | (4) | (4) |
Other [Member] | Asset-based revenue (1) | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | (371) | (326) |
Other [Member] | Transactional revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | (100) | (105) |
Other [Member] | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Brokerage advisory, commissions and other fees | (15) | (18) |
Other [Member] | Investment management fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 0 | 0 |
Other [Member] | Trust fees | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | (239) | (225) |
Other [Member] | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Trust and investment management | 0 | 0 |
Other [Member] | Credit card interchange and network revenues (1) | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | (1) | (1) |
Other [Member] | Debit card interchange and network revenues | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | 0 | 0 |
Other [Member] | Late fees, cash advance fees, balance transfer fees, and annual fees | ||
Disaggregation of Revenue [Line Items] | ||
Card fees | $ 0 | $ 0 |
Employee Benefits, Components o
Employee Benefits, Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 111 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | |
Qualified Plan [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | $ 1 | $ 1 | |
Interest cost | 98 | 103 | |
Expected return on plan assets | (160) | (163) | |
Amortization of net actuarial loss (gain) | 33 | 38 | |
Amortization of prior service credit | 0 | 0 | |
Settlement loss | 0 | 1 | |
Net periodic benefit cost (income) | (28) | (20) | |
Nonqualified Plan [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 0 | 0 | |
Interest cost | 5 | 6 | |
Expected return on plan assets | 0 | 0 | |
Amortization of net actuarial loss (gain) | 3 | 2 | |
Amortization of prior service credit | 0 | 0 | |
Settlement loss | 3 | 2 | |
Net periodic benefit cost (income) | 11 | 10 | |
Other benefits [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 0 | 0 | |
Interest cost | 5 | 7 | |
Expected return on plan assets | (7) | (7) | |
Amortization of net actuarial loss (gain) | (4) | (2) | |
Amortization of prior service credit | (3) | (3) | |
Settlement loss | 0 | 0 | |
Net periodic benefit cost (income) | $ (9) | $ (5) | |
Cash Balance Plan [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Net periodic benefit cost (income) | $ 0 |
Earnings Per Common Share, Calc
Earnings Per Common Share, Calculation of Earnings and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Earnings Per Common Share [Abstract] | |||
Wells Fargo net income (2) | $ 5,136 | $ 5,634 | [1],[2] |
Less: Preferred stock dividends and other | 403 | 401 | |
Wells Fargo net income applicable to common stock (numerator)(1) | $ 4,733 | $ 5,233 | [1] |
Earnings per common share | |||
Average common shares outstanding (denominator) | 4,885.7 | 5,008.6 | |
Per share (1) | $ 0.97 | $ 1.05 | [1] |
Diluted earnings per common share | |||
Average common shares outstanding (in shares) | 4,885.7 | 5,008.6 | |
Diluted average common shares outstanding (denominator) | 4,930.7 | 5,070.4 | |
Per share (1) | $ 0.96 | $ 1.03 | [1] |
Stock Option [Member] | |||
Diluted earnings per common share | |||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 9.9 | 21.2 | |
Restricted Share Rights [Member] | |||
Diluted earnings per common share | |||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 28.3 | 28 | |
Warrants [Member] | |||
Diluted earnings per common share | |||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 6.8 | 12.6 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | ||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. |
Earnings Per Common Share, Anti
Earnings Per Common Share, Antidilutive Securities Excluded from the Calculation of Diluted Earnings per Common Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Instruments | 0.9 | 2.2 |
Other Comprehensive Income, Com
Other Comprehensive Income, Components of Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Debt securities (1): | ||||
Net unrealized gains (losses) arising during the period, Before tax | [1] | $ (3,443) | $ 369 | |
Net unrealized gains (losses) arising during the period, Tax effect | 848 | (133) | ||
Net unrealized gains (losses) arising during the period, Net of tax | (2,595) | 236 | ||
Reclassification of net (gains) losses to net income, Before tax | [1] | 68 | (145) | |
Reclassification of net (gains) losses to net income, Tax effect | (17) | 54 | ||
Reclassification of net (gains) losses to net income, Net of tax | 51 | (91) | ||
Net change, Before tax | (3,375) | 224 | ||
Net change, Tax effect | 831 | (79) | ||
Net change, Net of tax | (2,544) | 145 | ||
Cash Flow Hedges: | ||||
Net unrealized losses arising during the period on cash flow hedges, Before Tax | (242) | (362) | [2] | |
Net unrealized losses arising during the period on cash flow hedges, Net of tax | (182) | (226) | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Before tax | 60 | (202) | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Net of tax | 45 | (126) | ||
Net change, Before tax | (182) | (564) | ||
Net change, Tax effect | 45 | 212 | ||
Net change, Net of tax | (137) | (352) | ||
Defined benefit plans adjustments: | ||||
Net actuarial and prior service gains (losses) arising during the period, Before tax | 6 | (7) | ||
Net actuarial and prior service gains (losses) arising during the period, Tax effect | (2) | 3 | ||
Net actuarial and prior service gains (losses) arising during the period, Net of tax | 4 | (4) | ||
Amortization of net actuarial loss, Before tax | 32 | 38 | ||
Amortization of net actuarial loss, Tax effect | (8) | (14) | ||
Amortization of net actuarial loss, Net of tax | 24 | 24 | ||
Settlements and other, Before tax | 0 | 0 | ||
Settlements and other, Tax effect | 1 | 0 | ||
Settlements and other, Net of tax | 1 | 0 | ||
Reclassification of amounts to net periodic benefit costs, Before tax | 32 | 38 | ||
Reclassification of amounts to net periodic benefit costs, Tax effect | (7) | (14) | ||
Reclassification of amounts to net periodic benefit costs, Net of tax | 25 | 24 | ||
Net change, Before tax | 38 | 31 | ||
Net change, Tax effect | (9) | (11) | ||
Net change, Net of tax | 29 | 20 | ||
Foreign currency translation adjustments: | ||||
Net unrealized gains (losses) arising during the period, Before tax | (2) | 16 | ||
Net unrealized gains (losses) arising during the period, Tax effect | (5) | 1 | ||
Net unrealized gains (losses) arising during the period, Net of tax | (7) | 17 | ||
Net change, Before tax | (2) | 16 | ||
Net change, Tax effect | (5) | 1 | ||
Net change, Net of tax | (7) | 17 | ||
Other comprehensive loss, before tax | (3,521) | (293) | [2] | |
Other comprehensive loss, tax effect | 862 | 123 | [2] | |
Other comprehensive loss, net of tax | (2,659) | (170) | [2] | |
Less: Other comprehensive income from noncontrolling interests (2) | 0 | 14 | [2] | |
Wells Fargo other comprehensive loss, net of tax | (2,659) | (184) | [2] | |
Cash Flow Hedging [Member] | ||||
Cash Flow Hedges: | ||||
Net unrealized losses arising during the period on cash flow hedges, Before Tax | (266) | (136) | ||
Net unrealized losses arising during the period on cash flow hedges, Tax | 66 | 51 | ||
Net unrealized losses arising during the period on cash flow hedges, Net of tax | (200) | (85) | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Before tax | 60 | (202) | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Tax effect | (15) | 76 | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Net of tax | 45 | (126) | ||
Fair Value Hedging [Member] | ||||
Fair Value Hedges: | ||||
Change in fair value of excluded components on fair value hedges, Before Tax | 24 | (226) | ||
Change in fair value of excluded components on fair value hedges, Tax | (6) | 85 | ||
Change in fair value of excluded components on fair value hedges, Net of Tax | 18 | (141) | ||
Interest expense on long-term debt [Member] | Cash Flow Hedging [Member] | ||||
Cash Flow Hedges: | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, Before tax | 0 | 3 | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Tax effect | 0 | (1) | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Net of tax | 0 | 2 | ||
Debt securities [Member] | Interest income [Member] | ||||
Debt securities (1): | ||||
Reclassification of net (gains) losses to net income, Before tax | 69 | 7 | ||
Reclassification of net (gains) losses to net income, Tax effect | (17) | (3) | ||
Reclassification of net (gains) losses to net income, Net of tax | 52 | 4 | ||
Debt securities [Member] | Net gains on debt securities [Member] | ||||
Debt securities (1): | ||||
Reclassification of net (gains) losses to net income, Before tax | (1) | (36) | ||
Reclassification of net (gains) losses to net income, Tax effect | 0 | 13 | ||
Reclassification of net (gains) losses to net income, Net of tax | (1) | (23) | ||
Equity Securities | Net gains from equity securities [Member] | ||||
Debt securities (1): | ||||
Reclassification of net (gains) losses to net income, Before tax | 0 | (116) | ||
Reclassification of net (gains) losses to net income, Tax effect | 0 | 44 | ||
Reclassification of net (gains) losses to net income, Net of tax | 0 | (72) | ||
Loans [Member] | Interest income [Member] | Cash Flow Hedging [Member] | ||||
Cash Flow Hedges: | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, Before tax | 60 | (205) | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Tax effect | (15) | 77 | ||
Reclassification of net (gains) losses to net income on cash flow hedges, Net of tax | $ 45 | $ (128) | ||
[1] | (1)Per the adoption of ASU 2016-01, the quarter ended March 31, 2018, reflects only net unrealized gains and reclassification of net gains to net income from debt securities. The quarter ended March 31, 2017, includes net unrealized gains from equity securities of $61 million and reclassification of gains to net income related to equity securities of $(116) million. | |||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. |
Other Comprehensive Income, Cum
Other Comprehensive Income, Cumulative OCI Balances (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Components of Other Comprehensive Income [Line Items] | ||||||
Net unrealized gains (losses) arising during the period, Before tax | [1] | $ (3,443) | $ 369 | |||
Reclassification of net (gains) losses to net income, Before tax | [1] | 68 | (145) | |||
Debt securities (1): | ||||||
Cumulative other comprehensive income (loss), debt securities, beginning of period | 171 | (1,099) | ||||
Net unrealized gains (losses) arising during the period | (2,595) | 236 | ||||
Amounts reclassified from accumulated other comprehensive income | 51 | (91) | ||||
Net change, Net of tax | (2,544) | 145 | ||||
Less: Other comprehensive income from noncontrolling interests | 0 | 13 | ||||
Cumulative other comprehensive income (loss), debt securities, end of period | (2,491) | (967) | ||||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities, Net of Tax, Adjusted Balance | $ 53 | $ (1,099) | ||||
Derivatives and hedging activities: | ||||||
Cumulative other comprehensive income (loss), Derivatives and hedging activities, beginning of period | (418) | 89 | ||||
Net unrealized losses arising during the period | (182) | (226) | ||||
Amounts reclassified from accumulated other comprehensive income | 45 | (126) | ||||
Net change, Net of tax | (137) | (352) | ||||
Less: Other comprehensive income from noncontrolling interests | 0 | 0 | ||||
Cumulative other comprehensive income (loss), Derivatives and hedging activities, end of period | (555) | (95) | ||||
Cumulative other comprehensive income, Derivatives and hedging activities, adjusted balance | (418) | 257 | ||||
Defined benefit plans adjustments: | ||||||
Cumulative other comprehensive loss, Defined benefit plans adjustment, beginning of period | (1,808) | (1,943) | ||||
Net unrealized gains (losses) arising during the period | 4 | (4) | ||||
Amounts reclassified from accumulated other comprehensive income | 25 | 24 | ||||
Net change, Net of tax | 29 | 20 | ||||
Less: Other comprehensive income from noncontrolling interests | 0 | 0 | ||||
Cumulative other comprehensive loss, Defined benefit plans adjustment, end of period | (1,779) | (1,923) | ||||
Cumulative other comprehensive loss, Defined benefit plans adjustments, adjusted balance | (1,808) | (1,943) | ||||
Foreign currency translation adjustments: | ||||||
Cumulative other comprehensive loss, Foreign currency translation adjustments, beginning of period | (89) | (184) | ||||
Net unrealized gains (losses) arising during the period | (7) | 17 | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||||
Net change, Net of tax | (7) | 17 | ||||
Less: Other comprehensive income from noncontrolling interests | 0 | 1 | ||||
Cumulative other comprehensive loss, Foreign currency translation adjustments, end of period | (96) | (168) | ||||
Cumulative other comprehensive loss, Foreign currency translation adjustments, adjusted balance | (89) | (184) | ||||
Cumulative other comprehensive loss, beginning of period | (2,144) | (3,137) | ||||
Net unrealized gains (losses) arising during the period | (2,780) | 23 | ||||
Amounts reclassified from accumulated other comprehensive income | 121 | (193) | ||||
Other comprehensive loss, net of tax (2) | (2,659) | (170) | [2] | |||
Less: Other comprehensive income from noncontrolling interests, net of tax | 0 | 14 | [2] | |||
Cumulative other comprehensive loss, end of period | (4,921) | $ (3,153) | ||||
Cumulative other comprehensive income (loss), Adjusted Balance | (2,262) | (2,969) | ||||
Accounting Standards Update 2016-01 [Member] | ||||||
Components of Other Comprehensive Income [Line Items] | ||||||
Net unrealized gains (losses) arising during the period, Before tax | 61 | |||||
Reclassification of net (gains) losses to net income, Before tax | $ (116) | |||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||
Transition Adjustment | [3] | (24) | ||||
Accounting Standards Update 2017-12 [Member] | ||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||
Transition Adjustment | [4] | (213) | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||
Transition Adjustment | (118) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Accounting Standards Update 2017-12 [Member] | ||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||
Transition Adjustment | 168 | |||||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||
Transition Adjustment | [3] | $ (118) | ||||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2017-12 [Member] | ||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||
Transition Adjustment | [4] | $ 168 | ||||
[1] | (1)Per the adoption of ASU 2016-01, the quarter ended March 31, 2018, reflects only net unrealized gains and reclassification of net gains to net income from debt securities. The quarter ended March 31, 2017, includes net unrealized gains from equity securities of $61 million and reclassification of gains to net income related to equity securities of $(116) million. | |||||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | |||||
[3] | (2)Effective January 1, 2018, we adopted ASU 2016-04 – Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products, ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2014-09 – Revenue from Contracts With Customers (Topic 606) and subsequent related Updates. See Note 1 (Summary of Significant Accounting Policies) in this Report for more information. | |||||
[4] | (1)Effective January 1, 2017, we adopted changes in hedge accounting pursuant to ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. |
Operating Segments (Details)
Operating Segments (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018USD ($)segment | Mar. 31, 2017USD ($) | ||
Segment Reporting Information [Line Items] | |||
Number of reportable operating segments | segment | 3 | ||
Financial Information of Operating Segment [Abstract] | |||
Net interest income | $ 12,238 | $ 12,324 | [1] |
Provision (reversal of provision) for credit losses | 191 | 605 | |
Noninterest income | 9,696 | 9,931 | [1] |
Noninterest expense | 15,042 | 13,792 | |
Income before income tax expense (2) | 6,701 | 7,858 | [1] |
Income tax expense (benefit) | 1,374 | 2,133 | [1] |
Net income before noncontrolling interests (2) | 5,327 | 5,725 | [1],[2] |
Less: Net income from noncontrolling interests | 191 | 91 | |
Wells Fargo net income (2) | 5,136 | 5,634 | [1],[3] |
Average loans | 951,000 | 963,600 | |
Average assets | 1,915,900 | 1,931,000 | |
Average Deposits | 1,297,200 | 1,299,200 | |
Other [Member] | |||
Financial Information of Operating Segment [Abstract] | |||
Net interest income | (601) | (630) | |
Provision (reversal of provision) for credit losses | (1) | 6 | |
Noninterest income | (816) | (772) | |
Noninterest expense | (928) | (860) | |
Income before income tax expense (2) | (488) | (548) | |
Income tax expense (benefit) | (122) | (208) | |
Net income before noncontrolling interests (2) | (366) | (340) | |
Less: Net income from noncontrolling interests | 0 | 0 | |
Wells Fargo net income (2) | (366) | (340) | |
Average loans | (58,500) | (56,100) | |
Average assets | (59,400) | (57,100) | |
Average Deposits | (74,200) | (81,400) | |
Community Banking [Member] | |||
Financial Information of Operating Segment [Abstract] | |||
Net interest income | 7,195 | 7,132 | |
Provision (reversal of provision) for credit losses | 218 | 646 | |
Noninterest income | 4,635 | 4,691 | |
Noninterest expense | 8,702 | 7,281 | |
Income before income tax expense (2) | 2,910 | 3,896 | |
Income tax expense (benefit) | 809 | 982 | |
Net income before noncontrolling interests (2) | 2,101 | 2,914 | |
Less: Net income from noncontrolling interests | 188 | 90 | |
Wells Fargo net income (2) | 1,913 | 2,824 | |
Average loans | 470,500 | 480,700 | |
Average assets | 1,061,900 | 1,095,800 | |
Average Deposits | 747,500 | 717,800 | |
Wholesale Banking [Member] | |||
Financial Information of Operating Segment [Abstract] | |||
Net interest income | 4,532 | 4,681 | |
Provision (reversal of provision) for credit losses | (20) | (43) | |
Noninterest income | 2,747 | 2,896 | |
Noninterest expense | 3,978 | 4,167 | |
Income before income tax expense (2) | 3,321 | 3,453 | |
Income tax expense (benefit) | 448 | 973 | |
Net income before noncontrolling interests (2) | 2,873 | 2,480 | |
Less: Net income from noncontrolling interests | (2) | (5) | |
Wells Fargo net income (2) | 2,875 | 2,485 | |
Average loans | 465,100 | 468,300 | |
Average assets | 829,200 | 810,500 | |
Average Deposits | 446,000 | 465,300 | |
Wealth and Investment Management [Member] | |||
Financial Information of Operating Segment [Abstract] | |||
Net interest income | 1,112 | 1,141 | |
Provision (reversal of provision) for credit losses | (6) | (4) | |
Noninterest income | 3,130 | 3,116 | |
Noninterest expense | 3,290 | 3,204 | |
Income before income tax expense (2) | 958 | 1,057 | |
Income tax expense (benefit) | 239 | 386 | |
Net income before noncontrolling interests (2) | 719 | 671 | |
Less: Net income from noncontrolling interests | 5 | 6 | |
Wells Fargo net income (2) | 714 | 665 | |
Average loans | 73,900 | 70,700 | |
Average assets | 84,200 | 81,800 | |
Average Deposits | $ 177,900 | $ 197,500 | |
[1] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | ||
[2] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. | ||
[3] | (2)Financial information for the prior period has been revised to reflect the impact of the adoption of ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, effective January 1, 2017. |
Regulatory and Agency Capita144
Regulatory and Agency Capital Requirements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Wells Fargo & Company [Member] | Advanced Approach Under Basel III [Member] | ||
Regulatory capital: | ||
Common equity tier 1 | $ 152,304 | $ 154,765 |
Tier 1 | 175,810 | 178,209 |
Total | 207,531 | 210,333 |
Assets: | ||
Risk-weighted | 1,203,464 | 1,199,545 |
Adjusted average | $ 1,886,209 | $ 1,905,568 |
Regulatory capital ratios: | ||
Common equity tier 1 capital | 12.66% | 12.90% |
Tier 1 capital | 14.61% | 14.86% |
Total capital | 17.24% | 17.53% |
Tier 1 leverage | 9.32% | 9.35% |
Wells Fargo & Company [Member] | Standardized Approach Under Basel III [Member] | ||
Regulatory capital: | ||
Common equity tier 1 | $ 152,304 | $ 154,765 |
Tier 1 | 175,810 | 178,209 |
Total | 216,237 | 220,097 |
Assets: | ||
Risk-weighted | 1,278,113 | 1,260,663 |
Adjusted average | $ 1,886,209 | $ 1,905,568 |
Regulatory capital ratios: | ||
Common equity tier 1 capital | 11.92% | 12.28% |
Tier 1 capital | 13.76% | 14.14% |
Total capital | 16.92% | 17.46% |
Tier 1 leverage | 9.32% | 9.35% |
Wells Fargo Bank, NA [Member] | Advanced Approach Under Basel III [Member] | ||
Regulatory capital: | ||
Common equity tier 1 | $ 141,049 | $ 143,292 |
Tier 1 | 141,049 | 143,292 |
Total | 154,939 | 156,661 |
Assets: | ||
Risk-weighted | 1,094,474 | 1,090,360 |
Adjusted average | $ 1,689,250 | $ 1,708,828 |
Regulatory capital ratios: | ||
Common equity tier 1 capital | 12.89% | 13.14% |
Tier 1 capital | 12.89% | 13.14% |
Total capital | 14.16% | 14.37% |
Tier 1 leverage | 8.35% | 8.39% |
Wells Fargo Bank, NA [Member] | Standardized Approach Under Basel III [Member] | ||
Regulatory capital: | ||
Common equity tier 1 | $ 141,049 | $ 143,292 |
Tier 1 | 141,049 | 143,292 |
Total | 163,259 | 165,734 |
Assets: | ||
Risk-weighted | 1,185,860 | 1,169,863 |
Adjusted average | $ 1,689,250 | $ 1,708,828 |
Regulatory capital ratios: | ||
Common equity tier 1 capital | 11.89% | 12.25% |
Tier 1 capital | 11.89% | 12.25% |
Total capital | 13.77% | 14.17% |
Tier 1 leverage | 8.35% | 8.39% |
Regulatory and Agency Capita145
Regulatory and Agency Capital Requirements Minimum Required Regulatory Capital Ratios – Transition Requirements (Details) | Mar. 31, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Conservation Buffer | 1.875% | |
GSIB Surcharge | 1.50% | |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Common Equity Required for Capital Adequacy to Risk Weighted Assets | 7.875% | 6.75% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 9.375% | 8.25% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 11.375% | 10.25% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Wells Fargo Bank, NA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Common Equity Required for Capital Adequacy to Risk Weighted Assets | 6.375% | 5.75% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.875% | 7.25% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 9.875% | 9.25% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |