Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Entity Information [Line Items] | ||
Entity Registrant Name | WELLS FARGO & COMPANY/MN | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
Entity File Number | 001-2979 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-0449260 | |
Entity Address, Address Line One | 420 Montgomery Street | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94104 | |
City Area Code | 866 | |
Local Phone Number | 249-3302 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,134,489,571 | |
Entity Central Index Key | 0000072971 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock, par value $1-2/3 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $1-2/3 | |
Trading Symbol | WFC | |
Security Exchange Name | NYSE | |
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L | |
Trading Symbol | WFC.PRL | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series N | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series N | |
Trading Symbol | WFC.PRN | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series O | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series O | |
Trading Symbol | WFC.PRO | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series P | |
Trading Symbol | WFC.PRP | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th int. in a share of 5.85% Fixed-to-Floating Rate Non-Cum. Perpetual Class A Preferred Stock, Series Q | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shr, 1/1000th int. per shr of 5.85% Fix-to-Float Non-Cum. Perpetual Class A Pref. Stock, Ser. Q | |
Trading Symbol | WFC.PRQ | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th int. in a share of 6.625% Fixed-to-Floating Rate Non-Cum. Perpetual Class A Preferred Stock, Series R | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shr, 1/1000th int. per shr of 6.625% Fix-to-Float Non-Cum. Perpetual Class A Pref. Stock, Ser. R | |
Trading Symbol | WFC.PRR | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series T | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series T | |
Trading Symbol | WFC.PRT | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series V | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series V | |
Trading Symbol | WFC.PRV | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series W | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series W | |
Trading Symbol | WFC.PRW | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series X | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series X | |
Trading Symbol | WFC.PRX | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y | |
Trading Symbol | WFC.PRY | |
Security Exchange Name | NYSE | |
Non-Cumulative Perpetual Class A Preferred Stock, Series Z [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z | |
Trading Symbol | WFC.PRZ | |
Guarantee of 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities of Wachovia Capital Trust III | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Guarantee 5.80% Fix-to-Float Normal Wachovia Income Trust Securities of Wachovia Capital Trust III | |
Trading Symbol | WFC/TP | |
Security Exchange Name | NYSE | |
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC | |
Trading Symbol | WFC/28A | |
Security Exchange Name | NYSE | |
Non-Cumulative Perpetual Class A Preferred Stock, Series AA | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Dep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA | |
Trading Symbol | WFC.PRA | |
Security Exchange Name | NYSE |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Interest income | |||||
Debt securities | $ 2,446 | $ 3,666 | $ 8,864 | $ 11,388 | |
Mortgage loans held for sale | 232 | 232 | 659 | 579 | |
Loans held for sale | 7 | 20 | 26 | 64 | |
Loans | 7,954 | 10,982 | 26,467 | 33,652 | |
Equity securities | 101 | 247 | 423 | 693 | |
Other interest income | 60 | 1,352 | 889 | 4,112 | |
Total interest income | 10,800 | 16,499 | 37,328 | 50,488 | |
Interest expense | |||||
Deposits | 314 | 2,324 | 2,641 | 6,563 | |
Short-term borrowings | (12) | 635 | 262 | 1,877 | |
Long-term debt | 1,038 | 1,780 | 3,515 | 5,607 | |
Other interest expense | 92 | 135 | 350 | 410 | |
Total interest expense | 1,432 | 4,874 | 6,768 | 14,457 | |
Net interest income | 9,368 | 11,625 | 30,560 | 36,031 | |
Provision for credit losses: | |||||
Debt securities | [1] | 18 | 0 | 159 | 0 |
Loans | 751 | 695 | 14,149 | 2,043 | |
Net interest income after provision for credit losses | 8,599 | 10,930 | 16,252 | 33,988 | |
Noninterest income | |||||
Total card fees | [2] | 912 | 1,027 | 2,601 | 2,996 |
Lending-related fees | [2] | 352 | 374 | 1,025 | 1,116 |
Mortgage banking | [2] | 1,590 | 466 | 2,286 | 1,932 |
Net gains from trading activities | [2] | 361 | 276 | 1,232 | 862 |
Net gains on debt securities | [2] | 264 | 3 | 713 | 148 |
Net gains (losses) from equity securities | [2] | 649 | 956 | (219) | 2,392 |
Lease income | [2] | 333 | 402 | 1,021 | 1,270 |
Other | [2] | 220 | 1,842 | 869 | 3,667 |
Total noninterest income | [2] | 9,494 | 10,385 | 23,855 | 29,172 |
Noninterest expense | |||||
Personnel | [3] | 8,624 | 8,604 | 25,863 | 26,309 |
Technology, telecommunications and equipment | [3] | 791 | 821 | 2,261 | 2,340 |
Occupancy | [3] | 851 | 760 | 2,437 | 2,196 |
Operating losses | [3] | 1,219 | 1,920 | 2,902 | 2,405 |
Professional and outside services | [3] | 1,760 | 1,737 | 5,042 | 4,956 |
Leases | [3] | 291 | 272 | 795 | 869 |
Advertising and promotion | [3] | 144 | 266 | 462 | 832 |
Restructuring charges | [3] | 718 | 0 | 718 | 0 |
Other | [3] | 831 | 819 | 2,348 | 2,657 |
Total noninterest expense | [3] | 15,229 | 15,199 | 42,828 | 42,564 |
Income (loss) before income tax expense (benefit) | 2,864 | 6,116 | (2,721) | 20,596 | |
Income tax expense (benefit) | 645 | 1,304 | (3,113) | 3,479 | |
Net income before noncontrolling interests | 2,219 | 4,812 | 392 | 17,117 | |
Less: Net income from noncontrolling interests | 184 | 202 | 83 | 441 | |
Wells Fargo net income | 2,035 | 4,610 | 309 | 16,676 | |
Less: Preferred stock dividends and other | 315 | 573 | 1,241 | 1,284 | |
Wells Fargo net income (loss) applicable to common stock | $ 1,720 | $ 4,037 | $ (932) | $ 15,392 | |
Per share information | |||||
Earnings (loss) per common share (in dollars per share) | $ 0.42 | $ 0.93 | $ (0.23) | $ 3.45 | |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.42 | $ 0.92 | $ (0.23) | $ 3.43 | |
Average common shares outstanding (in shares) | 4,123.8 | 4,358.5 | 4,111.4 | 4,459.1 | |
Diluted average common shares outstanding (in shares) | [4] | 4,132.2 | 4,389.6 | 4,111.4 | 4,489.5 |
Deposit-related fees [Member] | |||||
Noninterest income | |||||
Fee income | [2] | $ 1,299 | $ 1,480 | $ 3,888 | $ 4,289 |
Trust and investment fees [Member] | |||||
Noninterest income | |||||
Fee income | [2] | $ 3,514 | $ 3,559 | $ 10,439 | $ 10,500 |
[1] | Prior to our adoption of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) , on January 1, 2020, provision for credit losses from debt securities was not applicable and is therefore presented as $0 for both the third quarter and first nine months of 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. | ||||
[2] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. | ||||
[3] | In third quarter 2020, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have been revised to conform with the current period presentation. | ||||
[4] | For the nine months ended September 30, 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect. |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Income Statement [Abstract] | |||||
Provision (reversal of provision) for credit losses, debt securities | [1] | $ 18 | $ 0 | $ 159 | $ 0 |
[1] | Prior to our adoption of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) , on January 1, 2020, provision for credit losses from debt securities was not applicable and is therefore presented as $0 for both the third quarter and first nine months of 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Wells Fargo net income | $ 2,035 | $ 4,610 | $ 309 | $ 16,676 |
Debt securities: | ||||
Net unrealized gains arising during the period | 96 | 652 | 1,582 | 5,192 |
Reclassification of net (gains) losses to net income | (95) | 76 | (357) | 34 |
Derivative and hedging activities: | ||||
Net unrealized gains (losses) arising during the period | (70) | 10 | 2 | 32 |
Reclassification of net losses to net income | 52 | 75 | 165 | 233 |
Defined benefit plans adjustments: | ||||
Net actuarial and prior service losses arising during the period | (89) | 0 | (760) | (4) |
Amortization of net actuarial loss, settlements and other to net income | 68 | 33 | 205 | 101 |
Foreign currency translation adjustments: | ||||
Net unrealized gains (losses) arising during the period | 74 | (53) | (70) | 3 |
Other comprehensive income, before tax | 36 | 793 | 767 | 5,591 |
Income tax benefit (expense) related to other comprehensive income | 13 | (208) | (206) | (1,375) |
Other comprehensive income, net of tax | 49 | 585 | 561 | 4,216 |
Total comprehensive income | 2,268 | 5,397 | 953 | 21,333 |
Total Wells Fargo stockholders' equity [Member] | ||||
Foreign currency translation adjustments: | ||||
Other comprehensive income, net of tax | 48 | 585 | 561 | 4,216 |
Total comprehensive income | 2,083 | 5,195 | 870 | 20,892 |
Noncontrolling Interest [Member] | ||||
Foreign currency translation adjustments: | ||||
Other comprehensive income, net of tax | 1 | 0 | 0 | 0 |
Total comprehensive income | $ 185 | $ 202 | $ 83 | $ 441 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and due from banks | $ 25,535 | $ 21,757 | |
Interest-earning deposits with banks | 221,235 | 119,493 | |
Total cash, cash equivalents, and restricted cash | 246,770 | 141,250 | |
Federal funds sold and securities purchased under resale agreements | 69,304 | 102,140 | |
Trading, at fair value | 73,253 | 79,733 | |
Available-for-sale, fair value | [1] | 220,573 | 263,459 |
Held-to-maturity, at amortized cost, net of allowance for credit losses | [1] | 182,595 | 153,933 |
Loans | [2] | 920,082 | 962,265 |
Allowance for loan losses | (19,463) | (9,551) | |
Net loans | 900,619 | 952,714 | |
Mortgage servicing rights: | |||
Measured at fair value | 6,355 | 11,517 | |
Amortized | 1,325 | 1,430 | |
Premises and equipment, net | 8,977 | 9,309 | |
Goodwill | 26,387 | 26,390 | |
Derivative assets | 23,715 | 14,203 | |
Equity securities | [2] | 51,169 | 68,241 |
Other assets | 86,174 | 78,917 | |
Total assets | [3] | 1,922,220 | 1,927,555 |
Liabilities | |||
Noninterest-bearing deposits | 447,011 | 344,496 | |
Interest-bearing deposits | 936,204 | 978,130 | |
Total deposits | 1,383,215 | 1,322,626 | |
Short-term borrowings | 55,224 | 104,512 | |
Derivative liabilities | 13,767 | 9,079 | |
Accrued expenses and other liabilities | 72,271 | 75,163 | |
Long-term debt | 215,711 | 228,191 | |
Liabilities | [4] | 1,740,188 | 1,739,571 |
Wells Fargo stockholders’ equity: | |||
Preferred stock | 21,098 | 21,549 | |
Common stock | 9,136 | 9,136 | |
Additional paid-in capital | 60,035 | 61,049 | |
Retained earnings | 160,913 | 166,697 | |
Cumulative other comprehensive income (loss) | (750) | (1,311) | |
Treasury stock | (68,384) | (68,831) | |
Unearned ESOP shares | (875) | (1,143) | |
Total Wells Fargo stockholders’ equity | 181,173 | 187,146 | |
Noncontrolling interests | 859 | 838 | |
Total equity | 182,032 | 187,984 | |
Total liabilities and equity | 1,922,220 | 1,927,555 | |
Mortgage loans [Member] | |||
Assets | |||
Loans held for sale | [2] | 23,307 | 23,342 |
Loans, excluding mortgage loans [Member] | |||
Assets | |||
Loans held for sale | [2] | $ 1,697 | $ 977 |
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. | ||
[2] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. | ||
[3] | Our consolidated assets at September 30, 2020, and December 31, 2019, included 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, $16 million and $16 million; Interest-earning deposits with banks, $0 million and $284 million; Debt securities, $662 million and $540 million; Net loans, $10.6 billion and $13.2 billion; Derivative assets, $1 million and $1 million; Equity securities, $72 million and $118 million; Other assets, $214 million and $239 million; and Total assets, $11.6 billion and $14.4 billion, respectively. | ||
[4] | Our consolidated liabilities at September 30, 2020, and December 31, 2019, included the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $395 million and $401 million; Derivative liabilities, $1 million and $3 million; Accrued expenses and other liabilities, $229 million and $235 million; Long-term debt, $215 million and $587 million; and Total liabilities, $840 million and $1.2 billion, respectively. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Assets | |||
Available-for-sale, at amortized cost, net of allowance for credit losses | $ 216,311 | $ 260,060 | |
Allowance for credit loss, available-for-sale debt securities | 79 | 0 | |
Allowance for credit loss, held-to-maturity debt securities | 26 | 0 | |
Held-to-maturity, at fair value | 189,434 | 156,860 | |
Equity securities, carried at fair value | 25,053 | 41,936 | |
Cash and due from banks | 25,535 | 21,757 | |
Interest-earning deposits with banks | 221,235 | 119,493 | |
Loans | [1] | 920,082 | 962,265 |
Derivative assets | 23,715 | 14,203 | |
Equity securities | [1] | 51,169 | 68,241 |
Other assets | 86,174 | 78,917 | |
Assets | [2] | 1,922,220 | 1,927,555 |
Liabilities | |||
Short-term borrowings | 55,224 | 104,512 | |
Derivative liabilities | 13,767 | 9,079 | |
Accrued expenses and other liabilities | 72,271 | 75,163 | |
Long-term debt | 215,711 | 228,191 | |
Liabilities | [3] | $ 1,740,188 | $ 1,739,571 |
Wells Fargo stockholders’ equity: | |||
Common stock, par value (in dollars per share) | $ 1.6666 | $ 1.6666 | |
Common stock, shares authorized | 9,000,000,000 | 9,000,000,000 | |
Common stock, shares issued | 5,481,811,474 | 5,481,811,474 | |
Treasury stock, shares | 1,349,294,592 | 1,347,385,537 | |
Fair value option election [Member] | |||
Assets | |||
Mortgage loans held for sale, carried at fair value | $ 19,884 | $ 16,606 | |
Loans held for sale, carried at fair value | 1,688 | 972 | |
Loans, carried at fair value | 148 | 171 | |
Carrying amount [Member] | |||
Assets | |||
Cash and due from banks | 25,535 | 21,757 | |
Interest-earning deposits with banks | 221,235 | 119,493 | |
Liabilities | |||
Short-term borrowings | 55,224 | 104,512 | |
Long-term debt | 215,682 | 228,159 | |
VIEs that we consolidate [Member] | |||
Assets | |||
Assets | 13,734 | 14,505 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | |||
Assets | |||
Cash and due from banks | 16 | 16 | |
Interest-earning deposits with banks | 0 | 284 | |
Debt securities, net of allowance for credit losses | 662 | 540 | |
Loans | 10,634 | 13,170 | |
Derivative assets | 1 | 1 | |
Equity securities | 72 | 118 | |
Other assets | 214 | 239 | |
Assets | 11,599 | 14,368 | |
Liabilities | |||
Short-term borrowings | 595 | 401 | |
Derivative liabilities | 1 | 3 | |
Accrued expenses and other liabilities | 229 | 235 | |
Long-term debt | 215 | 587 | |
Liabilities | 1,040 | 1,226 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | Nonrecourse [Member] | |||
Liabilities | |||
Short-term borrowings | 395 | 401 | |
Derivative liabilities | 1 | 3 | |
Accrued expenses and other liabilities | 229 | 235 | |
Long-term debt | 215 | 587 | |
Liabilities | $ 840 | $ 1,200 | |
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. | ||
[2] | Our consolidated assets at September 30, 2020, and December 31, 2019, included 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, $16 million and $16 million; Interest-earning deposits with banks, $0 million and $284 million; Debt securities, $662 million and $540 million; Net loans, $10.6 billion and $13.2 billion; Derivative assets, $1 million and $1 million; Equity securities, $72 million and $118 million; Other assets, $214 million and $239 million; and Total assets, $11.6 billion and $14.4 billion, respectively. | ||
[3] | Our consolidated liabilities at September 30, 2020, and December 31, 2019, included the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $395 million and $401 million; Derivative liabilities, $1 million and $3 million; Accrued expenses and other liabilities, $229 million and $235 million; Long-term debt, $215 million and $587 million; and Total liabilities, $840 million and $1.2 billion, respectively. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Total Wells Fargo stockholders' equity [Member] | Total Wells Fargo stockholders' equity [Member]Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Total Wells Fargo stockholders' equity [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Preferred stock [Member] | Preferred stock [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Common stock [Member] | Common stock [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Retained earnings [Member] | Retained earnings [Member]Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Retained earnings [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Cumulative other comprehensive income, parent [Member] | Cumulative other comprehensive income, parent [Member]Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Cumulative other comprehensive income, parent [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Treasury stock [Member] | Treasury stock [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Unearned ESOP Shares [Member] | Unearned ESOP Shares [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Noncontrolling interests [Member] | Noncontrolling interests [Member]Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | |
Beginning balance, shares at Dec. 31, 2018 | 9,377,216 | 9,377,216 | 4,581,253,608 | 4,581,253,608 | |||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2018 | $ 197,066 | $ 197,055 | $ 196,166 | $ 196,155 | $ 23,214 | $ 23,214 | $ 9,136 | $ 9,136 | $ 60,685 | $ 60,685 | $ 158,163 | $ 157,671 | $ (6,336) | $ (5,855) | $ (47,194) | $ (47,194) | $ (1,502) | $ (1,502) | $ 900 | $ 900 | |||||
Balance, beginning of period (Accounting Standards Update 2016-02 and Accounting Standards Update 2017-08 [Member]) at Dec. 31, 2018 | [1] | $ (11) | $ (11) | $ (492) | $ 481 | ||||||||||||||||||||
Stockholders' Equity Period Increase (Decrease) | |||||||||||||||||||||||||
Net income | 17,117 | 16,676 | 16,676 | 441 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 4,216 | 4,216 | 4,216 | 0 | |||||||||||||||||||||
Noncontrolling interests | (229) | 0 | (229) | ||||||||||||||||||||||
Common stock issued | 1,816 | 1,816 | (8) | (382) | 2,206 | ||||||||||||||||||||
Common stock, shares issued | 42,384,469 | ||||||||||||||||||||||||
Common stock repurchased | (17,166) | (17,166) | (17,166) | ||||||||||||||||||||||
Common stock repurchased, shares | (361,315,717) | ||||||||||||||||||||||||
Preferred stock redeemed | (1,550) | (1,550) | $ (1,330) | 0 | (220) | ||||||||||||||||||||
Preferred stock redeemed, shares | (1,550,000) | ||||||||||||||||||||||||
Preferred stock released by ESOP | 335 | 335 | (24) | 359 | |||||||||||||||||||||
Preferred stock converted to common shares | 0 | 0 | $ (335) | (16) | 351 | ||||||||||||||||||||
Preferred stock converted to common shares, shares | (335,047) | 6,819,444 | |||||||||||||||||||||||
Preferred stock issued | 0 | 0 | $ 0 | 0 | |||||||||||||||||||||
Preferred stock, shares issued | 0 | ||||||||||||||||||||||||
Common stock dividends | (6,299) | (6,299) | 62 | (6,361) | |||||||||||||||||||||
Preferred stock dividends | (1,064) | (1,064) | (1,064) | ||||||||||||||||||||||
Stock incentive compensation expense | 1,053 | 1,053 | 1,053 | ||||||||||||||||||||||
Net change in deferred compensation and related plans | (868) | (868) | (886) | 18 | |||||||||||||||||||||
Net change | (2,639) | (2,851) | $ (1,665) | $ 0 | 181 | 8,649 | 4,216 | (14,591) | 359 | 212 | |||||||||||||||
Net change, shares | (1,885,047) | (312,111,804) | |||||||||||||||||||||||
Balance, end of period at Sep. 30, 2019 | 194,416 | 193,304 | $ 21,549 | $ 9,136 | 60,866 | 166,320 | (1,639) | (61,785) | (1,143) | 1,112 | |||||||||||||||
Ending balance, shares at Sep. 30, 2019 | 7,492,169 | 4,269,141,804 | |||||||||||||||||||||||
Beginning balance, shares at Jun. 30, 2019 | 9,184,169 | 4,419,591,197 | |||||||||||||||||||||||
Balance, beginning of period at Jun. 30, 2019 | 200,037 | 199,042 | $ 23,021 | $ 9,136 | 60,625 | 164,551 | (2,224) | (54,775) | (1,292) | 995 | |||||||||||||||
Stockholders' Equity Period Increase (Decrease) | |||||||||||||||||||||||||
Net income | 4,812 | 4,610 | 4,610 | 202 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 585 | 585 | 585 | 0 | |||||||||||||||||||||
Noncontrolling interests | (85) | 0 | (85) | ||||||||||||||||||||||
Common stock issued | 278 | 278 | (6) | (15) | 299 | ||||||||||||||||||||
Common stock, shares issued | 5,834,645 | ||||||||||||||||||||||||
Common stock repurchased | (7,448) | (7,448) | (7,448) | ||||||||||||||||||||||
Common stock repurchased, shares | (159,099,263) | ||||||||||||||||||||||||
Preferred stock redeemed | (1,550) | (1,550) | $ (1,330) | (220) | |||||||||||||||||||||
Preferred stock redeemed, shares | (1,550,000) | ||||||||||||||||||||||||
Preferred stock released by ESOP | 142 | 142 | (7) | 149 | |||||||||||||||||||||
Preferred stock converted to common shares | 0 | 0 | $ (142) | (1) | 143 | ||||||||||||||||||||
Preferred stock converted to common shares, shares | (142,000) | 2,815,225 | |||||||||||||||||||||||
Common stock dividends | (2,230) | (2,230) | 23 | (2,253) | |||||||||||||||||||||
Preferred stock dividends | (353) | (353) | (353) | ||||||||||||||||||||||
Stock incentive compensation expense | 262 | 262 | 262 | ||||||||||||||||||||||
Net change in deferred compensation and related plans | (34) | (34) | (30) | (4) | |||||||||||||||||||||
Net change | (5,621) | (5,738) | $ (1,472) | $ 0 | 241 | 1,769 | 585 | (7,010) | 149 | 117 | |||||||||||||||
Net change, shares | (1,692,000) | (150,449,393) | |||||||||||||||||||||||
Balance, end of period at Sep. 30, 2019 | 194,416 | 193,304 | $ 21,549 | $ 9,136 | 60,866 | 166,320 | (1,639) | (61,785) | (1,143) | 1,112 | |||||||||||||||
Ending balance, shares at Sep. 30, 2019 | 7,492,169 | 4,269,141,804 | |||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 7,492,169 | 7,492,169 | 4,134,425,937 | 4,134,425,937 | |||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2019 | 187,984 | $ 188,975 | 187,146 | $ 188,137 | $ 21,549 | $ 21,549 | $ 9,136 | $ 9,136 | 61,049 | $ 61,049 | 166,697 | $ 167,688 | (1,311) | $ (1,311) | (68,831) | $ (68,831) | (1,143) | $ (1,143) | 838 | $ 838 | |||||
Balance, beginning of period (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | [2] | $ 991 | $ 991 | $ 991 | $ 0 | ||||||||||||||||||||
Stockholders' Equity Period Increase (Decrease) | |||||||||||||||||||||||||
Net income | 392 | 309 | 309 | 83 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 561 | 561 | 561 | 0 | |||||||||||||||||||||
Noncontrolling interests | (62) | 0 | (62) | ||||||||||||||||||||||
Common stock issued | 2,369 | 2,369 | 207 | (1,200) | 3,362 | ||||||||||||||||||||
Common stock, shares issued | 63,900,366 | ||||||||||||||||||||||||
Common stock repurchased | (3,412) | (3,412) | (3,412) | ||||||||||||||||||||||
Common stock repurchased, shares | (75,542,855) | ||||||||||||||||||||||||
Preferred stock redeemed | (2,470) | (2,470) | $ (2,215) | 17 | (272) | ||||||||||||||||||||
Preferred stock redeemed, shares | (1,828,720) | ||||||||||||||||||||||||
Preferred stock released by ESOP | 249 | 249 | (19) | 268 | |||||||||||||||||||||
Preferred stock converted to common shares | 0 | 0 | $ (249) | (243) | 492 | ||||||||||||||||||||
Preferred stock converted to common shares, shares | (249,176) | 9,733,434 | |||||||||||||||||||||||
Preferred stock issued | 1,968 | 1,968 | $ 2,013 | (45) | |||||||||||||||||||||
Preferred stock, shares issued | 80,500 | ||||||||||||||||||||||||
Common stock dividends | (4,602) | (4,602) | 41 | (4,643) | |||||||||||||||||||||
Preferred stock dividends | (969) | (969) | (969) | ||||||||||||||||||||||
Stock incentive compensation expense | 437 | 437 | 437 | ||||||||||||||||||||||
Net change in deferred compensation and related plans | (1,404) | (1,404) | (1,409) | 5 | |||||||||||||||||||||
Net change | (6,943) | (6,964) | $ (451) | $ 0 | (1,014) | (6,775) | 561 | 447 | 268 | 21 | |||||||||||||||
Net change, shares | (1,997,396) | (1,909,055) | |||||||||||||||||||||||
Balance, end of period at Sep. 30, 2020 | 182,032 | 181,173 | $ 21,098 | $ 9,136 | 60,035 | 160,913 | (750) | (68,384) | (875) | 859 | |||||||||||||||
Ending balance, shares at Sep. 30, 2020 | 5,494,773 | 4,132,516,882 | |||||||||||||||||||||||
Beginning balance, shares at Jun. 30, 2020 | 5,494,773 | 4,119,558,592 | |||||||||||||||||||||||
Balance, beginning of period at Jun. 30, 2020 | 180,122 | 179,386 | $ 21,098 | $ 9,136 | 59,923 | 159,952 | (798) | (69,050) | (875) | 736 | |||||||||||||||
Stockholders' Equity Period Increase (Decrease) | |||||||||||||||||||||||||
Net income | 2,219 | 2,035 | 2,035 | 184 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 49 | 48 | 48 | 1 | |||||||||||||||||||||
Noncontrolling interests | (62) | 0 | (62) | ||||||||||||||||||||||
Common stock issued | 325 | 325 | 0 | (343) | 668 | ||||||||||||||||||||
Common stock, shares issued | 13,087,759 | ||||||||||||||||||||||||
Common stock repurchased | (3) | (3) | (3) | ||||||||||||||||||||||
Common stock repurchased, shares | (129,469) | ||||||||||||||||||||||||
Preferred stock redeemed | 0 | 0 | $ 0 | 0 | |||||||||||||||||||||
Preferred stock redeemed, shares | 0 | ||||||||||||||||||||||||
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 dividends | (413) | (413) | 3 | (416) | |||||||||||||||||||||
Preferred stock dividends | (315) | (315) | (315) | ||||||||||||||||||||||
Stock incentive compensation expense | 136 | 136 | 136 | ||||||||||||||||||||||
Net change in deferred compensation and related plans | (26) | (26) | (27) | 1 | |||||||||||||||||||||
Net change | 1,910 | 1,787 | $ 0 | $ 0 | 112 | 961 | 48 | 666 | 0 | 123 | |||||||||||||||
Net change, shares | 0 | 12,958,290 | |||||||||||||||||||||||
Balance, end of period at Sep. 30, 2020 | $ 182,032 | $ 181,173 | $ 21,098 | $ 9,136 | $ 60,035 | $ 160,913 | $ (750) | $ (68,384) | $ (875) | $ 859 | |||||||||||||||
Ending balance, shares at Sep. 30, 2020 | 5,494,773 | 4,132,516,882 | |||||||||||||||||||||||
[1] | Effective January 1, 2019, we adopted ASU 2016-02 – Leases (Topic 842) and subsequent related Updates, ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. | ||||||||||||||||||||||||
[2] | We adopted CECL effective January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies) in this Report. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income before noncontrolling interests | $ 392 | $ 17,117 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 14,308 | 2,043 |
Changes in fair value of MSRs, MLHFS and LHFS carried at fair value | 4,434 | 3,704 |
Depreciation, amortization and accretion | 6,444 | 4,940 |
Other net (gains) losses | 6,753 | (2,888) |
Stock-based compensation | 1,337 | 1,885 |
Originations and purchases of mortgage loans held for sale | (134,318) | (109,609) |
Proceeds from sales of and paydowns on mortgage loans held for sale | 87,350 | 70,676 |
Net change in: | ||
Debt and equity securities, held for trading | 58,969 | 17,104 |
Loans held for sale | (669) | 241 |
Deferred income taxes | (1,647) | (3,142) |
Derivative assets and liabilities | (5,823) | (2,397) |
Other assets | (9,482) | (6,320) |
Other accrued expenses and liabilities | (3,232) | 953 |
Net cash provided (used) by operating activities | 24,816 | (5,693) |
Net change in: | ||
Federal funds sold and securities purchased under resale agreements | 32,836 | (22,844) |
Available-for-sale debt securities: | ||
Proceeds from sales | 40,709 | 7,709 |
Prepayments and maturities | 59,393 | 30,362 |
Purchases | (54,010) | (44,460) |
Held-to-maturity debt securities: | ||
Paydowns and maturities | 22,767 | 9,154 |
Purchases | (41,758) | (2,929) |
Equity securities, not held for trading: | ||
Proceeds from sales and capital returns | 10,344 | 4,104 |
Purchases | (6,518) | (4,595) |
Loans: | ||
Loans originated by banking subsidiaries, net of principal collected | 33,296 | (15,133) |
Proceeds from sales (including participations) of loans held for investment | 6,828 | 10,416 |
Purchases (including participations) of loans | (1,036) | (1,574) |
Principal collected on nonbank entities’ loans | 7,150 | 2,990 |
Loans originated by nonbank entities | (8,703) | (3,816) |
Proceeds from sales of foreclosed assets and short sales | 967 | 1,992 |
Other, net | (223) | 1,519 |
Net cash provided (used) by investing activities | 102,042 | (27,105) |
Net change in: | ||
Deposits | 60,589 | 22,005 |
Short-term borrowings | (49,288) | 18,121 |
Long-term debt: | ||
Proceeds from issuance | 37,901 | 40,220 |
Repayment | (61,151) | (45,940) |
Preferred stock: | ||
Proceeds from issuance | 1,968 | 0 |
Redeemed | (2,470) | (1,550) |
Cash dividends paid | (910) | (1,005) |
Common stock: | ||
Proceeds from issuance | 513 | 356 |
Stock tendered for payment of withholding taxes | (326) | (283) |
Repurchased | (3,412) | (17,166) |
Cash dividends paid | (4,454) | (6,118) |
Net change in noncontrolling interests | (67) | (221) |
Other, net | (231) | (177) |
Net cash provided (used) by financing activities | (21,338) | 8,242 |
Net change in cash, cash equivalents, and restricted cash | 105,520 | (24,556) |
Cash, cash equivalents, and restricted cash at beginning of period | 141,250 | 173,287 |
Cash, cash equivalents, and restricted cash at end of period | 246,770 | 148,731 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 7,099 | 14,505 |
Cash paid for income taxes | $ 2,360 | $ 5,248 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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, 2019 (2019 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 Related Allowance for Credit Losses); • valuations of residential mortgage servicing rights (MSRs) (Note 10 (Securitizations and Variable Interest Entities) and Note 11 (Mortgage Banking Activities)); • valuations of financial instruments (Note 15 (Derivatives) and Note 16 (Fair Values of Assets and Liabilities)); • liabilities for contingent litigation losses (Note 14 (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 2019 Form 10-K. Accounting Standards Adopted in 2020 In 2020, we adopted the following new accounting guidance: • Accounting Standards Update (ASU or Update) 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting • ASU 2019-04 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses , Topic 815, Derivatives and Hedging , and Topic 825, Financial Instruments . This Update includes guidance on recoveries of financial assets, which is included in the discussion for ASU 2016-13 below. • ASU 2018-17 – Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities • ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the Financial Accounting Standards Board (FASB) Emerging Issues Task Force) • ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. • ASU 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment • ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related subsequent Updates ASU 2020-04 provides optional, temporary relief to ease the burden of accounting for reference rate reform activities that affect contractual modifications of floating rate financial instruments indexed to interbank offering rates (IBORs) and hedge accounting relationships. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. The application of the relief for qualifying existing hedging relationships may be made on a hedge-by-hedge basis and across multiple reporting periods. We adopted ASU 2020-04 on April 1, 2020, and the guidance will be followed until the Update terminates on December 31, 2022. This guidance is applied on a prospective basis. The Update did not have a material impact on our consolidated financial statements. ASU 2018-17 updates the guidance used by decision-makers of VIEs. Indirect interests held through related parties in common control arrangements will be considered on a proportional basis for determining whether fees paid to decision-makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. The Update did not have a material impact on our consolidated financial statements. ASU 2018-15 clarifies the accounting for implementation costs related to a cloud computing arrangement that is a service contract and enhances disclosures around implementation costs for internal-use software and cloud computing arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). It also requires the expense related to the capitalized implementation costs be presented in the same line item in the statement of income as the fees associated with the hosting element of the arrangement and capitalized implementation costs be presented in the balance sheet in the same line item that a prepayment for the fees of the associated hosting arrangement are presented. The Update did not have a material impact on our consolidated financial statements. ASU 2018-13 clarifies, eliminates and adds certain fair value measurement disclosure requirements for assets and liabilities, which affects our disclosures in Note 16 (Fair Values of Assets and Liabilities). Although the ASU became effective on January 1, 2020, it permitted early adoption of individual requirements without causing others to be early adopted and, as such, we partially adopted the Update during third quarter 2018 and the remainder of the requirements in first quarter 2020. The Update did not have a material impact on our consolidated financial statements. ASU 2017-04 simplifies the goodwill impairment test by eliminating the requirement to assign the fair value of a reporting unit to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The Update requires that a goodwill impairment loss is recognized if the fair value of the reporting unit is less than the carrying amount, including goodwill. The goodwill impairment loss is limited to the amount of goodwill allocated to the reporting unit. The guidance did not change the qualitative assessment of goodwill. This guidance is applied on a prospective basis, and accordingly, the Update did not have a material impact on our consolidated financial statements. ASU 2016-13 changes the accounting for the measurement of credit losses on loans and debt securities. For loans and held-to-maturity (HTM) debt securities, the Update requires a current expected credit loss (CECL) measurement to estimate the allowance for credit losses (ACL) for the remaining contractual term, adjusted for prepayments, of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts. Also, the Update eliminates the existing guidance for purchased credit-impaired (PCI) loans, but requires an allowance for purchased financial assets with more than an insignificant deterioration of credit since origination. In addition, the Update modifies the other-than-temporary impairment (OTTI) model for available-for-sale (AFS) debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods based on improvements in credit. Upon adoption, we recognized an overall decrease in our ACL of approximately $1.3 billion (pre-tax) as a cumulative effect adjustment from a change in accounting policies, which increased our retained earnings and regulatory capital amounts and ratios. Loans previously classified as PCI were automatically transitioned to purchased credit-deteriorated (PCD) classification. We recognized an ACL for these new PCD loans and made a corresponding adjustment to the loan balance, with no impact to net income or transition adjustment to retained earnings. For more information on the impact of CECL by type of financial asset, see Table 1.1 below. Table 1.1: ASU 2016-13 Adoption Impact to Allowance for Credit Losses (1) Dec 31, 2019 ASU 2016-13 Adoption Impact Jan 1, 2020 (in billions) Balance Outstanding ACL Balance Coverage ACL Balance Coverage Total commercial (2) $ 515.7 6.2 1.2 % $ (2.9) 3.4 0.7 % Real estate 1-4 family mortgage (3) 323.4 0.9 0.3 — 0.9 0.3 Credit card (4) 41.0 2.3 5.5 0.7 2.9 7.1 Automobile (4) 47.9 0.5 1.0 0.3 0.7 1.5 Other revolving credit and installment (4) 34.3 0.6 1.6 0.6 1.2 3.5 Total consumer 446.5 4.2 0.9 1.5 5.7 1.3 Total loans 962.3 10.5 1.1 (1.3) 9.1 0.9 Available-for-sale and held-to-maturity debt securities and other assets (5) 420.0 0.1 NM — 0.1 NM Total $ 1,382.3 10.6 NM $ (1.3) 9.3 NM NM – Not meaningful (1) Amounts presented in this table may not equal the sum of its components due to rounding. (2) Decrease reflecting shorter contractual maturities given limitation to contractual terms. (3) Impact reflects an increase due to longer contractual terms, offset by expectation of recoveries in collateral value on mortgage loans previously written down significantly below current recovery value. (4) Increase due to longer contractual terms or indeterminate maturities. (5) Excludes other financial assets in the scope of CECL that do not have an allowance for credit losses based on the nature of the asset. The adoption of ASU 2016-13 did not result in a change to accounting policies, except as noted herein. Our accounting policy for the ACL was updated and is now inclusive of loans, debt securities and other financing receivables. Other than the ACL and the elimination of PCI loans, there were no changes to accounting policies for loans as described in the 2019 Form 10-K. For debt securities, other than the policies with respect to the ACL, all of the current accounting policies, including those that changed as a result of CECL adoption, are included below under Debt Securities. Debt Securities Our investments in debt securities that are not held for trading purposes are classified as either debt securities available-for-sale (AFS) or held-to-maturity (HTM). Investments in debt securities for which the Company does not have the positive intent and ability to hold to maturity are classified as AFS. AFS debt securities are measured at fair value, with unrealized gains and losses reported in cumulative other comprehensive income (OCI), net of the allowance for credit losses and applicable income taxes. Investments in debt securities for which the Company has the positive intent and ability to hold to maturity are classified as HTM. HTM debt securities are measured at amortized cost, net of allowance for credit losses. INTEREST INCOME AND GAIN/LOSS RECOGNITION Unamortized premiums and discounts are recognized in interest income over the contractual life of the security using the effective interest method, except for purchased callable debt securities carried at a premium. For purchased callable debt securities carried at a premium, the premium is amortized into interest income to the earliest call date using the effective interest method. As principal repayments are received on securities (e.g., mortgage-backed securities (MBS)), a proportionate amount of the related premium or discount is recognized in income so that the effective interest rate on the remaining portion of the security continues unchanged. We recognize realized gains and losses on the sale of debt securities in net gains (losses) on debt securities within noninterest income using the specific identification method. IMPAIRMENT AND CREDIT LOSSES Unrealized losses of AFS debt securities are driven by a number of factors, including changes in interest rates and credit spreads which impact most types of debt securities with additional considerations for certain types of debt securities: • Debt securities of U.S. Treasury and federal agencies, including federal agency MBS, are not impacted by credit movements given the explicit or implicit guarantees provided by the U.S. government. • Debt securities of U.S. states and political subdivisions are most impacted by changes in the relationship between municipal and term funding credit curves rather than by changes in the credit quality of the underlying securities. • Structured securities, such as MBS and collateralized loan obligations (CLO), are also impacted by changes in projected collateral losses of assets underlying the security. For debt securities where fair value is less than amortized cost basis, we recognize impairment in earnings if we have the intent to sell the security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. Impairment is recognized equal to the entire difference between the amortized cost basis and the fair value of the security and is classified as net gains (losses) from debt securities within noninterest income. Following the recognition of impairment, the security’s new amortized cost basis is the previous basis less impairment. For debt securities where fair value is less than amortized cost basis where we did not recognize impairment in earnings, we set up an allowance for credit losses as of the balance sheet date. See “Allowance for Credit Losses” section in this Note. TRANSFERS BETWEEN CATEGORIES OF DEBT SECURITIES AFS debt securities transferred to the HTM classification are recorded at fair value and the unrealized gains or losses resulting from the transfer of these securities continue to be reported in cumulative OCI. The cumulative OCI balance is amortized into earnings over the same period as the unamortized premiums and discounts using the effective interest method. Any allowance for credit losses previously recorded under the AFS model on securities transferred to HTM is reversed and an allowance for credit losses is subsequently recorded under the HTM debt security model. NONACCRUAL AND PAST DUE, AND CHARGE-OFF POLICIES We generally place debt securities on nonaccrual status using factors similar to those described for loans. When we place a debt security on nonaccrual status, we reverse the accrued unpaid interest receivable against interest income and suspend the amortization of premiums and accretion of discounts. If the ultimate collectability of the principal is in doubt on a nonaccrual debt security, any cash collected is first applied to reduce the security’s amortized cost basis to zero, followed by recovery of amounts previously charged off, and subsequently to interest income. Generally, we return a debt security to accrual status when all delinquent interest and principal become current under the contractual terms of the security and collectability of remaining principal and interest is no longer doubtful. Our debt securities are considered past due when contractually required principal or interest payments have not been made on the due dates. Our charge-off policy for debt securities are similar to those described for loans. Subsequent to charge-off, the debt security will be designated as nonaccrual and follow the process described above for any cash received. Allowance for Credit Losses The ACL is management’s estimate of the current expected credit losses in the loan portfolio and unfunded credit commitments, at the balance sheet date, excluding loans and unfunded credit commitments carried at fair value or held for sale. Additionally, we maintain an ACL on AFS and HTM debt securities, other financing receivables measured at amortized cost, and other off-balance sheet credit exposures. While we attribute portions of the allowance to specific financial asset classes (loan and debt security portfolios), loan portfolio segments (commercial and consumer) or major security type, the entire ACL is available to absorb credit losses of the Company. Our ACL process involves procedures to appropriately consider the unique risk characteristics of our financial asset classes, portfolio segments, and major security types. For each loan portfolio segment and each major HTM debt security type, losses are estimated collectively for groups of loans or securities with similar risk characteristics. For loans and securities that do not share similar risk characteristics with other financial assets, the losses are estimated individually, which primarily includes our impaired large commercial loans and non-accruing HTM debt securities. For AFS debt securities, losses are estimated at the tax-lot level. Our ACL amounts are influenced by a variety of factors, including changes in loan and debt security volumes, portfolio credit quality, and general economic conditions. General economic conditions are forecasted using economic variables which will create volatility as those variables change over time. See Table 1.2 for key economic variables used for our loan portfolios. Table 1.2: Key Economic Variables Loan Portfolio Key economic variables Total commercial • Gross domestic product • Commercial real estate asset prices, where applicable • Unemployment rate • Corporate investment-grade bond spreads Real estate 1-4 family mortgage • Home price index • Unemployment rate Other consumer (including credit card, automobile, and other revolving credit and installment) • Unemployment rate Our approach for estimating expected life-time credit losses for loans and debt securities includes the following key components: • An initial loss forecast period of one year for all portfolio segments and classes of financing receivables and off-balance-sheet credit exposures. This period reflects management’s expectation of losses based on forward-looking economic scenarios over that time. • A historical loss forecast period covering the remaining contractual term, adjusted for expected prepayments and certain expected extensions, renewals, or modifications, by portfolio segment and class of financing receivables based on the changes in key historical economic variables during representative historical expansionary and recessionary periods. • A reversion period of up to two years to connect the losses estimated for our initial loss forecast period to the period of our historical loss forecast based on economic conditions at the measurement date. Our reversion methodology considers the type of portfolio, point in the credit cycle, expected length of recessions and recoveries, as well as other relevant factors. • Utilization of discounted cash flow (DCF) methods to measure credit impairment for loans modified in a troubled debt restructuring, unless they are collateral dependent and measured at the fair value of the collateral. The DCF methods obtain estimated life-time credit losses using the initial and historical mean loss forecast periods described above. • For AFS debt securities and certain beneficial interests classified as HTM, we utilize the DCF methods to measure the ACL, which incorporate expected credit losses using the conceptual components described above. The ACL on AFS debt securities is subject to a limitation based on the fair value of the debt securities (fair value floor). The ACL for financial assets held at amortized cost and AFS debt securities will be reversible with immediate recognition of recovery in earnings if credit improves. The ACL for financial assets held at amortized cost is a valuation account that is deducted from, or added to, the amortized cost basis of the financial assets to present the net amount expected to be collected, which can include a negative allowance limited to the cumulative amounts previously charged off. For financial assets with an ACL estimated using DCF methods, changes in the ACL due to the passage of time are recorded in interest income. The ACL for AFS debt securities reflects the amount of unrealized loss related to expected credit losses, limited by the amount that fair value is less than the amortized cost basis, and cannot have an associated negative allowance. For certain financial assets, such as residential real estate loans guaranteed by the Government National Mortgage Association (GNMA), an agency of the federal government, U. S. Treasury and Agency mortgage backed debt securities, as well as certain sovereign debt securities, the Company has not recognized an ACL as our expectation of nonpayment of the amortized cost basis, based on historical losses, adjusted for current conditions and reasonable and supportable forecasts, is zero. A financial asset is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When a collateral-dependent financial asset is probable of foreclosure, we will measure the ACL based on the fair value of the collateral. If we intend to sell the underlying collateral, we will measure the ACL based on the collateral’s net realizable value (fair value of collateral, less estimated costs to sell). In most situations, based on our charge-off policies, we will immediately write-down the financial asset to the fair value of the collateral or net realizable value. For consumer loans, collateral-dependent financial assets may have collateral in the form of residential real estate, automobiles or other personal assets. For commercial loans, collateral-dependent financial assets may have collateral in the form of commercial real estate or other business assets. We do not generally record an ACL for accrued interest receivables because uncollectible accrued interest is reversed through interest income in a timely manner in line with our non-accrual and past due policies for loans and debt securities. For consumer credit card and certain consumer lines of credit, we include an ACL for accrued interest and fees since these loans are not placed on nonaccrual status and written off until the loan is 180 days past due. Accrued interest receivables are included in other assets, except for certain revolving loans, such as credit card loans. COMMERCIAL LOAN PORTFOLIO SEGMENT ACL METHODOLOGY Generally, commercial loans, which include net investments in lease financing, are assessed for estimated losses by grading each loan using various risk factors as identified through periodic reviews. Our estimation approach for the commercial portfolio reflects the estimated probability of default in accordance with the borrower’s financial strength and the severity of loss in the event of default, considering the quality of any underlying collateral. Probability of default and severity at the time of default are statistically derived through historical observations of default and losses after default within each credit risk rating. These estimates are adjusted as appropriate based on additional analysis of long-term average loss experience compared with previously forecasted losses, external loss data or other risks identified from current economic conditions and credit quality trends. The estimated probability of default and severity at the time of default are applied to loan equivalent exposures to estimate losses for unfunded credit commitments. CONSUMER LOAN PORTFOLIO SEGMENT ACL METHODOLOGY For consumer loans, we determine the allowance at the individual loan level. When developing historical loss experience, we pool loans, generally by product types with similar risk characteristics, such as residential real estate mortgages and credit cards. As appropriate and to achieve greater accuracy, we may further stratify selected portfolios by sub-product, origination channel, vintage, loss type, geographic location and other predictive characteristics. We use pooled loan data such as historic delinquency and default and loss severity in the development of our consumer loan models, in addition to home price trends, unemployment trends, and other economic variables that may influence the frequency and severity of losses in the consumer portfolio. AFS PORTFOLIO ACL METHODOLOGY We develop our ACL estimate for AFS debt securities by utilizing a security-level multi-scenario, probability-weighted discounted cash flow model based on a combination of past events, current conditions, as well as reasonable and supportable forecasts. The projected cash flows are discounted at the security’s effective interest rate, except for certain variable rate securities which are discounted using projections of future changes in interest rates, prepayable securities which are adjusted for estimated prepayments, and securities part of a fair value hedge which use hedge-adjusted assumptions. The ACL on an AFS debt security is limited to the difference between its amortized cost basis and fair value (fair value floor) and reversals of the allowance are permitted up to the amount previously recorded. HTM PORTFOLIO ACL METHODOLOGY For most HTM debt securities, the ACL is measured using an expected loss model, similar to the methodology used for loans. Unlike AFS debt securities, the ACL on an HTM debt security is not limited to the fair value floor. Certain beneficial interests categorized as HTM debt securities utilize a similar discounted cash flow model as described for AFS debt securities, without the limitation of the fair value floor. OTHER QUALITATIVE FACTORS The ACL includes amounts for qualitative factors which may not be adequately reflected in our loss models. These amounts represent management’s judgment of risks in the processes and assumptions used in establishing the ACL. Generally, these amounts are established at a granular level below our loan portfolio segments. We also consider economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments. OFF-BALANCE SHEET CREDIT EXPOSURES Our off-balance sheet credit exposures include unfunded loan commitments (generally in the form of revolving lines of credit), financial guarantees not accounted for as insurance contracts or derivatives, including standby letters of credit, and other similar instruments. For off-balance sheet credit exposures, we recognize an ACL associated with the unfunded amounts. We do not recognize an ACL for commitments that are unconditionally cancelable at our discretion. Additionally, we recognize an ACL for financial guarantees that create off-balance sheet credit exposure, such as loans sold with credit recourse and factoring guarantees. ACL for off-balance sheet credit exposures are reported as a liability in accrued expenses and other liabilities on our consolidated balance sheet. OTHER FINANCIAL ASSETS Other financial assets are evaluated for expected credit losses. These other financial assets include accounts receivable for fees, receivables from government-sponsored entities, such as Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC), and GNMA, and other accounts receivable from high-credit quality counterparties, such as central clearing counterparties. Many of these financial assets are generally not expected to have an ACL as there is a zero loss expectation (for example, government guarantee) or no historical credit losses. Some financial assets, such as loans to employees, maintain an ACL that is presented on a net basis with the related amortized cost amounts in other assets on our consolidated balance sheet. Given the nature of these financial assets, provision for credit losses is not recognized separately from the regular income or expense associated with these financial assets. Securities purchased under resale agreements are generally over-collateralized by securities or cash and are generally short-term in nature. We have elected the practical expedient for these financial assets given collateral maintenance provisions. These provisions require that we monitor the collateral value and customers are required to replenish collateral, if needed. Accordingly, we generally do not maintain an ACL for these financial assets. PURCHASED CREDIT DETERIORATED FINANCIAL ASSETS Financial assets acquired that are of poor credit quality and with more than an insignificant evidence of credit deterioration since their origination or issuance are PCD assets. PCD assets are recorded at their purchase price plus an ACL estimated at the time of acquisition. Under this approach, there is no provision for credit losses recognized at acquisition; rather, there is a gross-up of the purchase price of the financial asset for the estimate of expected credit losses and a corresponding ACL recorded. Changes in estimates of expected credit losses after acquisition are recognized as provision for credit losses (or reversal of provision for credit losses) in subsequent periods. In general, interest income recognition for PCD financial assets is consistent with interest income recognition for the similar non-PCD financial asset. Troubled Debt Restructuring and Other Relief Related to COVID-19 On March 25, 2020, the U.S. Senate approved the Coronavirus, Aid, Relief, and Economic Security Act (the CARES Act) providing optional, temporary relief from accounting for certain loan modifications as troubled debt restructurings (TDRs). Under the CARES Act, TDR relief is available to banks for loan modifications related to the adverse effects of Coronavirus Disease 2019 (COVID-19) (COVID-related modifications) granted to borrowers that are current as of December 31, 2019. TDR relief applies to COVID-related modifications made from March 1, 2020, until the earlier of December 31, 2020, or 60 days following the termination of the national emergency declared by the President of the United States. In first quarter 2020, we elected to apply the TDR relief provided by the CARES Act. On April 7, 2020, federal banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (the Interagency Statement). The guidance in the Interagency Statement provides additional TDR relief as it clarifies that it is not necessary to consider the impact of the COVID-19 pandemic on the financial condition of a borrower in connection with a short-term (e.g., six months or less) COVID-related modification provided the borrower is current at the date the modification program is implemented. For COVID-related modifications in the form of payment deferrals, delinquency status will not advance and loans that were accruing at the time the relief is provided will generally not be placed on nonaccrual status during the deferral period. COVID-related modifications that do not meet the provisions of the CARES Act or the Interagency Statement will be assessed for TDR classification. On April 10, 2020, the FASB Staff issued Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic , a question and answer guide (the guide). Th |
Subsequent Events | Subsequent Events We have evaluated the effects of events that have occurred subsequent to September 30, 2020, and, except as disclosed in Note 17 (Preferred Stock) and Note 19 (Employee Benefits and |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring Costs [Abstract] | |
Restructuring Charges | Note 2: Restructuring Charges The Company is pursuing various initiatives to reduce expenses and create a more efficient and streamlined organization. Actions from these initiatives may include reorganizing and simplifying business processes and structures, reducing headcount, optimizing third-party spending, and rationalizing our branch and administrative locations, which may include consolidations and closures. The evaluation of potential actions will continue in future periods. Restructuring charges are recorded as a component of noninterest expense on our consolidated statement of income. The following costs associated with these initiatives are included in restructuring charges • Personnel costs – Primarily severance costs associated with headcount reductions with payments made over time in accordance with our severance plan. • Facility closure costs – Write-downs and acceleration of depreciation and amortization of owned or leased assets for branch and administrative locations, as well as related decommissioning costs. Table 2.1 provides details on our restructuring charges. Table 2.1: Restructuring Charges (in millions) Personnel costs Facility closure costs Total Restructuring charges $ 694 24 718 Payments and utilization — (24) (24) Accrual balance at September 30, 2020 $ 694 — 694 |
Cash, Loan and Dividend Restric
Cash, Loan and Dividend Restrictions | 9 Months Ended |
Sep. 30, 2020 | |
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) Sep 30, Dec 31, Required reserve balance for the FRB (1) $ — 11,374 Reserve balance for non-U.S. central banks 220 460 Segregated for benefit of brokerage customers under federal and other brokerage regulations 875 733 Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs 16 300 (1) Effective March 26, 2020, the FRB reduced reserve requirement ratios to 0%. The amount for December 31, 2019, represents an average for the year ended December 31, 2019. Federal laws and regulations limit the dividends that a national bank may pay. Our national bank subsidiaries could have declared additional dividends of $2.7 billion at September 30, 2020, without obtaining prior regulatory approval. We have elected to retain higher capital at our national bank subsidiaries in order to meet internal capital policy minimums and regulatory requirements. 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, as amended and restated on June 26, 2019, among Wells Fargo & Company, the parent holding company (the “Parent”), WFC Holdings, LLC, an intermediate holding company and subsidiary of the Parent (the “IHC”), Wells Fargo Bank, N.A., Wells Fargo Securities, LLC, Wells Fargo Clearing Services, LLC, and certain other direct and indirect subsidiaries of the Parent designated as material entities for resolution planning purposes or identified as related support entities in our resolution plan, the IHC may be restricted from making dividend payments to the Parent if certain liquidity and/or capital metrics fall below defined triggers or if the Parent’s board of directors authorizes it to file a case under the U.S. Bankruptcy Code. Based on retained earnings at September 30, 2020, our nonbank subsidiaries could have declared additional dividends of $27.8 billion at September 30, 2020, without obtaining prior regulatory approval. For additional information see Note 3 ( Cash, Loan and Dividend Restrictions) in our 2019 Form 10-K. The FRB’s Capital Plan Rule (codified at 12 CFR 225.8 of Regulation Y) establishes capital planning and other requirements that govern 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 Parent’s ability to make certain capital distributions is subject to review by the FRB as part of the Parent’s capital plan in connection with the FRB’s annual Comprehensive Capital Analysis and Review (CCAR). The Parent’s ability to take certain capital actions is also subject to the Parent meeting or exceeding certain regulatory capital minimums. On September 30, 2020, the Board of Governors of the Federal Reserve System (FRB) announced that it was extending through fourth quarter 2020 measures it announced on June 25, 2020, prohibiting large bank holding companies (BHCs) subject to the FRB’s capital plan rule, including Wells Fargo, from making any capital distribution (excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio), unless otherwise approved by the FRB. The FRB has generally authorized BHCs to (i) make share repurchases relating to issuances of common stock related to employee stock ownership plans; (ii) provided that the BHC does not increase the amount of its common stock dividends, pay common stock dividends that do not exceed an amount equal to the average of the BHC’s net income for the four preceding calendar quarters, unless otherwise specified by the FRB; and (iii) make scheduled payments on additional tier 1 and tier 2 capital instruments. These provisions may be extended by the FRB quarter-by-quarter. |
Trading Activities
Trading Activities | 9 Months Ended |
Sep. 30, 2020 | |
Trading Activities [Abstract] | |
Trading Activities | Note 4: Trading Activities 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 (in millions) Sep 30, Dec 31, Trading assets: Debt securities $ 73,253 79,733 Equity securities 14,058 27,440 Loans held for sale 1,688 972 Gross trading derivative assets 57,990 34,825 Netting (1) (35,662) (21,463) Total trading derivative assets 22,328 13,362 Total trading assets 111,327 121,507 Trading liabilities: Short sale 18,779 17,430 Gross trading derivative liabilities 51,241 33,861 Netting (1) (39,278) (26,074) Total trading derivative liabilities 11,963 7,787 Total trading liabilities $ 30,742 25,217 (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. Net interest income also includes dividend income on trading securities and dividend expense on trading securities we have sold, but not yet purchased. Table 4.2: Net Interest Income and Net Gains (Losses) on Trading Activities Quarter ended Sep 30, Nine months ended Sep 30, (in millions) 2020 2019 2020 2019 Interest income: Debt securities $ 546 790 $ 1,971 2,323 Equity securities 68 157 273 415 Loans held for sale 6 20 24 63 Total interest income 620 967 2,268 2,801 Less: Interest expense 93 129 350 392 Net interest income 527 838 1,918 2,409 Net gains (losses) from trading activities (1): Debt securities 214 451 2,898 1,540 Equity securities 1,381 (242) (691) 3,061 Loans held for sale 14 5 26 15 Derivatives (2) (1,248) 62 (1,001) (3,754) Total net gains from trading activities 361 276 1,232 862 Total trading-related net interest and noninterest income $ 888 1,114 $ 3,150 3,271 (1) Represents realized gains (losses) from our trading activities and unrealized gains (losses) due to changes in fair value of our trading positions. (2) 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. |
AFS and HTM Debt Securities
AFS and HTM Debt Securities | 9 Months Ended |
Sep. 30, 2020 | |
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, net of the allowance for credit losses, 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, net of allowance for credit losses. The net unrealized gains (losses) for available-for-sale debt securities are reported as a component of cumulative OCI, net of the allowance for credit losses and applicable income taxes. Information on debt securities held for trading is included in Note 4 (Trading Activities). Outstanding balances exclude accrued interest receivable on available-for-sale and held-to-maturity debt securities which are included in other assets. During the first nine months of 2020, we reversed accrued interest receivable on our available-for-sale and held-to-maturity debt securities by reversing interest income of $6 million. See Note 9 (Other Assets) for additional information on accrued interest receivable. Table 5.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding (in millions) Amortized cost, net (1) Gross Gross Fair value September 30, 2020 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 5,826 149 — 5,975 Securities of U.S. states and political subdivisions (2) 31,563 239 (291) 31,511 Mortgage-backed securities: Federal agencies 130,717 4,582 (72) 135,227 Residential 539 3 (1) 541 Commercial 3,393 17 (67) 3,343 Total mortgage-backed securities 134,649 4,602 (140) 139,111 Corporate debt securities 5,687 131 (46) 5,772 Collateralized loan obligations 25,389 5 (380) 25,014 Other 13,197 80 (87) 13,190 Total available-for-sale debt securities 216,311 5,206 (944) 220,573 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 48,587 1,765 (65) 50,287 Securities of U.S. states and political subdivisions 14,232 682 (4) 14,910 Federal agency and other mortgage-backed securities (3) 119,766 4,518 (57) 124,227 Other debt securities 10 — — 10 Total held-to-maturity debt securities 182,595 6,965 (126) 189,434 Total (4) $ 398,906 12,171 (1,070) 410,007 December 31, 2019 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 14,948 13 (1) 14,960 Securities of U.S. states and political subdivisions (2) 39,381 992 (36) 40,337 Mortgage-backed securities: Federal agencies 160,318 2,299 (164) 162,453 Residential 814 14 (1) 827 Commercial 3,899 41 (6) 3,934 Total mortgage-backed securities 165,031 2,354 (171) 167,214 Corporate debt securities 6,343 252 (32) 6,563 Collateralized loan obligations 29,153 25 (123) 29,055 Other 5,204 150 (24) 5,330 Total available-for-sale debt securities 260,060 3,786 (387) 263,459 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 45,541 617 (19) 46,139 Securities of U.S. states and political subdivisions 13,486 286 (13) 13,759 Federal agency and other mortgage-backed securities (3) 94,869 2,093 (37) 96,925 Other debt securities 37 — — 37 Total held-to-maturity debt securities 153,933 2,996 (69) 156,860 Total (4) $ 413,993 6,782 (456) 420,319 (1) Represents amortized cost of the securities, net of the allowance for credit losses of $79 million related to available-for-sale debt securities and $26 million related to held-to-maturity debt securities at September 30, 2020. Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses related to available-for-sale and held-to-maturity debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost net of allowance for credit losses and fair value of these types of securities was $5.6 billion at September 30, 2020, and $5.8 billion at December 31, 2019. (3) Predominantly consists of federal agency mortgage-backed securities at both September 30, 2020 and December 31, 2019. (4) We held available-for-sale and held-to-maturity debt securities from Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) that each exceeded 10% of stockholders’ equity, with an amortized cost of $97.1 billion and $85.0 billion and a fair value of $100.9 billion and $88.1 billion at September 30, 2020 and an amortized cost of $98.5 billion and $84.1 billion and a fair value of $100.3 billion and $85.5 billion at December 31, 2019, respectively. Table 5.2 details the breakout of purchases of and transfers to held-to-maturity debt securities by major category of security. Table 5.2: Held-to-Maturity Debt Securities Purchases and Transfers Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Purchases of held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies $ — — $ 3,016 — Securities of U.S. states and political subdivisions — 491 881 734 Federal agency and other mortgage-backed securities 23,683 3,108 46,578 3,161 Total purchases of held-to-maturity debt securities 23,683 3,599 50,475 3,895 Transfers from available-for-sale debt securities to held-to-maturity debt securities: Securities of U.S. states and political subdivisions 1,236 4,354 1,236 5,912 Federal agency and other mortgage-backed securities — 3,408 — 7,921 Total transfers from available-for-sale debt securities to held-to-maturity debt securities $ 1,236 7,762 $ 1,236 13,833 Table 5.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses from sales and impairment write-downs included in earnings related to available-for-sale and held-to-maturity debt securities (pre-tax) . Table 5.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Interest income: Available-for-sale $ 1,009 1,957 $ 4,084 6,268 Held-to-maturity 891 919 2,809 2,797 Total interest income (1) 1,900 2,876 6,893 9,065 Provision for credit losses (2): Available-for-sale 12 — 140 — Held-to-maturity 6 — 19 — Total provision for credit losses 18 — 159 — Realized gains and losses (3): Gross realized gains 264 21 768 223 Gross realized losses — (12) (40) (17) Impairment write-downs included in earnings: Credit-related (4) — — — (23) Intent-to-sell — (6) (15) (35) Total impairment write-downs included in earnings — (6) (15) (58) Net realized gains $ 264 3 $ 713 148 (1) Total interest income from debt securities excludes interest income from trading debt securities, which is disclosed in Note 4 (Trading Activities). (2) Prior to our adoption of CECL on January 1, 2020, the provision for credit losses from debt securities was not applicable and is therefore presented as $0 for the prior period. For additional information, see Note 1 (Summary of Significant Accounting Policies). (3) Realized gains and losses relate to available-for-sale debt securities. There were no realized gains or losses from held-to-maturity debt securities in all periods presented. (4) For the third quarter and first nine months of 2020, credit-related impairment recognized in earnings is classified as provision for credit losses due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). Credit Quality We monitor credit quality of debt securities by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. The credit quality indicators that we most closely monitor include credit ratings and delinquency status and are based on information as of our financial statement date. CREDIT RATINGS Credit ratings express opinions about the credit quality of a debt security. We determine the credit rating of a security according to the lowest credit rating made available by national recognized statistical rating organizations (NRSROs). Debt securities rated investment grade, that is those with ratings similar to BBB-/Baa3 or above, as defined by NRSROs, 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. For debt securities not rated by NRSROs, we determine an internal credit grade of the debt securities (used for credit risk management purposes) equivalent to the credit ratings assigned by major credit agencies. Substantially all of our debt securities were rated by NRSROs at September 30, 2020, and December 31, 2019. Table 5.4 shows the percentage of fair value of available-for-sale debt securities and amortized cost of held-to-maturity debt securities determined by those rated investment grade, inclusive of those based on internal credit grades. Table 5.4: Investment Grade Debt Securities Available-for-Sale Held-to-Maturity ($ in millions) Fair value % investment grade Amortized cost % investment grade September 30, 2020 Total portfolio $ 220,573 99 % 182,621 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (1) $ 141,202 100 % 167,489 100 % Securities of U.S. states and political subdivisions 31,511 99 14,245 100 Collateralized loan obligations 25,014 100 N/A N/A All other debt securities (2) 22,846 90 887 7 December 31, 2019 Total portfolio $ 263,459 99 % 153,933 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (1) $ 177,413 100 % 139,619 100 % Securities of U.S. states and political subdivisions 40,337 99 13,486 100 Collateralized loan obligations 29,055 100 N/A N/A All other debt securities (2) 16,654 82 828 4 (1) Includes federal agency mortgage-backed securities. (2) Includes non-agency mortgage-backed, corporate, and all other debt securities. DELINQUENCY STATUS AND NONACCRUAL DEBT SECURITIES Debt security issuers that are delinquent in payment of amounts due under contractual debt agreements have a higher probability of recognition of credit losses. As such, as part of our monitoring of the credit quality of the debt security portfolio, we consider whether debt securities we own are past due in payment of principal or interest payments and whether any securities have been placed into nonaccrual status. We had no debt securities that were past due and still accruing at September 30, 2020 or December 31, 2019. The fair value of available-for-sale debt securities in nonaccrual status was $98 million and $110 million as of September 30, 2020, and December 31, 2019, respectively. There were no held-to- maturity debt securities in nonaccrual status as of September 30, 2020, or December 31, 2019. Purchased debt securities with credit deterioration (PCD) are not considered to be in nonaccrual status, as payments from issuers of these securities remain current. Table 5.5 presents detail of available-for-sale debt securities purchased with credit deterioration during the period. There were no available-for-sale debt securities purchased with credit deterioration during third quarter 2020. There were no held-to-maturity debt securities purchased with credit deterioration during the third quarter and first nine months of 2020. The amounts presented are as of the date of the PCD assets were purchased. Table 5.5: Debt Securities Purchased with Credit Deterioration (in millions) Nine months ended September 30, 2020 Available-for-sale debt securities purchased with credit deterioration (PCD): Par value $ 164 Allowance for credit losses at acquisition (11) Discount (or premiums) attributable to other factors 3 Purchase price of available-for-sale debt securities purchased with credit deterioration $ 156 Unrealized Losses of Available-for-Sale Debt Securities Table 5.6 shows the gross unrealized losses and fair value of available-for-sale 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 recorded credit impairment 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 (1) for the current period presented, amortized cost basis net of allowance for credit losses, or the (2) for the prior period presented, amortized cost basis. Table 5.6: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities 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 September 30, 2020 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ — — — — — — Securities of U.S. states and political subdivisions (234) 12,366 (57) 1,817 (291) 14,183 Mortgage-backed securities: Federal agencies (71) 15,985 (1) 365 (72) 16,350 Residential — — (1) 58 (1) 58 Commercial (45) 1,910 (22) 331 (67) 2,241 Total mortgage-backed securities (116) 17,895 (24) 754 (140) 18,649 Corporate debt securities (35) 788 (11) 95 (46) 883 Collateralized loan obligations (208) 16,696 (172) 7,265 (380) 23,961 Other (34) 6,545 (53) 1,382 (87) 7,927 Total available-for-sale debt securities $ (627) 54,290 (317) 11,313 (944) 65,603 December 31, 2019 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ — — (1) 2,423 (1) 2,423 Securities of U.S. states and political subdivisions (10) 2,776 (26) 2,418 (36) 5,194 Mortgage-backed securities: Federal agencies (50) 16,807 (114) 10,641 (164) 27,448 Residential (1) 149 — — (1) 149 Commercial (3) 998 (3) 244 (6) 1,242 Total mortgage-backed securities (54) 17,954 (117) 10,885 (171) 28,839 Corporate debt securities (9) 303 (23) 216 (32) 519 Collateralized loan obligations (13) 5,001 (110) 16,789 (123) 21,790 Other (12) 1,656 (12) 492 (24) 2,148 Total available-for-sale debt securities $ (98) 27,690 (289) 33,223 (387) 60,913 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. In prior periods, credit impairment was recorded as a write-down to the amortized cost basis of the security. In the current period, credit impairment is recorded as an allowance for credit losses for debt securities. For descriptions of the factors we consider when analyzing debt securities for impairment as well as methodology and significant inputs used to measure credit losses, see Note 1 (Summary of Significant Accounting Policies). Allowance for Credit Losses for Debt Securities Table 5.7 presents the allowance for credit losses on available-for-sale and held-to-maturity debt securities. Table 5.7: Allowance for Credit Losses for Debt Securities Quarter ended September 30, 2020 Nine months ended September 30, 2020 (in millions) Available-for-Sale Held-to-Maturity Available-for-Sale Held-to-Maturity Balance, beginning of period (1) $ 114 20 $ — — Cumulative effect from change in accounting policies (2) — — 24 7 Balance, beginning of period, adjusted 114 20 24 7 Provision for credit losses 12 6 140 19 Securities purchased with credit deterioration — — 11 — Reduction due to sales — — (8) — Reduction due to intent to sell (2) — (13) — Charge-offs (48) — (81) — Interest income (3) 3 — 6 — Balance, end of period (4) $ 79 26 $ 79 26 (1) Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses related to available-for-sale and held-to-maturity debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Represents the impact of adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (3) Certain debt securities with an allowance for credit losses calculated by discounting expected cash flows using the securities’ effective interest rate over its remaining life, recognize changes in the allowance for credit losses attributable to the passage of time as interest income. (4) The allowance for credit losses for debt securities primarily relates to corporate debt securities as of September 30, 2020. Contractual Maturities Table 5.8 shows the remaining contractual maturities, amortized cost net of allowance for credit losses, fair value and weighted average effective yields of available-for-sale debt securities. The remaining contractual principal maturities for MBS do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. Table 5.8: Contractual Maturities – Available-for-Sale Debt Securities By remaining contractual maturity ($ in millions) Total Within one year After one year After five years After ten years September 30, 2020 Available-for-sale debt securities (1): Securities of U.S. Treasury and federal agencies Amortized cost, net $ 5,826 511 2,771 10 2,534 Fair value 5,975 511 2,777 11 2,676 Weighted average yield 0.99 % 2.61 0.28 2.34 1.42 Securities of U.S. states and political subdivisions Amortized cost, net $ 31,563 2,748 3,193 3,558 22,064 Fair value 31,511 2,754 3,246 3,570 21,941 Weighted average yield 2.34 % 1.37 1.74 1.46 2.68 Mortgage-backed securities: Federal agencies Amortized cost, net $ 130,717 — 138 2,766 127,813 Fair value 135,227 — 146 2,865 132,216 Weighted average yield 3.01 % — 3.24 2.34 3.02 Residential Amortized cost, net $ 539 — — — 539 Fair value 541 — — — 541 Weighted average yield 2.24 % — — — 2.24 Commercial Amortized cost, net $ 3,393 — — 161 3,232 Fair value 3,343 — — 159 3,184 Weighted average yield 2.16 % — — 1.63 2.18 Total mortgage-backed securities Amortized cost, net $ 134,649 — 138 2,927 131,584 Fair value 139,111 — 146 3,024 135,941 Weighted average yield 2.98 % — 3.24 2.30 3.00 Corporate debt securities Amortized cost, net $ 5,687 207 2,390 2,301 789 Fair value 5,772 208 2,459 2,326 779 Weighted average yield 4.75 % 6.41 4.88 4.61 4.36 Collateralized loan obligations Amortized cost, net $ 25,389 — 249 12,901 12,239 Fair value 25,014 — 248 12,731 12,035 Weighted average yield 1.67 % — 2.40 1.75 1.57 Other Amortized cost, net $ 13,197 8,991 457 1,087 2,662 Fair value 13,190 8,985 446 1,078 2,681 Weighted average yield 0.42 % (0.15) 1.76 1.03 1.84 Total available-for-sale debt securities Amortized cost, net $ 216,311 12,457 9,198 22,784 171,872 Fair value 220,573 12,458 9,322 22,740 176,053 Weighted average yield 2.57 % 0.41 2.17 2.03 2.82 (1) Weighted average yields displayed by maturity bucket are weighted based on amortized cost without effect for any related hedging derivatives and are shown pre-tax. Table 5.9 shows the remaining contractual maturities, amortized cost net of allowance for credit losses, fair value, and weighted average effective yields of held-to-maturity debt securities. Table 5.9: Contractual Maturities – Held-to-Maturity Debt Securities By remaining contractual maturity ($ in millions) Total Within one year After one year After five years After ten years September 30, 2020 Held-to-maturity debt securities (1): Securities of U.S. Treasury and federal agencies Amortized cost, net $ 48,587 24,742 20,064 — 3,781 Fair value 50,287 25,051 21,275 — 3,961 Weighted average yield 2.14 % 2.19 2.19 — 1.57 Securities of U.S. states and political subdivisions Amortized cost, net $ 14,232 292 1,006 1,830 11,104 Fair value 14,910 295 1,059 1,932 11,624 Weighted average yield 2.72 % 2.36 2.59 2.93 2.71 Federal agency and other mortgage-backed securities Amortized cost, net $ 119,766 — 15 — 119,751 Fair value 124,227 — 14 — 124,213 Weighted average yield 2.65 % — 1.50 — 2.65 Other debt securities Amortized cost, net $ 10 — — 10 — Fair value 10 — — 10 — Weighted average yield 1.45 % — — 1.45 — Total held-to-maturity debt securities Amortized cost, net $ 182,595 25,034 21,085 1,840 134,636 Fair value 189,434 25,346 22,348 1,942 139,798 Weighted average yield 2.52 % 2.19 2.21 2.92 2.62 (1) Weighted average yields displayed by maturity bucket are weighted based on amortized cost and are shown pre-tax. |
Loans and Related Allowance for
Loans and Related Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans and Related Allowance for Credit Losses | Note 6: Loans and Related Allowance for Credit Losses Table 6.1 presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include unearned income, net deferred loan fees or costs, and unamortized discounts and premiums. These amounts were less than 1% of our total loans outstanding at September 30, 2020, and December 31, 2019. Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans. During the first nine months of 2020, we reversed accrued interest receivable by reversing interest income of $29 million for our commercial portfolio segment and $161 million for our consumer portfolio segment. See Note 9 (Other Assets) for additional information on accrued interest receivable. Table 6.1: Loans Outstanding (in millions) Sep 30, Dec 31, Commercial: Commercial and industrial $ 320,913 354,125 Real estate mortgage 121,910 121,824 Real estate construction 22,519 19,939 Lease financing 16,947 19,831 Total commercial 482,289 515,719 Consumer: Real estate 1-4 family first mortgage 294,990 293,847 Real estate 1-4 family junior lien mortgage 25,162 29,509 Credit card 36,021 41,013 Automobile 48,450 47,873 Other revolving credit and installment 33,170 34,304 Total consumer 437,793 446,546 Total loans $ 920,082 962,265 Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. Table 6.2 presents total non-U.S. commercial loans outstanding by class of financing receivable. Table 6.2: Non-U.S. Commercial Loans Outstanding (in millions) Sep 30, Dec 31, Non-U.S. Commercial Loans Commercial and industrial $ 61,594 70,494 Real estate mortgage 6,228 7,004 Real estate construction 1,898 1,434 Lease financing 1,156 1,220 Total non-U.S. commercial loans $ 70,876 80,152 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. The table excludes loans for which we have elected the fair value option and government insured/guaranteed real estate 1-4 family first mortgage loans because their loan activity normally does not impact the ACL. In the first nine months of 2020, we sold $1.2 billion of 1-4 family first mortgage loans for a gain of $724 million, which is included in other noninterest income on our consolidated income statement. These whole loans were designated as MLHFS in 2019. Table 6.3: Loan Purchases, Sales, and Transfers 2020 2019 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended September 30, Purchases $ 260 2 262 571 910 1,481 Sales (564) — (564) (433) (85) (518) Transfers (to) from MLHFS/LHFS (170) 8,990 8,820 (25) (37) (62) Nine months ended September 30, Purchases $ 1,034 5 1,039 1,570 918 2,488 Sales (3,334) (27) (3,361) (1,389) (417) (1,806) Transfers (to) from MLHFS/LHFS (101) (1,387) (1,488) (117) (1,889) (2,006) 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. The unfunded amount of these temporary advance arrangements totaled approximately $79.9 billion at September 30, 2020. We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At September 30, 2020, and December 31, 2019, we had $942 million and $862 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 13 (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 are not funded. 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) Sep 30, Dec 31, Commercial: Commercial and industrial $ 359,827 346,991 Real estate mortgage 8,420 8,206 Real estate construction 16,028 17,729 Total commercial 384,275 372,926 Consumer: Real estate 1-4 family first mortgage 30,853 34,391 Real estate 1-4 family junior lien mortgage 34,452 36,916 Credit card 121,312 114,933 Other revolving credit and installment 22,239 25,898 Total consumer 208,856 212,138 Total unfunded credit commitments $ 593,131 585,064 Allowance for Credit Losses for Loans Table 6.5 presents the allowance for credit losses for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. On January 1, 2020, we adopted CECL. Additional information regarding our adoption of CECL is included in Note 1 (Summary of Significant Accounting Policies). The ACL for loans increased $10.0 billion from December 31, 2019, driven by a $11.3 billion increase in the ACL for loans in the first nine months of 2020 reflecting current and forecasted economic conditions due to the COVID-19 pandemic, partially offset by a $1.3 billion decrease as a result of adopting CECL. Table 6.5: Allowance for Credit Losses for Loans Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Balance, beginning of period $ 20,436 10,603 10,456 10,707 Cumulative effect from change in accounting policies (1) — — (1,337) — Allowance for purchased credit-deteriorated (PCD) loans (2) — — 8 — Balance, beginning of period, adjusted 20,436 10,603 9,127 10,707 Provision for credit losses 751 695 14,149 2,043 Interest income on certain loans (3) (41) (34) (117) (112) Loan charge-offs: Commercial: Commercial and industrial (327) (209) (1,260) (590) Real estate mortgage (59) (2) (134) (28) Real estate construction — — — (1) Lease financing (34) (12) (66) (35) Total commercial (420) (223) (1,460) (654) Consumer: Real estate 1-4 family first mortgage (20) (31) (63) (101) Real estate 1-4 family junior lien mortgage (22) (27) (70) (90) Credit card (339) (404) (1,225) (1,278) Automobile (99) (156) (413) (485) Other revolving credit and installment (94) (168) (372) (497) Total consumer (574) (786) (2,143) (2,451) Total loan charge-offs (994) (1,009) (3,603) (3,105) Loan recoveries: Commercial: Commercial and industrial 53 62 132 151 Real estate mortgage 3 10 13 26 Real estate construction 2 8 19 13 Lease financing 6 4 14 15 Total commercial 64 84 178 205 Consumer: Real estate 1-4 family first mortgage 21 36 65 148 Real estate 1-4 family junior lien mortgage 36 49 101 140 Credit card 94 85 276 258 Automobile 68 80 194 266 Other revolving credit and installment 28 30 84 95 Total consumer 247 280 720 907 Total loan recoveries 311 364 898 1,112 Net loan charge-offs (683) (645) (2,705) (1,993) Other 8 (6) 17 (32) Balance, end of period $ 20,471 10,613 20,471 10,613 Components: Allowance for loan losses $ 19,463 9,715 19,463 9,715 Allowance for unfunded credit commitments 1,008 898 1,008 898 Allowance for credit losses for loans $ 20,471 10,613 20,471 10,613 Net loan charge-offs (annualized) as a percentage of average total loans 0.29 % 0.27 0.38 0.28 Allowance for loan losses as a percentage of total loans 2.12 1.02 2.12 1.02 Allowance for credit losses for loans as a percentage of total loans 2.22 1.11 2.22 1.11 (1) Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of CECL on January 1, 2020. (2) Represents the allowance estimated for PCI loans that automatically became PCD loans with the adoption of CECL. For additional information, see Note 1 (Summary of Significant Accounting Policies). (3) Loans with an allowance measured 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 for loans by our commercial and consumer portfolio segments. Table 6.6: Allowance for Credit Losses for Loans Activity by Portfolio Segment 2020 2019 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended September 30, Balance, beginning of period $ 11,669 8,767 20,436 6,298 4,305 10,603 Provision for credit losses 241 510 751 84 611 695 Interest income on certain loans (1) (18) (23) (41) (10) (24) (34) Loan charge-offs (420) (574) (994) (223) (786) (1,009) Loan recoveries 64 247 311 84 280 364 Net loan charge-offs (356) (327) (683) (139) (506) (645) Other 6 2 8 (3) (3) (6) Balance, end of period $ 11,542 8,929 20,471 6,230 4,383 10,613 Nine months ended September 30, Balance, beginning of period $ 6,245 4,211 10,456 6,417 4,290 10,707 Cumulative effect from change in accounting policies (1) (2,861) 1,524 (1,337) — — — Allowance for purchased credit-deteriorated (PCD) loans (2) — 8 8 — — — Balance, beginning of period, adjusted 3,384 5,743 9,127 6,417 4,290 10,707 Provision for credit losses 9,480 4,669 14,149 294 1,749 2,043 Interest income on certain loans (3) (44) (73) (117) (35) (77) (112) Loan charge-offs (1,460) (2,143) (3,603) (654) (2,451) (3,105) Loan recoveries 178 720 898 205 907 1,112 Net loan charge-offs (1,282) (1,423) (2,705) (449) (1,544) (1,993) Other 4 13 17 3 (35) (32) Balance, end of period $ 11,542 8,929 20,471 6,230 4,383 10,613 (1) Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of CECL on January 1, 2020. (2) Represents the allowance estimated for PCI loans that automatically became PCD loans with the adoption of CECL. For additional information, see Note 1 (Summary of Significant Accounting Policies). (3) Loans with an allowance measured 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 6.7 disaggregates our allowance for credit losses for loans and recorded investment in loans by impairment methodology. This information is no longer relevant after December 31, 2019, given our adoption of CECL on January 1, 2020, which has a single impairment methodology. Table 6.7: Allowance for Credit Losses for Loans by Impairment Methodology Allowance for credit losses for loans Recorded investment in loans (in millions) Commercial Consumer Total Commercial Consumer Total December 31, 2019 Collectively evaluated (1) $ 5,778 3,364 9,142 512,586 436,081 948,667 Individually evaluated (2) 467 847 1,314 3,133 9,897 13,030 PCI (3) — — — — 568 568 Total $ 6,245 4,211 10,456 515,719 446,546 962,265 (1) Represents non-impaired loans evaluated collectively for impairment. (2) Represents impaired loans evaluated individually for impairment. (3) Represents the allowance for loan losses and related loan carrying value 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 June 30, 2020. Amounts disclosed in the credit quality tables that follow are not comparative between reported periods due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). COMMERCIAL CREDIT QUALITY INDICATORS 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, which is our primary credit quality indicator. Our ratings are aligned to federal banking regulators’ definitions of pass and criticized categories with the criticized category including special mention, substandard, doubtful, and loss categories. Table 6.8 provides the outstanding balances of our commercial loan portfolio by risk category. In connection with our adoption of CECL, credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified in a TDR. At September 30, 2020, we had $444.9 billion and $37.3 billion of pass and criticized loans, respectively. Table 6.8: Commercial Loans Categories by Risk Categories and Vintage (1) Term loans by origination year Revolving loans Revolving loans converted to term loans Total (in millions) 2020 2019 2018 2017 2016 Prior September 30, 2020 Commercial and industrial Pass $ 46,064 39,124 18,498 8,711 4,905 5,748 172,440 2,546 298,036 Criticized 1,591 2,010 1,893 1,207 915 428 14,645 188 22,877 Total commercial and industrial 47,655 41,134 20,391 9,918 5,820 6,176 187,085 2,734 320,913 Real estate mortgage Pass 15,269 27,768 20,335 12,452 13,232 16,833 4,831 6 110,726 Criticized 1,307 2,106 2,033 1,361 1,393 2,507 477 — 11,184 Total real estate mortgage 16,576 29,874 22,368 13,813 14,625 19,340 5,308 6 121,910 Real estate construction Pass 4,244 6,828 5,248 2,139 618 399 1,506 3 20,985 Criticized 123 416 518 96 371 10 — — 1,534 Total real estate construction 4,367 7,244 5,766 2,235 989 409 1,506 3 22,519 Lease financing Pass 2,958 4,276 2,496 1,759 1,381 2,324 — — 15,194 Criticized 254 533 469 249 151 97 — — 1,753 Total lease financing 3,212 4,809 2,965 2,008 1,532 2,421 — — 16,947 Total commercial loans $ 71,810 83,061 51,490 27,974 22,966 28,346 193,899 2,743 482,289 Commercial Real Real Lease Total December 31, 2019 By risk category: Pass $ 338,740 118,054 19,752 18,655 495,201 Criticized 15,385 3,770 187 1,176 20,518 Total commercial loans $ 354,125 121,824 19,939 19,831 515,719 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). Table 6.9 provides past due information for commercial loans, which we monitor as part of our credit risk management practices; however, delinquency is not a primary credit quality indicator for commercial loans. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into past due status. Table 6.9: Commercial Loan Categories by Delinquency Status (in millions) Commercial Real Real Lease Total September 30, 2020 By delinquency status: Current-29 days past due (DPD) and still accruing $ 317,563 120,055 22,252 16,518 476,388 30-89 DPD and still accruing 455 465 233 242 1,395 90+ DPD and still accruing 61 47 — — 108 Nonaccrual loans 2,834 1,343 34 187 4,398 Total commercial loans $ 320,913 121,910 22,519 16,947 482,289 December 31, 2019 By delinquency status: Current-29 DPD and still accruing $ 352,110 120,967 19,845 19,484 512,406 30-89 DPD and still accruing 423 253 53 252 981 90+ DPD and still accruing 47 31 — — 78 Nonaccrual loans 1,545 573 41 95 2,254 Total commercial loans $ 354,125 121,824 19,939 19,831 515,719 CONSUMER CREDIT QUALITY INDICATORS We have various classes of consumer loans that present unique credit risks. Loan delinquency, FICO credit scores and LTV for 1-4 family mortgage loans are the primary 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 in the establishment of our allowance for credit losses. Table 6.10 provides the outstanding balances of our consumer loan portfolio by delinquency status. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into past due status. In connection with our adoption of CECL, credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified in a TDR. The revolving loans converted to term loans in the credit card loan category represent credit card loans with modified terms that require payment over a specific term. Table 6.10: Consumer Loan Categories by Delinquency Status and Vintage (1) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total September 30, 2020 Real estate 1-4 family first mortgage By delinquency status: Current-29 DPD $ 42,388 49,009 17,902 28,860 34,728 77,341 7,300 1,906 259,434 30-59 DPD 40 84 36 61 64 723 28 42 1,078 60-89 DPD 1 6 2 7 17 236 13 23 305 90-119 DPD 2 6 2 7 2 194 9 19 241 120-179 DPD 3 4 6 3 9 222 8 22 277 180+ DPD 1 — 4 15 14 543 12 129 718 Government insured/guaranteed loans (2) 204 794 969 1,248 2,646 27,076 — — 32,937 Total real estate 1-4 family first mortgage 42,639 49,903 18,921 30,201 37,480 106,335 7,370 2,141 294,990 Real estate 1-4 family junior mortgage By delinquency status: Current-29 DPD 16 41 47 43 35 1,255 16,896 6,302 24,635 30-59 DPD 1 — — — — 23 57 86 167 60-89 DPD — — — — — 10 24 50 84 90-119 DPD — — — — — 8 14 29 51 120-179 DPD — — — — — 11 12 42 65 180+ DPD — — — — 1 14 17 128 160 Total real estate 1-4 family junior mortgage 17 41 47 43 36 1,321 17,020 6,637 25,162 Credit cards By delinquency status: Current-29 DPD — — — — — — 35,123 264 35,387 30-59 DPD — — — — — — 196 13 209 60-89 DPD — — — — — — 118 10 128 90-119 DPD — — — — — — 93 10 103 120-179 DPD — — — — — — 185 6 191 180+ DPD — — — — — — 3 — 3 Total credit cards — — — — — — 35,718 303 36,021 Automobile By delinquency status: Current-29 DPD 15,736 16,210 7,186 4,087 3,269 1,053 — — 47,541 30-59 DPD 66 185 126 90 127 62 — — 656 60-89 DPD 15 54 37 27 39 20 — — 192 90-119 DPD 6 20 11 7 11 5 — — 60 120-179 DPD — 1 — — — — — — 1 180+ DPD — — — — — — — — — Total automobile 15,823 16,470 7,360 4,211 3,446 1,140 — — 48,450 Other revolving credit and installment By delinquency status: Current-29 DPD 1,820 2,972 1,809 1,239 1,116 5,148 18,688 165 32,957 30-59 DPD 2 7 7 6 6 41 12 6 87 60-89 DPD 1 6 6 6 6 29 7 2 63 90-119 DPD — 3 3 3 3 21 5 2 40 120-179 DPD — — — — — 1 9 3 13 180+ DPD — — — — — 1 3 6 10 Total other revolving credit and installment 1,823 2,988 1,825 1,254 1,131 5,241 18,724 184 33,170 Total consumer loans $ 60,302 69,402 28,153 35,709 42,093 114,037 78,832 9,265 437,793 (continued on following page) (continued from previous page) Real estate Real estate Credit Automobile Other Total December 31, 2019 By delinquency status: Current-29 DPD $ 279,722 28,870 39,935 46,650 33,981 429,158 30-59 DPD 1,136 216 311 882 140 2,685 60-89 DPD 404 115 221 263 81 1,084 90-119 DPD 197 69 202 77 74 619 120-179 DPD 160 71 343 1 18 593 180+ DPD 503 155 1 — 10 669 Government insured/guaranteed loans (2) 11,170 — — — — 11,170 Total consumer loans (excluding PCI) 293,292 29,496 41,013 47,873 34,304 445,978 Total consumer PCI loans (carrying value) (3) 555 13 — — — 568 Total consumer loans $ 293,847 29,509 41,013 47,873 34,304 446,546 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Represents loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $11.0 billion at September 30, 2020, compared with $6.4 billion at December 31, 2019. (3) 26% of the adjusted unpaid principal balance for consumer PCI loans was 30+ DPD at December 31, 2019. Of the $1.9 billion of consumer loans not government insured/guaranteed that are 90 days or more past due at September 30, 2020, $549 million was accruing, compared with $1.9 billion past due and $855 million accruing at December 31, 2019. Table 6.11 provides the outstanding balances of our consumer loan portfolio by FICO score. Substantially all of the scored consumer portfolio has an updated FICO score of 680 and above, reflecting a strong current borrower credit profile. FICO scores are not available for certain loan types, or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes. Loans not requiring a FICO score totaled $11.3 billion and $9.1 billion at September 30, 2020, and December 31, 2019, respectively. Substantially all loans not requiring a FICO score are securities-based loans originated through retail brokerage. Table 6.11: Consumer Loan Categories by FICO and Vintage (1) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total September 30, 2020 By FICO: Real estate 1-4 family first mortgage 800+ $ 22,861 32,129 12,129 20,712 25,429 46,803 3,644 510 164,217 760-799 13,693 11,343 3,522 5,002 5,507 11,999 1,428 279 52,773 720-759 4,224 3,822 1,376 1,994 2,397 7,526 910 273 22,522 680-719 1,249 1,170 552 745 901 4,718 557 230 10,122 640-679 253 292 184 237 267 2,588 263 163 4,247 600-639 30 77 66 91 77 1,522 131 107 2,101 < 600 16 24 37 44 85 1,994 174 189 2,563 No FICO available 109 252 86 128 171 2,109 263 390 3,508 Government insured/guaranteed loans (2) 204 794 969 1,248 2,646 27,076 — — 32,937 Total real estate 1-4 family first mortgage 42,639 49,903 18,921 30,201 37,480 106,335 7,370 2,141 294,990 Real estate 1-4 family junior lien mortgage 800+ — — — — — 325 8,689 1,926 10,940 760-799 — — — — — 193 3,213 1,100 4,506 720-759 — — — — — 233 2,224 1,109 3,566 680-719 — — — — — 204 1,337 930 2,471 640-679 — — — — — 114 546 528 1,188 600-639 — — — — — 70 264 323 657 < 600 — — — — — 87 291 432 810 No FICO available 17 41 47 43 36 95 456 289 1,024 Total real estate 1-4 family junior lien mortgage 17 41 47 43 36 1,321 17,020 6,637 25,162 Credit card 800+ — — — — — — 3,827 1 3,828 760-799 — — — — — — 5,312 7 5,319 720-759 — — — — — — 7,795 28 7,823 680-719 — — — — — — 8,731 60 8,791 640-679 — — — — — — 5,495 65 5,560 600-639 — — — — — — 2,223 49 2,272 < 600 — — — — — — 2,325 92 2,417 No FICO available — — — — — — 10 1 11 Total credit card — — — — — — 35,718 303 36,021 Automobile 800+ 2,102 2,856 1,378 861 577 168 — — 7,942 760-799 2,333 2,951 1,276 684 449 128 — — 7,821 720-759 2,565 2,806 1,251 687 498 153 — — 7,960 680-719 2,950 2,839 1,224 648 505 157 — — 8,323 640-679 2,839 2,190 871 464 409 137 — — 6,910 600-639 1,830 1,335 542 315 328 121 — — 4,471 < 600 1,198 1,460 814 541 660 263 — — 4,936 No FICO available 6 33 4 11 20 13 — — 87 Total automobile 15,823 16,470 7,360 4,211 3,446 1,140 — — 48,450 Other revolving credit and installment 800+ 621 964 583 432 439 2,070 2,454 23 7,586 760-799 485 676 365 240 225 1,058 1,198 18 4,265 720-759 330 515 303 195 184 830 954 26 3,337 680-719 180 363 229 147 134 590 838 28 2,509 640-679 70 167 117 77 70 323 439 20 1,283 600-639 18 51 41 31 31 154 165 14 505 < 600 10 48 47 33 33 143 166 20 500 No FICO available 109 204 140 99 15 73 1,191 35 1,866 FICO not required — — — — — — 11,319 — 11,319 Total other revolving credit and installment 1,823 2,988 1,825 1,254 1,131 5,241 18,724 184 33,170 Total consumer loans $ 60,302 69,402 28,153 35,709 42,093 114,037 78,832 9,265 437,793 (continued on next page) (continued from prior page) Real estate Real estate Credit Automobile Other Total December 31, 2019 By FICO: 800+ $ 165,460 11,851 4,037 7,900 7,585 196,833 760-799 61,559 5,483 5,648 7,624 4,915 85,229 720-759 27,879 4,407 8,376 7,839 4,097 52,598 680-719 12,844 3,192 9,732 7,871 3,212 36,851 640-679 5,068 1,499 6,626 6,324 1,730 21,247 600-639 2,392 782 2,853 4,230 670 10,927 < 600 3,264 1,164 3,373 6,041 704 14,546 No FICO available 3,656 1,118 368 44 2,316 7,502 FICO not required — — — — 9,075 9,075 Government insured/guaranteed loans (2) 11,170 — — — — 11,170 Total consumer loans (excluding PCI) 293,292 29,496 41,013 47,873 34,304 445,978 Total consumer PCI loans (carrying value) (3) 555 13 — — — 568 Total consumer loans $ 293,847 29,509 41,013 47,873 34,304 446,546 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. (3) 41% of the adjusted unpaid principal balance for consumer PCI loans had FICO scores less than 680 and 19% where no FICO was available to us at December 31, 2019. 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 Loan Categories by LTV/CLTV and Vintage (1) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total September 30, 2020 Real estate 1-4 family first mortgage By LTV/CLTV: 0-60% $ 12,777 15,718 6,606 13,753 21,870 65,355 5,138 1,605 142,822 60.01-80% 27,558 28,843 9,775 14,099 12,226 12,003 1,485 359 106,348 80.01-100% 1,981 4,293 1,419 943 567 1,321 488 119 11,131 100.01-120% (2) 20 110 64 59 56 226 150 32 717 > 120% (2) 10 49 22 21 23 100 53 12 290 No LTV/CLTV available 89 96 66 78 92 254 56 14 745 Government insured/guaranteed loans (3) 204 794 969 1,248 2,646 27,076 — — 32,937 Total real estate 1-4 family first mortgage 42,639 49,903 18,921 30,201 37,480 106,335 7,370 2,141 294,990 Real estate 1-4 family junior lien mortgage By LTV/CLTV: 0-60% — — — — — 572 8,819 3,829 13,220 60.01-80% — — — — — 373 5,784 1,740 7,897 80.01-100% — — — — — 229 1,772 773 2,774 100.01-120% (2) — — — — — 74 452 193 719 > 120% (2) — — — — — 22 167 61 250 No LTV/CLTV available 17 41 47 43 36 51 26 41 302 Total real estate 1-4 family junior lien mortgage 17 41 47 43 36 1,321 17,020 6,637 25,162 Total $ 42,656 49,944 18,968 30,244 37,516 107,656 24,390 8,778 320,152 December 31, 2019 Real estate Real estate Total By LTV/CLTV: 0-60% $ 151,478 14,603 166,081 60.01-80% 114,795 9,663 124,458 80.01-100% 13,867 3,574 17,441 100.01-120% (2) 860 978 1,838 > 120% (2) 338 336 674 No LTV/CLTV available 784 342 1,126 Government insured/guaranteed loans (3) 11,170 — 11,170 Total consumer loans (excluding PCI) 293,292 29,496 322,788 Total consumer PCI loans (carrying value) (4) 555 13 568 Total consumer loans $ 293,847 29,509 323,356 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) 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. (3) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. (4) 9% of the adjusted unpaid principal balance for consumer PCI loans have LTV/CLTV amounts greater than 80% at December 31, 2019. NONACCRUAL LOANS Table 6.13 provides loans on nonaccrual status. In connection with our adoption of CECL, nonaccrual loans may have an allowance for credit losses or a negative allowance for credit losses from expected recoveries of amounts previously written off. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into nonaccrual status. Table 6.13: Nonaccrual Loans (1) Amortized cost Nine months ended September 30, 2020 (in millions) Nonaccrual loans Nonaccrual loans without related allowance for credit losses (2) Recognized interest income September 30, 2020 Commercial: Commercial and industrial $ 2,834 293 48 Real estate mortgage 1,343 113 25 Real estate construction 34 2 6 Lease financing 187 18 — Total commercial 4,398 426 79 Consumer: Real estate 1-4 family first mortgage 2,641 1,549 116 Real estate 1-4 family junior lien mortgage 767 465 39 Automobile 176 — 12 Other revolving credit and installment 40 — 2 Total consumer 3,624 2,014 169 Total nonaccrual loans $ 8,022 2,440 248 December 31, 2019 (1) Commercial: Commercial and industrial $ 1,545 Real estate mortgage 573 Real estate construction 41 Lease financing 95 Total commercial 2,254 Consumer: Real estate 1-4 family first mortgage 2,150 Real estate 1-4 family junior lien mortgage 796 Automobile 106 Other revolving credit and installment 40 Total consumer 3,092 Total nonaccrual loans (excluding PCI) $ 5,346 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) N |
Leasing Activity
Leasing Activity | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases as Lessor and Lessee Disclosure [Text Block] | Note 7: Leasing Activity The information below provides a summary of our leasing activities as a lessor and lessee. See Note 7 (Leasing Activity) in our 2019 Form 10-K for additional information about our leasing activities. As a Lessor Table 7.1 presents the composition of our leasing revenue. Table 7.1: Leasing Revenue Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Interest income on lease financing $ 144 208 $ 551 655 Other lease revenues: Variable revenues on lease financing 26 23 80 74 Fixed revenues on operating leases 287 339 895 1,069 Variable revenues on operating leases 9 16 34 48 Other lease-related revenues (1) 11 24 12 79 Lease income 333 402 1,021 1,270 Total leasing revenue $ 477 610 $ 1,572 1,925 (1) Predominantly includes net gains (losses) on disposition of assets leased under operating leases or lease financings. As a Lessee Substantially all of our leases are operating leases. Table 7.2 presents balances for our operating leases. Table 7.2: Operating Lease Right of Use (ROU) Assets and Lease Liabilities (in millions) Sep 30, 2020 Dec 31, 2019 ROU assets $ 4,421 4,724 Lease liabilities 5,022 5,297 Table 7.3 provides the composition of our lease costs, which are predominantly included in occupancy expense. Table 7.3: Lease Costs Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Fixed lease expense – operating leases $ 286 302 $ 869 890 Variable lease expense 81 81 227 234 Other (1) (7) (40) (63) (57) Total lease costs $ 360 343 $ 1,033 1,067 (1) Predominantly includes gains recognized from sale leaseback transactions and sublease rental income. |
Equity Securities
Equity Securities | 9 Months Ended |
Sep. 30, 2020 | |
Equity Securities [Abstract] | |
Equity Securities | Note 8: Equity Securities Table 8.1 provides a summary of our equity securities by business purpose and accounting method, including equity securities with readily determinable fair values (marketable) and those without readily determinable fair values (nonmarketable). Table 8.1: Equity Securities (in millions) Sep 30, Dec 31, Held for trading at fair value: Marketable equity securities $ 14,058 27,440 Not held for trading: Fair value: Marketable equity securities (1) 2,412 6,481 Nonmarketable equity securities 8,583 8,015 Total equity securities at fair value 10,995 14,496 Equity method: Low income housing tax credit investments 11,295 11,343 Private equity 2,841 3,459 Tax-advantaged renewable energy 4,142 3,811 New market tax credit and other 356 387 Total equity method 18,634 19,000 Other: Federal Reserve Bank stock and other at cost (2) 3,585 4,790 Private equity (3) 3,897 2,515 Total equity securities not held for trading 37,111 40,801 Total equity securities $ 51,169 68,241 (1) Includes $206 million and $3.8 billion at September 30, 2020, and December 31, 2019, respectively, related to securities held as economic hedges of our deferred compensation plan liabilities. In second quarter 2020, we entered into arrangements to transition our economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments. (2) Includes $3.5 billion and $4.8 billion at September 30, 2020, and December 31, 2019, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock. (3) Represents nonmarketable equity securities accounted for 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 are held as part of our customer accommodation trading activities. For additional information on these activities, see Note 4 (Trading Activities). 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). FAIR VALUE Marketable equity securities held for purposes other than trading consist of exchange-traded equity funds held to economically hedge obligations related to our deferred compensation plans, as well as other holdings of publicly traded equity securities held for investment purposes. We account for certain nonmarketable equity securities under the fair value method, and substantially all of these securities are economically hedged with equity derivatives. EQUITY METHOD Our equity method investments consist of tax credit and private equity investments, 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 are designed to promote private development of low income housing. These investments typically generate a return through realization of federal tax credit and other tax benefits. In the third quarter and first nine months of 2020, we recognized pre-tax losses of $336 million and $1.0 billion, respectively, related to our LIHTC investments, compared with $304 million and $875 million, respectively, for the same periods a year ago. These losses were recognized in other noninterest income. We also recognized total tax benefits of $422 million and $1.2 billion in the third quarter and first nine months of 2020, respectively, which included tax credits recorded to income taxes of $339 million and $970 million for the same periods, respectively. In the third quarter and first nine months of 2019, total tax benefits were $362 million and $1.1 billion, respectively, which included tax credits of $286 million and $891 million for the same periods, respectively. We are periodically required to provide additional financial support during the investment period. A liability is recognized for unfunded commitments that are both legally binding and probable of funding. These commitments are predominantly funded within three years of initial investment. Our liability for these unfunded commitments was $4.0 billion at September 30, 2020, and $4.3 billion at December 31, 2019. This liability for unfunded commitments is included in long-term debt. OTHER The remaining portion of our nonmarketable equity securities portfolio consists of securities accounted for using the cost or measurement alternative. Realized Gains and Losses Not Held for Trading Table 8.2 provides a summary of the net gains and losses from equity securities not held for trading. Gains and losses for securities held for trading are reported in net gains from trading activities. Table 8.2: Net Gains (Losses) from Equity Securities Not Held for Trading Quarter ended Sep 30, Nine months ended Sep 30, (in millions) 2020 2019 2020 2019 Net gains (losses) from equity securities carried at fair value: Marketable equity securities $ 38 116 $ (371) 757 Nonmarketable equity securities 265 1,477 585 3,145 Total equity securities carried at fair value 303 1,593 214 3,902 Net gains (losses) from nonmarketable equity securities not carried at fair value: Impairment write-downs (1) (535) (43) (1,576) (110) Net unrealized gains related to measurement alternative observable transactions (1) 1,030 158 1,276 489 Net realized gains on sale 60 623 259 1,029 Total nonmarketable equity securities not carried at fair value 555 738 (41) 1,408 Net gains (losses) from economic hedge derivatives (2) (209) (1,375) (392) (2,918) Total net gains (losses) from equity securities not held for trading $ 649 956 $ (219) 2,392 (1) In third quarter 2020, we recorded $452 million of income related to a change in the accounting measurement model from the equity method to the measurement alternative for certain nonmarketable equity securities from our affiliated venture capital partnerships. This amount is comprised of $(434) million of impairment write-downs and $$658 million of net unrealized gains reported in the table above, as well as $228 million of equity method investment income reported in other noninterest income. (2) Includes net gains (losses) on derivatives not designated as hedging instruments. Measurement Alternative Table 8.3 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 8.2. Table 8.3: Net Gains (Losses) from Measurement Alternative Equity Securities Quarter ended Sep 30, Nine months ended Sep 30, (in millions) 2020 2019 2020 2019 Net gains (losses) recognized in earnings during the period: Gross unrealized gains due to observable price changes $ 1,030 158 $ 1,276 500 Gross unrealized losses due to observable price changes — — — (11) Impairment write-downs (506) (20) (918) (53) Realized net gains from sale 8 36 21 161 Total net gains (losses) recognized during the period $ 532 174 $ 379 597 Table 8.4 presents cumulative carrying value adjustments to nonmarketable equity securities accounted for under the measurement alternative that were still held at the end of each reporting period presented. Table 8.4: Measurement Alternative Cumulative Gains (Losses) (in millions) Sep 30, Dec 31, Cumulative gains (losses): Gross unrealized gains due to observable price changes $ 2,138 973 Gross unrealized losses due to observable price changes (43) (42) Impairment write-downs (1,024) (134) |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2020 | |
Other Assets [Abstract] | |
Other Assets | Note 9: Other Assets Table 9.1 presents the components of other assets. Table 9.1: Other Assets (in millions) Sep 30, Dec 31, Corporate/bank-owned life insurance $ 20,303 20,070 Accounts receivable (1) 34,524 29,137 Interest receivable: AFS and HTM debt securities 1,399 1,729 Loans 3,074 3,099 Trading and other 409 758 Customer relationship and other amortized intangibles 352 423 Foreclosed assets: Residential real estate: Government insured/guaranteed (1) 22 50 Non-government insured/guaranteed 82 172 Other 52 81 Operating lease assets (lessor) 7,573 8,221 Operating lease ROU assets (lessee) 4,421 4,724 Due from customers on acceptances 207 253 Other 13,756 10,200 Total other assets $ 86,174 78,917 (1) Certain government-guaranteed residential real estate mortgage loans upon foreclosure are included in Accounts receivable. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K. |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Securitizations and Variable Interest Entities [Abstract] | |
Securitizations and Variable Interest Entities | Note 10: 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. For further description of our involvement with SPEs, see Note 10 (Securitizations and Variable Interest Entities) in our 2019 Form 10-K. Table 10.1 provides the classifications of assets and liabilities in our balance sheet for our transactions with VIEs. Table 10.1: Balance Sheet Transactions with VIEs (in millions) VIEs that we VIEs Transfers that Total September 30, 2020 Cash and due from banks $ — 16 — 16 Interest-earning deposits with banks — — — — Debt securities (1): Trading debt securities 1,869 267 — 2,136 Available-for-sale debt securities 1,484 395 — 1,879 Held-to-maturity debt securities 1,170 — — 1,170 Loans 1,960 10,634 69 12,663 Mortgage servicing rights 7,009 — — 7,009 Derivative assets 247 1 — 248 Equity securities 11,356 72 — 11,428 Other assets 1,002 214 — 1,216 Total assets 26,097 11,599 69 37,765 Short-term borrowings — 595 — 595 Derivative liabilities 2 1 — 3 Accrued expenses and other liabilities 223 229 — 452 Long-term debt 4,080 215 68 4,363 Total liabilities 4,305 1,040 68 5,413 Noncontrolling interests — 35 — 35 Net assets $ 21,792 10,524 1 32,317 December 31, 2019 Cash and due from banks $ — 16 — 16 Interest-earning deposits with banks — 284 — 284 Debt securities (1): Trading debt securities 792 339 — 1,131 Available-for-sale debt securities 1,696 201 — 1,897 Held-to-maturity debt securities 791 — — 791 Loans 2,127 13,170 80 15,377 Mortgage servicing rights 11,884 — — 11,884 Derivative assets 142 1 — 143 Equity securities 11,401 118 — 11,519 Other assets 1,268 239 — 1,507 Total assets 30,101 14,368 80 44,549 Short-term borrowings — 401 — 401 Derivative liabilities 1 3 — 4 Accrued expenses and other liabilities 189 235 — 424 Long-term debt 4,817 587 79 5,483 Total liabilities 5,007 1,226 79 6,312 Noncontrolling interests — 43 — 43 Net assets $ 25,094 13,099 1 38,194 (1) Excludes certain debt securities related to loans serviced for the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA). Transactions with Unconsolidated VIEs Our transactions with unconsolidated VIEs include predominantly securitizations of residential and commercial mortgage loans, and investments in tax credit structures. We have various forms of involvement with VIEs, including servicing, holding senior or subordinated interests, and entering into liquidity arrangements and 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 10.2 provides a summary of our exposure to unconsolidated VIEs with which we have significant continuing involvement but for which we are not the primary beneficiary. We include transactions where we were the sponsor or servicer and also have other significant forms of continuing involvement. Sponsorship includes transactions where we solely or materially participated in the initial design or structuring of the VIE or marketed the transaction to investors. We consider investments in securities, loans, guarantees, liquidity agreements, commitments and certain derivatives to be other forms of continuing involvement that may be significant. We also include transactions where we transferred assets to a VIE, account for the transfer as a sale, and service the VIE collateral or have other forms of continuing involvement that may be significant (as described above). We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary in nature or insignificant in size. We also exclude 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 10.2: Unconsolidated VIEs Carrying value – asset (liability) (in millions) Total Debt and Servicing Derivatives Debt, guarantees, and other Net September 30, 2020 Residential mortgage loan securitizations: Conforming (2) $ 979,592 2,067 6,787 — (217) 8,637 Other/nonconforming 5,762 15 38 — — 53 Commercial mortgage loan securitizations (2) 177,421 2,512 1,186 179 (76) 3,801 Tax credit structures 39,532 13,094 — — (4,010) 9,084 Other asset-based finance structures 865 100 — 66 — 166 Other 1,153 51 — — — 51 Total $ 1,204,325 17,839 8,011 245 (4,303) 21,792 Maximum exposure to loss Debt and Servicing Derivatives Debt, guarantees, and other Total Residential mortgage loan securitizations: Conforming (2) $ 2,047 6,787 — 1,355 10,189 Other/nonconforming 15 38 — — 53 Commercial mortgage loan securitizations (2) 2,461 1,186 179 12,200 16,026 Tax credit structures 13,094 — — 1,331 14,425 Other asset-based finance structures 100 — 70 71 241 Other 51 — — 157 208 Total $ 17,768 8,011 249 15,114 41,142 Carrying value – asset (liability) (in millions) Total Debt and Servicing Derivatives Debt, guarantees, Net December 31, 2019 Residential mortgage loan securitizations: Conforming (2) $ 1,098,103 1,528 11,931 — (683) 12,776 Other/nonconforming 5,178 6 152 — — 158 Commercial mortgage loan securitizations (2) 169,736 2,239 1,069 80 (43) 3,345 Tax credit structures 39,091 12,826 — — (4,260) 8,566 Other asset-based finance structures 1,355 157 — 61 (20) 198 Other 1,167 51 — — — 51 Total $ 1,314,630 16,807 13,152 141 (5,006) 25,094 Maximum exposure to loss Debt and Servicing Derivatives Debt, guarantees, Total Residential mortgage loan securitizations: Conforming (2) $ 972 11,931 — 937 13,840 Other/nonconforming 6 152 — — 158 Commercial mortgage loan securitizations (2) 2,239 1,069 80 11,667 15,055 Tax credit structures 12,826 — — 1,701 14,527 Other asset-based finance structures 157 — 63 91 311 Other 51 — — 157 208 Total $ 16,251 13,152 143 14,553 44,099 (1) Includes total equity interests of $11.4 billion at both September 30, 2020, and December 31, 2019. 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) Carrying values include assets and related liabilities of $71 million and $556 million at September 30, 2020, and December 31, 2019, respectively, related to certain unexercised unconditional repurchase options. These amounts represent the carrying value of the loans and associated debt that would be payable if the option was exercised to repurchase eligible loans from GNMA residential and multifamily loan securitizations. These amounts are excluded from maximum exposure to loss as we are not obligated to exercise the options. In Table 10.2, “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 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” is determined as the carrying value of our investment in the VIEs excluding the unconditional repurchase options that have not been exercised, 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 disclosure is not an indication of expected loss. For complete descriptions of our transactions with unconsolidated VIEs with which we have a significant continuing involvement, but we are not the primary beneficiary, see Note 10 (Securitizations and Variable Interest Entities) in our 2019 Form 10-K. Loan Sales and Securitization Activity We periodically transfer consumer and commercial 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. 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 10.3 presents information about transfers of assets during the period to unconsolidated VIEs or third-party investors for which we recorded the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we recorded servicing assets, securities, and a liability for repurchase losses which reflects management’s estimate of probable losses related to various representations and warranties for the loans transferred. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and generally securities are initially classified as Level 2. Sales with continuing involvement include securitizations of conforming residential mortgages that are sold to the government-sponsored entities (GSEs) or GNMA. Substantially all transfers to these entities resulted in no gain or loss because the loans were already measured at fair value on a recurring basis. Table 10.3: Transfers With Continuing Involvement (in millions) 2020 2019 Quarter ended September 30, Residential mortgages Commercial mortgages Residential mortgages Commercial mortgages Net gains (losses) on sale $ 1 54 25 72 Asset balances sold 71,032 2,430 48,378 4,419 Servicing rights recognized 477 32 532 33 Securities recognized (1) 12,024 5 4,271 — Liability for repurchase losses recognized 8 — 5 — Nine months ended September 30, Net gains (losses) on sale $ 53 187 85 193 Asset balances sold 182,473 7,663 119,153 10,479 Servicing rights recognized 1,366 114 1,239 92 Securities recognized (1) 14,074 79 7,665 — Liability for repurchase losses recognized 15 — 13 — (1) Includes securities retained upon initial transfer and subsequent sales during the periods presented, which may result in a net reduction of securities recognized. Table 10.4 presents the key weighted average assumptions we used to measure residential MSRs at the date of securitization. Table 10.4: Residential Mortgage Servicing Rights Residential mortgage 2020 2019 Quarter ended September 30, Prepayment speed (1) 16.7 % 13.2 Discount rate 6.7 7.4 Cost to service ($ per loan) (2) $ 107 101 Nine months ended September 30, Prepayment speed (1) 15.0 % 13.3 Discount rate 6.8 7.6 Cost to service ($ per loan) (2) $ 99 106 (1) The prepayment speed assumption for residential MSRs 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 due to changes in model assumptions and the mix of modified government-guaranteed loans sold to GNMA. Table 10.5 presents the proceeds related to transfers accounted for as sales in which we have continuing involvement with the transferred financial assets, as well as current period cash flows from continuing involvement with previous transfers accounted for as sales. Cash flows from other interests held exclude cash flows from certain debt securities related to loans serviced for FNMA, FHLMC and GNMA and predominantly include principal and interest payments received on retained bonds. Repurchases of assets represent cash paid to repurchase loans from investors under representation and warranty obligations or in connection with the exercise of cleanup calls on securitizations. Loss reimbursements are cash paid to reimburse investors for losses on individual loans that are already liquidated. Repurchases of government insured loans result from the exercise of our option, as servicer, to repurchase loans from GNMA loan securitization pools, when three scheduled loan payments remain unpaid by the borrower. These loans are insured by the FHA or guaranteed by the VA. Cash flows from servicing advances include principal and interest payments to investors required by servicing agreements. Table 10.5: Cash Inflows (Outflows) From Sales and Securitization Activity Mortgage loans (in millions) 2020 2019 Quarter ended September 30, Proceeds from securitizations and whole loan sales $ 73,673 52,274 Fees from servicing rights retained 676 793 Cash flows from other interests held 174 131 Repurchases of assets/loss reimbursements: Non-agency securitizations and whole loan transactions 1 (1,369) Government insured loans (21,905) (1,402) Agency securitizations (152) (26) Servicing advances, net of recoveries (66) 73 Nine months ended September 30, Proceeds from securitizations and whole loan sales $ 188,911 128,478 Fees from servicing rights retained 2,095 2,359 Cash flows from other interests held 533 375 Repurchases of assets/loss reimbursements: Non-agency securitizations and whole loan transactions — (1,370) Government insured loans (26,939) (4,590) Agency securitizations (213) (70) Servicing advances, net of recoveries (126) 166 Retained Interests from Unconsolidated VIEs Table 10.6 provides key economic assumptions and the sensitivity of the current fair value of residential MSRs and other interests held related to unconsolidated VIEs to immediate adverse changes in those assumptions. Amounts for residential MSRs include purchased servicing rights as well as servicing rights resulting from the transfer of loans. See Note 16 (Fair Values of Assets and Liabilities) for additional information on key economic assumptions for residential MSRs. “Other interests held” were obtained when we securitized residential and commercial mortgage loans. Residential mortgage-backed securities retained in securitizations issued through GSEs or GNMA, are excluded from the table because these securities have a remote risk of credit loss due to the GSE or government guarantee. These securities also have economic characteristics similar to GSE or GNMA 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 10.6: Retained Interests from Unconsolidated VIEs Residential Other interests held ($ in millions, except cost to service amounts) Subordinated Senior Fair value of interests held at September 30, 2020 $ 6,355 1,009 276 Expected weighted average life (in years) 3.7 6.8 6.3 Key economic assumptions: Prepayment speed assumption 19.7 % Decrease in fair value from: 10% adverse change $ 452 25% adverse change 1,044 Discount rate assumption 5.8 % 5.3 1.5 Decrease in fair value from: 100 basis point increase $ 236 56 15 200 basis point increase 454 109 29 Cost to service assumption ($ per loan) 138 Decrease in fair value from: 10% adverse change 204 25% adverse change 508 Credit loss assumption 4.5 % — Decrease in fair value from: 10% higher losses $ 32 — 25% higher losses 35 — Fair value of interests held at December 31, 2019 $ 11,517 909 352 Expected weighted average life (in years) 5.3 7.3 5.5 Key economic assumptions: Prepayment speed assumption 11.9 % Decrease in fair value from: 10% adverse change $ 537 25% adverse change 1,261 Discount rate assumption 7.2 % 4.0 2.9 Decrease in fair value from: 100 basis point increase $ 464 53 16 200 basis point increase 889 103 32 Cost to service assumption ($ per loan) 102 Decrease in fair value from: 10% adverse change 253 25% adverse change 632 Credit loss assumption 3.1 % — Decrease in fair value from: 10% higher losses $ 1 — 25% higher losses 4 — In addition to residential MSRs included in the previous table, we have a small portfolio of commercial MSRs, which are carried at the lower of cost or fair value (LOCOM), with a fair value of $1.4 billion and $1.9 billion at September 30, 2020, and December 31, 2019, respectively. Prepayment assumptions do not significantly impact values of commercial MSRs and commercial mortgage bonds as commercial loans generally include contractual restrictions on prepayment. Servicing costs are not a driver of our MSR value as we are typically primary or master servicer; the higher costs of servicing delinquent and foreclosed loans is generally borne by the special servicer. 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 of our commercial MSRs to a hypothetical immediate adverse 25% change in the assumption about interest earned on deposit balances at September 30, 2020, and December 31, 2019, would result in a decrease in fair value of $89 million and $205 million, respectively. See Note 11 (Mortgage Banking Activities) for additional information on our commercial MSRs. The sensitivities in the preceding paragraph 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 10.7 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. In accordance with applicable servicing guidelines, delinquency status continues to advance for loans with COVID-related payment deferrals. 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 10.7: Off-Balance Sheet Loans Sold or Securitized Net charge-offs (2) Total loans Delinquent loans Nine months ended Sep 30, (in millions) Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 2020 2019 Commercial: Real estate mortgage $ 114,479 112,507 2,363 776 129 109 Total commercial 114,479 112,507 2,363 776 129 109 Consumer: Real estate 1-4 family first mortgage 875,298 1,008,446 36,605 6,664 71 180 Real estate 1-4 family junior lien mortgage 10 13 2 2 — — Total consumer 875,308 1,008,459 36,607 6,666 71 180 Total off-balance sheet sold or securitized loans (3) $ 989,787 1,120,966 38,970 7,442 200 289 (1) Includes $397 million and $492 million of commercial foreclosed assets and $264 million and $356 million of consumer foreclosed assets at September 30, 2020, and December 31, 2019, respectively. (2) 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. (3) At September 30, 2020, and December 31, 2019, the table includes total loans of $920.7 billion and $1.0 trillion respectively, delinquent loans of $35.0 billion and $5.2 billion, respectively, and foreclosed assets of $205 million and $251 million, respectively, for FNMA, FHLMC and GNMA. Transactions with Consolidated VIEs and Secured Borrowings Table 10.8 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 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 10.8: Transactions with Consolidated VIEs and Secured Borrowings Carrying value (in millions) Total Assets Liabilities Noncontrolling Net assets September 30, 2020 Secured borrowings: Residential mortgage securitizations $ 69 69 (68) — 1 Total secured borrowings 69 69 (68) — 1 Consolidated VIEs: Commercial and industrial loans and leases 6,978 4,924 (227) (13) 4,684 Nonconforming residential mortgage loan securitizations 622 538 (214) — 324 Commercial real estate loans 5,379 5,379 — — 5,379 Municipal tender option bond securitizations 596 599 (596) — 3 Other 159 159 (3) (22) 134 Total consolidated VIEs 13,734 11,599 (1,040) (35) 10,524 Total secured borrowings and consolidated VIEs $ 13,803 11,668 (1,108) (35) 10,525 December 31, 2019 Secured borrowings: Residential mortgage securitizations $ 81 80 (79) — 1 Total secured borrowings 81 80 (79) — 1 Consolidated VIEs: Commercial and industrial loans and leases 8,054 8,042 (529) (16) 7,497 Nonconforming residential mortgage loan securitizations 935 809 (290) — 519 Commercial real estate loans 4,836 4,836 — — 4,836 Municipal tender option bond securitizations 401 402 (401) — 1 Other 279 279 (6) (27) 246 Total consolidated VIEs 14,505 14,368 (1,226) (43) 13,099 Total secured borrowings and consolidated VIEs $ 14,586 14,448 (1,305) (43) 13,100 We have raised financing through the securitization of certain financial assets in transactions with VIEs accounted for as secured borrowings. We also consolidate VIEs where we are the primary beneficiary. In certain transactions, we provide contractual support in the form of limited recourse and liquidity to facilitate the remarketing of short-term securities issued to third-party investors. Other than this limited contractual support, the assets of the VIEs are the sole source of repayment of the securities held by third parties. For complete descriptions of our accounting for transfers accounted for as secured borrowings and involvement with consolidated VIEs, see Note 10 (Securitizations and Variable Interest Entities) in our 2019 Form 10-K. Other Transactions In addition to the transactions included in the previous tables, we have used wholly-owned trust preferred security VIEs to issue debt securities or preferred equity exclusively to third-party investors. As the sole assets of the VIEs are receivables from us, we do not consolidate the VIEs 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 |
Mortgage Banking Activities
Mortgage Banking Activities | 9 Months Ended |
Sep. 30, 2020 | |
Mortgage Banking Activities [Abstract] | |
Mortgage Banking Activities | Note 11: Mortgage Banking Activities Mortgage banking activities consist of residential and commercial mortgage originations, sales and servicing. We apply the amortization method to commercial MSRs and the fair value method to residential MSRs. Table 11.1 presents the changes in MSRs measured using the fair value method. Table 11.1: Analysis of Changes in Fair Value MSRs Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Fair value, beginning of period $ 6,819 12,096 $ 11,517 14,649 Servicing from securitizations or asset transfers (1) 351 538 1,274 1,279 Sales and other (2) — (4) (32) (286) Net additions 351 534 1,242 993 Changes in fair value: Due to valuation inputs or assumptions: Mortgage interest rates (3) (294) (718) (3,916) (2,811) Servicing and foreclosure costs (4) 157 13 (265) 3 Discount rates — 188 27 179 Prepayment estimates and other (5) (80) (445) (451) (302) Net changes in valuation inputs or assumptions (217) (962) (4,605) (2,931) Changes due to collection/realization of expected cash flows (6) (598) (596) (1,799) (1,639) Total changes in fair value (815) (1,558) (6,404) (4,570) Fair value, end of period $ 6,355 11,072 $ 6,355 11,072 (1) Includes impacts associated with exercising cleanup calls on securitizations and our right to repurchase delinquent loans from GNMA loan securitization pools. MSRs may increase upon repurchase due to servicing liabilities associated with these delinquent GNMA loans. (2) Includes sales and transfers of MSRs, which can result in an increase in MSRs if related to portfolios with servicing liabilities. (3) Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates. (4) Includes costs to service and unreimbursed foreclosure costs. (5) Represents other changes in valuation model inputs or assumptions including prepayment speed estimation changes that are independent of mortgage interest rate changes. (6) Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time. Table 11.2 presents the changes in amortized MSRs. Table 11.2: Analysis of Changes in Amortized MSRs Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Balance, beginning of period $ 1,361 1,407 $ 1,430 1,443 Purchases 6 25 21 65 Servicing from securitizations or asset transfers 32 33 114 92 Amortization (1) (74) (68) (240) (203) Balance, end of period $ 1,325 1,397 $ 1,325 1,397 Fair value of amortized MSRs: Beginning of period $ 1,401 1,897 $ 1,872 2,288 End of period 1,400 1,813 1,400 1,813 (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 a $7 million and $37 million impairment recorded in the third quarter and first nine months of 2020, respectively, and an associated valuation allowance of $37 million recorded at September 30, 2020, on the commercial amortized MSRs. We present the components of our managed servicing portfolio in Table 11.3 at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced. Table 11.3: Managed Servicing Portfolio (in billions) Sep 30, 2020 Dec 31, 2019 Residential mortgage servicing: Serviced and subserviced for others $ 920 1,065 Owned loans serviced 342 343 Total residential servicing 1,262 1,408 Commercial mortgage servicing: Serviced and subserviced for others 579 575 Owned loans serviced 123 124 Total commercial servicing 702 699 Total managed servicing portfolio $ 1,964 2,107 Total serviced for others, excluding subserviced for others $ 1,488 1,629 Ratio of MSRs to related loans serviced for others 0.52 % 0.79 Weighted average note rate (mortgage loans serviced for others) 4.13 4.25 At September 30, 2020, and December 31, 2019, we had servicer advances, net of an allowance for uncollectible amounts, of $2.6 billion and $2.0 billion, respectively. As the servicer of loans for others, we advance certain payments of principal, interest, taxes, insurance, and default-related expenses which are generally reimbursed within a short timeframe from cash flows from the trust, GSEs, insurer or borrower. The credit risk related to these advances is limited since the reimbursement is generally senior to cash payments to investors. We also advance payments of taxes and insurance for our owned loans which are collectible from the borrower. We maintain an allowance for uncollectible amounts for advances on loans serviced for others that may not be reimbursed if the payments were not made in accordance with applicable servicing agreements or if the insurance or servicing agreements contain limitations on reimbursements. Servicing advances on owned loans are charged-off when deemed uncollectible. Table 11.4 presents the components of mortgage banking noninterest income. Table 11.4: Mortgage Banking Noninterest Income Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Servicing fees: Contractually specified servicing fees, late charges and ancillary fees $ 838 924 $ 2,452 2,749 Unreimbursed direct servicing costs (1) (121) (118) (333) (272) Servicing fees 717 806 2,119 2,477 Amortization (2) (74) (68) (240) (203) Changes due to collection/realization of expected cash flows (3) (A) (598) (596) (1,799) (1,639) Net servicing fees 45 142 80 635 Changes in fair value of MSRs due to valuation inputs or assumptions (4) (B) (217) (962) (4,605) (2,931) Net derivative gains from economic hedges (5) 513 678 4,448 2,795 Market-related valuation changes to MSRs, net of hedge results 296 (284) (157) (136) Total servicing income (loss), net 341 (142) (77) 499 Net gains on mortgage loan origination/sales activities (6) 1,249 608 2,363 1,433 Total mortgage banking noninterest income $ 1,590 466 $ 2,286 1,932 Total changes in fair value of MSRs carried at fair value (A)+(B) $ (815) (1,558) $ (6,404) (4,570) (1) Includes costs associated with foreclosures, unreimbursed interest advances to investors, and other interest costs. (2) Includes a $7 million and $37 million impairment recorded in the third quarter and first nine months of 2020, respectively, on the commercial amortized MSRs. (3) Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time. (4) Refer to the analysis of changes in fair value MSRs presented in Table 11.1 in this Note for more detail. (5) See Note 15 (Derivatives) for additional discussion and detail on economic hedges. (6) Includes net gains (losses) of $(297) million and $(1.6) billion in the third quarter and first nine months of 2020, respectively, and $58 million and $(376) million in the third quarter and first nine months of 2019, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 12: Intangible Assets Table 12.1 presents the gross carrying value of intangible assets and accumulated amortization. Table 12.1: Intangible Assets September 30, 2020 December 31, 2019 (in millions) Gross Accumulated Net Gross Accumulated Net Amortized intangible assets (1): MSRs (2) $ 4,557 (3,232) 1,325 4,422 (2,992) 1,430 Customer relationship and other intangibles 879 (527) 352 947 (524) 423 Total amortized intangible assets $ 5,436 (3,759) 1,677 5,369 (3,516) 1,853 Unamortized intangible assets: MSRs (carried at fair value) (2) $ 6,355 11,517 Goodwill 26,387 26,390 Trademark 14 14 (1) Balances are excluded commencing in the period following full amortization. (2) Includes a $37 million valuation allowance recorded for amortized MSRs at September 30, 2020. See Note 11 (Mortgage Banking Activities) for additional information on MSRs. Table 12.2 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 September 30, 2020. Future amortization expense may vary from these projections. Table 12.2: Amortization Expense for Intangible Assets (in millions) Amortized MSRs Customer Total Nine months ended September 30, 2020 (actual) $ 240 71 311 Estimate for the remainder of 2020 $ 66 24 90 Estimate for year ended December 31, 2021 239 81 320 2022 212 68 280 2023 184 59 243 2024 159 48 207 2025 134 39 173 Table 12.3 shows the allocation of goodwill to our reportable operating segments. We assess goodwill for impairment at a reporting unit level, which is generally one level below the operating segments. Table 12.3: Goodwill (in millions) Community Wholesale Wealth and Investment Management Consolidated December 31, 2018 $ 16,685 8,450 1,283 26,418 Reclassification of goodwill held for sale to other assets — (25) — (25) Reduction in goodwill related to divested business and other — — (7) (7) Foreign currency translation — 2 — 2 September 30, 2019 $ 16,685 8,427 1,276 26,388 December 31, 2019 $ 16,685 8,429 1,276 26,390 Foreign currency translation — (3) — (3) September 30, 2020 $ 16,685 8,426 1,276 26,387 |
Guarantees, Pledged Assets and
Guarantees, Pledged Assets and Collateral, and Other Commitments | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees [Abstract] | |
Guarantees, Pledged Assets and Collateral, and Other Commitments | Note 13: 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 and direct pay letters of credit, written options, recourse obligations, and other types of similar arrangements. For complete descriptions of our guarantees, see Note 16 (Guarantees, Pledged Assets and Collateral, and Other Commitments) in our 2019 Form 10-K. Table 13.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts. Table 13.1: Guarantees – Carrying Value and Maximum Exposure to Loss Maximum exposure to loss (in millions) Carrying Expires in Expires after Expires after Expires Total Non- September 30, 2020 Standby letters of credit $ 195 12,381 4,287 1,844 446 18,958 7,484 Direct pay letters of credit 42 2,227 2,853 704 48 5,832 1,175 Written options (1) (245) 13,356 10,851 2,379 152 26,738 16,205 Loans and MLHFS sold with recourse (2) 34 231 752 1,596 10,016 12,595 10,254 Exchange and clearing house guarantees — — — — 5,516 5,516 — Other guarantees and indemnifications (3) 1 567 1 1 1,667 2,236 528 Total guarantees $ 27 28,762 18,744 6,524 17,845 71,875 35,646 December 31, 2019 Standby letters of credit $ 36 11,569 4,460 2,812 467 19,308 7,104 Direct pay letters of credit — 1,861 3,815 824 105 6,605 1,184 Written options (1) (345) 17,088 10,869 2,341 273 30,571 18,113 Loans and MLHFS sold with recourse (2) 52 114 576 1,356 10,050 12,096 9,835 Exchange and clearing house guarantees — — — — 4,817 4,817 — Other guarantees and indemnifications (3) 1 785 1 3 809 1,598 698 Total guarantees $ (256) 31,417 19,721 7,336 16,521 74,995 36,934 (1) Written options, which are in the form of derivatives, are also included in the derivative disclosures in Note 15 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades. (2) Represent recourse provided, predominantly to the GSEs, on loans sold under various programs and arrangements. (3) Includes indemnifications provided to certain third-party clearing agents. Outstanding customer obligations under these arrangements were $176 million and $80 million with related collateral of $1.5 billion and $696 million at September 30, 2020, and December 31, 2019, respectively. “Maximum exposure to loss” and “Non-investment grade” are required disclosures under GAAP. 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 13.1 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 is more representative of our exposure to loss than maximum exposure to loss. The carrying value represents the fair value of the guarantee, if any, and also includes an ACL for guarantees, if applicable. Non-investment grade represents those guarantees on which we have a higher risk of performance 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 Related Allowance for Credit Losses). We provide debit and credit card transaction processing services through the payment networks directly for merchants and as a sponsor for merchant processing servicers, including our joint venture with a third party that is accounted for as an equity method investment. In our role as the merchant acquiring bank, we have a potential obligation for payment and delivery disputes between the merchant and the cardholder that are resolved in favor of the cardholder. If we are unable to collect the amounts from the merchant, we incur a loss for the refund to the cardholder. We are secondarily obligated to make a refund for transactions involving the sponsored merchant processing servicers. We have a low likelihood of loss since most products and services are delivered when purchased and amounts are refunded when items are returned to the merchant. In addition, we may reduce our risk by withholding future payments and requiring cash or other collateral. For the first nine months of 2020, we processed card transaction volume of $982.7 billion as a merchant acquiring bank, and related losses, including those from our joint venture entity, were immaterial. The Parent fully and unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue. These guaranteed liabilities were $2.4 billion and $1.6 billion at September 30, 2020 and December 31, 2019, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness. Pledged Assets Table 13.2 provides the carrying amount of on-balance sheet pledged assets and the fair value of other pledged collateral. Other pledged collateral is collateral we have received from third parties, have the right to repledge and is not recognized on our balance sheet. TRADING RELATED ACTIVITY Our trading businesses may pledge debt and equity securities in connection with securities sold under agreements to repurchase (repurchase agreements) and securities lending arrangements. The collateral that we pledge related to our trading activities may include our own collateral as well as collateral that we have received from third parties and have the right to repledge. All of the trading activity pledged collateral is eligible to be repledged or sold by the secured party. NON-TRADING RELATED ACTIVITY As part of our liquidity management strategy, we may pledge loans, debt securities, and other assets to secure trust and public deposits, borrowings and letters of credit from the Federal Home Loan Bank (FHLB) and FRB and for other purposes as required or permitted by law or insurance statutory requirements. Substantially all of the non-trading activity pledged collateral is not eligible to be repledged or sold by the secured party. VIE RELATED We pledge assets in connection with various types of transactions entered into with VIEs. These pledged assets can only be used to settle the liabilities of those entities. We also have loans recorded on our balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 10 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets and VIEs accounted for as secured borrowings. Table 13.2: Pledged Assets (in millions) Sep 30, Dec 31, Related to trading activities: Repledged third-party owned debt and equity securities $ 37,121 60,083 Trading debt securities and other 20,483 51,083 Equity securities 835 1,379 Total pledged assets related to trading activities 58,439 112,545 Related to non-trading activities: Loans 364,865 406,106 Debt securities: Available-for-sale 55,479 61,126 Held-to-maturity 2,786 3,685 Mortgage loans held for sale — 2,266 Total pledged assets related to non-trading activities 423,130 473,183 Related to VIEs: Consolidated VIE assets 11,599 14,368 VIEs accounted for as secured borrowings 69 80 Loans eligible for repurchase from GNMA securitizations 76 568 Total pledged assets related to VIEs 11,744 15,016 Total pledged assets $ 493,313 600,744 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. Our securities financing activities primarily 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 SECURITIES FINANCING ACTIVITIES Table 13.3 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). Collateralized financings 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 13.3, we also have balance sheet netting related to derivatives that is disclosed in Note 15 (Derivatives). Table 13.3: Offsetting – Securities Financing Activities (in millions) Sep 30, Dec 31, Assets: Resale and securities borrowing agreements Gross amounts recognized $ 94,579 140,773 Gross amounts offset in consolidated balance sheet (1) (11,066) (19,180) Net amounts in consolidated balance sheet (2) 83,513 121,593 Collateral not recognized in consolidated balance sheet (3) (82,736) (120,786) Net amount (4) $ 777 807 Liabilities: Repurchase and securities lending agreements Gross amounts recognized $ 54,888 111,038 Gross amounts offset in consolidated balance sheet (1) (11,066) (19,180) Net amounts in consolidated balance sheet (5) 43,822 91,858 Collateral pledged but not netted in consolidated balance sheet (6) (43,602) (91,709) Net amount (4) $ 220 149 (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) Includes $69.2 billion and $102.1 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at September 30, 2020, and December 31, 2019, respectively. Also includes securities purchased under long-term resale agreements (generally one year or more) classified in loans, which totaled $14.3 billion and $19.5 billion, at September 30, 2020, and December 31, 2019, respectively. (3) Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized asset due from each counterparty. At September 30, 2020, and December 31, 2019, we have received total collateral with a fair value of $106.5 billion and $150.9 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 $35.9 billion at September 30, 2020, and $59.1 billion at December 31, 2019. (4) Represents the amount of our exposure (assets) or obligation (liabilities) that is not collateralized and/or is not subject to an enforceable MRA or MSLA. (5) Amount is classified in short-term borrowings on our consolidated balance sheet. (6) Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized liability owed to each counterparty. At September 30, 2020, and December 31, 2019, we have pledged total collateral with a fair value of $56.5 billion and $113.3 billion, respectively, substantially all of which may be sold or repledged by the counterparty. 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 in various ways. Our collateral primarily consists of highly liquid securities. In addition, we underwrite and monitor the financial strength of our counterparties, monitor the fair value of collateral pledged relative to contractually required repurchase amounts, and monitor that our collateral is properly returned through the clearing and settlement process in advance of our cash repayment. Table 13.4 provides the gross amounts recognized on the balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type. Table 13.4: Gross Obligations by Underlying Collateral Type (in millions) Sep 30, Dec 31, Repurchase agreements: Securities of U.S. Treasury and federal agencies $ 22,342 48,161 Securities of U.S. States and political subdivisions 46 104 Federal agency mortgage-backed securities 13,184 44,737 Non-agency mortgage-backed securities 1,176 1,818 Corporate debt securities 8,780 7,126 Asset-backed securities 1,050 1,844 Equity securities 1,463 1,674 Other 830 705 Total repurchases 48,871 106,169 Securities lending arrangements: Securities of U.S. Treasury and federal agencies 57 163 Federal agency mortgage-backed securities 42 — Corporate debt securities 98 223 Equity securities (1) 5,788 4,481 Other 32 2 Total securities lending 6,017 4,869 Total repurchases and securities lending $ 54,888 111,038 (1) Equity securities are generally exchange traded and represent collateral received from third parties that has been repledged. We received the collateral through either margin lending agreements or contemporaneous securities borrowing transactions with other counterparties. Table 13.5 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Table 13.5: Contractual Maturities of Gross Obligations (in millions) Overnight/continuous Up to 30 days 30-90 days >90 days Total gross obligation September 30, 2020 Repurchase agreements $ 37,173 1,963 6,150 3,585 48,871 Securities lending arrangements 5,467 — 550 — 6,017 Total repurchases and securities lending (1) $ 42,640 1,963 6,700 3,585 54,888 December 31, 2019 Repurchase agreements $ 79,793 17,681 4,825 3,870 106,169 Securities lending arrangements 4,724 — 145 — 4,869 Total repurchases and securities lending (1) $ 84,517 17,681 4,970 3,870 111,038 (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 September 30, 2020, and December 31, 2019, we had commitments to purchase debt securities of $18 million in both periods and commitments to purchase equity securities of $3.2 billion and $2.7 billion, respectively. As part of maintaining our memberships in certain clearing organizations, we are required to stand ready to provide liquidity to sustain market clearing activity in the event unforeseen events occur or are deemed likely to occur. Certain of these obligations are guarantees of other members’ performance and accordingly are included in Other guarantees and indemnifications in Table 13.1. Also, we have commitments to purchase loans and securities under resale agreements from certain counterparties, including central clearing organizations. The amount of our unfunded contractual commitments was $9.1 billion and $7.5 billion as of September 30, 2020, and December 31, 2019, respectively. Given the nature of these commitments, they are excluded from Table 6.4 (Unfunded Credit Commitments) in Note 6 (Loans and Related Allowance for Credit Losses). |
Legal Actions
Legal Actions | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Actions | Note 14: Legal Actions Wells Fargo and certain of our subsidiaries are involved in a number of judicial, regulatory, governmental, arbitration, and other proceedings or investigations concerning matters arising from the conduct of our business activities, and many of those proceedings and investigations expose Wells Fargo to potential financial loss. These proceedings and investigations 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 that 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. The Company has entered into an agreement pursuant to which the Company will pay $20.8 million to resolve the cases, subject to court approval. 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 certain mortgage interest rate lock extensions. The consent orders require remediation to customers and the payment of a total of $1.0 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. The Company has reached an agreement to resolve the multi-district litigation pursuant to which the Company has agreed to pay, consistent with its remediation obligations under the consent orders, approximately $643 million in remediation to customers with CPI policies placed between October 15, 2005, and September 30, 2016. The settlement amount is not incremental to the Company’s remediation obligations under the consent orders, but instead encompasses those obligations, including remediation payments to date. The settlement amount is subject to change as the Company finalizes its remediation activity under the consent orders. In addition, the Company has agreed to contribute $1 million to a common fund for the class. The district court granted final approval of the settlement on November 21, 2019. 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. In January 2020, the court dismissed this action as to all defendants except the Company and a former executive officer and limited the action to two alleged misstatements. In addition, the Company is subject to a class action lawsuit in the United States District Court for the Central District of California alleging that customers are entitled to refunds related to the unused portion of guaranteed automobile protection (GAP) waiver or insurance agreements between the customer and dealer and, by assignment, the lender. Allegations related to the CPI and GAP programs are among the subjects of shareholder derivative lawsuits pending in federal and state court in California. The court dismissed the state court action in September 2018, but plaintiffs filed an amended complaint in November 2018. The parties to the state court action have entered into an agreement to resolve the action pursuant to which the Company will pay plaintiffs’ attorneys’ fees and undertake certain business and governance practices. The state court granted final approval of the settlement on January 15, 2020, and a notice of appeal has been filed. These and other issues related to the origination, servicing, and 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. In December 2018, the Company entered into an agreement with all 50 state Attorneys General and the District of Columbia to resolve an investigation into the Company’s retail sales practices, CPI and GAP, and mortgage interest rate lock matters, pursuant to which the Company paid $575 million. CONSENT ORDER DISCLOSURE LITIGATION Wells Fargo shareholders have brought a securities fraud class action in the United States District Court for the Southern District of New York alleging that the Company and certain of its current and former executive officers made false or misleading statements regarding the Company’s efforts to comply with the February 2018 consent order with the Federal Reserve Board and the April 2018 consent orders with the CFPB and OCC. CONSUMER DEPOSIT ACCOUNT RELATED REGULATORY INVESTIGATION The CFPB is conducting an investigation into whether customers were unduly harmed by the Company’s historical practices associated with 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. CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT/PAYCHECK PROTECTION PROGRAM Plaintiffs have filed putative class actions in various federal courts against the Company. The actions seek damages and injunctive relief related to the Company’s offering of Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security Act, as well as claims for fees by purported agents who allegedly assisted customers with preparing PPP loan applications submitted to the Company. The Company has also received formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans. In addition, Wells Fargo shareholders have brought a securities fraud class action in the United States District Court for the Northern District of California alleging that the Company and certain of its executive officers made false or misleading statements regarding the Company's participation in the PPP and the Company's compliance with related regulations. FIDUCIARY AND CUSTODY ACCOUNT FEE CALCULATIONS Federal government agencies are conducting formal or informal inquiries, investigations, or examinations regarding fee calculations within certain fiduciary and custody accounts in the Company’s investment and fiduciary services business, which is part of the wealth management business within the Wealth and Investment Management (WIM) operating segment. The Company has determined that there have been instances of incorrect fees being applied to certain assets and accounts, resulting in both overcharges and undercharges to customers. FOREIGN EXCHANGE BUSINESS The United States Department of Justice (Department of Justice) is investigating certain activities in the Company’s foreign exchange business, including whether customers may have received pricing inconsistent with commitments made to those customers. Previous investigations by other federal government agencies have been resolved. 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. The parties have entered into a settlement agreement to resolve the money damages class claims pursuant to which defendants will pay a total of approximately $6.2 billion, which includes approximately $5.3 billion of funds remaining from the 2012 settlement and $900 million in additional funding. The Company’s allocated responsibility for the additional funding is approximately $94.5 million. The court granted final approval of the settlement on December 13, 2019, which was appealed to the United States Court of Appeals for the Second Circuit by settlement objector merchants. Several of the opt-out and direct action litigations have been settled while others remain pending. Discovery is proceeding in the opt-out litigations and the equitable relief class case. LOW INCOME HOUSING TAX CREDITS Federal government agencies have undertaken formal or informal inquiries or investigations regarding the manner in which the Company purchased, and negotiated the purchase of, certain federal low income housing tax credits in connection with the financing of low income housing developments. MOBILE DEPOSIT PATENT LITIGATION The Company is a defendant in two separate cases brought by United Services Automobile Association (USAA) in the United States District Court for the Eastern District of Texas alleging claims of patent infringement regarding mobile deposit capture technology patents held by USAA. Trial in the first case commenced on October 30, 2019, and resulted in a $200 million verdict against the Company. Trial in the second case commenced on January 6, 2020, and resulted in a $102.7 million verdict against the Company. The Company has filed post-trial motions to, among other things, vacate the verdicts, and USAA has filed post-trial motions seeking future royalty payments and damages for willful infringement. MORTGAGE LOAN MODIFICATION LITIGATION Plaintiffs representing a putative class of mortgage borrowers have filed separate putative class actions, Hernandez v. Wells Fargo, et al. , Coordes v. Wells Fargo, et al. , Ryder v. Wells Fargo , Liguori v. Wells Fargo , and Dore v. Wells Fargo , against Wells Fargo Bank, N.A., in the United States District Court for the Northern District of California, the United States District Court for the District of Washington, the United States District Court for the Southern District of Ohio, the United States District Court for the Southern District of New York, and the United States District Court for the Western District of Pennsylvania, respectively. Plaintiffs allege that Wells Fargo improperly denied mortgage loan modifications or repayment plans to customers in the foreclosure process due to the overstatement of foreclosure attorneys’ fees that were included for purposes of determining whether a customer in the foreclosure process qualified for a mortgage loan modification or repayment plan. The district court in the Hernandez case certified a nationwide breach of contract class for foreclosed borrowers and denied certification on claims pertaining to other impacted borrowers. In March 2020, the Company entered into an agreement pursuant to which the Company will pay $18.5 million to resolve the claims of the certified class in the Hernandez case, which was approved by the district court in October 2020. The plaintiffs and the Company have informed the district court that they will move to reopen the Hernandez settlement to include additional borrowers who the Company determined should have been included in the settlement class once the total number of additional borrowers has been confirmed. The Company has identified a population of additional borrowers during the relevant class period whose loans had not previously been reviewed for inclusion in the original population of impacted customers. The identification of these additional borrowers may also increase the potential class of mortgage borrowers in the other pending matters. MORTGAGE-RELATED REGULATORY INVESTIGATIONS Federal and state government agencies, including the Department of Justice, have been investigating or examining certain mortgage related activities of Wells Fargo and predecessor institutions. Wells Fargo, for itself and for predecessor institutions, has responded 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. An agreement, pursuant to which the Company paid $2.09 billion, was reached in August 2018 to resolve the Department of Justice investigation, which related to certain 2005-2007 residential mortgage-backed securities activities. In addition, the Company reached an agreement with the Attorney General of the State of Illinois in November 2018 pursuant to which the Company paid $17 million in restitution to certain Illinois state pension funds and reached an agreement with the Attorney General of the State of Maryland in June 2020 pursuant to which the Company agreed to pay $20 million in restitution, in each case to resolve claims relating to certain residential mortgage-backed securities activities. 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. NOMURA/NATIXIS MORTGAGE-RELATED LITIGATION In August 2014 and August 2015, Nomura Credit & Capital Inc. (Nomura) and Natixis Real Estate Holdings, LLC (Natixis) filed a total of seven third-party complaints against Wells Fargo Bank, N.A., in New York state court. In the underlying first-party actions, Nomura and Natixis have been sued for alleged breaches of representations and warranties made in connection with residential mortgage-backed securities sponsored by them. In the third-party actions, Nomura and Natixis allege that Wells Fargo, as master servicer, primary servicer or securities administrator, failed to notify Nomura and Natixis of their own breaches, failed to properly oversee the primary servicers, and failed to adhere to accepted servicing practices. Natixis additionally alleges that Wells Fargo failed to perform default oversight duties. Wells Fargo has asserted counterclaims alleging that Nomura and Natixis failed to provide Wells Fargo notice of their representation and warranty breaches. 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 (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 in October 2016, and Wells Fargo appealed this decision to the United States Court of Appeals for the Eleventh Circuit. In May 2018, the Eleventh Circuit ruled in Wells Fargo’s favor and found that Wells Fargo had not waived its arbitration rights and remanded the case to the district court for further proceedings. On September 26, 2019, the district court entered an order granting Wells Fargo’s motion and dismissed the claims of unnamed class members in favor of arbitration. Plaintiffs appealed this decision to the United States Court of Appeals for the Eleventh Circuit. RETAIL SALES PRACTICES MATTERS A number of bodies or entities, including (a) federal, state, and local government agencies, including the Department of Justice, the United States Securities and Exchange Commission (SEC), and the United States Department of Labor, (b) state attorneys general, including the New York Attorney General, and (c) Congressional committees, have undertaken formal or informal inquiries, investigations, or examinations arising out of certain retail sales practices of the Company that were the subject of settlements with the CFPB, the OCC, 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 certain of the foregoing. In October 2018, the Company entered into an agreement to resolve the New York Attorney General’s investigation pursuant to which the Company paid $65 million to the State of New York. In December 2018, the Company entered into an agreement with all 50 state Attorneys General and the District of Columbia to resolve an investigation into the Company’s retail sales practices, CPI and GAP, and mortgage interest rate lock matters, pursuant to which the Company paid $575 million. On February 21, 2020, the Company entered into an agreement with the Department of Justice to resolve the Department of Justice’s criminal investigation into the Company’s retail sales practices, as well as a separate agreement to resolve the Department of Justice’s civil investigation. As part of the Department of Justice criminal settlement, no charges will be filed against the Company provided the Company abides by all the terms of the agreement. The Department of Justice criminal settlement also includes the Company’s agreement that the facts set forth in the settlement document constitute sufficient facts for the finding of criminal violations of statutes regarding bank records and personal information. On February 21, 2020, the Company also entered into an order to resolve the SEC’s investigation arising out of the Company’s retail sales practices. The SEC order contains a finding, to which the Company consented, that the facts set forth include violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. As part of the resolution of the Department of Justice and SEC investigations, the Company has agreed to make payments totaling $3.0 billion. In addition, as part of the settlements and included in the $3.0 billion amount, the Company has agreed to the creation of a $500 million Fair Fund for the benefit of investors who were harmed by the conduct covered in the SEC settlement. In addition, a number of lawsuits have been filed by non-governmental parties seeking damages or other remedies related to these retail 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. On June 14, 2018, the district court granted final approval of a settlement entered into by the Company in the first-filed action, Jabbari v. Wells Fargo Bank, N.A ., pursuant to which the Company will pay $142 million to resolve claims regarding certain products or services provided without authorization or consent for the time period May 1, 2002 to April 20, 2017. On July 20, 2020, the United States Court of Appeals for the Ninth Circuit affirmed the district court's order granting final approval of the settlement. On September 29, 2020, the district court approved the settlement distribution to the Jabbari claimants. Second, the Company was subject to a consolidated securities fraud class action alleging certain misstatements and omissions in the Company’s disclosures related to sales practices matters. The Company entered into a settlement agreement to resolve this matter pursuant to which the Company paid $480 million. Third, Wells Fargo shareholders have brought numerous shareholder derivative lawsuits asserting breach of fiduciary duty claims against, among others, current and former directors and officers for their alleged involvement with and failure to detect and prevent sales practices issues. These actions are currently pending in the United States District Court for the Northern District of California and California state court as consolidated or coordinated proceedings. The parties have entered into settlement agreements to resolve the shareholder derivative lawsuits pursuant to which insurance carriers will pay the Company approximately $240 million for alleged damage to the Company, and the Company will pay plaintiffs’ attorneys’ fees. The federal court granted final approval of the settlement for its action on April 7, 2020. The state court granted final approval of the settlement for its action on January 15, 2020. Fourth, a purported Employee Retirement Income Security Act (ERISA) class action was filed in the United States District Court for the District of Minnesota on behalf of 401(k) plan participants. The district court dismissed the action, and on July 27, 2020, the United States Court of Appeals for the Eighth Circuit affirmed the dismissal. RMBS TRUSTEE LITIGATION In November 2014, a group of institutional investors (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 (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 alleged that Wells Fargo Bank, N.A., as trustee, caused losses to investors and asserted 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 sought money damages in an unspecified amount, reimbursement of expenses, and equitable relief. In December 2014 and December 2015, certain other investors filed additional complaints alleging similar claims against Wells Fargo Bank, N.A., in the Southern District of New York (Related Federal Cases). In January 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 (Dismissed Trusts). The Company’s subsequent 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 (Third-Party Claims). 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 (State Court Action). A complaint raising similar allegations to those in the Federal Court Complaint was filed in May 2016 in New York state court by IKB International and IKB Deutsche Industriebank (IKB 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 (Declaratory Judgment Action). The complaint sought, among other relief, declarations that the Company 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 May 2019, the New York state court approved a settlement agreement among the Institutional Investor Plaintiffs and the Company pursuant to which, among other terms, the Company paid $43 million to resolve the Federal Court Complaint and the State Court Action. The settlement also resolved the Third Party Claims and the Declaratory Judgment Action. The settlement did not affect the Related Federal Cases or the IKB Action, which remain pending. 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. The motion was denied in June 2018. The case is pending trial. WHOLESALE BANKING CONSENT ORDER INVESTIGATION On November 19, 2015, the Company entered into a consent order with the OCC, pursuant to which the Wholesale Banking group was required to implement customer due diligence standards that include collection of current beneficial ownership information for certain business customers. The Company is responding to inquiries from various federal government agencies regarding potentially inappropriate conduct in connection with the collection of beneficial ownership information. 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 $2.4 billion as of September 30, 2020. 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 the retail 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 finan |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 15: 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 qualifying hedge accounting relationships (fair value or cash flow hedges). 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 additional information on our derivative activities, see Note 18 (Derivatives) in our 2019 Form 10-K. Table 15.1 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 15.1: Notional or Contractual Amounts and Fair Values of Derivatives September 30, 2020 December 31, 2019 Notional or Fair value Notional or Fair value (in millions) Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments Interest rate contracts $ 185,124 3,483 1,820 182,789 2,595 1,237 Foreign exchange contracts 38,477 587 616 32,386 341 1,170 Total derivatives designated as qualifying hedging instruments 4,070 2,436 2,936 2,407 Derivatives not designated as hedging instruments Economic hedges: Interest rate contracts 344,263 470 266 235,810 207 160 Equity contracts 23,624 1,724 209 19,263 1,126 224 Foreign exchange contracts 44,282 422 555 26,595 118 286 Credit contracts – protection purchased 81 32 — 1,400 27 — Subtotal 2,648 1,030 1,478 670 Customer accommodation trading and other derivatives: Interest rate contracts 10,657,433 37,949 28,936 11,117,542 21,245 17,969 Commodity contracts 73,086 2,344 2,446 79,737 1,421 1,770 Equity contracts 305,900 13,009 16,066 272,145 7,410 10,240 Foreign exchange contracts 347,499 4,880 4,717 364,469 4,755 4,791 Credit contracts – protection sold 16,067 11 48 12,215 12 65 Credit contracts – protection purchased 25,657 75 17 24,030 69 18 Subtotal 58,268 52,230 34,912 34,853 Total derivatives not designated as hedging instruments 60,916 53,260 36,390 35,523 Total derivatives before netting 64,986 55,696 39,326 37,930 Netting (41,271) (41,929) (25,123) (28,851) Total $ 23,715 13,767 14,203 9,079 Table 15.2 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 $55.9 billion and $48.6 billion of gross derivative assets and liabilities, respectively, at September 30, 2020, and $33.7 billion and $33.5 billion, respectively, at December 31, 2019, with counterparties subject to enforceable master netting arrangements that are eligible for balance sheet netting adjustments. The majority of these amounts are interest rate contracts executed in over-the-counter (OTC) markets. The remaining gross derivative assets and liabilities of $9.1 billion and $7.1 billion, respectively, at September 30, 2020, and $5.6 billion and $4.4 billion, respectively, at December 31, 2019, 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. Cash collateral receivables and payables that have not been offset against our derivatives were $3.6 billion and $605 million, respectively, at September 30, 2020, and $6.3 billion and $1.4 billion, respectively, at December 31, 2019. 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 15.2 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 OTC markets include bilateral contractual arrangements that are not cleared through a central clearing organization but are typically subject to master netting arrangements. The proportion of these derivative contracts relative to our total derivative assets and liabilities are presented in the “Percent exchanged in over-the-counter market” column in Table 15.2. 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 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments). Table 15.2: Gross Fair Values of Derivative Assets and Liabilities (in millions) Gross Gross amounts Net amounts in Gross amounts Net Percent September 30, 2020 Derivative assets Interest rate contracts $ 41,902 (26,163) 15,739 (1,380) 14,359 97 % Commodity contracts 2,344 (1,345) 999 (6) 993 80 Equity contracts 14,733 (9,390) 5,343 (794) 4,549 71 Foreign exchange contracts 5,889 (4,306) 1,583 (8) 1,575 100 Credit contracts – protection sold 11 (8) 3 — 3 73 Credit contracts – protection purchased 107 (59) 48 (2) 46 88 Total derivative assets $ 64,986 (41,271) 23,715 (2,190) 21,525 Derivative liabilities Interest rate contracts $ 31,022 (27,112) 3,910 (2,039) 1,871 97 % Commodity contracts 2,446 (1,225) 1,221 (6) 1,215 79 Equity contracts 16,275 (9,341) 6,934 (372) 6,562 73 Foreign exchange contracts 5,888 (4,206) 1,682 (624) 1,058 100 Credit contracts – protection sold 48 (40) 8 (5) 3 95 Credit contracts – protection purchased 17 (5) 12 — 12 85 Total derivative liabilities $ 55,696 (41,929) 13,767 (3,046) 10,721 December 31, 2019 Derivative assets Interest rate contracts $ 24,047 (14,878) 9,169 (445) 8,724 95 % Commodity contracts 1,421 (888) 533 (2) 531 80 Equity contracts 8,536 (5,570) 2,966 (69) 2,897 65 Foreign exchange contracts 5,214 (3,722) 1,492 (22) 1,470 100 Credit contracts – protection sold 12 (9) 3 — 3 84 Credit contracts – protection purchased 96 (56) 40 (1) 39 97 Total derivative assets $ 39,326 (25,123) 14,203 (539) 13,664 Derivative liabilities Interest rate contracts $ 19,366 (16,595) 2,771 (545) 2,226 94 % Commodity contracts 1,770 (677) 1,093 (2) 1,091 82 Equity contracts 10,464 (6,647) 3,817 (319) 3,498 81 Foreign exchange contracts 6,247 (4,866) 1,381 (169) 1,212 100 Credit contracts – protection sold 65 (60) 5 (3) 2 98 Credit contracts – protection purchased 18 (6) 12 — 12 93 Total derivative liabilities $ 37,930 (28,851) 9,079 (1,038) 8,041 (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 related to derivative assets were $507 million and $231 million and debit valuation adjustments related to derivative liabilities were $236 million and $100 million at September 30, 2020, and December 31, 2019, respectively. Cash collateral totaled $6.4 billion and $7.3 billion, netted against derivative assets and liabilities, respectively, at September 30, 2020, and $2.9 billion and $6.8 billion, respectively, at December 31, 2019. 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 mortgage loans held for sale. 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 21 (Other Comprehensive Income) for the amounts recognized in other comprehensive income. 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 also use cross-currency swaps to hedge variability in interest payments on fixed-rate foreign currency-denominated long-term debt due to changes in foreign exchange rates. We estimate $175 million pre-tax of deferred net losses related to cash flow hedges in OCI at September 30, 2020, will be reclassified into net interest income during the next twelve months. The deferred losses expected to be reclassified into net interest income are predominantly related to discontinued hedges of floating rate loans. For cash flow hedges as of September 30, 2020, we are hedging our foreign currency exposure to the variability of future cash flows for all forecasted transactions for a maximum of 10 years. For additional information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies) and Note 18 (Derivatives) in our 2019 Form 10-K. Table 15.3 and Table 15.4 show the net gains (losses) by income statement line item impacted, related to derivatives in fair value and cash flow hedging relationships, respectively. Table 15.3: Gains (Losses) Recognized on Fair Value Hedging Relationships Net interest income Noninterest income Total recorded in net income Total recorded in OCI (in millions) Debt securities Mortgage loans held for sale Deposits Long-term debt Other Derivative gains (losses) Derivative gains (losses) Quarter ended September 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 2,446 232 (314) (1,038) 220 N/A (18) Interest contracts: Amounts related to interest settlements on derivatives (114) — 157 542 — 585 Recognized on derivatives 280 1 (156) (1,357) — (1,232) — Recognized on hedged items (265) (1) 156 1,269 — 1,159 Total gains (losses) (pre-tax) on interest rate contracts (99) — 157 454 — 512 — Foreign exchange contracts: Amounts related to interest settlements on derivatives 16 — — (5) — 11 Recognized on derivatives 1 — — 52 856 909 (82) Recognized on hedged items (1) — — (5) (849) (855) Total gains (losses) (pre-tax) on foreign exchange contracts 16 — — 42 7 65 (82) Total gains (losses) (pre-tax) recognized on fair value hedges $ (83) — 157 496 7 577 (82) Nine months ended September 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 8,864 659 (2,641) (3,515) 869 N/A 167 Interest contracts: Amounts related to interest settlements on derivatives (253) — 379 1,144 — 1,270 Recognized on derivatives (1,612) (52) 288 8,967 — 7,591 — Recognized on hedged items 1,654 53 (278) (8,775) — (7,346) Total gains (losses) (pre-tax) on interest rate contracts (211) 1 389 1,336 — 1,515 — Foreign exchange contracts: Amounts related to interest settlements on derivatives 33 — — (136) — (103) Recognized on derivatives (1) — — 276 780 1,055 5 Recognized on hedged items 2 — — (249) (769) (1,016) Total gains (losses) (pre-tax) on foreign exchange contracts 34 — — (109) 11 (64) 5 Total gains (losses) (pre-tax) recognized on fair value hedges $ (177) 1 389 1,227 11 1,451 5 (continued on following page) (continued from previous page) Net interest income Noninterest income Total recorded in net income Total recorded in OCI (in millions) Debt securities Mortgage loans held for sale Deposits Long-term debt Other Derivative gains (losses) Derivative gains (losses) Quarter ended September 30, 2019 Total amounts presented in the consolidated statement of income and other comprehensive income $ 3,666 232 (2,324) (1,780) 1,842 N/A 85 Interest contracts: Amounts related to interest settlements on derivatives (1) 1 26 53 — 79 Recognized on derivatives (628) (3) 30 2,880 — 2,279 — Recognized on hedged items 631 1 (30) (2,809) — (2,207) Total gains (losses) (pre-tax) on interest rate contracts 2 (1) 26 124 — 151 — Foreign exchange contracts: Amounts related to interest settlements on derivatives 9 — — (115) — (106) Recognized on derivatives (2) — — 86 (918) (834) 28 Recognized on hedged items 3 — — (124) 899 778 Total gains (losses) (pre-tax) on foreign exchange contracts 10 — — (153) (19) (162) 28 Total gains (losses) (pre-tax) recognized on fair value hedges $ 12 (1) 26 (29) (19) (11) 28 Nine months ended September 30, 2019 Total amounts presented in the consolidated statement of income and other comprehensive income $ 11,388 579 (6,563) (5,607) 3,667 N/A 265 Interest contracts: Amounts related to interest settlements on derivatives 29 1 (4) 53 — 79 Recognized on derivatives (2,531) (36) 588 7,813 — 5,834 — Recognized on hedged items 2,544 32 (563) (7,646) — (5,633) Total gains (losses) (pre-tax) on interest rate contracts 42 (3) 21 220 — 280 — Foreign exchange contracts: Amounts related to interest settlements on derivatives 29 — — (385) — (356) Recognized on derivatives (11) — — 583 (994) (422) 58 Recognized on hedged items 12 — — (576) 975 411 Total gains (losses) (pre-tax) on foreign exchange contracts 30 — — (378) (19) (367) 58 Total gains (losses) (pre-tax) recognized on fair value hedges $ 72 (3) 21 (158) (19) (87) 58 Table 15.4: Gains (Losses) Recognized on Cash Flow Hedging Relationships Net interest Income Total recorded in net income Total recorded in OCI (in millions) Loans Long-term debt Derivative gains (losses) Derivative gains (losses) Quarter ended September 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 7,954 (1,038) N/A (18) Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (53) 2 (51) 51 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (53) 2 (51) 51 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (1) (1) 1 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A 12 Total gains (losses) (pre-tax) on foreign exchange contracts — (1) (1) 13 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (53) 1 (52) 64 Nine months ended September 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 26,467 (3,515) N/A 167 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (162) 3 (159) 159 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (162) 3 (159) 159 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (6) (6) 6 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (3) Total gains (losses) (pre-tax) on foreign exchange contracts — (6) (6) 3 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (162) (3) (165) 162 Quarter ended September 30, 2019 Total amounts presented in the consolidated statement of income and other comprehensive income $ 10,982 (1,780) N/A 85 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (73) — (73) 73 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (73) — (73) 73 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (2) (2) 2 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (18) Total gains (losses) (pre-tax) on foreign exchange contracts — (2) (2) (16) Total gains (losses) (pre-tax) recognized on cash flow hedges $ (73) (2) (75) 57 Nine months ended September 30, 2019 Total amounts presented in the consolidated statement of income and other comprehensive income $ 33,652 (5,607) N/A 265 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (228) 1 (227) 227 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (228) 1 (227) 227 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (6) (6) 6 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (26) Total gains (losses) (pre-tax) on foreign exchange contracts — (6) (6) (20) Total gains (losses) (pre-tax) recognized on cash flow hedges $ (228) (5) (233) 207 Table 15.5 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 15.5: 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 Carrying Amount of Assets/(Liabilities) (4) Hedge Accounting September 30, 2020 Available-for-sale debt securities (5) $ 25,969 2,109 9,435 301 Mortgage loans held for sale 173 5 — — Deposits (29,852) (604) — — Long-term debt (164,848) (14,736) (16,538) 60 December 31, 2019 Available-for-sale debt securities (5) $ 36,896 1,110 9,486 278 Mortgage loans held for sale 961 (12) — — Deposits (43,716) (324) — — Long-term debt (127,423) (5,827) (25,750) 173 (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 $9.6 billion for debt securities and $(4.5) billion for long-term debt as of September 30, 2020, and $1.2 billion for debt securities and $(5.2) billion for long-term debt as of December 31, 2019. (3) The balance includes $476 million and $138 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of September 30, 2020, and $790 million and $109 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of December 31, 2019, 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 Derivatives not designated as hedging instruments include economic hedges and derivatives entered into for customer accommodation trading purposes. We use economic hedge derivatives to manage our exposure to interest rate risk, equity price risk, foreign currency risk, and credit risk. 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. In second quarter 2020, we entered into arrangements to transition the economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments. Changes in the fair values of derivatives used to economically hedge the deferred compensation plan are reported in personnel expense. For additional information on economic hedges and other derivatives, see Note 18 (Derivatives) to Financial Statements in our 2019 Form 10-K. Table 15.6 shows the net gains (losses) recognized by income statement lines, related to derivatives not designated as hedging instruments. Table 15.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments Noninterest income Noninterest Expense (in millions) Mortgage banking Net gains (losses) from equity securities Net gains (losses) from trading activities Other Total Personnel expense Quarter ended September 30, 2020 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 216 — — (27) 189 — Equity contracts — (209) — (1) (210) (215) Foreign exchange contracts — — — (523) (523) — Credit contracts — — — (3) (3) — Subtotal 216 (209) — (554) (547) (215) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 485 — 271 — 756 — Commodity contracts — — (356) — (356) — Equity contracts — — (1,291) (142) (1,433) — Foreign exchange contracts — — 160 — 160 — Credit contracts — — (32) — (32) — Subtotal 485 — (1,248) (142) (905) — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 701 (209) (1,248) (696) (1,452) (215) Nine months ended September 30, 2020 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 2,829 — — (72) 2,757 — Equity contracts — (392) — (35) (427) (356) Foreign exchange contracts — — — 49 49 — Credit contracts — — — 14 14 — Subtotal 2,829 (392) — (44) 2,393 (356) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 1,584 — (1,516) — 68 — Commodity contracts — — (468) — (468) — Equity contracts — — 1,110 (214) 896 — Foreign exchange contracts — — (242) — (242) — Credit contracts — — 115 — 115 — Subtotal 1,584 — (1,001) (214) 369 — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 4,413 (392) (1,001) (258) 2,762 (356) (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 September 30, 2019 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 736 — — — 736 Equity contracts — (1,375) — (6) (1,381) Foreign exchange contracts — — — 263 263 Credit contracts — — — (11) (11) Subtotal 736 (1,375) — 246 (393) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 95 — (355) — (260) Commodity contracts — — 65 — 65 Equity contracts — — 284 10 294 Foreign exchange contracts — — 78 — 78 Credit contracts — — (10) — (10) Subtotal 95 — 62 10 167 Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 831 (1,375) 62 256 (226) Nine months ended September 30, 2019 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 2,419 — — 7 2,426 Equity contracts — (2,918) — (6) (2,924) Foreign exchange contracts — — — 403 403 Credit contracts — — — (1) (1) Subtotal 2,419 (2,918) — 403 (96) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 392 — (861) — (469) Commodity contracts — — 143 — 143 Equity contracts — — (2,975) (396) (3,371) Foreign exchange contracts — — 9 — 9 Credit contracts — — (70) — (70) Subtotal 392 — (3,754) (396) (3,758) Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 2,811 (2,918) (3,754) 7 (3,854) (1) Mortgage banking amounts for the third quarter and first nine months of 2020 are comprised of gains of $513 million and $4.4 billion, respectively, related to derivatives used as economic hedges of MSRs measured at fair value offset by gains (losses) of $(297) million and $(1.6) billion, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. The corresponding amounts for the third quarter and first nine months of 2019 are comprised of gains of $678 million and $2.8 billion offset by gains (losses) of $58 million and $(376) million, respectively. 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 15.7 provides details of sold and purchased credit derivatives. Table 15.7: Sold and Purchased Credit Derivatives Notional amount (in millions) Fair value asset Fair value Protection Protection Protection Net Other Range of September 30, 2020 Credit default swaps on: Corporate bonds $ 8 3 3,850 1,010 2,677 1,173 3,348 2020 - 2029 Structured products — 6 22 22 20 2 92 2034 - 2047 Credit protection on: Default swap index 1 — 5,250 1,239 2,125 3,125 4,762 2020 - 2029 Commercial mortgage-backed securities index 2 26 311 54 286 25 75 2047 - 2072 Asset-backed securities index — 7 40 40 40 — 1 2045 - 2046 Other — 6 6,594 6,426 — 6,594 12,312 2020 - 2040 Total credit derivatives $ 11 48 16,067 8,791 5,148 10,919 20,590 December 31, 2019 Credit default swaps on: Corporate bonds $ 8 1 2,855 707 1,885 970 2,447 2020 - 2029 Structured products — 25 74 69 63 11 111 2022 - 2047 Credit protection on: Default swap index 1 — 2,542 120 550 1,992 8,105 2020 - 2029 Commercial mortgage-backed securities index 3 26 322 67 296 26 50 2047 - 2058 Asset-backed securities index — 8 41 41 41 — 1 2045 - 2046 Other — 5 6,381 5,738 — 6,381 11,881 2020 - 2049 Total credit derivatives $ 12 65 12,215 6,742 2,835 9,380 22,595 Protection sold represents the estimated maximum exposure to loss that would be incurred under an assumed hypothetical circumstance, where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. We believe this hypothetical circumstance to be an extremely remote possibility and accordingly, this required disclosure is not an indication of expected loss. The amounts under non-investment grade represent the notional amounts of those credit derivatives on which we have a higher risk of being required to perform under the terms of the credit derivative and are a function of the underlying assets. We consider the risk of performance to be high if the underlying assets under the credit derivative have an external rating that is below investment grade or an internal credit default grade that is equivalent thereto. We believe the net protection sold, which is representative of the net notional amount of protection sold and purchased with identical underlyings, in combination with other protection purchased, is more representative of our exposure to loss than either non-investment grade or protection sold. Other protection purchased represents additional protection, which may offset the exposure to loss for protection sold, that was not purchased with an identical underlying of the protection sold. Credit-Risk Contingent Features Certain of our derivative contracts contain provisions whereby if the credit rating of our debt were to be downgraded by certain major credit rating agencies, the counterparty could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. Table 15.8 illustrates our exposure to such derivatives with credit-risk contingent features, collateral we have posted, and the additional collateral we would be required to post if the credit rating of our debt was downgraded below investment grade. Table 15.8: Credit-Risk Contingent Features (in billions) Sep 30, Dec 31, Net derivative liabilities with credit-risk contingent features $ 14.9 10.4 Collateral posted 13.2 9.1 Additional collateral to be posted upon a below investment grade credit rating (1) 1.6 1.3 (1) Any credit rating below investment grade requires us to post the maximum amount of collateral. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 16: 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 16.2 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, write-downs of individual assets or application of the measurement alternative for nonmarketable equity securities. Assets recorded on a nonrecurring basis are presented in Table 16.13 in this Note. Table 16.19 includes estimates of fair value for financial instruments that are not recorded at fair value. See Note 1 (Summary of Significant Accounting Policies) in our 2019 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 19 (Fair Values of Assets and Liabilities) in our 2019 Form 10-K. FAIR VALUE HIERARCHY We classify our assets and liabilities measured at fair value as either Level 1, Level 2 or Level 3 in the fair value hierarchy. The highest priority (Level 1) is assigned to valuations based on unadjusted quoted prices in active markets and the lowest priority (Level 3) is assigned to valuations based on significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K for a detailed description of the fair value hierarchy. In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, we consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs used. For securities in inactive markets, we use a predetermined percentage to evaluate the impact of fair value adjustments derived from weighting both external and internal indications of value to determine if the instrument is classified as Level 2 or Level 3. Otherwise, the classification of Level 2 or Level 3 is based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the Level 3 inputs to the instruments’ fair value measurement in its entirety. If Level 3 inputs are considered significant, the instrument is classified as Level 3. We do not classify equity securities 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 are classified in the fair value hierarchy. Fair Value Measurements from Vendors For certain assets and liabilities, we obtain fair value measurements from vendors and we record the fair value in our financial statements. For additional information, see Note 19 (Fair Values of Assets and Liabilities) in our 2019 Form 10-K. Table 16.1 presents fair value measurements obtained from third-party pricing services classified within the fair value hierarchy. Fair value measurements obtained from brokers and fair value measurements obtained from third-party pricing services that we have adjusted using internal models or non-vendor data to determine the fair value are excluded from Table 16.1. The unadjusted fair value measurements obtained from brokers for available-for-sale debt securities were $19 million in Level 2 assets and $124 million in Level 3 assets at September 30, 2020, and $45 million and $126 million at December 31, 2019, respectively. Table 16.1: Fair Value Measurements obtained from Third-Party Pricing Services September 30, 2020 December 31, 2019 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Trading debt securities 822 286 — 634 329 — Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 5,975 — — 13,460 1,500 — Securities of U.S. states and political subdivisions — 31,187 38 — 39,868 34 Mortgage-backed securities — 139,043 43 — 167,172 42 Other debt securities (1) — 40,614 569 — 38,067 650 Total available-for-sale debt securities 5,975 210,844 650 13,460 246,607 726 Marketable equity securities — 105 — — 110 — Derivative assets 18 1 — 12 1 — Derivative liabilities (13) (1) — (11) (3) — (1) Includes corporate debt securities, collateralized loan obligations, and other debt securities. Assets and Liabilities Recorded at Fair Value on a Recurring Basis Table 16.2 presents the balances of assets and liabilities recorded at fair value on a recurring basis. Table 16.2: Fair Value on a Recurring Basis (in millions) Level 1 Level 2 Level 3 Netting (1) Total September 30, 2020 Trading debt securities: Securities of U.S. Treasury and federal agencies $ 29,024 3,070 — — 32,094 Securities of U.S. states and political subdivisions — 2,509 — — 2,509 Collateralized loan obligations — 564 140 — 704 Corporate debt securities 56 12,264 12 — 12,332 Mortgage-backed securities — 24,829 11 — 24,840 Other — 774 — — 774 Total trading debt securities 29,080 44,010 163 — 73,253 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 5,975 — — — 5,975 Securities of U.S. states and political subdivisions — 31,225 286 — 31,511 Mortgage-backed securities: Federal agencies — 135,227 — — 135,227 Residential — 541 — — 541 Commercial — 3,300 43 — 3,343 Total mortgage-backed securities — 139,068 43 — 139,111 Corporate debt securities 36 4,694 1,042 — 5,772 Collateralized loan obligations — 25,014 — — 25,014 Other — 12,574 616 — 13,190 Total available-for-sale debt securities 6,011 212,575 1,987 (2) — 220,573 Mortgage loans held for sale — 19,037 847 — 19,884 Loans held for sale — 1,680 8 — 1,688 Loans — — 148 — 148 Mortgage servicing rights (residential) — — 6,355 — 6,355 Derivative assets: Interest rate contracts 20 41,402 480 — 41,902 Commodity contracts — 2,305 39 — 2,344 Equity contracts 4,341 8,967 1,425 — 14,733 Foreign exchange contracts 18 5,864 7 — 5,889 Credit contracts — 60 58 — 118 Netting — — — (41,271) (41,271) Total derivative assets 4,379 58,598 2,009 (41,271) 23,715 Equity securities – excluding securities at NAV: Marketable 16,230 238 2 — 16,470 Nonmarketable — 15 8,428 — 8,443 Total equity securities 16,230 253 8,430 — 24,913 Total assets included in the fair value hierarchy $ 55,700 336,153 19,947 (41,271) 370,529 Equity securities at NAV (3) 140 Total assets recorded at fair value 370,669 Derivative liabilities: Interest rate contracts $ (32) (30,956) (34) — (31,022) Commodity contracts — (2,407) (39) — (2,446) Equity contracts (4,339) (10,403) (1,533) — (16,275) Foreign exchange contracts (13) (5,868) (7) — (5,888) Credit contracts — (53) (12) — (65) Netting — — — 41,929 41,929 Total derivative liabilities (4,384) (49,687) (1,625) 41,929 (13,767) Short sale liabilities: Securities of U.S. Treasury and federal agencies (9,776) (138) — — (9,914) Mortgage-backed securities — (924) — — (924) Corporate debt securities (2) (4,837) — — (4,839) Equity securities (3,053) (45) — — (3,098) Other securities — (4) — — (4) Total short sale liabilities (12,831) (5,948) — — (18,779) Other liabilities — — (2) — (2) Total liabilities recorded at fair value $ (17,215) (55,635) (1,627) 41,929 (32,548) (1) Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 15 (Derivatives) for additional information. (2) Largely 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) 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 (1) Total December 31, 2019 Trading debt securities: Securities of U.S. Treasury and federal agencies $ 32,335 4,382 — — 36,717 Securities of U.S. states and political subdivisions — 2,434 — — 2,434 Collateralized loan obligations — 555 183 — 738 Corporate debt securities — 11,006 38 — 11,044 Mortgage-backed securities — 27,712 — — 27,712 Other — 1,086 2 — 1,088 Total trading debt securities 32,335 47,175 223 — 79,733 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 13,460 1,500 — — 14,960 Securities of U.S. states and political subdivisions — 39,924 413 — 40,337 Mortgage-backed securities: Federal agencies — 162,453 — — 162,453 Residential — 827 — — 827 Commercial — 3,892 42 — 3,934 Total mortgage-backed securities — 167,172 42 — 167,214 Corporate debt securities 37 6,159 367 — 6,563 Collateralized loan obligations — 29,055 — — 29,055 Other — 4,587 743 — 5,330 Total available-for-sale debt securities 13,497 248,397 1,565 (2) — 263,459 Mortgage loans held for sale — 15,408 1,198 — 16,606 Loans held for sale — 956 16 — 972 Loans — — 171 — 171 Mortgage servicing rights (residential) — — 11,517 — 11,517 Derivative assets: Interest rate contracts 26 23,792 229 — 24,047 Commodity contracts — 1,413 8 — 1,421 Equity contracts 2,946 4,135 1,455 — 8,536 Foreign exchange contracts 12 5,197 5 — 5,214 Credit contracts — 49 59 — 108 Netting — — — (25,123) (25,123) Total derivative assets 2,984 34,586 1,756 (25,123) 14,203 Equity securities – excluding securities at NAV: Marketable 33,702 216 3 — 33,921 Nonmarketable — 22 7,847 — 7,869 Total equity securities 33,702 238 7,850 — 41,790 Total assets included in the fair value hierarchy $ 82,518 346,760 24,296 (25,123) 428,451 Equity securities at NAV (3) 146 Total assets recorded at fair value 428,597 Derivative liabilities: Interest rate contracts $ (23) (19,328) (15) — (19,366) Commodity contracts — (1,746) (24) — (1,770) Equity contracts (2,011) (6,729) (1,724) — (10,464) Foreign exchange contracts (11) (6,213) (23) — (6,247) Credit contracts — (53) (30) — (83) Netting — — — 28,851 28,851 Total derivative liabilities (2,045) (34,069) (1,816) 28,851 (9,079) Short sale liabilities: Securities of U.S. Treasury and federal agencies (9,035) (31) — — (9,066) Mortgage-backed securities — (2) — — (2) Corporate debt securities — (5,915) — — (5,915) Equity securities (2,447) — — — (2,447) Other securities — — — — — Total short sale liabilities (11,482) (5,948) — — (17,430) Other liabilities — — (2) — (2) Total liabilities recorded at fair value $ (13,527) (40,017) (1,818) 28,851 (26,511) (1) Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 15 (Derivatives) for additional information. (2) A significant portion of the balance 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) 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. changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2, and Level 3. The amounts reported as transfers represent the fair value as of the beginning of the quarter in which the transfer occurred. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended September 30, 2020, are presented in Table 16.3. Table 16.3: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended September 30, 2020 Total net gains Purchases, Net unrealized gains (losses) related to assets and liabilities held at period end included in (in millions) Balance, Net Other Transfers into Transfers Balance, Net income (4) Other compre-hensive income Quarter ended September 30, 2020 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — — — — — Collateralized loan obligations 128 17 — (5) — — 140 10 — Corporate debt securities 23 (1) — (10) — — 12 (3) — Mortgage-backed securities 49 1 — (3) — (36) 11 — — Other 23 — — — — (23) — — — Total trading debt securities 223 17 — (18) — (59) 163 7 (5) — Available-for-sale debt securities: Securities of U.S. states and political subdivisions 351 5 (5) (65) — — 286 — 1 Mortgage-backed securities: Residential — — — — — — — — — Commercial 61 (1) (3) — 5 (19) 43 (1) (4) Total mortgage-backed securities 61 (1) (3) — 5 (19) 43 (1) (4) Corporate debt securities 1,051 (22) 6 1 6 — 1,042 (22) 7 Collateralized loan obligations 9 — — — — (9) — — — Other 626 4 9 (20) 5 (8) 616 — 9 Total available-for-sale debt securities 2,098 (14) 7 (84) 16 (36) 1,987 (23) (6) 13 Mortgage loans held for sale 751 (7) — 44 63 (4) 847 (6) (7) — Loans held for sale 7 — — (2) 3 — 8 — (5) — Loans 152 — — (4) — — 148 (2) (7) — Mortgage servicing rights (residential)(8) 6,819 (815) — 351 — — 6,355 (217) (7) — Net derivative assets and liabilities: Interest rate contracts 523 469 — (546) — — 446 226 — Commodity contracts 1 (15) — 4 10 — — (6) — Equity contracts 20 (191) — 78 — (15) (108) (114) — Foreign exchange contracts (16) 4 — 12 — — — — — Credit contracts 50 (5) — 1 — — 46 (7) — Total derivative contracts 578 262 — (451) 10 (15) 384 99 (9) — Equity securities: Marketable — — — — 2 — 2 — — Nonmarketable 8,165 253 — — 10 — 8,428 253 — Total equity securities 8,165 253 — — 12 — 8,430 253 (10) — Short sale liabilities (3) — — 3 — — — — (5) — Other liabilities (2) — — — — — (2) — (7) — (1) See Table 16.4 for detail. (2) All assets and liabilities transferred into level 3 were previously classified within level 2. (3) All assets and liabilities transferred out of level 3 are classified as level 2. (4) 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. (5) Included in net gains from trading activities in the income statement. (6) Included in net gains from debt securities and provision for credit losses – debt securities in the income statement. (7) Included in mortgage banking and other noninterest income in the income statement. (8) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement. (10) Included in net gains (losses) from equity securities in the income statement. (continued on following page) (continued from previous page) Table 16.4 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 September 30, 2020. Table 16.4: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended September 30, 2020 (in millions) Purchases Sales Issuances Settlements Net Quarter ended September 30, 2020 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — Collateralized loan obligations 46 (51) — — (5) Corporate debt securities 4 (14) — — (10) Mortgage-backed securities 14 (17) — — (3) Other — — — — — Total trading debt securities 64 (82) — — (18) Available-for-sale debt securities: Securities of U.S. states and political subdivisions — (35) — (30) (65) Mortgage-backed securities: Residential — — — — — Commercial — — — — — Total mortgage-backed securities — — — — — Corporate debt securities 1 — — — 1 Collateralized loan obligations — — — — — Other — — — (20) (20) Total available-for-sale debt securities 1 (35) — (50) (84) Mortgage loans held for sale 46 (34) 98 (66) 44 Loans held for sale — (2) — — (2) Loans 1 — 1 (6) (4) Mortgage servicing rights (residential) (1) — — 351 — 351 Net derivative assets and liabilities: Interest rate contracts — — — (546) (546) Commodity contracts — — — 4 4 Equity contracts — — — 78 78 Foreign exchange contracts — — — 12 12 Credit contracts — 7 — (6) 1 Total derivative contracts — 7 — (458) (451) Equity securities: Marketable — — — — — Nonmarketable — — — — — Total equity securities — — — — — Short sale liabilities 3 — — — 3 Other liabilities — — — — — (1) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). Table 16.5 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended September 30, 2019. Table 16.5: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended September 30, 2019 Balance, Total net gains Purchases, Net unrealized gains (losses)included in income related to assets and liabilities held at period end (in millions) Net Other Transfers Transfers Balance, (4) Quarter ended September 30, 2019 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — — — — Collateralized loan obligations 249 (11) — (4) — (2) 232 (13) Corporate debt securities 44 (2) — (4) — (5) 33 1 Mortgage-backed securities — — — — — — — — Other 14 (1) — (6) — — 7 — Total trading debt securities 307 (14) — (14) — (7) 272 (12) (5) Available-for-sale debt securities: Securities of U.S. states and political subdivisions 391 — — (38) — — 353 — Mortgage-backed securities: Residential — — — — — — — — Commercial 41 — (1) (3) — — 37 — Total mortgage-backed securities 41 — (1) (3) — — 37 — Corporate debt securities 383 6 (8) (14) — — 367 — Other 990 6 (11) (105) — (153) 727 — Total available-for-sale debt securities 1,805 12 (20) (160) — (153) 1,484 — (6) Mortgage loans held for sale 1,115 22 — (6) 121 (3) 1,249 22 (7) Loans held for sale 12 — — (12) 1 — 1 — (5) Loans 202 — — (17) — — 185 (2) (7) Mortgage servicing rights (residential) (8) 12,096 (1,558) — 534 — — 11,072 (962) (7) Net derivative assets and liabilities: Interest rate contracts 205 71 — (133) — — 143 30 Commodity contracts (29) (85) — 61 — 23 (30) (6) Equity contracts (228) (298) — 263 — 60 (203) (80) Foreign exchange contracts (10) 17 — (33) — — (26) — Credit contracts 45 (8) — 1 — — 38 (8) Total derivative contracts (17) (303) — 159 — 83 (78) (64) (9) Equity securities: Marketable — — — — — — — — Nonmarketable 7,110 13 — — 7 — 7,130 13 Total equity securities 7,110 13 — — 7 — 7,130 13 (10) Other liabilities (2) — — — — — (2) — (7) (1) See Table 16.6 for detail. (2) All assets and liabilities transferred into level 3 were previously classified within level 2. (3) All assets and liabilities transferred out of level 3 are classified as level 2, except for $153 million of asset-backed securities that were transferred to loans during third quarter 2019. (4) 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. (5) Included in net gains from trading activities in the income statement. (6) Included in net gains from debt securities in the income statement. (7) Included in mortgage banking and other noninterest income in the income statement. (8) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement. (10) Included in net gains (losses) from equity securities in the income statement. (continued on following page) (continued from previous page) Table 16.6 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 September 30, 2019. Table 16.6: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended September 30, 2019 (in millions) Purchases Sales Issuances Settlements Net Quarter ended September 30, 2019 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — Collateralized loan obligations 107 (100) — (11) (4) Corporate debt securities 3 (7) — — (4) Mortgage-backed securities — — — — — Other — — — (6) (6) Total trading debt securities 110 (107) — (17) (14) Available-for-sale debt securities: Securities of U.S. states and political subdivisions — — 12 (50) (38) Mortgage-backed securities: Residential — — — — — Commercial — — — (3) (3) Total mortgage-backed securities — — — (3) (3) Corporate debt securities 1 — — (15) (14) Other — (4) 10 (111) (105) Total available-for-sale debt securities 1 (4) 22 (179) (160) Mortgage loans held for sale 23 (45) 87 (71) (6) Loans held for sale — — — (12) (12) Loans 1 — 2 (20) (17) Mortgage servicing rights (residential) (1) — (4) 538 — 534 Net derivative assets and liabilities: Interest rate contracts — — (1) (132) (133) Commodity contracts — — — 61 61 Equity contracts — — — 263 263 Foreign exchange contracts — — — (33) (33) Credit contracts 4 (3) — — 1 Total derivative contracts 4 (3) (1) 159 159 Equity securities: Marketable — — — — — Nonmarketable — — — — — Total equity securities — — — — — Other liabilities — — — — — (1) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2020, are presented in Table 16.7. Table 16.7: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Nine months ended September 30, 2020 Total net gains Purchases, Net unrealized gains (losses) (in millions) Balance, Net Other Transfers Transfers Balance, Net income (4) Other Nine months ended September 30, 2020 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — — — — — Collateralized loan obligations 183 (52) — 18 16 (25) 140 (50) — Corporate debt securities 38 (12) — (6) — (8) 12 (6) — Mortgage-backed securities — (6) — 20 52 (55) 11 (1) — Other 2 2 — (28) 47 (23) — (1) — Total trading debt securities 223 (68) — 4 115 (111) 163 (58) (5) — Available-for-sale debt securities: Securities of U.S. states and political subdivisions 413 6 (5) (109) 67 (86) 286 — 1 Mortgage-backed securities: Residential — — (3) 1 13 (11) — — — Commercial 42 — (17) (3) 160 (139) 43 (3) (6) Total mortgage-backed securities 42 — (20) (2) 173 (150) 43 (3) (6) Corporate debt securities 367 (76) 33 (45) 837 (74) 1,042 (78) 43 Collateralized loan obligations — — (9) — 68 (59) — — — Other 743 10 (67) (78) 43 (35) 616 (1) (64) Total available-for-sale debt securities 1,565 (60) (68) (234) 1,188 (404) 1,987 (82) (6) (26) Mortgage loans held for sale 1,198 (105) — 493 1,465 (2,204) 847 (32) (7) — Loans held for sale 16 (6) — (11) 10 (1) 8 (4) (5) — Loans 171 (2) — (21) — — 148 (7) (7) — Mortgage servicing rights (residential) (8) 11,517 (6,404) — 1,242 — — 6,355 (4,605) (7) — Net derivative assets and liabilities: Interest rate contracts 214 1,673 — (1,441) — — 446 335 — Commodity contracts (16) (80) — 74 22 — — 3 — Equity contracts (269) (38) — 230 (10) (21) (108) 194 — Foreign exchange contracts (18) 2 — 16 — — — 2 — Credit contracts 29 14 — 3 — — 46 13 — Total derivative contracts (60) 1,571 — (1,118) 12 (21) 384 547 (9) — Equity securities: Marketable 3 — — — 2 (3) 2 (1) — Nonmarketable 7,847 566 — — 17 (2) 8,428 562 — Total equity securities 7,850 566 — — 19 (5) 8,430 561 (10) — Short sale liabilities — — — — — — — — (5) — Other liabilities (2) — — — — — (2) — (7) — (1) See Table 16.8 for detail. (2) All assets and liabilities transferred into level 3 were previously classified within level 2. (3) All assets and liabilities transferred out of level 3 are classified as level 2. (4) 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. (5) Included in net gains from trading activities in the income statement. (6) Included in net gains from debt securities and provision for credit losses – debt securities in the income statement. (7) Included in mortgage banking and other noninterest income in the income statement. (8) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement. (10) Included in net gains (losses) from equity securities in the income statement. (continued on following page) (continued from previous page) Table 16.8 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 nine months ended September 30, 2020. Table 16.8: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Nine months ended September 30, 2020 (in millions) Purchases Sales Issuances Settlements Net Nine months ended September 30, 2020 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — Collateralized loan obligations 217 (189) — (10) 18 Corporate debt securities 36 (42) — — (6) Mortgage-backed securities 281 (257) — (4) 20 Other 6 (33) — (1) (28) Total trading debt securities 540 (521) — (15) 4 Available-for-sale debt securities: Securities of U.S. states and political subdivisions — (35) — (74) (109) Mortgage-backed securities: Residential 25 (23) — (1) 1 Commercial — — — (3) (3) Total mortgage-backed securities 25 (23) — (4) (2) Corporate debt securities 7 — — (52) (45) Collateralized loan obligations — — — — — Other — (10) — (68) (78) Total available-for-sale debt securities 32 (68) — (198) (234) Mortgage loans held for sale 101 (384) 1,003 (227) 493 Loans held for sale — (10) — (1) (11) Loans 2 — 5 (28) (21) Mortgage servicing rights (residential) (1) — (33) 1,274 1 1,242 Net derivative assets and liabilities: Interest rate contracts — — — (1,441) (1,441) Commodity contracts — — — 74 74 Equity contracts — — — 230 230 Foreign exchange contracts — — — 16 16 Credit contracts 8 3 — (8) 3 Total derivative contracts 8 3 — (1,129) (1,118) Equity securities: Marketable — — — — — Nonmarketable — — — — — Total equity securities — — — — — Short sale liabilities 3 (3) — — — Other liabilities — — — — — (1) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for nine months ended September 30, 2019, are presented in Table 16.9. Table 16.9: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Nine months ended September 30, 2019 Balance, Total net gains Purchases, Net unrealized (in millions) Net Other Transfers Transfers Balance, (4) Nine months ended September 30, 2019 Trading debt securities: Securities of U.S. states and political subdivisions $ 3 — — (2) — (1) — — Collateralized loan obligations 237 (16) — 13 — (2) 232 (23) Corporate debt securities 34 1 — 3 1 (6) 33 3 Mortgage-backed securities — — — — — — — — Other 16 (3) — (6) — — 7 — Total trading debt securities 290 (18) — 8 1 (9) 272 (20) (5) Available-for-sale debt securities: Securities of U.S. states and political subdivisions 444 1 5 (48) — (49) 353 — Mortgage-backed securities: Residential — — — — — — — — Commercial 41 — (1) (3) — — 37 — Total mortgage-backed securities 41 — (1) (3) — — 37 — Corporate debt securities 370 7 (5) (5) — — 367 — Other 1,189 19 (22) (306) — (153) 727 — Total available-for-sale debt securities 2,044 27 (23) (362) — (202) 1,484 — (6) Mortgage loans held for sale 997 74 — (94) 281 (9) 1,249 75 (7) Loans held for sale 60 — — (4) 38 (93) 1 — (5) Loans 244 1 — (60) — — 185 (6) (7) Mortgage servicing rights (residential) (8) 14,649 (4,570) — 993 — — 11,072 (2,931) (7) Net derivative assets and liabilities: Interest rate contracts 25 495 — (377) — — 143 179 Commodity contracts 4 (211) — 152 2 23 (30) (6) Equity contracts (17) (402) — 194 7 15 (203) (205) Foreign exchange contracts (26) 27 — (27) — — (26) 2 Credit contracts 35 (3) — 6 — — 38 2 Total derivative contracts 21 (94) — (52) 9 38 (78) (28) (9) Equity securities: Marketable — — — — — — — — Nonmarketable 5,468 1,663 — (1) 12 (12) 7,130 1,664 Total equity securities 5,468 1,663 — (1) 12 (12) 7,130 1,664 (10) Other liabilities (2) — — — — — (2) — (7) (1) See Table 16.10 for detail. (2) All assets and liabilities transferred into level 3 were previously classified within level 2. (3) All assets and liabilities transferred out of level 3 are classified as level 2, except for $153 million of asset-backed securities that were transferred to loans during third quarter 2019. (4) 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. (5) Included in net gains from trading activities in the income statement. (6) Included in net gains from debt securities in the income statement. (7) Included in mortgage banking and other noninterest income in the income statement. (8) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement. (10) Included in net gains (losses) from equity securities in the income statement. (continued on following page) (continued from previous page) Table 16.10 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 nine months ended September 30, 2019. Table 16.10: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Nine months ended September 30, 2019 (in millions) Purchases Sales Issuances Settlements Net Nine months ended September 30, 2019 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — (2) (2) Collateralized loan obligations 281 (252) — (16) 13 Corporate debt securities 14 (11) — — 3 Mortgage-backed securities — — — — — Other — — — (6) (6) Total trading debt securities 295 (263) — (24) 8 Available-for-sale debt securities: Securities of U.S. states and political subdivisions — — 67 (115) (48) Mortgage-backed securities: Residential — — — — — Commercial — — — (3) (3) Total mortgage-backed securities — — — (3) (3) Corporate debt securities 12 — — (17) (5) Other — (9) 133 (430) (306) Total available-for-sale debt securities 12 (9) 200 (565) (362) Mortgage loans held for sale 69 (185) 187 (165) (94) Loans held for sale 12 (2) — (14) (4) Loans 3 — 7 (70) (60) Mortgage servicing rights (residential) (1) — (286) 1,279 — 993 Net derivative assets and liabilities: Interest rate contracts — — (1) (376) (377) Commodity contracts — — — 152 152 Equity contracts — — — 194 194 Foreign exchange contracts — — — (27) (27) Credit contracts 12 (6) — — 6 Total derivative contracts 12 (6) (1) (57) (52) Equity securities: Marketable — — — — — Nonmarketable — (1) — — (1) Total equity securities — (1) — — (1) Other liabilities — — — — — (1) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). Table 16.11 and Table 16.12 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 inherent in the |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2020 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 17: 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. All classes of preferred stock, except the Dividend Equalization Preferred Shares and the ESOP Cumulative Convertible Preferred Stock, qualify as Tier 1 capital. In October 2020, we issued $1.2 billion of our Non-Cumulative Perpetual Class A Preferred Stock, Series AA. Table 17.1: Preferred Stock Shares September 30, 2020 December 31, 2019 Liquidation Shares Liquidation Shares DEP Shares Dividend Equalization Preferred Shares (DEP) $ 10 97,000 $ 10 97,000 Series I Floating Class A Preferred Stock (1) 100,000 25,010 100,000 25,010 Series K Floating Non-Cumulative Perpetual Class A Preferred Stock (2) — — 1,000 3,500,000 Series L 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock (3) 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 (4) 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 Series Z 4.750% Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,500 — — ESOP Cumulative Convertible Preferred Stock (5) — 822,242 — 1,071,418 Total 5,583,052 9,251,728 (1) Preferred Stock, Series I, relates to trust preferred securities. See Note 10 (Securitizations and Variable Interest Entities) for additional information. This issuance has a floating interest rate that is the greater of three-month London Interbank Offered Rate (LIBOR) plus 0.93% and 5.56975%. (2) Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed. (3) Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. (4) In first quarter 2020, $669 million of Preferred Stock, Series T, was redeemed. (5) See the ESOP Cumulative Convertible Preferred Stock section in this Note for additional information about the liquidation preference. Table 17.2: Preferred Stock – Shares Issued and Carrying Value September 30, 2020 December 31, 2019 (in millions, except shares) Shares Liquidation preference Carrying Discount Shares Liquidation preference Carrying 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 K (2) Floating Non-Cumulative Perpetual Class A Preferred Stock — — — — 1,802,000 1,802 1,546 256 Series L (3) 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock 3,967,995 3,968 3,200 768 3,967,995 3,968 3,200 768 Series N 5.20% Non-Cumulative Perpetual Class A Preferred Stock 30,000 750 750 — 30,000 750 750 — Series O 5.125% Non-Cumulative Perpetual Class A Preferred Stock 26,000 650 650 — 26,000 650 650 — Series P 5.25% Non-Cumulative Perpetual Class A Preferred Stock 25,000 625 625 — 25,000 625 625 — Series Q 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 6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 33,600 840 840 — 33,600 840 840 — Series S 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 (4) 6.00% Non-Cumulative Perpetual Class A Preferred Stock 5,280 131 131 — 32,000 800 800 — Series U 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 6.00% Non-Cumulative Perpetual Class A Preferred Stock 40,000 1,000 1,000 — 40,000 1,000 1,000 — Series W 5.70% Non-Cumulative Perpetual Class A Preferred Stock 40,000 1,000 1,000 — 40,000 1,000 1,000 — Series X 5.50% Non-Cumulative Perpetual Class A Preferred Stock 46,000 1,150 1,150 — 46,000 1,150 1,150 — Series Y 5.625% Non-Cumulative Perpetual Class A Preferred Stock 27,600 690 690 — 27,600 690 690 — Series Z 4.750% Non-Cumulative Perpetual Class A Preferred Stock 80,500 2,013 2,013 — — — — — ESOP Cumulative Convertible Preferred Stock 822,242 823 823 — 1,071,418 1,072 1,072 — Total 5,494,773 $ 21,866 21,098 768 7,492,169 $ 22,573 21,549 1,024 (1) Floating rate for Preferred Stock, Series I, is the greater of three-month LIBOR plus 0.93% and 5.56975%. (2) Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed. (3) Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. (4) In first quarter 2020, $669 million of Preferred Stock, Series T, was redeemed. 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 17.3: ESOP Preferred Stock Shares issued and outstanding Carrying value Adjustable dividend rate (in millions, except shares) Sep 30, Dec 31, Sep 30, Dec 31, Minimum Maximum ESOP Preferred Stock $1,000 liquidation preference per share 2018 221,945 254,945 222 255 7.00 % 8.00 % 2017 163,210 192,210 163 192 7.00 8.00 2016 162,450 197,450 163 198 9.30 10.30 2015 92,904 116,784 93 117 8.90 9.90 2014 99,151 136,151 99 136 8.70 9.70 2013 61,948 97,948 62 98 8.50 9.50 2012 20,634 49,134 21 49 10.00 11.00 2011 — 26,796 — 27 9.00 10.00 Total ESOP Preferred Stock (1) 822,242 1,071,418 $ 823 1,072 Unearned ESOP shares (2) $ (875) (1,143) (1) At September 30, 2020, and December 31, 2019, additional paid-in capital included $52 million and $71 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 | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 18: Revenue from Contracts with Customers Our revenue includes net interest income on financial instruments and noninterest income. Table 18.1 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, substantially all 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 reporting process, see Note 22 (Operating Segments). Table 18.1: Revenue by Operating Segment Quarter ended September 30, Community Wholesale Wealth and Other Consolidated (in millions) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Net interest income (1) $ 5,587 6,769 3,481 4,382 771 989 (471) (515) 9,368 11,625 Noninterest income (2) Deposit-related fees 723 952 574 527 7 6 (5) (5) 1,299 1,480 Trust and investment fees: Brokerage advisory, commissions and other fees: Asset-based revenue (3) 386 381 — — 1,768 1,741 (386) (382) 1,768 1,740 Transactional revenue 86 105 4 (8) 357 376 (86) (92) 361 381 Other revenue 17 18 66 70 140 155 (16) (18) 207 225 Total brokerage advisory, commissions and other fees 489 504 70 62 2,265 2,272 (488) (492) 2,336 2,346 Trust and investment management: Investment management fees — — — — 506 510 — — 506 510 Trust fees 188 203 85 85 99 106 (201) (210) 171 184 Other revenue — — 55 36 5 (1) — — 60 35 Total trust and investment management 188 203 140 121 610 615 (201) (210) 737 729 Investment banking — (26) 440 510 4 — (3) — 441 484 Total trust and investment fees 677 681 650 693 2,879 2,887 (692) (702) 3,514 3,559 Card fees: Card interchange and network revenues (4) 733 750 55 90 1 2 — (1) 789 841 Other card fees (1) 123 186 — — — — — — 123 186 Total card fees 856 936 55 90 1 2 — (1) 912 1,027 Lending-related fees (1) 42 60 310 314 2 2 (2) (2) 352 374 Mortgage banking (1) 1,542 339 49 128 (3) (3) 2 2 1,590 466 Net gains (losses) from trading activities (1) (11) 19 363 247 9 10 — — 361 276 Net gains (losses) on debt securities (1) 240 (1) 24 4 — — — — 264 3 Net gains (losses) from equity securities (1) 587 822 59 135 3 (1) — — 649 956 Lease income (1) — — 333 402 — — — — 333 402 Other (1) 479 662 (304) 20 125 1,249 (80) (89) 220 1,842 Total noninterest income 5,135 4,470 2,113 2,560 3,023 4,152 (777) (797) 9,494 10,385 Total revenue $ 10,722 11,239 5,594 6,942 3,794 5,141 (1,248) (1,312) 18,862 22,010 (continued on following page) (continued from previous page) Nine months ended September 30, Community Wholesale Wealth and Other Consolidated (in millions) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Net interest income (1) $ 18,073 21,083 11,508 13,451 2,374 3,127 (1,395) (1,630) 30,560 36,031 Noninterest income (2) Deposit-related fees 2,207 2,675 1,676 1,610 20 18 (15) (14) 3,888 4,289 Trust and investment fees: Brokerage advisory, commissions and other fees: Asset-based revenue (3) 1,126 1,093 — — 5,141 5,019 (1,127) (1,094) 5,140 5,018 Transactional revenue 266 288 9 18 1,132 1,153 (272) (288) 1,135 1,171 Other revenue 48 52 230 196 428 472 (46) (52) 660 668 Total brokerage advisory, commissions and other fees 1,440 1,433 239 214 6,701 6,644 (1,445) (1,434) 6,935 6,857 Trust and investment management: Investment management fees — — — — 1,469 1,488 — — 1,469 1,488 Trust fees 557 612 255 250 302 449 (592) (632) 522 679 Other revenue (1) — 146 102 (11) 41 — — 134 143 Total trust and investment management 556 612 401 352 1,760 1,978 (592) (632) 2,125 2,310 Investment banking (166) (64) 1,544 1,397 6 4 (5) (4) 1,379 1,333 Total trust and investment fees 1,830 1,981 2,184 1,963 8,467 8,626 (2,042) (2,070) 10,439 10,500 Card fees: Card interchange and network revenues (4) 2,013 2,201 203 271 3 5 (2) (3) 2,217 2,474 Other card fees (1) 384 522 — — — — — — 384 522 Total card fees 2,397 2,723 203 271 3 5 (2) (3) 2,601 2,996 Lending-related fees (1) 128 191 897 925 6 6 (6) (6) 1,025 1,116 Mortgage banking (1) 2,135 1,635 154 300 (9) (9) 6 6 2,286 1,932 Net gains (losses) from trading activities (1) 24 13 1,198 806 8 42 2 1 1,232 862 Net gains (losses) on debt securities (1) 557 51 156 97 — — — — 713 148 Net gains (losses) from equity securities (1) (53) 1,894 (52) 328 (114) 170 — — (219) 2,392 Lease income (1) — — 1,021 1,270 — — — — 1,021 1,270 Other (1) 1,686 2,548 (971) 97 414 1,285 (260) (263) 869 3,667 Total noninterest income 10,911 13,711 6,466 7,667 8,795 10,143 (2,317) (2,349) 23,855 29,172 Total revenue $ 28,984 34,794 17,974 21,118 11,169 13,270 (3,712) (3,979) 54,415 65,203 (1) These revenues are related to financial assets and liabilities, including loans, leases, securities and derivatives, with additional details included in other footnotes to our financial statements. (2) In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. (3) We earned trailing commissions of $284 million and $816 million for the third quarter and first nine months of 2020, respectively, and $289 million and $858 million for the third quarter and first nine months of 2019, respectively. (4) The cost of credit card rewards and rebates of $318 million and $969 million for the third quarter and first nine months of 2020, respectively, and $383 million and $1.1 billion for the third quarter and first nine months of 2019, respectively, are presented net against the related revenues. 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. DEPOSIT-RELATED FEES are earned in connection with depository accounts for commercial and consumer customers and include fees for account charges, overdraft services, cash network fees, wire transfer and other remittance fees, and safe deposit box fees. 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. Cash network fees are earned for processing ATM transactions, and our obligation is completed upon settlement of ATM transactions. Wire transfer and other remittance fees consist of fees earned for providing funds transfer services and issuing cashier’s checks and money orders. Our obligation is satisfied at the time of the performance of the funds transfer service or upon issuance of the cashier’s check or money order. Safe deposit box fees are generally recognized over time as we provide the services. BROKERAGE ADVISORY, COMMISSIONS AND OTHER FEES are earned for providing brokerage services and 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, and 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. 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 satisfied 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. INVESTMENT BANKING FEES are earned for underwriting debt and equity securities, arranging syndicated loan transactions 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. 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. Other card fees represent late fees, cash advance fees, balance transfer fees, and annual fees. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 19: Employee Benefits and Other Expenses 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 have accrued after that date. For additional information on our pension and postretirement plans, including plan assumptions, investment strategy and asset allocation, projected benefit payments, and valuation methodologies used for assets measured at fair value, see Note 23 (Employee Benefits and Other Expenses) in our 2019 Form 10-K. We recognize settlement losses for our Cash Balance Plan based on an assessment of whether lump sum benefit payments will, in aggregate for the year, exceed the sum of its annual service and interest cost. Settlement losses of $29 million and $99 million were recognized during the third quarter and first nine months of 2020, respectively, representing the pro rata portion of the net loss in cumulative other comprehensive income based on the percentage reduction in the Cash Balance Plan’s projected benefit obligation attributable to lump sum benefit payments during the first nine months of 2020. As a result of the settlement losses, we re-measured the Cash Balance Plan obligation and plan assets as of September 30, 2020, and used a discount rate of 2.60% based on our consistent methodology of determining our discount rate using a yield curve with maturity dates that closely match the estimated timing of the expected benefit payments. The result of the settlement losses and re-measurement increased the Cash Balance Plan liability by $89 million and $763 million for the third quarter and first nine months of 2020, respectively, and decreased other comprehensive income (pre-tax) by $60 million and $664 million for the third quarter and first nine months of 2020, respectively. We voluntarily made a $130 million contribution to our Cash Balance Plan in September 2020 and made an additional contribution of $570 million in October 2020. Table 19.1 presents the components of net periodic benefit cost. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on the consolidated statement of income. Table 19.1: Net Periodic Benefit Cost 2020 2019 Pension benefits Pension benefits (in millions) Qualified Non-qualified Other Qualified Non-qualified Other Quarter ended September 30, Service cost $ 4 — — 3 — — Interest cost 77 5 4 105 5 6 Expected return on plan assets (148) — (5) (142) — (7) Amortization of net actuarial loss (gain) 43 3 (5) 37 3 (5) Amortization of prior service credit — — (2) — — (2) Settlement loss 29 — — — — — Net periodic benefit cost $ 5 8 (8) 3 8 (8) Nine months ended September 30, Service cost $ 11 — — 9 — — Interest cost 249 13 12 314 16 17 Expected return on plan assets (445) — (16) (426) — (21) Amortization of net actuarial loss (gain) 114 10 (14) 111 8 (13) Amortization of prior service credit — — (7) — — (7) Settlement loss 99 3 — — 2 — Net periodic benefit cost $ 28 26 (25) 8 26 (24) Other Expenses Federal Deposit Insurance Corporation (FDIC) deposit assessment expense, which is included in other noninterest expense, was $248 million and $622 million in the third quarter and first nine months of 2020, respectively, compared with $145 million and $546 million in the same periods a year ago. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends Per Common Share | Note 20: Earnings and Dividends Per Common Share Table 20.1 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 20.1: Earnings Per Common Share Calculations Quarter ended September 30, Nine months ended September 30, (in millions, except per share amounts) 2020 2019 2020 2019 Wells Fargo net income $ 2,035 4,610 $ 309 16,676 Less: Preferred stock dividends and other (1) 315 573 1,241 1,284 Wells Fargo net income (loss) applicable to common stock (numerator) $ 1,720 4,037 $ (932) 15,392 Earnings (loss) per common share Average common shares outstanding (denominator) 4,123.8 4,358.5 4,111.4 4,459.1 Per share $ 0.42 0.93 $ (0.23) 3.45 Diluted earnings (loss) per common share Average common shares outstanding 4,123.8 4,358.5 4,111.4 4,459.1 Add: Stock options (2)(3) — 0.1 — 1.0 Restricted share rights (2)(3) 8.4 31.0 — 29.4 Diluted average common shares outstanding (denominator) (3) 4,132.2 4,389.6 4,111.4 4,489.5 Per share $ 0.42 0.92 $ (0.23) 3.43 (1) The nine months ended September 30, 2020, balance includes $272 million, and the quarter and nine months ended September 30, 2019, balance includes $220 million from the elimination of discounts or issuance costs associated with redemptions of preferred stock. (2) Calculated using the treasury stock method. (3) For the nine months ended September 30, 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect. Weighted average restricted share rights outstanding were 53.4 million for the nine months ended September 30, 2020. Table 20.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share. Table 20.2: Outstanding Anti-Dilutive Securities Weighted average shares Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Convertible Preferred Stock, Series L (1) 25.3 25.3 25.3 25.3 Restricted share rights (2) 17.7 — 1.3 — (1) Calculated using the if-converted method. (2) Calculated using the treasury stock method. Table 20.3 presents dividends declared per common share. Table 20.3: Dividends Declared Per Common Share Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Per common share $ 0.10 0.51 $ 1.12 1.41 |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Cumulative Other Comprehensive Income Balances [Abstract] | |
Other Comprehensive Income | Note 21: Other Comprehensive Income Table 21.1 provides the components of OCI, reclassifications to net income by income statement line item, and the related tax effects. Table 21.1: Summary of Other Comprehensive Income Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in millions) Before Tax Net of Before Tax Net of Before Tax Net of Before Tax Net of Debt securities: Net unrealized gains arising during the period $ 96 (18) 78 652 (159) 493 1,582 (391) 1,191 5,192 (1,276) 3,916 Reclassification of net (gains) losses to net income: Interest income on debt securities (1) 167 (41) 126 77 (19) 58 356 (88) 268 183 (45) 138 Net gains on debt securities (264) 63 (201) (3) — (3) (713) 174 (539) (148) 36 (112) Other noninterest income 2 — 2 2 (1) 1 — — — (1) — (1) Subtotal reclassifications to net income (95) 22 (73) 76 (20) 56 (357) 86 (271) 34 (9) 25 Net change 1 4 5 728 (179) 549 1,225 (305) 920 5,226 (1,285) 3,941 Derivative and hedging activities: Fair Value Hedges: Change in fair value of excluded components on fair value hedges (2) (82) 20 (62) 28 (7) 21 5 (2) 3 58 (14) 44 Cash Flow Hedges: Net unrealized gains (losses) arising during the period on cash flow hedges 12 (3) 9 (18) 4 (14) (3) 1 (2) (26) 6 (20) Reclassification of net (gains) losses to net income on cash flow hedges: Interest income on loans 53 (14) 39 73 (19) 54 162 (40) 122 228 (57) 171 Interest expense on long-term debt (1) 1 — 2 — 2 3 — 3 5 (1) 4 Subtotal reclassifications to net income 52 (13) 39 75 (19) 56 165 (40) 125 233 (58) 175 Net change (18) 4 (14) 85 (22) 63 167 (41) 126 265 (66) 199 Defined benefit plans adjustments: Net actuarial and prior service losses arising during the period (89) 22 (67) — — — (760) 188 (572) (4) 1 (3) Reclassification of amounts to non interest expense (3): Amortization of net actuarial loss 41 (10) 31 35 (9) 26 110 (27) 83 106 (26) 80 Settlements and other 27 (6) 21 (2) 1 (1) 95 (22) 73 (5) 3 (2) Subtotal reclassifications to non interest expense 68 (16) 52 33 (8) 25 205 (49) 156 101 (23) 78 Net change (21) 6 (15) 33 (8) 25 (555) 139 (416) 97 (22) 75 Foreign currency translation adjustments: Net unrealized gains (losses) arising during the period 74 (1) 73 (53) 1 (52) (70) 1 (69) 3 (2) 1 Net change 74 (1) 73 (53) 1 (52) (70) 1 (69) 3 (2) 1 Other comprehensive income $ 36 13 49 793 (208) 585 767 (206) 561 5,591 (1,375) 4,216 Less: Other comprehensive income from noncontrolling interests, net of tax 1 — — — Wells Fargo other comprehensive income, net of tax $ 48 585 561 4,216 (1) 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. (2) 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. (3) These items are included in the computation of net periodic benefit cost (see Note 19 (Employee Benefits and Other Expenses) for additional information). Table 21.2: Cumulative OCI Balances (in millions) Debt Fair value hedges (1) Cash flow hedges (2) Defined Foreign Cumulative Quarter ended September 30, 2020 Balance, beginning of period $ 2,467 (115) (223) (2,624) (303) (798) Net unrealized gains (losses) arising during the period 78 (62) 9 (67) 73 31 Amounts reclassified from accumulated other comprehensive income (73) — 39 52 — 18 Net change 5 (62) 48 (15) 73 49 Less: Other comprehensive income from noncontrolling interests — — — — 1 1 Balance, end of period $ 2,472 (177) (175) (2,639) (231) (750) Quarter ended September 30, 2019 Balance, beginning of period 751 (155) (394) (2,246) (180) (2,224) Net unrealized gains (losses) arising during the period 493 21 (14) — (52) 448 Amounts reclassified from accumulated other comprehensive income 56 — 56 25 — 137 Net change 549 21 42 25 (52) 585 Balance, end of period $ 1,300 (134) (352) (2,221) (232) (1,639) Nine months ended September 30, 2020 Balance, beginning of period $ 1,552 (180) (298) (2,223) (162) (1,311) Net unrealized gains (losses) arising during the period 1,191 3 (2) (572) (69) 551 Amounts reclassified from accumulated other comprehensive income (271) — 125 156 — 10 Net change 920 3 123 (416) (69) 561 Less: Other comprehensive loss from noncontrolling interests — — — — — — Balance, end of period $ 2,472 (177) (175) (2,639) (231) (750) Nine months ended September 30, 2019 Balance, beginning of period $ (3,122) (178) (507) (2,296) (233) (6,336) Transition adjustment (3) 481 — — — — 481 Balance, January 1, 2019 (2,641) (178) (507) (2,296) (233) (5,855) Net unrealized gains (losses) arising during the period 3,916 44 (20) (3) 1 3,938 Amounts reclassified from accumulated other comprehensive income 25 — 175 78 — 278 Net change 3,941 44 155 75 1 4,216 Balance, end of period $ 1,300 (134) (352) (2,221) (232) (1,639) (1) Substantially all of the beginning and end of period amounts for fair value hedges are foreign exchange contracts. (2) Substantially all of the beginning and end of period amounts for cash flow hedges are interest rate contracts. (3) The transition adjustment relates to the adoption of ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . For additional information see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 22: Operating Segments Our operating segments are defined by product type and customer segment, and their results are based on our management reporting process. The management reporting process is based on U.S. GAAP with specific adjustments, such as for funds transfer pricing for asset/liability management, for shared revenues and expenses, and tax-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources. On February 11, 2020, we announced a new organizational structure. We continue to refine the composition of our operating segments and allocation methodologies. Additionally, we are still in the process of transitioning key leadership positions. We now expect to update our operating segment disclosures, including comparative financial results, in fourth quarter 2020. These changes will not impact previously reported consolidated financial results of the Company. For a description of our current operating segments, see Note 27 (Operating Segments) in our 2019 Form 10-K. Table 22.1 presents our results by operating segment. Table 22.1: Operating Segments (income/expense in millions, average balances in billions) Community Wholesale Wealth and Other (1) Consolidated 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Quarter ended September 30, Net interest income (2) $ 5,587 6,769 3,481 4,382 771 989 (471) (515) 9,368 11,625 Provision (reversal of provision) for credit losses 556 608 219 92 (9) 3 3 (8) 769 695 Noninterest income 5,135 4,470 2,113 2,560 3,023 4,152 (777) (797) 9,494 10,385 Noninterest expense 8,947 8,766 4,013 3,889 3,184 3,431 (915) (887) 15,229 15,199 Income (loss) before income tax expense (benefit) 1,219 1,865 1,362 2,961 619 1,707 (336) (417) 2,864 6,116 Income tax expense (benefit) (3) 703 667 (127) 315 153 426 (84) (104) 645 1,304 Net income (loss) before noncontrolling interests 516 1,198 1,489 2,646 466 1,281 (252) (313) 2,219 4,812 Less: Net income (loss) from noncontrolling interests 180 199 1 2 3 1 — — 184 202 Net income (loss) $ 336 999 1,488 2,644 463 1,280 (252) (313) 2,035 4,610 Average loans $ 457.6 459.0 455.1 474.3 79.8 75.9 (60.8) (59.4) 931.7 949.8 Average assets 1,119.8 1,033.9 801.4 869.2 88.2 84.7 (61.7) (60.4) 1,947.7 1,927.4 Average deposits 881.7 789.7 418.8 422.0 175.3 142.4 (76.8) (62.7) 1,399.0 1,291.4 Nine months ended September 30, Net interest income (2) $ 18,073 21,083 11,508 13,451 2,374 3,127 (1,395) (1,630) 30,560 36,031 Provision (reversal of provision) for credit losses 5,652 1,797 8,535 254 256 6 (135) (14) 14,308 2,043 Noninterest income 10,911 13,711 6,466 7,667 8,795 10,143 (2,317) (2,349) 23,855 29,172 Noninterest expense 24,409 23,667 11,739 11,609 9,440 9,980 (2,760) (2,692) 42,828 42,564 Income (loss) before income tax expense (benefit) (1,077) 9,330 (2,300) 9,255 1,473 3,284 (817) (1,273) (2,721) 20,596 Income tax expense (benefit) (3) (1,319) 1,929 (1,959) 1,049 369 819 (204) (318) (3,113) 3,479 Net income (loss) before noncontrolling interests 242 7,401 (341) 8,206 1,104 2,465 (613) (955) 392 17,117 Less: Net income (loss) from noncontrolling interests 82 432 3 3 (2) 6 — — 83 441 Net income (loss) $ 160 6,969 (344) 8,203 1,106 2,459 (613) (955) 309 16,676 Average loans $ 456.5 458.3 481.2 474.9 79.0 75.1 (60.8) (59.2) 955.9 949.1 Average assets 1,073.1 1,024.8 849.7 855.4 88.0 83.9 (61.7) (60.2) 1,949.1 1,903.9 Average deposits 843.0 777.7 438.8 414.1 166.2 146.3 (73.4) (63.9) 1,374.6 1,274.2 (1) Includes the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for WIM 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) Income tax expense (benefit) for our Wholesale Banking operating segment included income tax credits related to low income housing and renewable energy investments of $469 million and $1.4 billion for the third quarter and first nine months of 2020, respectively, and $422 million and $1.3 billion for the third quarter and first nine months of 2019, respectively. |
Regulatory and Agency Capital R
Regulatory and Agency Capital Requirements | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory And Agency Capital Requirements [Abstract] | |
Regulatory and Agency Capital Requirements | Note 23: Regulatory and Agency Capital Requirements The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal banking regulators. 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 23.1 presents regulatory capital information for Wells Fargo & Company and the Bank in accordance with Basel III capital requirements. Our capital adequacy is assessed based on the lower of our risk-based capital ratios calculated under the Standardized Approach and under the Advanced Approach. 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 requirements for calculating Common Equity Tier 1 (CET1) and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining tier 2 and total capital are still in accordance with Transition Requirements and are scheduled to be fully phased-in by the end of 2021. Accordingly, the information presented below reflects fully phased-in CET1 capital, tier 1 capital, and RWAs, but reflects total capital still in accordance with Transition Requirements. At September 30, 2020, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act. 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 September 30, 2020, the Bank met these requirements. Table 23.1: Regulatory Capital Information (1) Wells Fargo & Company Wells Fargo Bank, N.A. September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 (in millions, except ratios) Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Regulatory capital: Common equity tier 1 $ 134,901 134,901 138,760 138,760 149,252 149,252 145,149 145,149 Tier 1 154,743 154,743 158,949 158,949 149,252 149,252 145,149 145,149 Total 184,172 193,799 188,333 196,223 163,768 173,004 158,615 166,056 Assets: Risk-weighted assets (2) $ 1,171,956 1,185,610 1,165,079 1,245,853 1,038,062 1,090,132 1,047,054 1,152,791 Adjusted average assets (3) 1,921,303 1,921,303 1,913,297 1,913,297 1,762,607 1,762,607 1,695,807 1,695,807 Regulatory capital ratios: Common equity tier 1 capital (2) 11.51 % 11.38 * 11.91 11.14 * 14.38 13.69 * 13.86 12.59 * Tier 1 capital (2) 13.20 13.05 * 13.64 12.76 * 14.38 13.69 * 13.86 12.59 * Total capital (2) 15.71 * 16.35 16.16 15.75 * 15.78 * 15.87 15.15 14.40 * Tier 1 leverage (3) 8.05 8.05 8.31 8.31 8.47 8.47 8.56 8.56 Wells Fargo & Company Wells Fargo Bank, N.A. September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Supplementary leverage (4): Total leverage exposure $ 1,997,449 2,247,729 2,074,472 2,006,180 Supplementary leverage ratio 7.75 % 7.07 7.19 7.24 *Denotes the lowest capital ratio as determined under the Advanced and Standardized Approaches. (1) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the ACL under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on the regulatory capital of the Company at September 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.5 billion increase in our ACL under CECL from January 1, 2020, through September 30, 2020. The impact of the CECL transition provision on the regulatory capital of the Bank at September 30, 2020, was an increase in capital of $1.8 billion. (2) RWAs and capital ratios for December 31, 2019, have been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts. RWAs for the Company and the Bank included an increase of $1.5 billion under the Standardized Approach and a decrease of $1.3 billion under the Advanced Approach related to the impact of the CECL transition provision on the excess allowance for credit losses as of September 30, 2020. (3) The leverage ratio consists of Tier 1 capital divided by total average assets, excluding goodwill and certain other items. (4) The supplementary leverage ratio (SLR) consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of total average assets, less goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities), plus certain off-balance sheet exposures. Table 23.2 presents the minimum required regulatory capital ratios under Transition Requirements to which the Company and the Bank were subject as of September 30, 2020, and December 31, 2019. Table 23.2: Minimum Required Regulatory Capital Ratios – Transition Requirements (1) Wells Fargo & Company Wells Fargo Bank, N.A. September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Regulatory capital ratios: Common equity tier 1 capital 9.00 % 9.00 7.00 7.00 Tier 1 capital 10.50 10.50 8.50 8.50 Total capital 12.50 12.50 10.50 10.50 Tier 1 leverage 4.00 4.00 4.00 4.00 Supplementary leverage (2) 5.00 5.00 6.00 6.00 (1) At September 30, 2020, under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements for the Company included a capital conservation buffer of 2.50% and a global systemically important bank (G-SIB) surcharge of 2.00%. Only the 2.50% capital conservation buffer applied to the Bank at September 30, 2020. (2) The Company is required to maintain a SLR of at least 5.00% (comprised of a 3.00% minimum requirement plus a supplementary leverage buffer of 2.00%) to avoid restrictions on capital distributions and discretionary bonus payments. The Bank is required to maintain a SLR of at least 6.00% to be considered well-capitalized under applicable regulatory capital adequacy guidelines. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Significant Accounting Policies [Line Items] | |
Business Description and Basis of Presentation | 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, 2019 (2019 Form 10-K). |
Use of Estimates | 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 Related Allowance for Credit Losses); • valuations of residential mortgage servicing rights (MSRs) (Note 10 (Securitizations and Variable Interest Entities) and Note 11 (Mortgage Banking Activities)); • valuations of financial instruments (Note 15 (Derivatives) and Note 16 (Fair Values of Assets and Liabilities)); • liabilities for contingent litigation losses (Note 14 (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 2019 Form 10-K. |
Accounting Standards Adopted in 2020 | Accounting Standards Adopted in 2020 In 2020, we adopted the following new accounting guidance: • Accounting Standards Update (ASU or Update) 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting • ASU 2019-04 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses , Topic 815, Derivatives and Hedging , and Topic 825, Financial Instruments . This Update includes guidance on recoveries of financial assets, which is included in the discussion for ASU 2016-13 below. • ASU 2018-17 – Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities • ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the Financial Accounting Standards Board (FASB) Emerging Issues Task Force) • ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. • ASU 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment • ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related subsequent Updates |
Interest Income and Gain (Loss) Recognition | INTEREST INCOME AND GAIN/LOSS RECOGNITION Unamortized premiums and discounts are recognized in interest income over the contractual life of the security using the effective interest method, except for purchased callable debt securities carried at a premium. For purchased callable debt securities carried at a premium, the premium is amortized into interest income to the earliest call date using the effective interest method. As principal repayments are received on securities (e.g., mortgage-backed securities (MBS)), a proportionate amount of the related premium or discount is recognized in income so that the effective interest rate on the remaining portion of the security continues unchanged. We recognize realized gains and losses on the sale of debt securities in net gains (losses) on debt securities within noninterest income using the specific identification method. |
Credit Loss, Financial Instrument | IMPAIRMENT AND CREDIT LOSSES Unrealized losses of AFS debt securities are driven by a number of factors, including changes in interest rates and credit spreads which impact most types of debt securities with additional considerations for certain types of debt securities: • Debt securities of U.S. Treasury and federal agencies, including federal agency MBS, are not impacted by credit movements given the explicit or implicit guarantees provided by the U.S. government. • Debt securities of U.S. states and political subdivisions are most impacted by changes in the relationship between municipal and term funding credit curves rather than by changes in the credit quality of the underlying securities. • Structured securities, such as MBS and collateralized loan obligations (CLO), are also impacted by changes in projected collateral losses of assets underlying the security. For debt securities where fair value is less than amortized cost basis, we recognize impairment in earnings if we have the intent to sell the security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. Impairment is recognized equal to the entire difference between the amortized cost basis and the fair value of the security and is classified as net gains (losses) from debt securities within noninterest income. Following the recognition of impairment, the security’s new amortized cost basis is the previous basis less impairment. For debt securities where fair value is less than amortized cost basis where we did not recognize impairment in earnings, we set up an allowance for credit losses as of the balance sheet date. See “Allowance for Credit Losses” section in this Note. TRANSFERS BETWEEN CATEGORIES OF DEBT SECURITIES AFS debt securities transferred to the HTM classification are recorded at fair value and the unrealized gains or losses resulting from the transfer of these securities continue to be reported in cumulative OCI. The cumulative OCI balance is amortized into earnings over the same period as the unamortized premiums and discounts using the effective interest method. Any allowance for credit losses previously recorded under the AFS model on securities transferred to HTM is reversed and an allowance for credit losses is subsequently recorded under the HTM debt security model. NONACCRUAL AND PAST DUE, AND CHARGE-OFF POLICIES We generally place debt securities on nonaccrual status using factors similar to those described for loans. When we place a debt security on nonaccrual status, we reverse the accrued unpaid interest receivable against interest income and suspend the amortization of premiums and accretion of discounts. If the ultimate collectability of the principal is in doubt on a nonaccrual debt security, any cash collected is first applied to reduce the security’s amortized cost basis to zero, followed by recovery of amounts previously charged off, and subsequently to interest income. Generally, we return a debt security to accrual status when all delinquent interest and principal become current under the contractual terms of the security and collectability of remaining principal and interest is no longer doubtful. Our debt securities are considered past due when contractually required principal or interest payments have not been made on the due dates. Our charge-off policy for debt securities are similar to those described for loans. Subsequent to charge-off, the debt security will be designated as nonaccrual and follow the process described above for any cash received. Allowance for Credit Losses The ACL is management’s estimate of the current expected credit losses in the loan portfolio and unfunded credit commitments, at the balance sheet date, excluding loans and unfunded credit commitments carried at fair value or held for sale. Additionally, we maintain an ACL on AFS and HTM debt securities, other financing receivables measured at amortized cost, and other off-balance sheet credit exposures. While we attribute portions of the allowance to specific financial asset classes (loan and debt security portfolios), loan portfolio segments (commercial and consumer) or major security type, the entire ACL is available to absorb credit losses of the Company. Our ACL process involves procedures to appropriately consider the unique risk characteristics of our financial asset classes, portfolio segments, and major security types. For each loan portfolio segment and each major HTM debt security type, losses are estimated collectively for groups of loans or securities with similar risk characteristics. For loans and securities that do not share similar risk characteristics with other financial assets, the losses are estimated individually, which primarily includes our impaired large commercial loans and non-accruing HTM debt securities. For AFS debt securities, losses are estimated at the tax-lot level. Our ACL amounts are influenced by a variety of factors, including changes in loan and debt security volumes, portfolio credit quality, and general economic conditions. General economic conditions are forecasted using economic variables which will create volatility as those variables change over time. See Table 1.2 for key economic variables used for our loan portfolios. Table 1.2: Key Economic Variables Loan Portfolio Key economic variables Total commercial • Gross domestic product • Commercial real estate asset prices, where applicable • Unemployment rate • Corporate investment-grade bond spreads Real estate 1-4 family mortgage • Home price index • Unemployment rate Other consumer (including credit card, automobile, and other revolving credit and installment) • Unemployment rate Our approach for estimating expected life-time credit losses for loans and debt securities includes the following key components: • An initial loss forecast period of one year for all portfolio segments and classes of financing receivables and off-balance-sheet credit exposures. This period reflects management’s expectation of losses based on forward-looking economic scenarios over that time. • A historical loss forecast period covering the remaining contractual term, adjusted for expected prepayments and certain expected extensions, renewals, or modifications, by portfolio segment and class of financing receivables based on the changes in key historical economic variables during representative historical expansionary and recessionary periods. • A reversion period of up to two years to connect the losses estimated for our initial loss forecast period to the period of our historical loss forecast based on economic conditions at the measurement date. Our reversion methodology considers the type of portfolio, point in the credit cycle, expected length of recessions and recoveries, as well as other relevant factors. • Utilization of discounted cash flow (DCF) methods to measure credit impairment for loans modified in a troubled debt restructuring, unless they are collateral dependent and measured at the fair value of the collateral. The DCF methods obtain estimated life-time credit losses using the initial and historical mean loss forecast periods described above. • For AFS debt securities and certain beneficial interests classified as HTM, we utilize the DCF methods to measure the ACL, which incorporate expected credit losses using the conceptual components described above. The ACL on AFS debt securities is subject to a limitation based on the fair value of the debt securities (fair value floor). The ACL for financial assets held at amortized cost and AFS debt securities will be reversible with immediate recognition of recovery in earnings if credit improves. The ACL for financial assets held at amortized cost is a valuation account that is deducted from, or added to, the amortized cost basis of the financial assets to present the net amount expected to be collected, which can include a negative allowance limited to the cumulative amounts previously charged off. For financial assets with an ACL estimated using DCF methods, changes in the ACL due to the passage of time are recorded in interest income. The ACL for AFS debt securities reflects the amount of unrealized loss related to expected credit losses, limited by the amount that fair value is less than the amortized cost basis, and cannot have an associated negative allowance. For certain financial assets, such as residential real estate loans guaranteed by the Government National Mortgage Association (GNMA), an agency of the federal government, U. S. Treasury and Agency mortgage backed debt securities, as well as certain sovereign debt securities, the Company has not recognized an ACL as our expectation of nonpayment of the amortized cost basis, based on historical losses, adjusted for current conditions and reasonable and supportable forecasts, is zero. A financial asset is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When a collateral-dependent financial asset is probable of foreclosure, we will measure the ACL based on the fair value of the collateral. If we intend to sell the underlying collateral, we will measure the ACL based on the collateral’s net realizable value (fair value of collateral, less estimated costs to sell). In most situations, based on our charge-off policies, we will immediately write-down the financial asset to the fair value of the collateral or net realizable value. For consumer loans, collateral-dependent financial assets may have collateral in the form of residential real estate, automobiles or other personal assets. For commercial loans, collateral-dependent financial assets may have collateral in the form of commercial real estate or other business assets. We do not generally record an ACL for accrued interest receivables because uncollectible accrued interest is reversed through interest income in a timely manner in line with our non-accrual and past due policies for loans and debt securities. For consumer credit card and certain consumer lines of credit, we include an ACL for accrued interest and fees since these loans are not placed on nonaccrual status and written off until the loan is 180 days past due. Accrued interest receivables are included in other assets, except for certain revolving loans, such as credit card loans. COMMERCIAL LOAN PORTFOLIO SEGMENT ACL METHODOLOGY Generally, commercial loans, which include net investments in lease financing, are assessed for estimated losses by grading each loan using various risk factors as identified through periodic reviews. Our estimation approach for the commercial portfolio reflects the estimated probability of default in accordance with the borrower’s financial strength and the severity of loss in the event of default, considering the quality of any underlying collateral. Probability of default and severity at the time of default are statistically derived through historical observations of default and losses after default within each credit risk rating. These estimates are adjusted as appropriate based on additional analysis of long-term average loss experience compared with previously forecasted losses, external loss data or other risks identified from current economic conditions and credit quality trends. The estimated probability of default and severity at the time of default are applied to loan equivalent exposures to estimate losses for unfunded credit commitments. CONSUMER LOAN PORTFOLIO SEGMENT ACL METHODOLOGY For consumer loans, we determine the allowance at the individual loan level. When developing historical loss experience, we pool loans, generally by product types with similar risk characteristics, such as residential real estate mortgages and credit cards. As appropriate and to achieve greater accuracy, we may further stratify selected portfolios by sub-product, origination channel, vintage, loss type, geographic location and other predictive characteristics. We use pooled loan data such as historic delinquency and default and loss severity in the development of our consumer loan models, in addition to home price trends, unemployment trends, and other economic variables that may influence the frequency and severity of losses in the consumer portfolio. AFS PORTFOLIO ACL METHODOLOGY We develop our ACL estimate for AFS debt securities by utilizing a security-level multi-scenario, probability-weighted discounted cash flow model based on a combination of past events, current conditions, as well as reasonable and supportable forecasts. The projected cash flows are discounted at the security’s effective interest rate, except for certain variable rate securities which are discounted using projections of future changes in interest rates, prepayable securities which are adjusted for estimated prepayments, and securities part of a fair value hedge which use hedge-adjusted assumptions. The ACL on an AFS debt security is limited to the difference between its amortized cost basis and fair value (fair value floor) and reversals of the allowance are permitted up to the amount previously recorded. HTM PORTFOLIO ACL METHODOLOGY For most HTM debt securities, the ACL is measured using an expected loss model, similar to the methodology used for loans. Unlike AFS debt securities, the ACL on an HTM debt security is not limited to the fair value floor. Certain beneficial interests categorized as HTM debt securities utilize a similar discounted cash flow model as described for AFS debt securities, without the limitation of the fair value floor. OTHER QUALITATIVE FACTORS The ACL includes amounts for qualitative factors which may not be adequately reflected in our loss models. These amounts represent management’s judgment of risks in the processes and assumptions used in establishing the ACL. Generally, these amounts are established at a granular level below our loan portfolio segments. We also consider economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments. OFF-BALANCE SHEET CREDIT EXPOSURES Our off-balance sheet credit exposures include unfunded loan commitments (generally in the form of revolving lines of credit), financial guarantees not accounted for as insurance contracts or derivatives, including standby letters of credit, and other similar instruments. For off-balance sheet credit exposures, we recognize an ACL associated with the unfunded amounts. We do not recognize an ACL for commitments that are unconditionally cancelable at our discretion. Additionally, we recognize an ACL for financial guarantees that create off-balance sheet credit exposure, such as loans sold with credit recourse and factoring guarantees. ACL for off-balance sheet credit exposures are reported as a liability in accrued expenses and other liabilities on our consolidated balance sheet. OTHER FINANCIAL ASSETS Other financial assets are evaluated for expected credit losses. These other financial assets include accounts receivable for fees, receivables from government-sponsored entities, such as Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC), and GNMA, and other accounts receivable from high-credit quality counterparties, such as central clearing counterparties. Many of these financial assets are generally not expected to have an ACL as there is a zero loss expectation (for example, government guarantee) or no historical credit losses. Some financial assets, such as loans to employees, maintain an ACL that is presented on a net basis with the related amortized cost amounts in other assets on our consolidated balance sheet. Given the nature of these financial assets, provision for credit losses is not recognized separately from the regular income or expense associated with these financial assets. Securities purchased under resale agreements are generally over-collateralized by securities or cash and are generally short-term in nature. We have elected the practical expedient for these financial assets given collateral maintenance provisions. These provisions require that we monitor the collateral value and customers are required to replenish collateral, if needed. Accordingly, we generally do not maintain an ACL for these financial assets. PURCHASED CREDIT DETERIORATED FINANCIAL ASSETS Financial assets acquired that are of poor credit quality and with more than an insignificant evidence of credit deterioration since their origination or issuance are PCD assets. PCD assets are recorded at their purchase price plus an ACL estimated at the time of acquisition. Under this approach, there is no provision for credit losses recognized at acquisition; rather, there is a gross-up of the purchase price of the financial asset for the estimate of expected credit losses and a corresponding ACL recorded. Changes in estimates of expected credit losses after acquisition are recognized as provision for credit losses (or reversal of provision for credit losses) in subsequent periods. In general, interest income recognition for PCD financial assets is consistent with interest income recognition for the similar non-PCD financial asset. |
CARES Act | Troubled Debt Restructuring and Other Relief Related to COVID-19 On March 25, 2020, the U.S. Senate approved the Coronavirus, Aid, Relief, and Economic Security Act (the CARES Act) providing optional, temporary relief from accounting for certain loan modifications as troubled debt restructurings (TDRs). Under the CARES Act, TDR relief is available to banks for loan modifications related to the adverse effects of Coronavirus Disease 2019 (COVID-19) (COVID-related modifications) granted to borrowers that are current as of December 31, 2019. TDR relief applies to COVID-related modifications made from March 1, 2020, until the earlier of December 31, 2020, or 60 days following the termination of the national emergency declared by the President of the United States. In first quarter 2020, we elected to apply the TDR relief provided by the CARES Act. On April 7, 2020, federal banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (the Interagency Statement). The guidance in the Interagency Statement provides additional TDR relief as it clarifies that it is not necessary to consider the impact of the COVID-19 pandemic on the financial condition of a borrower in connection with a short-term (e.g., six months or less) COVID-related modification provided the borrower is current at the date the modification program is implemented. For COVID-related modifications in the form of payment deferrals, delinquency status will not advance and loans that were accruing at the time the relief is provided will generally not be placed on nonaccrual status during the deferral period. COVID-related modifications that do not meet the provisions of the CARES Act or the Interagency Statement will be assessed for TDR classification. On April 10, 2020, the FASB Staff issued Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic , a question and answer guide (the guide). The guide provided an election for leases accounted for under Accounting Standards Codification (ASC) 842, Leases , that were modified due to COVID-19 and met certain criteria in order to not require a new |
Accounting Standards Update 2020-04 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2020 | ASU 2020-04 provides optional, temporary relief to ease the burden of accounting for reference rate reform activities that affect contractual modifications of floating rate financial instruments indexed to interbank offering rates (IBORs) and hedge accounting relationships. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. The application of the relief for qualifying existing hedging relationships may be made on a hedge-by-hedge basis and across multiple reporting periods. We adopted ASU 2020-04 on April 1, 2020, and the guidance will be followed until the Update terminates on December 31, 2022. This guidance is applied on a prospective basis. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2018-17 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2020 | ASU 2018-17 updates the guidance used by decision-makers of VIEs. Indirect interests held through related parties in common control arrangements will be considered on a proportional basis for determining whether fees paid to decision-makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2018-15 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2020 | ASU 2018-15 clarifies the accounting for implementation costs related to a cloud computing arrangement that is a service contract and enhances disclosures around implementation costs for internal-use software and cloud computing arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use |
Accounting Standards Update 2018-13 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2020 | ASU 2018-13 clarifies, eliminates and adds certain fair value measurement disclosure requirements for assets and liabilities, which affects our disclosures in Note 16 (Fair Values of Assets and Liabilities). Although the ASU became effective on January 1, 2020, it permitted early adoption of individual requirements without causing others to be early adopted and, as such, we partially adopted the Update during third quarter 2018 and the remainder of the requirements in first quarter 2020. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2017-04 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2020 | ASU 2017-04 simplifies the goodwill impairment test by eliminating the requirement to assign the fair value of a reporting unit to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The Update requires that a goodwill impairment loss is recognized if the fair value of the reporting unit is less than the carrying amount, including goodwill. The goodwill impairment loss is limited to the amount of goodwill allocated to the reporting unit. The guidance did not change the qualitative assessment of goodwill. This guidance is applied on a prospective basis, and accordingly, the Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2016-13 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2020 | ASU 2016-13 changes the accounting for the measurement of credit losses on loans and debt securities. For loans and held-to-maturity (HTM) debt securities, the Update requires a current expected credit loss (CECL) measurement to estimate the allowance for credit losses (ACL) for the remaining contractual term, adjusted for prepayments, of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts. Also, the Update eliminates the existing guidance for purchased credit-impaired (PCI) loans, but requires an allowance for purchased financial assets with more than an insignificant deterioration of credit since origination. In addition, the Update modifies the other-than-temporary impairment (OTTI) model for available-for-sale (AFS) debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods based on improvements in credit. Upon adoption, we recognized an overall decrease in our ACL of approximately $1.3 billion (pre-tax) as a cumulative effect adjustment from a change in accounting policies, which increased our retained earnings and regulatory capital amounts and ratios. Loans previously classified as PCI were automatically transitioned to purchased credit-deteriorated (PCD) classification. We recognized an ACL for these new PCD loans and made a corresponding adjustment to the loan balance, with no impact to net income or transition adjustment to retained earnings. For more information on the impact of CECL by type of financial asset, see Table 1.1 below. Table 1.1: ASU 2016-13 Adoption Impact to Allowance for Credit Losses (1) Dec 31, 2019 ASU 2016-13 Adoption Impact Jan 1, 2020 (in billions) Balance Outstanding ACL Balance Coverage ACL Balance Coverage Total commercial (2) $ 515.7 6.2 1.2 % $ (2.9) 3.4 0.7 % Real estate 1-4 family mortgage (3) 323.4 0.9 0.3 — 0.9 0.3 Credit card (4) 41.0 2.3 5.5 0.7 2.9 7.1 Automobile (4) 47.9 0.5 1.0 0.3 0.7 1.5 Other revolving credit and installment (4) 34.3 0.6 1.6 0.6 1.2 3.5 Total consumer 446.5 4.2 0.9 1.5 5.7 1.3 Total loans 962.3 10.5 1.1 (1.3) 9.1 0.9 Available-for-sale and held-to-maturity debt securities and other assets (5) 420.0 0.1 NM — 0.1 NM Total $ 1,382.3 10.6 NM $ (1.3) 9.3 NM NM – Not meaningful (1) Amounts presented in this table may not equal the sum of its components due to rounding. (2) Decrease reflecting shorter contractual maturities given limitation to contractual terms. (3) Impact reflects an increase due to longer contractual terms, offset by expectation of recoveries in collateral value on mortgage loans previously written down significantly below current recovery value. (4) Increase due to longer contractual terms or indeterminate maturities. (5) Excludes other financial assets in the scope of CECL that do not have an allowance for credit losses based on the nature of the asset. |
Debt securities [Member] | |
Significant Accounting Policies [Line Items] | |
Marketable and Nonmarketable Securities, Policy | Debt Securities Our investments in debt securities that are not held for trading purposes are classified as either debt securities available-for-sale (AFS) or held-to-maturity (HTM). Investments in debt securities for which the Company does not have the positive intent and ability to hold to maturity are classified as AFS. AFS debt securities are measured at fair value, with unrealized gains and losses reported in cumulative other comprehensive income (OCI), net of the allowance for credit losses and applicable income taxes. Investments in debt securities |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
ASU 2016-13 Adoption to Allowance for Credit Losses | For more information on the impact of CECL by type of financial asset, see Table 1.1 below. Table 1.1: ASU 2016-13 Adoption Impact to Allowance for Credit Losses (1) Dec 31, 2019 ASU 2016-13 Adoption Impact Jan 1, 2020 (in billions) Balance Outstanding ACL Balance Coverage ACL Balance Coverage Total commercial (2) $ 515.7 6.2 1.2 % $ (2.9) 3.4 0.7 % Real estate 1-4 family mortgage (3) 323.4 0.9 0.3 — 0.9 0.3 Credit card (4) 41.0 2.3 5.5 0.7 2.9 7.1 Automobile (4) 47.9 0.5 1.0 0.3 0.7 1.5 Other revolving credit and installment (4) 34.3 0.6 1.6 0.6 1.2 3.5 Total consumer 446.5 4.2 0.9 1.5 5.7 1.3 Total loans 962.3 10.5 1.1 (1.3) 9.1 0.9 Available-for-sale and held-to-maturity debt securities and other assets (5) 420.0 0.1 NM — 0.1 NM Total $ 1,382.3 10.6 NM $ (1.3) 9.3 NM NM – Not meaningful (1) Amounts presented in this table may not equal the sum of its components due to rounding. (2) Decrease reflecting shorter contractual maturities given limitation to contractual terms. (3) Impact reflects an increase due to longer contractual terms, offset by expectation of recoveries in collateral value on mortgage loans previously written down significantly below current recovery value. (4) Increase due to longer contractual terms or indeterminate maturities. (5) Excludes other financial assets in the scope of CECL that do not have an allowance for credit losses based on the nature of the asset. |
Key Economic Variables | See Table 1.2 for key economic variables used for our loan portfolios. Table 1.2: Key Economic Variables Loan Portfolio Key economic variables Total commercial • Gross domestic product • Commercial real estate asset prices, where applicable • Unemployment rate • Corporate investment-grade bond spreads Real estate 1-4 family mortgage • Home price index • Unemployment rate Other consumer (including credit card, automobile, and other revolving credit and installment) • Unemployment rate |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Significant noncash activities are presented in Table 1.3. Table 1.3: Supplemental Cash Flow Information Nine months ended September 30, (in millions) 2020 2019 Trading debt securities retained from securitization of mortgage loans held for sale (MLHFS) $ 39,626 31,517 Available-for-sale debt securities retained from securitization of MLHFS 2,710 — Held-to-maturity debt securities retained from securitization of MLHFS 9,016 115 Transfers from (to) loans to (from) MLHFS 4,033 5,409 Transfers from available-for-sale debt securities to held-to-maturity debt securities 1,236 13,833 Operating lease ROU assets acquired with operating lease liabilities (1) 482 5,644 (1) Includes amounts attributable to new leases and changes from modified leases. The nine months ended September 30, 2019, balance also includes $4.9 billion from adoption of ASU 2016-02 – Leases (Topic 842). |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring Costs [Abstract] | |
Restructuring Charges | Table 2.1 provides details on our restructuring charges. Table 2.1: Restructuring Charges (in millions) Personnel costs Facility closure costs Total Restructuring charges $ 694 24 718 Payments and utilization — (24) (24) Accrual balance at September 30, 2020 $ 694 — 694 |
Cash, Loan and Dividend Restr_2
Cash, Loan and Dividend Restrictions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Nature of Restrictions on Cash Equivalents | 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) Sep 30, Dec 31, Required reserve balance for the FRB (1) $ — 11,374 Reserve balance for non-U.S. central banks 220 460 Segregated for benefit of brokerage customers under federal and other brokerage regulations 875 733 Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs 16 300 (1) Effective March 26, 2020, the FRB reduced reserve requirement ratios to 0%. The amount for December 31, 2019, represents an average for the year ended December 31, 2019. |
Trading Activities (Tables)
Trading Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 (in millions) Sep 30, Dec 31, Trading assets: Debt securities $ 73,253 79,733 Equity securities 14,058 27,440 Loans held for sale 1,688 972 Gross trading derivative assets 57,990 34,825 Netting (1) (35,662) (21,463) Total trading derivative assets 22,328 13,362 Total trading assets 111,327 121,507 Trading liabilities: Short sale 18,779 17,430 Gross trading derivative liabilities 51,241 33,861 Netting (1) (39,278) (26,074) Total trading derivative liabilities 11,963 7,787 Total trading liabilities $ 30,742 25,217 (1) Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments. |
Net Interest Income 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. Net interest income also includes dividend income on trading securities and dividend expense on trading securities we have sold, but not yet purchased. Table 4.2: Net Interest Income and Net Gains (Losses) on Trading Activities Quarter ended Sep 30, Nine months ended Sep 30, (in millions) 2020 2019 2020 2019 Interest income: Debt securities $ 546 790 $ 1,971 2,323 Equity securities 68 157 273 415 Loans held for sale 6 20 24 63 Total interest income 620 967 2,268 2,801 Less: Interest expense 93 129 350 392 Net interest income 527 838 1,918 2,409 Net gains (losses) from trading activities (1): Debt securities 214 451 2,898 1,540 Equity securities 1,381 (242) (691) 3,061 Loans held for sale 14 5 26 15 Derivatives (2) (1,248) 62 (1,001) (3,754) Total net gains from trading activities 361 276 1,232 862 Total trading-related net interest and noninterest income $ 888 1,114 $ 3,150 3,271 (1) Represents realized gains (losses) from our trading activities and unrealized gains (losses) due to changes in fair value of our trading positions. (2) 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. |
AFS and HTM Debt Securities (Ta
AFS and HTM Debt Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
AFS and HTM Debt Securities [Abstract] | |
Available-for-Sale and Held-to-Maturity Debt Securities Outstanding | Table 5.1 provides the amortized cost, net of the allowance for credit losses, 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, net of allowance for credit losses. The net unrealized gains (losses) for available-for-sale debt securities are reported as a component of cumulative OCI, net of the allowance for credit losses and applicable income taxes. Information on debt securities held for trading is included in Note 4 (Trading Activities). Outstanding balances exclude accrued interest receivable on available-for-sale and held-to-maturity debt securities which are included in other assets. During the first nine months of 2020, we reversed accrued interest receivable on our available-for-sale and held-to-maturity debt securities by reversing interest income of $6 million. See Note 9 (Other Assets) for additional information on accrued interest receivable. Table 5.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding (in millions) Amortized cost, net (1) Gross Gross Fair value September 30, 2020 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 5,826 149 — 5,975 Securities of U.S. states and political subdivisions (2) 31,563 239 (291) 31,511 Mortgage-backed securities: Federal agencies 130,717 4,582 (72) 135,227 Residential 539 3 (1) 541 Commercial 3,393 17 (67) 3,343 Total mortgage-backed securities 134,649 4,602 (140) 139,111 Corporate debt securities 5,687 131 (46) 5,772 Collateralized loan obligations 25,389 5 (380) 25,014 Other 13,197 80 (87) 13,190 Total available-for-sale debt securities 216,311 5,206 (944) 220,573 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 48,587 1,765 (65) 50,287 Securities of U.S. states and political subdivisions 14,232 682 (4) 14,910 Federal agency and other mortgage-backed securities (3) 119,766 4,518 (57) 124,227 Other debt securities 10 — — 10 Total held-to-maturity debt securities 182,595 6,965 (126) 189,434 Total (4) $ 398,906 12,171 (1,070) 410,007 December 31, 2019 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 14,948 13 (1) 14,960 Securities of U.S. states and political subdivisions (2) 39,381 992 (36) 40,337 Mortgage-backed securities: Federal agencies 160,318 2,299 (164) 162,453 Residential 814 14 (1) 827 Commercial 3,899 41 (6) 3,934 Total mortgage-backed securities 165,031 2,354 (171) 167,214 Corporate debt securities 6,343 252 (32) 6,563 Collateralized loan obligations 29,153 25 (123) 29,055 Other 5,204 150 (24) 5,330 Total available-for-sale debt securities 260,060 3,786 (387) 263,459 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 45,541 617 (19) 46,139 Securities of U.S. states and political subdivisions 13,486 286 (13) 13,759 Federal agency and other mortgage-backed securities (3) 94,869 2,093 (37) 96,925 Other debt securities 37 — — 37 Total held-to-maturity debt securities 153,933 2,996 (69) 156,860 Total (4) $ 413,993 6,782 (456) 420,319 (1) Represents amortized cost of the securities, net of the allowance for credit losses of $79 million related to available-for-sale debt securities and $26 million related to held-to-maturity debt securities at September 30, 2020. Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses related to available-for-sale and held-to-maturity debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost net of allowance for credit losses and fair value of these types of securities was $5.6 billion at September 30, 2020, and $5.8 billion at December 31, 2019. (3) Predominantly consists of federal agency mortgage-backed securities at both September 30, 2020 and December 31, 2019. |
Held-to-Maturity Debt Securities Purchases and Transfers [Table Text Block] | Table 5.2 details the breakout of purchases of and transfers to held-to-maturity debt securities by major category of security. Table 5.2: Held-to-Maturity Debt Securities Purchases and Transfers Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Purchases of held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies $ — — $ 3,016 — Securities of U.S. states and political subdivisions — 491 881 734 Federal agency and other mortgage-backed securities 23,683 3,108 46,578 3,161 Total purchases of held-to-maturity debt securities 23,683 3,599 50,475 3,895 Transfers from available-for-sale debt securities to held-to-maturity debt securities: Securities of U.S. states and political subdivisions 1,236 4,354 1,236 5,912 Federal agency and other mortgage-backed securities — 3,408 — 7,921 Total transfers from available-for-sale debt securities to held-to-maturity debt securities $ 1,236 7,762 $ 1,236 13,833 |
Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities [Table Text Block] | Table 5.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses from sales and impairment write-downs included in earnings related to available-for-sale and held-to-maturity debt securities (pre-tax) . Table 5.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Interest income: Available-for-sale $ 1,009 1,957 $ 4,084 6,268 Held-to-maturity 891 919 2,809 2,797 Total interest income (1) 1,900 2,876 6,893 9,065 Provision for credit losses (2): Available-for-sale 12 — 140 — Held-to-maturity 6 — 19 — Total provision for credit losses 18 — 159 — Realized gains and losses (3): Gross realized gains 264 21 768 223 Gross realized losses — (12) (40) (17) Impairment write-downs included in earnings: Credit-related (4) — — — (23) Intent-to-sell — (6) (15) (35) Total impairment write-downs included in earnings — (6) (15) (58) Net realized gains $ 264 3 $ 713 148 (1) Total interest income from debt securities excludes interest income from trading debt securities, which is disclosed in Note 4 (Trading Activities). (2) Prior to our adoption of CECL on January 1, 2020, the provision for credit losses from debt securities was not applicable and is therefore presented as $0 for the prior period. For additional information, see Note 1 (Summary of Significant Accounting Policies). (3) Realized gains and losses relate to available-for-sale debt securities. There were no realized gains or losses from held-to-maturity debt securities in all periods presented. (4) For the third quarter and first nine months of 2020, credit-related impairment recognized in earnings is classified as provision for credit losses due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Investment Grade Debt Securities | Table 5.4 shows the percentage of fair value of available-for-sale debt securities and amortized cost of held-to-maturity debt securities determined by those rated investment grade, inclusive of those based on internal credit grades. Table 5.4: Investment Grade Debt Securities Available-for-Sale Held-to-Maturity ($ in millions) Fair value % investment grade Amortized cost % investment grade September 30, 2020 Total portfolio $ 220,573 99 % 182,621 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (1) $ 141,202 100 % 167,489 100 % Securities of U.S. states and political subdivisions 31,511 99 14,245 100 Collateralized loan obligations 25,014 100 N/A N/A All other debt securities (2) 22,846 90 887 7 December 31, 2019 Total portfolio $ 263,459 99 % 153,933 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (1) $ 177,413 100 % 139,619 100 % Securities of U.S. states and political subdivisions 40,337 99 13,486 100 Collateralized loan obligations 29,055 100 N/A N/A All other debt securities (2) 16,654 82 828 4 (1) Includes federal agency mortgage-backed securities. (2) Includes non-agency mortgage-backed, corporate, and all other debt securities. |
Purchased Debt Securities with Credit Deterioration [Table Text Block] | Table 5.5 presents detail of available-for-sale debt securities purchased with credit deterioration during the period. There were no available-for-sale debt securities purchased with credit deterioration during third quarter 2020. There were no held-to-maturity debt securities purchased with credit deterioration during the third quarter and first nine months of 2020. The amounts presented are as of the date of the PCD assets were purchased. Table 5.5: Debt Securities Purchased with Credit Deterioration (in millions) Nine months ended September 30, 2020 Available-for-sale debt securities purchased with credit deterioration (PCD): Par value $ 164 Allowance for credit losses at acquisition (11) Discount (or premiums) attributable to other factors 3 Purchase price of available-for-sale debt securities purchased with credit deterioration $ 156 |
Gross Unrealized Losses and Fair Value - Available-for-Sale Debt Securities | Table 5.6 shows the gross unrealized losses and fair value of available-for-sale 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 recorded credit impairment 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 (1) for the current period presented, amortized cost basis net of allowance for credit losses, or the (2) for the prior period presented, amortized cost basis. Table 5.6: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities 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 September 30, 2020 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ — — — — — — Securities of U.S. states and political subdivisions (234) 12,366 (57) 1,817 (291) 14,183 Mortgage-backed securities: Federal agencies (71) 15,985 (1) 365 (72) 16,350 Residential — — (1) 58 (1) 58 Commercial (45) 1,910 (22) 331 (67) 2,241 Total mortgage-backed securities (116) 17,895 (24) 754 (140) 18,649 Corporate debt securities (35) 788 (11) 95 (46) 883 Collateralized loan obligations (208) 16,696 (172) 7,265 (380) 23,961 Other (34) 6,545 (53) 1,382 (87) 7,927 Total available-for-sale debt securities $ (627) 54,290 (317) 11,313 (944) 65,603 December 31, 2019 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ — — (1) 2,423 (1) 2,423 Securities of U.S. states and political subdivisions (10) 2,776 (26) 2,418 (36) 5,194 Mortgage-backed securities: Federal agencies (50) 16,807 (114) 10,641 (164) 27,448 Residential (1) 149 — — (1) 149 Commercial (3) 998 (3) 244 (6) 1,242 Total mortgage-backed securities (54) 17,954 (117) 10,885 (171) 28,839 Corporate debt securities (9) 303 (23) 216 (32) 519 Collateralized loan obligations (13) 5,001 (110) 16,789 (123) 21,790 Other (12) 1,656 (12) 492 (24) 2,148 Total available-for-sale debt securities $ (98) 27,690 (289) 33,223 (387) 60,913 |
Allowance for Credit Losses - Debt Securities [Table Text Block] | Table 5.7 presents the allowance for credit losses on available-for-sale and held-to-maturity debt securities. Table 5.7: Allowance for Credit Losses for Debt Securities Quarter ended September 30, 2020 Nine months ended September 30, 2020 (in millions) Available-for-Sale Held-to-Maturity Available-for-Sale Held-to-Maturity Balance, beginning of period (1) $ 114 20 $ — — Cumulative effect from change in accounting policies (2) — — 24 7 Balance, beginning of period, adjusted 114 20 24 7 Provision for credit losses 12 6 140 19 Securities purchased with credit deterioration — — 11 — Reduction due to sales — — (8) — Reduction due to intent to sell (2) — (13) — Charge-offs (48) — (81) — Interest income (3) 3 — 6 — Balance, end of period (4) $ 79 26 $ 79 26 (1) Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses related to available-for-sale and held-to-maturity debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Represents the impact of adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (3) Certain debt securities with an allowance for credit losses calculated by discounting expected cash flows using the securities’ effective interest rate over its remaining life, recognize changes in the allowance for credit losses attributable to the passage of time as interest income. (4) The allowance for credit losses for debt securities primarily relates to corporate debt securities as of September 30, 2020. |
Contractual Maturities - Available-for-Sale Debt Securities | Table 5.8 shows the remaining contractual maturities, amortized cost net of allowance for credit losses, fair value and weighted average effective yields 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 5.8: Contractual Maturities – Available-for-Sale Debt Securities By remaining contractual maturity ($ in millions) Total Within one year After one year After five years After ten years September 30, 2020 Available-for-sale debt securities (1): Securities of U.S. Treasury and federal agencies Amortized cost, net $ 5,826 511 2,771 10 2,534 Fair value 5,975 511 2,777 11 2,676 Weighted average yield 0.99 % 2.61 0.28 2.34 1.42 Securities of U.S. states and political subdivisions Amortized cost, net $ 31,563 2,748 3,193 3,558 22,064 Fair value 31,511 2,754 3,246 3,570 21,941 Weighted average yield 2.34 % 1.37 1.74 1.46 2.68 Mortgage-backed securities: Federal agencies Amortized cost, net $ 130,717 — 138 2,766 127,813 Fair value 135,227 — 146 2,865 132,216 Weighted average yield 3.01 % — 3.24 2.34 3.02 Residential Amortized cost, net $ 539 — — — 539 Fair value 541 — — — 541 Weighted average yield 2.24 % — — — 2.24 Commercial Amortized cost, net $ 3,393 — — 161 3,232 Fair value 3,343 — — 159 3,184 Weighted average yield 2.16 % — — 1.63 2.18 Total mortgage-backed securities Amortized cost, net $ 134,649 — 138 2,927 131,584 Fair value 139,111 — 146 3,024 135,941 Weighted average yield 2.98 % — 3.24 2.30 3.00 Corporate debt securities Amortized cost, net $ 5,687 207 2,390 2,301 789 Fair value 5,772 208 2,459 2,326 779 Weighted average yield 4.75 % 6.41 4.88 4.61 4.36 Collateralized loan obligations Amortized cost, net $ 25,389 — 249 12,901 12,239 Fair value 25,014 — 248 12,731 12,035 Weighted average yield 1.67 % — 2.40 1.75 1.57 Other Amortized cost, net $ 13,197 8,991 457 1,087 2,662 Fair value 13,190 8,985 446 1,078 2,681 Weighted average yield 0.42 % (0.15) 1.76 1.03 1.84 Total available-for-sale debt securities Amortized cost, net $ 216,311 12,457 9,198 22,784 171,872 Fair value 220,573 12,458 9,322 22,740 176,053 Weighted average yield 2.57 % 0.41 2.17 2.03 2.82 (1) Weighted average yields displayed by maturity bucket are weighted based on amortized cost without effect for any related hedging derivatives and are shown pre-tax. |
Contractual Maturities - Held-to-Maturity Debt Securities | Table 5.9 shows the remaining contractual maturities, amortized cost net of allowance for credit losses, fair value, and weighted average effective yields of held-to-maturity debt securities. Table 5.9: Contractual Maturities – Held-to-Maturity Debt Securities By remaining contractual maturity ($ in millions) Total Within one year After one year After five years After ten years September 30, 2020 Held-to-maturity debt securities (1): Securities of U.S. Treasury and federal agencies Amortized cost, net $ 48,587 24,742 20,064 — 3,781 Fair value 50,287 25,051 21,275 — 3,961 Weighted average yield 2.14 % 2.19 2.19 — 1.57 Securities of U.S. states and political subdivisions Amortized cost, net $ 14,232 292 1,006 1,830 11,104 Fair value 14,910 295 1,059 1,932 11,624 Weighted average yield 2.72 % 2.36 2.59 2.93 2.71 Federal agency and other mortgage-backed securities Amortized cost, net $ 119,766 — 15 — 119,751 Fair value 124,227 — 14 — 124,213 Weighted average yield 2.65 % — 1.50 — 2.65 Other debt securities Amortized cost, net $ 10 — — 10 — Fair value 10 — — 10 — Weighted average yield 1.45 % — — 1.45 — Total held-to-maturity debt securities Amortized cost, net $ 182,595 25,034 21,085 1,840 134,636 Fair value 189,434 25,346 22,348 1,942 139,798 Weighted average yield 2.52 % 2.19 2.21 2.92 2.62 (1) Weighted average yields displayed by maturity bucket are weighted based on amortized cost and are shown pre-tax. |
Loans and Related Allowance f_2
Loans and Related Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans Outstanding | Table 6.1 presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include unearned income, net deferred loan fees or costs, and unamortized discounts and premiums. These amounts were less than 1% of our total loans outstanding at September 30, 2020, and December 31, 2019. Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans. During the first nine months of 2020, we reversed accrued interest receivable by reversing interest income of $29 million for our commercial portfolio segment and $161 million for our consumer portfolio segment. See Note 9 (Other Assets) for additional information on accrued interest receivable. Table 6.1: Loans Outstanding (in millions) Sep 30, Dec 31, Commercial: Commercial and industrial $ 320,913 354,125 Real estate mortgage 121,910 121,824 Real estate construction 22,519 19,939 Lease financing 16,947 19,831 Total commercial 482,289 515,719 Consumer: Real estate 1-4 family first mortgage 294,990 293,847 Real estate 1-4 family junior lien mortgage 25,162 29,509 Credit card 36,021 41,013 Automobile 48,450 47,873 Other revolving credit and installment 33,170 34,304 Total consumer 437,793 446,546 Total loans $ 920,082 962,265 Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. Table 6.2 presents total non-U.S. commercial loans outstanding by class of financing receivable. Table 6.2: Non-U.S. Commercial Loans Outstanding (in millions) Sep 30, Dec 31, Non-U.S. Commercial Loans Commercial and industrial $ 61,594 70,494 Real estate mortgage 6,228 7,004 Real estate construction 1,898 1,434 Lease financing 1,156 1,220 Total non-U.S. commercial loans $ 70,876 80,152 |
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. The table excludes loans for which we have elected the fair value option and government insured/guaranteed real estate 1-4 family first mortgage loans because their loan activity normally does not impact the ACL. In the first nine months of 2020, we sold $1.2 billion of 1-4 family first mortgage loans for a gain of $724 million, which is included in other noninterest income on our consolidated income statement. These whole loans were designated as MLHFS in 2019. Table 6.3: Loan Purchases, Sales, and Transfers 2020 2019 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended September 30, Purchases $ 260 2 262 571 910 1,481 Sales (564) — (564) (433) (85) (518) Transfers (to) from MLHFS/LHFS (170) 8,990 8,820 (25) (37) (62) Nine months ended September 30, Purchases $ 1,034 5 1,039 1,570 918 2,488 Sales (3,334) (27) (3,361) (1,389) (417) (1,806) Transfers (to) from MLHFS/LHFS (101) (1,387) (1,488) (117) (1,889) (2,006) |
Unfunded Credit Commitments | 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) Sep 30, Dec 31, Commercial: Commercial and industrial $ 359,827 346,991 Real estate mortgage 8,420 8,206 Real estate construction 16,028 17,729 Total commercial 384,275 372,926 Consumer: Real estate 1-4 family first mortgage 30,853 34,391 Real estate 1-4 family junior lien mortgage 34,452 36,916 Credit card 121,312 114,933 Other revolving credit and installment 22,239 25,898 Total consumer 208,856 212,138 Total unfunded credit commitments $ 593,131 585,064 |
Allowance for Credit Losses for Loans | Table 6.5 presents the allowance for credit losses for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. On January 1, 2020, we adopted CECL. Additional information regarding our adoption of CECL is included in Note 1 (Summary of Significant Accounting Policies). The ACL for loans increased $10.0 billion from December 31, 2019, driven by a $11.3 billion increase in the ACL for loans in the first nine months of 2020 reflecting current and forecasted economic conditions due to the COVID-19 pandemic, partially offset by a $1.3 billion decrease as a result of adopting CECL. Table 6.5: Allowance for Credit Losses for Loans Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Balance, beginning of period $ 20,436 10,603 10,456 10,707 Cumulative effect from change in accounting policies (1) — — (1,337) — Allowance for purchased credit-deteriorated (PCD) loans (2) — — 8 — Balance, beginning of period, adjusted 20,436 10,603 9,127 10,707 Provision for credit losses 751 695 14,149 2,043 Interest income on certain loans (3) (41) (34) (117) (112) Loan charge-offs: Commercial: Commercial and industrial (327) (209) (1,260) (590) Real estate mortgage (59) (2) (134) (28) Real estate construction — — — (1) Lease financing (34) (12) (66) (35) Total commercial (420) (223) (1,460) (654) Consumer: Real estate 1-4 family first mortgage (20) (31) (63) (101) Real estate 1-4 family junior lien mortgage (22) (27) (70) (90) Credit card (339) (404) (1,225) (1,278) Automobile (99) (156) (413) (485) Other revolving credit and installment (94) (168) (372) (497) Total consumer (574) (786) (2,143) (2,451) Total loan charge-offs (994) (1,009) (3,603) (3,105) Loan recoveries: Commercial: Commercial and industrial 53 62 132 151 Real estate mortgage 3 10 13 26 Real estate construction 2 8 19 13 Lease financing 6 4 14 15 Total commercial 64 84 178 205 Consumer: Real estate 1-4 family first mortgage 21 36 65 148 Real estate 1-4 family junior lien mortgage 36 49 101 140 Credit card 94 85 276 258 Automobile 68 80 194 266 Other revolving credit and installment 28 30 84 95 Total consumer 247 280 720 907 Total loan recoveries 311 364 898 1,112 Net loan charge-offs (683) (645) (2,705) (1,993) Other 8 (6) 17 (32) Balance, end of period $ 20,471 10,613 20,471 10,613 Components: Allowance for loan losses $ 19,463 9,715 19,463 9,715 Allowance for unfunded credit commitments 1,008 898 1,008 898 Allowance for credit losses for loans $ 20,471 10,613 20,471 10,613 Net loan charge-offs (annualized) as a percentage of average total loans 0.29 % 0.27 0.38 0.28 Allowance for loan losses as a percentage of total loans 2.12 1.02 2.12 1.02 Allowance for credit losses for loans as a percentage of total loans 2.22 1.11 2.22 1.11 (1) Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of CECL on January 1, 2020. (2) Represents the allowance estimated for PCI loans that automatically became PCD loans with the adoption of CECL. For additional information, see Note 1 (Summary of Significant Accounting Policies). (3) Loans with an allowance measured 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. |
Allowance for Credit Losses for Loans Activity by Portfolio Segment | Table 6.6 summarizes the activity in the allowance for credit losses for loans by our commercial and consumer portfolio segments. Table 6.6: Allowance for Credit Losses for Loans Activity by Portfolio Segment 2020 2019 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended September 30, Balance, beginning of period $ 11,669 8,767 20,436 6,298 4,305 10,603 Provision for credit losses 241 510 751 84 611 695 Interest income on certain loans (1) (18) (23) (41) (10) (24) (34) Loan charge-offs (420) (574) (994) (223) (786) (1,009) Loan recoveries 64 247 311 84 280 364 Net loan charge-offs (356) (327) (683) (139) (506) (645) Other 6 2 8 (3) (3) (6) Balance, end of period $ 11,542 8,929 20,471 6,230 4,383 10,613 Nine months ended September 30, Balance, beginning of period $ 6,245 4,211 10,456 6,417 4,290 10,707 Cumulative effect from change in accounting policies (1) (2,861) 1,524 (1,337) — — — Allowance for purchased credit-deteriorated (PCD) loans (2) — 8 8 — — — Balance, beginning of period, adjusted 3,384 5,743 9,127 6,417 4,290 10,707 Provision for credit losses 9,480 4,669 14,149 294 1,749 2,043 Interest income on certain loans (3) (44) (73) (117) (35) (77) (112) Loan charge-offs (1,460) (2,143) (3,603) (654) (2,451) (3,105) Loan recoveries 178 720 898 205 907 1,112 Net loan charge-offs (1,282) (1,423) (2,705) (449) (1,544) (1,993) Other 4 13 17 3 (35) (32) Balance, end of period $ 11,542 8,929 20,471 6,230 4,383 10,613 (1) Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of CECL on January 1, 2020. (2) Represents the allowance estimated for PCI loans that automatically became PCD loans with the adoption of CECL. For additional information, see Note 1 (Summary of Significant Accounting Policies). (3) Loans with an allowance measured 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. |
Allowance for Credit Losses for Loans by Impairment Methodology | Table 6.7 disaggregates our allowance for credit losses for loans and recorded investment in loans by impairment methodology. This information is no longer relevant after December 31, 2019, given our adoption of CECL on January 1, 2020, which has a single impairment methodology. Table 6.7: Allowance for Credit Losses for Loans by Impairment Methodology Allowance for credit losses for loans Recorded investment in loans (in millions) Commercial Consumer Total Commercial Consumer Total December 31, 2019 Collectively evaluated (1) $ 5,778 3,364 9,142 512,586 436,081 948,667 Individually evaluated (2) 467 847 1,314 3,133 9,897 13,030 PCI (3) — — — — 568 568 Total $ 6,245 4,211 10,456 515,719 446,546 962,265 (1) Represents non-impaired loans evaluated collectively for impairment. (2) Represents impaired loans evaluated individually for impairment. (3) Represents the allowance for loan losses and related loan carrying value for PCI loans. |
Commercial Loans Categories by Risk Categories and Vintage | Table 6.8 provides the outstanding balances of our commercial loan portfolio by risk category. In connection with our adoption of CECL, credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified in a TDR. At September 30, 2020, we had $444.9 billion and $37.3 billion of pass and criticized loans, respectively. Table 6.8: Commercial Loans Categories by Risk Categories and Vintage (1) Term loans by origination year Revolving loans Revolving loans converted to term loans Total (in millions) 2020 2019 2018 2017 2016 Prior September 30, 2020 Commercial and industrial Pass $ 46,064 39,124 18,498 8,711 4,905 5,748 172,440 2,546 298,036 Criticized 1,591 2,010 1,893 1,207 915 428 14,645 188 22,877 Total commercial and industrial 47,655 41,134 20,391 9,918 5,820 6,176 187,085 2,734 320,913 Real estate mortgage Pass 15,269 27,768 20,335 12,452 13,232 16,833 4,831 6 110,726 Criticized 1,307 2,106 2,033 1,361 1,393 2,507 477 — 11,184 Total real estate mortgage 16,576 29,874 22,368 13,813 14,625 19,340 5,308 6 121,910 Real estate construction Pass 4,244 6,828 5,248 2,139 618 399 1,506 3 20,985 Criticized 123 416 518 96 371 10 — — 1,534 Total real estate construction 4,367 7,244 5,766 2,235 989 409 1,506 3 22,519 Lease financing Pass 2,958 4,276 2,496 1,759 1,381 2,324 — — 15,194 Criticized 254 533 469 249 151 97 — — 1,753 Total lease financing 3,212 4,809 2,965 2,008 1,532 2,421 — — 16,947 Total commercial loans $ 71,810 83,061 51,490 27,974 22,966 28,346 193,899 2,743 482,289 Commercial Real Real Lease Total December 31, 2019 By risk category: Pass $ 338,740 118,054 19,752 18,655 495,201 Criticized 15,385 3,770 187 1,176 20,518 Total commercial loans $ 354,125 121,824 19,939 19,831 515,719 |
Commercial Loan Categories by Delinquency Status | Table 6.9 provides past due information for commercial loans, which we monitor as part of our credit risk management practices; however, delinquency is not a primary credit quality indicator for commercial loans. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into past due status. Table 6.9: Commercial Loan Categories by Delinquency Status (in millions) Commercial Real Real Lease Total September 30, 2020 By delinquency status: Current-29 days past due (DPD) and still accruing $ 317,563 120,055 22,252 16,518 476,388 30-89 DPD and still accruing 455 465 233 242 1,395 90+ DPD and still accruing 61 47 — — 108 Nonaccrual loans 2,834 1,343 34 187 4,398 Total commercial loans $ 320,913 121,910 22,519 16,947 482,289 December 31, 2019 By delinquency status: Current-29 DPD and still accruing $ 352,110 120,967 19,845 19,484 512,406 30-89 DPD and still accruing 423 253 53 252 981 90+ DPD and still accruing 47 31 — — 78 Nonaccrual loans 1,545 573 41 95 2,254 Total commercial loans $ 354,125 121,824 19,939 19,831 515,719 |
Consumer Loan Categories by Delinquency Status and Vintage | Table 6.10 provides the outstanding balances of our consumer loan portfolio by delinquency status. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into past due status.In connection with our adoption of CECL, credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified in a TDR. The revolving loans converted to term loans in the credit card loan category represent credit card loans with modified terms that require payment over a specific term. Table 6.10: Consumer Loan Categories by Delinquency Status and Vintage (1) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total September 30, 2020 Real estate 1-4 family first mortgage By delinquency status: Current-29 DPD $ 42,388 49,009 17,902 28,860 34,728 77,341 7,300 1,906 259,434 30-59 DPD 40 84 36 61 64 723 28 42 1,078 60-89 DPD 1 6 2 7 17 236 13 23 305 90-119 DPD 2 6 2 7 2 194 9 19 241 120-179 DPD 3 4 6 3 9 222 8 22 277 180+ DPD 1 — 4 15 14 543 12 129 718 Government insured/guaranteed loans (2) 204 794 969 1,248 2,646 27,076 — — 32,937 Total real estate 1-4 family first mortgage 42,639 49,903 18,921 30,201 37,480 106,335 7,370 2,141 294,990 Real estate 1-4 family junior mortgage By delinquency status: Current-29 DPD 16 41 47 43 35 1,255 16,896 6,302 24,635 30-59 DPD 1 — — — — 23 57 86 167 60-89 DPD — — — — — 10 24 50 84 90-119 DPD — — — — — 8 14 29 51 120-179 DPD — — — — — 11 12 42 65 180+ DPD — — — — 1 14 17 128 160 Total real estate 1-4 family junior mortgage 17 41 47 43 36 1,321 17,020 6,637 25,162 Credit cards By delinquency status: Current-29 DPD — — — — — — 35,123 264 35,387 30-59 DPD — — — — — — 196 13 209 60-89 DPD — — — — — — 118 10 128 90-119 DPD — — — — — — 93 10 103 120-179 DPD — — — — — — 185 6 191 180+ DPD — — — — — — 3 — 3 Total credit cards — — — — — — 35,718 303 36,021 Automobile By delinquency status: Current-29 DPD 15,736 16,210 7,186 4,087 3,269 1,053 — — 47,541 30-59 DPD 66 185 126 90 127 62 — — 656 60-89 DPD 15 54 37 27 39 20 — — 192 90-119 DPD 6 20 11 7 11 5 — — 60 120-179 DPD — 1 — — — — — — 1 180+ DPD — — — — — — — — — Total automobile 15,823 16,470 7,360 4,211 3,446 1,140 — — 48,450 Other revolving credit and installment By delinquency status: Current-29 DPD 1,820 2,972 1,809 1,239 1,116 5,148 18,688 165 32,957 30-59 DPD 2 7 7 6 6 41 12 6 87 60-89 DPD 1 6 6 6 6 29 7 2 63 90-119 DPD — 3 3 3 3 21 5 2 40 120-179 DPD — — — — — 1 9 3 13 180+ DPD — — — — — 1 3 6 10 Total other revolving credit and installment 1,823 2,988 1,825 1,254 1,131 5,241 18,724 184 33,170 Total consumer loans $ 60,302 69,402 28,153 35,709 42,093 114,037 78,832 9,265 437,793 (continued on following page) (continued from previous page) Real estate Real estate Credit Automobile Other Total December 31, 2019 By delinquency status: Current-29 DPD $ 279,722 28,870 39,935 46,650 33,981 429,158 30-59 DPD 1,136 216 311 882 140 2,685 60-89 DPD 404 115 221 263 81 1,084 90-119 DPD 197 69 202 77 74 619 120-179 DPD 160 71 343 1 18 593 180+ DPD 503 155 1 — 10 669 Government insured/guaranteed loans (2) 11,170 — — — — 11,170 Total consumer loans (excluding PCI) 293,292 29,496 41,013 47,873 34,304 445,978 Total consumer PCI loans (carrying value) (3) 555 13 — — — 568 Total consumer loans $ 293,847 29,509 41,013 47,873 34,304 446,546 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Represents loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $11.0 billion at September 30, 2020, compared with $6.4 billion at December 31, 2019. (3) 26% of the adjusted unpaid principal balance for consumer PCI loans was 30+ DPD at December 31, 2019. |
Consumer Loan Categories by FICO and Vintage | Table 6.11 provides the outstanding balances of our consumer loan portfolio by FICO score. Substantially all of the scored consumer portfolio has an updated FICO score of 680 and above, reflecting a strong current borrower credit profile. FICO scores are not available for certain loan types, or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes. Loans not requiring a FICO score totaled $11.3 billion and $9.1 billion at September 30, 2020, and December 31, 2019, respectively. Substantially all loans not requiring a FICO score are securities-based loans originated through retail brokerage. Table 6.11: Consumer Loan Categories by FICO and Vintage (1) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total September 30, 2020 By FICO: Real estate 1-4 family first mortgage 800+ $ 22,861 32,129 12,129 20,712 25,429 46,803 3,644 510 164,217 760-799 13,693 11,343 3,522 5,002 5,507 11,999 1,428 279 52,773 720-759 4,224 3,822 1,376 1,994 2,397 7,526 910 273 22,522 680-719 1,249 1,170 552 745 901 4,718 557 230 10,122 640-679 253 292 184 237 267 2,588 263 163 4,247 600-639 30 77 66 91 77 1,522 131 107 2,101 < 600 16 24 37 44 85 1,994 174 189 2,563 No FICO available 109 252 86 128 171 2,109 263 390 3,508 Government insured/guaranteed loans (2) 204 794 969 1,248 2,646 27,076 — — 32,937 Total real estate 1-4 family first mortgage 42,639 49,903 18,921 30,201 37,480 106,335 7,370 2,141 294,990 Real estate 1-4 family junior lien mortgage 800+ — — — — — 325 8,689 1,926 10,940 760-799 — — — — — 193 3,213 1,100 4,506 720-759 — — — — — 233 2,224 1,109 3,566 680-719 — — — — — 204 1,337 930 2,471 640-679 — — — — — 114 546 528 1,188 600-639 — — — — — 70 264 323 657 < 600 — — — — — 87 291 432 810 No FICO available 17 41 47 43 36 95 456 289 1,024 Total real estate 1-4 family junior lien mortgage 17 41 47 43 36 1,321 17,020 6,637 25,162 Credit card 800+ — — — — — — 3,827 1 3,828 760-799 — — — — — — 5,312 7 5,319 720-759 — — — — — — 7,795 28 7,823 680-719 — — — — — — 8,731 60 8,791 640-679 — — — — — — 5,495 65 5,560 600-639 — — — — — — 2,223 49 2,272 < 600 — — — — — — 2,325 92 2,417 No FICO available — — — — — — 10 1 11 Total credit card — — — — — — 35,718 303 36,021 Automobile 800+ 2,102 2,856 1,378 861 577 168 — — 7,942 760-799 2,333 2,951 1,276 684 449 128 — — 7,821 720-759 2,565 2,806 1,251 687 498 153 — — 7,960 680-719 2,950 2,839 1,224 648 505 157 — — 8,323 640-679 2,839 2,190 871 464 409 137 — — 6,910 600-639 1,830 1,335 542 315 328 121 — — 4,471 < 600 1,198 1,460 814 541 660 263 — — 4,936 No FICO available 6 33 4 11 20 13 — — 87 Total automobile 15,823 16,470 7,360 4,211 3,446 1,140 — — 48,450 Other revolving credit and installment 800+ 621 964 583 432 439 2,070 2,454 23 7,586 760-799 485 676 365 240 225 1,058 1,198 18 4,265 720-759 330 515 303 195 184 830 954 26 3,337 680-719 180 363 229 147 134 590 838 28 2,509 640-679 70 167 117 77 70 323 439 20 1,283 600-639 18 51 41 31 31 154 165 14 505 < 600 10 48 47 33 33 143 166 20 500 No FICO available 109 204 140 99 15 73 1,191 35 1,866 FICO not required — — — — — — 11,319 — 11,319 Total other revolving credit and installment 1,823 2,988 1,825 1,254 1,131 5,241 18,724 184 33,170 Total consumer loans $ 60,302 69,402 28,153 35,709 42,093 114,037 78,832 9,265 437,793 (continued on next page) (continued from prior page) Real estate Real estate Credit Automobile Other Total December 31, 2019 By FICO: 800+ $ 165,460 11,851 4,037 7,900 7,585 196,833 760-799 61,559 5,483 5,648 7,624 4,915 85,229 720-759 27,879 4,407 8,376 7,839 4,097 52,598 680-719 12,844 3,192 9,732 7,871 3,212 36,851 640-679 5,068 1,499 6,626 6,324 1,730 21,247 600-639 2,392 782 2,853 4,230 670 10,927 < 600 3,264 1,164 3,373 6,041 704 14,546 No FICO available 3,656 1,118 368 44 2,316 7,502 FICO not required — — — — 9,075 9,075 Government insured/guaranteed loans (2) 11,170 — — — — 11,170 Total consumer loans (excluding PCI) 293,292 29,496 41,013 47,873 34,304 445,978 Total consumer PCI loans (carrying value) (3) 555 13 — — — 568 Total consumer loans $ 293,847 29,509 41,013 47,873 34,304 446,546 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. (3) 41% of the adjusted unpaid principal balance for consumer PCI loans had FICO scores less than 680 and 19% where no FICO was available to us at December 31, 2019. |
Consumer Loan Categories by LTV/CLTV and Vintage | 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 Loan Categories by LTV/CLTV and Vintage (1) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total September 30, 2020 Real estate 1-4 family first mortgage By LTV/CLTV: 0-60% $ 12,777 15,718 6,606 13,753 21,870 65,355 5,138 1,605 142,822 60.01-80% 27,558 28,843 9,775 14,099 12,226 12,003 1,485 359 106,348 80.01-100% 1,981 4,293 1,419 943 567 1,321 488 119 11,131 100.01-120% (2) 20 110 64 59 56 226 150 32 717 > 120% (2) 10 49 22 21 23 100 53 12 290 No LTV/CLTV available 89 96 66 78 92 254 56 14 745 Government insured/guaranteed loans (3) 204 794 969 1,248 2,646 27,076 — — 32,937 Total real estate 1-4 family first mortgage 42,639 49,903 18,921 30,201 37,480 106,335 7,370 2,141 294,990 Real estate 1-4 family junior lien mortgage By LTV/CLTV: 0-60% — — — — — 572 8,819 3,829 13,220 60.01-80% — — — — — 373 5,784 1,740 7,897 80.01-100% — — — — — 229 1,772 773 2,774 100.01-120% (2) — — — — — 74 452 193 719 > 120% (2) — — — — — 22 167 61 250 No LTV/CLTV available 17 41 47 43 36 51 26 41 302 Total real estate 1-4 family junior lien mortgage 17 41 47 43 36 1,321 17,020 6,637 25,162 Total $ 42,656 49,944 18,968 30,244 37,516 107,656 24,390 8,778 320,152 December 31, 2019 Real estate Real estate Total By LTV/CLTV: 0-60% $ 151,478 14,603 166,081 60.01-80% 114,795 9,663 124,458 80.01-100% 13,867 3,574 17,441 100.01-120% (2) 860 978 1,838 > 120% (2) 338 336 674 No LTV/CLTV available 784 342 1,126 Government insured/guaranteed loans (3) 11,170 — 11,170 Total consumer loans (excluding PCI) 293,292 29,496 322,788 Total consumer PCI loans (carrying value) (4) 555 13 568 Total consumer loans $ 293,847 29,509 323,356 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) 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. (3) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. (4) 9% of the adjusted unpaid principal balance for consumer PCI loans have LTV/CLTV amounts greater than 80% at December 31, 2019. |
Nonaccrual Loans | Table 6.13 provides loans on nonaccrual status. In connection with our adoption of CECL, nonaccrual loans may have an allowance for credit losses or a negative allowance for credit losses from expected recoveries of amounts previously written off. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into nonaccrual status. Table 6.13: Nonaccrual Loans (1) Amortized cost Nine months ended September 30, 2020 (in millions) Nonaccrual loans Nonaccrual loans without related allowance for credit losses (2) Recognized interest income September 30, 2020 Commercial: Commercial and industrial $ 2,834 293 48 Real estate mortgage 1,343 113 25 Real estate construction 34 2 6 Lease financing 187 18 — Total commercial 4,398 426 79 Consumer: Real estate 1-4 family first mortgage 2,641 1,549 116 Real estate 1-4 family junior lien mortgage 767 465 39 Automobile 176 — 12 Other revolving credit and installment 40 — 2 Total consumer 3,624 2,014 169 Total nonaccrual loans $ 8,022 2,440 248 December 31, 2019 (1) Commercial: Commercial and industrial $ 1,545 Real estate mortgage 573 Real estate construction 41 Lease financing 95 Total commercial 2,254 Consumer: Real estate 1-4 family first mortgage 2,150 Real estate 1-4 family junior lien mortgage 796 Automobile 106 Other revolving credit and installment 40 Total consumer 3,092 Total nonaccrual loans (excluding PCI) $ 5,346 (1) Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) Nonaccrual loans may not have an allowance for credit losses if the loss expectations are zero given solid collateral value. |
Loans 90 Days or More Past Due and Still Accruing | Table 6.14 shows 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) Sep 30, 2020 Dec 31, 2019 Total: $ 11,698 7,285 Less: FHA insured/VA guaranteed (1) 11,041 6,352 Total, not government insured/guaranteed $ 657 933 By segment and class, not government insured/guaranteed: Commercial: Commercial and industrial $ 61 47 Real estate mortgage 47 31 Total commercial 108 78 Consumer: Real estate 1-4 family first mortgage 97 112 Real estate 1-4 family junior lien mortgage 28 32 Credit card 297 546 Automobile 50 78 Other revolving credit and installment 77 87 Total consumer 549 855 Total, not government insured/guaranteed $ 657 933 |
Impaired Loans Summary | Table 6.15 summarizes key information for impaired loans. Our impaired loans at December 31, 2019, predominantly included loans on nonaccrual status in the commercial portfolio segment and loans modified in a TDR, whether on accrual or nonaccrual status. Impaired loans generally had estimated losses which are included in the allowance for credit losses. We did have impaired loans with no allowance for credit losses when the loss content has been previously recognized through charge-offs, such as collateral dependent loans, or when loans are currently performing in accordance with their terms and no loss has been estimated. Impaired loans excluded PCI loans and loans that had been fully charged off or otherwise had zero recorded investment. Table 6.15 included trial modifications that totaled $115 million at December 31, 2019. For additional information on our legacy impaired loans and allowance for credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K. Table 6.15: Impaired Loans Summary Recorded investment (in millions) Unpaid principal balance Impaired loans Impaired loans with related allowance for credit losses Related allowance for credit losses December 31, 2019 Commercial: Commercial and industrial $ 2,792 2,003 1,903 311 Real estate mortgage 1,137 974 803 110 Real estate construction 81 51 41 11 Lease financing 131 105 105 35 Total commercial 4,141 3,133 2,852 467 Consumer: Real estate 1-4 family first mortgage 8,107 7,674 4,433 437 Real estate 1-4 family junior lien mortgage 1,586 1,451 925 144 Credit card 520 520 520 209 Automobile 138 81 42 8 Other revolving credit and installment 178 171 155 49 Total consumer (1) 10,529 9,897 6,075 847 Total impaired loans (excluding PCI) $ 14,670 13,030 8,927 1,314 (1) Included the recorded investment of $1.2 billion at December 31, 2019 of government insured/guaranteed loans that are predominantly insured by the FHA or guaranteed by the VA and generally do not have an ACL. Impaired loans may also have limited, if any, ACL when the recorded investment of the loan approximates estimated net realizable value as a result of charge-offs prior to a TDR modification. |
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 Year ended December 31, 2019 (in millions) Average recorded investment Recognized interest income Commercial: Commercial and industrial $ 2,150 129 Real estate mortgage 1,067 59 Real estate construction 52 6 Lease financing 93 1 Total commercial 3,362 195 Consumer: Real estate 1-4 family first mortgage 9,031 506 Real estate 1-4 family junior lien mortgage 1,586 99 Credit card 488 64 Automobile 84 12 Other revolving credit and installment 162 13 Total consumer 11,351 694 Total impaired loans (excluding PCI) $ 14,713 889 Interest income: Cash basis of accounting $ 241 Other (1) 648 Total interest income $ 889 (1) Included 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. |
TDR Modifications | 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 forgiveness Interest Other concessions (2) Total Charge- Weighted Recorded Quarter ended September 30, 2020 Commercial: Commercial and industrial $ — 7 882 889 44 0.79 % $ 7 Real estate mortgage — 5 238 243 5 1.38 5 Real estate construction 9 1 1 11 — 5.25 1 Lease financing — — — — — — — Total commercial 9 13 1,121 1,143 49 1.29 13 Consumer: Real estate 1-4 family first mortgage 1 4 2,576 2,581 1 2.06 4 Real estate 1-4 family junior lien mortgage — 2 59 61 2 2.63 2 Credit card — 72 — 72 — 15.06 72 Automobile — 1 65 66 35 3.99 1 Other revolving credit and installment — 3 24 27 1 7.36 3 Trial modifications (5) — — 10 10 — — — Total consumer 1 82 2,734 2,817 39 13.64 82 Total $ 10 95 3,855 3,960 88 12.07 % $ 95 Quarter ended September 30, 2019 Commercial: Commercial and industrial $ 13 9 209 231 39 0.67 % $ 9 Real estate mortgage — 4 72 76 — 0.91 4 Real estate construction — 1 15 16 — 1.00 1 Lease financing — — 2 2 — — — Total commercial 13 14 298 325 39 0.75 14 Consumer: Real estate 1-4 family first mortgage 24 4 199 227 — 2.11 16 Real estate 1-4 family junior lien mortgage 1 8 19 28 — 2.49 9 Credit card — 94 — 94 — 12.78 94 Automobile 2 3 12 17 7 5.30 3 Other revolving credit and installment — 14 2 16 — 8.38 14 Trial modifications (5) — — 6 6 — — — Total consumer 27 123 238 388 7 10.23 136 Total $ 40 137 536 713 46 9.32 % $ 150 (continued on following page) (continued from previous page) Primary modification type (1) Financial effects of modifications ($ in millions) Principal forgiveness Interest Other Total Charge- Weighted Recorded Nine months ended September 30, 2020 Commercial: Commercial and industrial $ 18 39 2,144 2,201 126 0.74 % $ 39 Real estate mortgage — 23 488 511 5 1.21 23 Real estate construction 9 1 7 17 — 4.29 1 Lease financing — — 1 1 — — — Total commercial 27 63 2,640 2,730 131 0.98 63 Consumer: Real estate 1-4 family first mortgage 42 10 3,021 3,073 2 1.76 35 Real estate 1-4 family junior lien mortgage 4 10 95 109 2 2.43 11 Credit card — 229 — 229 — 13.31 229 Automobile 3 5 119 127 69 4.45 5 Other revolving credit and installment — 18 32 50 1 7.65 18 Trial modifications (5) — — (1) (1) — — — Total consumer 49 272 3,266 3,587 74 11.03 298 Total $ 76 335 5,906 6,317 205 9.29 % $ 361 Nine months ended September 30, 2019 Commercial: Commercial and industrial $ 13 54 943 1,010 78 0.47 % $ 54 Real estate mortgage — 30 240 270 — 0.59 30 Real estate construction 13 1 31 45 — 1.00 1 Lease financing — — 2 2 — — — Total commercial 26 85 1,216 1,327 78 0.51 85 Consumer: Real estate 1-4 family first mortgage 87 9 674 770 1 1.96 54 Real estate 1-4 family junior lien mortgage 4 30 65 99 2 2.38 32 Credit card — 280 — 280 — 13.11 280 Automobile 6 7 38 51 21 4.84 7 Other revolving credit and installment — 37 6 43 — 7.92 37 Trial modifications (5) — — 11 11 — — — Total consumer 97 363 794 1,254 24 10.19 410 Total $ 123 448 2,010 2,581 102 8.52 % $ 495 (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 $382 million and $188 million for the quarters ended September 30, 2020 and 2019, respectively, and $866 million and $871 million for the first nine months of 2020 and 2019, respectively. (2) Other concessions include loans with payment (principal and/or interest) deferral, loans discharged in bankruptcy, and loans with renewals, extensions, or other changes to original contract terms and other interest and noninterest adjustments, but exclude modifications that also forgive principal and/or reduce the contractual interest rate. The reported amounts include COVID-related payment deferrals that are new TDRs and exclude COVID-related payment deferrals previously reported as TDRs given limited current financial effects other than the payment deferral. (3) 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 deferring or legally forgiving principal of $2 million and $16 million for the quarters ended September 30, 2020 and 2019, respectively, and $34 million and $22 million for the first nine months of 2020 and 2019, respectively. (4) Reflects the effect of reduced interest rates on loans with an interest rate concession as one of its concession types, which includes loans reported as a principal primary modification type that also have an interest rate concession. (5) 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. |
Defaulted TDRs | 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 September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Commercial: Commercial and industrial $ 138 24 360 72 Real estate mortgage 3 5 105 38 Real estate construction — 12 — 15 Total commercial 141 41 465 125 Consumer: Real estate 1-4 family first mortgage 8 8 26 32 Real estate 1-4 family junior lien mortgage 1 2 9 11 Credit card 11 23 56 65 Automobile 11 2 14 9 Other revolving credit and installment 1 2 4 5 Total consumer 32 37 109 122 Total $ 173 78 574 247 |
Leasing Activity (Tables)
Leasing Activity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Lessor Disclosure [Abstract] | |
Leasing Revenue | Table 7.1 presents the composition of our leasing revenue. Table 7.1: Leasing Revenue Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Interest income on lease financing $ 144 208 $ 551 655 Other lease revenues: Variable revenues on lease financing 26 23 80 74 Fixed revenues on operating leases 287 339 895 1,069 Variable revenues on operating leases 9 16 34 48 Other lease-related revenues (1) 11 24 12 79 Lease income 333 402 1,021 1,270 Total leasing revenue $ 477 610 $ 1,572 1,925 (1) Predominantly includes net gains (losses) on disposition of assets leased under operating leases or lease financings. |
Lessee Disclosure [Abstract] | |
Operating Lease Right of Use (ROU) Assets and Lease Liabilities | Table 7.2 presents balances for our operating leases. Table 7.2: Operating Lease Right of Use (ROU) Assets and Lease Liabilities (in millions) Sep 30, 2020 Dec 31, 2019 ROU assets $ 4,421 4,724 Lease liabilities 5,022 5,297 |
Lease Costs | Table 7.3 provides the composition of our lease costs, which are predominantly included in occupancy expense. Table 7.3: Lease Costs Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Fixed lease expense – operating leases $ 286 302 $ 869 890 Variable lease expense 81 81 227 234 Other (1) (7) (40) (63) (57) Total lease costs $ 360 343 $ 1,033 1,067 (1) Predominantly includes gains recognized from sale leaseback transactions and sublease rental income. |
Equity Securities (Tables)
Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Securities [Abstract] | |
Equity Securities | Table 8.1 provides a summary of our equity securities by business purpose and accounting method, including equity securities with readily determinable fair values (marketable) and those without readily determinable fair values (nonmarketable). Table 8.1: Equity Securities (in millions) Sep 30, Dec 31, Held for trading at fair value: Marketable equity securities $ 14,058 27,440 Not held for trading: Fair value: Marketable equity securities (1) 2,412 6,481 Nonmarketable equity securities 8,583 8,015 Total equity securities at fair value 10,995 14,496 Equity method: Low income housing tax credit investments 11,295 11,343 Private equity 2,841 3,459 Tax-advantaged renewable energy 4,142 3,811 New market tax credit and other 356 387 Total equity method 18,634 19,000 Other: Federal Reserve Bank stock and other at cost (2) 3,585 4,790 Private equity (3) 3,897 2,515 Total equity securities not held for trading 37,111 40,801 Total equity securities $ 51,169 68,241 (1) Includes $206 million and $3.8 billion at September 30, 2020, and December 31, 2019, respectively, related to securities held as economic hedges of our deferred compensation plan liabilities. In second quarter 2020, we entered into arrangements to transition our economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments. (2) Includes $3.5 billion and $4.8 billion at September 30, 2020, and December 31, 2019, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock. (3) Represents nonmarketable equity securities accounted for under the measurement alternative. |
Net Gains (Losses) from Equity Securities Not Held for Trading | Table 8.2 provides a summary of the net gains and losses from equity securities not held for trading. Gains and losses for securities held for trading are reported in net gains from trading activities. Table 8.2: Net Gains (Losses) from Equity Securities Not Held for Trading Quarter ended Sep 30, Nine months ended Sep 30, (in millions) 2020 2019 2020 2019 Net gains (losses) from equity securities carried at fair value: Marketable equity securities $ 38 116 $ (371) 757 Nonmarketable equity securities 265 1,477 585 3,145 Total equity securities carried at fair value 303 1,593 214 3,902 Net gains (losses) from nonmarketable equity securities not carried at fair value: Impairment write-downs (1) (535) (43) (1,576) (110) Net unrealized gains related to measurement alternative observable transactions (1) 1,030 158 1,276 489 Net realized gains on sale 60 623 259 1,029 Total nonmarketable equity securities not carried at fair value 555 738 (41) 1,408 Net gains (losses) from economic hedge derivatives (2) (209) (1,375) (392) (2,918) Total net gains (losses) from equity securities not held for trading $ 649 956 $ (219) 2,392 (1) In third quarter 2020, we recorded $452 million of income related to a change in the accounting measurement model from the equity method to the measurement alternative for certain nonmarketable equity securities from our affiliated venture capital partnerships. This amount is comprised of $(434) million of impairment write-downs and $$658 million of net unrealized gains reported in the table above, as well as $228 million of equity method investment income reported in other noninterest income. (2) Includes net gains (losses) on derivatives not designated as hedging instruments. |
Gains (Losses) from Measurement Alternative Equity Securities | Table 8.3 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 8.2. Table 8.3: Net Gains (Losses) from Measurement Alternative Equity Securities Quarter ended Sep 30, Nine months ended Sep 30, (in millions) 2020 2019 2020 2019 Net gains (losses) recognized in earnings during the period: Gross unrealized gains due to observable price changes $ 1,030 158 $ 1,276 500 Gross unrealized losses due to observable price changes — — — (11) Impairment write-downs (506) (20) (918) (53) Realized net gains from sale 8 36 21 161 Total net gains (losses) recognized during the period $ 532 174 $ 379 597 Table 8.4 presents cumulative carrying value adjustments to nonmarketable equity securities accounted for under the measurement alternative that were still held at the end of each reporting period presented. Table 8.4: Measurement Alternative Cumulative Gains (Losses) (in millions) Sep 30, Dec 31, Cumulative gains (losses): Gross unrealized gains due to observable price changes $ 2,138 973 Gross unrealized losses due to observable price changes (43) (42) Impairment write-downs (1,024) (134) |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Assets [Abstract] | |
Other Assets | Table 9.1 presents the components of other assets. Table 9.1: Other Assets (in millions) Sep 30, Dec 31, Corporate/bank-owned life insurance $ 20,303 20,070 Accounts receivable (1) 34,524 29,137 Interest receivable: AFS and HTM debt securities 1,399 1,729 Loans 3,074 3,099 Trading and other 409 758 Customer relationship and other amortized intangibles 352 423 Foreclosed assets: Residential real estate: Government insured/guaranteed (1) 22 50 Non-government insured/guaranteed 82 172 Other 52 81 Operating lease assets (lessor) 7,573 8,221 Operating lease ROU assets (lessee) 4,421 4,724 Due from customers on acceptances 207 253 Other 13,756 10,200 Total other assets $ 86,174 78,917 (1) Certain government-guaranteed residential real estate mortgage loans upon foreclosure are included in Accounts receivable. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K. |
Securitizations and Variable _2
Securitizations and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Securitizations and Variable Interest Entities [Abstract] | |
Balance Sheet Transactions With VIEs | Table 10.1 provides the classifications of assets and liabilities in our balance sheet for our transactions with VIEs. Table 10.1: Balance Sheet Transactions with VIEs (in millions) VIEs that we VIEs Transfers that Total September 30, 2020 Cash and due from banks $ — 16 — 16 Interest-earning deposits with banks — — — — Debt securities (1): Trading debt securities 1,869 267 — 2,136 Available-for-sale debt securities 1,484 395 — 1,879 Held-to-maturity debt securities 1,170 — — 1,170 Loans 1,960 10,634 69 12,663 Mortgage servicing rights 7,009 — — 7,009 Derivative assets 247 1 — 248 Equity securities 11,356 72 — 11,428 Other assets 1,002 214 — 1,216 Total assets 26,097 11,599 69 37,765 Short-term borrowings — 595 — 595 Derivative liabilities 2 1 — 3 Accrued expenses and other liabilities 223 229 — 452 Long-term debt 4,080 215 68 4,363 Total liabilities 4,305 1,040 68 5,413 Noncontrolling interests — 35 — 35 Net assets $ 21,792 10,524 1 32,317 December 31, 2019 Cash and due from banks $ — 16 — 16 Interest-earning deposits with banks — 284 — 284 Debt securities (1): Trading debt securities 792 339 — 1,131 Available-for-sale debt securities 1,696 201 — 1,897 Held-to-maturity debt securities 791 — — 791 Loans 2,127 13,170 80 15,377 Mortgage servicing rights 11,884 — — 11,884 Derivative assets 142 1 — 143 Equity securities 11,401 118 — 11,519 Other assets 1,268 239 — 1,507 Total assets 30,101 14,368 80 44,549 Short-term borrowings — 401 — 401 Derivative liabilities 1 3 — 4 Accrued expenses and other liabilities 189 235 — 424 Long-term debt 4,817 587 79 5,483 Total liabilities 5,007 1,226 79 6,312 Noncontrolling interests — 43 — 43 Net assets $ 25,094 13,099 1 38,194 (1) Excludes certain debt securities related to loans serviced for the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA). |
Unconsolidated VIEs | Table 10.2 provides a summary of our exposure to unconsolidated VIEs with which we have significant continuing involvement but for which we are not the primary beneficiary. We include transactions where we were the sponsor or servicer and also have other significant forms of continuing involvement. Sponsorship includes transactions where we solely or materially participated in the initial design or structuring of the VIE or marketed the transaction to investors. We consider investments in securities, loans, guarantees, liquidity agreements, commitments and certain derivatives to be other forms of continuing involvement that may be significant. We also include transactions where we transferred assets to a VIE, account for the transfer as a sale, and service the VIE collateral or have other forms of continuing involvement that may be significant (as described above). We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary in nature or insignificant in size. We also exclude 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 10.2: Unconsolidated VIEs Carrying value – asset (liability) (in millions) Total Debt and Servicing Derivatives Debt, guarantees, and other Net September 30, 2020 Residential mortgage loan securitizations: Conforming (2) $ 979,592 2,067 6,787 — (217) 8,637 Other/nonconforming 5,762 15 38 — — 53 Commercial mortgage loan securitizations (2) 177,421 2,512 1,186 179 (76) 3,801 Tax credit structures 39,532 13,094 — — (4,010) 9,084 Other asset-based finance structures 865 100 — 66 — 166 Other 1,153 51 — — — 51 Total $ 1,204,325 17,839 8,011 245 (4,303) 21,792 Maximum exposure to loss Debt and Servicing Derivatives Debt, guarantees, and other Total Residential mortgage loan securitizations: Conforming (2) $ 2,047 6,787 — 1,355 10,189 Other/nonconforming 15 38 — — 53 Commercial mortgage loan securitizations (2) 2,461 1,186 179 12,200 16,026 Tax credit structures 13,094 — — 1,331 14,425 Other asset-based finance structures 100 — 70 71 241 Other 51 — — 157 208 Total $ 17,768 8,011 249 15,114 41,142 Carrying value – asset (liability) (in millions) Total Debt and Servicing Derivatives Debt, guarantees, Net December 31, 2019 Residential mortgage loan securitizations: Conforming (2) $ 1,098,103 1,528 11,931 — (683) 12,776 Other/nonconforming 5,178 6 152 — — 158 Commercial mortgage loan securitizations (2) 169,736 2,239 1,069 80 (43) 3,345 Tax credit structures 39,091 12,826 — — (4,260) 8,566 Other asset-based finance structures 1,355 157 — 61 (20) 198 Other 1,167 51 — — — 51 Total $ 1,314,630 16,807 13,152 141 (5,006) 25,094 Maximum exposure to loss Debt and Servicing Derivatives Debt, guarantees, Total Residential mortgage loan securitizations: Conforming (2) $ 972 11,931 — 937 13,840 Other/nonconforming 6 152 — — 158 Commercial mortgage loan securitizations (2) 2,239 1,069 80 11,667 15,055 Tax credit structures 12,826 — — 1,701 14,527 Other asset-based finance structures 157 — 63 91 311 Other 51 — — 157 208 Total $ 16,251 13,152 143 14,553 44,099 (1) Includes total equity interests of $11.4 billion at both September 30, 2020, and December 31, 2019. 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. |
Transfers with Continuing Involvement | Table 10.3 presents information about transfers of assets during the period to unconsolidated VIEs or third-party investors for which we recorded the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we recorded servicing assets, securities, and a liability for repurchase losses which reflects management’s estimate of probable losses related to various representations and warranties for the loans transferred. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and generally securities are initially classified as Level 2. Sales with continuing involvement include securitizations of conforming residential mortgages that are sold to the government-sponsored entities (GSEs) or GNMA. Substantially all transfers to these entities resulted in no gain or loss because the loans were already measured at fair value on a recurring basis. Table 10.3: Transfers With Continuing Involvement (in millions) 2020 2019 Quarter ended September 30, Residential mortgages Commercial mortgages Residential mortgages Commercial mortgages Net gains (losses) on sale $ 1 54 25 72 Asset balances sold 71,032 2,430 48,378 4,419 Servicing rights recognized 477 32 532 33 Securities recognized (1) 12,024 5 4,271 — Liability for repurchase losses recognized 8 — 5 — Nine months ended September 30, Net gains (losses) on sale $ 53 187 85 193 Asset balances sold 182,473 7,663 119,153 10,479 Servicing rights recognized 1,366 114 1,239 92 Securities recognized (1) 14,074 79 7,665 — Liability for repurchase losses recognized 15 — 13 — (1) Includes securities retained upon initial transfer and subsequent sales during the periods presented, which may result in a net reduction of securities recognized. |
Residential Mortgage Servicing Rights | Table 10.4 presents the key weighted average assumptions we used to measure residential MSRs at the date of securitization. Table 10.4: Residential Mortgage Servicing Rights Residential mortgage 2020 2019 Quarter ended September 30, Prepayment speed (1) 16.7 % 13.2 Discount rate 6.7 7.4 Cost to service ($ per loan) (2) $ 107 101 Nine months ended September 30, Prepayment speed (1) 15.0 % 13.3 Discount rate 6.8 7.6 Cost to service ($ per loan) (2) $ 99 106 (1) The prepayment speed assumption for residential MSRs 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 due to changes in model assumptions and the mix of modified government-guaranteed loans sold to GNMA. |
Cash Inflows (Outflows) from Sales and Securitization Activity | Table 10.5 presents the proceeds related to transfers accounted for as sales in which we have continuing involvement with the transferred financial assets, as well as current period cash flows from continuing involvement with previous transfers accounted for as sales. Cash flows from other interests held exclude cash flows from certain debt securities related to loans serviced for FNMA, FHLMC and GNMA and predominantly include principal and interest payments received on retained bonds. Repurchases of assets represent cash paid to repurchase loans from investors under representation and warranty obligations or in connection with the exercise of cleanup calls on securitizations. Loss reimbursements are cash paid to reimburse investors for losses on individual loans that are already liquidated. Repurchases of government insured loans result from the exercise of our option, as servicer, to repurchase loans from GNMA loan securitization pools, when three scheduled loan payments remain unpaid by the borrower. These loans are insured by the FHA or guaranteed by the VA. Cash flows from servicing advances include principal and interest payments to investors required by servicing agreements. Table 10.5: Cash Inflows (Outflows) From Sales and Securitization Activity Mortgage loans (in millions) 2020 2019 Quarter ended September 30, Proceeds from securitizations and whole loan sales $ 73,673 52,274 Fees from servicing rights retained 676 793 Cash flows from other interests held 174 131 Repurchases of assets/loss reimbursements: Non-agency securitizations and whole loan transactions 1 (1,369) Government insured loans (21,905) (1,402) Agency securitizations (152) (26) Servicing advances, net of recoveries (66) 73 Nine months ended September 30, Proceeds from securitizations and whole loan sales $ 188,911 128,478 Fees from servicing rights retained 2,095 2,359 Cash flows from other interests held 533 375 Repurchases of assets/loss reimbursements: Non-agency securitizations and whole loan transactions — (1,370) Government insured loans (26,939) (4,590) Agency securitizations (213) (70) Servicing advances, net of recoveries (126) 166 |
Retained Interests from Unconsolidated VIEs | Table 10.6 provides key economic assumptions and the sensitivity of the current fair value of residential MSRs and other interests held related to unconsolidated VIEs to immediate adverse changes in those assumptions. Amounts for residential MSRs include purchased servicing rights as well as servicing rights resulting from the transfer of loans. See Note 16 (Fair Values of Assets and Liabilities) for additional information on key economic assumptions for residential MSRs. “Other interests held” were obtained when we securitized residential and commercial mortgage loans. Residential mortgage-backed securities retained in securitizations issued through GSEs or GNMA, are excluded from the table because these securities have a remote risk of credit loss due to the GSE or government guarantee. These securities also have economic characteristics similar to GSE or GNMA 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 10.6: Retained Interests from Unconsolidated VIEs Residential Other interests held ($ in millions, except cost to service amounts) Subordinated Senior Fair value of interests held at September 30, 2020 $ 6,355 1,009 276 Expected weighted average life (in years) 3.7 6.8 6.3 Key economic assumptions: Prepayment speed assumption 19.7 % Decrease in fair value from: 10% adverse change $ 452 25% adverse change 1,044 Discount rate assumption 5.8 % 5.3 1.5 Decrease in fair value from: 100 basis point increase $ 236 56 15 200 basis point increase 454 109 29 Cost to service assumption ($ per loan) 138 Decrease in fair value from: 10% adverse change 204 25% adverse change 508 Credit loss assumption 4.5 % — Decrease in fair value from: 10% higher losses $ 32 — 25% higher losses 35 — Fair value of interests held at December 31, 2019 $ 11,517 909 352 Expected weighted average life (in years) 5.3 7.3 5.5 Key economic assumptions: Prepayment speed assumption 11.9 % Decrease in fair value from: 10% adverse change $ 537 25% adverse change 1,261 Discount rate assumption 7.2 % 4.0 2.9 Decrease in fair value from: 100 basis point increase $ 464 53 16 200 basis point increase 889 103 32 Cost to service assumption ($ per loan) 102 Decrease in fair value from: 10% adverse change 253 25% adverse change 632 Credit loss assumption 3.1 % — Decrease in fair value from: 10% higher losses $ 1 — 25% higher losses 4 — |
Off-Balance Sheet Loans Sold or Securitized | Table 10.7 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. In accordance with applicable servicing guidelines, delinquency status continues to advance for loans with COVID-related payment deferrals. 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 10.7: Off-Balance Sheet Loans Sold or Securitized Net charge-offs (2) Total loans Delinquent loans Nine months ended Sep 30, (in millions) Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 2020 2019 Commercial: Real estate mortgage $ 114,479 112,507 2,363 776 129 109 Total commercial 114,479 112,507 2,363 776 129 109 Consumer: Real estate 1-4 family first mortgage 875,298 1,008,446 36,605 6,664 71 180 Real estate 1-4 family junior lien mortgage 10 13 2 2 — — Total consumer 875,308 1,008,459 36,607 6,666 71 180 Total off-balance sheet sold or securitized loans (3) $ 989,787 1,120,966 38,970 7,442 200 289 (1) Includes $397 million and $492 million of commercial foreclosed assets and $264 million and $356 million of consumer foreclosed assets at September 30, 2020, and December 31, 2019, respectively. (2) 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 10.8 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 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 10.8: Transactions with Consolidated VIEs and Secured Borrowings Carrying value (in millions) Total Assets Liabilities Noncontrolling Net assets September 30, 2020 Secured borrowings: Residential mortgage securitizations $ 69 69 (68) — 1 Total secured borrowings 69 69 (68) — 1 Consolidated VIEs: Commercial and industrial loans and leases 6,978 4,924 (227) (13) 4,684 Nonconforming residential mortgage loan securitizations 622 538 (214) — 324 Commercial real estate loans 5,379 5,379 — — 5,379 Municipal tender option bond securitizations 596 599 (596) — 3 Other 159 159 (3) (22) 134 Total consolidated VIEs 13,734 11,599 (1,040) (35) 10,524 Total secured borrowings and consolidated VIEs $ 13,803 11,668 (1,108) (35) 10,525 December 31, 2019 Secured borrowings: Residential mortgage securitizations $ 81 80 (79) — 1 Total secured borrowings 81 80 (79) — 1 Consolidated VIEs: Commercial and industrial loans and leases 8,054 8,042 (529) (16) 7,497 Nonconforming residential mortgage loan securitizations 935 809 (290) — 519 Commercial real estate loans 4,836 4,836 — — 4,836 Municipal tender option bond securitizations 401 402 (401) — 1 Other 279 279 (6) (27) 246 Total consolidated VIEs 14,505 14,368 (1,226) (43) 13,099 Total secured borrowings and consolidated VIEs $ 14,586 14,448 (1,305) (43) 13,100 |
Mortgage Banking Activities (Ta
Mortgage Banking Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Mortgage Banking Activities [Abstract] | |
Analysis of Changes in Fair Value MSRs | Table 11.1 presents the changes in MSRs measured using the fair value method. Table 11.1: Analysis of Changes in Fair Value MSRs Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Fair value, beginning of period $ 6,819 12,096 $ 11,517 14,649 Servicing from securitizations or asset transfers (1) 351 538 1,274 1,279 Sales and other (2) — (4) (32) (286) Net additions 351 534 1,242 993 Changes in fair value: Due to valuation inputs or assumptions: Mortgage interest rates (3) (294) (718) (3,916) (2,811) Servicing and foreclosure costs (4) 157 13 (265) 3 Discount rates — 188 27 179 Prepayment estimates and other (5) (80) (445) (451) (302) Net changes in valuation inputs or assumptions (217) (962) (4,605) (2,931) Changes due to collection/realization of expected cash flows (6) (598) (596) (1,799) (1,639) Total changes in fair value (815) (1,558) (6,404) (4,570) Fair value, end of period $ 6,355 11,072 $ 6,355 11,072 (1) Includes impacts associated with exercising cleanup calls on securitizations and our right to repurchase delinquent loans from GNMA loan securitization pools. MSRs may increase upon repurchase due to servicing liabilities associated with these delinquent GNMA loans. (2) Includes sales and transfers of MSRs, which can result in an increase in MSRs if related to portfolios with servicing liabilities. (3) Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates. (4) Includes costs to service and unreimbursed foreclosure costs. (5) Represents other changes in valuation model inputs or assumptions including prepayment speed estimation changes that are independent of mortgage interest rate changes. (6) Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time. |
Analysis of Changes in Amortized MSRs | Table 11.2 presents the changes in amortized MSRs. Table 11.2: Analysis of Changes in Amortized MSRs Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Balance, beginning of period $ 1,361 1,407 $ 1,430 1,443 Purchases 6 25 21 65 Servicing from securitizations or asset transfers 32 33 114 92 Amortization (1) (74) (68) (240) (203) Balance, end of period $ 1,325 1,397 $ 1,325 1,397 Fair value of amortized MSRs: Beginning of period $ 1,401 1,897 $ 1,872 2,288 End of period 1,400 1,813 1,400 1,813 (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 a $7 million and $37 million impairment recorded in the third quarter and first nine months of 2020, respectively, and an associated valuation allowance of $37 million recorded at September 30, 2020, on the commercial amortized MSRs. |
Managed Servicing Portfolio | We present the components of our managed servicing portfolio in Table 11.3 at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced. Table 11.3: Managed Servicing Portfolio (in billions) Sep 30, 2020 Dec 31, 2019 Residential mortgage servicing: Serviced and subserviced for others $ 920 1,065 Owned loans serviced 342 343 Total residential servicing 1,262 1,408 Commercial mortgage servicing: Serviced and subserviced for others 579 575 Owned loans serviced 123 124 Total commercial servicing 702 699 Total managed servicing portfolio $ 1,964 2,107 Total serviced for others, excluding subserviced for others $ 1,488 1,629 Ratio of MSRs to related loans serviced for others 0.52 % 0.79 Weighted average note rate (mortgage loans serviced for others) 4.13 4.25 |
Mortgage Banking Noninterest Income | Table 11.4 presents the components of mortgage banking noninterest income. Table 11.4: Mortgage Banking Noninterest Income Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Servicing fees: Contractually specified servicing fees, late charges and ancillary fees $ 838 924 $ 2,452 2,749 Unreimbursed direct servicing costs (1) (121) (118) (333) (272) Servicing fees 717 806 2,119 2,477 Amortization (2) (74) (68) (240) (203) Changes due to collection/realization of expected cash flows (3) (A) (598) (596) (1,799) (1,639) Net servicing fees 45 142 80 635 Changes in fair value of MSRs due to valuation inputs or assumptions (4) (B) (217) (962) (4,605) (2,931) Net derivative gains from economic hedges (5) 513 678 4,448 2,795 Market-related valuation changes to MSRs, net of hedge results 296 (284) (157) (136) Total servicing income (loss), net 341 (142) (77) 499 Net gains on mortgage loan origination/sales activities (6) 1,249 608 2,363 1,433 Total mortgage banking noninterest income $ 1,590 466 $ 2,286 1,932 Total changes in fair value of MSRs carried at fair value (A)+(B) $ (815) (1,558) $ (6,404) (4,570) (1) Includes costs associated with foreclosures, unreimbursed interest advances to investors, and other interest costs. (2) Includes a $7 million and $37 million impairment recorded in the third quarter and first nine months of 2020, respectively, on the commercial amortized MSRs. (3) Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time. (4) Refer to the analysis of changes in fair value MSRs presented in Table 11.1 in this Note for more detail. (5) See Note 15 (Derivatives) for additional discussion and detail on economic hedges. (6) Includes net gains (losses) of $(297) million and $(1.6) billion in the third quarter and first nine months of 2020, respectively, and $58 million and $(376) million in the third quarter and first nine months of 2019, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Table 12.1 presents the gross carrying value of intangible assets and accumulated amortization. Table 12.1: Intangible Assets September 30, 2020 December 31, 2019 (in millions) Gross Accumulated Net Gross Accumulated Net Amortized intangible assets (1): MSRs (2) $ 4,557 (3,232) 1,325 4,422 (2,992) 1,430 Customer relationship and other intangibles 879 (527) 352 947 (524) 423 Total amortized intangible assets $ 5,436 (3,759) 1,677 5,369 (3,516) 1,853 Unamortized intangible assets: MSRs (carried at fair value) (2) $ 6,355 11,517 Goodwill 26,387 26,390 Trademark 14 14 (1) Balances are excluded commencing in the period following full amortization. |
Amortization Expense for Intangible Assets | Table 12.2 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 September 30, 2020. Future amortization expense may vary from these projections. Table 12.2: Amortization Expense for Intangible Assets (in millions) Amortized MSRs Customer Total Nine months ended September 30, 2020 (actual) $ 240 71 311 Estimate for the remainder of 2020 $ 66 24 90 Estimate for year ended December 31, 2021 239 81 320 2022 212 68 280 2023 184 59 243 2024 159 48 207 2025 134 39 173 |
Goodwill | Table 12.3 shows the allocation of goodwill to our reportable operating segments. We assess goodwill for impairment at a reporting unit level, which is generally one level below the operating segments. Table 12.3: Goodwill (in millions) Community Wholesale Wealth and Investment Management Consolidated December 31, 2018 $ 16,685 8,450 1,283 26,418 Reclassification of goodwill held for sale to other assets — (25) — (25) Reduction in goodwill related to divested business and other — — (7) (7) Foreign currency translation — 2 — 2 September 30, 2019 $ 16,685 8,427 1,276 26,388 December 31, 2019 $ 16,685 8,429 1,276 26,390 Foreign currency translation — (3) — (3) September 30, 2020 $ 16,685 8,426 1,276 26,387 |
Guarantees, Pledged Assets an_2
Guarantees, Pledged Assets and Collateral and Other Commitments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees [Abstract] | |
Guarantees - Carrying Value and Maximum Exposure to Loss | Table 13.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts. Table 13.1: Guarantees – Carrying Value and Maximum Exposure to Loss Maximum exposure to loss (in millions) Carrying Expires in Expires after Expires after Expires Total Non- September 30, 2020 Standby letters of credit $ 195 12,381 4,287 1,844 446 18,958 7,484 Direct pay letters of credit 42 2,227 2,853 704 48 5,832 1,175 Written options (1) (245) 13,356 10,851 2,379 152 26,738 16,205 Loans and MLHFS sold with recourse (2) 34 231 752 1,596 10,016 12,595 10,254 Exchange and clearing house guarantees — — — — 5,516 5,516 — Other guarantees and indemnifications (3) 1 567 1 1 1,667 2,236 528 Total guarantees $ 27 28,762 18,744 6,524 17,845 71,875 35,646 December 31, 2019 Standby letters of credit $ 36 11,569 4,460 2,812 467 19,308 7,104 Direct pay letters of credit — 1,861 3,815 824 105 6,605 1,184 Written options (1) (345) 17,088 10,869 2,341 273 30,571 18,113 Loans and MLHFS sold with recourse (2) 52 114 576 1,356 10,050 12,096 9,835 Exchange and clearing house guarantees — — — — 4,817 4,817 — Other guarantees and indemnifications (3) 1 785 1 3 809 1,598 698 Total guarantees $ (256) 31,417 19,721 7,336 16,521 74,995 36,934 (1) Written options, which are in the form of derivatives, are also included in the derivative disclosures in Note 15 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades. (2) Represent recourse provided, predominantly to the GSEs, on loans sold under various programs and arrangements. (3) Includes indemnifications provided to certain third-party clearing agents. Outstanding customer obligations under these arrangements were $176 million and $80 million with related collateral of $1.5 billion and $696 million at September 30, 2020, and December 31, 2019, respectively. |
Pledged Assets | Table 13.2 provides the carrying amount of on-balance sheet pledged assets and the fair value of other pledged collateral. Other pledged collateral is collateral we have received from third parties, have the right to repledge and is not recognized on our balance sheet. TRADING RELATED ACTIVITY Our trading businesses may pledge debt and equity securities in connection with securities sold under agreements to repurchase (repurchase agreements) and securities lending arrangements. The collateral that we pledge related to our trading activities may include our own collateral as well as collateral that we have received from third parties and have the right to repledge. All of the trading activity pledged collateral is eligible to be repledged or sold by the secured party. NON-TRADING RELATED ACTIVITY As part of our liquidity management strategy, we may pledge loans, debt securities, and other assets to secure trust and public deposits, borrowings and letters of credit from the Federal Home Loan Bank (FHLB) and FRB and for other purposes as required or permitted by law or insurance statutory requirements. Substantially all of the non-trading activity pledged collateral is not eligible to be repledged or sold by the secured party. VIE RELATED We pledge assets in connection with various types of transactions entered into with VIEs. These pledged assets can only be used to settle the liabilities of those entities. We also have loans recorded on our balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 10 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets and VIEs accounted for as secured borrowings. Table 13.2: Pledged Assets (in millions) Sep 30, Dec 31, Related to trading activities: Repledged third-party owned debt and equity securities $ 37,121 60,083 Trading debt securities and other 20,483 51,083 Equity securities 835 1,379 Total pledged assets related to trading activities 58,439 112,545 Related to non-trading activities: Loans 364,865 406,106 Debt securities: Available-for-sale 55,479 61,126 Held-to-maturity 2,786 3,685 Mortgage loans held for sale — 2,266 Total pledged assets related to non-trading activities 423,130 473,183 Related to VIEs: Consolidated VIE assets 11,599 14,368 VIEs accounted for as secured borrowings 69 80 Loans eligible for repurchase from GNMA securitizations 76 568 Total pledged assets related to VIEs 11,744 15,016 Total pledged assets $ 493,313 600,744 |
Offsetting - Securities Financing Activities | Table 13.3 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). Collateralized financings 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 13.3, we also have balance sheet netting related to derivatives that is disclosed in Note 15 (Derivatives). Table 13.3: Offsetting – Securities Financing Activities (in millions) Sep 30, Dec 31, Assets: Resale and securities borrowing agreements Gross amounts recognized $ 94,579 140,773 Gross amounts offset in consolidated balance sheet (1) (11,066) (19,180) Net amounts in consolidated balance sheet (2) 83,513 121,593 Collateral not recognized in consolidated balance sheet (3) (82,736) (120,786) Net amount (4) $ 777 807 Liabilities: Repurchase and securities lending agreements Gross amounts recognized $ 54,888 111,038 Gross amounts offset in consolidated balance sheet (1) (11,066) (19,180) Net amounts in consolidated balance sheet (5) 43,822 91,858 Collateral pledged but not netted in consolidated balance sheet (6) (43,602) (91,709) Net amount (4) $ 220 149 (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) Includes $69.2 billion and $102.1 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at September 30, 2020, and December 31, 2019, respectively. Also includes securities purchased under long-term resale agreements (generally one year or more) classified in loans, which totaled $14.3 billion and $19.5 billion, at September 30, 2020, and December 31, 2019, respectively. (3) Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized asset due from each counterparty. At September 30, 2020, and December 31, 2019, we have received total collateral with a fair value of $106.5 billion and $150.9 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 $35.9 billion at September 30, 2020, and $59.1 billion at December 31, 2019. (4) Represents the amount of our exposure (assets) or obligation (liabilities) that is not collateralized and/or is not subject to an enforceable MRA or MSLA. (5) Amount is classified in short-term borrowings on our consolidated balance sheet. (6) Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized liability owed to each counterparty. At September 30, 2020, and December 31, 2019, we have pledged total collateral with a fair value of $56.5 billion and $113.3 billion, respectively, substantially all of which may be sold or repledged by the counterparty. |
Gross Obligations by Underlying Collateral Type and Contractual Maturities of Gross Obligations | Table 13.4 provides the gross amounts recognized on the balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type. Table 13.4: Gross Obligations by Underlying Collateral Type (in millions) Sep 30, Dec 31, Repurchase agreements: Securities of U.S. Treasury and federal agencies $ 22,342 48,161 Securities of U.S. States and political subdivisions 46 104 Federal agency mortgage-backed securities 13,184 44,737 Non-agency mortgage-backed securities 1,176 1,818 Corporate debt securities 8,780 7,126 Asset-backed securities 1,050 1,844 Equity securities 1,463 1,674 Other 830 705 Total repurchases 48,871 106,169 Securities lending arrangements: Securities of U.S. Treasury and federal agencies 57 163 Federal agency mortgage-backed securities 42 — Corporate debt securities 98 223 Equity securities (1) 5,788 4,481 Other 32 2 Total securities lending 6,017 4,869 Total repurchases and securities lending $ 54,888 111,038 (1) Equity securities are generally exchange traded and represent collateral received from third parties that has been repledged. We received the collateral through either margin lending agreements or contemporaneous securities borrowing transactions with other counterparties. Table 13.5 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Table 13.5: Contractual Maturities of Gross Obligations (in millions) Overnight/continuous Up to 30 days 30-90 days >90 days Total gross obligation September 30, 2020 Repurchase agreements $ 37,173 1,963 6,150 3,585 48,871 Securities lending arrangements 5,467 — 550 — 6,017 Total repurchases and securities lending (1) $ 42,640 1,963 6,700 3,585 54,888 December 31, 2019 Repurchase agreements $ 79,793 17,681 4,825 3,870 106,169 Securities lending arrangements 4,724 — 145 — 4,869 Total repurchases and securities lending (1) $ 84,517 17,681 4,970 3,870 111,038 (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) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional or Contractual Amounts and Fair Values of Derivatives | Table 15.1 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 15.1: Notional or Contractual Amounts and Fair Values of Derivatives September 30, 2020 December 31, 2019 Notional or Fair value Notional or Fair value (in millions) Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments Interest rate contracts $ 185,124 3,483 1,820 182,789 2,595 1,237 Foreign exchange contracts 38,477 587 616 32,386 341 1,170 Total derivatives designated as qualifying hedging instruments 4,070 2,436 2,936 2,407 Derivatives not designated as hedging instruments Economic hedges: Interest rate contracts 344,263 470 266 235,810 207 160 Equity contracts 23,624 1,724 209 19,263 1,126 224 Foreign exchange contracts 44,282 422 555 26,595 118 286 Credit contracts – protection purchased 81 32 — 1,400 27 — Subtotal 2,648 1,030 1,478 670 Customer accommodation trading and other derivatives: Interest rate contracts 10,657,433 37,949 28,936 11,117,542 21,245 17,969 Commodity contracts 73,086 2,344 2,446 79,737 1,421 1,770 Equity contracts 305,900 13,009 16,066 272,145 7,410 10,240 Foreign exchange contracts 347,499 4,880 4,717 364,469 4,755 4,791 Credit contracts – protection sold 16,067 11 48 12,215 12 65 Credit contracts – protection purchased 25,657 75 17 24,030 69 18 Subtotal 58,268 52,230 34,912 34,853 Total derivatives not designated as hedging instruments 60,916 53,260 36,390 35,523 Total derivatives before netting 64,986 55,696 39,326 37,930 Netting (41,271) (41,929) (25,123) (28,851) Total $ 23,715 13,767 14,203 9,079 |
Gross Fair Values of Derivative Assets and Liabilities | Table 15.2 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 $55.9 billion and $48.6 billion of gross derivative assets and liabilities, respectively, at September 30, 2020, and $33.7 billion and $33.5 billion, respectively, at December 31, 2019, with counterparties subject to enforceable master netting arrangements that are eligible for balance sheet netting adjustments. The majority of these amounts are interest rate contracts executed in over-the-counter (OTC) markets. The remaining gross derivative assets and liabilities of $9.1 billion and $7.1 billion, respectively, at September 30, 2020, and $5.6 billion and $4.4 billion, respectively, at December 31, 2019, 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. Cash collateral receivables and payables that have not been offset against our derivatives were $3.6 billion and $605 million, respectively, at September 30, 2020, and $6.3 billion and $1.4 billion, respectively, at December 31, 2019. 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 15.2 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 OTC markets include bilateral contractual arrangements that are not cleared through a central clearing organization but are typically subject to master netting arrangements. The proportion of these derivative contracts relative to our total derivative assets and liabilities are presented in the “Percent exchanged in over-the-counter market” column in Table 15.2. 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 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments). Table 15.2: Gross Fair Values of Derivative Assets and Liabilities (in millions) Gross Gross amounts Net amounts in Gross amounts Net Percent September 30, 2020 Derivative assets Interest rate contracts $ 41,902 (26,163) 15,739 (1,380) 14,359 97 % Commodity contracts 2,344 (1,345) 999 (6) 993 80 Equity contracts 14,733 (9,390) 5,343 (794) 4,549 71 Foreign exchange contracts 5,889 (4,306) 1,583 (8) 1,575 100 Credit contracts – protection sold 11 (8) 3 — 3 73 Credit contracts – protection purchased 107 (59) 48 (2) 46 88 Total derivative assets $ 64,986 (41,271) 23,715 (2,190) 21,525 Derivative liabilities Interest rate contracts $ 31,022 (27,112) 3,910 (2,039) 1,871 97 % Commodity contracts 2,446 (1,225) 1,221 (6) 1,215 79 Equity contracts 16,275 (9,341) 6,934 (372) 6,562 73 Foreign exchange contracts 5,888 (4,206) 1,682 (624) 1,058 100 Credit contracts – protection sold 48 (40) 8 (5) 3 95 Credit contracts – protection purchased 17 (5) 12 — 12 85 Total derivative liabilities $ 55,696 (41,929) 13,767 (3,046) 10,721 December 31, 2019 Derivative assets Interest rate contracts $ 24,047 (14,878) 9,169 (445) 8,724 95 % Commodity contracts 1,421 (888) 533 (2) 531 80 Equity contracts 8,536 (5,570) 2,966 (69) 2,897 65 Foreign exchange contracts 5,214 (3,722) 1,492 (22) 1,470 100 Credit contracts – protection sold 12 (9) 3 — 3 84 Credit contracts – protection purchased 96 (56) 40 (1) 39 97 Total derivative assets $ 39,326 (25,123) 14,203 (539) 13,664 Derivative liabilities Interest rate contracts $ 19,366 (16,595) 2,771 (545) 2,226 94 % Commodity contracts 1,770 (677) 1,093 (2) 1,091 82 Equity contracts 10,464 (6,647) 3,817 (319) 3,498 81 Foreign exchange contracts 6,247 (4,866) 1,381 (169) 1,212 100 Credit contracts – protection sold 65 (60) 5 (3) 2 98 Credit contracts – protection purchased 18 (6) 12 — 12 93 Total derivative liabilities $ 37,930 (28,851) 9,079 (1,038) 8,041 (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 related to derivative assets were $507 million and $231 million and debit valuation adjustments related to derivative liabilities were $236 million and $100 million at September 30, 2020, and December 31, 2019, respectively. Cash collateral totaled $6.4 billion and $7.3 billion, netted against derivative assets and liabilities, respectively, at September 30, 2020, and $2.9 billion and $6.8 billion, respectively, at December 31, 2019. |
Gains (Losses) Recognized on Fair Value Hedging Relationships | Table 15.3 and Table 15.4 show the net gains (losses) by income statement line item impacted, related to derivatives in fair value and cash flow hedging relationships, respectively. Table 15.3: Gains (Losses) Recognized on Fair Value Hedging Relationships Net interest income Noninterest income Total recorded in net income Total recorded in OCI (in millions) Debt securities Mortgage loans held for sale Deposits Long-term debt Other Derivative gains (losses) Derivative gains (losses) Quarter ended September 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 2,446 232 (314) (1,038) 220 N/A (18) Interest contracts: Amounts related to interest settlements on derivatives (114) — 157 542 — 585 Recognized on derivatives 280 1 (156) (1,357) — (1,232) — Recognized on hedged items (265) (1) 156 1,269 — 1,159 Total gains (losses) (pre-tax) on interest rate contracts (99) — 157 454 — 512 — Foreign exchange contracts: Amounts related to interest settlements on derivatives 16 — — (5) — 11 Recognized on derivatives 1 — — 52 856 909 (82) Recognized on hedged items (1) — — (5) (849) (855) Total gains (losses) (pre-tax) on foreign exchange contracts 16 — — 42 7 65 (82) Total gains (losses) (pre-tax) recognized on fair value hedges $ (83) — 157 496 7 577 (82) Nine months ended September 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 8,864 659 (2,641) (3,515) 869 N/A 167 Interest contracts: Amounts related to interest settlements on derivatives (253) — 379 1,144 — 1,270 Recognized on derivatives (1,612) (52) 288 8,967 — 7,591 — Recognized on hedged items 1,654 53 (278) (8,775) — (7,346) Total gains (losses) (pre-tax) on interest rate contracts (211) 1 389 1,336 — 1,515 — Foreign exchange contracts: Amounts related to interest settlements on derivatives 33 — — (136) — (103) Recognized on derivatives (1) — — 276 780 1,055 5 Recognized on hedged items 2 — — (249) (769) (1,016) Total gains (losses) (pre-tax) on foreign exchange contracts 34 — — (109) 11 (64) 5 Total gains (losses) (pre-tax) recognized on fair value hedges $ (177) 1 389 1,227 11 1,451 5 (continued on following page) (continued from previous page) Net interest income Noninterest income Total recorded in net income Total recorded in OCI (in millions) Debt securities Mortgage loans held for sale Deposits Long-term debt Other Derivative gains (losses) Derivative gains (losses) Quarter ended September 30, 2019 Total amounts presented in the consolidated statement of income and other comprehensive income $ 3,666 232 (2,324) (1,780) 1,842 N/A 85 Interest contracts: Amounts related to interest settlements on derivatives (1) 1 26 53 — 79 Recognized on derivatives (628) (3) 30 2,880 — 2,279 — Recognized on hedged items 631 1 (30) (2,809) — (2,207) Total gains (losses) (pre-tax) on interest rate contracts 2 (1) 26 124 — 151 — Foreign exchange contracts: Amounts related to interest settlements on derivatives 9 — — (115) — (106) Recognized on derivatives (2) — — 86 (918) (834) 28 Recognized on hedged items 3 — — (124) 899 778 Total gains (losses) (pre-tax) on foreign exchange contracts 10 — — (153) (19) (162) 28 Total gains (losses) (pre-tax) recognized on fair value hedges $ 12 (1) 26 (29) (19) (11) 28 Nine months ended September 30, 2019 Total amounts presented in the consolidated statement of income and other comprehensive income $ 11,388 579 (6,563) (5,607) 3,667 N/A 265 Interest contracts: Amounts related to interest settlements on derivatives 29 1 (4) 53 — 79 Recognized on derivatives (2,531) (36) 588 7,813 — 5,834 — Recognized on hedged items 2,544 32 (563) (7,646) — (5,633) Total gains (losses) (pre-tax) on interest rate contracts 42 (3) 21 220 — 280 — Foreign exchange contracts: Amounts related to interest settlements on derivatives 29 — — (385) — (356) Recognized on derivatives (11) — — 583 (994) (422) 58 Recognized on hedged items 12 — — (576) 975 411 Total gains (losses) (pre-tax) on foreign exchange contracts 30 — — (378) (19) (367) 58 Total gains (losses) (pre-tax) recognized on fair value hedges $ 72 (3) 21 (158) (19) (87) 58 |
Gains (Losses) Recognized on Cash Flow Hedging Relationships | Table 15.4: Gains (Losses) Recognized on Cash Flow Hedging Relationships Net interest Income Total recorded in net income Total recorded in OCI (in millions) Loans Long-term debt Derivative gains (losses) Derivative gains (losses) Quarter ended September 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 7,954 (1,038) N/A (18) Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (53) 2 (51) 51 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (53) 2 (51) 51 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (1) (1) 1 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A 12 Total gains (losses) (pre-tax) on foreign exchange contracts — (1) (1) 13 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (53) 1 (52) 64 Nine months ended September 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 26,467 (3,515) N/A 167 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (162) 3 (159) 159 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (162) 3 (159) 159 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (6) (6) 6 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (3) Total gains (losses) (pre-tax) on foreign exchange contracts — (6) (6) 3 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (162) (3) (165) 162 Quarter ended September 30, 2019 Total amounts presented in the consolidated statement of income and other comprehensive income $ 10,982 (1,780) N/A 85 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (73) — (73) 73 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (73) — (73) 73 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (2) (2) 2 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (18) Total gains (losses) (pre-tax) on foreign exchange contracts — (2) (2) (16) Total gains (losses) (pre-tax) recognized on cash flow hedges $ (73) (2) (75) 57 Nine months ended September 30, 2019 Total amounts presented in the consolidated statement of income and other comprehensive income $ 33,652 (5,607) N/A 265 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (228) 1 (227) 227 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (228) 1 (227) 227 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (6) (6) 6 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (26) Total gains (losses) (pre-tax) on foreign exchange contracts — (6) (6) (20) Total gains (losses) (pre-tax) recognized on cash flow hedges $ (228) (5) (233) 207 |
Hedged Items in Fair Value Hedging Relationships | Table 15.5 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 15.5: 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 Carrying Amount of Assets/(Liabilities) (4) Hedge Accounting September 30, 2020 Available-for-sale debt securities (5) $ 25,969 2,109 9,435 301 Mortgage loans held for sale 173 5 — — Deposits (29,852) (604) — — Long-term debt (164,848) (14,736) (16,538) 60 December 31, 2019 Available-for-sale debt securities (5) $ 36,896 1,110 9,486 278 Mortgage loans held for sale 961 (12) — — Deposits (43,716) (324) — — Long-term debt (127,423) (5,827) (25,750) 173 (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 $9.6 billion for debt securities and $(4.5) billion for long-term debt as of September 30, 2020, and $1.2 billion for debt securities and $(5.2) billion for long-term debt as of December 31, 2019. (3) The balance includes $476 million and $138 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of September 30, 2020, and $790 million and $109 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of December 31, 2019, 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. |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments | Table 15.6 shows the net gains (losses) recognized by income statement lines, related to derivatives not designated as hedging instruments. Table 15.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments Noninterest income Noninterest Expense (in millions) Mortgage banking Net gains (losses) from equity securities Net gains (losses) from trading activities Other Total Personnel expense Quarter ended September 30, 2020 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 216 — — (27) 189 — Equity contracts — (209) — (1) (210) (215) Foreign exchange contracts — — — (523) (523) — Credit contracts — — — (3) (3) — Subtotal 216 (209) — (554) (547) (215) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 485 — 271 — 756 — Commodity contracts — — (356) — (356) — Equity contracts — — (1,291) (142) (1,433) — Foreign exchange contracts — — 160 — 160 — Credit contracts — — (32) — (32) — Subtotal 485 — (1,248) (142) (905) — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 701 (209) (1,248) (696) (1,452) (215) Nine months ended September 30, 2020 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 2,829 — — (72) 2,757 — Equity contracts — (392) — (35) (427) (356) Foreign exchange contracts — — — 49 49 — Credit contracts — — — 14 14 — Subtotal 2,829 (392) — (44) 2,393 (356) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 1,584 — (1,516) — 68 — Commodity contracts — — (468) — (468) — Equity contracts — — 1,110 (214) 896 — Foreign exchange contracts — — (242) — (242) — Credit contracts — — 115 — 115 — Subtotal 1,584 — (1,001) (214) 369 — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 4,413 (392) (1,001) (258) 2,762 (356) (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 September 30, 2019 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 736 — — — 736 Equity contracts — (1,375) — (6) (1,381) Foreign exchange contracts — — — 263 263 Credit contracts — — — (11) (11) Subtotal 736 (1,375) — 246 (393) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 95 — (355) — (260) Commodity contracts — — 65 — 65 Equity contracts — — 284 10 294 Foreign exchange contracts — — 78 — 78 Credit contracts — — (10) — (10) Subtotal 95 — 62 10 167 Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 831 (1,375) 62 256 (226) Nine months ended September 30, 2019 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 2,419 — — 7 2,426 Equity contracts — (2,918) — (6) (2,924) Foreign exchange contracts — — — 403 403 Credit contracts — — — (1) (1) Subtotal 2,419 (2,918) — 403 (96) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 392 — (861) — (469) Commodity contracts — — 143 — 143 Equity contracts — — (2,975) (396) (3,371) Foreign exchange contracts — — 9 — 9 Credit contracts — — (70) — (70) Subtotal 392 — (3,754) (396) (3,758) Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 2,811 (2,918) (3,754) 7 (3,854) |
Sold and Purchased Credit Derivatives | Table 15.7 provides details of sold and purchased credit derivatives. Table 15.7: Sold and Purchased Credit Derivatives Notional amount (in millions) Fair value asset Fair value Protection Protection Protection Net Other Range of September 30, 2020 Credit default swaps on: Corporate bonds $ 8 3 3,850 1,010 2,677 1,173 3,348 2020 - 2029 Structured products — 6 22 22 20 2 92 2034 - 2047 Credit protection on: Default swap index 1 — 5,250 1,239 2,125 3,125 4,762 2020 - 2029 Commercial mortgage-backed securities index 2 26 311 54 286 25 75 2047 - 2072 Asset-backed securities index — 7 40 40 40 — 1 2045 - 2046 Other — 6 6,594 6,426 — 6,594 12,312 2020 - 2040 Total credit derivatives $ 11 48 16,067 8,791 5,148 10,919 20,590 December 31, 2019 Credit default swaps on: Corporate bonds $ 8 1 2,855 707 1,885 970 2,447 2020 - 2029 Structured products — 25 74 69 63 11 111 2022 - 2047 Credit protection on: Default swap index 1 — 2,542 120 550 1,992 8,105 2020 - 2029 Commercial mortgage-backed securities index 3 26 322 67 296 26 50 2047 - 2058 Asset-backed securities index — 8 41 41 41 — 1 2045 - 2046 Other — 5 6,381 5,738 — 6,381 11,881 2020 - 2049 Total credit derivatives $ 12 65 12,215 6,742 2,835 9,380 22,595 |
Credit-Risk Contingent Features | Table 15.8 illustrates our exposure to such derivatives with credit-risk contingent features, collateral we have posted, and the additional collateral we would be required to post if the credit rating of our debt was downgraded below investment grade. Table 15.8: Credit-Risk Contingent Features (in billions) Sep 30, Dec 31, Net derivative liabilities with credit-risk contingent features $ 14.9 10.4 Collateral posted 13.2 9.1 Additional collateral to be posted upon a below investment grade credit rating (1) 1.6 1.3 (1) Any credit rating below investment grade requires us to post the maximum amount of collateral. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurements obtained from Third-Party Pricing Services | Table 16.1 presents fair value measurements obtained from third-party pricing services classified within the fair value hierarchy. Fair value measurements obtained from brokers and fair value measurements obtained from third-party pricing services that we have adjusted using internal models or non-vendor data to determine the fair value are excluded from Table 16.1. The unadjusted fair value measurements obtained from brokers for available-for-sale debt securities were $19 million in Level 2 assets and $124 million in Level 3 assets at September 30, 2020, and $45 million and $126 million at December 31, 2019, respectively. Table 16.1: Fair Value Measurements obtained from Third-Party Pricing Services September 30, 2020 December 31, 2019 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Trading debt securities 822 286 — 634 329 — Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 5,975 — — 13,460 1,500 — Securities of U.S. states and political subdivisions — 31,187 38 — 39,868 34 Mortgage-backed securities — 139,043 43 — 167,172 42 Other debt securities (1) — 40,614 569 — 38,067 650 Total available-for-sale debt securities 5,975 210,844 650 13,460 246,607 726 Marketable equity securities — 105 — — 110 — Derivative assets 18 1 — 12 1 — Derivative liabilities (13) (1) — (11) (3) — (1) Includes corporate debt securities, collateralized loan obligations, and other debt securities. |
Fair Value on a Recurring Basis | Table 16.2 presents the balances of assets and liabilities recorded at fair value on a recurring basis. Table 16.2: Fair Value on a Recurring Basis (in millions) Level 1 Level 2 Level 3 Netting (1) Total September 30, 2020 Trading debt securities: Securities of U.S. Treasury and federal agencies $ 29,024 3,070 — — 32,094 Securities of U.S. states and political subdivisions — 2,509 — — 2,509 Collateralized loan obligations — 564 140 — 704 Corporate debt securities 56 12,264 12 — 12,332 Mortgage-backed securities — 24,829 11 — 24,840 Other — 774 — — 774 Total trading debt securities 29,080 44,010 163 — 73,253 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 5,975 — — — 5,975 Securities of U.S. states and political subdivisions — 31,225 286 — 31,511 Mortgage-backed securities: Federal agencies — 135,227 — — 135,227 Residential — 541 — — 541 Commercial — 3,300 43 — 3,343 Total mortgage-backed securities — 139,068 43 — 139,111 Corporate debt securities 36 4,694 1,042 — 5,772 Collateralized loan obligations — 25,014 — — 25,014 Other — 12,574 616 — 13,190 Total available-for-sale debt securities 6,011 212,575 1,987 (2) — 220,573 Mortgage loans held for sale — 19,037 847 — 19,884 Loans held for sale — 1,680 8 — 1,688 Loans — — 148 — 148 Mortgage servicing rights (residential) — — 6,355 — 6,355 Derivative assets: Interest rate contracts 20 41,402 480 — 41,902 Commodity contracts — 2,305 39 — 2,344 Equity contracts 4,341 8,967 1,425 — 14,733 Foreign exchange contracts 18 5,864 7 — 5,889 Credit contracts — 60 58 — 118 Netting — — — (41,271) (41,271) Total derivative assets 4,379 58,598 2,009 (41,271) 23,715 Equity securities – excluding securities at NAV: Marketable 16,230 238 2 — 16,470 Nonmarketable — 15 8,428 — 8,443 Total equity securities 16,230 253 8,430 — 24,913 Total assets included in the fair value hierarchy $ 55,700 336,153 19,947 (41,271) 370,529 Equity securities at NAV (3) 140 Total assets recorded at fair value 370,669 Derivative liabilities: Interest rate contracts $ (32) (30,956) (34) — (31,022) Commodity contracts — (2,407) (39) — (2,446) Equity contracts (4,339) (10,403) (1,533) — (16,275) Foreign exchange contracts (13) (5,868) (7) — (5,888) Credit contracts — (53) (12) — (65) Netting — — — 41,929 41,929 Total derivative liabilities (4,384) (49,687) (1,625) 41,929 (13,767) Short sale liabilities: Securities of U.S. Treasury and federal agencies (9,776) (138) — — (9,914) Mortgage-backed securities — (924) — — (924) Corporate debt securities (2) (4,837) — — (4,839) Equity securities (3,053) (45) — — (3,098) Other securities — (4) — — (4) Total short sale liabilities (12,831) (5,948) — — (18,779) Other liabilities — — (2) — (2) Total liabilities recorded at fair value $ (17,215) (55,635) (1,627) 41,929 (32,548) (1) Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 15 (Derivatives) for additional information. (2) Largely 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) 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 (1) Total December 31, 2019 Trading debt securities: Securities of U.S. Treasury and federal agencies $ 32,335 4,382 — — 36,717 Securities of U.S. states and political subdivisions — 2,434 — — 2,434 Collateralized loan obligations — 555 183 — 738 Corporate debt securities — 11,006 38 — 11,044 Mortgage-backed securities — 27,712 — — 27,712 Other — 1,086 2 — 1,088 Total trading debt securities 32,335 47,175 223 — 79,733 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 13,460 1,500 — — 14,960 Securities of U.S. states and political subdivisions — 39,924 413 — 40,337 Mortgage-backed securities: Federal agencies — 162,453 — — 162,453 Residential — 827 — — 827 Commercial — 3,892 42 — 3,934 Total mortgage-backed securities — 167,172 42 — 167,214 Corporate debt securities 37 6,159 367 — 6,563 Collateralized loan obligations — 29,055 — — 29,055 Other — 4,587 743 — 5,330 Total available-for-sale debt securities 13,497 248,397 1,565 (2) — 263,459 Mortgage loans held for sale — 15,408 1,198 — 16,606 Loans held for sale — 956 16 — 972 Loans — — 171 — 171 Mortgage servicing rights (residential) — — 11,517 — 11,517 Derivative assets: Interest rate contracts 26 23,792 229 — 24,047 Commodity contracts — 1,413 8 — 1,421 Equity contracts 2,946 4,135 1,455 — 8,536 Foreign exchange contracts 12 5,197 5 — 5,214 Credit contracts — 49 59 — 108 Netting — — — (25,123) (25,123) Total derivative assets 2,984 34,586 1,756 (25,123) 14,203 Equity securities – excluding securities at NAV: Marketable 33,702 216 3 — 33,921 Nonmarketable — 22 7,847 — 7,869 Total equity securities 33,702 238 7,850 — 41,790 Total assets included in the fair value hierarchy $ 82,518 346,760 24,296 (25,123) 428,451 Equity securities at NAV (3) 146 Total assets recorded at fair value 428,597 Derivative liabilities: Interest rate contracts $ (23) (19,328) (15) — (19,366) Commodity contracts — (1,746) (24) — (1,770) Equity contracts (2,011) (6,729) (1,724) — (10,464) Foreign exchange contracts (11) (6,213) (23) — (6,247) Credit contracts — (53) (30) — (83) Netting — — — 28,851 28,851 Total derivative liabilities (2,045) (34,069) (1,816) 28,851 (9,079) Short sale liabilities: Securities of U.S. Treasury and federal agencies (9,035) (31) — — (9,066) Mortgage-backed securities — (2) — — (2) Corporate debt securities — (5,915) — — (5,915) Equity securities (2,447) — — — (2,447) Other securities — — — — — Total short sale liabilities (11,482) (5,948) — — (17,430) Other liabilities — — (2) — (2) Total liabilities recorded at fair value $ (13,527) (40,017) (1,818) 28,851 (26,511) (1) Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 15 (Derivatives) for additional information. (2) A significant portion of the balance 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) 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 Level 3 Fair Value Assets and Liabilities on a Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended September 30, 2020, are presented in Table 16.3. Table 16.3: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended September 30, 2020 Total net gains Purchases, Net unrealized gains (losses) related to assets and liabilities held at period end included in (in millions) Balance, Net Other Transfers into Transfers Balance, Net income (4) Other compre-hensive income Quarter ended September 30, 2020 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — — — — — Collateralized loan obligations 128 17 — (5) — — 140 10 — Corporate debt securities 23 (1) — (10) — — 12 (3) — Mortgage-backed securities 49 1 — (3) — (36) 11 — — Other 23 — — — — (23) — — — Total trading debt securities 223 17 — (18) — (59) 163 7 (5) — Available-for-sale debt securities: Securities of U.S. states and political subdivisions 351 5 (5) (65) — — 286 — 1 Mortgage-backed securities: Residential — — — — — — — — — Commercial 61 (1) (3) — 5 (19) 43 (1) (4) Total mortgage-backed securities 61 (1) (3) — 5 (19) 43 (1) (4) Corporate debt securities 1,051 (22) 6 1 6 — 1,042 (22) 7 Collateralized loan obligations 9 — — — — (9) — — — Other 626 4 9 (20) 5 (8) 616 — 9 Total available-for-sale debt securities 2,098 (14) 7 (84) 16 (36) 1,987 (23) (6) 13 Mortgage loans held for sale 751 (7) — 44 63 (4) 847 (6) (7) — Loans held for sale 7 — — (2) 3 — 8 — (5) — Loans 152 — — (4) — — 148 (2) (7) — Mortgage servicing rights (residential)(8) 6,819 (815) — 351 — — 6,355 (217) (7) — Net derivative assets and liabilities: Interest rate contracts 523 469 — (546) — — 446 226 — Commodity contracts 1 (15) — 4 10 — — (6) — Equity contracts 20 (191) — 78 — (15) (108) (114) — Foreign exchange contracts (16) 4 — 12 — — — — — Credit contracts 50 (5) — 1 — — 46 (7) — Total derivative contracts 578 262 — (451) 10 (15) 384 99 (9) — Equity securities: Marketable — — — — 2 — 2 — — Nonmarketable 8,165 253 — — 10 — 8,428 253 — Total equity securities 8,165 253 — — 12 — 8,430 253 (10) — Short sale liabilities (3) — — 3 — — — — (5) — Other liabilities (2) — — — — — (2) — (7) — (1) See Table 16.4 for detail. (2) All assets and liabilities transferred into level 3 were previously classified within level 2. (3) All assets and liabilities transferred out of level 3 are classified as level 2. (4) 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. (5) Included in net gains from trading activities in the income statement. (6) Included in net gains from debt securities and provision for credit losses – debt securities in the income statement. (7) Included in mortgage banking and other noninterest income in the income statement. (8) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement. (10) Included in net gains (losses) from equity securities in the income statement. Table 16.5 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended September 30, 2019. Table 16.5: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended September 30, 2019 Balance, Total net gains Purchases, Net unrealized gains (losses)included in income related to assets and liabilities held at period end (in millions) Net Other Transfers Transfers Balance, (4) Quarter ended September 30, 2019 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — — — — Collateralized loan obligations 249 (11) — (4) — (2) 232 (13) Corporate debt securities 44 (2) — (4) — (5) 33 1 Mortgage-backed securities — — — — — — — — Other 14 (1) — (6) — — 7 — Total trading debt securities 307 (14) — (14) — (7) 272 (12) (5) Available-for-sale debt securities: Securities of U.S. states and political subdivisions 391 — — (38) — — 353 — Mortgage-backed securities: Residential — — — — — — — — Commercial 41 — (1) (3) — — 37 — Total mortgage-backed securities 41 — (1) (3) — — 37 — Corporate debt securities 383 6 (8) (14) — — 367 — Other 990 6 (11) (105) — (153) 727 — Total available-for-sale debt securities 1,805 12 (20) (160) — (153) 1,484 — (6) Mortgage loans held for sale 1,115 22 — (6) 121 (3) 1,249 22 (7) Loans held for sale 12 — — (12) 1 — 1 — (5) Loans 202 — — (17) — — 185 (2) (7) Mortgage servicing rights (residential) (8) 12,096 (1,558) — 534 — — 11,072 (962) (7) Net derivative assets and liabilities: Interest rate contracts 205 71 — (133) — — 143 30 Commodity contracts (29) (85) — 61 — 23 (30) (6) Equity contracts (228) (298) — 263 — 60 (203) (80) Foreign exchange contracts (10) 17 — (33) — — (26) — Credit contracts 45 (8) — 1 — — 38 (8) Total derivative contracts (17) (303) — 159 — 83 (78) (64) (9) Equity securities: Marketable — — — — — — — — Nonmarketable 7,110 13 — — 7 — 7,130 13 Total equity securities 7,110 13 — — 7 — 7,130 13 (10) Other liabilities (2) — — — — — (2) — (7) (1) See Table 16.6 for detail. (2) All assets and liabilities transferred into level 3 were previously classified within level 2. (3) All assets and liabilities transferred out of level 3 are classified as level 2, except for $153 million of asset-backed securities that were transferred to loans during third quarter 2019. (4) 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. (5) Included in net gains from trading activities in the income statement. (6) Included in net gains from debt securities in the income statement. (7) Included in mortgage banking and other noninterest income in the income statement. (8) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement. (10) Included in net gains (losses) from equity securities in the income statement. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2020, are presented in Table 16.7. Table 16.7: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Nine months ended September 30, 2020 Total net gains Purchases, Net unrealized gains (losses) (in millions) Balance, Net Other Transfers Transfers Balance, Net income (4) Other Nine months ended September 30, 2020 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — — — — — Collateralized loan obligations 183 (52) — 18 16 (25) 140 (50) — Corporate debt securities 38 (12) — (6) — (8) 12 (6) — Mortgage-backed securities — (6) — 20 52 (55) 11 (1) — Other 2 2 — (28) 47 (23) — (1) — Total trading debt securities 223 (68) — 4 115 (111) 163 (58) (5) — Available-for-sale debt securities: Securities of U.S. states and political subdivisions 413 6 (5) (109) 67 (86) 286 — 1 Mortgage-backed securities: Residential — — (3) 1 13 (11) — — — Commercial 42 — (17) (3) 160 (139) 43 (3) (6) Total mortgage-backed securities 42 — (20) (2) 173 (150) 43 (3) (6) Corporate debt securities 367 (76) 33 (45) 837 (74) 1,042 (78) 43 Collateralized loan obligations — — (9) — 68 (59) — — — Other 743 10 (67) (78) 43 (35) 616 (1) (64) Total available-for-sale debt securities 1,565 (60) (68) (234) 1,188 (404) 1,987 (82) (6) (26) Mortgage loans held for sale 1,198 (105) — 493 1,465 (2,204) 847 (32) (7) — Loans held for sale 16 (6) — (11) 10 (1) 8 (4) (5) — Loans 171 (2) — (21) — — 148 (7) (7) — Mortgage servicing rights (residential) (8) 11,517 (6,404) — 1,242 — — 6,355 (4,605) (7) — Net derivative assets and liabilities: Interest rate contracts 214 1,673 — (1,441) — — 446 335 — Commodity contracts (16) (80) — 74 22 — — 3 — Equity contracts (269) (38) — 230 (10) (21) (108) 194 — Foreign exchange contracts (18) 2 — 16 — — — 2 — Credit contracts 29 14 — 3 — — 46 13 — Total derivative contracts (60) 1,571 — (1,118) 12 (21) 384 547 (9) — Equity securities: Marketable 3 — — — 2 (3) 2 (1) — Nonmarketable 7,847 566 — — 17 (2) 8,428 562 — Total equity securities 7,850 566 — — 19 (5) 8,430 561 (10) — Short sale liabilities — — — — — — — — (5) — Other liabilities (2) — — — — — (2) — (7) — (1) See Table 16.8 for detail. (2) All assets and liabilities transferred into level 3 were previously classified within level 2. (3) All assets and liabilities transferred out of level 3 are classified as level 2. (4) 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. (5) Included in net gains from trading activities in the income statement. (6) Included in net gains from debt securities and provision for credit losses – debt securities in the income statement. (7) Included in mortgage banking and other noninterest income in the income statement. (8) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement. (10) Included in net gains (losses) from equity securities in the income statement. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for nine months ended September 30, 2019, are presented in Table 16.9. Table 16.9: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Nine months ended September 30, 2019 Balance, Total net gains Purchases, Net unrealized (in millions) Net Other Transfers Transfers Balance, (4) Nine months ended September 30, 2019 Trading debt securities: Securities of U.S. states and political subdivisions $ 3 — — (2) — (1) — — Collateralized loan obligations 237 (16) — 13 — (2) 232 (23) Corporate debt securities 34 1 — 3 1 (6) 33 3 Mortgage-backed securities — — — — — — — — Other 16 (3) — (6) — — 7 — Total trading debt securities 290 (18) — 8 1 (9) 272 (20) (5) Available-for-sale debt securities: Securities of U.S. states and political subdivisions 444 1 5 (48) — (49) 353 — Mortgage-backed securities: Residential — — — — — — — — Commercial 41 — (1) (3) — — 37 — Total mortgage-backed securities 41 — (1) (3) — — 37 — Corporate debt securities 370 7 (5) (5) — — 367 — Other 1,189 19 (22) (306) — (153) 727 — Total available-for-sale debt securities 2,044 27 (23) (362) — (202) 1,484 — (6) Mortgage loans held for sale 997 74 — (94) 281 (9) 1,249 75 (7) Loans held for sale 60 — — (4) 38 (93) 1 — (5) Loans 244 1 — (60) — — 185 (6) (7) Mortgage servicing rights (residential) (8) 14,649 (4,570) — 993 — — 11,072 (2,931) (7) Net derivative assets and liabilities: Interest rate contracts 25 495 — (377) — — 143 179 Commodity contracts 4 (211) — 152 2 23 (30) (6) Equity contracts (17) (402) — 194 7 15 (203) (205) Foreign exchange contracts (26) 27 — (27) — — (26) 2 Credit contracts 35 (3) — 6 — — 38 2 Total derivative contracts 21 (94) — (52) 9 38 (78) (28) (9) Equity securities: Marketable — — — — — — — — Nonmarketable 5,468 1,663 — (1) 12 (12) 7,130 1,664 Total equity securities 5,468 1,663 — (1) 12 (12) 7,130 1,664 (10) Other liabilities (2) — — — — — (2) — (7) (1) See Table 16.10 for detail. (2) All assets and liabilities transferred into level 3 were previously classified within level 2. (3) All assets and liabilities transferred out of level 3 are classified as level 2, except for $153 million of asset-backed securities that were transferred to loans during third quarter 2019. (4) 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. (5) Included in net gains from trading activities in the income statement. (6) Included in net gains from debt securities in the income statement. (7) Included in mortgage banking and other noninterest income in the income statement. (8) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement. (10) Included in net gains (losses) from equity securities in the income statement. |
Gross Purchases, Sales, Issuances and Settlements - Level 3 | Table 16.4 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 September 30, 2020. Table 16.4: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended September 30, 2020 (in millions) Purchases Sales Issuances Settlements Net Quarter ended September 30, 2020 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — Collateralized loan obligations 46 (51) — — (5) Corporate debt securities 4 (14) — — (10) Mortgage-backed securities 14 (17) — — (3) Other — — — — — Total trading debt securities 64 (82) — — (18) Available-for-sale debt securities: Securities of U.S. states and political subdivisions — (35) — (30) (65) Mortgage-backed securities: Residential — — — — — Commercial — — — — — Total mortgage-backed securities — — — — — Corporate debt securities 1 — — — 1 Collateralized loan obligations — — — — — Other — — — (20) (20) Total available-for-sale debt securities 1 (35) — (50) (84) Mortgage loans held for sale 46 (34) 98 (66) 44 Loans held for sale — (2) — — (2) Loans 1 — 1 (6) (4) Mortgage servicing rights (residential) (1) — — 351 — 351 Net derivative assets and liabilities: Interest rate contracts — — — (546) (546) Commodity contracts — — — 4 4 Equity contracts — — — 78 78 Foreign exchange contracts — — — 12 12 Credit contracts — 7 — (6) 1 Total derivative contracts — 7 — (458) (451) Equity securities: Marketable — — — — — Nonmarketable — — — — — Total equity securities — — — — — Short sale liabilities 3 — — — 3 Other liabilities — — — — — (1) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). Table 16.6 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 September 30, 2019. Table 16.6: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended September 30, 2019 (in millions) Purchases Sales Issuances Settlements Net Quarter ended September 30, 2019 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — Collateralized loan obligations 107 (100) — (11) (4) Corporate debt securities 3 (7) — — (4) Mortgage-backed securities — — — — — Other — — — (6) (6) Total trading debt securities 110 (107) — (17) (14) Available-for-sale debt securities: Securities of U.S. states and political subdivisions — — 12 (50) (38) Mortgage-backed securities: Residential — — — — — Commercial — — — (3) (3) Total mortgage-backed securities — — — (3) (3) Corporate debt securities 1 — — (15) (14) Other — (4) 10 (111) (105) Total available-for-sale debt securities 1 (4) 22 (179) (160) Mortgage loans held for sale 23 (45) 87 (71) (6) Loans held for sale — — — (12) (12) Loans 1 — 2 (20) (17) Mortgage servicing rights (residential) (1) — (4) 538 — 534 Net derivative assets and liabilities: Interest rate contracts — — (1) (132) (133) Commodity contracts — — — 61 61 Equity contracts — — — 263 263 Foreign exchange contracts — — — (33) (33) Credit contracts 4 (3) — — 1 Total derivative contracts 4 (3) (1) 159 159 Equity securities: Marketable — — — — — Nonmarketable — — — — — Total equity securities — — — — — Other liabilities — — — — — (1) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). Table 16.8 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 nine months ended September 30, 2020. Table 16.8: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Nine months ended September 30, 2020 (in millions) Purchases Sales Issuances Settlements Net Nine months ended September 30, 2020 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — — — Collateralized loan obligations 217 (189) — (10) 18 Corporate debt securities 36 (42) — — (6) Mortgage-backed securities 281 (257) — (4) 20 Other 6 (33) — (1) (28) Total trading debt securities 540 (521) — (15) 4 Available-for-sale debt securities: Securities of U.S. states and political subdivisions — (35) — (74) (109) Mortgage-backed securities: Residential 25 (23) — (1) 1 Commercial — — — (3) (3) Total mortgage-backed securities 25 (23) — (4) (2) Corporate debt securities 7 — — (52) (45) Collateralized loan obligations — — — — — Other — (10) — (68) (78) Total available-for-sale debt securities 32 (68) — (198) (234) Mortgage loans held for sale 101 (384) 1,003 (227) 493 Loans held for sale — (10) — (1) (11) Loans 2 — 5 (28) (21) Mortgage servicing rights (residential) (1) — (33) 1,274 1 1,242 Net derivative assets and liabilities: Interest rate contracts — — — (1,441) (1,441) Commodity contracts — — — 74 74 Equity contracts — — — 230 230 Foreign exchange contracts — — — 16 16 Credit contracts 8 3 — (8) 3 Total derivative contracts 8 3 — (1,129) (1,118) Equity securities: Marketable — — — — — Nonmarketable — — — — — Total equity securities — — — — — Short sale liabilities 3 (3) — — — Other liabilities — — — — — (1) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). Table 16.10 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 nine months ended September 30, 2019. Table 16.10: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Nine months ended September 30, 2019 (in millions) Purchases Sales Issuances Settlements Net Nine months ended September 30, 2019 Trading debt securities: Securities of U.S. states and political subdivisions $ — — — (2) (2) Collateralized loan obligations 281 (252) — (16) 13 Corporate debt securities 14 (11) — — 3 Mortgage-backed securities — — — — — Other — — — (6) (6) Total trading debt securities 295 (263) — (24) 8 Available-for-sale debt securities: Securities of U.S. states and political subdivisions — — 67 (115) (48) Mortgage-backed securities: Residential — — — — — Commercial — — — (3) (3) Total mortgage-backed securities — — — (3) (3) Corporate debt securities 12 — — (17) (5) Other — (9) 133 (430) (306) Total available-for-sale debt securities 12 (9) 200 (565) (362) Mortgage loans held for sale 69 (185) 187 (165) (94) Loans held for sale 12 (2) — (14) (4) Loans 3 — 7 (70) (60) Mortgage servicing rights (residential) (1) — (286) 1,279 — 993 Net derivative assets and liabilities: Interest rate contracts — — (1) (376) (377) Commodity contracts — — — 152 152 Equity contracts — — — 194 194 Foreign exchange contracts — — — (27) (27) Credit contracts 12 (6) — — 6 Total derivative contracts 12 (6) (1) (57) (52) Equity securities: Marketable — — — — — Nonmarketable — (1) — — (1) Total equity securities — (1) — — (1) Other liabilities — — — — — (1) For additional information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities). |
Valuation Techniques - Recurring Basis | Table 16.11 and Table 16.12 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 inherent in the 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 internal models 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. Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments. For information on how changes in significant unobservable inputs affect the fair values of Level 3 assets and liabilities, see Note 19 (Fair Values of Assets and Liabilities) in our 2019 Form 10-K. Table 16.11: Valuation Techniques – Recurring Basis – September 30, 2020 ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique(s) Significant Range of Inputs Weighted September 30, 2020 Trading and available-for-sale debt securities: Securities of U.S. states and political subdivisions $ 248 Discounted cash flow Discount rate 0.4 - 4.5 % 1.2 38 Vendor priced Collateralized loan obligations 140 Market comparable pricing Comparability adjustment (37.7) - 2.0 (7.6) Corporate debt securities 859 Discounted cash flow Discount rate 3.4 - 14.8 4.0 66 Market comparable pricing Comparability adjustment (34.5) - 8.3 (23.4) 129 Vendor priced Mortgage-backed securities 11 Market comparable pricing Comparability adjustment (17.1) - (13.5) (15.2) 43 Vendor priced Other debt securities 52 Discounted cash flow Discount rate 1.0 - 2.7 2.4 564 Vendor priced Mortgage loans held for sale (residential) 832 Discounted cash flow Default rate 0.0 - 31.7 1.3 Discount rate 1.6 - 6.1 5.1 Loss severity 0.0 - 30.1 20.6 Prepayment rate 8.5 - 23.5 15.7 15 Market comparable pricing Comparability adjustment (50.0) - (14.3) (37.3) Loans (1) 148 Discounted cash flow Discount rate 3.9 - 5.7 4.3 Default rate 0.0 31.6 0.6 Prepayment rate 8.4 - 100.0 84.7 Loss severity 0.0 - 44.9 15.8 Mortgage servicing rights (residential) 6,355 Discounted cash flow Cost to service per loan (2) $ 64 - 907 138 Discount rate 4.8 - 8.6 % 5.8 Prepayment rate (3) 12.7 - 24.1 19.7 Net derivative assets and (liabilities): Interest rate contracts 195 Discounted cash flow Default rate 0.0 - 6.0 1.6 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 22.0 18.1 (3) Market comparable pricing Comparability adjustment (33.3) (31.3) (32.2) Interest rate contracts: derivative loan commitments 254 Discounted cash flow Fall-out factor 1.0 - 99.0 25.3 Initial-value servicing (52.8) - 156.0 bps 58.5 Equity contracts 177 Discounted cash flow Conversion factor (8.8) - 0.0 % (7.8) Weighted average life 0.3 - 2.3 yrs 1.2 (285) Option model Correlation factor (77.0) - 99.0 % 38.8 Volatility factor 6.5 - 101.3 17.9 Credit contracts 35 Market comparable pricing Comparability adjustment (99.0) - 132.0 (7.2) 11 Option model Credit spread 0.0 - 9.3 1.3 Loss severity 12.0 - 60.0 45.5 Nonmarketable equity securities 8,428 Market comparable pricing Comparability adjustment 3.6 - 21.1 13.9 Insignificant Level 3 assets, net of liabilities 8 Total level 3 assets, net of liabilities $ 18,320 (4) (1) Consists of reverse mortgage loans. (2) The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $64 to $248 per loan. (3) 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. (4) Consists of total Level 3 assets of $19.9 billion and total Level 3 liabilities of $1.6 billion, before netting of derivative balances. Table 16.12: Valuation Techniques – Recurring Basis – December 31, 2019 ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique(s) Significant Range of Inputs Weighted December 31, 2019 Trading and available-for-sale debt securities: Securities of U.S. states and political subdivisions $ 379 Discounted cash flow Discount rate 1.3 - 5.4 % 2.4 34 Vendor priced Collateralized loan obligations 183 Market comparable pricing Comparability adjustment (15.0) - 19.2 1.3 Corporate debt securities 220 Discounted cash flow Discount rate 3.2 14.9 9.2 60 Market comparable pricing Comparability adjustment (19.7) 14.0 (4.4) 125 Vendor priced Other debt securities 92 Discounted cash flow Discount rate 2.3 - 3.1 2.8 651 Vendor priced Mortgage loans held for sale (residential) 1,183 Discounted cash flow Default rate 0.0 - 15.5 0.7 Discount rate 3.0 - 5.6 4.5 Loss severity 0.0 - 43.5 21.7 Prepayment rate 5.7 - 15.4 7.8 15 Market comparable pricing Comparability adjustment (56.3) - (6.3) (40.3) Loans (1) 171 Discounted cash flow Discount rate 3.9 - 4.3 4.1 Prepayment rate 6.0 - 100.0 85.6 Loss severity 0.0 - 36.5 14.1 Mortgage servicing rights (residential) 11,517 Discounted cash flow Cost to service per loan (2) $ 61 - 495 102 Discount rate 6.0 - 13.6 % 7.2 Prepayment rate (3) 9.6 - 24.4 11.9 Net derivative assets and (liabilities): Interest rate contracts 146 Discounted cash flow Default rate 0.0 - 5.0 1.7 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 25.0 15.0 Interest rate contracts: derivative loan commitments 68 Discounted cash flow Fall-out factor 1.0 - 99.0 16.7 Initial-value servicing (32.2) - 149.0 bps 36.4 Equity contracts 147 Discounted cash flow Conversion factor (8.8) - 0.0 % (7.7) Weighted average life 0.5 - 3.0 yrs 1.5 (416) Option model Correlation factor (77.0) - 99.0 % 23.8 Volatility factor 6.8 - 100.0 18.7 Credit contracts 2 Market comparable pricing Comparability adjustment (56.1) - 10.8 (16.0) 27 Option model Credit spread 0.0 - 17.8 0.8 Loss severity 12.0 - 60.0 45.6 Nonmarketable equity securities 7,847 Market comparable pricing Comparability adjustment (20.2) - (4.2) (14.6) Insignificant Level 3 assets, net of liabilities 27 Total level 3 assets, net of liabilities $ 22,478 (4) (1) Consists of reverse mortgage loans. (2) The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $61 to $231 per loan. (3) 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. (4) Consists of total Level 3 assets of $24.3 billion and total Level 3 liabilities of $1.8 billion, before netting of derivative balances. |
Fair Value on a Nonrecurring Basis | Table 16.13 provides the fair value hierarchy and fair value at the date of the nonrecurring fair value adjustment for all assets that were still held as of September 30, 2020, and December 31, 2019, and for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2020, and year ended December 31, 2019. Table 16.13: Fair Value on a Nonrecurring Basis September 30, 2020 December 31, 2019 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgage loans held for sale (1) $ — 864 1,825 2,689 — 2,034 3,803 5,837 Loans held for sale — 9 — 9 — 5 — 5 Loans: Commercial — 1,065 — 1,065 — 280 — 280 Consumer — 289 — 289 — 213 1 214 Total loans — 1,354 — 1,354 — 493 1 494 Mortgage servicing rights (commercial) — — 534 534 — — — — Nonmarketable equity securities — 1,805 998 2,803 — 1,308 173 1,481 Other assets — 1,098 417 1,515 — 359 27 386 Total assets at fair value on a nonrecurring basis $ — 5,130 3,774 8,904 — 4,199 4,004 8,203 (1) Consists of commercial mortgages and residential real estate 1-4 family first mortgage loans. |
Changes in Value of Assets with Nonrecurring Fair Value Adjustment | Table 16.14 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 16.14: Change in Value of Assets with Nonrecurring Fair Value Adjustment Nine months ended September 30, (in millions) 2020 2019 Mortgage loans held for sale $ (72) 14 Loans held for sale (5) (2) Loans: Commercial (594) (181) Consumer (192) (168) Total loans (786) (349) Mortgage servicing rights (commercial) (37) — Nonmarketable equity securities 102 379 Other assets (468) (29) Total $ (1,266) 13 |
Valuation Techniques - Nonrecurring Basis | Table 16.15 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets that are measured at fair value on a nonrecurring basis primarily using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods presented. Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans, and carrying value prior to the nonrecurring fair value measurement for nonmarketable equity securities. We have excluded from the table valuation techniques and significant unobservable inputs for certain classes of Level 3 assets 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 16.15: Valuation Techniques – Nonrecurring Basis ($ in millions) Fair Value Valuation Technique(s) (1) Significant Range of Inputs Weighted September 30, 2020 Residential mortgage loans held for sale $ 1,825 (2) Discounted cash flow Default rate (3) 0.8 — 68.5 % 26.8 Discount rate 0.6 — 8.5 3.9 Loss severity 0.8 — 65.1 8.1 Prepayment rate (4) 4.1 — 100.0 43.3 Mortgage servicing rights (commercial) 534 Discounted cash flow Cost to service per loan $ 150 — 3,377 2,774 Discount rate 2.1 — 2.1 % 2.1 Prepayment rate 0.0 — 20.0 5.0 Nonmarketable equity securities (5) 874 Market comparable pricing Multiples 0.1x — 10.9x 4.9x 357 Market comparable pricing Comparability adjustment (100.0) — (47.0) % (51.4) 77 Other Company risk factor (100.0) — (20.0) (52.0) 104 Discounted cash flow Discount rate 10.0 — 20.0 11.1 Company risk factor (72.0) — 0.0 (33.6) Crude oil prices ($/barrel) $ 42 — 48 47 Natural gas prices ($/MMBtu) 2 — 2 2 Insignificant level 3 assets 3 Total $ 3,774 December 31, 2019 Residential mortgage loans held for sale $ 3,803 (2) Discounted cash flow Default rate (3) 0.3 — 48.3 % 4.6 Discount rate 1.5 — 9.4 4.3 Loss severity 0.4 — 100.0 23.4 Prepayment rate (4) 4.8 — 100.0 23.2 Insignificant level 3 assets 201 Total $ 4,004 (1) Refer to Note 19 (Fair Value of Assets and Liabilities) in our 2019 Form 10-K for a definition of the valuation technique(s) and significant unobservable inputs used in the valuation of residential mortgage loans held for sale, mortgage servicing rights, and certain nonmarketable equity securities. (2) Consists of approximately $1.4 billion and $1.3 billion of government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitizations at September 30, 2020 and December 31, 2019, and approximately $400 million and $2.5 billion, respectively, of other mortgage loans that are not government insured/guaranteed. (3) Applies only to non-government insured/guaranteed loans. (4) 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. (5) Includes $417 million of private equity and venture capital investments in consolidated portfolio companies classified in other assets on the balance sheet. |
Fair Value Option | Table 16.16 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 16.16: Fair Value Option September 30, 2020 December 31, 2019 (in millions) Fair value Aggregate Fair value Fair value Aggregate Fair value Mortgage loans held for sale: Total loans $ 19,884 19,131 753 16,606 16,279 327 Nonaccrual loans 158 190 (32) 133 157 (24) Loans 90 days or more past due and still accruing 21 24 (3) 8 10 (2) Loans held for sale: Total loans 1,688 1,777 (89) 972 1,020 (48) Nonaccrual loans 5 39 (34) 21 29 (8) Loans: Total loans 148 180 (32) 171 201 (30) Nonaccrual loans 116 148 (32) 129 159 (30) |
Fair Value Option - Changes in Fair Value Included in Earnings | 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 16.17 by income statement line item. Amounts recorded as interest income are excluded from Table 16.17. Table 16.17: Fair Value Option – Changes in Fair Value Included in Earnings 2020 2019 (in millions) Mortgage banking noninterest income Net gains Other Mortgage Net gains (losses) Other Quarter ended September 30, Mortgage loans held for sale $ 847 — — 256 — — Loans held for sale — 15 — — 5 1 Loans — — — — — — Nine months ended September 30, Mortgage loans held for sale $ 1,944 — — 849 — — Loans held for sale — 26 — — 15 2 Loans — — (2) — — 1 |
Fair Value Option - Gains/Losses Attributable to Instrument-Specific Credit Risk | Table 16.18 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 16.18: Fair Value Option – Gains/Losses Attributable to Instrument-Specific Credit Risk Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Gains (losses) attributable to instrument-specific credit risk: Mortgage loans held for sale $ 11 (13) $ (206) (1) Loans held for sale 13 5 27 16 Total $ 24 (8) $ (179) 15 |
Fair Value, Estimates for Financial Instruments | Table 16.19 presents a summary of fair value estimates for financial instruments that are not carried at fair value on a recurring basis. Some financial instruments are excluded from scope of this table, such as certain insurance contracts and leases. This table also excludes assets and liabilities that are not financial instruments such as the value of the long-term relationships with our deposit, credit card and trust customers, MSRs, premises and equipment, goodwill and deferred taxes. Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in Table 16.19. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the allowance for unfunded credit commitments, which totaled $1.2 billion and $1.0 billion at September 30, 2020 and December 31, 2019, respectively. 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 16.19: Fair Value Estimates for Financial Instruments Estimated fair value (in millions) Carrying amount Level 1 Level 2 Level 3 Total September 30, 2020 Financial assets Cash and due from banks (1) $ 25,535 25,535 — — 25,535 Interest-earning deposits with banks (1) 221,235 221,026 209 — 221,235 Federal funds sold and securities purchased under resale agreements (1) 69,304 — 69,304 — 69,304 Held-to-maturity debt securities, net 182,595 50,287 138,210 937 189,434 Mortgage loans held for sale 3,423 — 1,256 2,344 3,600 Loans held for sale 9 — 9 — 9 Loans, net (2) 884,183 — 56,045 843,935 899,980 Nonmarketable equity securities (cost method) 3,585 — — 3,629 3,629 Total financial assets $ 1,389,869 296,848 265,033 850,845 1,412,726 Financial liabilities Deposits (3) $ 67,625 — 45,069 23,297 68,366 Short-term borrowings 55,224 — 55,224 — 55,224 Long-term debt (4) 215,682 — 216,885 1,422 218,307 Total financial liabilities $ 338,531 — 317,178 24,719 341,897 December 31, 2019 Financial assets Cash and due from banks (1) $ 21,757 21,757 — — 21,757 Interest-earning deposits with banks (1) 119,493 119,257 236 — 119,493 Federal funds sold and securities purchased under resale agreements (1) 102,140 — 102,140 — 102,140 Held-to-maturity debt securities 153,933 46,138 109,933 789 156,860 Mortgage loans held for sale 6,736 — 2,939 4,721 7,660 Loans held for sale 5 — 5 — 5 Loans, net (2) 933,042 — 54,125 891,714 945,839 Nonmarketable equity securities (cost method) 4,790 — — 4,823 4,823 Total financial assets $ 1,341,896 187,152 269,378 902,047 1,358,577 Financial liabilities Deposits (3) $ 118,849 — 87,279 31,858 119,137 Short-term borrowings 104,512 — 104,513 — 104,513 Long-term debt (4) 228,159 — 231,332 1,720 233,052 Total financial liabilities $ 451,520 — 423,124 33,578 456,702 (1) Amounts consist of financial instruments for which carrying value approximates fair value. (2) Excludes lease financing with a carrying amount of $16.3 billion and $19.5 billion at September 30, 2020 and December 31, 2019, respectively. (3) Excludes deposit liabilities with no defined or contractual maturity of $1.3 trillion and $1.2 trillion at September 30, 2020 and December 31, 2019, respectively. (4) Excludes capital lease obligations under capital leases of $29 million and $32 million at September 30, 2020 and December 31, 2019, respectively. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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. All classes of preferred stock, except the Dividend Equalization Preferred Shares and the ESOP Cumulative Convertible Preferred Stock, qualify as Tier 1 capital. In October 2020, we issued $1.2 billion of our Non-Cumulative Perpetual Class A Preferred Stock, Series AA. Table 17.1: Preferred Stock Shares September 30, 2020 December 31, 2019 Liquidation Shares Liquidation Shares DEP Shares Dividend Equalization Preferred Shares (DEP) $ 10 97,000 $ 10 97,000 Series I Floating Class A Preferred Stock (1) 100,000 25,010 100,000 25,010 Series K Floating Non-Cumulative Perpetual Class A Preferred Stock (2) — — 1,000 3,500,000 Series L 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock (3) 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 (4) 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 Series Z 4.750% Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,500 — — ESOP Cumulative Convertible Preferred Stock (5) — 822,242 — 1,071,418 Total 5,583,052 9,251,728 (1) Preferred Stock, Series I, relates to trust preferred securities. See Note 10 (Securitizations and Variable Interest Entities) for additional information. This issuance has a floating interest rate that is the greater of three-month London Interbank Offered Rate (LIBOR) plus 0.93% and 5.56975%. (2) Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed. (3) Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. (4) In first quarter 2020, $669 million of Preferred Stock, Series T, was redeemed. (5) See the ESOP Cumulative Convertible Preferred Stock section in this Note for additional information about the liquidation preference. Table 17.2: Preferred Stock – Shares Issued and Carrying Value September 30, 2020 December 31, 2019 (in millions, except shares) Shares Liquidation preference Carrying Discount Shares Liquidation preference Carrying 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 K (2) Floating Non-Cumulative Perpetual Class A Preferred Stock — — — — 1,802,000 1,802 1,546 256 Series L (3) 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock 3,967,995 3,968 3,200 768 3,967,995 3,968 3,200 768 Series N 5.20% Non-Cumulative Perpetual Class A Preferred Stock 30,000 750 750 — 30,000 750 750 — Series O 5.125% Non-Cumulative Perpetual Class A Preferred Stock 26,000 650 650 — 26,000 650 650 — Series P 5.25% Non-Cumulative Perpetual Class A Preferred Stock 25,000 625 625 — 25,000 625 625 — Series Q 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 6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 33,600 840 840 — 33,600 840 840 — Series S 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 (4) 6.00% Non-Cumulative Perpetual Class A Preferred Stock 5,280 131 131 — 32,000 800 800 — Series U 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 6.00% Non-Cumulative Perpetual Class A Preferred Stock 40,000 1,000 1,000 — 40,000 1,000 1,000 — Series W 5.70% Non-Cumulative Perpetual Class A Preferred Stock 40,000 1,000 1,000 — 40,000 1,000 1,000 — Series X 5.50% Non-Cumulative Perpetual Class A Preferred Stock 46,000 1,150 1,150 — 46,000 1,150 1,150 — Series Y 5.625% Non-Cumulative Perpetual Class A Preferred Stock 27,600 690 690 — 27,600 690 690 — Series Z 4.750% Non-Cumulative Perpetual Class A Preferred Stock 80,500 2,013 2,013 — — — — — ESOP Cumulative Convertible Preferred Stock 822,242 823 823 — 1,071,418 1,072 1,072 — Total 5,494,773 $ 21,866 21,098 768 7,492,169 $ 22,573 21,549 1,024 (1) Floating rate for Preferred Stock, Series I, is the greater of three-month LIBOR plus 0.93% and 5.56975%. (2) Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed. (3) Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. (4) In first quarter 2020, $669 million of Preferred Stock, Series T, was redeemed. |
ESOP Preferred Stock | Table 17.3: ESOP Preferred Stock Shares issued and outstanding Carrying value Adjustable dividend rate (in millions, except shares) Sep 30, Dec 31, Sep 30, Dec 31, Minimum Maximum ESOP Preferred Stock $1,000 liquidation preference per share 2018 221,945 254,945 222 255 7.00 % 8.00 % 2017 163,210 192,210 163 192 7.00 8.00 2016 162,450 197,450 163 198 9.30 10.30 2015 92,904 116,784 93 117 8.90 9.90 2014 99,151 136,151 99 136 8.70 9.70 2013 61,948 97,948 62 98 8.50 9.50 2012 20,634 49,134 21 49 10.00 11.00 2011 — 26,796 — 27 9.00 10.00 Total ESOP Preferred Stock (1) 822,242 1,071,418 $ 823 1,072 Unearned ESOP shares (2) $ (875) (1,143) (1) At September 30, 2020, and December 31, 2019, additional paid-in capital included $52 million and $71 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 C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue by Operating Segment | Table 18.1 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, substantially all 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 reporting process, see Note 22 (Operating Segments). Table 18.1: Revenue by Operating Segment Quarter ended September 30, Community Wholesale Wealth and Other Consolidated (in millions) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Net interest income (1) $ 5,587 6,769 3,481 4,382 771 989 (471) (515) 9,368 11,625 Noninterest income (2) Deposit-related fees 723 952 574 527 7 6 (5) (5) 1,299 1,480 Trust and investment fees: Brokerage advisory, commissions and other fees: Asset-based revenue (3) 386 381 — — 1,768 1,741 (386) (382) 1,768 1,740 Transactional revenue 86 105 4 (8) 357 376 (86) (92) 361 381 Other revenue 17 18 66 70 140 155 (16) (18) 207 225 Total brokerage advisory, commissions and other fees 489 504 70 62 2,265 2,272 (488) (492) 2,336 2,346 Trust and investment management: Investment management fees — — — — 506 510 — — 506 510 Trust fees 188 203 85 85 99 106 (201) (210) 171 184 Other revenue — — 55 36 5 (1) — — 60 35 Total trust and investment management 188 203 140 121 610 615 (201) (210) 737 729 Investment banking — (26) 440 510 4 — (3) — 441 484 Total trust and investment fees 677 681 650 693 2,879 2,887 (692) (702) 3,514 3,559 Card fees: Card interchange and network revenues (4) 733 750 55 90 1 2 — (1) 789 841 Other card fees (1) 123 186 — — — — — — 123 186 Total card fees 856 936 55 90 1 2 — (1) 912 1,027 Lending-related fees (1) 42 60 310 314 2 2 (2) (2) 352 374 Mortgage banking (1) 1,542 339 49 128 (3) (3) 2 2 1,590 466 Net gains (losses) from trading activities (1) (11) 19 363 247 9 10 — — 361 276 Net gains (losses) on debt securities (1) 240 (1) 24 4 — — — — 264 3 Net gains (losses) from equity securities (1) 587 822 59 135 3 (1) — — 649 956 Lease income (1) — — 333 402 — — — — 333 402 Other (1) 479 662 (304) 20 125 1,249 (80) (89) 220 1,842 Total noninterest income 5,135 4,470 2,113 2,560 3,023 4,152 (777) (797) 9,494 10,385 Total revenue $ 10,722 11,239 5,594 6,942 3,794 5,141 (1,248) (1,312) 18,862 22,010 (continued on following page) (continued from previous page) Nine months ended September 30, Community Wholesale Wealth and Other Consolidated (in millions) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Net interest income (1) $ 18,073 21,083 11,508 13,451 2,374 3,127 (1,395) (1,630) 30,560 36,031 Noninterest income (2) Deposit-related fees 2,207 2,675 1,676 1,610 20 18 (15) (14) 3,888 4,289 Trust and investment fees: Brokerage advisory, commissions and other fees: Asset-based revenue (3) 1,126 1,093 — — 5,141 5,019 (1,127) (1,094) 5,140 5,018 Transactional revenue 266 288 9 18 1,132 1,153 (272) (288) 1,135 1,171 Other revenue 48 52 230 196 428 472 (46) (52) 660 668 Total brokerage advisory, commissions and other fees 1,440 1,433 239 214 6,701 6,644 (1,445) (1,434) 6,935 6,857 Trust and investment management: Investment management fees — — — — 1,469 1,488 — — 1,469 1,488 Trust fees 557 612 255 250 302 449 (592) (632) 522 679 Other revenue (1) — 146 102 (11) 41 — — 134 143 Total trust and investment management 556 612 401 352 1,760 1,978 (592) (632) 2,125 2,310 Investment banking (166) (64) 1,544 1,397 6 4 (5) (4) 1,379 1,333 Total trust and investment fees 1,830 1,981 2,184 1,963 8,467 8,626 (2,042) (2,070) 10,439 10,500 Card fees: Card interchange and network revenues (4) 2,013 2,201 203 271 3 5 (2) (3) 2,217 2,474 Other card fees (1) 384 522 — — — — — — 384 522 Total card fees 2,397 2,723 203 271 3 5 (2) (3) 2,601 2,996 Lending-related fees (1) 128 191 897 925 6 6 (6) (6) 1,025 1,116 Mortgage banking (1) 2,135 1,635 154 300 (9) (9) 6 6 2,286 1,932 Net gains (losses) from trading activities (1) 24 13 1,198 806 8 42 2 1 1,232 862 Net gains (losses) on debt securities (1) 557 51 156 97 — — — — 713 148 Net gains (losses) from equity securities (1) (53) 1,894 (52) 328 (114) 170 — — (219) 2,392 Lease income (1) — — 1,021 1,270 — — — — 1,021 1,270 Other (1) 1,686 2,548 (971) 97 414 1,285 (260) (263) 869 3,667 Total noninterest income 10,911 13,711 6,466 7,667 8,795 10,143 (2,317) (2,349) 23,855 29,172 Total revenue $ 28,984 34,794 17,974 21,118 11,169 13,270 (3,712) (3,979) 54,415 65,203 (1) These revenues are related to financial assets and liabilities, including loans, leases, securities and derivatives, with additional details included in other footnotes to our financial statements. (2) In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. (3) We earned trailing commissions of $284 million and $816 million for the third quarter and first nine months of 2020, respectively, and $289 million and $858 million for the third quarter and first nine months of 2019, respectively. (4) The cost of credit card rewards and rebates of $318 million and $969 million for the third quarter and first nine months of 2020, respectively, and $383 million and $1.1 billion for the third quarter and first nine months of 2019, respectively, are presented net against the related revenues. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | Table 19.1 presents the components of net periodic benefit cost. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on the consolidated statement of income. Table 19.1: Net Periodic Benefit Cost 2020 2019 Pension benefits Pension benefits (in millions) Qualified Non-qualified Other Qualified Non-qualified Other Quarter ended September 30, Service cost $ 4 — — 3 — — Interest cost 77 5 4 105 5 6 Expected return on plan assets (148) — (5) (142) — (7) Amortization of net actuarial loss (gain) 43 3 (5) 37 3 (5) Amortization of prior service credit — — (2) — — (2) Settlement loss 29 — — — — — Net periodic benefit cost $ 5 8 (8) 3 8 (8) Nine months ended September 30, Service cost $ 11 — — 9 — — Interest cost 249 13 12 314 16 17 Expected return on plan assets (445) — (16) (426) — (21) Amortization of net actuarial loss (gain) 114 10 (14) 111 8 (13) Amortization of prior service credit — — (7) — — (7) Settlement loss 99 3 — — 2 — Net periodic benefit cost $ 28 26 (25) 8 26 (24) |
Earnings and Dividends Per Co_2
Earnings and Dividends Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share Calculations | Table 20.1: Earnings Per Common Share Calculations Quarter ended September 30, Nine months ended September 30, (in millions, except per share amounts) 2020 2019 2020 2019 Wells Fargo net income $ 2,035 4,610 $ 309 16,676 Less: Preferred stock dividends and other (1) 315 573 1,241 1,284 Wells Fargo net income (loss) applicable to common stock (numerator) $ 1,720 4,037 $ (932) 15,392 Earnings (loss) per common share Average common shares outstanding (denominator) 4,123.8 4,358.5 4,111.4 4,459.1 Per share $ 0.42 0.93 $ (0.23) 3.45 Diluted earnings (loss) per common share Average common shares outstanding 4,123.8 4,358.5 4,111.4 4,459.1 Add: Stock options (2)(3) — 0.1 — 1.0 Restricted share rights (2)(3) 8.4 31.0 — 29.4 Diluted average common shares outstanding (denominator) (3) 4,132.2 4,389.6 4,111.4 4,489.5 Per share $ 0.42 0.92 $ (0.23) 3.43 (1) The nine months ended September 30, 2020, balance includes $272 million, and the quarter and nine months ended September 30, 2019, balance includes $220 million from the elimination of discounts or issuance costs associated with redemptions of preferred stock. (2) Calculated using the treasury stock method. (3) For the nine months ended September 30, 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect. Weighted average restricted share rights outstanding were 53.4 million for the nine months ended September 30, 2020. |
Outstanding Anti-Dilutive Securities | Table 20.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share. Table 20.2: Outstanding Anti-Dilutive Securities Weighted average shares Quarter ended September 30, Nine months ended September 30, (in millions) 2020 2019 2020 2019 Convertible Preferred Stock, Series L (1) 25.3 25.3 25.3 25.3 Restricted share rights (2) 17.7 — 1.3 — (1) Calculated using the if-converted method. (2) Calculated using the treasury stock method. |
Dividends Declared Per Common Share | Table 20.3 presents dividends declared per common share. Table 20.3: Dividends Declared Per Common Share Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Per common share $ 0.10 0.51 $ 1.12 1.41 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Cumulative Other Comprehensive Income Balances [Abstract] | |
Summary of Other Comprehensive Income | Table 21.1 provides the components of OCI, reclassifications to net income by income statement line item, and the related tax effects. Table 21.1: Summary of Other Comprehensive Income Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in millions) Before Tax Net of Before Tax Net of Before Tax Net of Before Tax Net of Debt securities: Net unrealized gains arising during the period $ 96 (18) 78 652 (159) 493 1,582 (391) 1,191 5,192 (1,276) 3,916 Reclassification of net (gains) losses to net income: Interest income on debt securities (1) 167 (41) 126 77 (19) 58 356 (88) 268 183 (45) 138 Net gains on debt securities (264) 63 (201) (3) — (3) (713) 174 (539) (148) 36 (112) Other noninterest income 2 — 2 2 (1) 1 — — — (1) — (1) Subtotal reclassifications to net income (95) 22 (73) 76 (20) 56 (357) 86 (271) 34 (9) 25 Net change 1 4 5 728 (179) 549 1,225 (305) 920 5,226 (1,285) 3,941 Derivative and hedging activities: Fair Value Hedges: Change in fair value of excluded components on fair value hedges (2) (82) 20 (62) 28 (7) 21 5 (2) 3 58 (14) 44 Cash Flow Hedges: Net unrealized gains (losses) arising during the period on cash flow hedges 12 (3) 9 (18) 4 (14) (3) 1 (2) (26) 6 (20) Reclassification of net (gains) losses to net income on cash flow hedges: Interest income on loans 53 (14) 39 73 (19) 54 162 (40) 122 228 (57) 171 Interest expense on long-term debt (1) 1 — 2 — 2 3 — 3 5 (1) 4 Subtotal reclassifications to net income 52 (13) 39 75 (19) 56 165 (40) 125 233 (58) 175 Net change (18) 4 (14) 85 (22) 63 167 (41) 126 265 (66) 199 Defined benefit plans adjustments: Net actuarial and prior service losses arising during the period (89) 22 (67) — — — (760) 188 (572) (4) 1 (3) Reclassification of amounts to non interest expense (3): Amortization of net actuarial loss 41 (10) 31 35 (9) 26 110 (27) 83 106 (26) 80 Settlements and other 27 (6) 21 (2) 1 (1) 95 (22) 73 (5) 3 (2) Subtotal reclassifications to non interest expense 68 (16) 52 33 (8) 25 205 (49) 156 101 (23) 78 Net change (21) 6 (15) 33 (8) 25 (555) 139 (416) 97 (22) 75 Foreign currency translation adjustments: Net unrealized gains (losses) arising during the period 74 (1) 73 (53) 1 (52) (70) 1 (69) 3 (2) 1 Net change 74 (1) 73 (53) 1 (52) (70) 1 (69) 3 (2) 1 Other comprehensive income $ 36 13 49 793 (208) 585 767 (206) 561 5,591 (1,375) 4,216 Less: Other comprehensive income from noncontrolling interests, net of tax 1 — — — Wells Fargo other comprehensive income, net of tax $ 48 585 561 4,216 (1) 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. (2) 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. (3) These items are included in the computation of net periodic benefit cost (see Note 19 (Employee Benefits and Other Expenses) for additional information). |
Cumulative OCI Balances | Table 21.2: Cumulative OCI Balances (in millions) Debt Fair value hedges (1) Cash flow hedges (2) Defined Foreign Cumulative Quarter ended September 30, 2020 Balance, beginning of period $ 2,467 (115) (223) (2,624) (303) (798) Net unrealized gains (losses) arising during the period 78 (62) 9 (67) 73 31 Amounts reclassified from accumulated other comprehensive income (73) — 39 52 — 18 Net change 5 (62) 48 (15) 73 49 Less: Other comprehensive income from noncontrolling interests — — — — 1 1 Balance, end of period $ 2,472 (177) (175) (2,639) (231) (750) Quarter ended September 30, 2019 Balance, beginning of period 751 (155) (394) (2,246) (180) (2,224) Net unrealized gains (losses) arising during the period 493 21 (14) — (52) 448 Amounts reclassified from accumulated other comprehensive income 56 — 56 25 — 137 Net change 549 21 42 25 (52) 585 Balance, end of period $ 1,300 (134) (352) (2,221) (232) (1,639) Nine months ended September 30, 2020 Balance, beginning of period $ 1,552 (180) (298) (2,223) (162) (1,311) Net unrealized gains (losses) arising during the period 1,191 3 (2) (572) (69) 551 Amounts reclassified from accumulated other comprehensive income (271) — 125 156 — 10 Net change 920 3 123 (416) (69) 561 Less: Other comprehensive loss from noncontrolling interests — — — — — — Balance, end of period $ 2,472 (177) (175) (2,639) (231) (750) Nine months ended September 30, 2019 Balance, beginning of period $ (3,122) (178) (507) (2,296) (233) (6,336) Transition adjustment (3) 481 — — — — 481 Balance, January 1, 2019 (2,641) (178) (507) (2,296) (233) (5,855) Net unrealized gains (losses) arising during the period 3,916 44 (20) (3) 1 3,938 Amounts reclassified from accumulated other comprehensive income 25 — 175 78 — 278 Net change 3,941 44 155 75 1 4,216 Balance, end of period $ 1,300 (134) (352) (2,221) (232) (1,639) (1) Substantially all of the beginning and end of period amounts for fair value hedges are foreign exchange contracts. (2) Substantially all of the beginning and end of period amounts for cash flow hedges are interest rate contracts. (3) The transition adjustment relates to the adoption of ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . For additional information see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K. |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Operating Segments | Table 22.1 presents our results by operating segment. Table 22.1: Operating Segments (income/expense in millions, average balances in billions) Community Wholesale Wealth and Other (1) Consolidated 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Quarter ended September 30, Net interest income (2) $ 5,587 6,769 3,481 4,382 771 989 (471) (515) 9,368 11,625 Provision (reversal of provision) for credit losses 556 608 219 92 (9) 3 3 (8) 769 695 Noninterest income 5,135 4,470 2,113 2,560 3,023 4,152 (777) (797) 9,494 10,385 Noninterest expense 8,947 8,766 4,013 3,889 3,184 3,431 (915) (887) 15,229 15,199 Income (loss) before income tax expense (benefit) 1,219 1,865 1,362 2,961 619 1,707 (336) (417) 2,864 6,116 Income tax expense (benefit) (3) 703 667 (127) 315 153 426 (84) (104) 645 1,304 Net income (loss) before noncontrolling interests 516 1,198 1,489 2,646 466 1,281 (252) (313) 2,219 4,812 Less: Net income (loss) from noncontrolling interests 180 199 1 2 3 1 — — 184 202 Net income (loss) $ 336 999 1,488 2,644 463 1,280 (252) (313) 2,035 4,610 Average loans $ 457.6 459.0 455.1 474.3 79.8 75.9 (60.8) (59.4) 931.7 949.8 Average assets 1,119.8 1,033.9 801.4 869.2 88.2 84.7 (61.7) (60.4) 1,947.7 1,927.4 Average deposits 881.7 789.7 418.8 422.0 175.3 142.4 (76.8) (62.7) 1,399.0 1,291.4 Nine months ended September 30, Net interest income (2) $ 18,073 21,083 11,508 13,451 2,374 3,127 (1,395) (1,630) 30,560 36,031 Provision (reversal of provision) for credit losses 5,652 1,797 8,535 254 256 6 (135) (14) 14,308 2,043 Noninterest income 10,911 13,711 6,466 7,667 8,795 10,143 (2,317) (2,349) 23,855 29,172 Noninterest expense 24,409 23,667 11,739 11,609 9,440 9,980 (2,760) (2,692) 42,828 42,564 Income (loss) before income tax expense (benefit) (1,077) 9,330 (2,300) 9,255 1,473 3,284 (817) (1,273) (2,721) 20,596 Income tax expense (benefit) (3) (1,319) 1,929 (1,959) 1,049 369 819 (204) (318) (3,113) 3,479 Net income (loss) before noncontrolling interests 242 7,401 (341) 8,206 1,104 2,465 (613) (955) 392 17,117 Less: Net income (loss) from noncontrolling interests 82 432 3 3 (2) 6 — — 83 441 Net income (loss) $ 160 6,969 (344) 8,203 1,106 2,459 (613) (955) 309 16,676 Average loans $ 456.5 458.3 481.2 474.9 79.0 75.1 (60.8) (59.2) 955.9 949.1 Average assets 1,073.1 1,024.8 849.7 855.4 88.0 83.9 (61.7) (60.2) 1,949.1 1,903.9 Average deposits 843.0 777.7 438.8 414.1 166.2 146.3 (73.4) (63.9) 1,374.6 1,274.2 (1) Includes the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for WIM 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) Income tax expense (benefit) for our Wholesale Banking operating segment included income tax credits related to low income housing and renewable energy investments of $469 million and $1.4 billion for the third quarter and first nine months of 2020, respectively, and $422 million and $1.3 billion for the third quarter and first nine months of 2019, respectively. |
Regulatory and Agency Capital_2
Regulatory and Agency Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory And Agency Capital Requirements [Abstract] | |
Regulatory Capital Information | Table 23.1 presents regulatory capital information for Wells Fargo & Company and the Bank in accordance with Basel III capital requirements. Our capital adequacy is assessed based on the lower of our risk-based capital ratios calculated under the Standardized Approach and under the Advanced Approach. 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 requirements for calculating Common Equity Tier 1 (CET1) and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining tier 2 and total capital are still in accordance with Transition Requirements and are scheduled to be fully phased-in by the end of 2021. Accordingly, the information presented below reflects fully phased-in CET1 capital, tier 1 capital, and RWAs, but reflects total capital still in accordance with Transition Requirements. At September 30, 2020, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act. 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 September 30, 2020, the Bank met these requirements. Table 23.1: Regulatory Capital Information (1) Wells Fargo & Company Wells Fargo Bank, N.A. September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 (in millions, except ratios) Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Regulatory capital: Common equity tier 1 $ 134,901 134,901 138,760 138,760 149,252 149,252 145,149 145,149 Tier 1 154,743 154,743 158,949 158,949 149,252 149,252 145,149 145,149 Total 184,172 193,799 188,333 196,223 163,768 173,004 158,615 166,056 Assets: Risk-weighted assets (2) $ 1,171,956 1,185,610 1,165,079 1,245,853 1,038,062 1,090,132 1,047,054 1,152,791 Adjusted average assets (3) 1,921,303 1,921,303 1,913,297 1,913,297 1,762,607 1,762,607 1,695,807 1,695,807 Regulatory capital ratios: Common equity tier 1 capital (2) 11.51 % 11.38 * 11.91 11.14 * 14.38 13.69 * 13.86 12.59 * Tier 1 capital (2) 13.20 13.05 * 13.64 12.76 * 14.38 13.69 * 13.86 12.59 * Total capital (2) 15.71 * 16.35 16.16 15.75 * 15.78 * 15.87 15.15 14.40 * Tier 1 leverage (3) 8.05 8.05 8.31 8.31 8.47 8.47 8.56 8.56 Wells Fargo & Company Wells Fargo Bank, N.A. September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Supplementary leverage (4): Total leverage exposure $ 1,997,449 2,247,729 2,074,472 2,006,180 Supplementary leverage ratio 7.75 % 7.07 7.19 7.24 *Denotes the lowest capital ratio as determined under the Advanced and Standardized Approaches. (1) In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the ACL under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on the regulatory capital of the Company at September 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.5 billion increase in our ACL under CECL from January 1, 2020, through September 30, 2020. The impact of the CECL transition provision on the regulatory capital of the Bank at September 30, 2020, was an increase in capital of $1.8 billion. (2) RWAs and capital ratios for December 31, 2019, have been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts. RWAs for the Company and the Bank included an increase of $1.5 billion under the Standardized Approach and a decrease of $1.3 billion under the Advanced Approach related to the impact of the CECL transition provision on the excess allowance for credit losses as of September 30, 2020. (3) The leverage ratio consists of Tier 1 capital divided by total average assets, excluding goodwill and certain other items. (4) The supplementary leverage ratio (SLR) consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of total average assets, less goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities), plus certain off-balance sheet exposures. |
Minimum Required Regulatory Capital Ratios - Transition Requirements | Table 23.2 presents the minimum required regulatory capital ratios under Transition Requirements to which the Company and the Bank were subject as of September 30, 2020, and December 31, 2019. Table 23.2: Minimum Required Regulatory Capital Ratios – Transition Requirements (1) Wells Fargo & Company Wells Fargo Bank, N.A. September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Regulatory capital ratios: Common equity tier 1 capital 9.00 % 9.00 7.00 7.00 Tier 1 capital 10.50 10.50 8.50 8.50 Total capital 12.50 12.50 10.50 10.50 Tier 1 leverage 4.00 4.00 4.00 4.00 Supplementary leverage (2) 5.00 5.00 6.00 6.00 (1) At September 30, 2020, under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements for the Company included a capital conservation buffer of 2.50% and a global systemically important bank (G-SIB) surcharge of 2.00%. Only the 2.50% capital conservation buffer applied to the Bank at September 30, 2020. (2) The Company is required to maintain a SLR of at least 5.00% (comprised of a 3.00% minimum requirement plus a supplementary leverage buffer of 2.00%) to avoid restrictions on capital distributions and discretionary bonus payments. The Bank is required to maintain a SLR of at least 6.00% to be considered well-capitalized under applicable regulatory capital adequacy guidelines. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, New Accounting Pronouncements (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Item Effected [Line Items] | ||||||||
Loans | [1] | $ 920,082 | $ 962,265 | |||||
Allowance for credit losses, loans | 20,471 | $ 20,436 | 10,456 | $ 10,613 | $ 10,603 | |||
Loans [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Loans | $ 962,300 | |||||||
Coverage | 1.10% | |||||||
Available-for-sale, held-to-maturity and other assets [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Assets, effected by adoption of new accounting pronouncement | $ 420,000 | |||||||
Assets [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Assets, effected by adoption of new accounting pronouncement | 1,382,300 | |||||||
Total Commercial [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Loans | 482,289 | 515,719 | ||||||
Allowance for credit losses, loans | 11,542 | 11,669 | $ 6,245 | 6,230 | 6,298 | |||
Coverage | 1.20% | |||||||
Consumer Portfolio Segment [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Loans | 437,793 | $ 446,546 | ||||||
Allowance for credit losses, loans | 8,929 | 8,767 | $ 4,211 | $ 4,383 | 4,305 | |||
Coverage | 0.90% | |||||||
Residential mortgage [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Loans | 320,152 | $ 323,356 | ||||||
Coverage | 0.30% | |||||||
Credit card [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Loans | 36,021 | $ 41,013 | ||||||
Coverage | 5.50% | |||||||
Automobile [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Loans | 48,450 | $ 47,873 | ||||||
Coverage | 1.00% | |||||||
Other revolving credit and installment [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Loans | $ 33,170 | $ 34,304 | ||||||
Coverage | 1.60% | |||||||
Previous accounting guidance [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 20,436 | $ 10,456 | 10,603 | $ 10,707 | ||||
Previous accounting guidance [Member] | Loans [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 10,500 | |||||||
Previous accounting guidance [Member] | Available-for-sale, held-to-maturity and other assets [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit loss, debt securities | 100 | |||||||
Previous accounting guidance [Member] | Assets [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Total allowance for credit losses | 10,600 | |||||||
Previous accounting guidance [Member] | Total Commercial [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 6,245 | 6,417 | ||||||
Previous accounting guidance [Member] | Consumer Portfolio Segment [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 4,211 | 4,290 | ||||||
Previous accounting guidance [Member] | Residential mortgage [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 900 | |||||||
Previous accounting guidance [Member] | Credit card [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 2,300 | |||||||
Previous accounting guidance [Member] | Automobile [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 500 | |||||||
Previous accounting guidance [Member] | Other revolving credit and installment [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 600 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Loans [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ (1,300) | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Available-for-sale, held-to-maturity and other assets [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit loss, debt securities | 0 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Assets [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Total allowance for credit losses | (1,300) | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Total Commercial [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | (2,900) | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Consumer Portfolio Segment [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 1,500 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Residential mortgage [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 0 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Credit card [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 700 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Automobile [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 300 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Other revolving credit and installment [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | 600 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ 20,436 | 9,127 | $ 10,603 | 10,707 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Loans [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ 9,100 | |||||||
Coverage | 0.90% | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Available-for-sale, held-to-maturity and other assets [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit loss, debt securities | $ 100 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Assets [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Total allowance for credit losses | 9,300 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Total Commercial [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ 3,400 | 3,384 | 6,417 | |||||
Coverage | 0.70% | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Consumer Portfolio Segment [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ 5,700 | $ 5,743 | $ 4,290 | |||||
Coverage | 1.30% | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Residential mortgage [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ 900 | |||||||
Coverage | 0.30% | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Credit card [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ 2,900 | |||||||
Coverage | 7.10% | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Automobile [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ 700 | |||||||
Coverage | 1.50% | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Other revolving credit and installment [Member] | ||||||||
Item Effected [Line Items] | ||||||||
Allowance for credit losses, loans | $ 1,200 | |||||||
Coverage | 3.50% | |||||||
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
Supplemental cash flow information - Noncash activities | ||||
Trading debt securities retained from securitization of mortgage loans held for sale (MLHFS) | $ 39,626 | $ 31,517 | ||
Available-For-Sale Debt Securities Retained From Securitization Of MLHFS | 2,710 | 0 | ||
Held-To-Maturity Debt Securities Retained From Securitization Of MLHFS | 9,016 | 115 | ||
Transfers from (to) loans to (from) MLHFS | 4,033 | 5,409 | ||
Transfers from available-for-sale debt securities to held-to-maturity debt securities | 1,236 | 13,833 | ||
Operating lease ROU assets acquired with operating lease liabilities | 482 | $ 5,644 | ||
Operating lease ROU assets (lessee) | $ 4,421 | $ 4,724 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Supplemental cash flow information - Noncash activities | ||||
Operating lease ROU assets (lessee) | $ 4,900 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | [1] | $ 718 | $ 0 | $ 718 | $ 0 |
Payments and utilization | (24) | ||||
Accrual balance at September 30, 2020 | 694 | 694 | |||
Personnel costs [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 694 | ||||
Payments and utilization | 0 | ||||
Accrual balance at September 30, 2020 | 694 | 694 | |||
Facility closure costs [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | 24 | ||||
Payments and utilization | (24) | ||||
Accrual balance at September 30, 2020 | $ 0 | $ 0 | |||
[1] | In third quarter 2020, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have been revised to conform with the current period presentation. |
Cash, Loan and Dividend Restr_3
Cash, Loan and Dividend Restrictions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Cash, Loan and Dividend Restrictions [Line Items] | |||
Average required reserve balance for FRB | $ 0 | $ 0 | $ 11,374 |
Reserve balance for non-U.S. central banks | |||
Cash, Loan and Dividend Restrictions [Line Items] | |||
Restricted cash equivalents | 220 | 220 | 460 |
Segregated for benefit of brokerage customers under federal and other brokerage regulations | |||
Cash, Loan and Dividend Restrictions [Line Items] | |||
Restricted cash equivalents | 875 | 875 | 733 |
Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs | |||
Cash, Loan and Dividend Restrictions [Line Items] | |||
Restricted cash equivalents | 16 | 16 | $ 300 |
Bank subsidiaries [Member] | |||
Cash, Loan and Dividend Restrictions [Line Items] | |||
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval | 2,700 | 2,700 | |
Nonbank subsidiaries [Member] | |||
Cash, Loan and Dividend Restrictions [Line Items] | |||
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval | $ 27,800 | $ 27,800 |
Trading Activities, Assets and
Trading Activities, Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Trading Assets and Liabilities [Line Items] | |||
Trading debt securities | $ 73,253 | $ 79,733 | |
Trading equity securities | 14,058 | 27,440 | |
Derivative assets | 64,986 | 39,326 | |
Net amounts in consolidated balance sheet, assets | 23,715 | 14,203 | |
Total trading assets | 111,327 | 121,507 | |
Gross trading derivative liabilities | 55,696 | 37,930 | |
Net amounts in consolidated balance sheet, liabilities | 13,767 | 9,079 | |
Total trading liabilities | 30,742 | 25,217 | |
Loans, excluding mortgage loans [Member] | |||
Trading Assets and Liabilities [Line Items] | |||
Loans held for sale | [1] | 1,697 | 977 |
Held for trading [Member] | |||
Trading Assets and Liabilities [Line Items] | |||
Derivative assets | 57,990 | 34,825 | |
Netting | (35,662) | (21,463) | |
Net amounts in consolidated balance sheet, assets | 22,328 | 13,362 | |
Short sale | 18,779 | 17,430 | |
Gross trading derivative liabilities | 51,241 | 33,861 | |
Netting | (39,278) | (26,074) | |
Net amounts in consolidated balance sheet, liabilities | 11,963 | 7,787 | |
Held for trading [Member] | Loans, excluding mortgage loans [Member] | |||
Trading Assets and Liabilities [Line Items] | |||
Loans held for sale | $ 1,688 | $ 972 | |
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Trading Activities, Net Interes
Trading Activities, Net Interest Income and Net Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Net Interest Income and Net Gains (Losses) on Trading Activities [Line Items] | |||||
Debt securities, interest income | $ 546 | $ 790 | $ 1,971 | $ 2,323 | |
Equity securities, interest income | 101 | 247 | 423 | 693 | |
Loans held for sale, interest income | 7 | 20 | 26 | 64 | |
Total interest income | 10,800 | 16,499 | 37,328 | 50,488 | |
Less: Interest expense | 93 | 129 | 350 | 392 | |
Net interest income | 9,368 | 11,625 | 30,560 | 36,031 | |
Debt securities, net gains (losses) | 214 | 451 | 2,898 | 1,540 | |
Equity securities, net gains (losses) | 1,381 | (242) | (691) | 3,061 | |
Loans held for sale, net gain (losses) | 14 | 5 | 26 | 15 | |
Derivatives | (1,248) | 62 | (1,001) | (3,754) | |
Net gains from trading activities | [1] | 361 | 276 | 1,232 | 862 |
Total trading-related net interest and noninterest income | 888 | 1,114 | 3,150 | 3,271 | |
Held for trading [Member] | |||||
Net Interest Income and Net Gains (Losses) on Trading Activities [Line Items] | |||||
Equity securities, interest income | 68 | 157 | 273 | 415 | |
Loans held for sale, interest income | 6 | 20 | 24 | 63 | |
Total interest income | 620 | 967 | 2,268 | 2,801 | |
Net interest income | $ 527 | $ 838 | $ 1,918 | $ 2,409 | |
[1] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. |
AFS and HTM Debt Securities, Ma
AFS and HTM Debt Securities, Major Categories (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | ||
Schedule Of Available-For-Sale and Held-To-Maturity Debt Securities [Line Items] | ||||
Debt Securities, Available-For-Sale And Held-To-Maturity, Accrued Interest, Reversal | $ 6 | |||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 216,311 | $ 260,060 | ||
Available-for-sale, gross unrealized gains | 5,206 | 3,786 | ||
Available-for-sale, gross unrealized losses | (944) | (387) | ||
Available-for-sale, fair value | [1] | 220,573 | 263,459 | |
Held-to-maturity debt securities: | ||||
Held-to-maturity, amortized cost, net | [1] | 182,595 | 153,933 | |
Held-to-maturity, gross unrealized gains | 6,965 | 2,996 | ||
Held-to-maturity, gross unrealized losses | (126) | (69) | ||
Held-to-maturity, at fair value | 189,434 | 156,860 | ||
Held-to-maturity, amortized cost | 182,621 | 153,933 | ||
Total AFS and HTM Debt securities: | ||||
Amortized cost, net | 398,906 | |||
Amortized Cost | 413,993 | |||
Debt securities, gross unrealized gains | 12,171 | 6,782 | ||
Debt securities, gross unrealized losses | (1,070) | (456) | ||
Fair value | 410,007 | 420,319 | ||
Allowance for credit loss, available-for-sale debt securities | 79 | 0 | $ 114 | |
Allowance for credit loss, held-to-maturity debt securities | 26 | 0 | $ 20 | |
Securities of U.S. Treasury and federal agencies [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 5,826 | |||
Available-for-sale, gross unrealized gains | 149 | 13 | ||
Available-for-sale, gross unrealized losses | 0 | (1) | ||
Available-for-sale, fair value | 5,975 | 14,960 | ||
Available-for-sale, amortized cost | 14,948 | |||
Held-to-maturity debt securities: | ||||
Held-to-maturity, amortized cost, net | 48,587 | |||
Held-to-maturity, gross unrealized gains | 1,765 | 617 | ||
Held-to-maturity, gross unrealized losses | (65) | (19) | ||
Held-to-maturity, at fair value | 50,287 | 46,139 | ||
Held-to-maturity, amortized cost | 45,541 | |||
Securities of U.S. states and political subdivisions [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 31,563 | |||
Available-for-sale, gross unrealized gains | 239 | 992 | ||
Available-for-sale, gross unrealized losses | (291) | (36) | ||
Available-for-sale, fair value | 31,511 | 40,337 | ||
Available-for-sale, amortized cost | 39,381 | |||
Held-to-maturity debt securities: | ||||
Held-to-maturity, amortized cost, net | 14,232 | |||
Held-to-maturity, gross unrealized gains | 682 | 286 | ||
Held-to-maturity, gross unrealized losses | (4) | (13) | ||
Held-to-maturity, at fair value | 14,910 | 13,759 | ||
Held-to-maturity, amortized cost | 14,245 | 13,486 | ||
Securities of U.S. states and political subdivisions [Member] | Nontaxable preferred debt securities [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 5,600 | |||
Available-for-sale, fair value | 5,600 | 5,800 | ||
Available-for-sale, amortized cost | 5,800 | |||
Mortgage-backed securities [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 134,649 | |||
Available-for-sale, gross unrealized gains | 4,602 | 2,354 | ||
Available-for-sale, gross unrealized losses | (140) | (171) | ||
Available-for-sale, fair value | 139,111 | 167,214 | ||
Available-for-sale, amortized cost | 165,031 | |||
Federal agencies [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 130,717 | |||
Available-for-sale, gross unrealized gains | 4,582 | 2,299 | ||
Available-for-sale, gross unrealized losses | (72) | (164) | ||
Available-for-sale, fair value | 135,227 | 162,453 | ||
Available-for-sale, amortized cost | 160,318 | |||
Held-to-maturity debt securities: | ||||
Held-to-maturity, amortized cost, net | 119,766 | |||
Held-to-maturity, gross unrealized gains | 4,518 | 2,093 | ||
Held-to-maturity, gross unrealized losses | (57) | (37) | ||
Held-to-maturity, at fair value | 124,227 | 96,925 | ||
Held-to-maturity, amortized cost | 94,869 | |||
Residential [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 539 | |||
Available-for-sale, gross unrealized gains | 3 | 14 | ||
Available-for-sale, gross unrealized losses | (1) | (1) | ||
Available-for-sale, fair value | 541 | 827 | ||
Available-for-sale, amortized cost | 814 | |||
Commercial [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 3,393 | |||
Available-for-sale, gross unrealized gains | 17 | 41 | ||
Available-for-sale, gross unrealized losses | (67) | (6) | ||
Available-for-sale, fair value | 3,343 | 3,934 | ||
Available-for-sale, amortized cost | 3,899 | |||
Corporate debt securities [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 5,687 | |||
Available-for-sale, gross unrealized gains | 131 | 252 | ||
Available-for-sale, gross unrealized losses | (46) | (32) | ||
Available-for-sale, fair value | 5,772 | 6,563 | ||
Available-for-sale, amortized cost | 6,343 | |||
Collateralized loan obligations [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 25,389 | |||
Available-for-sale, gross unrealized gains | 5 | 25 | ||
Available-for-sale, gross unrealized losses | (380) | (123) | ||
Available-for-sale, fair value | 25,014 | 29,055 | ||
Available-for-sale, amortized cost | 29,153 | |||
Other [Member] | ||||
Available-for-sale debt securities: | ||||
Available-for-sale, amortized cost, net | 13,197 | |||
Available-for-sale, gross unrealized gains | 80 | 150 | ||
Available-for-sale, gross unrealized losses | (87) | (24) | ||
Available-for-sale, fair value | 13,190 | 5,330 | ||
Available-for-sale, amortized cost | 5,204 | |||
Held-to-maturity debt securities: | ||||
Held-to-maturity, amortized cost, net | 10 | |||
Held-to-maturity, gross unrealized gains | 0 | 0 | ||
Held-to-maturity, gross unrealized losses | 0 | 0 | ||
Held-to-maturity, at fair value | 10 | 37 | ||
Held-to-maturity, amortized cost | 37 | |||
Federal National Mortgage Association (FNMA) [Member] | ||||
Total AFS and HTM Debt securities: | ||||
Amortized Cost | 97,100 | 98,500 | ||
Fair value | 100,900 | 100,300 | ||
Federal Home Loan Mortgage Corporation (FHLMC) [Member] | ||||
Total AFS and HTM Debt securities: | ||||
Amortized Cost | 85,000 | 84,100 | ||
Fair value | $ 88,100 | $ 85,500 | ||
Stockholders' Equity, Total [Member] | AFS and HTM Debt Securities Concentration Risk [Member] | Minimum [Member] | Federal National Mortgage Association (FNMA) [Member] | ||||
Total AFS and HTM Debt securities: | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | ||
Stockholders' Equity, Total [Member] | AFS and HTM Debt Securities Concentration Risk [Member] | Minimum [Member] | Federal Home Loan Mortgage Corporation (FHLMC) [Member] | ||||
Total AFS and HTM Debt securities: | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | ||
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. |
AFS and HTM Debt Securities, HT
AFS and HTM Debt Securities, HTM Debt Securities Purchases and Transfers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Securities, Held-to-maturity Purchase or Transfer of Investment [Abstract] | ||||
Purchases of held-to-maturity debt securities | $ 23,683 | $ 3,599 | $ 50,475 | $ 3,895 |
Transfers from available-for-sale debt securities to held-to-maturity debt securities | 1,236 | 7,762 | 1,236 | 13,833 |
Securities of U.S. Treasury and federal agencies [Member] | ||||
Debt Securities, Held-to-maturity Purchase or Transfer of Investment [Abstract] | ||||
Purchases of held-to-maturity debt securities | 0 | 0 | 3,016 | 0 |
Securities of U.S. states and political subdivisions [Member] | ||||
Debt Securities, Held-to-maturity Purchase or Transfer of Investment [Abstract] | ||||
Purchases of held-to-maturity debt securities | 0 | 491 | 881 | 734 |
Transfers from available-for-sale debt securities to held-to-maturity debt securities | 1,236 | 4,354 | 1,236 | 5,912 |
Federal agencies [Member] | ||||
Debt Securities, Held-to-maturity Purchase or Transfer of Investment [Abstract] | ||||
Purchases of held-to-maturity debt securities | 23,683 | 3,108 | 46,578 | 3,161 |
Transfers from available-for-sale debt securities to held-to-maturity debt securities | $ 0 | $ 3,408 | $ 0 | $ 7,921 |
AFS and HTM Debt Securities, In
AFS and HTM Debt Securities, Income Statement Impacts (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Available For Sale and Held To Maturity Debt Securities Income Statement Impacts [Abstract] | |||||
Interest Income, Available-for-sale | $ 1,009 | $ 1,957 | $ 4,084 | $ 6,268 | |
Interest Income, Held-to-maturity | 891 | 919 | 2,809 | 2,797 | |
Total interest income | 1,900 | 2,876 | 6,893 | 9,065 | |
Provision (reversal of provision) for credit losses, Available-for-sale | 12 | 0 | 140 | 0 | |
Held-to-maturity, provision for credit losses | 6 | 0 | 19 | 0 | |
Provision (reversal of provision) for credit losses, debt securities | [1] | 18 | 0 | 159 | 0 |
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss) | 0 | 0 | 0 | 0 | |
Debt securities [Member] | |||||
Available For Sale and Held To Maturity Debt Securities Income Statement Impacts [Abstract] | |||||
Gross realized gains | 264 | 21 | 768 | 223 | |
Gross realized losses | 0 | (12) | (40) | (17) | |
Impairment write-downs included in earnings | 0 | (6) | (15) | (58) | |
Net realized gains | 264 | 3 | 713 | 148 | |
Credit-related [Member] | Debt securities [Member] | |||||
Available For Sale and Held To Maturity Debt Securities Income Statement Impacts [Abstract] | |||||
Impairment write-downs included in earnings | 0 | 0 | 0 | (23) | |
Intent-to-sell [Member] | Debt securities [Member] | |||||
Available For Sale and Held To Maturity Debt Securities Income Statement Impacts [Abstract] | |||||
Impairment write-downs included in earnings | $ 0 | $ (6) | $ (15) | $ (35) | |
[1] | Prior to our adoption of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) , on January 1, 2020, provision for credit losses from debt securities was not applicable and is therefore presented as $0 for both the third quarter and first nine months of 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. |
AFS and HTM Debt Securities, _2
AFS and HTM Debt Securities, Investment Grade Debt Securities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | |||
Available-for-sale, fair value | [1] | $ 220,573 | $ 263,459 |
Available-for-sale, percent of investment grade | 99.00% | 99.00% | |
Debt Securities, Held-to-maturity | $ 182,621 | $ 153,933 | |
Held-to-maturity, percent of investment grade | 99.00% | 99.00% | |
Securities Of US Treasury and federal agencies [Member] | |||
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | |||
Available-for-sale, fair value | $ 141,202 | $ 177,413 | |
Available-for-sale, percent of investment grade | 100.00% | 100.00% | |
Debt Securities, Held-to-maturity | $ 167,489 | $ 139,619 | |
Held-to-maturity, percent of investment grade | 100.00% | 100.00% | |
Securities of U.S. states and political subdivisions [Member] | |||
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | |||
Available-for-sale, fair value | $ 31,511 | $ 40,337 | |
Available-for-sale, percent of investment grade | 99.00% | 99.00% | |
Debt Securities, Held-to-maturity | $ 14,245 | $ 13,486 | |
Held-to-maturity, percent of investment grade | 100.00% | 100.00% | |
Collateralized loan obligations [Member] | |||
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | |||
Available-for-sale, fair value | $ 25,014 | $ 29,055 | |
Available-for-sale, percent of investment grade | 100.00% | 100.00% | |
All other debt securities [Member] | |||
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | |||
Available-for-sale, fair value | $ 22,846 | $ 16,654 | |
Available-for-sale, percent of investment grade | 90.00% | 82.00% | |
Debt Securities, Held-to-maturity | $ 887 | $ 828 | |
Held-to-maturity, percent of investment grade | 7.00% | 4.00% | |
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. |
AFS and HTM Debt Securities, De
AFS and HTM Debt Securities, Delinquency Status and Nonaccrual (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Available For Sale And Held To Maturity Debt Securities Delinquency Status And Nonaccrual [Abstract] | |||
Debt securities, available-for-sale and held-to-maturity, past due still accruing | $ 0 | $ 0 | $ 0 |
Debt securities, available-for-sale, nonaccrual | 98 | 98 | 110 |
Debt securities, held-to-maturity, nonaccrual | 0 | 0 | $ 0 |
Debt Securities, Held-to-maturity, Purchased with Credit Deterioration, Amount at Purchase Price | 0 | 0 | |
Debt Securities, Available-for-sale, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | |||
Par value | 164 | ||
Allowance for credit losses at acquisition | (11) | ||
Discount (or premiums) attributable to other factors | 3 | ||
Purchase price of available-for-sale debt securities purchased with credit deterioration | $ 0 | $ 156 |
AFS and HTM Debt Securities, Gr
AFS and HTM Debt Securities, Gross Unrealized Losses and Fair Value - AFS Debt Securities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | $ (627) | $ (98) |
Less than 12 months, Fair value, available-for-sale | 54,290 | 27,690 |
12 months or more, Gross unrealized losses, available-for-sale | (317) | (289) |
12 months or more, Fair value, available-for-sale | 11,313 | 33,223 |
Total, Gross unrealized losses, available-for-sale | (944) | (387) |
Total Fair value, available for sale | 65,603 | 60,913 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | 0 | 0 |
Less than 12 months, Fair value, available-for-sale | 0 | 0 |
12 months or more, Gross unrealized losses, available-for-sale | 0 | (1) |
12 months or more, Fair value, available-for-sale | 0 | 2,423 |
Total, Gross unrealized losses, available-for-sale | 0 | (1) |
Total Fair value, available for sale | 0 | 2,423 |
Securities of U.S. states and political subdivisions [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (234) | (10) |
Less than 12 months, Fair value, available-for-sale | 12,366 | 2,776 |
12 months or more, Gross unrealized losses, available-for-sale | (57) | (26) |
12 months or more, Fair value, available-for-sale | 1,817 | 2,418 |
Total, Gross unrealized losses, available-for-sale | (291) | (36) |
Total Fair value, available for sale | 14,183 | 5,194 |
Mortgage-backed securities [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (116) | (54) |
Less than 12 months, Fair value, available-for-sale | 17,895 | 17,954 |
12 months or more, Gross unrealized losses, available-for-sale | (24) | (117) |
12 months or more, Fair value, available-for-sale | 754 | 10,885 |
Total, Gross unrealized losses, available-for-sale | (140) | (171) |
Total Fair value, available for sale | 18,649 | 28,839 |
Federal agencies [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (71) | (50) |
Less than 12 months, Fair value, available-for-sale | 15,985 | 16,807 |
12 months or more, Gross unrealized losses, available-for-sale | (1) | (114) |
12 months or more, Fair value, available-for-sale | 365 | 10,641 |
Total, Gross unrealized losses, available-for-sale | (72) | (164) |
Total Fair value, available for sale | 16,350 | 27,448 |
Residential [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | 0 | (1) |
Less than 12 months, Fair value, available-for-sale | 0 | 149 |
12 months or more, Gross unrealized losses, available-for-sale | (1) | 0 |
12 months or more, Fair value, available-for-sale | 58 | 0 |
Total, Gross unrealized losses, available-for-sale | (1) | (1) |
Total Fair value, available for sale | 58 | 149 |
Commercial [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (45) | (3) |
Less than 12 months, Fair value, available-for-sale | 1,910 | 998 |
12 months or more, Gross unrealized losses, available-for-sale | (22) | (3) |
12 months or more, Fair value, available-for-sale | 331 | 244 |
Total, Gross unrealized losses, available-for-sale | (67) | (6) |
Total Fair value, available for sale | 2,241 | 1,242 |
Corporate debt securities [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (35) | (9) |
Less than 12 months, Fair value, available-for-sale | 788 | 303 |
12 months or more, Gross unrealized losses, available-for-sale | (11) | (23) |
12 months or more, Fair value, available-for-sale | 95 | 216 |
Total, Gross unrealized losses, available-for-sale | (46) | (32) |
Total Fair value, available for sale | 883 | 519 |
Collateralized loan obligations [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (208) | (13) |
Less than 12 months, Fair value, available-for-sale | 16,696 | 5,001 |
12 months or more, Gross unrealized losses, available-for-sale | (172) | (110) |
12 months or more, Fair value, available-for-sale | 7,265 | 16,789 |
Total, Gross unrealized losses, available-for-sale | (380) | (123) |
Total Fair value, available for sale | 23,961 | 21,790 |
Other [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (34) | (12) |
Less than 12 months, Fair value, available-for-sale | 6,545 | 1,656 |
12 months or more, Gross unrealized losses, available-for-sale | (53) | (12) |
12 months or more, Fair value, available-for-sale | 1,382 | 492 |
Total, Gross unrealized losses, available-for-sale | (87) | (24) |
Total Fair value, available for sale | $ 7,927 | $ 2,148 |
AFS and HTM Debt Securities, Cr
AFS and HTM Debt Securities, Credit Loss Component (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period, Available-for-sale | $ 114 | $ 0 | ||
Provision (reversal of provision) for credit losses, Available-for-sale | 12 | $ 0 | 140 | $ 0 |
Securities purchased with credit deterioration, Available-for-sale | 0 | 11 | ||
Reduction due to sales | 0 | (8) | ||
Reduction due to intent to sell, Available-for-sale | (2) | (13) | ||
Charge-offs, Available-for-sale | (48) | (81) | ||
Interest income, Available-for-sale | 3 | 6 | ||
Balance, end of period, Available-for-sale | 79 | 79 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period, Held-to-Maturity | 20 | 0 | ||
Provision (reversal of provision) for credit losses, Held-to-maturity | 6 | $ 0 | 19 | $ 0 |
Securities purchased with credit deterioration, Held-to-maturity | 0 | 0 | ||
Reduction due to sales | 0 | 0 | ||
Reduction due to intent to sell, Held-to-maturity | 0 | 0 | ||
Charge-offs, Held-to-maturity | 0 | 0 | ||
Interest income, Held-to-maturity | 0 | 0 | ||
Balance, end of period, Held-to-Maturity | 26 | 26 | ||
Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period, Available-for-sale | 0 | 24 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period, Held-to-Maturity | 0 | 7 | ||
Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period, Available-for-sale | 114 | 24 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period, Held-to-Maturity | $ 20 | $ 7 |
AFS Debt Securities, Contractua
AFS Debt Securities, Contractual Maturities (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 216,311 | $ 260,060 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 12,457 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 9,198 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 22,784 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 171,872 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | [1] | 220,573 | 263,459 |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 12,458 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 9,322 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 22,740 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 176,053 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 2.57% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 0.41% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 2.17% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 2.03% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 2.82% | ||
Securities of U.S. Treasury and federal agencies [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 5,826 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 511 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 2,771 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 10 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 2,534 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 5,975 | 14,960 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 511 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 2,777 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 11 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 2,676 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 0.99% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 2.61% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 0.28% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 2.34% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 1.42% | ||
Securities of U.S. states and political subdivisions [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 31,563 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 2,748 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 3,193 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 3,558 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 22,064 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 31,511 | 40,337 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 2,754 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 3,246 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 3,570 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 21,941 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 2.34% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 1.37% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 1.74% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.46% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 2.68% | ||
Mortgage-backed securities [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 134,649 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 138 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 2,927 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 131,584 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 139,111 | 167,214 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 146 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 3,024 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 135,941 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 2.98% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 0.00% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 3.24% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 2.30% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 3.00% | ||
Federal agencies [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 130,717 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 138 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 2,766 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 127,813 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 135,227 | 162,453 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 146 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 2,865 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 132,216 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 3.01% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 0.00% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 3.24% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 2.34% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 3.02% | ||
Residential [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 539 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 0 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 0 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 539 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 541 | 827 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 0 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 0 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 541 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 2.24% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 0.00% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 0.00% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 0.00% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 2.24% | ||
Commercial [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 3,393 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 0 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 161 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 3,232 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 3,343 | 3,934 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 0 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 159 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 3,184 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 2.16% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 0.00% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 0.00% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.63% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 2.18% | ||
Corporate debt securities [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 5,687 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 207 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 2,390 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 2,301 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 789 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 5,772 | 6,563 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 208 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 2,459 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 2,326 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 779 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 4.75% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 6.41% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 4.88% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 4.61% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 4.36% | ||
Collateralized loan obligations [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 25,389 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 249 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 12,901 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 12,239 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 25,014 | 29,055 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 0 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 248 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 12,731 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 12,035 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 1.67% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 0.00% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 2.40% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.75% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 1.57% | ||
Other [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, amortized cost, net | $ 13,197 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 8,991 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 457 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 1,087 | ||
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 2,662 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||
Available-for-sale, fair value | 13,190 | $ 5,330 | |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 8,985 | ||
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 446 | ||
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 1,078 | ||
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 2,681 | ||
Debt Securities, Available-for-sale, Maturity, Weighted Average Yield [Abstract] | |||
Available-for-sale, weighted average yield | 0.42% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | (0.15%) | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 1.76% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.03% | ||
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 1.84% | ||
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. |
AFS and HTM Debt Securities HTM
AFS and HTM Debt Securities HTM Debt Securities, Contractual Maturities (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | |||
Held-to-maturity, amortized cost, net | [1] | $ 182,595 | $ 153,933 |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due within one year | 25,034 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after one year through five years | 21,085 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after five years through ten years | 1,840 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 134,636 | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | |||
Held-to-maturity, fair value | 189,434 | 156,860 | |
Held-to-maturity, fair value, remaining contractual maturity, due within one year | 25,346 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after one year through five years | 22,348 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after five years through ten years | 1,942 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 139,798 | ||
Debt Securities, Held-to-maturity, Maturity, Weighted Average Yield [Abstract] | |||
Held-to-maturity weighted average yield | 2.52% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due within one year | 2.19% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after one year through five years | 2.21% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after five years through ten years | 2.92% | ||
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 2.62% | ||
US Treasury and Government [Member] | |||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | |||
Held-to-maturity, amortized cost, net | $ 48,587 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due within one year | 24,742 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after one year through five years | 20,064 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after five years through ten years | 0 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 3,781 | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | |||
Held-to-maturity, fair value | 50,287 | 46,139 | |
Held-to-maturity, fair value, remaining contractual maturity, due within one year | 25,051 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after one year through five years | 21,275 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after five years through ten years | 0 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 3,961 | ||
Debt Securities, Held-to-maturity, Maturity, Weighted Average Yield [Abstract] | |||
Held-to-maturity weighted average yield | 2.14% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due within one year | 2.19% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after one year through five years | 2.19% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after five years through ten years | 0.00% | ||
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 1.57% | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | |||
Held-to-maturity, amortized cost, net | $ 14,232 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due within one year | 292 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after one year through five years | 1,006 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after five years through ten years | 1,830 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 11,104 | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | |||
Held-to-maturity, fair value | 14,910 | 13,759 | |
Held-to-maturity, fair value, remaining contractual maturity, due within one year | 295 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after one year through five years | 1,059 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after five years through ten years | 1,932 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 11,624 | ||
Debt Securities, Held-to-maturity, Maturity, Weighted Average Yield [Abstract] | |||
Held-to-maturity weighted average yield | 2.72% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due within one year | 2.36% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after one year through five years | 2.59% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after five years through ten years | 2.93% | ||
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 2.71% | ||
Federal agencies [Member] | |||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | |||
Held-to-maturity, amortized cost, net | $ 119,766 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due within one year | 0 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after one year through five years | 15 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after five years through ten years | 0 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 119,751 | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | |||
Held-to-maturity, fair value | 124,227 | 96,925 | |
Held-to-maturity, fair value, remaining contractual maturity, due within one year | 0 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after one year through five years | 14 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after five years through ten years | 0 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 124,213 | ||
Debt Securities, Held-to-maturity, Maturity, Weighted Average Yield [Abstract] | |||
Held-to-maturity weighted average yield | 2.65% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due within one year | 0.00% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after one year through five years | 1.50% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after five years through ten years | 0.00% | ||
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 2.65% | ||
Other debt securities [Member] | |||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | |||
Held-to-maturity, amortized cost, net | $ 10 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due within one year | 0 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after one year through five years | 0 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after five years through ten years | 10 | ||
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 0 | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | |||
Held-to-maturity, fair value | 10 | $ 37 | |
Held-to-maturity, fair value, remaining contractual maturity, due within one year | 0 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after one year through five years | 0 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after five years through ten years | 10 | ||
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 0 | ||
Debt Securities, Held-to-maturity, Maturity, Weighted Average Yield [Abstract] | |||
Held-to-maturity weighted average yield | 1.45% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due within one year | 0.00% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after one year through five years | 0.00% | ||
Held-to-maturity, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.45% | ||
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 0.00% | ||
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. |
Loans and Related Allowance f_3
Loans and Related Allowance for Credit Losses, Loans Outstanding (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred income as a percentage of total loans outstanding | 1.00% | 1.00% | |
Loans | [1] | $ 920,082 | $ 962,265 |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, accrued interest, writeoff | 29 | ||
Loans | 482,289 | 515,719 | |
Total Commercial [Member] | Geographic distribution, foreign [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 70,876 | 80,152 | |
Commercial and industrial loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 320,913 | 354,125 | |
Commercial and industrial loans [Member] | Geographic distribution, foreign [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 61,594 | 70,494 | |
Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 121,910 | 121,824 | |
Commercial real estate mortgage [Member] | Geographic distribution, foreign [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 6,228 | 7,004 | |
Commercial real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 22,519 | 19,939 | |
Commercial real estate construction [Member] | Geographic distribution, foreign [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,898 | 1,434 | |
Commercial lease financing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 16,947 | 19,831 | |
Commercial lease financing [Member] | Geographic distribution, foreign [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,156 | 1,220 | |
Total Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, accrued interest, writeoff | 161 | ||
Loans | 437,793 | 446,546 | |
Real estate 1-4 family first mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 294,990 | 293,847 | |
Real estate 1-4 family junior lien mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 25,162 | 29,509 | |
Credit card [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 36,021 | 41,013 | |
Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 48,450 | 47,873 | |
Other revolving credit and installment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 33,170 | $ 34,304 | |
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Loans and Related Allowance f_4
Loans and Related Allowance for Credit Losses, Significant Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||||
Purchases | $ 262 | $ 1,481 | $ 1,039 | $ 2,488 |
Sales | (564) | (518) | (3,361) | (1,806) |
Transfers (to) MLHFS/LHFS | (62) | (1,488) | (2,006) | |
Transfers from MLHFS/LHFS | 8,820 | |||
Gain (loss) on sale of financing receivable | 724 | |||
Total Commercial [Member] | ||||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||||
Purchases | 260 | 571 | 1,034 | 1,570 |
Sales | (564) | (433) | (3,334) | (1,389) |
Transfers (to) MLHFS/LHFS | (170) | (25) | (101) | (117) |
Total Consumer [Member] | ||||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||||
Purchases | 2 | 910 | 5 | 918 |
Sales | 0 | (85) | (27) | (417) |
Transfers (to) MLHFS/LHFS | $ (37) | (1,387) | $ (1,889) | |
Transfers from MLHFS/LHFS | $ 8,990 | |||
Real estate 1-4 family first mortgage [Member] | ||||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||||
Sales | $ (1,200) |
Loans and Related Allowance f_5
Loans and Related Allowance for Credit Losses, Commitments to Lend (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, temporary advance arrangements | $ 79,900 | |
Total unfunded credit commitments | 593,131 | $ 585,064 |
Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 384,275 | 372,926 |
Total Commercial [Member] | International [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial letters of credit international | 942 | 862 |
Commercial and industrial loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 359,827 | 346,991 |
Commercial real estate mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 8,420 | 8,206 |
Commercial real estate construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 16,028 | 17,729 |
Total Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 208,856 | 212,138 |
Real estate 1-4 family first mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 30,853 | 34,391 |
Real estate 1-4 family junior lien mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 34,452 | 36,916 |
Credit card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | 121,312 | 114,933 |
Other revolving credit and installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total unfunded credit commitments | $ 22,239 | $ 25,898 |
Loans and Related Allowance f_6
Loans and Related Allowance for Credit Losses, Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Financing receivable, allowance for credit loss, period increase (decrease) | $ 10,000 | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | $ 20,436 | $ 10,603 | 10,456 | |||||
Provision for credit losses, loans | 751 | 695 | 14,149 | $ 2,043 | ||||
Interest income on certain loans | (41) | (34) | (117) | (112) | ||||
Loan charge-offs | (994) | (1,009) | (3,603) | (3,105) | ||||
Loan recoveries | 311 | 364 | 898 | 1,112 | ||||
Net loan charge-offs | (683) | (645) | (2,705) | (1,993) | ||||
Other | 8 | (6) | 17 | (32) | ||||
Allowance for credit losses for loans, ending balance | 20,471 | 10,613 | 20,471 | 10,613 | ||||
Components: | ||||||||
Allowance for loan losses | $ 19,463 | $ 9,551 | ||||||
Allowance for credit losses, loans | $ 20,436 | $ 10,603 | $ 10,456 | $ 10,613 | $ 20,471 | 10,456 | $ 10,613 | |
Net loan charge-offs (annualized) as a percentage of average total loans | 0.29% | 0.27% | 0.38% | 0.28% | ||||
Allowance for loan losses as a percentage of total loans | 2.12% | 1.02% | ||||||
Allowance for credit losses for loans as a percentage of total loans | 2.22% | 1.11% | ||||||
COVID-19 [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Financing receivable, allowance for credit loss, period increase (decrease) | $ 11,300 | |||||||
Purchase credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 0 | |||||||
Components: | ||||||||
Allowance for credit losses, loans | 0 | 0 | ||||||
Previous accounting guidance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | $ 20,436 | $ 10,603 | 10,456 | $ 10,707 | ||||
Components: | ||||||||
Allowance for credit losses, loans | 20,436 | 10,603 | 10,456 | 10,707 | 10,456 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Financing receivable, allowance for credit loss, period increase (decrease) | (1,300) | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Not purchased credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 0 | 0 | (1,337) | 0 | ||||
Components: | ||||||||
Allowance for credit losses, loans | 0 | 0 | (1,337) | 0 | (1,337) | |||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Purchase credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 0 | 0 | 8 | 0 | ||||
Components: | ||||||||
Allowance for credit losses, loans | 0 | 0 | 8 | 0 | 8 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 20,436 | 10,603 | 9,127 | 10,707 | ||||
Components: | ||||||||
Allowance for credit losses, loans | 20,436 | 10,603 | 9,127 | 10,707 | 9,127 | |||
Allowance for loan losses [Member] | ||||||||
Components: | ||||||||
Allowance for loan losses | $ 19,463 | $ 9,715 | ||||||
Allowance for unfunded credit commitments [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, ending balance | 1,008 | 898 | 1,008 | 898 | ||||
Components: | ||||||||
Allowance for credit losses, loans | 1,008 | 898 | 1,008 | 898 | 1,008 | 898 | ||
Total Commercial [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 11,669 | 6,298 | 6,245 | |||||
Provision for credit losses, loans | 241 | 84 | 9,480 | 294 | ||||
Interest income on certain loans | (18) | (10) | (44) | (35) | ||||
Loan charge-offs | (420) | (223) | (1,460) | (654) | ||||
Loan recoveries | 64 | 84 | 178 | 205 | ||||
Net loan charge-offs | (356) | (139) | (1,282) | (449) | ||||
Other | 6 | (3) | 4 | 3 | ||||
Allowance for credit losses for loans, ending balance | 11,542 | 6,230 | 11,542 | 6,230 | ||||
Components: | ||||||||
Allowance for credit losses, loans | 11,542 | 6,230 | 6,245 | 6,230 | 11,542 | 6,245 | 6,230 | |
Total Commercial [Member] | Purchase credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 0 | |||||||
Components: | ||||||||
Allowance for credit losses, loans | 0 | 0 | ||||||
Total Commercial [Member] | Previous accounting guidance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 6,245 | 6,417 | ||||||
Components: | ||||||||
Allowance for credit losses, loans | 6,245 | 6,417 | 6,245 | |||||
Total Commercial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||||||
Components: | ||||||||
Allowance for credit losses, loans | $ (2,900) | |||||||
Total Commercial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Not purchased credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | (2,861) | 0 | ||||||
Components: | ||||||||
Allowance for credit losses, loans | (2,861) | 0 | (2,861) | |||||
Total Commercial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Purchase credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 0 | 0 | ||||||
Components: | ||||||||
Allowance for credit losses, loans | 0 | 0 | 0 | |||||
Total Commercial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 3,384 | 6,417 | ||||||
Components: | ||||||||
Allowance for credit losses, loans | 3,384 | 6,417 | 3,400 | 3,384 | ||||
Commercial and industrial loans [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | (327) | (209) | (1,260) | (590) | ||||
Loan recoveries | 53 | 62 | 132 | 151 | ||||
Commercial real estate mortgage [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | (59) | (2) | (134) | (28) | ||||
Loan recoveries | 3 | 10 | 13 | 26 | ||||
Commercial real estate construction [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | 0 | 0 | 0 | (1) | ||||
Loan recoveries | 2 | 8 | 19 | 13 | ||||
Commercial lease financing [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | (34) | (12) | (66) | (35) | ||||
Loan recoveries | 6 | 4 | 14 | 15 | ||||
Total Consumer [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 8,767 | 4,305 | 4,211 | |||||
Provision for credit losses, loans | 510 | 611 | 4,669 | 1,749 | ||||
Interest income on certain loans | (23) | (24) | (73) | (77) | ||||
Loan charge-offs | (574) | (786) | (2,143) | (2,451) | ||||
Loan recoveries | 247 | 280 | 720 | 907 | ||||
Net loan charge-offs | (327) | (506) | (1,423) | (1,544) | ||||
Other | 2 | (3) | 13 | (35) | ||||
Allowance for credit losses for loans, ending balance | 8,929 | 4,383 | 8,929 | 4,383 | ||||
Components: | ||||||||
Allowance for credit losses, loans | 8,929 | 4,383 | 4,211 | 4,383 | $ 8,929 | 4,211 | $ 4,383 | |
Total Consumer [Member] | Purchase credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 0 | |||||||
Components: | ||||||||
Allowance for credit losses, loans | 0 | 0 | ||||||
Total Consumer [Member] | Previous accounting guidance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 4,211 | 4,290 | ||||||
Components: | ||||||||
Allowance for credit losses, loans | 4,211 | 4,290 | 4,211 | |||||
Total Consumer [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||||||
Components: | ||||||||
Allowance for credit losses, loans | 1,500 | |||||||
Total Consumer [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Not purchased credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 1,524 | 0 | ||||||
Components: | ||||||||
Allowance for credit losses, loans | 1,524 | 0 | 1,524 | |||||
Total Consumer [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Purchase credit deteriorated [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 8 | 0 | ||||||
Components: | ||||||||
Allowance for credit losses, loans | 8 | 0 | 8 | |||||
Total Consumer [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 5,743 | 4,290 | ||||||
Components: | ||||||||
Allowance for credit losses, loans | 5,743 | 4,290 | 5,700 | 5,743 | ||||
Real estate 1-4 family first mortgage [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | (20) | (31) | (63) | (101) | ||||
Loan recoveries | 21 | 36 | 65 | 148 | ||||
Real estate 1-4 family junior lien mortgage [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | (22) | (27) | (70) | (90) | ||||
Loan recoveries | 36 | 49 | 101 | 140 | ||||
Credit card [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | (339) | (404) | (1,225) | (1,278) | ||||
Loan recoveries | 94 | 85 | 276 | 258 | ||||
Credit card [Member] | Previous accounting guidance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 2,300 | |||||||
Components: | ||||||||
Allowance for credit losses, loans | 2,300 | 2,300 | ||||||
Credit card [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||||||
Components: | ||||||||
Allowance for credit losses, loans | 700 | |||||||
Credit card [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||||||
Components: | ||||||||
Allowance for credit losses, loans | 2,900 | |||||||
Automobile [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | (99) | (156) | (413) | (485) | ||||
Loan recoveries | 68 | 80 | 194 | 266 | ||||
Automobile [Member] | Previous accounting guidance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 500 | |||||||
Components: | ||||||||
Allowance for credit losses, loans | 500 | 500 | ||||||
Automobile [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||||||
Components: | ||||||||
Allowance for credit losses, loans | 300 | |||||||
Automobile [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||||||
Components: | ||||||||
Allowance for credit losses, loans | 700 | |||||||
Other revolving credit and installment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Loan charge-offs | (94) | (168) | (372) | (497) | ||||
Loan recoveries | $ 28 | $ 30 | 84 | $ 95 | ||||
Other revolving credit and installment [Member] | Previous accounting guidance [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for credit losses for loans, beginning balance | 600 | |||||||
Components: | ||||||||
Allowance for credit losses, loans | $ 600 | $ 600 | ||||||
Other revolving credit and installment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||||||
Components: | ||||||||
Allowance for credit losses, loans | 600 | |||||||
Other revolving credit and installment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||||||
Components: | ||||||||
Allowance for credit losses, loans | $ 1,200 |
Loans and Related Allowance f_7
Loans and Related Allowance for Credit Losses, Allowance Activity by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | $ 20,436 | $ 10,603 | $ 10,456 | |
Provision for credit losses, loans | 751 | 695 | 14,149 | $ 2,043 |
Interest income on certain loans | (41) | (34) | (117) | (112) |
Loan charge-offs | (994) | (1,009) | (3,603) | (3,105) |
Loan recoveries | 311 | 364 | 898 | 1,112 |
Net loan charge-offs | (683) | (645) | (2,705) | (1,993) |
Other | 8 | (6) | 17 | (32) |
Allowance for credit losses for loans, ending balance | 20,471 | 10,613 | 20,471 | 10,613 |
Purchase credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 0 | |||
Previous accounting guidance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 20,436 | 10,603 | 10,456 | 10,707 |
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Not purchased credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 0 | 0 | (1,337) | 0 |
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Purchase credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 0 | 0 | 8 | 0 |
Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 20,436 | 10,603 | 9,127 | 10,707 |
Total Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 11,669 | 6,298 | 6,245 | |
Provision for credit losses, loans | 241 | 84 | 9,480 | 294 |
Interest income on certain loans | (18) | (10) | (44) | (35) |
Loan charge-offs | (420) | (223) | (1,460) | (654) |
Loan recoveries | 64 | 84 | 178 | 205 |
Net loan charge-offs | (356) | (139) | (1,282) | (449) |
Other | 6 | (3) | 4 | 3 |
Allowance for credit losses for loans, ending balance | 11,542 | 6,230 | 11,542 | 6,230 |
Total Commercial [Member] | Purchase credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 0 | |||
Total Commercial [Member] | Previous accounting guidance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 6,245 | 6,417 | ||
Total Commercial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Not purchased credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | (2,861) | 0 | ||
Total Commercial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Purchase credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 0 | 0 | ||
Total Commercial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 3,384 | 6,417 | ||
Total Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 8,767 | 4,305 | 4,211 | |
Provision for credit losses, loans | 510 | 611 | 4,669 | 1,749 |
Interest income on certain loans | (23) | (24) | (73) | (77) |
Loan charge-offs | (574) | (786) | (2,143) | (2,451) |
Loan recoveries | 247 | 280 | 720 | 907 |
Net loan charge-offs | (327) | (506) | (1,423) | (1,544) |
Other | 2 | (3) | 13 | (35) |
Allowance for credit losses for loans, ending balance | $ 8,929 | $ 4,383 | 8,929 | 4,383 |
Total Consumer [Member] | Purchase credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 0 | |||
Total Consumer [Member] | Previous accounting guidance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 4,211 | 4,290 | ||
Total Consumer [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Not purchased credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 1,524 | 0 | ||
Total Consumer [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | Purchase credit deteriorated [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | 8 | 0 | ||
Total Consumer [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses for loans, beginning balance | $ 5,743 | $ 4,290 |
Loans and Related Allowance f_8
Loans and Related Allowance for Credit Losses, Allowance by Credit Impairment Methodology (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | |
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Total allowance for credit losses for loans | $ 20,471 | $ 20,436 | $ 10,456 | $ 10,613 | $ 10,603 | |
Loans | [1] | 920,082 | 962,265 | |||
Non-PCI [Member] | ||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Allowance for credit losses, collectively evaluated | 9,142 | |||||
Allowance for credit losses, individually evaluated | 1,314 | |||||
Recorded investment in loans, collectively evaluated | 948,667 | |||||
Recorded investment in loans, individually evaluated | 13,030 | |||||
PCI [Member] | ||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Total allowance for credit losses for loans | 0 | |||||
Loans | 568 | |||||
Total Commercial [Member] | ||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Total allowance for credit losses for loans | 11,542 | 11,669 | 6,245 | 6,230 | 6,298 | |
Loans | 482,289 | 515,719 | ||||
Total Commercial [Member] | Non-PCI [Member] | ||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Allowance for credit losses, collectively evaluated | 5,778 | |||||
Allowance for credit losses, individually evaluated | 467 | |||||
Recorded investment in loans, collectively evaluated | 512,586 | |||||
Recorded investment in loans, individually evaluated | 3,133 | |||||
Total Commercial [Member] | PCI [Member] | ||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Total allowance for credit losses for loans | 0 | |||||
Loans | 0 | |||||
Total Consumer [Member] | ||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Total allowance for credit losses for loans | 8,929 | $ 8,767 | 4,211 | $ 4,383 | $ 4,305 | |
Loans | $ 437,793 | 446,546 | ||||
Total Consumer [Member] | Non-PCI [Member] | ||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Allowance for credit losses, collectively evaluated | 3,364 | |||||
Allowance for credit losses, individually evaluated | 847 | |||||
Recorded investment in loans, collectively evaluated | 436,081 | |||||
Recorded investment in loans, individually evaluated | 9,897 | |||||
Loans | 445,978 | |||||
Total Consumer [Member] | PCI [Member] | ||||||
Loans and Allowance for Credit Losses, by Credit Impairment Method [Abstract] | ||||||
Total allowance for credit losses for loans | 0 | |||||
Loans | $ 568 | |||||
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Loans and Related Allowance f_9
Loans and Related Allowance for Credit Losses, Loans by Credit Quality Indicator, Commercial (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Total | [1] | $ 920,082 | $ 962,265 |
Total Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 71,810 | ||
Term loans by origination year, 2019 | 83,061 | ||
Term loans by origination year, 2018 | 51,490 | ||
Term loans by origination year, 2017 | 27,974 | ||
Term loans by origination year, 2016 | 22,966 | ||
Term loans by origination year, Prior | 28,346 | ||
Revolving loans | 193,899 | ||
Revolving loans converted to term loans | 2,743 | ||
Total | 482,289 | 515,719 | |
Total Commercial [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Total | 444,900 | 495,201 | |
Total Commercial [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Total | 37,300 | 20,518 | |
Commercial and industrial loans [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 47,655 | ||
Term loans by origination year, 2019 | 41,134 | ||
Term loans by origination year, 2018 | 20,391 | ||
Term loans by origination year, 2017 | 9,918 | ||
Term loans by origination year, 2016 | 5,820 | ||
Term loans by origination year, Prior | 6,176 | ||
Revolving loans | 187,085 | ||
Revolving loans converted to term loans | 2,734 | ||
Total | 320,913 | 354,125 | |
Commercial and industrial loans [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 46,064 | ||
Term loans by origination year, 2019 | 39,124 | ||
Term loans by origination year, 2018 | 18,498 | ||
Term loans by origination year, 2017 | 8,711 | ||
Term loans by origination year, 2016 | 4,905 | ||
Term loans by origination year, Prior | 5,748 | ||
Revolving loans | 172,440 | ||
Revolving loans converted to term loans | 2,546 | ||
Total | 298,036 | 338,740 | |
Commercial and industrial loans [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 1,591 | ||
Term loans by origination year, 2019 | 2,010 | ||
Term loans by origination year, 2018 | 1,893 | ||
Term loans by origination year, 2017 | 1,207 | ||
Term loans by origination year, 2016 | 915 | ||
Term loans by origination year, Prior | 428 | ||
Revolving loans | 14,645 | ||
Revolving loans converted to term loans | 188 | ||
Total | 22,877 | 15,385 | |
Commercial real estate mortgage [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 16,576 | ||
Term loans by origination year, 2019 | 29,874 | ||
Term loans by origination year, 2018 | 22,368 | ||
Term loans by origination year, 2017 | 13,813 | ||
Term loans by origination year, 2016 | 14,625 | ||
Term loans by origination year, Prior | 19,340 | ||
Revolving loans | 5,308 | ||
Revolving loans converted to term loans | 6 | ||
Total | 121,910 | 121,824 | |
Commercial real estate mortgage [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 15,269 | ||
Term loans by origination year, 2019 | 27,768 | ||
Term loans by origination year, 2018 | 20,335 | ||
Term loans by origination year, 2017 | 12,452 | ||
Term loans by origination year, 2016 | 13,232 | ||
Term loans by origination year, Prior | 16,833 | ||
Revolving loans | 4,831 | ||
Revolving loans converted to term loans | 6 | ||
Total | 110,726 | 118,054 | |
Commercial real estate mortgage [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 1,307 | ||
Term loans by origination year, 2019 | 2,106 | ||
Term loans by origination year, 2018 | 2,033 | ||
Term loans by origination year, 2017 | 1,361 | ||
Term loans by origination year, 2016 | 1,393 | ||
Term loans by origination year, Prior | 2,507 | ||
Revolving loans | 477 | ||
Revolving loans converted to term loans | 0 | ||
Total | 11,184 | 3,770 | |
Commercial real estate construction [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 4,367 | ||
Term loans by origination year, 2019 | 7,244 | ||
Term loans by origination year, 2018 | 5,766 | ||
Term loans by origination year, 2017 | 2,235 | ||
Term loans by origination year, 2016 | 989 | ||
Term loans by origination year, Prior | 409 | ||
Revolving loans | 1,506 | ||
Revolving loans converted to term loans | 3 | ||
Total | 22,519 | 19,939 | |
Commercial real estate construction [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 4,244 | ||
Term loans by origination year, 2019 | 6,828 | ||
Term loans by origination year, 2018 | 5,248 | ||
Term loans by origination year, 2017 | 2,139 | ||
Term loans by origination year, 2016 | 618 | ||
Term loans by origination year, Prior | 399 | ||
Revolving loans | 1,506 | ||
Revolving loans converted to term loans | 3 | ||
Total | 20,985 | 19,752 | |
Commercial real estate construction [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 123 | ||
Term loans by origination year, 2019 | 416 | ||
Term loans by origination year, 2018 | 518 | ||
Term loans by origination year, 2017 | 96 | ||
Term loans by origination year, 2016 | 371 | ||
Term loans by origination year, Prior | 10 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 1,534 | 187 | |
Commercial lease financing [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 3,212 | ||
Term loans by origination year, 2019 | 4,809 | ||
Term loans by origination year, 2018 | 2,965 | ||
Term loans by origination year, 2017 | 2,008 | ||
Term loans by origination year, 2016 | 1,532 | ||
Term loans by origination year, Prior | 2,421 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 16,947 | 19,831 | |
Commercial lease financing [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 2,958 | ||
Term loans by origination year, 2019 | 4,276 | ||
Term loans by origination year, 2018 | 2,496 | ||
Term loans by origination year, 2017 | 1,759 | ||
Term loans by origination year, 2016 | 1,381 | ||
Term loans by origination year, Prior | 2,324 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 15,194 | 18,655 | |
Commercial lease financing [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, 2020 | 254 | ||
Term loans by origination year, 2019 | 533 | ||
Term loans by origination year, 2018 | 469 | ||
Term loans by origination year, 2017 | 249 | ||
Term loans by origination year, 2016 | 151 | ||
Term loans by origination year, Prior | 97 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | $ 1,753 | $ 1,176 | |
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Loans and Related Allowance _10
Loans and Related Allowance for Credit Losses, Loans by Delinquency Status, Commercial (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | [1] | $ 920,082 | $ 962,265 |
Nonaccrual loans | 8,022 | ||
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 482,289 | 515,719 | |
Nonaccrual loans | 4,398 | 2,254 | |
Commercial and industrial loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 320,913 | 354,125 | |
Nonaccrual loans | 2,834 | 1,545 | |
Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 121,910 | 121,824 | |
Nonaccrual loans | 1,343 | 573 | |
Commercial real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 22,519 | 19,939 | |
Nonaccrual loans | 34 | 41 | |
Commercial lease financing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 16,947 | 19,831 | |
Nonaccrual loans | 187 | 95 | |
Current-29 days past due and still accruing [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 476,388 | 512,406 | |
Current-29 days past due and still accruing [Member] | Commercial and industrial loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 317,563 | 352,110 | |
Current-29 days past due and still accruing [Member] | Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 120,055 | 120,967 | |
Current-29 days past due and still accruing [Member] | Commercial real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 22,252 | 19,845 | |
Current-29 days past due and still accruing [Member] | Commercial lease financing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 16,518 | 19,484 | |
30-89 days past due and still accruing [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1,395 | 981 | |
30-89 days past due and still accruing [Member] | Commercial and industrial loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 455 | 423 | |
30-89 days past due and still accruing [Member] | Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 465 | 253 | |
30-89 days past due and still accruing [Member] | Commercial real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 233 | 53 | |
30-89 days past due and still accruing [Member] | Commercial lease financing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 242 | 252 | |
90 days past due and still accruing [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 108 | 78 | |
90 days past due and still accruing [Member] | Commercial and industrial loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 61 | 47 | |
90 days past due and still accruing [Member] | Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 47 | 31 | |
90 days past due and still accruing [Member] | Commercial real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
90 days past due and still accruing [Member] | Commercial lease financing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $ 0 | $ 0 | |
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Loans and Related Allowance _11
Loans and Related Allowance for Credit Losses, Loans by Delinquency Status, Consumer (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | $ 11,698 | $ 7,285 | |
By delinquency status: | |||
Total | [1] | 920,082 | 962,265 |
Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | 657 | 933 | |
Government insured or guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | 11,041 | 6,352 | |
Purchase credit deteriorated [Member] | |||
By delinquency status: | |||
Total | 568 | ||
Total Consumer [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 60,302 | ||
Term loans by origination year, 2019 | 69,402 | ||
Term loans by origination year, 2018 | 28,153 | ||
Term loans by origination year, 2017 | 35,709 | ||
Term loans by origination year, 2016 | 42,093 | ||
Term loans by origination year, Prior | 114,037 | ||
Revolving loans | 78,832 | ||
Revolving loans converted to term loans | 9,265 | ||
Total | 437,793 | 446,546 | |
Total Consumer [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | 549 | 855 | |
Total Consumer [Member] | Non-government insured/guaranteed [Member] | 90 days past due [Member] | |||
By delinquency status: | |||
Total | 1,900 | 1,900 | |
Total Consumer [Member] | Government insured or guaranteed [Member] | 90 days past due [Member] | |||
By delinquency status: | |||
Total | 11,000 | 6,400 | |
Total Consumer [Member] | Not purchased credit deteriorated [Member] | |||
By delinquency status: | |||
Total | 445,978 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Total | 429,158 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Total | 2,685 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Total | 1,084 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Total | 619 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Total | 593 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Total | 669 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By delinquency status: | |||
Total | 11,170 | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | |||
By delinquency status: | |||
Total | $ 568 | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | Financing receivables equal to greater than 30 days past due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance, percent past due | 26.00% | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By delinquency status: | |||
Total | $ 568 | ||
Residential mortgage [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 42,656 | ||
Term loans by origination year, 2019 | 49,944 | ||
Term loans by origination year, 2018 | 18,968 | ||
Term loans by origination year, 2017 | 30,244 | ||
Term loans by origination year, 2016 | 37,516 | ||
Term loans by origination year, Prior | 107,656 | ||
Revolving loans | 24,390 | ||
Revolving loans converted to term loans | 8,778 | ||
Total | 320,152 | 323,356 | |
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By delinquency status: | |||
Total | 322,788 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By delinquency status: | |||
Total | 11,170 | ||
Residential mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By delinquency status: | |||
Total | 568 | ||
Real estate 1-4 family first mortgage [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 42,639 | ||
Term loans by origination year, 2019 | 49,903 | ||
Term loans by origination year, 2018 | 18,921 | ||
Term loans by origination year, 2017 | 30,201 | ||
Term loans by origination year, 2016 | 37,480 | ||
Term loans by origination year, Prior | 106,335 | ||
Revolving loans | 7,370 | ||
Revolving loans converted to term loans | 2,141 | ||
Total | 294,990 | 293,847 | |
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | 97 | 112 | |
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 42,388 | ||
Term loans by origination year, 2019 | 49,009 | ||
Term loans by origination year, 2018 | 17,902 | ||
Term loans by origination year, 2017 | 28,860 | ||
Term loans by origination year, 2016 | 34,728 | ||
Term loans by origination year, Prior | 77,341 | ||
Revolving loans | 7,300 | ||
Revolving loans converted to term loans | 1,906 | ||
Total | 259,434 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 40 | ||
Term loans by origination year, 2019 | 84 | ||
Term loans by origination year, 2018 | 36 | ||
Term loans by origination year, 2017 | 61 | ||
Term loans by origination year, 2016 | 64 | ||
Term loans by origination year, Prior | 723 | ||
Revolving loans | 28 | ||
Revolving loans converted to term loans | 42 | ||
Total | 1,078 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 1 | ||
Term loans by origination year, 2019 | 6 | ||
Term loans by origination year, 2018 | 2 | ||
Term loans by origination year, 2017 | 7 | ||
Term loans by origination year, 2016 | 17 | ||
Term loans by origination year, Prior | 236 | ||
Revolving loans | 13 | ||
Revolving loans converted to term loans | 23 | ||
Total | 305 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 2 | ||
Term loans by origination year, 2019 | 6 | ||
Term loans by origination year, 2018 | 2 | ||
Term loans by origination year, 2017 | 7 | ||
Term loans by origination year, 2016 | 2 | ||
Term loans by origination year, Prior | 194 | ||
Revolving loans | 9 | ||
Revolving loans converted to term loans | 19 | ||
Total | 241 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 3 | ||
Term loans by origination year, 2019 | 4 | ||
Term loans by origination year, 2018 | 6 | ||
Term loans by origination year, 2017 | 3 | ||
Term loans by origination year, 2016 | 9 | ||
Term loans by origination year, Prior | 222 | ||
Revolving loans | 8 | ||
Revolving loans converted to term loans | 22 | ||
Total | 277 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 1 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 4 | ||
Term loans by origination year, 2017 | 15 | ||
Term loans by origination year, 2016 | 14 | ||
Term loans by origination year, Prior | 543 | ||
Revolving loans | 12 | ||
Revolving loans converted to term loans | 129 | ||
Total | 718 | ||
Real estate 1-4 family first mortgage [Member] | Government insured or guaranteed [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 204 | ||
Term loans by origination year, 2019 | 794 | ||
Term loans by origination year, 2018 | 969 | ||
Term loans by origination year, 2017 | 1,248 | ||
Term loans by origination year, 2016 | 2,646 | ||
Term loans by origination year, Prior | 27,076 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 32,937 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By delinquency status: | |||
Total | 293,292 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Total | 279,722 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Total | 1,136 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Total | 404 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Total | 197 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Total | 160 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Total | 503 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By delinquency status: | |||
Total | 11,170 | ||
Real estate 1-4 family first mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By delinquency status: | |||
Total | 555 | ||
Real estate 1-4 family junior lien mortgage [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 17 | ||
Term loans by origination year, 2019 | 41 | ||
Term loans by origination year, 2018 | 47 | ||
Term loans by origination year, 2017 | 43 | ||
Term loans by origination year, 2016 | 36 | ||
Term loans by origination year, Prior | 1,321 | ||
Revolving loans | 17,020 | ||
Revolving loans converted to term loans | 6,637 | ||
Total | 25,162 | 29,509 | |
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | 28 | 32 | |
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 16 | ||
Term loans by origination year, 2019 | 41 | ||
Term loans by origination year, 2018 | 47 | ||
Term loans by origination year, 2017 | 43 | ||
Term loans by origination year, 2016 | 35 | ||
Term loans by origination year, Prior | 1,255 | ||
Revolving loans | 16,896 | ||
Revolving loans converted to term loans | 6,302 | ||
Total | 24,635 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 1 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 23 | ||
Revolving loans | 57 | ||
Revolving loans converted to term loans | 86 | ||
Total | 167 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 10 | ||
Revolving loans | 24 | ||
Revolving loans converted to term loans | 50 | ||
Total | 84 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 8 | ||
Revolving loans | 14 | ||
Revolving loans converted to term loans | 29 | ||
Total | 51 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 11 | ||
Revolving loans | 12 | ||
Revolving loans converted to term loans | 42 | ||
Total | 65 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 1 | ||
Term loans by origination year, Prior | 14 | ||
Revolving loans | 17 | ||
Revolving loans converted to term loans | 128 | ||
Total | 160 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By delinquency status: | |||
Total | 29,496 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Total | 28,870 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Total | 216 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Total | 115 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Total | 69 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Total | 71 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Total | 155 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By delinquency status: | |||
Total | 0 | ||
Real estate 1-4 family junior lien mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By delinquency status: | |||
Total | 13 | ||
Credit card [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 35,718 | ||
Revolving loans converted to term loans | 303 | ||
Total | 36,021 | 41,013 | |
Credit card [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | 297 | 546 | |
Credit card [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 35,123 | ||
Revolving loans converted to term loans | 264 | ||
Total | 35,387 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 196 | ||
Revolving loans converted to term loans | 13 | ||
Total | 209 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 118 | ||
Revolving loans converted to term loans | 10 | ||
Total | 128 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 93 | ||
Revolving loans converted to term loans | 10 | ||
Total | 103 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 185 | ||
Revolving loans converted to term loans | 6 | ||
Total | 191 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 3 | ||
Revolving loans converted to term loans | 0 | ||
Total | 3 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | |||
By delinquency status: | |||
Total | 41,013 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Total | 39,935 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Total | 311 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Total | 221 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Total | 202 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Total | 343 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Total | 1 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By delinquency status: | |||
Total | 0 | ||
Credit card [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By delinquency status: | |||
Total | 0 | ||
Automobile [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 15,823 | ||
Term loans by origination year, 2019 | 16,470 | ||
Term loans by origination year, 2018 | 7,360 | ||
Term loans by origination year, 2017 | 4,211 | ||
Term loans by origination year, 2016 | 3,446 | ||
Term loans by origination year, Prior | 1,140 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 48,450 | 47,873 | |
Automobile [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | 50 | 78 | |
Automobile [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 15,736 | ||
Term loans by origination year, 2019 | 16,210 | ||
Term loans by origination year, 2018 | 7,186 | ||
Term loans by origination year, 2017 | 4,087 | ||
Term loans by origination year, 2016 | 3,269 | ||
Term loans by origination year, Prior | 1,053 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 47,541 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 66 | ||
Term loans by origination year, 2019 | 185 | ||
Term loans by origination year, 2018 | 126 | ||
Term loans by origination year, 2017 | 90 | ||
Term loans by origination year, 2016 | 127 | ||
Term loans by origination year, Prior | 62 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 656 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 15 | ||
Term loans by origination year, 2019 | 54 | ||
Term loans by origination year, 2018 | 37 | ||
Term loans by origination year, 2017 | 27 | ||
Term loans by origination year, 2016 | 39 | ||
Term loans by origination year, Prior | 20 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 192 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 6 | ||
Term loans by origination year, 2019 | 20 | ||
Term loans by origination year, 2018 | 11 | ||
Term loans by origination year, 2017 | 7 | ||
Term loans by origination year, 2016 | 11 | ||
Term loans by origination year, Prior | 5 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 60 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 1 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 1 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 0 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | |||
By delinquency status: | |||
Total | 47,873 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Total | 46,650 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Total | 882 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Total | 263 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Total | 77 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Total | 1 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Total | 0 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By delinquency status: | |||
Total | 0 | ||
Automobile [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By delinquency status: | |||
Total | 0 | ||
Other revolving credit and installment [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 1,823 | ||
Term loans by origination year, 2019 | 2,988 | ||
Term loans by origination year, 2018 | 1,825 | ||
Term loans by origination year, 2017 | 1,254 | ||
Term loans by origination year, 2016 | 1,131 | ||
Term loans by origination year, Prior | 5,241 | ||
Revolving loans | 18,724 | ||
Revolving loans converted to term loans | 184 | ||
Total | 33,170 | 34,304 | |
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 days or more past due and still accruing | 77 | 87 | |
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 1,820 | ||
Term loans by origination year, 2019 | 2,972 | ||
Term loans by origination year, 2018 | 1,809 | ||
Term loans by origination year, 2017 | 1,239 | ||
Term loans by origination year, 2016 | 1,116 | ||
Term loans by origination year, Prior | 5,148 | ||
Revolving loans | 18,688 | ||
Revolving loans converted to term loans | 165 | ||
Total | 32,957 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 2 | ||
Term loans by origination year, 2019 | 7 | ||
Term loans by origination year, 2018 | 7 | ||
Term loans by origination year, 2017 | 6 | ||
Term loans by origination year, 2016 | 6 | ||
Term loans by origination year, Prior | 41 | ||
Revolving loans | 12 | ||
Revolving loans converted to term loans | 6 | ||
Total | 87 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 1 | ||
Term loans by origination year, 2019 | 6 | ||
Term loans by origination year, 2018 | 6 | ||
Term loans by origination year, 2017 | 6 | ||
Term loans by origination year, 2016 | 6 | ||
Term loans by origination year, Prior | 29 | ||
Revolving loans | 7 | ||
Revolving loans converted to term loans | 2 | ||
Total | 63 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 3 | ||
Term loans by origination year, 2018 | 3 | ||
Term loans by origination year, 2017 | 3 | ||
Term loans by origination year, 2016 | 3 | ||
Term loans by origination year, Prior | 21 | ||
Revolving loans | 5 | ||
Revolving loans converted to term loans | 2 | ||
Total | 40 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 1 | ||
Revolving loans | 9 | ||
Revolving loans converted to term loans | 3 | ||
Total | 13 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 1 | ||
Revolving loans | 3 | ||
Revolving loans converted to term loans | 6 | ||
Total | $ 10 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | |||
By delinquency status: | |||
Total | 34,304 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | Current-29 days past due [Member] | |||
By delinquency status: | |||
Total | 33,981 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 30-59 days past due [Member] | |||
By delinquency status: | |||
Total | 140 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 60 to 89 days past due [Member] | |||
By delinquency status: | |||
Total | 81 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 90-119 days past due [Member] | |||
By delinquency status: | |||
Total | 74 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 120-179 days past due member [Member] | |||
By delinquency status: | |||
Total | 18 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | 180 plus days past due [Member] | |||
By delinquency status: | |||
Total | 10 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By delinquency status: | |||
Total | 0 | ||
Other revolving credit and installment [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By delinquency status: | |||
Total | $ 0 | ||
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Loans and Related Allowance _12
Loans and Related Allowance for Credit Losses, Loans by FICO Score, Consumer (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
By FICO: | |||
Total | [1] | $ 920,082 | $ 962,265 |
Purchase credit deteriorated [Member] | |||
By FICO: | |||
Total | 568 | ||
Total Consumer [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 60,302 | ||
Term loans by origination year, 2019 | 69,402 | ||
Term loans by origination year, 2018 | 28,153 | ||
Term loans by origination year, 2017 | 35,709 | ||
Term loans by origination year, 2016 | 42,093 | ||
Term loans by origination year, Prior | 114,037 | ||
Revolving loans | 78,832 | ||
Revolving loans converted to term loans | 9,265 | ||
Total | 437,793 | 446,546 | |
Total Consumer [Member] | FICO not required [Member] | |||
By FICO: | |||
Total | 11,300 | 9,100 | |
Total Consumer [Member] | Not purchased credit deteriorated [Member] | |||
By FICO: | |||
Total | 445,978 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Total | 196,833 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Total | 85,229 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Total | 52,598 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Total | 36,851 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Total | 21,247 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Total | 10,927 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Total | 14,546 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Total | 7,502 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO not required [Member] | |||
By FICO: | |||
Total | 9,075 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By FICO: | |||
Total | 11,170 | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | |||
By FICO: | |||
Total | 568 | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By FICO: | |||
Total | $ 568 | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Unpaid principal balance, percent of FICO score | 19.00% | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO less than 680 [Member] | |||
By FICO: | |||
Unpaid principal balance, percent of FICO score | 41.00% | ||
Residential mortgage [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 42,656 | ||
Term loans by origination year, 2019 | 49,944 | ||
Term loans by origination year, 2018 | 18,968 | ||
Term loans by origination year, 2017 | 30,244 | ||
Term loans by origination year, 2016 | 37,516 | ||
Term loans by origination year, Prior | 107,656 | ||
Revolving loans | 24,390 | ||
Revolving loans converted to term loans | 8,778 | ||
Total | 320,152 | $ 323,356 | |
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By FICO: | |||
Total | 322,788 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By FICO: | |||
Total | 11,170 | ||
Residential mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By FICO: | |||
Total | 568 | ||
Real estate 1-4 family first mortgage [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 42,639 | ||
Term loans by origination year, 2019 | 49,903 | ||
Term loans by origination year, 2018 | 18,921 | ||
Term loans by origination year, 2017 | 30,201 | ||
Term loans by origination year, 2016 | 37,480 | ||
Term loans by origination year, Prior | 106,335 | ||
Revolving loans | 7,370 | ||
Revolving loans converted to term loans | 2,141 | ||
Total | 294,990 | 293,847 | |
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 22,861 | ||
Term loans by origination year, 2019 | 32,129 | ||
Term loans by origination year, 2018 | 12,129 | ||
Term loans by origination year, 2017 | 20,712 | ||
Term loans by origination year, 2016 | 25,429 | ||
Term loans by origination year, Prior | 46,803 | ||
Revolving loans | 3,644 | ||
Revolving loans converted to term loans | 510 | ||
Total | 164,217 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 13,693 | ||
Term loans by origination year, 2019 | 11,343 | ||
Term loans by origination year, 2018 | 3,522 | ||
Term loans by origination year, 2017 | 5,002 | ||
Term loans by origination year, 2016 | 5,507 | ||
Term loans by origination year, Prior | 11,999 | ||
Revolving loans | 1,428 | ||
Revolving loans converted to term loans | 279 | ||
Total | 52,773 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 4,224 | ||
Term loans by origination year, 2019 | 3,822 | ||
Term loans by origination year, 2018 | 1,376 | ||
Term loans by origination year, 2017 | 1,994 | ||
Term loans by origination year, 2016 | 2,397 | ||
Term loans by origination year, Prior | 7,526 | ||
Revolving loans | 910 | ||
Revolving loans converted to term loans | 273 | ||
Total | 22,522 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 1,249 | ||
Term loans by origination year, 2019 | 1,170 | ||
Term loans by origination year, 2018 | 552 | ||
Term loans by origination year, 2017 | 745 | ||
Term loans by origination year, 2016 | 901 | ||
Term loans by origination year, Prior | 4,718 | ||
Revolving loans | 557 | ||
Revolving loans converted to term loans | 230 | ||
Total | 10,122 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 253 | ||
Term loans by origination year, 2019 | 292 | ||
Term loans by origination year, 2018 | 184 | ||
Term loans by origination year, 2017 | 237 | ||
Term loans by origination year, 2016 | 267 | ||
Term loans by origination year, Prior | 2,588 | ||
Revolving loans | 263 | ||
Revolving loans converted to term loans | 163 | ||
Total | 4,247 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 30 | ||
Term loans by origination year, 2019 | 77 | ||
Term loans by origination year, 2018 | 66 | ||
Term loans by origination year, 2017 | 91 | ||
Term loans by origination year, 2016 | 77 | ||
Term loans by origination year, Prior | 1,522 | ||
Revolving loans | 131 | ||
Revolving loans converted to term loans | 107 | ||
Total | 2,101 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 16 | ||
Term loans by origination year, 2019 | 24 | ||
Term loans by origination year, 2018 | 37 | ||
Term loans by origination year, 2017 | 44 | ||
Term loans by origination year, 2016 | 85 | ||
Term loans by origination year, Prior | 1,994 | ||
Revolving loans | 174 | ||
Revolving loans converted to term loans | 189 | ||
Total | 2,563 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 109 | ||
Term loans by origination year, 2019 | 252 | ||
Term loans by origination year, 2018 | 86 | ||
Term loans by origination year, 2017 | 128 | ||
Term loans by origination year, 2016 | 171 | ||
Term loans by origination year, Prior | 2,109 | ||
Revolving loans | 263 | ||
Revolving loans converted to term loans | 390 | ||
Total | 3,508 | ||
Real estate 1-4 family first mortgage [Member] | Government insured or guaranteed [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 204 | ||
Term loans by origination year, 2019 | 794 | ||
Term loans by origination year, 2018 | 969 | ||
Term loans by origination year, 2017 | 1,248 | ||
Term loans by origination year, 2016 | 2,646 | ||
Term loans by origination year, Prior | 27,076 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 32,937 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By FICO: | |||
Total | 293,292 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Total | 165,460 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Total | 61,559 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Total | 27,879 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Total | 12,844 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Total | 5,068 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Total | 2,392 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Total | 3,264 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Total | 3,656 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO not required [Member] | |||
By FICO: | |||
Total | 0 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By FICO: | |||
Total | 11,170 | ||
Real estate 1-4 family first mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By FICO: | |||
Total | 555 | ||
Real estate 1-4 family junior lien mortgage [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 17 | ||
Term loans by origination year, 2019 | 41 | ||
Term loans by origination year, 2018 | 47 | ||
Term loans by origination year, 2017 | 43 | ||
Term loans by origination year, 2016 | 36 | ||
Term loans by origination year, Prior | 1,321 | ||
Revolving loans | 17,020 | ||
Revolving loans converted to term loans | 6,637 | ||
Total | 25,162 | 29,509 | |
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 325 | ||
Revolving loans | 8,689 | ||
Revolving loans converted to term loans | 1,926 | ||
Total | 10,940 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 193 | ||
Revolving loans | 3,213 | ||
Revolving loans converted to term loans | 1,100 | ||
Total | 4,506 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 233 | ||
Revolving loans | 2,224 | ||
Revolving loans converted to term loans | 1,109 | ||
Total | 3,566 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 204 | ||
Revolving loans | 1,337 | ||
Revolving loans converted to term loans | 930 | ||
Total | 2,471 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 114 | ||
Revolving loans | 546 | ||
Revolving loans converted to term loans | 528 | ||
Total | 1,188 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 70 | ||
Revolving loans | 264 | ||
Revolving loans converted to term loans | 323 | ||
Total | 657 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 87 | ||
Revolving loans | 291 | ||
Revolving loans converted to term loans | 432 | ||
Total | 810 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 17 | ||
Term loans by origination year, 2019 | 41 | ||
Term loans by origination year, 2018 | 47 | ||
Term loans by origination year, 2017 | 43 | ||
Term loans by origination year, 2016 | 36 | ||
Term loans by origination year, Prior | 95 | ||
Revolving loans | 456 | ||
Revolving loans converted to term loans | 289 | ||
Total | 1,024 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By FICO: | |||
Total | 29,496 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Total | 11,851 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Total | 5,483 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Total | 4,407 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Total | 3,192 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Total | 1,499 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Total | 782 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Total | 1,164 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Total | 1,118 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO not required [Member] | |||
By FICO: | |||
Total | 0 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By FICO: | |||
Total | 0 | ||
Real estate 1-4 family junior lien mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By FICO: | |||
Total | 13 | ||
Credit card [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 35,718 | ||
Revolving loans converted to term loans | 303 | ||
Total | 36,021 | 41,013 | |
Credit card [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 3,827 | ||
Revolving loans converted to term loans | 1 | ||
Total | 3,828 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 5,312 | ||
Revolving loans converted to term loans | 7 | ||
Total | 5,319 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 7,795 | ||
Revolving loans converted to term loans | 28 | ||
Total | 7,823 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 8,731 | ||
Revolving loans converted to term loans | 60 | ||
Total | 8,791 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 5,495 | ||
Revolving loans converted to term loans | 65 | ||
Total | 5,560 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 2,223 | ||
Revolving loans converted to term loans | 49 | ||
Total | 2,272 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 2,325 | ||
Revolving loans converted to term loans | 92 | ||
Total | 2,417 | ||
Credit card [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 10 | ||
Revolving loans converted to term loans | 1 | ||
Total | 11 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | |||
By FICO: | |||
Total | 41,013 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Total | 4,037 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Total | 5,648 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Total | 8,376 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Total | 9,732 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Total | 6,626 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Total | 2,853 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Total | 3,373 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Total | 368 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO not required [Member] | |||
By FICO: | |||
Total | 0 | ||
Credit card [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By FICO: | |||
Total | 0 | ||
Credit card [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By FICO: | |||
Total | 0 | ||
Automobile [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 15,823 | ||
Term loans by origination year, 2019 | 16,470 | ||
Term loans by origination year, 2018 | 7,360 | ||
Term loans by origination year, 2017 | 4,211 | ||
Term loans by origination year, 2016 | 3,446 | ||
Term loans by origination year, Prior | 1,140 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 48,450 | 47,873 | |
Automobile [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 2,102 | ||
Term loans by origination year, 2019 | 2,856 | ||
Term loans by origination year, 2018 | 1,378 | ||
Term loans by origination year, 2017 | 861 | ||
Term loans by origination year, 2016 | 577 | ||
Term loans by origination year, Prior | 168 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 7,942 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 2,333 | ||
Term loans by origination year, 2019 | 2,951 | ||
Term loans by origination year, 2018 | 1,276 | ||
Term loans by origination year, 2017 | 684 | ||
Term loans by origination year, 2016 | 449 | ||
Term loans by origination year, Prior | 128 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 7,821 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 2,565 | ||
Term loans by origination year, 2019 | 2,806 | ||
Term loans by origination year, 2018 | 1,251 | ||
Term loans by origination year, 2017 | 687 | ||
Term loans by origination year, 2016 | 498 | ||
Term loans by origination year, Prior | 153 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 7,960 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 2,950 | ||
Term loans by origination year, 2019 | 2,839 | ||
Term loans by origination year, 2018 | 1,224 | ||
Term loans by origination year, 2017 | 648 | ||
Term loans by origination year, 2016 | 505 | ||
Term loans by origination year, Prior | 157 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 8,323 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 2,839 | ||
Term loans by origination year, 2019 | 2,190 | ||
Term loans by origination year, 2018 | 871 | ||
Term loans by origination year, 2017 | 464 | ||
Term loans by origination year, 2016 | 409 | ||
Term loans by origination year, Prior | 137 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 6,910 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 1,830 | ||
Term loans by origination year, 2019 | 1,335 | ||
Term loans by origination year, 2018 | 542 | ||
Term loans by origination year, 2017 | 315 | ||
Term loans by origination year, 2016 | 328 | ||
Term loans by origination year, Prior | 121 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 4,471 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 1,198 | ||
Term loans by origination year, 2019 | 1,460 | ||
Term loans by origination year, 2018 | 814 | ||
Term loans by origination year, 2017 | 541 | ||
Term loans by origination year, 2016 | 660 | ||
Term loans by origination year, Prior | 263 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 4,936 | ||
Automobile [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 6 | ||
Term loans by origination year, 2019 | 33 | ||
Term loans by origination year, 2018 | 4 | ||
Term loans by origination year, 2017 | 11 | ||
Term loans by origination year, 2016 | 20 | ||
Term loans by origination year, Prior | 13 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 87 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | |||
By FICO: | |||
Total | 47,873 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Total | 7,900 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Total | 7,624 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Total | 7,839 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Total | 7,871 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Total | 6,324 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Total | 4,230 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Total | 6,041 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Total | 44 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO not required [Member] | |||
By FICO: | |||
Total | 0 | ||
Automobile [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By FICO: | |||
Total | 0 | ||
Automobile [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By FICO: | |||
Total | 0 | ||
Other revolving credit and installment [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 1,823 | ||
Term loans by origination year, 2019 | 2,988 | ||
Term loans by origination year, 2018 | 1,825 | ||
Term loans by origination year, 2017 | 1,254 | ||
Term loans by origination year, 2016 | 1,131 | ||
Term loans by origination year, Prior | 5,241 | ||
Revolving loans | 18,724 | ||
Revolving loans converted to term loans | 184 | ||
Total | 33,170 | 34,304 | |
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 621 | ||
Term loans by origination year, 2019 | 964 | ||
Term loans by origination year, 2018 | 583 | ||
Term loans by origination year, 2017 | 432 | ||
Term loans by origination year, 2016 | 439 | ||
Term loans by origination year, Prior | 2,070 | ||
Revolving loans | 2,454 | ||
Revolving loans converted to term loans | 23 | ||
Total | 7,586 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 485 | ||
Term loans by origination year, 2019 | 676 | ||
Term loans by origination year, 2018 | 365 | ||
Term loans by origination year, 2017 | 240 | ||
Term loans by origination year, 2016 | 225 | ||
Term loans by origination year, Prior | 1,058 | ||
Revolving loans | 1,198 | ||
Revolving loans converted to term loans | 18 | ||
Total | 4,265 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 330 | ||
Term loans by origination year, 2019 | 515 | ||
Term loans by origination year, 2018 | 303 | ||
Term loans by origination year, 2017 | 195 | ||
Term loans by origination year, 2016 | 184 | ||
Term loans by origination year, Prior | 830 | ||
Revolving loans | 954 | ||
Revolving loans converted to term loans | 26 | ||
Total | 3,337 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 180 | ||
Term loans by origination year, 2019 | 363 | ||
Term loans by origination year, 2018 | 229 | ||
Term loans by origination year, 2017 | 147 | ||
Term loans by origination year, 2016 | 134 | ||
Term loans by origination year, Prior | 590 | ||
Revolving loans | 838 | ||
Revolving loans converted to term loans | 28 | ||
Total | 2,509 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 70 | ||
Term loans by origination year, 2019 | 167 | ||
Term loans by origination year, 2018 | 117 | ||
Term loans by origination year, 2017 | 77 | ||
Term loans by origination year, 2016 | 70 | ||
Term loans by origination year, Prior | 323 | ||
Revolving loans | 439 | ||
Revolving loans converted to term loans | 20 | ||
Total | 1,283 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 18 | ||
Term loans by origination year, 2019 | 51 | ||
Term loans by origination year, 2018 | 41 | ||
Term loans by origination year, 2017 | 31 | ||
Term loans by origination year, 2016 | 31 | ||
Term loans by origination year, Prior | 154 | ||
Revolving loans | 165 | ||
Revolving loans converted to term loans | 14 | ||
Total | 505 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 10 | ||
Term loans by origination year, 2019 | 48 | ||
Term loans by origination year, 2018 | 47 | ||
Term loans by origination year, 2017 | 33 | ||
Term loans by origination year, 2016 | 33 | ||
Term loans by origination year, Prior | 143 | ||
Revolving loans | 166 | ||
Revolving loans converted to term loans | 20 | ||
Total | 500 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 109 | ||
Term loans by origination year, 2019 | 204 | ||
Term loans by origination year, 2018 | 140 | ||
Term loans by origination year, 2017 | 99 | ||
Term loans by origination year, 2016 | 15 | ||
Term loans by origination year, Prior | 73 | ||
Revolving loans | 1,191 | ||
Revolving loans converted to term loans | 35 | ||
Total | 1,866 | ||
Other revolving credit and installment [Member] | Non-government insured/guaranteed [Member] | FICO not required [Member] | |||
By FICO: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 0 | ||
Revolving loans | 11,319 | ||
Revolving loans converted to term loans | 0 | ||
Total | $ 11,319 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | |||
By FICO: | |||
Total | 34,304 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 800 or more [Member] | |||
By FICO: | |||
Total | 7,585 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 760-799 [Member] | |||
By FICO: | |||
Total | 4,915 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 720-759 [Member] | |||
By FICO: | |||
Total | 4,097 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 680-719 [Member] | |||
By FICO: | |||
Total | 3,212 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 640-679 [Member] | |||
By FICO: | |||
Total | 1,730 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO 600-639 [Member] | |||
By FICO: | |||
Total | 670 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO less than 600 [Member] | |||
By FICO: | |||
Total | 704 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No FICO available [Member] | |||
By FICO: | |||
Total | 2,316 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | FICO not required [Member] | |||
By FICO: | |||
Total | 9,075 | ||
Other revolving credit and installment [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By FICO: | |||
Total | 0 | ||
Other revolving credit and installment [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By FICO: | |||
Total | $ 0 | ||
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Loans and Related Allowance _13
Loans and Related Allowance for Credit Losses, Loans by Loan to Value Ratio, Consumer (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
High value properties, threshold | $ 1 | ||
By LTV/CLTV: | |||
Total | [1] | 920,082 | $ 962,265 |
Purchase credit deteriorated [Member] | |||
By LTV/CLTV: | |||
Total | 568 | ||
Total Consumer [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 60,302 | ||
Term loans by origination year, 2019 | 69,402 | ||
Term loans by origination year, 2018 | 28,153 | ||
Term loans by origination year, 2017 | 35,709 | ||
Term loans by origination year, 2016 | 42,093 | ||
Term loans by origination year, Prior | 114,037 | ||
Revolving loans | 78,832 | ||
Revolving loans converted to term loans | 9,265 | ||
Total | 437,793 | 446,546 | |
Total Consumer [Member] | Not purchased credit deteriorated [Member] | |||
By LTV/CLTV: | |||
Total | 445,978 | ||
Total Consumer [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By LTV/CLTV: | |||
Total | 11,170 | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | |||
By LTV/CLTV: | |||
Total | 568 | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By LTV/CLTV: | |||
Total | $ 568 | ||
Total Consumer [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV greater than 80% [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, percent of debt-to-value ratio | 9.00% | ||
Residential mortgage [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 42,656 | ||
Term loans by origination year, 2019 | 49,944 | ||
Term loans by origination year, 2018 | 18,968 | ||
Term loans by origination year, 2017 | 30,244 | ||
Term loans by origination year, 2016 | 37,516 | ||
Term loans by origination year, Prior | 107,656 | ||
Revolving loans | 24,390 | ||
Revolving loans converted to term loans | 8,778 | ||
Total | 320,152 | $ 323,356 | |
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By LTV/CLTV: | |||
Total | 322,788 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 0-60% [Member] | |||
By LTV/CLTV: | |||
Total | 166,081 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 60.01-80% [Member] | |||
By LTV/CLTV: | |||
Total | 124,458 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 80.01-100% [Member] | |||
By LTV/CLTV: | |||
Total | 17,441 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 100.01-120% [Member] | |||
By LTV/CLTV: | |||
Total | 1,838 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV greater than 120% [Member] | |||
By LTV/CLTV: | |||
Total | 674 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No LTV/CLTV available [Member] | |||
By LTV/CLTV: | |||
Total | 1,126 | ||
Residential mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By LTV/CLTV: | |||
Total | 11,170 | ||
Residential mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By LTV/CLTV: | |||
Total | 568 | ||
Real estate 1-4 family first mortgage [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 42,639 | ||
Term loans by origination year, 2019 | 49,903 | ||
Term loans by origination year, 2018 | 18,921 | ||
Term loans by origination year, 2017 | 30,201 | ||
Term loans by origination year, 2016 | 37,480 | ||
Term loans by origination year, Prior | 106,335 | ||
Revolving loans | 7,370 | ||
Revolving loans converted to term loans | 2,141 | ||
Total | 294,990 | 293,847 | |
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | LTV 0-60% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 12,777 | ||
Term loans by origination year, 2019 | 15,718 | ||
Term loans by origination year, 2018 | 6,606 | ||
Term loans by origination year, 2017 | 13,753 | ||
Term loans by origination year, 2016 | 21,870 | ||
Term loans by origination year, Prior | 65,355 | ||
Revolving loans | 5,138 | ||
Revolving loans converted to term loans | 1,605 | ||
Total | 142,822 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | LTV 60.01-80% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 27,558 | ||
Term loans by origination year, 2019 | 28,843 | ||
Term loans by origination year, 2018 | 9,775 | ||
Term loans by origination year, 2017 | 14,099 | ||
Term loans by origination year, 2016 | 12,226 | ||
Term loans by origination year, Prior | 12,003 | ||
Revolving loans | 1,485 | ||
Revolving loans converted to term loans | 359 | ||
Total | 106,348 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | LTV 80.01-100% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 1,981 | ||
Term loans by origination year, 2019 | 4,293 | ||
Term loans by origination year, 2018 | 1,419 | ||
Term loans by origination year, 2017 | 943 | ||
Term loans by origination year, 2016 | 567 | ||
Term loans by origination year, Prior | 1,321 | ||
Revolving loans | 488 | ||
Revolving loans converted to term loans | 119 | ||
Total | 11,131 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | LTV 100.01-120% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 20 | ||
Term loans by origination year, 2019 | 110 | ||
Term loans by origination year, 2018 | 64 | ||
Term loans by origination year, 2017 | 59 | ||
Term loans by origination year, 2016 | 56 | ||
Term loans by origination year, Prior | 226 | ||
Revolving loans | 150 | ||
Revolving loans converted to term loans | 32 | ||
Total | 717 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | LTV greater than 120% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 10 | ||
Term loans by origination year, 2019 | 49 | ||
Term loans by origination year, 2018 | 22 | ||
Term loans by origination year, 2017 | 21 | ||
Term loans by origination year, 2016 | 23 | ||
Term loans by origination year, Prior | 100 | ||
Revolving loans | 53 | ||
Revolving loans converted to term loans | 12 | ||
Total | 290 | ||
Real estate 1-4 family first mortgage [Member] | Non-government insured/guaranteed [Member] | No LTV/CLTV available [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 89 | ||
Term loans by origination year, 2019 | 96 | ||
Term loans by origination year, 2018 | 66 | ||
Term loans by origination year, 2017 | 78 | ||
Term loans by origination year, 2016 | 92 | ||
Term loans by origination year, Prior | 254 | ||
Revolving loans | 56 | ||
Revolving loans converted to term loans | 14 | ||
Total | 745 | ||
Real estate 1-4 family first mortgage [Member] | Government insured or guaranteed [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 204 | ||
Term loans by origination year, 2019 | 794 | ||
Term loans by origination year, 2018 | 969 | ||
Term loans by origination year, 2017 | 1,248 | ||
Term loans by origination year, 2016 | 2,646 | ||
Term loans by origination year, Prior | 27,076 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Total | 32,937 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By LTV/CLTV: | |||
Total | 293,292 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 0-60% [Member] | |||
By LTV/CLTV: | |||
Total | 151,478 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 60.01-80% [Member] | |||
By LTV/CLTV: | |||
Total | 114,795 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 80.01-100% [Member] | |||
By LTV/CLTV: | |||
Total | 13,867 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 100.01-120% [Member] | |||
By LTV/CLTV: | |||
Total | 860 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV greater than 120% [Member] | |||
By LTV/CLTV: | |||
Total | 338 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No LTV/CLTV available [Member] | |||
By LTV/CLTV: | |||
Total | 784 | ||
Real estate 1-4 family first mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By LTV/CLTV: | |||
Total | 11,170 | ||
Real estate 1-4 family first mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By LTV/CLTV: | |||
Total | 555 | ||
Real estate 1-4 family junior lien mortgage [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 17 | ||
Term loans by origination year, 2019 | 41 | ||
Term loans by origination year, 2018 | 47 | ||
Term loans by origination year, 2017 | 43 | ||
Term loans by origination year, 2016 | 36 | ||
Term loans by origination year, Prior | 1,321 | ||
Revolving loans | 17,020 | ||
Revolving loans converted to term loans | 6,637 | ||
Total | 25,162 | 29,509 | |
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | LTV 0-60% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 572 | ||
Revolving loans | 8,819 | ||
Revolving loans converted to term loans | 3,829 | ||
Total | 13,220 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | LTV 60.01-80% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 373 | ||
Revolving loans | 5,784 | ||
Revolving loans converted to term loans | 1,740 | ||
Total | 7,897 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | LTV 80.01-100% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 229 | ||
Revolving loans | 1,772 | ||
Revolving loans converted to term loans | 773 | ||
Total | 2,774 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | LTV 100.01-120% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 74 | ||
Revolving loans | 452 | ||
Revolving loans converted to term loans | 193 | ||
Total | 719 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | LTV greater than 120% [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 0 | ||
Term loans by origination year, 2019 | 0 | ||
Term loans by origination year, 2018 | 0 | ||
Term loans by origination year, 2017 | 0 | ||
Term loans by origination year, 2016 | 0 | ||
Term loans by origination year, Prior | 22 | ||
Revolving loans | 167 | ||
Revolving loans converted to term loans | 61 | ||
Total | 250 | ||
Real estate 1-4 family junior lien mortgage [Member] | Non-government insured/guaranteed [Member] | No LTV/CLTV available [Member] | |||
By LTV/CLTV: | |||
Term loans by origination year, 2020 | 17 | ||
Term loans by origination year, 2019 | 41 | ||
Term loans by origination year, 2018 | 47 | ||
Term loans by origination year, 2017 | 43 | ||
Term loans by origination year, 2016 | 36 | ||
Term loans by origination year, Prior | 51 | ||
Revolving loans | 26 | ||
Revolving loans converted to term loans | 41 | ||
Total | $ 302 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | |||
By LTV/CLTV: | |||
Total | 29,496 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 0-60% [Member] | |||
By LTV/CLTV: | |||
Total | 14,603 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 60.01-80% [Member] | |||
By LTV/CLTV: | |||
Total | 9,663 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 80.01-100% [Member] | |||
By LTV/CLTV: | |||
Total | 3,574 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV 100.01-120% [Member] | |||
By LTV/CLTV: | |||
Total | 978 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | LTV greater than 120% [Member] | |||
By LTV/CLTV: | |||
Total | 336 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Non-government insured/guaranteed [Member] | No LTV/CLTV available [Member] | |||
By LTV/CLTV: | |||
Total | 342 | ||
Real estate 1-4 family junior lien mortgage [Member] | Not purchased credit deteriorated [Member] | Government insured or guaranteed [Member] | |||
By LTV/CLTV: | |||
Total | 0 | ||
Real estate 1-4 family junior lien mortgage [Member] | Purchase credit deteriorated [Member] | Non-government insured/guaranteed [Member] | |||
By LTV/CLTV: | |||
Total | $ 13 | ||
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Loans and Related Allowance _14
Loans and Related Allowance for Credit Losses, Nonaccrual (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | $ 8,022 | |
Nonaccrual loans without related allowance for credit losses (2) | 2,440 | |
Recognized interest income | 248 | |
Total Commercial [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 4,398 | $ 2,254 |
Nonaccrual loans without related allowance for credit losses (2) | 426 | |
Recognized interest income | 79 | |
Commercial and industrial loans [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 2,834 | 1,545 |
Nonaccrual loans without related allowance for credit losses (2) | 293 | |
Recognized interest income | 48 | |
Commercial real estate mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 1,343 | 573 |
Nonaccrual loans without related allowance for credit losses (2) | 113 | |
Recognized interest income | 25 | |
Commercial real estate construction [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 34 | 41 |
Nonaccrual loans without related allowance for credit losses (2) | 2 | |
Recognized interest income | 6 | |
Commercial lease financing [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 187 | 95 |
Nonaccrual loans without related allowance for credit losses (2) | 18 | |
Recognized interest income | 0 | |
Total Consumer [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 3,624 | |
Nonaccrual loans without related allowance for credit losses (2) | 2,014 | |
Recognized interest income | 169 | |
Residential mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans in process of foreclosure, amount | 2,300 | 3,500 |
Real estate 1-4 family first mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 2,641 | |
Nonaccrual loans without related allowance for credit losses (2) | 1,549 | |
Recognized interest income | 116 | |
Real estate 1-4 family junior lien mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 767 | |
Nonaccrual loans without related allowance for credit losses (2) | 465 | |
Recognized interest income | 39 | |
Automobile [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 176 | |
Nonaccrual loans without related allowance for credit losses (2) | 0 | |
Recognized interest income | 12 | |
Other revolving credit and installment [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 40 | |
Nonaccrual loans without related allowance for credit losses (2) | 0 | |
Recognized interest income | 2 | |
Government guaranteed mortgage loans upon foreclosure receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 1,900 | 2,800 |
Not purchased credit deteriorated [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 5,346 | |
Not purchased credit deteriorated [Member] | Total Commercial [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 2,254 | |
Not purchased credit deteriorated [Member] | Commercial and industrial loans [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 1,545 | |
Not purchased credit deteriorated [Member] | Commercial real estate mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 573 | |
Not purchased credit deteriorated [Member] | Commercial real estate construction [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 41 | |
Not purchased credit deteriorated [Member] | Commercial lease financing [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 95 | |
Not purchased credit deteriorated [Member] | Total Consumer [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 3,092 | |
Not purchased credit deteriorated [Member] | Real estate 1-4 family first mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 2,150 | |
Not purchased credit deteriorated [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 796 | |
Not purchased credit deteriorated [Member] | Automobile [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | 106 | |
Not purchased credit deteriorated [Member] | Other revolving credit and installment [Member] | ||
Nonaccrual Loans [Abstract] | ||
Nonaccrual loans | $ 40 |
Loans and Related Allowance _15
Loans and Related Allowance for Credit Losses, 90 Days or More Past Due and Still Accruing (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | $ 11,698 | $ 7,285 |
Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | 657 | 933 |
Non-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 | 108 | 78 |
Non-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 | 61 | 47 |
Non-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 | 47 | 31 |
Non-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 | 549 | 855 |
Non-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 | 97 | 112 |
Non-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 | 28 | 32 |
Non-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 | 297 | 546 |
Non-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 | 50 | 78 |
Non-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 | 77 | 87 |
Government insured or guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
90 days or more past due and still accruing | $ 11,041 | $ 6,352 |
Loans and Related Allowance _16
Loans and Related Allowance for Credit Losses, Impaired Loans (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Trial modifications | $ 14,600 | $ 11,800 |
Total Consumer [Member] | Trial modifications [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Trial modifications | 115 | |
Not purchased credit deteriorated [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 14,670 | |
Impaired loans | 13,030 | |
Impaired loans with related allowance for credit losses | 8,927 | |
Related allowance for credit losses | 1,314 | |
Not purchased credit deteriorated [Member] | Total Commercial [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 4,141 | |
Impaired loans | 3,133 | |
Impaired loans with related allowance for credit losses | 2,852 | |
Related allowance for credit losses | 467 | |
Not purchased credit deteriorated [Member] | Commercial and industrial loans [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 2,792 | |
Impaired loans | 2,003 | |
Impaired loans with related allowance for credit losses | 1,903 | |
Related allowance for credit losses | 311 | |
Not purchased credit deteriorated [Member] | Commercial real estate mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 1,137 | |
Impaired loans | 974 | |
Impaired loans with related allowance for credit losses | 803 | |
Related allowance for credit losses | 110 | |
Not purchased credit deteriorated [Member] | Commercial real estate construction [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 81 | |
Impaired loans | 51 | |
Impaired loans with related allowance for credit losses | 41 | |
Related allowance for credit losses | 11 | |
Not purchased credit deteriorated [Member] | Commercial lease financing [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 131 | |
Impaired loans | 105 | |
Impaired loans with related allowance for credit losses | 105 | |
Related allowance for credit losses | 35 | |
Not purchased credit deteriorated [Member] | Total Consumer [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 10,529 | |
Impaired loans | 9,897 | |
Impaired loans with related allowance for credit losses | 6,075 | |
Related allowance for credit losses | 847 | |
Not purchased credit deteriorated [Member] | Residential mortgage [Member] | Government insured or guaranteed [Member] | ||
Impaired Loans [Abstract] | ||
Impaired loans | 1,200 | |
Not purchased credit deteriorated [Member] | Real estate 1-4 family first mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 8,107 | |
Impaired loans | 7,674 | |
Impaired loans with related allowance for credit losses | 4,433 | |
Related allowance for credit losses | 437 | |
Not purchased credit deteriorated [Member] | Real estate 1-4 family junior lien mortgage [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 1,586 | |
Impaired loans | 1,451 | |
Impaired loans with related allowance for credit losses | 925 | |
Related allowance for credit losses | 144 | |
Not purchased credit deteriorated [Member] | Credit card [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 520 | |
Impaired loans | 520 | |
Impaired loans with related allowance for credit losses | 520 | |
Related allowance for credit losses | 209 | |
Not purchased credit deteriorated [Member] | Automobile [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 138 | |
Impaired loans | 81 | |
Impaired loans with related allowance for credit losses | 42 | |
Related allowance for credit losses | 8 | |
Not purchased credit deteriorated [Member] | Other revolving credit and installment [Member] | ||
Impaired Loans [Abstract] | ||
Unpaid principal balance | 178 | |
Impaired loans | 171 | |
Impaired loans with related allowance for credit losses | 155 | |
Related allowance for credit losses | $ 49 |
Loans and Related Allowance _17
Loans and Related Allowance for Credit Losses, Impaired Loans, Average Recorded Investment and Interest Income (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | $ 14,713 |
Recognized interest income | 889 |
Interest income: | |
Cash basis of accounting | 241 |
Other | 648 |
Total Commercial [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 3,362 |
Recognized interest income | 195 |
Commercial and industrial loans [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 2,150 |
Recognized interest income | 129 |
Commercial real estate mortgage [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 1,067 |
Recognized interest income | 59 |
Commercial real estate construction [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 52 |
Recognized interest income | 6 |
Commercial lease financing [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 93 |
Recognized interest income | 1 |
Total Consumer [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 11,351 |
Recognized interest income | 694 |
Real estate 1-4 family first mortgage [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 9,031 |
Recognized interest income | 506 |
Real estate 1-4 family junior lien mortgage [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 1,586 |
Recognized interest income | 99 |
Credit card [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 488 |
Recognized interest income | 64 |
Automobile [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 84 |
Recognized interest income | 12 |
Other revolving credit and installment [Member] | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |
Average recorded investment | 162 |
Recognized interest income | $ 13 |
Loans and Related Allowance _18
Loans and Related Allowance for Credit Losses, Troubled Debt Restructurings Modifications by Type (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing receivable, troubled debt restructuring | $ 14,600 | $ 14,600 | $ 11,800 | ||
Loans and leases receivable, impaired, commitment to lend | 477 | 477 | 500 | ||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 3,960 | $ 713 | 6,317 | $ 2,581 | |
Financial effects of modifications | |||||
Charge-offs | $ 88 | $ 46 | $ 205 | $ 102 | |
Weighted average interest rate reduction | 12.07% | 9.32% | 9.29% | 8.52% | |
Total Commercial [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 1,143 | $ 325 | $ 2,730 | $ 1,327 | |
Financial effects of modifications | |||||
Charge-offs | $ 49 | $ 39 | $ 131 | $ 78 | |
Weighted average interest rate reduction | 1.29% | 0.75% | 0.98% | 0.51% | |
Commercial and industrial loans [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 889 | $ 231 | $ 2,201 | $ 1,010 | |
Financial effects of modifications | |||||
Charge-offs | $ 44 | $ 39 | $ 126 | $ 78 | |
Weighted average interest rate reduction | 0.79% | 0.67% | 0.74% | 0.47% | |
Commercial real estate mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 243 | $ 76 | $ 511 | $ 270 | |
Financial effects of modifications | |||||
Charge-offs | $ 5 | $ 0 | $ 5 | $ 0 | |
Weighted average interest rate reduction | 1.38% | 0.91% | 1.21% | 0.59% | |
Commercial real estate construction [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 11 | $ 16 | $ 17 | $ 45 | |
Financial effects of modifications | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 5.25% | 1.00% | 4.29% | 1.00% | |
Commercial lease financing [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 0 | $ 2 | $ 1 | $ 2 | |
Financial effects of modifications | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
Total Consumer [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 2,817 | $ 388 | $ 3,587 | $ 1,254 | |
Loan restructuring, trial modifications, amount | 10 | 6 | (1) | 11 | |
Financial effects of modifications | |||||
Charge-offs | $ 39 | $ 7 | $ 74 | $ 24 | |
Weighted average interest rate reduction | 13.64% | 10.23% | 11.03% | 10.19% | |
Real estate 1-4 family first mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 2,581 | $ 227 | $ 3,073 | $ 770 | |
Financial effects of modifications | |||||
Charge-offs | $ 1 | $ 0 | $ 2 | $ 1 | |
Weighted average interest rate reduction | 2.06% | 2.11% | 1.76% | 1.96% | |
Real estate 1-4 family junior lien mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 61 | $ 28 | $ 109 | $ 99 | |
Financial effects of modifications | |||||
Charge-offs | $ 2 | $ 0 | $ 2 | $ 2 | |
Weighted average interest rate reduction | 2.63% | 2.49% | 2.43% | 2.38% | |
Credit card [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 72 | $ 94 | $ 229 | $ 280 | |
Financial effects of modifications | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 15.06% | 12.78% | 13.31% | 13.11% | |
Automobile [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 66 | $ 17 | $ 127 | $ 51 | |
Financial effects of modifications | |||||
Charge-offs | $ 35 | $ 7 | $ 69 | $ 21 | |
Weighted average interest rate reduction | 3.99% | 5.30% | 4.45% | 4.84% | |
Other revolving credit and installment [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 27 | $ 16 | $ 50 | $ 43 | |
Financial effects of modifications | |||||
Charge-offs | $ 1 | $ 0 | $ 1 | $ 0 | |
Weighted average interest rate reduction | 7.36% | 8.38% | 7.65% | 7.92% | |
Modification to principal [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 10 | $ 40 | $ 76 | $ 123 | |
Financial effects of modifications | |||||
Charge-offs | 2 | 16 | 34 | 22 | |
Modification to principal [Member] | Total Commercial [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 9 | 13 | 27 | 26 | |
Modification to principal [Member] | Commercial and industrial loans [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 13 | 18 | 13 | |
Modification to principal [Member] | Commercial real estate mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Modification to principal [Member] | Commercial real estate construction [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 9 | 0 | 9 | 13 | |
Modification to principal [Member] | Commercial lease financing [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Modification to principal [Member] | Total Consumer [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 27 | 49 | 97 | |
Loan restructuring, trial modifications, amount | 0 | 0 | 0 | 0 | |
Modification to principal [Member] | Real estate 1-4 family first mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 24 | 42 | 87 | |
Modification to principal [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 1 | 4 | 4 | |
Modification to principal [Member] | Credit card [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Modification to principal [Member] | Automobile [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 2 | 3 | 6 | |
Modification to principal [Member] | Other revolving credit and installment [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Modification, interest rate reduction [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 95 | 137 | 335 | 448 | |
Modification, interest rate reduction [Member] | Total Commercial [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 13 | 14 | 63 | 85 | |
Modification, interest rate reduction [Member] | Commercial and industrial loans [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 7 | 9 | 39 | 54 | |
Modification, interest rate reduction [Member] | Commercial real estate mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 5 | 4 | 23 | 30 | |
Modification, interest rate reduction [Member] | Commercial real estate construction [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 1 | 1 | 1 | |
Modification, interest rate reduction [Member] | Commercial lease financing [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Modification, interest rate reduction [Member] | Total Consumer [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 82 | 123 | 272 | 363 | |
Loan restructuring, trial modifications, amount | 0 | 0 | 0 | 0 | |
Modification, interest rate reduction [Member] | Real estate 1-4 family first mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 4 | 4 | 10 | 9 | |
Modification, interest rate reduction [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 2 | 8 | 10 | 30 | |
Modification, interest rate reduction [Member] | Credit card [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 72 | 94 | 229 | 280 | |
Modification, interest rate reduction [Member] | Automobile [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 3 | 5 | 7 | |
Modification, interest rate reduction [Member] | Other revolving credit and installment [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 3 | 14 | 18 | 37 | |
Modification, other concessions [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 3,855 | 536 | 5,906 | 2,010 | |
Modification, other concessions [Member] | Total Commercial [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 1,121 | 298 | 2,640 | 1,216 | |
Modification, other concessions [Member] | Commercial and industrial loans [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 882 | 209 | 2,144 | 943 | |
Modification, other concessions [Member] | Commercial real estate mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 238 | 72 | 488 | 240 | |
Modification, other concessions [Member] | Commercial real estate construction [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 15 | 7 | 31 | |
Modification, other concessions [Member] | Commercial lease financing [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 2 | 1 | 2 | |
Modification, other concessions [Member] | Total Consumer [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 2,734 | 238 | 3,266 | 794 | |
Loan restructuring, trial modifications, amount | 10 | 6 | (1) | 11 | |
Modification, other concessions [Member] | Real estate 1-4 family first mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 2,576 | 199 | 3,021 | 674 | |
Modification, other concessions [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 59 | 19 | 95 | 65 | |
Modification, other concessions [Member] | Credit card [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Modification, other concessions [Member] | Automobile [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 65 | 12 | 119 | 38 | |
Modification, other concessions [Member] | Other revolving credit and installment [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 24 | 2 | 32 | 6 | |
Trial modifications [Member] | Total Consumer [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing receivable, troubled debt restructuring | $ 115 | ||||
Financial effects of modifications | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
Modification, recorded investment related to interest rate reduction [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 95 | $ 150 | $ 361 | $ 495 | |
Modification, recorded investment related to interest rate reduction [Member] | Total Commercial [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 13 | 14 | 63 | 85 | |
Modification, recorded investment related to interest rate reduction [Member] | Commercial and industrial loans [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 7 | 9 | 39 | 54 | |
Modification, recorded investment related to interest rate reduction [Member] | Commercial real estate mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 5 | 4 | 23 | 30 | |
Modification, recorded investment related to interest rate reduction [Member] | Commercial real estate construction [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 1 | 1 | 1 | |
Modification, recorded investment related to interest rate reduction [Member] | Commercial lease financing [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Modification, recorded investment related to interest rate reduction [Member] | Total Consumer [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 82 | 136 | 298 | 410 | |
Loan restructuring, trial modifications, amount | 0 | 0 | 0 | 0 | |
Modification, recorded investment related to interest rate reduction [Member] | Real estate 1-4 family first mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 4 | 16 | 35 | 54 | |
Modification, recorded investment related to interest rate reduction [Member] | Real estate 1-4 family junior lien mortgage [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 2 | 9 | 11 | 32 | |
Modification, recorded investment related to interest rate reduction [Member] | Credit card [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 72 | 94 | 229 | 280 | |
Modification, recorded investment related to interest rate reduction [Member] | Automobile [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 3 | 5 | 7 | |
Modification, recorded investment related to interest rate reduction [Member] | Other revolving credit and installment [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | 3 | 14 | 18 | 37 | |
Loans remodified [Member] | |||||
Primary modification type | |||||
Financing receivable, troubled debt restructuring, post modification | $ 382 | $ 188 | $ 866 | $ 871 |
Loans and Related Allowance _19
Loans and Related Allowance for Credit Losses, Troubled Debt Restructurings, Current Defaults (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | $ 173 | $ 78 | $ 574 | $ 247 |
Total Commercial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 141 | 41 | 465 | 125 |
Commercial and industrial loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 138 | 24 | 360 | 72 |
Commercial real estate mortgage [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 3 | 5 | 105 | 38 |
Commercial real estate construction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 0 | 12 | 0 | 15 |
Total Consumer [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 32 | 37 | 109 | 122 |
Real estate 1-4 family first mortgage [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 8 | 8 | 26 | 32 |
Real estate 1-4 family junior lien mortgage [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 1 | 2 | 9 | 11 |
Credit card [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 11 | 23 | 56 | 65 |
Automobile [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 11 | 2 | 14 | 9 |
Other revolving credit and installment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | $ 1 | $ 2 | $ 4 | $ 5 |
Leasing Activity, Leasing Reven
Leasing Activity, Leasing Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Leases [Line Items] | |||||
Interest income on lease financing | $ 144 | $ 208 | $ 551 | $ 655 | |
Variable revenues on lease financing | 26 | 23 | 80 | 74 | |
Fixed revenues on operating leases | 287 | 339 | 895 | 1,069 | |
Variable revenues on operating leases | 9 | 16 | 34 | 48 | |
Lease income | [1] | 333 | 402 | 1,021 | 1,270 |
Total leasing revenue | 477 | 610 | 1,572 | 1,925 | |
Assets leased to others [Member] | |||||
Leases [Line Items] | |||||
Other lease-related revenues | $ 11 | $ 24 | $ 12 | $ 79 | |
[1] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. |
Leasing Activity, Operating Lea
Leasing Activity, Operating Lease Right of Use (ROU) Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
ROU assets | $ 4,421 | $ 4,724 |
Lease liabilities | $ 5,022 | $ 5,297 |
Leasing Activity, Lease Costs (
Leasing Activity, Lease Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Fixed lease expense – operating leases | $ 286 | $ 302 | $ 869 | $ 890 |
Variable lease expense | 81 | 81 | 227 | 234 |
Other | (7) | (40) | (63) | (57) |
Total lease costs | $ 360 | $ 343 | $ 1,033 | $ 1,067 |
Equity Securities (Details)
Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Equity Securities [Line Items] | ||||||
Equity securities, carried at fair value | $ 25,053 | $ 25,053 | $ 41,936 | |||
Equity securities | [1] | 51,169 | 51,169 | 68,241 | ||
Equity Securities Disclosures Textual [Abstract] | ||||||
Securities held as economic hedges related to deferred compensation plan obligations | 206 | 206 | 3,800 | |||
Federal Reserve Bank and Federal Home Loan Bank stock | 3,500 | 3,500 | 4,800 | |||
Loss from affordable housing projects, equity method investments | 336 | $ 304 | 1,000 | $ 875 | ||
Affordable housing tax credits and other tax benefits, amount | 422 | 362 | 1,200 | 1,100 | ||
Affordable housing tax credits recorded as income tax benefit | 339 | $ 286 | $ 970 | $ 891 | ||
Affordable housing tax credits commitment, payment period | 3 years | |||||
Qualified affordable housing project investments, unfunded commitment | 4,000 | $ 4,000 | 4,300 | |||
Held for trading [Member] | Marketable equity securities [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, carried at fair value | 14,058 | 14,058 | 27,440 | |||
Not held for trading [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, carried at fair value | 10,995 | 10,995 | 14,496 | |||
Equity securities | 37,111 | 37,111 | 40,801 | |||
Not held for trading [Member] | Marketable equity securities [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, carried at fair value | 2,412 | 2,412 | 6,481 | |||
Not held for trading [Member] | Nonmarketable equity securities [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, carried at fair value | 8,583 | 8,583 | 8,015 | |||
Not held for trading [Member] | Equity Method Investments [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, not carried at fair value | 18,634 | 18,634 | 19,000 | |||
Not held for trading [Member] | Low-income housing tax credit investments [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, not carried at fair value | 11,295 | 11,295 | 11,343 | |||
Not held for trading [Member] | Private equity [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, not carried at fair value | 2,841 | 2,841 | 3,459 | |||
Not held for trading [Member] | Tax-advantaged renewable energy [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, not carried at fair value | 4,142 | 4,142 | 3,811 | |||
Not held for trading [Member] | New market tax credit and other [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, not carried at fair value | 356 | 356 | 387 | |||
Not held for trading [Member] | Federal Reserve Bank stock and other at cost [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, not carried at fair value | 3,585 | 3,585 | 4,790 | |||
Not held for trading [Member] | Other [Member] | ||||||
Equity Securities [Line Items] | ||||||
Equity securities, not carried at fair value | $ 3,897 | $ 3,897 | $ 2,515 | |||
[1] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Equity Securities, Net Gains (L
Equity Securities, Net Gains (Losses) Not Held for Trading (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Total net gains (losses) from equity securities not held for trading | [1] | $ 649 | $ 956 | $ (219) | $ 2,392 |
Not designated as hedging instrument [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gains (losses) from economic hedge derivatives | (1,452) | (226) | 2,762 | (3,854) | |
Economic hedges [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gains (losses) from economic hedge derivatives | (547) | (393) | 2,393 | (96) | |
Net gain (loss) from equity securities [Member] | Not designated as hedging instrument [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gains (losses) from economic hedge derivatives | (209) | (1,375) | (392) | (2,918) | |
Net gain (loss) from equity securities [Member] | Economic hedges [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gains (losses) from economic hedge derivatives | (209) | (1,375) | (392) | (2,918) | |
Other noninterest income [Member] | Not designated as hedging instrument [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gains (losses) from economic hedge derivatives | (696) | 256 | (258) | 7 | |
Other noninterest income [Member] | Economic hedges [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gains (losses) from economic hedge derivatives | (554) | 246 | (44) | 403 | |
Equity securities [Member] | Net gain (loss) from equity securities [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gain (loss) from equity securities carried at fair value | 303 | 1,593 | 214 | 3,902 | |
Marketable equity securities [Member] | Net gain (loss) from equity securities [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gain (loss) from equity securities carried at fair value | 38 | 116 | (371) | 757 | |
Nonmarketable equity securities [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Income from change In accounting measurement model | 452 | ||||
Nonmarketable equity securities [Member] | Net gain (loss) from equity securities [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gain (loss) from equity securities carried at fair value | 265 | 1,477 | 585 | 3,145 | |
Net gain (loss) from nonmarketable equity securities not carried at fair value | 555 | 738 | (41) | 1,408 | |
Nonmarketable equity securities [Member] | Impairment write-downs [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gain (loss) from nonmarketable equity securities not carried at fair value | (535) | (43) | (1,576) | (110) | |
Income from change In accounting measurement model | (434) | ||||
Nonmarketable equity securities [Member] | Net unrealized gains related to measurement alternative observable transactions [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gain (loss) from nonmarketable equity securities not carried at fair value | 1,030 | 158 | 1,276 | 489 | |
Income from change In accounting measurement model | 658 | ||||
Nonmarketable equity securities [Member] | Realized gains on sale [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Net gain (loss) from nonmarketable equity securities not carried at fair value | 60 | $ 623 | $ 259 | $ 1,029 | |
Nonmarketable equity securities [Member] | Other noninterest income [Member] | |||||
Net Gains (Losses) from Equity Securities [Line Items] | |||||
Income from change In accounting measurement model | $ 228 | ||||
[1] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. |
Equity Securities, Gains (Losse
Equity Securities, Gains (Losses) Measurement Alternative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Net Gains (Losses) from Measurement Alternative Equity Securities | ||||||
Total net gains (losses) recognized during the period | [1] | $ 649 | $ 956 | $ (219) | $ 2,392 | |
Measurement alternative [Member] | Nonmarketable equity securities [Member] | ||||||
Net Gains (Losses) from Measurement Alternative Equity Securities | ||||||
Gross unrealized gains due to observable price changes | 1,030 | 158 | 1,276 | 500 | ||
Gross unrealized losses due to observable price changes | 0 | 0 | 0 | (11) | ||
Impairment write-downs | (506) | (20) | (918) | (53) | ||
Realized net gains from sale | 8 | 36 | 21 | 161 | ||
Total net gains (losses) recognized during the period | 532 | $ 174 | 379 | $ 597 | ||
Measurement Alternative Cumulative Gains (Losses) | ||||||
Cumulative gross unrealized gains due to observable price changes | 2,138 | 2,138 | $ 973 | |||
Cumulative gross unrealized losses due to observable price changes | (43) | (43) | (42) | |||
Cumulative impairment write-downs | $ (1,024) | $ (1,024) | $ (134) | |||
[1] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Components of Other Assets [Line Items] | ||
Corporate/bank-owned life insurance | $ 20,303 | $ 20,070 |
Accounts receivable | 34,524 | 29,137 |
Interest receivable, AFS and HTM debt securities | 1,399 | 1,729 |
Interest receivable, loans | 3,074 | 3,099 |
Interest receivable, trading and other | 409 | 758 |
Net carrying value | 1,677 | 1,853 |
Foreclosed assets, other | 52 | 81 |
Operating lease ROU assets (lessee) | 4,421 | 4,724 |
Due from customers on acceptances | 207 | 253 |
Other | 13,756 | 10,200 |
Total other assets | 86,174 | 78,917 |
Operating lease assets (lessor) [Member] | ||
Components of Other Assets [Line Items] | ||
Other | 7,573 | 8,221 |
Non-government insured/guaranteed [Member] | ||
Components of Other Assets [Line Items] | ||
Foreclosed assets, residential real estate | 82 | 172 |
Government insured or guaranteed [Member] | ||
Components of Other Assets [Line Items] | ||
Foreclosed assets, residential real estate | 22 | 50 |
Customer relationship and other amortized intangibles [Member] | ||
Components of Other Assets [Line Items] | ||
Net carrying value | $ 352 | $ 423 |
Securitizations and Variable _3
Securitizations and Variable Interest Entities, Balance Sheet Transactions with VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Cash and due from banks | $ 25,535 | $ 21,757 | |
Interest-earning deposits with banks | 221,235 | 119,493 | |
Trading debt securities | 73,253 | 79,733 | |
Available-for-sale, fair value | [1] | 220,573 | 263,459 |
Held-to-maturity, amortized cost, net | [1] | 182,595 | 153,933 |
Loans | [2] | 920,082 | 962,265 |
Derivative assets | 23,715 | 14,203 | |
Equity securities | [2] | 51,169 | 68,241 |
Other assets | 86,174 | 78,917 | |
Assets | [3] | 1,922,220 | 1,927,555 |
Short-term borrowings | 55,224 | 104,512 | |
Derivative liabilities | 13,767 | 9,079 | |
Accrued expenses and other liabilities | 72,271 | 75,163 | |
Long-term debt | 215,711 | 228,191 | |
Liabilities | [4] | 1,740,188 | 1,739,571 |
Noncontrolling interests | 859 | 838 | |
Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and due from banks | 25,535 | 21,757 | |
Interest-earning deposits with banks | 221,235 | 119,493 | |
Held-to-maturity, amortized cost, net | 182,595 | 153,933 | |
Short-term borrowings | 55,224 | 104,512 | |
Long-term debt | 215,682 | 228,159 | |
VIEs that we do not consolidate [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 1,204,325 | 1,314,630 | |
VIEs that we do not consolidate [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and due from banks | 0 | 0 | |
Interest-earning deposits with banks | 0 | 0 | |
Trading debt securities | 1,869 | 792 | |
Available-for-sale, fair value | 1,484 | 1,696 | |
Held-to-maturity, amortized cost, net | 1,170 | 791 | |
Loans | 1,960 | 2,127 | |
Mortgage servicing rights | 7,009 | 11,884 | |
Derivative assets | 247 | 142 | |
Equity securities | 11,356 | 11,401 | |
Other assets | 1,002 | 1,268 | |
Assets | 26,097 | 30,101 | |
Short-term borrowings | 0 | 0 | |
Derivative liabilities | 2 | 1 | |
Accrued expenses and other liabilities | 223 | 189 | |
Long-term debt | 4,080 | 4,817 | |
Liabilities | 4,305 | 5,007 | |
Noncontrolling interests | 0 | 0 | |
Net assets | 21,792 | 25,094 | |
VIEs that we consolidate [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 13,734 | 14,505 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and due from banks | 16 | 16 | |
Interest-earning deposits with banks | 0 | 284 | |
Trading debt securities | 267 | 339 | |
Available-for-sale, fair value | 395 | 201 | |
Held-to-maturity, amortized cost, net | 0 | 0 | |
Loans | 10,634 | 13,170 | |
Mortgage servicing rights | 0 | 0 | |
Derivative assets | 1 | 1 | |
Equity securities | 72 | 118 | |
Other assets | 214 | 239 | |
Assets | 11,599 | 14,368 | |
Short-term borrowings | 595 | 401 | |
Derivative liabilities | 1 | 3 | |
Accrued expenses and other liabilities | 229 | 235 | |
Long-term debt | 215 | 587 | |
Liabilities | 1,040 | 1,226 | |
Noncontrolling interests | 35 | 43 | |
Net assets | 10,524 | 13,099 | |
Transfers that we account for as secured borrowings [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 69 | 81 | |
Transfers that we account for as secured borrowings [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and due from banks | 0 | 0 | |
Interest-earning deposits with banks | 0 | 0 | |
Trading debt securities | 0 | 0 | |
Available-for-sale, fair value | 0 | 0 | |
Held-to-maturity, amortized cost, net | 0 | 0 | |
Loans | 69 | 80 | |
Mortgage servicing rights | 0 | 0 | |
Derivative assets | 0 | 0 | |
Equity securities | 0 | 0 | |
Other assets | 0 | 0 | |
Assets | 69 | 80 | |
Short-term borrowings | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Accrued expenses and other liabilities | 0 | 0 | |
Long-term debt | 68 | 79 | |
Liabilities | 68 | 79 | |
Noncontrolling interests | 0 | 0 | |
Net assets | 1 | 1 | |
Total VIEs and Transfers that we account for as secured borrowings [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and due from banks | 16 | 16 | |
Interest-earning deposits with banks | 0 | 284 | |
Trading debt securities | 2,136 | 1,131 | |
Available-for-sale, fair value | 1,879 | 1,897 | |
Held-to-maturity, amortized cost, net | 1,170 | 791 | |
Loans | 12,663 | 15,377 | |
Mortgage servicing rights | 7,009 | 11,884 | |
Derivative assets | 248 | 143 | |
Equity securities | 11,428 | 11,519 | |
Other assets | 1,216 | 1,507 | |
Assets | 37,765 | 44,549 | |
Short-term borrowings | 595 | 401 | |
Derivative liabilities | 3 | 4 | |
Accrued expenses and other liabilities | 452 | 424 | |
Long-term debt | 4,363 | 5,483 | |
Liabilities | 5,413 | 6,312 | |
Noncontrolling interests | 35 | 43 | |
Net assets | $ 32,317 | $ 38,194 | |
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. | ||
[2] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. | ||
[3] | Our consolidated assets at September 30, 2020, and December 31, 2019, included 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, $16 million and $16 million; Interest-earning deposits with banks, $0 million and $284 million; Debt securities, $662 million and $540 million; Net loans, $10.6 billion and $13.2 billion; Derivative assets, $1 million and $1 million; Equity securities, $72 million and $118 million; Other assets, $214 million and $239 million; and Total assets, $11.6 billion and $14.4 billion, respectively. | ||
[4] | Our consolidated liabilities at September 30, 2020, and December 31, 2019, included the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $395 million and $401 million; Derivative liabilities, $1 million and $3 million; Accrued expenses and other liabilities, $229 million and $235 million; Long-term debt, $215 million and $587 million; and Total liabilities, $840 million and $1.2 billion, respectively. |
Securitizations and Variable _4
Securitizations and Variable Interest Entities, Unconsolidated VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Assets | [1] | $ 1,922,220 | $ 1,927,555 |
Liabilities | [2] | (1,740,188) | (1,739,571) |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Carrying value of delinquent loans eligible for repurchase | 71 | 556 | |
Principal amount that would be payable to securitization vehicles | 71 | 556 | |
VIEs that we do not consolidate [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 1,204,325 | 1,314,630 | |
Maximum exposure to loss | 41,142 | 44,099 | |
VIEs that we do not consolidate [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 26,097 | 30,101 | |
Liabilities | (4,305) | (5,007) | |
Net Assets | 21,792 | 25,094 | |
VIEs that we do not consolidate [Member] | Equity interests [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 11,400 | 11,400 | |
VIEs that we do not consolidate [Member] | Residential mortgage loan securitizations, Conforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 979,592 | 1,098,103 | |
Maximum exposure to loss | 10,189 | 13,840 | |
VIEs that we do not consolidate [Member] | Residential mortgage loan securitizations, Conforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 8,637 | 12,776 | |
VIEs that we do not consolidate [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 5,762 | 5,178 | |
Maximum exposure to loss | 53 | 158 | |
VIEs that we do not consolidate [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 53 | 158 | |
VIEs that we do not consolidate [Member] | Commercial mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 177,421 | 169,736 | |
Maximum exposure to loss | 16,026 | 15,055 | |
VIEs that we do not consolidate [Member] | Commercial mortgage loan securitizations [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 3,801 | 3,345 | |
VIEs that we do not consolidate [Member] | Tax credit structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 39,532 | 39,091 | |
Maximum exposure to loss | 14,425 | 14,527 | |
VIEs that we do not consolidate [Member] | Tax credit structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 9,084 | 8,566 | |
VIEs that we do not consolidate [Member] | Other asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 865 | 1,355 | |
Maximum exposure to loss | 241 | 311 | |
VIEs that we do not consolidate [Member] | Other asset-based finance structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 166 | 198 | |
VIEs that we do not consolidate [Member] | Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 1,153 | 1,167 | |
Maximum exposure to loss | 208 | 208 | |
VIEs that we do not consolidate [Member] | Other [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 51 | 51 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 17,768 | 16,251 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 17,839 | 16,807 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Residential mortgage loan securitizations, Conforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 2,047 | 972 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Residential mortgage loan securitizations, Conforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 2,067 | 1,528 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 15 | 6 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 15 | 6 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Commercial mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 2,461 | 2,239 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Commercial mortgage loan securitizations [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 2,512 | 2,239 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Tax credit structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 13,094 | 12,826 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Tax credit structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 13,094 | 12,826 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Other asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 100 | 157 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Other asset-based finance structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 100 | 157 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 51 | 51 | |
VIEs that we do not consolidate [Member] | Debt and equity interests [Member] | Other [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 51 | 51 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 8,011 | 13,152 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 8,011 | 13,152 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Residential mortgage loan securitizations, Conforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 6,787 | 11,931 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Residential mortgage loan securitizations, Conforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 6,787 | 11,931 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 38 | 152 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 38 | 152 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Commercial mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 1,186 | 1,069 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Commercial mortgage loan securitizations [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 1,186 | 1,069 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Tax credit structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Tax credit structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 0 | 0 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Other asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Other asset-based finance structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 0 | 0 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
VIEs that we do not consolidate [Member] | Servicing assets and advances [Member] | Other [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 0 | 0 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 249 | 143 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 245 | 141 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Residential mortgage loan securitizations, Conforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Residential mortgage loan securitizations, Conforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 0 | 0 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 0 | 0 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Commercial mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 179 | 80 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Commercial mortgage loan securitizations [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 179 | 80 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Tax credit structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Tax credit structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 0 | 0 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Other asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 70 | 63 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Other asset-based finance structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 66 | 61 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
VIEs that we do not consolidate [Member] | Derivatives [Member] | Other [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Net Assets | 0 | 0 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 15,114 | 14,553 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities | (4,303) | (5,006) | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Residential mortgage loan securitizations, Conforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 1,355 | 937 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Residential mortgage loan securitizations, Conforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities | (217) | (683) | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Residential mortgage loan securitizations, Other/nonconforming [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities | 0 | 0 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Commercial mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 12,200 | 11,667 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Commercial mortgage loan securitizations [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities | (76) | (43) | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Tax credit structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 1,331 | 1,701 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Tax credit structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities | (4,010) | (4,260) | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Other asset-based finance structures [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 71 | 91 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Other asset-based finance structures [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities | 0 | (20) | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 157 | 157 | |
VIEs that we do not consolidate [Member] | Debt, guarantees, and other commitments [Member] | Other [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities | $ 0 | $ 0 | |
[1] | Our consolidated assets at September 30, 2020, and December 31, 2019, included 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, $16 million and $16 million; Interest-earning deposits with banks, $0 million and $284 million; Debt securities, $662 million and $540 million; Net loans, $10.6 billion and $13.2 billion; Derivative assets, $1 million and $1 million; Equity securities, $72 million and $118 million; Other assets, $214 million and $239 million; and Total assets, $11.6 billion and $14.4 billion, respectively. | ||
[2] | Our consolidated liabilities at September 30, 2020, and December 31, 2019, included the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $395 million and $401 million; Derivative liabilities, $1 million and $3 million; Accrued expenses and other liabilities, $229 million and $235 million; Long-term debt, $215 million and $587 million; and Total liabilities, $840 million and $1.2 billion, respectively. |
Securitizations and Variable _5
Securitizations and Variable Interest Entities, Transfers with Continuing Involvement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Residential mortgages [Member] | ||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||||
Net gains (losses) on sale | $ 1 | $ 25 | $ 53 | $ 85 |
Asset balances sold | 71,032 | 48,378 | 182,473 | 119,153 |
Residential mortgages [Member] | Fair value, inputs, level 3 [Member] | ||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||||
Servicing rights recognized | 477 | 532 | 1,366 | 1,239 |
Liability for repurchase losses recognized | 8 | 5 | 15 | 13 |
Residential mortgages [Member] | Fair value, inputs, level 2 [Member] | ||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||||
Securities recognized | 12,024 | 4,271 | 14,074 | 7,665 |
Commercial mortgages [Member] | ||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||||
Net gains (losses) on sale | 54 | 72 | 187 | 193 |
Asset balances sold | 2,430 | 4,419 | 7,663 | 10,479 |
Commercial mortgages [Member] | Fair value, inputs, level 3 [Member] | ||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||||
Servicing rights recognized | 32 | 33 | 114 | 92 |
Liability for repurchase losses recognized | 0 | 0 | 0 | 0 |
Commercial mortgages [Member] | Fair value, inputs, level 2 [Member] | ||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||||
Securities recognized | $ 5 | $ 0 | $ 79 | $ 0 |
Securitizations and Variable _6
Securitizations and Variable Interest Entities, Residential Mortgage Servicing Rights (Details) - Residential mortgage servicing rights [Member] - $ / loan | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | ||||
Prepayment speed | 16.70% | 13.20% | 15.00% | 13.30% |
Discount rate | 6.70% | 7.40% | 6.80% | 7.60% |
Cost to service ($ per loan) | 107 | 101 | 99 | 106 |
Securitizations and Variable _7
Securitizations and Variable Interest Entities, Cash Inflows (Outflows) From Sales and Securitization Activity (Details) - Mortgage loans [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flow Securitizations [Abstract] | ||||
Proceeds from securitizations and whole loan sales | $ 73,673 | $ 52,274 | $ 188,911 | $ 128,478 |
Fees from servicing rights retained | 676 | 793 | 2,095 | 2,359 |
Cash flows from other interests held | 174 | 131 | 533 | 375 |
Servicing advances, net of recoveries | (66) | 73 | (126) | 166 |
Government insured loans [Member] | ||||
Cash Flow Securitizations [Abstract] | ||||
Repurchases of assets/loss reimbursements | (21,905) | (1,402) | (26,939) | (4,590) |
Agency securitizations [Member] | ||||
Cash Flow Securitizations [Abstract] | ||||
Repurchases of assets/loss reimbursements | (152) | (26) | (213) | (70) |
Non-agency securitizations and whole loan transactions [Member] | ||||
Cash Flow Securitizations [Abstract] | ||||
Repurchases of assets/loss reimbursements | $ 1 | $ (1,369) | $ 0 | $ (1,370) |
Securitizations and Variable _8
Securitizations and Variable Interest Entities, Retained Interests from Unconsolidated VIEs (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / loan | Dec. 31, 2019USD ($)$ / loan | |
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 | $ 1,400 | $ 1,900 |
Securitizations and Variable Interest Entities Textual [Abstract] | ||
Decrease in fair value from 25% adverse change in interest rate | 89 | 205 |
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 | $ 6,355 | $ 11,517 |
Expected weighted average life (in years) | 3 years 8 months 12 days | 5 years 3 months 18 days |
Key economic assumptions: | ||
Prepayment speed assumption | 19.70% | 11.90% |
Decrease in fair value from: | ||
10% adverse change | $ 452 | $ 537 |
25% adverse change | $ 1,044 | $ 1,261 |
Discount rate assumption | 5.80% | 7.20% |
Decrease in fair value from: | ||
100 basis point increase | $ 236 | $ 464 |
200 basis point increase | $ 454 | $ 889 |
Cost to service assumption ($ per loan) | $ / loan | 138 | 102 |
Decrease in fair value from: | ||
10% adverse change | $ 204 | $ 253 |
25% adverse change | 508 | 632 |
Subordinated bonds [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 | $ 1,009 | $ 909 |
Expected weighted average life (in years) | 6 years 9 months 18 days | 7 years 3 months 18 days |
Decrease in fair value from: | ||
Discount rate assumption | 5.30% | 4.00% |
Decrease in fair value from: | ||
100 basis point increase | $ 56 | $ 53 |
200 basis point increase | $ 109 | $ 103 |
Decrease in fair value from: | ||
Credit loss assumption | 4.50% | 3.10% |
Decrease in fair value from: | ||
10% higher losses | $ 32 | $ 1 |
25% higher losses | 35 | 4 |
Senior bonds [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 | $ 276 | $ 352 |
Expected weighted average life (in years) | 6 years 3 months 18 days | 5 years 6 months |
Decrease in fair value from: | ||
Discount rate assumption | 1.50% | 2.90% |
Decrease in fair value from: | ||
100 basis point increase | $ 15 | $ 16 |
200 basis point increase | $ 29 | $ 32 |
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 |
Securitizations and Variable _9
Securitizations and Variable Interest Entities, Off-Balance Sheet Loans Sold or Securitized (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | $ 989,787 | $ 1,120,966 | |
Delinquent loans and foreclosed assets | 38,970 | 7,442 | |
Net charge-offs | 200 | $ 289 | |
Government insured or guaranteed [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 920,700 | 1,000,000 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Delinquent Loans | 35,000 | 5,200 | |
Foreclosed assets | 205 | 251 | |
Total Commercial [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 114,479 | 112,507 | |
Delinquent loans and foreclosed assets | 2,363 | 776 | |
Net charge-offs | 129 | 109 | |
Commercial real estate mortgage [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 114,479 | 112,507 | |
Delinquent loans and foreclosed assets | 2,363 | 776 | |
Net charge-offs | 129 | 109 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Foreclosed assets | 397 | 492 | |
Total Consumer [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 875,308 | 1,008,459 | |
Delinquent loans and foreclosed assets | 36,607 | 6,666 | |
Net charge-offs | 71 | 180 | |
Residential mortgage [Member] | |||
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Foreclosed assets | 264 | 356 | |
Real estate 1-4 family first mortgage [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 875,298 | 1,008,446 | |
Delinquent loans and foreclosed assets | 36,605 | 6,664 | |
Net charge-offs | 71 | 180 | |
Real estate 1-4 family junior lien mortgage [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 10 | 13 | |
Delinquent loans and foreclosed assets | 2 | $ 2 | |
Net charge-offs | $ 0 | $ 0 |
Securitizations and Variable_10
Securitizations and Variable Interest Entities, Transactions with Consolidated VIEs and Secured Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Assets | [1] | $ 1,922,220 | $ 1,927,555 |
Liabilities | [2] | (1,740,188) | (1,739,571) |
Noncontrolling interests | (859) | (838) | |
Transfers that we account for as secured borrowings [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 69 | 81 | |
Transfers that we account for as secured borrowings [Member] | Residential mortgage securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 69 | 81 | |
Transfers that we account for as secured borrowings [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 69 | 80 | |
Liabilities | (68) | (79) | |
Noncontrolling interests | 0 | 0 | |
Net assets | 1 | 1 | |
Transfers that we account for as secured borrowings [Member] | Carrying amount [Member] | Residential mortgage securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 69 | 80 | |
Liabilities | (68) | (79) | |
Noncontrolling interests | 0 | 0 | |
Net assets | 1 | 1 | |
VIEs that we consolidate [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 13,734 | 14,505 | |
VIEs that we consolidate [Member] | Commercial and industrial loans and leases [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 6,978 | 8,054 | |
VIEs that we consolidate [Member] | Nonconforming residential mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 622 | 935 | |
VIEs that we consolidate [Member] | Commercial real estate loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 5,379 | 4,836 | |
VIEs that we consolidate [Member] | Municipal tender option bond securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 596 | 401 | |
VIEs that we consolidate [Member] | Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 159 | 279 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 11,599 | 14,368 | |
Liabilities | (1,040) | (1,226) | |
Noncontrolling interests | (35) | (43) | |
Net assets | 10,524 | 13,099 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | Commercial and industrial loans and leases [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 4,924 | 8,042 | |
Liabilities | (227) | (529) | |
Noncontrolling interests | (13) | (16) | |
Net assets | 4,684 | 7,497 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | Nonconforming residential mortgage loan securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 538 | 809 | |
Liabilities | (214) | (290) | |
Noncontrolling interests | 0 | 0 | |
Net assets | 324 | 519 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | Commercial real estate loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 5,379 | 4,836 | |
Liabilities | 0 | 0 | |
Noncontrolling interests | 0 | 0 | |
Net assets | 5,379 | 4,836 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | Municipal tender option bond securitizations [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 599 | 402 | |
Liabilities | (596) | (401) | |
Noncontrolling interests | 0 | 0 | |
Net assets | 3 | 1 | |
VIEs that we consolidate [Member] | Carrying amount [Member] | Other [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 159 | 279 | |
Liabilities | (3) | (6) | |
Noncontrolling interests | (22) | (27) | |
Net assets | 134 | 246 | |
Total secured borrowings and consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 13,803 | 14,586 | |
Total secured borrowings and consolidated VIEs [Member] | Carrying amount [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 11,668 | 14,448 | |
Liabilities | (1,108) | (1,305) | |
Noncontrolling interests | (35) | (43) | |
Net assets | $ 10,525 | $ 13,100 | |
[1] | Our consolidated assets at September 30, 2020, and December 31, 2019, included 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, $16 million and $16 million; Interest-earning deposits with banks, $0 million and $284 million; Debt securities, $662 million and $540 million; Net loans, $10.6 billion and $13.2 billion; Derivative assets, $1 million and $1 million; Equity securities, $72 million and $118 million; Other assets, $214 million and $239 million; and Total assets, $11.6 billion and $14.4 billion, respectively. | ||
[2] | Our consolidated liabilities at September 30, 2020, and December 31, 2019, included the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $395 million and $401 million; Derivative liabilities, $1 million and $3 million; Accrued expenses and other liabilities, $229 million and $235 million; Long-term debt, $215 million and $587 million; and Total liabilities, $840 million and $1.2 billion, respectively. |
Securitizations and Variable_11
Securitizations and Variable Interest Entities, Other Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | ||||||
Earnings impact on retirement of affiliated trust preferred securities that were retired | $ 0 | |||||
Trust preferred securities [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Trust preferred securities exchanged for junior debt | 1,400,000,000 | |||||
VIEs that we do not consolidate [Member] | Junior subordinated debt [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Junior subordinated notes | $ 698,000,000 | $ 698,000,000 | $ 2,100,000,000 | |||
Preferred stock [Member] | Trust preferred securities [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Affiliated trust preferred securities that were retired | $ 10,000,000 | |||||
Waived fees [Member] | VIEs that we do not consolidate [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Financial support provided to a nonconsolidated legal entity | $ 30,000,000 | $ 10,000,000 | $ 63,000,000 | $ 30,000,000 |
Mortgage Banking Activities, An
Mortgage Banking Activities, Analysis of Changes in Fair Value MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Changes in MSRs measured at fair value | ||||
Fair value, beginning of period | $ 11,517 | |||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | $ 217 | $ 962 | 4,605 | $ 2,931 |
Changes due to collection/realization of expected cash flows over time | 598 | 596 | 1,799 | 1,639 |
Total changes in fair value | (815) | (1,558) | (6,404) | (4,570) |
Fair value, end of period | 6,355 | 6,355 | ||
Carried at fair value [Member] | ||||
Changes in MSRs measured at fair value | ||||
Fair value, beginning of period | 6,819 | 12,096 | 11,517 | 14,649 |
Servicing from securitizations or asset transfers | 351 | 538 | 1,274 | 1,279 |
Sales and other | 0 | (4) | (32) | (286) |
Net additions | 351 | 534 | 1,242 | 993 |
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | (217) | (962) | (4,605) | (2,931) |
Changes due to collection/realization of expected cash flows over time | (598) | (596) | (1,799) | (1,639) |
Total changes in fair value | (815) | (1,558) | (6,404) | (4,570) |
Fair value, end of period | 6,355 | 11,072 | 6,355 | 11,072 |
Carried at fair value [Member] | Mortgage interest rates [Member] | ||||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | (294) | (718) | (3,916) | (2,811) |
Carried at fair value [Member] | Servicing and foreclosure costs [Member] | ||||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | 157 | 13 | (265) | 3 |
Carried at fair value [Member] | Discount rates [Member] | ||||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | 0 | 188 | 27 | 179 |
Carried at fair value [Member] | Prepayment estimates and other [Member] | ||||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | $ (80) | $ (445) | $ (451) | $ (302) |
Mortgage Banking Activities, _2
Mortgage Banking Activities, Analysis of Changes in Amortized MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Changes in amortized MSRs | ||||
Amortization | $ (74) | $ (68) | $ (240) | $ (203) |
Amortized [Member] | ||||
Changes in amortized MSRs | ||||
Balance, beginning of period | 1,361 | 1,407 | 1,430 | 1,443 |
Purchases | 6 | 25 | 21 | 65 |
Servicing from securitizations or asset transfers | 32 | 33 | 114 | 92 |
Amortization | (74) | (68) | (240) | (203) |
Balance, end of period | 1,325 | 1,397 | 1,325 | 1,397 |
Fair value of amortized MSRs: | ||||
Beginning of period | 1,401 | 1,897 | 1,872 | 2,288 |
End of period | 1,400 | $ 1,813 | 1,400 | $ 1,813 |
Amortized [Member] | Commercial mortgage servicing [Member] | ||||
Mortgage Banking Activities Textual [Abstract] | ||||
MSR impairment | 7 | 37 | ||
MSR valuation allowance | $ 37 | $ 37 |
Mortgage Banking Activities, Ma
Mortgage Banking Activities, Managed Servicing Portfolio (Details) - USD ($) $ in Billions | Sep. 30, 2020 | Dec. 31, 2019 |
Components of Managed Servicing Portfolio [Abstract] | ||
Total managed servicing portfolio | $ 1,964 | $ 2,107 |
Total serviced for others, excluding subserviced for others | $ 1,488 | $ 1,629 |
Ratio of MSRs to related loans serviced for others | 0.52% | 0.79% |
Weighted average note rate (mortgage loans serviced for others) | 4.13% | 4.25% |
Servicer advances, net of allowance for uncollectible amounts | $ 2.6 | $ 2 |
Residential mortgage servicing [Member] | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced and subserviced for others | 920 | 1,065 |
Owned loans serviced | 342 | 343 |
Total managed servicing portfolio | 1,262 | 1,408 |
Commercial mortgage servicing [Member] | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced and subserviced for others | 579 | 575 |
Owned loans serviced | 123 | 124 |
Total managed servicing portfolio | $ 702 | $ 699 |
Mortgage Banking Activities, Mo
Mortgage Banking Activities, Mortgage Banking Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Servicing fees: | |||||
Contractually specified servicing fees, late charges and ancillary fees | $ 838 | $ 924 | $ 2,452 | $ 2,749 | |
Unreimbursed direct servicing costs | (121) | (118) | (333) | (272) | |
Servicing fees | 717 | 806 | 2,119 | 2,477 | |
Amortization | (74) | (68) | (240) | (203) | |
Changes due to collection/realization of expected cash flows | 598 | 596 | 1,799 | 1,639 | |
Net servicing fees | 45 | 142 | 80 | 635 | |
Changes in fair value of MSRs due to valuation inputs or assumptions | 217 | 962 | 4,605 | 2,931 | |
Net derivative gains from economic hedges | 513 | 678 | 4,448 | 2,795 | |
Market-related valuation changes to MSRs, net of hedge results | 296 | (284) | (157) | (136) | |
Total servicing income (loss), net | 341 | (142) | (77) | 499 | |
Net gains on mortgage loan origination/sales activities | 1,249 | 608 | 2,363 | 1,433 | |
Total mortgage banking noninterest income | [1] | 1,590 | 466 | 2,286 | 1,932 |
Total changes in fair value of MSRs carried at fair value | (815) | (1,558) | (6,404) | (4,570) | |
Net derivative losses from economic hedges related to mortgage loans held for sale and derivative loan commitments | (297) | 58 | (1,600) | (376) | |
Amortized [Member] | |||||
Servicing fees: | |||||
Amortization | (74) | $ (68) | (240) | $ (203) | |
Commercial mortgage servicing [Member] | Amortized [Member] | |||||
Servicing fees: | |||||
MSR impairment | $ 7 | $ 37 | |||
[1] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized intangible assets: | ||||
Gross carrying value | $ 5,436 | $ 5,369 | ||
Accumulated amortization | (3,759) | (3,516) | ||
Net carrying value | 1,677 | 1,853 | ||
Unamortized intangible assets: | ||||
Mortgage servicing rights | 6,355 | 11,517 | ||
Goodwill | 26,387 | 26,390 | $ 26,388 | $ 26,418 |
Trademark | 14 | 14 | ||
Commercial mortgage servicing [Member] | Amortized [Member] | ||||
Intangible Assets (Textual) [Abstract] | ||||
MSR valuation allowance | 37 | |||
MSRs [Member] | ||||
Amortized intangible assets: | ||||
Gross carrying value | 4,557 | 4,422 | ||
Accumulated amortization | (3,232) | (2,992) | ||
Net carrying value | 1,325 | 1,430 | ||
Customer relationship and other intangibles [Member] | ||||
Amortized intangible assets: | ||||
Gross carrying value | 879 | 947 | ||
Accumulated amortization | (527) | (524) | ||
Net carrying value | $ 352 | $ 423 |
Intangible Assets, Amortization
Intangible Assets, Amortization Expense (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |
Nine months ended September 30, 2020 (actual) | $ 311 |
Estimate for the remainder of 2020 | 90 |
Estimate for year ended December 31, | |
2021 | 320 |
2022 | 280 |
2023 | 243 |
2024 | 207 |
2025 | 173 |
Amortized MSRs [Member] | |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |
Nine months ended September 30, 2020 (actual) | 240 |
Estimate for the remainder of 2020 | 66 |
Estimate for year ended December 31, | |
2021 | 239 |
2022 | 212 |
2023 | 184 |
2024 | 159 |
2025 | 134 |
Customer relationship and other intangibles [Member] | |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |
Nine months ended September 30, 2020 (actual) | 71 |
Estimate for the remainder of 2020 | 24 |
Estimate for year ended December 31, | |
2021 | 81 |
2022 | 68 |
2023 | 59 |
2024 | 48 |
2025 | $ 39 |
Intangible Assets, Allocation o
Intangible Assets, Allocation of Goodwill to Operating Segments (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 26,390 | $ 26,418 |
Reclassification of goodwill held for sale to other assets | (25) | |
Reduction in goodwill related to divested businesses and other | (7) | |
Foreign currency translation | (3) | 2 |
Goodwill, Ending Balance | 26,387 | 26,388 |
Community Banking [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 16,685 | 16,685 |
Reclassification of goodwill held for sale to other assets | 0 | |
Reduction in goodwill related to divested businesses and other | 0 | |
Foreign currency translation | 0 | 0 |
Goodwill, Ending Balance | 16,685 | 16,685 |
Wholesale Banking [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 8,429 | 8,450 |
Reclassification of goodwill held for sale to other assets | (25) | |
Reduction in goodwill related to divested businesses and other | 0 | |
Foreign currency translation | (3) | 2 |
Goodwill, Ending Balance | 8,426 | 8,427 |
Wealth and Investment Management [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 1,276 | 1,283 |
Reclassification of goodwill held for sale to other assets | 0 | |
Reduction in goodwill related to divested businesses and other | (7) | |
Foreign currency translation | 0 | 0 |
Goodwill, Ending Balance | $ 1,276 | $ 1,276 |
Guarantees, Pledged Assets an_3
Guarantees, Pledged Assets and Collateral (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | $ 27 | $ (256) | |
Maximum exposure to loss, expires in one year or less | 28,762 | 31,417 | |
Maximum exposure to loss, expires in one year through three years | 18,744 | 19,721 | |
Maximum exposure to loss, expires in three years through five years | 6,524 | 7,336 | |
Maximum exposure to loss, expires after five years | 17,845 | 16,521 | |
Maximum exposure to loss | 71,875 | 74,995 | |
Card transaction volume | $ 982,700 | ||
Description of Guarantees Given by Registrant | The Parent fully and unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue. | ||
Liabilities | [1] | $ 1,740,188 | 1,739,571 |
Related to trading activities: | |||
Repledged third-party owned debt and equity securities | 111,327 | 121,507 | |
Equity securities | 14,058 | 27,440 | |
Total pledged assets related to trading activities | 111,327 | 121,507 | |
Variable Interest Entity, Consolidated, Assets, Pledged [Abstract] | |||
Variable interest entity assets | [2] | 1,922,220 | 1,927,555 |
Loans eligible for repurchase from GNMA securitizations | 76 | 568 | |
Total pledged assets | 493,313 | 600,744 | |
VIEs that we consolidate [Member] | |||
Variable Interest Entity, Consolidated, Assets, Pledged [Abstract] | |||
Variable interest entity assets | 13,734 | 14,505 | |
VIEs that we consolidate [Member] | Loans held at fair value [Member] | |||
Guarantor Obligations [Line Items] | |||
Liabilities | 1,040 | 1,226 | |
Variable Interest Entity, Consolidated, Assets, Pledged [Abstract] | |||
Variable interest entity assets | 11,599 | 14,368 | |
Transfers that we account for as secured borrowings [Member] | |||
Variable Interest Entity, Consolidated, Assets, Pledged [Abstract] | |||
Variable interest entity assets | 69 | 81 | |
Transfers that we account for as secured borrowings [Member] | Loans held at fair value [Member] | |||
Guarantor Obligations [Line Items] | |||
Liabilities | 68 | 79 | |
Variable Interest Entity, Consolidated, Assets, Pledged [Abstract] | |||
Variable interest entity assets | 69 | 80 | |
Total VIEs and Transfers that we account for as secured borrowings [Member] | Loans held at fair value [Member] | |||
Guarantor Obligations [Line Items] | |||
Liabilities | 5,413 | 6,312 | |
Variable Interest Entity, Consolidated, Assets, Pledged [Abstract] | |||
Variable interest entity assets | 37,765 | 44,549 | |
Total pledged assets | 11,744 | 15,016 | |
Related to non-trading activities [Member] | |||
Related to non-trading activities: | |||
Loans | 364,865 | 406,106 | |
Available-for-sale | 55,479 | 61,126 | |
Held-to-maturity | 2,786 | 3,685 | |
Mortgage loans held for sale | 0 | 2,266 | |
Variable Interest Entity, Consolidated, Assets, Pledged [Abstract] | |||
Total pledged assets | 423,130 | 473,183 | |
Related to trading activities [Member] | |||
Related to trading activities: | |||
Repledged third-party owned debt and equity securities | 58,439 | 112,545 | |
Trading debt securities and other | 20,483 | 51,083 | |
Equity securities | 835 | 1,379 | |
Total pledged assets related to trading activities | 58,439 | 112,545 | |
Related to trading activities [Member] | Other trading - off-balance sheet [Member] | |||
Related to trading activities: | |||
Repledged third-party owned debt and equity securities | 37,121 | 60,083 | |
Total pledged assets related to trading activities | 37,121 | 60,083 | |
Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 35,646 | 36,934 | |
Written put options [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | (245) | (345) | |
Maximum exposure to loss, expires in one year or less | 13,356 | 17,088 | |
Maximum exposure to loss, expires in one year through three years | 10,851 | 10,869 | |
Maximum exposure to loss, expires in three years through five years | 2,379 | 2,341 | |
Maximum exposure to loss, expires after five years | 152 | 273 | |
Maximum exposure to loss | 26,738 | 30,571 | |
Written put options [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 16,205 | 18,113 | |
Standby letters of credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | 195 | 36 | |
Maximum exposure to loss, expires in one year or less | 12,381 | 11,569 | |
Maximum exposure to loss, expires in one year through three years | 4,287 | 4,460 | |
Maximum exposure to loss, expires in three years through five years | 1,844 | 2,812 | |
Maximum exposure to loss, expires after five years | 446 | 467 | |
Maximum exposure to loss | 18,958 | 19,308 | |
Standby letters of credit [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 7,484 | 7,104 | |
Direct pay letters of credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | 42 | 0 | |
Maximum exposure to loss, expires in one year or less | 2,227 | 1,861 | |
Maximum exposure to loss, expires in one year through three years | 2,853 | 3,815 | |
Maximum exposure to loss, expires in three years through five years | 704 | 824 | |
Maximum exposure to loss, expires after five years | 48 | 105 | |
Maximum exposure to loss | 5,832 | 6,605 | |
Direct pay letters of credit [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 1,175 | 1,184 | |
Loans and MHFS sold with recourse [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | 34 | 52 | |
Maximum exposure to loss, expires in one year or less | 231 | 114 | |
Maximum exposure to loss, expires in one year through three years | 752 | 576 | |
Maximum exposure to loss, expires in three years through five years | 1,596 | 1,356 | |
Maximum exposure to loss, expires after five years | 10,016 | 10,050 | |
Maximum exposure to loss | 12,595 | 12,096 | |
Loans and MHFS sold with recourse [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 10,254 | 9,835 | |
Exchange and clearing house guarantees [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of 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 | 0 | 0 | |
Maximum exposure to loss, expires after five years | 5,516 | 4,817 | |
Maximum exposure to loss | 5,516 | 4,817 | |
Exchange and clearing house guarantees [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
Other guarantees and indemnification [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | 1 | 1 | |
Maximum exposure to loss, expires in one year or less | 567 | 785 | |
Maximum exposure to loss, expires in one year through three years | 1 | 1 | |
Maximum exposure to loss, expires in three years through five years | 1 | 3 | |
Maximum exposure to loss, expires after five years | 1,667 | 809 | |
Maximum exposure to loss | 2,236 | 1,598 | |
Other guarantees and indemnification [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 528 | 698 | |
Third party clearing indemnifications [Member] | |||
Guarantor Obligations [Line Items] | |||
Third-party clearing customer obligations | 176 | 80 | |
Collateral provided to third-party clearing agents | 1,500 | 696 | |
Other commitments and guarantees [Member] | Wells Fargo Finance, LLC [Member] | |||
Guarantor Obligations [Line Items] | |||
Liabilities | $ 2,400 | $ 1,600 | |
[1] | Our consolidated liabilities at September 30, 2020, and December 31, 2019, included the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $395 million and $401 million; Derivative liabilities, $1 million and $3 million; Accrued expenses and other liabilities, $229 million and $235 million; Long-term debt, $215 million and $587 million; and Total liabilities, $840 million and $1.2 billion, respectively. | ||
[2] | Our consolidated assets at September 30, 2020, and December 31, 2019, included 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, $16 million and $16 million; Interest-earning deposits with banks, $0 million and $284 million; Debt securities, $662 million and $540 million; Net loans, $10.6 billion and $13.2 billion; Derivative assets, $1 million and $1 million; Equity securities, $72 million and $118 million; Other assets, $214 million and $239 million; and Total assets, $11.6 billion and $14.4 billion, respectively. |
Pledged Assets, Offsetting of R
Pledged Assets, Offsetting of Resale and Repurchase Agreements and Securities Borrowing and Lending (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net amounts in consolidated balance sheet | $ 83,513 | $ 121,593 |
Collateral received with the right to sell or repledge | 106,500 | 150,900 |
Resale and securities borrowing agreements | ||
Gross amounts recognized | 94,579 | 140,773 |
Gross amounts offset in consolidated balance sheet (1) | (11,066) | (19,180) |
Net amounts in consolidated balance sheet (2) | 83,513 | 121,593 |
Collateral not recognized in consolidated balance sheet (3) | (82,736) | (120,786) |
Net amount (4) | 777 | 807 |
Collateral sold or repledged | 35,900 | 59,100 |
Repurchase and securities lending agreements | ||
Gross amounts recognized | 54,888 | 111,038 |
Gross amounts offset in consolidated balance sheet (1) | (11,066) | (19,180) |
Net amounts in consolidated balance sheet (5) | 43,822 | 91,858 |
Collateral pledged but not netted in consolidated balance sheet (6) | (43,602) | (91,709) |
Net amount (4) | 220 | 149 |
Collateral pledged, fair value | 56,500 | 113,300 |
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 | 69,200 | 102,100 |
Resale and securities borrowing agreements | ||
Net amounts in consolidated balance sheet (2) | 69,200 | 102,100 |
Loans [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net amounts in consolidated balance sheet | 14,300 | 19,500 |
Resale and securities borrowing agreements | ||
Net amounts in consolidated balance sheet (2) | $ 14,300 | $ 19,500 |
Pledged Assets, Collateral Type
Pledged Assets, Collateral Type and Contractual Maturities of Repurchase Agreements and Securities Lending Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | $ 48,871 | $ 106,169 |
Securities lending | 6,017 | 4,869 |
Total repurchases and securities lending | 54,888 | 111,038 |
Overnight/continuous [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 37,173 | 79,793 |
Securities lending | 5,467 | 4,724 |
Total repurchases and securities lending | 42,640 | 84,517 |
Up to 30 days [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 1,963 | 17,681 |
Securities lending | 0 | 0 |
Total repurchases and securities lending | 1,963 | 17,681 |
30-90 days [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 6,150 | 4,825 |
Securities lending | 550 | 145 |
Total repurchases and securities lending | 6,700 | 4,970 |
Over 90 days [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 3,585 | 3,870 |
Securities lending | 0 | 0 |
Total repurchases and securities lending | 3,585 | 3,870 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 22,342 | 48,161 |
Securities lending | 57 | 163 |
Securities of U.S. states and political subdivisions [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 46 | 104 |
Federal agencies [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 13,184 | 44,737 |
Securities lending | 42 | 0 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 1,176 | 1,818 |
Corporate debt securities [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 8,780 | 7,126 |
Securities lending | 98 | 223 |
Asset-backed securities [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 1,050 | 1,844 |
Equity securities [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 1,463 | 1,674 |
Securities lending | 5,788 | 4,481 |
Other [Member] | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement [Abstract] | ||
Repurchase agreements | 830 | 705 |
Securities lending | $ 32 | $ 2 |
Other Commitments (Details)
Other Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Other Commitments [Line Items] | ||
Resale agreements, unfunded commitments | $ 9,100 | $ 7,500 |
Purchase commitment [Member] | Debt securities [Member] | ||
Other Commitments [Line Items] | ||
Other commitment | 18 | 18 |
Purchase commitment [Member] | Equity securities [Member] | ||
Other Commitments [Line Items] | ||
Other commitment | $ 3,200 | $ 2,700 |
Legal Actions (Details)
Legal Actions (Details) $ in Millions | Feb. 21, 2020USD ($) | Nov. 30, 2016USD ($) | Jul. 13, 2012USD ($) | Jun. 30, 2020USD ($) | May 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2018USD ($) | Oct. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Sep. 30, 2020USD ($)legal_action | Aug. 31, 2015legal_action | Apr. 20, 2017USD ($) | Apr. 07, 2020USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2017trust | Nov. 17, 2016legal_action | May 31, 2016trust |
Liability for Contingent Litigation Losses [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Range of possible loss, portion not accrued | $ 2,400 | |||||||||||||||||
ATM Access Fee Litigation [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Litigation cases or actions | legal_action | 3 | |||||||||||||||||
Settlement | $ 20.8 | |||||||||||||||||
Automobile Lending Practices [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Litigation cases or actions | legal_action | 1 | |||||||||||||||||
Settlement | $ 643 | |||||||||||||||||
Automobile Lending Practices [Member] | All Class Members [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Additional funding | $ 1 | |||||||||||||||||
Interchange Litigation [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Settlement | $ 6,600 | |||||||||||||||||
Additional funding | $ 900 | |||||||||||||||||
Percentage of default interchange distributed to class merchants | 0.10% | |||||||||||||||||
Distribution period of default interchange distributed to class merchants | 8 months | |||||||||||||||||
Approximate settlement agreement | 6,200 | |||||||||||||||||
Approximate funds remaining from settlement | 5,300 | |||||||||||||||||
Approximate additional funding | $ 94.5 | |||||||||||||||||
Mobile Deposit Patent Litigation [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Litigation cases or actions | legal_action | 2 | |||||||||||||||||
Mobile Deposit Patent Litigation - First Case [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Settlement | $ 200 | |||||||||||||||||
Mobile Deposit Patent Litigation - Second Case [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Settlement | $ 102.7 | |||||||||||||||||
Mortgage Loan Modification Litigation - Hernandez V Wells Fargo [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Settlement | $ 18.5 | |||||||||||||||||
Mortgage Related Regulatory Investigations [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Settlement payments | $ 17 | $ 2,090 | ||||||||||||||||
Restitution, per case | $ 20 | |||||||||||||||||
Nomura/Natixis [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Third-party complaints | legal_action | 7 | |||||||||||||||||
Retail Sales Practices, CPI and GAP, and Mortgage interest rate lock matters [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Civil money penalties | $ 1,000 | |||||||||||||||||
Settlement payments | $ 575 | |||||||||||||||||
Retail Sales Practices Matters, Department Of Justice (DOJ) [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Date of settlement agreement | February 21, 2020 | |||||||||||||||||
Laws affected | The Department of Justice criminal settlement also includes the Company’s agreement that the facts set forth in the settlement document constitute sufficient facts for the finding of criminal violations of statutes regarding bank records and personal information. | |||||||||||||||||
Retail Sales Practices Matters, Securities And Exchange Commission (SEC) [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Date of settlement agreement | February 21, 2020 | |||||||||||||||||
Laws affected | The SEC order contains a finding, to which the Company consented, that the facts set forth include violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. | |||||||||||||||||
Fair Fund | $ 500 | |||||||||||||||||
Sales Practice Matters [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Settlement payments | $ 65 | |||||||||||||||||
Settlement payments | $ 3,000 | |||||||||||||||||
Payment to be made to resolve claims | $ 142 | |||||||||||||||||
Receivable from insurance carriers | $ 240 | |||||||||||||||||
Sales Practice Matters [Member] | All Class Members [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Settlement payments | $ 480 | |||||||||||||||||
RMBS Trustee Punitive Class Action Complaint [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
RMBS trusts at issue in the State Court Action | trust | 261 | |||||||||||||||||
RMBS Trustee Litigation Civil Complaint [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
RMBS trusts at issue in the State Court Action | trust | 11 | |||||||||||||||||
RMBS Trustee Litigation [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Settlement payments | $ 43 | |||||||||||||||||
Seminole Tribe - Administration of a minor’s trust [Member] | ||||||||||||||||||
Legal Actions (Textual) [Abstract] | ||||||||||||||||||
Litigation cases or actions | legal_action | 3 |
Derivatives, Notional or Contra
Derivatives, Notional or Contractual Amounts and Fair Values of Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | $ 64,986 | $ 39,326 |
Fair value derivative assets, netting | (41,271) | (25,123) |
Net amounts in consolidated balance sheet, assets | 23,715 | 14,203 |
Fair value derivative liabilities | 55,696 | 37,930 |
Fair value derivative liabilities, netting | (41,929) | (28,851) |
Net amounts in consolidated balance sheet, liabilities | 13,767 | 9,079 |
Interest rate contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (26,163) | (14,878) |
Net amounts in consolidated balance sheet, assets | 15,739 | 9,169 |
Fair value derivative liabilities, netting | (27,112) | (16,595) |
Net amounts in consolidated balance sheet, liabilities | 3,910 | 2,771 |
Commodity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (1,345) | (888) |
Net amounts in consolidated balance sheet, assets | 999 | 533 |
Fair value derivative liabilities, netting | (1,225) | (677) |
Net amounts in consolidated balance sheet, liabilities | 1,221 | 1,093 |
Equity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (9,390) | (5,570) |
Net amounts in consolidated balance sheet, assets | 5,343 | 2,966 |
Fair value derivative liabilities, netting | (9,341) | (6,647) |
Net amounts in consolidated balance sheet, liabilities | 6,934 | 3,817 |
Foreign exchange contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (4,306) | (3,722) |
Net amounts in consolidated balance sheet, assets | 1,583 | 1,492 |
Fair value derivative liabilities, netting | (4,206) | (4,866) |
Net amounts in consolidated balance sheet, liabilities | 1,682 | 1,381 |
Credit contracts protection sold [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (8) | (9) |
Net amounts in consolidated balance sheet, assets | 3 | 3 |
Fair value derivative liabilities, netting | (40) | (60) |
Net amounts in consolidated balance sheet, liabilities | 8 | 5 |
Credit contracts protection purchased [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets, netting | (59) | (56) |
Net amounts in consolidated balance sheet, assets | 48 | 40 |
Fair value derivative liabilities, netting | (5) | (6) |
Net amounts in consolidated balance sheet, liabilities | 12 | 12 |
Derivatives designated as hedging instruments [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | 4,070 | 2,936 |
Fair value derivative liabilities | 2,436 | 2,407 |
Derivatives designated as hedging instruments [Member] | Interest rate contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 185,124 | 182,789 |
Fair value derivative assets | 3,483 | 2,595 |
Fair value derivative liabilities | 1,820 | 1,237 |
Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 38,477 | 32,386 |
Fair value derivative assets | 587 | 341 |
Fair value derivative liabilities | 616 | 1,170 |
Not designated as hedging instrument [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | 60,916 | 36,390 |
Fair value derivative liabilities | 53,260 | 35,523 |
Economic hedges [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | 2,648 | 1,478 |
Fair value derivative liabilities | 1,030 | 670 |
Economic hedges [Member] | Interest rate contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 344,263 | 235,810 |
Fair value derivative assets | 470 | 207 |
Fair value derivative liabilities | 266 | 160 |
Economic hedges [Member] | Equity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 23,624 | 19,263 |
Fair value derivative assets | 1,724 | 1,126 |
Fair value derivative liabilities | 209 | 224 |
Economic hedges [Member] | Foreign exchange contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 44,282 | 26,595 |
Fair value derivative assets | 422 | 118 |
Fair value derivative liabilities | 555 | 286 |
Economic hedges [Member] | Credit contracts protection purchased [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 81 | 1,400 |
Fair value derivative assets | 32 | 27 |
Fair value derivative liabilities | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value derivative assets | 58,268 | 34,912 |
Fair value derivative liabilities | 52,230 | 34,853 |
Customer accommodation trading and other derivatives [Member] | Interest rate contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 10,657,433 | 11,117,542 |
Fair value derivative assets | 37,949 | 21,245 |
Fair value derivative liabilities | 28,936 | 17,969 |
Customer accommodation trading and other derivatives [Member] | Commodity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 73,086 | 79,737 |
Fair value derivative assets | 2,344 | 1,421 |
Fair value derivative liabilities | 2,446 | 1,770 |
Customer accommodation trading and other derivatives [Member] | Equity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 305,900 | 272,145 |
Fair value derivative assets | 13,009 | 7,410 |
Fair value derivative liabilities | 16,066 | 10,240 |
Customer accommodation trading and other derivatives [Member] | Foreign exchange contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 347,499 | 364,469 |
Fair value derivative assets | 4,880 | 4,755 |
Fair value derivative liabilities | 4,717 | 4,791 |
Customer accommodation trading and other derivatives [Member] | Credit contracts protection sold [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 16,067 | 12,215 |
Fair value derivative assets | 11 | 12 |
Fair value derivative liabilities | 48 | 65 |
Customer accommodation trading and other derivatives [Member] | Credit contracts protection purchased [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 25,657 | 24,030 |
Fair value derivative assets | 75 | 69 |
Fair value derivative liabilities | $ 17 | $ 18 |
Derivatives, Gross Fair Value o
Derivatives, Gross Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative Assets | ||
Gross amounts recognized, assets | $ 64,986 | $ 39,326 |
Gross amounts offset in consolidated balance sheet, assets | (41,271) | (25,123) |
Net amounts in consolidated balance sheet, assets | 23,715 | 14,203 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (2,190) | (539) |
Net amounts, assets | 21,525 | 13,664 |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | 55,696 | 37,930 |
Gross amounts offset in consolidated balance sheet, liabilities | (41,929) | (28,851) |
Net amounts in consolidated balance sheet, liabilities | 13,767 | 9,079 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), liabilities | (3,046) | (1,038) |
Net amounts, liabilities | 10,721 | 8,041 |
Derivatives (Textual) [Abstract] | ||
Derivative assets subject to enforceable master netting arrangements | 55,900 | 33,700 |
Derivative liabilities subject to enforceable master netting arrangements | 48,600 | 33,500 |
Derivative assets not subject to enforceable master netting arrangements | 9,100 | 5,600 |
Derivative liabilities not subject to enforceable master netting arrangements | 7,100 | 4,400 |
Cash collateral receivables not offset against derivatives | 3,600 | 6,300 |
Cash collateral payables not offset against derivatives | 605 | 1,400 |
Valuation adjustments for derivative assets | 507 | 231 |
Valuation adjustments for derivative liabilities | 236 | 100 |
Cash collateral netted against derivative assets | 6,400 | 2,900 |
Cash collateral netted against derivative liabilities | 7,300 | 6,800 |
Interest rate contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | 41,902 | 24,047 |
Gross amounts offset in consolidated balance sheet, assets | (26,163) | (14,878) |
Net amounts in consolidated balance sheet, assets | 15,739 | 9,169 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (1,380) | (445) |
Net amounts, assets | $ 14,359 | $ 8,724 |
Percent exchanged in over-the-counter market, assets | 97.00% | 95.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 31,022 | $ 19,366 |
Gross amounts offset in consolidated balance sheet, liabilities | (27,112) | (16,595) |
Net amounts in consolidated balance sheet, liabilities | 3,910 | 2,771 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), liabilities | (2,039) | (545) |
Net amounts, liabilities | $ 1,871 | $ 2,226 |
Percent exchanged in over-the-counter market, liabilities | 97.00% | 94.00% |
Commodity contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 2,344 | $ 1,421 |
Gross amounts offset in consolidated balance sheet, assets | (1,345) | (888) |
Net amounts in consolidated balance sheet, assets | 999 | 533 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (6) | (2) |
Net amounts, assets | $ 993 | $ 531 |
Percent exchanged in over-the-counter market, assets | 80.00% | 80.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 2,446 | $ 1,770 |
Gross amounts offset in consolidated balance sheet, liabilities | (1,225) | (677) |
Net amounts in consolidated balance sheet, liabilities | 1,221 | 1,093 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), liabilities | (6) | (2) |
Net amounts, liabilities | $ 1,215 | $ 1,091 |
Percent exchanged in over-the-counter market, liabilities | 79.00% | 82.00% |
Equity contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 14,733 | $ 8,536 |
Gross amounts offset in consolidated balance sheet, assets | (9,390) | (5,570) |
Net amounts in consolidated balance sheet, assets | 5,343 | 2,966 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (794) | (69) |
Net amounts, assets | $ 4,549 | $ 2,897 |
Percent exchanged in over-the-counter market, assets | 71.00% | 65.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 16,275 | $ 10,464 |
Gross amounts offset in consolidated balance sheet, liabilities | (9,341) | (6,647) |
Net amounts in consolidated balance sheet, liabilities | 6,934 | 3,817 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), liabilities | (372) | (319) |
Net amounts, liabilities | $ 6,562 | $ 3,498 |
Percent exchanged in over-the-counter market, liabilities | 73.00% | 81.00% |
Foreign exchange contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 5,889 | $ 5,214 |
Gross amounts offset in consolidated balance sheet, assets | (4,306) | (3,722) |
Net amounts in consolidated balance sheet, assets | 1,583 | 1,492 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (8) | (22) |
Net amounts, assets | $ 1,575 | $ 1,470 |
Percent exchanged in over-the-counter market, assets | 100.00% | 100.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 5,888 | $ 6,247 |
Gross amounts offset in consolidated balance sheet, liabilities | (4,206) | (4,866) |
Net amounts in consolidated balance sheet, liabilities | 1,682 | 1,381 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), liabilities | (624) | (169) |
Net amounts, liabilities | $ 1,058 | $ 1,212 |
Percent exchanged in over-the-counter market, liabilities | 100.00% | 100.00% |
Credit contracts protection sold [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 11 | $ 12 |
Gross amounts offset in consolidated balance sheet, assets | (8) | (9) |
Net amounts in consolidated balance sheet, assets | 3 | 3 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | 0 | 0 |
Net amounts, assets | $ 3 | $ 3 |
Percent exchanged in over-the-counter market, assets | 73.00% | 84.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 48 | $ 65 |
Gross amounts offset in consolidated balance sheet, liabilities | (40) | (60) |
Net amounts in consolidated balance sheet, liabilities | 8 | 5 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), liabilities | (5) | (3) |
Net amounts, liabilities | $ 3 | $ 2 |
Percent exchanged in over-the-counter market, liabilities | 95.00% | 98.00% |
Credit contracts protection purchased [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 107 | $ 96 |
Gross amounts offset in consolidated balance sheet, assets | (59) | (56) |
Net amounts in consolidated balance sheet, assets | 48 | 40 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (2) | (1) |
Net amounts, assets | $ 46 | $ 39 |
Percent exchanged in over-the-counter market, assets | 88.00% | 97.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 17 | $ 18 |
Gross amounts offset in consolidated balance sheet, liabilities | (5) | (6) |
Net amounts in consolidated balance sheet, liabilities | 12 | 12 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), liabilities | 0 | 0 |
Net amounts, liabilities | $ 12 | $ 12 |
Percent exchanged in over-the-counter market, liabilities | 85.00% | 93.00% |
Derivatives, Gains (Losses) Rec
Derivatives, Gains (Losses) Recognized on Fair Value Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Total amounts presented in the consolidated statement of income and other comprehensive income | |||||
Debt securities | $ 2,446 | $ 3,666 | $ 8,864 | $ 11,388 | |
Mortgage loans held for sale | 232 | 232 | 659 | 579 | |
Deposits | (314) | (2,324) | (2,641) | (6,563) | |
Long-term debt | (1,038) | (1,780) | (3,515) | (5,607) | |
Other | [1] | 220 | 1,842 | 869 | 3,667 |
Total recorded in OCI, derivative gains (losses) | (18) | 85 | 167 | 265 | |
Derivatives (Textual) [Abstract] | |||||
Cash flow hedge deferred loss in other comprehensive income | $ (175) | ||||
Maximum length of time hedged in cash flow hedge | 10 years | ||||
Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Recognized on derivatives, Total recorded in OCI | (82) | 28 | $ 5 | 58 | |
Interest rate contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Recognized on derivatives, Total recorded in OCI | 0 | 0 | 0 | 0 | |
Foreign exchange contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Recognized on derivatives, Total recorded in OCI | (82) | 28 | 5 | 58 | |
Debt securities [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Total gains (losses) (pre-tax) recognized on fair value hedges | (83) | 12 | (177) | 72 | |
Debt securities [Member] | Interest rate contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | (114) | (1) | (253) | 29 | |
Recognized on derivatives | 280 | (628) | (1,612) | (2,531) | |
Recognized on hedged items | (265) | 631 | 1,654 | 2,544 | |
Total gains (losses) (pre-tax) recognized on fair value hedges | (99) | 2 | (211) | 42 | |
Debt securities [Member] | Foreign exchange contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 16 | 9 | 33 | 29 | |
Recognized on derivatives | 1 | (2) | (1) | (11) | |
Recognized on hedged items | (1) | 3 | 2 | 12 | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 16 | 10 | 34 | 30 | |
Mortgage loans held for sale [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Total gains (losses) (pre-tax) recognized on fair value hedges | 0 | (1) | 1 | (3) | |
Mortgage loans held for sale [Member] | Interest rate contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 0 | 1 | 0 | 1 | |
Recognized on derivatives | 1 | (3) | (52) | (36) | |
Recognized on hedged items | (1) | 1 | 53 | 32 | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 0 | (1) | 1 | (3) | |
Mortgage loans held for sale [Member] | Foreign exchange contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 0 | 0 | 0 | 0 | |
Recognized on derivatives | 0 | 0 | 0 | 0 | |
Recognized on hedged items | 0 | 0 | 0 | 0 | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 0 | 0 | 0 | 0 | |
Deposits [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Total gains (losses) (pre-tax) recognized on fair value hedges | 157 | 26 | 389 | 21 | |
Deposits [Member] | Interest rate contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 157 | 26 | 379 | (4) | |
Recognized on derivatives | (156) | 30 | 288 | 588 | |
Recognized on hedged items | 156 | (30) | (278) | (563) | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 157 | 26 | 389 | 21 | |
Deposits [Member] | Foreign exchange contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 0 | 0 | 0 | 0 | |
Recognized on derivatives | 0 | 0 | 0 | 0 | |
Recognized on hedged items | 0 | 0 | 0 | 0 | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 0 | 0 | 0 | 0 | |
Long-term debt [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Total gains (losses) (pre-tax) recognized on fair value hedges | 496 | (29) | 1,227 | (158) | |
Long-term debt [Member] | Interest rate contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 542 | 53 | 1,144 | 53 | |
Recognized on derivatives | (1,357) | 2,880 | 8,967 | 7,813 | |
Recognized on hedged items | 1,269 | (2,809) | (8,775) | (7,646) | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 454 | 124 | 1,336 | 220 | |
Long-term debt [Member] | Foreign exchange contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | (5) | (115) | (136) | (385) | |
Recognized on derivatives | 52 | 86 | 276 | 583 | |
Recognized on hedged items | (5) | (124) | (249) | (576) | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 42 | (153) | (109) | (378) | |
Other [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Total gains (losses) (pre-tax) recognized on fair value hedges | 7 | (19) | 11 | (19) | |
Other [Member] | Interest rate contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 0 | 0 | 0 | 0 | |
Recognized on derivatives | 0 | 0 | 0 | 0 | |
Recognized on hedged items | 0 | 0 | 0 | 0 | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 0 | 0 | 0 | 0 | |
Other [Member] | Foreign exchange contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 0 | 0 | 0 | 0 | |
Recognized on derivatives | 856 | (918) | 780 | (994) | |
Recognized on hedged items | (849) | 899 | (769) | 975 | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 7 | (19) | 11 | (19) | |
Derivative gains (losses) [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Total gains (losses) (pre-tax) recognized on fair value hedges | 577 | (11) | 1,451 | (87) | |
Derivative gains (losses) [Member] | Interest rate contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 585 | 79 | 1,270 | 79 | |
Recognized on derivatives | (1,232) | 2,279 | 7,591 | 5,834 | |
Recognized on hedged items | 1,159 | (2,207) | (7,346) | (5,633) | |
Total gains (losses) (pre-tax) recognized on fair value hedges | 512 | 151 | 1,515 | 280 | |
Derivative gains (losses) [Member] | Foreign exchange contracts [Member] | Fair value hedging [Member] | |||||
Gains (losses) recognized on fair value hedging relationships | |||||
Amounts related to interest settlements on derivatives | 11 | (106) | (103) | (356) | |
Recognized on derivatives | 909 | (834) | 1,055 | (422) | |
Recognized on hedged items | (855) | 778 | (1,016) | 411 | |
Total gains (losses) (pre-tax) recognized on fair value hedges | $ 65 | $ (162) | $ (64) | $ (367) | |
[1] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. |
Derivatives, Gains (Losses) R_2
Derivatives, Gains (Losses) Recognized on Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Total amounts presented in the consolidated statement of income and other comprehensive income | ||||
Loans | $ 7,954 | $ 10,982 | $ 26,467 | $ 33,652 |
Long-term debt | (1,038) | (1,780) | (3,515) | (5,607) |
Total recorded in OCI, derivative gains (losses) | (18) | 85 | 167 | 265 |
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 52 | 75 | 165 | 233 |
Cash flow hedging [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 52 | 75 | 165 | 233 |
Net unrealized gains (losses) (pre-tax) recognized in OCI | (3) | |||
Total gains (losses) (pre-tax) recognized on cash flow hedges | 64 | 57 | 162 | 207 |
Cash flow hedging [Member] | Interest rate contracts [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 51 | 73 | 159 | 227 |
Net unrealized gains (losses) (pre-tax) recognized in OCI | 0 | 0 | 0 | 0 |
Total gains (losses) (pre-tax) recognized on cash flow hedges | 51 | 73 | 159 | 227 |
Cash flow hedging [Member] | Foreign exchange contracts [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 1 | 2 | 6 | 6 |
Net unrealized gains (losses) (pre-tax) recognized in OCI | 12 | (18) | (3) | (26) |
Total gains (losses) (pre-tax) recognized on cash flow hedges | 13 | (16) | 3 | (20) |
Cash flow hedging [Member] | Loans [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | (53) | (73) | (162) | (228) |
Cash flow hedging [Member] | Loans [Member] | Interest rate contracts [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (53) | (73) | (162) | (228) |
Net unrealized gains (losses) (pre-tax) recognized in OCI | (53) | (73) | (162) | (228) |
Cash flow hedging [Member] | Loans [Member] | Foreign exchange contracts [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) (pre-tax) recognized in OCI | 0 | 0 | 0 | 0 |
Cash flow hedging [Member] | Long-term debt [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | 1 | (2) | (3) | (5) |
Cash flow hedging [Member] | Long-term debt [Member] | Interest rate contracts [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | 2 | 0 | 3 | 1 |
Net unrealized gains (losses) (pre-tax) recognized in OCI | 2 | 0 | 3 | 1 |
Cash flow hedging [Member] | Long-term debt [Member] | Foreign exchange contracts [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (1) | (2) | (6) | (6) |
Net unrealized gains (losses) (pre-tax) recognized in OCI | (1) | (2) | (6) | (6) |
Cash flow hedging [Member] | Derivative gains (losses) [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | (52) | (75) | (165) | (233) |
Cash flow hedging [Member] | Derivative gains (losses) [Member] | Interest rate contracts [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (51) | (73) | (159) | (227) |
Net unrealized gains (losses) (pre-tax) recognized in OCI | (51) | (73) | (159) | (227) |
Cash flow hedging [Member] | Derivative gains (losses) [Member] | Foreign exchange contracts [Member] | ||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (1) | (2) | (6) | (6) |
Net unrealized gains (losses) (pre-tax) recognized in OCI | $ (1) | $ (2) | $ (6) | $ (6) |
Derivatives, Fair Value Hedging
Derivatives, Fair Value Hedging Basis Adjustment (Details) - Fair value hedging [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Hedged items currently designated [Member] | Available-for-sale debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of assets | $ 25,969 | $ 36,896 |
Hedge accounting basis adjustment, assets, currently designated | 2,109 | 1,110 |
Hedged items currently designated [Member] | Mortgage loans held for sale [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of assets | 173 | 961 |
Hedge accounting basis adjustment, assets, currently designated | 5 | (12) |
Hedged items currently designated [Member] | Deposits [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of (liabilities) | (29,852) | (43,716) |
Hedge accounting basis adjustment, liabilities, currently designated | (604) | (324) |
Hedged items currently designated [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of (liabilities) | (164,848) | (127,423) |
Hedge accounting basis adjustment, liabilities, currently designated | (14,736) | (5,827) |
Hedged items no longer designated[Member] | Available-for-sale debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of assets | 9,435 | 9,486 |
Hedge accounting basis adjustment, assets, no longer designated | 301 | 278 |
Hedged items no longer designated[Member] | Mortgage loans held for sale [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of assets | 0 | 0 |
Hedge accounting basis adjustment, assets, no longer designated | 0 | 0 |
Hedged items no longer designated[Member] | Deposits [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of (liabilities) | 0 | 0 |
Hedge accounting basis adjustment, liabilities, no longer designated | 0 | 0 |
Hedged items no longer designated[Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of (liabilities) | (16,538) | (25,750) |
Hedge accounting basis adjustment, liabilities, no longer designated | 60 | 173 |
Foreign exchange contracts [Member] | Hedged items currently designated [Member] | Available-for-sale debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of assets | 9,600 | 1,200 |
Foreign exchange contracts [Member] | Hedged items currently designated [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of (liabilities) | (4,500) | (5,200) |
Re-designated as hedging instrument [Member] | Available-for-sale debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Hedge accounting basis adjustment, assets, currently designated | 476 | 790 |
Re-designated as hedging instrument [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Hedge accounting basis adjustment, liabilities, currently designated | $ 138 | $ 109 |
Derivatives, Derivatives Not De
Derivatives, Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivatives (Textual) [Abstract] | ||||
Gains (losses) on derivatives used to hedge residential mortgage servicing rights | $ 513 | $ 678 | $ 4,448 | $ 2,795 |
Net derivative gains (losses) from economic hedges related to mortgage loans held for sale and derivative loan commitments | (297) | 58 | (1,600) | (376) |
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 | (1,452) | (226) | 2,762 | (3,854) |
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 | 701 | 831 | 4,413 | 2,811 |
Not designated as hedging instrument [Member] | Net gain (loss) from equity securities [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 | (209) | (1,375) | (392) | (2,918) |
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 | (1,248) | 62 | (1,001) | (3,754) |
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 | (696) | 256 | (258) | 7 |
Not designated as hedging instrument [Member] | Personnel expense [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 | (215) | (356) | ||
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 | (547) | (393) | 2,393 | (96) |
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 | 189 | 736 | 2,757 | 2,426 |
Economic hedges [Member] | Equity 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 | (210) | (1,381) | (427) | (2,924) |
Economic hedges [Member] | Foreign exchange 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 | (523) | 263 | 49 | 403 |
Economic hedges [Member] | Credit 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 | (3) | (11) | 14 | (1) |
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 | 216 | 736 | 2,829 | 2,419 |
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 | 216 | 736 | 2,829 | 2,419 |
Economic hedges [Member] | Mortgage banking [Member] | Equity 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 | 0 | 0 |
Economic hedges [Member] | Mortgage banking [Member] | Foreign exchange 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 | 0 | 0 |
Economic hedges [Member] | Mortgage banking [Member] | Credit 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 | 0 | 0 |
Economic hedges [Member] | Net gain (loss) from equity securities [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 | (209) | (1,375) | (392) | (2,918) |
Economic hedges [Member] | Net gain (loss) from equity securities [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 | 0 | 0 |
Economic hedges [Member] | Net gain (loss) from equity securities [Member] | Equity 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 | (209) | (1,375) | (392) | (2,918) |
Economic hedges [Member] | Net gain (loss) from equity securities [Member] | Foreign exchange 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 | 0 | 0 |
Economic hedges [Member] | Net gain (loss) from equity securities [Member] | Credit 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 | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
Economic hedges [Member] | Net gain (loss) from trading activities [Member] | Equity 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 | 0 | 0 |
Economic hedges [Member] | Net gain (loss) from trading activities [Member] | Foreign exchange 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 | 0 | 0 |
Economic hedges [Member] | Net gain (loss) from trading activities [Member] | Credit 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 | 0 | 0 |
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 | (554) | 246 | (44) | 403 |
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 | (27) | 0 | (72) | 7 |
Economic hedges [Member] | Other [Member] | Equity 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 | (1) | (6) | (35) | (6) |
Economic hedges [Member] | Other [Member] | Foreign exchange 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 | (523) | 263 | 49 | 403 |
Economic hedges [Member] | Other [Member] | Credit 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 | (3) | (11) | 14 | (1) |
Economic hedges [Member] | Personnel expense [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 | (215) | (356) | ||
Economic hedges [Member] | Personnel expense [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 | ||
Economic hedges [Member] | Personnel expense [Member] | Equity 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 | (215) | (356) | ||
Economic hedges [Member] | Personnel expense [Member] | Foreign exchange 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 | ||
Economic hedges [Member] | Personnel expense [Member] | Credit 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 | ||
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 | (905) | 167 | 369 | (3,758) |
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 | 756 | (260) | 68 | (469) |
Customer accommodation trading and other derivatives [Member] | Commodity 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 | (356) | (10) | (468) | 143 |
Customer accommodation trading and other derivatives [Member] | Equity 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 | (1,433) | 65 | 896 | (3,371) |
Customer accommodation trading and other derivatives [Member] | Foreign exchange 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 | 160 | 294 | (242) | 9 |
Customer accommodation trading and other derivatives [Member] | Credit 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 | (32) | 78 | 115 | (70) |
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 | 485 | 95 | 1,584 | 392 |
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 | 485 | 95 | 1,584 | 392 |
Customer accommodation trading and other derivatives [Member] | Mortgage banking [Member] | Commodity 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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Mortgage banking [Member] | Equity 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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Mortgage banking [Member] | Foreign exchange 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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Mortgage banking [Member] | Credit 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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from equity securities [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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from equity securities [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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from equity securities [Member] | Commodity 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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from equity securities [Member] | Equity 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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from equity securities [Member] | Foreign exchange 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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from equity securities [Member] | Credit 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 | 0 | 0 |
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 | (1,248) | 62 | (1,001) | (3,754) |
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 | 271 | (355) | (1,516) | (861) |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Commodity 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 | (356) | (10) | (468) | 143 |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Equity 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 | (1,291) | 65 | 1,110 | (2,975) |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Foreign exchange 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 | 160 | 284 | (242) | 9 |
Customer accommodation trading and other derivatives [Member] | Net gain (loss) from trading activities [Member] | Credit 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 | (32) | 78 | 115 | (70) |
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 | (142) | 10 | (214) | (396) |
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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Other [Member] | Commodity 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 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Other [Member] | Equity 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 | (142) | 0 | (214) | (396) |
Customer accommodation trading and other derivatives [Member] | Other [Member] | Foreign exchange 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 | 10 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Other [Member] | Credit 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 | 0 | $ 0 |
Customer accommodation trading and other derivatives [Member] | Personnel expense [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 | ||
Customer accommodation trading and other derivatives [Member] | Personnel expense [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 | ||
Customer accommodation trading and other derivatives [Member] | Personnel expense [Member] | Commodity 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 | ||
Customer accommodation trading and other derivatives [Member] | Personnel expense [Member] | Equity 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 | ||
Customer accommodation trading and other derivatives [Member] | Personnel expense [Member] | Foreign exchange 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 | ||
Customer accommodation trading and other derivatives [Member] | Personnel expense [Member] | Credit 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 |
Derivatives, Sold and Purchased
Derivatives, Sold and Purchased Credit Derivatives (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | $ 11 | $ 12 |
Fair value liability | 48 | 65 |
Notional amount, protection sold | 16,067 | 12,215 |
Notional amount, protection purchased with identical underlyings | 5,148 | 2,835 |
Notional amount, net protection sold | 10,919 | 9,380 |
Notional amount, other protection purchased | 20,590 | 22,595 |
Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, protection sold | 8,791 | 6,742 |
Corporate bonds [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 8 | 8 |
Fair value liability | 3 | 1 |
Notional amount, protection sold | 3,850 | 2,855 |
Notional amount, protection purchased with identical underlyings | 2,677 | 1,885 |
Notional amount, net protection sold | 1,173 | 970 |
Notional amount, other protection purchased | $ 3,348 | $ 2,447 |
Corporate bonds [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Jan. 1, 2020 | Jan. 1, 2020 |
Corporate bonds [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Dec. 31, 2029 | Dec. 31, 2029 |
Corporate bonds [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, protection sold | $ 1,010 | $ 707 |
Structured products [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 0 | 0 |
Fair value liability | 6 | 25 |
Notional amount, protection sold | 22 | 74 |
Notional amount, protection purchased with identical underlyings | 20 | 63 |
Notional amount, net protection sold | 2 | 11 |
Notional amount, other protection purchased | $ 92 | $ 111 |
Structured products [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Jan. 1, 2034 | Jan. 1, 2022 |
Structured products [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
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 | $ 22 | $ 69 |
Default swap index [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 1 | 1 |
Fair value liability | 0 | 0 |
Notional amount, protection sold | 5,250 | 2,542 |
Notional amount, protection purchased with identical underlyings | 2,125 | 550 |
Notional amount, net protection sold | 3,125 | 1,992 |
Notional amount, other protection purchased | $ 4,762 | $ 8,105 |
Default swap index [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Jan. 1, 2020 | Jan. 1, 2020 |
Default swap index [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Dec. 31, 2029 | Dec. 31, 2029 |
Default swap index [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, protection sold | $ 1,239 | $ 120 |
Commercial [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 2 | 3 |
Fair value liability | 26 | 26 |
Notional amount, protection sold | 311 | 322 |
Notional amount, protection purchased with identical underlyings | 286 | 296 |
Notional amount, net protection sold | 25 | 26 |
Notional amount, other protection purchased | $ 75 | $ 50 |
Commercial [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Jan. 1, 2047 | Jan. 1, 2047 |
Commercial [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Dec. 31, 2072 | Dec. 31, 2058 |
Commercial [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, protection sold | $ 54 | $ 67 |
Asset-backed securities [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 0 | 0 |
Fair value liability | 7 | 8 |
Notional amount, protection sold | 40 | 41 |
Notional amount, protection purchased with identical underlyings | 40 | 41 |
Notional amount, net protection sold | 0 | 0 |
Notional amount, other protection purchased | $ 1 | $ 1 |
Asset-backed securities [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Jan. 1, 2045 | Jan. 1, 2045 |
Asset-backed securities [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
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 | $ 40 | $ 41 |
Other credit derivatives [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 0 | 0 |
Fair value liability | 6 | 5 |
Notional amount, protection sold | 6,594 | 6,381 |
Notional amount, protection purchased with identical underlyings | 0 | 0 |
Notional amount, net protection sold | 6,594 | 6,381 |
Notional amount, other protection purchased | $ 12,312 | $ 11,881 |
Other credit derivatives [Member] | Minimum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Jan. 1, 2020 | Jan. 1, 2020 |
Other credit derivatives [Member] | Maximum [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Range of maturity dates | Dec. 31, 2040 | Dec. 31, 2049 |
Other credit derivatives [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, protection sold | $ 6,426 | $ 5,738 |
Derivatives Credit-Risk Conting
Derivatives Credit-Risk Contingent Features (Details) - USD ($) $ in Billions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives [Abstract] | ||
Net derivative liabilities with credit-risk contingent features | $ 14.9 | $ 10.4 |
Collateral posted | 13.2 | 9.1 |
Additional collateral to be posted upon a below investment grade credit rating | $ 1.6 | $ 1.3 |
Fair Value, Measurements From B
Fair Value, Measurements From Brokers or Third Party Pricing Services (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Financial assets | |||
Trading debt securities | $ 73,253 | $ 79,733 | |
Available-for-sale, fair value | [1] | 220,573 | 263,459 |
Marketable equity securities | 25,053 | 41,936 | |
Derivative assets | 64,986 | 39,326 | |
Financial liabilities | |||
Derivative liabilities | (55,696) | (37,930) | |
Securities of U.S. Treasury and federal agencies [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 5,975 | 14,960 | |
Securities of U.S. states and political subdivisions [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 31,511 | 40,337 | |
Mortgage-backed securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 139,111 | 167,214 | |
Other debt securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 13,190 | 5,330 | |
Brokers [Member] | Fair value, inputs, level 2 [Member] | Other debt securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 19 | 45 | |
Brokers [Member] | Fair value, inputs, level 3 [Member] | Other debt securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 124 | 126 | |
Third party pricing services [Member] | Fair value, inputs, level 1 [Member] | |||
Financial assets | |||
Derivative assets | 18 | 12 | |
Financial liabilities | |||
Derivative liabilities | (13) | (11) | |
Third party pricing services [Member] | Fair value, inputs, level 1 [Member] | Debt securities [Member] | |||
Financial assets | |||
Trading debt securities | 822 | 634 | |
Available-for-sale, fair value | 5,975 | 13,460 | |
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, fair value | 5,975 | 13,460 | |
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, fair value | 0 | 0 | |
Third party pricing services [Member] | Fair value, inputs, level 1 [Member] | Mortgage-backed securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 0 | 0 | |
Third party pricing services [Member] | Fair value, inputs, level 1 [Member] | Other debt securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 0 | 0 | |
Third party pricing services [Member] | Fair value, inputs, level 1 [Member] | Marketable equity securities [Member] | |||
Financial assets | |||
Marketable equity securities | 0 | 0 | |
Third party pricing services [Member] | Fair value, inputs, level 2 [Member] | |||
Financial assets | |||
Derivative assets | 1 | 1 | |
Financial liabilities | |||
Derivative liabilities | (1) | (3) | |
Third party pricing services [Member] | Fair value, inputs, level 2 [Member] | Debt securities [Member] | |||
Financial assets | |||
Trading debt securities | 286 | 329 | |
Available-for-sale, fair value | 210,844 | 246,607 | |
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, fair value | 0 | 1,500 | |
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, fair value | 31,187 | 39,868 | |
Third party pricing services [Member] | Fair value, inputs, level 2 [Member] | Mortgage-backed securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 139,043 | 167,172 | |
Third party pricing services [Member] | Fair value, inputs, level 2 [Member] | Other debt securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 40,614 | 38,067 | |
Third party pricing services [Member] | Fair value, inputs, level 2 [Member] | Marketable equity securities [Member] | |||
Financial assets | |||
Marketable equity securities | 105 | 110 | |
Third party pricing services [Member] | Fair value, inputs, level 3 [Member] | |||
Financial assets | |||
Derivative assets | 0 | 0 | |
Financial liabilities | |||
Derivative liabilities | 0 | 0 | |
Third party pricing services [Member] | Fair value, inputs, level 3 [Member] | Debt securities [Member] | |||
Financial assets | |||
Trading debt securities | 0 | 0 | |
Available-for-sale, fair value | 650 | 726 | |
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, fair value | 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, fair value | 38 | 34 | |
Third party pricing services [Member] | Fair value, inputs, level 3 [Member] | Mortgage-backed securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 43 | 42 | |
Third party pricing services [Member] | Fair value, inputs, level 3 [Member] | Other debt securities [Member] | |||
Financial assets | |||
Available-for-sale, fair value | 569 | 650 | |
Third party pricing services [Member] | Fair value, inputs, level 3 [Member] | Marketable equity securities [Member] | |||
Financial assets | |||
Marketable equity securities | $ 0 | $ 0 | |
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. |
Fair Value, Assets and Liabilit
Fair Value, Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Assets: | |||
Trading debt securities | $ 73,253 | $ 79,733 | |
Available-for-sale, fair value | [1] | 220,573 | 263,459 |
Mortgage servicing rights | 6,355 | 11,517 | |
Derivative assets | 64,986 | 39,326 | |
Derivative assets | 23,715 | 14,203 | |
Marketable equity securities | 25,053 | 41,936 | |
Equity securities | [2] | 51,169 | 68,241 |
Liabilities: | |||
Total derivative liabilities | (55,696) | (37,930) | |
Derivative liabilities | (13,767) | (9,079) | |
Interest rate contracts [Member] | |||
Assets: | |||
Derivative assets | 15,739 | 9,169 | |
Liabilities: | |||
Derivative liabilities | (3,910) | (2,771) | |
Commodity contracts [Member] | |||
Assets: | |||
Derivative assets | 999 | 533 | |
Liabilities: | |||
Derivative liabilities | (1,221) | (1,093) | |
Equity contracts [Member] | |||
Assets: | |||
Derivative assets | 5,343 | 2,966 | |
Liabilities: | |||
Derivative liabilities | (6,934) | (3,817) | |
Foreign exchange contracts [Member] | |||
Assets: | |||
Derivative assets | 1,583 | 1,492 | |
Liabilities: | |||
Derivative liabilities | (1,682) | (1,381) | |
Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Available-for-sale, fair value | 5,975 | 14,960 | |
Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Available-for-sale, fair value | 31,511 | 40,337 | |
Mortgage-backed securities [Member] | |||
Assets: | |||
Available-for-sale, fair value | 139,111 | 167,214 | |
Federal agencies [Member] | |||
Assets: | |||
Available-for-sale, fair value | 135,227 | 162,453 | |
Residential [Member] | |||
Assets: | |||
Available-for-sale, fair value | 541 | 827 | |
Commercial [Member] | |||
Assets: | |||
Available-for-sale, fair value | 3,343 | 3,934 | |
Collateralized loan obligations [Member] | |||
Assets: | |||
Available-for-sale, fair value | 25,014 | 29,055 | |
Corporate debt securities [Member] | |||
Assets: | |||
Available-for-sale, fair value | 5,772 | 6,563 | |
Other debt securities [Member] | |||
Assets: | |||
Available-for-sale, fair value | 13,190 | 5,330 | |
Fair Value, Recurring [Member] | |||
Assets: | |||
Mortgage loans held for sale | 19,884 | 16,606 | |
Loans held for sale | 1,688 | 972 | |
Loans | 148 | 171 | |
Mortgage servicing rights | 6,355 | 11,517 | |
Fair value asset derivatives, netting | (41,271) | (25,123) | |
Derivative assets | 23,715 | 14,203 | |
Total assets included in the fair value hierarchy | 370,529 | 428,451 | |
Total assets recorded at fair value | 370,669 | 428,597 | |
Liabilities: | |||
Fair value liability derivatives, netting | 41,929 | 28,851 | |
Derivative liabilities | (13,767) | (9,079) | |
Total short sale liabilities | (18,779) | (17,430) | |
Other liabilities | (2) | (2) | |
Total liabilities recorded at fair value | (32,548) | (26,511) | |
Fair Value, Recurring [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Derivative assets | 41,902 | 24,047 | |
Liabilities: | |||
Total derivative liabilities | (31,022) | (19,366) | |
Fair Value, Recurring [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative assets | 2,344 | 1,421 | |
Liabilities: | |||
Total derivative liabilities | (2,446) | (1,770) | |
Fair Value, Recurring [Member] | Equity contracts [Member] | |||
Assets: | |||
Derivative assets | 14,733 | 8,536 | |
Liabilities: | |||
Total derivative liabilities | (16,275) | (10,464) | |
Fair Value, Recurring [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Derivative assets | 5,889 | 5,214 | |
Liabilities: | |||
Total derivative liabilities | (5,888) | (6,247) | |
Fair Value, Recurring [Member] | Credit contracts [Member] | |||
Assets: | |||
Derivative assets | 118 | 108 | |
Liabilities: | |||
Total derivative liabilities | (65) | (83) | |
Fair Value, Recurring [Member] | Debt securities [Member] | |||
Assets: | |||
Trading debt securities | 73,253 | 79,733 | |
Available-for-sale, fair value | 220,573 | 263,459 | |
Fair Value, Recurring [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 32,094 | 36,717 | |
Available-for-sale, fair value | 5,975 | 14,960 | |
Liabilities: | |||
Total short sale liabilities | (9,914) | (9,066) | |
Fair Value, Recurring [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Trading debt securities | 2,509 | 2,434 | |
Available-for-sale, fair value | 31,511 | 40,337 | |
Fair Value, Recurring [Member] | Other trading debt securities [Member] | |||
Assets: | |||
Trading debt securities | 774 | 1,088 | |
Fair Value, Recurring [Member] | Mortgage-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 24,840 | 27,712 | |
Available-for-sale, fair value | 139,111 | 167,214 | |
Fair Value, Recurring [Member] | Federal agencies [Member] | |||
Assets: | |||
Available-for-sale, fair value | 135,227 | 162,453 | |
Fair Value, Recurring [Member] | Residential [Member] | |||
Assets: | |||
Available-for-sale, fair value | 541 | 827 | |
Fair Value, Recurring [Member] | Commercial [Member] | |||
Assets: | |||
Available-for-sale, fair value | 3,343 | 3,934 | |
Fair Value, Recurring [Member] | Mortgage backed securities, other [Member] | |||
Liabilities: | |||
Total short sale liabilities | (924) | (2) | |
Fair Value, Recurring [Member] | Collateralized loan obligations [Member] | |||
Assets: | |||
Trading debt securities | 704 | 738 | |
Available-for-sale, fair value | 25,014 | 29,055 | |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 12,332 | 11,044 | |
Available-for-sale, fair value | 5,772 | 6,563 | |
Liabilities: | |||
Total short sale liabilities | (4,839) | (5,915) | |
Fair Value, Recurring [Member] | Other debt securities [Member] | |||
Assets: | |||
Available-for-sale, fair value | 13,190 | 5,330 | |
Fair Value, Recurring [Member] | Equity securities [Member] | |||
Assets: | |||
Equity securities | 24,913 | 41,790 | |
Liabilities: | |||
Total short sale liabilities | (3,098) | (2,447) | |
Fair Value, Recurring [Member] | Marketable equity securities [Member] | |||
Assets: | |||
Marketable equity securities | 16,470 | 33,921 | |
Fair Value, Recurring [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | 8,443 | 7,869 | |
Fair Value, Recurring [Member] | Other securities [Member] | |||
Liabilities: | |||
Total short sale liabilities | (4) | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | |||
Assets: | |||
Mortgage loans 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 | |
Derivative assets | 4,379 | 2,984 | |
Total assets included in the fair value hierarchy | 55,700 | 82,518 | |
Liabilities: | |||
Fair value liability derivatives, netting | 0 | 0 | |
Derivative liabilities | (4,384) | (2,045) | |
Total short sale liabilities | (12,831) | (11,482) | |
Other liabilities | 0 | 0 | |
Total liabilities recorded at fair value | (17,215) | (13,527) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Derivative assets | 20 | 26 | |
Liabilities: | |||
Total derivative liabilities | (32) | (23) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Total derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Equity contracts [Member] | |||
Assets: | |||
Derivative assets | 4,341 | 2,946 | |
Liabilities: | |||
Total derivative liabilities | (4,339) | (2,011) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Derivative assets | 18 | 12 | |
Liabilities: | |||
Total derivative liabilities | (13) | (11) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Credit contracts [Member] | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Total derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Debt securities [Member] | |||
Assets: | |||
Trading debt securities | 29,080 | 32,335 | |
Available-for-sale, fair value | 6,011 | 13,497 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 29,024 | 32,335 | |
Available-for-sale, fair value | 5,975 | 13,460 | |
Liabilities: | |||
Total short sale liabilities | (9,776) | (9,035) | |
Fair Value, 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, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Other trading debt securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Mortgage-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Federal agencies [Member] | |||
Assets: | |||
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Residential [Member] | |||
Assets: | |||
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Commercial [Member] | |||
Assets: | |||
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Mortgage backed securities, other [Member] | |||
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Collateralized loan obligations [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 56 | 0 | |
Available-for-sale, fair value | 36 | 37 | |
Liabilities: | |||
Total short sale liabilities | (2) | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Other debt securities [Member] | |||
Assets: | |||
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Equity securities [Member] | |||
Assets: | |||
Equity securities | 16,230 | 33,702 | |
Liabilities: | |||
Total short sale liabilities | (3,053) | (2,447) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Marketable equity securities [Member] | |||
Assets: | |||
Marketable equity securities | 16,230 | 33,702 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 1 [Member] | Other securities [Member] | |||
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | |||
Assets: | |||
Mortgage loans held for sale | 19,037 | 15,408 | |
Loans held for sale | 1,680 | 956 | |
Loans | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Fair value asset derivatives, netting | 0 | 0 | |
Derivative assets | 58,598 | 34,586 | |
Total assets included in the fair value hierarchy | 336,153 | 346,760 | |
Liabilities: | |||
Fair value liability derivatives, netting | 0 | 0 | |
Derivative liabilities | (49,687) | (34,069) | |
Total short sale liabilities | (5,948) | (5,948) | |
Other liabilities | 0 | 0 | |
Total liabilities recorded at fair value | (55,635) | (40,017) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Derivative assets | 41,402 | 23,792 | |
Liabilities: | |||
Total derivative liabilities | (30,956) | (19,328) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative assets | 2,305 | 1,413 | |
Liabilities: | |||
Total derivative liabilities | (2,407) | (1,746) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Equity contracts [Member] | |||
Assets: | |||
Derivative assets | 8,967 | 4,135 | |
Liabilities: | |||
Total derivative liabilities | (10,403) | (6,729) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Derivative assets | 5,864 | 5,197 | |
Liabilities: | |||
Total derivative liabilities | (5,868) | (6,213) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Credit contracts [Member] | |||
Assets: | |||
Derivative assets | 60 | 49 | |
Liabilities: | |||
Total derivative liabilities | (53) | (53) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Debt securities [Member] | |||
Assets: | |||
Trading debt securities | 44,010 | 47,175 | |
Available-for-sale, fair value | 212,575 | 248,397 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 3,070 | 4,382 | |
Available-for-sale, fair value | 0 | 1,500 | |
Liabilities: | |||
Total short sale liabilities | (138) | (31) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Trading debt securities | 2,509 | 2,434 | |
Available-for-sale, fair value | 31,225 | 39,924 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Other trading debt securities [Member] | |||
Assets: | |||
Trading debt securities | 774 | 1,086 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Mortgage-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 24,829 | 27,712 | |
Available-for-sale, fair value | 139,068 | 167,172 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Federal agencies [Member] | |||
Assets: | |||
Available-for-sale, fair value | 135,227 | 162,453 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Residential [Member] | |||
Assets: | |||
Available-for-sale, fair value | 541 | 827 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Commercial [Member] | |||
Assets: | |||
Available-for-sale, fair value | 3,300 | 3,892 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Mortgage backed securities, other [Member] | |||
Liabilities: | |||
Total short sale liabilities | (924) | (2) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Collateralized loan obligations [Member] | |||
Assets: | |||
Trading debt securities | 564 | 555 | |
Available-for-sale, fair value | 25,014 | 29,055 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 12,264 | 11,006 | |
Available-for-sale, fair value | 4,694 | 6,159 | |
Liabilities: | |||
Total short sale liabilities | (4,837) | (5,915) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Other debt securities [Member] | |||
Assets: | |||
Available-for-sale, fair value | 12,574 | 4,587 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Equity securities [Member] | |||
Assets: | |||
Equity securities | 253 | 238 | |
Liabilities: | |||
Total short sale liabilities | (45) | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Marketable equity securities [Member] | |||
Assets: | |||
Marketable equity securities | 238 | 216 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | 15 | 22 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 2 [Member] | Other securities [Member] | |||
Liabilities: | |||
Total short sale liabilities | (4) | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | |||
Assets: | |||
Mortgage loans held for sale | 847 | 1,198 | |
Loans held for sale | 8 | 16 | |
Loans | 148 | 171 | |
Mortgage servicing rights | 6,355 | 11,517 | |
Fair value asset derivatives, netting | 0 | 0 | |
Derivative assets | 2,009 | 1,756 | |
Total assets included in the fair value hierarchy | 19,947 | 24,296 | |
Total assets recorded at fair value | 19,900 | 24,300 | |
Liabilities: | |||
Fair value liability derivatives, netting | 0 | 0 | |
Derivative liabilities | (1,625) | (1,816) | |
Total short sale liabilities | 0 | 0 | |
Other liabilities | (2) | (2) | |
Total liabilities recorded at fair value | (1,627) | (1,818) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Derivative assets | 480 | 229 | |
Liabilities: | |||
Total derivative liabilities | (34) | (15) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative assets | 39 | 8 | |
Liabilities: | |||
Total derivative liabilities | (39) | (24) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | |||
Assets: | |||
Derivative assets | 1,425 | 1,455 | |
Liabilities: | |||
Total derivative liabilities | (1,533) | (1,724) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Derivative assets | 7 | 5 | |
Liabilities: | |||
Total derivative liabilities | (7) | (23) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | |||
Assets: | |||
Derivative assets | 58 | 59 | |
Liabilities: | |||
Total derivative liabilities | (12) | (30) | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Debt securities [Member] | |||
Assets: | |||
Trading debt securities | 163 | 223 | |
Available-for-sale, fair value | 1,987 | 1,565 | |
Fair Value, 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, fair value | 0 | 0 | |
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale, fair value | 286 | 413 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Other trading debt securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 2 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Mortgage-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 11 | 0 | |
Available-for-sale, fair value | 43 | 42 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Federal agencies [Member] | |||
Assets: | |||
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Residential [Member] | |||
Assets: | |||
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Commercial [Member] | |||
Assets: | |||
Available-for-sale, fair value | 43 | 42 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Mortgage backed securities, other [Member] | |||
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Collateralized loan obligations [Member] | |||
Assets: | |||
Trading debt securities | 140 | 183 | |
Available-for-sale, fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 12 | 38 | |
Available-for-sale, fair value | 1,042 | 367 | |
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Other debt securities [Member] | |||
Assets: | |||
Available-for-sale, fair value | 616 | 743 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity securities [Member] | |||
Assets: | |||
Equity securities | 8,430 | 7,850 | |
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Marketable equity securities [Member] | |||
Assets: | |||
Marketable equity securities | 2 | 3 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | 8,428 | 7,847 | |
Fair Value, Recurring [Member] | Fair value, inputs, level 3 [Member] | Other securities [Member] | |||
Liabilities: | |||
Total short sale liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Fair value measured at net asset value per share [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | $ 140 | $ 146 | |
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. | ||
[2] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Fair Value, Assets and Liabil_2
Fair Value, Assets and Liabilities Measured on Recurring Basis Level 3 Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | $ 8,165 | $ 7,110 | $ 7,850 | $ 5,468 |
Total net gains (losses) included in net income | 253 | 13 | 566 | 1,663 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 | 0 | (1) |
Transfers into Level 3 | 12 | 7 | 19 | 12 |
Transfers out of Level 3 | 0 | 0 | (5) | (12) |
Balance, end of period | 8,430 | 7,130 | 8,430 | 7,130 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 253 | 13 | 561 | 1,664 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Marketable equity securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 0 | 0 | 3 | 0 |
Total net gains (losses) included in net income | 0 | 0 | 0 | 0 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 2 | 0 | 2 | 0 |
Transfers out of Level 3 | 0 | 0 | (3) | 0 |
Balance, end of period | 2 | 0 | 2 | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | (1) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Nonmarketable equity securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 8,165 | 7,110 | 7,847 | 5,468 |
Total net gains (losses) included in net income | 253 | 13 | 566 | 1,663 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 | 0 | (1) |
Transfers into Level 3 | 10 | 7 | 17 | 12 |
Transfers out of Level 3 | 0 | 0 | (2) | (12) |
Balance, end of period | 8,428 | 7,130 | 8,428 | 7,130 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 253 | 13 | 562 | 1,664 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Trading debt securities [Member] | Debt securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 223 | 307 | 223 | 290 |
Total net gains (losses) included in net income | 17 | (14) | (68) | (18) |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | (18) | (14) | 4 | 8 |
Transfers into Level 3 | 0 | 0 | 115 | 1 |
Transfers out of Level 3 | (59) | (7) | (111) | (9) |
Balance, end of period | 163 | 272 | 163 | 272 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 7 | (12) | (58) | (20) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Trading debt securities [Member] | Securities of U.S. states and political subdivisions [Member] | ||||
Assets: | ||||
Balance, beginning of period | 0 | 0 | 0 | 3 |
Total net gains (losses) included in net income | 0 | 0 | 0 | 0 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 | 0 | (2) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | (1) |
Balance, end of period | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Trading debt securities [Member] | Mortgage-backed securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 49 | 0 | 0 | 0 |
Total net gains (losses) included in net income | 1 | 0 | (6) | 0 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | (3) | 0 | 20 | 0 |
Transfers into Level 3 | 0 | 0 | 52 | 0 |
Transfers out of Level 3 | (36) | 0 | (55) | 0 |
Balance, end of period | 11 | 0 | 11 | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | (1) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Trading debt securities [Member] | Collateralized loan obligations [Member] | ||||
Assets: | ||||
Balance, beginning of period | 128 | 249 | 183 | 237 |
Total net gains (losses) included in net income | 17 | (11) | (52) | (16) |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | (5) | (4) | 18 | 13 |
Transfers into Level 3 | 0 | 0 | 16 | 0 |
Transfers out of Level 3 | 0 | (2) | (25) | (2) |
Balance, end of period | 140 | 232 | 140 | 232 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 10 | (13) | (50) | (23) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Trading debt securities [Member] | Corporate debt securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 23 | 44 | 38 | 34 |
Total net gains (losses) included in net income | (1) | (2) | (12) | 1 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | (10) | (4) | (6) | 3 |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3 | 0 | (5) | (8) | (6) |
Balance, end of period | 12 | 33 | 12 | 33 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (3) | 1 | (6) | 3 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Trading debt securities [Member] | Other debt securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 23 | 14 | 2 | 16 |
Total net gains (losses) included in net income | 0 | (1) | 2 | (3) |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | (6) | (28) | (6) |
Transfers into Level 3 | 0 | 0 | 47 | 0 |
Transfers out of Level 3 | (23) | 0 | (23) | 0 |
Balance, end of period | 0 | 7 | 0 | 7 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | (1) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Available-for-sale securities [Member] | Debt securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 2,098 | 1,805 | 1,565 | 2,044 |
Total net gains (losses) included in net income | (14) | 12 | (60) | 27 |
Total net gains (losses) included in other comprehensive income | 7 | (20) | (68) | (23) |
Purchases, sales, issuances and settlements, net | (84) | (160) | (234) | (362) |
Transfers into Level 3 | 16 | 0 | 1,188 | 0 |
Transfers out of Level 3 | (36) | (153) | (404) | (202) |
Balance, end of period | 1,987 | 1,484 | 1,987 | 1,484 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (23) | 0 | (82) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 13 | (26) | ||
Available-for-sale securities [Member] | Securities of U.S. states and political subdivisions [Member] | ||||
Assets: | ||||
Balance, beginning of period | 351 | 391 | 413 | 444 |
Total net gains (losses) included in net income | 5 | 0 | 6 | 1 |
Total net gains (losses) included in other comprehensive income | (5) | 0 | (5) | 5 |
Purchases, sales, issuances and settlements, net | (65) | (38) | (109) | (48) |
Transfers into Level 3 | 0 | 0 | 67 | 0 |
Transfers out of Level 3 | 0 | 0 | (86) | (49) |
Balance, end of period | 286 | 353 | 286 | 353 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 1 | 1 | ||
Available-for-sale securities [Member] | Mortgage-backed securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 61 | 41 | 42 | 41 |
Total net gains (losses) included in net income | (1) | 0 | 0 | 0 |
Total net gains (losses) included in other comprehensive income | (3) | (1) | (20) | (1) |
Purchases, sales, issuances and settlements, net | 0 | (3) | (2) | (3) |
Transfers into Level 3 | 5 | 0 | 173 | 0 |
Transfers out of Level 3 | (19) | 0 | (150) | 0 |
Balance, end of period | 43 | 37 | 43 | 37 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (1) | 0 | (3) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | (4) | (6) | ||
Available-for-sale securities [Member] | Residential [Member] | ||||
Assets: | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Total net gains (losses) included in net income | 0 | 0 | 0 | 0 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | (3) | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 | 1 | 0 |
Transfers into Level 3 | 0 | 0 | 13 | 0 |
Transfers out of Level 3 | 0 | 0 | (11) | 0 |
Balance, end of period | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Available-for-sale securities [Member] | Commercial [Member] | ||||
Assets: | ||||
Balance, beginning of period | 61 | 41 | 42 | 41 |
Total net gains (losses) included in net income | (1) | 0 | 0 | 0 |
Total net gains (losses) included in other comprehensive income | (3) | (1) | (17) | (1) |
Purchases, sales, issuances and settlements, net | 0 | (3) | (3) | (3) |
Transfers into Level 3 | 5 | 0 | 160 | 0 |
Transfers out of Level 3 | (19) | 0 | (139) | 0 |
Balance, end of period | 43 | 37 | 43 | 37 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (1) | 0 | (3) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | (4) | (6) | ||
Available-for-sale securities [Member] | Collateralized loan obligations [Member] | ||||
Assets: | ||||
Balance, beginning of period | 9 | 0 | ||
Total net gains (losses) included in net income | 0 | 0 | ||
Total net gains (losses) included in other comprehensive income | 0 | (9) | ||
Purchases, sales, issuances and settlements, net | 0 | 0 | ||
Transfers into Level 3 | 0 | 68 | ||
Transfers out of Level 3 | (9) | (59) | ||
Balance, end of period | 0 | 0 | ||
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | ||
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Available-for-sale securities [Member] | Corporate debt securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 1,051 | 383 | 367 | 370 |
Total net gains (losses) included in net income | (22) | 6 | (76) | 7 |
Total net gains (losses) included in other comprehensive income | 6 | (8) | 33 | (5) |
Purchases, sales, issuances and settlements, net | 1 | (14) | (45) | (5) |
Transfers into Level 3 | 6 | 0 | 837 | 0 |
Transfers out of Level 3 | 0 | 0 | (74) | 0 |
Balance, end of period | 1,042 | 367 | 1,042 | 367 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (22) | 0 | (78) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 7 | 43 | ||
Available-for-sale securities [Member] | Other debt securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 626 | 990 | 743 | 1,189 |
Total net gains (losses) included in net income | 4 | 6 | 10 | 19 |
Total net gains (losses) included in other comprehensive income | 9 | (11) | (67) | (22) |
Purchases, sales, issuances and settlements, net | (20) | (105) | (78) | (306) |
Transfers into Level 3 | 5 | 0 | 43 | 0 |
Transfers out of Level 3 | (8) | (153) | (35) | (153) |
Balance, end of period | 616 | 727 | 616 | 727 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | (1) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 9 | (64) | ||
Available-for-sale securities [Member] | Asset-backed securities [Member] | ||||
Fair Value Disclosures, Textual [Abstract] | ||||
Securities transferred to loans | 153 | 153 | ||
Mortgage loans held for sale [Member] | ||||
Assets: | ||||
Balance, beginning of period | 751 | 1,115 | 1,198 | 997 |
Total net gains (losses) included in net income | (7) | 22 | (105) | 74 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 44 | (6) | 493 | (94) |
Transfers into Level 3 | 63 | 121 | 1,465 | 281 |
Transfers out of Level 3 | (4) | (3) | (2,204) | (9) |
Balance, end of period | 847 | 1,249 | 847 | 1,249 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (6) | 22 | (32) | 75 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Loans held for sale [Member] | ||||
Assets: | ||||
Balance, beginning of period | 7 | 12 | 16 | 60 |
Total net gains (losses) included in net income | 0 | 0 | (6) | 0 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | (2) | (12) | (11) | (4) |
Transfers into Level 3 | 3 | 1 | 10 | 38 |
Transfers out of Level 3 | 0 | 0 | (1) | (93) |
Balance, end of period | 8 | 1 | 8 | 1 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | (4) | 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Loans [Member] | ||||
Assets: | ||||
Balance, beginning of period | 152 | 202 | 171 | 244 |
Total net gains (losses) included in net income | 0 | 0 | (2) | 1 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | (4) | (17) | (21) | (60) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 148 | 185 | 148 | 185 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (2) | (2) | (7) | (6) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Mortgage servicing rights [Member] | ||||
Assets: | ||||
Balance, beginning of period | 6,819 | 12,096 | 11,517 | 14,649 |
Total net gains (losses) included in net income | (815) | (1,558) | (6,404) | (4,570) |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 351 | 534 | 1,242 | 993 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 6,355 | 11,072 | 6,355 | 11,072 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (217) | (962) | (4,605) | (2,931) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Derivative [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | 578 | (17) | (60) | 21 |
Total net gains (losses) included in net income | 262 | (303) | 1,571 | (94) |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | (451) | 159 | (1,118) | (52) |
Transfers into Level 3 | 10 | 0 | 12 | 9 |
Transfers out of Level 3 | (15) | 83 | (21) | 38 |
Balance, end of period | 384 | (78) | 384 | (78) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 99 | (64) | 547 | (28) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Derivative [Member] | Interest rate contracts [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | 523 | 205 | 214 | 25 |
Total net gains (losses) included in net income | 469 | 71 | 1,673 | 495 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | (546) | (133) | (1,441) | (377) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 446 | 143 | 446 | 143 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 226 | 30 | 335 | 179 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Derivative [Member] | Commodity contracts [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | 1 | (29) | (16) | 4 |
Total net gains (losses) included in net income | (15) | (85) | (80) | (211) |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 4 | 61 | 74 | 152 |
Transfers into Level 3 | 10 | 0 | 22 | 2 |
Transfers out of Level 3 | 0 | 23 | 0 | 23 |
Balance, end of period | 0 | (30) | 0 | (30) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (6) | (6) | 3 | (6) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Derivative [Member] | Equity contracts [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | 20 | (228) | (269) | (17) |
Total net gains (losses) included in net income | (191) | (298) | (38) | (402) |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 78 | 263 | 230 | 194 |
Transfers into Level 3 | 0 | 0 | (10) | 7 |
Transfers out of Level 3 | (15) | 60 | (21) | 15 |
Balance, end of period | (108) | (203) | (108) | (203) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (114) | (80) | 194 | (205) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Derivative [Member] | Foreign exchange contracts [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | (16) | (10) | (18) | (26) |
Total net gains (losses) included in net income | 4 | 17 | 2 | 27 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 12 | (33) | 16 | (27) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 0 | (26) | 0 | (26) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | 0 | 0 | 2 | 2 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Derivative [Member] | Credit contracts [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | 50 | 45 | 29 | 35 |
Total net gains (losses) included in net income | (5) | (8) | 14 | (3) |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 1 | 1 | 3 | 6 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 46 | 38 | 46 | 38 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in net income | (7) | (8) | 13 | 2 |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 0 | 0 | ||
Short sale liabilities [Member] | ||||
Liabilities: | ||||
Balance, beginning of period | (3) | 0 | ||
Total net gains (losses) included in net income | 0 | 0 | ||
Total net gains (losses) included in other comprehensive income | 0 | 0 | ||
Purchases, sales, issuances and settlements, net | 3 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Balance, end of period | 0 | 0 | ||
Net unrealized gains (losses) related to assets and liabilities held at period end and include in net income | 0 | 0 | ||
Net unrealized gains (losses) related to assets and liabilities held at period end and include in other comprehensive income | 0 | 0 | ||
Other liabilities [Member] | ||||
Liabilities: | ||||
Balance, beginning of period | (2) | (2) | (2) | (2) |
Total net gains (losses) included in net income | 0 | 0 | 0 | 0 |
Total net gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | (2) | (2) | (2) | (2) |
Net unrealized gains (losses) related to assets and liabilities held at period end and include in net income | 0 | $ 0 | 0 | $ 0 |
Net unrealized gains (losses) related to assets and liabilities held at period end and include in other comprehensive income | $ 0 | $ 0 |
Fair Value, Assets and Liabil_3
Fair Value, Assets and Liabilities Measured on Recurring Basis Level 3 Reconciliation Breakout (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity securities [Member] | ||||
Assets: | ||||
Purchases | $ 0 | $ 0 | $ 0 | $ 0 |
Sales | 0 | 0 | 0 | (1) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Net | 0 | 0 | 0 | (1) |
Marketable equity securities [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Net | 0 | 0 | 0 | 0 |
Nonmarketable equity securities [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (1) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Net | 0 | 0 | 0 | (1) |
Trading debt securities [Member] | Debt securities [Member] | ||||
Assets: | ||||
Purchases | 64 | 110 | 540 | 295 |
Sales | (82) | (107) | (521) | (263) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (17) | (15) | (24) |
Net | (18) | (14) | 4 | 8 |
Trading debt securities [Member] | Securities of U.S. states and political subdivisions [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | (2) |
Net | 0 | 0 | 0 | (2) |
Trading debt securities [Member] | Mortgage-backed securities [Member] | ||||
Assets: | ||||
Purchases | 14 | 0 | 281 | 0 |
Sales | (17) | 0 | (257) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (4) | 0 |
Net | (3) | 0 | 20 | 0 |
Trading debt securities [Member] | Collateralized loan obligations [Member] | ||||
Assets: | ||||
Purchases | 46 | 107 | 217 | 281 |
Sales | (51) | (100) | (189) | (252) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (11) | (10) | (16) |
Net | (5) | (4) | 18 | 13 |
Trading debt securities [Member] | Corporate debt securities [Member] | ||||
Assets: | ||||
Purchases | 4 | 3 | 36 | 14 |
Sales | (14) | (7) | (42) | (11) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Net | (10) | (4) | (6) | 3 |
Trading debt securities [Member] | Other [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 6 | 0 |
Sales | 0 | 0 | (33) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (6) | (1) | (6) |
Net | 0 | (6) | (28) | (6) |
Available-for-sale securities [Member] | Debt securities [Member] | ||||
Assets: | ||||
Purchases | 1 | 1 | 32 | 12 |
Sales | (35) | (4) | (68) | (9) |
Issuances | 0 | 22 | 0 | 200 |
Settlements | (50) | (179) | (198) | (565) |
Net | (84) | (160) | (234) | (362) |
Available-for-sale securities [Member] | Securities of U.S. states and political subdivisions [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | (35) | 0 | (35) | 0 |
Issuances | 0 | 12 | 0 | 67 |
Settlements | (30) | (50) | (74) | (115) |
Net | (65) | (38) | (109) | (48) |
Available-for-sale securities [Member] | Mortgage-backed securities [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 25 | 0 |
Sales | 0 | 0 | (23) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (3) | (4) | (3) |
Net | 0 | (3) | (2) | (3) |
Available-for-sale securities [Member] | Residential [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 25 | 0 |
Sales | 0 | 0 | (23) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (1) | 0 |
Net | 0 | 0 | 1 | 0 |
Available-for-sale securities [Member] | Commercial [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (3) | (3) | (3) |
Net | 0 | (3) | (3) | (3) |
Available-for-sale securities [Member] | Collateralized loan obligations [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net | 0 | 0 | ||
Available-for-sale securities [Member] | Corporate debt securities [Member] | ||||
Assets: | ||||
Purchases | 1 | 1 | 7 | 12 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (15) | (52) | (17) |
Net | 1 | (14) | (45) | (5) |
Available-for-sale securities [Member] | Other [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | (4) | (10) | (9) |
Issuances | 0 | 10 | 0 | 133 |
Settlements | (20) | (111) | (68) | (430) |
Net | (20) | (105) | (78) | (306) |
Mortgage loans held for sale [Member] | ||||
Assets: | ||||
Purchases | 46 | 23 | 101 | 69 |
Sales | (34) | (45) | (384) | (185) |
Issuances | 98 | 87 | 1,003 | 187 |
Settlements | (66) | (71) | (227) | (165) |
Net | 44 | (6) | 493 | (94) |
Loans held for sale [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 0 | 12 |
Sales | (2) | 0 | (10) | (2) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (12) | (1) | (14) |
Net | (2) | (12) | (11) | (4) |
Loans [Member] | ||||
Assets: | ||||
Purchases | 1 | 1 | 2 | 3 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 1 | 2 | 5 | 7 |
Settlements | (6) | (20) | (28) | (70) |
Net | (4) | (17) | (21) | (60) |
Mortgage servicing rights [Member] | ||||
Assets: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | (4) | (33) | (286) |
Issuances | 351 | 538 | 1,274 | 1,279 |
Settlements | 0 | 0 | 1 | 0 |
Net | 351 | 534 | 1,242 | 993 |
Derivative [Member] | ||||
Assets and Liabilities: | ||||
Purchases | 0 | 4 | 8 | 12 |
Sales | 7 | (3) | 3 | (6) |
Issuances | 0 | (1) | 0 | (1) |
Settlements | (458) | 159 | (1,129) | (57) |
Net | (451) | 159 | (1,118) | (52) |
Derivative [Member] | Interest rate contracts [Member] | ||||
Assets and Liabilities: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | (1) | 0 | (1) |
Settlements | (546) | (132) | (1,441) | (376) |
Net | (546) | (133) | (1,441) | (377) |
Derivative [Member] | Commodity contracts [Member] | ||||
Assets and Liabilities: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 4 | 61 | 74 | 152 |
Net | 4 | 61 | 74 | 152 |
Derivative [Member] | Equity contracts [Member] | ||||
Assets and Liabilities: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 78 | 263 | 230 | 194 |
Net | 78 | 263 | 230 | 194 |
Derivative [Member] | Foreign exchange contracts [Member] | ||||
Assets and Liabilities: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 12 | (33) | 16 | (27) |
Net | 12 | (33) | 16 | (27) |
Derivative [Member] | Credit contracts [Member] | ||||
Assets and Liabilities: | ||||
Purchases | 0 | 4 | 8 | 12 |
Sales | 7 | (3) | 3 | (6) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (6) | 0 | (8) | 0 |
Net | 1 | 1 | 3 | 6 |
Short sale liabilities [Member] | ||||
Liabilities: | ||||
Purchases | 3 | 3 | ||
Sales | 0 | (3) | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net | 3 | 0 | ||
Other liabilities [Member] | ||||
Liabilities: | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Net | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Assets and Liabil_4
Fair Value, Assets and Liabilities Measured on a Recurring Basis Level 3 Valuation Techniques and Significant Unobservable Inputs (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / loan | Dec. 31, 2019USD ($)$ / loan | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | $ 6,355 | $ 11,517 |
Recurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale, carried at fair value | 19,884 | 16,606 |
Loans | 148 | 171 |
Mortgage servicing rights | 6,355 | 11,517 |
Fair Value Disclosures, Textual [Abstract] | ||
Total assets recorded at fair value | 370,669 | 428,597 |
Total liabilities recorded at fair value | 32,548 | 26,511 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale, carried at fair value | 847 | 1,198 |
Loans | 148 | 171 |
Mortgage servicing rights | 6,355 | 11,517 |
Total insignificant level 3 assets, net of liabilities | 8 | 27 |
Assets, fair value disclosure, net of liabilities | 18,320 | 22,478 |
Fair Value Disclosures, Textual [Abstract] | ||
Total assets recorded at fair value | 19,900 | 24,300 |
Total liabilities recorded at fair value | 1,627 | 1,818 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale, carried at fair value | 15 | 15 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale, carried at fair value | 832 | 1,183 |
Loans | 148 | 171 |
Mortgage servicing rights | $ 6,355 | $ 11,517 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.016 | 0.030 |
Loans, measurement input | 0.039 | 0.039 |
Mortgage servicing rights, measurement input | 0.048 | 0.060 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.061 | 0.056 |
Loans, measurement input | 0.057 | 0.043 |
Mortgage servicing rights, measurement input | 0.086 | 0.136 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.051 | 0.045 |
Loans, measurement input | 0.043 | 0.041 |
Mortgage servicing rights, measurement input | 0.058 | 0.072 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Minimum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | (0.500) | (0.563) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Maximum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | (0.143) | (0.063) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Weighted average [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | (0.373) | (0.403) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0 | 0 |
Loans, measurement input | 0 | |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.317 | 0.155 |
Loans, measurement input | 0.316 | |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.013 | 0.007 |
Loans, measurement input | 0.006 | |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0 | 0 |
Loans, measurement input | 0 | 0 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.301 | 0.435 |
Loans, measurement input | 0.449 | 0.365 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.206 | 0.217 |
Loans, measurement input | 0.158 | 0.141 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost of service per loan [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 64 | 61 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost of service per loan [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 907 | 495 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost of service per loan [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 138 | 102 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.085 | 0.057 |
Loans, measurement input | 0.084 | 0.060 |
Mortgage servicing rights, measurement input | 0.127 | 0.096 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.235 | 0.154 |
Loans, measurement input | 1 | 1 |
Mortgage servicing rights, measurement input | 0.241 | 0.244 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.157 | 0.078 |
Loans, measurement input | 0.847 | 0.856 |
Mortgage servicing rights, measurement input | 0.197 | 0.119 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ (3) | |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ 195 | $ 146 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, comparability adjustment [Member] | Minimum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.333) | |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, comparability adjustment [Member] | Maximum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.313) | |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, comparability adjustment [Member] | Weighted average [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.322) | |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, default rate [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0 | 0 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, default rate [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.060 | 0.050 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, default rate [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.016 | 0.017 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, loss severity [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.500 | 0.500 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, loss severity [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.500 | 0.500 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, loss severity [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.500 | 0.500 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, prepayment rate [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.028 | 0.028 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, prepayment rate [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.220 | 0.250 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, prepayment rate [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.181 | 0.150 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ 254 | $ 68 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, fall-out factor [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.010 | 0.010 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, fall-out factor [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.990 | 0.990 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, fall-out factor [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.253 | 0.167 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, initial-value servicing [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.00528) | (0.00322) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, initial-value servicing [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.0156 | 0.0149 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, initial-value servicing [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.00585 | 0.00364 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ 177 | $ 147 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Option model [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ (285) | $ (416) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, weighted average life [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), term of contract | 3 months 18 days | 6 months |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, weighted average life [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), term of contract | 2 years 3 months 18 days | 3 years |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, weighted average life [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), term of contract | 1 year 2 months 12 days | 1 year 6 months |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, conversion factor [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.088) | (0.088) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, conversion factor [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0 | 0 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, conversion factor [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.078) | (0.077) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, correlation factor [Member] | Minimum [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.770) | (0.770) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, correlation factor [Member] | Maximum [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.990 | 0.990 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, correlation factor [Member] | Weighted average [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.388 | 0.238 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, price volatility [Member] | Minimum [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.065 | 0.068 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, price volatility [Member] | Maximum [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 1.013 | 1 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, price volatility [Member] | Weighted average [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.179 | 0.187 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ 35 | $ 2 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Option model [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ 11 | $ 27 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, comparability adjustment [Member] | Minimum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.990) | (0.561) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, comparability adjustment [Member] | Maximum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 1.320 | 0.108 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, comparability adjustment [Member] | Weighted average [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.072) | (0.160) |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, credit spread [Member] | Minimum [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0 | 0 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, credit spread [Member] | Maximum [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.093 | 0.178 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, credit spread [Member] | Weighted average [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.013 | 0.008 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, loss severity [Member] | Minimum [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.120 | 0.120 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, loss severity [Member] | Maximum [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.600 | 0.600 |
Recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | Measurement input, loss severity [Member] | Weighted average [Member] | Option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.455 | 0.456 |
Recurring [Member] | Non modified loans [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost of service per loan [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 64 | 61 |
Recurring [Member] | Non modified loans [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost of service per loan [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 248 | 231 |
Recurring [Member] | Securities of U.S. states and political subdivisions [Member] | Fair value, inputs, level 3 [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 248 | $ 379 |
Recurring [Member] | Securities of U.S. states and political subdivisions [Member] | Fair value, inputs, level 3 [Member] | Vendor priced [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 38 | $ 34 |
Recurring [Member] | Securities of U.S. states and political subdivisions [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.004 | 0.013 |
Recurring [Member] | Securities of U.S. states and political subdivisions [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.045 | 0.054 |
Recurring [Member] | Securities of U.S. states and political subdivisions [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.012 | 0.024 |
Recurring [Member] | Collateralized loan obligations [Member] | Fair value, inputs, level 3 [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 140 | $ 183 |
Recurring [Member] | Collateralized loan obligations [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Minimum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | (0.377) | (0.150) |
Recurring [Member] | Collateralized loan obligations [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Maximum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.020 | 0.192 |
Recurring [Member] | Collateralized loan obligations [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Weighted average [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | (0.076) | 0.013 |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 66 | $ 60 |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | 859 | 220 |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Vendor priced [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 129 | $ 125 |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.034 | 0.032 |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.148 | 0.149 |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.040 | 0.092 |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Minimum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | (0.345) | (0.197) |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Maximum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.083 | 0.140 |
Recurring [Member] | Corporate debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Weighted average [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | (0.234) | (0.044) |
Recurring [Member] | Mortgage-backed securities [Member] | Fair value, inputs, level 3 [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 11 | |
Recurring [Member] | Mortgage-backed securities [Member] | Fair value, inputs, level 3 [Member] | Vendor priced [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 43 | |
Recurring [Member] | Mortgage-backed securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Minimum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | (0.171) | |
Recurring [Member] | Mortgage-backed securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Maximum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | (0.135) | |
Recurring [Member] | Mortgage-backed securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Weighted average [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | (0.152) | |
Recurring [Member] | Other trading debt securities [Member] | Fair value, inputs, level 3 [Member] | Discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 52 | $ 92 |
Recurring [Member] | Other trading debt securities [Member] | Fair value, inputs, level 3 [Member] | Vendor priced [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt securities, trading and available-for-sale | $ 564 | $ 651 |
Recurring [Member] | Other trading debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.010 | 0.023 |
Recurring [Member] | Other trading debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.027 | 0.031 |
Recurring [Member] | Other trading debt securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Debt securities, available-for-sale, measurement input | 0.024 | 0.028 |
Recurring [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 8,443 | $ 7,869 |
Recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | 8,428 | 7,847 |
Recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | Market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 8,428 | $ 7,847 |
Recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Minimum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.036 | (0.202) |
Recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Maximum [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.211 | (0.042) |
Recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Weighted average [Member] | Market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.139 | (0.146) |
Fair Value, Assets Recorded at
Fair Value, Assets Recorded at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | $ 1,325 | $ 1,430 |
Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 2,689 | 5,837 |
Loans held for sale | 9 | 5 |
Loans | 1,354 | 494 |
Other assets | 1,515 | 386 |
Total assets recorded at fair value | 8,904 | 8,203 |
Nonrecurring [Member] | Nonmarketable equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable equity securities | 2,803 | 1,481 |
Nonrecurring [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 1,065 | 280 |
Mortgage servicing rights | 534 | 0 |
Nonrecurring [Member] | Total Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 289 | 214 |
Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans | 0 | 0 |
Other assets | 0 | 0 |
Total assets recorded at fair value | 0 | 0 |
Nonrecurring [Member] | Level 1 [Member] | Nonmarketable equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable equity securities | 0 | 0 |
Nonrecurring [Member] | Level 1 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Nonrecurring [Member] | Level 1 [Member] | Total Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 864 | 2,034 |
Loans held for sale | 9 | 5 |
Loans | 1,354 | 493 |
Other assets | 1,098 | 359 |
Total assets recorded at fair value | 5,130 | 4,199 |
Nonrecurring [Member] | Level 2 [Member] | Nonmarketable equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable equity securities | 1,805 | 1,308 |
Nonrecurring [Member] | Level 2 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 1,065 | 280 |
Mortgage servicing rights | 0 | 0 |
Nonrecurring [Member] | Level 2 [Member] | Total Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 289 | 213 |
Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 1,825 | 3,803 |
Loans held for sale | 0 | 0 |
Loans | 0 | 1 |
Other assets | 417 | 27 |
Total assets recorded at fair value | 3,774 | 4,004 |
Nonrecurring [Member] | Level 3 [Member] | Nonmarketable equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable equity securities | 998 | 173 |
Other assets | 417 | |
Nonrecurring [Member] | Level 3 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Mortgage servicing rights | 534 | 0 |
Nonrecurring [Member] | Level 3 [Member] | Total Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 0 | $ 1 |
Fair Value, Changes in Fair Val
Fair Value, Changes in Fair Value of Assets Recorded at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Mortgage loans held for sale | $ (72) | $ 14 |
Loans held for sale | (5) | (2) |
Loans | (786) | (349) |
Nonmarketable equity securities | 102 | 379 |
Other assets | (468) | (29) |
Total | (1,266) | 13 |
Commercial [Member] | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans | (594) | (181) |
Mortgage servicing rights | (37) | 0 |
Total Consumer [Member] | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans | $ (192) | $ (168) |
Fair Value, Assets Recorded a_2
Fair Value, Assets Recorded at Fair Value on a Nonrecurring Basis Level 3 Valuation Techniques and Significant Unobservable Inputs (Details) $ in Millions | Sep. 30, 2020USD ($)uSDollarPerBarreluSDollarPerMMBtu$ / loan | Dec. 31, 2019USD ($) |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | $ 1,325 | $ 1,430 |
Nonrecurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale | 2,689 | 5,837 |
Total assets recorded at fair value | 8,904 | 8,203 |
Other assets | 1,515 | 386 |
Nonrecurring [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 534 | 0 |
Nonrecurring [Member] | Residential [Member] | Non-government insured/guaranteed [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale | 400 | 2,500 |
Nonrecurring [Member] | Residential [Member] | Government insured or guaranteed [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale | 1,400 | 1,300 |
Nonrecurring [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 2,803 | $ 1,481 |
Nonrecurring [Member] | Measurement input, default rate [Member] | Discounted cash flow [Member] | Minimum [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.008 | 0.003 |
Nonrecurring [Member] | Measurement input, default rate [Member] | Discounted cash flow [Member] | Maximum [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.685 | 0.483 |
Nonrecurring [Member] | Measurement input, default rate [Member] | Discounted cash flow [Member] | Weighted average [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.268 | 0.046 |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Minimum [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.021 | |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Minimum [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.006 | 0.015 |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Minimum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.100 | |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Maximum [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.021 | |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Maximum [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.085 | 0.094 |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Maximum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.200 | |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Weighted average [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.021 | |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Weighted average [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.039 | 0.043 |
Nonrecurring [Member] | Measurement input, discount rate [Member] | Discounted cash flow [Member] | Weighted average [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.111 | |
Nonrecurring [Member] | Measurement input, loss severity [Member] | Discounted cash flow [Member] | Minimum [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.008 | 0.004 |
Nonrecurring [Member] | Measurement input, loss severity [Member] | Discounted cash flow [Member] | Maximum [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.651 | 1 |
Nonrecurring [Member] | Measurement input, loss severity [Member] | Discounted cash flow [Member] | Weighted average [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.081 | 0.234 |
Nonrecurring [Member] | Measurement input, prepayment rate [Member] | Discounted cash flow [Member] | Minimum [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0 | |
Nonrecurring [Member] | Measurement input, prepayment rate [Member] | Discounted cash flow [Member] | Minimum [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.041 | 0.048 |
Nonrecurring [Member] | Measurement input, prepayment rate [Member] | Discounted cash flow [Member] | Maximum [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.200 | |
Nonrecurring [Member] | Measurement input, prepayment rate [Member] | Discounted cash flow [Member] | Maximum [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 1 | 1 |
Nonrecurring [Member] | Measurement input, prepayment rate [Member] | Discounted cash flow [Member] | Weighted average [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.050 | |
Nonrecurring [Member] | Measurement input, prepayment rate [Member] | Discounted cash flow [Member] | Weighted average [Member] | Residential [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage loans held for sale, measurement input | 0.433 | 0.232 |
Nonrecurring [Member] | Measurement input, cost of service per loan [Member] | Discounted cash flow [Member] | Minimum [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 150 | |
Nonrecurring [Member] | Measurement input, cost of service per loan [Member] | Discounted cash flow [Member] | Maximum [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 3,377 | |
Nonrecurring [Member] | Measurement input, cost of service per loan [Member] | Discounted cash flow [Member] | Weighted average [Member] | Commercial [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 2,774 | |
Nonrecurring [Member] | Measurement input, multiples [Member] | Market comparable pricing [Member] | Minimum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.1 | |
Nonrecurring [Member] | Measurement input, multiples [Member] | Market comparable pricing [Member] | Maximum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 10.9 | |
Nonrecurring [Member] | Measurement input, multiples [Member] | Market comparable pricing [Member] | Weighted average [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 4.9 | |
Nonrecurring [Member] | Measurement input, comparability adjustment [Member] | Market comparable pricing [Member] | Minimum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (1) | |
Nonrecurring [Member] | Measurement input, comparability adjustment [Member] | Market comparable pricing [Member] | Maximum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.470) | |
Nonrecurring [Member] | Measurement input, comparability adjustment [Member] | Market comparable pricing [Member] | Weighted average [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.514) | |
Nonrecurring [Member] | Measurement input, company risk factor [Member] | Discounted cash flow [Member] | Minimum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.720) | |
Nonrecurring [Member] | Measurement input, company risk factor [Member] | Discounted cash flow [Member] | Maximum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0 | |
Nonrecurring [Member] | Measurement input, company risk factor [Member] | Discounted cash flow [Member] | Weighted average [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.336) | |
Nonrecurring [Member] | Measurement input, company risk factor [Member] | Valuation technique, other [Member] | Minimum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (1) | |
Nonrecurring [Member] | Measurement input, company risk factor [Member] | Valuation technique, other [Member] | Maximum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.200) | |
Nonrecurring [Member] | Measurement input, company risk factor [Member] | Valuation technique, other [Member] | Weighted average [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.520) | |
Nonrecurring [Member] | Measurement input, crude oil price ($/barrel) [Member] | Discounted cash flow [Member] | Minimum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerBarrel | 42 | |
Nonrecurring [Member] | Measurement input, crude oil price ($/barrel) [Member] | Discounted cash flow [Member] | Maximum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerBarrel | 48 | |
Nonrecurring [Member] | Measurement input, crude oil price ($/barrel) [Member] | Discounted cash flow [Member] | Weighted average [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerBarrel | 47 | |
Nonrecurring [Member] | Measurement input, natural gas price ($/MMBtu) [Member] | Discounted cash flow [Member] | Minimum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerMMBtu | 2 | |
Nonrecurring [Member] | Measurement input, natural gas price ($/MMBtu) [Member] | Discounted cash flow [Member] | Maximum [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerMMBtu | 2 | |
Nonrecurring [Member] | Measurement input, natural gas price ($/MMBtu) [Member] | Discounted cash flow [Member] | Weighted average [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerMMBtu | 2 | |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale | $ 1,825 | $ 3,803 |
Insignificant level 3 assets | 3 | 201 |
Total assets recorded at fair value | 3,774 | 4,004 |
Other assets | 417 | 27 |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 534 | 0 |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | 998 | 173 |
Other assets | 417 | |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | Discounted cash flow [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 534 | |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | Discounted cash flow [Member] | Residential [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage loans held for sale | 1,825 | $ 3,803 |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | Discounted cash flow [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | 104 | |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | Valuation technique, other [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | 77 | |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, multiples [Member] | Market comparable pricing [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | 874 | |
Nonrecurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, comparability adjustment [Member] | Market comparable pricing [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 357 |
Fair Value, Option, Carrying Am
Fair Value, Option, Carrying Amount (Details) - Fair value option election [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage loans held for sale | $ 19,884 | $ 16,606 |
Loans held for sale | 1,688 | 972 |
Loans | 148 | 171 |
Mortgage loans held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage loans held for sale | 19,884 | 16,606 |
Mortgage loans held for sale, aggregate unpaid principal | 19,131 | 16,279 |
Loans, loans held for sale and mortgage loans held for sale, aggregate difference | 753 | 327 |
Nonaccrual loans | 158 | 133 |
Nonaccrual loans, aggregate unpaid principal | 190 | 157 |
Nonaccrual loans, aggregate difference | (32) | (24) |
Loans 90 days or more past due and still accruing | 21 | 8 |
Loans 90 days or more past due and still accruing, aggregate unpaid principal | 24 | 10 |
Loans 90 days or more past due and still accruing, aggregate difference | (3) | (2) |
Loans held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale | 1,688 | 972 |
Loans held for sale, aggregate unpaid principal | 1,777 | 1,020 |
Loans, loans held for sale and mortgage loans held for sale, aggregate difference | (89) | (48) |
Nonaccrual loans | 5 | 21 |
Nonaccrual loans, aggregate unpaid principal | 39 | 29 |
Nonaccrual loans, aggregate difference | (34) | (8) |
Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans | 148 | 171 |
Loans, aggregate unpaid principal | 180 | 201 |
Loans, loans held for sale and mortgage loans held for sale, aggregate difference | (32) | (30) |
Nonaccrual loans | 116 | 129 |
Nonaccrual loans, aggregate unpaid principal | 148 | 159 |
Nonaccrual loans, aggregate difference | $ (32) | $ (30) |
Fair Value, Option, Changes in
Fair Value, Option, Changes in Fair Value Included in Earnings (Details) - Fair value option election [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Mortgage banking noninterest income [Member] | Mortgage loans held for sale [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) on changes in fair value | $ 847 | $ 256 | $ 1,944 | $ 849 |
Mortgage banking noninterest income [Member] | Loans held for sale [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) on changes in fair value | 0 | 0 | 0 | 0 |
Mortgage banking noninterest income [Member] | Loans [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) on changes in fair value | 0 | 0 | 0 | 0 |
Net gains (losses) from trading activities [Member] | Mortgage loans held for sale [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) on changes in fair value | 0 | 0 | 0 | 0 |
Net gains (losses) from trading activities [Member] | Loans held for sale [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) on changes in fair value | 15 | 5 | 26 | 15 |
Net gains (losses) from trading activities [Member] | Loans [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) on changes in fair value | 0 | 0 | 0 | 0 |
Other noninterest income [Member] | Mortgage loans held for sale [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) on changes in fair value | 0 | 0 | 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 | 1 | 0 | 2 |
Other noninterest income [Member] | Loans [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) on changes in fair value | $ 0 | $ 0 | $ (2) | $ 1 |
Fair Value, Option, Gains_Losse
Fair Value, Option, Gains/Losses Attributable to Instrument Specific Credit Risk (Details) - Fair value option election [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) attributable to instrument-specific credit risk | $ 24 | $ (8) | $ (179) | $ 15 |
Mortgage loans held for sale [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) attributable to instrument-specific credit risk | 11 | (13) | (206) | (1) |
Loans held for sale [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains (losses) attributable to instrument-specific credit risk | $ 13 | $ 5 | $ 27 | $ 16 |
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 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financial assets | |||
Cash and due from banks | $ 25,535 | $ 21,757 | |
Interest-earning deposits with banks | 221,235 | 119,493 | |
Federal funds sold and securities purchased under resale agreements | 69,304 | 102,140 | |
Held-to-maturity, amortized cost, net | [1] | 182,595 | 153,933 |
Loans, net | 900,619 | 952,714 | |
Financial liabilities | |||
Deposits | 1,383,215 | 1,322,626 | |
Short-term borrowings | 55,224 | 104,512 | |
Long-term debt | 215,711 | 228,191 | |
Mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | [2] | 23,307 | 23,342 |
Loans, excluding mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | [2] | 1,697 | 977 |
Carrying amount [Member] | |||
Financial assets | |||
Cash and due from banks | 25,535 | 21,757 | |
Interest-earning deposits with banks | 221,235 | 119,493 | |
Federal funds sold and securities purchased under resale agreements | 69,304 | 102,140 | |
Held-to-maturity, amortized cost, net | 182,595 | 153,933 | |
Loans, net | 884,183 | 933,042 | |
Nonmarketable equity securities | 3,585 | 4,790 | |
Financial assets fair value disclosure | 1,389,869 | 1,341,896 | |
Financial liabilities | |||
Deposits | 67,625 | 118,849 | |
Short-term borrowings | 55,224 | 104,512 | |
Long-term debt | 215,682 | 228,159 | |
Financial liabilities fair value disclosure | 338,531 | 451,520 | |
Fair Value Disclosures, Textual [Abstract] | |||
Deposit liabilities with no defined or contractual maturity | 1,300,000 | 1,200,000 | |
Carrying amount [Member] | Finance leases [Member] | |||
Financial liabilities | |||
Long-term debt | 29 | 32 | |
Carrying amount [Member] | Mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 3,423 | 6,736 | |
Carrying amount [Member] | Loans, excluding mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 9 | 5 | |
Carrying amount [Member] | Commercial lease financing [Member] | |||
Financial assets | |||
Loans, net | 16,300 | 19,500 | |
Estimated fair value [Member] | |||
Financial assets | |||
Cash and due from banks | 25,535 | 21,757 | |
Interest-earning deposits with banks | 221,235 | 119,493 | |
Federal funds sold and securities purchased under resale agreements | 69,304 | 102,140 | |
Held-to-maturity, amortized cost, net | 189,434 | 156,860 | |
Loans, net | 899,980 | 945,839 | |
Nonmarketable equity securities | 3,629 | 4,823 | |
Financial assets fair value disclosure | 1,412,726 | 1,358,577 | |
Financial liabilities | |||
Deposits | 68,366 | 119,137 | |
Short-term borrowings | 55,224 | 104,513 | |
Long-term debt | 218,307 | 233,052 | |
Financial liabilities fair value disclosure | 341,897 | 456,702 | |
Fair Value Disclosures, Textual [Abstract] | |||
Loan commitments and standby, commercial and similar letters of credit | 1,200 | 1,000 | |
Estimated fair value [Member] | Mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 3,600 | 7,660 | |
Estimated fair value [Member] | Loans, excluding mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 9 | 5 | |
Estimated fair value [Member] | Fair value, inputs, level 1 [Member] | |||
Financial assets | |||
Cash and due from banks | 25,535 | 21,757 | |
Interest-earning deposits with banks | 221,026 | 119,257 | |
Federal funds sold and securities purchased under resale agreements | 0 | 0 | |
Held-to-maturity, amortized cost, net | 50,287 | 46,138 | |
Loans, net | 0 | 0 | |
Nonmarketable equity securities | 0 | 0 | |
Financial assets fair value disclosure | 296,848 | 187,152 | |
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 1 [Member] | Mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 0 | 0 | |
Estimated fair value [Member] | Fair value, inputs, level 1 [Member] | Loans, excluding mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 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 | 209 | 236 | |
Federal funds sold and securities purchased under resale agreements | 69,304 | 102,140 | |
Held-to-maturity, amortized cost, net | 138,210 | 109,933 | |
Loans, net | 56,045 | 54,125 | |
Nonmarketable equity securities | 0 | 0 | |
Financial assets fair value disclosure | 265,033 | 269,378 | |
Financial liabilities | |||
Deposits | 45,069 | 87,279 | |
Short-term borrowings | 55,224 | 104,513 | |
Long-term debt | 216,885 | 231,332 | |
Financial liabilities fair value disclosure | 317,178 | 423,124 | |
Estimated fair value [Member] | Fair value, inputs, level 2 [Member] | Mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 1,256 | 2,939 | |
Estimated fair value [Member] | Fair value, inputs, level 2 [Member] | Loans, excluding mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 9 | 5 | |
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 | 0 | |
Held-to-maturity, amortized cost, net | 937 | 789 | |
Loans, net | 843,935 | 891,714 | |
Nonmarketable equity securities | 3,629 | 4,823 | |
Financial assets fair value disclosure | 850,845 | 902,047 | |
Financial liabilities | |||
Deposits | 23,297 | 31,858 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 1,422 | 1,720 | |
Financial liabilities fair value disclosure | 24,719 | 33,578 | |
Estimated fair value [Member] | Fair value, inputs, level 3 [Member] | Mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | 2,344 | 4,721 | |
Estimated fair value [Member] | Fair value, inputs, level 3 [Member] | Loans, excluding mortgage loans [Member] | |||
Financial assets | |||
Loans held for sale | $ 0 | $ 0 | |
[1] | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. | ||
[2] | Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. |
Preferred Stock (Details)
Preferred Stock (Details) | Mar. 16, 2020USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)vote$ / sharesshares | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Oct. 21, 2020USD ($) |
Class of Stock [Line Items] | |||||||
Preferred stock redeemed | $ 0 | $ 1,550,000,000 | $ 2,470,000,000 | $ 1,550,000,000 | |||
Detail of Preferred Stock [Abstract] | |||||||
Preferred Stock, Shares authorized and designated | shares | 5,583,052 | 5,583,052 | 9,251,728 | ||||
ESOP, Liquidation preference per share - Cumulative Convertible Preferred Stock | $ / shares | $ 0 | $ 0 | $ 0 | ||||
ESOP, Shares authorized and designated - Cumulative Convertible Preferred Stock | shares | 822,242 | 822,242 | 1,071,418 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 5,494,773 | 5,494,773 | 7,492,169 | ||||
Voting Rights | If issued, preference shares would be limited to one vote per share | ||||||
Preferred Stock, Liquidation preference value | $ 21,866,000,000 | $ 21,866,000,000 | $ 22,573,000,000 | ||||
Carrying value | 21,098,000,000 | 21,098,000,000 | 21,549,000,000 | ||||
Discount | $ 768,000,000 | $ 768,000,000 | $ 1,024,000,000 | ||||
ESOP Shares issued and outstanding | shares | 822,242 | 822,242 | 1,071,418 | ||||
ESOP Liquidation preference value | $ 823,000,000 | $ 823,000,000 | $ 1,072,000,000 | ||||
ESOP Carrying value | 823,000,000 | 823,000,000 | 1,072,000,000 | ||||
ESOP Discount | $ 0 | $ 0 | $ 0 | ||||
Preferred Stock, No Voting Rights [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred shares authorized | shares | 20,000,000 | 20,000,000 | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Preferred Stock, Par or stated value | $ 0 | $ 0 | |||||
Preferred Stock, Voting Rights [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred shares authorized | shares | 4,000,000 | 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 | 0 | |||||
Preferred Stock, Par or stated value | $ 0 | $ 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 | $ 10 | ||||
Preferred Stock, Shares authorized and designated | shares | 97,000 | 97,000 | 97,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 96,546 | 96,546 | 96,546 | ||||
Preferred Stock, Liquidation preference value | $ 0 | $ 0 | $ 0 | ||||
Carrying value | 0 | 0 | 0 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series I - Floating Class A Preferred Stock [Member] | |||||||
Detail of Preferred Stock [Abstract] | |||||||
Preferred Stock, dividend payment rate, variable | the greater of three-month LIBOR plus 0.93% and 5.56975 | the greater of three-month LIBOR plus 0.93% and 5.56975 | |||||
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 100,000 | $ 100,000 | $ 100,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 25,010 | 25,010 | 25,010 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 25,010 | 25,010 | 25,010 | ||||
Preferred Stock, Liquidation preference value | $ 2,501,000,000 | $ 2,501,000,000 | $ 2,501,000,000 | ||||
Carrying value | 2,501,000,000 | 2,501,000,000 | 2,501,000,000 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series K - Floating Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock redeemed | $ 1,800,000,000 | ||||||
Detail of Preferred Stock [Abstract] | |||||||
Preferred Stock, dividend payment rate, variable | three-month LIBOR plus 3.77 | three-month LIBOR plus 3.77 | |||||
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 1,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 0 | 0 | 3,500,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 0 | 0 | 1,802,000 | ||||
Preferred Stock, Liquidation preference value | $ 0 | $ 0 | $ 1,802,000,000 | ||||
Carrying value | 0 | 0 | 1,546,000,000 | ||||
Discount | $ 0 | $ 0 | $ 256,000,000 | ||||
Series L - 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of common stock shares per preferred share | $ / shares | $ 6.3814 | ||||||
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 | $ 1,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 4,025,000 | 4,025,000 | 4,025,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 3,967,995 | 3,967,995 | 3,967,995 | ||||
Preferred Stock, Liquidation preference value | $ 3,968,000,000 | $ 3,968,000,000 | $ 3,968,000,000 | ||||
Carrying value | 3,200,000,000 | 3,200,000,000 | 3,200,000,000 | ||||
Discount | $ 768,000,000 | $ 768,000,000 | $ 768,000,000 | ||||
Series N - 5.20% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||
Detail of Preferred Stock [Abstract] | |||||||
Preferred Stock, dividend rate (percent) | 5.20% | 5.20% | |||||
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 30,000 | 30,000 | 30,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 30,000 | 30,000 | 30,000 | ||||
Preferred Stock, Liquidation preference value | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||
Carrying value | 750,000,000 | 750,000,000 | 750,000,000 | ||||
Discount | $ 0 | $ 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 27,600 | 27,600 | 27,600 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 26,000 | 26,000 | 26,000 | ||||
Preferred Stock, Liquidation preference value | $ 650,000,000 | $ 650,000,000 | $ 650,000,000 | ||||
Carrying value | 650,000,000 | 650,000,000 | 650,000,000 | ||||
Discount | $ 0 | $ 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 26,400 | 26,400 | 26,400 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 25,000 | 25,000 | 25,000 | ||||
Preferred Stock, Liquidation preference value | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | ||||
Carrying value | 625,000,000 | 625,000,000 | 625,000,000 | ||||
Discount | $ 0 | $ 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 69,000 | 69,000 | 69,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 69,000 | 69,000 | 69,000 | ||||
Preferred Stock, Liquidation preference value | $ 1,725,000,000 | $ 1,725,000,000 | $ 1,725,000,000 | ||||
Carrying value | 1,725,000,000 | 1,725,000,000 | 1,725,000,000 | ||||
Discount | $ 0 | $ 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 34,500 | 34,500 | 34,500 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 33,600 | 33,600 | 33,600 | ||||
Preferred Stock, Liquidation preference value | $ 840,000,000 | $ 840,000,000 | $ 840,000,000 | ||||
Carrying value | 840,000,000 | 840,000,000 | 840,000,000 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series S - 5.90% 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 80,000 | 80,000 | 80,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 80,000 | 80,000 | 80,000 | ||||
Preferred Stock, Liquidation preference value | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | ||||
Carrying value | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series T - 6.00% Non-Cumulative Perpetual Class A Preferred Stock[Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock redeemed | $ 669,000,000 | ||||||
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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 32,200 | 32,200 | 32,200 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 5,280 | 5,280 | 32,000 | ||||
Preferred Stock, Liquidation preference value | $ 131,000,000 | $ 131,000,000 | $ 800,000,000 | ||||
Carrying value | 131,000,000 | 131,000,000 | 800,000,000 | ||||
Discount | $ 0 | $ 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 80,000 | 80,000 | 80,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 80,000 | 80,000 | 80,000 | ||||
Preferred Stock, Liquidation preference value | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | ||||
Carrying value | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series V - 6.00% 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 40,000 | 40,000 | 40,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 40,000 | 40,000 | 40,000 | ||||
Preferred Stock, Liquidation preference value | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||
Carrying value | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series W - 5.70% 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 40,000 | 40,000 | 40,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 40,000 | 40,000 | 40,000 | ||||
Preferred Stock, Liquidation preference value | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||
Carrying value | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series X - 5.50% 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 46,000 | 46,000 | 46,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 46,000 | 46,000 | 46,000 | ||||
Preferred Stock, Liquidation preference value | $ 1,150,000,000 | $ 1,150,000,000 | $ 1,150,000,000 | ||||
Carrying value | 1,150,000,000 | 1,150,000,000 | 1,150,000,000 | ||||
Discount | $ 0 | $ 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 | $ 25,000 | ||||
Preferred Stock, Shares authorized and designated | shares | 27,600 | 27,600 | 27,600 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 27,600 | 27,600 | 27,600 | ||||
Preferred Stock, Liquidation preference value | $ 690,000,000 | $ 690,000,000 | $ 690,000,000 | ||||
Carrying value | 690,000,000 | 690,000,000 | 690,000,000 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series Z - 4.750% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||
Detail of Preferred Stock [Abstract] | |||||||
Preferred Stock, dividend rate (percent) | 4.75% | 0.00% | |||||
Preferred Stock, Liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | $ 0 | ||||
Preferred Stock, Shares authorized and designated | shares | 80,500 | 80,500 | 0 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Shares issued and outstanding | shares | 80,500 | 80,500 | 0 | ||||
Preferred Stock, Liquidation preference value | $ 2,013,000,000 | $ 2,013,000,000 | $ 0 | ||||
Carrying value | 2,013,000,000 | 2,013,000,000 | 0 | ||||
Discount | $ 0 | $ 0 | $ 0 | ||||
Series AA Preferred Stock [Member] | Subsequent Event [Member] | |||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Preferred Stock, Par or stated value | $ 1,200,000,000 |
ESOP Preferred Stock (Details)
ESOP Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||
Additional paid-in capital included related to preferred stock | $ 52 | $ 71 |
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 822,242 | 1,071,418 |
Carrying value | $ 823 | $ 1,072 |
Unearned ESOP shares | $ (875) | $ (1,143) |
Employee Stock Ownership Plan Preferred Stock 2018 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 221,945 | 254,945 |
Carrying value | $ 222 | $ 255 |
Employee Stock Ownership Plan Preferred Stock 2018 [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 2018 [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 2017 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 163,210 | 192,210 |
Carrying value | $ 163 | $ 192 |
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 | 162,450 | 197,450 |
Carrying value | $ 163 | $ 198 |
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 | 92,904 | 116,784 |
Carrying value | $ 93 | $ 117 |
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 | 99,151 | 136,151 |
Carrying value | $ 99 | $ 136 |
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 | 61,948 | 97,948 |
Carrying value | $ 62 | $ 98 |
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 | 20,634 | 49,134 |
Carrying value | $ 21 | $ 49 |
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 | 0 | 26,796 |
Carrying value | $ 0 | $ 27 |
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% |
Equity award [Member] | Convertible preferred stock [Member] | Minimum [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, redemption price per share | $ 1,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers, Revenue by Operating Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net interest income | $ 9,368 | $ 11,625 | $ 30,560 | $ 36,031 | |
Other card fees | 123 | 186 | 384 | 522 | |
Total card fees | [1] | 912 | 1,027 | 2,601 | 2,996 |
Lending-related fees | [1] | 352 | 374 | 1,025 | 1,116 |
Mortgage banking | [1] | 1,590 | 466 | 2,286 | 1,932 |
Net gains (losses) from trading activities | [1] | 361 | 276 | 1,232 | 862 |
Net gains (losses) on debt securities | 264 | 3 | 713 | 148 | |
Net gains (losses) from equity securities | 649 | 956 | (219) | 2,392 | |
Lease income | [1] | 333 | 402 | 1,021 | 1,270 |
Other | [1] | 220 | 1,842 | 869 | 3,667 |
Total noninterest income | [1] | 9,494 | 10,385 | 23,855 | 29,172 |
Total revenue | 18,862 | 22,010 | 54,415 | 65,203 | |
Deposit-related fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | [1] | 1,299 | 1,480 | 3,888 | 4,289 |
Total trust and investment fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | [1] | 3,514 | 3,559 | 10,439 | 10,500 |
Total brokerage advisory, commissions and other fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 2,336 | 2,346 | 6,935 | 6,857 | |
Asset-based revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 1,768 | 1,740 | 5,140 | 5,018 | |
Trailing commissions [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 284 | 289 | 816 | 858 | |
Transactional revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 361 | 381 | 1,135 | 1,171 | |
Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 207 | 225 | 660 | 668 | |
Total trust and investment management [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 737 | 729 | 2,125 | 2,310 | |
Investment management fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 506 | 510 | 1,469 | 1,488 | |
Trust fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 171 | 184 | 522 | 679 | |
Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 60 | 35 | 134 | 143 | |
Investment banking [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 441 | 484 | 1,379 | 1,333 | |
Card interchange and network revenues [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 789 | 841 | 2,217 | 2,474 | |
Credit card rewards and rebates [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Other cost of revenue | 318 | 383 | 969 | 1,100 | |
Other [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net interest income | (471) | (515) | (1,395) | (1,630) | |
Other card fees | 0 | 0 | 0 | 0 | |
Total card fees | 0 | (1) | (2) | (3) | |
Lending-related fees | (2) | (2) | (6) | (6) | |
Mortgage banking | 2 | 2 | 6 | 6 | |
Net gains (losses) from trading activities | 0 | 0 | 2 | 1 | |
Net gains (losses) on debt securities | 0 | 0 | 0 | 0 | |
Net gains (losses) from equity securities | 0 | 0 | 0 | 0 | |
Lease income | 0 | 0 | 0 | 0 | |
Other | (80) | (89) | (260) | (263) | |
Total noninterest income | (777) | (797) | (2,317) | (2,349) | |
Total revenue | (1,248) | (1,312) | (3,712) | (3,979) | |
Other [Member] | Deposit-related fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (5) | (5) | (15) | (14) | |
Other [Member] | Total trust and investment fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (692) | (702) | (2,042) | (2,070) | |
Other [Member] | Total brokerage advisory, commissions and other fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (488) | (492) | (1,445) | (1,434) | |
Other [Member] | Asset-based revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (386) | (382) | (1,127) | (1,094) | |
Other [Member] | Transactional revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (86) | (92) | (272) | (288) | |
Other [Member] | Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (16) | (18) | (46) | (52) | |
Other [Member] | Total trust and investment management [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (201) | (210) | (592) | (632) | |
Other [Member] | Investment management fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 0 | 0 | 0 | 0 | |
Other [Member] | Trust fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (201) | (210) | (592) | (632) | |
Other [Member] | Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 0 | 0 | 0 | 0 | |
Other [Member] | Investment banking [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | (3) | 0 | (5) | (4) | |
Other [Member] | Card interchange and network revenues [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 0 | (1) | (2) | (3) | |
Community Banking [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net interest income | 5,587 | 6,769 | 18,073 | 21,083 | |
Other card fees | 123 | 186 | 384 | 522 | |
Total card fees | 856 | 936 | 2,397 | 2,723 | |
Lending-related fees | 42 | 60 | 128 | 191 | |
Mortgage banking | 1,542 | 339 | 2,135 | 1,635 | |
Net gains (losses) from trading activities | (11) | 19 | 24 | 13 | |
Net gains (losses) on debt securities | 240 | (1) | 557 | 51 | |
Net gains (losses) from equity securities | 587 | 822 | (53) | 1,894 | |
Lease income | 0 | 0 | 0 | 0 | |
Other | 479 | 662 | 1,686 | 2,548 | |
Total noninterest income | 5,135 | 4,470 | 10,911 | 13,711 | |
Total revenue | 10,722 | 11,239 | 28,984 | 34,794 | |
Community Banking [Member] | Deposit-related fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 723 | 952 | 2,207 | 2,675 | |
Community Banking [Member] | Total trust and investment fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 677 | 681 | 1,830 | 1,981 | |
Community Banking [Member] | Total brokerage advisory, commissions and other fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 489 | 504 | 1,440 | 1,433 | |
Community Banking [Member] | Asset-based revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 386 | 381 | 1,126 | 1,093 | |
Community Banking [Member] | Transactional revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 86 | 105 | 266 | 288 | |
Community Banking [Member] | Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 17 | 18 | 48 | 52 | |
Community Banking [Member] | Total trust and investment management [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 188 | 203 | 556 | 612 | |
Community Banking [Member] | Investment management fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 0 | 0 | 0 | 0 | |
Community Banking [Member] | Trust fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 188 | 203 | 557 | 612 | |
Community Banking [Member] | Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 0 | 0 | (1) | 0 | |
Community Banking [Member] | Investment banking [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 0 | (26) | (166) | (64) | |
Community Banking [Member] | Card interchange and network revenues [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 733 | 750 | 2,013 | 2,201 | |
Wholesale Banking [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net interest income | 3,481 | 4,382 | 11,508 | 13,451 | |
Other card fees | 0 | 0 | 0 | 0 | |
Total card fees | 55 | 90 | 203 | 271 | |
Lending-related fees | 310 | 314 | 897 | 925 | |
Mortgage banking | 49 | 128 | 154 | 300 | |
Net gains (losses) from trading activities | 363 | 247 | 1,198 | 806 | |
Net gains (losses) on debt securities | 24 | 4 | 156 | 97 | |
Net gains (losses) from equity securities | 59 | 135 | (52) | 328 | |
Lease income | 333 | 402 | 1,021 | 1,270 | |
Other | (304) | 20 | (971) | 97 | |
Total noninterest income | 2,113 | 2,560 | 6,466 | 7,667 | |
Total revenue | 5,594 | 6,942 | 17,974 | 21,118 | |
Wholesale Banking [Member] | Deposit-related fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 574 | 527 | 1,676 | 1,610 | |
Wholesale Banking [Member] | Total trust and investment fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 650 | 693 | 2,184 | 1,963 | |
Wholesale Banking [Member] | Total brokerage advisory, commissions and other fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 70 | 62 | 239 | 214 | |
Wholesale Banking [Member] | Asset-based revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 0 | 0 | 0 | 0 | |
Wholesale Banking [Member] | Transactional revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 4 | (8) | 9 | 18 | |
Wholesale Banking [Member] | Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 66 | 70 | 230 | 196 | |
Wholesale Banking [Member] | Total trust and investment management [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 140 | 121 | 401 | 352 | |
Wholesale Banking [Member] | Investment management fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 0 | 0 | 0 | 0 | |
Wholesale Banking [Member] | Trust fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 85 | 85 | 255 | 250 | |
Wholesale Banking [Member] | Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 55 | 36 | 146 | 102 | |
Wholesale Banking [Member] | Investment banking [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 440 | 510 | 1,544 | 1,397 | |
Wholesale Banking [Member] | Card interchange and network revenues [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 55 | 90 | 203 | 271 | |
Wealth and Investment Management [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net interest income | 771 | 989 | 2,374 | 3,127 | |
Other card fees | 0 | 0 | 0 | 0 | |
Total card fees | 1 | 2 | 3 | 5 | |
Lending-related fees | 2 | 2 | 6 | 6 | |
Mortgage banking | (3) | (3) | (9) | (9) | |
Net gains (losses) from trading activities | 9 | 10 | 8 | 42 | |
Net gains (losses) on debt securities | 0 | 0 | 0 | 0 | |
Net gains (losses) from equity securities | 3 | (1) | (114) | 170 | |
Lease income | 0 | 0 | 0 | 0 | |
Other | 125 | 1,249 | 414 | 1,285 | |
Total noninterest income | 3,023 | 4,152 | 8,795 | 10,143 | |
Total revenue | 3,794 | 5,141 | 11,169 | 13,270 | |
Wealth and Investment Management [Member] | Deposit-related fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 7 | 6 | 20 | 18 | |
Wealth and Investment Management [Member] | Total trust and investment fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 2,879 | 2,887 | 8,467 | 8,626 | |
Wealth and Investment Management [Member] | Total brokerage advisory, commissions and other fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 2,265 | 2,272 | 6,701 | 6,644 | |
Wealth and Investment Management [Member] | Asset-based revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 1,768 | 1,741 | 5,141 | 5,019 | |
Wealth and Investment Management [Member] | Transactional revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 357 | 376 | 1,132 | 1,153 | |
Wealth and Investment Management [Member] | Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 140 | 155 | 428 | 472 | |
Wealth and Investment Management [Member] | Total trust and investment management [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 610 | 615 | 1,760 | 1,978 | |
Wealth and Investment Management [Member] | Investment management fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 506 | 510 | 1,469 | 1,488 | |
Wealth and Investment Management [Member] | Trust fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 99 | 106 | 302 | 449 | |
Wealth and Investment Management [Member] | Other revenue [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 5 | (1) | (11) | 41 | |
Wealth and Investment Management [Member] | Investment banking [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | 4 | 0 | 6 | 4 | |
Wealth and Investment Management [Member] | Card interchange and network revenues [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Fee income | $ 1 | $ 2 | $ 3 | $ 5 | |
[1] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. |
Employee Benefits, Components o
Employee Benefits, Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 135 Months Ended | |||
Oct. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | |
Components of net periodic benefit cost [Abstract] | |||||||
Net actuarial and prior service losses arising during the period | $ (89) | $ 0 | $ (760) | $ (4) | |||
Expenses Not Otherwise Shown Separately In Financial Statement [Abstract] | |||||||
Federal Deposit Insurance Corporation premium expense | 248 | 145 | 622 | 546 | |||
Qualified [Member] | |||||||
Components of net periodic benefit cost [Abstract] | |||||||
Service cost | 4 | 3 | 11 | 9 | |||
Interest cost | 77 | 105 | 249 | 314 | |||
Expected return on plan assets | (148) | (142) | (445) | (426) | |||
Amortization of net actuarial loss (gain) | 43 | 37 | 114 | 111 | |||
Amortization of prior service credit | 0 | 0 | 0 | 0 | |||
Settlement loss | 29 | 0 | 99 | 0 | |||
Net periodic benefit cost | 5 | 3 | 28 | 8 | |||
Non-qualified [Member] | |||||||
Components of net periodic benefit cost [Abstract] | |||||||
Service cost | 0 | 0 | 0 | 0 | |||
Interest cost | 5 | 5 | 13 | 16 | |||
Expected return on plan assets | 0 | 0 | 0 | 0 | |||
Amortization of net actuarial loss (gain) | 3 | 3 | 10 | 8 | |||
Amortization of prior service credit | 0 | 0 | 0 | 0 | |||
Settlement loss | 0 | 0 | 3 | 2 | |||
Net periodic benefit cost | 8 | 8 | 26 | 26 | |||
Other benefits [Member] | |||||||
Components of net periodic benefit cost [Abstract] | |||||||
Service cost | 0 | 0 | 0 | 0 | |||
Interest cost | 4 | 6 | 12 | 17 | |||
Expected return on plan assets | (5) | (7) | (16) | (21) | |||
Amortization of net actuarial loss (gain) | (5) | (5) | (14) | (13) | |||
Amortization of prior service credit | (2) | (2) | (7) | (7) | |||
Settlement loss | 0 | 0 | 0 | 0 | |||
Net periodic benefit cost | (8) | $ (8) | (25) | $ (24) | |||
Cash balance plan [Member] | |||||||
Components of net periodic benefit cost [Abstract] | |||||||
Net periodic benefit cost | $ 0 | ||||||
Cash balance plan [Member] | Qualified [Member] | |||||||
Components of net periodic benefit cost [Abstract] | |||||||
Settlement loss | $ 29 | $ 99 | |||||
Discount rate, qualified defined benefit plan | 2.60% | 2.60% | 2.60% | 2.60% | |||
Net actuarial and prior service losses arising during the period | $ (89) | $ (763) | |||||
Other comprehensive income (loss), defined benefit plan, gain (loss) arising during period net of settlements, before tax | $ (60) | $ (664) | |||||
Pension contributions | $ 130 | ||||||
Cash balance plan [Member] | Qualified [Member] | Subsequent Event [Member] | |||||||
Components of net periodic benefit cost [Abstract] | |||||||
Pension contributions | $ 570 |
Earnings and Dividends Per Co_3
Earnings and Dividends 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Earnings Per Common Share [Abstract] | |||||
Wells Fargo net income | $ 2,035 | $ 4,610 | $ 309 | $ 16,676 | |
Less: Preferred stock dividends and other | 315 | 573 | 1,241 | 1,284 | |
Wells Fargo net income (loss) applicable to common stock (numerator) | $ 1,720 | $ 4,037 | $ (932) | $ 15,392 | |
Earnings (loss) per common share | |||||
Average common shares outstanding (denominator) | 4,123.8 | 4,358.5 | 4,111.4 | 4,459.1 | |
Per share | $ 0.42 | $ 0.93 | $ (0.23) | $ 3.45 | |
Diluted earnings (loss) per common share | |||||
Average common shares outstanding (in shares) | 4,123.8 | 4,358.5 | 4,111.4 | 4,459.1 | |
Diluted average common shares outstanding (denominator) (3) | [1] | 4,132.2 | 4,389.6 | 4,111.4 | 4,489.5 |
Per share | $ 0.42 | $ 0.92 | $ (0.23) | $ 3.43 | |
Preferred Stock, Accretion of redemption discount or issuance cost | $ 220 | $ 272 | $ 220 | ||
Weighted Average Number of Shares, Restricted Share Rights | 53.4 | ||||
Stock option [Member] | |||||
Diluted earnings (loss) per common share | |||||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 0 | 0.1 | 0 | 1 | |
Restricted share rights [Member] | |||||
Diluted earnings (loss) per common share | |||||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 8.4 | 31 | 0 | 29.4 | |
[1] | For the nine months ended September 30, 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect. |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Series L [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Instruments | 25.3 | 25.3 | 25.3 | 25.3 |
Restricted share rights [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Instruments | 17.7 | 0 | 1.3 | 0 |
Earnings and Dividends Per Co_4
Earnings and Dividends Per Common Share Dividends Declared Per Common Shares (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||||
Dividends declared per common share (in dollars per share) | $ 0.10 | $ 0.51 | $ 1.12 | $ 1.41 |
Other Comprehensive Income, Com
Other Comprehensive Income, Components of Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt securities: | ||||
Net unrealized gains arising during the period, before tax | $ 96 | $ 652 | $ 1,582 | $ 5,192 |
Net unrealized gains arising during the period, tax effect | (18) | (159) | (391) | (1,276) |
Net unrealized gains arising during the period, net of tax | 78 | 493 | 1,191 | 3,916 |
Reclassification of net (gains) losses to net income, before tax | (95) | 76 | (357) | 34 |
Reclassification of net (gains) losses to net income, tax effect | 22 | (20) | 86 | (9) |
Reclassification of net (gains) losses to net income, net of tax | (73) | 56 | (271) | 25 |
Net change, before tax | 1 | 728 | 1,225 | 5,226 |
Net change, tax effect | 4 | (179) | (305) | (1,285) |
Net change, net of tax | 5 | 549 | 920 | 3,941 |
Cash Flow Hedges: | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 52 | 75 | 165 | 233 |
Net change, before tax | (18) | 85 | 167 | 265 |
Net change, tax effect | 4 | (22) | (41) | (66) |
Net change, net of tax | (14) | 63 | 126 | 199 |
Defined benefit plans adjustments: | ||||
Net actuarial and prior service losses arising during the period, before tax | (89) | 0 | (760) | (4) |
Net actuarial and prior service losses arising during the period, tax effect | 22 | 0 | 188 | 1 |
Net actuarial and prior service losses arising during the period, net of tax | (67) | 0 | (572) | (3) |
Amortization of net actuarial loss, before tax | 41 | 35 | 110 | 106 |
Amortization of net actuarial loss, tax effect | (10) | (9) | (27) | (26) |
Amortization of net actuarial loss, net of tax | 31 | 26 | 83 | 80 |
Settlements and other, before tax | 27 | (2) | 95 | (5) |
Settlements and other, tax effect | (6) | 1 | (22) | 3 |
Settlements and other, net of tax | 21 | (1) | 73 | (2) |
Reclassification of amounts to non interest expense, before tax | 68 | 33 | 205 | 101 |
Reclassification of amounts to non interest expense, tax effect | (16) | (8) | (49) | (23) |
Reclassification of amounts to non interest expense, net of tax | 52 | 25 | 156 | 78 |
Net change, before tax | (21) | 33 | (555) | 97 |
Net change, tax effect | 6 | (8) | 139 | (22) |
Net change, net of tax | (15) | 25 | (416) | 75 |
Foreign currency translation adjustments: | ||||
Net unrealized gains (losses) arising during the period, before tax | 74 | (53) | (70) | 3 |
Net unrealized gains (losses) arising during the period, tax effect | (1) | 1 | 1 | (2) |
Net unrealized gains (losses) arising during the period, net of tax | 73 | (52) | (69) | 1 |
Net change, before tax | 74 | (53) | (70) | 3 |
Net change, tax effect | (1) | 1 | 1 | (2) |
Net change, net of tax | 73 | (52) | (69) | 1 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Other comprehensive income, before tax | 36 | 793 | 767 | 5,591 |
Other comprehensive income (loss), tax effect | 13 | (208) | (206) | (1,375) |
Other comprehensive income (loss), net of tax | 49 | 585 | 561 | 4,216 |
Total Wells Fargo stockholders' equity [Member] | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Other comprehensive income (loss), net of tax | 48 | 585 | 561 | 4,216 |
Noncontrolling Interest [Member] | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Other comprehensive income (loss), net of tax | 1 | 0 | 0 | 0 |
Fair value hedging [Member] | ||||
Fair Value Hedges: | ||||
Change in fair value of excluded components on fair value hedges, before tax | (82) | 28 | 5 | 58 |
Change in fair value of excluded components on fair value hedges, tax | 20 | (7) | (2) | (14) |
Change in fair value of excluded components on fair value hedges, net of tax | (62) | 21 | 3 | 44 |
Cash flow hedging [Member] | ||||
Cash Flow Hedges: | ||||
Net unrealized gains (losses) arising during the period on cash flow hedges, before tax | (3) | |||
Net unrealized gains (losses) arising during the period on cash flow hedges, tax | (3) | 4 | 1 | 6 |
Net unrealized gains (losses) arising during the period on cash flow hedges, net of tax | 9 | (14) | (2) | (20) |
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 52 | 75 | 165 | 233 |
Reclassification of net (gains) losses to net income on cash flow hedges, tax | (13) | (19) | (40) | (58) |
Reclassification of net (gains) losses to net income on cash flow hedges, net of tax | 39 | 56 | 125 | 175 |
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 | (1) | 2 | 3 | 5 |
Reclassification of net (gains) losses to net income on cash flow hedges, tax | 1 | 0 | 0 | (1) |
Reclassification of net (gains) losses to net income on cash flow hedges, net of tax | 0 | 2 | 3 | 4 |
Other noninterest income [Member] | ||||
Debt securities: | ||||
Reclassification of net (gains) losses to net income, before tax | 2 | 2 | 0 | (1) |
Reclassification of net (gains) losses to net income, tax effect | 0 | (1) | 0 | 0 |
Reclassification of net (gains) losses to net income, net of tax | 2 | 1 | 0 | (1) |
Debt securities [Member] | Interest income [Member] | ||||
Debt securities: | ||||
Reclassification of net (gains) losses to net income, before tax | 167 | 77 | 356 | 183 |
Reclassification of net (gains) losses to net income, tax effect | (41) | (19) | (88) | (45) |
Reclassification of net (gains) losses to net income, net of tax | 126 | 58 | 268 | 138 |
Debt securities [Member] | Net gains on debt securities [Member] | ||||
Debt securities: | ||||
Reclassification of net (gains) losses to net income, before tax | (264) | (3) | (713) | (148) |
Reclassification of net (gains) losses to net income, tax effect | 63 | 0 | 174 | 36 |
Reclassification of net (gains) losses to net income, net of tax | (201) | (3) | (539) | (112) |
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 | 53 | 73 | 162 | 228 |
Reclassification of net (gains) losses to net income on cash flow hedges, tax | (14) | (19) | (40) | (57) |
Reclassification of net (gains) losses to net income on cash flow hedges, net of tax | $ 39 | $ 54 | $ 122 | $ 171 |
Other Comprehensive Income, Cum
Other Comprehensive Income, Cumulative OCI Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | $ 180,122 | $ 200,037 | $ 187,984 | $ 197,066 |
Other comprehensive income, net of tax | 49 | 585 | 561 | 4,216 |
Balance, end of period | 182,032 | 194,416 | 182,032 | 194,416 |
Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 188,975 | 197,055 | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (798) | (2,224) | (1,311) | (6,336) |
Net unrealized gains (losses) arising during the period | 31 | 448 | 551 | 3,938 |
Amounts reclassified from accumulated other comprehensive income | 18 | 137 | 10 | 278 |
Other comprehensive income, net of tax | 49 | 585 | 561 | 4,216 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (5,855) | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Accounting Standards Update 2017-08 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 481 | |||
Debt securities [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 2,467 | 751 | 1,552 | (3,122) |
Net unrealized gains (losses) arising during the period | 78 | 493 | 1,191 | 3,916 |
Amounts reclassified from accumulated other comprehensive income | (73) | 56 | (271) | 25 |
Other comprehensive income, net of tax | 5 | 549 | 920 | 3,941 |
Debt securities [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (2,641) | |||
Debt securities [Member] | Accounting Standards Update 2017-08 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 481 | |||
Fair value hedges [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (115) | (155) | (180) | (178) |
Net unrealized gains (losses) arising during the period | (62) | 21 | 3 | 44 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income, net of tax | (62) | 21 | 3 | 44 |
Fair value hedges [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (178) | |||
Fair value hedges [Member] | Accounting Standards Update 2017-08 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 0 | |||
Cash flow hedges [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (223) | (394) | (298) | (507) |
Net unrealized gains (losses) arising during the period | 9 | (14) | (2) | (20) |
Amounts reclassified from accumulated other comprehensive income | 39 | 56 | 125 | 175 |
Other comprehensive income, net of tax | 48 | 42 | 123 | 155 |
Cash flow hedges [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (507) | |||
Cash flow hedges [Member] | Accounting Standards Update 2017-08 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 0 | |||
Defined benefit plans adjustments [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (2,624) | (2,246) | (2,223) | (2,296) |
Net unrealized gains (losses) arising during the period | (67) | 0 | (572) | (3) |
Amounts reclassified from accumulated other comprehensive income | 52 | 25 | 156 | 78 |
Other comprehensive income, net of tax | (15) | 25 | (416) | 75 |
Defined benefit plans adjustments [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (2,296) | |||
Defined benefit plans adjustments [Member] | Accounting Standards Update 2017-08 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 0 | |||
Foreign currency translation adjustments [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (303) | (180) | (162) | (233) |
Net unrealized gains (losses) arising during the period | 73 | (52) | (69) | 1 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income, net of tax | 73 | (52) | (69) | 1 |
Foreign currency translation adjustments [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (233) | |||
Foreign currency translation adjustments [Member] | Accounting Standards Update 2017-08 [Member] | Cumulative effect from change in accounting policies, period of adoption adjustment [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 0 | |||
Noncontrolling Interest [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 736 | 995 | 838 | 900 |
Other comprehensive income, net of tax | 1 | 0 | 0 | 0 |
Balance, end of period | 859 | 1,112 | 859 | 1,112 |
Noncontrolling Interest [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 838 | 900 | ||
Cumulative other comprehensive income, noncontrolling Interests [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Other comprehensive income, net of tax | 1 | 0 | ||
Debt securities, noncontrolling interest [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Other comprehensive income, net of tax | 0 | 0 | ||
Fair value hedges, noncontrolling interest [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Other comprehensive income, net of tax | 0 | 0 | ||
Cash flow hedges, noncontrolling interest [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Other comprehensive income, net of tax | 0 | 0 | ||
Defined benefit plans adjustments, noncontrolling interest [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Other comprehensive income, net of tax | 0 | 0 | ||
Foreign currency translation adjustments, noncontrolling interest [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Other comprehensive income, net of tax | 1 | 0 | ||
Total Wells Fargo stockholders' equity [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 179,386 | 199,042 | 187,146 | 196,166 |
Other comprehensive income, net of tax | 48 | 585 | 561 | 4,216 |
Balance, end of period | 181,173 | 193,304 | 181,173 | 193,304 |
Total Wells Fargo stockholders' equity [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | 188,137 | 196,155 | ||
Cumulative other comprehensive income, parent [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (798) | (2,224) | (1,311) | (6,336) |
Other comprehensive income, net of tax | 48 | 585 | 561 | 4,216 |
Balance, end of period | (750) | (1,639) | (750) | (1,639) |
Cumulative other comprehensive income, parent [Member] | Cumulative effect from change in accounting policies, period of adoption adjusted balance [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, beginning of period | (1,311) | (5,855) | ||
Debt securities, parent [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, end of period | 2,472 | 1,300 | 2,472 | 1,300 |
Fair value hedges, parent [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, end of period | (177) | (134) | (177) | (134) |
Cash flow hedges, parent [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, end of period | (175) | (352) | (175) | (352) |
Defined benefit plans adjustments, parent [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, end of period | (2,639) | (2,221) | (2,639) | (2,221) |
Foreign currency translation adjustments, parent [Member] | ||||
Cumulative OCI balances [Abstract] | ||||
Balance, end of period | $ (231) | $ (232) | $ (231) | $ (232) |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | $ 9,368 | $ 11,625 | $ 30,560 | $ 36,031 | |
Provision (reversal of provision) for credit losses | 769 | 695 | 14,308 | 2,043 | |
Noninterest income | [1] | 9,494 | 10,385 | 23,855 | 29,172 |
Noninterest expense | [2] | 15,229 | 15,199 | 42,828 | 42,564 |
Income (loss) before income tax expense (benefit) | 2,864 | 6,116 | (2,721) | 20,596 | |
Income tax expense (benefit) | 645 | 1,304 | (3,113) | 3,479 | |
Net income before noncontrolling interests | 2,219 | 4,812 | 392 | 17,117 | |
Less: Net income from noncontrolling interests | 184 | 202 | 83 | 441 | |
Wells Fargo net income | 2,035 | 4,610 | 309 | 16,676 | |
Average loans | 931,700 | 949,800 | 955,900 | 949,100 | |
Average assets | 1,947,700 | 1,927,400 | 1,949,100 | 1,903,900 | |
Average Deposits | 1,399,000 | 1,291,400 | 1,374,600 | 1,274,200 | |
Other [Member] | |||||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | (471) | (515) | (1,395) | (1,630) | |
Provision (reversal of provision) for credit losses | 3 | (8) | (135) | (14) | |
Noninterest income | (777) | (797) | (2,317) | (2,349) | |
Noninterest expense | (915) | (887) | (2,760) | (2,692) | |
Income (loss) before income tax expense (benefit) | (336) | (417) | (817) | (1,273) | |
Income tax expense (benefit) | (84) | (104) | (204) | (318) | |
Net income before noncontrolling interests | (252) | (313) | (613) | (955) | |
Less: Net income from noncontrolling interests | 0 | 0 | 0 | 0 | |
Wells Fargo net income | (252) | (313) | (613) | (955) | |
Average loans | (60,800) | (59,400) | (60,800) | (59,200) | |
Average assets | (61,700) | (60,400) | (61,700) | (60,200) | |
Average Deposits | (76,800) | (62,700) | (73,400) | (63,900) | |
Community Banking [Member] | |||||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | 5,587 | 6,769 | 18,073 | 21,083 | |
Provision (reversal of provision) for credit losses | 556 | 608 | 5,652 | 1,797 | |
Noninterest income | 5,135 | 4,470 | 10,911 | 13,711 | |
Noninterest expense | 8,947 | 8,766 | 24,409 | 23,667 | |
Income (loss) before income tax expense (benefit) | 1,219 | 1,865 | (1,077) | 9,330 | |
Income tax expense (benefit) | 703 | 667 | (1,319) | 1,929 | |
Net income before noncontrolling interests | 516 | 1,198 | 242 | 7,401 | |
Less: Net income from noncontrolling interests | 180 | 199 | 82 | 432 | |
Wells Fargo net income | 336 | 999 | 160 | 6,969 | |
Average loans | 457,600 | 459,000 | 456,500 | 458,300 | |
Average assets | 1,119,800 | 1,033,900 | 1,073,100 | 1,024,800 | |
Average Deposits | 881,700 | 789,700 | 843,000 | 777,700 | |
Wholesale Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Affordable housing and renewable energy tax credits, amount | 469 | 422 | 1,400 | 1,300 | |
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | 3,481 | 4,382 | 11,508 | 13,451 | |
Provision (reversal of provision) for credit losses | 219 | 92 | 8,535 | 254 | |
Noninterest income | 2,113 | 2,560 | 6,466 | 7,667 | |
Noninterest expense | 4,013 | 3,889 | 11,739 | 11,609 | |
Income (loss) before income tax expense (benefit) | 1,362 | 2,961 | (2,300) | 9,255 | |
Income tax expense (benefit) | (127) | 315 | (1,959) | 1,049 | |
Net income before noncontrolling interests | 1,489 | 2,646 | (341) | 8,206 | |
Less: Net income from noncontrolling interests | 1 | 2 | 3 | 3 | |
Wells Fargo net income | 1,488 | 2,644 | (344) | 8,203 | |
Average loans | 455,100 | 474,300 | 481,200 | 474,900 | |
Average assets | 801,400 | 869,200 | 849,700 | 855,400 | |
Average Deposits | 418,800 | 422,000 | 438,800 | 414,100 | |
Wealth and Investment Management [Member] | |||||
Financial Information of Operating Segment [Abstract] | |||||
Net interest income | 771 | 989 | 2,374 | 3,127 | |
Provision (reversal of provision) for credit losses | (9) | 3 | 256 | 6 | |
Noninterest income | 3,023 | 4,152 | 8,795 | 10,143 | |
Noninterest expense | 3,184 | 3,431 | 9,440 | 9,980 | |
Income (loss) before income tax expense (benefit) | 619 | 1,707 | 1,473 | 3,284 | |
Income tax expense (benefit) | 153 | 426 | 369 | 819 | |
Net income before noncontrolling interests | 466 | 1,281 | 1,104 | 2,465 | |
Less: Net income from noncontrolling interests | 3 | 1 | (2) | 6 | |
Wells Fargo net income | 463 | 1,280 | 1,106 | 2,459 | |
Average loans | 79,800 | 75,900 | 79,000 | 75,100 | |
Average assets | 88,200 | 84,700 | 88,000 | 83,900 | |
Average Deposits | $ 175,300 | $ 142,400 | $ 166,200 | $ 146,300 | |
[1] | In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. | ||||
[2] | In third quarter 2020, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have been revised to conform with the current period presentation. |
Regulatory and Agency Capital_3
Regulatory and Agency Capital Requirements (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) | |
Parent Company [Member] | |||
Supplementary leverage: | |||
Total leverage exposure | $ 1,997,449 | $ 2,247,729 | |
Supplementary leverage ratio | 0.0775 | 0.0707 | |
Increase in capital due to the impact of the CECL transition provision | $ 1,900 | ||
Post-tax increase in capital recognized under initial adoption of CECL | $ 991 | ||
Increase in ACL under CECL | 11,500 | ||
Parent Company [Member] | Advanced Approach Under Basel III [Member] | |||
Regulatory capital: | |||
Common equity tier 1 | 134,901 | $ 138,760 | |
Tier 1 | 154,743 | 158,949 | |
Total | 184,172 | 188,333 | |
Assets: | |||
Risk-weighted assets (2) | 1,171,956 | 1,165,079 | |
Adjusted average assets (3) | $ 1,921,303 | $ 1,913,297 | |
Regulatory capital ratios: | |||
Common equity tier 1 capital (2) | 0.1151 | 0.1191 | |
Tier 1 capital (2) | 0.1320 | 0.1364 | |
Total capital (2) | 0.1571 | 0.1616 | |
Tier 1 leverage | 0.0805 | 0.0831 | |
Supplementary leverage: | |||
Increased RWAs related to the impact of the CECL transition provision | $ (1,300) | ||
Parent Company [Member] | Standardized Approach Under Basel III [Member] | |||
Regulatory capital: | |||
Common equity tier 1 | 134,901 | $ 138,760 | |
Tier 1 | 154,743 | 158,949 | |
Total | 193,799 | 196,223 | |
Assets: | |||
Risk-weighted assets (2) | 1,185,610 | 1,245,853 | |
Adjusted average assets (3) | $ 1,921,303 | $ 1,913,297 | |
Regulatory capital ratios: | |||
Common equity tier 1 capital (2) | 0.1138 | 0.1114 | |
Tier 1 capital (2) | 0.1305 | 0.1276 | |
Total capital (2) | 0.1635 | 0.1575 | |
Tier 1 leverage | 0.0805 | 0.0831 | |
Supplementary leverage: | |||
Increased RWAs related to the impact of the CECL transition provision | $ 1,500 | ||
Wells Fargo Bank, NA [Member] | |||
Supplementary leverage: | |||
Total leverage exposure | $ 2,074,472 | $ 2,006,180 | |
Supplementary leverage ratio | 0.0719 | 0.0724 | |
Increase in capital due to the impact of the CECL transition provision | $ 1,800 | ||
Wells Fargo Bank, NA [Member] | Advanced Approach Under Basel III [Member] | |||
Regulatory capital: | |||
Common equity tier 1 | 149,252 | $ 145,149 | |
Tier 1 | 149,252 | 145,149 | |
Total | 163,768 | 158,615 | |
Assets: | |||
Risk-weighted assets (2) | 1,038,062 | 1,047,054 | |
Adjusted average assets (3) | $ 1,762,607 | $ 1,695,807 | |
Regulatory capital ratios: | |||
Common equity tier 1 capital (2) | 0.1438 | 0.1386 | |
Tier 1 capital (2) | 0.1438 | 0.1386 | |
Total capital (2) | 0.1578 | 0.1515 | |
Tier 1 leverage | 0.0847 | 0.0856 | |
Supplementary leverage: | |||
Increased RWAs related to the impact of the CECL transition provision | $ (1,300) | ||
Wells Fargo Bank, NA [Member] | Standardized Approach Under Basel III [Member] | |||
Regulatory capital: | |||
Common equity tier 1 | 149,252 | $ 145,149 | |
Tier 1 | 149,252 | 145,149 | |
Total | 173,004 | 166,056 | |
Assets: | |||
Risk-weighted assets (2) | 1,090,132 | 1,152,791 | |
Adjusted average assets (3) | $ 1,762,607 | $ 1,695,807 | |
Regulatory capital ratios: | |||
Common equity tier 1 capital (2) | 0.1369 | 0.1259 | |
Tier 1 capital (2) | 0.1369 | 0.1259 | |
Total capital (2) | 0.1587 | 0.1440 | |
Tier 1 leverage | 0.0847 | 0.0856 | |
Supplementary leverage: | |||
Increased RWAs related to the impact of the CECL transition provision | $ 1,500 |
Regulatory and Agency Capital_4
Regulatory and Agency Capital Requirements Minimum Required Regulatory Capital Ratios – Transition Requirements (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Parent Company [Member] | ||
Regulatory capital ratios: | ||
Common equity tier 1 capital | 9.00% | 9.00% |
Tier 1 capital | 0.1050 | 0.1050 |
Total capital | 0.1250 | 0.1250 |
Tier 1 leverage | 0.0400 | 0.0400 |
Supplementary leverage | 5.00% | 5.00% |
Capital conservation buffer, minimum | 0.0250 | |
Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge | 0.0200 | |
Leverage buffer, minimum | 0.0200 | |
Supplementary leverage ratio, minimum | 0.0300 | |
Wells Fargo Bank, NA [Member] | ||
Regulatory capital ratios: | ||
Common equity tier 1 capital | 7.00% | 7.00% |
Tier 1 capital | 0.0850 | 0.0850 |
Total capital | 0.1050 | 0.1050 |
Tier 1 leverage | 0.0400 | 0.0400 |
Supplementary leverage | 6.00% | 6.00% |
Capital conservation buffer, minimum | 0.0250 |