Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 19, 2021 | |
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 | Jun. 30, 2021 | |
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 | 4,106,410,513 | |
Entity Central Index Key | 0000072971 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
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 [Member] | ||
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 O | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1000th interest in a 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 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 | 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series 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 | 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series 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 X | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1000th interest in a 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 | Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y | |
Trading Symbol | WFC.PRY | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z | |
Trading Symbol | WFC.PRZ | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA | |
Trading Symbol | WFC.PRA | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC | |
Trading Symbol | WFC.PRC | |
Security Exchange Name | NYSE | |
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC [Member] | ||
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 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Interest income | ||||||
Debt securities | $ 2,199 | $ 2,946 | $ 4,511 | $ 6,418 | ||
Loans held for sale | 193 | 237 | 524 | 446 | ||
Loans | 7,095 | 8,460 | [1] | 14,296 | 18,543 | [1] |
Equity securities | 132 | 116 | 269 | 322 | ||
Other interest income | 74 | 54 | 139 | 829 | ||
Total interest income | 9,693 | 11,813 | 19,739 | 26,558 | ||
Interest expense | ||||||
Deposits | 92 | 585 | 204 | 2,327 | ||
Short-term borrowings | (12) | (17) | (21) | 274 | ||
Long-term debt | 712 | 1,237 | 1,738 | 2,477 | ||
Other interest expense | 101 | 116 | 210 | 258 | ||
Total interest expense | 893 | 1,921 | 2,131 | 5,336 | ||
Net interest income | 8,800 | 9,892 | 17,608 | 21,222 | ||
Noninterest income | ||||||
Deposit and lending-related fees | 1,704 | 1,465 | 3,320 | 3,262 | ||
Card fees | 1,077 | 797 | 2,026 | 1,689 | ||
Mortgage banking | 1,336 | 317 | 2,662 | 696 | ||
Net gains on trading and securities | 2,717 | 1,552 | 3,608 | 452 | ||
Other | 692 | 912 | [1] | 1,674 | 2,213 | [1] |
Total noninterest income | 11,470 | 8,394 | 21,194 | 15,237 | ||
Total revenue | 20,270 | 18,286 | 38,802 | 36,459 | ||
Provision for credit losses | (1,260) | 9,534 | (2,308) | 13,539 | ||
Noninterest expense | ||||||
Personnel | 8,818 | 8,916 | 18,376 | 17,239 | ||
Technology, telecommunications and equipment | 815 | 672 | 1,659 | 1,470 | ||
Occupancy | 735 | 871 | 1,505 | 1,586 | ||
Operating losses | 303 | 1,219 | 516 | 1,683 | ||
Professional and outside services | 1,450 | 1,676 | 2,838 | 3,282 | ||
Advertising and promotion | 132 | 137 | 222 | 318 | ||
Restructuring charges | (4) | 0 | 9 | 0 | ||
Other | 1,092 | 1,060 | 2,205 | 2,021 | ||
Total noninterest expense | 13,341 | 14,551 | 27,330 | 27,599 | ||
Income (loss) before income tax expense | 8,189 | (5,799) | 13,780 | (4,679) | ||
Income tax expense (benefit) | 1,445 | (2,001) | [1] | 2,346 | (1,648) | [1] |
Net income (loss) before noncontrolling interests | 6,744 | (3,798) | [2] | 11,434 | (3,031) | [2] |
Less: Net income (loss) from noncontrolling interests | 704 | 48 | 758 | (101) | ||
Wells Fargo net income (loss) | 6,040 | (3,846) | [1] | 10,676 | (2,930) | [1] |
Less: Preferred stock dividends and other | 297 | 314 | 677 | 926 | ||
Wells Fargo net income (loss) applicable to common stock | $ 5,743 | $ (4,160) | [1] | $ 9,999 | $ (3,856) | [1] |
Per share information | ||||||
Earnings (loss) per common share (in dollars per share) | $ 1.39 | $ (1.01) | [1] | $ 2.42 | $ (0.94) | [1] |
Diluted earnings (loss) per common share (in dollars per share) | $ 1.38 | $ (1.01) | [1] | $ 2.40 | $ (0.94) | [1] |
Average common shares outstanding (in shares) | 4,124.6 | 4,105.5 | [1] | 4,132.9 | 4,105.2 | [1] |
Diluted average common shares outstanding (in shares) | 4,156.1 | 4,105.5 | [1] | 4,164.6 | 4,105.2 | [1] |
Investment advisory and other asset-based fees [Member] | ||||||
Noninterest income | ||||||
Fee income | $ 2,794 | $ 2,254 | [3] | $ 5,550 | $ 4,760 | [3] |
Commissions and brokerage service fees [Member] | ||||||
Noninterest income | ||||||
Fee income | 580 | 550 | [3] | 1,216 | 1,227 | [3] |
Investment banking fees [Member] | ||||||
Noninterest income | ||||||
Fee income | $ 570 | $ 547 | $ 1,138 | $ 938 | ||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||||
[2] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||||
[3] | In first quarter 2021, trust and investment management fees and asset-based brokerage fees were combined into a single line item for investment advisory and other asset-based fees, and brokerage commissions and other brokerage services fees were combined into a single line item for commissions and brokerage services fees. Prior period balances have been revised to conform with the current period presentation. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Net income (loss) before noncontrolling interests | $ 6,744 | $ (3,798) | [1] | $ 11,434 | $ (3,031) | [1] |
Other comprehensive income (loss), net of tax: | ||||||
Net change in debt securities | 304 | 1,143 | (1,221) | 915 | ||
Net change in derivatives and hedging activities | 27 | 3 | 63 | 140 | ||
Defined benefit plans adjustments | 334 | (431) | 369 | (401) | ||
Net change in foreign currency translation adjustments | 22 | 51 | 33 | (142) | ||
Other comprehensive income (loss), net of tax | 687 | 766 | (756) | 512 | ||
Less: Net income (loss) from noncontrolling interests | 704 | 48 | 758 | (101) | ||
Comprehensive income, net of tax | 7,431 | (3,032) | [1] | 10,678 | (2,519) | [1] |
Total Wells Fargo stockholders' equity [Member] | ||||||
Other comprehensive income (loss), net of tax: | ||||||
Other comprehensive income (loss), net of tax | 686 | 766 | (758) | 513 | ||
Comprehensive income, net of tax | 6,726 | (3,080) | [1] | 9,918 | (2,417) | [1] |
Noncontrolling interests [Member] | ||||||
Other comprehensive income (loss), net of tax: | ||||||
Other comprehensive income (loss), net of tax | $ 1 | $ 0 | $ 2 | $ (1) | ||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | ||
Assets | ||||
Cash and due from banks | $ 25,304 | $ 28,236 | ||
Interest-earning deposits with banks | 248,869 | 236,376 | ||
Total cash, cash equivalents, and restricted cash | 274,173 | 264,612 | ||
Federal funds sold and securities purchased under resale agreements | 70,149 | 65,672 | ||
Trading, at fair value | 82,727 | 75,095 | ||
Available-for-sale, at fair value | 189,897 | 220,392 | ||
Held-to-maturity, at amortized cost, net of allowance for credit losses | 260,941 | 205,720 | ||
Loans held for sale | 25,594 | 36,384 | ||
Loans | 852,300 | 887,637 | ||
Allowance for loan losses | (15,148) | (18,516) | ||
Net loans | 837,152 | 869,121 | ||
Mortgage servicing rights | 8,009 | 7,437 | ||
Premises and equipment, net | 8,745 | 8,895 | ||
Goodwill | 26,194 | 26,392 | ||
Derivative assets | 25,415 | 25,846 | ||
Equity securities | 64,547 | 60,008 | [1] | |
Other assets | 72,453 | 87,337 | ||
Total assets | [2] | 1,945,996 | 1,952,911 | |
Liabilities | ||||
Noninterest-bearing deposits | 504,108 | 467,068 | ||
Interest-bearing deposits | 936,364 | 937,313 | ||
Total deposits | 1,440,472 | 1,404,381 | ||
Short-term borrowings | 45,635 | 58,999 | ||
Derivative liabilities | 14,551 | 16,509 | ||
Accrued expenses and other liabilities | 72,555 | 74,360 | [1] | |
Long-term Debt | 179,656 | 212,950 | ||
Total liabilities | [3] | 1,752,869 | 1,767,199 | |
Wells Fargo stockholders’ equity: | ||||
Preferred stock | 20,820 | 21,136 | ||
Common stock | 9,136 | 9,136 | ||
Additional paid-in capital | 60,018 | 60,197 | ||
Retained earnings | 171,765 | 162,683 | [1] | |
Cumulative other comprehensive income (loss) | (564) | 194 | ||
Treasury stock | (69,038) | (67,791) | ||
Unearned ESOP shares | 875 | 875 | ||
Total Wells Fargo stockholders’ equity | 191,262 | 184,680 | ||
Noncontrolling interests | 1,865 | 1,032 | ||
Total equity | 193,127 | 185,712 | [4] | |
Total liabilities and equity | $ 1,945,996 | $ 1,952,911 | ||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||
[2] | Our consolidated assets at June 30, 2021, and December 31, 2020, included the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Debt securities, $518 million and $967 million; Loans, $4.1 billion and $10.9 billion; All other assets, $334 million and $310 million; and Total assets, $4.9 billion and $12.1 billion, respectively. | |||
[3] | Our consolidated liabilities at June 30, 2021, and December 31, 2020, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Long-term debt, $178 million and $203 million; All other liabilities, $587 million and $900 million; and Total liabilities, $765 million and $1.1 billion, respectively. | |||
[4] | We adopted Accounting Standards Update (ASU) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) effective January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2020. In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets [Abstract] | |||
Available-for-sale, at amortized cost, net of allowance for credit losses | $ 186,309 | $ 215,533 | |
Held-to-maturity, at fair value | 264,087 | 212,307 | |
Mortgage servicing rights, carried at fair value | 6,717 | 6,125 | |
Equity securities, carried at fair value | 35,331 | 34,009 | |
Loans | 852,300 | 887,637 | |
Assets | [1] | 1,945,996 | 1,952,911 |
Liabilities | |||
Accrued expenses and other liabilities, carried at fair value | 22,043 | 22,441 | |
Long-term Debt | 179,656 | 212,950 | |
Total liabilities | [2] | $ 1,752,869 | $ 1,767,199 |
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 | 1,373,813,200 | 1,337,799,931 | |
Fair value option election [Member] | |||
Assets [Abstract] | |||
Loans held for sale, carried at fair value | $ 18,894 | $ 18,806 | |
Carrying value [Member] | |||
Liabilities | |||
Long-term Debt | 179,625 | 212,922 | |
VIEs that we consolidate [Member] | |||
Assets [Abstract] | |||
Assets | 8,119 | 13,983 | |
VIEs that we consolidate [Member] | Carrying value [Member] | |||
Assets [Abstract] | |||
Debt securities | 518 | 967 | |
Loans | 4,075 | 10,869 | |
All other assets | 334 | 310 | |
Assets | 4,927 | 12,146 | |
Liabilities | |||
Long-term Debt | 178 | 203 | |
All other liabilities | 587 | 1,100 | |
VIEs that we consolidate [Member] | Carrying value [Member] | Nonrecourse [Member] | |||
Liabilities | |||
Long-term Debt | 178 | 203 | |
All other liabilities | 587 | 900 | |
Total liabilities | $ 765 | $ 1,100 | |
[1] | Our consolidated assets at June 30, 2021, and December 31, 2020, included the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Debt securities, $518 million and $967 million; Loans, $4.1 billion and $10.9 billion; All other assets, $334 million and $310 million; and Total assets, $4.9 billion and $12.1 billion, respectively. | ||
[2] | Our consolidated liabilities at June 30, 2021, and December 31, 2020, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Long-term debt, $178 million and $203 million; All other liabilities, $587 million and $900 million; and Total liabilities, $765 million and $1.1 billion, respectively. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) shares in Millions, $ in Millions | Total | Previously reported [Member] | Restatement adjustment [Member] | Total Wells Fargo stockholders' equity [Member] | Preferred stock [Member] | Preferred stock [Member]Previously reported [Member] | Common stock [Member] | Common stock [Member]Previously reported [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member]Previously reported [Member] | Retained earnings [Member] | Retained earnings [Member]Previously reported [Member] | Retained earnings [Member]Restatement adjustment [Member] | Cumulative other comprehensive income (loss) [Member] | Cumulative other comprehensive income (loss) [Member]Previously reported [Member] | Treasury stock [Member] | Treasury stock [Member]Previously reported [Member] | Unearned ESOP shares [Member] | Unearned ESOP shares [Member]Previously reported [Member] | Noncontrolling interests [Member] | Noncontrolling interests [Member]Previously reported [Member] | |||
Balance, beginning of period at Dec. 31, 2019 | $ 188,692 | [1] | $ 187,984 | $ 21,549 | $ 21,549 | $ 9,136 | $ 9,136 | $ 61,049 | $ 61,049 | $ 167,405 | [1] | $ 166,697 | $ (1,311) | $ (1,311) | $ (68,831) | $ (68,831) | $ (1,143) | $ (1,143) | $ 838 | $ 838 | ||||
Balance, beginning of period (Accounting Standards Update 2016-13 [Member], Change in accounting method on LIHTC investments and change in presentation of tax credits on solar energy investments [Member]) at Dec. 31, 2019 | [1] | $ 708 | $ 708 | |||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 7.5 | 7.5 | 4,134.4 | 4,134.4 | ||||||||||||||||||||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||||||||||||||
Net income | (3,031) | [1] | (2,930) | [1] | (101) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 512 | $ 513 | 513 | (1) | ||||||||||||||||||||
Noncontrolling interests | (1) | (1) | ||||||||||||||||||||||
Common stock issued | 2,044 | 207 | (857) | 2,694 | ||||||||||||||||||||
Common stock, shares issued | 50.9 | |||||||||||||||||||||||
Common stock repurchased | (3,409) | (3,409) | ||||||||||||||||||||||
Common stock repurchased, shares | (75.4) | |||||||||||||||||||||||
Preferred stock redeemed | [2] | (2,470) | $ (2,215) | 17 | (272) | |||||||||||||||||||
Preferred stock redeemed, shares | [2] | (1.9) | ||||||||||||||||||||||
Preferred stock released by ESOP | 249 | (19) | 268 | |||||||||||||||||||||
Preferred stock converted to common shares | 0 | $ (249) | (243) | 492 | ||||||||||||||||||||
Preferred stock converted to common shares, shares | (0.2) | 9.7 | ||||||||||||||||||||||
Preferred stock issued | 1,968 | $ 2,013 | (45) | |||||||||||||||||||||
Preferred stock, shares issued | 0.1 | |||||||||||||||||||||||
Common stock dividends | (4,188) | 38 | (4,226) | |||||||||||||||||||||
Preferred stock dividends | (654) | (654) | ||||||||||||||||||||||
Stock incentive compensation expense | 301 | 301 | ||||||||||||||||||||||
Net change in deferred compensation and related plans | (1,378) | (1,382) | 4 | |||||||||||||||||||||
Net change | (10,057) | [1] | $ (451) | $ 0 | (1,126) | (8,939) | [1] | 513 | (219) | 268 | (103) | |||||||||||||
Net change, shares | (2) | (14.8) | ||||||||||||||||||||||
Balance, end of period at Jun. 30, 2020 | 178,635 | [1],[3] | $ 21,098 | $ 9,136 | 59,923 | 158,466 | [1],[3] | (798) | (69,050) | (875) | 735 | |||||||||||||
Ending balance, shares at Jun. 30, 2020 | 5.5 | 4,119.6 | ||||||||||||||||||||||
Balance, beginning of period at Mar. 31, 2020 | 183,310 | [3] | $ 21,347 | $ 9,136 | 59,849 | 165,288 | [3] | (1,564) | (70,215) | (1,143) | 612 | |||||||||||||
Beginning balance, shares at Mar. 31, 2020 | 5.7 | 4,096.4 | ||||||||||||||||||||||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||||||||||||||
Net income | (3,798) | [3] | (3,846) | [3] | 48 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 766 | 766 | 766 | 0 | ||||||||||||||||||||
Noncontrolling interests | 75 | 75 | ||||||||||||||||||||||
Common stock issued | 367 | 224 | (549) | 692 | ||||||||||||||||||||
Common stock, shares issued | 13.5 | |||||||||||||||||||||||
Common stock repurchased | (2) | (2) | ||||||||||||||||||||||
Common stock repurchased, shares | 0 | |||||||||||||||||||||||
Preferred stock redeemed | 0 | $ 0 | 0 | 0 | ||||||||||||||||||||
Preferred stock redeemed, shares | 0 | |||||||||||||||||||||||
Preferred stock released by ESOP | 249 | (19) | 268 | |||||||||||||||||||||
Preferred stock converted to common shares | 0 | $ (249) | (243) | 492 | ||||||||||||||||||||
Preferred stock converted to common shares, shares | (0.2) | 9.7 | ||||||||||||||||||||||
Common stock dividends | (2,093) | 20 | (2,113) | |||||||||||||||||||||
Preferred stock dividends | (314) | (314) | ||||||||||||||||||||||
Stock incentive compensation expense | 120 | 120 | ||||||||||||||||||||||
Net change in deferred compensation and related plans | (45) | (28) | (17) | |||||||||||||||||||||
Net change | (4,675) | [3] | $ (249) | $ 0 | 74 | (6,822) | [3] | 766 | 1,165 | 268 | 123 | |||||||||||||
Net change, shares | (0.2) | 23.2 | ||||||||||||||||||||||
Balance, end of period at Jun. 30, 2020 | 178,635 | [1],[3] | $ 21,098 | $ 9,136 | 59,923 | 158,466 | [1],[3] | (798) | (69,050) | (875) | 735 | |||||||||||||
Ending balance, shares at Jun. 30, 2020 | 5.5 | 4,119.6 | ||||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2020 | 185,712 | [1] | $ 21,136 | $ 9,136 | 60,197 | 162,683 | [1] | 194 | (67,791) | (875) | 1,032 | |||||||||||||
Beginning balance, shares at Dec. 31, 2020 | 5.5 | 4,144 | ||||||||||||||||||||||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||||||||||||||
Net income | 11,434 | 10,676 | 758 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | (756) | (758) | (758) | 2 | ||||||||||||||||||||
Noncontrolling interests | 73 | 73 | ||||||||||||||||||||||
Common stock issued | 819 | 0 | (81) | 900 | ||||||||||||||||||||
Common stock, shares issued | 16.5 | |||||||||||||||||||||||
Common stock repurchased | (2,161) | (2,161) | ||||||||||||||||||||||
Common stock repurchased, shares | (52.5) | |||||||||||||||||||||||
Preferred stock redeemed | [4] | (4,876) | $ (4,876) | 48 | (48) | |||||||||||||||||||
Preferred stock redeemed, shares | [4] | (0.1) | ||||||||||||||||||||||
Preferred stock released by ESOP | 0 | 0 | 0 | |||||||||||||||||||||
Preferred stock converted to common shares | 0 | $ 0 | 0 | 0 | ||||||||||||||||||||
Preferred stock converted to common shares, shares | 0 | 0 | ||||||||||||||||||||||
Preferred stock issued | 4,529 | $ 4,560 | (31) | |||||||||||||||||||||
Preferred stock, shares issued | 0.2 | |||||||||||||||||||||||
Common stock dividends | (826) | 10 | (836) | |||||||||||||||||||||
Preferred stock dividends | (629) | (629) | ||||||||||||||||||||||
Stock incentive compensation expense | 724 | 724 | ||||||||||||||||||||||
Net change in deferred compensation and related plans | (916) | (930) | 14 | |||||||||||||||||||||
Net change | 7,415 | $ (316) | $ 0 | (179) | 9,082 | (758) | (1,247) | 0 | 833 | |||||||||||||||
Net change, shares | 0.1 | (36) | ||||||||||||||||||||||
Balance, end of period at Jun. 30, 2021 | 193,127 | $ 20,820 | $ 9,136 | 60,018 | 171,765 | (564) | (69,038) | (875) | 1,865 | |||||||||||||||
Ending balance, shares at Jun. 30, 2021 | 5.6 | 4,108 | ||||||||||||||||||||||
Balance, beginning of period at Mar. 31, 2021 | 188,034 | [3] | $ 21,170 | $ 9,136 | 59,854 | 166,458 | [3] | (1,250) | (67,589) | (875) | 1,130 | |||||||||||||
Beginning balance, shares at Mar. 31, 2021 | 5.6 | 4,141.1 | ||||||||||||||||||||||
Stockholders' Equity Period Increase (Decrease) | ||||||||||||||||||||||||
Net income | 6,744 | 6,040 | 704 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 687 | $ 686 | 686 | 1 | ||||||||||||||||||||
Noncontrolling interests | 30 | 30 | ||||||||||||||||||||||
Common stock issued | 95 | 0 | (20) | 115 | ||||||||||||||||||||
Common stock, shares issued | 2.2 | |||||||||||||||||||||||
Common stock repurchased | (1,565) | (1,565) | ||||||||||||||||||||||
Common stock repurchased, shares | (35.3) | |||||||||||||||||||||||
Preferred stock redeemed | [5] | (350) | $ (350) | 4 | (4) | |||||||||||||||||||
Preferred stock redeemed, shares | [5] | 0 | ||||||||||||||||||||||
Preferred stock released by ESOP | 0 | 0 | 0 | |||||||||||||||||||||
Preferred stock converted to common shares | 0 | $ 0 | 0 | 0 | ||||||||||||||||||||
Preferred stock converted to common shares, shares | 0 | 0 | ||||||||||||||||||||||
Common stock dividends | (412) | 4 | (416) | |||||||||||||||||||||
Preferred stock dividends | (293) | (293) | ||||||||||||||||||||||
Stock incentive compensation expense | 226 | 226 | ||||||||||||||||||||||
Net change in deferred compensation and related plans | (69) | (70) | 1 | |||||||||||||||||||||
Net change | 5,093 | $ (350) | $ 0 | 164 | 5,307 | 686 | (1,449) | 0 | 735 | |||||||||||||||
Net change, shares | 0 | (33.1) | ||||||||||||||||||||||
Balance, end of period at Jun. 30, 2021 | $ 193,127 | $ 20,820 | $ 9,136 | $ 60,018 | $ 171,765 | $ (564) | $ (69,038) | $ (875) | $ 1,865 | |||||||||||||||
Ending balance, shares at Jun. 30, 2021 | 5.6 | 4,108 | ||||||||||||||||||||||
[1] | We adopted Accounting Standards Update (ASU) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) effective January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2020. In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||||||||||||||||||||||
[2] | Represents the impact of the redemption of the remaining Preferred Stock, Series K, and partial redemption of Preferred Stock, Series T, in first quarter 2020. | |||||||||||||||||||||||
[3] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||||||||||||||||||||||
[4] | Represents the impact of the redemption of Preferred Stock, Series I, Series P and Series W, in first quarter 2021, and Preferred Stock, Series N, in second quarter 2021. For additional information, see Note 16 (Preferred Stock). | |||||||||||||||||||||||
[5] | Represents the impact of the redemption of the remaining Preferred Stock, Series N, in second quarter 2021. For additional information, see Note 16 (Preferred Stock). |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Cash flows from operating activities: | |||
Net income (loss) before noncontrolling interests | $ 11,434 | $ (3,031) | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | (2,308) | 13,539 | |
Changes in fair value of MSRs and LHFS carried at fair value | (895) | 4,481 | |
Depreciation, amortization and accretion | 4,173 | 3,858 | [2] |
Stock-based compensation | 1,475 | 953 | |
Deferred income tax benefit | (1,495) | (118) | [2] |
Other net (gains) losses | (7,661) | 7,150 | [3] |
Originations and purchases of loans held for sale | (87,673) | (83,540) | [3] |
Proceeds from sales of and paydowns on loans originally classified as held for sale | 55,502 | 69,195 | [3] |
Net change in: | |||
Debt and equity securities, held for trading | 7,531 | 36,459 | |
Derivative assets and liabilities | (1,299) | (6,825) | |
Other assets | 11,256 | (5,910) | |
Other accrued expenses and liabilities | (1,572) | (2,819) | [2] |
Net cash provided by operating activities | (11,532) | 33,392 | |
Net change in: | |||
Federal funds sold and securities purchased under resale agreements | (4,477) | 22,851 | |
Available-for-sale debt securities: | |||
Proceeds from sales | 13,675 | 29,524 | |
Prepayments and maturities | 45,238 | 35,340 | |
Purchases | (71,997) | (28,310) | |
Held-to-maturity debt securities: | |||
Paydowns and maturities | 45,833 | 11,566 | |
Purchases | (43,192) | (25,376) | |
Equity securities, not held for trading: | |||
Proceeds from sales and capital returns | 2,131 | 5,584 | |
Purchases | (3,033) | (5,587) | |
Loans: | |||
Loans originated by banking subsidiaries, net of principal collected | 21,926 | 8,871 | |
Proceeds from sales of loans originally classified as held for investment | 22,174 | 5,325 | |
Purchases of loans | (186) | (775) | |
Principal collected on nonbank entities’ loans | 7,007 | 5,505 | |
Loans originated by nonbank entities | (5,723) | (5,856) | |
Proceeds from sales of foreclosed assets and short sales | 372 | 753 | |
Other, net | 1,056 | (31) | |
Net cash provided by investing activities | 30,804 | 59,384 | |
Net change in: | |||
Deposits | 36,575 | 88,085 | |
Short-term borrowings | (13,364) | (44,027) | |
Long-term debt: | |||
Proceeds from issuance | 1,125 | 37,664 | |
Repayment | (29,810) | (44,574) | |
Preferred stock: | |||
Proceeds from issuance | 4,529 | 1,968 | |
Redeemed | (4,875) | (2,470) | |
Cash dividends paid | (629) | (654) | |
Common stock: | |||
Proceeds from issuance | 114 | 454 | |
Stock tendered for payment of withholding taxes | (250) | (320) | |
Repurchased | (2,161) | (3,409) | |
Cash dividends paid | (795) | (4,055) | |
Net change in noncontrolling interests | (13) | (31) | |
Other, net | (157) | (154) | |
Net cash provided (used) by financing activities | (9,711) | 28,477 | |
Net change in cash, cash equivalents, and restricted cash | 9,561 | 121,253 | |
Cash, cash equivalents, and restricted cash at beginning of period | 264,612 | 141,250 | |
Cash, cash equivalents, and restricted cash at end of period | 274,173 | 262,503 | |
Supplemental cash flow disclosures: | |||
Cash paid for interest | 2,345 | 5,545 | |
Cash paid for income taxes, net | $ 3,052 | $ 2,070 | [3] |
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | ||
[2] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | ||
[3] | Prior period balances have been revised to conform with the current period presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia, and in countries outside the U.S. 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, 2020 (2020 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 4 (Loans and Related Allowance for Credit Losses)); • valuations of residential mortgage servicing rights (MSRs) (Note 8 (Securitizations and Variable Interest Entities) and Note 9 (Mortgage Banking Activities)); • valuations of financial instruments (Note 15 (Fair Values of Assets and Liabilities)); • liabilities for contingent litigation losses (Note 13 (Legal Actions)); • income taxes; and • goodwill impairment (Note 10 (Intangible Assets)). 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 2020 Form 10-K. Change in Accounting Policies In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments from the equity method of accounting to the proportional amortization method. Under the proportional amortization method, the investments are carried at amortized cost and amortized in proportion to the tax credits received. The amortization of the investments and the related tax impacts are recognized in income tax expense. Previously, we recognized the amortization of the investments in other noninterest income and the related tax impacts were recognized in income tax expense. We determined that the proportional amortization method is preferable because it better aligns the financial statement presentation with the economic impact of these investments, which generate tax credits over the lives of the investments. Adoption of the proportional amortization method was applied retrospectively, to the earliest period presented, which resulted in a cumulative-effect adjustment to reduce retained earnings by $283 million as of January 1, 2020. In second quarter 2021, we also elected to change the presentation of investment tax credits related to solar energy investments, which are accounted for under the deferral method. We reclassified the investment tax credits on our consolidated balance sheet from accrued expenses and other liabilities to a reduction of the carrying value of the investment balances. We also reclassified the investment tax credits, which are recognized over time, from income tax expense to interest income for solar energy leases or noninterest income for solar energy equity investments. We determined that this presentation is preferable because it better reflects the financial statement presentation of the investment tax credits as an integral component of the investments. The change in accounting policy was adopted retrospectively to January 1, 2020. Table 1.1 presents the impact of the accounting policy changes for LIHTC investments and solar energy investments to our consolidated statement of income and consolidated balance sheet. There was no material impact to the consolidated statement of cash flows. Table 1.1: Impact of the Accounting Policy Changes for LIHTC Investments and Solar Energy Investments Quarter ended June 30, 2020 Six months ended June 30, 2020 Effect of accounting policy changes ($) Effect of accounting policy changes ($) ($ in millions, except per share amounts) As reported LIHTC Solar As revised As reported LIHTC Solar As revised Selected Income Statement Data Interest income – loans $ 8,448 — 12 8,460 18,513 — 30 18,543 Noninterest income 7,956 370 68 8,394 14,361 739 137 15,237 Income tax expense (benefit) (1) (3,917) 1,434 482 (2,001) (3,758) 1,584 526 (1,648) Net income (loss) (2,379) (1,064) (403) (3,846) (1,726) (845) (359) (2,930) Earnings (loss) per common share (0.66) (0.26) (0.09) (1.01) (0.65) (0.21) (0.08) (0.94) Diluted earnings (loss) per common share (0.66) (0.26) (0.09) (1.01) (0.65) (0.21) (0.08) (0.94) At December 31, 2020 Effect of accounting policy changes ($) As reported LIHTC Solar As revised Selected Balance Sheet Data Equity securities $ 62,260 (275) (1,977) 60,008 Accrued expenses and other liabilities 76,404 (62) (1,982) 74,360 Retained earnings 162,890 (207) — 162,683 (1) The quarterly income tax expense (benefit) varies based on the income (loss) before income tax expense (benefit) and the estimated annual effective income tax rate applied to each quarter. Accounting Standards Adopted in 2021 In 2021, we adopted the following new accounting guidance: • Accounting Standards Update (ASU or Update) 2021-01 – Reference Rate Reform (Topic 848): Scope • ASU 2020-08 – Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs • ASU 2020-01 – Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Financial Accounting Standards Board (FASB) Emerging Issues Task Force) • ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ASU 2021-01 clarifies the scope of Topic 848 to include derivatives affected by changes in interest rates for margining, discounting, or contract price alignment as part of the market-wide transition to new reference rates (commonly referred to as the “discounting transition”), even if they do not reference the London Interbank Offered Rate or another rate that is expected to be discontinued as a result of reference rate reform. The Update also clarifies other aspects of the relief provided in Accounting Standards Codification (ASC) 848. We adopted this Update in first quarter 2021 on a prospective basis, and the guidance will be followed until the Update terminates on December 31, 2022. The Update did not have a material impact on our consolidated financial statements. ASU 2020-08 clarifies the accounting for purchased callable debt securities carried at a premium and was issued to correct an unintended application of ASU 2017-08 – Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which requires amortization of such premiums to the earliest call date, but was not clear for the method to be used for instruments with multiple call dates. The Update now specifies that such premiums are amortized to the next call date and requires reassessment throughout the life of the instruments with multiple call dates. We adopted this Update in first quarter 2021. The Update did not have a material impact on our consolidated financial statements. ASU 2020-01 clarifies the accounting for equity securities upon transition between the measurement alternative and equity method. The Update also clarifies for forward contracts and options to purchase equity securities an entity need not consider whether upon settlement of the forward contract or option if the equity securities would be accounted for by the equity method or the fair value option. We adopted this Update in first quarter 2021. The Update did not have a material impact on our consolidated financial statements. ASU 2019-12 provides narrow scope simplifications and improvements to the general principles in ASC Topic 740 – Income Taxes related to intraperiod tax allocation, basis differences when there are changes in ownership of foreign investments and interim periods income tax accounting for year to date losses that exceed anticipated annual losses. We adopted this Update in first quarter 2021. The Update did not have a material impact on our consolidated financial statements. Supplemental Cash Flow Information Significant noncash activities are presented in Table 1.2. Table 1.2: Supplemental Cash Flow Information Six months ended June 30, (in millions) 2021 2020 Held-to-maturity debt securities purchased from securitization of LHFS (1) 16,462 664 Transfers from loans to LHFS (2) 11,551 12,753 Transfers from available-for-sale debt securities to held-to-maturity debt securities 41,298 — (1) For the six months ended June 30, 2021, predominantly represents agency mortgage-backed securities purchased upon settlement of the sale and securitization of our conforming residential mortgage loans. See Note 8 (Securitizations and Variable Interest Entities) for additional information. (2) Prior periods have been revised to conform to the current period presentation. Subsequent Events |
Trading Activities
Trading Activities | 6 Months Ended |
Jun. 30, 2021 | |
Trading Activities [Abstract] | |
Trading Activities | Note 2: Trading Activities Table 2.1 presents a summary of our trading assets and liabilities measured at fair value through earnings. Table 2.1: Trading Assets and Liabilities (in millions) Jun 30, Dec 31, Trading assets: Debt securities $ 82,727 75,095 Equity securities 23,701 23,032 Loans held for sale 2,269 1,015 Gross trading derivative assets 54,965 58,767 Netting (1) (31,052) (34,301) Total trading derivative assets 23,913 24,466 Total trading assets 132,610 123,608 Trading liabilities: Short sale 22,043 22,441 Gross trading derivative liabilities 45,441 53,285 Netting (1) (33,614) (39,444) Total trading derivative liabilities 11,827 13,841 Total trading liabilities $ 33,870 36,282 (1) Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments. Table 2.2 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 2.2: Net Interest Income and Net Gains (Losses) on Trading Activities Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interest income: Debt securities $ 496 $ 659 $ 1,025 1,425 Equity securities 93 68 196 205 Loans held for sale 3 6 15 18 Total interest income 592 733 1,236 1,648 Less: Interest expense 105 116 215 257 Net interest income 487 617 1,021 1,391 Net gains (losses) from trading activities (1): Debt securities 769 329 (1,337) 2,684 Equity securities 856 2,329 2,009 (2,072) Loans held for sale 15 24 39 12 Derivatives (2) (1,619) (1,875) (342) 247 Total net gains from trading activities 21 807 369 871 Total trading-related net interest and noninterest income $ 508 $ 1,424 $ 1,390 2,262 (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 | 6 Months Ended |
Jun. 30, 2021 | |
AFS and HTM Debt Securities [Abstract] | |
AFS and HTM Debt Securities | Note 3: Available-for-Sale and Held-to-Maturity Debt Securities Table 3.1 provides the amortized cost, net of the allowance for credit losses (ACL) for debt securities, and fair value by major categories of available-for-sale (AFS) debt securities, which are carried at fair value, and held-to-maturity (HTM) debt securities, which are carried at amortized cost, net of the ACL. The net unrealized gains (losses) for AFS debt securities are reported as a component of cumulative other comprehensive income (OCI), net of the ACL and applicable income taxes. Information on debt securities held for trading is included in Note 2 (Trading Activities). Outstanding balances exclude accrued interest receivable on AFS and HTM debt securities, which are included in other assets. See Note 7 (Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. The interest income reversed in the second quarter and first half of both 2021 and 2020 was insignificant. Table 3.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding (in millions) Amortized Gross Gross Fair value June 30, 2021 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 35,741 195 (31) 35,905 Non-U.S. government securities 11,201 — — 11,201 Securities of U.S. states and political subdivisions (2) 19,121 410 (32) 19,499 Federal agency mortgage-backed securities 94,186 2,679 (331) 96,534 Non-agency mortgage-backed securities (3) 4,349 51 (22) 4,378 Collateralized loan obligations 12,406 8 (7) 12,407 Other debt securities 9,305 699 (31) 9,973 Total available-for-sale debt securities 186,309 4,042 (454) 189,897 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 27,576 862 (409) 28,029 Securities of U.S. states and political subdivisions 28,243 931 (36) 29,138 Federal agency mortgage-backed securities 182,891 2,908 (1,349) 184,450 Non-agency mortgage-backed securities 948 46 (11) 983 Collateralized loan obligations 21,283 205 (1) 21,487 Total held-to-maturity debt securities 260,941 4,952 (1,806) 264,087 Total (4) $ 447,250 8,994 (2,260) 453,984 December 31, 2020 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 21,954 205 — 22,159 Non-U.S. government securities 16,816 — (3) 16,813 Securities of U.S. states and political subdivisions (2) 19,263 224 (81) 19,406 Federal agency mortgage-backed securities 134,838 4,260 (28) 139,070 Non-agency mortgage-backed securities (3) 3,745 30 (46) 3,729 Collateralized loan obligations 9,058 4 (44) 9,018 Other debt securities 9,859 399 (61) 10,197 Total available-for-sale debt securities 215,533 5,122 (263) 220,392 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 47,295 1,472 (170) 48,597 Securities of U.S. states and political subdivisions 25,860 938 (5) 26,793 Federal agency mortgage-backed securities 115,437 4,182 (21) 119,598 Non-agency mortgage-backed securities 890 51 (8) 933 Collateralized loan obligations 16,238 148 — 16,386 Total held-to-maturity debt securities 205,720 6,791 (204) 212,307 Total (4) $ 421,253 11,913 (467) 432,699 (1) Represents amortized cost of the securities, net of the ACL of $33 million and $28 million related to AFS debt securities and $77 million and $41 million related to HTM debt securities at June 30, 2021, and December 31, 2020, respectively. (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 the ACL and fair value of these types of securities, was $5.2 billion at June 30, 2021, and $5.0 billion at December 31, 2020. (3) Predominantly consists of commercial mortgage-backed securities at both June 30, 2021, and December 31, 2020. (4) We held AFS and HTM 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 $119.8 billion and $89.9 billion and a fair value of $121.5 billion and $91.3 billion at June 30, 2021, and an amortized cost of $99.8 billion and $88.7 billion and a fair value of $103.2 billion and $91.5 billion at December 31, 2020, respectively. Table 3.2 details the breakout of purchases of and transfers to HTM debt securities by major category of security. Table 3.2: Held-to-Maturity Debt Securities Purchases and Transfers Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Purchases of held-to-maturity debt securities (1): Securities of U.S. Treasury and federal agencies $ — — $ — 3,016 Securities of U.S. states and political subdivisions 1,173 15 3,083 881 Federal agency mortgage-backed securities 24,855 6,958 49,722 22,821 Non-agency mortgage-backed securities 55 12 84 74 Collateralized loan obligations 3,385 — 7,338 — Total purchases of held-to-maturity debt securities 29,468 6,985 60,227 26,792 Transfers from available-for-sale debt securities to held-to-maturity debt securities: Federal agency mortgage-backed securities 24,681 — 41,298 — Total transfers from available-for-sale debt securities to held-to-maturity debt securities $ 24,681 — $ 41,298 — (1) Inclusive of securities purchased but not yet settled and noncash purchases from securitization of loans held for sale (LHFS). Table 3.3 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 AFS and HTM debt securities (pre-tax) . Table 3.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interest income (1): Available-for-sale $ 655 1,349 $ 1,466 3,075 Held-to-maturity 1,048 938 2,020 1,918 Total interest income 1,703 2,287 3,486 4,993 Provision for credit losses: Available-for-sale (10) (40) 12 128 Held-to-maturity (11) 9 36 13 Total provision for credit losses (21) (31) 48 141 Realized gains and losses (2): Gross realized gains 1 248 152 504 Gross realized losses (1) (36) (1) (40) Impairment write-downs — — — (15) Net realized gains $ — $ 212 $ 151 449 (1) Excludes interest income from trading debt securities, which is disclosed in Note 2 (Trading Activities). (2) Realized gains and losses relate to AFS debt securities. There were no realized gains or losses from HTM debt securities in all periods presented. 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 ACL for debt securities. 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 June 30, 2021, and December 31, 2020. Table 3.4 shows the percentage of fair value of AFS debt securities and amortized cost of HTM debt securities determined to be rated investment grade, inclusive of securities rated based on internal credit grades. Table 3.4: Investment Grade Debt Securities Available-for-Sale Held-to-Maturity ($ in millions) Fair value % investment grade Amortized cost % investment grade June 30, 2021 Total portfolio (1) $ 189,897 99 % 261,018 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (2) $ 132,439 100 % 210,467 100 % Securities of U.S. states and political subdivisions 19,499 99 28,258 100 Collateralized loan obligations (3) 12,407 100 21,329 100 All other debt securities (4) 25,552 91 964 4 December 31, 2020 Total portfolio (1) $ 220,392 99 % 205,761 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (2) $ 161,229 100 % 162,732 100 % Securities of U.S. states and political subdivisions 19,406 99 25,870 100 Collateralized loan obligations (3) 9,018 100 16,255 100 All other debt securities (4) 30,739 93 904 6 (1) 94% and 92% were rated AA- and above at June 30, 2021, and December 31, 2020, respectively. (2) Includes federal agency mortgage-backed securities. (3) 99% and 98% were rated AA- and above at June 30, 2021, and December 31, 2020, respectively. (4) Includes non-U.S. government, non-agency mortgage-backed, 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. Debt securities that are past due and still accruing were insignificant at both June 30, 2021, and December 31, 2020. The carrying value of debt securities in nonaccrual status was insignificant at both June 30, 2021, and December 31, 2020. Charge-offs on debt securities were insignificant in the second quarter and first half of both 2021 and 2020. Purchased debt securities with credit deterioration (PCD) are not considered to be in nonaccrual status, as payments from issuers of these securities remain current. PCD securities were insignificant in the second quarter and first half of both 2021 and 2020. Unrealized Losses of Available-for-Sale Debt Securities Table 3.5 shows the gross unrealized losses and fair value of AFS 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 amortized cost basis, net of allowance for credit losses. Table 3.5: 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 June 30, 2021 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (31) 11,924 — — (31) 11,924 Non-U.S. government securities — — — — — — Securities of U.S. states and political subdivisions (21) 1,413 (11) 717 (32) 2,130 Federal agency mortgage-backed securities (285) 18,152 (46) 2,924 (331) 21,076 Non-agency mortgage-backed securities (3) 330 (19) 771 (22) 1,101 Collateralized loan obligations (2) 1,312 (5) 1,698 (7) 3,010 Other debt securities (15) 1,196 (16) 807 (31) 2,003 Total available-for-sale debt securities $ (357) 34,327 (97) 6,917 (454) 41,244 December 31, 2020 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ — — — — — — Non-U.S. government securities (3) 16,812 — — (3) 16,812 Securities of U.S. states and political subdivisions (51) 3,681 (30) 1,101 (81) 4,782 Federal agency mortgage-backed securities (27) 11,310 (1) 316 (28) 11,626 Non-agency mortgage-backed securities (28) 1,366 (18) 534 (46) 1,900 Collateralized loan obligations (27) 5,082 (17) 1,798 (44) 6,880 Other debt securities (16) 647 (45) 1,604 (61) 2,251 Total available-for-sale debt securities $ (152) 38,898 (111) 5,353 (263) 44,251 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. Credit impairment is recorded as an ACL 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) in our 2020 Form 10-K. Contractual Maturities Table 3.6 and Table 3.7 show the remaining contractual maturities, amortized cost, net of the ACL, fair value and weighted average effective yields of AFS and HTM debt securities, respectively. The remaining contractual principal maturities for mortgage-backed securities (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 3.6: Contractual Maturities – Available-for-Sale Debt Securities By remaining contractual maturity ($ in millions) Total Within After After After June 30, 2021 Available-for-sale debt securities (1): Securities of U.S. Treasury and federal agencies Amortized cost, net $ 35,741 5 17,965 15,777 1,994 Fair value 35,905 5 17,978 15,837 2,085 Weighted average yield 0.75 % 2.00 0.33 1.13 1.44 Non-U.S. government securities Amortized cost, net $ 11,201 11,176 25 — — Fair value 11,201 11,176 25 — — Weighted average yield (0.11 %) (0.11) 0.42 — — Securities of U.S. states and political subdivisions Amortized cost, net $ 19,121 1,546 2,225 5,244 10,106 Fair value 19,499 1,549 2,270 5,253 10,427 Weighted average yield 2.07 % 1.46 1.58 1.41 2.62 Federal agency mortgage-backed securities Amortized cost, net $ 94,186 8 171 3,359 90,648 Fair value 96,534 8 181 3,484 92,861 Weighted average yield 2.72 % 2.35 3.30 2.30 2.74 Non-agency mortgage-backed securities Amortized cost, net $ 4,349 — — 151 4,198 Fair value 4,378 — — 150 4,228 Weighted average yield 2.00 % — — 2.27 1.99 Collateralized loan obligations Amortized cost, net $ 12,406 — 90 7,306 5,010 Fair value 12,407 — 90 7,304 5,013 Weighted average yield 1.42 % — 2.21 1.44 1.39 Other debt securities Amortized cost, net $ 9,305 160 2,791 2,865 3,489 Fair value 9,973 160 3,152 2,910 3,751 Weighted average yield 3.17 % 2.97 4.23 3.31 2.22 Total available-for-sale debt securities Amortized cost, net $ 186,309 12,895 23,267 34,702 115,445 Fair value $ 189,897 12,898 23,696 34,938 118,365 Weighted average yield 2.03 % 0.22 0.95 1.54 2.60 (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 3.7: Contractual Maturities – Held-to-Maturity Debt Securities By remaining contractual maturity ($ in millions) Total Within After After After June 30, 2021 Held-to-maturity debt securities (1): Securities of U.S. Treasury and federal agencies Amortized cost, net $ 27,576 11,386 12,407 — 3,783 Fair value 28,029 11,461 13,140 — 3,428 Weighted average yield 2.10 % 1.98 2.37 — 1.57 Securities of U.S. states and political subdivisions Amortized cost, net $ 28,243 673 2,177 2,066 23,327 Fair value 29,138 680 2,246 2,150 24,062 Weighted average yield 2.19 % 2.09 1.90 2.65 2.18 Federal agency mortgage-backed securities Amortized cost, net $ 182,891 — — — 182,891 Fair value 184,450 — — — 184,450 Weighted average yield 2.20 % — — — 2.20 Non-agency mortgage-backed securities Amortized cost, net $ 948 — 15 — 933 Fair value 983 — 15 — 968 Weighted average yield 3.09 % — 1.56 — 3.12 Collateralized loan obligations Amortized cost, net $ 21,283 — — 8,155 13,128 Fair value 21,487 — — 8,248 13,239 Weighted average yield 1.68 % — — 1.73 1.65 Total held-to-maturity debt securities Amortized cost, net $ 260,941 12,059 14,599 10,221 224,062 Fair value 264,087 12,141 15,401 10,398 226,147 Weighted average yield 2.15 % 1.98 2.30 1.91 2.16 (1) Weighted average yields displayed by maturity bucket are weighted based on amortized cost and are shown pre-tax. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans and Allowance for Credit Losses | Note 4: Loans and Related Allowance for Credit Losses Table 4.1 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 June 30, 2021, and December 31, 2020. Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans. See Note 7 (Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. During the first half of 2021, we reversed accrued interest receivable of $24 million for our commercial portfolio segment and $104 million for our consumer portfolio segment, compared with $21 million and $114 million, respectively, for the same period a year ago. Table 4.1: Loans Outstanding (in millions) Jun 30, Dec 31, Commercial: Commercial and industrial $ 317,618 318,805 Real estate mortgage 120,678 121,720 Real estate construction 22,406 21,805 Lease financing 15,720 16,087 Total commercial 476,422 478,417 Consumer: Residential mortgage – first lien 244,371 276,674 Residential mortgage – junior lien 19,637 23,286 Credit card 34,936 36,664 Auto 51,073 48,187 Other consumer 25,861 24,409 Total consumer 375,878 409,220 Total loans $ 852,300 887,637 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 4.2 presents total non-U.S. commercial loans outstanding by class of financing receivable. Table 4.2: Non-U.S. Commercial Loans Outstanding (in millions) Jun 30, Dec 31, Non-U.S. commercial loans: Commercial and industrial $ 71,409 63,128 Real estate mortgage 6,619 7,278 Real estate construction 1,820 1,603 Lease financing 672 629 Total non-U.S. commercial loans $ 80,520 72,638 Loan Purchases, Sales, and Transfers Table 4.3 presents 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 residential mortgage – first lien loans because their loan activity normally does not impact the ACL. Table 4.3: Loan Purchases, Sales, and Transfers 2021 2020 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended June 30, Purchases $ 134 1 135 332 2 334 Sales (65) — (65) (1,957) (1) (1,958) Transfers (to)/from LHFS (359) (99) (458) (8) (10,379) (10,387) Six months ended June 30, Purchases $ 182 2 184 673 3 676 Sales (338) (188) (526) (2,770) (27) (2,797) Transfers (to)/from LHFS (794) (36) (830) 69 (10,377) (10,308) Commitments to Lend A commitment to lend is a legally binding agreement to lend 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. For unconditionally cancelable commitments at our discretion, we do not recognize an ACL. 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 $82.6 billion at June 30, 2021. We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At June 30, 2021, and December 31, 2020, we had $1.4 billion and $1.3 billion, 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 11 (Guarantees and Other Commitments) for additional information on standby letters of credit. When we enter into 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, autos, 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 4.4. The table excludes the issued standby and commercial letters of credit and temporary advance arrangements described above. Table 4.4: Unfunded Credit Commitments (in millions) Jun 30, Dec 31, Commercial: Commercial and industrial $ 394,370 378,167 Real estate mortgage 8,794 7,993 Real estate construction 16,260 15,650 Total commercial 419,424 401,810 Consumer: Residential mortgage – first lien 37,920 31,530 Residential mortgage – junior lien 30,170 32,820 Credit card 124,985 121,096 Other consumer 54,724 49,179 Total consumer 247,799 234,625 Total unfunded credit commitments $ 667,223 636,435 Allowance for Credit Losses Table 4.5 presents the allowance for credit losses (ACL) for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans decreased $3.3 billion from December 31, 2020, due to improvements in current and forecasted economic conditions. Table 4.5: Allowance for Credit Losses for Loans Quarter ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Balance, beginning of period $ 18,043 12,022 19,713 10,456 Cumulative effect from change in accounting policies (1) — — — (1,337) Allowance for purchased credit-deteriorated (PCD) loans (2) — — — 8 Balance, beginning of period, adjusted 18,043 12,022 19,713 9,127 Provision for credit losses (1,239) 9,565 (2,356) 13,398 Interest income on certain impaired loans (3) (36) (38) (77) (76) Loan charge-offs: Commercial: Commercial and industrial (149) (556) (308) (933) Real estate mortgage (11) (72) (63) (75) Real estate construction — — — — Lease financing (10) (19) (31) (32) Total commercial (170) (647) (402) (1,040) Consumer: Residential mortgage – first lien (6) (20) (23) (43) Residential mortgage – junior lien (12) (18) (31) (48) Credit card (357) (415) (692) (886) Auto (128) (158) (257) (314) Other consumer (79) (113) (226) (278) Total consumer (582) (724) (1,229) (1,569) Total loan charge-offs (752) (1,371) (1,631) (2,609) Loan recoveries: Commercial: Commercial and industrial 68 35 139 79 Real estate mortgage 16 5 22 10 Real estate construction 1 1 1 17 Lease financing 5 4 11 8 Total commercial 90 45 173 114 Consumer: Residential mortgage – first lien 25 18 66 44 Residential mortgage – junior lien 43 30 81 65 Credit card 101 88 200 182 Auto 83 52 160 126 Other consumer 29 25 57 56 Total consumer 281 213 564 473 Total loan recoveries 371 258 737 587 Net loan charge-offs (381) (1,113) (894) (2,022) Other 4 — 5 9 Balance, end of period $ 16,391 20,436 16,391 20,436 Components: Allowance for loan losses $ 15,148 18,926 15,148 18,926 Allowance for unfunded credit commitments 1,243 1,510 1,243 1,510 Allowance for credit losses $ 16,391 20,436 16,391 20,436 Net loan charge-offs (annualized) as a percentage of average total loans 0.18 % 0.46 0.21 0.42 Allowance for loan losses as a percentage of total loans 1.78 2.02 1.78 2.02 Allowance for credit losses for loans as a percentage of total loans 1.92 2.19 1.92 2.19 (1) Represents the overall decrease in our ACL for loans as a result of our adoption of CECL on January 1, 2020. (2) Represents the allowance estimated for purchased credit-impaired (PCI) loans that automatically became PCD loans with the adoption of CECL. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2020 Form 10-K. (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 4.6 summarizes the activity in the ACL by our commercial and consumer portfolio segments. Table 4.6: Allowance for Credit Losses for Loans Activity by Portfolio Segment 2021 2020 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended June 30, Balance, beginning of period $ 10,682 7,361 18,043 5,279 6,743 12,022 Provision for credit losses (1,021) (218) (1,239) 6,999 2,566 9,565 Interest income on certain loans (3) (15) (21) (36) (12) (26) (38) Loan charge-offs (170) (582) (752) (647) (724) (1,371) Loan recoveries 90 281 371 45 213 258 Net loan charge-offs (80) (301) (381) (602) (511) (1,113) Other 4 — 4 5 (5) — Balance, end of period $ 9,570 6,821 16,391 11,669 8,767 20,436 Six months ended June 30, Balance, beginning of period $ 11,516 8,197 19,713 6,245 4,211 10,456 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 11,516 8,197 19,713 3,384 5,743 9,127 Provision for credit losses (1,688) (668) (2,356) 9,239 4,159 13,398 Interest income on certain loans (3) (34) (43) (77) (26) (50) (76) Loan charge-offs (402) (1,229) (1,631) (1,040) (1,569) (2,609) Loan recoveries 173 564 737 114 473 587 Net loan charge-offs (229) (665) (894) (926) (1,096) (2,022) Other 5 — 5 (2) 11 9 Balance, end of period $ 9,570 6,821 16,391 11,669 8,767 20,436 (1) Represents the overall decrease in our ACL 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) in our 2020 Form 10-K. (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. Credit Quality We monitor credit quality by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for loans. 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 March 31, 2021. COMMERCIAL CREDIT QUALITY INDICATORS We manage a consistent process for assessing commercial loan credit quality. Commercial loans are generally 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 regulatory definitions of pass and criticized categories with the criticized segmented among special mention, substandard, doubtful and loss categories. Table 4.7 provides the outstanding balances of our commercial loan portfolio by risk category. 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 troubled debt restructuring (TDR). At June 30, 2021, we had $442.6 billion and $33.8 billion of pass and criticized commercial loans, respectively. Table 4.7: Commercial Loan Categories by Risk Categories and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans Total (in millions) 2021 2020 2019 2018 2017 Prior June 30, 2021 Commercial and industrial Pass $ 37,051 25,171 28,385 11,075 5,582 12,341 183,360 341 303,306 Criticized 729 1,317 1,325 1,594 826 1,078 7,443 — 14,312 Total commercial and industrial 37,780 26,488 29,710 12,669 6,408 13,419 190,803 341 317,618 Real estate mortgage Pass 14,713 18,977 21,983 15,350 9,245 20,321 4,478 1 105,068 Criticized 1,664 2,450 3,444 2,679 1,286 3,665 422 — 15,610 Total real estate mortgage 16,377 21,427 25,427 18,029 10,531 23,986 4,900 1 120,678 Real estate construction Pass 2,800 4,995 6,148 3,607 775 359 1,138 2 19,824 Criticized 354 501 746 418 442 120 1 — 2,582 Total real estate construction 3,154 5,496 6,894 4,025 1,217 479 1,139 2 22,406 Lease financing Pass 2,244 3,545 3,180 1,752 1,107 2,555 — — 14,383 Criticized 145 293 374 254 129 142 — — 1,337 Total lease financing 2,389 3,838 3,554 2,006 1,236 2,697 — — 15,720 Total commercial loans $ 59,700 57,249 65,585 36,729 19,392 40,581 196,842 344 476,422 Term loans by origination year Revolving loans Revolving loans converted to term loans Total 2020 2019 2018 2017 2016 Prior December 31, 2020 Commercial and industrial Pass $ 56,915 34,040 15,936 7,274 4,048 4,738 177,107 997 301,055 Criticized 1,404 1,327 1,357 972 672 333 11,534 151 17,750 Total commercial and industrial 58,319 35,367 17,293 8,246 4,720 5,071 188,641 1,148 318,805 Real estate mortgage Pass 22,444 26,114 18,679 11,113 11,582 14,663 5,152 6 109,753 Criticized 2,133 2,544 1,817 1,287 1,625 2,082 479 — 11,967 Total real estate mortgage 24,577 28,658 20,496 12,400 13,207 16,745 5,631 6 121,720 Real estate construction Pass 5,242 6,574 4,771 1,736 477 235 1,212 3 20,250 Criticized 449 452 527 4 113 10 — — 1,555 Total real estate construction 5,691 7,026 5,298 1,740 590 245 1,212 3 21,805 Lease financing Pass 3,970 3,851 2,176 1,464 1,199 1,924 — — 14,584 Criticized 308 433 372 197 108 85 — — 1,503 Total lease financing 4,278 4,284 2,548 1,661 1,307 2,009 — — 16,087 Total commercial loans $ 92,865 75,335 45,635 24,047 19,824 24,070 195,484 1,157 478,417 Table 4.8 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 could continue to delay the recognition of delinquencies for customers who otherwise would have moved into past due status. Table 4.8: Commercial Loan Categories by Delinquency Status (in millions) Commercial Real Real Lease Total June 30, 2021 By delinquency status: Current-29 days past due (DPD) and still accruing $ 315,279 118,719 22,329 15,350 471,677 30-89 DPD and still accruing 483 256 25 155 919 90+ DPD and still accruing 165 105 7 — 277 Nonaccrual loans 1,691 1,598 45 215 3,549 Total commercial loans $ 317,618 120,678 22,406 15,720 476,422 December 31, 2020 By delinquency status: Current-29 DPD and still accruing $ 315,493 119,561 21,532 15,595 472,181 30-89 DPD and still accruing 575 347 224 233 1,379 90+ DPD and still accruing 39 38 1 — 78 Nonaccrual loans 2,698 1,774 48 259 4,779 Total commercial loans $ 318,805 121,720 21,805 16,087 478,417 CONSUMER CREDIT QUALITY INDICATORS We have various classes of consumer loans that present unique credit risks. Loan delinquency, FICO credit scores and LTV for residential mortgage loans are the primary credit quality indicators that we monitor and utilize in our evaluation of the appropriateness of the ACL for the consumer loan portfolio segment. Many of our loss estimation techniques used for the ACL for loans rely on delinquency-based models; therefore, delinquency is an important indicator of credit quality in the establishment of our ACL for consumer loans. Table 4.9 provides the outstanding balances of our consumer loan portfolio by delinquency status. Payment deferral activities instituted in response to the COVID-19 pandemic could continue to delay the recognition of delinquencies for customers who otherwise would have moved into past due status. 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 4.9: Consumer Loan Categories by Delinquency Status and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2021 2020 2019 2018 2017 Prior Total June 30, 2021 Residential mortgage – first lien By delinquency status: Current-29 DPD $ 30,494 47,246 32,078 10,137 17,647 76,251 5,989 1,598 221,440 30-59 DPD 28 33 52 21 34 604 15 30 817 60-89 DPD 1 11 1 3 3 187 8 18 232 90-119 DPD 2 8 3 1 7 64 6 11 102 120-179 DPD — 12 6 3 3 85 16 23 148 180+ DPD — 204 12 10 21 809 100 245 1,401 Government insured/guaranteed loans (1) 3 193 364 566 635 18,470 — — 20,231 Total residential mortgage – first lien 30,528 47,707 32,516 10,741 18,350 96,470 6,134 1,925 244,371 Residential mortgage – junior lien By delinquency status: Current-29 DPD 13 22 34 35 28 909 12,913 4,680 18,634 30-59 DPD — — 1 — — 15 28 40 84 60-89 DPD — — — — — 7 16 29 52 90-119 DPD — — — — — 3 11 22 36 120-179 DPD — — — — — 6 37 49 92 180+ DPD — — — — — 32 215 492 739 Total residential mortgage – junior lien 13 22 35 35 28 972 13,220 5,312 19,637 Credit cards By delinquency status: Current-29 DPD — — — — — — 34,201 226 34,427 30-59 DPD — — — — — — 135 7 142 60-89 DPD — — — — — — 90 6 96 90-119 DPD — — — — — — 80 7 87 120-179 DPD — — — — — — 182 2 184 180+ DPD — — — — — — — — — Total credit cards — — — — — — 34,688 248 34,936 Auto By delinquency status: Current-29 DPD 14,445 15,920 11,321 4,644 2,309 1,677 — — 50,316 30-59 DPD 33 143 148 81 52 85 — — 542 60-89 DPD 8 42 44 24 14 25 — — 157 90-119 DPD 3 17 17 8 5 8 — — 58 120-179 DPD — — — — — — — — — 180+ DPD — — — — — — — — — Total auto 14,489 16,122 11,530 4,757 2,380 1,795 — — 51,073 Other consumer By delinquency status: Current-29 DPD 982 990 994 335 155 173 22,011 150 25,790 30-59 DPD 1 2 3 2 1 2 8 3 22 60-89 DPD — 2 2 1 1 1 5 1 13 90-119 DPD — 1 2 1 — — 4 1 9 120-179 DPD — — — — — — 8 2 10 180+ DPD — — — — — 2 4 11 17 Total other consumer 983 995 1,001 339 157 178 22,040 168 25,861 Total consumer loans $ 46,013 64,846 45,082 15,872 20,915 99,415 76,082 7,653 375,878 (continued on following page) (continued from previous page) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total December 31, 2020 Residential mortgage – first lien By delinquency status: Current-29 DPD $ 53,298 43,297 14,761 24,619 30,533 67,960 6,762 1,719 242,949 30-59 DPD 111 76 36 67 79 750 52 66 1,237 60-89 DPD 88 10 6 12 13 305 56 68 558 90-119 DPD 232 11 5 8 7 197 26 33 519 120-179 DPD 3 4 1 3 5 151 17 29 213 180+ DPD 3 1 4 11 15 758 21 145 958 Government insured/guaranteed loans (1) 215 639 904 1,076 2,367 25,039 — — 30,240 Total residential mortgage – first lien 53,950 44,038 15,717 25,796 33,019 95,160 6,934 2,060 276,674 Residential mortgage – junior lien By delinquency status: Current-29 DPD 22 39 39 37 31 1,115 15,366 5,434 22,083 30-59 DPD — — 1 1 — 22 113 160 297 60-89 DPD — — 1 — — 11 154 271 437 90-119 DPD — — — 1 — 7 45 84 137 120-179 DPD — — — — — 9 36 77 122 180+ DPD — — — — 1 25 29 155 210 Total residential mortgage – junior lien 22 39 41 39 32 1,189 15,743 6,181 23,286 Credit cards By delinquency status: Current-29 DPD — — — — — — 35,612 255 35,867 30-59 DPD — — — — — — 243 12 255 60-89 DPD — — — — — — 167 10 177 90-119 DPD — — — — — — 144 10 154 120-179 DPD — — — — — — 208 3 211 180+ DPD — — — — — — — — — Total credit cards — — — — — — 36,374 290 36,664 Auto By delinquency status: Current-29 DPD 19,625 14,561 6,307 3,459 2,603 697 — — 47,252 30-59 DPD 120 183 114 80 107 46 — — 650 60-89 DPD 32 60 36 25 35 16 — — 204 90-119 DPD 13 26 14 9 12 6 — — 80 120-179 DPD — 1 — — — — — — 1 180+ DPD — — — — — — — — — Total auto 19,790 14,831 6,471 3,573 2,757 765 — — 48,187 Other consumer By delinquency status: Current-29 DPD 1,406 1,383 577 261 59 193 20,246 162 24,287 30-59 DPD 2 7 5 2 1 3 19 10 49 60-89 DPD 1 5 3 1 1 1 10 6 28 90-119 DPD 1 4 2 1 — 1 8 3 20 120-179 DPD — — — — — — 10 4 14 180+ DPD — — — — — 2 3 6 11 Total other consumer 1,410 1,399 587 265 61 200 20,296 191 24,409 Total consumer loans $ 75,172 60,307 22,816 29,673 35,869 97,314 79,347 8,722 409,220 (1) 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 $6.1 billion and $11.1 billion at June 30, 2021, and December 31, 2020, respectively. Of the $2.9 billion of consumer loans not government insured/guaranteed that are 90 days or more past due at June 30, 2021, $460 million was accruing, compared with $2.7 billion past due and $612 million accruing at December 31, 2020. Table 4.10 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 $15.9 billion and $13.2 billion at June 30, 2021, and December 31, 2020, respectively. Substantially all loans not requiring a FICO score are securities-based loans originated through retail brokerage. Table 4.10: Consumer Loan Categories by FICO and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2021 2020 2019 2018 2017 Prior Total June 30, 2021 By FICO: Residential mortgage – first lien 800+ $ 14,373 29,351 21,113 6,709 12,245 47,225 2,973 453 134,442 760-799 11,864 12,539 7,250 2,017 3,200 12,684 1,229 257 51,040 720-759 3,281 4,024 2,566 857 1,343 7,473 771 243 20,558 680-719 794 1,103 788 363 603 4,188 463 215 8,517 640-679 129 294 222 107 143 2,117 213 135 3,360 600-639 30 47 75 37 51 1,234 109 93 1,676 < 600 7 11 28 16 32 1,303 139 145 1,681 No FICO available 47 145 110 69 98 1,776 237 384 2,866 Government insured/guaranteed loans (1) 3 193 364 566 635 18,470 — — 20,231 Total residential mortgage – first lien 30,528 47,707 32,516 10,741 18,350 96,470 6,134 1,925 244,371 Residential mortgage – junior lien 800+ — — — — — 236 6,715 1,612 8,563 760-799 — — — — — 142 2,588 906 3,636 720-759 — — — — — 169 1,721 891 2,781 680-719 — — — — — 143 1,022 719 1,884 640-679 — — — — — 82 396 405 883 600-639 — — — — — 52 189 232 473 < 600 — — — — — 53 195 267 515 No FICO available 13 22 35 35 28 95 394 280 902 Total residential mortgage – junior lien 13 22 35 35 28 972 13,220 5,312 19,637 Credit card 800+ — — — — — — 3,987 1 3,988 760-799 — — — — — — 5,561 8 5,569 720-759 — — — — — — 7,825 30 7,855 680-719 — — — — — — 8,437 57 8,494 640-679 — — — — — — 5,122 56 5,178 600-639 — — — — — — 1,929 39 1,968 < 600 — — — — — — 1,819 56 1,875 No FICO available — — — — — — 8 1 9 Total credit card — — — — — — 34,688 248 34,936 Auto 800+ 2,576 2,329 2,157 941 509 271 — — 8,783 760-799 2,505 2,698 2,145 850 390 216 — — 8,804 720-759 2,430 2,721 1,999 825 387 251 — — 8,613 680-719 2,518 2,965 1,968 772 358 259 — — 8,840 640-679 2,267 2,548 1,400 527 257 222 — — 7,221 600-639 1,418 1,519 822 333 178 190 — — 4,460 < 600 775 1,313 993 498 288 362 — — 4,229 No FICO available — 29 46 11 13 24 — — 123 Total auto 14,489 16,122 11,530 4,757 2,380 1,795 — — 51,073 Other consumer 800+ 253 250 204 59 18 60 1,839 19 2,702 760-799 265 225 186 59 15 31 943 22 1,746 720-759 190 184 175 67 19 26 829 28 1,518 680-719 115 125 147 61 19 21 711 26 1,225 640-679 47 52 74 34 12 11 343 19 592 600-639 9 14 24 13 5 6 122 11 204 < 600 3 13 27 16 6 7 121 14 207 No FICO available 101 132 164 30 63 16 1,197 29 1,732 FICO not required — — — — — — 15,935 — 15,935 Total other consumer 983 995 1,001 339 157 178 22,040 168 25,861 Total consumer loans $ 46,013 64,846 45,082 15,872 20,915 99,415 76,082 7,653 375,878 (continued on following page) (continued from previous page) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total December 31, 2020 By FICO: Residential mortgage – first lien 800+ $ 29,365 28,652 9,911 17,416 22,215 40,440 3,391 493 151,883 760-799 17,154 9,866 2,908 4,380 4,955 10,843 1,361 274 51,741 720-759 5,274 3,290 1,189 1,829 2,106 7,001 879 265 21,833 680-719 1,361 1,084 490 678 831 4,403 520 221 9,588 640-679 376 287 148 192 226 2,385 241 154 4,009 600-639 55 56 44 56 92 1,429 127 106 1,965 < 600 14 29 36 44 66 1,789 162 175 2,315 No FICO available 136 135 87 125 161 1,831 253 372 3,100 Government insured/guaranteed loans (1) 215 639 904 1,076 2,367 25,039 — — 30,240 Total residential mortgage – first lien 53,950 44,038 15,717 25,796 33,019 95,160 6,934 2,060 276,674 Residential mortgage – junior lien 800+ — — — — — 293 7,973 1,819 10,085 760-799 — — — — — 177 3,005 1,032 4,214 720-759 — — — — — 207 2,093 1,034 3,334 680-719 — — — — — 183 1,233 854 2,270 640-679 — — — — — 103 503 493 1,099 600-639 — — — — — 67 241 299 607 < 600 — — — — — 76 254 374 704 No FICO available 22 39 41 39 32 83 441 276 973 Total residential mortgage – junior lien 22 39 41 39 32 1,189 15,743 6,181 23,286 Credit card 800+ — — — — — — 3,860 1 3,861 760-799 — — — — — — 5,438 7 5,445 720-759 — — — — — — 7,897 29 7,926 680-719 — — — — — — 8,854 60 8,914 640-679 — — — — — — 5,657 64 5,721 600-639 — — — — — — 2,242 46 2,288 < 600 — — — — — — 2,416 82 2,498 No FICO available — — — — — — 10 1 11 Total credit card — — — — — — 36,374 290 36,664 Auto 800+ 2,875 2,606 1,211 731 452 104 — — 7,979 760-799 3,036 2,662 1,122 579 349 81 — — 7,829 720-759 3,162 2,514 1,095 576 395 98 — — 7,840 680-719 3,534 2,542 1,066 545 400 105 — — 8,192 640-679 3,381 1,948 763 395 334 94 — — 6,915 600-639 2,208 1,165 479 274 276 87 — — 4,489 < 600 1,581 1,357 730 463 533 186 — — 4,850 No FICO available 13 37 5 10 18 10 — — 93 Total auto 19,790 14,831 6,471 3,573 2,757 765 — — 48,187 Other consumer 800+ 353 287 94 35 10 71 2,249 21 3,120 760-799 342 279 93 29 10 34 1,110 16 1,913 720-759 262 258 107 35 11 30 915 26 1,644 680-719 156 213 99 36 11 24 798 31 1,368 640-679 71 112 59 21 7 10 415 23 718 600-639 18 36 22 9 4 8 151 13 261 < 600 13 41 30 12 5 7 161 18 287 No FICO available 195 173 83 88 3 16 1,248 43 1,849 FICO not required — — — — — — 13,249 — 13,249 Total other consumer 1,410 1,399 587 265 61 200 20,296 191 24,409 Total consumer loans $ 75,172 60,307 22,816 29,673 35,869 97,314 79,347 8,722 409,220 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. LTV refers to the ratio comparing the loan’s unpaid principal balance to the property’s collateral value. CLTV refers to the combination of first lien 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 4.11 shows the most updated LTV and CLTV distribution of the residential mortgage – first lien and residential mortgage – junior lien loan portfolios. We consider the trends in residential real estate markets as we monitor credit risk and establish our ACL. 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 4.11: Consumer Loan Categories by LTV/CLTV and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2021 2020 2019 2018 2017 Prior Total June 30, 2021 Residential mortgage – first lien By LTV: 0-60% $ 9,789 18,204 14,733 5,341 11,884 66,680 4,604 1,567 132,802 60.01-80% 20,654 27,433 15,773 4,339 5,369 10,096 1,071 256 84,991 80.01-100% 40 1,720 1,498 416 382 801 304 68 5,229 100.01-120% (1) — 35 52 19 16 101 72 17 312 > 120% (1) — 21 17 6 7 50 30 6 137 No LTV available 42 101 79 54 57 272 53 11 669 Government insured/guaranteed loans (2) 3 193 364 566 635 18,470 — — 20,231 Total residential mortgage – first lien 30,528 47,707 32,516 10,741 18,350 96,470 6,134 1,925 244,371 Residential mortgage – junior lien By CLTV: 0-60% — — — — — 496 8,124 3,558 12,178 60.01-80% — — — — — 254 3,718 1,178 5,150 80.01-100% — — — — — 123 1,051 424 1,598 100.01-120% (2) — — — — — 31 225 92 348 > 120% (2) — — — — — 8 78 28 114 No CLTV available 13 22 35 35 28 60 24 32 249 Total residential mortgage – junior lien 13 22 35 35 28 972 13,220 5,312 19,637 Total $ 30,541 47,729 32,551 10,776 18,378 97,442 19,354 7,237 264,008 Term loans by origination year Revolving loans Revolving loans converted to term loans 2020 2019 2018 2017 2016 Prior Total December 31, 2020 Residential mortgage – first lien By LTV: 0-60% $ 16,582 15,449 6,065 13,190 21,097 59,291 4,971 1,587 138,232 60.01-80% 34,639 24,736 7,724 10,745 8,970 9,333 1,323 326 97,796 80.01-100% 2,332 2,975 900 654 441 1,003 425 100 8,830 100.01-120% (1) 41 106 45 40 41 168 117 26 584 > 120% (1) 31 41 16 19 16 78 44 8 253 No LTV available 110 92 63 72 87 248 54 13 739 Government insured/guaranteed loans (2) 215 639 904 1,076 2,367 25,039 — — 30,240 Total residential mortgage – first lien 53,950 44,038 15,717 25,796 33,019 95,160 6,934 2,060 276,674 Residential mortgage – junior lien By CLTV: 0-60% — — — — — 548 8,626 3,742 12,916 60.01-80% — — — — — 335 5,081 1,554 6,970 80.01-100% — — — — — 187 1,507 641 2,335 100.01-120% (2) — — — — — 59 376 156 591 > 120% (2) — — — — — 15 128 50 193 No CLTV available 22 39 41 39 32 45 25 38 281 Total residential mortgage – junior lien 22 39 41 39 32 1,189 15,743 6,181 23,286 Total $ 53,972 44,077 15,758 25,835 33,051 96,349 22,677 8,241 299,960 (1) Reflects total loan balances with LTV/CLTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV/CLTV. (2) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. NONACCRUAL LOANS Table 4.12 provides loans on nonaccrual status. In connection with our adoption of CECL, nonaccrual loans may have an ACL 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 could c |
Leasing Activity
Leasing Activity | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leasing Activity | Note 5: Leasing Activity The information below provides a summary of our leasing activities as a lessor and lessee. See Note 5 (Leasing Activity) in our 2020 Form 10-K for additional information about our leasing activities. As a Lessor Noninterest income on leases, which is presented in Table 5.1, is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $226 million and $244 million for the quarters ended June 30, 2021 and 2020, respectively, and $452 million and $504 million for the first half of 2021 and 2020, respectively. Table 5.1: Leasing Revenue Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interest income on lease financing (1) $ 172 208 353 437 Other lease revenues: Variable revenues on lease financing 25 26 51 54 Fixed revenues on operating leases 254 294 514 608 Variable revenues on operating leases 18 12 36 25 Other lease-related revenues (2) 16 3 27 1 Noninterest income on leases 313 335 628 688 Total leasing revenue $ 485 543 981 1,125 (1) In second quarter 2021, we elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) 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 5.2 presents balances for our operating leases. Table 5.2: Operating Lease Right of Use (ROU) Assets and Lease Liabilities (in millions) Jun 30, 2021 Dec 31, 2020 ROU assets $ 4,053 4,306 Lease liabilities 4,705 4,962 Table 5.3 provides the composition of our lease costs, which are predominantly included in net occupancy expense. Table 5.3: Lease Costs Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Fixed lease expense – operating leases $ 265 292 530 583 Variable lease expense 69 80 147 146 Other (1) (28) (42) (31) (56) Total lease costs $ 306 330 646 673 |
Equity Securities
Equity Securities | 6 Months Ended |
Jun. 30, 2021 | |
Equity Securities [Abstract] | |
Equity Securities | Note 6: Equity Securities Table 6.1 provides a summary of our equity securities by business purpose and accounting method. Table 6.1: Equity Securities (in millions) Jun 30, Dec 31, Held for trading at fair value: Marketable equity securities (1) $ 23,701 23,032 Not held for trading: Fair value: Marketable equity securities 1,624 1,564 Nonmarketable equity securities (2) 10,006 9,413 Total equity securities at fair value 11,630 10,977 Equity method: Private equity 2,897 2,960 Tax-advantaged renewable energy (3) 3,853 3,481 New market tax credit and other 378 409 Total equity method 7,128 6,850 Other methods : Low-income housing tax credit investments (3) 11,439 11,353 Federal Reserve Bank stock and other at cost (4) 3,585 3,588 Private equity (5) 7,064 4,208 Total equity securities not held for trading 40,846 36,976 Total equity securities $ 64,547 60,008 (1) Represents securities held as part of our customer accommodation trading activities. For additional information on these activities, see Note 2 (Trading Activities). (2) Substantially all of these securities are economically hedged with equity derivatives. (3) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). (4) Substantially all relates to investments in Federal Reserve Bank stock at both June 30, 2021, and December 31, 2020. (5) Represents nonmarketable equity securities accounted for under the measurement alternative, which were predominantly securities associated with our affiliated venture capital business. Low-Income Housing Tax Credit Investments We invest in affordable housing projects that qualify for the low-income housing tax credit (LIHTC), which are designed to promote private development of low-income housing. These investments typically generate a return through the realization of tax credits and other tax benefits. Table 6.2 summarizes the amortization of the investments and the related tax credits and other tax benefits that are recognized in income tax expense/(benefit) on our consolidated statement of income. 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 $4.2 billion at both June 30, 2021, and December 31, 2020. This liability for unfunded commitments is included in long-term debt on our consolidated balance sheet. Table 6.2: LIHTC Investments (1) Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Proportional amortization of investments $ 382 352 764 703 Tax credits and other tax benefits (431) (401) (875) (797) Net expense/(benefit) recognized within income tax expense $ (49) (49) (111) (94) (1) Excludes the impact of the estimated annual effective income tax rate applied to each period. Realized Gains and Losses Not Held for Trading Table 6.3 provides a summary of the net gains and losses from equity securities not held for trading, which excludes equity method adjustments for our share of the investee’s earnings or losses that are recognized in other noninterest income. Gains and losses for securities held for trading are reported in net gains on trading and securities. Table 6.3: Net Gains (Losses) from Equity Securities Not Held for Trading Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Net gains (losses) from equity securities carried at fair value: Marketable equity securities $ 74 394 $ 134 (409) Nonmarketable equity securities 893 1,424 535 320 Total equity securities carried at fair value 967 1,818 669 (89) Net gains (losses) from nonmarketable equity securities not carried at fair value (1): Impairment write-downs (42) (106) (57) (1,041) Net unrealized gains related to measurement alternative observable transactions 2,037 24 2,262 246 Net realized gains on sale 496 199 551 199 Total nonmarketable equity securities not carried at fair value 2,491 117 2,756 (596) Net losses from economic hedge derivatives (2) (762) (1,402) (337) (183) Total net gains (losses) from equity securities not held for trading $ 2,696 533 $ 3,088 (868) (1) Includes impairment write-downs and net realized gains on sale related to private equity and venture capital investments in consolidated portfolio companies, which are not reported in equity securities on our consolidated balance sheet. (2) Includes net gains (losses) on derivatives not designated as hedging instruments. Measurement Alternative Table 6.4 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 6.3. Table 6.4: Net Gains (Losses) from Measurement Alternative Equity Securities Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Net gains (losses) recognized in earnings during the period: Gross unrealized gains due to observable price changes $ 2,037 24 $ 2,262 246 Impairment write-downs (38) (58) (50) (412) Realized net gains from sale 195 11 195 13 Total net gains recognized during the period $ 2,194 $ (23) $ 2,407 (153) Table 6.5 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 6.5: Measurement Alternative Cumulative Gains (Losses) (in millions) Jun 30, Dec 31, Cumulative gains (losses): Gross unrealized gains due to observable price changes $ 4,577 2,356 Gross unrealized losses due to observable price changes (25) (25) Impairment write-downs (1,008) (969) |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Other Assets | Note 7: Other Assets Table 7.1 presents the components of other assets. Table 7.1: Other Assets (in millions) Jun 30, 2021 Dec 31, 2020 Corporate/bank-owned life insurance $ 20,488 20,380 Accounts receivable 24,372 38,116 Interest receivable: AFS and HTM debt securities 1,366 1,368 Loans 2,224 2,838 Trading and other 482 415 Customer relationship and other amortized intangibles 287 328 Foreclosed assets: Residential real estate 49 73 Other 80 86 Operating lease assets (lessor) 6,773 7,391 Operating lease ROU assets (lessee) 4,053 4,306 Due from customers on acceptances 144 268 Other 12,135 11,768 Total other assets $ 72,453 87,337 |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
Securitizations and Variable Interest Entities [Abstract] | |
Securitizations and Variable Interest Entities | Note 8: Securitizations and Variable Interest Entities Involvement with Variable Interest Entities (VIEs) In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. SPEs are often formed in connection with securitization transactions whereby financial assets are transferred to an SPE. SPEs formed in connection with securitization transactions are generally considered variable interest entities (VIEs). The VIE may alter the risk profile of the asset by entering into derivative transactions or obtaining credit support, and issues various forms of interests in those assets to investors. When we transfer financial assets from our consolidated balance sheet to a VIE in connection with a securitization, we typically receive cash and sometimes other interests in the VIE as proceeds for the assets we transfer. In certain transactions with VIEs, we may retain the right to service the transferred assets and repurchase the transferred assets if the outstanding balance of the assets falls below the level at which the cost to service the assets exceed the benefits. In addition, we may purchase the right to service loans transferred to a VIE by a third party. In connection with our securitization or other VIE activities, we have various forms of ongoing involvement with VIEs, which may include: • underwriting securities issued by VIEs and subsequently making markets in those securities; • providing credit enhancement on securities issued by VIEs through the use of letters of credit or financial guarantees; • entering into other derivative contracts with VIEs; • holding senior or subordinated interests in VIEs; • acting as servicer or investment manager for VIEs; • providing administrative or trustee services to VIEs; and • providing seller financing to VIEs. 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. MORTGAGE LOANS SOLD TO U.S. GOVERNMENT SPONSORED ENTITIES AND TRANSACTIONS WITH GINNIE MAE In the normal course of business we sell originated and purchased residential and commercial mortgage loans to government-sponsored entities (GSEs). These loans are generally transferred into securitizations sponsored by the GSEs, which provide certain credit guarantees to investors and servicers. We also transfer mortgage loans into securitizations pursuant to Government National Mortgage Association (GNMA) guidelines which are insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Mortgage loans eligible for securitization with the GSEs or GNMA are considered conforming loans. The GSEs or GNMA design the structure of these securitizations, sponsor the involved VIEs, and have power over the activities most significant to the VIE. We account for loans transferred in conforming mortgage loan securitization transactions as sales and do not consolidate the VIEs as we are not the primary beneficiary. In exchange for the transfer of loans, we typi cally receive securities issued by the VIEs which we sell to third parties for cash or hold for investment purposes as HTM or AFS securities. We also retain servicing rights on the transferred loans. As a servicer, we retain the option to repurchase loans from GNMA loan securitization pools, which becomes exercisable when three scheduled loan payments remain unpaid by the borrower. We repurchased loans of $1.0 billion and $2.9 billion, during the second quarter and first half of 2021, respectively, and $3.6 billion and $5.1 billion during the second quarter and first half of 2020, respectively, which predominantly represented repurchases of government insured loans. We recorded assets and related liabilities of $128 million and $176 million at June 30, 2021, and December 31, 2020, respectively, where we did not exercise our option to repurchase eligible loans. Upon transfers of loans, we also provide indemnification for losses incurred due to material breaches of contractual representations and warranties, as well as other recourse arrangements. At June 30, 2021, and December 31, 2020, our liability associated with these provisions was $201 million and $221 million, respectively, and the maximum exposure to loss was $13.4 billion and $13.7 billion, respectively. Off-balance sheet mortgage loans sold or secu ritized presented in Table 8.5 are predominantly loans securitized by the GSEs and GNMA. See Note 9 (Mortgage Banking Activities) for additional information about residential and commercial servicing rights, advances and servicing fees. Substantially all residential servicing activity is related to assets transferred to GSE and GNMA securitizations. NONCONFORMING MORTGAGE LOAN SECURITIZATIONS In the normal course of business, we sell nonconforming residential and commercial mortgage loans in securitization transactions that we design and sponsor. Nonconforming mortgage loan securitizations do not involve a government credit guarantee, and accordingly, beneficial interest holders are subject to credit risk of the underlying assets held by the securitization VIE. We typically originate the transferred loans, account for the transfers as sales and do not consolidate the VIE. We also typically retain the right to service the loans and may hold other beneficial interests issued by the VIEs, such as debt securities held for investment purposes. Our servicing role related to nonconforming commercial mortgage loan securitizations is limited to primary or master servicer and the most significant decisions impacting the performance of the VIE are generally made by the special servicer or the controlling class security holder. For our residential nonconforming mortgage loan securitizations accounted for as sales, we either do not hold variable interests that we consider potentially significant or are not the primary servicer for a majority of the VIE assets. WHOLE LOAN SALE TRANSACTIONS We also sell whole loans to VIEs where we have continuing involvement in the form of financing. We account for these transfers as sales, and do not consolidate the VIEs as we do not have the power to direct the most significant activities of the VIEs. Table 8.1 presents information about transfers of assets during the period for which we recorded the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we received proceeds and recorded servicing assets, securities, and loans. Substantially all transfers were related to residential mortgage securitizations with the GSEs or GNMA and resulted in no gain or loss because the loans were already measured at fair value on a recurring basis. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and generally securities are classified as Level 2. Table 8.1: Transfers with Continuing Involvement 2021 2020 (in millions) Residential mortgages Commercial mortgages Residential mortgages Commercial mortgages Quarter ended June 30, Assets sold $ 45,903 5,173 43,602 2,505 Proceeds from transfer (1) 46,230 5,227 43,605 2,569 Net gains (losses) on sale 327 54 3 64 Continuing involvement (2): Servicing rights recognized $ 487 24 443 48 Securities recognized (3) 6,171 39 590 12 Loans recognized — — — — Six months ended June 30, Asset balances sold $ 86,489 8,364 81,987 5,233 Proceeds from transfer (1) 86,921 8,509 82,025 5,366 Net gains (losses) on sale 432 145 38 133 Continuing involvement (2): Servicing rights recognized $ 894 71 889 82 Securities recognized (3) 16,394 68 590 74 Loans recognized 926 — — — (1) Represents cash proceeds and the fair value of non-cash beneficial interests recognized at securitization settlement. Prior periods have been revised to conform with the current period presentation. (2) Represents assets or liabilities recognized at securitization settlement date related to our continuing involvement in the transferred assets. (3) Represents debt securities obtained at securitization settlement held for investment purposes that are classified as available-for-sale or held-to-maturity, which predominantly relate to agency securities. Excludes trading debt securities held temporarily for market-marking purposes, which are sold to third parties at or shortly after securitization settlement, of $11.2 billion and $18.0 billion during the second quarter and first half of 2021, respectively, and $9.4 billion and $17.1 billion during the second quarter and first half of 2020, respectively. In the normal course of business we purchase certain non-agency securities at initial securitization or subsequently in the secondary market. We also provide seller financing in the form of loans. We received cash flows of $3.0 billion and $3.1 billion during the second quarter and first half of 2021, respectively, and $44 million and $117 million during the second quarter and first half of 2020, respectively, related to principal and interest payments on these securities and loans. Table 8.2 presents the key weighted-average assumptions we used to initially measure residential MSRs recognized during the periods presented. Table 8.2: Residential Mortgage Servicing Rights 2021 2020 Quarter ended June 30, Prepayment speed (1) 13.4 % 15.0 Discount rate 6.1 7.0 Cost to service ($ per loan) (2) $ 91 97 Six months ended June 30, Prepayment speed (1) 13.8 % 14.0 Discount rate 6.0 6.8 Cost to service ($ per loan) (2) $ 87 94 (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. See Note 15 (Fair Values of Assets and Liabilities) and Note 9 (Mortgage Banking Activities) for additional information on key economic assumptions for residential MSRs. SALE OF STUDENT LOAN PORTFOLIO In the second quarter and first half of 2021, we sold $3.9 billion and $9.5 billion of student loans, servicing-released, respectively. For the same periods, we received $4.0 billion and $9.8 billion in proceeds from the sales, respectively, and recognized $147 million and $355 million of gains, respectively, which are included in other noninterest income on our consolidated statement of income. In connection with the sales, we provided $1.6 billion and $3.8 billion of collateralized loan financing to a third-party sponsored VIE in the second quarter and first half of 2021, respectively. The loans are measured at amortized cost and are classified in loans on the consolidated balance sheet. The collateral supporting our loan includes the student loans we sold. We do not consolidate the VIE as we do not have power over the significant activities of the entity. RESECURITIZATION ACTIVITIES We enter into resecuritization transactions as part of our trading activities to accommodate the investment and risk management activities of our customers. In our resecuritization transactions, we transfer trading debt securities to VIEs in exchange for new beneficial interests that are sold to third parties at or shortly after securitization settlement. This activity is performed for customers seeking a specific return or risk profile. Substantially all of our transactions involve the resecuritization of conforming mortgage-backed securities issued by the GSEs or GNMA. We do not consolidate the resecuritization VIEs as we share in the decision-making power with third parties and do not hold significant economic interests in the VIEs other than for market-making activities. Table 8.3 presents information about assets transferred to re-securitization VIEs and Table 8.4 presents information about our resecuritization VIEs. Table 8.3: Transfers to Resecuritization VIEs (in millions) 2021 2020 Quarter ended June 30, Assets sold $ 7,873 19,982 Securities recognized (99) 153 Six months ended June 30, Assets sold $ 25,302 29,454 Securities recognized 915 815 Table 8.4: Resecuritization VIEs (in millions) Jun 30, 2021 Dec 31, 2020 Total VIE assets $ 125,543 130,446 Carrying value of securities 1,137 1,461 Off-Balance Sheet Loans Table 8.5 presents information about the principal balances of off-balance sheet loans that were sold or securitized, including residential mortgage loans sold to the GSEs, 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 generally experience a loss only 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 8.5: Off-Balance Sheet Loans Sold or Securitized Net charge-offs (2) Total loans Delinquent loans and foreclosed assets (1) Six months ended June 30, (in millions) Jun 30, 2021 Dec 31, 2020 Jun 30, 2021 Dec 31, 2020 2021 2020 Commercial $ 116,704 114,134 2,363 2,217 122 83 Residential 738,698 818,886 20,869 29,962 12 59 Total off-balance sheet sold or securitized loans (3) $ 855,402 933,020 23,232 32,179 134 142 (1) Includes $203 million and $394 million of commercial foreclosed assets and $163 million and $204 million of residential foreclosed assets at June 30, 2021, and December 31, 2020, 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 June 30, 2021, and December 31, 2020, the table includes total loans of $784.3 billion and $864.8 billion, delinquent loans of $19.8 billion and $28.5 billion, and foreclosed assets of $124 million and $152 million, respectively, for FNMA, FHLMC and GNMA. Transactions with Unconsolidated VIEs MORTGAGE LOAN SECURITIZATIONS Table 8.6 includes nonconforming mortgage loan securitizations where we originate and transfer the loans to the unconsolidated securitization VIEs that we sponsor. For additional information about these VIEs, see the “Loan Sales and Securitization Activity” section within this Note. Nonconforming mortgage loan securitizations also include commercial mortgage loan securitizations sponsored by third parties where we did not originate or transfer the loans but serve as master servicer and invest in securities that could be potentially significant to the VIE. Conforming loan securitization and resecuritization transactions involving the GSEs and GNMA are excluded from Table 8.6 because we are not the sponsor or we do not have power over the activities most significant to the VIEs. Additionally, due to the nature of the guarantees provided by the GSEs and the FHA and VA, our credit risk associated with these VIEs is limited. For additional information about conforming mortgage loan securitizations and resecuritizations, see the “Loan Sales and Securitization Activity” and "Resecuritization Activities" sections within this Note. TAX CREDIT STRUCTURES We co-sponsor and make investments in affordable housing and sustainable energy projects that are designed to generate a return primarily through the realization of federal tax credits. The projects are typically managed by project sponsors who have the power over the VIE’s assets. In some instances, our investments in these structures may require that we fund future capital commitments at the discretion of the project sponsors. COMMERCIAL REAL ESTATE LOANS We transfer purchased industrial development bonds and GSE credit enhancements to VIEs in exchange for beneficial interests. We own all of the beneficial interests and may also service the underlying mortgages that serve as collateral to the bonds. Prior to first quarter 2021, we consolidated these VIEs as we controlled the key decisions. During first quarter 2021, we amended the structures such that we no longer control the key decisions of the VIEs. The GSEs have the power to direct the servicing and workout activities of the VIE in the event of a default. As a result, we deconsolidated the VIEs during first quarter 2021, and recognized the beneficial interests at fair value on our consolidated balance sheet. OTHER VIE STRUCTURES We engage in various forms of structured finance arrangements with other VIEs, including collateralized debt obligations, asset-backed finance structures and other securitizations collateralized by asset classes other than mortgages. Collateral may include rental properties, asset-backed securities, student loans, mortgage loans and auto loans. We may participate in structuring or marketing the arrangements, as well as provide financing, service one or more of the underlying assets, or enter into derivatives with the VIEs. We may also receive fees for those services. We are not the primary beneficiary of these structures because we do not have power to direct the most significant activities of the VIEs. Table 8.6 provides a summary of our exposure to the unconsolidated VIEs described above, which includes investments in securities, loans, guarantees, liquidity agreements, commitments and certain derivatives. We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary or administrative in nature or insignificant in size. In Table 8.6, “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. Debt, guarantees and other commitments include amounts related to loans sold that we may be required to repurchase, or otherwise indemnify or reimburse the investor or insurer for losses incurred, due to material breach of contractual representations and warranties as well as other retained recourse arrangements. The maximum exposure to loss for material breach of contractual representations and warranties represents a stressed case estimate we utilize for determining stressed case regulatory capital needs and is considered to be a remote scenario. “Maximum exposure to loss” 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. Table 8.6: Unconsolidated VIEs Carrying value – asset (liability) (in millions) Total Loans Debt Equity securities All other Debt and other liabilities Net assets June 30, 2021 Nonconforming mortgage loan securitizations $ 134,023 — 2,401 — 663 — 3,064 Tax credit structures 41,058 1,875 — 11,448 — (4,218) 9,105 Commercial real estate loans 5,366 5,357 — — 8 — 5,365 Other 6,541 1,888 — 57 52 (1) 1,996 Total $ 186,988 9,120 2,401 11,505 723 (4,219) 19,530 Maximum exposure to loss Loans Debt Equity securities All other Debt, guarantees, Total exposure Nonconforming mortgage loan securitizations $ — 2,401 — 663 31 3,095 Tax credit structures 1,875 — 11,448 — 3,023 16,346 Commercial real estate loans 5,357 — — 8 712 6,077 Other 1,888 — 57 52 230 2,227 Total $ 9,120 2,401 11,505 723 3,996 27,745 Carrying value – asset (liability) (in millions) Total Loans Debt Equity All other Debt and other liabilities Net assets December 31, 2020 Nonconforming mortgage loan securitizations $ 127,717 — 2,303 — 606 — 2,909 Tax credit structures (3) 41,125 1,760 — 11,362 — (4,202) 8,920 Commercial real estate loans — — — — — — — Other 1,991 89 — 51 62 (1) 201 Total $ 170,833 1,849 2,303 11,413 668 (4,203) 12,030 Maximum exposure to loss Loans Debt Equity All other Debt, Total exposure Nonconforming mortgage loan securitizations $ — 2,303 — 607 34 2,944 Tax credit structures (3) 1,760 — 11,362 — 3,108 16,230 Commercial real estate loans — — — — — — Other 89 — 51 62 230 432 Total $ 1,849 2,303 11,413 669 3,372 19,606 (1) Includes $317 million and $310 million of securities classified as trading at June 30, 2021, and December 31, 2020, respectively. (2) All other assets includes mortgage servicing rights, derivative assets, and other assets (predominantly servicing advances). (3) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). Consolidated VIEs We consolidate VIEs where we are the primary beneficiary. We are the primary beneficiary of the following structure types: COMMERCIAL AND INDUSTRIAL LOANS AND LEASES We securitize dealer floor plan loans and leases in a revolving master trust entity and hold the subordinated notes and residual equity interests. As servicer and residual interest holder, we control the key decisions of the trust and consolidate the entity. The total VIE assets held by the master trust represent a majority of the total VIE assets presented for this category in Table 8.7. In a separate transaction structure, we also provide the majority of debt and equity financing to an SPE that engages in lending and leasing to specific vendors and service the underlying collateral. OTHER VIE STRUCTURES Other VIEs are primarily related to municipal tender option bond (MTOB) transactions and nonconforming mortgage loan securitizations that we sponsor. MTOBs are vehicles to finance the purchase of municipal bonds through the issuance of short-term debt to investors. Our involvement with MTOBs includes serving as the residual interest holder, which provides control over the key decisions of the VIE, as well as the remarketing agent or liquidity provider related to the debt issued to investors. We also securitize nonconforming mortgage loans, in which our involvement includes servicer of the underlying assets and holder of subordinate or senior securities issued by the VIE. Table 8.7 presents a summary of financial assets and liabilities of our consolidated VIEs. The carrying value represents assets and liabilities recorded on our consolidated balance sheet. 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 our consolidated balance sheet, we separately disclose (1) the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs, and (2) the consolidated liabilities of certain VIEs for which the VIE creditors do not have recourse to Wells Fargo. Table 8.7: Transactions with Consolidated VIEs Carrying value – asset (liability) (in millions) Total Loans Debt All other Long-term debt All other liabilities (3) June 30, 2021 Commercial and industrial loans and leases $ 6,981 3,623 — 238 — (183) Commercial real estate loans (4) — — — — — — Other 1,138 452 518 96 (178) (404) Total consolidated VIEs $ 8,119 4,075 518 334 (178) (587) December 31, 2020 Commercial and industrial loans and leases $ 6,987 5,005 — 223 — (200) Commercial real estate loans (4) 5,369 5,357 — 12 — — Other 1,627 507 967 75 (203) (900) Total consolidated VIEs $ 13,983 10,869 967 310 (203) (1,100) (1) Includes $117 million and $269 million of securities classified as trading at June 30, 2021, and December 31, 2020, respectively. (2) All other assets includes cash and due from banks, Interest-earning deposits with banks, derivative assets, equity securities, and other assets. (3) All other liabilities includes short-term borrowings, derivative liabilities, and accrued expenses and other liabilities. (4) For structure description, see the "Transactions with Unconsolidated VIEs" section within this Note. These consolidated VIEs were deconsolidated in first quarter 2021. 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 consolidated balance sheet we reported the debt securities issued to the VIEs as long-term junior subordinated debt with a carrying value of $381 million and $704 million at June 30, 2021, and December 31, 2020, respectively. In second quarter 2021, we liquidated certain of our trust preferred security VIEs. As part of these liquidations, the preferred securities issued by the trusts were canceled and junior subordinated debentures with a total carrying value of $332 million were distributed to the preferred security holders. See Note 16 (Preferred Stock) for additional information about trust preferred securities. |
Mortgage Banking Activities
Mortgage Banking Activities | 6 Months Ended |
Jun. 30, 2021 | |
Mortgage Banking Activities [Abstract] | |
Mortgage Banking Activities | Note 9: 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 apply the fair value method to residential MSRs. The amortized cost of commercial MSRs was $1.3 billion and $1.4 billion with an estimated fair value of $1.5 billion and $1.4 billion at June 30, 2021, and June 30, 2020, respectively. Table 9.1 presents the changes in MSRs measured using the fair value method. Table 9.1: Analysis of Changes in Fair Value MSRs Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Fair value, beginning of period $ 7,536 8,126 6,125 11,517 Servicing from securitizations or asset transfers (1) 485 462 891 923 Sales and other (2) (7) (1) (8) (32) Net additions 478 461 883 891 Changes in fair value: Due to valuation inputs or assumptions: Mortgage interest rates (3) (529) (600) 1,101 (3,622) Servicing and foreclosure costs (4) — (349) 9 (422) Discount rates 160 — 207 27 Prepayment estimates and other (5) (440) (182) (535) (371) Net changes in valuation inputs or assumptions (809) (1,131) 782 (4,388) Changes due to collection/realization of expected cash flows (6) (488) (637) (1,073) (1,201) Total changes in fair value (1,297) (1,768) (291) (5,589) Fair value, end of period $ 6,717 6,819 6,717 6,819 (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 9.2 provides key economic assumptions and sensitivity of the current fair value of residential MSRs 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 15 (Fair Values of Assets and Liabilities) for additional information on key economic assumptions for residential MSRs. Table 9.2: Economic Assumptions and Sensitivity of Residential MSRs ($ in millions, except cost to service amounts) Jun 30, 2021 Dec 31, 2020 Fair value of interests held $ 6,717 6,125 Expected weighted-average life (in years) 4.2 3.7 Key economic assumptions: Prepayment speed assumption 17.2 % 19.9 Impact on fair value from 10% adverse change $ 417 434 Impact on fair value from 25% adverse change 967 1,002 Discount rate assumption 5.4 % 5.8 Impact on fair value from 100 basis point increase $ 274 229 Impact on fair value from 200 basis point increase 525 440 Cost to service assumption ($ per loan) 111 130 Impact on fair value from 10% adverse change 171 181 Impact on fair value from 25% adverse change 427 454 The sensitivities in the preceding 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, which might magnify or counteract the sensitivities. We present the components of our managed servicing portfolio in Table 9.3 at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced. Table 9.3: Managed Servicing Portfolio (in billions) Jun 30, 2021 Dec 31, 2020 Residential mortgage servicing: Serviced and subserviced for others $ 771 859 Owned loans serviced 284 323 Total residential servicing 1,055 1,182 Commercial mortgage servicing: Serviced and subserviced for others 584 583 Owned loans serviced 123 123 Total commercial servicing 707 706 Total managed servicing portfolio $ 1,762 1,888 Total serviced for others, excluding subserviced for others $ 1,344 1,431 MSRs as a percentage of loans serviced for others 0.60 % 0.52 Weighted average note rate (mortgage loans serviced for others) 3.93 4.03 At both June 30, 2021, and December 31, 2020, we had servicer advances, net of an allowance for uncollectible amounts, of $3.4 billion. 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 9.4 presents the components of mortgage banking noninterest income. Table 9.4: Mortgage Banking Noninterest Income Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Servicing fees: Contractually specified servicing fees, late charges and ancillary fees $ 692 749 1,416 1,614 Unreimbursed direct servicing costs (1) (90) (105) (214) (212) Servicing fees 602 644 1,202 1,402 Amortization (2) (33) (100) (98) (166) Changes due to collection/realization of expected cash flows (3) (A) (488) (637) (1,073) (1,201) Net servicing fees 81 (93) 31 35 Changes in fair value of MSRs due to valuation inputs or assumptions (4) (B) (809) (1,131) 782 (4,388) Net derivative gains (losses) from economic hedges (5) 707 535 (933) 3,935 Market-related valuation changes to MSRs, net of hedge results (102) (596) (151) (453) Total servicing income, net (21) (689) (120) (418) Net gains on mortgage loan originations/sales (6) 1,357 1,006 2,782 1,114 Total mortgage banking noninterest income $ 1,336 317 2,662 696 Total changes in fair value of MSRs carried at fair value (A)+(B) $ (1,297) (1,768) (291) (5,589) (1) Includes costs associated with foreclosures, unreimbursed interest advances to investors, and other interest costs. (2) Includes a $37 million reversal of impairment recorded in the second quarter and first half of 2021, on the commercial amortized MSRs. Also, includes $30 million impairment recorded in the second quarter and first half of 2020, 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 9.1 in this Note for more detail. (5) See Note 14 (Derivatives) for additional discussion and detail on economic hedges. (6) Includes net gains (losses) of $(420) million and $845 million in the second quarter and first half of 2021, respectively, and $(393) million and $(1.3) billion in the second quarter and first half of 2020, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 10: Intangible Assets Table 10.1 presents the gross carrying value of intangible assets and accumulated amortization. Table 10.1: Intangible Assets June 30, 2021 December 31, 2020 (in millions) Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Amortized intangible assets (1): MSRs (2) $ 4,690 (3,398) 1,292 4,612 (3,300) 1,312 Customer relationship and other intangibles 879 (592) 287 879 (551) 328 Total amortized intangible assets $ 5,569 (3,990) 1,579 5,491 (3,851) 1,640 Unamortized intangible assets: MSRs (carried at fair value) $ 6,717 6,125 Goodwill 26,194 26,392 Trademark 14 14 (1) Balances are excluded commencing in the period following full amortization. (2) Includes a $5 million and $37 million valuation allowance recorded for amortized MSRs at June 30, 2021, and December 31, 2020, respectively. See Note 9 (Mortgage Banking Activities) for additional information on MSRs. Table 10.2 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 June 30, 2021. Future amortization expense may vary from these projections. Table 10.2: Amortization Expense for Intangible Assets (in millions) Amortized MSRs Customer relationship and other intangibles Total Six months ended June 30, 2021 (actual) $ 98 41 139 Estimate for the remainder of 2021 $ 127 40 167 Estimate for year ended December 31, 2022 232 68 300 2023 203 59 262 2024 177 48 225 2025 152 39 191 2026 117 32 149 In the first half of 2021, we announced agreements to sell Wells Fargo Asset Management and Corporate Trust Services and transferred the associated goodwill from the Wealth and Investment Management operating segment and the Commercial Banking operating segment, respectively, to Corporate. Also in the first half of 2021, we recognized goodwill write-downs related to sales of the student loan portfolio and our Canadian equipment finance business. Table 10.3 shows the allocation of goodwill to our reportable operating segments. Table 10.3: Goodwill (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Consolidated Company December 31, 2020 $ 16,418 3,018 5,375 1,276 305 26,392 Divestitures — — — — (201) (201) Foreign currency translation — 3 — — — 3 Transfers of goodwill — (80) — (932) 1,012 — June 30, 2021 $ 16,418 2,941 5,375 344 1,116 26,194 |
Guarantees and Other Commitment
Guarantees and Other Commitments | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees [Abstract] | |
Guarantees and Other Commitments | Note 11: Guarantees 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. Table 11.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts. Table 11.1: Guarantees – Carrying Value and Maximum Exposure to Loss Maximum exposure to loss (in millions) Carrying value of obligation (asset) Expires in one year or less Expires after one year through three years Expires after three years through five years Expires after five years Total Non-investment grade June 30, 2021 Standby letters of credit $ 132 12,639 4,838 1,927 457 19,861 6,873 Direct pay letters of credit 10 1,927 2,544 368 43 4,882 1,140 Written options (1) (548) 12,943 6,278 723 58 20,002 13,666 Loans and LHFS sold with recourse (2) 30 89 826 3,010 9,323 13,248 11,216 Exchange and clearing house guarantees — — — — 5,243 5,243 — Other guarantees and indemnifications (3) 1 629 3 — 239 871 570 Total guarantees $ (375) 28,227 14,489 6,028 15,363 64,107 33,465 December 31, 2020 Standby letters of credit $ 156 11,977 4,962 1,897 433 19,269 7,528 Direct pay letters of credit 18 2,256 2,746 531 39 5,572 1,102 Written options (1) (538) 12,735 7,972 889 58 21,654 13,394 Loans and LHFS sold with recourse (2) 33 177 819 1,870 9,723 12,589 10,332 Exchange and clearing house guarantees — — — — 5,510 5,510 — Other guarantees and indemnifications (3) — 734 1 1 1,414 2,150 590 Total guarantees $ (331) 27,879 16,500 5,188 17,177 66,744 32,946 (1) Written options, which are in the form of derivatives, are also included in the derivative disclosures in Note 14 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades. (2) Represents recourse provided, all to the GSEs, on loans sold under various programs and arrangements. (3) Includes indemnifications provided to certain third-party clearing agents. Estimated maximum exposure to loss was $210 million and $1.4 billion with related collateral of $2.1 billion and $1.2 billion as of June 30, 2021, and December 31, 2020, 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 11.1 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 4 (Loans and Related Allowance for Credit Losses). MERCHANT PROCESSING SERVICES We provide debit and credit card transaction processing services through 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 in connection with 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 sponsored merchant processing servicers. We generally have a low likelihood of loss in connection with our merchant processing services because most products and services are delivered when purchased and amounts are generally refunded when items are returned to the merchant. In addition, we may reduce our risk in connection with these transactions by withholding future payments and requiring cash or other collateral. For the first half of 2021, we processed card transaction volume of $790.2 billion as a merchant acquiring bank, and related losses, including those from our joint venture entity, were immaterial. GUARANTEES OF SUBSIDIARIES In the normal course of business, the Parent may provide counterparties with guarantees related to its subsidiaries’ obligations. These obligations are included in the Company’s consolidated balance sheet or are reflected as off-balance sheet commitments, and therefore, the Parent has not recognized a separate liability for these guarantees. 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 securities are not guaranteed by any other subsidiary of the Parent. The guaranteed liabilities were $1.6 billion and $2.3 billion at June 30, 2021, and December 31, 2020, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness. The assets of the Parent consist primarily of equity in its subsidiaries, and the Parent is a separate and distinct legal entity from its subsidiaries. As a result, the Parent’s ability to address claims of holders of these debt securities against the Parent under the guarantee depends on the Parent’s receipt of dividends, loan payments and other funds from its subsidiaries. If any of the Parent’s subsidiaries becomes insolvent, the direct creditors of that subsidiary will have a prior claim on that subsidiary’s assets. The rights of the Parent and the rights of the Parent’s creditors will be subject to that prior claim unless the Parent is also a direct creditor of that subsidiary. For additional information regarding other restrictions on the Parent’s ability to receive dividends, loan payments and other funds from its subsidiaries, see Note 23 (Regulatory Capital Requirements and Other Restrictions). 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 both June 30, 2021, and December 31, 2020, we had commitments to purchase debt securities of $18 million and commitments to purchase equity securities of $3.2 billion. 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 Table 11.1 in Other guarantees and indemnifications. 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 $12.9 billion and $12.0 billion as of June 30, 2021, and December 31, 2020, respectively. Given the nature of these commitments, they are excluded from Table 4.4 (Unfunded Credit Commitments) in Note 4 (Loans and Related Allowance for Credit Losses). |
Pledged Assets and Collateral
Pledged Assets and Collateral | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Pledge Assets and Collateral | Note 12: Pledged Assets and Collateral Pledged Assets Table 12.1 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 consolidated 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 collateral we pledge related to trading activity 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 financial assets to secure trust and public deposits, borrowings and letters of credit from the Federal Home Loan Bank (FHLB) and the Board of Governors of the Federal Reserve System (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 consolidated balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 8 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets. Table 12.1: Pledged Assets (in millions) Jun 30, Dec 31, Related to trading activities: Repledged third-party owned debt and equity securities $ 37,134 44,765 Trading debt securities and other 18,362 19,572 Equity securities 704 470 Total pledged assets related to trading activities 56,200 64,807 Related to non-trading activities: Loans 308,551 344,220 Debt securities: Available-for-sale 59,512 57,289 Held-to-maturity 11,552 17,290 Other financial assets 531 230 Total pledged assets related to non-trading activities 380,146 419,029 Related to VIEs: Consolidated VIE assets 4,927 12,146 Loans eligible for repurchase from GNMA securitizations 130 179 Total pledged assets related to VIEs 5,057 12,325 Total pledged assets $ 441,403 496,161 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 12.2 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, and those with a single counterparty, are presented net on our consolidated balance sheet, provided certain criteria are met that permit balance sheet netting. Substantially all 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 consolidated balance sheet against the related liability. Collateral we received includes securities or loans and is not recognized on our consolidated balance sheet. Collateral pledged or received may be increased or decreased over time to maintain certain contractual thresholds, as the assets underlying each arrangement fluctuate in value. Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, U.S. GAAP requires disclosure in this table to limit the reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty. In addition to the amounts included in Table 12.2, we also have balance sheet netting related to derivatives that is disclosed in Note 14 (Derivatives). Table 12.2: Offsetting – Securities Financing Activities (in millions) Jun 30, Dec 31, Assets: Resale and securities borrowing agreements Gross amounts recognized $ 101,027 92,446 Gross amounts offset in consolidated balance sheet (1) (13,845) (11,513) Net amounts in consolidated balance sheet (2) 87,182 80,933 Collateral not recognized in consolidated balance sheet (3) (86,453) (80,158) Net amount (4) $ 729 775 Liabilities: Repurchase and securities lending agreements Gross amounts recognized $ 47,281 57,622 Gross amounts offset in consolidated balance sheet (1) (13,844) (11,513) Net amounts in consolidated balance sheet (5) 33,437 46,109 Collateral pledged but not netted in consolidated balance sheet (6) (33,177) (45,819) Net amount (4) $ 260 290 (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 $70.1 billion and $65.6 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at June 30, 2021, and December 31, 2020, respectively. Also includes securities purchased under long-term resale agreements (generally one year or more) classified in loans, which totaled $17.1 billion and $15.3 billion, at June 30, 2021, and December 31, 2020, 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 June 30, 2021, and December 31, 2020, we have received total collateral with a fair value of $118.9 billion and $108.5 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 $34.5 billion and $36.1 billion at June 30, 2021, and December 31, 2020, respectively. (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 June 30, 2021, and December 31, 2020, we have pledged total collateral with a fair value of $48.5 billion and $59.2 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 12.3 provides the gross amounts recognized on the consolidated balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type. Table 12.3: Gross Obligations by Underlying Collateral Type (in millions) Jun 30, Dec 31, Repurchase agreements: Securities of U.S. Treasury and federal agencies $ 19,730 22,922 Securities of U.S. States and political subdivisions 24 4 Federal agency mortgage-backed securities 8,029 15,353 Non-agency mortgage-backed securities 860 1,069 Corporate debt securities 10,047 9,944 Asset-backed securities 1,262 1,054 Equity securities 892 1,500 Other 783 336 Total repurchases 41,627 52,182 Securities lending arrangements: Securities of U.S. Treasury and federal agencies 42 64 Federal agency mortgage-backed securities 31 23 Corporate debt securities 45 79 Equity securities (1) 5,422 5,189 Other 114 85 Total securities lending 5,654 5,440 Total repurchases and securities lending $ 47,281 57,622 (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 12.4 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Table 12.4: Contractual Maturities of Gross Obligations (in millions) Overnight/continuous Up to 30 days 30-90 days >90 days Total gross obligation June 30, 2021 Repurchase agreements $ 28,584 3,093 4,765 5,185 41,627 Securities lending arrangements 4,853 200 601 — 5,654 Total repurchases and securities lending (1) $ 33,437 3,293 5,366 5,185 47,281 December 31, 2020 Repurchase agreements $ 36,946 5,251 5,100 4,885 52,182 Securities lending arrangements 4,690 400 350 — 5,440 Total repurchases and securities lending (1) $ 41,636 5,651 5,450 4,885 57,622 (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. |
Legal Actions
Legal Actions | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Actions | Note 13: Legal Actions Wells Fargo and certain of our subsidiaries are involved in a number of judicial, regulatory, 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 actions alleging, among other things, unfair and deceptive practices relating to these CPI policies, were filed against the Company and consolidated into one multi-district litigation in the United States District Court for the Central District of California. As previously disclosed, the Company entered into a settlement to resolve the multi-district litigation. Shareholders also filed a putative 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 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. In June 2021, the court granted preliminary approval of an agreement pursuant to which the Company will pay $45 million and make certain changes to its GAP refund practices in order to settle the action. Allegations related to the CPI and GAP programs are among the subjects of a shareholder derivative lawsuit pending in the United States District Court for the Northern District of California. These and other issues related to the origination, servicing, and collection of consumer auto loans, including related insurance products, have also subjected the Company to formal or informal inquiries, investigations, or examinations from federal and state government agencies, including the CFPB. As previously disclosed, the Company entered into an agreement to resolve investigations by the state attorneys general. COMMERCIAL LENDING SHAREHOLDER LITIGATION In October and November 2020, plaintiffs filed two putative securities fraud class actions in the United States District Court for the Northern District of California alleging that the Company and certain of its former executive officers made false and misleading statements or omissions regarding, among other things, the Company’s commercial lending underwriting practices, the credit quality of its commercial credit portfolios, and the value of its commercial loans, collateralized loan obligations and commercial mortgage-backed securities. CONSENT ORDER DISCLOSURE LITIGATION Wells Fargo shareholders have brought a putative 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 and directors 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. Allegations related to the Company’s efforts to comply with these three consent orders are also among the subjects of a shareholder derivative lawsuit pending in the United States District Court for the Northern District of California. CONSUMER DEPOSIT ACCOUNT RELATED REGULATORY INVESTIGATIONS 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. The CFPB is also investigating certain of the Company's past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts. 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 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. 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. MORTGAGE LENDING MATTERS Plaintiffs representing a 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. In March 2020, the Company entered into an agreement pursuant to which the Company paid $18.5 million to resolve the claims of the initial certified class in the Hernandez case, which was approved by the district court in October 2020. The Hernandez settlement has been reopened to include additional borrowers who the Company determined should have been included in the settlement class because the Company 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. In June 2021, the Company entered into an agreement pursuant to which the Company will pay an additional approximately $22 million to resolve the Hernandez case. In July 2021, the Company entered into an agreement in the Ryder case pursuant to which the Company will pay $12 million to cover other impacted borrowers who were not included in the Hernandez case. The Dore and Coordes cases have been voluntarily dismissed. In addition, federal banking regulators and other government agencies have undertaken formal or informal inquiries or investigations regarding these and other mortgage servicing matters. 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, which was appealed by plaintiffs to the United States Court of Appeals for the Eleventh Circuit. In April 2021, the Eleventh Circuit upheld the district court's decision. 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. The Company has responded to requests from certain of the foregoing. As previously disclosed, the Company entered into agreements to resolve the state attorneys general investigations. 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 made payments totaling $3.0 billion. In addition, as part of the settlements and included in the $3.0 billion amount, the Company 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 were filed by non-governmental parties seeking damages or other remedies related to these retail sales practices. As previously disclosed, the Company entered into various settlements to resolve these lawsuits. RMBS TRUSTEE LITIGATION In December 2014, Phoenix Light SF Limited and certain related entities and the National Credit Union Administration (NCUA) filed complaints 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 trusts. Complaints raising similar allegations have been filed by Commerzbank AG in the Southern District of New York and by IKB International and IKB Deutsche Industriebank in New York state court. In each case, the plaintiffs allege that Wells Fargo Bank, N.A., as trustee, caused losses to investors, and plaintiffs assert 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. The Company previously settled two class actions with similar allegations that were filed in November 2014 and December 2016 by institutional investors in the Southern District of New York and New York state court, respectively. In March 2021, the Company entered into an agreement to resolve the case filed by the NCUA. 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. 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 $2.8 billion as of June 30, 2021. 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. Based on information currently available, advice of counsel, available insurance coverage, and established reserves, Wells Fargo believes that the eventual outcome of the actions against Wells Fargo and/or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 14: Derivatives We use derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. We designate certain derivatives as hedging instruments in 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 16 (Derivatives) in our 2020 Form 10-K. Table 14.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recorded on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which interest and other payments are determined. Table 14.1: Notional or Contractual Amounts and Fair Values of Derivatives June 30, 2021 December 31, 2020 Notional or Fair value Notional or Fair value contractual Derivative Derivative contractual Derivative Derivative (in millions) amount assets liabilities amount assets liabilities Derivatives designated as hedging instruments Interest rate contracts $ 166,843 2,428 529 184,090 3,212 789 Foreign exchange contracts 39,001 1,143 504 47,331 1,381 607 Total derivatives designated as qualifying hedging instruments 3,571 1,033 4,593 1,396 Derivatives not designated as hedging instruments Economic hedges: Interest rate contracts 231,356 251 161 261,159 341 344 Equity contracts 27,740 1,582 392 25,997 1,363 490 Foreign exchange contracts 53,396 372 1,292 47,106 331 1,515 Credit contracts 72 26 — 73 31 — Subtotal 2,231 1,845 2,066 2,349 Customer accommodation trading and other derivatives: Interest rate contracts 9,256,224 24,068 18,785 7,947,941 32,510 25,169 Commodity contracts 76,612 7,234 2,309 65,790 2,036 1,543 Equity contracts 322,733 17,697 21,126 280,195 17,522 21,516 Foreign exchange contracts 415,458 6,177 4,505 412,879 6,891 6,034 Credit contracts 36,179 49 50 34,329 64 58 Subtotal 55,225 46,775 59,023 54,320 Total derivatives not designated as hedging instruments 57,456 48,620 61,089 56,669 Total derivatives before netting 61,027 49,653 65,682 58,065 Netting (35,612) (35,102) (39,836) (41,556) Total $ 25,415 14,551 25,846 16,509 Table 14.2 provides information on the gross fair values of derivative assets and liabilities, the balance sheet netting adjustments and the resulting net fair value amount recorded on our consolidated 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 consolidated balance sheet. The “Gross amounts recognized” column in the following table includes $52.9 billion and $44.7 billion of gross derivative assets and liabilities, respectively, at June 30, 2021, and $54.6 billion and $50.1 billion, respectively, at December 31, 2020, 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 $8.1 billion and $5.0 billion, respectively, at June 30, 2021, and $11.1 billion and $8.0 billion, respectively, at December 31, 2020, 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 consolidated balance sheet for these counterparties. Cash collateral receivables and payables that have not been offset against our derivatives were $2.6 billion and $828 million, respectively, at June 30, 2021, and $1.8 billion and $984 million, respectively, at December 31, 2020. 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 our consolidated balance sheet. For disclosure purposes, we present the fair value of this non-cash collateral in the column titled “Gross amounts not offset in consolidated balance sheet (Disclosure-only netting)” within the table. We determine and allocate the Disclosure-only netting amounts in the same manner as balance sheet netting amounts. The “Net amounts” column within Table 14.2 represents the aggregate of our net exposure to each counterparty after considering the balance sheet and Disclosure-only netting adjustments. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty-specific credit risk limits, using master netting arrangements and obtaining collateral. Derivative contracts executed in 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 14.2. 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 12 (Pledged Assets and Collateral). Table 14.2: Gross Fair Values of Derivative Assets and Liabilities (in millions) Gross amounts recognized Gross amounts offset in consolidated balance sheet (1) Net amounts in consolidated balance sheet Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) Net amounts Percent exchanged in over-the-counter market June 30, 2021 Derivative assets Interest rate contracts $ 26,747 (16,711) 10,036 (680) 9,356 97 % Commodity contracts 7,234 (1,481) 5,753 (14) 5,739 92 Equity contracts 19,279 (11,488) 7,791 (766) 7,025 69 Foreign exchange contracts 7,692 (5,892) 1,800 (28) 1,772 100 Credit contracts 75 (40) 35 (1) 34 90 Total derivative assets $ 61,027 (35,612) 25,415 (1,489) 23,926 Derivative liabilities Interest rate contracts $ 19,475 (16,453) 3,022 (1,524) 1,498 96 % Commodity contracts 2,309 (1,086) 1,223 (17) 1,206 50 Equity contracts 21,518 (12,956) 8,562 (749) 7,813 79 Foreign exchange contracts 6,301 (4,574) 1,727 (423) 1,304 100 Credit contracts 50 (33) 17 (3) 14 90 Total derivative liabilities $ 49,653 (35,102) 14,551 (2,716) 11,835 December 31, 2020 Derivative assets Interest rate contracts $ 36,063 (21,968) 14,095 (1,274) 12,821 96 % Commodity contracts 2,036 (940) 1,096 (4) 1,092 84 Equity contracts 18,885 (10,968) 7,917 (737) 7,180 74 Foreign exchange contracts 8,603 (5,887) 2,716 (141) 2,575 100 Credit contracts 95 (73) 22 (1) 21 90 Total derivative assets $ 65,682 (39,836) 25,846 (2,157) 23,689 Derivative liabilities Interest rate contracts $ 26,302 (21,934) 4,368 (2,219) 2,149 95 % Commodity contracts 1,543 (819) 724 — 724 69 Equity contracts 22,006 (12,283) 9,723 (837) 8,886 78 Foreign exchange contracts 8,156 (6,481) 1,675 (529) 1,146 100 Credit contracts 58 (39) 19 (3) 16 91 Total derivative liabilities $ 58,065 (41,556) 16,509 (3,588) 12,921 (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 $299 million and $399 million and debit valuation adjustments related to derivative liabilities were $145 million and $201 million as of June 30, 2021, and December 31, 2020, respectively. Cash collateral totaled $5.4 billion and $5.1 billion, netted against derivative assets and liabilities, respectively, at June 30, 2021, and $5.5 billion and $7.5 billion, respectively, at December 31, 2020. 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. 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 $76 million pre-tax of deferred net losses related to cash flow hedges in OCI at June 30, 2021, 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 June 30, 2021, we are hedging our foreign currency exposure to the variability of future cash flows for all forecasted transactions for a maximum of 9 years. For additional information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies). Table 14.3 and Table 14.4 show the net gains (losses) related to derivatives in fair value and cash flow hedging relationships, respectively. Table 14.3: 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 Deposits Long-term debt Other Derivative gains (losses) Derivative gains (losses) Quarter ended June 30, 2021 Total amounts presented in the consolidated statement of income and other comprehensive income $ 2,199 (92) (712) 692 N/A 37 Interest contracts Amounts related to interest settlements on derivatives (68) 74 541 — 547 Recognized on derivatives (468) (61) 2,453 — 1,924 — Recognized on hedged items 452 62 (2,402) — (1,888) Total gains (losses) (pre-tax) on interest rate contracts (84) 75 592 — 583 — Foreign exchange contracts Amounts related to interest settlements on derivatives 15 — 4 — 19 Recognized on derivatives 2 — (42) 202 162 (14) Recognized on hedged items (1) — 44 (203) (160) Total gains (losses) (pre-tax) on foreign exchange contracts 16 — 6 (1) 21 (14) Total gains (losses) (pre-tax) recognized on fair value hedges $ (68) 75 598 (1) 604 (14) Quarter ended June 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 2,946 (585) (1,237) 912 N/A 3 Interest contracts Amounts related to interest settlements on derivatives (93) 152 428 — 487 Recognized on derivatives (21) (86) 549 — 442 — Recognized on hedged items 63 77 (618) — (478) Total gains (losses) (pre-tax) on interest rate contracts (51) 143 359 — 451 — Foreign exchange contracts Amounts related to interest settlements on derivatives 11 — (46) — (35) Recognized on derivatives (1) — 117 709 825 (57) Recognized on hedged items 1 — (70) (684) (753) Total gains (losses) (pre-tax) on foreign exchange contracts 11 — 1 25 37 (57) Total gains (losses) (pre-tax) recognized on fair value hedges $ (40) 143 360 25 488 (57) (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 Deposits Long-term debt Other Derivative gains (losses) Derivative gains (losses) Six months ended June 30, 2021 Total amounts presented in the consolidated statement of income and other comprehensive income $ 4,511 (204) (1,738) 1,674 N/A 84 Interest contracts Amounts related to interest settlements on derivatives (135) 165 1,091 — 1,121 Recognized on derivatives 826 (184) (4,618) — (3,976) — Recognized on hedged items (806) 181 4,542 — 3,917 Total gains (losses) (pre-tax) on interest rate contracts (115) 162 1,015 — 1,062 — Foreign exchange contracts Amounts related to interest settlements on derivatives 43 — 3 — 46 Recognized on derivatives 3 — (269) 509 243 11 Recognized on hedged items (2) — 238 (520) (284) Total gains (losses) (pre-tax) on foreign exchange contracts 44 — (28) (11) 5 11 Total gains (losses) (pre-tax) recognized on fair value hedges $ (71) 162 987 (11) 1,067 11 Six months ended June 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 6,418 (2,327) (2,477) 2,213 N/A 185 Interest contracts Amounts related to interest settlements on derivatives (139) 222 602 — 685 Recognized on derivatives (1,892) 444 10,324 — 8,876 — Recognized on hedged items 1,919 (434) (10,044) — (8,559) Total gains (losses) (pre-tax) on interest rate contracts (112) 232 882 — 1,002 — Foreign exchange contracts Amounts related to interest settlements on derivatives 17 — (131) — (114) Recognized on derivatives (2) — 224 (76) 146 87 Recognized on hedged items 3 — (244) 80 (161) Total gains (losses) (pre-tax) on foreign exchange contracts 18 — (151) 4 (129) 87 Total gains (losses) (pre-tax) recognized on fair value hedges $ (94) 232 731 4 873 87 Table 14.4: 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 June 30, 2021 Total amounts presented in the consolidated statement of income and other comprehensive income $ 7,095 (712) N/A 37 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (39) — (39) 39 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A 10 Total gains (losses) (pre-tax) on interest rate contracts (39) — (39) 49 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 1 Total gains (losses) (pre-tax) on foreign exchange contracts — (1) (1) 2 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (39) (1) (40) 51 Quarter ended June 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 8,460 (1,237) N/A 3 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (53) 1 (52) 52 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) 1 (52) 52 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (3) (3) 3 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A 5 Total gains (losses) (pre-tax) on foreign exchange contracts — (3) (3) 8 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (53) (2) (55) 60 Six months ended June 30, 2021 Total amounts presented in the consolidated statement of income and other comprehensive income $ 14,296 (1,738) N/A 84 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (91) — (91) 91 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (10) Total gains (losses) (pre-tax) on interest rate contracts (91) — (91) 81 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 (10) Total gains (losses) (pre-tax) on foreign exchange contracts — (2) (2) (8) Total gains (losses) (pre-tax) recognized on cash flow hedges $ (91) (2) (93) 73 Six months ended June 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 18,543 (2,477) N/A 185 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (109) 1 (108) 108 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (109) 1 (108) 108 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (5) (5) 5 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (15) Total gains (losses) (pre-tax) on foreign exchange contracts — (5) (5) (10) Total gains (losses) (pre-tax) recognized on cash flow hedges $ (109) (4) (113) 98 Table 14.5 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 14.5: 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 Basis Adjustment Assets/(Liabilities) (3) Carrying Amount of Assets/(Liabilities) (4) Hedge Accounting Basis Adjustment June 30, 2021 Available-for-sale debt securities (5) $ 28,655 (35) 16,792 994 Deposits (14,206) (295) — — Long-term debt (148,673) (7,312) (5,248) 2 December 31, 2020 Available-for-sale debt securities (5) $ 29,538 827 17,091 1,111 Deposits (22,384) (477) — — Long-term debt (156,907) (12,466) (14,468) 31 (1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. (2) Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded for debt securities is $12.0 billion and for long-term debt is $(2.8) billion as of June 30, 2021, and $17.6 billion for debt securities and $(4.7) billion for long-term debt as of December 31, 2020. (3) The balance includes $188 million and $160 million of debt securities and long-term debt cumulative basis adjustments as of June 30, 2021, respectively, and $205 million and $130 million of debt securities and long-term debt cumulative basis adjustments as of December 31, 2020, respectively, 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 14 (Derivatives) to Financial Statements in our 2020 Form 10-K. Table 14.6 shows the net gains (losses), recognized by income statement lines, related to derivatives not designated as hedging instruments. Table 14.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments Noninterest income Noninterest expense (in millions) Mortgage banking Net gains (losses) on trading and securities Other Total Personnel expense Quarter ended June 30, 2021 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 287 — 14 301 — Equity contracts — (762) (4) (766) (239) Foreign exchange contracts — — (90) (90) — Credit contracts — — (5) (5) — Subtotal 287 (762) (85) (560) (239) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 482 (594) — (112) — Commodity contracts — (36) — (36) — Equity contracts — (922) (304) (1,226) — Foreign exchange contracts — (24) — (24) — Credit contracts — (43) — (43) — Subtotal 482 (1,619) (304) (1,441) — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 769 (2,381) (389) (2,001) (239) Quarter ended June 30, 2020 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 142 — (74) 68 — Equity contracts — (1,402) (6) (1,408) (141) Foreign exchange contracts — — (55) (55) — Credit contracts — — 1 1 — Subtotal 142 (1,402) (134) (1,394) (141) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 546 676 — 1,222 — Commodity contracts — (224) — (224) — Equity contracts — (2,348) (145) (2,493) — Foreign exchange contracts — 155 — 155 — Credit contracts — (134) — (134) — Subtotal 546 (1,875) (145) (1,474) — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 688 (3,277) (279) (2,868) (141) (continued on following page) (continued from previous page) Noninterest income Noninterest expense (in millions) Mortgage banking Net gains (losses) on trading and securities Other Total Personnel expense Six months ended June 30, 2021 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ (88) — (6) (94) — Equity contracts — (337) 1 (336) (399) Foreign exchange contracts — — (19) (19) — Credit contracts — — (5) (5) — Subtotal (88) (337) (29) (454) (399) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts (49) 1,330 — 1,281 — Commodity contracts — 44 — 44 — Equity contracts — (2,085) (393) (2,478) — Foreign exchange contracts — 440 — 440 — Credit contracts — (71) — (71) — Subtotal (49) (342) (393) (784) — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ (137) (679) (422) (1,238) (399) Six months ended June 30, 2020 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 2,613 — (45) 2,568 — Equity contracts — (183) (34) (217) (141) Foreign exchange contracts — — 572 572 — Credit contracts — — 17 17 — Subtotal 2,613 (183) 510 2,940 (141) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 1,099 (1,787) — (688) — Commodity contracts — (112) — (112) — Equity contracts — 2,401 (72) 2,329 — Foreign exchange contracts — (402) — (402) — Credit contracts — 147 — 147 — Subtotal 1,099 247 (72) 1,274 — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 3,712 64 438 4,214 (141) (1) Mortgage banking amounts for the second quarter and first half of 2021 are comprised of gains (losses) of $707 million and $(933) million, respectively, related to derivatives used as economic hedges of MSRs measured at fair value offset by gains (losses) of $(420) million and $845 million related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. The corresponding amounts for the second quarter and first half of 2020 are comprised of gains (losses) of $535 million and $3.9 billion offset by gains (losses) of $(393) million and $(1.3) billion, 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 sold credit derivatives. We would be required to perform under the sold credit derivatives in the event of default by the referenced obligors. Events of default include events such as bankruptcy, capital restructuring or lack of principal and/or interest payment. In certain cases, other triggers may exist, such as the credit downgrade of the referenced obligors or the inability of the special purpose vehicle for which we have provided liquidity to obtain funding. Table 14.7 provides details of sold and purchased credit derivatives. Table 14.7: Sold and Purchased Credit Derivatives Notional amount (in millions) Fair value asset Fair value liability Protection sold (A) Protection sold – non-investment grade Protection purchased with identical underlyings (B) Net protection sold (A)-(B) Other protection purchased Range of maturities June 30, 2021 Credit default swaps on: Corporate bonds $ 5 3 4,724 1,236 3,130 1,594 3,582 2021 - 2031 Structured products — 4 16 16 12 4 82 2034 - 2047 Credit protection on: Default swap index 1 — 1,760 698 924 836 3,765 2021 - 2030 Commercial mortgage-backed securities index 2 15 283 29 258 25 134 2047 - 2072 Asset-backed securities index — 7 41 41 40 1 1 2045 - 2046 Other — 2 6,300 6,206 — 6,300 11,199 2021 - 2040 Total credit derivatives $ 8 31 13,124 8,226 4,364 8,760 18,763 December 31, 2020 Credit default swaps on: Corporate bonds $ 7 2 3,767 971 2,709 1,058 3,012 2021 - 2029 Structured products — 5 20 20 19 1 84 2034 - 2047 Credit protection on: Default swap index — — 1,582 731 559 1,023 3,925 2021 - 2030 Commercial mortgage-backed securities index 3 21 297 42 272 25 75 2047 - 2072 Asset-backed securities index — 7 41 41 40 1 1 2045 - 2046 Other — 4 6,378 6,262 — 6,378 11,621 2021 - 2040 Total credit derivatives $ 10 39 12,085 8,067 3,599 8,486 18,718 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 14.8 illustrates our exposure to OTC bilateral derivative contracts 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 14.8: Credit-Risk Contingent Features (in billions) Jun 30, Dec 31, Net derivative liabilities with credit-risk contingent features $ 10.4 10.5 Collateral posted 9.4 9.0 Additional collateral to be posted upon a below investment grade credit rating (1) 1.0 1.5 (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 | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Note 15: Fair Values of Assets and Liabilities We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis, such as derivatives, residential MSRs, and trading or AFS debt securities, are presented in Table 15.1 in this Note. Additionally, from time to time, we record fair value adjustments on a nonrecurring basis. These nonrecurring adjustments typically involve application of lower of cost or fair value (LOCOM) accounting, write-downs of individual assets or application of the measurement alternative for nonmarketable equity securities. Assets recorded at fair value on a nonrecurring basis are presented in Table 15.4 in this Note. We provide in Table 15.8 estimates of fair value for financial instruments that are not recorded at fair value, such as loans and debt liabilities carried at amortized cost. See Note 1 (Summary of Significant Accounting Policies) in our 2020 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, see Note 17 (Fair Values of Assets and Liabilities) in our 2020 Form 10-K. FAIR VALUE HIERARCHY We classify our assets and liabilities recorded at fair value as either Level 1, 2, or 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 2020 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. This determination is ultimately based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the unobservable inputs to the instruments’ fair value measurement in its entirety. If unobservable inputs are considered significant, the instrument is classified as Level 3. We do not classify nonmarketable equity securities in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) as a practical expedient to measure fair value. Marketable equity securities with published NAVs are classified in the fair value hierarchy. Assets and Liabilities Recorded at Fair Value on a Recurring Basis Table 15.1 presents the balances of assets and liabilities recorded at fair value on a recurring basis. Table 15.1: Fair Value on a Recurring Basis June 30, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Trading debt securities: Securities of U.S. Treasury and federal agencies $ 29,497 2,207 — 31,704 $ 32,060 3,197 — 35,257 Collateralized loan obligations — 469 158 627 — 534 148 682 Corporate debt securities — 12,062 11 12,073 — 10,696 13 10,709 Federal agency mortgage-backed securities — 33,105 — 33,105 — 23,549 — 23,549 Non-agency mortgage-backed securities — 1,275 22 1,297 — 1,039 12 1,051 Other debt securities — 3,920 1 3,921 — 3,847 — 3,847 Total trading debt securities 29,497 53,038 192 82,727 32,060 42,862 173 75,095 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 35,905 — — 35,905 22,159 — — 22,159 Non-U.S. government securities — 11,201 — 11,201 — 16,813 — 16,813 Securities of U.S. states and political subdivisions — 19,377 122 19,499 — 19,182 224 19,406 Federal agency mortgage-backed securities — 96,534 — 96,534 — 139,070 — 139,070 Non-agency mortgage-backed securities — 4,347 31 4,378 — 3,697 32 3,729 Collateralized loan obligations — 12,407 — 12,407 — 9,018 — 9,018 Other debt securities 37 7,284 2,652 9,973 38 7,421 2,738 10,197 Total available-for-sale debt securities 35,942 151,150 2,805 189,897 22,197 195,201 2,994 220,392 Loans held for sale — 17,825 1,069 18,894 — 17,572 1,234 18,806 Mortgage servicing rights (residential) — — 6,717 6,717 — — 6,125 6,125 Derivative assets (gross): Interest rate contracts 20 26,370 357 26,747 11 35,590 462 36,063 Commodity contracts — 7,139 95 7,234 — 1,997 39 2,036 Equity contracts 4,620 12,763 1,896 19,279 4,888 12,384 1,613 18,885 Foreign exchange contracts 21 7,664 7 7,692 19 8,573 11 8,603 Credit contracts — 36 39 75 — 45 50 95 Total derivative assets (gross) 4,661 53,972 2,394 61,027 4,918 58,589 2,175 65,682 Equity securities: Marketable 25,138 186 1 25,325 23,995 596 5 24,596 Nonmarketable (1) — 199 9,659 9,858 10 21 9,228 9,259 Total equity securities 25,138 385 9,660 35,183 24,005 617 9,233 33,855 Total assets prior to derivative netting $ 95,238 276,370 22,837 394,445 $ 83,180 314,841 21,934 419,955 Derivative netting (2) (35,612) (39,836) Total assets after derivative netting 358,833 380,119 Derivative liabilities (gross): Interest rate contracts $ (14) (19,418) (43) (19,475) $ (27) (26,259) (16) (26,302) Commodity contracts — (2,216) (93) (2,309) — (1,503) (40) (1,543) Equity contracts (4,108) (15,089) (2,321) (21,518) (4,860) (15,219) (1,927) (22,006) Foreign exchange contracts (14) (6,280) (7) (6,301) (10) (8,134) (12) (8,156) Credit contracts — (44) (6) (50) — (49) (9) (58) Total derivative liabilities (gross) (4,136) (43,047) (2,470) (49,653) (4,897) (51,164) (2,004) (58,065) Short-sale trading liabilities (15,579) (6,464) — (22,043) (15,292) (7,149) — (22,441) Total liabilities prior to derivative netting $ (19,715) (49,511) (2,470) (71,696) $ (20,189) (58,313) (2,004) (80,506) Derivative netting (2) 35,102 41,556 Total liabilities after derivative netting (36,594) (38,950) (1) Excludes $148 million and $154 million of nonmarketable equity securities as of June 30, 2021, and December 31, 2020, respectively, that are measured at fair value using non-published NAV per share (or its equivalent) as a practical expedient that are not classified in the fair value hierarchy. (2) Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 14 (Derivatives) for additional information. Level 3 Assets and Liabilities Recorded at Fair Value on a Recurring Basis Table 15.2 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis. Table 15.2: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis Net unrealized gains (losses) (in millions) Balance, Net gains/(losses) (1) Purchases (2) Sales Settlements Transfers Transfers Balance, (5) Quarter ended June 30, 2021 Trading debt securities $ 192 4 123 (129) (5) 15 (8) 192 1 (6) Available-for-sale debt securities 3,142 28 9 — (120) 11 (265) 2,805 41 (6) Loans held for sale 1,166 15 131 (231) (107) 97 (2) 1,069 9 (7) Mortgage servicing rights (residential) (8) 7,536 (1,297) 485 (7) — — — 6,717 (809) (7) Net derivative assets and liabilities: Interest rate contracts 1 458 — — (145) — — 314 167 Equity contracts (429) (158) — — 120 (10) 52 (425) (130) Other derivative contracts 56 (67) 2 (1) 42 — 3 35 (16) Total derivative contracts (372) 233 2 (1) 17 (10) 55 (76) 21 (9) Equity securities 8,865 794 — — — 1 — 9,660 794 (6) Quarter ended June 30, 2020 Trading debt securities $ 389 33 186 (346) (5) 15 (49) 223 14 (6) Available-for-sale debt securities 2,412 21 5 (28) (100) 85 (297) 2,098 8 (6) Loans held for sale 3,176 (41) 94 (288) (64) 80 (2,199) 758 (32) (7) Mortgage servicing rights (residential) (8) 8,126 (1,768) 462 (1) — — — 6,819 (1,131) (7) Net derivative assets and liabilities: Interest rate contracts 685 460 — — (622) — — 523 291 Equity contracts 217 (277) — — 79 — 1 20 (387) Other derivative contracts (3) 7 2 (1) 12 18 — 35 47 Total derivative contracts 899 190 2 (1) (531) 18 1 578 (49) (9) Equity securities 6,754 1,414 — — — — (3) 8,165 1,414 (6) Six months ended June 30, 2021 Trading debt securities $ 173 20 292 (302) (5) 22 (8) 192 5 (6) Available-for-sale debt securities 2,994 21 24 — (188) 253 (299) 2,805 16 (6) Loans held for sale 1,234 (4) 260 (379) (217) 178 (3) 1,069 (5) (7) Mortgage servicing rights (residential) (8) 6,125 (291) 891 (8) — — — 6,717 782 (7) Net derivative assets and liabilities: Interest rate contracts 446 (83) — — (44) — (5) 314 109 Equity contracts (314) (326) — — 160 (37) 92 (425) (236) Other derivative contracts 39 (40) 2 (1) 32 — 3 35 4 Total derivative contracts 171 (449) 2 (1) 148 (37) 90 (76) (123) (9) Equity securities 9,233 429 — (5) — 3 — 9,660 429 (6) Six months ended June 30, 2020 Trading debt securities $ 223 (85) 476 (439) (15) 115 (52) 223 (69) (6) Available-for-sale debt securities 1,565 (121) 31 (33) (148) 1,172 (368) 2,098 (99) (6) Loans held for sale 1,214 (104) 960 (358) (162) 1,409 (2,201) 758 (34) (7) Mortgage servicing rights (residential) (8) 11,517 (5,589) 923 (33) 1 — — 6,819 (4,388) (7) Net derivative assets and liabilities: Interest rate contracts 214 1,204 — — (895) — — 523 374 Equity contracts (269) 153 — — 152 (10) (6) 20 48 Other derivative contracts (5) (48) 8 (4) 72 12 — 35 33 Total derivative contracts (60) 1,309 8 (4) (671) 2 (6) 578 455 (9) Equity securities 7,850 313 — — — 7 (5) 8,165 310 (6) (1) Includes net gains (losses) included in both net income and other comprehensive income. All amounts represent net gains (losses) included in net income except for $22 million and $36 million included in other comprehensive income from available-for-sale debt securities in the second quarter and first half of 2021, respectively. The corresponding amounts for the second quarter and first half of 2020 were $16 million and $(75) million, respectively. (2) Includes originations of mortgage servicing rights and loans held for sale. (3) All assets and liabilities transferred into Level 3 were previously classified within Level 2. (4) All assets and liabilities transferred out of Level 3 are classified as Level 2. (5) Includes net unrealized gains (losses) related to assets and liabilities held at period end included in both net income and other comprehensive income. All amounts represent net unrealized gains (losses) included in net income except for $38 million and $31 million included in other comprehensive income from available-for-sale debt securities in the second quarter and first half of 2021 , respectively. The corresponding amounts for the second quarter and first half of 2020 were $13 million and $(40) million, respectively. (6) Included in net gains on trading and securities in the consolidated statement of income. (7) Included in mortgage banking income in the consolidated statement of income. (8) For additional information on the changes in mortgage servicing rights, see Note 9 (Mortgage Banking Activities). (9) Included in mortgage banking income, net gains on trading and securities, and other noninterest income in the consolidated statement of income. Table 15.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis. The significant unobservable inputs for Level 3 assets inherent in the fair values obtained from third-party vendors are not included in the table, as the specific inputs applied are not provided by the vendor (for additional information on vendor-developed valuations, see Note 17 (Fair Values of Assets and Liabilities) in our 2020 Form 10-K). Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments. Table 15.3: Valuation Techniques – Recurring Basis ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique Significant Range of Inputs Weighted June 30, 2021 Trading and available-for-sale debt securities $ 1,926 Discounted cash flow Discount rate 0.4 - 12.4 % 4.4 747 Vendor priced 193 Market comparable pricing Comparability adjustment (29.1) - 9.5 (6.6) 131 Market comparable pricing Multiples 0.4x - 12.1x 6.5x Loans held for sale 1,069 Discounted cash flow Default rate 0.0 - 35.7 % 1.5 Discount rate 1.1 - 12.5 4.6 Loss severity 0.0 - 32.9 15.8 Prepayment rate 6.9 - 17.6 12.9 Mortgage servicing rights (residential) 6,717 Discounted cash flow Cost to service per loan (1) $ 57 - 642 111 Discount rate 4.6 - 8.3 % 5.4 Prepayment rate (2) 14.2 - 21.4 17.2 Net derivative assets and (liabilities): Interest rate contracts 139 Discounted cash flow Default rate 0.0 - 6.0 1.9 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 22.0 18.5 Interest rate contracts: derivative loan commitments 175 Discounted cash flow Fall-out factor 1.0 - 99.0 20.2 Initial-value servicing (65.9) - 151.0 bps 89.9 Equity contracts 239 Discounted cash flow Conversion factor (9.3) - 0.0 % (9.0) Weighted average life 0.0 - 2.5 yrs 1.4 (664) Option model Correlation factor (77.0) - 99.0 % 17.5 Volatility factor 6.5 - 78.8 21.8 Nonmarketable equity securities 9,659 Market comparable pricing Comparability adjustment (19.3) - (5.5) (15.6) Insignificant Level 3 assets, net of liabilities 36 Total Level 3 assets, net of liabilities $ 20,367 (3) December 31, 2020 Trading and available-for-sale debt securities $ 2,126 Discounted cash flow Discount rate 0.4 - 14.7 % 3.6 759 Vendor priced 173 Market comparable pricing Comparability adjustment (39.8) - 0.3 (8.4) 109 Market comparable pricing Multiples 7.2x - 12.1x 8.0x Loans held for sale 1,234 Discounted cash flow Default rate 0.0 - 31.6 % 1.7 Discount rate 1.3 - 12.0 4.5 Loss severity 0.0 - 32.3 18.4 Prepayment rate 8.3 - 23.6 15.1 Mortgage servicing rights (residential) 6,125 Discounted cash flow Cost to service per loan (1) $ 63 - 712 130 Discount rate 4.9 - 8.3 % 5.8 Prepayment rate (2) 14.3 - 22.8 19.9 Net derivative assets and (liabilities): Interest rate contracts 206 Discounted cash flow Default rate 0.0 - 6.0 1.7 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 22.0 18.2 Interest rate contracts: derivative loan 240 Discounted cash flow Fall-out factor 1.0 - 99.0 28.8 Initial-value servicing (51.6) - 268.0 bps 65.5 Equity contracts 220 Discounted cash flow Conversion factor (8.6) - 0.0 % (8.2) Weighted average life 0.5 - 2.0 yrs 1.0 (534) Option model Correlation factor (77.0) - 99.0 % 24.8 Volatility factor 6.5 - 96.6 26.4 Nonmarketable equity securities 9,228 Market comparable pricing Comparability adjustment (20.3) - (3.2) (13.8) Insignificant Level 3 assets, net of liabilities 44 Total Level 3 assets, net of liabilities $ 19,930 (3) (1) The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $57 - $239 at June 30, 2021, and $63 - $252 at December 31, 2020. (2) 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. (3) Consists of total Level 3 assets of $22.8 billion and $21.9 billion and total Level 3 liabilities of $2.5 billion and $2.0 billion, before netting of derivative balances, at June 30, 2021, and December 31, 2020, respectively. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of LOCOM accounting, write-downs of individual assets, or application of the measurement alternative for nonmarketable equity securities. Table 15.4 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 June 30, 2021, and December 31, 2020, and for which a nonrecurring fair value adjustment was recorded during the six months ended June 30, 2021, and year ended December 31, 2020. Table 15.5 presents the increase (decrease) in value of certain assets held at the end of the respective reporting periods presented for which a nonrecurring fair value adjustment was recognized during the periods presented. Table 15.4: Fair Value on a Nonrecurring Basis June 30, 2021 December 31, 2020 (in millions) Level 2 Level 3 Total Level 2 Level 3 Total Loans held for sale (1) 2,956 1,439 4,395 2,672 2,945 5,617 Loans: Commercial 432 — 432 1,385 — 1,385 Consumer 221 — 221 395 — 395 Total loans 653 — 653 1,780 — 1,780 Mortgage servicing rights (commercial) — 567 567 — 510 510 Nonmarketable equity securities 3,882 85 3,967 2,397 790 3,187 Other assets 976 157 1,133 1,350 428 1,778 Total assets at fair value on a nonrecurring basis $ 8,467 2,248 10,715 8,199 4,673 12,872 (1) Predominantly consists of commercial mortgages and residential mortgage – first lien loans. Nonmarketable equity securities includes impairment on private equity and venture capital investments and gains or losses under the measurement alternative. Other assets includes impairments of operating lease ROU assets, valuation losses on foreclosed real estate and other collateral owned, and impairment on private equity and venture capital investments in consolidated portfolio companies. Table 15.5: Change in Value of Assets with Nonrecurring Fair Value Adjustment Six months ended June 30, (in millions) 2021 2020 Loans held for sale $ 38 (77) Loans: Commercial (182) (392) Consumer (90) (128) Total loans (272) (520) Mortgage servicing rights (commercial) 31 (30) Nonmarketable equity securities 2,215 (410) Other assets (56) (394) Total $ 1,956 (1,431) Table 15.6 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 and determined 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. Table 15.6: Valuation Techniques – Nonrecurring Basis ($ in millions) Fair Value Valuation Technique (1) Significant Range of Inputs Weighted June 30, 2021 Loans held for sale (2) $ 1,269 Discounted cash flow Default rate (3) 0.8 - 80.2 % 30.3 Discount rate 0.6 - 12.6 3.1 Loss severity 0.3 - 51.0 5.9 Prepayment rate (4) 4.2 - 100.0 41.3 170 Market comparable pricing Comparability adjustment (5.9) - (1.4) (5.0) Mortgage servicing rights (commercial) 567 Discounted cash flow Cost to service per loan $ 150 - 3,381 2,773 Discount rate 4.0 - 4.2 % 4.0 Prepayment rate 0.0 - 20.6 5.5 Nonmarketable equity securities 15 Market comparable pricing Multiples 2.0x - 3.3x 2.8x 65 Market comparable pricing Comparability Adjustment (100.0) - (5.3) % (50.0) 5 Discounted cash flow Discount rate 10.5 - 10.5 10.5 Other assets 157 Discounted cash flow Discount rate 0.3 - 4.4 2.9 Total $ 2,248 December 31, 2020 Loans held for sale (2) $ 1,628 Discounted cash flow Default rate (3) 0.3 - 85.5 % 31.5 Discount rate 0.6 - 11.9 3.0 Loss severity 0.4 - 45.0 8.1 Prepayment rate (4) 8.3 - 100.0 42.5 1,317 Market comparable pricing Comparability adjustment (11.6) - (1.8) (3.1) Mortgage servicing rights (commercial) 510 Discounted cash flow Cost to service per loan $ 150 - 3,377 2,779 Discount rate 1.9 - 1.9 % 1.9 Prepayment rate 0.0 - 20.0 5.4 Nonmarketable equity securities (5) 844 Market comparable pricing Multiples 0.1x - 10.9x 5.0x 188 Market comparable pricing Comparability adjustment (100.0) - (20.0) % (61.4) 76 Other Company risk factor (100.0) - (20.0) (57.7) 91 Discounted cash flow Discount rate 10.0 - 20.0 11.5 Company risk factor (62.6) - 0.0 (30.3) Crude oil prices ($/barrel) $ 42 - 48 47 Natural gas prices ($/MMBtu) 2 - 2 2 Insignificant Level 3 assets 19 Total $ 4,673 (1) See Note 17 (Fair Values of Assets and Liabilities) in our 2020 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets. (2) Consists of approximately $1.2 billion and $2.6 billion of government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitizations at June 30, 2021, and December 31, 2020, respectively, and approximately $200 million and $300 million of other mortgage loans that are not government insured/guaranteed at June 30, 2021, and December 31, 2020. (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 consolidated balance sheet at December 31, 2020. Fair Value Option The fair value option is an irrevocable election, generally only permitted upon initial recognition of financial assets or liabilities, to measure eligible financial instruments at fair value with changes in fair value reflected in earnings. We may elect the fair value option to align the measurement model with how the financial assets or liabilities are managed or to reduce complexity or accounting asymmetry. Following is a discussion of the portfolios for which we elected the fair value option. For additional information, including the basis for our fair value option elections, see Note 17 (Fair Values of Assets and Liabilities) in our 2020 Form 10-K. Table 15.7 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. Nonaccrual loans and loans 90 days or more past due and still accruing included in LHFS for which we have elected the fair value option were insignificant at June 30, 2021, and December 31, 2020. Table 15.7: Fair Value Option June 30, 2021 December 31, 2020 (in millions) Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate unpaid principal Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate Loans held for sale $ 18,894 18,526 368 18,806 18,217 589 Disclosures about Fair Value of Financial Instruments Table 15.8 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 the scope of this table, such as certain insurance contracts, certain nonmarketable equity securities, 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 15.8. 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 $1.4 billion and at both June 30, 2021, and December 31, 2020, respectively. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying fair value of the Company. Table 15.8: Fair Value Estimates for Financial Instruments Estimated fair value (in millions) Carrying amount Level 1 Level 2 Level 3 Total June 30, 2021 Financial assets Cash and due from banks (1) $ 25,304 25,304 — — 25,304 Interest-earning deposits with banks (1) 248,869 248,686 183 — 248,869 Federal funds sold and securities purchased under resale agreements (1) 70,149 — 70,149 — 70,149 Held-to-maturity debt securities 260,941 28,028 235,075 984 264,087 Loans held for sale 6,700 — 5,259 1,669 6,928 Loans, net (2) 821,774 — 59,140 781,652 840,792 Nonmarketable equity securities (cost method) 3,585 — — 3,647 3,647 Total financial assets $ 1,437,322 302,018 369,806 787,952 1,459,776 Financial liabilities Deposits (3) $ 35,964 — 18,823 17,368 36,191 Short-term borrowings 45,635 — 45,635 — 45,635 Long-term debt (4) 179,625 — 186,681 1,282 187,963 Total financial liabilities $ 261,224 — 251,139 18,650 269,789 December 31, 2020 Financial assets Cash and due from banks (1) $ 28,236 28,236 — — 28,236 Interest-earning deposits with banks (1) 236,376 236,258 118 — 236,376 Federal funds sold and securities purchased under resale agreements (1) 65,672 — 65,672 — 65,672 Held-to-maturity debt securities 205,720 48,597 162,777 933 212,307 Loans held for sale 17,578 — 14,952 3,419 18,371 Loans, net (2) 853,595 — 56,270 817,827 874,097 Nonmarketable equity securities (cost method) 3,588 — — 3,632 3,632 Total financial assets $ 1,410,765 313,091 299,789 825,811 1,438,691 Financial liabilities Deposits (3) $ 52,807 — 33,321 19,940 53,261 Short-term borrowings 58,999 — 58,999 — 58,999 Long-term debt (4) 212,922 — 219,321 1,381 220,702 Total financial liabilities $ 324,728 — 311,641 21,321 332,962 (1) Amounts consist of financial instruments for which carrying value approximates fair value. (2) Excludes lease financing with a carrying amount of $15.2 billion and $15.4 billion at June 30, 2021, and December 31, 2020, respectively. (3) Excludes deposit liabilities with no defined or contractual maturity of $1.4 trillion at both June 30, 2021, and December 31, 2020, respectively. (4) Excludes capital lease obligations under capital leases of $28 million at both June 30, 2021, and December 31, 2020, respectively. |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 16: Preferred Stock We are authorized to issue 20 million shares of preferred stock and 4 million shares of preference stock, both without par value. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but have no general voting rights. We have not issued any preference shares under this authorization. If issued, preference shares would be limited to one vote per share. Our total authorized, issued and outstanding preferred stock is presented in the following two tables along with the Employee Stock Ownership Plan (ESOP) Cumulative Convertible Preferred Stock. In January 2021, we issued $3.5 billion of our Preferred Stock, Series BB, and in February 2021, we issued $1.05 billion of our Preferred Stock, Series CC. In March 2021, we redeemed our Preferred Stock Series I, Series P and Series W, and partially redeemed our Preferred Stock, Series N, for an aggregate cost of $4.5 billion. In June 2021, we redeemed the remaining outstanding shares of our Preferred Stock, Series N, for a cost of $350 million. In July 2021, we issued $1.25 billion of our Preferred Stock, Series DD. Table 16.1: Preferred Stock Shares June 30, 2021 December 31, 2020 Liquidation Shares Liquidation Shares DEP Shares Dividend Equalization Preferred Shares (DEP) $ 10 97,000 $ 10 97,000 Series I (1) Floating Class A Preferred Stock — — 100,000 25,010 Series L (2) 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock 1,000 4,025,000 1,000 4,025,000 Series N (3) 5.20% Non-Cumulative Perpetual Class A Preferred Stock — — 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 (3) 5.25% Non-Cumulative Perpetual Class A Preferred Stock — — 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 U 5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,000 25,000 80,000 Series W (3) 5.70% Non-Cumulative Perpetual Class A Preferred Stock — — 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 4.75% Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,500 25,000 80,500 Series AA 4.70% Non-Cumulative Perpetual Class A Preferred Stock 25,000 46,800 25,000 46,800 Series BB 3.90% Fixed-Reset Non-Cumulative Perpetual Class A Preferred Stock 25,000 140,400 — — Series CC 4.375% Non-Cumulative Perpetual Class A Preferred Stock 25,000 46,000 — — ESOP (4) Cumulative Convertible Preferred Stock — 822,242 — 822,242 Total 5,622,642 5,557,652 (1) Series I preferred stock issuance relates to trust preferred securities. See Note 8 (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%. In first quarter 2021, Preferred Stock, Series I, was redeemed. (2) 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. (3) In first quarter 2021, 16,000 shares of Preferred Stock, Series N, were redeemed and Preferred Stock, Series P and Series W were fully redeemed; in second quarter 2021, the remaining 14,000 shares of Preferred Stock, Series N, were redeemed. (4) See the “ESOP Cumulative Convertible Preferred Stock” section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock. Table 16.2: Preferred Stock – Shares Issued and Carrying Value June 30, 2021 December 31, 2020 (in millions, except shares) Shares issued and outstanding Liquidation preference value Carrying Discount Shares Liquidation preference value Carrying value Discount DEP Shares Dividend Equalization Preferred Shares (DEP) 96,546 $ — — — 96,546 $ — — — Series I (1) Floating Class A Preferred Stock — — — — 25,010 2,501 2,501 — Series L (2) 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 (3) 5.20% Non-Cumulative Perpetual Class A Preferred Stock — — — — 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 (3) 5.25% Non-Cumulative Perpetual Class A Preferred Stock — — — — 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 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 W (3) 5.70% Non-Cumulative Perpetual Class A Preferred Stock — — — — 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 — 80,500 2,013 2,013 — Series AA 4.70% Non-Cumulative Perpetual Class A Preferred Stock 46,800 1,170 1,170 — 46,800 1,170 1,170 — Series BB 3.90% Fixed-Reset Non-Cumulative Perpetual Class A Preferred Stock 140,400 3,510 3,510 — — — — — Series CC 4.375% Non-Cumulative Perpetual Class A Preferred Stock 42,000 1,050 1,050 — — — — — ESOP (4) Cumulative Convertible Preferred Stock 822,242 822 822 — 822,242 822 822 — Total 5,558,683 $ 21,588 20,820 768 5,496,293 $ 21,904 21,136 768 (1) Floating rate for Preferred Stock, Series I, is the greater of three-month London Interbank Offered Rate (LIBOR) plus 0.93% and 5.56975%. In first quarter 2021, Preferred Stock, Series I, was redeemed. (2) 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. (3) In first quarter 2021, $400 million of Preferred Stock, Series N, was redeemed and Preferred Stock, Series P and Series W were fully redeemed; in second quarter 2021, the remaining $350 million of Preferred Stock, Series N, was redeemed. (4) See the “ESOP Cumulative Convertible Preferred Stock” section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock. ESOP CUMULATIVE CONVERTIBLE PREFERRED STOCK All shares of our ESOP Cumulative Convertible Preferred Stock (ESOP Preferred Stock) were issued to a trustee acting on behalf of the Wells Fargo & Company 401(k) Plan (the 401(k) Plan). Dividends on the ESOP Preferred Stock are cumulative from the date of initial issuance and are payable quarterly at annual rates based upon the year of issuance. Each share of ESOP Preferred Stock released from the unallocated reserve of the 401(k) Plan is converted into shares of our common stock based on the stated value of the ESOP Preferred Stock and the then current market price of our common stock. The ESOP Preferred Stock is also convertible at the option of the holder at any time, unless previously redeemed. We have the option to redeem the ESOP Preferred Stock at any time, in whole or in part, at a redemption price per share equal to the higher of (a) $1,000 per share plus accrued and unpaid dividends or (b) the fair market value, as defined in the Certificates of Designation for the ESOP Preferred Stock. Table 16.3: ESOP Preferred Stock Shares issued and outstanding Carrying value Adjustable dividend rate (in millions, except shares) Jun 30, Dec 31, Jun 30, Dec 31, Minimum Maximum ESOP Preferred Stock $1,000 liquidation preference per share 2018 221,945 221,945 $ 222 222 7.00 % 8.00 % 2017 163,210 163,210 163 163 7.00 8.00 2016 162,450 162,450 162 162 9.30 10.30 2015 92,904 92,904 93 93 8.90 9.90 2014 99,151 99,151 99 99 8.70 9.70 2013 61,948 61,948 62 62 8.50 9.50 2012 20,634 20,634 21 21 10.00 11.00 Total ESOP Preferred Stock (1) 822,242 822,242 $ 822 822 Unearned ESOP shares (2) $ (875) (875) (1) At both June 30, 2021, and December 31, 2020, additional paid-in capital included $53 million 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 | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 17: Revenue from Contracts with Customers Our revenue includes net interest income on financial instruments and noninterest income. Table 17.1 presents our revenue by operating segment. For additional description of our operating segments, including additional financial information and the underlying management accounting process, see Note 22 (Operating Segments). Table 17.1: Revenue by Operating Segment (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Consolidated Quarter ended June 30, 2021 Net interest income (2) $ 5,618 1,202 1,783 610 (304) (109) 8,800 Noninterest income: Deposit-related fees 732 325 277 7 1 — 1,342 Lending-related fees (2) 36 135 190 2 (1) — 362 Investment advisory and other asset-based fees (3) — 2 12 2,382 398 — 2,794 Commissions and brokerage services fees — — 68 513 (1) — 580 Investment banking fees (2) 9 580 (1) (16) — 570 Card fees: Card interchange and network revenues (4) 896 49 11 1 — — 957 Other card fees (2) 121 — — — (1) — 120 Total card fees 1,017 49 11 1 (1) — 1,077 Mortgage banking (2) 1,158 — 181 (3) — — 1,336 Net gains (losses) from trading activities (2) — (1) 30 6 (14) — 21 Net gains on debt securities (2) — — — — — — — Net gains from equity securities (2) — 32 46 6 2,612 — 2,696 Lease income (2) — 173 — — 140 — 313 Other (2) 127 182 160 13 209 (312) 379 Total noninterest income 3,068 906 1,555 2,926 3,327 (312) 11,470 Total revenue $ 8,686 2,108 3,338 3,536 3,023 (421) 20,270 Quarter ended June 30, 2020 Net interest income (2) $ 5,717 1,554 1,963 719 60 (121) 9,892 Noninterest income: Deposit-related fees 575 297 261 6 3 — 1,142 Lending-related fees (2) 33 125 163 2 — — 323 Investment advisory and other asset-based fees (3) — 8 24 1,835 387 — 2,254 Commissions and brokerage services fees — — 79 470 1 — 550 Investment banking fees (1) 26 588 1 (67) — 547 Card fees: Card interchange and network revenues (4) 650 36 11 1 — — 698 Other card fees (2) 99 — — — — — 99 Total card fees 749 36 11 1 — — 797 Mortgage banking (2) 256 — 65 (3) (1) — 317 Net gains (losses) from trading activities (2) 1 1 809 9 (13) — 807 Net gains on debt securities (2) 6 — — — 206 — 212 Net gains (losses) from equity securities (2) — (28) 8 150 403 — 533 Lease income (2) — 189 5 — 141 — 335 Other (2) 272 143 83 16 258 (195) 577 Total noninterest income 1,891 797 2,096 2,487 1,318 (195) 8,394 Total revenue $ 7,608 2,351 4,059 3,206 1,378 (316) 18,286 Six months ended June 30, 2021 Net interest income (2) $ 11,233 2,456 3,562 1,267 (694) (216) 17,608 Noninterest income: Deposit-related fees 1,393 642 543 14 5 — 2,597 Lending-related fees (2) 76 271 373 4 (1) — 723 Investment advisory and other asset-based fees (3) — 7 34 4,688 821 — 5,550 Commissions and brokerage services fees — — 149 1,068 (1) — 1,216 Investment banking fees (8) 22 1,191 (2) (65) — 1,138 Card fees: Card interchange and network revenues (4) 1,674 94 21 2 — — 1,791 Other card fees (2) 235 — — — — — 235 Total card fees 1,909 94 21 2 — — 2,026 Mortgage banking (2) 2,417 — 251 (6) — — 2,662 Net gains (losses) from trading activities (2) 1 1 361 12 (6) — 369 Net gains on debt securities (2) — — — — 151 — 151 Net gains from equity securities (2) 34 45 121 6 2,882 — 3,088 Lease income (2) — 347 1 — 280 — 628 Other (2) 285 304 335 27 678 (583) 1,046 Total noninterest income 6,107 1,733 3,380 5,813 4,744 (583) 21,194 Total revenue $ 17,340 4,189 6,942 7,080 4,050 (799) 38,802 (continued on following page) (continued from previous page) (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Consolidated Six months ended June 30, 2020 Net interest income (2) $ 11,719 3,287 3,984 1,557 939 (264) 21,222 Noninterest income: Deposit-related fees 1,454 599 518 13 5 — 2,589 Lending-related fees (2) 81 253 335 4 — — 673 Investment advisory and other asset-based fees (3) — 16 40 3,908 796 — 4,760 Commissions and brokerage services fees — — 169 1,063 (5) — 1,227 Investment banking fees (2) 39 1,065 2 (166) — 938 Card fees: Card interchange and network revenues (4) 1,307 88 29 2 2 — 1,428 Other card fees (2) 261 — — — — — 261 Total card fees 1,568 88 29 2 2 — 1,689 Mortgage banking (2) 598 — 105 (6) (1) — 696 Net gains (losses) from trading activities (2) 1 (4) 844 8 22 — 871 Net gains on debt securities (2) 6 — — — 443 — 449 Net gains (losses) from equity securities (2) — (222) 124 (111) (659) — (868) Lease income (2) — 387 6 — 295 — 688 Other (2) 832 253 248 36 571 (415) 1,525 Total noninterest income 4,538 1,409 3,483 4,919 1,303 (415) 15,237 Total revenue $ 16,257 4,696 7,467 6,476 2,242 (679) 36,459 (1) Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. (2) 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. (3) We earned trailing commissions of $300 million and $598 million for the second quarter and first half of 2021, respectively, and $257 million and $532 million for the second quarter and first half of 2020, respectively. (4) The cost of credit card rewards and rebates of $373 million and $683 million for the second quarter and first half of 2021, respectively, and $266 million and $651 million for the second quarter and first half of 2020, respectively, are presented net against the related revenues. INVESTMENT ADVISORY AND OTHER ASSET-BASED FEES are earned for providing brokerage advisory, asset management and trust services. Fees from advisory account relationships with brokerage customers are charged based on a percentage of the market value of the client’s assets. Services and obligations related to providing 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. Trailing commissions are earned for selling shares to investors and our obligation 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. Asset 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; however, obligations for activities that are transitional in nature are satisfied at the time of the transaction. COMMISSIONS AND BROKERAGE SERVICES FEES are earned for providing brokerage services. Commissions from transactional accounts with brokerage customers 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. Fees earned from other brokerage services include securities clearance, 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. Our obligation is satisfied at the time we provide the service which is generally at the time of the transaction. |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefits and Other Expenses | Note 18: Employee Benefits and Other Expenses Pension and Postretirement Plans We sponsor a frozen noncontributory qualified defined benefit retirement plan, the Wells Fargo & Company Cash Balance Plan (Cash Balance Plan), which covers eligible employees of Wells Fargo. The Cash Balance Plan was frozen on July 1, 2009, and no new benefits accrue after that date. 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 21 (Employee Benefits and Other Expenses) in our 2020 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 (threshold). Settlement losses of $62 million and $70 million were recognized during second quarter 2021 and 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 half of both 2021 and 2020. As a result of the settlement losses, we re-measured the Cash Balance Plan obligation and plan assets as of both June 30, 2021 and 2020, and used a discount rate of 2.80% and 2.75%, respectively, 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 remeasurement increased the Cash Balance Plan asset by $347 million and other comprehensive income (pre-tax) by $409 million in second quarter 2021, and increased the Cash Balance Plan liability by $674 million and decreased other comprehensive income (pre-tax) by $604 million in second quarter 2020. Table 18.1 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 18.1: Net Periodic Benefit Cost 2021 2020 Pension benefits Pension benefits (in millions) Qualified Non- qualified Other benefits Qualified Non- qualified Other benefits Quarter ended June 30, Service cost $ 5 — — 4 — — Interest cost 71 3 3 86 4 4 Expected return on plan assets (154) — (4) (149) — (5) Amortization of net actuarial loss (gain) 38 3 (5) 35 3 (4) Amortization of prior service credit — — (3) — — (3) Settlement loss 62 — — 70 — — Net periodic benefit cost $ 22 6 (9) 46 7 (8) Six months ended June 30, Service cost $ 9 — — 7 — — Interest cost 142 6 6 172 8 8 Expected return on plan assets (306) — (9) (297) — (11) Amortization of net actuarial loss (gain) 75 7 (10) 71 7 (9) Amortization of prior service credit — — (5) — — (5) Settlement loss 62 2 — 70 3 — Net periodic benefit cost $ (18) 15 (18) 23 18 (17) Other Expenses Regulatory Charges and Assessments expense, which is included in other noninterest expense, was $192 million and $409 million in the second quarter and first half of 2021, respectively, compared with $211 million and $374 million in the same periods a year ago, and primarily consisted of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring Costs [Abstract] | |
Restructuring Charges | Note 19: Restructuring Charges The Company began pursuing various initiatives to reduce expenses and create a more efficient and streamlined organization in third quarter 2020. Actions from these initiatives may include (i) reorganizing and simplifying business processes and structures to improve internal operations and the customer experience, (ii) reducing headcount, (iii) optimizing third-party spending, including for our technology infrastructure, and (iv) rationalizing our branch and administrative locations, which may include consolidations and closures. 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 – Severance costs associated with headcount reductions with payments made over time in accordance with our severance plan, as well as payments for other employee benefit costs such as incentive compensation. • 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. • Other – Impairment of other assets and costs associated with our technology infrastructure. Table 19.1 provides details on our restructuring charges. Table 19.1: Accruals for Restructuring Charges (in millions) Personnel costs Facility closure costs Other Total Quarter ended June 30, 2021 Balance, beginning of period $ 1,010 — 44 1,054 Restructuring charges 155 3 — 158 Payments and utilization (213) 4 (37) (246) Changes in estimates (1) (148) (7) (7) (162) Balance, end of period $ 804 — — 804 Six months ended June 30, 2021 Balance, beginning of period $ 1,170 — 44 1,214 Restructuring charges 285 18 — 303 Payments and utilization (370) (11) (38) (419) Changes in estimates (1) (281) (7) (6) (294) Balance, end of period $ 804 — — 804 Year ended December 31, 2020 Balance, beginning of year $ — — — — Restructuring charges 1,371 80 144 1,595 Payments and utilization (105) (80) (100) (285) Changes in estimates (1) (96) — — (96) Balance, end of year $ 1,170 — 44 1,214 (1) Represents reduction of expense for changes in previously estimated amounts based on refinements of assumptions. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, Six months ended June 30, (in millions, except per share amounts) 2021 2020 2021 2020 Wells Fargo net income (loss) (1) $ 6,040 $ (3,846) $ 10,676 (2,930) Less: Preferred stock dividends and other (2) 297 314 677 926 Wells Fargo net income (loss) applicable to common stock (numerator) (1) $ 5,743 (4,160) $ 9,999 (3,856) Earnings per common share Average common shares outstanding (denominator) 4,124.6 4,105.5 4,132.9 4,105.2 Per share $ 1.39 (1.01) $ 2.42 (0.94) Diluted earnings per common share Average common shares outstanding 4,124.6 4,105.5 4,132.9 4,105.2 Add: Restricted share rights (3) 31.5 — 31.7 — Diluted average common shares outstanding (denominator) 4,156.1 4,105.5 4,164.6 4,105.2 Per share $ 1.38 (1.01) $ 2.40 (0.94) (1) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) The quarter ended June 30, 2021, balance included $4 million, and the six months ended June 30, 2021 and 2020, includes $48 million and $272 million, respectively, from the elimination of discounts or issuance costs associated with redemptions of preferred stock. (3) Calculated using the treasury stock method. In the second quarter and first half of 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect. 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 June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Convertible Preferred Stock, Series L (1) 25.3 25.3 25.3 25.3 Restricted share rights (2) 0.2 35.9 0.1 0.9 (1) Calculated using the if-converted method. (2) Calculated using the treasury stock method. Since we had net losses attributable to common shareholders for the second quarter and first half of 2020, all RSRs outstanding were anti-dilutive. Weighted average RSRs outstanding were 50.7 million and 54.7 million for the second quarter and first half of 2020, respectively. Table 20.3 presents dividends declared per common share. Table 20.3: Dividends Declared Per Common Share Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 Per common share $ 0.10 $ 0.51 $ 0.20 1.02 |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2021 | |
Cumulative Other Comprehensive Income Balances [Abstract] | |
Other Comprehensive Income | Note 21: Other Comprehensive Income Table 21.1 provides the components of other comprehensive income (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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in millions) Before Tax Net of Before Tax Net of Before Tax Net of Before Tax Net of Debt securities: Net unrealized gains (losses) arising during the period $ 272 (68) 204 1,596 (395) 1,201 (1,740) 432 (1,308) 1,486 (373) 1,113 Reclassification of net (gains) losses to net income: Interest income on debt securities (1) 134 (33) 101 123 (31) 92 271 (67) 204 189 (47) 142 Net gains on debt securities — — — (212) 63 (149) (151) 35 (116) (449) 111 (338) Other noninterest income (2) 1 (1) (1) — (1) (2) 1 (1) (2) — (2) Subtotal reclassifications to net income 132 (32) 100 (90) 32 (58) 118 (31) 87 (262) 64 (198) Net change 404 (100) 304 1,506 (363) 1,143 (1,622) 401 (1,221) 1,224 (309) 915 Derivatives and hedging activities: Fair Value Hedges: Change in fair value of excluded components on fair value hedges (2) (14) 3 (11) (57) 13 (44) 11 (3) 8 87 (22) 65 Cash Flow Hedges: Net unrealized gains (losses) arising during the period on cash flow hedges 11 (3) 8 5 (1) 4 (20) 5 (15) (15) 4 (11) Reclassification of net (gains) losses to net income: Interest income on loans 39 (10) 29 53 (12) 41 91 (23) 68 109 (26) 83 Interest expense on long-term debt 1 — 1 2 — 2 2 — 2 4 (1) 3 Subtotal reclassifications to net income 40 (10) 30 55 (12) 43 93 (23) 70 113 (27) 86 Net change 37 (10) 27 3 — 3 84 (21) 63 185 (45) 140 Defined benefit plans adjustments: Net actuarial and prior service gains (losses) arising during the period 347 (85) 262 (674) 167 (507) 357 (88) 269 (671) 166 (505) Reclassification of amounts to noninterest expense (3): Amortization of net actuarial loss 36 (9) 27 34 (9) 25 72 (18) 54 69 (17) 52 Settlements and other 59 (14) 45 67 (16) 51 59 (13) 46 68 (16) 52 Subtotal reclassifications to noninterest expense 95 (23) 72 101 (25) 76 131 (31) 100 137 (33) 104 Net change 442 (108) 334 (573) 142 (431) 488 (119) 369 (534) 133 (401) Foreign currency translation adjustments: Net unrealized gains (losses) arising during the period 23 (1) 22 51 — 51 36 (3) 33 (144) 2 (142) Net change 23 (1) 22 51 — 51 36 (3) 33 (144) 2 (142) Other comprehensive income (loss) $ 906 (219) 687 987 (221) 766 (1,014) 258 (756) 731 (219) 512 Less: Other comprehensive income (loss) from noncontrolling interests, net of tax 1 — 2 (1) Wells Fargo other comprehensive income (loss), net of tax $ 686 766 (758) 513 (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 hedge effectiveness and recorded in other comprehensive income. (3) These items are included in the computation of net periodic benefit cost (see Note 18 (Employee Benefits and Other Expenses) for additional information). Table 21.2 provides the cumulative OCI balance activity on an after-tax basis. Table 21.2: Cumulative OCI Balances (in millions) Debt Fair value hedges (1) Cash flow hedges (2) Defined benefit plans adjustments Foreign currency translation adjustments Cumulative other comprehensive income (loss) Quarter ended June 30, 2021 Balance, beginning of period $ 1,514 (185) (108) (2,369) (102) (1,250) Net unrealized gains (losses) arising during the period 204 (11) 8 262 22 485 Amounts reclassified from accumulated other comprehensive income 100 — 30 72 — 202 Net change 304 (11) 38 334 22 687 Less: Other comprehensive income from noncontrolling interests 1 — — — — 1 Balance, end of period $ 1,817 (196) (70) (2,035) (80) (564) Quarter ended June 30, 2020 Balance, beginning of period $ 1,324 (71) (270) (2,193) (354) (1,564) Net unrealized gains (losses) arising during the period 1,201 (44) 4 (507) 51 705 Amounts reclassified from accumulated other comprehensive income (58) — 43 76 — 61 Net change 1,143 (44) 47 (431) 51 766 Less: Other comprehensive income from noncontrolling interests — — — — — — Balance, end of period $ 2,467 (115) (223) (2,624) (303) (798) Six months ended June 30, 2021 Balance, beginning of period $ 3,039 (204) (125) (2,404) (112) 194 Net unrealized gains (losses) arising during the period (1,308) 8 (15) 269 33 (1,013) Amounts reclassified from accumulated other comprehensive income 87 — 70 100 — 257 Net change (1,221) 8 55 369 33 (756) Less: Other comprehensive income from noncontrolling interests 1 — — — 1 2 Balance, end of period $ 1,817 (196) (70) (2,035) (80) (564) Six months ended June 30, 2020 Balance, beginning of period $ 1,552 (180) (298) (2,223) (162) (1,311) Net unrealized gains (losses) arising during the period 1,113 65 (11) (505) (142) 520 Amounts reclassified from accumulated other comprehensive income (198) — 86 104 — (8) Net change 915 65 75 (401) (142) 512 Less: Other comprehensive loss from noncontrolling interests — — — — (1) (1) Balance, end of period $ 2,467 (115) (223) (2,624) (303) (798) (1) Substantially all of the amounts for fair value hedges are foreign exchange contracts. |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 22: Operating Segments Our management reporting is organized into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. We define our reportable operating segments by type of product and customer segment, and their results are based on our management reporting process. The management reporting process measures the performance of the reportable operating segments based on the Company’s management structure, and the results are regularly reviewed by our Chief Executive Officer and Operating Committee. The management reporting process is based on U.S. GAAP and includes specific adjustments, such as funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance consistently across the operating segments. In March 2021, we announced an agreement to sell our Corporate Trust Services business and, in second quarter 2021, we moved the business from the Commercial Banking operating segment to Corporate. Prior period balances have been revised to conform with the current period presentation. This change did not impact the previously reported consolidated financial results of the Company. In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments and elected to change the presentation of investment tax credits related to solar energy investments. These accounting policy changes had a nominal impact on reportable operating segment results. Prior period financial statement line items for the Company, as well as for the reportable operating segments, have been revised to conform with the current period presentation. Our LIHTC investments are included in the Corporate and Investment Banking operating segment and our solar energy investments are included in the Commercial Banking operating segment. For additional information, see Note 1 (Summary of Significant Accounting Policies). Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $5 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending. Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. Corporate and Investment Banking delivers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities. Wealth and Investment Management provides personalized wealth management, investment and retirement products and services to clients across U.S.-based businesses including Wells Fargo Advisors and The Private Bank. We serve clients’ brokerage needs, and deliver financial planning, private banking, credit, and fiduciary services to high-net worth and ultra-high-net worth individuals and families. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. In addition, Corporate includes all restructuring charges related to our efficiency initiatives. See Note 19 (Restructuring Charges) for additional information on restructuring charges. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as results for previously divested businesses. Basis of Presentation FUNDS TRANSFER PRICING Corporate treasury manages a funds transfer pricing methodology that considers interest rate risk, liquidity risk, and other product characteristics. Operating segments pay a funding charge for their assets and receive a funding credit for their deposits, both of which are included in net interest income. The net impact of the funding charges or credits is recognized in corporate treasury. REVENUE AND EXPENSE SHARING When lines of business jointly serve customers, the line of business that is responsible for providing the product or service recognizes revenue or expense with a referral fee paid or an allocation of cost to the other line of business based on established internal revenue-sharing agreements. When a line of business uses a service provided by another line of business or enterprise function (included in Corporate), expense is generally allocated based on the cost and use of the service provided. TAXABLE-EQUIVALENT ADJUSTMENTS Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. Table 22.1 presents our results by operating segment. Table 22.1: Operating Segments (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Items (1) Consolidated Quarter ended June 30, 2021 Net interest income (2) $ 5,618 1,202 1,783 610 (304) (109) 8,800 Noninterest income 3,068 906 1,555 2,926 3,327 (312) 11,470 Total revenue 8,686 2,108 3,338 3,536 3,023 (421) 20,270 Provision for credit losses (367) (382) (501) 24 (34) — (1,260) Noninterest expense 6,202 1,443 1,805 2,891 1,000 — 13,341 Income (loss) before income tax expense (benefit) 2,851 1,047 2,034 621 2,057 (421) 8,189 Income tax expense (benefit) 713 261 513 156 223 (421) 1,445 Net income before noncontrolling interests 2,138 786 1,521 465 1,834 — 6,744 Less: Net income (loss) from noncontrolling interests — 2 (2) — 704 — 704 Net income $ 2,138 784 1,523 465 1,130 — 6,040 Quarter ended June 30, 2020 Net interest income (2) $ 5,717 1,554 1,963 719 60 (121) 9,892 Noninterest income 1,891 797 2,096 2,487 1,318 (195) 8,394 Total revenue 7,608 2,351 4,059 3,206 1,378 (316) 18,286 Provision for credit losses 3,102 2,295 3,756 255 126 — 9,534 Noninterest expense 6,933 1,580 2,044 2,743 1,251 — 14,551 Income (loss) before income tax expense (benefit) (2,427) (1,524) (1,741) 208 1 (316) (5,799) Income tax expense (benefit) (650) (379) (408) 52 (300) (316) (2,001) Net income (loss) before noncontrolling interests (1,777) (1,145) (1,333) 156 301 — (3,798) Less: Net income from noncontrolling interests — 1 — — 47 — 48 Net income (loss) $ (1,777) (1,146) (1,333) 156 254 — (3,846) Six months ended June 30, 2021 Net interest income (2) $ 11,233 2,456 3,562 1,267 (694) (216) 17,608 Noninterest income 6,107 1,733 3,380 5,813 4,744 (583) 21,194 Total revenue 17,340 4,189 6,942 7,080 4,050 (799) 38,802 Provision for credit losses (786) (781) (785) (19) 63 — (2,308) Noninterest expense 12,469 3,073 3,638 5,919 2,231 — 27,330 Income (loss) before income tax expense (benefit) 5,657 1,897 4,089 1,180 1,756 (799) 13,780 Income tax expense (benefit) 1,415 473 1,013 296 (52) (799) 2,346 Net income before noncontrolling interests 4,242 1,424 3,076 884 1,808 — 11,434 Less: Net income (loss) from noncontrolling interests — 3 (2) — 757 — 758 Net income $ 4,242 1,421 3,078 884 1,051 — 10,676 Six months ended June 30, 2020 Net interest income (2) $ 11,719 3,287 3,984 1,557 939 (264) 21,222 Noninterest income 4,538 1,409 3,483 4,919 1,303 (415) 15,237 Total revenue 16,257 4,696 7,467 6,476 2,242 (679) 36,459 Provision for credit losses 4,671 3,336 4,881 263 388 — 13,539 Noninterest expense 13,190 3,153 3,914 5,400 1,942 — 27,599 Income (loss) before income tax expense (benefit) (1,604) (1,793) (1,328) 813 (88) (679) (4,679) Income tax expense (benefit) (445) (442) (307) 204 21 (679) (1,648) Net income (loss) before noncontrolling interests (1,159) (1,351) (1,021) 609 (109) — (3,031) Less: Net income (loss) from noncontrolling interests — 2 — — (103) — (101) Net income (loss) $ (1,159) (1,353) (1,021) 609 (6) — (2,930) (continued on following page) (continued from previous page) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Items (1) Consolidated Quarter ended June 30, 2021 Loans (average) $ 331,892 178,572 252,422 81,784 10,077 — 854,747 Assets (average) 388,617 195,453 513,414 87,766 754,629 — 1,939,879 Deposits (average) 835,752 192,586 190,810 174,980 41,696 — 1,435,824 Six months ended June 30, 2021 Loans (average) $ 342,428 180,845 249,302 81,314 10,152 — 864,041 Assets (average) 398,530 197,396 512,476 87,562 741,203 — 1,937,167 Deposits (average) 812,723 190,984 192,645 174,333 44,080 — 1,414,765 Loans (period-end) 326,760 178,905 253,259 82,783 10,593 — 852,300 Assets (period-end) 382,464 196,421 516,518 88,678 761,915 — 1,945,996 Deposits (period-end) 840,434 197,461 188,219 174,267 40,091 — 1,440,472 Quarter ended June 30, 2020 Loans (average) $ 369,631 228,423 273,587 78,091 21,534 — 971,266 Assets (average) 427,065 243,762 535,298 85,438 655,617 — 1,947,180 Deposits (average) 715,144 184,132 239,637 165,103 82,640 — 1,386,656 Six months ended June 30, 2020 Loans (average) $ 376,096 226,641 265,915 77,987 21,517 — 968,156 Assets (average) 433,226 243,293 543,455 85,538 642,513 — 1,948,025 Deposits (average) 683,925 175,929 252,902 155,246 94,307 — 1,362,309 Loans (period-end) 368,753 210,779 255,574 78,101 21,948 — 935,155 Assets (period-end) 432,100 226,735 510,205 84,699 713,309 — 1,967,048 Deposits (period-end) 746,602 183,085 236,620 168,249 76,155 — 1,410,711 (1) Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. (2) Net interest income is interest earned on assets minus the interest paid on liabilities to fund those assets. Segment interest earned includes actual interest income on segment assets as well as a funding credit for their deposits. Segment interest paid on liabilities includes actual interest expense on segment liabilities as well as a funding charge for their assets. |
Regulatory Capital Requirements
Regulatory Capital Requirements and Other Restrictions | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital Requirements and Other Restrictions [Abstract] | |
Regulatory Capital Requirements and Other Restrictions | Note 23: Regulatory Capital Requirements and Other Restrictions Regulatory Capital Requirements The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal banking regulators. The FRB 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 June 30, 2021, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act. Table 23.1: Regulatory Capital Information (1) Wells Fargo & Company Wells Fargo Bank, N.A. June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 (in millions, except ratios) Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Regulatory capital: Common Equity Tier 1 $ 143,442 143,442 138,297 138,297 151,121 151,121 150,168 150,168 Tier 1 162,999 162,999 158,196 158,196 151,121 151,121 150,168 150,168 Total 190,173 200,156 186,934 196,660 165,154 174,641 164,412 173,719 Assets: Risk-weighted assets (2) 1,126,535 1,188,727 1,158,355 1,193,744 988,692 1,087,876 1,012,751 1,085,599 Adjusted average assets 1,911,654 1,911,654 1,900,258 1,900,258 1,752,195 1,752,195 1,735,406 1,735,406 Regulatory capital ratios: Common Equity Tier 1 capital 12.73 % 12.07 * 11.94 11.59 * 15.28 13.89 * 14.83 13.83 * Tier 1 capital 14.47 13.71 * 13.66 13.25 * 15.28 13.89 * 14.83 13.83 * Total capital 16.88 16.84 * 16.14 * 16.47 16.70 16.05 * 16.23 16.00 * Wells Fargo & Company Wells Fargo Bank, N.A. June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Regulatory leverage: Total leverage exposure (3) $ 2,300,416 1,963,971 2,117,710 2,041,952 Supplementary leverage ratio (SLR) (3)(4) 7.09 % 8.05 7.14 7.35 Tier 1 leverage ratio (5) 8.53 8.32 8.62 8.65 *Denotes the binding ratio based on the lower calculation under the Advanced and Standardized Approaches. (1) At June 30, 2021, the impact of the CECL transition provision issued by federal banking regulators on the regulatory capital of the Company was an increase in capital of $879 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $7.5 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2021. The impact of the CECL transition provision on the regulatory capital of the Bank at June 30, 2021, was an increase in capital of $879 million. (2) RWAs for the Company and the Bank included an increase of $547 million under the Standardized Approach and a decrease of $1.4 billion under the Advanced Approach related to the impact of the CECL transition provision on the excess allowance for credit losses as of June 30, 2021. (3) The 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. (4) In 2020, the FRB issued an interim final rule that temporarily allowed the exclusion for on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of total leverage exposure in the denominator of the SLR. The Company adopted this interim final rule, but the Bank did not elect to apply these exclusions. The interim final rule expired on April 1, 2021. (5) The tier 1 leverage ratio consists of tier 1 capital divided by total average assets, excluding goodwill and certain other items as determined under the rule. At June 30, 2021, under transition requirements, the CET1, tier 1 and total capital ratio requirements for the Company included a global systemically important bank (G-SIB) surcharge of 2.00%. The G-SIB surcharge is not applicable to the Bank. In addition, the CET1, tier 1 and total capital ratio requirements for the Company and the Bank included a stress capital buffer of 2.50% under the Standardized Approach and a capital conservation buffer of 2.50% under the Advanced Approach. The Company is required to maintain these risk-based capital ratios and to maintain an 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 an SLR of at least 6.00% to be considered well-capitalized under applicable regulatory capital adequacy rules. Table 23.2 presents the risk-based capital and leverage requirements under transition requirements to which the Company and the Bank were subject as of June 30, 2021, and December 31, 2020, which were the same under both the Standardized and Advanced Approaches. Table 23.2: Risk-Based Capital and Leverage Ratios – Transition Requirements Wells Fargo & Company Wells Fargo Bank, N.A. Jun 30, 2021 Jun 30, 2021 and Dec 31, 2020 and Dec 31, 2020 Common Equity Tier 1 capital 9.00 % 7.00 Tier 1 capital 10.50 8.50 Total capital 12.50 10.50 Tier 1 leverage 4.00 4.00 Supplementary leverage 5.00 6.00 Capital Planning Requirements The FRB’s c apital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain large bank holding companies (BHCs), including Wells Fargo. The FRB conducts an annual Comprehensive Capital Analysis and Review exercise and 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 the requirements of the capital plan rule and is also subject to the Parent meeting or exceeding certain regulatory capital minimums. On March 25, 2021, the FRB announced that it was extending measures it previously announced limiting large BHCs, 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 generally authorized BHCs to (i) provided that the BHC does not increase the amount of its common stock dividends to be larger than the level paid in second quarter 2020, pay common stock dividends and make share repurchases that, in the aggregate, do not exceed an amount equal to the average of the BHC’s net income for the four preceding calendar quarters; (ii) make share repurchases that equal the amount of share issuances related to expensed employee compensation; and (iii) redeem and make scheduled payments on additional tier 1 and tier 2 capital instruments. These limitations on capital distributions ended on June 30, 2021. Loan and Dividend Restrictions Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. Additionally, federal laws and regulations limit the dividends that a national bank may pay. 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. In 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 subsidiaries of the Parent designated from time to time as material entities for resolution planning purposes or identified from time to time 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. For additional information on loan and dividend restrictions, see Note 28 (Regulatory Capital Requirements and Other Restrictions) in our 2020 Form 10-K. Cash Restrictions Cash and cash equivalents may be restricted as to usage or withdrawal. Table 23.3 provides a summary of restrictions on cash and cash equivalents . Table 23.3: Nature of Restrictions on Cash and Cash Equivalents (in millions) Jun 30, Dec 31, Reserve balance for non-U.S. central banks $ 199 243 Segregated for benefit of brokerage customers under federal and other brokerage regulations 878 957 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Line Items] | |
Business Description and Basis of Presentation | Wells Fargo & Company is a diversified financial services company. We provide banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia, and in countries outside the U.S. 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, 2020 (2020 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 4 (Loans and Related Allowance for Credit Losses)); • valuations of residential mortgage servicing rights (MSRs) (Note 8 (Securitizations and Variable Interest Entities) and Note 9 (Mortgage Banking Activities)); • valuations of financial instruments (Note 15 (Fair Values of Assets and Liabilities)); • liabilities for contingent litigation losses (Note 13 (Legal Actions)); • income taxes; and • goodwill impairment (Note 10 (Intangible Assets)). 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 2020 Form 10-K. |
Change in Accounting Policies | Change in Accounting Policies In second quarter 2021, we elected to change our accounting method for low-income housing tax credit (LIHTC) investments from the equity method of accounting to the proportional amortization method. Under the proportional amortization method, the investments are carried at amortized cost and amortized in proportion to the tax credits received. The amortization of the investments and the related tax impacts are recognized in income tax expense. Previously, we recognized the amortization of the investments in other noninterest income and the related tax impacts were recognized in income tax expense. We determined that the proportional amortization method is preferable because it better aligns the financial statement presentation with the economic impact of these investments, which generate tax credits over the lives of the investments. Adoption of the proportional amortization method was applied retrospectively, to the earliest period presented, which resulted in a cumulative-effect adjustment to reduce retained earnings by $283 million as of January 1, 2020. In second quarter 2021, we also elected to change the presentation of investment tax credits related to solar energy investments, which are accounted for under the deferral method. We reclassified the investment tax credits on our consolidated balance sheet from accrued expenses and other liabilities to a reduction of the carrying value of the investment balances. We also reclassified the investment tax credits, which are recognized over time, from income tax expense to interest income for solar energy leases or noninterest income for solar energy equity investments. We determined that this presentation is preferable because it better reflects the financial statement presentation of the investment tax credits as an integral component of the investments. The change in accounting policy was adopted retrospectively to January 1, 2020. |
Accounting Standards Adopted in 2021 | Accounting Standards Adopted in 2021 In 2021, we adopted the following new accounting guidance: • Accounting Standards Update (ASU or Update) 2021-01 – Reference Rate Reform (Topic 848): Scope • ASU 2020-08 – Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs • ASU 2020-01 – Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Financial Accounting Standards Board (FASB) Emerging Issues Task Force) • ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Subsequent Events | Subsequent Events |
Accounting Standards Update 2021-01 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2021 | ASU 2021-01 clarifies the scope of Topic 848 to include derivatives affected by changes in interest rates for margining, discounting, or contract price alignment as part of the market-wide transition to new reference rates (commonly referred to as the “discounting transition”), even if they do not reference the London Interbank Offered Rate or another rate that is expected to be discontinued as a result of reference rate reform. The Update also clarifies other aspects of the relief provided in Accounting Standards Codification (ASC) 848. We adopted this Update in first quarter 2021 on a prospective basis, and the guidance will be followed until the Update terminates on December 31, 2022. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2020-08 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2021 | ASU 2020-08 clarifies the accounting for purchased callable debt securities carried at a premium and was issued to correct an unintended application of ASU 2017-08 – Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which requires amortization of such premiums to the earliest call date, but was not clear for the method to be used for instruments with multiple call dates. The Update now specifies that such premiums are amortized to the next call date and requires reassessment throughout the life of the instruments with multiple call dates. We adopted this Update in first quarter |
Accounting Standards Update 2020-01 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2021 | ASU 2020-01 clarifies the accounting for equity securities upon transition between the measurement alternative and equity method. The Update also clarifies for forward contracts and options to purchase equity securities an entity need not consider whether upon settlement of the forward contract or option if the equity securities would be accounted for by the equity method or the fair value option. We adopted this Update in first quarter 2021. The Update did not have a material impact on our consolidated financial statements. |
Accounting Standards Update 2019-12 [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting Standards Adopted in 2021 | ASU 2019-12 provides narrow scope simplifications and improvements to the general principles in ASC Topic 740 – Income Taxes related to intraperiod tax allocation, basis differences when there are changes in ownership of foreign investments and interim periods income tax accounting for year to date losses that exceed anticipated annual losses. We adopted this Update in first quarter 2021. The Update did not have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Impact of the Accounting Policy Changes for LIHTC Investments and Solar Energy Investments | Table 1.1 presents the impact of the accounting policy changes for LIHTC investments and solar energy investments to our consolidated statement of income and consolidated balance sheet. There was no material impact to the consolidated statement of cash flows. Table 1.1: Impact of the Accounting Policy Changes for LIHTC Investments and Solar Energy Investments Quarter ended June 30, 2020 Six months ended June 30, 2020 Effect of accounting policy changes ($) Effect of accounting policy changes ($) ($ in millions, except per share amounts) As reported LIHTC Solar As revised As reported LIHTC Solar As revised Selected Income Statement Data Interest income – loans $ 8,448 — 12 8,460 18,513 — 30 18,543 Noninterest income 7,956 370 68 8,394 14,361 739 137 15,237 Income tax expense (benefit) (1) (3,917) 1,434 482 (2,001) (3,758) 1,584 526 (1,648) Net income (loss) (2,379) (1,064) (403) (3,846) (1,726) (845) (359) (2,930) Earnings (loss) per common share (0.66) (0.26) (0.09) (1.01) (0.65) (0.21) (0.08) (0.94) Diluted earnings (loss) per common share (0.66) (0.26) (0.09) (1.01) (0.65) (0.21) (0.08) (0.94) At December 31, 2020 Effect of accounting policy changes ($) As reported LIHTC Solar As revised Selected Balance Sheet Data Equity securities $ 62,260 (275) (1,977) 60,008 Accrued expenses and other liabilities 76,404 (62) (1,982) 74,360 Retained earnings 162,890 (207) — 162,683 (1) The quarterly income tax expense (benefit) varies based on the income (loss) before income tax expense (benefit) and the estimated annual effective income tax rate applied to each quarter. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Significant noncash activities are presented in Table 1.2. Table 1.2: Supplemental Cash Flow Information Six months ended June 30, (in millions) 2021 2020 Held-to-maturity debt securities purchased from securitization of LHFS (1) 16,462 664 Transfers from loans to LHFS (2) 11,551 12,753 Transfers from available-for-sale debt securities to held-to-maturity debt securities 41,298 — (1) For the six months ended June 30, 2021, predominantly represents agency mortgage-backed securities purchased upon settlement of the sale and securitization of our conforming residential mortgage loans. See Note 8 (Securitizations and Variable Interest Entities) for additional information. (2) Prior periods have been revised to conform to the current period presentation. |
Trading Activities (Tables)
Trading Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Trading Activities [Abstract] | |
Trading Assets and Liabilities | Table 2.1 presents a summary of our trading assets and liabilities measured at fair value through earnings. Table 2.1: Trading Assets and Liabilities (in millions) Jun 30, Dec 31, Trading assets: Debt securities $ 82,727 75,095 Equity securities 23,701 23,032 Loans held for sale 2,269 1,015 Gross trading derivative assets 54,965 58,767 Netting (1) (31,052) (34,301) Total trading derivative assets 23,913 24,466 Total trading assets 132,610 123,608 Trading liabilities: Short sale 22,043 22,441 Gross trading derivative liabilities 45,441 53,285 Netting (1) (33,614) (39,444) Total trading derivative liabilities 11,827 13,841 Total trading liabilities $ 33,870 36,282 (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 2.2 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 2.2: Net Interest Income and Net Gains (Losses) on Trading Activities Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interest income: Debt securities $ 496 $ 659 $ 1,025 1,425 Equity securities 93 68 196 205 Loans held for sale 3 6 15 18 Total interest income 592 733 1,236 1,648 Less: Interest expense 105 116 215 257 Net interest income 487 617 1,021 1,391 Net gains (losses) from trading activities (1): Debt securities 769 329 (1,337) 2,684 Equity securities 856 2,329 2,009 (2,072) Loans held for sale 15 24 39 12 Derivatives (2) (1,619) (1,875) (342) 247 Total net gains from trading activities 21 807 369 871 Total trading-related net interest and noninterest income $ 508 $ 1,424 $ 1,390 2,262 (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) | 6 Months Ended |
Jun. 30, 2021 | |
AFS and HTM Debt Securities [Abstract] | |
Available-for-Sale and Held-to-Maturity Debt Securities Outstanding | Table 3.1 provides the amortized cost, net of the allowance for credit losses (ACL) for debt securities, and fair value by major categories of available-for-sale (AFS) debt securities, which are carried at fair value, and held-to-maturity (HTM) debt securities, which are carried at amortized cost, net of the ACL. The net unrealized gains (losses) for AFS debt securities are reported as a component of cumulative other comprehensive income (OCI), net of the ACL and applicable income taxes. Information on debt securities held for trading is included in Note 2 (Trading Activities). Outstanding balances exclude accrued interest receivable on AFS and HTM debt securities, which are included in other assets. See Note 7 (Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. The interest income reversed in the second quarter and first half of both 2021 and 2020 was insignificant. Table 3.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding (in millions) Amortized Gross Gross Fair value June 30, 2021 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 35,741 195 (31) 35,905 Non-U.S. government securities 11,201 — — 11,201 Securities of U.S. states and political subdivisions (2) 19,121 410 (32) 19,499 Federal agency mortgage-backed securities 94,186 2,679 (331) 96,534 Non-agency mortgage-backed securities (3) 4,349 51 (22) 4,378 Collateralized loan obligations 12,406 8 (7) 12,407 Other debt securities 9,305 699 (31) 9,973 Total available-for-sale debt securities 186,309 4,042 (454) 189,897 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 27,576 862 (409) 28,029 Securities of U.S. states and political subdivisions 28,243 931 (36) 29,138 Federal agency mortgage-backed securities 182,891 2,908 (1,349) 184,450 Non-agency mortgage-backed securities 948 46 (11) 983 Collateralized loan obligations 21,283 205 (1) 21,487 Total held-to-maturity debt securities 260,941 4,952 (1,806) 264,087 Total (4) $ 447,250 8,994 (2,260) 453,984 December 31, 2020 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 21,954 205 — 22,159 Non-U.S. government securities 16,816 — (3) 16,813 Securities of U.S. states and political subdivisions (2) 19,263 224 (81) 19,406 Federal agency mortgage-backed securities 134,838 4,260 (28) 139,070 Non-agency mortgage-backed securities (3) 3,745 30 (46) 3,729 Collateralized loan obligations 9,058 4 (44) 9,018 Other debt securities 9,859 399 (61) 10,197 Total available-for-sale debt securities 215,533 5,122 (263) 220,392 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 47,295 1,472 (170) 48,597 Securities of U.S. states and political subdivisions 25,860 938 (5) 26,793 Federal agency mortgage-backed securities 115,437 4,182 (21) 119,598 Non-agency mortgage-backed securities 890 51 (8) 933 Collateralized loan obligations 16,238 148 — 16,386 Total held-to-maturity debt securities 205,720 6,791 (204) 212,307 Total (4) $ 421,253 11,913 (467) 432,699 (1) Represents amortized cost of the securities, net of the ACL of $33 million and $28 million related to AFS debt securities and $77 million and $41 million related to HTM debt securities at June 30, 2021, and December 31, 2020, respectively. (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 the ACL and fair value of these types of securities, was $5.2 billion at June 30, 2021, and $5.0 billion at December 31, 2020. (3) Predominantly consists of commercial mortgage-backed securities at both June 30, 2021, and December 31, 2020. (4) We held AFS and HTM 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 $119.8 billion and $89.9 billion and a fair value of $121.5 billion and $91.3 billion at June 30, 2021, and an amortized cost of $99.8 billion and $88.7 billion and a fair value of $103.2 billion and $91.5 billion at December 31, 2020, respectively. |
Held-to-Maturity Debt Securities Purchases And Transfers | Table 3.2 details the breakout of purchases of and transfers to HTM debt securities by major category of security. Table 3.2: Held-to-Maturity Debt Securities Purchases and Transfers Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Purchases of held-to-maturity debt securities (1): Securities of U.S. Treasury and federal agencies $ — — $ — 3,016 Securities of U.S. states and political subdivisions 1,173 15 3,083 881 Federal agency mortgage-backed securities 24,855 6,958 49,722 22,821 Non-agency mortgage-backed securities 55 12 84 74 Collateralized loan obligations 3,385 — 7,338 — Total purchases of held-to-maturity debt securities 29,468 6,985 60,227 26,792 Transfers from available-for-sale debt securities to held-to-maturity debt securities: Federal agency mortgage-backed securities 24,681 — 41,298 — Total transfers from available-for-sale debt securities to held-to-maturity debt securities $ 24,681 — $ 41,298 — |
Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities | Table 3.3 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 AFS and HTM debt securities (pre-tax) . Table 3.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interest income (1): Available-for-sale $ 655 1,349 $ 1,466 3,075 Held-to-maturity 1,048 938 2,020 1,918 Total interest income 1,703 2,287 3,486 4,993 Provision for credit losses: Available-for-sale (10) (40) 12 128 Held-to-maturity (11) 9 36 13 Total provision for credit losses (21) (31) 48 141 Realized gains and losses (2): Gross realized gains 1 248 152 504 Gross realized losses (1) (36) (1) (40) Impairment write-downs — — — (15) Net realized gains $ — $ 212 $ 151 449 (1) Excludes interest income from trading debt securities, which is disclosed in Note 2 (Trading Activities). (2) Realized gains and losses relate to AFS debt securities. There were no realized gains or losses from HTM debt securities in all periods presented. |
Investment Grade Debt Securities | Table 3.4 shows the percentage of fair value of AFS debt securities and amortized cost of HTM debt securities determined to be rated investment grade, inclusive of securities rated based on internal credit grades. Table 3.4: Investment Grade Debt Securities Available-for-Sale Held-to-Maturity ($ in millions) Fair value % investment grade Amortized cost % investment grade June 30, 2021 Total portfolio (1) $ 189,897 99 % 261,018 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (2) $ 132,439 100 % 210,467 100 % Securities of U.S. states and political subdivisions 19,499 99 28,258 100 Collateralized loan obligations (3) 12,407 100 21,329 100 All other debt securities (4) 25,552 91 964 4 December 31, 2020 Total portfolio (1) $ 220,392 99 % 205,761 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (2) $ 161,229 100 % 162,732 100 % Securities of U.S. states and political subdivisions 19,406 99 25,870 100 Collateralized loan obligations (3) 9,018 100 16,255 100 All other debt securities (4) 30,739 93 904 6 (1) 94% and 92% were rated AA- and above at June 30, 2021, and December 31, 2020, respectively. (2) Includes federal agency mortgage-backed securities. (3) 99% and 98% were rated AA- and above at June 30, 2021, and December 31, 2020, respectively. (4) Includes non-U.S. government, non-agency mortgage-backed, and all other debt securities. |
Gross Unrealized Losses and Fair Value - Available-for-Sale Debt Securities | Table 3.5 shows the gross unrealized losses and fair value of AFS 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 amortized cost basis, net of allowance for credit losses. Table 3.5: 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 June 30, 2021 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (31) 11,924 — — (31) 11,924 Non-U.S. government securities — — — — — — Securities of U.S. states and political subdivisions (21) 1,413 (11) 717 (32) 2,130 Federal agency mortgage-backed securities (285) 18,152 (46) 2,924 (331) 21,076 Non-agency mortgage-backed securities (3) 330 (19) 771 (22) 1,101 Collateralized loan obligations (2) 1,312 (5) 1,698 (7) 3,010 Other debt securities (15) 1,196 (16) 807 (31) 2,003 Total available-for-sale debt securities $ (357) 34,327 (97) 6,917 (454) 41,244 December 31, 2020 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ — — — — — — Non-U.S. government securities (3) 16,812 — — (3) 16,812 Securities of U.S. states and political subdivisions (51) 3,681 (30) 1,101 (81) 4,782 Federal agency mortgage-backed securities (27) 11,310 (1) 316 (28) 11,626 Non-agency mortgage-backed securities (28) 1,366 (18) 534 (46) 1,900 Collateralized loan obligations (27) 5,082 (17) 1,798 (44) 6,880 Other debt securities (16) 647 (45) 1,604 (61) 2,251 Total available-for-sale debt securities $ (152) 38,898 (111) 5,353 (263) 44,251 |
Contractual Maturities - Available-for-Sale Debt Securities | Table 3.6 and Table 3.7 show the remaining contractual maturities, amortized cost, net of the ACL, fair value and weighted average effective yields of AFS and HTM debt securities, respectively. The remaining contractual principal maturities for mortgage-backed securities (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 3.6: Contractual Maturities – Available-for-Sale Debt Securities By remaining contractual maturity ($ in millions) Total Within After After After June 30, 2021 Available-for-sale debt securities (1): Securities of U.S. Treasury and federal agencies Amortized cost, net $ 35,741 5 17,965 15,777 1,994 Fair value 35,905 5 17,978 15,837 2,085 Weighted average yield 0.75 % 2.00 0.33 1.13 1.44 Non-U.S. government securities Amortized cost, net $ 11,201 11,176 25 — — Fair value 11,201 11,176 25 — — Weighted average yield (0.11 %) (0.11) 0.42 — — Securities of U.S. states and political subdivisions Amortized cost, net $ 19,121 1,546 2,225 5,244 10,106 Fair value 19,499 1,549 2,270 5,253 10,427 Weighted average yield 2.07 % 1.46 1.58 1.41 2.62 Federal agency mortgage-backed securities Amortized cost, net $ 94,186 8 171 3,359 90,648 Fair value 96,534 8 181 3,484 92,861 Weighted average yield 2.72 % 2.35 3.30 2.30 2.74 Non-agency mortgage-backed securities Amortized cost, net $ 4,349 — — 151 4,198 Fair value 4,378 — — 150 4,228 Weighted average yield 2.00 % — — 2.27 1.99 Collateralized loan obligations Amortized cost, net $ 12,406 — 90 7,306 5,010 Fair value 12,407 — 90 7,304 5,013 Weighted average yield 1.42 % — 2.21 1.44 1.39 Other debt securities Amortized cost, net $ 9,305 160 2,791 2,865 3,489 Fair value 9,973 160 3,152 2,910 3,751 Weighted average yield 3.17 % 2.97 4.23 3.31 2.22 Total available-for-sale debt securities Amortized cost, net $ 186,309 12,895 23,267 34,702 115,445 Fair value $ 189,897 12,898 23,696 34,938 118,365 Weighted average yield 2.03 % 0.22 0.95 1.54 2.60 (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 3.7: Contractual Maturities – Held-to-Maturity Debt Securities By remaining contractual maturity ($ in millions) Total Within After After After June 30, 2021 Held-to-maturity debt securities (1): Securities of U.S. Treasury and federal agencies Amortized cost, net $ 27,576 11,386 12,407 — 3,783 Fair value 28,029 11,461 13,140 — 3,428 Weighted average yield 2.10 % 1.98 2.37 — 1.57 Securities of U.S. states and political subdivisions Amortized cost, net $ 28,243 673 2,177 2,066 23,327 Fair value 29,138 680 2,246 2,150 24,062 Weighted average yield 2.19 % 2.09 1.90 2.65 2.18 Federal agency mortgage-backed securities Amortized cost, net $ 182,891 — — — 182,891 Fair value 184,450 — — — 184,450 Weighted average yield 2.20 % — — — 2.20 Non-agency mortgage-backed securities Amortized cost, net $ 948 — 15 — 933 Fair value 983 — 15 — 968 Weighted average yield 3.09 % — 1.56 — 3.12 Collateralized loan obligations Amortized cost, net $ 21,283 — — 8,155 13,128 Fair value 21,487 — — 8,248 13,239 Weighted average yield 1.68 % — — 1.73 1.65 Total held-to-maturity debt securities Amortized cost, net $ 260,941 12,059 14,599 10,221 224,062 Fair value 264,087 12,141 15,401 10,398 226,147 Weighted average yield 2.15 % 1.98 2.30 1.91 2.16 (1) Weighted average yields displayed by maturity bucket are weighted based on amortized cost and are shown pre-tax. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans Outstanding | Table 4.1 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 June 30, 2021, and December 31, 2020. Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans. See Note 7 (Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. During the first half of 2021, we reversed accrued interest receivable of $24 million for our commercial portfolio segment and $104 million for our consumer portfolio segment, compared with $21 million and $114 million, respectively, for the same period a year ago. Table 4.1: Loans Outstanding (in millions) Jun 30, Dec 31, Commercial: Commercial and industrial $ 317,618 318,805 Real estate mortgage 120,678 121,720 Real estate construction 22,406 21,805 Lease financing 15,720 16,087 Total commercial 476,422 478,417 Consumer: Residential mortgage – first lien 244,371 276,674 Residential mortgage – junior lien 19,637 23,286 Credit card 34,936 36,664 Auto 51,073 48,187 Other consumer 25,861 24,409 Total consumer 375,878 409,220 Total loans $ 852,300 887,637 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 4.2 presents total non-U.S. commercial loans outstanding by class of financing receivable. Table 4.2: Non-U.S. Commercial Loans Outstanding (in millions) Jun 30, Dec 31, Non-U.S. commercial loans: Commercial and industrial $ 71,409 63,128 Real estate mortgage 6,619 7,278 Real estate construction 1,820 1,603 Lease financing 672 629 Total non-U.S. commercial loans $ 80,520 72,638 |
Loans Purchases, Sales, and Transfers | Table 4.3 presents 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 residential mortgage – first lien loans because their loan activity normally does not impact the ACL. Table 4.3: Loan Purchases, Sales, and Transfers 2021 2020 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended June 30, Purchases $ 134 1 135 332 2 334 Sales (65) — (65) (1,957) (1) (1,958) Transfers (to)/from LHFS (359) (99) (458) (8) (10,379) (10,387) Six months ended June 30, Purchases $ 182 2 184 673 3 676 Sales (338) (188) (526) (2,770) (27) (2,797) Transfers (to)/from LHFS (794) (36) (830) 69 (10,377) (10,308) |
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 4.4. The table excludes the issued standby and commercial letters of credit and temporary advance arrangements described above. Table 4.4: Unfunded Credit Commitments (in millions) Jun 30, Dec 31, Commercial: Commercial and industrial $ 394,370 378,167 Real estate mortgage 8,794 7,993 Real estate construction 16,260 15,650 Total commercial 419,424 401,810 Consumer: Residential mortgage – first lien 37,920 31,530 Residential mortgage – junior lien 30,170 32,820 Credit card 124,985 121,096 Other consumer 54,724 49,179 Total consumer 247,799 234,625 Total unfunded credit commitments $ 667,223 636,435 |
Allowance for Credit Losses for Loans | Table 4.5 presents the allowance for credit losses (ACL) for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans decreased $3.3 billion from December 31, 2020, due to improvements in current and forecasted economic conditions. Table 4.5: Allowance for Credit Losses for Loans Quarter ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Balance, beginning of period $ 18,043 12,022 19,713 10,456 Cumulative effect from change in accounting policies (1) — — — (1,337) Allowance for purchased credit-deteriorated (PCD) loans (2) — — — 8 Balance, beginning of period, adjusted 18,043 12,022 19,713 9,127 Provision for credit losses (1,239) 9,565 (2,356) 13,398 Interest income on certain impaired loans (3) (36) (38) (77) (76) Loan charge-offs: Commercial: Commercial and industrial (149) (556) (308) (933) Real estate mortgage (11) (72) (63) (75) Real estate construction — — — — Lease financing (10) (19) (31) (32) Total commercial (170) (647) (402) (1,040) Consumer: Residential mortgage – first lien (6) (20) (23) (43) Residential mortgage – junior lien (12) (18) (31) (48) Credit card (357) (415) (692) (886) Auto (128) (158) (257) (314) Other consumer (79) (113) (226) (278) Total consumer (582) (724) (1,229) (1,569) Total loan charge-offs (752) (1,371) (1,631) (2,609) Loan recoveries: Commercial: Commercial and industrial 68 35 139 79 Real estate mortgage 16 5 22 10 Real estate construction 1 1 1 17 Lease financing 5 4 11 8 Total commercial 90 45 173 114 Consumer: Residential mortgage – first lien 25 18 66 44 Residential mortgage – junior lien 43 30 81 65 Credit card 101 88 200 182 Auto 83 52 160 126 Other consumer 29 25 57 56 Total consumer 281 213 564 473 Total loan recoveries 371 258 737 587 Net loan charge-offs (381) (1,113) (894) (2,022) Other 4 — 5 9 Balance, end of period $ 16,391 20,436 16,391 20,436 Components: Allowance for loan losses $ 15,148 18,926 15,148 18,926 Allowance for unfunded credit commitments 1,243 1,510 1,243 1,510 Allowance for credit losses $ 16,391 20,436 16,391 20,436 Net loan charge-offs (annualized) as a percentage of average total loans 0.18 % 0.46 0.21 0.42 Allowance for loan losses as a percentage of total loans 1.78 2.02 1.78 2.02 Allowance for credit losses for loans as a percentage of total loans 1.92 2.19 1.92 2.19 (1) Represents the overall decrease in our ACL for loans as a result of our adoption of CECL on January 1, 2020. (2) Represents the allowance estimated for purchased credit-impaired (PCI) loans that automatically became PCD loans with the adoption of CECL. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2020 Form 10-K. (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 4.6 summarizes the activity in the ACL by our commercial and consumer portfolio segments. Table 4.6: Allowance for Credit Losses for Loans Activity by Portfolio Segment 2021 2020 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended June 30, Balance, beginning of period $ 10,682 7,361 18,043 5,279 6,743 12,022 Provision for credit losses (1,021) (218) (1,239) 6,999 2,566 9,565 Interest income on certain loans (3) (15) (21) (36) (12) (26) (38) Loan charge-offs (170) (582) (752) (647) (724) (1,371) Loan recoveries 90 281 371 45 213 258 Net loan charge-offs (80) (301) (381) (602) (511) (1,113) Other 4 — 4 5 (5) — Balance, end of period $ 9,570 6,821 16,391 11,669 8,767 20,436 Six months ended June 30, Balance, beginning of period $ 11,516 8,197 19,713 6,245 4,211 10,456 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 11,516 8,197 19,713 3,384 5,743 9,127 Provision for credit losses (1,688) (668) (2,356) 9,239 4,159 13,398 Interest income on certain loans (3) (34) (43) (77) (26) (50) (76) Loan charge-offs (402) (1,229) (1,631) (1,040) (1,569) (2,609) Loan recoveries 173 564 737 114 473 587 Net loan charge-offs (229) (665) (894) (926) (1,096) (2,022) Other 5 — 5 (2) 11 9 Balance, end of period $ 9,570 6,821 16,391 11,669 8,767 20,436 (1) Represents the overall decrease in our ACL 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) in our 2020 Form 10-K. (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. |
Commercial Loan Categories by Risk Categories and Vintage | Table 4.7 provides the outstanding balances of our commercial loan portfolio by risk category. 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 troubled debt restructuring (TDR). At June 30, 2021, we had $442.6 billion and $33.8 billion of pass and criticized commercial loans, respectively. Table 4.7: Commercial Loan Categories by Risk Categories and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans Total (in millions) 2021 2020 2019 2018 2017 Prior June 30, 2021 Commercial and industrial Pass $ 37,051 25,171 28,385 11,075 5,582 12,341 183,360 341 303,306 Criticized 729 1,317 1,325 1,594 826 1,078 7,443 — 14,312 Total commercial and industrial 37,780 26,488 29,710 12,669 6,408 13,419 190,803 341 317,618 Real estate mortgage Pass 14,713 18,977 21,983 15,350 9,245 20,321 4,478 1 105,068 Criticized 1,664 2,450 3,444 2,679 1,286 3,665 422 — 15,610 Total real estate mortgage 16,377 21,427 25,427 18,029 10,531 23,986 4,900 1 120,678 Real estate construction Pass 2,800 4,995 6,148 3,607 775 359 1,138 2 19,824 Criticized 354 501 746 418 442 120 1 — 2,582 Total real estate construction 3,154 5,496 6,894 4,025 1,217 479 1,139 2 22,406 Lease financing Pass 2,244 3,545 3,180 1,752 1,107 2,555 — — 14,383 Criticized 145 293 374 254 129 142 — — 1,337 Total lease financing 2,389 3,838 3,554 2,006 1,236 2,697 — — 15,720 Total commercial loans $ 59,700 57,249 65,585 36,729 19,392 40,581 196,842 344 476,422 Term loans by origination year Revolving loans Revolving loans converted to term loans Total 2020 2019 2018 2017 2016 Prior December 31, 2020 Commercial and industrial Pass $ 56,915 34,040 15,936 7,274 4,048 4,738 177,107 997 301,055 Criticized 1,404 1,327 1,357 972 672 333 11,534 151 17,750 Total commercial and industrial 58,319 35,367 17,293 8,246 4,720 5,071 188,641 1,148 318,805 Real estate mortgage Pass 22,444 26,114 18,679 11,113 11,582 14,663 5,152 6 109,753 Criticized 2,133 2,544 1,817 1,287 1,625 2,082 479 — 11,967 Total real estate mortgage 24,577 28,658 20,496 12,400 13,207 16,745 5,631 6 121,720 Real estate construction Pass 5,242 6,574 4,771 1,736 477 235 1,212 3 20,250 Criticized 449 452 527 4 113 10 — — 1,555 Total real estate construction 5,691 7,026 5,298 1,740 590 245 1,212 3 21,805 Lease financing Pass 3,970 3,851 2,176 1,464 1,199 1,924 — — 14,584 Criticized 308 433 372 197 108 85 — — 1,503 Total lease financing 4,278 4,284 2,548 1,661 1,307 2,009 — — 16,087 Total commercial loans $ 92,865 75,335 45,635 24,047 19,824 24,070 195,484 1,157 478,417 |
Commercial Loan Categories by Delinquency Status | Table 4.8 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 could continue to delay the recognition of delinquencies for customers who otherwise would have moved into past due status. Table 4.8: Commercial Loan Categories by Delinquency Status (in millions) Commercial Real Real Lease Total June 30, 2021 By delinquency status: Current-29 days past due (DPD) and still accruing $ 315,279 118,719 22,329 15,350 471,677 30-89 DPD and still accruing 483 256 25 155 919 90+ DPD and still accruing 165 105 7 — 277 Nonaccrual loans 1,691 1,598 45 215 3,549 Total commercial loans $ 317,618 120,678 22,406 15,720 476,422 December 31, 2020 By delinquency status: Current-29 DPD and still accruing $ 315,493 119,561 21,532 15,595 472,181 30-89 DPD and still accruing 575 347 224 233 1,379 90+ DPD and still accruing 39 38 1 — 78 Nonaccrual loans 2,698 1,774 48 259 4,779 Total commercial loans $ 318,805 121,720 21,805 16,087 478,417 |
Consumer Loan Categories by Delinquency Status and Vintage | Table 4.9 provides the outstanding balances of our consumer loan portfolio by delinquency status. Payment deferral activities instituted in response to the COVID-19 pandemic could continue to delay the recognition of delinquencies for customers who otherwise would have moved into past due status. 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 4.9: Consumer Loan Categories by Delinquency Status and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2021 2020 2019 2018 2017 Prior Total June 30, 2021 Residential mortgage – first lien By delinquency status: Current-29 DPD $ 30,494 47,246 32,078 10,137 17,647 76,251 5,989 1,598 221,440 30-59 DPD 28 33 52 21 34 604 15 30 817 60-89 DPD 1 11 1 3 3 187 8 18 232 90-119 DPD 2 8 3 1 7 64 6 11 102 120-179 DPD — 12 6 3 3 85 16 23 148 180+ DPD — 204 12 10 21 809 100 245 1,401 Government insured/guaranteed loans (1) 3 193 364 566 635 18,470 — — 20,231 Total residential mortgage – first lien 30,528 47,707 32,516 10,741 18,350 96,470 6,134 1,925 244,371 Residential mortgage – junior lien By delinquency status: Current-29 DPD 13 22 34 35 28 909 12,913 4,680 18,634 30-59 DPD — — 1 — — 15 28 40 84 60-89 DPD — — — — — 7 16 29 52 90-119 DPD — — — — — 3 11 22 36 120-179 DPD — — — — — 6 37 49 92 180+ DPD — — — — — 32 215 492 739 Total residential mortgage – junior lien 13 22 35 35 28 972 13,220 5,312 19,637 Credit cards By delinquency status: Current-29 DPD — — — — — — 34,201 226 34,427 30-59 DPD — — — — — — 135 7 142 60-89 DPD — — — — — — 90 6 96 90-119 DPD — — — — — — 80 7 87 120-179 DPD — — — — — — 182 2 184 180+ DPD — — — — — — — — — Total credit cards — — — — — — 34,688 248 34,936 Auto By delinquency status: Current-29 DPD 14,445 15,920 11,321 4,644 2,309 1,677 — — 50,316 30-59 DPD 33 143 148 81 52 85 — — 542 60-89 DPD 8 42 44 24 14 25 — — 157 90-119 DPD 3 17 17 8 5 8 — — 58 120-179 DPD — — — — — — — — — 180+ DPD — — — — — — — — — Total auto 14,489 16,122 11,530 4,757 2,380 1,795 — — 51,073 Other consumer By delinquency status: Current-29 DPD 982 990 994 335 155 173 22,011 150 25,790 30-59 DPD 1 2 3 2 1 2 8 3 22 60-89 DPD — 2 2 1 1 1 5 1 13 90-119 DPD — 1 2 1 — — 4 1 9 120-179 DPD — — — — — — 8 2 10 180+ DPD — — — — — 2 4 11 17 Total other consumer 983 995 1,001 339 157 178 22,040 168 25,861 Total consumer loans $ 46,013 64,846 45,082 15,872 20,915 99,415 76,082 7,653 375,878 (continued on following page) (continued from previous page) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total December 31, 2020 Residential mortgage – first lien By delinquency status: Current-29 DPD $ 53,298 43,297 14,761 24,619 30,533 67,960 6,762 1,719 242,949 30-59 DPD 111 76 36 67 79 750 52 66 1,237 60-89 DPD 88 10 6 12 13 305 56 68 558 90-119 DPD 232 11 5 8 7 197 26 33 519 120-179 DPD 3 4 1 3 5 151 17 29 213 180+ DPD 3 1 4 11 15 758 21 145 958 Government insured/guaranteed loans (1) 215 639 904 1,076 2,367 25,039 — — 30,240 Total residential mortgage – first lien 53,950 44,038 15,717 25,796 33,019 95,160 6,934 2,060 276,674 Residential mortgage – junior lien By delinquency status: Current-29 DPD 22 39 39 37 31 1,115 15,366 5,434 22,083 30-59 DPD — — 1 1 — 22 113 160 297 60-89 DPD — — 1 — — 11 154 271 437 90-119 DPD — — — 1 — 7 45 84 137 120-179 DPD — — — — — 9 36 77 122 180+ DPD — — — — 1 25 29 155 210 Total residential mortgage – junior lien 22 39 41 39 32 1,189 15,743 6,181 23,286 Credit cards By delinquency status: Current-29 DPD — — — — — — 35,612 255 35,867 30-59 DPD — — — — — — 243 12 255 60-89 DPD — — — — — — 167 10 177 90-119 DPD — — — — — — 144 10 154 120-179 DPD — — — — — — 208 3 211 180+ DPD — — — — — — — — — Total credit cards — — — — — — 36,374 290 36,664 Auto By delinquency status: Current-29 DPD 19,625 14,561 6,307 3,459 2,603 697 — — 47,252 30-59 DPD 120 183 114 80 107 46 — — 650 60-89 DPD 32 60 36 25 35 16 — — 204 90-119 DPD 13 26 14 9 12 6 — — 80 120-179 DPD — 1 — — — — — — 1 180+ DPD — — — — — — — — — Total auto 19,790 14,831 6,471 3,573 2,757 765 — — 48,187 Other consumer By delinquency status: Current-29 DPD 1,406 1,383 577 261 59 193 20,246 162 24,287 30-59 DPD 2 7 5 2 1 3 19 10 49 60-89 DPD 1 5 3 1 1 1 10 6 28 90-119 DPD 1 4 2 1 — 1 8 3 20 120-179 DPD — — — — — — 10 4 14 180+ DPD — — — — — 2 3 6 11 Total other consumer 1,410 1,399 587 265 61 200 20,296 191 24,409 Total consumer loans $ 75,172 60,307 22,816 29,673 35,869 97,314 79,347 8,722 409,220 (1) 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 $6.1 billion and $11.1 billion at June 30, 2021, and December 31, 2020, respectively. |
Consumer Loan Categories by FICO and Vintage | Table 4.10 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 $15.9 billion and $13.2 billion at June 30, 2021, and December 31, 2020, respectively. Substantially all loans not requiring a FICO score are securities-based loans originated through retail brokerage. Table 4.10: Consumer Loan Categories by FICO and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2021 2020 2019 2018 2017 Prior Total June 30, 2021 By FICO: Residential mortgage – first lien 800+ $ 14,373 29,351 21,113 6,709 12,245 47,225 2,973 453 134,442 760-799 11,864 12,539 7,250 2,017 3,200 12,684 1,229 257 51,040 720-759 3,281 4,024 2,566 857 1,343 7,473 771 243 20,558 680-719 794 1,103 788 363 603 4,188 463 215 8,517 640-679 129 294 222 107 143 2,117 213 135 3,360 600-639 30 47 75 37 51 1,234 109 93 1,676 < 600 7 11 28 16 32 1,303 139 145 1,681 No FICO available 47 145 110 69 98 1,776 237 384 2,866 Government insured/guaranteed loans (1) 3 193 364 566 635 18,470 — — 20,231 Total residential mortgage – first lien 30,528 47,707 32,516 10,741 18,350 96,470 6,134 1,925 244,371 Residential mortgage – junior lien 800+ — — — — — 236 6,715 1,612 8,563 760-799 — — — — — 142 2,588 906 3,636 720-759 — — — — — 169 1,721 891 2,781 680-719 — — — — — 143 1,022 719 1,884 640-679 — — — — — 82 396 405 883 600-639 — — — — — 52 189 232 473 < 600 — — — — — 53 195 267 515 No FICO available 13 22 35 35 28 95 394 280 902 Total residential mortgage – junior lien 13 22 35 35 28 972 13,220 5,312 19,637 Credit card 800+ — — — — — — 3,987 1 3,988 760-799 — — — — — — 5,561 8 5,569 720-759 — — — — — — 7,825 30 7,855 680-719 — — — — — — 8,437 57 8,494 640-679 — — — — — — 5,122 56 5,178 600-639 — — — — — — 1,929 39 1,968 < 600 — — — — — — 1,819 56 1,875 No FICO available — — — — — — 8 1 9 Total credit card — — — — — — 34,688 248 34,936 Auto 800+ 2,576 2,329 2,157 941 509 271 — — 8,783 760-799 2,505 2,698 2,145 850 390 216 — — 8,804 720-759 2,430 2,721 1,999 825 387 251 — — 8,613 680-719 2,518 2,965 1,968 772 358 259 — — 8,840 640-679 2,267 2,548 1,400 527 257 222 — — 7,221 600-639 1,418 1,519 822 333 178 190 — — 4,460 < 600 775 1,313 993 498 288 362 — — 4,229 No FICO available — 29 46 11 13 24 — — 123 Total auto 14,489 16,122 11,530 4,757 2,380 1,795 — — 51,073 Other consumer 800+ 253 250 204 59 18 60 1,839 19 2,702 760-799 265 225 186 59 15 31 943 22 1,746 720-759 190 184 175 67 19 26 829 28 1,518 680-719 115 125 147 61 19 21 711 26 1,225 640-679 47 52 74 34 12 11 343 19 592 600-639 9 14 24 13 5 6 122 11 204 < 600 3 13 27 16 6 7 121 14 207 No FICO available 101 132 164 30 63 16 1,197 29 1,732 FICO not required — — — — — — 15,935 — 15,935 Total other consumer 983 995 1,001 339 157 178 22,040 168 25,861 Total consumer loans $ 46,013 64,846 45,082 15,872 20,915 99,415 76,082 7,653 375,878 (continued on following page) (continued from previous page) Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2020 2019 2018 2017 2016 Prior Total December 31, 2020 By FICO: Residential mortgage – first lien 800+ $ 29,365 28,652 9,911 17,416 22,215 40,440 3,391 493 151,883 760-799 17,154 9,866 2,908 4,380 4,955 10,843 1,361 274 51,741 720-759 5,274 3,290 1,189 1,829 2,106 7,001 879 265 21,833 680-719 1,361 1,084 490 678 831 4,403 520 221 9,588 640-679 376 287 148 192 226 2,385 241 154 4,009 600-639 55 56 44 56 92 1,429 127 106 1,965 < 600 14 29 36 44 66 1,789 162 175 2,315 No FICO available 136 135 87 125 161 1,831 253 372 3,100 Government insured/guaranteed loans (1) 215 639 904 1,076 2,367 25,039 — — 30,240 Total residential mortgage – first lien 53,950 44,038 15,717 25,796 33,019 95,160 6,934 2,060 276,674 Residential mortgage – junior lien 800+ — — — — — 293 7,973 1,819 10,085 760-799 — — — — — 177 3,005 1,032 4,214 720-759 — — — — — 207 2,093 1,034 3,334 680-719 — — — — — 183 1,233 854 2,270 640-679 — — — — — 103 503 493 1,099 600-639 — — — — — 67 241 299 607 < 600 — — — — — 76 254 374 704 No FICO available 22 39 41 39 32 83 441 276 973 Total residential mortgage – junior lien 22 39 41 39 32 1,189 15,743 6,181 23,286 Credit card 800+ — — — — — — 3,860 1 3,861 760-799 — — — — — — 5,438 7 5,445 720-759 — — — — — — 7,897 29 7,926 680-719 — — — — — — 8,854 60 8,914 640-679 — — — — — — 5,657 64 5,721 600-639 — — — — — — 2,242 46 2,288 < 600 — — — — — — 2,416 82 2,498 No FICO available — — — — — — 10 1 11 Total credit card — — — — — — 36,374 290 36,664 Auto 800+ 2,875 2,606 1,211 731 452 104 — — 7,979 760-799 3,036 2,662 1,122 579 349 81 — — 7,829 720-759 3,162 2,514 1,095 576 395 98 — — 7,840 680-719 3,534 2,542 1,066 545 400 105 — — 8,192 640-679 3,381 1,948 763 395 334 94 — — 6,915 600-639 2,208 1,165 479 274 276 87 — — 4,489 < 600 1,581 1,357 730 463 533 186 — — 4,850 No FICO available 13 37 5 10 18 10 — — 93 Total auto 19,790 14,831 6,471 3,573 2,757 765 — — 48,187 Other consumer 800+ 353 287 94 35 10 71 2,249 21 3,120 760-799 342 279 93 29 10 34 1,110 16 1,913 720-759 262 258 107 35 11 30 915 26 1,644 680-719 156 213 99 36 11 24 798 31 1,368 640-679 71 112 59 21 7 10 415 23 718 600-639 18 36 22 9 4 8 151 13 261 < 600 13 41 30 12 5 7 161 18 287 No FICO available 195 173 83 88 3 16 1,248 43 1,849 FICO not required — — — — — — 13,249 — 13,249 Total other consumer 1,410 1,399 587 265 61 200 20,296 191 24,409 Total consumer loans $ 75,172 60,307 22,816 29,673 35,869 97,314 79,347 8,722 409,220 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. |
Consumer Loan Categories by LTV/CLTV and Vintage | Table 4.11 shows the most updated LTV and CLTV distribution of the residential mortgage – first lien and residential mortgage – junior lien loan portfolios. We consider the trends in residential real estate markets as we monitor credit risk and establish our ACL. 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 4.11: Consumer Loan Categories by LTV/CLTV and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2021 2020 2019 2018 2017 Prior Total June 30, 2021 Residential mortgage – first lien By LTV: 0-60% $ 9,789 18,204 14,733 5,341 11,884 66,680 4,604 1,567 132,802 60.01-80% 20,654 27,433 15,773 4,339 5,369 10,096 1,071 256 84,991 80.01-100% 40 1,720 1,498 416 382 801 304 68 5,229 100.01-120% (1) — 35 52 19 16 101 72 17 312 > 120% (1) — 21 17 6 7 50 30 6 137 No LTV available 42 101 79 54 57 272 53 11 669 Government insured/guaranteed loans (2) 3 193 364 566 635 18,470 — — 20,231 Total residential mortgage – first lien 30,528 47,707 32,516 10,741 18,350 96,470 6,134 1,925 244,371 Residential mortgage – junior lien By CLTV: 0-60% — — — — — 496 8,124 3,558 12,178 60.01-80% — — — — — 254 3,718 1,178 5,150 80.01-100% — — — — — 123 1,051 424 1,598 100.01-120% (2) — — — — — 31 225 92 348 > 120% (2) — — — — — 8 78 28 114 No CLTV available 13 22 35 35 28 60 24 32 249 Total residential mortgage – junior lien 13 22 35 35 28 972 13,220 5,312 19,637 Total $ 30,541 47,729 32,551 10,776 18,378 97,442 19,354 7,237 264,008 Term loans by origination year Revolving loans Revolving loans converted to term loans 2020 2019 2018 2017 2016 Prior Total December 31, 2020 Residential mortgage – first lien By LTV: 0-60% $ 16,582 15,449 6,065 13,190 21,097 59,291 4,971 1,587 138,232 60.01-80% 34,639 24,736 7,724 10,745 8,970 9,333 1,323 326 97,796 80.01-100% 2,332 2,975 900 654 441 1,003 425 100 8,830 100.01-120% (1) 41 106 45 40 41 168 117 26 584 > 120% (1) 31 41 16 19 16 78 44 8 253 No LTV available 110 92 63 72 87 248 54 13 739 Government insured/guaranteed loans (2) 215 639 904 1,076 2,367 25,039 — — 30,240 Total residential mortgage – first lien 53,950 44,038 15,717 25,796 33,019 95,160 6,934 2,060 276,674 Residential mortgage – junior lien By CLTV: 0-60% — — — — — 548 8,626 3,742 12,916 60.01-80% — — — — — 335 5,081 1,554 6,970 80.01-100% — — — — — 187 1,507 641 2,335 100.01-120% (2) — — — — — 59 376 156 591 > 120% (2) — — — — — 15 128 50 193 No CLTV available 22 39 41 39 32 45 25 38 281 Total residential mortgage – junior lien 22 39 41 39 32 1,189 15,743 6,181 23,286 Total $ 53,972 44,077 15,758 25,835 33,051 96,349 22,677 8,241 299,960 (1) Reflects total loan balances with LTV/CLTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV/CLTV. (2) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. |
Nonaccrual Loans | Table 4.12 provides loans on nonaccrual status. In connection with our adoption of CECL, nonaccrual loans may have an ACL 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 could continue to delay the recognition of delinquencies for customers who otherwise would have moved into nonaccrual status. Table 4.12: Nonaccrual Loans Amortized cost Recognized interest income Nonaccrual loans Nonaccrual loans without related allowance for credit losses (1) Six months ended June 30, (in millions) Jun 30, Dec 31, Jun 30, Dec 31, 2021 2020 Commercial: Commercial and industrial $ 1,691 2,698 464 382 45 30 Real estate mortgage 1,598 1,774 201 93 33 17 Real estate construction 45 48 13 15 1 5 Lease financing 215 259 40 16 — — Total commercial 3,549 4,779 718 506 79 52 Consumer: Residential mortgage- first lien 2,852 2,957 1,949 1,908 56 81 Residential mortgage- junior lien 713 754 463 461 25 28 Auto 221 202 — — 17 7 Other consumer 36 36 — — 1 1 Total consumer 3,822 3,949 2,412 2,369 99 117 Total nonaccrual loans $ 7,371 8,728 3,130 2,875 178 169 (1) 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 4.13 shows loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed. Table 4.13: Loans 90 Days or More Past Due and Still Accruing ($ in millions) Jun 30, Dec 31, Total: $ 4,703 7,041 Less: FHA insured/VA guaranteed (1) 3,966 6,351 Total, not government insured/guaranteed $ 737 690 By segment and class, not government insured/guaranteed: Commercial: Commercial and industrial $ 165 39 Real estate mortgage 105 38 Real estate construction 7 1 Total commercial 277 78 Consumer: Residential mortgage – first lien 73 135 Residential mortgage – junior lien 12 19 Credit card 271 365 Auto 43 65 Other consumer 61 28 Total consumer 460 612 Total, not government insured/guaranteed $ 737 690 (1) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. |
TDR Modifications | Table 4.14 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 are paid off or written-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 4.14: TDR Modifications Primary modification type (1) Financial effects of modifications ($ in millions) Principal forgiveness Interest Other concessions (2) Total Charge- Weighted Recorded Quarter ended June 30, 2021 Commercial: Commercial and industrial $ — 1 330 331 14 1.22 % $ 1 Real estate mortgage 41 5 86 132 — 1.15 5 Real estate construction — — 2 2 — — — Lease financing — — 1 1 — — — Total commercial 41 6 419 466 14 1.17 6 Consumer: Residential mortgage – first lien — 8 353 361 1 1.26 8 Residential mortgage – junior lien — 2 9 11 — 2.51 2 Credit card — 24 — 24 — 19.02 24 Auto 1 1 72 74 30 3.93 1 Other consumer — 4 — 4 — 12.02 4 Trial modifications (5) — — 2 2 — — — Total consumer 1 39 436 476 31 13.24 39 Total $ 42 45 855 942 45 11.68 % $ 45 Quarter ended June 30, 2020 Commercial: Commercial and industrial $ — 17 948 965 38 0.79 % $ 17 Real estate mortgage — 5 98 103 — 1.75 5 Real estate construction — — — — — — — Lease financing — — 1 1 — — — Total commercial — 22 1,047 1,069 38 1.00 22 Consumer: Residential mortgage – first lien — 14 288 302 1 1.84 14 Residential mortgage – junior lien — 3 24 27 — 2.39 3 Credit card — 62 — 62 — 12.79 62 Auto 1 2 44 47 28 4.42 2 Other consumer — 3 6 9 — 5.90 3 Trial modifications (5) — — (13) (13) — — — Total consumer 1 84 349 434 29 10.09 84 Total $ 1 106 1,396 1,503 67 8.17 % $ 106 (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 Six months ended June 30, 2021 Commercial: Commercial and industrial $ — 2 560 562 20 1.10 % $ 2 Real estate mortgage 41 9 186 236 — 1.04 9 Real estate construction — — 3 3 — — — Lease financing — — 4 4 — — — Total commercial 41 11 753 805 20 1.05 11 Consumer: Residential mortgage – first lien — 15 885 900 1 1.53 15 Residential mortgage – junior lien — 7 22 29 1 2.44 7 Credit card — 56 — 56 — 18.93 56 Auto 1 2 86 89 37 3.90 2 Other consumer — 11 1 12 — 12.14 11 Trial modifications (5) — — 2 2 — — — Total consumer 1 91 996 1,088 39 13.67 91 Total $ 42 102 1,749 1,893 59 12.31 % $ 102 Six months ended June 30, 2020 Commercial: Commercial and industrial $ 18 32 1,262 1,312 82 0.73 % $ 32 Real estate mortgage — 18 250 268 — 1.17 18 Real estate construction — — 6 6 — 2.49 — Lease financing — — 1 1 — — — Total commercial 18 50 1,519 1,587 82 0.90 50 Consumer: Residential mortgage – first lien — 31 461 492 1 1.73 31 Residential mortgage – junior lien — 9 39 48 — 2.38 9 Credit card — 157 — 157 — 12.51 157 Auto 3 4 54 61 34 4.56 4 Other consumer — 15 8 23 — 7.71 15 Trial modifications (5) — — (11) (11) — — — Total consumer 3 216 551 770 35 10.04 216 Total $ 21 266 2,070 2,357 117 8.30 % $ 266 (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 $202 million and $221 million for the quarters ended June 30, 2021 and 2020, respectively, and $458 million and $484 million for the first half of 2021 and 2020, respectively. (2) Other concessions include loans with payment (principal and/or interest) deferral, loans discharged in bankruptcy, loan renewals, term extensions and other interest and noninterest adjustments, but exclude modifications that also forgive principal and/or reduce the contractual interest rate. 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 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. (4) Recorded investment related to interest rate reduction reflects the effect of reduced interest rates on loans with an interest rate concession as one of their concession types, which includes loans reported as a principal primary modification type that also have an interest rate concession. (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 4.15 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 4.15: Defaulted TDRs Recorded investment of defaults Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Commercial: Commercial and industrial $ 84 37 125 222 Real estate mortgage 9 81 25 102 Real estate construction — — — — Lease financing — — — — Total commercial 93 118 150 324 Consumer: Residential mortgage – first lien 2 8 5 18 Residential mortgage – junior lien — 6 1 8 Credit card 6 19 16 45 Auto 12 1 23 3 Other consumer — 2 1 3 Total consumer 20 36 46 77 Total $ 113 154 196 401 |
Leasing Activity (Tables)
Leasing Activity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lessor Disclosure [Abstract] | |
Leasing Revenue | Noninterest income on leases, which is presented in Table 5.1, is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $226 million and $244 million for the quarters ended June 30, 2021 and 2020, respectively, and $452 million and $504 million for the first half of 2021 and 2020, respectively. Table 5.1: Leasing Revenue Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interest income on lease financing (1) $ 172 208 353 437 Other lease revenues: Variable revenues on lease financing 25 26 51 54 Fixed revenues on operating leases 254 294 514 608 Variable revenues on operating leases 18 12 36 25 Other lease-related revenues (2) 16 3 27 1 Noninterest income on leases 313 335 628 688 Total leasing revenue $ 485 543 981 1,125 (1) In second quarter 2021, we elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) 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 5.2 presents balances for our operating leases. Table 5.2: Operating Lease Right of Use (ROU) Assets and Lease Liabilities (in millions) Jun 30, 2021 Dec 31, 2020 ROU assets $ 4,053 4,306 Lease liabilities 4,705 4,962 |
Lease Costs | Table 5.3 provides the composition of our lease costs, which are predominantly included in net occupancy expense. Table 5.3: Lease Costs Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Fixed lease expense – operating leases $ 265 292 530 583 Variable lease expense 69 80 147 146 Other (1) (28) (42) (31) (56) Total lease costs $ 306 330 646 673 |
Equity Securities (Tables)
Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Securities [Abstract] | |
Equity Securities | Table 6.1 provides a summary of our equity securities by business purpose and accounting method. Table 6.1: Equity Securities (in millions) Jun 30, Dec 31, Held for trading at fair value: Marketable equity securities (1) $ 23,701 23,032 Not held for trading: Fair value: Marketable equity securities 1,624 1,564 Nonmarketable equity securities (2) 10,006 9,413 Total equity securities at fair value 11,630 10,977 Equity method: Private equity 2,897 2,960 Tax-advantaged renewable energy (3) 3,853 3,481 New market tax credit and other 378 409 Total equity method 7,128 6,850 Other methods : Low-income housing tax credit investments (3) 11,439 11,353 Federal Reserve Bank stock and other at cost (4) 3,585 3,588 Private equity (5) 7,064 4,208 Total equity securities not held for trading 40,846 36,976 Total equity securities $ 64,547 60,008 (1) Represents securities held as part of our customer accommodation trading activities. For additional information on these activities, see Note 2 (Trading Activities). (2) Substantially all of these securities are economically hedged with equity derivatives. (3) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). (4) Substantially all relates to investments in Federal Reserve Bank stock at both June 30, 2021, and December 31, 2020. (5) Represents nonmarketable equity securities accounted for under the measurement alternative, which were predominantly securities associated with our affiliated venture capital business. |
LIHTC Investments | Table 6.2 summarizes the amortization of the investments and the related tax credits and other tax benefits that are recognized in income tax expense/(benefit) on our consolidated statement of income. 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 $4.2 billion at both June 30, 2021, and December 31, 2020. This liability for unfunded commitments is included in long-term debt on our consolidated balance sheet. Table 6.2: LIHTC Investments (1) Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Proportional amortization of investments $ 382 352 764 703 Tax credits and other tax benefits (431) (401) (875) (797) Net expense/(benefit) recognized within income tax expense $ (49) (49) (111) (94) (1) Excludes the impact of the estimated annual effective income tax rate applied to each period. |
Net Gains (Losses) from Equity Securities Not Held for Trading | Table 6.3 provides a summary of the net gains and losses from equity securities not held for trading, which excludes equity method adjustments for our share of the investee’s earnings or losses that are recognized in other noninterest income. Gains and losses for securities held for trading are reported in net gains on trading and securities. Table 6.3: Net Gains (Losses) from Equity Securities Not Held for Trading Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Net gains (losses) from equity securities carried at fair value: Marketable equity securities $ 74 394 $ 134 (409) Nonmarketable equity securities 893 1,424 535 320 Total equity securities carried at fair value 967 1,818 669 (89) Net gains (losses) from nonmarketable equity securities not carried at fair value (1): Impairment write-downs (42) (106) (57) (1,041) Net unrealized gains related to measurement alternative observable transactions 2,037 24 2,262 246 Net realized gains on sale 496 199 551 199 Total nonmarketable equity securities not carried at fair value 2,491 117 2,756 (596) Net losses from economic hedge derivatives (2) (762) (1,402) (337) (183) Total net gains (losses) from equity securities not held for trading $ 2,696 533 $ 3,088 (868) (1) Includes impairment write-downs and net realized gains on sale related to private equity and venture capital investments in consolidated portfolio companies, which are not reported in equity securities on our consolidated balance sheet. (2) Includes net gains (losses) on derivatives not designated as hedging instruments. |
Net Gains (Losses) from Measurement Alternative Equity Securities | Table 6.4 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 6.3. Table 6.4: Net Gains (Losses) from Measurement Alternative Equity Securities Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Net gains (losses) recognized in earnings during the period: Gross unrealized gains due to observable price changes $ 2,037 24 $ 2,262 246 Impairment write-downs (38) (58) (50) (412) Realized net gains from sale 195 11 195 13 Total net gains recognized during the period $ 2,194 $ (23) $ 2,407 (153) |
Measurement Alternative Cumulative Gains (Losses) | Table 6.5 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 6.5: Measurement Alternative Cumulative Gains (Losses) (in millions) Jun 30, Dec 31, Cumulative gains (losses): Gross unrealized gains due to observable price changes $ 4,577 2,356 Gross unrealized losses due to observable price changes (25) (25) Impairment write-downs (1,008) (969) |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Other Assets | Table 7.1 presents the components of other assets. Table 7.1: Other Assets (in millions) Jun 30, 2021 Dec 31, 2020 Corporate/bank-owned life insurance $ 20,488 20,380 Accounts receivable 24,372 38,116 Interest receivable: AFS and HTM debt securities 1,366 1,368 Loans 2,224 2,838 Trading and other 482 415 Customer relationship and other amortized intangibles 287 328 Foreclosed assets: Residential real estate 49 73 Other 80 86 Operating lease assets (lessor) 6,773 7,391 Operating lease ROU assets (lessee) 4,053 4,306 Due from customers on acceptances 144 268 Other 12,135 11,768 Total other assets $ 72,453 87,337 |
Securitizations and Variable _2
Securitizations and Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Securitizations and Variable Interest Entities [Abstract] | |
Transfers With Continuing Involvement | Table 8.1 presents information about transfers of assets during the period for which we recorded the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we received proceeds and recorded servicing assets, securities, and loans. Substantially all transfers were related to residential mortgage securitizations with the GSEs or GNMA and resulted in no gain or loss because the loans were already measured at fair value on a recurring basis. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and generally securities are classified as Level 2. Table 8.1: Transfers with Continuing Involvement 2021 2020 (in millions) Residential mortgages Commercial mortgages Residential mortgages Commercial mortgages Quarter ended June 30, Assets sold $ 45,903 5,173 43,602 2,505 Proceeds from transfer (1) 46,230 5,227 43,605 2,569 Net gains (losses) on sale 327 54 3 64 Continuing involvement (2): Servicing rights recognized $ 487 24 443 48 Securities recognized (3) 6,171 39 590 12 Loans recognized — — — — Six months ended June 30, Asset balances sold $ 86,489 8,364 81,987 5,233 Proceeds from transfer (1) 86,921 8,509 82,025 5,366 Net gains (losses) on sale 432 145 38 133 Continuing involvement (2): Servicing rights recognized $ 894 71 889 82 Securities recognized (3) 16,394 68 590 74 Loans recognized 926 — — — (1) Represents cash proceeds and the fair value of non-cash beneficial interests recognized at securitization settlement. Prior periods have been revised to conform with the current period presentation. (2) Represents assets or liabilities recognized at securitization settlement date related to our continuing involvement in the transferred assets. (3) Represents debt securities obtained at securitization settlement held for investment purposes that are classified as available-for-sale or held-to-maturity, which predominantly relate to agency securities. Excludes trading debt securities held temporarily for market-marking purposes, which are sold to third parties at or shortly after securitization settlement, of $11.2 billion and $18.0 billion during the second quarter and first half of 2021, respectively, and $9.4 billion and $17.1 billion during the second quarter and first half of 2020, respectively. |
Residential Mortgage Servicing Rights | Table 8.2 presents the key weighted-average assumptions we used to initially measure residential MSRs recognized during the periods presented. Table 8.2: Residential Mortgage Servicing Rights 2021 2020 Quarter ended June 30, Prepayment speed (1) 13.4 % 15.0 Discount rate 6.1 7.0 Cost to service ($ per loan) (2) $ 91 97 Six months ended June 30, Prepayment speed (1) 13.8 % 14.0 Discount rate 6.0 6.8 Cost to service ($ per loan) (2) $ 87 94 (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. |
Resecuritization VIEs | Table 8.3 presents information about assets transferred to re-securitization VIEs and Table 8.4 presents information about our resecuritization VIEs. Table 8.3: Transfers to Resecuritization VIEs (in millions) 2021 2020 Quarter ended June 30, Assets sold $ 7,873 19,982 Securities recognized (99) 153 Six months ended June 30, Assets sold $ 25,302 29,454 Securities recognized 915 815 Table 8.4: Resecuritization VIEs (in millions) Jun 30, 2021 Dec 31, 2020 Total VIE assets $ 125,543 130,446 Carrying value of securities 1,137 1,461 |
Off-Balance Sheet Loans Sold or Securitized | Table 8.5 presents information about the principal balances of off-balance sheet loans that were sold or securitized, including residential mortgage loans sold to the GSEs, 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 generally experience a loss only 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 8.5: Off-Balance Sheet Loans Sold or Securitized Net charge-offs (2) Total loans Delinquent loans and foreclosed assets (1) Six months ended June 30, (in millions) Jun 30, 2021 Dec 31, 2020 Jun 30, 2021 Dec 31, 2020 2021 2020 Commercial $ 116,704 114,134 2,363 2,217 122 83 Residential 738,698 818,886 20,869 29,962 12 59 Total off-balance sheet sold or securitized loans (3) $ 855,402 933,020 23,232 32,179 134 142 (1) Includes $203 million and $394 million of commercial foreclosed assets and $163 million and $204 million of residential foreclosed assets at June 30, 2021, and December 31, 2020, 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 June 30, 2021, and December 31, 2020, the table includes total loans of $784.3 billion and $864.8 billion, delinquent loans of $19.8 billion and $28.5 billion, and foreclosed assets of $124 million and $152 million, respectively, for FNMA, FHLMC and GNMA. |
Unconsolidated VIEs | Table 8.6 provides a summary of our exposure to the unconsolidated VIEs described above, which includes investments in securities, loans, guarantees, liquidity agreements, commitments and certain derivatives. We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary or administrative in nature or insignificant in size. In Table 8.6, “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. Debt, guarantees and other commitments include amounts related to loans sold that we may be required to repurchase, or otherwise indemnify or reimburse the investor or insurer for losses incurred, due to material breach of contractual representations and warranties as well as other retained recourse arrangements. The maximum exposure to loss for material breach of contractual representations and warranties represents a stressed case estimate we utilize for determining stressed case regulatory capital needs and is considered to be a remote scenario. “Maximum exposure to loss” 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. Table 8.6: Unconsolidated VIEs Carrying value – asset (liability) (in millions) Total Loans Debt Equity securities All other Debt and other liabilities Net assets June 30, 2021 Nonconforming mortgage loan securitizations $ 134,023 — 2,401 — 663 — 3,064 Tax credit structures 41,058 1,875 — 11,448 — (4,218) 9,105 Commercial real estate loans 5,366 5,357 — — 8 — 5,365 Other 6,541 1,888 — 57 52 (1) 1,996 Total $ 186,988 9,120 2,401 11,505 723 (4,219) 19,530 Maximum exposure to loss Loans Debt Equity securities All other Debt, guarantees, Total exposure Nonconforming mortgage loan securitizations $ — 2,401 — 663 31 3,095 Tax credit structures 1,875 — 11,448 — 3,023 16,346 Commercial real estate loans 5,357 — — 8 712 6,077 Other 1,888 — 57 52 230 2,227 Total $ 9,120 2,401 11,505 723 3,996 27,745 Carrying value – asset (liability) (in millions) Total Loans Debt Equity All other Debt and other liabilities Net assets December 31, 2020 Nonconforming mortgage loan securitizations $ 127,717 — 2,303 — 606 — 2,909 Tax credit structures (3) 41,125 1,760 — 11,362 — (4,202) 8,920 Commercial real estate loans — — — — — — — Other 1,991 89 — 51 62 (1) 201 Total $ 170,833 1,849 2,303 11,413 668 (4,203) 12,030 Maximum exposure to loss Loans Debt Equity All other Debt, Total exposure Nonconforming mortgage loan securitizations $ — 2,303 — 607 34 2,944 Tax credit structures (3) 1,760 — 11,362 — 3,108 16,230 Commercial real estate loans — — — — — — Other 89 — 51 62 230 432 Total $ 1,849 2,303 11,413 669 3,372 19,606 (1) Includes $317 million and $310 million of securities classified as trading at June 30, 2021, and December 31, 2020, respectively. (2) All other assets includes mortgage servicing rights, derivative assets, and other assets (predominantly servicing advances). (3) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Transactions with Consolidated VIEs | Table 8.7 presents a summary of financial assets and liabilities of our consolidated VIEs. The carrying value represents assets and liabilities recorded on our consolidated balance sheet. 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 our consolidated balance sheet, we separately disclose (1) the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs, and (2) the consolidated liabilities of certain VIEs for which the VIE creditors do not have recourse to Wells Fargo. Table 8.7: Transactions with Consolidated VIEs Carrying value – asset (liability) (in millions) Total Loans Debt All other Long-term debt All other liabilities (3) June 30, 2021 Commercial and industrial loans and leases $ 6,981 3,623 — 238 — (183) Commercial real estate loans (4) — — — — — — Other 1,138 452 518 96 (178) (404) Total consolidated VIEs $ 8,119 4,075 518 334 (178) (587) December 31, 2020 Commercial and industrial loans and leases $ 6,987 5,005 — 223 — (200) Commercial real estate loans (4) 5,369 5,357 — 12 — — Other 1,627 507 967 75 (203) (900) Total consolidated VIEs $ 13,983 10,869 967 310 (203) (1,100) (1) Includes $117 million and $269 million of securities classified as trading at June 30, 2021, and December 31, 2020, respectively. (2) All other assets includes cash and due from banks, Interest-earning deposits with banks, derivative assets, equity securities, and other assets. (3) All other liabilities includes short-term borrowings, derivative liabilities, and accrued expenses and other liabilities. (4) For structure description, see the "Transactions with Unconsolidated VIEs" section within this Note. These consolidated VIEs were deconsolidated in first quarter 2021. |
Mortgage Banking Activities (Ta
Mortgage Banking Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Mortgage Banking Activities [Abstract] | |
Analysis of Changes in Fair Value MSRs | Table 9.1 presents the changes in MSRs measured using the fair value method. Table 9.1: Analysis of Changes in Fair Value MSRs Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Fair value, beginning of period $ 7,536 8,126 6,125 11,517 Servicing from securitizations or asset transfers (1) 485 462 891 923 Sales and other (2) (7) (1) (8) (32) Net additions 478 461 883 891 Changes in fair value: Due to valuation inputs or assumptions: Mortgage interest rates (3) (529) (600) 1,101 (3,622) Servicing and foreclosure costs (4) — (349) 9 (422) Discount rates 160 — 207 27 Prepayment estimates and other (5) (440) (182) (535) (371) Net changes in valuation inputs or assumptions (809) (1,131) 782 (4,388) Changes due to collection/realization of expected cash flows (6) (488) (637) (1,073) (1,201) Total changes in fair value (1,297) (1,768) (291) (5,589) Fair value, end of period $ 6,717 6,819 6,717 6,819 (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. |
Economic Assumptions and Sensitivity of Residential MSRs | Table 9.2 provides key economic assumptions and sensitivity of the current fair value of residential MSRs 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 15 (Fair Values of Assets and Liabilities) for additional information on key economic assumptions for residential MSRs. Table 9.2: Economic Assumptions and Sensitivity of Residential MSRs ($ in millions, except cost to service amounts) Jun 30, 2021 Dec 31, 2020 Fair value of interests held $ 6,717 6,125 Expected weighted-average life (in years) 4.2 3.7 Key economic assumptions: Prepayment speed assumption 17.2 % 19.9 Impact on fair value from 10% adverse change $ 417 434 Impact on fair value from 25% adverse change 967 1,002 Discount rate assumption 5.4 % 5.8 Impact on fair value from 100 basis point increase $ 274 229 Impact on fair value from 200 basis point increase 525 440 Cost to service assumption ($ per loan) 111 130 Impact on fair value from 10% adverse change 171 181 Impact on fair value from 25% adverse change 427 454 |
Managed Servicing Portfolio | We present the components of our managed servicing portfolio in Table 9.3 at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced. Table 9.3: Managed Servicing Portfolio (in billions) Jun 30, 2021 Dec 31, 2020 Residential mortgage servicing: Serviced and subserviced for others $ 771 859 Owned loans serviced 284 323 Total residential servicing 1,055 1,182 Commercial mortgage servicing: Serviced and subserviced for others 584 583 Owned loans serviced 123 123 Total commercial servicing 707 706 Total managed servicing portfolio $ 1,762 1,888 Total serviced for others, excluding subserviced for others $ 1,344 1,431 MSRs as a percentage of loans serviced for others 0.60 % 0.52 Weighted average note rate (mortgage loans serviced for others) 3.93 4.03 |
Mortgage Banking Noninterest Income | Table 9.4 presents the components of mortgage banking noninterest income. Table 9.4: Mortgage Banking Noninterest Income Quarter ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Servicing fees: Contractually specified servicing fees, late charges and ancillary fees $ 692 749 1,416 1,614 Unreimbursed direct servicing costs (1) (90) (105) (214) (212) Servicing fees 602 644 1,202 1,402 Amortization (2) (33) (100) (98) (166) Changes due to collection/realization of expected cash flows (3) (A) (488) (637) (1,073) (1,201) Net servicing fees 81 (93) 31 35 Changes in fair value of MSRs due to valuation inputs or assumptions (4) (B) (809) (1,131) 782 (4,388) Net derivative gains (losses) from economic hedges (5) 707 535 (933) 3,935 Market-related valuation changes to MSRs, net of hedge results (102) (596) (151) (453) Total servicing income, net (21) (689) (120) (418) Net gains on mortgage loan originations/sales (6) 1,357 1,006 2,782 1,114 Total mortgage banking noninterest income $ 1,336 317 2,662 696 Total changes in fair value of MSRs carried at fair value (A)+(B) $ (1,297) (1,768) (291) (5,589) (1) Includes costs associated with foreclosures, unreimbursed interest advances to investors, and other interest costs. (2) Includes a $37 million reversal of impairment recorded in the second quarter and first half of 2021, on the commercial amortized MSRs. Also, includes $30 million impairment recorded in the second quarter and first half of 2020, 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 9.1 in this Note for more detail. (5) See Note 14 (Derivatives) for additional discussion and detail on economic hedges. (6) Includes net gains (losses) of $(420) million and $845 million in the second quarter and first half of 2021, respectively, and $(393) million and $(1.3) billion in the second quarter and first half of 2020, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Table 10.1 presents the gross carrying value of intangible assets and accumulated amortization. Table 10.1: Intangible Assets June 30, 2021 December 31, 2020 (in millions) Gross carrying value Accumulated amortization Net carrying value Gross carrying value Accumulated amortization Net carrying value Amortized intangible assets (1): MSRs (2) $ 4,690 (3,398) 1,292 4,612 (3,300) 1,312 Customer relationship and other intangibles 879 (592) 287 879 (551) 328 Total amortized intangible assets $ 5,569 (3,990) 1,579 5,491 (3,851) 1,640 Unamortized intangible assets: MSRs (carried at fair value) $ 6,717 6,125 Goodwill 26,194 26,392 Trademark 14 14 (1) Balances are excluded commencing in the period following full amortization. (2) Includes a $5 million and $37 million valuation allowance recorded for amortized MSRs at June 30, 2021, and December 31, 2020, respectively. See Note 9 (Mortgage Banking Activities) for additional information on MSRs. |
Amortization Expense for Intangible Assets | Table 10.2 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 June 30, 2021. Future amortization expense may vary from these projections. Table 10.2: Amortization Expense for Intangible Assets (in millions) Amortized MSRs Customer relationship and other intangibles Total Six months ended June 30, 2021 (actual) $ 98 41 139 Estimate for the remainder of 2021 $ 127 40 167 Estimate for year ended December 31, 2022 232 68 300 2023 203 59 262 2024 177 48 225 2025 152 39 191 2026 117 32 149 |
Goodwill | Table 10.3 shows the allocation of goodwill to our reportable operating segments. Table 10.3: Goodwill (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Consolidated Company December 31, 2020 $ 16,418 3,018 5,375 1,276 305 26,392 Divestitures — — — — (201) (201) Foreign currency translation — 3 — — — 3 Transfers of goodwill — (80) — (932) 1,012 — June 30, 2021 $ 16,418 2,941 5,375 344 1,116 26,194 |
Guarantees and Other Commitme_2
Guarantees and Other Commitments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees [Abstract] | |
Guarantees - Carrying Value and Maximum Exposure to Loss | Table 11.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts. Table 11.1: Guarantees – Carrying Value and Maximum Exposure to Loss Maximum exposure to loss (in millions) Carrying value of obligation (asset) Expires in one year or less Expires after one year through three years Expires after three years through five years Expires after five years Total Non-investment grade June 30, 2021 Standby letters of credit $ 132 12,639 4,838 1,927 457 19,861 6,873 Direct pay letters of credit 10 1,927 2,544 368 43 4,882 1,140 Written options (1) (548) 12,943 6,278 723 58 20,002 13,666 Loans and LHFS sold with recourse (2) 30 89 826 3,010 9,323 13,248 11,216 Exchange and clearing house guarantees — — — — 5,243 5,243 — Other guarantees and indemnifications (3) 1 629 3 — 239 871 570 Total guarantees $ (375) 28,227 14,489 6,028 15,363 64,107 33,465 December 31, 2020 Standby letters of credit $ 156 11,977 4,962 1,897 433 19,269 7,528 Direct pay letters of credit 18 2,256 2,746 531 39 5,572 1,102 Written options (1) (538) 12,735 7,972 889 58 21,654 13,394 Loans and LHFS sold with recourse (2) 33 177 819 1,870 9,723 12,589 10,332 Exchange and clearing house guarantees — — — — 5,510 5,510 — Other guarantees and indemnifications (3) — 734 1 1 1,414 2,150 590 Total guarantees $ (331) 27,879 16,500 5,188 17,177 66,744 32,946 (1) Written options, which are in the form of derivatives, are also included in the derivative disclosures in Note 14 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades. (2) Represents recourse provided, all to the GSEs, on loans sold under various programs and arrangements. (3) Includes indemnifications provided to certain third-party clearing agents. Estimated maximum exposure to loss was $210 million and $1.4 billion with related collateral of $2.1 billion and $1.2 billion as of June 30, 2021, and December 31, 2020, respectively. |
Pledged Assets and Collateral (
Pledged Assets and Collateral (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Pledged Assets | Table 12.1 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 consolidated 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 collateral we pledge related to trading activity 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 financial assets to secure trust and public deposits, borrowings and letters of credit from the Federal Home Loan Bank (FHLB) and the Board of Governors of the Federal Reserve System (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 consolidated balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 8 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets. Table 12.1: Pledged Assets (in millions) Jun 30, Dec 31, Related to trading activities: Repledged third-party owned debt and equity securities $ 37,134 44,765 Trading debt securities and other 18,362 19,572 Equity securities 704 470 Total pledged assets related to trading activities 56,200 64,807 Related to non-trading activities: Loans 308,551 344,220 Debt securities: Available-for-sale 59,512 57,289 Held-to-maturity 11,552 17,290 Other financial assets 531 230 Total pledged assets related to non-trading activities 380,146 419,029 Related to VIEs: Consolidated VIE assets 4,927 12,146 Loans eligible for repurchase from GNMA securitizations 130 179 Total pledged assets related to VIEs 5,057 12,325 Total pledged assets $ 441,403 496,161 |
Offsetting - Securities Financing Activities | In addition to the amounts included in Table 12.2, we also have balance sheet netting related to derivatives that is disclosed in Note 14 (Derivatives). Table 12.2: Offsetting – Securities Financing Activities (in millions) Jun 30, Dec 31, Assets: Resale and securities borrowing agreements Gross amounts recognized $ 101,027 92,446 Gross amounts offset in consolidated balance sheet (1) (13,845) (11,513) Net amounts in consolidated balance sheet (2) 87,182 80,933 Collateral not recognized in consolidated balance sheet (3) (86,453) (80,158) Net amount (4) $ 729 775 Liabilities: Repurchase and securities lending agreements Gross amounts recognized $ 47,281 57,622 Gross amounts offset in consolidated balance sheet (1) (13,844) (11,513) Net amounts in consolidated balance sheet (5) 33,437 46,109 Collateral pledged but not netted in consolidated balance sheet (6) (33,177) (45,819) Net amount (4) $ 260 290 (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 $70.1 billion and $65.6 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at June 30, 2021, and December 31, 2020, respectively. Also includes securities purchased under long-term resale agreements (generally one year or more) classified in loans, which totaled $17.1 billion and $15.3 billion, at June 30, 2021, and December 31, 2020, 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 June 30, 2021, and December 31, 2020, we have received total collateral with a fair value of $118.9 billion and $108.5 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 $34.5 billion and $36.1 billion at June 30, 2021, and December 31, 2020, respectively. (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. |
Gross Obligations by Underlying Collateral Type and Contractual Maturities of Gross Obligations | Table 12.3 provides the gross amounts recognized on the consolidated balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type. Table 12.3: Gross Obligations by Underlying Collateral Type (in millions) Jun 30, Dec 31, Repurchase agreements: Securities of U.S. Treasury and federal agencies $ 19,730 22,922 Securities of U.S. States and political subdivisions 24 4 Federal agency mortgage-backed securities 8,029 15,353 Non-agency mortgage-backed securities 860 1,069 Corporate debt securities 10,047 9,944 Asset-backed securities 1,262 1,054 Equity securities 892 1,500 Other 783 336 Total repurchases 41,627 52,182 Securities lending arrangements: Securities of U.S. Treasury and federal agencies 42 64 Federal agency mortgage-backed securities 31 23 Corporate debt securities 45 79 Equity securities (1) 5,422 5,189 Other 114 85 Total securities lending 5,654 5,440 Total repurchases and securities lending $ 47,281 57,622 (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 12.4 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Table 12.4: Contractual Maturities of Gross Obligations (in millions) Overnight/continuous Up to 30 days 30-90 days >90 days Total gross obligation June 30, 2021 Repurchase agreements $ 28,584 3,093 4,765 5,185 41,627 Securities lending arrangements 4,853 200 601 — 5,654 Total repurchases and securities lending (1) $ 33,437 3,293 5,366 5,185 47,281 December 31, 2020 Repurchase agreements $ 36,946 5,251 5,100 4,885 52,182 Securities lending arrangements 4,690 400 350 — 5,440 Total repurchases and securities lending (1) $ 41,636 5,651 5,450 4,885 57,622 (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) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional or Contractual Amounts and Fair Values of Derivatives | Table 14.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recorded on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which interest and other payments are determined. Table 14.1: Notional or Contractual Amounts and Fair Values of Derivatives June 30, 2021 December 31, 2020 Notional or Fair value Notional or Fair value contractual Derivative Derivative contractual Derivative Derivative (in millions) amount assets liabilities amount assets liabilities Derivatives designated as hedging instruments Interest rate contracts $ 166,843 2,428 529 184,090 3,212 789 Foreign exchange contracts 39,001 1,143 504 47,331 1,381 607 Total derivatives designated as qualifying hedging instruments 3,571 1,033 4,593 1,396 Derivatives not designated as hedging instruments Economic hedges: Interest rate contracts 231,356 251 161 261,159 341 344 Equity contracts 27,740 1,582 392 25,997 1,363 490 Foreign exchange contracts 53,396 372 1,292 47,106 331 1,515 Credit contracts 72 26 — 73 31 — Subtotal 2,231 1,845 2,066 2,349 Customer accommodation trading and other derivatives: Interest rate contracts 9,256,224 24,068 18,785 7,947,941 32,510 25,169 Commodity contracts 76,612 7,234 2,309 65,790 2,036 1,543 Equity contracts 322,733 17,697 21,126 280,195 17,522 21,516 Foreign exchange contracts 415,458 6,177 4,505 412,879 6,891 6,034 Credit contracts 36,179 49 50 34,329 64 58 Subtotal 55,225 46,775 59,023 54,320 Total derivatives not designated as hedging instruments 57,456 48,620 61,089 56,669 Total derivatives before netting 61,027 49,653 65,682 58,065 Netting (35,612) (35,102) (39,836) (41,556) Total $ 25,415 14,551 25,846 16,509 |
Gross Fair Values of Derivative Assets and Liabilities | Table 14.2 provides information on the gross fair values of derivative assets and liabilities, the balance sheet netting adjustments and the resulting net fair value amount recorded on our consolidated 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 consolidated balance sheet. The “Gross amounts recognized” column in the following table includes $52.9 billion and $44.7 billion of gross derivative assets and liabilities, respectively, at June 30, 2021, and $54.6 billion and $50.1 billion, respectively, at December 31, 2020, 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 $8.1 billion and $5.0 billion, respectively, at June 30, 2021, and $11.1 billion and $8.0 billion, respectively, at December 31, 2020, 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 consolidated balance sheet for these counterparties. Cash collateral receivables and payables that have not been offset against our derivatives were $2.6 billion and $828 million, respectively, at June 30, 2021, and $1.8 billion and $984 million, respectively, at December 31, 2020. 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 our consolidated balance sheet. For disclosure purposes, we present the fair value of this non-cash collateral in the column titled “Gross amounts not offset in consolidated balance sheet (Disclosure-only netting)” within the table. We determine and allocate the Disclosure-only netting amounts in the same manner as balance sheet netting amounts. The “Net amounts” column within Table 14.2 represents the aggregate of our net exposure to each counterparty after considering the balance sheet and Disclosure-only netting adjustments. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty-specific credit risk limits, using master netting arrangements and obtaining collateral. Derivative contracts executed in 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 14.2. 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 12 (Pledged Assets and Collateral). Table 14.2: Gross Fair Values of Derivative Assets and Liabilities (in millions) Gross amounts recognized Gross amounts offset in consolidated balance sheet (1) Net amounts in consolidated balance sheet Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) Net amounts Percent exchanged in over-the-counter market June 30, 2021 Derivative assets Interest rate contracts $ 26,747 (16,711) 10,036 (680) 9,356 97 % Commodity contracts 7,234 (1,481) 5,753 (14) 5,739 92 Equity contracts 19,279 (11,488) 7,791 (766) 7,025 69 Foreign exchange contracts 7,692 (5,892) 1,800 (28) 1,772 100 Credit contracts 75 (40) 35 (1) 34 90 Total derivative assets $ 61,027 (35,612) 25,415 (1,489) 23,926 Derivative liabilities Interest rate contracts $ 19,475 (16,453) 3,022 (1,524) 1,498 96 % Commodity contracts 2,309 (1,086) 1,223 (17) 1,206 50 Equity contracts 21,518 (12,956) 8,562 (749) 7,813 79 Foreign exchange contracts 6,301 (4,574) 1,727 (423) 1,304 100 Credit contracts 50 (33) 17 (3) 14 90 Total derivative liabilities $ 49,653 (35,102) 14,551 (2,716) 11,835 December 31, 2020 Derivative assets Interest rate contracts $ 36,063 (21,968) 14,095 (1,274) 12,821 96 % Commodity contracts 2,036 (940) 1,096 (4) 1,092 84 Equity contracts 18,885 (10,968) 7,917 (737) 7,180 74 Foreign exchange contracts 8,603 (5,887) 2,716 (141) 2,575 100 Credit contracts 95 (73) 22 (1) 21 90 Total derivative assets $ 65,682 (39,836) 25,846 (2,157) 23,689 Derivative liabilities Interest rate contracts $ 26,302 (21,934) 4,368 (2,219) 2,149 95 % Commodity contracts 1,543 (819) 724 — 724 69 Equity contracts 22,006 (12,283) 9,723 (837) 8,886 78 Foreign exchange contracts 8,156 (6,481) 1,675 (529) 1,146 100 Credit contracts 58 (39) 19 (3) 16 91 Total derivative liabilities $ 58,065 (41,556) 16,509 (3,588) 12,921 (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 $299 million and $399 million and debit valuation adjustments related to derivative liabilities were $145 million and $201 million as of June 30, 2021, and December 31, 2020, respectively. Cash collateral totaled $5.4 billion and $5.1 billion, netted against derivative assets and liabilities, respectively, at June 30, 2021, and $5.5 billion and $7.5 billion, respectively, at December 31, 2020. |
Gains (Losses) Recognized on Fair Value Hedging Relationships | Table 14.3 and Table 14.4 show the net gains (losses) related to derivatives in fair value and cash flow hedging relationships, respectively. Table 14.3: 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 Deposits Long-term debt Other Derivative gains (losses) Derivative gains (losses) Quarter ended June 30, 2021 Total amounts presented in the consolidated statement of income and other comprehensive income $ 2,199 (92) (712) 692 N/A 37 Interest contracts Amounts related to interest settlements on derivatives (68) 74 541 — 547 Recognized on derivatives (468) (61) 2,453 — 1,924 — Recognized on hedged items 452 62 (2,402) — (1,888) Total gains (losses) (pre-tax) on interest rate contracts (84) 75 592 — 583 — Foreign exchange contracts Amounts related to interest settlements on derivatives 15 — 4 — 19 Recognized on derivatives 2 — (42) 202 162 (14) Recognized on hedged items (1) — 44 (203) (160) Total gains (losses) (pre-tax) on foreign exchange contracts 16 — 6 (1) 21 (14) Total gains (losses) (pre-tax) recognized on fair value hedges $ (68) 75 598 (1) 604 (14) Quarter ended June 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 2,946 (585) (1,237) 912 N/A 3 Interest contracts Amounts related to interest settlements on derivatives (93) 152 428 — 487 Recognized on derivatives (21) (86) 549 — 442 — Recognized on hedged items 63 77 (618) — (478) Total gains (losses) (pre-tax) on interest rate contracts (51) 143 359 — 451 — Foreign exchange contracts Amounts related to interest settlements on derivatives 11 — (46) — (35) Recognized on derivatives (1) — 117 709 825 (57) Recognized on hedged items 1 — (70) (684) (753) Total gains (losses) (pre-tax) on foreign exchange contracts 11 — 1 25 37 (57) Total gains (losses) (pre-tax) recognized on fair value hedges $ (40) 143 360 25 488 (57) (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 Deposits Long-term debt Other Derivative gains (losses) Derivative gains (losses) Six months ended June 30, 2021 Total amounts presented in the consolidated statement of income and other comprehensive income $ 4,511 (204) (1,738) 1,674 N/A 84 Interest contracts Amounts related to interest settlements on derivatives (135) 165 1,091 — 1,121 Recognized on derivatives 826 (184) (4,618) — (3,976) — Recognized on hedged items (806) 181 4,542 — 3,917 Total gains (losses) (pre-tax) on interest rate contracts (115) 162 1,015 — 1,062 — Foreign exchange contracts Amounts related to interest settlements on derivatives 43 — 3 — 46 Recognized on derivatives 3 — (269) 509 243 11 Recognized on hedged items (2) — 238 (520) (284) Total gains (losses) (pre-tax) on foreign exchange contracts 44 — (28) (11) 5 11 Total gains (losses) (pre-tax) recognized on fair value hedges $ (71) 162 987 (11) 1,067 11 Six months ended June 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 6,418 (2,327) (2,477) 2,213 N/A 185 Interest contracts Amounts related to interest settlements on derivatives (139) 222 602 — 685 Recognized on derivatives (1,892) 444 10,324 — 8,876 — Recognized on hedged items 1,919 (434) (10,044) — (8,559) Total gains (losses) (pre-tax) on interest rate contracts (112) 232 882 — 1,002 — Foreign exchange contracts Amounts related to interest settlements on derivatives 17 — (131) — (114) Recognized on derivatives (2) — 224 (76) 146 87 Recognized on hedged items 3 — (244) 80 (161) Total gains (losses) (pre-tax) on foreign exchange contracts 18 — (151) 4 (129) 87 Total gains (losses) (pre-tax) recognized on fair value hedges $ (94) 232 731 4 873 87 |
Gains (Losses) Recognized on Cash Flow Hedging Relationships | Table 14.4: 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 June 30, 2021 Total amounts presented in the consolidated statement of income and other comprehensive income $ 7,095 (712) N/A 37 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (39) — (39) 39 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A 10 Total gains (losses) (pre-tax) on interest rate contracts (39) — (39) 49 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 1 Total gains (losses) (pre-tax) on foreign exchange contracts — (1) (1) 2 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (39) (1) (40) 51 Quarter ended June 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 8,460 (1,237) N/A 3 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (53) 1 (52) 52 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) 1 (52) 52 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (3) (3) 3 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A 5 Total gains (losses) (pre-tax) on foreign exchange contracts — (3) (3) 8 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (53) (2) (55) 60 Six months ended June 30, 2021 Total amounts presented in the consolidated statement of income and other comprehensive income $ 14,296 (1,738) N/A 84 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (91) — (91) 91 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (10) Total gains (losses) (pre-tax) on interest rate contracts (91) — (91) 81 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 (10) Total gains (losses) (pre-tax) on foreign exchange contracts — (2) (2) (8) Total gains (losses) (pre-tax) recognized on cash flow hedges $ (91) (2) (93) 73 Six months ended June 30, 2020 Total amounts presented in the consolidated statement of income and other comprehensive income $ 18,543 (2,477) N/A 185 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (109) 1 (108) 108 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A — Total gains (losses) (pre-tax) on interest rate contracts (109) 1 (108) 108 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — (5) (5) 5 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A (15) Total gains (losses) (pre-tax) on foreign exchange contracts — (5) (5) (10) Total gains (losses) (pre-tax) recognized on cash flow hedges $ (109) (4) (113) 98 |
Hedged Items in Fair Value Hedging Relationships | Table 14.5 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 14.5: 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 Basis Adjustment Assets/(Liabilities) (3) Carrying Amount of Assets/(Liabilities) (4) Hedge Accounting Basis Adjustment June 30, 2021 Available-for-sale debt securities (5) $ 28,655 (35) 16,792 994 Deposits (14,206) (295) — — Long-term debt (148,673) (7,312) (5,248) 2 December 31, 2020 Available-for-sale debt securities (5) $ 29,538 827 17,091 1,111 Deposits (22,384) (477) — — Long-term debt (156,907) (12,466) (14,468) 31 (1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. (2) Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded for debt securities is $12.0 billion and for long-term debt is $(2.8) billion as of June 30, 2021, and $17.6 billion for debt securities and $(4.7) billion for long-term debt as of December 31, 2020. (3) The balance includes $188 million and $160 million of debt securities and long-term debt cumulative basis adjustments as of June 30, 2021, respectively, and $205 million and $130 million of debt securities and long-term debt cumulative basis adjustments as of December 31, 2020, respectively, 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 14.6 shows the net gains (losses), recognized by income statement lines, related to derivatives not designated as hedging instruments. Table 14.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments Noninterest income Noninterest expense (in millions) Mortgage banking Net gains (losses) on trading and securities Other Total Personnel expense Quarter ended June 30, 2021 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 287 — 14 301 — Equity contracts — (762) (4) (766) (239) Foreign exchange contracts — — (90) (90) — Credit contracts — — (5) (5) — Subtotal 287 (762) (85) (560) (239) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 482 (594) — (112) — Commodity contracts — (36) — (36) — Equity contracts — (922) (304) (1,226) — Foreign exchange contracts — (24) — (24) — Credit contracts — (43) — (43) — Subtotal 482 (1,619) (304) (1,441) — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 769 (2,381) (389) (2,001) (239) Quarter ended June 30, 2020 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 142 — (74) 68 — Equity contracts — (1,402) (6) (1,408) (141) Foreign exchange contracts — — (55) (55) — Credit contracts — — 1 1 — Subtotal 142 (1,402) (134) (1,394) (141) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 546 676 — 1,222 — Commodity contracts — (224) — (224) — Equity contracts — (2,348) (145) (2,493) — Foreign exchange contracts — 155 — 155 — Credit contracts — (134) — (134) — Subtotal 546 (1,875) (145) (1,474) — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 688 (3,277) (279) (2,868) (141) (continued on following page) (continued from previous page) Noninterest income Noninterest expense (in millions) Mortgage banking Net gains (losses) on trading and securities Other Total Personnel expense Six months ended June 30, 2021 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ (88) — (6) (94) — Equity contracts — (337) 1 (336) (399) Foreign exchange contracts — — (19) (19) — Credit contracts — — (5) (5) — Subtotal (88) (337) (29) (454) (399) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts (49) 1,330 — 1,281 — Commodity contracts — 44 — 44 — Equity contracts — (2,085) (393) (2,478) — Foreign exchange contracts — 440 — 440 — Credit contracts — (71) — (71) — Subtotal (49) (342) (393) (784) — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ (137) (679) (422) (1,238) (399) Six months ended June 30, 2020 Net gains (losses) recognized on economic hedges derivatives: Interest contracts (1) $ 2,613 — (45) 2,568 — Equity contracts — (183) (34) (217) (141) Foreign exchange contracts — — 572 572 — Credit contracts — — 17 17 — Subtotal 2,613 (183) 510 2,940 (141) Net gains (losses) recognized on customer accommodation trading and other derivatives: Interest contracts 1,099 (1,787) — (688) — Commodity contracts — (112) — (112) — Equity contracts — 2,401 (72) 2,329 — Foreign exchange contracts — (402) — (402) — Credit contracts — 147 — 147 — Subtotal 1,099 247 (72) 1,274 — Net gains (losses) recognized related to derivatives not designated as hedging instruments $ 3,712 64 438 4,214 (141) (1) Mortgage banking amounts for the second quarter and first half of 2021 are comprised of gains (losses) of $707 million and $(933) million, respectively, related to derivatives used as economic hedges of MSRs measured at fair value offset by gains (losses) of $(420) million and $845 million related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. The corresponding amounts for the second quarter and first half of 2020 are comprised of gains (losses) of $535 million and $3.9 billion offset by gains (losses) of $(393) million and $(1.3) billion, respectively. |
Sold and Purchased Credit Derivatives | Table 14.7 provides details of sold and purchased credit derivatives. Table 14.7: Sold and Purchased Credit Derivatives Notional amount (in millions) Fair value asset Fair value liability Protection sold (A) Protection sold – non-investment grade Protection purchased with identical underlyings (B) Net protection sold (A)-(B) Other protection purchased Range of maturities June 30, 2021 Credit default swaps on: Corporate bonds $ 5 3 4,724 1,236 3,130 1,594 3,582 2021 - 2031 Structured products — 4 16 16 12 4 82 2034 - 2047 Credit protection on: Default swap index 1 — 1,760 698 924 836 3,765 2021 - 2030 Commercial mortgage-backed securities index 2 15 283 29 258 25 134 2047 - 2072 Asset-backed securities index — 7 41 41 40 1 1 2045 - 2046 Other — 2 6,300 6,206 — 6,300 11,199 2021 - 2040 Total credit derivatives $ 8 31 13,124 8,226 4,364 8,760 18,763 December 31, 2020 Credit default swaps on: Corporate bonds $ 7 2 3,767 971 2,709 1,058 3,012 2021 - 2029 Structured products — 5 20 20 19 1 84 2034 - 2047 Credit protection on: Default swap index — — 1,582 731 559 1,023 3,925 2021 - 2030 Commercial mortgage-backed securities index 3 21 297 42 272 25 75 2047 - 2072 Asset-backed securities index — 7 41 41 40 1 1 2045 - 2046 Other — 4 6,378 6,262 — 6,378 11,621 2021 - 2040 Total credit derivatives $ 10 39 12,085 8,067 3,599 8,486 18,718 |
Credit-Risk Contingent Features | Table 14.8 illustrates our exposure to OTC bilateral derivative contracts 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 14.8: Credit-Risk Contingent Features (in billions) Jun 30, Dec 31, Net derivative liabilities with credit-risk contingent features $ 10.4 10.5 Collateral posted 9.4 9.0 Additional collateral to be posted upon a below investment grade credit rating (1) 1.0 1.5 (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) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value on a Recurring Basis | Table 15.1 presents the balances of assets and liabilities recorded at fair value on a recurring basis. Table 15.1: Fair Value on a Recurring Basis June 30, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Trading debt securities: Securities of U.S. Treasury and federal agencies $ 29,497 2,207 — 31,704 $ 32,060 3,197 — 35,257 Collateralized loan obligations — 469 158 627 — 534 148 682 Corporate debt securities — 12,062 11 12,073 — 10,696 13 10,709 Federal agency mortgage-backed securities — 33,105 — 33,105 — 23,549 — 23,549 Non-agency mortgage-backed securities — 1,275 22 1,297 — 1,039 12 1,051 Other debt securities — 3,920 1 3,921 — 3,847 — 3,847 Total trading debt securities 29,497 53,038 192 82,727 32,060 42,862 173 75,095 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies 35,905 — — 35,905 22,159 — — 22,159 Non-U.S. government securities — 11,201 — 11,201 — 16,813 — 16,813 Securities of U.S. states and political subdivisions — 19,377 122 19,499 — 19,182 224 19,406 Federal agency mortgage-backed securities — 96,534 — 96,534 — 139,070 — 139,070 Non-agency mortgage-backed securities — 4,347 31 4,378 — 3,697 32 3,729 Collateralized loan obligations — 12,407 — 12,407 — 9,018 — 9,018 Other debt securities 37 7,284 2,652 9,973 38 7,421 2,738 10,197 Total available-for-sale debt securities 35,942 151,150 2,805 189,897 22,197 195,201 2,994 220,392 Loans held for sale — 17,825 1,069 18,894 — 17,572 1,234 18,806 Mortgage servicing rights (residential) — — 6,717 6,717 — — 6,125 6,125 Derivative assets (gross): Interest rate contracts 20 26,370 357 26,747 11 35,590 462 36,063 Commodity contracts — 7,139 95 7,234 — 1,997 39 2,036 Equity contracts 4,620 12,763 1,896 19,279 4,888 12,384 1,613 18,885 Foreign exchange contracts 21 7,664 7 7,692 19 8,573 11 8,603 Credit contracts — 36 39 75 — 45 50 95 Total derivative assets (gross) 4,661 53,972 2,394 61,027 4,918 58,589 2,175 65,682 Equity securities: Marketable 25,138 186 1 25,325 23,995 596 5 24,596 Nonmarketable (1) — 199 9,659 9,858 10 21 9,228 9,259 Total equity securities 25,138 385 9,660 35,183 24,005 617 9,233 33,855 Total assets prior to derivative netting $ 95,238 276,370 22,837 394,445 $ 83,180 314,841 21,934 419,955 Derivative netting (2) (35,612) (39,836) Total assets after derivative netting 358,833 380,119 Derivative liabilities (gross): Interest rate contracts $ (14) (19,418) (43) (19,475) $ (27) (26,259) (16) (26,302) Commodity contracts — (2,216) (93) (2,309) — (1,503) (40) (1,543) Equity contracts (4,108) (15,089) (2,321) (21,518) (4,860) (15,219) (1,927) (22,006) Foreign exchange contracts (14) (6,280) (7) (6,301) (10) (8,134) (12) (8,156) Credit contracts — (44) (6) (50) — (49) (9) (58) Total derivative liabilities (gross) (4,136) (43,047) (2,470) (49,653) (4,897) (51,164) (2,004) (58,065) Short-sale trading liabilities (15,579) (6,464) — (22,043) (15,292) (7,149) — (22,441) Total liabilities prior to derivative netting $ (19,715) (49,511) (2,470) (71,696) $ (20,189) (58,313) (2,004) (80,506) Derivative netting (2) 35,102 41,556 Total liabilities after derivative netting (36,594) (38,950) (1) Excludes $148 million and $154 million of nonmarketable equity securities as of June 30, 2021, and December 31, 2020, respectively, that are measured at fair value using non-published NAV per share (or its equivalent) as a practical expedient that are not classified in the fair value hierarchy. (2) Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 14 (Derivatives) for additional information. |
Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis | Table 15.2 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis. Table 15.2: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis Net unrealized gains (losses) (in millions) Balance, Net gains/(losses) (1) Purchases (2) Sales Settlements Transfers Transfers Balance, (5) Quarter ended June 30, 2021 Trading debt securities $ 192 4 123 (129) (5) 15 (8) 192 1 (6) Available-for-sale debt securities 3,142 28 9 — (120) 11 (265) 2,805 41 (6) Loans held for sale 1,166 15 131 (231) (107) 97 (2) 1,069 9 (7) Mortgage servicing rights (residential) (8) 7,536 (1,297) 485 (7) — — — 6,717 (809) (7) Net derivative assets and liabilities: Interest rate contracts 1 458 — — (145) — — 314 167 Equity contracts (429) (158) — — 120 (10) 52 (425) (130) Other derivative contracts 56 (67) 2 (1) 42 — 3 35 (16) Total derivative contracts (372) 233 2 (1) 17 (10) 55 (76) 21 (9) Equity securities 8,865 794 — — — 1 — 9,660 794 (6) Quarter ended June 30, 2020 Trading debt securities $ 389 33 186 (346) (5) 15 (49) 223 14 (6) Available-for-sale debt securities 2,412 21 5 (28) (100) 85 (297) 2,098 8 (6) Loans held for sale 3,176 (41) 94 (288) (64) 80 (2,199) 758 (32) (7) Mortgage servicing rights (residential) (8) 8,126 (1,768) 462 (1) — — — 6,819 (1,131) (7) Net derivative assets and liabilities: Interest rate contracts 685 460 — — (622) — — 523 291 Equity contracts 217 (277) — — 79 — 1 20 (387) Other derivative contracts (3) 7 2 (1) 12 18 — 35 47 Total derivative contracts 899 190 2 (1) (531) 18 1 578 (49) (9) Equity securities 6,754 1,414 — — — — (3) 8,165 1,414 (6) Six months ended June 30, 2021 Trading debt securities $ 173 20 292 (302) (5) 22 (8) 192 5 (6) Available-for-sale debt securities 2,994 21 24 — (188) 253 (299) 2,805 16 (6) Loans held for sale 1,234 (4) 260 (379) (217) 178 (3) 1,069 (5) (7) Mortgage servicing rights (residential) (8) 6,125 (291) 891 (8) — — — 6,717 782 (7) Net derivative assets and liabilities: Interest rate contracts 446 (83) — — (44) — (5) 314 109 Equity contracts (314) (326) — — 160 (37) 92 (425) (236) Other derivative contracts 39 (40) 2 (1) 32 — 3 35 4 Total derivative contracts 171 (449) 2 (1) 148 (37) 90 (76) (123) (9) Equity securities 9,233 429 — (5) — 3 — 9,660 429 (6) Six months ended June 30, 2020 Trading debt securities $ 223 (85) 476 (439) (15) 115 (52) 223 (69) (6) Available-for-sale debt securities 1,565 (121) 31 (33) (148) 1,172 (368) 2,098 (99) (6) Loans held for sale 1,214 (104) 960 (358) (162) 1,409 (2,201) 758 (34) (7) Mortgage servicing rights (residential) (8) 11,517 (5,589) 923 (33) 1 — — 6,819 (4,388) (7) Net derivative assets and liabilities: Interest rate contracts 214 1,204 — — (895) — — 523 374 Equity contracts (269) 153 — — 152 (10) (6) 20 48 Other derivative contracts (5) (48) 8 (4) 72 12 — 35 33 Total derivative contracts (60) 1,309 8 (4) (671) 2 (6) 578 455 (9) Equity securities 7,850 313 — — — 7 (5) 8,165 310 (6) (1) Includes net gains (losses) included in both net income and other comprehensive income. All amounts represent net gains (losses) included in net income except for $22 million and $36 million included in other comprehensive income from available-for-sale debt securities in the second quarter and first half of 2021, respectively. The corresponding amounts for the second quarter and first half of 2020 were $16 million and $(75) million, respectively. (2) Includes originations of mortgage servicing rights and loans held for sale. (3) All assets and liabilities transferred into Level 3 were previously classified within Level 2. (4) All assets and liabilities transferred out of Level 3 are classified as Level 2. (5) Includes net unrealized gains (losses) related to assets and liabilities held at period end included in both net income and other comprehensive income. All amounts represent net unrealized gains (losses) included in net income except for $38 million and $31 million included in other comprehensive income from available-for-sale debt securities in the second quarter and first half of 2021 , respectively. The corresponding amounts for the second quarter and first half of 2020 were $13 million and $(40) million, respectively. (6) Included in net gains on trading and securities in the consolidated statement of income. (7) Included in mortgage banking income in the consolidated statement of income. (8) For additional information on the changes in mortgage servicing rights, see Note 9 (Mortgage Banking Activities). |
Valuation Techniques - Recurring Basis | Table 15.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis. The significant unobservable inputs for Level 3 assets inherent in the fair values obtained from third-party vendors are not included in the table, as the specific inputs applied are not provided by the vendor (for additional information on vendor-developed valuations, see Note 17 (Fair Values of Assets and Liabilities) in our 2020 Form 10-K). Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments. Table 15.3: Valuation Techniques – Recurring Basis ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique Significant Range of Inputs Weighted June 30, 2021 Trading and available-for-sale debt securities $ 1,926 Discounted cash flow Discount rate 0.4 - 12.4 % 4.4 747 Vendor priced 193 Market comparable pricing Comparability adjustment (29.1) - 9.5 (6.6) 131 Market comparable pricing Multiples 0.4x - 12.1x 6.5x Loans held for sale 1,069 Discounted cash flow Default rate 0.0 - 35.7 % 1.5 Discount rate 1.1 - 12.5 4.6 Loss severity 0.0 - 32.9 15.8 Prepayment rate 6.9 - 17.6 12.9 Mortgage servicing rights (residential) 6,717 Discounted cash flow Cost to service per loan (1) $ 57 - 642 111 Discount rate 4.6 - 8.3 % 5.4 Prepayment rate (2) 14.2 - 21.4 17.2 Net derivative assets and (liabilities): Interest rate contracts 139 Discounted cash flow Default rate 0.0 - 6.0 1.9 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 22.0 18.5 Interest rate contracts: derivative loan commitments 175 Discounted cash flow Fall-out factor 1.0 - 99.0 20.2 Initial-value servicing (65.9) - 151.0 bps 89.9 Equity contracts 239 Discounted cash flow Conversion factor (9.3) - 0.0 % (9.0) Weighted average life 0.0 - 2.5 yrs 1.4 (664) Option model Correlation factor (77.0) - 99.0 % 17.5 Volatility factor 6.5 - 78.8 21.8 Nonmarketable equity securities 9,659 Market comparable pricing Comparability adjustment (19.3) - (5.5) (15.6) Insignificant Level 3 assets, net of liabilities 36 Total Level 3 assets, net of liabilities $ 20,367 (3) December 31, 2020 Trading and available-for-sale debt securities $ 2,126 Discounted cash flow Discount rate 0.4 - 14.7 % 3.6 759 Vendor priced 173 Market comparable pricing Comparability adjustment (39.8) - 0.3 (8.4) 109 Market comparable pricing Multiples 7.2x - 12.1x 8.0x Loans held for sale 1,234 Discounted cash flow Default rate 0.0 - 31.6 % 1.7 Discount rate 1.3 - 12.0 4.5 Loss severity 0.0 - 32.3 18.4 Prepayment rate 8.3 - 23.6 15.1 Mortgage servicing rights (residential) 6,125 Discounted cash flow Cost to service per loan (1) $ 63 - 712 130 Discount rate 4.9 - 8.3 % 5.8 Prepayment rate (2) 14.3 - 22.8 19.9 Net derivative assets and (liabilities): Interest rate contracts 206 Discounted cash flow Default rate 0.0 - 6.0 1.7 Loss severity 50.0 - 50.0 50.0 Prepayment rate 2.8 - 22.0 18.2 Interest rate contracts: derivative loan 240 Discounted cash flow Fall-out factor 1.0 - 99.0 28.8 Initial-value servicing (51.6) - 268.0 bps 65.5 Equity contracts 220 Discounted cash flow Conversion factor (8.6) - 0.0 % (8.2) Weighted average life 0.5 - 2.0 yrs 1.0 (534) Option model Correlation factor (77.0) - 99.0 % 24.8 Volatility factor 6.5 - 96.6 26.4 Nonmarketable equity securities 9,228 Market comparable pricing Comparability adjustment (20.3) - (3.2) (13.8) Insignificant Level 3 assets, net of liabilities 44 Total Level 3 assets, net of liabilities $ 19,930 (3) (1) The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $57 - $239 at June 30, 2021, and $63 - $252 at December 31, 2020. (2) 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. (3) Consists of total Level 3 assets of $22.8 billion and $21.9 billion and total Level 3 liabilities of $2.5 billion and $2.0 billion, before netting of derivative balances, at June 30, 2021, and December 31, 2020, respectively. |
Fair Value on a Nonrecurring Basis | Table 15.4 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 June 30, 2021, and December 31, 2020, and for which a nonrecurring fair value adjustment was recorded during the six months ended June 30, 2021, and year ended December 31, 2020. Table 15.5 presents the increase (decrease) in value of certain assets held at the end of the respective reporting periods presented for which a nonrecurring fair value adjustment was recognized during the periods presented. Table 15.4: Fair Value on a Nonrecurring Basis June 30, 2021 December 31, 2020 (in millions) Level 2 Level 3 Total Level 2 Level 3 Total Loans held for sale (1) 2,956 1,439 4,395 2,672 2,945 5,617 Loans: Commercial 432 — 432 1,385 — 1,385 Consumer 221 — 221 395 — 395 Total loans 653 — 653 1,780 — 1,780 Mortgage servicing rights (commercial) — 567 567 — 510 510 Nonmarketable equity securities 3,882 85 3,967 2,397 790 3,187 Other assets 976 157 1,133 1,350 428 1,778 Total assets at fair value on a nonrecurring basis $ 8,467 2,248 10,715 8,199 4,673 12,872 (1) Predominantly consists of commercial mortgages and residential mortgage – first lien loans. |
Changes in Value of Assets with Nonrecurring Fair Value Adjustment | Table 15.5: Change in Value of Assets with Nonrecurring Fair Value Adjustment Six months ended June 30, (in millions) 2021 2020 Loans held for sale $ 38 (77) Loans: Commercial (182) (392) Consumer (90) (128) Total loans (272) (520) Mortgage servicing rights (commercial) 31 (30) Nonmarketable equity securities 2,215 (410) Other assets (56) (394) Total $ 1,956 (1,431) |
Valuation Techniques - Nonrecurring Basis | Table 15.6 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 and determined 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. Table 15.6: Valuation Techniques – Nonrecurring Basis ($ in millions) Fair Value Valuation Technique (1) Significant Range of Inputs Weighted June 30, 2021 Loans held for sale (2) $ 1,269 Discounted cash flow Default rate (3) 0.8 - 80.2 % 30.3 Discount rate 0.6 - 12.6 3.1 Loss severity 0.3 - 51.0 5.9 Prepayment rate (4) 4.2 - 100.0 41.3 170 Market comparable pricing Comparability adjustment (5.9) - (1.4) (5.0) Mortgage servicing rights (commercial) 567 Discounted cash flow Cost to service per loan $ 150 - 3,381 2,773 Discount rate 4.0 - 4.2 % 4.0 Prepayment rate 0.0 - 20.6 5.5 Nonmarketable equity securities 15 Market comparable pricing Multiples 2.0x - 3.3x 2.8x 65 Market comparable pricing Comparability Adjustment (100.0) - (5.3) % (50.0) 5 Discounted cash flow Discount rate 10.5 - 10.5 10.5 Other assets 157 Discounted cash flow Discount rate 0.3 - 4.4 2.9 Total $ 2,248 December 31, 2020 Loans held for sale (2) $ 1,628 Discounted cash flow Default rate (3) 0.3 - 85.5 % 31.5 Discount rate 0.6 - 11.9 3.0 Loss severity 0.4 - 45.0 8.1 Prepayment rate (4) 8.3 - 100.0 42.5 1,317 Market comparable pricing Comparability adjustment (11.6) - (1.8) (3.1) Mortgage servicing rights (commercial) 510 Discounted cash flow Cost to service per loan $ 150 - 3,377 2,779 Discount rate 1.9 - 1.9 % 1.9 Prepayment rate 0.0 - 20.0 5.4 Nonmarketable equity securities (5) 844 Market comparable pricing Multiples 0.1x - 10.9x 5.0x 188 Market comparable pricing Comparability adjustment (100.0) - (20.0) % (61.4) 76 Other Company risk factor (100.0) - (20.0) (57.7) 91 Discounted cash flow Discount rate 10.0 - 20.0 11.5 Company risk factor (62.6) - 0.0 (30.3) Crude oil prices ($/barrel) $ 42 - 48 47 Natural gas prices ($/MMBtu) 2 - 2 2 Insignificant Level 3 assets 19 Total $ 4,673 (1) See Note 17 (Fair Values of Assets and Liabilities) in our 2020 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets. (2) Consists of approximately $1.2 billion and $2.6 billion of government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitizations at June 30, 2021, and December 31, 2020, respectively, and approximately $200 million and $300 million of other mortgage loans that are not government insured/guaranteed at June 30, 2021, and December 31, 2020. (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 consolidated balance sheet at December 31, 2020. |
Fair Value Option | Table 15.7 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. Nonaccrual loans and loans 90 days or more past due and still accruing included in LHFS for which we have elected the fair value option were insignificant at June 30, 2021, and December 31, 2020. Table 15.7: Fair Value Option June 30, 2021 December 31, 2020 (in millions) Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate unpaid principal Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate Loans held for sale $ 18,894 18,526 368 18,806 18,217 589 |
Fair Value Estimates for Financial Instruments | Table 15.8 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 the scope of this table, such as certain insurance contracts, certain nonmarketable equity securities, 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 15.8. 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 $1.4 billion and at both June 30, 2021, and December 31, 2020, respectively. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying fair value of the Company. Table 15.8: Fair Value Estimates for Financial Instruments Estimated fair value (in millions) Carrying amount Level 1 Level 2 Level 3 Total June 30, 2021 Financial assets Cash and due from banks (1) $ 25,304 25,304 — — 25,304 Interest-earning deposits with banks (1) 248,869 248,686 183 — 248,869 Federal funds sold and securities purchased under resale agreements (1) 70,149 — 70,149 — 70,149 Held-to-maturity debt securities 260,941 28,028 235,075 984 264,087 Loans held for sale 6,700 — 5,259 1,669 6,928 Loans, net (2) 821,774 — 59,140 781,652 840,792 Nonmarketable equity securities (cost method) 3,585 — — 3,647 3,647 Total financial assets $ 1,437,322 302,018 369,806 787,952 1,459,776 Financial liabilities Deposits (3) $ 35,964 — 18,823 17,368 36,191 Short-term borrowings 45,635 — 45,635 — 45,635 Long-term debt (4) 179,625 — 186,681 1,282 187,963 Total financial liabilities $ 261,224 — 251,139 18,650 269,789 December 31, 2020 Financial assets Cash and due from banks (1) $ 28,236 28,236 — — 28,236 Interest-earning deposits with banks (1) 236,376 236,258 118 — 236,376 Federal funds sold and securities purchased under resale agreements (1) 65,672 — 65,672 — 65,672 Held-to-maturity debt securities 205,720 48,597 162,777 933 212,307 Loans held for sale 17,578 — 14,952 3,419 18,371 Loans, net (2) 853,595 — 56,270 817,827 874,097 Nonmarketable equity securities (cost method) 3,588 — — 3,632 3,632 Total financial assets $ 1,410,765 313,091 299,789 825,811 1,438,691 Financial liabilities Deposits (3) $ 52,807 — 33,321 19,940 53,261 Short-term borrowings 58,999 — 58,999 — 58,999 Long-term debt (4) 212,922 — 219,321 1,381 220,702 Total financial liabilities $ 324,728 — 311,641 21,321 332,962 (1) Amounts consist of financial instruments for which carrying value approximates fair value. (2) Excludes lease financing with a carrying amount of $15.2 billion and $15.4 billion at June 30, 2021, and December 31, 2020, respectively. (3) Excludes deposit liabilities with no defined or contractual maturity of $1.4 trillion at both June 30, 2021, and December 31, 2020, respectively. (4) Excludes capital lease obligations under capital leases of $28 million at both June 30, 2021, and December 31, 2020, respectively. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Preferred Stock [Abstract] | |
Preferred Stock Shares | Table 16.1: Preferred Stock Shares June 30, 2021 December 31, 2020 Liquidation Shares Liquidation Shares DEP Shares Dividend Equalization Preferred Shares (DEP) $ 10 97,000 $ 10 97,000 Series I (1) Floating Class A Preferred Stock — — 100,000 25,010 Series L (2) 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock 1,000 4,025,000 1,000 4,025,000 Series N (3) 5.20% Non-Cumulative Perpetual Class A Preferred Stock — — 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 (3) 5.25% Non-Cumulative Perpetual Class A Preferred Stock — — 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 U 5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,000 25,000 80,000 Series W (3) 5.70% Non-Cumulative Perpetual Class A Preferred Stock — — 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 4.75% Non-Cumulative Perpetual Class A Preferred Stock 25,000 80,500 25,000 80,500 Series AA 4.70% Non-Cumulative Perpetual Class A Preferred Stock 25,000 46,800 25,000 46,800 Series BB 3.90% Fixed-Reset Non-Cumulative Perpetual Class A Preferred Stock 25,000 140,400 — — Series CC 4.375% Non-Cumulative Perpetual Class A Preferred Stock 25,000 46,000 — — ESOP (4) Cumulative Convertible Preferred Stock — 822,242 — 822,242 Total 5,622,642 5,557,652 (1) Series I preferred stock issuance relates to trust preferred securities. See Note 8 (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%. In first quarter 2021, Preferred Stock, Series I, was redeemed. (2) 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. (3) In first quarter 2021, 16,000 shares of Preferred Stock, Series N, were redeemed and Preferred Stock, Series P and Series W were fully redeemed; in second quarter 2021, the remaining 14,000 shares of Preferred Stock, Series N, were redeemed. (4) See the “ESOP Cumulative Convertible Preferred Stock” section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock. Table 16.2: Preferred Stock – Shares Issued and Carrying Value June 30, 2021 December 31, 2020 (in millions, except shares) Shares issued and outstanding Liquidation preference value Carrying Discount Shares Liquidation preference value Carrying value Discount DEP Shares Dividend Equalization Preferred Shares (DEP) 96,546 $ — — — 96,546 $ — — — Series I (1) Floating Class A Preferred Stock — — — — 25,010 2,501 2,501 — Series L (2) 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 (3) 5.20% Non-Cumulative Perpetual Class A Preferred Stock — — — — 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 (3) 5.25% Non-Cumulative Perpetual Class A Preferred Stock — — — — 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 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 W (3) 5.70% Non-Cumulative Perpetual Class A Preferred Stock — — — — 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 — 80,500 2,013 2,013 — Series AA 4.70% Non-Cumulative Perpetual Class A Preferred Stock 46,800 1,170 1,170 — 46,800 1,170 1,170 — Series BB 3.90% Fixed-Reset Non-Cumulative Perpetual Class A Preferred Stock 140,400 3,510 3,510 — — — — — Series CC 4.375% Non-Cumulative Perpetual Class A Preferred Stock 42,000 1,050 1,050 — — — — — ESOP (4) Cumulative Convertible Preferred Stock 822,242 822 822 — 822,242 822 822 — Total 5,558,683 $ 21,588 20,820 768 5,496,293 $ 21,904 21,136 768 (1) Floating rate for Preferred Stock, Series I, is the greater of three-month London Interbank Offered Rate (LIBOR) plus 0.93% and 5.56975%. In first quarter 2021, Preferred Stock, Series I, was redeemed. (2) 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. (3) In first quarter 2021, $400 million of Preferred Stock, Series N, was redeemed and Preferred Stock, Series P and Series W were fully redeemed; in second quarter 2021, the remaining $350 million of Preferred Stock, Series N, was redeemed. (4) See the “ESOP Cumulative Convertible Preferred Stock” section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock. |
ESOP Preferred Stock | Table 16.3: ESOP Preferred Stock Shares issued and outstanding Carrying value Adjustable dividend rate (in millions, except shares) Jun 30, Dec 31, Jun 30, Dec 31, Minimum Maximum ESOP Preferred Stock $1,000 liquidation preference per share 2018 221,945 221,945 $ 222 222 7.00 % 8.00 % 2017 163,210 163,210 163 163 7.00 8.00 2016 162,450 162,450 162 162 9.30 10.30 2015 92,904 92,904 93 93 8.90 9.90 2014 99,151 99,151 99 99 8.70 9.70 2013 61,948 61,948 62 62 8.50 9.50 2012 20,634 20,634 21 21 10.00 11.00 Total ESOP Preferred Stock (1) 822,242 822,242 $ 822 822 Unearned ESOP shares (2) $ (875) (875) (1) At both June 30, 2021, and December 31, 2020, additional paid-in capital included $53 million 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) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue by Operating Segment | Table 17.1 presents our revenue by operating segment. For additional description of our operating segments, including additional financial information and the underlying management accounting process, see Note 22 (Operating Segments). Table 17.1: Revenue by Operating Segment (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Consolidated Quarter ended June 30, 2021 Net interest income (2) $ 5,618 1,202 1,783 610 (304) (109) 8,800 Noninterest income: Deposit-related fees 732 325 277 7 1 — 1,342 Lending-related fees (2) 36 135 190 2 (1) — 362 Investment advisory and other asset-based fees (3) — 2 12 2,382 398 — 2,794 Commissions and brokerage services fees — — 68 513 (1) — 580 Investment banking fees (2) 9 580 (1) (16) — 570 Card fees: Card interchange and network revenues (4) 896 49 11 1 — — 957 Other card fees (2) 121 — — — (1) — 120 Total card fees 1,017 49 11 1 (1) — 1,077 Mortgage banking (2) 1,158 — 181 (3) — — 1,336 Net gains (losses) from trading activities (2) — (1) 30 6 (14) — 21 Net gains on debt securities (2) — — — — — — — Net gains from equity securities (2) — 32 46 6 2,612 — 2,696 Lease income (2) — 173 — — 140 — 313 Other (2) 127 182 160 13 209 (312) 379 Total noninterest income 3,068 906 1,555 2,926 3,327 (312) 11,470 Total revenue $ 8,686 2,108 3,338 3,536 3,023 (421) 20,270 Quarter ended June 30, 2020 Net interest income (2) $ 5,717 1,554 1,963 719 60 (121) 9,892 Noninterest income: Deposit-related fees 575 297 261 6 3 — 1,142 Lending-related fees (2) 33 125 163 2 — — 323 Investment advisory and other asset-based fees (3) — 8 24 1,835 387 — 2,254 Commissions and brokerage services fees — — 79 470 1 — 550 Investment banking fees (1) 26 588 1 (67) — 547 Card fees: Card interchange and network revenues (4) 650 36 11 1 — — 698 Other card fees (2) 99 — — — — — 99 Total card fees 749 36 11 1 — — 797 Mortgage banking (2) 256 — 65 (3) (1) — 317 Net gains (losses) from trading activities (2) 1 1 809 9 (13) — 807 Net gains on debt securities (2) 6 — — — 206 — 212 Net gains (losses) from equity securities (2) — (28) 8 150 403 — 533 Lease income (2) — 189 5 — 141 — 335 Other (2) 272 143 83 16 258 (195) 577 Total noninterest income 1,891 797 2,096 2,487 1,318 (195) 8,394 Total revenue $ 7,608 2,351 4,059 3,206 1,378 (316) 18,286 Six months ended June 30, 2021 Net interest income (2) $ 11,233 2,456 3,562 1,267 (694) (216) 17,608 Noninterest income: Deposit-related fees 1,393 642 543 14 5 — 2,597 Lending-related fees (2) 76 271 373 4 (1) — 723 Investment advisory and other asset-based fees (3) — 7 34 4,688 821 — 5,550 Commissions and brokerage services fees — — 149 1,068 (1) — 1,216 Investment banking fees (8) 22 1,191 (2) (65) — 1,138 Card fees: Card interchange and network revenues (4) 1,674 94 21 2 — — 1,791 Other card fees (2) 235 — — — — — 235 Total card fees 1,909 94 21 2 — — 2,026 Mortgage banking (2) 2,417 — 251 (6) — — 2,662 Net gains (losses) from trading activities (2) 1 1 361 12 (6) — 369 Net gains on debt securities (2) — — — — 151 — 151 Net gains from equity securities (2) 34 45 121 6 2,882 — 3,088 Lease income (2) — 347 1 — 280 — 628 Other (2) 285 304 335 27 678 (583) 1,046 Total noninterest income 6,107 1,733 3,380 5,813 4,744 (583) 21,194 Total revenue $ 17,340 4,189 6,942 7,080 4,050 (799) 38,802 (continued on following page) (continued from previous page) (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Consolidated Six months ended June 30, 2020 Net interest income (2) $ 11,719 3,287 3,984 1,557 939 (264) 21,222 Noninterest income: Deposit-related fees 1,454 599 518 13 5 — 2,589 Lending-related fees (2) 81 253 335 4 — — 673 Investment advisory and other asset-based fees (3) — 16 40 3,908 796 — 4,760 Commissions and brokerage services fees — — 169 1,063 (5) — 1,227 Investment banking fees (2) 39 1,065 2 (166) — 938 Card fees: Card interchange and network revenues (4) 1,307 88 29 2 2 — 1,428 Other card fees (2) 261 — — — — — 261 Total card fees 1,568 88 29 2 2 — 1,689 Mortgage banking (2) 598 — 105 (6) (1) — 696 Net gains (losses) from trading activities (2) 1 (4) 844 8 22 — 871 Net gains on debt securities (2) 6 — — — 443 — 449 Net gains (losses) from equity securities (2) — (222) 124 (111) (659) — (868) Lease income (2) — 387 6 — 295 — 688 Other (2) 832 253 248 36 571 (415) 1,525 Total noninterest income 4,538 1,409 3,483 4,919 1,303 (415) 15,237 Total revenue $ 16,257 4,696 7,467 6,476 2,242 (679) 36,459 (1) Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. (2) 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. (3) We earned trailing commissions of $300 million and $598 million for the second quarter and first half of 2021, respectively, and $257 million and $532 million for the second quarter and first half of 2020, respectively. (4) The cost of credit card rewards and rebates of $373 million and $683 million for the second quarter and first half of 2021, respectively, and $266 million and $651 million for the second quarter and first half of 2020, respectively, are presented net against the related revenues. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | Table 18.1 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 18.1: Net Periodic Benefit Cost 2021 2020 Pension benefits Pension benefits (in millions) Qualified Non- qualified Other benefits Qualified Non- qualified Other benefits Quarter ended June 30, Service cost $ 5 — — 4 — — Interest cost 71 3 3 86 4 4 Expected return on plan assets (154) — (4) (149) — (5) Amortization of net actuarial loss (gain) 38 3 (5) 35 3 (4) Amortization of prior service credit — — (3) — — (3) Settlement loss 62 — — 70 — — Net periodic benefit cost $ 22 6 (9) 46 7 (8) Six months ended June 30, Service cost $ 9 — — 7 — — Interest cost 142 6 6 172 8 8 Expected return on plan assets (306) — (9) (297) — (11) Amortization of net actuarial loss (gain) 75 7 (10) 71 7 (9) Amortization of prior service credit — — (5) — — (5) Settlement loss 62 2 — 70 3 — Net periodic benefit cost $ (18) 15 (18) 23 18 (17) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring Costs [Abstract] | |
Accrual for Restructuring Charges | Table 19.1 provides details on our restructuring charges. Table 19.1: Accruals for Restructuring Charges (in millions) Personnel costs Facility closure costs Other Total Quarter ended June 30, 2021 Balance, beginning of period $ 1,010 — 44 1,054 Restructuring charges 155 3 — 158 Payments and utilization (213) 4 (37) (246) Changes in estimates (1) (148) (7) (7) (162) Balance, end of period $ 804 — — 804 Six months ended June 30, 2021 Balance, beginning of period $ 1,170 — 44 1,214 Restructuring charges 285 18 — 303 Payments and utilization (370) (11) (38) (419) Changes in estimates (1) (281) (7) (6) (294) Balance, end of period $ 804 — — 804 Year ended December 31, 2020 Balance, beginning of year $ — — — — Restructuring charges 1,371 80 144 1,595 Payments and utilization (105) (80) (100) (285) Changes in estimates (1) (96) — — (96) Balance, end of year $ 1,170 — 44 1,214 (1) Represents reduction of expense for changes in previously estimated amounts based on refinements of assumptions. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share Calculations | 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 June 30, Six months ended June 30, (in millions, except per share amounts) 2021 2020 2021 2020 Wells Fargo net income (loss) (1) $ 6,040 $ (3,846) $ 10,676 (2,930) Less: Preferred stock dividends and other (2) 297 314 677 926 Wells Fargo net income (loss) applicable to common stock (numerator) (1) $ 5,743 (4,160) $ 9,999 (3,856) Earnings per common share Average common shares outstanding (denominator) 4,124.6 4,105.5 4,132.9 4,105.2 Per share $ 1.39 (1.01) $ 2.42 (0.94) Diluted earnings per common share Average common shares outstanding 4,124.6 4,105.5 4,132.9 4,105.2 Add: Restricted share rights (3) 31.5 — 31.7 — Diluted average common shares outstanding (denominator) 4,156.1 4,105.5 4,164.6 4,105.2 Per share $ 1.38 (1.01) $ 2.40 (0.94) (1) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2) The quarter ended June 30, 2021, balance included $4 million, and the six months ended June 30, 2021 and 2020, includes $48 million and $272 million, respectively, from the elimination of discounts or issuance costs associated with redemptions of preferred stock. (3) Calculated using the treasury stock method. In the second quarter and first half of 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect. |
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 June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Convertible Preferred Stock, Series L (1) 25.3 25.3 25.3 25.3 Restricted share rights (2) 0.2 35.9 0.1 0.9 (1) Calculated using the if-converted method. (2) Calculated using the treasury stock method. Since we had net losses attributable to common shareholders for the second quarter and first half of 2020, all RSRs outstanding were anti-dilutive. Weighted average RSRs outstanding were 50.7 million and 54.7 million for the second quarter and first half of 2020, respectively. |
Dividends Declared per common share | Table 20.3 presents dividends declared per common share. Table 20.3: Dividends Declared Per Common Share Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 Per common share $ 0.10 $ 0.51 $ 0.20 1.02 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cumulative Other Comprehensive Income Balances [Abstract] | |
Summary of Other Comprehensive Income | Table 21.1 provides the components of other comprehensive income (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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in millions) Before Tax Net of Before Tax Net of Before Tax Net of Before Tax Net of Debt securities: Net unrealized gains (losses) arising during the period $ 272 (68) 204 1,596 (395) 1,201 (1,740) 432 (1,308) 1,486 (373) 1,113 Reclassification of net (gains) losses to net income: Interest income on debt securities (1) 134 (33) 101 123 (31) 92 271 (67) 204 189 (47) 142 Net gains on debt securities — — — (212) 63 (149) (151) 35 (116) (449) 111 (338) Other noninterest income (2) 1 (1) (1) — (1) (2) 1 (1) (2) — (2) Subtotal reclassifications to net income 132 (32) 100 (90) 32 (58) 118 (31) 87 (262) 64 (198) Net change 404 (100) 304 1,506 (363) 1,143 (1,622) 401 (1,221) 1,224 (309) 915 Derivatives and hedging activities: Fair Value Hedges: Change in fair value of excluded components on fair value hedges (2) (14) 3 (11) (57) 13 (44) 11 (3) 8 87 (22) 65 Cash Flow Hedges: Net unrealized gains (losses) arising during the period on cash flow hedges 11 (3) 8 5 (1) 4 (20) 5 (15) (15) 4 (11) Reclassification of net (gains) losses to net income: Interest income on loans 39 (10) 29 53 (12) 41 91 (23) 68 109 (26) 83 Interest expense on long-term debt 1 — 1 2 — 2 2 — 2 4 (1) 3 Subtotal reclassifications to net income 40 (10) 30 55 (12) 43 93 (23) 70 113 (27) 86 Net change 37 (10) 27 3 — 3 84 (21) 63 185 (45) 140 Defined benefit plans adjustments: Net actuarial and prior service gains (losses) arising during the period 347 (85) 262 (674) 167 (507) 357 (88) 269 (671) 166 (505) Reclassification of amounts to noninterest expense (3): Amortization of net actuarial loss 36 (9) 27 34 (9) 25 72 (18) 54 69 (17) 52 Settlements and other 59 (14) 45 67 (16) 51 59 (13) 46 68 (16) 52 Subtotal reclassifications to noninterest expense 95 (23) 72 101 (25) 76 131 (31) 100 137 (33) 104 Net change 442 (108) 334 (573) 142 (431) 488 (119) 369 (534) 133 (401) Foreign currency translation adjustments: Net unrealized gains (losses) arising during the period 23 (1) 22 51 — 51 36 (3) 33 (144) 2 (142) Net change 23 (1) 22 51 — 51 36 (3) 33 (144) 2 (142) Other comprehensive income (loss) $ 906 (219) 687 987 (221) 766 (1,014) 258 (756) 731 (219) 512 Less: Other comprehensive income (loss) from noncontrolling interests, net of tax 1 — 2 (1) Wells Fargo other comprehensive income (loss), net of tax $ 686 766 (758) 513 (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 hedge effectiveness and recorded in other comprehensive income. (3) These items are included in the computation of net periodic benefit cost (see Note 18 (Employee Benefits and Other Expenses) for additional information). |
Cumulative OCI Balances | Table 21.2 provides the cumulative OCI balance activity on an after-tax basis. Table 21.2: Cumulative OCI Balances (in millions) Debt Fair value hedges (1) Cash flow hedges (2) Defined benefit plans adjustments Foreign currency translation adjustments Cumulative other comprehensive income (loss) Quarter ended June 30, 2021 Balance, beginning of period $ 1,514 (185) (108) (2,369) (102) (1,250) Net unrealized gains (losses) arising during the period 204 (11) 8 262 22 485 Amounts reclassified from accumulated other comprehensive income 100 — 30 72 — 202 Net change 304 (11) 38 334 22 687 Less: Other comprehensive income from noncontrolling interests 1 — — — — 1 Balance, end of period $ 1,817 (196) (70) (2,035) (80) (564) Quarter ended June 30, 2020 Balance, beginning of period $ 1,324 (71) (270) (2,193) (354) (1,564) Net unrealized gains (losses) arising during the period 1,201 (44) 4 (507) 51 705 Amounts reclassified from accumulated other comprehensive income (58) — 43 76 — 61 Net change 1,143 (44) 47 (431) 51 766 Less: Other comprehensive income from noncontrolling interests — — — — — — Balance, end of period $ 2,467 (115) (223) (2,624) (303) (798) Six months ended June 30, 2021 Balance, beginning of period $ 3,039 (204) (125) (2,404) (112) 194 Net unrealized gains (losses) arising during the period (1,308) 8 (15) 269 33 (1,013) Amounts reclassified from accumulated other comprehensive income 87 — 70 100 — 257 Net change (1,221) 8 55 369 33 (756) Less: Other comprehensive income from noncontrolling interests 1 — — — 1 2 Balance, end of period $ 1,817 (196) (70) (2,035) (80) (564) Six months ended June 30, 2020 Balance, beginning of period $ 1,552 (180) (298) (2,223) (162) (1,311) Net unrealized gains (losses) arising during the period 1,113 65 (11) (505) (142) 520 Amounts reclassified from accumulated other comprehensive income (198) — 86 104 — (8) Net change 915 65 75 (401) (142) 512 Less: Other comprehensive loss from noncontrolling interests — — — — (1) (1) Balance, end of period $ 2,467 (115) (223) (2,624) (303) (798) (1) Substantially all of the amounts for fair value hedges are foreign exchange contracts. |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | Table 22.1 presents our results by operating segment. Table 22.1: Operating Segments (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Items (1) Consolidated Quarter ended June 30, 2021 Net interest income (2) $ 5,618 1,202 1,783 610 (304) (109) 8,800 Noninterest income 3,068 906 1,555 2,926 3,327 (312) 11,470 Total revenue 8,686 2,108 3,338 3,536 3,023 (421) 20,270 Provision for credit losses (367) (382) (501) 24 (34) — (1,260) Noninterest expense 6,202 1,443 1,805 2,891 1,000 — 13,341 Income (loss) before income tax expense (benefit) 2,851 1,047 2,034 621 2,057 (421) 8,189 Income tax expense (benefit) 713 261 513 156 223 (421) 1,445 Net income before noncontrolling interests 2,138 786 1,521 465 1,834 — 6,744 Less: Net income (loss) from noncontrolling interests — 2 (2) — 704 — 704 Net income $ 2,138 784 1,523 465 1,130 — 6,040 Quarter ended June 30, 2020 Net interest income (2) $ 5,717 1,554 1,963 719 60 (121) 9,892 Noninterest income 1,891 797 2,096 2,487 1,318 (195) 8,394 Total revenue 7,608 2,351 4,059 3,206 1,378 (316) 18,286 Provision for credit losses 3,102 2,295 3,756 255 126 — 9,534 Noninterest expense 6,933 1,580 2,044 2,743 1,251 — 14,551 Income (loss) before income tax expense (benefit) (2,427) (1,524) (1,741) 208 1 (316) (5,799) Income tax expense (benefit) (650) (379) (408) 52 (300) (316) (2,001) Net income (loss) before noncontrolling interests (1,777) (1,145) (1,333) 156 301 — (3,798) Less: Net income from noncontrolling interests — 1 — — 47 — 48 Net income (loss) $ (1,777) (1,146) (1,333) 156 254 — (3,846) Six months ended June 30, 2021 Net interest income (2) $ 11,233 2,456 3,562 1,267 (694) (216) 17,608 Noninterest income 6,107 1,733 3,380 5,813 4,744 (583) 21,194 Total revenue 17,340 4,189 6,942 7,080 4,050 (799) 38,802 Provision for credit losses (786) (781) (785) (19) 63 — (2,308) Noninterest expense 12,469 3,073 3,638 5,919 2,231 — 27,330 Income (loss) before income tax expense (benefit) 5,657 1,897 4,089 1,180 1,756 (799) 13,780 Income tax expense (benefit) 1,415 473 1,013 296 (52) (799) 2,346 Net income before noncontrolling interests 4,242 1,424 3,076 884 1,808 — 11,434 Less: Net income (loss) from noncontrolling interests — 3 (2) — 757 — 758 Net income $ 4,242 1,421 3,078 884 1,051 — 10,676 Six months ended June 30, 2020 Net interest income (2) $ 11,719 3,287 3,984 1,557 939 (264) 21,222 Noninterest income 4,538 1,409 3,483 4,919 1,303 (415) 15,237 Total revenue 16,257 4,696 7,467 6,476 2,242 (679) 36,459 Provision for credit losses 4,671 3,336 4,881 263 388 — 13,539 Noninterest expense 13,190 3,153 3,914 5,400 1,942 — 27,599 Income (loss) before income tax expense (benefit) (1,604) (1,793) (1,328) 813 (88) (679) (4,679) Income tax expense (benefit) (445) (442) (307) 204 21 (679) (1,648) Net income (loss) before noncontrolling interests (1,159) (1,351) (1,021) 609 (109) — (3,031) Less: Net income (loss) from noncontrolling interests — 2 — — (103) — (101) Net income (loss) $ (1,159) (1,353) (1,021) 609 (6) — (2,930) (continued on following page) (continued from previous page) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Items (1) Consolidated Quarter ended June 30, 2021 Loans (average) $ 331,892 178,572 252,422 81,784 10,077 — 854,747 Assets (average) 388,617 195,453 513,414 87,766 754,629 — 1,939,879 Deposits (average) 835,752 192,586 190,810 174,980 41,696 — 1,435,824 Six months ended June 30, 2021 Loans (average) $ 342,428 180,845 249,302 81,314 10,152 — 864,041 Assets (average) 398,530 197,396 512,476 87,562 741,203 — 1,937,167 Deposits (average) 812,723 190,984 192,645 174,333 44,080 — 1,414,765 Loans (period-end) 326,760 178,905 253,259 82,783 10,593 — 852,300 Assets (period-end) 382,464 196,421 516,518 88,678 761,915 — 1,945,996 Deposits (period-end) 840,434 197,461 188,219 174,267 40,091 — 1,440,472 Quarter ended June 30, 2020 Loans (average) $ 369,631 228,423 273,587 78,091 21,534 — 971,266 Assets (average) 427,065 243,762 535,298 85,438 655,617 — 1,947,180 Deposits (average) 715,144 184,132 239,637 165,103 82,640 — 1,386,656 Six months ended June 30, 2020 Loans (average) $ 376,096 226,641 265,915 77,987 21,517 — 968,156 Assets (average) 433,226 243,293 543,455 85,538 642,513 — 1,948,025 Deposits (average) 683,925 175,929 252,902 155,246 94,307 — 1,362,309 Loans (period-end) 368,753 210,779 255,574 78,101 21,948 — 935,155 Assets (period-end) 432,100 226,735 510,205 84,699 713,309 — 1,967,048 Deposits (period-end) 746,602 183,085 236,620 168,249 76,155 — 1,410,711 (1) Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. (2) Net interest income is interest earned on assets minus the interest paid on liabilities to fund those assets. Segment interest earned includes actual interest income on segment assets as well as a funding credit for their deposits. Segment interest paid on liabilities includes actual interest expense on segment liabilities as well as a funding charge for their assets. |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements and Other Restrictions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital Requirements and Other Restrictions [Abstract] | |
Regulatory Capital Information and Risk-Based Capital and Leverage Ratios - Transition Requirements | 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 June 30, 2021, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act. Table 23.1: Regulatory Capital Information (1) Wells Fargo & Company Wells Fargo Bank, N.A. June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 (in millions, except ratios) Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Advanced Approach Standardized Regulatory capital: Common Equity Tier 1 $ 143,442 143,442 138,297 138,297 151,121 151,121 150,168 150,168 Tier 1 162,999 162,999 158,196 158,196 151,121 151,121 150,168 150,168 Total 190,173 200,156 186,934 196,660 165,154 174,641 164,412 173,719 Assets: Risk-weighted assets (2) 1,126,535 1,188,727 1,158,355 1,193,744 988,692 1,087,876 1,012,751 1,085,599 Adjusted average assets 1,911,654 1,911,654 1,900,258 1,900,258 1,752,195 1,752,195 1,735,406 1,735,406 Regulatory capital ratios: Common Equity Tier 1 capital 12.73 % 12.07 * 11.94 11.59 * 15.28 13.89 * 14.83 13.83 * Tier 1 capital 14.47 13.71 * 13.66 13.25 * 15.28 13.89 * 14.83 13.83 * Total capital 16.88 16.84 * 16.14 * 16.47 16.70 16.05 * 16.23 16.00 * Wells Fargo & Company Wells Fargo Bank, N.A. June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Regulatory leverage: Total leverage exposure (3) $ 2,300,416 1,963,971 2,117,710 2,041,952 Supplementary leverage ratio (SLR) (3)(4) 7.09 % 8.05 7.14 7.35 Tier 1 leverage ratio (5) 8.53 8.32 8.62 8.65 *Denotes the binding ratio based on the lower calculation under the Advanced and Standardized Approaches. (1) At June 30, 2021, the impact of the CECL transition provision issued by federal banking regulators on the regulatory capital of the Company was an increase in capital of $879 million, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $7.5 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2021. The impact of the CECL transition provision on the regulatory capital of the Bank at June 30, 2021, was an increase in capital of $879 million. (2) RWAs for the Company and the Bank included an increase of $547 million under the Standardized Approach and a decrease of $1.4 billion under the Advanced Approach related to the impact of the CECL transition provision on the excess allowance for credit losses as of June 30, 2021. (3) The 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. (4) In 2020, the FRB issued an interim final rule that temporarily allowed the exclusion for on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of total leverage exposure in the denominator of the SLR. The Company adopted this interim final rule, but the Bank did not elect to apply these exclusions. The interim final rule expired on April 1, 2021. (5) The tier 1 leverage ratio consists of tier 1 capital divided by total average assets, excluding goodwill and certain other items as determined under the rule. Table 23.2: Risk-Based Capital and Leverage Ratios – Transition Requirements Wells Fargo & Company Wells Fargo Bank, N.A. Jun 30, 2021 Jun 30, 2021 and Dec 31, 2020 and Dec 31, 2020 Common Equity Tier 1 capital 9.00 % 7.00 Tier 1 capital 10.50 8.50 Total capital 12.50 10.50 Tier 1 leverage 4.00 4.00 Supplementary leverage 5.00 6.00 |
Nature of Restrictions on Cash and Cash Equivalents | Table 23.3 provides a summary of restrictions on cash and cash equivalents . Table 23.3: Nature of Restrictions on Cash and Cash Equivalents (in millions) Jun 30, Dec 31, Reserve balance for non-U.S. central banks $ 199 243 Segregated for benefit of brokerage customers under federal and other brokerage regulations 878 957 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Summary of Significant Accounting Policies [Line Items] | |||||||||
Interest income - loans | $ 7,095 | $ 8,460 | [1] | $ 14,296 | $ 18,543 | [1] | |||
Noninterest income | 11,470 | 8,394 | 21,194 | 15,237 | |||||
Income tax expense (benefit) | 1,445 | (2,001) | [1] | 2,346 | (1,648) | [1] | |||
Net Income (loss) | $ 6,040 | $ (3,846) | [1] | $ 10,676 | $ (2,930) | [1] | |||
Earnings (loss) per common share (in dollars per share) | $ 1.39 | $ (1.01) | [1] | $ 2.42 | $ (0.94) | [1] | |||
Diluted earnings (loss) per common share (in dollars per share) | $ 1.38 | $ (1.01) | [1] | $ 2.40 | $ (0.94) | [1] | |||
Equity securities | $ 64,547 | $ 64,547 | $ 60,008 | [2] | |||||
Accrued expenses and other liabilities | 72,555 | 72,555 | 74,360 | [2] | |||||
Retained earnings | 171,765 | 171,765 | 162,683 | [2] | |||||
Supplemental cash flow information - Noncash activities | |||||||||
Held-to-maturity debt securities purchased from securitization of LHFS | 16,462 | $ 664 | |||||||
Transfers from (to) loans to (from) LHFS | 11,551 | 12,753 | |||||||
Transfers from available-for-sale debt securities to held-to-maturity debt securities | 41,298 | 0 | |||||||
Low-income housing tax credit investments [Member] | |||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||
Income tax expense (benefit) | $ (49) | $ (49) | $ (111) | (94) | |||||
Previously reported [Member] | Change in accounting method on LIHTC investments and change in presentation of tax credits on solar energy investments [Member] | |||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||
Interest income - loans | 8,448 | 18,513 | |||||||
Noninterest income | 7,956 | 14,361 | |||||||
Income tax expense (benefit) | (3,917) | (3,758) | |||||||
Net Income (loss) | $ (2,379) | $ (1,726) | |||||||
Earnings (loss) per common share (in dollars per share) | $ (0.66) | $ (0.65) | |||||||
Diluted earnings (loss) per common share (in dollars per share) | $ (0.66) | $ (0.65) | |||||||
Equity securities | 62,260 | ||||||||
Accrued expenses and other liabilities | 76,404 | ||||||||
Retained earnings | 162,890 | ||||||||
Restatement adjustment [Member] | Low-income housing tax credit investments [Member] | Change in accounting method on LIHTC investments and change in presentation of tax credits on solar energy investments [Member] | |||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||
Interest income - loans | $ 0 | $ 0 | |||||||
Noninterest income | 370 | 739 | |||||||
Income tax expense (benefit) | 1,434 | 1,584 | |||||||
Net Income (loss) | $ (1,064) | $ (845) | |||||||
Earnings (loss) per common share (in dollars per share) | $ (0.26) | $ (0.21) | |||||||
Diluted earnings (loss) per common share (in dollars per share) | $ (0.26) | $ (0.21) | |||||||
Equity securities | (275) | ||||||||
Accrued expenses and other liabilities | (62) | ||||||||
Retained earnings | (207) | $ 283 | |||||||
Restatement adjustment [Member] | Tax-advantaged renewable energy [Member] | Change in accounting method on LIHTC investments and change in presentation of tax credits on solar energy investments [Member] | |||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||
Interest income - loans | $ 12 | $ 30 | |||||||
Noninterest income | 68 | 137 | |||||||
Income tax expense (benefit) | 482 | 526 | |||||||
Net Income (loss) | $ (403) | $ (359) | |||||||
Earnings (loss) per common share (in dollars per share) | $ (0.09) | $ (0.08) | |||||||
Diluted earnings (loss) per common share (in dollars per share) | $ (0.09) | $ (0.08) | |||||||
Equity securities | (1,977) | ||||||||
Accrued expenses and other liabilities | (1,982) | ||||||||
Retained earnings | $ 0 | ||||||||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | ||||||||
[2] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Trading Assets and Liabilities
Trading Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Trading Assets and Liabilities [Line Items] | ||
Trading debt securities | $ 82,727 | $ 75,095 |
Trading equity securities | 23,701 | 23,032 |
Loans held for sale | 25,594 | 36,384 |
Gross derivative asset | 61,027 | 65,682 |
Derivative assets | 25,415 | 25,846 |
Total trading assets | 132,610 | 123,608 |
Short sales | 22,043 | 22,441 |
Gross trading derivative liabilities | 49,653 | 58,065 |
Derivative liabilities | 14,551 | 16,509 |
Total trading liabilities | 33,870 | 36,282 |
Held for trading [Member] | ||
Trading Assets and Liabilities [Line Items] | ||
Loans held for sale | 2,269 | 1,015 |
Gross derivative asset | 54,965 | 58,767 |
Netting | (31,052) | (34,301) |
Derivative assets | 23,913 | 24,466 |
Short sales | 22,043 | 22,441 |
Gross trading derivative liabilities | 45,441 | 53,285 |
Netting | (33,614) | (39,444) |
Derivative liabilities | $ 11,827 | $ 13,841 |
Trading Activities Net Interest
Trading Activities Net Interest Income and Net Gains (Losses) on Trading Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Interest Income and Net Gains (Losses) on Trading Activities [Line Items] | ||||
Debt securities, interest income | $ 496 | $ 659 | $ 1,025 | $ 1,425 |
Equity securities, interest income | 132 | 116 | 269 | 322 |
Total interest income | 9,693 | 11,813 | 19,739 | 26,558 |
Less: Interest expense | 105 | 116 | 215 | 257 |
Net interest Income | 8,800 | 9,892 | 17,608 | 21,222 |
Debt securities, net gains (losses) | 769 | 329 | (1,337) | 2,684 |
Equity securities, net gains (losses) | 856 | 2,329 | 2,009 | (2,072) |
Loans held for sale, net gains (losses) | 15 | 24 | 39 | 12 |
Derivatives | (1,619) | (1,875) | (342) | 247 |
Total net gains from trading activities | 21 | 807 | 369 | 871 |
Total trading-related net interest and noninterest income | 508 | 1,424 | 1,390 | 2,262 |
Held for trading [Member] | ||||
Net Interest Income and Net Gains (Losses) on Trading Activities [Line Items] | ||||
Equity securities, interest income | 93 | 68 | 196 | 205 |
Loans held for sale, interest income | 3 | 6 | 15 | 18 |
Total interest income | 592 | 733 | 1,236 | 1,648 |
Net interest Income | $ 487 | $ 617 | $ 1,021 | $ 1,391 |
AFS and HTM Debt Securities, Ou
AFS and HTM Debt Securities, Outstanding (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | $ 186,309 | $ 215,533 |
Available-for-sale, gross unrealized gains | 4,042 | 5,122 |
Available-for-sale, gross unrealized losses | (454) | (263) |
Available-for-sale, at fair value | 189,897 | 220,392 |
Held-to-maturity debt securities: | ||
Held-to-maturity, amortized cost, net | 260,941 | 205,720 |
Held-to-maturity, gross unrealized gains | 4,952 | 6,791 |
Held-to-maturity, gross unrealized losses | (1,806) | (204) |
Held-to-maturity, at fair value | 264,087 | 212,307 |
Total AFS and HTM Debt securities: | ||
Amortized cost, net | 447,250 | 421,253 |
Debt securities, gross unrealized gains | 8,994 | 11,913 |
Debt securities, gross unrealized losses | (2,260) | (467) |
Fair value | 453,984 | 432,699 |
Allowance for credit loss, available-for-sale debt securities | 33 | 28 |
Allowance for credit loss, held-to-maturity debt securities | 77 | 41 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | 35,741 | 21,954 |
Available-for-sale, gross unrealized gains | 195 | 205 |
Available-for-sale, gross unrealized losses | (31) | 0 |
Available-for-sale, at fair value | 35,905 | 22,159 |
Held-to-maturity debt securities: | ||
Held-to-maturity, amortized cost, net | 27,576 | 47,295 |
Held-to-maturity, gross unrealized gains | 862 | 1,472 |
Held-to-maturity, gross unrealized losses | (409) | (170) |
Held-to-maturity, at fair value | 28,029 | 48,597 |
Non-U.S. government securities [Member] | ||
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | 11,201 | 16,816 |
Available-for-sale, gross unrealized gains | 0 | 0 |
Available-for-sale, gross unrealized losses | 0 | (3) |
Available-for-sale, at fair value | 11,201 | 16,813 |
Securities of U.S. states and political subdivisions [Member] | ||
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | 19,121 | 19,263 |
Available-for-sale, gross unrealized gains | 410 | 224 |
Available-for-sale, gross unrealized losses | (32) | (81) |
Available-for-sale, at fair value | 19,499 | 19,406 |
Held-to-maturity debt securities: | ||
Held-to-maturity, amortized cost, net | 28,243 | 25,860 |
Held-to-maturity, gross unrealized gains | 931 | 938 |
Held-to-maturity, gross unrealized losses | (36) | (5) |
Held-to-maturity, at fair value | 29,138 | 26,793 |
Securities of U.S. states and political subdivisions [Member] | Nontaxable preferred debt securities [Member] | ||
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | 5,200 | 5,000 |
Available-for-sale, at fair value | 5,200 | 5,000 |
Federal agency mortgage-backed securities [Member] | ||
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | 94,186 | 134,838 |
Available-for-sale, gross unrealized gains | 2,679 | 4,260 |
Available-for-sale, gross unrealized losses | (331) | (28) |
Available-for-sale, at fair value | 96,534 | 139,070 |
Held-to-maturity debt securities: | ||
Held-to-maturity, amortized cost, net | 182,891 | 115,437 |
Held-to-maturity, gross unrealized gains | 2,908 | 4,182 |
Held-to-maturity, gross unrealized losses | (1,349) | (21) |
Held-to-maturity, at fair value | 184,450 | 119,598 |
Non-agency mortgage-backed securities [Member] | ||
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | 4,349 | 3,745 |
Available-for-sale, gross unrealized gains | 51 | 30 |
Available-for-sale, gross unrealized losses | (22) | (46) |
Available-for-sale, at fair value | 4,378 | 3,729 |
Held-to-maturity debt securities: | ||
Held-to-maturity, amortized cost, net | 948 | 890 |
Held-to-maturity, gross unrealized gains | 46 | 51 |
Held-to-maturity, gross unrealized losses | (11) | (8) |
Held-to-maturity, at fair value | 983 | 933 |
Collateralized loan obligations [Member] | ||
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | 12,406 | 9,058 |
Available-for-sale, gross unrealized gains | 8 | 4 |
Available-for-sale, gross unrealized losses | (7) | (44) |
Available-for-sale, at fair value | 12,407 | 9,018 |
Held-to-maturity debt securities: | ||
Held-to-maturity, amortized cost, net | 21,283 | 16,238 |
Held-to-maturity, gross unrealized gains | 205 | 148 |
Held-to-maturity, gross unrealized losses | (1) | 0 |
Held-to-maturity, at fair value | 21,487 | 16,386 |
Other [Member] | ||
Available-for-sale debt securities: | ||
Available-for-sale, at amortized cost, net | 9,305 | 9,859 |
Available-for-sale, gross unrealized gains | 699 | 399 |
Available-for-sale, gross unrealized losses | (31) | (61) |
Available-for-sale, at fair value | 9,973 | 10,197 |
Federal National Mortgage Association (FNMA) [Member] | ||
Total AFS and HTM Debt securities: | ||
Fair value | 121,500 | 103,200 |
Amortized cost | 119,800 | 99,800 |
Federal Home Loan Mortgage Corporation (FHLMC) [Member] | ||
Total AFS and HTM Debt securities: | ||
Fair value | 91,300 | 91,500 |
Amortized cost | $ 89,900 | $ 88,700 |
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% |
AFS and HTM Debt Securities, HT
AFS and HTM Debt Securities, HTM Debt Securities Purchases and Transfers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Securities, Held-to-maturity Purchase or Transfer of Investment [Abstract] | ||||
Purchases of held-to-maturity debt securities | $ 29,468 | $ 6,985 | $ 60,227 | $ 26,792 |
Transfers from available-for-sale debt securities to held-to-maturity debt securities | 24,681 | 0 | 41,298 | 0 |
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 | 0 | 3,016 |
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 | 1,173 | 15 | 3,083 | 881 |
Federal agency mortgage-backed securities [Member] | ||||
Debt Securities, Held-to-maturity Purchase or Transfer of Investment [Abstract] | ||||
Purchases of held-to-maturity debt securities | 24,855 | 6,958 | 49,722 | 22,821 |
Transfers from available-for-sale debt securities to held-to-maturity debt securities | 24,681 | 0 | 41,298 | 0 |
Non-agency mortgage-backed securities [Member] | ||||
Debt Securities, Held-to-maturity Purchase or Transfer of Investment [Abstract] | ||||
Purchases of held-to-maturity debt securities | 55 | 12 | 84 | 74 |
Collateralized loan obligations [Member] | ||||
Debt Securities, Held-to-maturity Purchase or Transfer of Investment [Abstract] | ||||
Purchases of held-to-maturity debt securities | $ 3,385 | $ 0 | $ 7,338 | $ 0 |
AFS and HTM Debt Securities, In
AFS and HTM Debt Securities, Income Statement Impacts (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Available For Sale and Held To Maturity Debt Securities Income Statement Impacts [Abstract] | ||||
Interest Income, Available-for-sale | $ 655 | $ 1,349 | $ 1,466 | $ 3,075 |
Interest Income, Held-to-maturity | 1,048 | 938 | 2,020 | 1,918 |
Total interest income | 1,703 | 2,287 | 3,486 | 4,993 |
Provision for credit losses, Available-for-sale | (10) | (40) | 12 | 128 |
Provision for credit losses, Held-to-maturity | (11) | 9 | 36 | 13 |
Total provision for credit losses | (21) | (31) | 48 | 141 |
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] | ||||
Available-for-sale securities, Gross realized gains | 1 | 248 | 152 | 504 |
Available-for-sale securities, Gross realized losses | (1) | (36) | (1) | (40) |
Impairment write-downs | 0 | 0 | 0 | (15) |
Net realized gains | $ 0 | $ 212 | $ 151 | $ 449 |
AFS and HTM Debt Securities, _2
AFS and HTM Debt Securities, Investment Grade Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | ||
Available-for-sale, at fair value | $ 189,897 | $ 220,392 |
Available-for-sale, percent of investment grade | 99.00% | 99.00% |
Held-to-maturity, amortized cost | $ 261,018 | $ 205,761 |
Held-to-maturity, percent of investment grade | 99.00% | 99.00% |
Credit rating AA- and above [Member] | ||
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | ||
Percentage of AFS and HTM debt securities with the same credit rating | 94.00% | 92.00% |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | ||
Available-for-sale, at fair value | $ 132,439 | $ 161,229 |
Available-for-sale, percent of investment grade | 100.00% | 100.00% |
Held-to-maturity, amortized cost | $ 210,467 | $ 162,732 |
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, at fair value | $ 19,499 | $ 19,406 |
Available-for-sale, percent of investment grade | 99.00% | 99.00% |
Held-to-maturity, amortized cost | $ 28,258 | $ 25,870 |
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, at fair value | $ 12,407 | $ 9,018 |
Available-for-sale, percent of investment grade | 100.00% | 100.00% |
Held-to-maturity, amortized cost | $ 21,329 | $ 16,255 |
Held-to-maturity, percent of investment grade | 100.00% | 100.00% |
Collateralized loan obligations [Member] | Credit rating AA- and above [Member] | ||
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | ||
Percentage of AFS and HTM debt securities with the same credit rating | 99.00% | 98.00% |
All other debt securities [Member] | ||
Available For Sale And Held To Maturity Debt Securities Credit Ratings [Abstract] | ||
Available-for-sale, at fair value | $ 25,552 | $ 30,739 |
Available-for-sale, percent of investment grade | 91.00% | 93.00% |
Held-to-maturity, amortized cost | $ 964 | $ 904 |
Held-to-maturity, percent of investment grade | 4.00% | 6.00% |
AFS and HTM Debt Securities, Gr
AFS and HTM Debt Securities, Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | $ (357) | $ (152) |
Less than 12 months, Fair value, available-for-sale | 34,327 | 38,898 |
12 months or more, Gross unrealized losses, available-for-sale | (97) | (111) |
12 months or more, Fair value, available-for-sale | 6,917 | 5,353 |
Total, Gross unrealized losses, available-for-sale | (454) | (263) |
Total fair value, available for sale | 41,244 | 44,251 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (31) | 0 |
Less than 12 months, Fair value, available-for-sale | 11,924 | 0 |
12 months or more, Gross unrealized losses, available-for-sale | 0 | 0 |
12 months or more, Fair value, available-for-sale | 0 | 0 |
Total, Gross unrealized losses, available-for-sale | (31) | 0 |
Total fair value, available for sale | 11,924 | 0 |
Non-U.S. government securities [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | 0 | (3) |
Less than 12 months, Fair value, available-for-sale | 0 | 16,812 |
12 months or more, Gross unrealized losses, available-for-sale | 0 | 0 |
12 months or more, Fair value, available-for-sale | 0 | 0 |
Total, Gross unrealized losses, available-for-sale | 0 | (3) |
Total fair value, available for sale | 0 | 16,812 |
Securities of U.S. states and political subdivisions [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (21) | (51) |
Less than 12 months, Fair value, available-for-sale | 1,413 | 3,681 |
12 months or more, Gross unrealized losses, available-for-sale | (11) | (30) |
12 months or more, Fair value, available-for-sale | 717 | 1,101 |
Total, Gross unrealized losses, available-for-sale | (32) | (81) |
Total fair value, available for sale | 2,130 | 4,782 |
Federal agency mortgage-backed securities [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (285) | (27) |
Less than 12 months, Fair value, available-for-sale | 18,152 | 11,310 |
12 months or more, Gross unrealized losses, available-for-sale | (46) | (1) |
12 months or more, Fair value, available-for-sale | 2,924 | 316 |
Total, Gross unrealized losses, available-for-sale | (331) | (28) |
Total fair value, available for sale | 21,076 | 11,626 |
Non-agency mortgage-backed securities [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (3) | (28) |
Less than 12 months, Fair value, available-for-sale | 330 | 1,366 |
12 months or more, Gross unrealized losses, available-for-sale | (19) | (18) |
12 months or more, Fair value, available-for-sale | 771 | 534 |
Total, Gross unrealized losses, available-for-sale | (22) | (46) |
Total fair value, available for sale | 1,101 | 1,900 |
Collateralized loan obligations [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (2) | (27) |
Less than 12 months, Fair value, available-for-sale | 1,312 | 5,082 |
12 months or more, Gross unrealized losses, available-for-sale | (5) | (17) |
12 months or more, Fair value, available-for-sale | 1,698 | 1,798 |
Total, Gross unrealized losses, available-for-sale | (7) | (44) |
Total fair value, available for sale | 3,010 | 6,880 |
Other [Member] | ||
Available-for-sale debt securities: | ||
Less than 12 months, Gross unrealized losses, available-for-sale | (15) | (16) |
Less than 12 months, Fair value, available-for-sale | 1,196 | 647 |
12 months or more, Gross unrealized losses, available-for-sale | (16) | (45) |
12 months or more, Fair value, available-for-sale | 807 | 1,604 |
Total, Gross unrealized losses, available-for-sale | (31) | (61) |
Total fair value, available for sale | $ 2,003 | $ 2,251 |
AFS Debt Securities, Contractua
AFS Debt Securities, Contractual Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, at amortized cost, net | $ 186,309 | $ 215,533 |
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 12,895 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 23,267 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 34,702 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 115,445 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, fair value | 189,897 | 220,392 |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 12,898 | |
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 23,696 | |
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 34,938 | |
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 118,365 | |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available-for-sale, weighted average yield | 2.03% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 0.22% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 0.95% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.54% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 2.60% | |
Securities of U.S. Treasury and federal agencies [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, at amortized cost, net | $ 35,741 | 21,954 |
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 5 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 17,965 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 15,777 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 1,994 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, fair value | 35,905 | 22,159 |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 5 | |
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 17,978 | |
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 15,837 | |
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 2,085 | |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available-for-sale, weighted average yield | 0.75% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 2.00% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 0.33% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.13% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 1.44% | |
Non-U.S. government securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, at amortized cost, net | $ 11,201 | 16,816 |
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 11,176 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 25 | |
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 | 0 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, fair value | 11,201 | 16,813 |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 11,176 | |
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 25 | |
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 | $ 0 | |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available-for-sale, weighted average yield | (0.11%) | |
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | (0.11%) | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 0.42% | |
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 | 0.00% | |
Securities of U.S. states and political subdivisions [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, at amortized cost, net | $ 19,121 | 19,263 |
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 1,546 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 2,225 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 5,244 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 10,106 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, fair value | 19,499 | 19,406 |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 1,549 | |
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 2,270 | |
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 5,253 | |
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 10,427 | |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available-for-sale, weighted average yield | 2.07% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 1.46% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 1.58% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.41% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 2.62% | |
Federal agency mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, at amortized cost, net | $ 94,186 | 134,838 |
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 8 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 171 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 3,359 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 90,648 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, fair value | 96,534 | 139,070 |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 8 | |
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 181 | |
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 3,484 | |
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 92,861 | |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available-for-sale, weighted average yield | 2.72% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 2.35% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 3.30% | |
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 | 2.74% | |
Non-agency mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, at amortized cost, net | $ 4,349 | 3,745 |
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 | 151 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 4,198 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, fair value | 4,378 | 3,729 |
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 | 150 | |
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 4,228 | |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available-for-sale, weighted average yield | 2.00% | |
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 | 2.27% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 1.99% | |
Collateralized loan obligations [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, at amortized cost, net | $ 12,406 | 9,058 |
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 | 90 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 7,306 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 5,010 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, fair value | 12,407 | 9,018 |
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 | 90 | |
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 7,304 | |
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 5,013 | |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available-for-sale, weighted average yield | 1.42% | |
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 | 2.21% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.44% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 1.39% | |
Other [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, at amortized cost, net | $ 9,305 | 9,859 |
Available-for-sale, amortized cost, net, remaining contractual maturity, due within one year | 160 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after one year through five years | 2,791 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after five years through ten years | 2,865 | |
Available-for-sale, amortized cost, net, remaining contractual maturity, due after ten years | 3,489 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, fair value | 9,973 | $ 10,197 |
Available-for-sale, fair value, remaining contractual maturity, due within one year | 160 | |
Available-for-sale, fair value, remaining contractual maturity, due after one year through five years | 3,152 | |
Available-for-sale, fair value, remaining contractual maturity, due after five years through ten years | 2,910 | |
Available-for-sale, fair value, remaining contractual maturity, due after ten years | $ 3,751 | |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available-for-sale, weighted average yield | 3.17% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due within one year | 2.97% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after one year through five years | 4.23% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after five years through ten years | 3.31% | |
Available-for-sale, weighted average yield, remaining contractual maturity, due after ten years | 2.22% |
HTM Debt Securities, Contractua
HTM Debt Securities, Contractual Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held-to-maturity, amortized cost, net | $ 260,941 | $ 205,720 |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due within one year | 12,059 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after one year through five years | 14,599 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after five years through ten years | 10,221 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 224,062 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity, fair value | 264,087 | 212,307 |
Held-to-maturity, fair value, remaining contractual maturity, due within one year | 12,141 | |
Held-to-maturity, fair value, remaining contractual maturity, due after one year through five years | 15,401 | |
Held-to-maturity, fair value, remaining contractual maturity, due after five years through ten years | 10,398 | |
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 226,147 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity [Abstract] | ||
Held-to-maturity weighted average yield | 2.15% | |
Held-to-maturity, weighted average yield, remaining contractual maturity, due within one year | 1.98% | |
Held-to-maturity, weighted average yield, remaining contractual maturity, due after one year through five years | 2.30% | |
Held-to-maturity, weighted average yield, remaining contractual maturity, due after five years through ten years | 1.91% | |
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 2.16% | |
Securities of U.S. Treasury and federal agencies [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held-to-maturity, amortized cost, net | $ 27,576 | 47,295 |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due within one year | 11,386 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after one year through five years | 12,407 | |
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 | 3,783 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity, fair value | 28,029 | 48,597 |
Held-to-maturity, fair value, remaining contractual maturity, due within one year | 11,461 | |
Held-to-maturity, fair value, remaining contractual maturity, due after one year through five years | 13,140 | |
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 | $ 3,428 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity [Abstract] | ||
Held-to-maturity weighted average yield | 2.10% | |
Held-to-maturity, weighted average yield, remaining contractual maturity, due within one year | 1.98% | |
Held-to-maturity, weighted average yield, remaining contractual maturity, due after one year through five years | 2.37% | |
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% | |
Securities of U.S. states and political subdivisions [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held-to-maturity, amortized cost, net | $ 28,243 | 25,860 |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due within one year | 673 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after one year through five years | 2,177 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after five years through ten years | 2,066 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 23,327 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity, fair value | 29,138 | 26,793 |
Held-to-maturity, fair value, remaining contractual maturity, due within one year | 680 | |
Held-to-maturity, fair value, remaining contractual maturity, due after one year through five years | 2,246 | |
Held-to-maturity, fair value, remaining contractual maturity, due after five years through ten years | 2,150 | |
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 24,062 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity [Abstract] | ||
Held-to-maturity weighted average yield | 2.19% | |
Held-to-maturity, weighted average yield, remaining contractual maturity, due within one year | 2.09% | |
Held-to-maturity, weighted average yield, remaining contractual maturity, due after one year through five years | 1.90% | |
Held-to-maturity, weighted average yield, remaining contractual maturity, due after five years through ten years | 2.65% | |
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 2.18% | |
Federal agency mortgage-backed securities [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held-to-maturity, amortized cost, net | $ 182,891 | 115,437 |
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 | 0 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 182,891 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity, fair value | 184,450 | 119,598 |
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 | 0 | |
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 184,450 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity [Abstract] | ||
Held-to-maturity weighted average yield | 2.20% | |
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 | 0.00% | |
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 2.20% | |
Non-agency mortgage-backed securities [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held-to-maturity, amortized cost, net | $ 948 | 890 |
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 | 933 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity, fair value | 983 | 933 |
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 | 15 | |
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 | $ 968 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity [Abstract] | ||
Held-to-maturity weighted average yield | 3.09% | |
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 | 1.56% | |
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 | 3.12% | |
Collateralized loan obligations [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held-to-maturity, amortized cost, net | $ 21,283 | 16,238 |
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 | 8,155 | |
Held-to-maturity, amortized cost, net, remaining contractual maturity, due after ten years | 13,128 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity, fair value | 21,487 | $ 16,386 |
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 | 8,248 | |
Held-to-maturity, fair value, remaining contractual maturity, due after ten years | $ 13,239 | |
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity [Abstract] | ||
Held-to-maturity weighted average yield | 1.68% | |
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 | 1.73% | |
Held-to-maturity, weighed average yield, remaining contractual maturity, due after ten years | 1.65% |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses, Loans Outstanding (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 852,300 | $ 935,155 | $ 887,637 |
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Deferred income as a percentage of total loans outstanding | 1.00% | 1.00% | |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 476,422 | $ 478,417 | |
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Financing receivable, accrued interest, writeoff | 24 | 21 | |
Total Commercial [Member] | Non-U.S. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 80,520 | 72,638 | |
Commercial and industrial loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 317,618 | 318,805 | |
Commercial and industrial loans [Member] | Non-U.S. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 71,409 | 63,128 | |
Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 120,678 | 121,720 | |
Commercial real estate mortgage [Member] | Non-U.S. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 6,619 | 7,278 | |
Commercial real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 22,406 | 21,805 | |
Commercial real estate construction [Member] | Non-U.S. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,820 | 1,603 | |
Lease financing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 15,720 | 16,087 | |
Lease financing [Member] | Non-U.S. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 672 | 629 | |
Total Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 375,878 | 409,220 | |
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Financing receivable, accrued interest, writeoff | 104 | $ 114 | |
Residential mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 264,008 | 299,960 | |
Residential mortgage - first lien [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 244,371 | 276,674 | |
Residential mortgage - junior lien [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 19,637 | 23,286 | |
Credit card [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 34,936 | 36,664 | |
Auto [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 51,073 | 48,187 | |
Other consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 25,861 | $ 24,409 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses, Significant Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||||
Purchases | $ 135 | $ 334 | $ 184 | $ 676 |
Sales | (65) | (1,958) | (526) | (2,797) |
Transfers (to)/from LHFS | (458) | (10,387) | (830) | (10,308) |
Total Commercial [Member] | ||||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||||
Purchases | 134 | 332 | 182 | 673 |
Sales | (65) | (1,957) | (338) | (2,770) |
Transfers (to)/from LHFS | (359) | (8) | (794) | 69 |
Total Consumer [Member] | ||||
Loans and Allowance for Credit Losses, Significant Activity [Abstract] | ||||
Purchases | 1 | 2 | 2 | 3 |
Sales | 0 | (1) | (188) | (27) |
Transfers (to)/from LHFS | $ (99) | $ (10,379) | $ (36) | $ (10,377) |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses, Commitments to Lend (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, temporary advance arrangements | $ 82,600 | |
Unfunded credit commitments | 667,223 | $ 636,435 |
Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 419,424 | 401,810 |
Commercial and industrial loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 394,370 | 378,167 |
Commercial real estate mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 8,794 | 7,993 |
Commercial real estate construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 16,260 | 15,650 |
Total Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 247,799 | 234,625 |
Residential mortgage - first lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 37,920 | 31,530 |
Residential mortgage - junior lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 30,170 | 32,820 |
Credit card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 124,985 | 121,096 |
Other consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded credit commitments | 54,724 | 49,179 |
International [Member] | Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Letters of credit outstanding, amount | $ 1,400 | $ 1,300 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses, Allowance for Credit Losses for Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable, allowance for credit loss, period increase (decrease) | $ (3,300) | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses, beginning balance | $ 18,043 | $ 12,022 | 19,713 | $ 10,456 | |
Provision for credit losses, loans | (1,239) | 9,565 | (2,356) | 13,398 | |
Interest income on certain impaired loans | (36) | (38) | (77) | (76) | |
Loan charge-offs | (752) | (1,371) | (1,631) | (2,609) | |
Loan recoveries | 371 | 258 | 737 | 587 | |
Net loan charge-offs | (381) | (1,113) | (894) | (2,022) | |
Other | 4 | 0 | 5 | 9 | |
Allowance for credit losses, ending balance | 16,391 | 20,436 | 16,391 | 20,436 | |
Components: | |||||
Allowance for loan losses | 15,148 | 15,148 | $ 18,516 | ||
Allowance for credit losses, loans | $ 16,391 | $ 20,436 | $ 16,391 | $ 20,436 | 19,713 |
Net loan charge-offs as a percentage of average total loans | 0.18% | 0.46% | 0.21% | 0.42% | |
Allowance for loan losses as a percentage of total loans | 1.78% | 2.02% | 1.78% | 2.02% | |
Allowance for credit losses for loans as a percentage of total loans | 1.92% | 2.19% | 1.92% | 2.19% | |
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, beginning balance | $ 0 | $ 0 | $ 0 | $ (1,337) | |
Components: | |||||
Allowance for credit losses, loans | 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, beginning balance | 0 | 0 | 0 | 8 | |
Components: | |||||
Allowance for credit losses, loans | 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, beginning balance | 18,043 | 12,022 | 19,713 | 9,127 | |
Components: | |||||
Allowance for credit losses, loans | 19,713 | ||||
Allowance for loan losses [Member] | |||||
Components: | |||||
Allowance for loan losses | 15,148 | 18,926 | 15,148 | 18,926 | |
Allowance for unfunded credit commitments [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses, ending balance | 1,243 | 1,510 | 1,243 | 1,510 | |
Components: | |||||
Allowance for credit losses, loans | 1,243 | 1,510 | 1,243 | 1,510 | |
Total Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 10,682 | 5,279 | 11,516 | 6,245 | |
Provision for credit losses, loans | (1,021) | 6,999 | (1,688) | 9,239 | |
Interest income on certain impaired loans | (15) | (12) | (34) | (26) | |
Loan charge-offs | (170) | (647) | (402) | (1,040) | |
Loan recoveries | 90 | 45 | 173 | 114 | |
Net loan charge-offs | (80) | (602) | (229) | (926) | |
Other | 4 | 5 | 5 | (2) | |
Allowance for credit losses, ending balance | 9,570 | 11,669 | 9,570 | 11,669 | |
Components: | |||||
Allowance for credit losses, loans | 9,570 | 11,669 | 9,570 | 11,669 | 11,516 |
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, beginning balance | 0 | (2,861) | |||
Components: | |||||
Allowance for credit losses, loans | 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, beginning balance | 0 | 0 | |||
Components: | |||||
Allowance for credit losses, loans | 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, beginning balance | 11,516 | 3,384 | |||
Components: | |||||
Allowance for credit losses, loans | 11,516 | ||||
Commercial and industrial loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | (149) | (556) | (308) | (933) | |
Loan recoveries | 68 | 35 | 139 | 79 | |
Commercial real estate mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | (11) | (72) | (63) | (75) | |
Loan recoveries | 16 | 5 | 22 | 10 | |
Commercial real estate construction [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | 0 | 0 | 0 | 0 | |
Loan recoveries | 1 | 1 | 1 | 17 | |
Lease financing [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | (10) | (19) | (31) | (32) | |
Loan recoveries | 5 | 4 | 11 | 8 | |
Total Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 7,361 | 6,743 | 8,197 | 4,211 | |
Provision for credit losses, loans | (218) | 2,566 | (668) | 4,159 | |
Interest income on certain impaired loans | (21) | (26) | (43) | (50) | |
Loan charge-offs | (582) | (724) | (1,229) | (1,569) | |
Loan recoveries | 281 | 213 | 564 | 473 | |
Net loan charge-offs | (301) | (511) | (665) | (1,096) | |
Other | 0 | (5) | 0 | 11 | |
Allowance for credit losses, ending balance | 6,821 | 8,767 | 6,821 | 8,767 | |
Components: | |||||
Allowance for credit losses, loans | 6,821 | 8,767 | 6,821 | 8,767 | 8,197 |
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, beginning balance | 0 | 1,524 | |||
Components: | |||||
Allowance for credit losses, loans | 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, beginning balance | 0 | 8 | |||
Components: | |||||
Allowance for credit losses, loans | 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, beginning balance | 8,197 | 5,743 | |||
Components: | |||||
Allowance for credit losses, loans | $ 8,197 | ||||
Residential mortgage - first lien [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | (6) | (20) | (23) | (43) | |
Loan recoveries | 25 | 18 | 66 | 44 | |
Residential mortgage - junior lien [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | (12) | (18) | (31) | (48) | |
Loan recoveries | 43 | 30 | 81 | 65 | |
Credit card [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | (357) | (415) | (692) | (886) | |
Loan recoveries | 101 | 88 | 200 | 182 | |
Auto [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | (128) | (158) | (257) | (314) | |
Loan recoveries | 83 | 52 | 160 | 126 | |
Other consumer [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loan charge-offs | (79) | (113) | (226) | (278) | |
Loan recoveries | $ 29 | $ 25 | $ 57 | $ 56 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses, Allowance for Credit Losses for Loans Activity by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses, beginning balance | $ 18,043 | $ 12,022 | $ 19,713 | $ 10,456 |
Provision for credit losses, loans | (1,239) | 9,565 | (2,356) | 13,398 |
Interest income on certain impaired loans | (36) | (38) | (77) | (76) |
Loan charge-offs | (752) | (1,371) | (1,631) | (2,609) |
Loan recoveries | 371 | 258 | 737 | 587 |
Net loan charge-offs | (381) | (1,113) | (894) | (2,022) |
Allowance related to business combinations/other | 4 | 0 | 5 | 9 |
Allowance for credit losses, ending balance | 16,391 | 20,436 | 16,391 | 20,436 |
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, beginning balance | 0 | 0 | 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, beginning balance | 0 | 0 | 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, beginning balance | 18,043 | 12,022 | 19,713 | 9,127 |
Total Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses, beginning balance | 10,682 | 5,279 | 11,516 | 6,245 |
Provision for credit losses, loans | (1,021) | 6,999 | (1,688) | 9,239 |
Interest income on certain impaired loans | (15) | (12) | (34) | (26) |
Loan charge-offs | (170) | (647) | (402) | (1,040) |
Loan recoveries | 90 | 45 | 173 | 114 |
Net loan charge-offs | (80) | (602) | (229) | (926) |
Allowance related to business combinations/other | 4 | 5 | 5 | (2) |
Allowance for credit losses, ending balance | 9,570 | 11,669 | 9,570 | 11,669 |
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, beginning balance | 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, 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, beginning balance | 11,516 | 3,384 | ||
Total Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses, beginning balance | 7,361 | 6,743 | 8,197 | 4,211 |
Provision for credit losses, loans | (218) | 2,566 | (668) | 4,159 |
Interest income on certain impaired loans | (21) | (26) | (43) | (50) |
Loan charge-offs | (582) | (724) | (1,229) | (1,569) |
Loan recoveries | 281 | 213 | 564 | 473 |
Net loan charge-offs | (301) | (511) | (665) | (1,096) |
Allowance related to business combinations/other | 0 | (5) | 0 | 11 |
Allowance for credit losses, ending balance | $ 6,821 | $ 8,767 | 6,821 | 8,767 |
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, beginning balance | 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, beginning balance | 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, beginning balance | $ 8,197 | $ 5,743 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses, Commercial Loan Categories by Risk Categories and Vintage (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Loans and Leases Receivable Disclosure [Abstract] | |||
Loans | $ 852,300 | $ 887,637 | $ 935,155 |
Total Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 59,700 | 92,865 | |
Term loans by origination year, fiscal year before current fiscal year | 57,249 | 75,335 | |
Term loans by origination year, two years before current fiscal year | 65,585 | 45,635 | |
Term loans by origination year, three years before current fiscal year | 36,729 | 24,047 | |
Term loans by origination year, four years before current fiscal year | 19,392 | 19,824 | |
Term loans by origination year, more than five years before current fiscal year | 40,581 | 24,070 | |
Revolving loans | 196,842 | 195,484 | |
Revolving loans converted to term loans | 344 | 1,157 | |
Loans | 476,422 | 478,417 | |
Total Commercial [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Loans | 442,600 | ||
Total Commercial [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Loans | 33,800 | ||
Commercial and industrial loans [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 37,780 | 58,319 | |
Term loans by origination year, fiscal year before current fiscal year | 26,488 | 35,367 | |
Term loans by origination year, two years before current fiscal year | 29,710 | 17,293 | |
Term loans by origination year, three years before current fiscal year | 12,669 | 8,246 | |
Term loans by origination year, four years before current fiscal year | 6,408 | 4,720 | |
Term loans by origination year, more than five years before current fiscal year | 13,419 | 5,071 | |
Revolving loans | 190,803 | 188,641 | |
Revolving loans converted to term loans | 341 | 1,148 | |
Loans | 317,618 | 318,805 | |
Commercial and industrial loans [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 37,051 | 56,915 | |
Term loans by origination year, fiscal year before current fiscal year | 25,171 | 34,040 | |
Term loans by origination year, two years before current fiscal year | 28,385 | 15,936 | |
Term loans by origination year, three years before current fiscal year | 11,075 | 7,274 | |
Term loans by origination year, four years before current fiscal year | 5,582 | 4,048 | |
Term loans by origination year, more than five years before current fiscal year | 12,341 | 4,738 | |
Revolving loans | 183,360 | 177,107 | |
Revolving loans converted to term loans | 341 | 997 | |
Loans | 303,306 | 301,055 | |
Commercial and industrial loans [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 729 | 1,404 | |
Term loans by origination year, fiscal year before current fiscal year | 1,317 | 1,327 | |
Term loans by origination year, two years before current fiscal year | 1,325 | 1,357 | |
Term loans by origination year, three years before current fiscal year | 1,594 | 972 | |
Term loans by origination year, four years before current fiscal year | 826 | 672 | |
Term loans by origination year, more than five years before current fiscal year | 1,078 | 333 | |
Revolving loans | 7,443 | 11,534 | |
Revolving loans converted to term loans | 0 | 151 | |
Loans | 14,312 | 17,750 | |
Commercial real estate mortgage [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 16,377 | 24,577 | |
Term loans by origination year, fiscal year before current fiscal year | 21,427 | 28,658 | |
Term loans by origination year, two years before current fiscal year | 25,427 | 20,496 | |
Term loans by origination year, three years before current fiscal year | 18,029 | 12,400 | |
Term loans by origination year, four years before current fiscal year | 10,531 | 13,207 | |
Term loans by origination year, more than five years before current fiscal year | 23,986 | 16,745 | |
Revolving loans | 4,900 | 5,631 | |
Revolving loans converted to term loans | 1 | 6 | |
Loans | 120,678 | 121,720 | |
Commercial real estate mortgage [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 14,713 | 22,444 | |
Term loans by origination year, fiscal year before current fiscal year | 18,977 | 26,114 | |
Term loans by origination year, two years before current fiscal year | 21,983 | 18,679 | |
Term loans by origination year, three years before current fiscal year | 15,350 | 11,113 | |
Term loans by origination year, four years before current fiscal year | 9,245 | 11,582 | |
Term loans by origination year, more than five years before current fiscal year | 20,321 | 14,663 | |
Revolving loans | 4,478 | 5,152 | |
Revolving loans converted to term loans | 1 | 6 | |
Loans | 105,068 | 109,753 | |
Commercial real estate mortgage [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 1,664 | 2,133 | |
Term loans by origination year, fiscal year before current fiscal year | 2,450 | 2,544 | |
Term loans by origination year, two years before current fiscal year | 3,444 | 1,817 | |
Term loans by origination year, three years before current fiscal year | 2,679 | 1,287 | |
Term loans by origination year, four years before current fiscal year | 1,286 | 1,625 | |
Term loans by origination year, more than five years before current fiscal year | 3,665 | 2,082 | |
Revolving loans | 422 | 479 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 15,610 | 11,967 | |
Commercial real estate construction [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 3,154 | 5,691 | |
Term loans by origination year, fiscal year before current fiscal year | 5,496 | 7,026 | |
Term loans by origination year, two years before current fiscal year | 6,894 | 5,298 | |
Term loans by origination year, three years before current fiscal year | 4,025 | 1,740 | |
Term loans by origination year, four years before current fiscal year | 1,217 | 590 | |
Term loans by origination year, more than five years before current fiscal year | 479 | 245 | |
Revolving loans | 1,139 | 1,212 | |
Revolving loans converted to term loans | 2 | 3 | |
Loans | 22,406 | 21,805 | |
Commercial real estate construction [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 2,800 | 5,242 | |
Term loans by origination year, fiscal year before current fiscal year | 4,995 | 6,574 | |
Term loans by origination year, two years before current fiscal year | 6,148 | 4,771 | |
Term loans by origination year, three years before current fiscal year | 3,607 | 1,736 | |
Term loans by origination year, four years before current fiscal year | 775 | 477 | |
Term loans by origination year, more than five years before current fiscal year | 359 | 235 | |
Revolving loans | 1,138 | 1,212 | |
Revolving loans converted to term loans | 2 | 3 | |
Loans | 19,824 | 20,250 | |
Commercial real estate construction [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 354 | 449 | |
Term loans by origination year, fiscal year before current fiscal year | 501 | 452 | |
Term loans by origination year, two years before current fiscal year | 746 | 527 | |
Term loans by origination year, three years before current fiscal year | 418 | 4 | |
Term loans by origination year, four years before current fiscal year | 442 | 113 | |
Term loans by origination year, more than five years before current fiscal year | 120 | 10 | |
Revolving loans | 1 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 2,582 | 1,555 | |
Lease financing [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 2,389 | 4,278 | |
Term loans by origination year, fiscal year before current fiscal year | 3,838 | 4,284 | |
Term loans by origination year, two years before current fiscal year | 3,554 | 2,548 | |
Term loans by origination year, three years before current fiscal year | 2,006 | 1,661 | |
Term loans by origination year, four years before current fiscal year | 1,236 | 1,307 | |
Term loans by origination year, more than five years before current fiscal year | 2,697 | 2,009 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 15,720 | 16,087 | |
Lease financing [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 2,244 | 3,970 | |
Term loans by origination year, fiscal year before current fiscal year | 3,545 | 3,851 | |
Term loans by origination year, two years before current fiscal year | 3,180 | 2,176 | |
Term loans by origination year, three years before current fiscal year | 1,752 | 1,464 | |
Term loans by origination year, four years before current fiscal year | 1,107 | 1,199 | |
Term loans by origination year, more than five years before current fiscal year | 2,555 | 1,924 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 14,383 | 14,584 | |
Lease financing [Member] | Criticized [Member] | |||
Loans and Leases Receivable Disclosure [Abstract] | |||
Term loans by origination year, current fiscal year | 145 | 308 | |
Term loans by origination year, fiscal year before current fiscal year | 293 | 433 | |
Term loans by origination year, two years before current fiscal year | 374 | 372 | |
Term loans by origination year, three years before current fiscal year | 254 | 197 | |
Term loans by origination year, four years before current fiscal year | 129 | 108 | |
Term loans by origination year, more than five years before current fiscal year | 142 | 85 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | $ 1,337 | $ 1,503 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses, Loans by Delinquency Status, Commercial (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 852,300 | $ 887,637 | $ 935,155 |
Nonaccrual loans | 7,371 | 8,728 | |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 476,422 | 478,417 | |
Nonaccrual loans | 3,549 | 4,779 | |
Total Commercial [Member] | Current-29 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 471,677 | 472,181 | |
Total Commercial [Member] | 30-89 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 919 | 1,379 | |
Total Commercial [Member] | 90 days or more past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 277 | 78 | |
Commercial and industrial loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 317,618 | 318,805 | |
Nonaccrual loans | 1,691 | 2,698 | |
Commercial and industrial loans [Member] | Current-29 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 315,279 | 315,493 | |
Commercial and industrial loans [Member] | 30-89 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 483 | 575 | |
Commercial and industrial loans [Member] | 90 days or more past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 165 | 39 | |
Commercial real estate mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 120,678 | 121,720 | |
Nonaccrual loans | 1,598 | 1,774 | |
Commercial real estate mortgage [Member] | Current-29 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 118,719 | 119,561 | |
Commercial real estate mortgage [Member] | 30-89 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 256 | 347 | |
Commercial real estate mortgage [Member] | 90 days or more past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 105 | 38 | |
Commercial real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 22,406 | 21,805 | |
Nonaccrual loans | 45 | 48 | |
Commercial real estate construction [Member] | Current-29 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 22,329 | 21,532 | |
Commercial real estate construction [Member] | 30-89 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 25 | 224 | |
Commercial real estate construction [Member] | 90 days or more past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 7 | 1 | |
Lease financing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 15,720 | 16,087 | |
Nonaccrual loans | 215 | 259 | |
Lease financing [Member] | Current-29 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 15,350 | 15,595 | |
Lease financing [Member] | 30-89 days past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 155 | 233 | |
Lease financing [Member] | 90 days or more past due and still accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses, Loans by Delinquency Status, Consumer (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans | $ 852,300 | $ 887,637 | $ 935,155 |
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due and still accruing | 4,703 | 7,041 | |
Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due and still accruing | 737 | 690 | |
Government insured or guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due | 6,100 | 11,100 | |
Loans, 90 days or more past due and still accruing | 3,966 | 6,351 | |
Total Consumer [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 46,013 | 75,172 | |
Term loans by origination year, fiscal year before current fiscal year | 64,846 | 60,307 | |
Term loans by origination year, two years before current fiscal year | 45,082 | 22,816 | |
Term loans by origination year, three years before current fiscal year | 15,872 | 29,673 | |
Term loans by origination year, four years before current fiscal year | 20,915 | 35,869 | |
Term loans by origination year, more than five years before current fiscal year | 99,415 | 97,314 | |
Revolving loans | 76,082 | 79,347 | |
Revolving loans converted to term loans | 7,653 | 8,722 | |
Loans | 375,878 | 409,220 | |
Total Consumer [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due and still accruing | 460 | 612 | |
Total Consumer [Member] | 90 days or more past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans | 2,900 | 2,700 | |
Residential mortgage [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 30,541 | 53,972 | |
Term loans by origination year, fiscal year before current fiscal year | 47,729 | 44,077 | |
Term loans by origination year, two years before current fiscal year | 32,551 | 15,758 | |
Term loans by origination year, three years before current fiscal year | 10,776 | 25,835 | |
Term loans by origination year, four years before current fiscal year | 18,378 | 33,051 | |
Term loans by origination year, more than five years before current fiscal year | 97,442 | 96,349 | |
Revolving loans | 19,354 | 22,677 | |
Revolving loans converted to term loans | 7,237 | 8,241 | |
Loans | 264,008 | 299,960 | |
Residential mortgage - first lien [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 30,528 | 53,950 | |
Term loans by origination year, fiscal year before current fiscal year | 47,707 | 44,038 | |
Term loans by origination year, two years before current fiscal year | 32,516 | 15,717 | |
Term loans by origination year, three years before current fiscal year | 10,741 | 25,796 | |
Term loans by origination year, four years before current fiscal year | 18,350 | 33,019 | |
Term loans by origination year, more than five years before current fiscal year | 96,470 | 95,160 | |
Revolving loans | 6,134 | 6,934 | |
Revolving loans converted to term loans | 1,925 | 2,060 | |
Loans | 244,371 | 276,674 | |
Residential mortgage - first lien [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due and still accruing | 73 | 135 | |
Residential mortgage - first lien [Member] | Government insured or guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 3 | 215 | |
Term loans by origination year, fiscal year before current fiscal year | 193 | 639 | |
Term loans by origination year, two years before current fiscal year | 364 | 904 | |
Term loans by origination year, three years before current fiscal year | 566 | 1,076 | |
Term loans by origination year, four years before current fiscal year | 635 | 2,367 | |
Term loans by origination year, more than five years before current fiscal year | 18,470 | 25,039 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 20,231 | 30,240 | |
Residential mortgage - first lien [Member] | Current-29 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 30,494 | 53,298 | |
Term loans by origination year, fiscal year before current fiscal year | 47,246 | 43,297 | |
Term loans by origination year, two years before current fiscal year | 32,078 | 14,761 | |
Term loans by origination year, three years before current fiscal year | 10,137 | 24,619 | |
Term loans by origination year, four years before current fiscal year | 17,647 | 30,533 | |
Term loans by origination year, more than five years before current fiscal year | 76,251 | 67,960 | |
Revolving loans | 5,989 | 6,762 | |
Revolving loans converted to term loans | 1,598 | 1,719 | |
Loans | 221,440 | 242,949 | |
Residential mortgage - first lien [Member] | 30-59 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 28 | 111 | |
Term loans by origination year, fiscal year before current fiscal year | 33 | 76 | |
Term loans by origination year, two years before current fiscal year | 52 | 36 | |
Term loans by origination year, three years before current fiscal year | 21 | 67 | |
Term loans by origination year, four years before current fiscal year | 34 | 79 | |
Term loans by origination year, more than five years before current fiscal year | 604 | 750 | |
Revolving loans | 15 | 52 | |
Revolving loans converted to term loans | 30 | 66 | |
Loans | 817 | 1,237 | |
Residential mortgage - first lien [Member] | 60 to 89 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 1 | 88 | |
Term loans by origination year, fiscal year before current fiscal year | 11 | 10 | |
Term loans by origination year, two years before current fiscal year | 1 | 6 | |
Term loans by origination year, three years before current fiscal year | 3 | 12 | |
Term loans by origination year, four years before current fiscal year | 3 | 13 | |
Term loans by origination year, more than five years before current fiscal year | 187 | 305 | |
Revolving loans | 8 | 56 | |
Revolving loans converted to term loans | 18 | 68 | |
Loans | 232 | 558 | |
Residential mortgage - first lien [Member] | 90-119 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 2 | 232 | |
Term loans by origination year, fiscal year before current fiscal year | 8 | 11 | |
Term loans by origination year, two years before current fiscal year | 3 | 5 | |
Term loans by origination year, three years before current fiscal year | 1 | 8 | |
Term loans by origination year, four years before current fiscal year | 7 | 7 | |
Term loans by origination year, more than five years before current fiscal year | 64 | 197 | |
Revolving loans | 6 | 26 | |
Revolving loans converted to term loans | 11 | 33 | |
Loans | 102 | 519 | |
Residential mortgage - first lien [Member] | 120-179 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 3 | |
Term loans by origination year, fiscal year before current fiscal year | 12 | 4 | |
Term loans by origination year, two years before current fiscal year | 6 | 1 | |
Term loans by origination year, three years before current fiscal year | 3 | 3 | |
Term loans by origination year, four years before current fiscal year | 3 | 5 | |
Term loans by origination year, more than five years before current fiscal year | 85 | 151 | |
Revolving loans | 16 | 17 | |
Revolving loans converted to term loans | 23 | 29 | |
Loans | 148 | 213 | |
Residential mortgage - first lien [Member] | 180 plus days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 3 | |
Term loans by origination year, fiscal year before current fiscal year | 204 | 1 | |
Term loans by origination year, two years before current fiscal year | 12 | 4 | |
Term loans by origination year, three years before current fiscal year | 10 | 11 | |
Term loans by origination year, four years before current fiscal year | 21 | 15 | |
Term loans by origination year, more than five years before current fiscal year | 809 | 758 | |
Revolving loans | 100 | 21 | |
Revolving loans converted to term loans | 245 | 145 | |
Loans | 1,401 | 958 | |
Residential mortgage - junior lien [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 13 | 22 | |
Term loans by origination year, fiscal year before current fiscal year | 22 | 39 | |
Term loans by origination year, two years before current fiscal year | 35 | 41 | |
Term loans by origination year, three years before current fiscal year | 35 | 39 | |
Term loans by origination year, four years before current fiscal year | 28 | 32 | |
Term loans by origination year, more than five years before current fiscal year | 972 | 1,189 | |
Revolving loans | 13,220 | 15,743 | |
Revolving loans converted to term loans | 5,312 | 6,181 | |
Loans | 19,637 | 23,286 | |
Residential mortgage - junior lien [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due and still accruing | 12 | 19 | |
Residential mortgage - junior lien [Member] | Current-29 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 13 | 22 | |
Term loans by origination year, fiscal year before current fiscal year | 22 | 39 | |
Term loans by origination year, two years before current fiscal year | 34 | 39 | |
Term loans by origination year, three years before current fiscal year | 35 | 37 | |
Term loans by origination year, four years before current fiscal year | 28 | 31 | |
Term loans by origination year, more than five years before current fiscal year | 909 | 1,115 | |
Revolving loans | 12,913 | 15,366 | |
Revolving loans converted to term loans | 4,680 | 5,434 | |
Loans | 18,634 | 22,083 | |
Residential mortgage - junior lien [Member] | 30-59 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 1 | 1 | |
Term loans by origination year, three years before current fiscal year | 0 | 1 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 15 | 22 | |
Revolving loans | 28 | 113 | |
Revolving loans converted to term loans | 40 | 160 | |
Loans | 84 | 297 | |
Residential mortgage - junior lien [Member] | 60 to 89 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 1 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 7 | 11 | |
Revolving loans | 16 | 154 | |
Revolving loans converted to term loans | 29 | 271 | |
Loans | 52 | 437 | |
Residential mortgage - junior lien [Member] | 90-119 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 1 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 3 | 7 | |
Revolving loans | 11 | 45 | |
Revolving loans converted to term loans | 22 | 84 | |
Loans | 36 | 137 | |
Residential mortgage - junior lien [Member] | 120-179 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 6 | 9 | |
Revolving loans | 37 | 36 | |
Revolving loans converted to term loans | 49 | 77 | |
Loans | 92 | 122 | |
Residential mortgage - junior lien [Member] | 180 plus days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 1 | |
Term loans by origination year, more than five years before current fiscal year | 32 | 25 | |
Revolving loans | 215 | 29 | |
Revolving loans converted to term loans | 492 | 155 | |
Loans | 739 | 210 | |
Credit card [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 34,688 | 36,374 | |
Revolving loans converted to term loans | 248 | 290 | |
Loans | 34,936 | 36,664 | |
Credit card [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due and still accruing | 271 | 365 | |
Credit card [Member] | Current-29 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 34,201 | 35,612 | |
Revolving loans converted to term loans | 226 | 255 | |
Loans | 34,427 | 35,867 | |
Credit card [Member] | 30-59 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 135 | 243 | |
Revolving loans converted to term loans | 7 | 12 | |
Loans | 142 | 255 | |
Credit card [Member] | 60 to 89 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 90 | 167 | |
Revolving loans converted to term loans | 6 | 10 | |
Loans | 96 | 177 | |
Credit card [Member] | 90-119 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 80 | 144 | |
Revolving loans converted to term loans | 7 | 10 | |
Loans | 87 | 154 | |
Credit card [Member] | 120-179 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 182 | 208 | |
Revolving loans converted to term loans | 2 | 3 | |
Loans | 184 | 211 | |
Credit card [Member] | 180 plus days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Auto [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 14,489 | 19,790 | |
Term loans by origination year, fiscal year before current fiscal year | 16,122 | 14,831 | |
Term loans by origination year, two years before current fiscal year | 11,530 | 6,471 | |
Term loans by origination year, three years before current fiscal year | 4,757 | 3,573 | |
Term loans by origination year, four years before current fiscal year | 2,380 | 2,757 | |
Term loans by origination year, more than five years before current fiscal year | 1,795 | 765 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 51,073 | 48,187 | |
Auto [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due and still accruing | 43 | 65 | |
Auto [Member] | Current-29 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 14,445 | 19,625 | |
Term loans by origination year, fiscal year before current fiscal year | 15,920 | 14,561 | |
Term loans by origination year, two years before current fiscal year | 11,321 | 6,307 | |
Term loans by origination year, three years before current fiscal year | 4,644 | 3,459 | |
Term loans by origination year, four years before current fiscal year | 2,309 | 2,603 | |
Term loans by origination year, more than five years before current fiscal year | 1,677 | 697 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 50,316 | 47,252 | |
Auto [Member] | 30-59 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 33 | 120 | |
Term loans by origination year, fiscal year before current fiscal year | 143 | 183 | |
Term loans by origination year, two years before current fiscal year | 148 | 114 | |
Term loans by origination year, three years before current fiscal year | 81 | 80 | |
Term loans by origination year, four years before current fiscal year | 52 | 107 | |
Term loans by origination year, more than five years before current fiscal year | 85 | 46 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 542 | 650 | |
Auto [Member] | 60 to 89 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 8 | 32 | |
Term loans by origination year, fiscal year before current fiscal year | 42 | 60 | |
Term loans by origination year, two years before current fiscal year | 44 | 36 | |
Term loans by origination year, three years before current fiscal year | 24 | 25 | |
Term loans by origination year, four years before current fiscal year | 14 | 35 | |
Term loans by origination year, more than five years before current fiscal year | 25 | 16 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 157 | 204 | |
Auto [Member] | 90-119 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 3 | 13 | |
Term loans by origination year, fiscal year before current fiscal year | 17 | 26 | |
Term loans by origination year, two years before current fiscal year | 17 | 14 | |
Term loans by origination year, three years before current fiscal year | 8 | 9 | |
Term loans by origination year, four years before current fiscal year | 5 | 12 | |
Term loans by origination year, more than five years before current fiscal year | 8 | 6 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 58 | 80 | |
Auto [Member] | 120-179 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 1 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 0 | 1 | |
Auto [Member] | 180 plus days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 0 | 0 | |
Other consumer [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 983 | 1,410 | |
Term loans by origination year, fiscal year before current fiscal year | 995 | 1,399 | |
Term loans by origination year, two years before current fiscal year | 1,001 | 587 | |
Term loans by origination year, three years before current fiscal year | 339 | 265 | |
Term loans by origination year, four years before current fiscal year | 157 | 61 | |
Term loans by origination year, more than five years before current fiscal year | 178 | 200 | |
Revolving loans | 22,040 | 20,296 | |
Revolving loans converted to term loans | 168 | 191 | |
Loans | 25,861 | 24,409 | |
Other consumer [Member] | Non-government insured/guaranteed [Member] | |||
Accounts, Notes, Loans and Financing Receivable Textual [Abstract] | |||
Loans, 90 days or more past due and still accruing | 61 | 28 | |
Other consumer [Member] | Current-29 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 982 | 1,406 | |
Term loans by origination year, fiscal year before current fiscal year | 990 | 1,383 | |
Term loans by origination year, two years before current fiscal year | 994 | 577 | |
Term loans by origination year, three years before current fiscal year | 335 | 261 | |
Term loans by origination year, four years before current fiscal year | 155 | 59 | |
Term loans by origination year, more than five years before current fiscal year | 173 | 193 | |
Revolving loans | 22,011 | 20,246 | |
Revolving loans converted to term loans | 150 | 162 | |
Loans | 25,790 | 24,287 | |
Other consumer [Member] | 30-59 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 1 | 2 | |
Term loans by origination year, fiscal year before current fiscal year | 2 | 7 | |
Term loans by origination year, two years before current fiscal year | 3 | 5 | |
Term loans by origination year, three years before current fiscal year | 2 | 2 | |
Term loans by origination year, four years before current fiscal year | 1 | 1 | |
Term loans by origination year, more than five years before current fiscal year | 2 | 3 | |
Revolving loans | 8 | 19 | |
Revolving loans converted to term loans | 3 | 10 | |
Loans | 22 | 49 | |
Other consumer [Member] | 60 to 89 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 1 | |
Term loans by origination year, fiscal year before current fiscal year | 2 | 5 | |
Term loans by origination year, two years before current fiscal year | 2 | 3 | |
Term loans by origination year, three years before current fiscal year | 1 | 1 | |
Term loans by origination year, four years before current fiscal year | 1 | 1 | |
Term loans by origination year, more than five years before current fiscal year | 1 | 1 | |
Revolving loans | 5 | 10 | |
Revolving loans converted to term loans | 1 | 6 | |
Loans | 13 | 28 | |
Other consumer [Member] | 90-119 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 1 | |
Term loans by origination year, fiscal year before current fiscal year | 1 | 4 | |
Term loans by origination year, two years before current fiscal year | 2 | 2 | |
Term loans by origination year, three years before current fiscal year | 1 | 1 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 1 | |
Revolving loans | 4 | 8 | |
Revolving loans converted to term loans | 1 | 3 | |
Loans | 9 | 20 | |
Other consumer [Member] | 120-179 days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 8 | 10 | |
Revolving loans converted to term loans | 2 | 4 | |
Loans | 10 | 14 | |
Other consumer [Member] | 180 plus days past due [Member] | Non-government insured/guaranteed [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 2 | 2 | |
Revolving loans | 4 | 3 | |
Revolving loans converted to term loans | 11 | 6 | |
Loans | $ 17 | $ 11 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses, Loans by FICO Score, Consumer (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Loans by FICO [Abstract] | |||
Loans | $ 852,300 | $ 887,637 | $ 935,155 |
Total Consumer [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 46,013 | 75,172 | |
Term loans by origination year, fiscal year before current fiscal year | 64,846 | 60,307 | |
Term loans by origination year, two years before current fiscal year | 45,082 | 22,816 | |
Term loans by origination year, three years before current fiscal year | 15,872 | 29,673 | |
Term loans by origination year, four years before current fiscal year | 20,915 | 35,869 | |
Term loans by origination year, more than five years before current fiscal year | 99,415 | 97,314 | |
Revolving loans | 76,082 | 79,347 | |
Revolving loans converted to term loans | 7,653 | 8,722 | |
Loans | 375,878 | 409,220 | |
Total Consumer [Member] | FICO not required [Member] | |||
Loans by FICO [Abstract] | |||
Loans | 15,900 | 13,200 | |
Residential mortgage [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 30,541 | 53,972 | |
Term loans by origination year, fiscal year before current fiscal year | 47,729 | 44,077 | |
Term loans by origination year, two years before current fiscal year | 32,551 | 15,758 | |
Term loans by origination year, three years before current fiscal year | 10,776 | 25,835 | |
Term loans by origination year, four years before current fiscal year | 18,378 | 33,051 | |
Term loans by origination year, more than five years before current fiscal year | 97,442 | 96,349 | |
Revolving loans | 19,354 | 22,677 | |
Revolving loans converted to term loans | 7,237 | 8,241 | |
Loans | 264,008 | 299,960 | |
Residential mortgage - first lien [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 30,528 | 53,950 | |
Term loans by origination year, fiscal year before current fiscal year | 47,707 | 44,038 | |
Term loans by origination year, two years before current fiscal year | 32,516 | 15,717 | |
Term loans by origination year, three years before current fiscal year | 10,741 | 25,796 | |
Term loans by origination year, four years before current fiscal year | 18,350 | 33,019 | |
Term loans by origination year, more than five years before current fiscal year | 96,470 | 95,160 | |
Revolving loans | 6,134 | 6,934 | |
Revolving loans converted to term loans | 1,925 | 2,060 | |
Loans | 244,371 | 276,674 | |
Residential mortgage - first lien [Member] | Government insured or guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 3 | 215 | |
Term loans by origination year, fiscal year before current fiscal year | 193 | 639 | |
Term loans by origination year, two years before current fiscal year | 364 | 904 | |
Term loans by origination year, three years before current fiscal year | 566 | 1,076 | |
Term loans by origination year, four years before current fiscal year | 635 | 2,367 | |
Term loans by origination year, more than five years before current fiscal year | 18,470 | 25,039 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 20,231 | 30,240 | |
Residential mortgage - first lien [Member] | FICO 800 or more [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 14,373 | 29,365 | |
Term loans by origination year, fiscal year before current fiscal year | 29,351 | 28,652 | |
Term loans by origination year, two years before current fiscal year | 21,113 | 9,911 | |
Term loans by origination year, three years before current fiscal year | 6,709 | 17,416 | |
Term loans by origination year, four years before current fiscal year | 12,245 | 22,215 | |
Term loans by origination year, more than five years before current fiscal year | 47,225 | 40,440 | |
Revolving loans | 2,973 | 3,391 | |
Revolving loans converted to term loans | 453 | 493 | |
Loans | 134,442 | 151,883 | |
Residential mortgage - first lien [Member] | FICO 760-799 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 11,864 | 17,154 | |
Term loans by origination year, fiscal year before current fiscal year | 12,539 | 9,866 | |
Term loans by origination year, two years before current fiscal year | 7,250 | 2,908 | |
Term loans by origination year, three years before current fiscal year | 2,017 | 4,380 | |
Term loans by origination year, four years before current fiscal year | 3,200 | 4,955 | |
Term loans by origination year, more than five years before current fiscal year | 12,684 | 10,843 | |
Revolving loans | 1,229 | 1,361 | |
Revolving loans converted to term loans | 257 | 274 | |
Loans | 51,040 | 51,741 | |
Residential mortgage - first lien [Member] | FICO 720-759 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 3,281 | 5,274 | |
Term loans by origination year, fiscal year before current fiscal year | 4,024 | 3,290 | |
Term loans by origination year, two years before current fiscal year | 2,566 | 1,189 | |
Term loans by origination year, three years before current fiscal year | 857 | 1,829 | |
Term loans by origination year, four years before current fiscal year | 1,343 | 2,106 | |
Term loans by origination year, more than five years before current fiscal year | 7,473 | 7,001 | |
Revolving loans | 771 | 879 | |
Revolving loans converted to term loans | 243 | 265 | |
Loans | 20,558 | 21,833 | |
Residential mortgage - first lien [Member] | FICO 680-719 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 794 | 1,361 | |
Term loans by origination year, fiscal year before current fiscal year | 1,103 | 1,084 | |
Term loans by origination year, two years before current fiscal year | 788 | 490 | |
Term loans by origination year, three years before current fiscal year | 363 | 678 | |
Term loans by origination year, four years before current fiscal year | 603 | 831 | |
Term loans by origination year, more than five years before current fiscal year | 4,188 | 4,403 | |
Revolving loans | 463 | 520 | |
Revolving loans converted to term loans | 215 | 221 | |
Loans | 8,517 | 9,588 | |
Residential mortgage - first lien [Member] | FICO 640-679 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 129 | 376 | |
Term loans by origination year, fiscal year before current fiscal year | 294 | 287 | |
Term loans by origination year, two years before current fiscal year | 222 | 148 | |
Term loans by origination year, three years before current fiscal year | 107 | 192 | |
Term loans by origination year, four years before current fiscal year | 143 | 226 | |
Term loans by origination year, more than five years before current fiscal year | 2,117 | 2,385 | |
Revolving loans | 213 | 241 | |
Revolving loans converted to term loans | 135 | 154 | |
Loans | 3,360 | 4,009 | |
Residential mortgage - first lien [Member] | FICO 600-639 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 30 | 55 | |
Term loans by origination year, fiscal year before current fiscal year | 47 | 56 | |
Term loans by origination year, two years before current fiscal year | 75 | 44 | |
Term loans by origination year, three years before current fiscal year | 37 | 56 | |
Term loans by origination year, four years before current fiscal year | 51 | 92 | |
Term loans by origination year, more than five years before current fiscal year | 1,234 | 1,429 | |
Revolving loans | 109 | 127 | |
Revolving loans converted to term loans | 93 | 106 | |
Loans | 1,676 | 1,965 | |
Residential mortgage - first lien [Member] | FICO less than 600 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 7 | 14 | |
Term loans by origination year, fiscal year before current fiscal year | 11 | 29 | |
Term loans by origination year, two years before current fiscal year | 28 | 36 | |
Term loans by origination year, three years before current fiscal year | 16 | 44 | |
Term loans by origination year, four years before current fiscal year | 32 | 66 | |
Term loans by origination year, more than five years before current fiscal year | 1,303 | 1,789 | |
Revolving loans | 139 | 162 | |
Revolving loans converted to term loans | 145 | 175 | |
Loans | 1,681 | 2,315 | |
Residential mortgage - first lien [Member] | No FICO available [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 47 | 136 | |
Term loans by origination year, fiscal year before current fiscal year | 145 | 135 | |
Term loans by origination year, two years before current fiscal year | 110 | 87 | |
Term loans by origination year, three years before current fiscal year | 69 | 125 | |
Term loans by origination year, four years before current fiscal year | 98 | 161 | |
Term loans by origination year, more than five years before current fiscal year | 1,776 | 1,831 | |
Revolving loans | 237 | 253 | |
Revolving loans converted to term loans | 384 | 372 | |
Loans | 2,866 | 3,100 | |
Residential mortgage - junior lien [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 13 | 22 | |
Term loans by origination year, fiscal year before current fiscal year | 22 | 39 | |
Term loans by origination year, two years before current fiscal year | 35 | 41 | |
Term loans by origination year, three years before current fiscal year | 35 | 39 | |
Term loans by origination year, four years before current fiscal year | 28 | 32 | |
Term loans by origination year, more than five years before current fiscal year | 972 | 1,189 | |
Revolving loans | 13,220 | 15,743 | |
Revolving loans converted to term loans | 5,312 | 6,181 | |
Loans | 19,637 | 23,286 | |
Residential mortgage - junior lien [Member] | FICO 800 or more [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 236 | 293 | |
Revolving loans | 6,715 | 7,973 | |
Revolving loans converted to term loans | 1,612 | 1,819 | |
Loans | 8,563 | 10,085 | |
Residential mortgage - junior lien [Member] | FICO 760-799 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 142 | 177 | |
Revolving loans | 2,588 | 3,005 | |
Revolving loans converted to term loans | 906 | 1,032 | |
Loans | 3,636 | 4,214 | |
Residential mortgage - junior lien [Member] | FICO 720-759 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 169 | 207 | |
Revolving loans | 1,721 | 2,093 | |
Revolving loans converted to term loans | 891 | 1,034 | |
Loans | 2,781 | 3,334 | |
Residential mortgage - junior lien [Member] | FICO 680-719 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 143 | 183 | |
Revolving loans | 1,022 | 1,233 | |
Revolving loans converted to term loans | 719 | 854 | |
Loans | 1,884 | 2,270 | |
Residential mortgage - junior lien [Member] | FICO 640-679 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 82 | 103 | |
Revolving loans | 396 | 503 | |
Revolving loans converted to term loans | 405 | 493 | |
Loans | 883 | 1,099 | |
Residential mortgage - junior lien [Member] | FICO 600-639 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 52 | 67 | |
Revolving loans | 189 | 241 | |
Revolving loans converted to term loans | 232 | 299 | |
Loans | 473 | 607 | |
Residential mortgage - junior lien [Member] | FICO less than 600 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 53 | 76 | |
Revolving loans | 195 | 254 | |
Revolving loans converted to term loans | 267 | 374 | |
Loans | 515 | 704 | |
Residential mortgage - junior lien [Member] | No FICO available [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 13 | 22 | |
Term loans by origination year, fiscal year before current fiscal year | 22 | 39 | |
Term loans by origination year, two years before current fiscal year | 35 | 41 | |
Term loans by origination year, three years before current fiscal year | 35 | 39 | |
Term loans by origination year, four years before current fiscal year | 28 | 32 | |
Term loans by origination year, more than five years before current fiscal year | 95 | 83 | |
Revolving loans | 394 | 441 | |
Revolving loans converted to term loans | 280 | 276 | |
Loans | 902 | 973 | |
Credit card [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 34,688 | 36,374 | |
Revolving loans converted to term loans | 248 | 290 | |
Loans | 34,936 | 36,664 | |
Credit card [Member] | FICO 800 or more [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 3,987 | 3,860 | |
Revolving loans converted to term loans | 1 | 1 | |
Loans | 3,988 | 3,861 | |
Credit card [Member] | FICO 760-799 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 5,561 | 5,438 | |
Revolving loans converted to term loans | 8 | 7 | |
Loans | 5,569 | 5,445 | |
Credit card [Member] | FICO 720-759 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 7,825 | 7,897 | |
Revolving loans converted to term loans | 30 | 29 | |
Loans | 7,855 | 7,926 | |
Credit card [Member] | FICO 680-719 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 8,437 | 8,854 | |
Revolving loans converted to term loans | 57 | 60 | |
Loans | 8,494 | 8,914 | |
Credit card [Member] | FICO 640-679 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 5,122 | 5,657 | |
Revolving loans converted to term loans | 56 | 64 | |
Loans | 5,178 | 5,721 | |
Credit card [Member] | FICO 600-639 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 1,929 | 2,242 | |
Revolving loans converted to term loans | 39 | 46 | |
Loans | 1,968 | 2,288 | |
Credit card [Member] | FICO less than 600 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 1,819 | 2,416 | |
Revolving loans converted to term loans | 56 | 82 | |
Loans | 1,875 | 2,498 | |
Credit card [Member] | No FICO available [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 8 | 10 | |
Revolving loans converted to term loans | 1 | 1 | |
Loans | 9 | 11 | |
Auto [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 14,489 | 19,790 | |
Term loans by origination year, fiscal year before current fiscal year | 16,122 | 14,831 | |
Term loans by origination year, two years before current fiscal year | 11,530 | 6,471 | |
Term loans by origination year, three years before current fiscal year | 4,757 | 3,573 | |
Term loans by origination year, four years before current fiscal year | 2,380 | 2,757 | |
Term loans by origination year, more than five years before current fiscal year | 1,795 | 765 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 51,073 | 48,187 | |
Auto [Member] | FICO 800 or more [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 2,576 | 2,875 | |
Term loans by origination year, fiscal year before current fiscal year | 2,329 | 2,606 | |
Term loans by origination year, two years before current fiscal year | 2,157 | 1,211 | |
Term loans by origination year, three years before current fiscal year | 941 | 731 | |
Term loans by origination year, four years before current fiscal year | 509 | 452 | |
Term loans by origination year, more than five years before current fiscal year | 271 | 104 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 8,783 | 7,979 | |
Auto [Member] | FICO 760-799 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 2,505 | 3,036 | |
Term loans by origination year, fiscal year before current fiscal year | 2,698 | 2,662 | |
Term loans by origination year, two years before current fiscal year | 2,145 | 1,122 | |
Term loans by origination year, three years before current fiscal year | 850 | 579 | |
Term loans by origination year, four years before current fiscal year | 390 | 349 | |
Term loans by origination year, more than five years before current fiscal year | 216 | 81 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 8,804 | 7,829 | |
Auto [Member] | FICO 720-759 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 2,430 | 3,162 | |
Term loans by origination year, fiscal year before current fiscal year | 2,721 | 2,514 | |
Term loans by origination year, two years before current fiscal year | 1,999 | 1,095 | |
Term loans by origination year, three years before current fiscal year | 825 | 576 | |
Term loans by origination year, four years before current fiscal year | 387 | 395 | |
Term loans by origination year, more than five years before current fiscal year | 251 | 98 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 8,613 | 7,840 | |
Auto [Member] | FICO 680-719 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 2,518 | 3,534 | |
Term loans by origination year, fiscal year before current fiscal year | 2,965 | 2,542 | |
Term loans by origination year, two years before current fiscal year | 1,968 | 1,066 | |
Term loans by origination year, three years before current fiscal year | 772 | 545 | |
Term loans by origination year, four years before current fiscal year | 358 | 400 | |
Term loans by origination year, more than five years before current fiscal year | 259 | 105 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 8,840 | 8,192 | |
Auto [Member] | FICO 640-679 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 2,267 | 3,381 | |
Term loans by origination year, fiscal year before current fiscal year | 2,548 | 1,948 | |
Term loans by origination year, two years before current fiscal year | 1,400 | 763 | |
Term loans by origination year, three years before current fiscal year | 527 | 395 | |
Term loans by origination year, four years before current fiscal year | 257 | 334 | |
Term loans by origination year, more than five years before current fiscal year | 222 | 94 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 7,221 | 6,915 | |
Auto [Member] | FICO 600-639 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 1,418 | 2,208 | |
Term loans by origination year, fiscal year before current fiscal year | 1,519 | 1,165 | |
Term loans by origination year, two years before current fiscal year | 822 | 479 | |
Term loans by origination year, three years before current fiscal year | 333 | 274 | |
Term loans by origination year, four years before current fiscal year | 178 | 276 | |
Term loans by origination year, more than five years before current fiscal year | 190 | 87 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 4,460 | 4,489 | |
Auto [Member] | FICO less than 600 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 775 | 1,581 | |
Term loans by origination year, fiscal year before current fiscal year | 1,313 | 1,357 | |
Term loans by origination year, two years before current fiscal year | 993 | 730 | |
Term loans by origination year, three years before current fiscal year | 498 | 463 | |
Term loans by origination year, four years before current fiscal year | 288 | 533 | |
Term loans by origination year, more than five years before current fiscal year | 362 | 186 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 4,229 | 4,850 | |
Auto [Member] | No FICO available [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 13 | |
Term loans by origination year, fiscal year before current fiscal year | 29 | 37 | |
Term loans by origination year, two years before current fiscal year | 46 | 5 | |
Term loans by origination year, three years before current fiscal year | 11 | 10 | |
Term loans by origination year, four years before current fiscal year | 13 | 18 | |
Term loans by origination year, more than five years before current fiscal year | 24 | 10 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 123 | 93 | |
Other consumer [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 983 | 1,410 | |
Term loans by origination year, fiscal year before current fiscal year | 995 | 1,399 | |
Term loans by origination year, two years before current fiscal year | 1,001 | 587 | |
Term loans by origination year, three years before current fiscal year | 339 | 265 | |
Term loans by origination year, four years before current fiscal year | 157 | 61 | |
Term loans by origination year, more than five years before current fiscal year | 178 | 200 | |
Revolving loans | 22,040 | 20,296 | |
Revolving loans converted to term loans | 168 | 191 | |
Loans | 25,861 | 24,409 | |
Other consumer [Member] | FICO 800 or more [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 253 | 353 | |
Term loans by origination year, fiscal year before current fiscal year | 250 | 287 | |
Term loans by origination year, two years before current fiscal year | 204 | 94 | |
Term loans by origination year, three years before current fiscal year | 59 | 35 | |
Term loans by origination year, four years before current fiscal year | 18 | 10 | |
Term loans by origination year, more than five years before current fiscal year | 60 | 71 | |
Revolving loans | 1,839 | 2,249 | |
Revolving loans converted to term loans | 19 | 21 | |
Loans | 2,702 | 3,120 | |
Other consumer [Member] | FICO 760-799 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 265 | 342 | |
Term loans by origination year, fiscal year before current fiscal year | 225 | 279 | |
Term loans by origination year, two years before current fiscal year | 186 | 93 | |
Term loans by origination year, three years before current fiscal year | 59 | 29 | |
Term loans by origination year, four years before current fiscal year | 15 | 10 | |
Term loans by origination year, more than five years before current fiscal year | 31 | 34 | |
Revolving loans | 943 | 1,110 | |
Revolving loans converted to term loans | 22 | 16 | |
Loans | 1,746 | 1,913 | |
Other consumer [Member] | FICO 720-759 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 190 | 262 | |
Term loans by origination year, fiscal year before current fiscal year | 184 | 258 | |
Term loans by origination year, two years before current fiscal year | 175 | 107 | |
Term loans by origination year, three years before current fiscal year | 67 | 35 | |
Term loans by origination year, four years before current fiscal year | 19 | 11 | |
Term loans by origination year, more than five years before current fiscal year | 26 | 30 | |
Revolving loans | 829 | 915 | |
Revolving loans converted to term loans | 28 | 26 | |
Loans | 1,518 | 1,644 | |
Other consumer [Member] | FICO 680-719 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 115 | 156 | |
Term loans by origination year, fiscal year before current fiscal year | 125 | 213 | |
Term loans by origination year, two years before current fiscal year | 147 | 99 | |
Term loans by origination year, three years before current fiscal year | 61 | 36 | |
Term loans by origination year, four years before current fiscal year | 19 | 11 | |
Term loans by origination year, more than five years before current fiscal year | 21 | 24 | |
Revolving loans | 711 | 798 | |
Revolving loans converted to term loans | 26 | 31 | |
Loans | 1,225 | 1,368 | |
Other consumer [Member] | FICO 640-679 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 47 | 71 | |
Term loans by origination year, fiscal year before current fiscal year | 52 | 112 | |
Term loans by origination year, two years before current fiscal year | 74 | 59 | |
Term loans by origination year, three years before current fiscal year | 34 | 21 | |
Term loans by origination year, four years before current fiscal year | 12 | 7 | |
Term loans by origination year, more than five years before current fiscal year | 11 | 10 | |
Revolving loans | 343 | 415 | |
Revolving loans converted to term loans | 19 | 23 | |
Loans | 592 | 718 | |
Other consumer [Member] | FICO 600-639 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 9 | 18 | |
Term loans by origination year, fiscal year before current fiscal year | 14 | 36 | |
Term loans by origination year, two years before current fiscal year | 24 | 22 | |
Term loans by origination year, three years before current fiscal year | 13 | 9 | |
Term loans by origination year, four years before current fiscal year | 5 | 4 | |
Term loans by origination year, more than five years before current fiscal year | 6 | 8 | |
Revolving loans | 122 | 151 | |
Revolving loans converted to term loans | 11 | 13 | |
Loans | 204 | 261 | |
Other consumer [Member] | FICO less than 600 [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 3 | 13 | |
Term loans by origination year, fiscal year before current fiscal year | 13 | 41 | |
Term loans by origination year, two years before current fiscal year | 27 | 30 | |
Term loans by origination year, three years before current fiscal year | 16 | 12 | |
Term loans by origination year, four years before current fiscal year | 6 | 5 | |
Term loans by origination year, more than five years before current fiscal year | 7 | 7 | |
Revolving loans | 121 | 161 | |
Revolving loans converted to term loans | 14 | 18 | |
Loans | 207 | 287 | |
Other consumer [Member] | No FICO available [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 101 | 195 | |
Term loans by origination year, fiscal year before current fiscal year | 132 | 173 | |
Term loans by origination year, two years before current fiscal year | 164 | 83 | |
Term loans by origination year, three years before current fiscal year | 30 | 88 | |
Term loans by origination year, four years before current fiscal year | 63 | 3 | |
Term loans by origination year, more than five years before current fiscal year | 16 | 16 | |
Revolving loans | 1,197 | 1,248 | |
Revolving loans converted to term loans | 29 | 43 | |
Loans | 1,732 | 1,849 | |
Other consumer [Member] | FICO not required [Member] | Non-government insured/guaranteed [Member] | |||
Loans by FICO [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 15,935 | 13,249 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | $ 15,935 | $ 13,249 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses, Loans by Loan to Value Ratio, Consumer (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
High value properties, threshold | $ 1 | ||
Loans by Loan to Value [Abstract] | |||
Loans | 852,300 | $ 887,637 | $ 935,155 |
Total Consumer [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 46,013 | 75,172 | |
Term loans by origination year, fiscal year before current fiscal year | 64,846 | 60,307 | |
Term loans by origination year, two years before current fiscal year | 45,082 | 22,816 | |
Term loans by origination year, three years before current fiscal year | 15,872 | 29,673 | |
Term loans by origination year, four years before current fiscal year | 20,915 | 35,869 | |
Term loans by origination year, more than five years before current fiscal year | 99,415 | 97,314 | |
Revolving loans | 76,082 | 79,347 | |
Revolving loans converted to term loans | 7,653 | 8,722 | |
Loans | 375,878 | 409,220 | |
Residential mortgage [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 30,541 | 53,972 | |
Term loans by origination year, fiscal year before current fiscal year | 47,729 | 44,077 | |
Term loans by origination year, two years before current fiscal year | 32,551 | 15,758 | |
Term loans by origination year, three years before current fiscal year | 10,776 | 25,835 | |
Term loans by origination year, four years before current fiscal year | 18,378 | 33,051 | |
Term loans by origination year, more than five years before current fiscal year | 97,442 | 96,349 | |
Revolving loans | 19,354 | 22,677 | |
Revolving loans converted to term loans | 7,237 | 8,241 | |
Loans | 264,008 | 299,960 | |
Residential mortgage - first lien [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 30,528 | 53,950 | |
Term loans by origination year, fiscal year before current fiscal year | 47,707 | 44,038 | |
Term loans by origination year, two years before current fiscal year | 32,516 | 15,717 | |
Term loans by origination year, three years before current fiscal year | 10,741 | 25,796 | |
Term loans by origination year, four years before current fiscal year | 18,350 | 33,019 | |
Term loans by origination year, more than five years before current fiscal year | 96,470 | 95,160 | |
Revolving loans | 6,134 | 6,934 | |
Revolving loans converted to term loans | 1,925 | 2,060 | |
Loans | 244,371 | 276,674 | |
Residential mortgage - first lien [Member] | Government insured or guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 3 | 215 | |
Term loans by origination year, fiscal year before current fiscal year | 193 | 639 | |
Term loans by origination year, two years before current fiscal year | 364 | 904 | |
Term loans by origination year, three years before current fiscal year | 566 | 1,076 | |
Term loans by origination year, four years before current fiscal year | 635 | 2,367 | |
Term loans by origination year, more than five years before current fiscal year | 18,470 | 25,039 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term loans | 0 | 0 | |
Loans | 20,231 | 30,240 | |
Residential mortgage - first lien [Member] | LTV 0-60% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 9,789 | 16,582 | |
Term loans by origination year, fiscal year before current fiscal year | 18,204 | 15,449 | |
Term loans by origination year, two years before current fiscal year | 14,733 | 6,065 | |
Term loans by origination year, three years before current fiscal year | 5,341 | 13,190 | |
Term loans by origination year, four years before current fiscal year | 11,884 | 21,097 | |
Term loans by origination year, more than five years before current fiscal year | 66,680 | 59,291 | |
Revolving loans | 4,604 | 4,971 | |
Revolving loans converted to term loans | 1,567 | 1,587 | |
Loans | 132,802 | 138,232 | |
Residential mortgage - first lien [Member] | LTV 60.01-80% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 20,654 | 34,639 | |
Term loans by origination year, fiscal year before current fiscal year | 27,433 | 24,736 | |
Term loans by origination year, two years before current fiscal year | 15,773 | 7,724 | |
Term loans by origination year, three years before current fiscal year | 4,339 | 10,745 | |
Term loans by origination year, four years before current fiscal year | 5,369 | 8,970 | |
Term loans by origination year, more than five years before current fiscal year | 10,096 | 9,333 | |
Revolving loans | 1,071 | 1,323 | |
Revolving loans converted to term loans | 256 | 326 | |
Loans | 84,991 | 97,796 | |
Residential mortgage - first lien [Member] | LTV 80.01-100% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 40 | 2,332 | |
Term loans by origination year, fiscal year before current fiscal year | 1,720 | 2,975 | |
Term loans by origination year, two years before current fiscal year | 1,498 | 900 | |
Term loans by origination year, three years before current fiscal year | 416 | 654 | |
Term loans by origination year, four years before current fiscal year | 382 | 441 | |
Term loans by origination year, more than five years before current fiscal year | 801 | 1,003 | |
Revolving loans | 304 | 425 | |
Revolving loans converted to term loans | 68 | 100 | |
Loans | 5,229 | 8,830 | |
Residential mortgage - first lien [Member] | LTV 100.01-120% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 41 | |
Term loans by origination year, fiscal year before current fiscal year | 35 | 106 | |
Term loans by origination year, two years before current fiscal year | 52 | 45 | |
Term loans by origination year, three years before current fiscal year | 19 | 40 | |
Term loans by origination year, four years before current fiscal year | 16 | 41 | |
Term loans by origination year, more than five years before current fiscal year | 101 | 168 | |
Revolving loans | 72 | 117 | |
Revolving loans converted to term loans | 17 | 26 | |
Loans | 312 | 584 | |
Residential mortgage - first lien [Member] | LTV greater than 120% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 31 | |
Term loans by origination year, fiscal year before current fiscal year | 21 | 41 | |
Term loans by origination year, two years before current fiscal year | 17 | 16 | |
Term loans by origination year, three years before current fiscal year | 6 | 19 | |
Term loans by origination year, four years before current fiscal year | 7 | 16 | |
Term loans by origination year, more than five years before current fiscal year | 50 | 78 | |
Revolving loans | 30 | 44 | |
Revolving loans converted to term loans | 6 | 8 | |
Loans | 137 | 253 | |
Residential mortgage - first lien [Member] | No LTV/CLTV available [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 42 | 110 | |
Term loans by origination year, fiscal year before current fiscal year | 101 | 92 | |
Term loans by origination year, two years before current fiscal year | 79 | 63 | |
Term loans by origination year, three years before current fiscal year | 54 | 72 | |
Term loans by origination year, four years before current fiscal year | 57 | 87 | |
Term loans by origination year, more than five years before current fiscal year | 272 | 248 | |
Revolving loans | 53 | 54 | |
Revolving loans converted to term loans | 11 | 13 | |
Loans | 669 | 739 | |
Residential mortgage - junior lien [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 13 | 22 | |
Term loans by origination year, fiscal year before current fiscal year | 22 | 39 | |
Term loans by origination year, two years before current fiscal year | 35 | 41 | |
Term loans by origination year, three years before current fiscal year | 35 | 39 | |
Term loans by origination year, four years before current fiscal year | 28 | 32 | |
Term loans by origination year, more than five years before current fiscal year | 972 | 1,189 | |
Revolving loans | 13,220 | 15,743 | |
Revolving loans converted to term loans | 5,312 | 6,181 | |
Loans | 19,637 | 23,286 | |
Residential mortgage - junior lien [Member] | LTV 0-60% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 496 | 548 | |
Revolving loans | 8,124 | 8,626 | |
Revolving loans converted to term loans | 3,558 | 3,742 | |
Loans | 12,178 | 12,916 | |
Residential mortgage - junior lien [Member] | LTV 60.01-80% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 254 | 335 | |
Revolving loans | 3,718 | 5,081 | |
Revolving loans converted to term loans | 1,178 | 1,554 | |
Loans | 5,150 | 6,970 | |
Residential mortgage - junior lien [Member] | LTV 80.01-100% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 123 | 187 | |
Revolving loans | 1,051 | 1,507 | |
Revolving loans converted to term loans | 424 | 641 | |
Loans | 1,598 | 2,335 | |
Residential mortgage - junior lien [Member] | LTV 100.01-120% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 31 | 59 | |
Revolving loans | 225 | 376 | |
Revolving loans converted to term loans | 92 | 156 | |
Loans | 348 | 591 | |
Residential mortgage - junior lien [Member] | LTV greater than 120% [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 0 | 0 | |
Term loans by origination year, fiscal year before current fiscal year | 0 | 0 | |
Term loans by origination year, two years before current fiscal year | 0 | 0 | |
Term loans by origination year, three years before current fiscal year | 0 | 0 | |
Term loans by origination year, four years before current fiscal year | 0 | 0 | |
Term loans by origination year, more than five years before current fiscal year | 8 | 15 | |
Revolving loans | 78 | 128 | |
Revolving loans converted to term loans | 28 | 50 | |
Loans | 114 | 193 | |
Residential mortgage - junior lien [Member] | No LTV/CLTV available [Member] | Non-government insured/guaranteed [Member] | |||
Loans by Loan to Value [Abstract] | |||
Term loans by origination year, current fiscal year | 13 | 22 | |
Term loans by origination year, fiscal year before current fiscal year | 22 | 39 | |
Term loans by origination year, two years before current fiscal year | 35 | 41 | |
Term loans by origination year, three years before current fiscal year | 35 | 39 | |
Term loans by origination year, four years before current fiscal year | 28 | 32 | |
Term loans by origination year, more than five years before current fiscal year | 60 | 45 | |
Revolving loans | 24 | 25 | |
Revolving loans converted to term loans | 32 | 38 | |
Loans | $ 249 | $ 281 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses, Nonaccrual (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | $ 7,371 | $ 8,728 | |
Nonaccrual loans without related allowance for credit losses | 3,130 | 2,875 | |
Recognized interest income | 178 | $ 169 | |
Total Commercial [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 3,549 | 4,779 | |
Nonaccrual loans without related allowance for credit losses | 718 | 506 | |
Recognized interest income | 79 | 52 | |
Commercial and industrial loans [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 1,691 | 2,698 | |
Nonaccrual loans without related allowance for credit losses | 464 | 382 | |
Recognized interest income | 45 | 30 | |
Commercial real estate mortgage [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 1,598 | 1,774 | |
Nonaccrual loans without related allowance for credit losses | 201 | 93 | |
Recognized interest income | 33 | 17 | |
Commercial real estate construction [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 45 | 48 | |
Nonaccrual loans without related allowance for credit losses | 13 | 15 | |
Recognized interest income | 1 | 5 | |
Lease financing [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 215 | 259 | |
Nonaccrual loans without related allowance for credit losses | 40 | 16 | |
Recognized interest income | 0 | 0 | |
Total Consumer [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 3,822 | 3,949 | |
Nonaccrual loans without related allowance for credit losses | 2,412 | 2,369 | |
Recognized interest income | 99 | 117 | |
Residential mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans in process of foreclosure, amount | 939 | 2,100 | |
Residential mortgage - first lien [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 2,852 | 2,957 | |
Nonaccrual loans without related allowance for credit losses | 1,949 | 1,908 | |
Recognized interest income | 56 | 81 | |
Residential mortgage - junior lien [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 713 | 754 | |
Nonaccrual loans without related allowance for credit losses | 463 | 461 | |
Recognized interest income | 25 | 28 | |
Auto [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 221 | 202 | |
Nonaccrual loans without related allowance for credit losses | 0 | 0 | |
Recognized interest income | 17 | 7 | |
Other consumer [Member] | |||
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 36 | 36 | |
Nonaccrual loans without related allowance for credit losses | 0 | 0 | |
Recognized interest income | 1 | $ 1 | |
Government guaranteed mortgage loans upon foreclosure receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans in process of foreclosure, amount | $ 650 | $ 1,700 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses, 90 Days or More Past Due and Still Accruing (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | $ 4,703 | $ 7,041 |
Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 737 | 690 |
Government insured or guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 3,966 | 6,351 |
Total Commercial [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 277 | 78 |
Commercial and industrial loans [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 165 | 39 |
Commercial real estate mortgage [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 105 | 38 |
Commercial real estate construction [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 7 | 1 |
Total Consumer [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 460 | 612 |
Residential mortgage - first lien [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 73 | 135 |
Residential mortgage - junior lien [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 12 | 19 |
Credit card [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 271 | 365 |
Auto [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | 43 | 65 |
Other consumer [Member] | Non-government insured/guaranteed [Member] | ||
Loans 90 days or more past due and still accruing: | ||
Loans, 90 days or more past due and still accruing | $ 61 | $ 28 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses, Troubled Debt Restructurings Modifications by Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing receivable, troubled debt restructuring | $ 12,500 | $ 12,500 | $ 14,500 | ||
Loans and leases receivable, impaired, commitment to lend | 344 | 344 | $ 489 | ||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 942 | $ 1,503 | 1,893 | $ 2,357 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 45 | $ 67 | $ 59 | $ 117 | |
Weighted average interest rate reduction | 11.68% | 8.17% | 12.31% | 8.30% | |
Total Commercial [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 466 | $ 1,069 | $ 805 | $ 1,587 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 14 | $ 38 | $ 20 | $ 82 | |
Weighted average interest rate reduction | 1.17% | 1.00% | 1.05% | 0.90% | |
Commercial and industrial loans [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 331 | $ 965 | $ 562 | $ 1,312 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 14 | $ 38 | $ 20 | $ 82 | |
Weighted average interest rate reduction | 1.22% | 0.79% | 1.10% | 0.73% | |
Commercial real estate mortgage [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 132 | $ 103 | $ 236 | $ 268 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 1.15% | 1.75% | 1.04% | 1.17% | |
Commercial real estate construction [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 2 | $ 0 | $ 3 | $ 6 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 0.00% | 0.00% | 0.00% | 2.49% | |
Lease financing [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 1 | $ 1 | $ 4 | $ 1 | |
Financial effects of modifications [Abstract] | |||||
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 [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 476 | $ 434 | $ 1,088 | $ 770 | |
Loan restructuring, trial modifications, amount | 2 | (13) | 2 | (11) | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 31 | $ 29 | $ 39 | $ 35 | |
Weighted average interest rate reduction | 13.24% | 10.09% | 13.67% | 10.04% | |
Residential mortgage - first lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 361 | $ 302 | $ 900 | $ 492 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 1 | $ 1 | $ 1 | $ 1 | |
Weighted average interest rate reduction | 1.26% | 1.84% | 1.53% | 1.73% | |
Residential mortgage - junior lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 11 | $ 27 | $ 29 | $ 48 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 0 | $ 0 | $ 1 | $ 0 | |
Weighted average interest rate reduction | 2.51% | 2.39% | 2.44% | 2.38% | |
Credit card [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 24 | $ 62 | $ 56 | $ 157 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 19.02% | 12.79% | 18.93% | 12.51% | |
Auto [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 74 | $ 47 | $ 89 | $ 61 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 30 | $ 28 | $ 37 | $ 34 | |
Weighted average interest rate reduction | 3.93% | 4.42% | 3.90% | 4.56% | |
Other consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 4 | $ 9 | $ 12 | $ 23 | |
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 12.02% | 5.90% | 12.14% | 7.71% | |
Primary modification type, Principal [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 42 | $ 1 | $ 42 | $ 21 | |
Primary modification type, Principal [Member] | Total Commercial [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 41 | 0 | 41 | 18 | |
Primary modification type, Principal [Member] | Commercial and industrial loans [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 18 | |
Primary modification type, Principal [Member] | Commercial real estate mortgage [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 41 | 0 | 41 | 0 | |
Primary modification type, Principal [Member] | Commercial real estate construction [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Principal [Member] | Lease financing [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Principal [Member] | Total Consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 1 | 1 | 3 | |
Loan restructuring, trial modifications, amount | 0 | 0 | 0 | 0 | |
Primary modification type, Principal [Member] | Residential mortgage - first lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Principal [Member] | Residential mortgage - junior lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Principal [Member] | Credit card [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Principal [Member] | Auto [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 1 | 1 | 3 | |
Primary modification type, Principal [Member] | Other consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Interest rate reduction [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 45 | 106 | 102 | 266 | |
Primary modification type, Interest rate reduction [Member] | Total Commercial [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 6 | 22 | 11 | 50 | |
Primary modification type, Interest rate reduction [Member] | Commercial and industrial loans [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 17 | 2 | 32 | |
Primary modification type, Interest rate reduction [Member] | Commercial real estate mortgage [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 5 | 5 | 9 | 18 | |
Primary modification type, Interest rate reduction [Member] | Commercial real estate construction [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Interest rate reduction [Member] | Lease financing [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Interest rate reduction [Member] | Total Consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 39 | 84 | 91 | 216 | |
Loan restructuring, trial modifications, amount | 0 | 0 | 0 | 0 | |
Primary modification type, Interest rate reduction [Member] | Residential mortgage - first lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 8 | 14 | 15 | 31 | |
Primary modification type, Interest rate reduction [Member] | Residential mortgage - junior lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 2 | 3 | 7 | 9 | |
Primary modification type, Interest rate reduction [Member] | Credit card [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 24 | 62 | 56 | 157 | |
Primary modification type, Interest rate reduction [Member] | Auto [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 2 | 2 | 4 | |
Primary modification type, Interest rate reduction [Member] | Other consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 4 | 3 | 11 | 15 | |
Primary modification type, Other concessions [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 855 | 1,396 | 1,749 | 2,070 | |
Primary modification type, Other concessions [Member] | Total Commercial [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 419 | 1,047 | 753 | 1,519 | |
Primary modification type, Other concessions [Member] | Commercial and industrial loans [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 330 | 948 | 560 | 1,262 | |
Primary modification type, Other concessions [Member] | Commercial real estate mortgage [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 86 | 98 | 186 | 250 | |
Primary modification type, Other concessions [Member] | Commercial real estate construction [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 2 | 0 | 3 | 6 | |
Primary modification type, Other concessions [Member] | Lease financing [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 1 | 4 | 1 | |
Primary modification type, Other concessions [Member] | Total Consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 436 | 349 | 996 | 551 | |
Loan restructuring, trial modifications, amount | 2 | (13) | 2 | (11) | |
Primary modification type, Other concessions [Member] | Residential mortgage - first lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 353 | 288 | 885 | 461 | |
Primary modification type, Other concessions [Member] | Residential mortgage - junior lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 9 | 24 | 22 | 39 | |
Primary modification type, Other concessions [Member] | Credit card [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Primary modification type, Other concessions [Member] | Auto [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 72 | 44 | 86 | 54 | |
Primary modification type, Other concessions [Member] | Other consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 6 | 1 | 8 | |
Trial modifications [Member] | Total Consumer [Member] | |||||
Financial effects of modifications [Abstract] | |||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 45 | $ 106 | $ 102 | $ 266 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Total Commercial [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 6 | 22 | 11 | 50 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Commercial and industrial loans [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 17 | 2 | 32 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Commercial real estate mortgage [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 5 | 5 | 9 | 18 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Commercial real estate construction [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Lease financing [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 0 | 0 | 0 | 0 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Total Consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 39 | 84 | 91 | 216 | |
Loan restructuring, trial modifications, amount | 0 | 0 | 0 | 0 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Residential mortgage - first lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 8 | 14 | 15 | 31 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Residential mortgage - junior lien [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 2 | 3 | 7 | 9 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Credit card [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 24 | 62 | 56 | 157 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Auto [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 1 | 2 | 2 | 4 | |
Financial effects of modification, Recorded investment related to interest rate reduction [Member] | Other consumer [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | 4 | 3 | 11 | 15 | |
Loans remodified [Member] | |||||
Primary Modification Type [Abstract] | |||||
Financing receivable, troubled debt restructuring, post modification | $ 202 | $ 221 | $ 458 | $ 484 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses, Troubled Debt Restructurings, Current Defaults (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | $ 113 | $ 154 | $ 196 | $ 401 |
Total Commercial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 93 | 118 | 150 | 324 |
Commercial and industrial loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 84 | 37 | 125 | 222 |
Commercial real estate mortgage [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 9 | 81 | 25 | 102 |
Commercial real estate construction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 0 | 0 | 0 | 0 |
Lease financing [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 0 | 0 | 0 | 0 |
Total Consumer [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 20 | 36 | 46 | 77 |
Residential mortgage - first lien [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 2 | 8 | 5 | 18 |
Residential mortgage - junior lien [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 0 | 6 | 1 | 8 |
Credit card [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 6 | 19 | 16 | 45 |
Auto [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | 12 | 1 | 23 | 3 |
Other consumer [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment of defaults | $ 0 | $ 2 | $ 1 | $ 3 |
Leasing Activity, Leasing Reven
Leasing Activity, Leasing Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Interest income on lease financing | $ 172 | $ 208 | $ 353 | $ 437 |
Variable revenues on lease financing | 25 | 26 | 51 | 54 |
Fixed revenues on operating leases | 254 | 294 | 514 | 608 |
Variable revenues on operating leases | 18 | 12 | 36 | 25 |
Other lease-related revenues | 16 | 3 | 27 | 1 |
Noninterest income on leases | 313 | 335 | 628 | 688 |
Total leasing revenue | 485 | 543 | 981 | 1,125 |
Leasing Activity Disclosures Textual [Abstract] | ||||
Lease expense | $ 226 | $ 244 | $ 452 | $ 504 |
Leasing Activity, Operating Lea
Leasing Activity, Operating Lease Right of Use (ROU) Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Line Items] | ||
ROU assets | $ 4,053 | $ 4,306 |
Other assets [Member] | ||
Leases [Line Items] | ||
ROU assets | 4,053 | 4,306 |
Accrued expenses and other liabilities [Member] | ||
Leases [Line Items] | ||
Lease liabilities | $ 4,705 | $ 4,962 |
Leasing Activity, Lease Costs (
Leasing Activity, Lease Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Fixed lease expense – operating leases | $ 265 | $ 292 | $ 530 | $ 583 |
Variable lease expense | 69 | 80 | 147 | 146 |
Other | (28) | (42) | (31) | (56) |
Total lease costs | $ 306 | $ 330 | $ 646 | $ 673 |
Equity Securities (Details)
Equity Securities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Equity Securities [Line Items] | |||
Equity securities, carried at fair value | $ 35,331 | $ 34,009 | |
Equity securities | 64,547 | 60,008 | [1] |
Held for trading [Member] | Marketable equity securities [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, carried at fair value | 23,701 | 23,032 | |
Not held for trading [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, carried at fair value | 11,630 | 10,977 | |
Equity securities | 40,846 | 36,976 | |
Not held for trading [Member] | Marketable equity securities [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, carried at fair value | 1,624 | 1,564 | |
Not held for trading [Member] | Nonmarketable equity securities [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, carried at fair value | 10,006 | 9,413 | |
Not held for trading [Member] | Equity method investments [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, not carried at fair value | 7,128 | 6,850 | |
Not held for trading [Member] | Private equity [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, not carried at fair value | 2,897 | 2,960 | |
Not held for trading [Member] | Tax-advantaged renewable energy [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, not carried at fair value | 3,853 | 3,481 | |
Not held for trading [Member] | New market tax credit and other [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, not carried at fair value | 378 | 409 | |
Not held for trading [Member] | Low-income housing tax credit investments [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, not carried at fair value | 11,439 | 11,353 | |
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 | 3,588 | |
Not held for trading [Member] | Other method investments - Private equity [Member] | |||
Equity Securities [Line Items] | |||
Equity securities, not carried at fair value | $ 7,064 | $ 4,208 | |
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Equity Securities - Low-Income
Equity Securities - Low-Income Housing Tax Credit Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |||
LIHTC Investment [Line Items] | |||||||
Income tax expense (benefit) | $ 1,445 | $ (2,001) | [1] | $ 2,346 | $ (1,648) | [1] | |
Equity Securities Disclosures Textual [Abstract] | |||||||
Affordable housing tax credits commitment, payment period | 3 years | 3 years | |||||
Qualified affordable housing project investments, commitment | 4,200 | $ 4,200 | $ 4,200 | ||||
Low-income housing tax credit investments [Member] | |||||||
LIHTC Investment [Line Items] | |||||||
Proportional amortization of investments | 382 | 352 | 764 | 703 | |||
Tax credits and other tax benefits | (431) | (401) | (875) | (797) | |||
Income tax expense (benefit) | $ (49) | $ (49) | $ (111) | $ (94) | |||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Equity Securities Net Gains (Lo
Equity Securities Net Gains (Losses) from Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Total net gains (losses) from equity securities not held for trading | $ 2,696 | $ 533 | $ 3,088 | $ (868) |
Not designated as hedging instrument [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Net gains (losses) from economic hedge derivatives | (2,001) | (2,868) | (1,238) | 4,214 |
Economic hedges [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Net gains (losses) from economic hedge derivatives | (560) | (1,394) | (454) | 2,940 |
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 | (762) | (1,402) | (337) | (183) |
Equity securities [Member] | Net gain (loss) from equity securities [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Total equity securities carried at fair value | 967 | 1,818 | 669 | (89) |
Marketable equity securities [Member] | Net gain (loss) from equity securities [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Total equity securities carried at fair value | 74 | 394 | 134 | (409) |
Nonmarketable equity securities [Member] | Measurement alternative [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Total net gains (losses) from equity securities not held for trading | 2,194 | (23) | 2,407 | (153) |
Nonmarketable equity securities [Member] | Net gain (loss) from equity securities [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Total equity securities carried at fair value | 893 | 1,424 | 535 | 320 |
Total nonmarketable equity securities not carried at fair value | 2,491 | 117 | 2,756 | (596) |
Nonmarketable equity securities [Member] | Impairment write-downs [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Total nonmarketable equity securities not carried at fair value | (42) | (106) | (57) | (1,041) |
Nonmarketable equity securities [Member] | Net unrealized gains (losses) [Member] | Measurement alternative [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Total nonmarketable equity securities not carried at fair value | 2,037 | 24 | 2,262 | 246 |
Nonmarketable equity securities [Member] | Net realized gains (losses) on sale [Member] | ||||
Net Gains (Losses) from Equity Securities [Line Items] | ||||
Total nonmarketable equity securities not carried at fair value | $ 496 | $ 199 | $ 551 | $ 199 |
Equity Securities Net Gains (_2
Equity Securities Net Gains (Losses) from Measurement Alternative Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Gains (Losses) from Measurement Alternative Equity Securities | ||||
Total net gains recognized during the period | $ 2,696 | $ 533 | $ 3,088 | $ (868) |
Measurement alternative [Member] | Nonmarketable equity securities [Member] | ||||
Net Gains (Losses) from Measurement Alternative Equity Securities | ||||
Gross unrealized gains due to observable price changes | 2,037 | 24 | 2,262 | 246 |
Impairment write-downs | (38) | (58) | (50) | (412) |
Realized net gains from sale | 195 | 11 | 195 | 13 |
Total net gains recognized during the period | $ 2,194 | $ (23) | $ 2,407 | $ (153) |
Equity Securities Measurement A
Equity Securities Measurement Alternative Cumulative Gains (Losses) (Details) - Nonmarketable equity securities [Member] - Measurement alternative [Member] - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Measurement Alternative Cumulative Gains (Losses) | ||
Cumulative gross unrealized gains due to observable price changes | $ 4,577 | $ 2,356 |
Cumulative gross unrealized losses due to observable price changes | (25) | (25) |
Cumulative impairment write-downs | $ (1,008) | $ (969) |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Components of Other Assets [Line Items] | ||
Corporate/bank-owned life insurance | $ 20,488 | $ 20,380 |
Accounts receivable | 24,372 | 38,116 |
Customer relationship and other amortized intangibles | 1,579 | 1,640 |
Residential real estate foreclosed assets | 49 | 73 |
Other foreclosed assets | 80 | 86 |
Operating lease assets (lessor) | 6,773 | 7,391 |
Operating lease ROU assets (lessee) | 4,053 | 4,306 |
Due from customers on acceptances | 144 | 268 |
Other | 12,135 | 11,768 |
Total other assets | 72,453 | 87,337 |
Customer relationship and other amortized intangibles [Member] | ||
Components of Other Assets [Line Items] | ||
Customer relationship and other amortized intangibles | 287 | 328 |
AFS And HTM debt securities [Member] | ||
Components of Other Assets [Line Items] | ||
Interest receivable | 1,366 | 1,368 |
Loans [Member] | ||
Components of Other Assets [Line Items] | ||
Interest receivable | 2,224 | 2,838 |
Trading and other [Member] | ||
Components of Other Assets [Line Items] | ||
Interest receivable | $ 482 | $ 415 |
Securitizations and Variable _3
Securitizations and Variable Interest Entities, Transfers with Continuing Involvement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Excluding resecuritization [Member] | Fair value, inputs, level 2 [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Securities recognized, trading | $ 11,200 | $ 9,400 | $ 18,000 | $ 17,100 | |
Excluding resecuritization [Member] | Residential mortgage [Member] | |||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||||
Asset balances sold | 45,903 | 43,602 | 86,489 | 81,987 | |
Proceeds from transfer | 46,230 | 43,605 | 86,921 | 82,025 | |
Net gains (losses) on sale | 327 | 3 | 432 | 38 | |
Excluding resecuritization [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | |||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||||
Servicing rights recognized | 487 | 443 | 894 | 889 | |
Excluding resecuritization [Member] | Residential mortgage [Member] | Fair value, inputs, level 2 [Member] | |||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||||
Securities recognized | 6,171 | 590 | 16,394 | 590 | |
Excluding resecuritization [Member] | Residential mortgage [Member] | Collateralized financing receivable [Member] | |||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||||
Loans recognized | 0 | 0 | 926 | 0 | |
Excluding resecuritization [Member] | Commercial mortgage [Member] | |||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||||
Asset balances sold | 5,173 | 2,505 | 8,364 | 5,233 | |
Proceeds from transfer | 5,227 | 2,569 | 8,509 | 5,366 | |
Net gains (losses) on sale | 54 | 64 | 145 | 133 | |
Excluding resecuritization [Member] | Commercial mortgage [Member] | Fair value, inputs, level 3 [Member] | |||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||||
Servicing rights recognized | 24 | 48 | 71 | 82 | |
Excluding resecuritization [Member] | Commercial mortgage [Member] | Fair value, inputs, level 2 [Member] | |||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||||
Securities recognized | 39 | 12 | 68 | 74 | |
Excluding resecuritization [Member] | Commercial mortgage [Member] | Collateralized financing receivable [Member] | |||||
Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||||
Loans recognized | 0 | 0 | 0 | 0 | |
Nonconforming mortgage loan securitizations [Member] | Excluding resecuritization [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Cash flows from other interests held | 3,000 | 44 | 3,100 | 117 | |
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Maximum exposure to loss | 27,745 | 27,745 | $ 19,606 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Debt, guarantees, and other commitments [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Maximum exposure to loss | 3,996 | 3,996 | 3,372 | ||
VIEs that we do not consolidate [Member] | Nonconforming mortgage loan securitizations [Member] | Excluding resecuritization [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Maximum exposure to loss | 3,095 | 3,095 | 2,944 | ||
VIEs that we do not consolidate [Member] | Nonconforming mortgage loan securitizations [Member] | Excluding resecuritization [Member] | Debt, guarantees, and other commitments [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Maximum exposure to loss | 31 | 31 | 34 | ||
VIEs that we do not consolidate [Member] | Conforming mortgage loan securitization [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Repurchases of assets/loss reimbursements | 1,000 | $ 3,600 | 2,900 | $ 5,100 | |
Carrying value of delinquent loans eligible for repurchase | 128 | 128 | 176 | ||
Principal amount that would be payable to securitization vehicles | 128 | 128 | 176 | ||
VIEs that we do not consolidate [Member] | Conforming mortgage loan securitization [Member] | Debt and other liabilities [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Liability for mortgage repurchase reserves amount, fair value | 201 | 201 | 221 | ||
VIEs that we do not consolidate [Member] | Conforming mortgage loan securitization [Member] | Debt, guarantees, and other commitments [Member] | |||||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Maximum exposure to loss | $ 13,400 | $ 13,400 | $ 13,700 |
Securitizations and Variable _4
Securitizations and Variable Interest Entities, Residential Mortgage Servicing Rights (Details) - Residential mortgage servicing rights [Member] - $ / loan | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | ||||
Prepayment speed | 13.40% | 15.00% | 13.80% | 14.00% |
Discount rate | 6.10% | 7.00% | 6.00% | 6.80% |
Cost to service ($ per loan) | 91 | 97 | 87 | 94 |
Securitizations and Variable _5
Securitizations and Variable Interest Entities, Sale of Student Loan Portfolio (Details) - Student loan [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Variable Interest Entity [Line Items] | ||
Asset balances sold | $ 3,900 | $ 9,500 |
Proceeds from transfer | 4,000 | 9,800 |
Net gains (losses) on sale | 147 | 355 |
Collateralized financing receivable [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans recognized | $ 1,600 | $ 3,800 |
Securitizations and Variable _6
Securitizations and Variable Interest Entities, Resecuritization Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||||
Variable Interest Entity [Line Items] | ||||||||
Assets | $ 1,945,996 | [1] | $ 1,967,048 | $ 1,945,996 | [1] | $ 1,967,048 | $ 1,952,911 | [1] |
Resecuritization [Member] | VIEs that we do not consolidate [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Asset balances sold | 7,873 | 19,982 | 25,302 | 29,454 | ||||
Assets, nonconsolidated VIE | 125,543 | 125,543 | 130,446 | |||||
Resecuritization [Member] | VIEs that we do not consolidate [Member] | Carrying value [Member] | Securities [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Assets | 1,137 | 1,137 | $ 1,461 | |||||
Resecuritization [Member] | VIEs that we do not consolidate [Member] | Fair value, inputs, level 2 [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Securities recognized | $ (99) | $ 153 | $ 915 | $ 815 | ||||
[1] | Our consolidated assets at June 30, 2021, and December 31, 2020, included the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Debt securities, $518 million and $967 million; Loans, $4.1 billion and $10.9 billion; All other assets, $334 million and $310 million; and Total assets, $4.9 billion and $12.1 billion, respectively. |
Securitizations and Variable _7
Securitizations and Variable Interest Entities, Off-Balance Sheet Loans Sold or Securitized (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | $ 855,402 | $ 933,020 | |
Delinquent loans and foreclosed assets | 23,232 | 32,179 | |
Net charge-offs | 134 | $ 142 | |
Government insured or guaranteed [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 784,300 | 864,800 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Delinquent loans | 19,800 | 28,500 | |
Foreclosed assets | 124 | 152 | |
Commercial mortgage [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 116,704 | 114,134 | |
Delinquent loans and foreclosed assets | 2,363 | 2,217 | |
Net charge-offs | 122 | 83 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Foreclosed assets | 203 | 394 | |
Residential mortgage [Member] | |||
Principal Balances - Off-Balance Sheet Securitized Loans [Abstract] | |||
Total loans | 738,698 | 818,886 | |
Delinquent loans and foreclosed assets | 20,869 | 29,962 | |
Net charge-offs | 12 | $ 59 | |
Securitizations and Variable Interest Entities Textual [Abstract] | |||
Foreclosed assets | $ 163 | $ 204 |
Securitizations and Variable _8
Securitizations and Variable Interest Entities, Unconsolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Variable Interest Entity [Line Items] | ||||
Loans | $ 852,300 | $ 887,637 | $ 935,155 | |
Equity securities | 64,547 | 60,008 | [1] | |
Securitizations and Variable Interest Entities Textual [Abstract] | ||||
Trading debt securities | 82,727 | 75,095 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets, nonconsolidated VIE | 186,988 | 170,833 | ||
Maximum exposure to loss | 27,745 | 19,606 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Nonconforming mortgage loan securitizations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets, nonconsolidated VIE | 134,023 | 127,717 | ||
Maximum exposure to loss | 3,095 | 2,944 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Tax credit structures [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets, nonconsolidated VIE | 41,058 | 41,125 | ||
Maximum exposure to loss | 16,346 | 16,230 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Commercial real estate loans [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets, nonconsolidated VIE | 5,366 | 0 | ||
Maximum exposure to loss | 6,077 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Other [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets, nonconsolidated VIE | 6,541 | 1,991 | ||
Maximum exposure to loss | 2,227 | 432 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Loans [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 9,120 | 1,849 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Loans [Member] | Nonconforming mortgage loan securitizations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 0 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Loans [Member] | Tax credit structures [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 1,875 | 1,760 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Loans [Member] | Commercial real estate loans [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 5,357 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Loans [Member] | Other [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 1,888 | 89 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Debt securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 2,401 | 2,303 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Equity securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 11,505 | 11,413 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Nonconforming mortgage loan securitizations [Member] | Debt securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 2,401 | 2,303 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Nonconforming mortgage loan securitizations [Member] | Equity securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 0 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Tax credit structures [Member] | Debt securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 0 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Tax credit structures [Member] | Equity securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 11,448 | 11,362 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Commercial real estate loans [Member] | Debt securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 0 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Commercial real estate loans [Member] | Equity securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 0 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Other [Member] | Debt securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 0 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Securities [Member] | Other [Member] | Equity securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 57 | 51 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | All other assets [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 723 | 669 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | All other assets [Member] | Nonconforming mortgage loan securitizations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 663 | 607 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | All other assets [Member] | Tax credit structures [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 0 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | All other assets [Member] | Commercial real estate loans [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 8 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | All other assets [Member] | Other [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 52 | 62 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Debt, guarantees, and other commitments [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 3,996 | 3,372 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Debt, guarantees, and other commitments [Member] | Nonconforming mortgage loan securitizations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 31 | 34 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Debt, guarantees, and other commitments [Member] | Tax credit structures [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 3,023 | 3,108 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Debt, guarantees, and other commitments [Member] | Commercial real estate loans [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 712 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Debt, guarantees, and other commitments [Member] | Other [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss | 230 | 230 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Carrying value [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans | 9,120 | 1,849 | ||
Debt securities | 2,401 | 2,303 | ||
Equity securities | 11,505 | 11,413 | ||
All other assets | 723 | 668 | ||
Debt and other liabilities | 4,219 | 4,203 | ||
Net assets | 19,530 | 12,030 | ||
Securitizations and Variable Interest Entities Textual [Abstract] | ||||
Trading debt securities | 317 | 310 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Carrying value [Member] | Nonconforming mortgage loan securitizations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans | 0 | 0 | ||
Debt securities | 2,401 | 2,303 | ||
Equity securities | 0 | 0 | ||
All other assets | 663 | 606 | ||
Debt and other liabilities | 0 | 0 | ||
Net assets | 3,064 | 2,909 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Carrying value [Member] | Tax credit structures [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans | 1,875 | 1,760 | ||
Debt securities | 0 | 0 | ||
Equity securities | 11,448 | 11,362 | ||
All other assets | 0 | 0 | ||
Debt and other liabilities | 4,218 | 4,202 | ||
Net assets | 9,105 | 8,920 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Carrying value [Member] | Commercial real estate loans [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans | 5,357 | 0 | ||
Debt securities | 0 | 0 | ||
Equity securities | 0 | 0 | ||
All other assets | 8 | 0 | ||
Debt and other liabilities | 0 | 0 | ||
Net assets | 5,365 | 0 | ||
VIEs that we do not consolidate [Member] | Excluding resecuritization [Member] | Carrying value [Member] | Other [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans | 1,888 | 89 | ||
Debt securities | 0 | 0 | ||
Equity securities | 57 | 51 | ||
All other assets | 52 | 62 | ||
Debt and other liabilities | 1 | 1 | ||
Net assets | $ 1,996 | $ 201 | ||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Securitizations and Variable _9
Securitizations and Variable Interest Entities, Transactions with Consolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | ||
Variable Interest Entity [Line Items] | |||||
Assets | $ 1,945,996 | [1] | $ 1,952,911 | [1] | $ 1,967,048 |
Loans | 852,300 | 887,637 | $ 935,155 | ||
Long-term Debt | (179,656) | (212,950) | |||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Trading debt securities | 82,727 | 75,095 | |||
Carrying value [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Long-term Debt | (179,625) | (212,922) | |||
VIEs that we consolidate [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 8,119 | 13,983 | |||
VIEs that we consolidate [Member] | Commercial and industrial loans and leases [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 6,981 | 6,987 | |||
VIEs that we consolidate [Member] | Commercial real estate loans [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 0 | 5,369 | |||
VIEs that we consolidate [Member] | Other [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 1,138 | 1,627 | |||
VIEs that we consolidate [Member] | Carrying value [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 4,927 | 12,146 | |||
Loans | 4,075 | 10,869 | |||
Debt securities | 518 | 967 | |||
All other assets | 334 | 310 | |||
Long-term Debt | (178) | (203) | |||
All other liabilities | (587) | (1,100) | |||
Securitizations and Variable Interest Entities Textual [Abstract] | |||||
Trading debt securities | 117 | 269 | |||
VIEs that we consolidate [Member] | Carrying value [Member] | Commercial and industrial loans and leases [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Loans | 3,623 | 5,005 | |||
Debt securities | 0 | 0 | |||
All other assets | 238 | 223 | |||
Long-term Debt | 0 | 0 | |||
All other liabilities | (183) | (200) | |||
VIEs that we consolidate [Member] | Carrying value [Member] | Commercial real estate loans [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Loans | 0 | 5,357 | |||
Debt securities | 0 | 0 | |||
All other assets | 0 | 12 | |||
Long-term Debt | 0 | 0 | |||
All other liabilities | 0 | 0 | |||
VIEs that we consolidate [Member] | Carrying value [Member] | Other [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Loans | 452 | 507 | |||
Debt securities | 518 | 967 | |||
All other assets | 96 | 75 | |||
Long-term Debt | (178) | (203) | |||
All other liabilities | $ (404) | $ (900) | |||
[1] | Our consolidated assets at June 30, 2021, and December 31, 2020, included the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Debt securities, $518 million and $967 million; Loans, $4.1 billion and $10.9 billion; All other assets, $334 million and $310 million; and Total assets, $4.9 billion and $12.1 billion, respectively. |
Securitizations and Variable_10
Securitizations and Variable Interest Entities, Other Transactions (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Trust preferred securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Trust preferred securities exchanged for junior debt | $ 332 | |
VIEs that we do not consolidate [Member] | Junior subordinated debt [Member] | ||
Variable Interest Entity [Line Items] | ||
Junior subordinated notes | $ 381 | $ 704 |
Mortgage Banking Activities, An
Mortgage Banking Activities, Analysis of Changes in Fair Value MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Changes in MSRs measured at fair value | ||||
Fair value, beginning of period | $ 6,125 | |||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | $ 809 | $ 1,131 | (782) | $ 4,388 |
Changes due to collection/realization of expected cash flows | 488 | 637 | 1,073 | 1,201 |
Total changes in fair value | (1,297) | (1,768) | (291) | (5,589) |
Fair value, end of period | 6,717 | 6,717 | ||
Commercial mortgage servicing [Member] | ||||
Mortgage Banking Activities Textual [Abstract] | ||||
Mortgage servicing rights | 1,300 | 1,400 | 1,300 | 1,400 |
Servicing asset at amortized cost, fair value | 1,500 | 1,400 | 1,500 | 1,400 |
Residential mortgage servicing rights [Member] | ||||
Changes in MSRs measured at fair value | ||||
Fair value, beginning of period | 7,536 | 8,126 | 6,125 | 11,517 |
Servicing from securitizations or asset transfers | 485 | 462 | 891 | 923 |
Sales and other | (7) | (1) | (8) | (32) |
Net additions | 478 | 461 | 883 | 891 |
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | (809) | (1,131) | 782 | (4,388) |
Changes due to collection/realization of expected cash flows | (488) | (637) | (1,073) | (1,201) |
Total changes in fair value | (1,297) | (1,768) | (291) | (5,589) |
Fair value, end of period | 6,717 | 6,819 | 6,717 | 6,819 |
Residential mortgage servicing rights [Member] | Mortgage interest rates [Member] | ||||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | (529) | (600) | 1,101 | (3,622) |
Residential mortgage servicing rights [Member] | Servicing and foreclosure costs [Member] | ||||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | 0 | (349) | 9 | (422) |
Residential mortgage servicing rights [Member] | Discount rates [Member] | ||||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | 160 | 0 | 207 | 27 |
Residential mortgage servicing rights [Member] | Prepayment estimates and other [Member] | ||||
Changes in fair value: | ||||
Net changes in valuation inputs or assumptions | $ (440) | $ (182) | $ (535) | $ (371) |
Mortgage Banking Activities, Ec
Mortgage Banking Activities, Economic Assumptions and Sensitivity of Residential MSRs (Details) - Residential mortgage servicing rights [Member] $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / loan | Dec. 31, 2020USD ($)$ / loan | |
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 | $ 6,717 | $ 6,125 |
Expected weighted-average life (in years) | 4 years 2 months 12 days | 3 years 8 months 12 days |
Assumption For Fair Value Of Assets Or Liabilities That Relate To Transferor's Continuing Involvement, Key Economic Assumptions [Abstract] | ||
Prepayment speed assumption | 17.20% | 19.90% |
Impact on fair value from 10% adverse change | $ 417 | $ 434 |
Impact on fair value from 25% adverse change | $ 967 | $ 1,002 |
Discount rate assumption | 5.40% | 5.80% |
Impact on fair value from 100 basis point increase | $ 274 | $ 229 |
Impact on fair value from 200 basis point increase | $ 525 | $ 440 |
Cost to service assumption ($ per loan) | $ / loan | 111 | 130 |
Impact on fair value from 10% adverse change | $ 171 | $ 181 |
Impact on fair value from 25% adverse change | $ 427 | $ 454 |
Mortgage Banking Activities, Ma
Mortgage Banking Activities, Managed Servicing Portfolio (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Components of Managed Servicing Portfolio [Abstract] | ||
Total managed servicing portfolio | $ 1,762 | $ 1,888 |
Total serviced for others, excluding subserviced for others | $ 1,344 | $ 1,431 |
MSRs as a percentage of loans serviced for others | 0.60% | 0.52% |
Weighted average note rate (mortgage loans serviced for others) | 0.0393 | 0.0403 |
Mortgage Banking Activities Textual [Abstract] | ||
Servicer advances on mortgage loans | $ 3.4 | $ 3.4 |
Residential mortgage servicing rights [Member] | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced and subserviced for others | 771 | 859 |
Owned loans serviced | 284 | 323 |
Total managed servicing portfolio | 1,055 | 1,182 |
Commercial mortgage servicing [Member] | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Serviced and subserviced for others | 584 | 583 |
Owned loans serviced | 123 | 123 |
Total managed servicing portfolio | $ 707 | $ 706 |
Mortgage Banking Activities, Mo
Mortgage Banking Activities, Mortgage Banking Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Servicing Asset at Amortized Cost [Line Items] | ||||
Contractually specified servicing fees, late charges and ancillary fees | $ 692 | $ 749 | $ 1,416 | $ 1,614 |
Unreimbursed direct servicing costs | (90) | (105) | (214) | (212) |
Servicing fees | 602 | 644 | 1,202 | 1,402 |
Amortization | (33) | (100) | (98) | (166) |
Changes due to collection/realization of expected cash flows | (488) | (637) | (1,073) | (1,201) |
Net servicing fees | 81 | (93) | 31 | 35 |
Changes in fair value of MSRs due to valuation inputs or assumptions | (809) | (1,131) | 782 | (4,388) |
Net derivative gains (losses) from economic hedges | 707 | 535 | (933) | 3,935 |
Market-related valuation changes to MSRs, net of hedge results | (102) | (596) | (151) | (453) |
Total servicing income, net | (21) | (689) | (120) | (418) |
Net gains on mortgage loan originations/sales | 1,357 | 1,006 | 2,782 | 1,114 |
Total mortgage banking noninterest income | 1,336 | 317 | 2,662 | 696 |
Total changes in fair value of MSRs carried at fair value | (1,297) | (1,768) | (291) | (5,589) |
Mortgage Banking Activities Textual [Abstract] | ||||
Net derivative gains (losses) from economic hedges related to mortgage loans held for sale and derivative loan commitments | (420) | (393) | 845 | (1,300) |
Commercial mortgage servicing [Member] | Amortized [Member] | ||||
Mortgage Banking Activities Textual [Abstract] | ||||
MSR impairment | $ (37) | $ 30 | $ (37) | $ 30 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized intangible assets: | ||
Gross carrying value | $ 5,569 | $ 5,491 |
Accumulated amortization | (3,990) | (3,851) |
Net carrying value | 1,579 | 1,640 |
Unamortized intangible assets: | ||
Mortgage servicing rights, carried at fair value | 6,717 | 6,125 |
Goodwill | 26,194 | 26,392 |
Trademark | 14 | 14 |
Amortized [Member] | Commercial mortgage servicing [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
MSR Valuation allowance | 5 | 37 |
MSRs [Member] | ||
Amortized intangible assets: | ||
Gross carrying value | 4,690 | 4,612 |
Accumulated amortization | (3,398) | (3,300) |
Net carrying value | 1,292 | 1,312 |
Customer relationship and other intangibles [Member] | ||
Amortized intangible assets: | ||
Gross carrying value | 879 | 879 |
Accumulated amortization | (592) | (551) |
Net carrying value | $ 287 | $ 328 |
Intangible Assets, Amortization
Intangible Assets, Amortization Expense (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |
Six months ended June 30, 2021 (actual) | $ 139 |
Estimate for the remainder of 2021 | 167 |
Estimate for year ended December 31, | |
2022 | 300 |
2023 | 262 |
2024 | 225 |
2025 | 191 |
2026 | 149 |
MSRs [Member] | |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |
Six months ended June 30, 2021 (actual) | 98 |
Estimate for the remainder of 2021 | 127 |
Estimate for year ended December 31, | |
2022 | 232 |
2023 | 203 |
2024 | 177 |
2025 | 152 |
2026 | 117 |
Customer relationship and other intangibles [Member] | |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | |
Six months ended June 30, 2021 (actual) | 41 |
Estimate for the remainder of 2021 | 40 |
Estimate for year ended December 31, | |
2022 | 68 |
2023 | 59 |
2024 | 48 |
2025 | 39 |
2026 | $ 32 |
Intangible Assets, Allocation o
Intangible Assets, Allocation of Goodwill to Operating Segments (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 26,392 |
Divestitures | (201) |
Foreign currency translation | 3 |
Transfers of goodwill | 0 |
Goodwill, ending balance | 26,194 |
Corporate [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 305 |
Divestitures | (201) |
Foreign currency translation | 0 |
Transfers of goodwill | 1,012 |
Goodwill, ending balance | 1,116 |
Consumer Banking and Lending [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 16,418 |
Divestitures | 0 |
Foreign currency translation | 0 |
Transfers of goodwill | 0 |
Goodwill, ending balance | 16,418 |
Commercial Banking [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 3,018 |
Divestitures | 0 |
Foreign currency translation | 3 |
Transfers of goodwill | (80) |
Goodwill, ending balance | 2,941 |
Corporate and Investment Banking [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 5,375 |
Divestitures | 0 |
Foreign currency translation | 0 |
Transfers of goodwill | 0 |
Goodwill, ending balance | 5,375 |
Wealth and Investment Management [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,276 |
Divestitures | 0 |
Foreign currency translation | 0 |
Transfers of goodwill | (932) |
Goodwill, ending balance | $ 344 |
Guarantees - Carrying Value and
Guarantees - Carrying Value and Maximum Exposure to Loss (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | ||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | $ (375) | $ (331) | |
Maximum exposure to loss, Expires in one year or less | 28,227 | 27,879 | |
Maximum exposure to loss, Expires after one year through three years | 14,489 | 16,500 | |
Maximum exposure to loss, Expires after three years through five years | 6,028 | 5,188 | |
Maximum exposure to loss, Expires after five years | 15,363 | 17,177 | |
Maximum exposure to loss | 64,107 | 66,744 | |
Card transaction volume | $ 790,200 | ||
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] | $ 1,752,869 | 1,767,199 |
Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 33,465 | 32,946 | |
Written options [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | (548) | (538) | |
Maximum exposure to loss, Expires in one year or less | 12,943 | 12,735 | |
Maximum exposure to loss, Expires after one year through three years | 6,278 | 7,972 | |
Maximum exposure to loss, Expires after three years through five years | 723 | 889 | |
Maximum exposure to loss, Expires after five years | 58 | 58 | |
Maximum exposure to loss | 20,002 | 21,654 | |
Written options [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 13,666 | 13,394 | |
Standby letters of credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | 132 | 156 | |
Maximum exposure to loss, Expires in one year or less | 12,639 | 11,977 | |
Maximum exposure to loss, Expires after one year through three years | 4,838 | 4,962 | |
Maximum exposure to loss, Expires after three years through five years | 1,927 | 1,897 | |
Maximum exposure to loss, Expires after five years | 457 | 433 | |
Maximum exposure to loss | 19,861 | 19,269 | |
Standby letters of credit [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 6,873 | 7,528 | |
Direct pay letters of credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | 10 | 18 | |
Maximum exposure to loss, Expires in one year or less | 1,927 | 2,256 | |
Maximum exposure to loss, Expires after one year through three years | 2,544 | 2,746 | |
Maximum exposure to loss, Expires after three years through five years | 368 | 531 | |
Maximum exposure to loss, Expires after five years | 43 | 39 | |
Maximum exposure to loss | 4,882 | 5,572 | |
Direct pay letters of credit [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 1,140 | 1,102 | |
Loans and LHFS sold with recourse [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | 30 | 33 | |
Maximum exposure to loss, Expires in one year or less | 89 | 177 | |
Maximum exposure to loss, Expires after one year through three years | 826 | 819 | |
Maximum exposure to loss, Expires after three years through five years | 3,010 | 1,870 | |
Maximum exposure to loss, Expires after five years | 9,323 | 9,723 | |
Maximum exposure to loss | 13,248 | 12,589 | |
Loans and LHFS sold with recourse [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 11,216 | 10,332 | |
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 after one year through three years | 0 | 0 | |
Maximum exposure to loss, Expires after three years through five years | 0 | 0 | |
Maximum exposure to loss, Expires after five years | 5,243 | 5,510 | |
Maximum exposure to loss | 5,243 | 5,510 | |
Exchange and clearing house guarantees [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 0 | 0 | |
Other guarantees and indemnifications [Member] | |||
Guarantor Obligations [Line Items] | |||
Carrying value of obligation (asset) | 1 | 0 | |
Maximum exposure to loss, Expires in one year or less | 629 | 734 | |
Maximum exposure to loss, Expires after one year through three years | 3 | 1 | |
Maximum exposure to loss, Expires after three years through five years | 0 | 1 | |
Maximum exposure to loss, Expires after five years | 239 | 1,414 | |
Maximum exposure to loss | 871 | 2,150 | |
Other guarantees and indemnifications [Member] | Non-investment grade [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 570 | 590 | |
Third party clearing indemnifications [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure to loss | 210 | 1,400 | |
Collateral provided to third-party clearing agents | 2,100 | 1,200 | |
Other commitments and guarantees [Member] | Wells Fargo Finance, LLC [Member] | |||
Guarantor Obligations [Line Items] | |||
Liabilities | $ 1,600 | $ 2,300 | |
[1] | Our consolidated liabilities at June 30, 2021, and December 31, 2020, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Long-term debt, $178 million and $203 million; All other liabilities, $587 million and $900 million; and Total liabilities, $765 million and $1.1 billion, respectively. |
Other Commitments (Details)
Other Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Resale agreements, unfunded commitments | $ 12,900 | $ 12,000 |
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 | $ 3,200 |
Pledge Assets (Details)
Pledge Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | ||
Related to trading activities: | |||||
Equity securities | $ 23,701 | $ 23,032 | |||
Total pledged assets related to trading activities | 132,610 | 123,608 | |||
Related to VIEs: | |||||
Assets | 1,945,996 | [1] | 1,952,911 | [1] | $ 1,967,048 |
Loans eligible for repurchase from GNMA securitizations | 130 | 179 | |||
Total pledged assets | 441,403 | 496,161 | |||
VIEs that we consolidate [Member] | |||||
Related to VIEs: | |||||
Assets | 8,119 | 13,983 | |||
Carrying value [Member] | VIEs that we consolidate [Member] | |||||
Related to VIEs: | |||||
Assets | 4,927 | 12,146 | |||
Carrying value [Member] | Total VIEs and Transfers that we account for as secured borrowings [Member] | |||||
Related to VIEs: | |||||
Total pledged assets | 5,057 | 12,325 | |||
Related to non-trading activities [Member] | |||||
Related to non-trading activities: | |||||
Loans | 308,551 | 344,220 | |||
Deb securities: | |||||
Available-for-sale | 59,512 | 57,289 | |||
Held-to-maturity | 11,552 | 17,290 | |||
Other financial assets | 531 | 230 | |||
Related to VIEs: | |||||
Total pledged assets | 380,146 | 419,029 | |||
Related to trading activities [Member] | |||||
Related to trading activities: | |||||
Trading debt securities and other | 18,362 | 19,572 | |||
Equity securities | 704 | 470 | |||
Total pledged assets related to trading activities | 56,200 | 64,807 | |||
Related to trading activities [Member] | Repledged third-party owned debt and equity securities [Member] | |||||
Related to trading activities: | |||||
Total pledged assets related to trading activities | $ 37,134 | $ 44,765 | |||
[1] | Our consolidated assets at June 30, 2021, and December 31, 2020, included the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Debt securities, $518 million and $967 million; Loans, $4.1 billion and $10.9 billion; All other assets, $334 million and $310 million; and Total assets, $4.9 billion and $12.1 billion, respectively. |
Pledged Assets, Offsetting - Se
Pledged Assets, Offsetting - Securities Financing Activities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net amounts in consolidated balance sheet | $ 87,182 | $ 80,933 |
Collateral received with the right to sell or repledge | 118,900 | 108,500 |
Resale, Securities Borrowing and Similar Arrangements | ||
Gross amounts recognized | 101,027 | 92,446 |
Gross amounts offset in consolidated balance sheet | (13,845) | (11,513) |
Net amounts in consolidated balance sheet | 87,182 | 80,933 |
Collateral not recognized in consolidated balance sheet | (86,453) | (80,158) |
Net amount | 729 | 775 |
Repurchase and securities lending agreements | ||
Gross amounts recognized | 47,281 | 57,622 |
Gross amounts offset in consolidated balance sheet | (13,844) | (11,513) |
Net amounts in consolidated balance sheet | 33,437 | 46,109 |
Collateral pledged but not netted in consolidated balance sheet | (33,177) | (45,819) |
Net amount | 260 | 290 |
Collateral sold or repledged | 34,500 | 36,100 |
Collateral pledged, fair value | 48,500 | 59,200 |
Fed funds sold and securities purchased under resale agreements [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net amounts in consolidated balance sheet | 70,100 | 65,600 |
Resale, Securities Borrowing and Similar Arrangements | ||
Net amounts in consolidated balance sheet | 70,100 | 65,600 |
Loans [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net amounts in consolidated balance sheet | 17,100 | 15,300 |
Resale, Securities Borrowing and Similar Arrangements | ||
Net amounts in consolidated balance sheet | $ 17,100 | $ 15,300 |
Pledged Assets, Collateral Type
Pledged Assets, Collateral Type and Contractual Maturities of Gross Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 41,627 | $ 52,182 |
Securities lending arrangements | 5,654 | 5,440 |
Total repurchases and securities lending | 47,281 | 57,622 |
Overnight/Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 28,584 | 36,946 |
Securities lending arrangements | 4,853 | 4,690 |
Total repurchases and securities lending | 33,437 | 41,636 |
Up to 30 days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 3,093 | 5,251 |
Securities lending arrangements | 200 | 400 |
Total repurchases and securities lending | 3,293 | 5,651 |
30-90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 4,765 | 5,100 |
Securities lending arrangements | 601 | 350 |
Total repurchases and securities lending | 5,366 | 5,450 |
Over 90 days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 5,185 | 4,885 |
Securities lending arrangements | 0 | 0 |
Total repurchases and securities lending | 5,185 | 4,885 |
Securities of U.S. Treasury and federal agencies [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 19,730 | 22,922 |
Securities lending arrangements | 42 | 64 |
Securities of U.S. states and political subdivisions [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 24 | 4 |
Federal agency mortgage-backed securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 8,029 | 15,353 |
Securities lending arrangements | 31 | 23 |
Non-agency mortgage-backed securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 860 | 1,069 |
Corporate debt securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 10,047 | 9,944 |
Securities lending arrangements | 45 | 79 |
Asset-backed securities index [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,262 | 1,054 |
Equity securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 892 | 1,500 |
Securities lending arrangements | 5,422 | 5,189 |
Other [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 783 | 336 |
Securities lending arrangements | $ 114 | $ 85 |
Legal Actions (Details)
Legal Actions (Details) $ in Millions | Dec. 31, 2020legal_action | Feb. 21, 2020USD ($) | Nov. 30, 2016USD ($) | Jul. 13, 2012USD ($) | Jun. 30, 2021USD ($)legal_action | Dec. 31, 2020USD ($) | Aug. 31, 2015legal_action | Jul. 28, 2021USD ($) | Nov. 17, 2016legal_action |
Legal Actions (Textual) [Abstract] | |||||||||
Loss Contingency, Claims Settled, Number | legal_action | 2 | ||||||||
Liability for Contingent Litigation Losses [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Range of possible loss, portion not accrued | $ 2,800 | ||||||||
ATM Access Fee Litigation [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Loss Contingency, Pending Claims, Number | legal_action | 3 | ||||||||
Loss Contingency, Estimate of Possible Loss | 20.8 | ||||||||
Retail Sales Practices, CPI and GAP, and Mortgage interest rate lock matters [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Civil Money Penalty | $ 1,000 | ||||||||
Automobile Lending Matters [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Loss Contingency, Pending Claims, Number | legal_action | 1 | ||||||||
Loss Contingency, Estimate of Possible Loss | $ 45 | ||||||||
Interchange Litigation [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Loss Contingency, Estimate of Possible Loss | $ 6,600 | ||||||||
Litigation Settlement, Additional Funding | $ 900 | ||||||||
Distribution to class merchants (percent) | 0.10% | ||||||||
Distribution period to class merchants | 8 months | ||||||||
Litigation Settlement, Expense | 6,200 | ||||||||
Litigation Settlement, Funds Remaining from 2012 | 5,300 | ||||||||
Litigation Settlement, Additional Funding Allocated to WFC | $ 94.5 | ||||||||
Mortgage Lending Matters - Hernandez V Wells Fargo [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Litigation Settlement, Additional Funding | $ 22 | ||||||||
Loss Contingency Accrual, Payments | $ 18.5 | ||||||||
Mortgage Lending Matters - Ryder case [Member] | Subsequent event [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Loss Contingency, Estimate of Possible Loss | $ 12 | ||||||||
Nomura/Natixis [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Number Of Third Party Complaints | legal_action | 7 | ||||||||
Retail Sales Practices Matters, Department Of Justice (DOJ) [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Loss Contingency, Settlement Agreement, Date | February 21, 2020 | ||||||||
Loss Contingency, 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] | |||||||||
Loss Contingency, Settlement Agreement, Date | February 21, 2020 | ||||||||
Loss Contingency, 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, Investors Benefits | $ 500 | ||||||||
Sales Practice Matters [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Loss Contingency, Damages Awarded, Value | $ 3,000 | ||||||||
Seminole Tribe - Administration of a minor’s trust [Member] | |||||||||
Legal Actions (Textual) [Abstract] | |||||||||
Loss Contingency, Pending Claims, Number | legal_action | 3 |
Derivatives, Notional or Contra
Derivatives, Notional or Contractual Amounts and Fair Values of Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | $ 61,027 | $ 65,682 |
Fair value asset derivatives, netting | (35,612) | (39,836) |
Net amounts in consolidated balance sheet, assets | 25,415 | 25,846 |
Fair value liability derivatives | 49,653 | 58,065 |
Fair value liability derivatives, netting | (35,102) | (41,556) |
Net amounts in consolidated balance sheet, liabilities | 14,551 | 16,509 |
Interest rate contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives, netting | (16,711) | (21,968) |
Net amounts in consolidated balance sheet, assets | 10,036 | 14,095 |
Fair value liability derivatives, netting | (16,453) | (21,934) |
Net amounts in consolidated balance sheet, liabilities | 3,022 | 4,368 |
Commodity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives, netting | (1,481) | (940) |
Net amounts in consolidated balance sheet, assets | 5,753 | 1,096 |
Fair value liability derivatives, netting | (1,086) | (819) |
Net amounts in consolidated balance sheet, liabilities | 1,223 | 724 |
Equity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives, netting | (11,488) | (10,968) |
Net amounts in consolidated balance sheet, assets | 7,791 | 7,917 |
Fair value liability derivatives, netting | (12,956) | (12,283) |
Net amounts in consolidated balance sheet, liabilities | 8,562 | 9,723 |
Foreign exchange contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives, netting | (5,892) | (5,887) |
Net amounts in consolidated balance sheet, assets | 1,800 | 2,716 |
Fair value liability derivatives, netting | (4,574) | (6,481) |
Net amounts in consolidated balance sheet, liabilities | 1,727 | 1,675 |
Credit contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives, netting | (40) | (73) |
Net amounts in consolidated balance sheet, assets | 35 | 22 |
Fair value liability derivatives, netting | (33) | (39) |
Net amounts in consolidated balance sheet, liabilities | 17 | 19 |
Designated as hedging instrument [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 3,571 | 4,593 |
Fair value liability derivatives | 1,033 | 1,396 |
Designated as hedging instrument [Member] | Interest rate contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 166,843 | 184,090 |
Fair value asset derivatives | 2,428 | 3,212 |
Fair value liability derivatives | 529 | 789 |
Designated as hedging instrument [Member] | Foreign exchange contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 39,001 | 47,331 |
Fair value asset derivatives | 1,143 | 1,381 |
Fair value liability derivatives | 504 | 607 |
Not designated as hedging instrument [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 57,456 | 61,089 |
Fair value liability derivatives | 48,620 | 56,669 |
Economic hedges [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 2,231 | 2,066 |
Fair value liability derivatives | 1,845 | 2,349 |
Economic hedges [Member] | Interest rate contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 231,356 | 261,159 |
Fair value asset derivatives | 251 | 341 |
Fair value liability derivatives | 161 | 344 |
Economic hedges [Member] | Equity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 27,740 | 25,997 |
Fair value asset derivatives | 1,582 | 1,363 |
Fair value liability derivatives | 392 | 490 |
Economic hedges [Member] | Foreign exchange contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 53,396 | 47,106 |
Fair value asset derivatives | 372 | 331 |
Fair value liability derivatives | 1,292 | 1,515 |
Economic hedges [Member] | Credit contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 72 | 73 |
Fair value asset derivatives | 26 | 31 |
Fair value liability derivatives | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Fair value asset derivatives | 55,225 | 59,023 |
Fair value liability derivatives | 46,775 | 54,320 |
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 | 9,256,224 | 7,947,941 |
Fair value asset derivatives | 24,068 | 32,510 |
Fair value liability derivatives | 18,785 | 25,169 |
Customer accommodation trading and other derivatives [Member] | Commodity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 76,612 | 65,790 |
Fair value asset derivatives | 7,234 | 2,036 |
Fair value liability derivatives | 2,309 | 1,543 |
Customer accommodation trading and other derivatives [Member] | Equity contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 322,733 | 280,195 |
Fair value asset derivatives | 17,697 | 17,522 |
Fair value liability derivatives | 21,126 | 21,516 |
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 | 415,458 | 412,879 |
Fair value asset derivatives | 6,177 | 6,891 |
Fair value liability derivatives | 4,505 | 6,034 |
Customer accommodation trading and other derivatives [Member] | Credit contracts [Member] | ||
Notional Or Contractual Amounts And Fair Values For Derivatives [Abstract] | ||
Notional or contractual amount | 36,179 | 34,329 |
Fair value asset derivatives | 49 | 64 |
Fair value liability derivatives | $ 50 | $ 58 |
Derivatives, Gross Fair Values
Derivatives, Gross Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative Assets | ||
Gross amounts recognized, assets | $ 61,027 | $ 65,682 |
Gross amounts offset in consolidated balance sheet, assets | (35,612) | (39,836) |
Net amounts in consolidated balance sheet, assets | 25,415 | 25,846 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (1,489) | (2,157) |
Net amounts, assets | 23,926 | 23,689 |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | 49,653 | 58,065 |
Gross amounts offset in consolidated balance sheet | (35,102) | (41,556) |
Net amounts in consolidated balance sheet, liabilities | 14,551 | 16,509 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), Liabilities | (2,716) | (3,588) |
Net amounts, liabilities | 11,835 | 12,921 |
Derivatives (Textual) [Abstract] | ||
Derivative assets subject to enforceable master netting arrangements | 52,900 | 54,600 |
Derivative liabilities subject to enforceable master netting arrangements | 44,700 | 50,100 |
Derivative asset not subject to enforceable master netting arrangement | 8,100 | 11,100 |
Derivative liabilities not subject to enforceable master netting arrangements | 5,000 | 8,000 |
Cash collateral payables not offset against derivatives | 2,600 | 1,800 |
Cash collateral receivables not offset against derivatives | 828 | 984 |
Valuation adjustments for derivative assets | 299 | 399 |
Valuation adjustments for derivative liabilities | 145 | 201 |
Cash collateral netted against derivative assets | 5,400 | 5,500 |
Cash collateral netted against derivative liabilities | 5,100 | 7,500 |
Interest rate contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | 26,747 | 36,063 |
Gross amounts offset in consolidated balance sheet, assets | (16,711) | (21,968) |
Net amounts in consolidated balance sheet, assets | 10,036 | 14,095 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (680) | (1,274) |
Net amounts, assets | $ 9,356 | $ 12,821 |
Percent exchanged in the over the counter market, assets | 97.00% | 96.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 19,475 | $ 26,302 |
Gross amounts offset in consolidated balance sheet | (16,453) | (21,934) |
Net amounts in consolidated balance sheet, liabilities | 3,022 | 4,368 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), Liabilities | (1,524) | (2,219) |
Net amounts, liabilities | $ 1,498 | $ 2,149 |
Percent exchanged in the over the counter market, liabilities | 96.00% | 95.00% |
Commodity contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 7,234 | $ 2,036 |
Gross amounts offset in consolidated balance sheet, assets | (1,481) | (940) |
Net amounts in consolidated balance sheet, assets | 5,753 | 1,096 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (14) | (4) |
Net amounts, assets | $ 5,739 | $ 1,092 |
Percent exchanged in the over the counter market, assets | 92.00% | 84.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 2,309 | $ 1,543 |
Gross amounts offset in consolidated balance sheet | (1,086) | (819) |
Net amounts in consolidated balance sheet, liabilities | 1,223 | 724 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), Liabilities | (17) | 0 |
Net amounts, liabilities | $ 1,206 | $ 724 |
Percent exchanged in the over the counter market, liabilities | 50.00% | 69.00% |
Equity contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 19,279 | $ 18,885 |
Gross amounts offset in consolidated balance sheet, assets | (11,488) | (10,968) |
Net amounts in consolidated balance sheet, assets | 7,791 | 7,917 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (766) | (737) |
Net amounts, assets | $ 7,025 | $ 7,180 |
Percent exchanged in the over the counter market, assets | 69.00% | 74.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 21,518 | $ 22,006 |
Gross amounts offset in consolidated balance sheet | (12,956) | (12,283) |
Net amounts in consolidated balance sheet, liabilities | 8,562 | 9,723 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), Liabilities | (749) | (837) |
Net amounts, liabilities | $ 7,813 | $ 8,886 |
Percent exchanged in the over the counter market, liabilities | 79.00% | 78.00% |
Foreign exchange contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 7,692 | $ 8,603 |
Gross amounts offset in consolidated balance sheet, assets | (5,892) | (5,887) |
Net amounts in consolidated balance sheet, assets | 1,800 | 2,716 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (28) | (141) |
Net amounts, assets | $ 1,772 | $ 2,575 |
Percent exchanged in the over the counter market, assets | 100.00% | 100.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 6,301 | $ 8,156 |
Gross amounts offset in consolidated balance sheet | (4,574) | (6,481) |
Net amounts in consolidated balance sheet, liabilities | 1,727 | 1,675 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), Liabilities | (423) | (529) |
Net amounts, liabilities | $ 1,304 | $ 1,146 |
Percent exchanged in the over the counter market, liabilities | 100.00% | 100.00% |
Credit contracts [Member] | ||
Derivative Assets | ||
Gross amounts recognized, assets | $ 75 | $ 95 |
Gross amounts offset in consolidated balance sheet, assets | (40) | (73) |
Net amounts in consolidated balance sheet, assets | 35 | 22 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), assets | (1) | (1) |
Net amounts, assets | $ 34 | $ 21 |
Percent exchanged in the over the counter market, assets | 90.00% | 90.00% |
Derivative Liabilities | ||
Gross amounts recognized, liabilities | $ 50 | $ 58 |
Gross amounts offset in consolidated balance sheet | (33) | (39) |
Net amounts in consolidated balance sheet, liabilities | 17 | 19 |
Gross amounts not offset in consolidated balance sheet (Disclosure-only netting), Liabilities | (3) | (3) |
Net amounts, liabilities | $ 14 | $ 16 |
Percent exchanged in the over the counter market, liabilities | 90.00% | 91.00% |
Derivatives, Gains (Losses) Rec
Derivatives, Gains (Losses) Recognized on Fair Value Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Line Items Presented in the Consolidated Statement of Income and Other Comprehensive Income [Abstract] | ||||||
Debt securities | $ 2,199 | $ 2,946 | $ 4,511 | $ 6,418 | ||
Deposits | (92) | (585) | (204) | (2,327) | ||
Long-term debt | (712) | (1,237) | (1,738) | (2,477) | ||
Other | 692 | 912 | [1] | 1,674 | 2,213 | [1] |
Total recorded in OCI, Derivative gains (losses) | 37 | 3 | 84 | 185 | ||
Derivatives (Textual) [Abstract] | ||||||
Deferred net gains (losses) on derivatives in other comprehensive income | $ (76) | |||||
Maximum length of time hedged in cash flow hedge | 9 years | |||||
Fair value hedging [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Recognized on derivatives, Total recorded in OCI | (14) | (57) | $ 11 | 87 | ||
Fair value hedging [Member] | Interest contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Recognized on derivatives, Total recorded in OCI | 0 | 0 | 0 | 0 | ||
Fair value hedging [Member] | Foreign exchange contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Recognized on derivatives, Total recorded in OCI | (14) | (57) | 11 | 87 | ||
Fair value hedging [Member] | Debt securities [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | (68) | (40) | (71) | (94) | ||
Fair value hedging [Member] | Debt securities [Member] | Interest contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Amounts related to interest settlements on derivatives | (68) | (93) | (135) | (139) | ||
Recognized on derivatives | (468) | (21) | 826 | (1,892) | ||
Recognized on hedged items | 452 | 63 | (806) | 1,919 | ||
Total gains (losses) (pre-tax) on interest rate contracts | (84) | (51) | (115) | (112) | ||
Fair value hedging [Member] | Debt securities [Member] | Foreign exchange contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Amounts related to interest settlements on derivatives | 15 | 11 | 43 | 17 | ||
Recognized on derivatives | 2 | (1) | 3 | (2) | ||
Recognized on hedged items | (1) | 1 | (2) | 3 | ||
Total gains (losses) (pre-tax) on interest rate contracts | 16 | 11 | 44 | 18 | ||
Fair value hedging [Member] | Deposits [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | 75 | 143 | 162 | 232 | ||
Fair value hedging [Member] | Deposits [Member] | Interest contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Amounts related to interest settlements on derivatives | 74 | 152 | 165 | 222 | ||
Recognized on derivatives | (61) | (86) | (184) | 444 | ||
Recognized on hedged items | 62 | 77 | 181 | (434) | ||
Total gains (losses) (pre-tax) on interest rate contracts | 75 | 143 | 162 | 232 | ||
Fair value hedging [Member] | Deposits [Member] | Foreign exchange contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
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) on interest rate contracts | 0 | 0 | 0 | 0 | ||
Fair value hedging [Member] | Long-term debt [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | 598 | 360 | 987 | 731 | ||
Fair value hedging [Member] | Long-term debt [Member] | Interest contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Amounts related to interest settlements on derivatives | 541 | 428 | 1,091 | 602 | ||
Recognized on derivatives | 2,453 | 549 | (4,618) | 10,324 | ||
Recognized on hedged items | (2,402) | (618) | 4,542 | (10,044) | ||
Total gains (losses) (pre-tax) on interest rate contracts | 592 | 359 | 1,015 | 882 | ||
Fair value hedging [Member] | Long-term debt [Member] | Foreign exchange contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Amounts related to interest settlements on derivatives | 4 | (46) | 3 | (131) | ||
Recognized on derivatives | (42) | 117 | (269) | 224 | ||
Recognized on hedged items | 44 | (70) | 238 | (244) | ||
Total gains (losses) (pre-tax) on interest rate contracts | 6 | 1 | (28) | (151) | ||
Fair value hedging [Member] | Other noninterest income [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | (1) | 25 | (11) | 4 | ||
Fair value hedging [Member] | Other noninterest income [Member] | Interest contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
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) on interest rate contracts | 0 | 0 | 0 | 0 | ||
Fair value hedging [Member] | Other noninterest income [Member] | Foreign exchange contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Amounts related to interest settlements on derivatives | 0 | 0 | 0 | 0 | ||
Recognized on derivatives | 202 | 709 | 509 | (76) | ||
Recognized on hedged items | (203) | (684) | (520) | 80 | ||
Total gains (losses) (pre-tax) on interest rate contracts | (1) | 25 | (11) | 4 | ||
Fair value hedging [Member] | Derivative gains (losses) [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | 604 | 488 | 1,067 | 873 | ||
Fair value hedging [Member] | Derivative gains (losses) [Member] | Interest contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Amounts related to interest settlements on derivatives | 547 | 487 | 1,121 | 685 | ||
Recognized on derivatives | 1,924 | 442 | (3,976) | 8,876 | ||
Recognized on hedged items | (1,888) | (478) | 3,917 | (8,559) | ||
Total gains (losses) (pre-tax) on interest rate contracts | 583 | 451 | 1,062 | 1,002 | ||
Fair value hedging [Member] | Derivative gains (losses) [Member] | Foreign exchange contracts [Member] | ||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | ||||||
Amounts related to interest settlements on derivatives | 19 | (35) | 46 | (114) | ||
Recognized on derivatives | 162 | 825 | 243 | 146 | ||
Recognized on hedged items | (160) | (753) | (284) | (161) | ||
Total gains (losses) (pre-tax) on interest rate contracts | $ 21 | $ 37 | $ 5 | $ (129) | ||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Derivatives, Gains (Losses) R_2
Derivatives, Gains (Losses) Recognized on Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Line Items Presented in the Consolidated Statement of Income and Other Comprehensive Income [Abstract] | ||||||
Loans | $ 7,095 | $ 8,460 | [1] | $ 14,296 | $ 18,543 | [1] |
Long-term debt | (712) | (1,237) | (1,738) | (2,477) | ||
Total recorded in OCI, Derivative gains (losses) | 37 | 3 | 84 | 185 | ||
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 | 40 | 55 | 93 | 113 | ||
Net unrealized gains (losses) (pre-tax) recognized in OCI | 11 | 5 | (20) | (15) | ||
Total gains (losses) (pre-tax) recognized on cash flow hedges | 51 | 60 | 73 | 98 | ||
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 | 39 | 52 | 91 | 108 | ||
Net unrealized gains (losses) (pre-tax) recognized in OCI | 10 | 0 | (10) | 0 | ||
Total gains (losses) (pre-tax) recognized on cash flow hedges | 49 | 52 | 81 | 108 | ||
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 | 3 | 2 | 5 | ||
Net unrealized gains (losses) (pre-tax) recognized in OCI | 1 | 5 | (10) | (15) | ||
Total gains (losses) (pre-tax) recognized on cash flow hedges | 2 | 8 | (8) | (10) | ||
Cash flow hedging [Member] | Loans [Member] | ||||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | (39) | (53) | (91) | (109) | ||
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 | (39) | (53) | (91) | (109) | ||
Total gains (losses) (pre-tax) on interest rate contracts | (39) | (53) | (91) | (109) | ||
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 | ||
Total gains (losses) (pre-tax) on interest rate contracts | 0 | 0 | 0 | 0 | ||
Cash flow hedging [Member] | Long-term debt [Member] | ||||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | (1) | (2) | (2) | (4) | ||
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 | 1 | 1 | ||||
Total gains (losses) (pre-tax) on interest rate contracts | 0 | 1 | 0 | 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) | (3) | (2) | (5) | ||
Total gains (losses) (pre-tax) on interest rate contracts | (1) | (3) | (2) | (5) | ||
Cash flow hedging [Member] | Derivative gains (losses) [Member] | ||||||
Gains (losses) recognized on cash flow hedging relationships [Abstract] | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | (40) | (55) | (93) | (113) | ||
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 | (39) | (52) | (91) | (108) | ||
Total gains (losses) (pre-tax) on interest rate contracts | (39) | (52) | (91) | (108) | ||
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) | (3) | (2) | (5) | ||
Total gains (losses) (pre-tax) on interest rate contracts | $ (1) | $ (3) | $ (2) | $ (5) | ||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Derivatives, Fair Value Hedging
Derivatives, Fair Value Hedging Basis Adjustment (Details) - Fair value hedging [Member] - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Hedged items currently designated [Member] | Available-for-sale debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of assets | $ 28,655 | $ 29,538 |
Hedge accounting basis adjustment, assets | (35) | 827 |
Hedged items currently designated [Member] | Deposits [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of liabilities | (14,206) | (22,384) |
Hedge accounting basis adjustment, liabilities | (295) | (477) |
Hedged items currently designated [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of liabilities | (148,673) | (156,907) |
Hedge accounting basis adjustment, liabilities | (7,312) | (12,466) |
Not designated as hedging instrument [Member] | Available-for-sale debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of assets | 16,792 | 17,091 |
Hedge accounting basis adjustment, assets | 994 | 1,111 |
Not designated as hedging instrument [Member] | Deposits [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of liabilities | 0 | 0 |
Hedge accounting basis adjustment, liabilities | 0 | 0 |
Not designated as hedging instrument [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of liabilities | (5,248) | (14,468) |
Hedge accounting basis adjustment, liabilities | 2 | 31 |
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 | 12,000 | 17,600 |
Foreign exchange contracts [Member] | Hedged items currently designated [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Carrying amount of liabilities | (2,800) | (4,700) |
Re-designated as hedging instrument [Member] | Available-for-sale debt securities [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Hedge accounting basis adjustment, assets | 188 | 205 |
Re-designated as hedging instrument [Member] | Long-term debt [Member] | ||
Fair Value Hedging Basis Adjustment [Abstract] | ||
Hedge accounting basis adjustment, liabilities | $ 160 | $ 130 |
Derivatives, Derivatives Not De
Derivatives, Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivatives (Textual) [Abstract] | ||||
Gains (losses) on derivatives used to hedge residential mortgage servicing rights | $ 707 | $ 535 | $ (933) | $ 3,935 |
Net derivative gains (losses) from economic hedges related to mortgage loans held for sale and derivative loan commitments | (420) | (393) | 845 | (1,300) |
Not designated as hedging instrument [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (2,001) | (2,868) | (1,238) | 4,214 |
Derivatives (Textual) [Abstract] | ||||
Gains (losses) on derivatives used to hedge residential mortgage servicing rights | 707 | 535 | (933) | 3,900 |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 769 | 688 | (137) | 3,712 |
Not designated as hedging instrument [Member] | Net gains (losses) on trading and securities [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (2,381) | (3,277) | (679) | 64 |
Not designated as hedging instrument [Member] | Other [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (389) | (279) | (422) | 438 |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (239) | (141) | (399) | (141) |
Economic hedges [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (560) | (1,394) | (454) | 2,940 |
Economic hedges [Member] | Interest contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 301 | 68 | (94) | 2,568 |
Economic hedges [Member] | Equity contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (766) | (1,408) | (336) | (217) |
Economic hedges [Member] | Foreign exchange contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (90) | (55) | (19) | 572 |
Economic hedges [Member] | Credit contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (5) | 1 | (5) | 17 |
Economic hedges [Member] | Mortgage banking [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 287 | 142 | (88) | 2,613 |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 287 | 142 | (88) | 2,613 |
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] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 0 | 0 |
Economic hedges [Member] | Net gains (losses) on trading and securities [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (762) | (1,402) | (337) | (183) |
Economic hedges [Member] | Net gains (losses) on trading and securities [Member] | Interest contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 0 | 0 |
Economic hedges [Member] | Net gains (losses) on trading and securities [Member] | Equity contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (762) | (1,402) | (337) | (183) |
Economic hedges [Member] | Net gains (losses) on trading and securities [Member] | Foreign exchange contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 0 | 0 |
Economic hedges [Member] | Net gains (losses) on trading and securities [Member] | Credit contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (85) | (134) | (29) | 510 |
Economic hedges [Member] | Other [Member] | Interest contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 14 | (74) | (6) | (45) |
Economic hedges [Member] | Other [Member] | Equity contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (4) | (6) | 1 | (34) |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (90) | (55) | (19) | 572 |
Economic hedges [Member] | Other [Member] | Credit contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (5) | 1 | (5) | 17 |
Economic hedges [Member] | Personnel expense [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (239) | (141) | (399) | (141) |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (239) | (141) | (399) | (141) |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (1,441) | (1,474) | (784) | 1,274 |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (112) | 1,222 | 1,281 | (688) |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (36) | (224) | 44 | (112) |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (1,226) | (2,493) | (2,478) | 2,329 |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (24) | 155 | 440 | (402) |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (43) | (134) | (71) | 147 |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 482 | 546 | (49) | 1,099 |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 482 | 546 | (49) | 1,099 |
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] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 0 | 0 |
Customer accommodation trading and other derivatives [Member] | Net gains (losses) on trading and securities [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (1,619) | (1,875) | (342) | 247 |
Customer accommodation trading and other derivatives [Member] | Net gains (losses) on trading and securities [Member] | Interest contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (594) | 676 | 1,330 | (1,787) |
Customer accommodation trading and other derivatives [Member] | Net gains (losses) on trading and securities [Member] | Commodity contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (36) | (224) | 44 | (112) |
Customer accommodation trading and other derivatives [Member] | Net gains (losses) on trading and securities [Member] | Equity contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (922) | (2,348) | (2,085) | 2,401 |
Customer accommodation trading and other derivatives [Member] | Net gains (losses) on trading and securities [Member] | Foreign exchange contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (24) | 155 | 440 | (402) |
Customer accommodation trading and other derivatives [Member] | Net gains (losses) on trading and securities [Member] | Credit contracts [Member] | ||||
Net Gains Losses Recognized In Income Statement Related To Derivatives Not Designated As Hedging Instruments [Abstract] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (43) | (134) | (71) | 147 |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (304) | (145) | (393) | (72) |
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] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | (304) | (145) | (393) | (72) |
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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | 0 | 0 | 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] | ||||
Gain (loss) on derivatives not designated as hedging instruments | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives, Sold and Purchased
Derivatives, Sold and Purchased Credit Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | $ 8 | $ 10 |
Fair value liability | 31 | 39 |
Notional amount, Protection sold | 13,124 | 12,085 |
Notional amount, Protection purchased with identical underlyings | 4,364 | 3,599 |
Notional amount, Net protection sold | 8,760 | 8,486 |
Notional amount, Other protection purchased | 18,763 | 18,718 |
Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, Protection sold | 8,226 | 8,067 |
Corporate bonds [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 5 | 7 |
Fair value liability | 3 | 2 |
Notional amount, Protection sold | 4,724 | 3,767 |
Notional amount, Protection purchased with identical underlyings | 3,130 | 2,709 |
Notional amount, Net protection sold | 1,594 | 1,058 |
Notional amount, Other protection purchased | 3,582 | 3,012 |
Corporate bonds [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, Protection sold | 1,236 | 971 |
Structured products [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 0 | 0 |
Fair value liability | 4 | 5 |
Notional amount, Protection sold | 16 | 20 |
Notional amount, Protection purchased with identical underlyings | 12 | 19 |
Notional amount, Net protection sold | 4 | 1 |
Notional amount, Other protection purchased | 82 | 84 |
Structured products [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, Protection sold | 16 | 20 |
Default swap index [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 1 | 0 |
Fair value liability | 0 | 0 |
Notional amount, Protection sold | 1,760 | 1,582 |
Notional amount, Protection purchased with identical underlyings | 924 | 559 |
Notional amount, Net protection sold | 836 | 1,023 |
Notional amount, Other protection purchased | 3,765 | 3,925 |
Default swap index [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, Protection sold | 698 | 731 |
Commercial mortgage-backed securities index [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 2 | 3 |
Fair value liability | 15 | 21 |
Notional amount, Protection sold | 283 | 297 |
Notional amount, Protection purchased with identical underlyings | 258 | 272 |
Notional amount, Net protection sold | 25 | 25 |
Notional amount, Other protection purchased | 134 | 75 |
Commercial mortgage-backed securities index [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, Protection sold | 29 | 42 |
Asset-backed securities index [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 0 | 0 |
Fair value liability | 7 | 7 |
Notional amount, Protection sold | 41 | 41 |
Notional amount, Protection purchased with identical underlyings | 40 | 40 |
Notional amount, Net protection sold | 1 | 1 |
Notional amount, Other protection purchased | 1 | 1 |
Asset-backed securities index [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, Protection sold | 41 | 41 |
Other credit derivatives [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Fair value asset | 0 | 0 |
Fair value liability | 2 | 4 |
Notional amount, Protection sold | 6,300 | 6,378 |
Notional amount, Protection purchased with identical underlyings | 0 | 0 |
Notional amount, Net protection sold | 6,300 | 6,378 |
Notional amount, Other protection purchased | 11,199 | 11,621 |
Other credit derivatives [Member] | Non-investment grade [Member] | ||
Details of Sold and Purchased Credit Derivatives [Abstract] | ||
Notional amount, Protection sold | $ 6,206 | $ 6,262 |
Derivatives Derivatives, Credit
Derivatives Derivatives, Credit-Risk Contingent Feature Textuals (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives [Abstract] | ||
Net derivative liabilities with credit-risk contingent features | $ 10.4 | $ 10.5 |
Collateral posted | 9.4 | 9 |
Additional collateral to be posted upon a below investment grade credit rating | $ 1 | $ 1.5 |
Fair Value, Assets and Liabilit
Fair Value, Assets and Liabilities, Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets: | |||
Trading debt securities | $ 82,727 | $ 75,095 | |
Available-for-sale debt securities | 189,897 | 220,392 | |
Mortgage servicing rights | 6,717 | 6,125 | |
Gross derivative asset | 61,027 | 65,682 | |
Marketable equity securities | 35,331 | 34,009 | |
Equity securities | 64,547 | 60,008 | [1] |
Liabilities: | |||
Total derivative liabilities (gross) | (49,653) | (58,065) | |
Short-sale trading liabilities | (22,043) | (22,441) | |
Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Available-for-sale debt securities | 35,905 | 22,159 | |
Non-U.S. government securities [Member] | |||
Assets: | |||
Available-for-sale debt securities | 11,201 | 16,813 | |
Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Available-for-sale debt securities | 19,499 | 19,406 | |
Federal agencies [Member] | |||
Assets: | |||
Available-for-sale debt securities | 96,534 | 139,070 | |
Non-agency mortgage-backed securities [Member] | |||
Assets: | |||
Available-for-sale debt securities | 4,378 | 3,729 | |
Collateralized loan obligations [Member] | |||
Assets: | |||
Available-for-sale debt securities | 12,407 | 9,018 | |
Other debt securities [Member] | |||
Assets: | |||
Available-for-sale debt securities | 9,973 | 10,197 | |
Fair value, recurring [Member] | |||
Assets: | |||
Loans held for sale | 18,894 | 18,806 | |
Gross derivative asset | 61,027 | 65,682 | |
Total assets prior to derivative netting | 394,445 | 419,955 | |
Fair value assets, Derivative netting | (35,612) | (39,836) | |
Total assets after derivative netting | 358,833 | 380,119 | |
Liabilities: | |||
Total derivative liabilities (gross) | (49,653) | (58,065) | |
Short-sale trading liabilities | (22,043) | (22,441) | |
Total liabilities prior to derivative netting | (71,696) | (80,506) | |
Fair value liabilities, Derivative netting | 35,102 | 41,556 | |
Total liabilities after derivative netting | (36,594) | (38,950) | |
Fair value, recurring [Member] | Residential mortgage [Member] | |||
Assets: | |||
Mortgage servicing rights | 6,717 | 6,125 | |
Fair value, recurring [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Gross derivative asset | 26,747 | 36,063 | |
Liabilities: | |||
Total derivative liabilities (gross) | (19,475) | (26,302) | |
Fair value, recurring [Member] | Commodity contracts [Member] | |||
Assets: | |||
Gross derivative asset | 7,234 | 2,036 | |
Liabilities: | |||
Total derivative liabilities (gross) | (2,309) | (1,543) | |
Fair value, recurring [Member] | Equity contracts [Member] | |||
Assets: | |||
Gross derivative asset | 19,279 | 18,885 | |
Liabilities: | |||
Total derivative liabilities (gross) | (21,518) | (22,006) | |
Fair value, recurring [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Gross derivative asset | 7,692 | 8,603 | |
Liabilities: | |||
Total derivative liabilities (gross) | (6,301) | (8,156) | |
Fair value, recurring [Member] | Credit contracts [Member] | |||
Assets: | |||
Gross derivative asset | 75 | 95 | |
Liabilities: | |||
Total derivative liabilities (gross) | (50) | (58) | |
Fair value, recurring [Member] | Debt securities [Member] | |||
Assets: | |||
Trading debt securities | 82,727 | 75,095 | |
Available-for-sale debt securities | 189,897 | 220,392 | |
Fair value, recurring [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 31,704 | 35,257 | |
Available-for-sale debt securities | 35,905 | 22,159 | |
Fair value, recurring [Member] | Non-U.S. government securities [Member] | |||
Assets: | |||
Available-for-sale debt securities | 11,201 | 16,813 | |
Fair value, recurring [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Available-for-sale debt securities | 19,499 | 19,406 | |
Fair value, recurring [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 12,073 | 10,709 | |
Fair value, recurring [Member] | Federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 33,105 | 23,549 | |
Available-for-sale debt securities | 96,534 | 139,070 | |
Fair value, recurring [Member] | Non-agency mortgage-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 1,297 | 1,051 | |
Available-for-sale debt securities | 4,378 | 3,729 | |
Fair value, recurring [Member] | Collateralized loan obligations [Member] | |||
Assets: | |||
Trading debt securities | 627 | 682 | |
Available-for-sale debt securities | 12,407 | 9,018 | |
Fair value, recurring [Member] | Other debt securities [Member] | |||
Assets: | |||
Trading debt securities | 3,921 | 3,847 | |
Available-for-sale debt securities | 9,973 | 10,197 | |
Fair value, recurring [Member] | Equity securities [Member] | |||
Assets: | |||
Equity securities | 35,183 | 33,855 | |
Fair value, recurring [Member] | Marketable equity securities [Member] | |||
Assets: | |||
Marketable equity securities | 25,325 | 24,596 | |
Fair value, recurring [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | 9,858 | 9,259 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Loans held for sale | 0 | 0 | |
Gross derivative asset | 4,661 | 4,918 | |
Total assets prior to derivative netting | 95,238 | 83,180 | |
Liabilities: | |||
Total derivative liabilities (gross) | (4,136) | (4,897) | |
Short-sale trading liabilities | (15,579) | (15,292) | |
Total liabilities prior to derivative netting | (19,715) | (20,189) | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential mortgage [Member] | |||
Assets: | |||
Mortgage servicing rights | 0 | 0 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Gross derivative asset | 20 | 11 | |
Liabilities: | |||
Total derivative liabilities (gross) | (14) | (27) | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Gross derivative asset | 0 | 0 | |
Liabilities: | |||
Total derivative liabilities (gross) | 0 | 0 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity contracts [Member] | |||
Assets: | |||
Gross derivative asset | 4,620 | 4,888 | |
Liabilities: | |||
Total derivative liabilities (gross) | (4,108) | (4,860) | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Gross derivative asset | 21 | 19 | |
Liabilities: | |||
Total derivative liabilities (gross) | (14) | (10) | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Credit contracts [Member] | |||
Assets: | |||
Gross derivative asset | 0 | 0 | |
Liabilities: | |||
Total derivative liabilities (gross) | 0 | 0 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt securities [Member] | |||
Assets: | |||
Trading debt securities | 29,497 | 32,060 | |
Available-for-sale debt securities | 35,942 | 22,197 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 29,497 | 32,060 | |
Available-for-sale debt securities | 35,905 | 22,159 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. government securities [Member] | |||
Assets: | |||
Available-for-sale debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Available-for-sale debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Non-agency mortgage-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale debt securities | 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 debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other debt securities [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale debt securities | 37 | 38 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity securities [Member] | |||
Assets: | |||
Equity securities | 25,138 | 24,005 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Marketable equity securities [Member] | |||
Assets: | |||
Marketable equity securities | 25,138 | 23,995 | |
Fair value, recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | 0 | 10 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | |||
Assets: | |||
Loans held for sale | 17,825 | 17,572 | |
Gross derivative asset | 53,972 | 58,589 | |
Total assets prior to derivative netting | 276,370 | 314,841 | |
Liabilities: | |||
Total derivative liabilities (gross) | (43,047) | (51,164) | |
Short-sale trading liabilities | (6,464) | (7,149) | |
Total liabilities prior to derivative netting | (49,511) | (58,313) | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Residential mortgage [Member] | |||
Assets: | |||
Mortgage servicing rights | 0 | 0 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Gross derivative asset | 26,370 | 35,590 | |
Liabilities: | |||
Total derivative liabilities (gross) | (19,418) | (26,259) | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Gross derivative asset | 7,139 | 1,997 | |
Liabilities: | |||
Total derivative liabilities (gross) | (2,216) | (1,503) | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Equity contracts [Member] | |||
Assets: | |||
Gross derivative asset | 12,763 | 12,384 | |
Liabilities: | |||
Total derivative liabilities (gross) | (15,089) | (15,219) | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Gross derivative asset | 7,664 | 8,573 | |
Liabilities: | |||
Total derivative liabilities (gross) | (6,280) | (8,134) | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Credit contracts [Member] | |||
Assets: | |||
Gross derivative asset | 36 | 45 | |
Liabilities: | |||
Total derivative liabilities (gross) | (44) | (49) | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Debt securities [Member] | |||
Assets: | |||
Trading debt securities | 53,038 | 42,862 | |
Available-for-sale debt securities | 151,150 | 195,201 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Securities of U.S. Treasury and federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 2,207 | 3,197 | |
Available-for-sale debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Non-U.S. government securities [Member] | |||
Assets: | |||
Available-for-sale debt securities | 11,201 | 16,813 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Available-for-sale debt securities | 19,377 | 19,182 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 12,062 | 10,696 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 33,105 | 23,549 | |
Available-for-sale debt securities | 96,534 | 139,070 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Non-agency mortgage-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 1,275 | 1,039 | |
Available-for-sale debt securities | 4,347 | 3,697 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Collateralized loan obligations [Member] | |||
Assets: | |||
Trading debt securities | 469 | 534 | |
Available-for-sale debt securities | 12,407 | 9,018 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Other debt securities [Member] | |||
Assets: | |||
Trading debt securities | 3,920 | 3,847 | |
Available-for-sale debt securities | 7,284 | 7,421 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Equity securities [Member] | |||
Assets: | |||
Equity securities | 385 | 617 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Marketable equity securities [Member] | |||
Assets: | |||
Marketable equity securities | 186 | 596 | |
Fair value, recurring [Member] | Fair value, inputs, level 2 [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | 199 | 21 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | |||
Assets: | |||
Loans held for sale | 1,069 | 1,234 | |
Gross derivative asset | 2,394 | 2,175 | |
Total assets prior to derivative netting | 22,837 | 21,934 | |
Liabilities: | |||
Total derivative liabilities (gross) | (2,470) | (2,004) | |
Short-sale trading liabilities | 0 | 0 | |
Total liabilities prior to derivative netting | (2,470) | (2,004) | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Residential mortgage [Member] | |||
Assets: | |||
Mortgage servicing rights | 6,717 | 6,125 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Gross derivative asset | 357 | 462 | |
Liabilities: | |||
Total derivative liabilities (gross) | (43) | (16) | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Gross derivative asset | 95 | 39 | |
Liabilities: | |||
Total derivative liabilities (gross) | (93) | (40) | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | |||
Assets: | |||
Gross derivative asset | 1,896 | 1,613 | |
Liabilities: | |||
Total derivative liabilities (gross) | (2,321) | (1,927) | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Gross derivative asset | 7 | 11 | |
Liabilities: | |||
Total derivative liabilities (gross) | (7) | (12) | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Credit contracts [Member] | |||
Assets: | |||
Gross derivative asset | 39 | 50 | |
Liabilities: | |||
Total derivative liabilities (gross) | (6) | (9) | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Debt securities [Member] | |||
Assets: | |||
Trading debt securities | 192 | 173 | |
Available-for-sale debt securities | 2,805 | 2,994 | |
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 debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Non-U.S. government securities [Member] | |||
Assets: | |||
Available-for-sale debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Securities of U.S. states and political subdivisions [Member] | |||
Assets: | |||
Available-for-sale debt securities | 122 | 224 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Corporate debt securities [Member] | |||
Assets: | |||
Trading debt securities | 11 | 13 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Federal agencies [Member] | |||
Assets: | |||
Trading debt securities | 0 | 0 | |
Available-for-sale debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Non-agency mortgage-backed securities [Member] | |||
Assets: | |||
Trading debt securities | 22 | 12 | |
Available-for-sale debt securities | 31 | 32 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Collateralized loan obligations [Member] | |||
Assets: | |||
Trading debt securities | 158 | 148 | |
Available-for-sale debt securities | 0 | 0 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Other debt securities [Member] | |||
Assets: | |||
Trading debt securities | 1 | 0 | |
Available-for-sale debt securities | 2,652 | 2,738 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity securities [Member] | |||
Assets: | |||
Equity securities | 9,660 | 9,233 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Marketable equity securities [Member] | |||
Assets: | |||
Marketable equity securities | 1 | 5 | |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | 9,659 | 9,228 | |
Fair value, recurring [Member] | Fair value measured at net asset value per share [Member] | Nonmarketable equity securities [Member] | |||
Assets: | |||
Nonmarketable equity securities | $ 148 | $ 154 | |
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Fair Value, Assets and Liabil_2
Fair Value, Assets and Liabilities, Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Trading debt securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | $ 192 | $ 389 | $ 173 | $ 223 |
Net gains (losses) | 4 | 33 | 20 | (85) |
Purchases | 123 | 186 | 292 | 476 |
Sales | (129) | (346) | (302) | (439) |
Settlements | (5) | (5) | (5) | (15) |
Transfers into Level 3 | 15 | 15 | 22 | 115 |
Transfers out of Level 3 | (8) | (49) | (8) | (52) |
Balance, end of period | 192 | 223 | 192 | 223 |
Net unrealized gains (losses) related to assets and liabilities held at period end | 1 | 14 | 5 | (69) |
Available-for-sale debt securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 3,142 | 2,412 | 2,994 | 1,565 |
Net gains (losses) | 28 | 21 | 21 | (121) |
Purchases | 9 | 5 | 24 | 31 |
Sales | 0 | (28) | 0 | (33) |
Settlements | (120) | (100) | (188) | (148) |
Transfers into Level 3 | 11 | 85 | 253 | 1,172 |
Transfers out of Level 3 | (265) | (297) | (299) | (368) |
Balance, end of period | 2,805 | 2,098 | 2,805 | 2,098 |
Net unrealized gains (losses) related to assets and liabilities held at period end | 41 | 8 | 16 | (99) |
Fair Value Disclosures, Textual [Abstract] | ||||
Total net gains (losses) included in other comprehensive income | 22 | 16 | 36 | (75) |
Net unrealized gains (losses) related to assets and liabilities held at period end and included in other comprehensive income | 38 | 13 | 31 | (40) |
Loans held for sale [Member] | ||||
Assets: | ||||
Balance, beginning of period | 1,166 | 3,176 | 1,234 | 1,214 |
Net gains (losses) | 15 | (41) | (4) | (104) |
Purchases | 131 | 94 | 260 | 960 |
Sales | (231) | (288) | (379) | (358) |
Settlements | (107) | (64) | (217) | (162) |
Transfers into Level 3 | 97 | 80 | 178 | 1,409 |
Transfers out of Level 3 | (2) | (2,199) | (3) | (2,201) |
Balance, end of period | 1,069 | 758 | 1,069 | 758 |
Net unrealized gains (losses) related to assets and liabilities held at period end | 9 | (32) | (5) | (34) |
Mortgage servicing rights [Member] | Residential mortgage [Member] | ||||
Assets: | ||||
Balance, beginning of period | 7,536 | 8,126 | 6,125 | 11,517 |
Net gains (losses) | (1,297) | (1,768) | (291) | (5,589) |
Purchases | 485 | 462 | 891 | 923 |
Sales | (7) | (1) | (8) | (33) |
Settlements | 0 | 0 | 0 | 1 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 6,717 | 6,819 | 6,717 | 6,819 |
Net unrealized gains (losses) related to assets and liabilities held at period end | (809) | (1,131) | 782 | (4,388) |
Derivative [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | (372) | 899 | 171 | (60) |
Net gains (losses) | 233 | 190 | (449) | 1,309 |
Purchases | 2 | 2 | 2 | 8 |
Sales | (1) | (1) | (1) | (4) |
Settlements | 17 | (531) | 148 | (671) |
Transfers into Level 3 | (10) | 18 | (37) | 2 |
Transfers out of Level 3 | 55 | 1 | 90 | (6) |
Balance, end of period | (76) | 578 | (76) | 578 |
Net unrealized gains (losses) related to assets and liabilities held at period end | 21 | (49) | (123) | 455 |
Derivative [Member] | Interest rate contracts [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | 1 | 685 | 446 | 214 |
Net gains (losses) | 458 | 460 | (83) | 1,204 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (145) | (622) | (44) | (895) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | (5) | 0 |
Balance, end of period | 314 | 523 | 314 | 523 |
Net unrealized gains (losses) related to assets and liabilities held at period end | 167 | 291 | 109 | 374 |
Derivative [Member] | Equity contracts [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | (429) | 217 | (314) | (269) |
Net gains (losses) | (158) | (277) | (326) | 153 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 120 | 79 | 160 | 152 |
Transfers into Level 3 | (10) | 0 | (37) | (10) |
Transfers out of Level 3 | 52 | 1 | 92 | (6) |
Balance, end of period | (425) | 20 | (425) | 20 |
Net unrealized gains (losses) related to assets and liabilities held at period end | (130) | (387) | (236) | 48 |
Derivative [Member] | Other contract [Member] | ||||
Assets and Liabilities: | ||||
Balance, beginning of period | 56 | (3) | 39 | (5) |
Net gains (losses) | (67) | 7 | (40) | (48) |
Purchases | 2 | 2 | 2 | 8 |
Sales | (1) | (1) | (1) | (4) |
Settlements | 42 | 12 | 32 | 72 |
Transfers into Level 3 | 0 | 18 | 0 | 12 |
Transfers out of Level 3 | 3 | 0 | 3 | 0 |
Balance, end of period | 35 | 35 | 35 | 35 |
Net unrealized gains (losses) related to assets and liabilities held at period end | (16) | 47 | 4 | 33 |
Securities [Member] | Equity securities [Member] | ||||
Assets: | ||||
Balance, beginning of period | 8,865 | 6,754 | 9,233 | 7,850 |
Net gains (losses) | 794 | 1,414 | 429 | 313 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (5) | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 1 | 0 | 3 | 7 |
Transfers out of Level 3 | 0 | (3) | 0 | (5) |
Balance, end of period | 9,660 | 8,165 | 9,660 | 8,165 |
Net unrealized gains (losses) related to assets and liabilities held at period end | $ 794 | $ 1,414 | $ 429 | $ 310 |
Fair Value, Assets and Liabil_3
Fair Value, Assets and Liabilities, Valuation Techniques - Recurring Basis (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / loan | Dec. 31, 2020USD ($)$ / loan | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | $ 6,717 | $ 6,125 |
Fair value, recurring [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans held for sale | 18,894 | 18,806 |
Fair Value Disclosures, Textual [Abstract] | ||
Total assets prior to derivative netting | 394,445 | 419,955 |
Total liabilities prior to derivative netting | (71,696) | (80,506) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans held for sale | 1,069 | 1,234 |
Insignificant Level 3 assets, net of liabilities | 36 | 44 |
Assets, fair value disclosure, net of liabilities | 20,367 | 19,930 |
Fair Value Disclosures, Textual [Abstract] | ||
Total assets prior to derivative netting | 22,837 | 21,934 |
Total liabilities prior to derivative netting | (2,470) | (2,004) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available-for-sale debt securities | 1,926 | 2,126 |
Loans held for sale | 1,069 | 1,234 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Valuation technique, vendor priced [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available-for-sale debt securities | $ 747 | $ 759 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | 0.004 | 0.004 |
Loans held for sale, measurement input | 0.011 | 0.013 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | 0.124 | 0.147 |
Loans held for sale, measurement input | 0.125 | 0.120 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | 0.044 | 0.036 |
Loans held for sale, measurement input | 0.046 | 0.045 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available-for-sale debt securities | $ 193 | $ 173 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Minimum [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | (0.291) | (0.398) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Maximum [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | 0.095 | 0.003 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Weighted average [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | (0.066) | (0.084) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0 | 0 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.357 | 0.316 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.015 | 0.017 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0 | 0 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.329 | 0.323 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.158 | 0.184 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.069 | 0.083 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.176 | 0.236 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.129 | 0.151 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, multiples [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Trading and available-for-sale debt securities | $ 131 | $ 109 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, multiples [Member] | Minimum [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | 0.4 | 7.2 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, multiples [Member] | Maximum [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | 12.1 | 12.1 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Measurement input, multiples [Member] | Weighted average [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Trading and available-for-sale debt securities, measurement input | 6.5 | 8 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ 139 | $ 206 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, default rate [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0 | 0 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, default rate [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.060 | 0.060 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, default rate [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.019 | 0.017 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, loss severity [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.500 | 0.500 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, loss severity [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.500 | 0.500 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, loss severity [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.500 | 0.500 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, prepayment rate [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.028 | 0.028 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, prepayment rate [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.220 | 0.220 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate contracts [Member] | Measurement input, prepayment rate [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.185 | 0.182 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ 175 | $ 240 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, fall-out factor [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.010 | 0.010 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, fall-out factor [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.990 | 0.990 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, fall-out factor [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.202 | 0.288 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, initial-value servicing [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.00659) | (0.00516) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, initial-value servicing [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.01510 | 0.02680 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Derivative loan commitments [Member] | Measurement input, initial-value servicing [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.00899 | 0.00655 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ 239 | $ 220 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Valuation technique, option model [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net derivative assets and (liabilities) | $ (664) | $ (534) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, weighted average life [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), term of contract | 0 years | 6 months |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, weighted average life [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), term of contract | 2 years 6 months | 2 years |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, weighted average life [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), term of contract | 1 year 4 months 24 days | 1 year |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, conversion factor [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.093) | (0.086) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, conversion factor [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0 | 0 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, conversion factor [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.090) | (0.082) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, correlation factor [Member] | Minimum [Member] | Valuation technique, option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | (0.770) | (0.770) |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, correlation factor [Member] | Maximum [Member] | Valuation technique, option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.990 | 0.990 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, correlation factor [Member] | Weighted average [Member] | Valuation technique, option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.175 | 0.248 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, volatility factor [Member] | Minimum [Member] | Valuation technique, option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.065 | 0.065 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, volatility factor [Member] | Maximum [Member] | Valuation technique, option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.788 | 0.966 |
Fair value, recurring [Member] | Fair value, inputs, level 3 [Member] | Equity contracts [Member] | Measurement input, volatility factor [Member] | Weighted average [Member] | Valuation technique, option model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Net derivative assets and (liabilities), measurement input | 0.218 | 0.264 |
Fair value, recurring [Member] | Non modified loans [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost to service per loan [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 57 | 63 |
Fair value, recurring [Member] | Non modified loans [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost to service per loan [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 239 | 252 |
Fair value, recurring [Member] | Residential mortgage [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | $ 6,717 | $ 6,125 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 6,717 | 6,125 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | $ 6,717 | $ 6,125 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.046 | 0.049 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.083 | 0.083 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.054 | 0.058 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost to service per loan [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 57 | 63 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost to service per loan [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 642 | 712 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, cost to service per loan [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 111 | 130 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Minimum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.142 | 0.143 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Maximum [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.214 | 0.228 |
Fair value, recurring [Member] | Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Weighted average [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.172 | 0.199 |
Fair value, recurring [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 9,858 | $ 9,259 |
Fair value, 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 | 9,659 | 9,228 |
Fair value, recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 9,659 | $ 9,228 |
Fair value, recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Minimum [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.193) | (0.203) |
Fair value, recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Maximum [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.055) | (0.032) |
Fair value, recurring [Member] | Nonmarketable equity securities [Member] | Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Weighted average [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.156) | (0.138) |
Fair Value, Assets and Liabil_4
Fair Value, Assets and Liabilities, Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | $ 6,717 | $ 6,125 |
Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 4,395 | 5,617 |
Loans | 653 | 1,780 |
Other assets | 1,133 | 1,778 |
Total assets at fair value on a nonrecurring basis | 10,715 | 12,872 |
Nonrecurring [Member] | Nonmarketable equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable equity securities | 3,967 | 3,187 |
Nonrecurring [Member] | Total Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 432 | 1,385 |
Mortgage servicing rights | 567 | 510 |
Nonrecurring [Member] | Total Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 221 | 395 |
Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 2,956 | 2,672 |
Loans | 653 | 1,780 |
Other assets | 976 | 1,350 |
Total assets at fair value on a nonrecurring basis | 8,467 | 8,199 |
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 | 3,882 | 2,397 |
Nonrecurring [Member] | Level 2 [Member] | Total Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 432 | 1,385 |
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 | 221 | 395 |
Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 1,439 | 2,945 |
Loans | 0 | 0 |
Other assets | 157 | 428 |
Total assets at fair value on a nonrecurring basis | 2,248 | 4,673 |
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 | 85 | 790 |
Other assets | 417 | |
Nonrecurring [Member] | Level 3 [Member] | Total Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Mortgage servicing rights | 567 | 510 |
Nonrecurring [Member] | Level 3 [Member] | Total Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 0 | $ 0 |
Fair Value, Assets and Liabil_5
Fair Value, Assets and Liabilities, Changes in Value of Assets with Nonrecurring Fair Value Adjustment (Details) - Nonrecurring [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans held for sale | $ 38 | $ (77) |
Loans | (272) | (520) |
Nonmarketable equity securities | 2,215 | (410) |
Other assets | (56) | (394) |
Total | 1,956 | (1,431) |
Total Commercial [Member] | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans | (182) | (392) |
Mortgage servicing rights | 31 | (30) |
Total Consumer [Member] | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis Increase (Decrease) [Line Items] | ||
Loans | $ (90) | $ (128) |
Fair Value, Assets and Liabil_6
Fair Value, Assets and Liabilities, Valuation Techniques - Nonrecurring Basis (Details) - Nonrecurring [Member] $ in Millions | Jun. 30, 2021USD ($)$ / loan | Dec. 31, 2020USD ($)$ / loanuSDollarPerMMBtuuSDollarPerBarrel |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans held for sale | $ 4,395 | $ 5,617 |
Other assets | 1,133 | 1,778 |
Total assets at fair value on a nonrecurring basis | 10,715 | 12,872 |
Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | 3,967 | 3,187 |
Fair value, inputs, level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans held for sale | 1,439 | 2,945 |
Other assets | 157 | 428 |
Total insignificant level 3 assets | 19 | |
Total assets at fair value on a nonrecurring basis | 2,248 | 4,673 |
Fair value, inputs, level 3 [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans held for sale | 1,269 | 1,628 |
Other assets | 157 | |
Fair value, inputs, level 3 [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans held for sale | 170 | 1,317 |
Fair value, inputs, level 3 [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 567 | 510 |
Fair value, inputs, level 3 [Member] | Residential [Member] | Non-government insured/guaranteed [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans held for sale | 200 | 300 |
Fair value, inputs, level 3 [Member] | Residential [Member] | Government insured or guaranteed [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Loans held for sale | $ 1,200 | $ 2,600 |
Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.008 | 0.003 |
Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.802 | 0.855 |
Fair value, inputs, level 3 [Member] | Measurement input, default rate [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.303 | 0.315 |
Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.006 | 0.006 |
Other assets, measurement input | 0.003 | |
Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.126 | 0.119 |
Other assets, measurement input | 0.044 | |
Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.031 | 0.030 |
Other assets, measurement input | 0.029 | |
Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.040 | 0.019 |
Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.042 | 0.019 |
Fair value, inputs, level 3 [Member] | Measurement input, discount rate [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.040 | 0.019 |
Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.003 | 0.004 |
Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.510 | 0.450 |
Fair value, inputs, level 3 [Member] | Measurement input, loss severity [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.059 | 0.081 |
Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.042 | 0.083 |
Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 1 | 1 |
Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | 0.413 | 0.425 |
Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0 | 0 |
Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.206 | 0.200 |
Fair value, inputs, level 3 [Member] | Measurement input, prepayment rate [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | 0.055 | 0.054 |
Fair value, inputs, level 3 [Member] | Measurement input, cost to service per loan [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 150 | 150 |
Fair value, inputs, level 3 [Member] | Measurement input, cost to service per loan [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 3,381 | 3,377 |
Fair value, inputs, level 3 [Member] | Measurement input, cost to service per loan [Member] | Commercial [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Mortgage servicing rights, measurement input | $ / loan | 2,773 | 2,779 |
Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Valuation, market comparable pricing [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | (0.059) | (0.116) |
Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Valuation, market comparable pricing [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | (0.014) | (0.018) |
Fair value, inputs, level 3 [Member] | Measurement input, market comparability adjustment [Member] | Valuation, market comparable pricing [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Loans held for sale, measurement input | (0.050) | (0.031) |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 85 | $ 790 |
Other assets | 417 | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Valuation technique, discounted cash flow [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 5 | 91 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Valuation technique, other [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 76 | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, discount rate [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.105 | 0.100 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, discount rate [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.105 | 0.200 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, discount rate [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0.105 | 0.115 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, multiples [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 15 | $ 844 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, multiples [Member] | Valuation, market comparable pricing [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 2 | 0.1 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, multiples [Member] | Valuation, market comparable pricing [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 3.3 | 10.9 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, multiples [Member] | Valuation, market comparable pricing [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 2.8 | 5 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, market comparability adjustment [Member] | Valuation, market comparable pricing [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Nonmarketable equity securities | $ 65 | $ 188 |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, market comparability adjustment [Member] | Valuation, market comparable pricing [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (1) | (1) |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, market comparability adjustment [Member] | Valuation, market comparable pricing [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.053) | (0.200) |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, market comparability adjustment [Member] | Valuation, market comparable pricing [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.500) | (0.614) |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, company risk factor [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.626) | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, company risk factor [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | 0 | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, company risk factor [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.303) | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, company risk factor [Member] | Valuation technique, other [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (1) | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, company risk factor [Member] | Valuation technique, other [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.200) | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, company risk factor [Member] | Valuation technique, other [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | (0.577) | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, crude oil price ($/barrel) [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerBarrel | 42 | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, crude oil price ($/barrel) [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerBarrel | 48 | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, crude oil price ($/barrel) [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerBarrel | 47 | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, natural gas price ($/MMBtu) [Member] | Valuation technique, discounted cash flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerMMBtu | 2 | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, natural gas price ($/MMBtu) [Member] | Valuation technique, discounted cash flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerMMBtu | 2 | |
Fair value, inputs, level 3 [Member] | Nonmarketable equity securities [Member] | Measurement input, natural gas price ($/MMBtu) [Member] | Valuation technique, discounted cash flow [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Nonmarketable equity securities, measurement input | uSDollarPerMMBtu | 2 |
Fair Value, Assets and Liabil_7
Fair Value, Assets and Liabilities, Fair Value Option (Details) - Fair value option election [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale, carried at fair value | $ 18,894 | $ 18,894 | $ 18,806 | ||
Loans held for sale, Aggregate unpaid principal | 18,526 | 18,526 | 18,217 | ||
Loans held for sale, Fair value carrying amount less aggregate unpaid principal | 368 | 368 | $ 589 | ||
Loans held for sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair value option, changes in fair value, gain (loss) | $ 823 | $ 773 | $ 1,200 | $ 1,100 |
Fair Value, Assets and Liabil_8
Fair Value, Assets and Liabilities, Fair Value Estimates for Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financial assets | |||
Cash and due from banks | $ 25,304 | $ 28,236 | |
Interest-earning deposits with banks | 248,869 | 236,376 | |
Federal funds sold and securities purchased under resale agreements | 70,149 | 65,672 | |
Held-to-maturity debt securities | 260,941 | 205,720 | |
Loans held for sale | 25,594 | 36,384 | |
Loans, net | 837,152 | 869,121 | |
Financial liabilities | |||
Deposits | 1,440,472 | 1,404,381 | $ 1,410,711 |
Short-term borrowings | 45,635 | 58,999 | |
Long-term Debt | 179,656 | 212,950 | |
Carrying value [Member] | |||
Financial assets | |||
Cash and due from banks | 25,304 | 28,236 | |
Interest-earning deposits with banks | 248,869 | 236,376 | |
Federal funds sold and securities purchased under resale agreements | 70,149 | 65,672 | |
Held-to-maturity debt securities | 260,941 | 205,720 | |
Loans held for sale | 6,700 | 17,578 | |
Loans, net | 821,774 | 853,595 | |
Nonmarketable equity securities | 3,585 | 3,588 | |
Total financial assets | 1,437,322 | 1,410,765 | |
Financial liabilities | |||
Deposits | 35,964 | 52,807 | |
Short-term borrowings | 45,635 | 58,999 | |
Long-term Debt | 179,625 | 212,922 | |
Total financial liabilities | 261,224 | 324,728 | |
Fair Value Disclosures, Textual [Abstract] | |||
Deposit liabilities with no defined or contractual maturity | 1,400,000 | 1,400,000 | |
Carrying value [Member] | Finance leases [Member] | |||
Financial liabilities | |||
Long-term Debt | 28 | 28 | |
Carrying value [Member] | Commercial lease financing [Member] | |||
Financial assets | |||
Loans, net | 15,200 | 15,400 | |
Estimated fair value [Member] | |||
Financial assets | |||
Cash and due from banks | 25,304 | 28,236 | |
Interest-earning deposits with banks | 248,869 | 236,376 | |
Federal funds sold and securities purchased under resale agreements | 70,149 | 65,672 | |
Held-to-maturity debt securities | 264,087 | 212,307 | |
Loans held for sale | 6,928 | 18,371 | |
Loans, net | 840,792 | 874,097 | |
Nonmarketable equity securities | 3,647 | 3,632 | |
Total financial assets | 1,459,776 | 1,438,691 | |
Financial liabilities | |||
Deposits | 36,191 | 53,261 | |
Short-term borrowings | 45,635 | 58,999 | |
Long-term Debt | 187,963 | 220,702 | |
Total financial liabilities | 269,789 | 332,962 | |
Fair Value Disclosures, Textual [Abstract] | |||
Loan commitments and standby, commercial and similar letters of credit | 1,400 | 1,400 | |
Estimated fair value [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial assets | |||
Cash and due from banks | 25,304 | 28,236 | |
Interest-earning deposits with banks | 248,686 | 236,258 | |
Federal funds sold and securities purchased under resale agreements | 0 | 0 | |
Held-to-maturity debt securities | 28,028 | 48,597 | |
Loans held for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Nonmarketable equity securities | 0 | 0 | |
Total financial assets | 302,018 | 313,091 | |
Financial liabilities | |||
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term Debt | 0 | 0 | |
Total financial liabilities | 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 | 183 | 118 | |
Federal funds sold and securities purchased under resale agreements | 70,149 | 65,672 | |
Held-to-maturity debt securities | 235,075 | 162,777 | |
Loans held for sale | 5,259 | 14,952 | |
Loans, net | 59,140 | 56,270 | |
Nonmarketable equity securities | 0 | 0 | |
Total financial assets | 369,806 | 299,789 | |
Financial liabilities | |||
Deposits | 18,823 | 33,321 | |
Short-term borrowings | 45,635 | 58,999 | |
Long-term Debt | 186,681 | 219,321 | |
Total financial liabilities | 251,139 | 311,641 | |
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 debt securities | 984 | 933 | |
Loans held for sale | 1,669 | 3,419 | |
Loans, net | 781,652 | 817,827 | |
Nonmarketable equity securities | 3,647 | 3,632 | |
Total financial assets | 787,952 | 825,811 | |
Financial liabilities | |||
Deposits | 17,368 | 19,940 | |
Short-term borrowings | 0 | 0 | |
Long-term Debt | 1,282 | 1,381 | |
Total financial liabilities | $ 18,650 | $ 21,321 |
Preferred Stock (Details)
Preferred Stock (Details) $ / shares in Units, $ in Millions | Jun. 15, 2021USD ($)shares | Mar. 15, 2021USD ($)shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)vote$ / sharesshares | Jun. 30, 2020USD ($) | [3] | Dec. 31, 2020USD ($)$ / sharesshares | Jul. 20, 2021USD ($) | Feb. 28, 2021USD ($) | Jan. 31, 2021USD ($) | ||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock shares authorized and designated | shares | 5,622,642 | 5,622,642 | 5,557,652 | ||||||||||
ESOP liquidation preference per share (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | ||||||||||
ESOP shares authorized and designated | shares | 822,242 | 822,242 | 822,242 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 5,558,683 | 5,558,683 | 5,496,293 | ||||||||||
Voting rights | If issued, preference shares would be limited to one vote per share | ||||||||||||
Carrying value | $ 20,820 | $ 20,820 | $ 21,136 | ||||||||||
Discount | $ 768 | $ 768 | $ 768 | ||||||||||
ESOP shares issued and outstanding | shares | 822,242 | 822,242 | 822,242 | ||||||||||
ESOP liquidation preference value | $ 822 | $ 822 | $ 822 | ||||||||||
ESOP carrying value | 822 | 822 | 822 | ||||||||||
ESOP discount | 0 | 0 | 0 | ||||||||||
Preferred stock, par or stated value | 21,588 | 21,588 | $ 21,904 | ||||||||||
Preferred stock redeemed, value | $ 350 | [1] | $ 0 | $ 4,876 | [2] | $ 2,470 | |||||||
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 London Interbank Offered Rate (LIBOR) plus 0.93% and 5.56975 | the greater of three-month London Interbank Offered Rate (LIBOR) plus 0.93% and 5.56975 | |||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 100,000 | ||||||||||
Preferred stock shares authorized and designated | shares | 0 | 0 | 25,010 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 0 | 0 | 25,010 | ||||||||||
Preferred stock, liquidation preference, value | $ 0 | $ 0 | $ 2,501 | ||||||||||
Carrying value | 0 | 0 | 2,501 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
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 | $ 3,968 | $ 3,968 | ||||||||||
Carrying value | 3,200 | 3,200 | 3,200 | ||||||||||
Discount | $ 768 | $ 768 | $ 768 | ||||||||||
Series N - 5.20% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||||||||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock, dividend rate (percent) | 5.20% | 5.20% | |||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 25,000 | ||||||||||
Preferred stock shares authorized and designated | shares | 0 | 0 | 30,000 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 0 | 0 | 30,000 | ||||||||||
Preferred stock, liquidation preference, value | $ 0 | $ 0 | $ 750 | ||||||||||
Carrying value | 0 | 0 | 750 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Preferred stock redeemed, shares | shares | 14,000 | 16,000 | |||||||||||
Preferred stock redeemed, value | $ 350 | $ 400 | |||||||||||
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 | $ 650 | $ 650 | ||||||||||
Carrying value | 650 | 650 | 650 | ||||||||||
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 | $ 0 | $ 0 | $ 25,000 | ||||||||||
Preferred stock shares authorized and designated | shares | 0 | 0 | 26,400 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 0 | 0 | 25,000 | ||||||||||
Preferred stock, liquidation preference, value | $ 0 | $ 0 | $ 625 | ||||||||||
Carrying value | 0 | 0 | 625 | ||||||||||
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 | $ 1,725 | $ 1,725 | ||||||||||
Carrying value | 1,725 | 1,725 | 1,725 | ||||||||||
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 | $ 840 | $ 840 | ||||||||||
Carrying value | 840 | 840 | 840 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Series S - 5.900% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||||||||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock, dividend rate (percent) | 5.90% | 5.90% | |||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | $ 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 | $ 2,000 | $ 2,000 | ||||||||||
Carrying value | 2,000 | 2,000 | 2,000 | ||||||||||
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 | $ 2,000 | $ 2,000 | ||||||||||
Carrying value | 2,000 | 2,000 | 2,000 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Series W - 5.700% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||||||||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock, dividend rate (percent) | 5.70% | 5.70% | |||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 25,000 | ||||||||||
Preferred stock shares authorized and designated | shares | 0 | 0 | 40,000 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 0 | 0 | 40,000 | ||||||||||
Preferred stock, liquidation preference, value | $ 0 | $ 0 | $ 1,000 | ||||||||||
Carrying value | 0 | 0 | 1,000 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Series X - 5.500% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||||||||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock, dividend rate (percent) | 5.50% | 5.50% | |||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | $ 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 | $ 1,150 | $ 1,150 | ||||||||||
Carrying value | 1,150 | 1,150 | 1,150 | ||||||||||
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 | $ 690 | $ 690 | ||||||||||
Carrying value | 690 | 690 | 690 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Series Z - 4.75% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||||||||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock, dividend rate (percent) | 4.75% | 4.75% | |||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | $ 25,000 | ||||||||||
Preferred stock shares authorized and designated | shares | 80,500 | 80,500 | 80,500 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 80,500 | 80,500 | 80,500 | ||||||||||
Preferred stock, liquidation preference, value | $ 2,013 | $ 2,013 | $ 2,013 | ||||||||||
Carrying value | 2,013 | 2,013 | 2,013 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Series AA - 4.70% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||||||||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock, dividend rate (percent) | 4.70% | 4.70% | |||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | $ 25,000 | ||||||||||
Preferred stock shares authorized and designated | shares | 46,800 | 46,800 | 46,800 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 46,800 | 46,800 | 46,800 | ||||||||||
Preferred stock, liquidation preference, value | $ 1,170 | $ 1,170 | $ 1,170 | ||||||||||
Carrying value | 1,170 | 1,170 | 1,170 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Series BB - 3.90% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||||||||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock, dividend rate (percent) | 3.90% | ||||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | $ 0 | ||||||||||
Preferred stock shares authorized and designated | shares | 140,400 | 140,400 | 0 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 140,400 | 140,400 | 0 | ||||||||||
Preferred stock, liquidation preference, value | $ 3,510 | $ 3,510 | $ 0 | ||||||||||
Carrying value | 3,510 | 3,510 | 0 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Preferred stock, par or stated value | $ 3,500 | ||||||||||||
Series CC - 4.375% Non-Cumulative Perpetual Class A Preferred Stock [Member] | |||||||||||||
Detail of Preferred Stock [Abstract] | |||||||||||||
Preferred stock, dividend rate (percent) | 4.375% | ||||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25,000 | $ 25,000 | $ 0 | ||||||||||
Preferred stock shares authorized and designated | shares | 46,000 | 46,000 | 0 | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Shares issued and outstanding | shares | 42,000 | 42,000 | 0 | ||||||||||
Preferred stock, liquidation preference, value | $ 1,050 | $ 1,050 | $ 0 | ||||||||||
Carrying value | 1,050 | 1,050 | 0 | ||||||||||
Discount | $ 0 | $ 0 | $ 0 | ||||||||||
Preferred stock, par or stated value | $ 1,050 | ||||||||||||
Series DD - Non-Cumulative Perpetual Class A Preferred Stock [Member] | Subsequent event [Member] | |||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Preferred stock, par or stated value | $ 1,250 | ||||||||||||
Preferred Stock Series I, P, W and N [Member] | |||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Preferred stock redeemed, value | $ 4,500 | ||||||||||||
[1] | Represents the impact of the redemption of the remaining Preferred Stock, Series N, in second quarter 2021. For additional information, see Note 16 (Preferred Stock). | ||||||||||||
[2] | Represents the impact of the redemption of Preferred Stock, Series I, Series P and Series W, in first quarter 2021, and Preferred Stock, Series N, in second quarter 2021. For additional information, see Note 16 (Preferred Stock). | ||||||||||||
[3] | Represents the impact of the redemption of the remaining Preferred Stock, Series K, and partial redemption of Preferred Stock, Series T, in first quarter 2020. |
ESOP Preferred Stock (Details)
ESOP Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Additional paid-in capital included related to preferred stock | $ 53 | $ 53 |
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 822,242 | 822,242 |
Carrying value | $ 822 | $ 822 |
Unearned ESOP shares | $ (875) | $ (875) |
Employee Stock Ownership Plan Preferred Stock 2018 [Member] | ||
Detail of Employee Stock Ownership Plan Preferred Stock [Abstract] | ||
Shares issued and outstanding | 221,945 | 221,945 |
Carrying value | $ 222 | $ 222 |
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 | 163,210 |
Carrying value | $ 163 | $ 163 |
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 | 162,450 |
Carrying value | $ 162 | $ 162 |
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 | 92,904 |
Carrying value | $ 93 | $ 93 |
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 | 99,151 |
Carrying value | $ 99 | $ 99 |
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 | 61,948 |
Carrying value | $ 62 | $ 62 |
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 | 20,634 |
Carrying value | $ 21 | $ 21 |
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% |
Equity award [Member] | Convertible preferred stock [Member] | Minimum [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, redemption price per share | $ 1,000 | $ 1,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers, Revenue by Operating Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest Income | $ 8,800 | $ 9,892 | $ 17,608 | $ 21,222 | ||
Lending-related fees | 362 | 323 | 723 | 673 | ||
Other card fees | 120 | 99 | 235 | 261 | ||
Total card fees | 1,077 | 797 | 2,026 | 1,689 | ||
Mortgage banking | 1,336 | 317 | 2,662 | 696 | ||
Net gains (losses) from trading activities | 21 | 807 | 369 | 871 | ||
Net gains (losses) from equity securities | 2,696 | 533 | 3,088 | (868) | ||
Lease income | 313 | 335 | 628 | 688 | ||
Other | 379 | 577 | 1,046 | 1,525 | ||
Total noninterest income | 11,470 | 8,394 | 21,194 | 15,237 | ||
Total revenue | 20,270 | 18,286 | 38,802 | 36,459 | ||
Debt securities [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net gains (losses) on debt securities | 0 | 212 | 151 | 449 | ||
Deposit-related fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 1,342 | 1,142 | 2,597 | 2,589 | ||
Investment advisory and other asset-based fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 2,794 | 2,254 | [1] | 5,550 | 4,760 | [1] |
Trailing commissions [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 300 | 257 | 598 | 532 | ||
Commissions and brokerage service fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 580 | 550 | [1] | 1,216 | 1,227 | [1] |
Investment banking fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 570 | 547 | 1,138 | 938 | ||
Card interchange and network revenues [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 957 | 698 | 1,791 | 1,428 | ||
Credit card rewards and rebates [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Other cost of revenue | 373 | 266 | 683 | 651 | ||
Corporate [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest Income | (304) | 60 | (694) | 939 | ||
Lending-related fees | (1) | 0 | (1) | 0 | ||
Other card fees | (1) | 0 | 0 | 0 | ||
Total card fees | (1) | 0 | 0 | 2 | ||
Mortgage banking | 0 | (1) | 0 | (1) | ||
Net gains (losses) from trading activities | (14) | (13) | (6) | 22 | ||
Net gains (losses) from equity securities | 2,612 | 403 | 2,882 | (659) | ||
Lease income | 140 | 141 | 280 | 295 | ||
Other | 209 | 258 | 678 | 571 | ||
Total noninterest income | 3,327 | 1,318 | 4,744 | 1,303 | ||
Total revenue | 3,023 | 1,378 | 4,050 | 2,242 | ||
Corporate [Member] | Debt securities [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net gains (losses) on debt securities | 0 | 206 | 151 | 443 | ||
Corporate [Member] | Deposit-related fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 1 | 3 | 5 | 5 | ||
Corporate [Member] | Investment advisory and other asset-based fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 398 | 387 | 821 | 796 | ||
Corporate [Member] | Commissions and brokerage service fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | (1) | 1 | (1) | (5) | ||
Corporate [Member] | Investment banking fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | (16) | (67) | (65) | (166) | ||
Corporate [Member] | Card interchange and network revenues [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 2 | ||
Reconciling Items [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest Income | (109) | (121) | (216) | (264) | ||
Lending-related fees | 0 | 0 | 0 | 0 | ||
Other card fees | 0 | 0 | 0 | 0 | ||
Total card fees | 0 | 0 | 0 | 0 | ||
Mortgage banking | 0 | 0 | 0 | 0 | ||
Net gains (losses) from trading activities | 0 | 0 | 0 | 0 | ||
Net gains (losses) from equity securities | 0 | 0 | 0 | 0 | ||
Lease income | 0 | 0 | 0 | 0 | ||
Other | (312) | (195) | (583) | (415) | ||
Total noninterest income | (312) | (195) | (583) | (415) | ||
Total revenue | (421) | (316) | (799) | (679) | ||
Reconciling Items [Member] | Debt securities [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net gains (losses) on debt securities | 0 | 0 | 0 | 0 | ||
Reconciling Items [Member] | Deposit-related fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 0 | ||
Reconciling Items [Member] | Investment advisory and other asset-based fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 0 | ||
Reconciling Items [Member] | Commissions and brokerage service fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 0 | ||
Reconciling Items [Member] | Investment banking fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 0 | ||
Reconciling Items [Member] | Card interchange and network revenues [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 0 | ||
Consumer Banking and Lending [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest Income | 5,618 | 5,717 | 11,233 | 11,719 | ||
Lending-related fees | 36 | 33 | 76 | 81 | ||
Other card fees | 121 | 99 | 235 | 261 | ||
Total card fees | 1,017 | 749 | 1,909 | 1,568 | ||
Mortgage banking | 1,158 | 256 | 2,417 | 598 | ||
Net gains (losses) from trading activities | 0 | 1 | 1 | 1 | ||
Net gains (losses) from equity securities | 0 | 0 | 34 | 0 | ||
Lease income | 0 | 0 | 0 | 0 | ||
Other | 127 | 272 | 285 | 832 | ||
Total noninterest income | 3,068 | 1,891 | 6,107 | 4,538 | ||
Total revenue | 8,686 | 7,608 | 17,340 | 16,257 | ||
Consumer Banking and Lending [Member] | Debt securities [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net gains (losses) on debt securities | 0 | 6 | 0 | 6 | ||
Consumer Banking and Lending [Member] | Deposit-related fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 732 | 575 | 1,393 | 1,454 | ||
Consumer Banking and Lending [Member] | Investment advisory and other asset-based fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 0 | ||
Consumer Banking and Lending [Member] | Commissions and brokerage service fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 0 | ||
Consumer Banking and Lending [Member] | Investment banking fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | (2) | (1) | (8) | (2) | ||
Consumer Banking and Lending [Member] | Card interchange and network revenues [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 896 | 650 | 1,674 | 1,307 | ||
Commercial Banking [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest Income | 1,202 | 1,554 | 2,456 | 3,287 | ||
Lending-related fees | 135 | 125 | 271 | 253 | ||
Other card fees | 0 | 0 | 0 | 0 | ||
Total card fees | 49 | 36 | 94 | 88 | ||
Mortgage banking | 0 | 0 | 0 | 0 | ||
Net gains (losses) from trading activities | (1) | 1 | 1 | (4) | ||
Net gains (losses) from equity securities | 32 | (28) | 45 | (222) | ||
Lease income | 173 | 189 | 347 | 387 | ||
Other | 182 | 143 | 304 | 253 | ||
Total noninterest income | 906 | 797 | 1,733 | 1,409 | ||
Total revenue | 2,108 | 2,351 | 4,189 | 4,696 | ||
Commercial Banking [Member] | Debt securities [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net gains (losses) on debt securities | 0 | 0 | 0 | 0 | ||
Commercial Banking [Member] | Deposit-related fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 325 | 297 | 642 | 599 | ||
Commercial Banking [Member] | Investment advisory and other asset-based fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 2 | 8 | 7 | 16 | ||
Commercial Banking [Member] | Commissions and brokerage service fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 0 | 0 | 0 | 0 | ||
Commercial Banking [Member] | Investment banking fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 9 | 26 | 22 | 39 | ||
Commercial Banking [Member] | Card interchange and network revenues [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 49 | 36 | 94 | 88 | ||
Corporate and Investment Banking [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest Income | 1,783 | 1,963 | 3,562 | 3,984 | ||
Lending-related fees | 190 | 163 | 373 | 335 | ||
Other card fees | 0 | 0 | 0 | 0 | ||
Total card fees | 11 | 11 | 21 | 29 | ||
Mortgage banking | 181 | 65 | 251 | 105 | ||
Net gains (losses) from trading activities | 30 | 809 | 361 | 844 | ||
Net gains (losses) from equity securities | 46 | 8 | 121 | 124 | ||
Lease income | 0 | 5 | 1 | 6 | ||
Other | 160 | 83 | 335 | 248 | ||
Total noninterest income | 1,555 | 2,096 | 3,380 | 3,483 | ||
Total revenue | 3,338 | 4,059 | 6,942 | 7,467 | ||
Corporate and Investment Banking [Member] | Debt securities [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net gains (losses) on debt securities | 0 | 0 | 0 | 0 | ||
Corporate and Investment Banking [Member] | Deposit-related fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 277 | 261 | 543 | 518 | ||
Corporate and Investment Banking [Member] | Investment advisory and other asset-based fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 12 | 24 | 34 | 40 | ||
Corporate and Investment Banking [Member] | Commissions and brokerage service fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 68 | 79 | 149 | 169 | ||
Corporate and Investment Banking [Member] | Investment banking fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 580 | 588 | 1,191 | 1,065 | ||
Corporate and Investment Banking [Member] | Card interchange and network revenues [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 11 | 11 | 21 | 29 | ||
Wealth and Investment Management [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net interest Income | 610 | 719 | 1,267 | 1,557 | ||
Lending-related fees | 2 | 2 | 4 | 4 | ||
Other card fees | 0 | 0 | 0 | 0 | ||
Total card fees | 1 | 1 | 2 | 2 | ||
Mortgage banking | (3) | (3) | (6) | (6) | ||
Net gains (losses) from trading activities | 6 | 9 | 12 | 8 | ||
Net gains (losses) from equity securities | 6 | 150 | 6 | (111) | ||
Lease income | 0 | 0 | 0 | 0 | ||
Other | 13 | 16 | 27 | 36 | ||
Total noninterest income | 2,926 | 2,487 | 5,813 | 4,919 | ||
Total revenue | 3,536 | 3,206 | 7,080 | 6,476 | ||
Wealth and Investment Management [Member] | Debt securities [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Net gains (losses) on debt securities | 0 | 0 | 0 | 0 | ||
Wealth and Investment Management [Member] | Deposit-related fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 7 | 6 | 14 | 13 | ||
Wealth and Investment Management [Member] | Investment advisory and other asset-based fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 2,382 | 1,835 | 4,688 | 3,908 | ||
Wealth and Investment Management [Member] | Commissions and brokerage service fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | 513 | 470 | 1,068 | 1,063 | ||
Wealth and Investment Management [Member] | Investment banking fees [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | (1) | 1 | (2) | 2 | ||
Wealth and Investment Management [Member] | Card interchange and network revenues [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Fee income | $ 1 | $ 1 | $ 2 | $ 2 | ||
[1] | In first quarter 2021, trust and investment management fees and asset-based brokerage fees were combined into a single line item for investment advisory and other asset-based fees, and brokerage commissions and other brokerage services fees were combined into a single line item for commissions and brokerage services fees. 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 | 3 Months Ended | 6 Months Ended | 144 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | |
Qualified Plan [Member] | |||||
Components of net periodic benefit cost [Abstract] | |||||
Service Cost | $ 5 | $ 4 | $ 9 | $ 7 | |
Interest cost | 71 | 86 | 142 | 172 | |
Expected return on plan assets | (154) | (149) | (306) | (297) | |
Amortization of net actuarial loss (gain) | 38 | 35 | 75 | 71 | |
Amortization of prior service credit | 0 | 0 | 0 | 0 | |
Settlement loss | 62 | 70 | 62 | 70 | |
Net periodic benefit cost | 22 | 46 | (18) | 23 | |
Nonqualified Plan [Member] | |||||
Components of net periodic benefit cost [Abstract] | |||||
Service Cost | 0 | 0 | 0 | 0 | |
Interest cost | 3 | 4 | 6 | 8 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of net actuarial loss (gain) | 3 | 3 | 7 | 7 | |
Amortization of prior service credit | 0 | 0 | 0 | 0 | |
Settlement loss | 0 | 0 | 2 | 3 | |
Net periodic benefit cost | 6 | 7 | 15 | 18 | |
Other benefits plan assets [Member] | |||||
Components of net periodic benefit cost [Abstract] | |||||
Service Cost | 0 | 0 | 0 | 0 | |
Interest cost | 3 | 4 | 6 | 8 | |
Expected return on plan assets | (4) | (5) | (9) | (11) | |
Amortization of net actuarial loss (gain) | (5) | (4) | (10) | (9) | |
Amortization of prior service credit | (3) | (3) | (5) | (5) | |
Settlement loss | 0 | 0 | 0 | 0 | |
Net periodic benefit cost | (9) | (8) | $ (18) | $ (17) | |
Cash balance plan [Member] | |||||
Components of net periodic benefit cost [Abstract] | |||||
Net periodic benefit cost | $ 0 | ||||
Cash balance plan [Member] | Qualified Plan [Member] | |||||
Components of net periodic benefit cost [Abstract] | |||||
Settlement loss | $ 62 | $ 70 | |||
Employee Benefits and Other Expenses Textual [Abstract] | |||||
Discount rate | 2.80% | 2.75% | 2.80% | 2.75% | 2.80% |
Defined Benefit Plan, Plan Assets, (Increase) Decrease for Remeasurement due to Settlement | $ 347 | ||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | $ 674 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 409 | $ (604) |
Employee Benefits and Other Exp
Employee Benefits and Other Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Other noninterest expense | $ 1,092 | $ 1,060 | $ 2,205 | $ 2,021 |
Regulatory charges and assessments expense, including FDIC assessment expense [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other noninterest expense | $ 192 | $ 211 | $ 409 | $ 374 |
Restructuring Charges Accruals
Restructuring Charges Accruals (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | |||
Accruals for restructuring charges, beginning balance | $ 1,054 | $ 1,214 | $ 0 |
Restructuring charges | 158 | 303 | 1,595 |
Payments and utilization | (246) | (419) | (285) |
Changes in estimates | (162) | (294) | (96) |
Accruals for restructuring charges, ending balance | 804 | 804 | 1,214 |
Personnel cost [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accruals for restructuring charges, beginning balance | 1,010 | 1,170 | 0 |
Restructuring charges | 155 | 285 | 1,371 |
Payments and utilization | (213) | (370) | (105) |
Changes in estimates | (148) | (281) | (96) |
Accruals for restructuring charges, ending balance | 804 | 804 | 1,170 |
Facility closure cost [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accruals for restructuring charges, beginning balance | 0 | 0 | 0 |
Restructuring charges | 3 | 18 | 80 |
Payments and utilization | 4 | (11) | (80) |
Changes in estimates | (7) | (7) | 0 |
Accruals for restructuring charges, ending balance | 0 | 0 | 0 |
Other restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accruals for restructuring charges, beginning balance | 44 | 44 | 0 |
Restructuring charges | 0 | 0 | 144 |
Payments and utilization | (37) | (38) | (100) |
Changes in estimates | (7) | (6) | 0 |
Accruals for restructuring charges, ending balance | $ 0 | $ 0 | $ 44 |
Earnings Per Common Share, Calc
Earnings Per Common Share, Calculation of Earnings and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Earnings Per Common Share [Abstract] | ||||||
Wells Fargo net income (loss) | $ 6,040 | $ (3,846) | [1] | $ 10,676 | $ (2,930) | [1] |
Less: Preferred stock dividends and other | 297 | 314 | 677 | 926 | ||
Wells Fargo net income (loss) applicable to common stock (numerator) | $ 5,743 | $ (4,160) | [1] | $ 9,999 | $ (3,856) | [1] |
Earnings per common share | ||||||
Average common shares outstanding (denominator) (in shares) | 4,124.6 | 4,105.5 | [1] | 4,132.9 | 4,105.2 | [1] |
Per share (in dollars per share) | $ 1.39 | $ (1.01) | [1] | $ 2.42 | $ (0.94) | [1] |
Diluted earnings per common share | ||||||
Average common shares outstanding (in shares) | 4,124.6 | 4,105.5 | [1] | 4,132.9 | 4,105.2 | [1] |
Diluted average common shares outstanding (denominator) (in shares) | 4,156.1 | 4,105.5 | [1] | 4,164.6 | 4,105.2 | [1] |
Per share (in dollars per share) | $ 1.38 | $ (1.01) | [1] | $ 2.40 | $ (0.94) | [1] |
Preferred Stock, Accretion Of Redemption Discount Or Issuance Costs | $ 4 | $ 48 | $ 272 | |||
Restricted share rights [Member] | ||||||
Diluted earnings per common share | ||||||
Weighted average number of diluted shares outstanding, adjustment (in shares) | 31.5 | 0 | 31.7 | 0 | ||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
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 Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted Average Number of Shares, Restricted Stock | 50,700 | 54,700 | ||
Restricted share rights [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive instruments | 200 | 35,900 | 100 | 900 |
Convertible Preferred Stock, Series L [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive instruments | 25,300 | 25,300 | 25,300 | 25,300 |
Earnings Per Common Share Earni
Earnings Per Common Share Earnings Per Common Share Dividends Declared Per Common Shares (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||||
Dividends declared per common share (in dollars per share) | $ 0.10 | $ 0.51 | $ 0.20 | $ 1.02 |
Other Comprehensive Income, Com
Other Comprehensive Income, Components of Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt securities: | ||||
Net unrealized gains (losses) arising during the period, Before tax | $ 272 | $ 1,596 | $ (1,740) | $ 1,486 |
Net unrealized gains (losses) arising during the period, Tax effect | (68) | (395) | 432 | (373) |
Net unrealized gains (losses) arising during the period, Net of tax | 204 | 1,201 | (1,308) | 1,113 |
Reclassification of net (gains) losses to net income, Before tax | 132 | (90) | 118 | (262) |
Reclassification of net (gains) losses to net income, Tax effect | (32) | 32 | (31) | 64 |
Reclassification of net (gains) losses to net income, Net of tax | 100 | (58) | 87 | (198) |
Net change, Before tax | 404 | 1,506 | (1,622) | 1,224 |
Net change, Tax effect | (100) | (363) | 401 | (309) |
Net change, Net of tax | 304 | 1,143 | (1,221) | 915 |
Cash Flow Hedges: | ||||
Net change, Before tax | 37 | 3 | 84 | 185 |
Net change, Tax effect | (10) | 0 | (21) | (45) |
Net change, Net of tax | 27 | 3 | 63 | 140 |
Defined benefit plans adjustments: | ||||
Net actuarial and prior service gains (losses) arising during the period, Before tax | 347 | (674) | 357 | (671) |
Net actuarial and prior service gains (losses) arising during the period, Tax effect | (85) | 167 | (88) | 166 |
Net actuarial and prior service gains (losses) arising during the period, Net of tax | 262 | (507) | 269 | (505) |
Amortization of net actuarial loss, Before tax | 36 | 34 | 72 | 69 |
Amortization of net actuarial loss, Tax effect | (9) | (9) | (18) | (17) |
Amortization of net actuarial loss, Net of tax | 27 | 25 | 54 | 52 |
Settlements and other, Before tax | 59 | 67 | 59 | 68 |
Settlements and other, Tax effect | (14) | (16) | (13) | (16) |
Settlements and other, Net of tax | 45 | 51 | 46 | 52 |
Subtotal reclassifications to noninterest expense, Before tax | 95 | 101 | 131 | 137 |
Subtotal reclassifications to noninterest expense, Tax effect | (23) | (25) | (31) | (33) |
Subtotal reclassifications to noninterest expense, Net of tax | 72 | 76 | 100 | 104 |
Net change, Before tax | 442 | (573) | 488 | (534) |
Net change, Tax effect | (108) | 142 | (119) | 133 |
Net change, Net of tax | 334 | (431) | 369 | (401) |
Foreign currency translation adjustments: | ||||
Net unrealized gains (losses) arising during the period, Before tax | 23 | 51 | 36 | (144) |
Net unrealized gains (losses) arising during the period, Tax effect | (1) | 0 | (3) | 2 |
Net unrealized gains (losses) arising during the period, Net of tax | 22 | 51 | 33 | (142) |
Net change, Before tax | 23 | 51 | 36 | (144) |
Net change, Tax effect | (1) | 0 | (3) | 2 |
Net change, Net of tax | 22 | 51 | 33 | (142) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Other comprehensive income (loss), after tax | 906 | 987 | (1,014) | 731 |
Other comprehensive income (loss), tax effect | (219) | (221) | 258 | (219) |
Other comprehensive income (loss), net of tax | 687 | 766 | (756) | 512 |
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 | 686 | 766 | (758) | 513 |
Noncontrolling interests [Member] | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Other comprehensive income (loss), net of tax | 1 | 0 | 2 | (1) |
Other noninterest income [Member] | ||||
Debt securities: | ||||
Reclassification of net (gains) losses to net income, Before tax | (2) | (1) | (2) | (2) |
Reclassification of net (gains) losses to net income, Tax effect | 1 | 0 | 1 | 0 |
Reclassification of net (gains) losses to net income, Net of tax | (1) | (1) | (1) | (2) |
Debt securities [Member] | Interest income [Member] | ||||
Debt securities: | ||||
Reclassification of net (gains) losses to net income, Before tax | 134 | 123 | 271 | 189 |
Reclassification of net (gains) losses to net income, Tax effect | (33) | (31) | (67) | (47) |
Reclassification of net (gains) losses to net income, Net of tax | 101 | 92 | 204 | 142 |
Debt securities [Member] | Net gains on debt securities [Member] | ||||
Debt securities: | ||||
Reclassification of net (gains) losses to net income, Before tax | 0 | (212) | (151) | (449) |
Reclassification of net (gains) losses to net income, Tax effect | 0 | 63 | 35 | 111 |
Reclassification of net (gains) losses to net income, Net of tax | 0 | (149) | (116) | (338) |
Fair value hedging [Member] | ||||
Fair Value Hedges: | ||||
Change in fair value of excluded components on fair value hedges, before tax | (14) | (57) | 11 | 87 |
Change in fair value of excluded components on fair value hedges, tax | 3 | 13 | (3) | (22) |
Change in fair value of excluded components on fair value hedges, net of tax | (11) | (44) | 8 | 65 |
Cash flow hedging [Member] | ||||
Cash Flow Hedges: | ||||
Net unrealized gains (losses) arising during the period on cash flow hedges, Before Tax | 11 | 5 | (20) | (15) |
Net unrealized gains (losses) arising during the period on cash flow hedges, Tax | (3) | (1) | 5 | 4 |
Net unrealized gains (losses) arising during the period on cash flow hedges, Net of Tax | 8 | 4 | (15) | (11) |
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 40 | 55 | 93 | 113 |
Reclassification of net (gains) losses to net income on cash flow hedges, tax | (10) | (12) | (23) | (27) |
Reclassification of net (gains) losses to net income on cash flow hedges, net of tax | 30 | 43 | 70 | 86 |
Cash flow hedging [Member] | Interest income [Member] | Loans [Member] | ||||
Cash Flow Hedges: | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 39 | 53 | 91 | 109 |
Reclassification of net (gains) losses to net income on cash flow hedges, tax | (10) | (12) | (23) | (26) |
Reclassification of net (gains) losses to net income on cash flow hedges, net of tax | 29 | 41 | 68 | 83 |
Cash flow hedging [Member] | Interest expense on long-term debt [Member] | ||||
Cash Flow Hedges: | ||||
Reclassification of net (gains) losses to net income on cash flow hedges, before tax | 1 | 2 | 2 | 4 |
Reclassification of net (gains) losses to net income on cash flow hedges, tax | 0 | 0 | 0 | (1) |
Reclassification of net (gains) losses to net income on cash flow hedges, net of tax | $ 1 | $ 2 | $ 2 | $ 3 |
Other Comprehensive Income, Cum
Other Comprehensive Income, Cumulative OCI Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||||
Cumulative OCI balances [Abstract] | ||||||||
Balance, beginning of period | $ 188,034 | [1] | $ 183,310 | [1] | $ 185,712 | [2] | $ 188,692 | [2] |
Other comprehensive income (loss), net of tax | 687 | 766 | (756) | 512 | ||||
Balance, end of period | 193,127 | 178,635 | [1],[2] | 193,127 | 178,635 | [1],[2] | ||
AOCI including portion attributable to noncontrolling interest [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Net unrealized gains (losses) arising during the period | 485 | 705 | (1,013) | 520 | ||||
Amounts reclassified from accumulated other comprehensive income | 202 | 61 | 257 | (8) | ||||
Other comprehensive income (loss), net of tax | 687 | 766 | (756) | 512 | ||||
Debt securities [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Net unrealized gains (losses) arising during the period | 204 | 1,201 | (1,308) | 1,113 | ||||
Amounts reclassified from accumulated other comprehensive income | 100 | (58) | 87 | (198) | ||||
Other comprehensive income (loss), net of tax | 304 | 1,143 | (1,221) | 915 | ||||
Fair value hedges [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Net unrealized gains (losses) arising during the period | (11) | (44) | 8 | 65 | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | (11) | (44) | 8 | 65 | ||||
Cash flow hedges [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Net unrealized gains (losses) arising during the period | 8 | 4 | (15) | (11) | ||||
Amounts reclassified from accumulated other comprehensive income | 30 | 43 | 70 | 86 | ||||
Other comprehensive income (loss), net of tax | 38 | 47 | 55 | 75 | ||||
Defined benefit plans adjustments [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Net unrealized gains (losses) arising during the period | 262 | (507) | 269 | (505) | ||||
Amounts reclassified from accumulated other comprehensive income | 72 | 76 | 100 | 104 | ||||
Other comprehensive income (loss), net of tax | 334 | (431) | 369 | (401) | ||||
Foreign currency translation adjustments [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Net unrealized gains (losses) arising during the period | 22 | 51 | 33 | (142) | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | 22 | 51 | 33 | (142) | ||||
Total Wells Fargo stockholders' equity [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Other comprehensive income (loss), net of tax | 686 | 766 | (758) | 513 | ||||
Cumulative other comprehensive income, parent [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Balance, beginning of period | (1,250) | (1,564) | 194 | (1,311) | ||||
Other comprehensive income (loss), net of tax | 686 | 766 | (758) | 513 | ||||
Balance, end of period | (564) | (798) | (564) | (798) | ||||
Debt securities, parent [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Balance, beginning of period | 1,514 | 1,324 | 3,039 | 1,552 | ||||
Balance, end of period | 1,817 | 2,467 | 1,817 | 2,467 | ||||
Fair value hedges, parent [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Balance, beginning of period | (185) | (71) | (204) | (180) | ||||
Balance, end of period | (196) | (115) | (196) | (115) | ||||
Cash flow hedges, parent [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Balance, beginning of period | (108) | (270) | (125) | (298) | ||||
Balance, end of period | (70) | (223) | (70) | (223) | ||||
Defined benefit plans adjustments, parent [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Balance, beginning of period | (2,369) | (2,193) | (2,404) | (2,223) | ||||
Balance, end of period | (2,035) | (2,624) | (2,035) | (2,624) | ||||
Foreign currency translation adjustments, parent [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Balance, beginning of period | (102) | (354) | (112) | (162) | ||||
Balance, end of period | (80) | (303) | (80) | (303) | ||||
Noncontrolling interests [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Balance, beginning of period | 1,130 | 612 | 1,032 | 838 | ||||
Other comprehensive income (loss), net of tax | 1 | 0 | 2 | (1) | ||||
Balance, end of period | 1,865 | 735 | 1,865 | 735 | ||||
Cumulative other comprehensive income, noncontrolling Interests [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Other comprehensive income (loss), net of tax | 1 | 0 | 2 | (1) | ||||
Debt securities, noncontrolling interest [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Other comprehensive income (loss), net of tax | 1 | 0 | 1 | 0 | ||||
Fair value hedges, noncontrolling interest [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | ||||
Cash flow hedges, noncontrolling interest [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | ||||
Defined benefit plans adjustments, noncontrolling interest [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | ||||
Foreign currency translation adjustments, noncontrolling interest [Member] | ||||||||
Cumulative OCI balances [Abstract] | ||||||||
Other comprehensive income (loss), net of tax | $ 0 | $ 0 | $ 1 | $ (1) | ||||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||||||
[2] | We adopted Accounting Standards Update (ASU) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) effective January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2020. In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Operating Segments (Details)
Operating Segments (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Number of reportable operating segments | 4 | |||||||||
Financial Information of Operating Segment [Abstract] | ||||||||||
Net interest income | $ 8,800 | $ 9,892 | $ 17,608 | $ 21,222 | ||||||
Noninterest income | 11,470 | 8,394 | 21,194 | 15,237 | ||||||
Total revenue | 20,270 | 18,286 | 38,802 | 36,459 | ||||||
Provision for credit losses | (1,260) | 9,534 | (2,308) | 13,539 | ||||||
Noninterest expense | 13,341 | 14,551 | 27,330 | 27,599 | ||||||
Income (loss) before income tax expense | 8,189 | (5,799) | 13,780 | (4,679) | ||||||
Income tax expense (benefit) | 1,445 | (2,001) | [1] | 2,346 | (1,648) | [1] | ||||
Net income (loss) before noncontrolling interests | 6,744 | (3,798) | [2] | 11,434 | (3,031) | [2] | ||||
Less: Net income (loss) from noncontrolling interests | 704 | 48 | 758 | (101) | ||||||
Net Income (loss) | 6,040 | (3,846) | [1] | 10,676 | (2,930) | [1] | ||||
Loans (average) | 854,747 | 971,266 | 864,041 | 968,156 | ||||||
Assets (average) | 1,939,879 | 1,947,180 | 1,937,167 | 1,948,025 | ||||||
Deposits (average) | 1,435,824 | 1,386,656 | 1,414,765 | 1,362,309 | ||||||
Loans (period-end) | 852,300 | 935,155 | 852,300 | 935,155 | $ 887,637 | |||||
Assets | 1,945,996 | [3] | 1,967,048 | 1,945,996 | [3] | 1,967,048 | 1,952,911 | [3] | ||
Deposits (period-end) | 1,440,472 | 1,410,711 | 1,440,472 | 1,410,711 | $ 1,404,381 | |||||
Corporate [Member] | ||||||||||
Financial Information of Operating Segment [Abstract] | ||||||||||
Net interest income | (304) | 60 | (694) | 939 | ||||||
Noninterest income | 3,327 | 1,318 | 4,744 | 1,303 | ||||||
Total revenue | 3,023 | 1,378 | 4,050 | 2,242 | ||||||
Provision for credit losses | (34) | 126 | 63 | 388 | ||||||
Noninterest expense | 1,000 | 1,251 | 2,231 | 1,942 | ||||||
Income (loss) before income tax expense | 2,057 | 1 | 1,756 | (88) | ||||||
Income tax expense (benefit) | 223 | (300) | (52) | 21 | ||||||
Net income (loss) before noncontrolling interests | 1,834 | 301 | 1,808 | (109) | ||||||
Less: Net income (loss) from noncontrolling interests | 704 | 47 | 757 | (103) | ||||||
Net Income (loss) | 1,130 | 254 | 1,051 | (6) | ||||||
Loans (average) | 10,077 | 21,534 | 10,152 | 21,517 | ||||||
Assets (average) | 754,629 | 655,617 | 741,203 | 642,513 | ||||||
Deposits (average) | 41,696 | 82,640 | 44,080 | 94,307 | ||||||
Loans (period-end) | 10,593 | 21,948 | 10,593 | 21,948 | ||||||
Assets | 761,915 | 713,309 | 761,915 | 713,309 | ||||||
Deposits (period-end) | 40,091 | 76,155 | 40,091 | 76,155 | ||||||
Reconciling Items [Member] | ||||||||||
Financial Information of Operating Segment [Abstract] | ||||||||||
Net interest income | (109) | (121) | (216) | (264) | ||||||
Noninterest income | (312) | (195) | (583) | (415) | ||||||
Total revenue | (421) | (316) | (799) | (679) | ||||||
Provision for credit losses | 0 | 0 | 0 | 0 | ||||||
Noninterest expense | 0 | 0 | 0 | 0 | ||||||
Income (loss) before income tax expense | (421) | (316) | (799) | (679) | ||||||
Income tax expense (benefit) | (421) | (316) | (799) | (679) | ||||||
Net income (loss) before noncontrolling interests | 0 | 0 | 0 | 0 | ||||||
Less: Net income (loss) from noncontrolling interests | 0 | 0 | 0 | 0 | ||||||
Net Income (loss) | 0 | 0 | 0 | 0 | ||||||
Loans (average) | 0 | 0 | 0 | 0 | ||||||
Assets (average) | 0 | 0 | 0 | 0 | ||||||
Deposits (average) | 0 | 0 | 0 | 0 | ||||||
Loans (period-end) | 0 | 0 | 0 | 0 | ||||||
Assets | 0 | 0 | 0 | 0 | ||||||
Deposits (period-end) | 0 | 0 | 0 | 0 | ||||||
Consumer Banking and Lending [Member] | ||||||||||
Financial Information of Operating Segment [Abstract] | ||||||||||
Net interest income | 5,618 | 5,717 | 11,233 | 11,719 | ||||||
Noninterest income | 3,068 | 1,891 | 6,107 | 4,538 | ||||||
Total revenue | 8,686 | 7,608 | 17,340 | 16,257 | ||||||
Provision for credit losses | (367) | 3,102 | (786) | 4,671 | ||||||
Noninterest expense | 6,202 | 6,933 | 12,469 | 13,190 | ||||||
Income (loss) before income tax expense | 2,851 | (2,427) | 5,657 | (1,604) | ||||||
Income tax expense (benefit) | 713 | (650) | 1,415 | (445) | ||||||
Net income (loss) before noncontrolling interests | 2,138 | (1,777) | 4,242 | (1,159) | ||||||
Less: Net income (loss) from noncontrolling interests | 0 | 0 | 0 | 0 | ||||||
Net Income (loss) | 2,138 | (1,777) | 4,242 | (1,159) | ||||||
Loans (average) | 331,892 | 369,631 | 342,428 | 376,096 | ||||||
Assets (average) | 388,617 | 427,065 | 398,530 | 433,226 | ||||||
Deposits (average) | 835,752 | 715,144 | 812,723 | 683,925 | ||||||
Loans (period-end) | 326,760 | 368,753 | 326,760 | 368,753 | ||||||
Assets | 382,464 | 432,100 | 382,464 | 432,100 | ||||||
Deposits (period-end) | 840,434 | 746,602 | 840,434 | 746,602 | ||||||
Consumer Banking and Lending [Member] | Maximum [Member] | Customer concentration risk [Member] | Revenue benchmark [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenue | 5 | |||||||||
Commercial Banking [Member] | ||||||||||
Financial Information of Operating Segment [Abstract] | ||||||||||
Net interest income | 1,202 | 1,554 | 2,456 | 3,287 | ||||||
Noninterest income | 906 | 797 | 1,733 | 1,409 | ||||||
Total revenue | 2,108 | 2,351 | 4,189 | 4,696 | ||||||
Provision for credit losses | (382) | 2,295 | (781) | 3,336 | ||||||
Noninterest expense | 1,443 | 1,580 | 3,073 | 3,153 | ||||||
Income (loss) before income tax expense | 1,047 | (1,524) | 1,897 | (1,793) | ||||||
Income tax expense (benefit) | 261 | (379) | 473 | (442) | ||||||
Net income (loss) before noncontrolling interests | 786 | (1,145) | 1,424 | (1,351) | ||||||
Less: Net income (loss) from noncontrolling interests | 2 | 1 | 3 | 2 | ||||||
Net Income (loss) | 784 | (1,146) | 1,421 | (1,353) | ||||||
Loans (average) | 178,572 | 228,423 | 180,845 | 226,641 | ||||||
Assets (average) | 195,453 | 243,762 | 197,396 | 243,293 | ||||||
Deposits (average) | 192,586 | 184,132 | 190,984 | 175,929 | ||||||
Loans (period-end) | 178,905 | 210,779 | 178,905 | 210,779 | ||||||
Assets | 196,421 | 226,735 | 196,421 | 226,735 | ||||||
Deposits (period-end) | 197,461 | 183,085 | 197,461 | 183,085 | ||||||
Corporate and Investment Banking [Member] | ||||||||||
Financial Information of Operating Segment [Abstract] | ||||||||||
Net interest income | 1,783 | 1,963 | 3,562 | 3,984 | ||||||
Noninterest income | 1,555 | 2,096 | 3,380 | 3,483 | ||||||
Total revenue | 3,338 | 4,059 | 6,942 | 7,467 | ||||||
Provision for credit losses | (501) | 3,756 | (785) | 4,881 | ||||||
Noninterest expense | 1,805 | 2,044 | 3,638 | 3,914 | ||||||
Income (loss) before income tax expense | 2,034 | (1,741) | 4,089 | (1,328) | ||||||
Income tax expense (benefit) | 513 | (408) | 1,013 | (307) | ||||||
Net income (loss) before noncontrolling interests | 1,521 | (1,333) | 3,076 | (1,021) | ||||||
Less: Net income (loss) from noncontrolling interests | (2) | 0 | (2) | 0 | ||||||
Net Income (loss) | 1,523 | (1,333) | 3,078 | (1,021) | ||||||
Loans (average) | 252,422 | 273,587 | 249,302 | 265,915 | ||||||
Assets (average) | 513,414 | 535,298 | 512,476 | 543,455 | ||||||
Deposits (average) | 190,810 | 239,637 | 192,645 | 252,902 | ||||||
Loans (period-end) | 253,259 | 255,574 | 253,259 | 255,574 | ||||||
Assets | 516,518 | 510,205 | 516,518 | 510,205 | ||||||
Deposits (period-end) | 188,219 | 236,620 | 188,219 | 236,620 | ||||||
Wealth and Investment Management [Member] | ||||||||||
Financial Information of Operating Segment [Abstract] | ||||||||||
Net interest income | 610 | 719 | 1,267 | 1,557 | ||||||
Noninterest income | 2,926 | 2,487 | 5,813 | 4,919 | ||||||
Total revenue | 3,536 | 3,206 | 7,080 | 6,476 | ||||||
Provision for credit losses | 24 | 255 | (19) | 263 | ||||||
Noninterest expense | 2,891 | 2,743 | 5,919 | 5,400 | ||||||
Income (loss) before income tax expense | 621 | 208 | 1,180 | 813 | ||||||
Income tax expense (benefit) | 156 | 52 | 296 | 204 | ||||||
Net income (loss) before noncontrolling interests | 465 | 156 | 884 | 609 | ||||||
Less: Net income (loss) from noncontrolling interests | 0 | 0 | 0 | 0 | ||||||
Net Income (loss) | 465 | 156 | 884 | 609 | ||||||
Loans (average) | 81,784 | 78,091 | 81,314 | 77,987 | ||||||
Assets (average) | 87,766 | 85,438 | 87,562 | 85,538 | ||||||
Deposits (average) | 174,980 | 165,103 | 174,333 | 155,246 | ||||||
Loans (period-end) | 82,783 | 78,101 | 82,783 | 78,101 | ||||||
Assets | 88,678 | 84,699 | 88,678 | 84,699 | ||||||
Deposits (period-end) | $ 174,267 | $ 168,249 | $ 174,267 | $ 168,249 | ||||||
[1] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||||||||
[2] | In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||||||||
[3] | Our consolidated assets at June 30, 2021, and December 31, 2020, included the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Debt securities, $518 million and $967 million; Loans, $4.1 billion and $10.9 billion; All other assets, $334 million and $310 million; and Total assets, $4.9 billion and $12.1 billion, respectively. |
Regulatory and Agency Capital R
Regulatory and Agency Capital Requirements (Details) $ in Millions | 6 Months Ended | 12 Months Ended | 18 Months Ended |
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | |
Wells Fargo & Company [Member] | |||
Regulatory leverage: | |||
Total leverage exposure | $ 2,300,416 | $ 1,963,971 | $ 2,300,416 |
Supplementary leverage ratio (SLR) | 0.0709 | 0.0805 | 0.0709 |
Tier 1 leverage ratio | 0.0853 | 0.0832 | 0.0853 |
Increase in capital due to the impact of the CECL transition provision | $ 879 | ||
Post-tax increase in capital recognized under initial adoption of CECL | 991 | $ 991 | |
Increase in ACL under CECL | 7,500 | ||
Wells Fargo & Company [Member] | Advanced Approach Under Basel III [Member] | |||
Regulatory capital: | |||
Common Equity Tier 1 | 143,442 | $ 138,297 | 143,442 |
Tier 1 | 162,999 | 158,196 | 162,999 |
Total | 190,173 | 186,934 | 190,173 |
Assets: | |||
Risk-weighted assets | 1,126,535 | 1,158,355 | $ 1,126,535 |
Adjusted average assets | $ 1,911,654 | $ 1,900,258 | |
Regulatory capital ratios: | |||
Common Equity Tier 1 capital | 0.1273 | 0.1194 | 0.1273 |
Tier 1 capital | 0.1447 | 0.1366 | 0.1447 |
Total capital | 0.1688 | 0.1614 | 0.1688 |
Regulatory leverage: | |||
Increased RWAs related to the impact of the CECL transition provision | $ (1,400) | $ (1,400) | |
Wells Fargo & Company [Member] | Standardized Approach Under Basel III [Member] | |||
Regulatory capital: | |||
Common Equity Tier 1 | 143,442 | $ 138,297 | 143,442 |
Tier 1 | 162,999 | 158,196 | 162,999 |
Total | 200,156 | 196,660 | 200,156 |
Assets: | |||
Risk-weighted assets | 1,188,727 | 1,193,744 | $ 1,188,727 |
Adjusted average assets | $ 1,911,654 | $ 1,900,258 | |
Regulatory capital ratios: | |||
Common Equity Tier 1 capital | 0.1207 | 0.1159 | 0.1207 |
Tier 1 capital | 0.1371 | 0.1325 | 0.1371 |
Total capital | 0.1684 | 0.1647 | 0.1684 |
Regulatory leverage: | |||
Increased RWAs related to the impact of the CECL transition provision | $ 547 | $ 547 | |
Wells Fargo Bank, NA [Member] | |||
Regulatory leverage: | |||
Total leverage exposure | $ 2,117,710 | $ 2,041,952 | $ 2,117,710 |
Supplementary leverage ratio (SLR) | 0.0714 | 0.0735 | 0.0714 |
Tier 1 leverage ratio | 0.0862 | 0.0865 | 0.0862 |
Increase in capital due to the impact of the CECL transition provision | $ 879 | ||
Wells Fargo Bank, NA [Member] | Advanced Approach Under Basel III [Member] | |||
Regulatory capital: | |||
Common Equity Tier 1 | 151,121 | $ 150,168 | $ 151,121 |
Tier 1 | 151,121 | 150,168 | 151,121 |
Total | 165,154 | 164,412 | 165,154 |
Assets: | |||
Risk-weighted assets | 988,692 | 1,012,751 | $ 988,692 |
Adjusted average assets | $ 1,752,195 | $ 1,735,406 | |
Regulatory capital ratios: | |||
Common Equity Tier 1 capital | 0.1528 | 0.1483 | 0.1528 |
Tier 1 capital | 0.1528 | 0.1483 | 0.1528 |
Total capital | 0.1670 | 0.1623 | 0.1670 |
Regulatory leverage: | |||
Increased RWAs related to the impact of the CECL transition provision | $ (1,400) | $ (1,400) | |
Wells Fargo Bank, NA [Member] | Standardized Approach Under Basel III [Member] | |||
Regulatory capital: | |||
Common Equity Tier 1 | 151,121 | $ 150,168 | 151,121 |
Tier 1 | 151,121 | 150,168 | 151,121 |
Total | 174,641 | 173,719 | 174,641 |
Assets: | |||
Risk-weighted assets | 1,087,876 | 1,085,599 | $ 1,087,876 |
Adjusted average assets | $ 1,752,195 | $ 1,735,406 | |
Regulatory capital ratios: | |||
Common Equity Tier 1 capital | 0.1389 | 0.1383 | 0.1389 |
Tier 1 capital | 0.1389 | 0.1383 | 0.1389 |
Total capital | 0.1605 | 0.1600 | 0.1605 |
Regulatory leverage: | |||
Increased RWAs related to the impact of the CECL transition provision | $ 547 | $ 547 |
Regulatory and Agency Capital_2
Regulatory and Agency Capital Requirements Minimum Required Regulatory Capital Ratios – Transition Requirements (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Wells Fargo & Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge | 0.0200 | |
Supplementary leverage ratio, minimum | 0.0300 | |
Leverage buffer, minimum | 0.0200 | |
Common Equity Tier 1 capital | 0.0900 | 0.0900 |
Tier 1 capital | 0.1050 | 0.1050 |
Total capital | 0.1250 | 0.1250 |
Tier 1 leverage | 0.0400 | 0.0400 |
Supplementary leverage | 0.0500 | 0.0500 |
Wells Fargo & Company [Member] | Standardized Approach Under Basel III [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Banking Regulation, Stress Capital Buffer (SCB) | 0.0250 | |
Wells Fargo & Company [Member] | Advanced Approach Under Basel III [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer, minimum | 0.0250 | |
Wells Fargo Bank, NA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 capital | 0.0700 | 0.0700 |
Tier 1 capital | 0.0850 | 0.0850 |
Total capital | 0.1050 | 0.1050 |
Tier 1 leverage | 0.0400 | 0.0400 |
Supplementary leverage | 0.0600 | 0.0600 |
Wells Fargo Bank, NA [Member] | Standardized Approach Under Basel III [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Banking Regulation, Stress Capital Buffer (SCB) | 0.0250 | |
Wells Fargo Bank, NA [Member] | Advanced Approach Under Basel III [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer, minimum | 0.0250 |
Cash Restrictions (Details)
Cash Restrictions (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Reserve balance for non-U.S. central banks [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash equivalents | $ 199 | $ 243 |
Segregated for benefit brokerage customers under federal and other brokerage regulations [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash equivalents | $ 878 | $ 957 |